MIRA INFORM REPORT

Report No. :	348574
Report Date :	06.11.2015

IDENTIFICATION DETAILS

Name :	TYCO INTEGRATED FIRE AND SECURITY CORPORATION SERVICIOS SA
Registered Office :	Carretera De La Coruña Kilometro 23.500 C/ Pollensa, 6 Edif. Ecu I - Rozas De Madrid (Las) - 28232 - Madrid
Country :	Spain
Financials (as on) :	30.09.2013
Date of Incorporation :	31.10.1995
Legal Form :	Public Company
Line of Business :	Subject is engaged in Electrical installation.
No. of Employee :	250 (2013)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Spain	A1	A1

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

SPAIN ECONOMIC OVERVIEW

After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment strained 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, but 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.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms - aimed at supporting investor sentiment - have become overshadowed by political activity in 2015 in anticipation of the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA

EXECUTIVE SUMMARY

Name:	TYCO INTEGRATED FIRE AND SECURITY CORPORATION SERVICIOS SA
NIF / Fiscal code:	A81299315
Trade Name	TYCO
Status:	ACTIVE
Incorporation Date:	31/10/1995
Register Data	Register Section 8 Sheet 161696
Last Publication in BORME:	19/10/2015 [Revocations]
Last Published Account Deposit:	2013
Share Capital:	120.202,42
Localization:	CARRETERA DE LA CORUÑA KILOMETRO 23.500 C/ POLLENSA, 6 EDIF. ECU I - ROZAS DE MADRID (LAS) - 28232 - MADRID
Telephone - Fax - Email - Website:	Telephone. 916 313 999 / 902 444 440 Email. acomercial@tycoint.com Website. www.tyco.es
Activity:
NACE:	4321 - Electrical installation
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	32 for a total cost of 5.541.613,20
Subsidies:	0 for a total cost of 0
Quality Certificate:	No
Scoring and Risk:
Scoring:	6 /10 Risk Moderate   Evolution Neutral
	Adequate capacity to meet its financial obligations.
Default Risk:	1.527%
Maximum recommended commercial credit:	2.670.000
Payment Behaviour:	According to the agreed terms
Prospects:	Consolidation
Industry situation:	Maturity
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	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

TYCO INTEGRATED FIRE AND SECURITY CORPORATION SA	100 %
Shares:	0
Other Links:	32
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios	2013	2012	Change
Nº of employees:	250

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources NO, Guarantees YES
INVESTIGATION SUMMARY
This company was incorporated in 1995, and it's engaged in the installation, start-up and maintenance of electronic security and fire prevention systems. It develops its activity at a national and international level. It's part of the group Grupo Tyco with more than 1,000 centers all over the world and around 70,000 employees. There is nothing against registered among the sources consulted. For all these reasons we consider the company to keep being related in terms of risk operations in keeping with its size.
Interviewed Person:

ENQUIRY DETAILS

----

Identification
Social Denomination:	TYCO INTEGRATED FIRE AND SECURITY CORPORATION SERVICIOS SA
Trade Name:	TYCO
NIF / Fiscal code:	A81299315
Corporate Status:	ACTIVE
Start of activity:	1995
Registered Office:	CARRETERA DE LA CORUÑA KILOMETRO 23.500 C/ POLLENSA, 6 EDIF. ECU I
Locality:	ROZAS DE MADRID (LAS)
Province:	MADRID
Postal Code:	28232
Telephone:	916 313 999 / 902 444 440
Website:	www.tyco.es
Email:	acomercial@tycoint.com
Interviewed Person:	La presente información ha sido obtenida a través de fuentes indirectas, ante la negativa por parte de los responsables de la titular de prestar cualquier tipo de colaboración para la confección del presente trabajo.

BRANCH OFFICES

---

Activity
NACE:	4321
Legal Form:	INSTALLATION SERVICES, START-UP AND MAINTENANCE OF ELECTRONIC SECURITY SYSTEMS. INSTALLATION AND MAINTENANCE OF DEVICES, EQUIPMENT AND FIRE PREVENTION AND PROTECTION SYSTEMS. A) INSTALLATION, START-UP AND MAINTENANCE OF DEVICES AND SECURITY SYSTEMS NO MATTER IF THEY ARE CONNECTED OR NOT TO THE ALARM CENTER, CONTROL CENTERS OR SURVEILLANCE VIDEO.
Additional Information:	Installation, start-up and maintenance of electronic security and fire prevention systems.
Additional Address:	Registered office and offices CARRETERA DE LA CORUÑA KILOMETRO 23.500 C/ POLLENSA, 6 EDIF. ECU I, 28232, ROZAS DE MADRID (LAS), MADRID
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2013	250

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

Chronological Summary
	Year	Act
	1995	Appointments/ Re-elections (1) Company Formation (1)
	1996	Appointments/ Re-elections (6)
	1997	Accounts deposit (year 1996 consolidated, 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (1)
	2000	Accounts deposit (year 1999)
	2001	Accounts deposit (year 2000)
	2002	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2003	Accounts deposit (year 2001, 2002) Appointments/ Re-elections (1) Statutory Modifications (1)
	2004	Accounts deposit (year 2003) Change of Social Purpose (1)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2006	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)
	2007	Accounts deposit (year 2005, 2006) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)
	2008	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2009	Accounts deposit (year 2007, 2008) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)
	2010	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Change of Social Purpose (2)
	2011	Accounts deposit (year 2009) Cessations/ Resignations/ Reversals (1)
	2012	Accounts deposit (year 2010, 2011) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (2)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3) Change of Social Denomination (1)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)
	2015	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	LA INSTALACION Y MANTENIMIENTO DE APARATOS, EQUIPOS Y SISTEMAS DE PREVENCION Y PROTECCION CONTRA INCENDIOS		05/03/2004
	SERVICIOS DE INSTALACION, PUESTA EN MARCHA Y MANTENIMIENTO DE SISTEMAS ELECTRONICOS DE SEGURIDAD.	Company Formation	22/12/1995

Breakdown of Owners' Equity
Registered Capital:	120.202,42
Paid up capital:	120.202,42

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
01/12/1995	Company Formation	120.202	120.202	120.202	120.202

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	YERA BARRIO JUAN ANTONIO	31/10/2014	3
MEMBER OF THE BOARD	YERA BARRIO JUAN ANTONIO	31/10/2014	3
	ZUBIZARRETA SANZ ANA ISABEL	01/09/2014	8
	PRADAS GARCIA FERNANDO	09/10/2012	2
COMBINED PROXY	ZUBIZARRETA SANZ ANA ISABEL	14/06/2013	8
	URUBURU ALONSO MANUEL	14/06/2013	8
	RODRIGUEZ ANTIBON CARLOS	14/06/2013	4
PROXY	GUTIERREZ PALOMAR BEATRIZ	13/03/2015	1
	ABEIJON PEREZ ISABEL	13/03/2015	1
	QUIROS FERNANDEZ ROSA	23/06/2014	1
	ZAMORANO POVEDANO MARIA AUXILIADORA	23/06/2014	1
	MATEO LUQUE DAVID	23/06/2014	1
	GONGORA DIAZ MIGUEL ANGEL	23/06/2014	1
	SABARIEGO SEMPERE JUAN PEDRO	23/06/2014	1
	PEREZ FORNE MANUEL	23/06/2014	1
	GONZALEZ GUNTIN JOSE	23/06/2014	1
	CALLE MARTIN JOSE CARLOS	23/06/2014	1
	PRADAS GARCIA FERNANDO	09/10/2012	2
	ARMERO DUEÑAS JOAQUIN	09/10/2012	1
	GARCIA MANZANARES RUBEN	04/01/2010	1
	ERNST MATTHIAS	17/06/2009	4
CHIEF EXECUTIVE OFFICER	YERA BARRIO JUAN ANTONIO	31/10/2014	3
SECRETARY	ZUBIZARRETA SANZ ANA ISABEL	01/09/2014	8
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	07/08/2015	7

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALEDO ROBERT FRANCO	SECRETARY	15/12/2008	6
	MEMBER OF THE BOARD	12/09/2009
	COMBINED PROXY	12/09/2009
	COMBINED CHIEF EXECUTIVE OFFICER	12/09/2009
	PRESIDENT	12/09/2009
	VICE CHAIRMAN	12/09/2009
ALONSO RUIZ ANTONIO	MEMBER OF THE BOARD	31/10/1997	2
	MEMBER OF THE BOARD	16/06/1998
ARROYO MARTIN RICARDO	PROXY	06/11/2009	15
	COMBINED CHIEF EXECUTIVE OFFICER	08/04/2010
	PROXY	20/09/2012
	JOINT ATTORNEY/COMBINED PROXY	10/04/2013
	COMBINED PROXY	08/05/2013
	PROXY	08/05/2013
	JOINT ATTORNEY/COMBINED PROXY	08/05/2013
	PRESIDENT	01/09/2014
	CHIEF EXECUTIVE OFFICER	01/09/2014
	MEMBER OF THE BOARD	01/09/2014
	MEMBER OF THE BOARD	31/10/2014
	CHIEF EXECUTIVE OFFICER	31/10/2014
	PRESIDENT	31/10/2014
	COMBINED PROXY	08/10/2015
	PROXY	08/10/2015
DE PRADA PALOMAR ISRAEL	COMBINED PROXY	19/04/2010	2
	COMBINED PROXY	06/11/2009
DE SALAS ESCRIÑA CARLOS	MEMBER OF THE BOARD	31/10/1997	1
DELOITTE S L	ACCOUNTS' AUDITOR / HOLDER	10/02/2012	1
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	10/02/2012	7
	ACCOUNTS' AUDITOR / HOLDER	13/02/2012
	ACCOUNTS' AUDITOR / HOLDER	06/05/2013
	ACCOUNTS' AUDITOR / HOLDER	01/12/2014
	ACCOUNTS' AUDITOR / HOLDER	29/07/2013
	ACCOUNTS' AUDITOR / HOLDER	07/08/2015
DUARTE VAZQUEZ ANTONIO	PROXY	09/10/2012	1
ERNST MATTHIAS	MEMBER OF THE BOARD	08/04/2010	4
	COMBINED CHIEF EXECUTIVE OFFICER	08/04/2010
	PRESIDENT	08/04/2010
FORMIGO PAZ SYLVIA	JOINT ATTORNEY/COMBINED PROXY	13/06/2013	2
	COMBINED PROXY	08/10/2015
FRANCO ALEDO ROBERT	PROXY	12/09/2009	7
	PROXY	01/12/2005
	MEMBER OF THE BOARD	28/09/2007
	PROXY	12/02/2003
	PROXY	23/01/2006
	CHIEF EXECUTIVE OFFICER	28/09/2007
	PRESIDENT	28/09/2007
GARCIA VIGARA ANTONIO	MEMBER OF THE BOARD	31/10/1997	2
	MEMBER OF THE BOARD	16/06/1998
GONZALEZ OSMA JOSE	PROXY	13/03/2015	2
	MEMBER OF THE BOARD	01/09/2014
JUSTICIA GONZALEZ GERARDO	NON CONSELLOR SECRETARY	31/10/1997	2
	NON CONSELLOR SECRETARY	10/03/2006
LOPEZ LOPEZ JOSE MANUEL	PROXY	17/04/1996	7
	PROXY	17/04/1996
	PROXY	17/04/1996
	PROXY	17/04/1996
	PROXY	19/10/2005
	PROXY	01/12/2005
	COMBINED PROXY	08/06/2011
LOPEZ MATE EDUARDO	MEMBER OF THE BOARD	01/12/2005	7
	MEMBER OF THE BOARD	28/09/2007
	PROXY	17/04/1996
	PROXY	17/04/1996
	PROXY	17/04/1996
	PROXY	17/04/1996
	PROXY	01/12/2005
MORENO RODRIGUEZ DANIEL	PROXY	17/04/1996	5
	PROXY	17/04/1996
	PROXY	17/04/1996
	PROXY	17/04/1996
	PROXY	01/12/2005
NIETO RINCON VICTOR	PROXY	17/04/1996	2
	PROXY	01/12/2005
PEREZ DIEGO PEDRO PABLO	MEMBER OF THE BOARD	09/10/2012	1
PEREZ FORNE JAIME	MEMBER OF THE BOARD	31/10/1997	2
	MEMBER OF THE BOARD	16/06/1998
PEREZ GUZMAN EMILIO	MEMBER OF THE BOARD	31/10/1997	8
	MEMBER OF THE BOARD	31/01/2002
	PROXY	17/04/1996
	PROXY	01/12/2005
	PROXY	12/09/2009
	SOLE CHIEF EXECUTIVE OFFICER	31/01/2002
	PRESIDENT	31/01/2002
	VICE CHAIRMAN	31/10/1997
PIERCE GARRETT	PROXY	01/12/2005	1
PONCE PENEDO MARIA JOSE	PROXY	01/12/2005	1
PUCHE CASTILLEJO GABRIEL	PROXY	13/03/2015	1
PUCHE CASTILLEJO GABRIEL ANGEL	PROXY	14/06/2013	1
RODRIGUEZ ANTIBON CARLOS	JOINT ATTORNEY/COMBINED PROXY	13/06/2013	4
	JOINT ATTORNEY/COMBINED PROXY	08/05/2013
	JOINT ATTORNEY/COMBINED PROXY	10/04/2013
RODRIGUEZ ANTIBON JOAQUIN	MEMBER OF THE BOARD	01/12/2005	4
	MEMBER OF THE BOARD	28/09/2007
	MEMBER OF THE BOARD	08/04/2010
	SECRETARY	08/04/2010
ROSSI ALVAREZ PEDRO ANGEL	MEMBER OF THE BOARD	31/10/1997	3
	SOLE CHIEF EXECUTIVE OFFICER	31/10/1997
	PRESIDENT	31/10/1997
SANCHEZ GUZMAN VICTOR M	NON CONSELLOR SECRETARY	28/09/2007	1
SANCHEZ GUZMAN VICTOR MANUEL	PROXY	28/09/2007	1
SCOTTI ROBERTO	MEMBER OF THE BOARD	12/09/2009	1
SEGURA SIERRA JORGE	JOINT ATTORNEY/COMBINED PROXY	08/05/2013	1
URUBURU ALONSO MANUEL	COMBINED PROXY	08/05/2013	8
	PROXY	08/05/2013
	JOINT ATTORNEY/COMBINED PROXY	08/05/2013
	JOINT ATTORNEY/COMBINED PROXY	10/04/2013
	PROXY	20/09/2012
	COMBINED PROXY	19/04/2010
	COMBINED PROXY	06/11/2009
VINCENT MARTINEZ JEAN MARC	MEMBER OF THE BOARD	15/12/2008	3
	COMBINED CHIEF EXECUTIVE OFFICER	15/12/2008
	PRESIDENT	15/12/2008
ZUBIZARRETA SANZ ANA ISABEL	MEMBER OF THE BOARD	08/04/2010	8
	PROXY	10/04/2013
	JOINT ATTORNEY/COMBINED PROXY	13/06/2013
	SECRETARY	01/09/2014
	MEMBER OF THE BOARD	01/09/2014

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		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
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	---

> 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. It is one of the major domestic companies in terms of sales volume. Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved. Appropriate level of liquidity. The company has enough capacity to meet its obligations with a maturity of less than one year with the available liquid assets.

TYCO INTEGRATED FIRE AND SECURITY CORPORATION SERVICIOS SA it presents an excessive indebtedness that may compromise their balance sheet. The development of the debt structure during the last two years indicates an increase of the debt with credit institutions and trade creditors in respect to all liabilities. The higher the level of debt, the greater the dependence on suppliers' capital and the more compromised will be its financial situation. It belongs to a sector in contractionshowing negative Gross Added Value rates in the sector. In the previous 3 financial years, the company presented modified audit reports.

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

Link List

IS RELATED WITH:	32 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	TYCO INTEGRATED FIRE AND SECURITY CORPORATION SA	MADRID	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	ADT PRIVATE SECURITY SERVICES (MEXICO, SOCIEDAD ANONIMA, CV)
	ADT SECURITY
	ADT SECURITY (AUSTRALIA)
	ADT SENSOMATIC GES MBH
	ADT SENSORMATIC (ALEMANIA)
	SENSORMATIC CANADA INC
	TYCO FIRE AND INTEGRATED SOLUTIONS AG
	TYCO FIRE AND INTEGRATED SOLUTIONS NV
	TYCO FIRE AND SECURITY CO (BEIJING)
	TYCO FIRE AND SECURITY, S.A.
	TYCO FIRE AND SECURITY NETHERLANDS BV
	TYCO INTERNATIONAL HOLDING SARL LU
	TYCO INTERNATIONAL MANAGEMENT COMP
	TYCO SAFETY PRODUCTS (SHENYANG)
	TYCO VALVES AND CONTROL DISTRIBUTION
	ADT FIRE AND SECURITY, S.A.
	ADT FIRE AND SECURITY PLC
	EMEA
	LLC ADT SECURITY SOLUTIONS
	SENSORMATIC EUROPEAN DISTRIBUTION
	TYCO BUILDING
	TYCO FIRE & INTEGRATED DOLUTIONS UK
	TYCO FIRE & SECURITY AG
	TYCO FIRE & SECURITY CO (BEIJING)
	TYCO FIRE & SECURITY, S.A.
	TYCO FIRE & SECURITY SPA
	TYCO FIRE AND INTEGRATED SOLUTIONS SRO
	TYCO HOLDING UK, S.A.
	TYCO INTERNATIONAL MANAGEMENT CO
	TYCO SERVICES, S.A.
IS RELATED WITH	TYCO INTEGRATED FIRE AND SECURITY CORPORATION SA	MADRID
	GALERIAS GILDO SL	SALAMANCA

Turnover
Total Sales 2013	113.227.498

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

Estimated Balance

ESTIMATED FIGURES 2014 -NON CURRENT ASSETS 4.814.000 Euro/s -CURRENT ASSETS 73.615.000 Euro/s -NET WORTH 9.519.000 Euro/s -NON CURRENT LIABILITIES 46.170.000 Euro/s -CURRENT LIABILITIES 22.740.000 Euro/s -TOTAL ASSETS AND LIABILITIES 78.429.000 Euro/s -SALES 130.000.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	July  2014
2012	Normales	July  2013
2011	Normales	September  2012
2010	Normales	February  2012
2009	Normales	August  2011
2008	Normales	June  2009
2007	Normales	December  2008
2006	Normales	December  2007
2005	Normales	December  2006
2004	Normales	June  2005
2003	Normales	May  2004
2002	Normales	December  2003
2002	Normales	December  2003
2001	Normales	February  2003
2000	Normales	April  2001
1999	Normales	February  2000
1998	Normales	January  1999
1997	Normales	February  1998
1996	Consolidadas	February  1997
1996	Normales	February  1997

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 30/09/2013

>  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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	4.193.036,00	4.991.544,00	6.221.825,00	7.971.055,00	7.115.099,00
I. Intangible fixed assets : 11100	253,00	530,00	806,00	1.083,00	0,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	253,00	530,00	806,00	1.083,00	0,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	1.036.873,00	1.465.022,00	1.667.664,00	1.767.889,00	1.376.115,00
1. Land and buildings: 11210	14.099,00	14.661,00	604,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	952.083,00	1.450.361,00	1.667.060,00	1.767.889,00	1.376.115,00
3. Tangible asset in progress and advances: 11230	70.691,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	3.155.910,00	3.525.992,00	4.553.355,00	6.202.083,00	5.738.984,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	3.155.910,00	3.525.992,00	4.548.573,00	6.199.918,00	5.725.253,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	0,00	0,00	4.782,00	2.165,00	13.731,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	0,00	0,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	64.116.705,00	49.407.025,00	39.887.684,00	26.025.219,00	22.313.201,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	452.301,00	383.937,00	718.313,00	676.749,00	1.210.424,00
1. Commercial: 12210	389.520,00	267.152,00	642.232,00	667.541,00	1.164.938,00
2. Primary material and other supplies: 12220	0,00	0,00	0,00	878,00	0,00
3. Work in progress: 12230	62.781,00	77.459,00	76.081,00	8.330,00	28.774,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	62.781,00	77.459,00	76.081,00	8.330,00	28.774,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	16.712,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	16.712,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	39.326,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	24.271.503,00	22.542.781,00	17.327.329,00	15.483.108,00	18.060.990,00
1. Trade debtors / accounts receivable: 12310	19.455.283,00	21.308.186,00	16.094.271,00	14.610.965,00	16.451.023,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	19.455.283,00	21.308.186,00	16.094.271,00	14.610.965,00	16.451.023,00
2. Customers, Group companies and associates : 12320	4.704.244,00	1.094.819,00	1.213.305,00	843.674,00	1.285.905,00
3. Other accounts receivable: 12330	42.320,00	24.264,00	4.792,00	14.179,00	0,00
4. Personnel: 12340	17.877,00	18.991,00	14.961,00	14.290,00	13.893,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	8.765,00
6. Other debtors, including tax and social security: 12360	51.779,00	96.521,00	0,00	0,00	301.404,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	34.555.511,00	14.883.639,00	19.084.466,00	7.609.841,00	1.382.920,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	34.555.511,00	14.883.639,00	19.084.466,00	7.609.841,00	1.382.920,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	3.591.281,00	2.529.324,00	2.282.742,00	2.230.581,00	1.643.586,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	3.351.648,00	2.340.631,00	2.282.742,00	2.230.581,00	1.643.586,00
3. Debt securities: 12530	0,00	188.693,00	0,00	0,00	0,00
4. Derivatives : 12540	239.633,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	95.792,00	19.608,00	212,00	453,00	15.281,00
VII. Cash and other equivalent liquid assets : 12700	1.150.317,00	9.047.736,00	474.622,00	24.487,00	0,00
1. Treasury: 12710	1.150.317,00	9.047.736,00	474.622,00	24.487,00	0,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	68.309.741,00	54.398.569,00	46.109.509,00	33.996.274,00	29.428.300,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	8.290.812,00	8.211.995,00	6.725.740,00	5.864.230,00	1.678.625,00
A-1) Shareholders' equity: 21000	8.290.812,00	8.211.995,00	6.725.740,00	5.864.230,00	1.678.625,00
I. Capital: 21100	120.200,00	120.200,00	120.200,00	120.200,00	120.200,00
1. Registered capital : 21110	120.200,00	120.200,00	120.200,00	120.200,00	120.200,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	1.625,00	1.625,00	1.625,00	1.625,00	1.625,00
III. Reserves: 21300	8.090.170,00	6.603.915,00	5.742.405,00	24.040,00	24.040,00
1. Legal and statutory: 21310	24.040,00	24.040,00	24.040,00	24.040,00	24.040,00
2. Other reserves: 21320	8.066.130,00	6.579.875,00	5.718.365,00	0,00	0,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	1.532.760,00	2.445.686,00
1. Brought forward: 21510	0,00	0,00	0,00	1.532.760,00	2.445.686,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	78.817,00	1.486.255,00	861.510,00	4.185.605,00	-912.926,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	40.213.241,00	33.276.103,00	2.653.090,00	2.588.310,00	700.886,00
I. Long-term provisions: 31100	1.720.410,00	2.141.743,00	2.653.090,00	2.588.310,00	657.131,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	1.720.410,00	2.141.743,00	2.653.090,00	2.588.310,00	657.131,00
II Long-term creditors: 31200	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	38.492.831,00	31.134.360,00	0,00	0,00	43.755,00
IV. Liabilities for deferred tax: 31400	0,00	0,00	0,00	0,00	0,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	19.805.688,00	12.910.471,00	36.730.679,00	25.543.734,00	27.048.789,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	920.010,00	935.205,00	1.057.168,00	1.117.792,00	1.080.064,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	0,00	0,00	0,00	28.562,00	48.528,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	0,00	0,00	0,00	28.562,00	48.528,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	86.769,00	9.238,00	23.200.670,00	16.280.774,00	10.376.122,00
V. Trade creditors and other accounts payable: 32500	18.484.238,00	11.713.742,00	12.248.534,00	7.814.982,00	15.186.986,00
1. Suppliers: 32510	2.190.111,00	1.267.988,00	3.272.948,00	797.532,00	1.120.030,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.190.111,00	1.267.988,00	3.272.948,00	797.532,00	1.120.030,00
2. Suppliers, Group companies and associates: 32520	12.866.907,00	6.730.019,00	3.462.665,00	4.429.756,00	10.516.906,00
3. Other creditors: 32530	1.067.294,00	1.919.699,00	1.327.980,00	1.648.381,00	1.980.186,00
4. Personnel (remuneration due): 32540	1.040.965,00	617.847,00	594.884,00	458.970,00	342.944,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	896.320,00	959.561,00	395.701,00	437.391,00	186.841,00
7. Advances from clients: 32570	422.641,00	218.628,00	3.194.356,00	42.952,00	1.040.079,00
VI. Short-term accruals: 32600	314.671,00	252.286,00	224.307,00	301.624,00	357.089,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	68.309.741,00	54.398.569,00	46.109.509,00	33.996.274,00	29.428.300,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	113.227.498,00	79.354.707,00	67.625.918,00	51.486.625,00	47.597.632,00
a) Sales: 40110	109.949.717,00	75.701.637,00	67.625.918,00	51.486.625,00	47.597.632,00
b) Rendering of services: 40120	3.277.781,00	3.653.070,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	-14.678,00	1.378,00	67.751,00	41.424,00	-862.316,00
3. Works carried out by the company for its assets: 40300	199.031,00	180.821,00	212.478,00	105.339,00	68.242,00
4. Supplies : 40400	-90.507.550,00	-56.656.361,00	-46.147.469,00	-26.980.958,00	-32.392.375,00
a) Stock consumption: 40410	-90.666.735,00	-56.618.147,00	-46.056.705,00	-26.971.994,00	-32.308.780,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	-8.964,00	0,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	159.185,00	-38.214,00	-90.764,00	0,00	-83.595,00
5. Other operating income: 40500	6.690.406,00	5.164.161,00	1.892.948,00	265.301,00	52.004,00
a) Auxiliary income and other from current management: 40510	6.690.406,00	5.164.161,00	1.892.948,00	265.301,00	52.004,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-11.414.020,00	-11.237.347,00	-11.226.983,00	-10.073.802,00	-8.251.010,00
a) Wages, salaries et al.: 40610	-8.902.666,00	-8.742.321,00	-8.974.280,00	-8.254.932,00	-6.477.186,00
b) Social security costs: 40620	-2.511.354,00	-2.495.026,00	-2.252.703,00	-1.818.870,00	-1.773.824,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-17.546.374,00	-14.713.242,00	-12.020.216,00	-9.709.195,00	-7.209.050,00
a) External services: 40710	-17.767.459,00	-15.355.197,00	-10.269.435,00	-6.605.373,00	-5.607.759,00
b) Taxes: 40720	-26.133,00	-51.872,00	-25.334,00	-24.858,00	-50.162,00
c) Losses, impairments and variation in provisions from trade operations : 40730	247.218,00	693.827,00	-1.725.447,00	-3.078.964,00	-1.551.129,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-469.109,00	-445.827,00	-411.162,00	-292.553,00	-267.669,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-389.535,00	-63.210,00	-98.993,00	-19.868,00	11.259,00
a) Impairment and losses : 41110	-391.017,00	-66.151,00	-106.083,00	-230,00	11.259,00
b) Results for transfers and other : 41120	1.482,00	2.941,00	7.090,00	-19.638,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	11.410,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	-224.331,00	1.585.080,00	-105.728,00	4.822.313,00	-1.241.873,00
14. Financial income : 41400	536.474,00	580.870,00	545.967,00	564.077,00	380.558,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	536.474,00	580.870,00	545.967,00	564.077,00	380.558,00
b 1) From Group companies and associates : 41421	0,00	83.656,00	59.928,00	44.424,00	72.185,00
b 2) From third parties : 41422	536.474,00	497.214,00	486.039,00	519.653,00	308.373,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	0,00	0,00	0,00	-85.039,00	-70.579,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	-85.039,00	-70.579,00
b) For debts with third parties : 41520	0,00	0,00	0,00	0,00	0,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	50.940,00	188.693,00	27.144,00	-27.144,00	0,00
a) Trading book and other : 41610	50.940,00	188.693,00	27.144,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	-27.144,00	0,00
17. Exchange rate differences : 41700	-187.779,00	-187.980,00	537.670,00	-281.684,00	18.968,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	399.635,00	581.583,00	1.110.781,00	170.210,00	328.947,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	175.304,00	2.166.663,00	1.005.053,00	4.992.523,00	-912.926,00
20. Income taxes: 41900	-96.487,00	-680.408,00	-143.543,00	-806.918,00	0,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	78.817,00	1.486.255,00	861.510,00	4.185.605,00	-912.926,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	78.817,00	1.486.255,00	861.510,00	4.185.605,00	-912.926,00

> 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. To view details on the methodology 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	4.193.036,00	4.991.544,00	6.221.825,00	7.971.055,00	7.115.099,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	253,00	530,00	806,00	1.083,00	0,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	253,00	530,00	806,00	1.083,00	0,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	1.036.873,00	1.465.022,00	1.667.664,00	1.767.889,00	1.376.115,00
1. Land and construction:	14.099,00	14.661,00	604,00	0,00	0,00
2. Technical installations and machinery:	0,00	0,00	0,00	0,00	0,00
3. Other installations, tools and furniture:	9.252,00	14.093,00	16.199,00	17.179,00	13.372,00
4. Payments on account and tangible fixed assets under construction:	70.691,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	942.831,00	1.436.268,00	1.650.861,00	1.750.710,00	1.362.743,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	3.155.910,00	3.525.992,00	4.553.355,00	6.202.083,00	5.738.984,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	3.155.910,00	3.525.992,00	4.548.573,00	6.199.918,00	5.725.253,00
7. Long term guarantees and deposits:	0,00	0,00	4.782,00	2.165,00	13.731,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	63.877.072,00	49.407.025,00	39.887.684,00	26.025.219,00	22.313.201,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	452.301,00	383.937,00	718.313,00	676.749,00	1.210.424,00
1. Goods for resale:	389.520,00	267.152,00	642.232,00	667.541,00	1.164.938,00
2. Raw materials and other consumables:	0,00	0,00	0,00	878,00	0,00
3. Goods in process and semifinished ones:	62.781,00	77.459,00	76.081,00	8.330,00	28.774,00
4. Finished products:	0,00	0,00	0,00	0,00	16.712,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	39.326,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	24.271.503,00	22.542.781,00	17.327.329,00	15.483.108,00	18.060.990,00
1. Trade debtors / accounts receivable:	19.455.283,00	21.308.186,00	16.094.271,00	14.610.965,00	16.451.023,00
2. Accounts receivable, Group companies:	4.704.244,00	1.094.819,00	1.213.305,00	843.674,00	1.285.905,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	42.320,00	24.264,00	4.792,00	14.179,00	0,00
5. Staff:	17.877,00	18.991,00	14.961,00	14.290,00	13.893,00
6. Public bodies:	51.779,00	96.521,00	0,00	0,00	310.169,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	37.907.159,00	17.412.963,00	21.367.208,00	9.840.422,00	3.026.506,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	34.555.511,00	14.883.639,00	19.084.466,00	7.609.841,00	1.382.920,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	188.693,00	0,00	0,00	0,00
6. Other receivables:	3.351.648,00	2.340.631,00	2.282.742,00	2.230.581,00	1.643.586,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	1.150.317,00	9.047.736,00	474.622,00	24.487,00	0,00
VII. Prepayments and accrued income:	95.792,00	19.608,00	212,00	453,00	15.281,00
GENERAL TOTAL (A + B + C + D):	68.070.108,00	54.398.569,00	46.109.509,00	33.996.274,00	29.428.300,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	8.051.179,00	8.211.995,00	6.725.740,00	5.864.230,00	1.678.625,00
I. Subscribed capital:	120.200,00	120.200,00	120.200,00	120.200,00	120.200,00
II. Share premium:	1.625,00	1.625,00	1.625,00	1.625,00	1.625,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	7.850.537,00	6.603.915,00	5.742.405,00	24.040,00	24.040,00
1. Legal reserve:	24.040,00	24.040,00	24.040,00	24.040,00	24.040,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	7.826.497,00	6.579.875,00	5.718.365,00	0,00	0,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	1.532.760,00	2.445.686,00
1. Retained earnings:	0,00	0,00	0,00	1.532.760,00	2.445.686,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	78.817,00	1.486.255,00	861.510,00	4.185.605,00	-912.926,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	1.720.410,00	2.141.743,00	2.653.090,00	2.588.310,00	657.131,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	1.720.410,00	2.141.743,00	2.653.090,00	2.588.310,00	657.131,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	38.492.831,00	31.134.360,00	0,00	0,00	43.755,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	38.492.831,00	31.134.360,00	0,00	0,00	43.755,00
1. Amounts owed to group companies:	38.492.831,00	31.134.360,00	0,00	0,00	43.755,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	0,00	0,00	0,00	0,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	0,00	0,00	0,00	0,00	0,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	18.885.678,00	11.975.266,00	35.673.511,00	24.425.942,00	25.968.725,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	28.562,00	48.528,00
1. Loans and other liabilities:	0,00	0,00	0,00	28.562,00	48.528,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	12.953.676,00	6.739.257,00	26.663.335,00	20.710.530,00	20.893.028,00
1. Amounts owed to group companies:	12.953.676,00	6.739.257,00	26.663.335,00	20.710.530,00	20.893.028,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	3.680.046,00	3.406.315,00	7.795.284,00	2.488.865,00	4.140.295,00
1. Advanced payments from customers:	422.641,00	218.628,00	3.194.356,00	42.952,00	1.040.079,00
2. Amounts owed for purchases of goods or services:	3.257.405,00	3.187.687,00	4.600.928,00	2.445.913,00	3.100.216,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.937.285,00	1.577.408,00	990.585,00	896.361,00	529.785,00
1. Public bodies:	896.320,00	959.561,00	395.701,00	437.391,00	186.841,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	1.040.965,00	617.847,00	594.884,00	458.970,00	342.944,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	314.671,00	252.286,00	224.307,00	301.624,00	357.089,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	920.010,00	935.205,00	1.057.168,00	1.117.792,00	1.080.064,00
GENERAL TOTAL (A + B + C + D + E + F):	68.070.108,00	54.398.569,00	46.109.509,00	33.996.274,00	29.428.300,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	120.627.014,00	83.987.316,00	70.055.456,00	48.277.161,00	49.041.740,00
A.1. Stock reduction of both manufactured goods and the ones in process:	14.678,00	0,00	0,00	0,00	862.316,00
A.2. Supplies:	90.666.735,00	56.618.147,00	46.056.705,00	26.980.958,00	32.308.780,00
a) Stock consumption:	90.666.735,00	56.618.147,00	46.056.705,00	26.971.994,00	32.308.780,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	8.964,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	11.414.020,00	11.237.347,00	11.226.983,00	10.073.802,00	8.251.010,00
a) Wages, salaries et al.:	8.902.666,00	8.742.321,00	8.974.280,00	8.254.932,00	6.477.186,00
b) Social security costs:	2.511.354,00	2.495.026,00	2.252.703,00	1.818.870,00	1.773.824,00
A.4. Depreciation expense:	469.109,00	445.827,00	411.162,00	292.553,00	267.669,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-406.403,00	-655.613,00	1.816.211,00	3.078.964,00	1.634.724,00
a) Stock provision variation:	-159.185,00	38.214,00	90.764,00	0,00	83.595,00
b) Variation in provision and bad debt losses:	-218.752,00	-613.937,00	1.526.773,00	2.724.442,00	1.372.527,00
c) Variation of other trade provisions:	-28.466,00	-79.890,00	198.674,00	354.522,00	178.602,00
A.6. Other operating charges:	17.793.592,00	15.407.069,00	10.294.769,00	6.630.231,00	5.657.921,00
a) External services:	17.767.459,00	15.355.197,00	10.269.435,00	6.605.373,00	5.607.759,00
b) Taxes:	26.133,00	51.872,00	25.334,00	24.858,00	50.162,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	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):	165.204,00	1.648.290,00	0,00	4.842.181,00	0,00
A.7. Financial and similar charges:	0,00	0,00	0,00	85.039,00	70.579,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	85.039,00	70.579,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	0,00	0,00	0,00	0,00	0,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	27.144,00	0,00
A.9. Exchange losses:	187.779,00	187.980,00	0,00	281.684,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	399.635,00	581.583,00	1.110.781,00	170.210,00	328.947,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	564.839,00	2.229.873,00	1.104.046,00	5.012.391,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	391.017,00	66.151,00	106.083,00	230,00	-11.259,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	19.638,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	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	0,00	0,00	0,00	22.669,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	175.304,00	2.166.663,00	1.005.053,00	4.992.523,00	0,00
A.15. Corporation tax:	96.487,00	680.408,00	143.543,00	806.918,00	0,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	78.817,00	1.486.255,00	861.510,00	4.185.605,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	120.705.831,00	85.473.571,00	70.916.966,00	52.462.766,00	48.128.814,00
B.1. Net total sales:	113.227.498,00	79.354.707,00	67.625.918,00	51.486.625,00	47.597.632,00
a) Sales:	109.949.717,00	75.701.637,00	67.625.918,00	51.486.625,00	47.597.632,00
b) Rendering of services:	3.277.781,00	3.653.070,00	0,00	0,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	1.378,00	67.751,00	41.424,00	0,00
B.3. Works performed by the company for fixed assets:	199.031,00	180.821,00	212.478,00	105.339,00	68.242,00
B.4. Miscellaneous operating income:	6.690.406,00	5.164.161,00	1.892.948,00	265.301,00	52.004,00
a) Auxiliary income and other from current management:	6.690.406,00	5.164.161,00	1.892.948,00	265.301,00	52.004,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	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	0,00	6.735,00	0,00	1.264.542,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	587.414,00	769.563,00	573.111,00	564.077,00	380.558,00
a) From companies of the group:	0,00	83.656,00	59.928,00	44.424,00	72.185,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	536.474,00	497.214,00	486.039,00	519.653,00	308.373,00
d) Profit on financial investment:	50.940,00	188.693,00	27.144,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	537.670,00	0,00	18.968,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	0,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	935.595,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	1.482,00	2.941,00	7.090,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	11.410,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	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):	389.535,00	63.210,00	98.993,00	19.868,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	912.926,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	912.926,00

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	175.304,00	2.166.663,00	1.005.053,00	4.992.523,00	-912.926,00
2. Results adjustments.: 61200	518.448,00	-416.131,00	1.151.965,00	105.072,00	1.581.155,00
a) Fixed Assets Amortization (+).: 61201	469.109,00	445.827,00	411.162,00	292.553,00	267.669,00
b) Obsolescence Allowances (+/-). : 61202	247.218,00	-693.827,00	1.725.447,00	9.873,00	1.623.465,00
e) Results on disposal of fixed assets (+/-). : 61205	389.535,00	63.210,00	98.993,00	0,00	0,00
g) Financial income (-).: 61207	-536.474,00	-580.870,00	-545.967,00	-564.077,00	-380.558,00
h) Financial Expenses (+). : 61208	0,00	0,00	0,00	85.039,00	70.579,00
i) Exchange differences (+/-). : 61209	0,00	187.980,00	-537.670,00	281.684,00	0,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	-50.940,00	161.549,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	4.247.608,00	-5.412.293,00	2.855.075,00	-4.544.237,00	-9.764.053,00
a) Stock (+/-).: 61301	-68.364,00	334.376,00	-41.564,00	528.979,00	862.756,00
d) Debtors and other accounts receivable (+/-). : 61302	-3.501.391,00	-5.311.973,00	-2.653.291,00	1.770.964,00	-2.259.335,00
c) Other current assets (+/-). : 61303	-76.184,00	-265.978,00	-51.920,00	-572.167,00	5.323,00
d) Creditors and other accounts payable (+/-). : 61304	7.831.162,00	-534.792,00	4.971.222,00	-7.653.688,00	-5.561.249,00
e) Other current liabilities (+/-).: 61305	0,00	-149.942,00	-1.018.100,00	-37.703,00	121.093,00
f) Other non-current assets and liabilities (+/-).: 61306	62.385,00	516.016,00	1.648.728,00	1.419.378,00	-2.932.641,00
4. Other cash flows for operating activities.: 61400	536.474,00	578.732,00	545.967,00	479.038,00	301.214,00
a) Interest payments (-). : 61401	0,00	0,00	0,00	-85.039,00	-70.579,00
c) Interest collection (+). : 61403	536.474,00	578.732,00	545.967,00	564.077,00	380.558,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	0,00	0,00	0,00	-8.765,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	5.477.834,00	-3.083.029,00	5.558.060,00	1.032.396,00	-8.794.610,00
6. Payments for investment (-).: 62100	-431.700,00	-309.059,00	-508.012,00	-708.655,00	-104.027,00
c) Fixed assets. : 62103	-431.700,00	-309.059,00	-508.012,00	-708.655,00	-104.027,00
7. Divestment payment collection (+). : 62200	-20.292.786,00	4.206.555,00	7.018.255,00	5.927.667,00	2.055.596,00
a) Companies of the group and affiliates. : 62201	-19.671.872,00	4.200.827,00	6.919.896,00	5.927.667,00	2.055.596,00
c) Fixed assets. : 62203	20.020,00	5.728,00	98.359,00	0,00	0,00
e) Other financial assets. : 62205	-640.934,00	0,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-20.724.486,00	3.897.496,00	6.510.243,00	5.219.012,00	1.951.569,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	7.349.233,00	7.758.647,00	-11.618.168,00	-6.226.921,00	6.842.834,00
a) Issuance : 63201	7.349.233,00	7.758.647,00	0,00	0,00	6.842.834,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	7.349.233,00	7.758.647,00	0,00	0,00	6.842.834,00
b) Repayment and amortization of : 63207	0,00	0,00	-11.618.168,00	-6.226.921,00	0,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	-11.618.168,00	-6.226.921,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	7.349.233,00	7.758.647,00	-11.618.168,00	-6.226.921,00	6.842.834,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-7.897.419,00	8.573.114,00	450.135,00	24.487,00	-207,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	9.047.736,00	474.622,00	24.487,00	0,00	207,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.150.317,00	9.047.736,00	474.622,00	24.487,00	0,00

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:	-0,07 %	0,01 %	0,11 %	0,01 %	-164,56 %	104,96 %
EBITDA over Sales:	0,56 %	11,38 %	2,64 %	9,00 %	-78,77 %	26,44 %
Cash Flow Yield:	-0,12 %	0,01 %	0,16 %	0,00 %	-173,36 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-0,83 %	6,88 %	4,74 %	4,92 %	-117,53 %	39,89 %
Total economic profitability:	0,26 %	3,71 %	3,98 %	2,29 %	-93,56 %	61,79 %
Financial profitability:	0,95 %	4,12 %	18,10 %	0,78 %	-94,75 %	425,42 %
Margin:	-0,19 %	6,73 %	1,87 %	4,60 %	-109,98 %	46,15 %
Mark-up:	0,15 %	4,41 %	2,56 %	1,20 %	-94,29 %	268,26 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,06	0,13	0,76	0,12	-91,94	14,06
Acid Test:	3,37	0,87	4,09	0,85	-17,74	1,91
Working Capital / Investment:	0,65	0,05	0,67	0,03	-3,31	83,29
Solvency:	3,39	1,18	4,13	1,17	-17,71	0,18

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	5,73	1,39	4,16	1,63	37,65	-14,56
Borrowing Composition:	2,04	1,00	2,60	1,03	-21,60	-2,24
Repayment Ability:	-7,27	95,45	5,03	201,50	-244,49	-52,63
Warranty:	1,19	1,73	1,26	1,62	-5,65	6,60
Generated resources / Total creditors:	0,01	0,08	0,05	0,06	-85,18	24,46

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,06	1,85	1,19	1,70	-11,02	8,83
Turnover of Collection Rights :	4,95	4,98	3,76	4,78	31,71	4,32
Turnover of Payment Entitlements:	5,84	3,63	6,09	3,51	-4,07	3,28
Stock rotation:	265,20	7,33	216,32	6,48	22,60	13,14
Assets turnover:	4,45	1,02	2,53	1,07	75,70	-4,28
Borrowing Cost:	0,00	2,87	0,00	2,95		-2,48

> 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:	-0,07 %	0,11 %	0,01 %	0,00 %	0,00 %
EBITDA over Sales:	0,56 %	2,64 %	0,60 %	9,97 %	-2,09 %
Cash Flow Yield:	-0,12 %	0,16 %	0,01 %	0,00 %	0,00 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	-0,83 %	4,74 %	-0,52 %	26,86 %	-6,07 %
Total economic profitability:	0,26 %	3,98 %	2,18 %	14,94 %	-2,86 %
Financial profitability:	0,95 %	18,10 %	12,81 %	71,38 %	-54,39 %
Margin:	-0,19 %	1,87 %	-0,15 %	9,30 %	-2,63 %
Mark-up:	0,15 %	2,56 %	1,44 %	9,63 %	-1,94 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,06	0,76	0,01	0,00	0,00
Acid Test:	3,37	4,09	1,10	1,04	0,81
Working Capital / Investment:	0,65	0,67	0,07	0,01	-0,16
Solvency:	3,39	4,13	1,12	1,07	0,86

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	5,73	4,16	3,80	2,89	11,14
Borrowing Composition:	2,04	2,60	0,00	0,00	0,00
Repayment Ability:	-7,27	5,03	79,25	997,51	-125.664,15
Warranty:	1,19	1,26	1,29	1,39	1,13
Generated resources / Total creditors:	0,01	0,05	0,04	0,18	-0,02

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,06	1,19	1,04	1,51	0,88
Turnover of Collection Rights :	4,95	3,76	4,02	3,35	2,64
Turnover of Payment Entitlements:	5,84	6,09	4,75	4,70	2,55
Stock rotation:	265,20	216,32	97,09	69,47	40,47
Assets turnover:	4,45	2,53	3,45	2,89	2,31
Borrowing Cost:	0,00	0,00	0,00	0,35	0,27

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

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Public Tenders and Works Won

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

MANTENIMIENTO DE LOS SISTEMAS DE SEGURIDAD INSTALADOS EN 42 BAE,S DEL ET

Date Awarded:

22/12/2014

Cost:

235.000,00 EURO.

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

SUMINISTRO E INSTALACIONDE EQUIPOS PARA EL SISTEMA DE SEGURIDAD INTEGRADO DE LA UAT

Date Awarded:

06/11/2014

Cost:

68.215,25 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

ADQUISICION E INSTALACION DE MEDIOS DE SEGURIDAD DE LAS INSTALACIONES MESEINS LIBANO

Date Awarded:

26/08/2014

Cost:

100.000,00 EURO.

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

MANTENIMIENTO EQUIPO MESEINS OP L H LIBANO

Date Awarded:

13/08/2014

Cost:

100.000,00 EURO.

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

EXP N 5 MANTO MESEINS CEUTA

Date Awarded:

15/07/2014

Cost:

62.400,00 EURO.

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

EXP N 2 MANTO MESEINS 6 BAE,S MADRID TOLEDO

Date Awarded:

14/07/2014

Cost:

70.000,00 EURO.

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

EXP N 3 MANTO MESEINS 4 BAE,S BURGOS, SEGOVIA Y VALLADOLID

Date Awarded:

14/07/2014

Cost:

60.000,00 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

EXP N 15 MANTO EQUIPO MESEINS 11 BAE,S SUIGECEN Y SUIGESUR

Date Awarded:

14/07/2014

Cost:

72.600,00 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

EXP 15 MANTENIMIENTO EQUIPO MESEINS 11 BAE,S

Date Awarded:

27/12/2013

Cost:

72.600,00 EURO.

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

SUMINISTRO E INSTALACION DE EQUIPOS PARA LA FUTURA INTEGRACION DE ALARMAS Y CCTV DEL PARQUE MONTELEON Y PARCELA URBANIZADA DE RETAMARES EN EL SISTEMA DE SEGURIDAD DEL ACUARTELAMIENTO GENERAL CAVALCANTI MADRID

Date Awarded:

14/11/2013

Cost:

107.830,17 EURO.

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

SUMINISTRO E INSTALACION DE EQUIPOS PARA LA AMPLIACION DEL SISTEMA INTEGRADO DEL POLVORIN DE IBEAS DE JUARROS BURGOS

Date Awarded:

31/10/2013

Cost:

69.199,73 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

SUMINISTRO E INSTALACION DE EQUIPOS PARA LA AMPLIACION DEL SISTEMA DE SEGURIDAD INTEGRADO DE AMPLIACION DE RECINTOS INTERIORES E INSTALACION DE PERIMETRO DEL ACUARTELAMIENTO EL EMPECINADO, SANTOVENIA DE PISUERGA VALLADOLID

Date Awarded:

25/10/2013

Cost:

69.899,47 EURO.

Organisation that calls the tender:

DIRECCION GENERAL DEL PATRIMONIO DEL ESTADO

Objective of Tender:

Suministro de elementos y sistemas de seguridad.

Date Awarded:

17/12/2012

Organisation that calls the tender:

DIRECCION GENERAL DEL PATRIMONIO DEL ESTADO

Objective of Tender:

SUMINISTRO DE ELEMENTOS Y SISTEMAS DE SEGURIDAD

Date Awarded:

17/12/2012

Organisation that calls the tender:

COMANDANCIA GENERAL DE MELILLA

Objective of Tender:

AQUISICION DE MEDIOS FIJOS DE SEGURIDAD PARA DISTINTAS UNIDADES BASE DISCONTINUA DE MELILLA

Date Awarded:

21/11/2012

Cost:

segun lote

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

AMPLIACION MESEINS LIBANO

Date Awarded:

02/08/2012

Cost:

68.916,09 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

AMPLIACION MESEINS AFGANISTAN

Date Awarded:

02/08/2012

Cost:

115.303,50 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

MANTENIMIENTO DE LOS EQUIPOS MESEINS DE LA OPERACION ISAF AFGANISTAN

Date Awarded:

16/02/2012

Cost:

119.400,00 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

MANTENIMIENTO DE LOS EQUIPOS DEL SISTEMA MESEINS EN 8 BAE,S CENTRO C

Date Awarded:

18/01/2012

Cost:

170.000,00 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

MANTENIMIENTO SISTEMAS DE SEGURIDAD INSTALADOS EN DOS BASES

Date Awarded:

05/08/2010

Cost:

385.000,00 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

MANTENIMIENTO DE LOS SISTEMAS DE SEGURIDAD INSTALADOS EN SEIS BAE,

Date Awarded:

16/03/2010

Cost:

16.124,00 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

SERVICIO DE MANTENIMIENTO DE LOS SISTEMAS DE SEGURIDAD INSTALADOS EN CINCO BAES

Date Awarded:

15/02/2010

Cost:

134.600,00 EURO.

Organisation that calls the tender:

AYUNTAMIENTO DE EIBAR

Objective of Tender:

SUMINISTRO E INSTALACION DE MEDIOS TECNICOS DE SEGURIDAD EN EL MUSEO DEL EJERCITO

Date Awarded:

12/02/2010

Cost:

295.029,68 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

SERVICIOS DE OPERACION Y MANTENIMIENTO DE LAS INFRAESTRUCTURAS INCLUIDAS EN LA ACTUACION DEL PROYECTO MODIFICADO DEL EMBALSE DE CASARES DE ARBAS LEON

Date Awarded:

18/11/2009

Cost:

63.000,00 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

SUMINISTROS DE REPUESTOS E INSTALACION DE SISTEMAS DE SEGURIDAD INTEGRADO BASE CERVANTE LIBANO

Date Awarded:

18/11/2009

Cost:

93.000,00 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

SUMINISTRO E INSTALACION DE EQUIPOS PARA EL SISTEMA DE SEGURIDAD INTEGRADO DE LA BASE ALA E NAW

Date Awarded:

05/11/2009

Cost:

1.475.000,00 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

SERVICIO DE MANTENIMIENTO DE LOS SISTEMAS DE SEGURIDAD INSTALADOS EN ZONA DE OPERACIONES DE MANTENIMIENTO DE PAZ

Date Awarded:

20/10/2009

Cost:

146.000,00 EURO.

Organisation that calls the tender:

AUTORIDAD PORTUARIA DE CEUTA

Objective of Tender:

Desarrollo de obras de Reforzamiento de la seguridad en la terminal de pasajeros compuesto por una serie de medios físicos y electrónicos.

Date Awarded:

25/09/2009

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

SUMINISTRO, INSTALACION Y MEJORA DEL SISTEMA DE SEGURIDAD INTEGRADO DE LA BASE ALFONSO XIII MELILL

Date Awarded:

14/10/2008

Cost:

379.070,99 EURO.

Organisation that calls the tender:

AUTORIDAD PORTUARIA DE CEUTA

Objective of Tender:

Desarrollo de obras para la instalación de un sistema antiintrusión en el Muelle de Poniente, compuesto por una serie de medios físicos y electrónicos

Date Awarded:

08/10/2008

Cost:

668.634,32 EURO.

Organisation that calls the tender:

DIPUTACION PROVINCIAL DE BARCELONA

Objective of Tender:

Suministro, instalación y puesta en marcha de un sistema de localización de personal en caso de emergencia para el pabellón central de los Centros Asistenciales Dr. Emili Mira López

Date Awarded:

19/03/2008

Cost:

230.840,00 EURO.

Organisation that calls the tender:

DIPUTACION PROVINCIAL DE BARCELONA

Objective of Tender:

Subministrament, instalalació i posada en marxa de càmeres minidomo i monitors destinats al Pavelló Central (Unitats H-4, H-5 i H-6) dels Centres Assistencials Dr. Emili Mira i López.

Date Awarded:

14/12/2007

Cost:

93.950,00 EURO.

Research Summary

This company was incorporated in 1995, and it's engaged in the installation, start-up and maintenance of electronic security and fire prevention systems. It develops its activity at a national and international level. It's part of the group Grupo Tyco with more than 1,000 centers all over the world and around 70,000 employees. There is nothing against registered among the sources consulted. For all these reasons we consider the company to keep being related in terms of risk operations in keeping with its size.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.67
UK Pound	1	Rs.101.02
Euro	1	Rs.71.35

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	ANK

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.