MIRA INFORM REPORT

Report No. :	322729
Report Date :	25.05.2015

IDENTIFICATION DETAILS

Name :	ASTAR SOCIEDAD ANONIMA

Registered Office :	Cmno Sangroniz 30 ( Pol. Ind. Sangroniz ) - Sondika - 48150 - Vizcaya

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	15.06.1963

Legal Form :	Private Company

Line of Business :	Manufacture of other chemical products. Manufacture of thermosetting compounds SMC and BMC.

No. of Employees :	24 (2015)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	Euro 2.460.000

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Spain

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SPAIN - ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed briefly in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010. Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to more than 97% in 2014. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in January 2014. Recently increased private consumption helped bring real GDP growth back into positive territory at 1.3% in 2014, and labor reforms prompted a modest reduction in the unemployment rate, from more than 26% in 2013 to 24% in 2014. Despite the uptic in economic activity, inflation dropped sharply, from 1.5% in 2013 to flat in 2014. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of national elections in November 2015 and leaves untouched the country’s value-added tax (VAT) regime, which generates significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012.

Source : CIA

EXECUTIVE SUMMARY

Name:

ASTAR SOCIEDAD ANONIMA

NIF / Fiscal code:

A48039457

Status:

ACTIVE

Incorporation Date:

15/06/1963

Register Data

Last Publication in BORME:

03/02/2015 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

230.592

Localization:

CMNO SANGRONIZ 30 ( POL. IND. SANGRONIZ ) - SONDIKA - 48150 - VIZCAYA

Telephone - Fax - Email - Website:

Telephone. 944 531 598 Email. astar@astar.es Website. www.astar.es

Number of Branches

Activity:

NACE:

2059 - Manufacture of other chemical products n.e.c.

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Maximum recommended commercial credit:

2.460.000

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ACCIONES PROPIAS DE ASTAR, S.A.

8.57 %

IDENTIFICATION

Social Denomination:	STAR SOCIEDAD ANONIMA
NIF / Fiscal code:	A48039457
Corporate Status:	ACTIVE
Start of activity:	1963
Registered Office:	CMNO SANGRONIZ 30 ( POL. IND. SANGRONIZ )
Locality:	SONDIKA
Province:	VIZCAYA
Postal Code:	48150
Telephone:	944 531 598
Fax:	944 531 612
Website:	www.astar.es
Email:	astar@astar.es
Interviewed Person:	Srta.: Amaia Arzubia

BRANCH OFFICES

Address	Postal Code	City	Province
Av. Fuenterrabía, 17	11500	PUERTO DE SANTA MARIA (EL)	CADIZ

ACTIVITY

NACE:	2059
CNAE Obtaining ource:	2059
Legal Form:	Manufacture of thermosetting compounds SMC and BMC.
Additional Information:	Manufacture of thermosetting compounds SMC and BMC.
Additional Address:	The registered office, offices and branches are indicated in the headline of the ocument.
Franchise:	No
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

	Year	No. of employees	Established	Incidentals
	2015	24

The data of employees is from the latest available financial statements. Failing that, are estimates data calculated by statistical methods

CHRONOLOGICAL SUMMARY

Year	Act
1990	Accounts deposit (year 1989)
1991	Accounts deposit (year 1990) Appointments/ Re-elections (1)
1992	Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1)
1993	Accounts deposit (year 1992)
1994	Accounts deposit (year 1993) Statutory Modifications (1)
1997	Accounts deposit (year 1994, 1995, 1996) Appointments/ Re-elections (2) Capital Reduction (2) Cessations/ Resignations/ Reversals (1)
1998	Accounts deposit (year 1997)
1999	Accounts deposit (year 1998) Appointments/ Re-elections (1) Capital Reduction (2)
2000	Accounts deposit (year 1999) Appointments/ Re-elections (1) Capital Reduction (2)
2001	Accounts deposit (year 2000) Appointments/ Re-elections (1)
2002	Accounts deposit (year 2001) Appointments/ Re-elections (3) Capital Reduction (2) Increase of Capital (1)
2003	Accounts deposit (year 2002)
2004	Accounts deposit (year 2003) Appointments/ Re-elections (2) Capital Reduction (2)
2005	Accounts deposit (year 2004)
2006	Accounts deposit (year 2005) Cessations/ Resignations/ Reversals (1)
2007	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2008	Accounts deposit (year 2006, 2007) Appointments/ Re-elections (1)
2010	Accounts deposit (year 2008, 2009)
2011	Accounts deposit (year 2010)
2012	Accounts deposit (year 2011)
2013	Accounts deposit (year 2012) Appointments/ Re-elections (1)
2014	Accounts deposit (year 2013)
2015	Appointments/ Re-elections (1)

Breakdown of Owners' Equity
Registered Capital:	230.592
Paid up capital:	230.592

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1249

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
17/07/1997	Capital Reduction	-53.430	-53.430	427.380	427.380
22/04/1999	Capital Reduction	-92.691	-92.691	334.689	334.689
09/10/2000	Capital Reduction	-94.058	-94.058	240.630	240.630
04/11/2002	Increase of Capital	143.730	143.730	384.360	384.360
04/11/2002	Capital Reduction	-104.616	-104.616	279.744	279.744
08/10/2004	Capital Reduction	-49.152	-49.152	230.592	230.592

ACTIVE SOCIAL BODIES

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE ADMINISTRATOR	ASTORQUI BENGOA BERNABE	10/01/2013	5
PROXY	ARZUBIA JIMENEZ AMAIA	23/01/2015	1
	LEGARRETA URRUTIA JUAN JOSE	27/07/2004	2
	ASTORQUI ARTIACH EDUARDO	02/06/1997	1
ACCOUNTS' AUDITOR / HOLDER	DATAUDIT 200 SOCIEDAD LIMITADA	12/05/2007	1

HISTORICAL SOCIAL BODIES

Social Body's Name

Post published

End Date

Other Positions in this Company

ASTORQUI BENGOA BERNABE

SINGLE ADMINISTRATOR

02/06/1997

SINGLE ADMINISTRATOR

04/11/2002

SINGLE ADMINISTRATOR

12/03/2008

SINGLE ADMINISTRATOR

10/01/2013

AUSIN ARANBURU JOSE LUIS

ACCOUNTS' AUDITOR / HOLDER

12/05/2007

GOMEZA ELEIZALDE JUAN LUIS

DEPUTY ACCOUNTS' AUDITOR

12/05/2007

GUTIERREZ BENGOA AUSIN CENSORES JURADOS CUENTAS

ACCOUNTS' AUDITOR / HOLDER

23/12/1999

GUTIERREZ BENGOA Y AUSIN AUDITORES CENSORES JURADO

ACCOUNTS' AUDITOR / HOLDER

23/12/1999

ACCOUNTS' AUDITOR / HOLDER

14/04/2000

ACCOUNTS' AUDITOR / HOLDER

26/07/2001

ACCOUNTS' AUDITOR / HOLDER

11/11/2002

LEGARRETA URRUTIA JUAN JOSE

PROXY

27/07/2004

PATXI ARRUTIA GERRIAKGOITIA

PROXY

30/11/2006

EXECUTIVE BOARD

Post

NIF

Name

ADMINISTRATOR

BERNABE ASTORQUI BENGOA

MANAGING DIRECTOR

EDUARDO ASTORQUI

FINANCIAL MANAGER

AMAIA ARZUBIA

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

> Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

No irregular payment performance has been detected based on information obtained from credit bureaus.

The current debt represents a 21.94of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

ASTAR SOCIEDAD ANONIMA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

Immediate solvency is significantly lower than that of the previous fiscal year.

No Company's subsidiaries or branches are known.

The information contained in the latest annual statements has led to a Scoring review for the company.

PROBABILITY OF DEFAULT

> Estimated Probability of Default for the next 12 months: 0.517 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

205 Manufacture of other chemical products

wordml://2309

Relative Position:

Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector ASTAR SOCIEDAD ANONIMA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.517%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

RECOMMENDED COMMERCIAL CREDIT

Favourable until 2.460.000 € (Guideline value of outstanding commercial balance that recommends be awarded to or maintained with the company queried)

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

No se han publicado

GUARANTEES

References

SUPPLIERS

Name

NIF

Telephone

REVERTE MINERALES

Link List

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ACCIONES PROPIAS DE ASTAR, S.A.

8.57

TURNOVER

Total Sales 2013

12.336.447,86

The sales data is from the latest available financial statements. Failing that, are estimates data calculated by statistical methods.

ESTIMATED BALANCE

ESTIMATE FIGURES FINANCIAL YEAR 2.014 -NOT CURRENT ASSETS......................................................2.090.000 Euro/s -CURRENT ASSETS............................................................8.853.000 Euro/s -NET WORTH..............................................................8.543.000 Euro/s -NOT CURRENT LIABILITIES................................................................... 0 Euro/s -CURRENT LIABILITIES............................................................2.400.000 Euro/s -TOTAL ASSETS AND LIABILITIES...............................................10.943.000 Euro/s -SALES (2.014).................................................................12.550.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

August 2013

2011

Normales

July 2012

2010

Normales

September 2011

2009

Normales

October 2010

2008

Normales

December 2009

2007

Normales

November 2008

2006

Normales

March 2008

2005

Normales

July 2006

2004

Normales

July 2005

2003

Normales

June 2004

2002

Normales

May 2003

2001

Normales

November 2002

2000

Normales

July 2001

1999

Normales

March 2000

1998

Normales

May 1999

1997

Normales

July 1997

1996

Normales

May 1997

1995

Normales

February 1997

1994

Normales

February 1997

1993

Normales

July 1994

1992

Normales

July 1993

1991

Normales

July 1992

1990

Normales

July 1991

1989

Normales

July 1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2013

> Normal format Balance in accordance with the New Accounting Plan 2007

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, . To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

2.055.356,00

2.069.302,00

2.205.410,00

2.331.048,00

2.077.204,00

I. Intangible fixed assets : 11100

3.391,00

0,00

764,00

6.991,00

24.742,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

3. Patents, licencing, trade marks and similar: 11130

0,00

94,00

1.037,00

2.228,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

3.391,00

0,00

671,00

5.954,00

22.514,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

1.762.033,00

1.766.773,00

1.889.521,00

2.008.931,00

2.052.363,00

1. Land and buildings: 11210

1.432.786,00

1.504.094,00

1.575.906,00

1.649.055,00

1.722.204,00

2. Technical installations and other tangible fixed assets: 11220

326.646,00

260.079,00

311.015,00

296.480,00

318.325,00

3. Tangible asset in progress and advances: 11230

2.600,00

63.397,00

11.834,00

III. Real estate investment: 11300

289.716,00

302.312,00

314.909,00

0,00

1. Land: 11310

62.982,00

0,00

2. Buildings: 11320

226.734,00

239.331,00

251.927,00

0,00

IV. Long-term investments in Group companies and associates : 11400

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

216,00

100,00

1. Equity instruments: 11510

100,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

116,00

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

8.701.685,00

8.686.556,00

9.998.784,00

14.488.401,00

14.252.054,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.568.612,00

1.473.733,00

2.022.061,00

1.247.365,00

1.158.496,00

1. Commercial: 12210

4.631,00

2.944,00

561,00

6.810,00

6.456,00

2. Primary material and other supplies: 12220

1.417.347,00

1.279.763,00

1.748.736,00

1.018.190,00

1.028.665,00

3. Work in progress: 12230

53.622,00

62.894,00

59.637,00

35.943,00

36.442,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

53.622,00

62.894,00

59.637,00

35.943,00

36.442,00

4. Finished goods: 12240

93.012,00

128.131,00

213.127,00

186.422,00

86.933,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

93.012,00

128.131,00

213.127,00

186.422,00

86.933,00

5. By-products, residues and recycled materials: 12250

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

2.786.305,00

2.649.310,00

3.074.787,00

4.043.071,00

4.118.297,00

1. Trade debtors / accounts receivable: 12310

2.638.127,00

2.537.768,00

2.734.031,00

3.875.458,00

3.692.073,00

a) Long-term receivables from sales and services supplied : 12311

0,00

b) Customers for sales and provisions of services : 12312

2.638.127,00

2.537.768,00

2.734.031,00

3.875.458,00

3.692.073,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

6. Other debtors, including tax and social security: 12360

148.178,00

111.542,00

340.755,00

167.613,00

426.224,00

7. Called up share capital: 12370

0,00

IV. Short-term investments in Group companies and associates: 12400

0,00

1.962.854,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

962.253,00

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

1.000.601,00

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

3.090.705,00

0,00

3.500.601,00

4.300.601,00

3.500.601,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

490.104,00

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

2.600.601,00

0,00

3.500.601,00

4.300.601,00

3.500.601,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

8.698,00

0,00

10.894,00

0,00

VII. Cash and other equivalent liquid assets : 12700

1.256.064,00

2.591.961,00

1.401.335,00

4.886.470,00

5.474.660,00

1. Treasury: 12710

1.256.064,00

2.591.961,00

1.401.335,00

4.886.470,00

5.474.660,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

10.757.041,00

10.755.858,00

12.204.194,00

16.819.449,00

16.329.259,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

8.396.707,00

8.448.906,00

8.990.287,00

14.074.815,00

14.449.047,00

A-1) Shareholders' equity: 21000

8.396.707,00

8.448.906,00

8.990.287,00

14.074.815,00

14.449.047,00

I. Capital: 21100

230.592,00

1. Registered capital : 21110

230.592,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

9.334.655,00

9.626.036,00

9.710.564,00

14.084.796,00

15.718.141,00

1. Legal and statutory: 21310

96.162,00

2. Other reserves: 21320

9.238.493,00

9.529.874,00

9.614.402,00

13.988.634,00

15.621.979,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

-1.866.341,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

697.802,00

458.619,00

915.472,00

1.625.768,00

366.655,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

A-2) Adjustments due to changes in value: 22000

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

A-3) Received subsidies, donations and legacies: 23000

0,00

B) NON-CURRENT LIABILITIES: 31000

0,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

III. Long-term debts with Group companies and associates: 31300

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

2.360.334,00

2.306.952,00

3.213.907,00

2.744.634,00

1.880.212,00

I. Liabilities linked to non-current assets held for sale: 32100

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

0,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

IV. Short-term debts with Group companies and associates: 32400

0,00

V. Trade creditors and other accounts payable: 32500

2.360.334,00

2.306.952,00

3.213.907,00

2.744.634,00

1.880.212,00

1. Suppliers: 32510

1.720.837,00

1.810.241,00

2.533.564,00

1.886.806,00

1.419.273,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.720.837,00

1.810.241,00

2.533.564,00

1.886.806,00

1.419.273,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

430.160,00

367.494,00

307.325,00

499.910,00

382.320,00

4. Personnel (remuneration due): 32540

0,00

5. Liabilities for current tax: 32550

159.397,00

75.802,00

247.449,00

297.154,00

0,00

6. Other accounts payable to Public Administrations.: 32560

49.939,00

53.416,00

125.569,00

60.763,00

78.618,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000

10.757.041,00

10.755.858,00

12.204.194,00

16.819.449,00

16.329.259,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

12.336.448,00

11.692.631,00

12.746.444,00

13.143.743,00

12.257.750,00

a) Sales: 40110

12.336.448,00

11.692.631,00

12.746.444,00

13.143.743,00

12.226.915,00

b) Rendering of services: 40120

0,00

30.835,00

c) Income of financial nature of holding companies: 40130

0,00

2. Changes in stocks of finished goods and work in progress: 40200

-44.391,00

-81.739,00

50.399,00

98.991,00

-37.673,00

3. Works carried out by the company for its assets: 40300

0,00

4. Supplies : 40400

-8.243.986,00

-7.778.342,00

-8.546.668,00

-8.272.969,00

-7.563.764,00

a) Stock consumption: 40410

-5.370,00

-10.433,00

-5.446,00

-3.051,00

-10.322,00

b) Consumption of raw materials and miscellaneous consumable ones: 40420

-8.218.594,00

-7.758.827,00

-8.527.807,00

-8.247.134,00

-7.530.623,00

c) Works carried out by other companies: 40430

-20.022,00

-9.082,00

-13.415,00

-22.784,00

-22.819,00

d) Impairment of stock, primary material and other supplies: 40440

0,00

5. Other operating income: 40500

1.674,00

0,00

3.116,00

65.756,00

0,00

a) Auxiliary income and other from current management: 40510

1.674,00

0,00

3.116,00

65.756,00

0,00

b) Operation subsidies included in the Period's result: 40520

0,00

6. Personnel costs: 40600

-1.270.246,00

-1.287.219,00

-1.286.320,00

-1.318.688,00

-2.560.489,00

a) Wages, salaries et al.: 40610

-1.032.262,00

-1.074.649,00

-1.086.151,00

-1.114.214,00

-2.331.839,00

b) Social security costs: 40620

-237.985,00

-212.570,00

-200.169,00

-204.474,00

-228.650,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-1.791.218,00

-1.885.374,00

-1.703.156,00

-1.658.310,00

-1.566.723,00

a) External services: 40710

-1.697.263,00

-1.435.881,00

-1.490.111,00

-1.585.378,00

-1.454.897,00

b) Taxes: 40720

-11.271,00

-11.185,00

-10.804,00

-14.030,00

-12.632,00

c) Losses, impairments and variation in provisions from trade operations : 40730

-27.594,00

-319.379,00

-7.805,00

-19.645,00

-18.389,00

d) Other current management expenditure : 40740

-55.089,00

-118.929,00

-194.436,00

-39.257,00

-80.806,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-202.358,00

-198.328,00

-196.335,00

-223.983,00

-231.498,00

9. Allocation of subsidies of non-financial fixed assets and other: 40900

0,00

10. Excess provisions : 41000

0,00

11. Impairment and result of transfers of fixed assets: 41100

0,00

-768,00

0,00

-566,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

-768,00

0,00

-566,00

0,00

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100

785.923,00

460.861,00

1.067.480,00

1.833.973,00

297.602,00

14. Financial income : 41400

97.339,00

99.867,00

138.789,00

92.902,00

129.262,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

97.339,00

99.867,00

138.789,00

92.902,00

129.262,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

97.339,00

99.867,00

138.789,00

92.902,00

129.262,00

c) Allocation of financial subsidies, donations and legacies : 41430

0,00

15. Financial expenditure: 41500

0,00

-16.992,00

0,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

0,00

-16.992,00

0,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

-8.196,00

a) Trading book and other : 41610

0,00

-8.196,00

b) Allocation of financial assets held for sale to the result for the period: 41620

0,00

17. Exchange rate differences : 41700

-13.549,00

-14.199,00

0,00

13.688,00

-29.303,00

18. Impairment and result for transfers of financial instruments: 41800

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

83.789,00

85.668,00

121.798,00

106.590,00

91.763,00

A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300

869.713,00

546.529,00

1.189.278,00

1.940.563,00

389.365,00

20. Income taxes: 41900

-171.911,00

-87.911,00

-273.806,00

-314.795,00

-22.709,00

A.4) PROFIT AFTER TAXES (A.3+20) : 49400

697.802,00

458.619,00

915.472,00

1.625.768,00

366.655,00

21. Result of the year coming from interrupted operations : 42000

0,00

A.5) RESULT OF THE PERIOD (A.4+21) : 49500

697.802,00

458.619,00

915.472,00

1.625.768,00

366.655,00

> Normal Balance Sheet under the rules of the 1990 General Accounting Plan (repealed since 1st January of 2008)

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

3.921.697,00

3.935.643,00

4.071.751,00

4.197.389,00

3.943.545,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

3.391,00

0,00

764,00

6.991,00

24.742,00

1. Research and development costs:

0,00

2. Concessions, patents, licences, trademarks et al.:

0,00

94,00

1.037,00

2.228,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

3.391,00

0,00

671,00

5.954,00

22.514,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

2.051.748,00

2.069.085,00

2.204.430,00

2.323.840,00

2.052.363,00

1. Land and construction:

1.722.502,00

1.806.407,00

1.890.814,00

1.963.964,00

1.722.204,00

2. Technical installations and machinery:

294.440,00

234.436,00

280.350,00

267.248,00

286.940,00

3. Other installations, tools and furniture:

13.385,00

10.657,00

12.745,00

12.149,00

13.044,00

4. Payments on account and tangible fixed assets under construction:

2.600,00

63.397,00

11.834,00

5. Other tangible assets:

18.821,00

14.985,00

17.920,00

17.082,00

18.341,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

216,00

100,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

100,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

116,00

0,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

1.866.341,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

8.701.685,00

8.686.556,00

9.998.784,00

14.488.401,00

14.252.054,00

I. Called-up share capital (not paid):

0,00

II. Stocks:

1.568.612,00

1.473.733,00

2.022.061,00

1.247.365,00

1.158.496,00

1. Goods for resale:

4.631,00

2.944,00

561,00

6.810,00

6.456,00

2. Raw materials and other consumables:

1.417.347,00

1.279.763,00

1.748.736,00

1.018.190,00

1.028.665,00

3. Goods in process and semifinished ones:

53.622,00

62.894,00

59.637,00

35.943,00

36.442,00

4. Finished products:

93.012,00

128.131,00

213.127,00

186.422,00

86.933,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

2.786.305,00

2.649.310,00

3.074.787,00

4.043.071,00

4.118.297,00

1. Trade debtors / accounts receivable:

2.638.127,00

2.537.768,00

2.734.031,00

3.875.458,00

3.692.073,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

148.178,00

111.542,00

340.755,00

167.613,00

426.224,00

7. Provisions:

0,00

IV. Short-term investments:

3.090.705,00

1.962.854,00

3.500.601,00

4.300.601,00

3.500.601,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

962.253,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

490.104,00

0,00

6. Other receivables:

0,00

1.000.601,00

0,00

7. Shor term guarantees and deposits:

2.600.601,00

0,00

3.500.601,00

4.300.601,00

3.500.601,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.256.064,00

2.591.961,00

1.401.335,00

4.886.470,00

5.474.660,00

VII. Prepayments and accrued income:

0,00

8.698,00

0,00

10.894,00

0,00

GENERAL TOTAL (A + B + C + D):

12.623.382,00

12.622.199,00

14.070.535,00

18.685.790,00

18.195.600,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

10.263.048,00

10.315.247,00

10.856.628,00

15.941.156,00

16.315.388,00

I. Subscribed capital:

230.592,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

9.334.655,00

9.626.036,00

9.710.564,00

14.084.796,00

15.718.141,00

1. Legal reserve:

96.162,00

2. Reserves for own shares:

2.382.769,00

2.457.922,00

2.479.723,00

3.607.914,00

4.029.183,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

6.855.723,00

7.071.952,00

7.134.679,00

10.380.720,00

11.592.796,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

697.802,00

458.619,00

915.472,00

1.625.768,00

366.655,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

0,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

III. Debts with companies of the group and affiliated ones:

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

0,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

2.360.334,00

2.306.952,00

3.213.907,00

2.744.634,00

1.880.212,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

1. Loans and other liabilities:

0,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

III. Short-term amounts owed to group and associated companies:

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

2.150.998,00

2.177.735,00

2.840.889,00

2.386.716,00

1.801.594,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

2.150.998,00

2.177.735,00

2.840.889,00

2.386.716,00

1.801.594,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

209.336,00

129.218,00

373.018,00

357.917,00

78.618,00

1. Public bodies:

209.336,00

129.218,00

373.018,00

357.917,00

78.618,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

0,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

GENERAL TOTAL (A + B + C + D + E + F):

12.623.382,00

12.622.199,00

14.070.535,00

18.685.790,00

18.195.600,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

A) CHARGES (A.1 to A.15):

11.737.659,00

11.333.880,00

12.023.277,00

11.789.312,00

12.020.357,00

A.1. Stock reduction of both manufactured goods and the ones in process:

44.391,00

81.739,00

0,00

37.673,00

A.2. Supplies:

8.243.986,00

7.778.342,00

8.546.668,00

8.272.969,00

7.563.764,00

a) Stock consumption:

5.370,00

10.433,00

5.446,00

3.051,00

10.322,00

b) Consumption of raw materials and miscellaneous consumable ones:

8.218.594,00

7.758.827,00

8.527.807,00

8.247.134,00

7.530.623,00

c) Miscellaneous external expenditure:

20.022,00

9.082,00

13.415,00

22.784,00

22.819,00

A.3. Staff costs:

1.270.246,00

1.287.219,00

1.286.320,00

1.318.688,00

2.560.489,00

a) Wages, salaries et al.:

1.032.262,00

1.074.649,00

1.086.151,00

1.114.214,00

2.331.839,00

b) Social security costs:

237.985,00

212.570,00

200.169,00

204.474,00

228.650,00

A.4. Depreciation expense:

202.358,00

198.328,00

196.335,00

223.983,00

231.498,00

A.5. Variation of trade provisions and losses of unrecovered receivables:

27.594,00

319.379,00

7.805,00

19.645,00

18.389,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

27.594,00

319.379,00

7.805,00

19.645,00

18.389,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

1.763.624,00

1.565.996,00

1.695.351,00

1.638.664,00

1.548.334,00

a) External services:

1.697.263,00

1.435.881,00

1.490.111,00

1.585.378,00

1.454.897,00

b) Taxes:

11.271,00

11.185,00

10.804,00

14.030,00

12.632,00

c) Other operating expenses:

55.089,00

118.929,00

194.436,00

39.257,00

80.806,00

d) Allocation to revision fund:

0,00

A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):

785.923,00

461.629,00

1.067.480,00

1.834.539,00

297.602,00

A.7. Financial and similar charges:

0,00

16.992,00

0,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

0,00

16.992,00

0,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

8.196,00

A.9. Exchange losses:

13.549,00

14.199,00

0,00

29.303,00

A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):

83.789,00

85.668,00

121.798,00

106.590,00

91.763,00

A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):

869.713,00

547.297,00

1.189.278,00

1.941.129,00

389.365,00

A.10. Changes in provisions for intangible, tangible and securities portfolio:

0,00

A.11. Losses from tangible and intangible fixed assets and securities portfolio:

0,00

768,00

0,00

566,00

0,00

A.12. Losses from transactions with own shares and debentures:

0,00

A.13. Extraordinary expenses:

0,00

A.14. Expenses and losses of former financial years:

0,00

A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):

0,00

A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):

869.713,00

546.529,00

1.189.278,00

1.940.563,00

389.365,00

A.15. Corporation tax:

171.911,00

87.911,00

273.806,00

314.795,00

22.709,00

A.16. Miscellaneous taxes:

0,00

A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):

697.802,00

458.619,00

915.472,00

1.625.768,00

366.655,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

B) INCOME ( B.1 to B.13):

12.435.461,00

11.792.499,00

12.938.748,00

13.415.079,00

12.387.012,00

B.1. Net total sales:

12.336.448,00

11.692.631,00

12.746.444,00

13.143.743,00

12.257.750,00

a) Sales:

13.112.204,00

12.427.902,00

13.547.983,00

13.970.264,00

12.995.784,00

b) Rendering of services:

0,00

30.835,00

Returns and Rappel on sales:

-775.756,00

-735.271,00

-801.538,00

-826.522,00

-768.868,00

B.2. Stock increase of manufactured goods and products in process:

0,00

50.399,00

98.991,00

0,00

B.3. Works performed by the company for fixed assets:

0,00

B.4. Miscellaneous operating income:

1.674,00

0,00

3.116,00

65.756,00

0,00

a) Auxiliary income and other from current management:

1.674,00

0,00

3.116,00

65.756,00

0,00

b) Grants:

0,00

c) Liabilities and charges provisions surplus:

0,00

B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):

0,00

B.5. Income from equity investment:

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

B.6. Income from other marketable securities and long-term receivables:

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

97.339,00

99.867,00

138.789,00

92.902,00

129.262,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

97.339,00

99.867,00

138.789,00

92.902,00

129.262,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

13.688,00

0,00

B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):

0,00

B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):

0,00

B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

B.10. Profit on transactions with own shares and debentures:

0,00

B.11. Capital grants transferred to profit and loss:

0,00

B.12. Extraordinary income:

0,00

B.13. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):

0,00

768,00

0,00

566,00

0,00

B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):

0,00

B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

869.713,00

546.529,00

1.189.278,00

1.940.563,00

389.365,00

2. Results adjustments.: 61200

118.568,00

113.427,00

57.546,00

117.959,00

131.539,00

a) Fixed Assets Amortization (+).: 61201

202.358,00

198.328,00

196.335,00

223.983,00

231.498,00

e) Results on disposal of fixed assets (+/-). : 61205

0,00

768,00

0,00

f) Results on disposal of financial instruments (+/-).: 61206

0,00

566,00

0,00

g) Financial income (-).: 61207

-97.339,00

-99.867,00

-138.789,00

-92.902,00

-129.262,00

h) Financial Expenses (+). : 61208

0,00

i) Exchange differences (+/-). : 61209

13.549,00

14.199,00

0,00

-13.688,00

29.303,00

3. Changes in current capital equity.: 61300

-1.297.645,00

1.595.899,00

1.473.756,00

47.799,00

-476.348,00

a) Stock (+/-).: 61301

-94.879,00

548.329,00

-774.696,00

-88.870,00

1.609.259,00

d) Debtors and other accounts receivable (+/-). : 61302

-136.995,00

425.476,00

968.284,00

75.226,00

170.954,00

c) Other current assets (+/-). : 61303

-1.119.153,00

1.529.049,00

810.894,00

-810.894,00

-1.290.700,00

d) Creditors and other accounts payable (+/-). : 61304

53.381,00

-906.955,00

469.274,00

872.336,00

-965.861,00

4. Other cash flows for operating activities.: 61400

-88.122,00

-2.243,00

-135.016,00

-221.893,00

77.250,00

a) Interest payments (-). : 61401

0,00

c) Interest collection (+). : 61403

97.339,00

99.867,00

138.789,00

92.902,00

129.262,00

d) Income tax payment collection (payments) (+/-).: 61404

-171.911,00

-87.911,00

-273.806,00

-314.795,00

-22.709,00

e) Other payments (payment collection) (-/+) : 61405

-13.549,00

-14.199,00

0,00

-29.303,00

5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500

-397.486,00

2.253.613,00

2.585.563,00

1.884.429,00

121.806,00

6. Payments for investment (-).: 62100

-188.412,00

-62.987,00

-152.742,00

-506.245,00

-101.399,00

b) Intangible fixed assets. : 62102

-3.696,00

0,00

-3.750,00

c) Fixed assets. : 62103

-184.716,00

-62.987,00

-152.742,00

-191.337,00

-97.649,00

d) Real estate investment. : 62104

0,00

-314.909,00

0,00

7. Divestment payment collection (+). : 62200

0,00

82.044,00

33.626,00

1.320,00

c) Fixed assets. : 62203

0,00

82.044,00

33.626,00

1.320,00

8. Investment activity cash flows (6 + 7) minus Amortization: 62300

-188.412,00

-62.987,00

-70.698,00

-472.619,00

-100.080,00

9. Payment collection and payments for equity instruments. : 63100

0,00

10. Payment collection and payments for financial liabilities instruments.: 63200

0,00

11. Payments from dividends and remunerations from other assets instruments. : 63300

-750.000,00

-1.000.000,00

-6.000.000,00

-2.000.000,00

0,00

a) Dividends (-).: 63301

-750.000,00

-1.000.000,00

-6.000.000,00

-2.000.000,00

0,00

12. Cash flows for financing activities (9+10+11).: 63400

-750.000,00

-1.000.000,00

-6.000.000,00

-2.000.000,00

0,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000

-1.335.898,00

1.190.626,00

-3.485.135,00

-588.190,00

21.726,00

Cash or equivalent assets as of beginning of the fiscal year.: 65100

2.591.961,00

1.401.335,00

4.886.470,00

5.474.660,00

5.452.934,00

Cash or equivalent assets as of end of the fiscal year.: 65200

1.256.064,00

2.591.961,00

1.401.335,00

4.886.470,00

5.474.660,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,11 %

0,05 %

0,10 %

0,01 %

-206,35 %

649,14 %

EBITDA over Sales:

8,01 %

11,41 %

5,64 %

9,18 %

41,93 %

24,26 %

Cash Flow Yield:

-0,12 %

0,02 %

0,11 %

0,00 %

-212,19 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

10,25 %

6,99 %

5,24 %

5,14 %

95,60 %

36,12 %

Total economic profitability:

8,09 %

3,83 %

5,08 %

2,46 %

59,12 %

55,49 %

Financial profitability:

8,31 %

4,43 %

5,43 %

1,25 %

53,10 %

253,60 %

Margin:

6,37 %

6,78 %

3,94 %

4,79 %

61,61 %

41,52 %

Mark-up:

7,05 %

4,61 %

4,67 %

1,53 %

50,81 %

200,94 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,53

0,13

1,12

0,12

-52,64

13,40

Acid Test:

3,02

0,86

3,12

0,85

-3,23

1,03

Working Capital / Investment:

0,59

0,05

0,59

0,03

-0,61

87,99

Solvency:

3,69

1,18

3,77

1,17

-2,09

0,02

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,28

1,38

0,27

1,63

2,95

-15,41

Borrowing Composition:

0,00

1,00

0,00

1,03

-2,88

Repayment Ability:

-1,77

25,87

1,94

203,95

-191,19

-87,31

Warranty:

4,56

1,74

4,66

1,62

-2,25

7,05

Generated resources / Total creditors:

0,38

0,08

0,28

0,07

33,92

25,38

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,78

1,87

1,51

1,72

17,54

8,66

Turnover of Collection Rights :

4,43

5,07

4,41

4,78

0,33

5,93

Turnover of Payment Entitlements:

4,23

3,67

4,15

3,52

1,91

4,27

Stock rotation:

7,36

7,32

7,62

6,47

-3,36

13,16

Assets turnover:

1,61

1,03

1,33

1,07

21,03

-3,81

Borrowing Cost:

0,00

2,85

0,00

2,95

-3,32

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

-0,11 %

0,10 %

-0,27 %

-4,48 %

0,18 %

EBITDA over Sales:

8,01 %

5,64 %

9,92 %

15,66 %

4,32 %

Cash Flow Yield:

-0,12 %

0,11 %

-0,29 %

-3,50 %

0,13 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

10,25 %

5,24 %

12,27 %

14,65 %

2,32 %

Total economic profitability:

8,09 %

5,08 %

9,88 %

11,54 %

2,38 %

Financial profitability:

8,31 %

5,43 %

10,18 %

11,55 %

2,54 %

Margin:

6,37 %

3,94 %

8,37 %

13,88 %

2,43 %

Mark-up:

7,05 %

4,67 %

9,33 %

14,69 %

3,18 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,53

1,12

0,44

1,78

2,91

Acid Test:

3,02

3,12

2,48

4,82

6,96

Working Capital / Investment:

0,59

0,56

0,70

0,76

Solvency:

3,69

3,77

3,11

5,28

7,58

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,28

0,27

0,36

0,20

0,13

Borrowing Composition:

0,00

Repayment Ability:

-1,77

1,94

-0,92

1,33

3,61

Warranty:

4,56

4,66

3,80

6,13

8,68

Generated resources / Total creditors:

0,38

0,28

0,35

0,67

0,32

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,78

1,51

1,98

2,56

1,21

Turnover of Collection Rights :

4,43

4,41

4,15

3,27

2,98

Turnover of Payment Entitlements:

4,23

4,15

3,20

3,65

4,84

Stock rotation:

7,36

7,62

5,78

9,12

10,32

Assets turnover:

1,61

1,33

1,46

1,06

0,96

Borrowing Cost:

0,00

0,53

0,00

COMPARATIVE SECTORIAL BALANCE

Sector-based Comparison under the rules of the New General Accounting Plan.

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.57
UK Pound	1	Rs.99.67
Euro	1	Rs.70.83

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	VNT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

IDENTIFICATION

BRANCH OFFICES

ACTIVITY

Number of Employees

CHRONOLOGICAL SUMMARY

ACTIVE SOCIAL BODIES

HISTORICAL SOCIAL BODIES

EXECUTIVE BOARD

PROBABILITY OF DEFAULT

RECOMMENDED COMMERCIAL CREDIT

LEGAL CLAIMS

GUARANTEES

SUPPLIERS

TURNOVER

ESTIMATED BALANCE

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Unit