MIRA INFORM REPORT

Report No. :	349049
Report Date :	19.11.2015

IDENTIFICATION DETAILS

Name :	3L INTERNACIONAL SOCIEDAD ANONIMA

Registered Office :	AV/ Santa Cruz, 36. - Santa Cruz De Bezana - 39100 - Cantabria

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	18.03.1982

Legal Form :	Public Company

Line of Business :	Non-specialised wholesale trade Wholesale trade and retail sale of motors, turbine, machines for handling the fluids, motors and electric generators, equips and materials for the distribution and transmission of electricity, telecommunication equips, machinery and construction equipment, paving for fields and mines. Manufacturing and commercialization of protection equips for all kinds of industrial requests.

No. of Employee :	17

RATING & COMMENTS

MIRA’s Rating :

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

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Spain

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:

3L INTERNACIONAL SOCIEDAD ANONIMA

NIF / Fiscal code:

A39031620

Status:

ACTIVE

Incorporation Date:

18/03/1982

Register Data

Last Publication in BORME:

26/12/2014 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

90.151,82

Localization:

AV/ SANTA CRUZ, 36. - SANTA CRUZ DE BEZANA - 39100 - CANTABRIA

Telephone - Fax - Email - Website:

Telephone. 942 582 323 Email. 3l@3linternacional.com Website. www.3linternacional.com

Number of Branches

Activity:

NACE:

4690 - Non-specialised wholesale trade

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

4 for a total cost of 15586.04

Quality Certificate:

Scoring and Risk:

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

GRUPO EMPRESARIAL VILLANORTE SOCIEDAD LIMITADA

99.8 %

Enquiry Details

Business address regime:

Property

Identification

Social Denomination:

3L INTERNACIONAL SOCIEDAD ANONIMA

NIF / Fiscal code:

A39031620

Corporate Status:

ACTIVE

Start of activity:

1982

Registered Office:

AV/ SANTA CRUZ, 36.

Locality:

SANTA CRUZ DE BEZANA

Province:

CANTABRIA

Postal Code:

39100

Telephone:

942 582 323

Website:

www.3linternacional.com

Email:

3l@3linternacional.com

Branch Offices

Address

Postal Code

City

Province

URBANIZACION LA SANTA CRUZ 6 16

39100

SANTA CRUZ DE BEZANA

CANTABRIA

Activity

NACE:

4690

Legal Form:

WHOLESALE TRADE AND RETAIL SALE OF MOTORS, TURBINE, MACHINES FOR HANDLING THE FLUIDS, MOTORS AND ELECTRIC GENERATORS, EQUIPS AND MATERIALS FOR THE DISTRIBUTION AND TRANSMISSION OF ELECTRICITY, TELECOMMUNICATION EQUIPS, MACHINERY AND CONSTRUCTION EQUIPMENT, PAVING FOR FIELDS AND MINES.

Additional Information:

It is dedicated to the manufacturing and commercialization of protection equips for all kinds of industrial requests.

Additional Address:

AV/ SANTA CRUZ, 36 39100 SANTA CRUZ DE BEZANA ( CANTABRIA) , Registered office and offices, manufactory, storehouse, industrial plant are distributed in property.

Import / export:

EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2015

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

Chronological Summary

Year

Act

1993

Accounts deposit (year 1992) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Other Concepts/ Events (1)

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994) Dividends Payment (1) Increase of Capital (1)

1996

Appointments/ Re-elections (1)

1997

Appointments/ Re-elections (1)

1999

Accounts deposit (year 1995, 1996, 1997)

2000

Accounts deposit (year 1998, 1999)

2001

Accounts deposit (year 2000)

2002

Accounts deposit (year 2001) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005)

2007

Accounts deposit (year 2006) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2008

Accounts deposit (year 2007)

2009

Accounts deposit (year 2008)

2010

Accounts deposit (year 2009) Appointments/ Re-elections (1)

2011

Accounts deposit (year 2010)

2012

Appointments/ Re-elections (1) Change of Social Purpose (1) Change of Social address (1) Statutory Modifications (1)

2013

Accounts deposit (year 2011) Appointments/ Re-elections (2)

2014

Accounts deposit (year 2012, 2013) Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

90.151,82

Paid up capital:

72.121,45

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

LLERA MOLINA LUIS ENRIQUE

11/04/2012

PROXY

GARCIA CHAPERO MARIA EUGENIA

24/06/1996

ACCOUNTS' AUDITOR / HOLDER

SOCAN AUDITORES SAP

17/12/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

GARCIA CHAPERO MARIA EUGENIA

SECRETARY

02/01/1993

JUBETE CAPILLAS JOSE VICENTE

MEMBER

02/01/1993

LLERA MOLINA LUIS ENRIQUE

PRESIDENT

02/01/1993

SINGLE ADMINISTRATOR

20/10/1997

SINGLE ADMINISTRATOR

14/06/2002

SINGLE ADMINISTRATOR

29/05/2007

SINGLE ADMINISTRATOR

11/04/2012

SOCAN AUDITORES S.A.P

ACCOUNTS' AUDITOR / HOLDER

02/01/2013

SOCAN AUDITORES SAP

ACCOUNTS' AUDITOR / HOLDER

09/12/2013

ACCOUNTS' AUDITOR / HOLDER

17/12/2014

Executive board

Post

NIF

Name

ADMINISTRATOR

LUIS ENRIQUE LLERA MOLINA

MANAGING DIRECTOR

LUIS ENRIQUE LLERA MOLINA

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

---

05/11/2014

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 irregular payment performance has been detected based on information obtained from credit bureaus.

Adequate level of financial autonomy. The financial autonomy of the entity represents the 36.55 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

3L INTERNACIONAL 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.

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.

The current debt represents a 52.02% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

Grants or Publics aids Update 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:

469 Non-specialised wholesale trade

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 3L INTERNACIONAL 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.

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

1 Incidence for a total cost of 0,00 E

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

Incidences Detailed

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE JEREZ DE LA FRONTERA (CADIZ) - Date 05/11/2014

Last Published Stage:

REQU. NOTIFICATION OF GOODS

Record Number:

770010031587565

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.P. CADIZ Nº211, 2014 PAGINA 34

Link List

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

4 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

GRUPO EMPRESARIAL VILLANORTE SOCIEDAD LIMITADA

CANTABRIA

99.8

CORPEX GRUPO INDUSTRIAL SA

CANTABRIA

100

CORPEX GRUPO EMPRESARIAL, S.A.

100

TRUENO SAFETY SOCIEDAD LIMITADA

LA RIOJA

99.9

PARTICIPATES IN

CORPEX, S.L.

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

GRUPO EMPRESARIAL VILLANORTE SOCIEDAD LIMITADA

CANTABRIA

Turnover

Total Sales 2014

10.668.026,96

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

July 2014

2011

Normales

February 2013

2010

Normales

August 2011

2009

Normales

August 2010

2008

Normales

August 2009

2007

Normales

August 2008

2006

Normales

August 2007

2005

Normales

August 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

August 2003

2001

Normales

August 2002

2000

Normales

September 2001

1999

Normales

July 2000

1998

Normales

January 2000

1997

Normales

March 1999

1996

Normales

March 1999

1995

Normales

March 1999

1994

Normales

August 1995

1993

Normales

August 1994

1992

Normales

July 1993

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

5.280.679,00

3.538.267,00

3.016.673,00

2.847.972,00

2.919.571,00

I. Intangible fixed assets : 11100

53.385,00

37.053,00

43.667,00

7.462,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

30.462,00

7.462,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

22.922,00

29.590,00

36.205,00

0,00

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

3.929.953,00

2.913.185,00

2.704.686,00

2.781.668,00

2.896.900,00

1. Land and buildings: 11210

2.683.572,00

2.753.933,00

2.506.982,00

2.576.647,00

2.646.312,00

2. Technical installations and other tangible fixed assets: 11220

1.246.381,00

159.252,00

197.704,00

205.021,00

250.588,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

1.083.376,00

102.611,00

10.571,00

1.500,00

0,00

1. Equity instruments: 11410

101.400,00

1.500,00

0,00

2. Credits to businesses: 11420

0,00

101.111,00

9.071,00

0,00

3. Debt securities: 11430

981.976,00

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

213.966,00

485.418,00

257.749,00

57.341,00

15.209,00

1. Equity instruments: 11510

2.284,00

1.983,00

2. Credits to third parties : 11520

202.388,00

470.540,00

243.171,00

42.764,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

9.294,00

12.594,00

13.225,00

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

7.997.958,00

7.301.011,00

6.522.643,00

6.510.940,00

7.978.906,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

3.532.771,00

3.096.714,00

3.030.268,00

3.228.423,00

2.534.069,00

1. Commercial: 12210

3.171.291,00

2.979.304,00

2.986.441,00

2.948.493,00

2.529.446,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

361.480,00

117.410,00

43.827,00

279.930,00

4.622,00

III. Trade debtors and others receivable accounts: 12300

3.201.234,00

1.772.529,00

1.509.438,00

2.454.668,00

3.331.372,00

1. Trade debtors / accounts receivable: 12310

3.028.052,00

1.627.050,00

1.460.825,00

2.401.655,00

3.299.188,00

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

0,00

b) Customers for sales and provisions of services : 12312

3.028.052,00

1.627.050,00

1.460.825,00

2.401.655,00

3.299.188,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

6.289,00

6.650,00

0,00

4. Personnel: 12340

-1.227,00

0,00

5. Assets for deferred tax: 12350

0,00

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

168.120,00

139.190,00

42.325,00

46.363,00

32.185,00

7. Called up share capital: 12370

0,00

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

0,00

23.480,00

12.600,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

23.480,00

12.600,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

35.838,00

42.726,00

14.562,00

51.112,00

47.281,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

40.000,00

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

35.838,00

2.726,00

14.562,00

51.112,00

47.281,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

1.228.115,00

2.389.042,00

1.968.375,00

753.258,00

2.053.584,00

1. Treasury: 12710

1.228.115,00

2.389.042,00

1.968.375,00

753.258,00

2.053.584,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

13.278.637,00

10.839.278,00

9.539.316,00

9.358.912,00

10.898.477,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

4.867.957,00

4.403.379,00

3.985.643,00

3.432.050,00

2.978.747,00

A-1) Shareholders' equity: 21000

4.853.899,00

4.400.010,00

3.980.454,00

3.426.042,00

2.972.739,00

I. Capital: 21100

72.121,00

1. Registered capital : 21110

90.152,00

2. (Uncalled capital): 21120

-18.030,00

II. Share premium: 21200

0,00

III. Reserves: 21300

4.327.888,00

3.901.573,00

3.309.768,00

2.180.260,00

1.801.659,00

1. Legal and statutory: 21310

18.030,00

2. Other reserves: 21320

4.309.858,00

3.883.543,00

3.291.738,00

2.162.230,00

1.783.628,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

720.358,00

1. Brought forward: 21510

0,00

720.358,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

453.889,00

426.315,00

598.565,00

453.303,00

378.601,00

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

14.058,00

3.369,00

5.189,00

6.008,00

B) NON-CURRENT LIABILITIES: 31000

1.503.173,00

654.277,00

158.774,00

644.887,00

1.360.986,00

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

1.485.498,00

635.405,00

138.435,00

623.082,00

1.338.065,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

655.765,00

614.167,00

127.343,00

409.828,00

1.128.667,00

3. Creditors from financial leasing: 31230

829.733,00

21.239,00

11.092,00

3.113,00

5.908,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

210.141,00

203.491,00

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

0,00

IV. Liabilities for deferred tax: 31400

17.676,00

18.872,00

20.339,00

21.805,00

22.921,00

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

6.907.507,00

5.781.622,00

5.394.899,00

5.281.975,00

6.558.743,00

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

4.849.952,00

4.147.669,00

3.863.216,00

3.468.010,00

5.168.461,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

4.703.584,00

4.090.354,00

3.712.294,00

3.466.560,00

5.167.444,00

3. Creditors from financial leasing: 32330

149.976,00

9.382,00

4.806,00

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

-3.608,00

47.933,00

146.116,00

1.450,00

1.017,00

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

0,00

V. Trade creditors and other accounts payable: 32500

2.057.555,00

1.633.952,00

1.531.683,00

1.813.965,00

1.390.283,00

1. Suppliers: 32510

1.607.205,00

1.334.050,00

1.003.008,00

1.592.186,00

1.143.045,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.607.205,00

1.334.050,00

1.003.008,00

1.592.186,00

1.143.045,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

165.674,00

171.175,00

99.230,00

93.621,00

71.299,00

4. Personnel (remuneration due): 32540

26.379,00

29.220,00

38.831,00

34.923,00

36.729,00

5. Liabilities for current tax: 32550

27.077,00

34.071,00

156.217,00

64.068,00

114.096,00

6. Other accounts payable to Public Administrations.: 32560

68.246,00

65.437,00

80.575,00

29.167,00

25.113,00

7. Advances from clients: 32570

162.974,00

0,00

153.822,00

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

13.278.637,00

10.839.278,00

9.539.316,00

9.358.912,00

10.898.477,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

10.668.027,00

9.838.140,00

9.391.136,00

9.092.847,00

9.078.456,00

a) Sales: 40110

10.668.027,00

9.838.140,00

9.391.136,00

9.092.847,00

9.078.456,00

b) Rendering of services: 40120

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

0,00

-64.252,00

0,00

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

0,00

4. Supplies : 40400

-6.848.797,00

-6.824.465,00

-5.989.565,00

-5.946.179,00

-5.700.786,00

a) Stock consumption: 40410

-6.811.692,00

-6.724.550,00

-5.958.989,00

-5.885.762,00

-5.633.581,00

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

-49.340,00

-66.857,00

-30.576,00

-19.704,00

-28.785,00

c) Works carried out by other companies: 40430

0,00

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

12.236,00

-33.058,00

0,00

-40.713,00

-38.420,00

5. Other operating income: 40500

6.818,00

101.727,00

278.748,00

215.602,00

263.805,00

a) Auxiliary income and other from current management: 40510

6.818,00

101.727,00

275.844,00

215.602,00

260.435,00

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

0,00

2.904,00

0,00

3.370,00

6. Personnel costs: 40600

-619.790,00

-731.290,00

-698.249,00

-713.036,00

-719.022,00

a) Wages, salaries et al.: 40610

-485.894,00

-596.910,00

-565.114,00

-602.384,00

-531.679,00

b) Social security costs: 40620

-133.896,00

-134.379,00

-133.135,00

-110.653,00

-187.343,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.099.559,00

-1.488.401,00

-1.662.946,00

-1.494.161,00

-1.679.082,00

a) External services: 40710

-2.005.091,00

-1.497.083,00

-1.478.756,00

-1.377.171,00

-1.415.425,00

b) Taxes: 40720

-15.832,00

-16.087,00

-49.435,00

-10.164,00

-87.607,00

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

-78.636,00

24.769,00

-134.755,00

-106.826,00

-176.050,00

d) Other current management expenditure : 40740

0,00

-1,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-160.437,00

-134.725,00

-125.540,00

-120.194,00

-121.037,00

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

3.523,00

1.170,00

0,00

1.604,00

10. Excess provisions : 41000

0,00

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

0,00

-2.776,00

0,00

-80,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

-2.776,00

0,00

-80,00

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

30.329,00

25.056,00

-14.458,00

10.328,00

4.270,00

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

980.114,00

784.437,00

1.116.046,00

1.045.128,00

1.128.208,00

14. Financial income : 41400

37.217,00

38.337,00

19.047,00

791,00

770,00

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

37.217,00

38.337,00

19.047,00

791,00

770,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

37.217,00

38.337,00

19.047,00

791,00

770,00

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

0,00

15. Financial expenditure: 41500

-341.047,00

-198.225,00

-269.802,00

-373.103,00

-589.795,00

a) Amounts owed to Group companies and associates : 41510

0,00

-44.171,00

0,00

b) For debts with third parties : 41520

-341.047,00

-198.225,00

-225.630,00

-373.103,00

-589.795,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

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

0,00

17. Exchange rate differences : 41700

-49.299,00

-36.957,00

11.136,00

-25.240,00

-3.008,00

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

0,00

-42.764,00

0,00

a) Impairment and losses : 41810

0,00

-42.764,00

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

-353.130,00

-196.844,00

-282.382,00

-397.552,00

-592.033,00

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

626.985,00

587.592,00

833.664,00

647.575,00

536.175,00

20. Income taxes: 41900

-173.095,00

-161.278,00

-235.099,00

-194.273,00

-157.574,00

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

453.889,00

426.315,00

598.565,00

453.303,00

378.601,00

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

0,00

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

453.889,00

426.315,00

598.565,00

453.303,00

378.601,00

> 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:

18.030,00

B) FIXED ASSETS:

5.280.679,00

3.538.267,00

3.016.673,00

2.847.972,00

2.919.571,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

53.385,00

37.053,00

43.667,00

7.462,00

III. Tangible fixed assets:

3.929.953,00

2.913.185,00

2.704.686,00

2.781.668,00

2.896.900,00

IV. Financial investments:

1.297.342,00

588.029,00

268.320,00

58.841,00

15.209,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

7.997.958,00

7.301.011,00

6.522.643,00

6.510.940,00

7.978.906,00

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

0,00

II. Stocks:

3.532.771,00

3.096.714,00

3.030.268,00

3.228.423,00

2.534.069,00

III. Debtors:

3.201.234,00

1.772.529,00

1.509.438,00

2.454.668,00

3.331.372,00

IV. Short-term investments:

35.838,00

42.726,00

14.562,00

74.592,00

59.881,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.228.115,00

2.389.042,00

1.968.375,00

753.258,00

2.053.584,00

VII. Prepayments and accrued income:

0,00

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

13.296.667,00

10.857.308,00

9.557.346,00

9.376.942,00

10.916.507,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

4.871.929,00

4.418.040,00

3.998.485,00

3.444.073,00

2.990.770,00

I. Subscribed capital:

90.152,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

4.327.888,00

3.901.573,00

3.309.768,00

2.180.260,00

1.801.659,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

4.327.888,00

3.901.573,00

3.309.768,00

2.180.260,00

1.801.659,00

V. Profit or loss brought forward:

0,00

720.358,00

VI. Profit or loss for the financial year:

453.889,00

426.315,00

598.565,00

453.303,00

378.601,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

14.058,00

3.369,00

5.189,00

6.008,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

1.503.173,00

654.277,00

158.774,00

644.887,00

1.360.986,00

E) SHORT TERM CREDITORS:

6.907.507,00

5.781.622,00

5.394.899,00

5.281.975,00

6.558.743,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

13.296.667,00

10.857.308,00

9.557.346,00

9.376.942,00

10.916.507,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

10.292.024,00

9.578.116,00

9.102.673,00

8.866.266,00

8.970.304,00

A.1. Operating consumption:

6.848.797,00

6.824.465,00

6.053.816,00

5.946.179,00

5.700.786,00

A.2. Staff Costs:

619.790,00

731.290,00

698.249,00

713.036,00

719.022,00

a) Wages, salaries et al.:

485.894,00

596.910,00

565.114,00

602.384,00

531.679,00

b) Social security costs:

133.896,00

134.379,00

133.135,00

110.653,00

187.343,00

A.3. Depreciation expense:

160.437,00

134.725,00

125.540,00

120.194,00

121.037,00

A.4. Variation of trade provisions and losses of unrecovered receivables:

0,00

A.5. Other operating charges:

2.099.559,00

1.488.401,00

1.662.946,00

1.494.161,00

1.679.082,00

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

946.263,00

760.986,00

1.129.333,00

1.034.879,00

1.122.334,00

A.6. Financial and similar charges:

341.047,00

198.225,00

312.565,00

373.103,00

589.795,00

a) Due to liabilities with companies of the group:

0,00

44.171,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

341.047,00

198.225,00

225.630,00

373.103,00

589.795,00

d) Losses from financial investments:

0,00

42.764,00

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

49.299,00

36.957,00

0,00

25.240,00

3.008,00

A.II. POSITIVE FINANCIAL RESULTS (B.2+B.3-A.6-A.7-A.8):

0,00

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

593.133,00

564.142,00

846.951,00

637.327,00

530.301,00

A.9. Changes in provisions for intangible, tangible and securities portfolio:

0,00

A.10. Losses from tangible and intangible fixed assets and portfolio:

0,00

2.776,00

0,00

80,00

0,00

A.11. Losses from transactions with own shares and debentures:

0,00

A.12. Extraordinary expenses:

0,00

14.458,00

0,00

A.13. Prior year expenses and losses:

0,00

A.IV. EXTRAORDINARY PROFIT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13):

33.852,00

23.450,00

0,00

10.249,00

5.874,00

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

626.985,00

587.592,00

833.664,00

647.575,00

536.175,00

A.14. Corporation Tax:

173.095,00

161.278,00

235.099,00

194.273,00

157.574,00

A.15. Miscellaneous taxes:

0,00

A.VI. FINANCIAL YEAR RESULT (PROFIT) (A.V-A.14-A.15):

453.889,00

426.315,00

598.565,00

453.303,00

378.601,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

B) INCOME ( B.1 to B.8):

10.745.914,00

10.004.431,00

9.701.237,00

9.319.569,00

9.348.905,00

B.1. Operating income:

10.674.845,00

9.939.867,00

9.669.884,00

9.308.449,00

9.342.261,00

a) Net total sales:

10.668.027,00

9.838.140,00

9.391.136,00

9.092.847,00

9.078.456,00

b) Miscellaneous operating income:

6.818,00

101.727,00

278.748,00

215.602,00

263.805,00

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

0,00

B.2. Financial income:

37.217,00

38.337,00

19.047,00

791,00

770,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

37.217,00

38.337,00

19.047,00

791,00

770,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

11.136,00

0,00

B.II. NEGATIVE FINANCIAL RESULTS (A.6+A.7+A.8-B.2-B.3):

353.130,00

196.844,00

282.382,00

397.552,00

592.033,00

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

0,00

B.4. Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

B.5. Profit on transactions with own shares and debentures:

0,00

B.6. Capital grants transferred to profit and loss:

3.523,00

1.170,00

0,00

1.604,00

B.7. Extraordinary income:

30.329,00

25.056,00

0,00

10.328,00

4.270,00

B.8. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8):

0,00

13.287,00

0,00

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

0,00

B.VI. FINANCIAL YEAR RESULTS (LOSSES) (B.V+A.14+A.15):

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

626.985,00

587.592,00

833.664,00

647.575,00

536.175,00

2. Results adjustments.: 61200

223.017,00

141.844,00

366.140,00

253.327,00

333.903,00

a) Fixed Assets Amortization (+).: 61201

160.437,00

134.725,00

125.540,00

120.194,00

121.037,00

b) Obsolescence Allowances (+/-). : 61202

66.102,00

8.289,00

241.770,00

133.133,00

214.470,00

d) Allocation of grants (-).: 61204

-3.523,00

-1.170,00

0,00

-1.604,00

3. Changes in current capital equity.: 61300

-1.500.268,00

-113.411,00

569.946,00

522.928,00

-176.660,00

a) Stock (+/-).: 61301

-423.821,00

-99.504,00

133.903,00

-735.068,00

285.275,00

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

-1.507.044,00

-238.322,00

810.475,00

784.285,00

692.433,00

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

430.597,00

224.415,00

-374.432,00

473.711,00

-1.154.368,00

4. Other cash flows for operating activities.: 61400

173.095,00

161.278,00

235.099,00

194.273,00

159.803,00

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

173.095,00

161.278,00

235.099,00

194.273,00

159.803,00

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

-477.171,00

777.303,00

2.004.849,00

1.618.104,00

853.222,00

6. Payments for investment (-).: 62100

-1.895.962,00

-684.483,00

-279.991,00

-63.306,00

-11.860,00

a) Companies of the group and affiliates. : 62101

-980.765,00

-92.040,00

14.409,00

-12.380,00

-12.600,00

b) Intangible fixed assets. : 62102

-23.739,00

-716,00

-36.205,00

0,00

c) Fixed assets. : 62103

-1.169.798,00

-335.893,00

-48.558,00

-4.963,00

-4.570,00

e) Other financial assets. : 62105

278.340,00

-255.834,00

-209.637,00

-45.963,00

5.310,00

7. Divestment payment collection (+). : 62200

0,00

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

-1.895.962,00

-684.483,00

-279.991,00

-63.306,00

-11.860,00

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

437.003,00

589.986,00

1.128.689,00

378.601,00

221.145,00

a) Issuance of equity instruments (+). : 63101

426.315,00

598.565,00

1.173.661,00

378.601,00

240.298,00

b) Amortization of assets instruments (-). : 63102

0,00

-6.759,00

-44.153,00

0,00

-18.030,00

e) Grants, donations and bequests received (+). : 63105

10.688,00

-1.819,00

-819,00

0,00

-1.123,00

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

1.552.376,00

781.423,00

-89.440,00

-2.415.435,00

1.187.038,00

a) Issuance : 63201

654.828,00

3.618.207,00

392.738,00

331.461,00

2.137.049,00

2. Debts incurred with credit institutions (+). : 63203

654.828,00

3.618.207,00

245.734,00

324.379,00

2.036.032,00

5. Other debts (+). : 63206

0,00

147.004,00

7.083,00

101.017,00

b) Repayment and amortization of : 63207

897.547,00

-2.836.784,00

-482.178,00

-2.746.896,00

-950.011,00

2. Debts incurred with credit institutions (-).: 63209

0,00

-2.753.324,00

-282.485,00

-2.744.101,00

-568.678,00

5. Other debts (-). : 63212

897.547,00

-83.461,00

-199.693,00

-2.795,00

-381.334,00

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

0,00

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

1.989.379,00

1.371.409,00

1.039.249,00

-2.036.833,00

1.408.183,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-383.754,00

1.464.230,00

2.764.107,00

-482.035,00

2.249.545,00

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

2.380.042,00

1.968.375,00

753.258,00

2.053.584,00

312.697,00

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

1.228.115,00

2.389.042,00

1.968.375,00

753.258,00

2.053.584,00

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 %

0,01 %

0,04 %

0,01 %

-354,50 %

104,44 %

EBITDA over Sales:

10,37 %

11,38 %

9,10 %

9,00 %

13,94 %

26,42 %

Cash Flow Yield:

-0,09 %

0,01 %

0,04 %

0,00 %

-325,27 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

7,95 %

6,88 %

7,44 %

4,92 %

6,89 %

39,85 %

Total economic profitability:

7,29 %

3,71 %

7,25 %

2,29 %

0,56 %

61,74 %

Financial profitability:

9,35 %

4,11 %

9,69 %

0,78 %

-3,49 %

424,98 %

Margin:

8,90 %

6,73 %

7,64 %

4,60 %

16,46 %

46,13 %

Mark-up:

5,59 %

4,40 %

5,66 %

1,20 %

-1,24 %

267,98 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,18

0,13

0,41

0,12

-56,97

14,03

Acid Test:

0,65

0,87

0,73

0,85

-11,11

1,88

Working Capital / Investment:

0,08

0,05

0,14

0,03

-41,42

83,33

Solvency:

1,16

1,18

1,26

1,17

-8,31

0,18

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,73

1,39

1,46

1,63

18,21

-14,53

Borrowing Composition:

0,22

1,00

0,11

1,03

92,30

-2,26

Repayment Ability:

-7,24

95,70

15,30

201,50

-147,35

-52,50

Warranty:

1,58

1,73

1,68

1,62

-6,26

6,58

Generated resources / Total creditors:

0,07

0,08

0,09

0,06

-22,45

24,41

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,79

1,85

2,22

1,70

25,20

8,82

Turnover of Collection Rights :

3,33

4,98

5,61

4,78

-40,54

4,31

Turnover of Payment Entitlements:

4,35

3,62

5,09

3,51

-14,52

3,25

Stock rotation:

2,75

7,32

2,96

6,48

-7,09

12,98

Assets turnover:

0,89

1,02

0,97

1,07

-8,22

-4,29

Borrowing Cost:

4,05

2,87

3,08

2,95

31,65

-2,46

> 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 %

0,04 %

0,13 %

-0,14 %

0,19 %

EBITDA over Sales:

10,37 %

9,10 %

13,36 %

12,70 %

13,70 %

Cash Flow Yield:

-0,09 %

0,04 %

0,13 %

-0,14 %

0,16 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

7,95 %

7,44 %

12,21 %

11,22 %

10,38 %

Total economic profitability:

7,29 %

7,25 %

11,57 %

10,91 %

10,33 %

Financial profitability:

9,35 %

9,69 %

15,04 %

13,23 %

12,74 %

Margin:

8,90 %

7,64 %

11,69 %

11,12 %

12,03 %

Mark-up:

5,59 %

5,66 %

8,77 %

6,85 %

5,69 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,18

0,41

0,36

0,14

0,31

Acid Test:

0,65

0,73

0,65

0,62

0,83

Working Capital / Investment:

0,08

0,14

0,12

0,13

Solvency:

1,16

1,26

1,21

1,23

1,22

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

1,73

1,46

1,39

1,73

2,66

Borrowing Composition:

0,22

0,11

0,03

0,12

0,21

Repayment Ability:

-7,24

15,30

4,57

-4,56

4,55

Warranty:

1,58

1,68

1,72

1,58

1,38

Generated resources / Total creditors:

0,07

0,09

0,14

0,10

0,07

Efficiency

2013

2012

2011

2010

2009

Productivity:

2,79

2,22

2,80

2,62

2,73

Turnover of Collection Rights :

3,33

5,61

6,41

3,79

2,80

Turnover of Payment Entitlements:

4,35

5,09

4,95

4,10

5,31

Stock rotation:

2,75

2,96

2,82

2,56

3,24

Assets turnover:

0,89

0,97

1,04

1,01

0,86

Borrowing Cost:

4,05

3,08

4,86

6,30

7,45

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.

Detail of Subsidies appearing in Balances Memories

Entity

SOCIEDAD PARA EL DESARROLLO REGIONAL DE CANTABRIA SOCIEDAD ANONIMA

Status

CONCEDIDA

Amount Granted

3.522,98

Notes

importe corresponde al traspasado a resultados

Entity

SOCIEDAD PARA EL DESARROLLO REGIONAL DE CANTABRIA SOCIEDAD ANONIMA

Status

CONCEDIDA

Amount Granted

5.188,53

Entity

SOCIEDAD PARA EL DESARROLLO REGIONAL DE CANTABRIA SOCIEDAD ANONIMA

Status

CONCEDIDA

Amount Granted

6.007,78

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

866,75

Notes

El importe reflejado corresponde al pendiente de imputación a resultados.

Research Summary

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.11
UK Pound	1	Rs.100.51
Euro	1	Rs.70.39

INFORMATION DETAILS

Analysis Done by :	HEE

Report Prepared by :	ASH

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

Enquiry Details

Identification

Branch Offices

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit