MIRA INFORM REPORT

Report No. :	349829
Report Date :	25.11.2015

IDENTIFICATION DETAILS

Name :	SOCIEDAD ANONIMA LIPMES

Registered Office :	Creu Guixera, S/N - Manresa - 08240 - Barcelona

Country :	Spain

Financials (as on) :	2014

Date of Incorporation :	24.01.1959

Legal Form :	Public Company

Line of Business :	Manufacturing and wholesale trade of chemical prodcuts.

No. of Employee :	27

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:

SOCIEDAD ANONIMA LIPMES

NIF / Fiscal code:

A08112021

Status:

ACTIVE

Incorporation Date:

24/01/1959

Register Data

Last Publication in BORME:

09/09/2015 [Appointments]

Last Published Account Deposit:

2014

Share Capital:

131.940

Localization:

CREU GUIXERA, S/N - MANRESA - 08240 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 938 770 447 Email. lipmes@lipmes.com Website. www.lipmes.com

Activity:

NACE:

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

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Main products / services:

Cloruro dde zincSales de cloruro de zinc y amonioÁcido clorídrico

Quality Certificate:

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

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ACCIONES PROPIAS DE S.A. LIPMES

35.78 %

Identification

Social Denomination:

SOCIEDAD ANONIMA LIPMES

NIF / Fiscal code:

A08112021

Corporate Status:

ACTIVE

Start of activity:

1966

Registered Office:

CREU GUIXERA, S/N

Locality:

MANRESA

Province:

BARCELONA

Postal Code:

08240

Telephone:

938 770 447

Fax:

938 741 160

Website:

www.lipmes.com

Email:

lipmes@lipmes.com

Interviewed Person:

Sr.: Jordi Vidella

Activity

NACE:

2059

CNAE Obtaining Source:

2059

Legal Form:

MANUFACTURING OF CHEMICAL PRODUCTS AS WELL AS THE PRODUCTION AND TRANSFORMATION OF ADEQUATE ELEMENTS AND MATERIALS FOR THIS OBJECTIVE. THE COMMERCIALIZATION OF ALL KINDS OF PRODUCTS, ETC. THE ACTIVITIES OF GENERATING ELECTRICAL ENERGY ACQUIRED FROM RENEWABLE RESOURCES, CONSTRUCTION AND EXPLOITATION OF INSTALLATIONS OF ELECTRICAL ENERGY GENERATORS WITH PHOTOVOLTAIC PANELS, WIND TURBINES, ETC.

Additional Information:

Manufacturing and wholesale trade of chemical prodcuts.

Additional Address:

Registered office and offices as well as other dependencies are located in CREU GUIXERA, S/N 08240 MANRESA with a suface of 14.000 m2

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Main products / services

Product

% Over Sales

Cloruro dde zinc

Sales de cloruro de zinc y amonio

Ácido clorídrico

Otros

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

1990

Accounts deposit (year 1989)

1992

Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Other Concepts/ Events (1)

1993

Accounts deposit (year 1992)

1994

Appointments/ Re-elections (1) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Correction (2) Increase of Capital (1)

1995

Accounts deposit (year 1990, 1993, 1994) Appointments/ Re-elections (1)

1996

Accounts deposit (year 1995) Appointments/ Re-elections (1)

1997

Accounts deposit (year 1996) Appointments/ Re-elections (3) Board Meeting (1)

1998

Accounts deposit (year 1997) Appointments/ Re-elections (3) Board Meeting (3) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1)

1999

Accounts deposit (year 1998) Appointments/ Re-elections (1) Board Meeting (2) Cessations/ Resignations/ Reversals (1) Dividends Payment (1) Other Concepts/ Events (1) Statutory Modifications (1)

2000

Accounts deposit (year 1999) Appointments/ Re-elections (1) Board Meeting (2) Capital Reduction (4) Other Concepts/ Events (2) Statutory Modifications (1)

2001

Accounts deposit (year 2000) Appointments/ Re-elections (1) Board Meeting (1)

2002

Accounts deposit (year 2001) Appointments/ Re-elections (1) Board Meeting (1)

2003

Accounts deposit (year 2002) Appointments/ Re-elections (1) Board Meeting (1) Capital Reduction (1)

2004

Accounts deposit (year 2003) Appointments/ Re-elections (3) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (1) Change of Social Purpose (1)

2006

Accounts deposit (year 2005) Appointments/ Re-elections (1) Board Meeting (1)

2007

Appointments/ Re-elections (1) Board Meeting (2) Change of Social Purpose (1)

2008

Accounts deposit (year 2006, 2007) Appointments/ Re-elections (1) Board Meeting (2) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (year 2008) Appointments/ Re-elections (1) Board Meeting (2) Capital Reduction (4) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2010

Accounts deposit (year 2009) Appointments/ Re-elections (2) Board Meeting (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2011

Accounts deposit (year 2010) Board Meeting (2) Other Concepts/ Events (1)

2012

Accounts deposit (year 2011) Other Concepts/ Events (2) Statutory Modifications (1)

2013

Accounts deposit (year 2012) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2014

Accounts deposit (year 2013)

2015

Accounts deposit (year 2014) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

LA FABRICACION DE PRODUCTOS QUIMICOS, ASI COMO LA PRODUCCION Y TRANSFORMACIÓN DE ELEMENTOS Y MATERIAS ADECUADAS PARA TAL OBJETO. Y CUANTO SEA NECESARIOPARA DICHOS FTNES.LA COMERCIALIZACION DE TODA CLASE DE PRODUCTOS ETC

Corporate Purpose Change

18/07/2005

Breakdown of Owners' Equity

Registered Capital:

131.940

Paid up capital:

131.940

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

30/11/1994

Capital Reduction

-11.359

84.202

30/11/1994

Increase of Capital

84.202

21.050

168.404

105.252

24/08/1999

Capital call payment

---

63.151

168.404

31/10/2000

Capital Reduction

-18.151

150.253

31/10/2000

Capital Reduction

-253

150.000

09/01/2004

Capital Reduction

-19.800

130.200

09/01/2004

Increase of Capital

130.200

260.400

13/08/2009

Capital Reduction

-54.960

205.440

13/08/2009

Capital Reduction

-73.500

131.940

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

GRAUPERA VILA SALVADOR

26/08/2015

MEMBER OF THE BOARD

GRAUPERA CORNET SALVADOR

26/08/2015

GRAUPERA CORNET XAVIER

26/08/2015

GRAUPERA VILA SALVADOR

26/08/2015

GRAUPERA CORNET MARIA TERESA

26/08/2015

PROXY

GRAUPERA CORNET XAVIER

16/01/2004

VILELLA MONTOLIU JORDI

13/11/1997

CHIEF EXECUTIVE OFFICER

GRAUPERA CORNET XAVIER

26/08/2015

SECRETARY

GRAUPERA CORNET XAVIER

26/08/2015

ACCOUNTS' AUDITOR / HOLDER

BUSQUET ESTUDI JURIDIC SL

04/07/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

BERCOVITZ RODRIGUEZ CANO JAIME

ACCOUNTS' AUDITOR / HOLDER

30/11/1994

BUSQUET ARRUFAT JOSEP

DEPUTY ACCOUNTS' AUDITOR

24/08/1999

BUSQUET ESTUDI JURIDIC SL

DEPUTY ACCOUNTS' AUDITOR

26/07/2001

DEPUTY ACCOUNTS' AUDITOR

02/07/2002

ACCOUNTS' AUDITOR / HOLDER

21/07/2010

ACCOUNTS' AUDITOR / HOLDER

04/07/2013

DEPUTY ACCOUNTS' AUDITOR

03/07/2003

DEPUTY ACCOUNTS' AUDITOR

02/07/2004

DEPUTY ACCOUNTS' AUDITOR

17/06/2005

DEPUTY ACCOUNTS' AUDITOR

02/06/2006

DEPUTY ACCOUNTS' AUDITOR

19/07/2007

BUSQUETS ARRUFAT JOSEP

DEPUTY ACCOUNTS' AUDITOR

31/10/2000

CAN CABALLE SA

MEMBER OF THE BOARD

01/08/1995

MEMBER OF THE BOARD

07/08/1998

CASABLANCAS BERTRAN JOAN

MEMBER OF THE BOARD

01/08/1995

PRESIDENT

01/08/1995

PRESIDENT

02/04/1998

MEMBER OF THE BOARD

02/04/1998

CASABLANCAS UBACH FERNANDO

JOINT MANAGER

11/06/2008

JOINT MANAGER

23/03/2009

MEMBER OF THE BOARD

04/07/2013

CASABLANCAS UBACH FERRAN

ADMINISTRATOR

09/01/2004

MEMBER OF THE BOARD

24/08/1999

CHIEF EXECUTIVE OFFICER

24/08/1999

PRESIDENT

24/08/1999

FERNANDO CASABLANCAS UBACH

MEMBER OF THE BOARD

13/08/2010

GRAUPERA CORNET MARIA TERESA

MEMBER OF THE BOARD

26/08/2015

GRAUPERA CORNET SALVADOR

MEMBER OF THE BOARD

26/08/2015

GRAUPERA CORNET XAVIER

PROXY

16/01/2004

MEMBER OF THE BOARD

13/08/2010

CHIEF EXECUTIVE OFFICER

13/08/2010

SECRETARY

13/08/2010

SECRETARY

26/08/2015

CHIEF EXECUTIVE OFFICER

26/08/2015

MEMBER OF THE BOARD

26/08/2015

GRAUPERA VILA SALVADOR

JOINT MANAGER

11/06/2008

ADMINISTRATOR

09/01/2004

MEMBER OF THE BOARD

01/08/1995

SECRETARY

01/08/1995

SECRETARY

07/08/1998

MEMBER OF THE BOARD

07/08/1998

MEMBER OF THE BOARD

24/08/1999

SECRETARY

24/08/1999

MEMBER OF THE BOARD

26/08/2015

PRESIDENT

26/08/2015

PRESIDENT

13/08/2010

MEMBER OF THE BOARD

13/08/2010

JOINT MANAGER

23/03/2009

PALAU TORRELLA JOAN

MEMBER OF THE BOARD

24/08/1999

MEMBER OF THE BOARD

01/08/1995

MEMBER OF THE BOARD

07/08/1998

PALAU TORRELLA JUAN

PRESIDENT

07/08/1998

PINTO SALA JOAN

MEMBER OF THE BOARD

30/11/1994

PUJOL ROCA MANUEL

MEMBER OF THE BOARD

24/08/1999

REPRESENTATIVE

01/08/1995

REPRESENTATIVE

07/08/1998

RIERA VALL RAMON

DEPUTY ACCOUNTS' AUDITOR

19/11/1996

DEPUTY ACCOUNTS' AUDITOR

13/11/1997

DEPUTY ACCOUNTS' AUDITOR

07/08/1998

ROIGER BLANCH POMPILI

MEMBER OF THE BOARD

24/08/1999

VICE SECRETARY

24/08/1999

SALOM DE TORD PEDRO

MEMBER OF THE BOARD

24/08/1999

VICE CHAIRMAN

24/08/1999

TORT SEGURA IGNACIO

ACCOUNTS' AUDITOR / HOLDER

30/11/1994

TORT SEGURA IGNASI

ACCOUNTS' AUDITOR / HOLDER

19/11/1996

ACCOUNTS' AUDITOR / HOLDER

13/11/1997

ACCOUNTS' AUDITOR / HOLDER

07/08/1998

ACCOUNTS' AUDITOR / HOLDER

24/08/1999

ACCOUNTS' AUDITOR / HOLDER

31/10/2000

ACCOUNTS' AUDITOR / HOLDER

26/07/2001

ACCOUNTS' AUDITOR / HOLDER

02/07/2002

ACCOUNTS' AUDITOR / HOLDER

03/07/2003

ACCOUNTS' AUDITOR / HOLDER

02/07/2004

ACCOUNTS' AUDITOR / HOLDER

17/06/2005

ACCOUNTS' AUDITOR / HOLDER

02/06/2006

ACCOUNTS' AUDITOR / HOLDER

19/07/2007

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

> Basis for scoring

Positive Factors

Adverse Factors

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

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

Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure.

The current debt represents a 30.32of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

It has financial profitability.. SOCIEDAD ANONIMA LIPMES obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

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

Debts assumed by the company based on the volume of its own resources have increased in the previous financial year.

Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation.

No Company's subsidiaries or branches are known.

Probability of default

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

> Latest Scoring Changes:

Sector in which comparison is carried out:

205 Manufacture of other chemical products

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 SOCIEDAD ANONIMA LIPMES 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

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

References

Suppliers

Name

NIF

Telephone

BAYER

Link List

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ACCIONES PROPIAS DE S.A. LIPMES

35.78

Turnover

Total Sales 2014

8.516.173,92

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

2014

Normales

November 2015

2013

Normales

June 2014

2012

Normales

July 2013

2011

Normales

July 2012

2010

Normales

September 2011

2009

Normales

June 2010

2008

Normales

July 2009

2007

Normales

June 2008

2006

Normales

November 2007

2005

Normales

June 2006

2004

Normales

July 2005

2003

Normales

July 2004

2002

Normales

July 2003

2001

Normales

July 2002

2000

Normales

October 2001

1999

Normales

October 2000

1998

Normales

August 1999

1997

Normales

November 1998

1996

Normales

July 1997

1995

Normales

August 1996

1994

Normales

September 1995

1993

Normales

January 1995

1992

Normales

November 1993

1991

Normales

September 1992

1990

Normales

January 1995

1989

Normales

October 1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2014

> Balance en formato Mixto de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2014 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010 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

2014

2013

2012

2011

2010

A) NON-CURRENT ASSETS: 11000

1.802.366,00

1.959.741,00

2.156.778,00

2.447.288,00

2.673.638,00

I. Intangible fixed assets : 11100

0,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

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

1.802.366,00

1.959.741,00

2.156.778,00

2.447.288,00

2.673.638,00

1. Land and buildings: 11210

417.068,00

420.074,00

423.142,00

426.453,00

429.764,00

2. Technical installations and other tangible fixed assets: 11220

1.323.308,00

1.539.667,00

1.733.636,00

2.020.835,00

2.243.874,00

3. Tangible asset in progress and advances: 11230

61.991,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

0,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

3.558.587,00

3.063.666,00

3.105.719,00

2.925.423,00

3.091.359,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

796.386,00

352.975,00

325.913,00

337.504,00

348.768,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

375.095,00

217.288,00

222.350,00

165.512,00

261.215,00

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

415.944,00

135.687,00

103.563,00

171.992,00

87.553,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

415.944,00

135.687,00

103.563,00

171.992,00

87.553,00

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

0,00

6. Advances to suppliers: 12260

5.347,00

0,00

III. Trade debtors and others receivable accounts: 12300

1.545.202,00

1.062.692,00

857.627,00

1.016.501,00

1.091.736,00

1. Trade debtors / accounts receivable: 12310

1.384.152,00

948.751,00

751.590,00

946.685,00

1.038.761,00

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

0,00

b) Customers for sales and provisions of services : 12312

1.384.152,00

948.751,00

751.590,00

946.685,00

1.038.761,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

713,00

0,00

907,00

2.574,00

4. Personnel: 12340

1.600,00

1.808,00

532,00

1.749,00

1.507,00

5. Assets for deferred tax: 12350

0,00

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

159.450,00

111.420,00

105.505,00

67.160,00

48.894,00

7. Called up share capital: 12370

0,00

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

0,00

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

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

1.001.575,00

1.201.916,00

1.510.077,00

1.002.831,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

1.575,00

1.916,00

10.077,00

2.831,00

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

1.000.000,00

1.200.000,00

1.500.000,00

1.000.000,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

7.950,00

7.715,00

11.492,00

11.046,00

14.806,00

VII. Cash and other equivalent liquid assets : 12700

207.474,00

438.369,00

400.610,00

557.542,00

1.636.049,00

1. Treasury: 12710

207.474,00

438.369,00

400.610,00

557.542,00

1.636.049,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

5.360.953,00

5.023.408,00

5.262.497,00

5.372.711,00

5.764.996,00

ORIGINAL

Liabilities and Net Worth

2014

2013

2012

2011

2010

A) NET WORTH: 20000

3.735.462,00

3.668.622,00

3.617.796,00

3.434.514,00

3.309.234,00

A-1) Shareholders' equity: 21000

3.735.462,00

3.668.622,00

3.617.796,00

3.434.514,00

3.309.234,00

I. Capital: 21100

131.940,00

1. Registered capital : 21110

131.940,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

3.536.682,00

3.485.856,00

3.302.574,00

3.177.294,00

2.864.292,00

1. Legal and statutory: 21310

26.388,00

2. Other reserves: 21320

3.510.294,00

3.459.468,00

3.276.186,00

3.150.906,00

2.837.904,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

66.840,00

50.826,00

183.281,00

125.281,00

313.002,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

0,00

166.244,00

560.177,00

943.332,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

0,00

166.244,00

560.177,00

943.332,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

166.244,00

365.055,00

557.847,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

195.122,00

385.485,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

1.625.491,00

1.354.785,00

1.478.457,00

1.378.019,00

1.512.431,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

0,00

166.206,00

398.047,00

393.578,00

190.685,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

166.206,00

198.047,00

193.578,00

190.685,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

200.000,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

1.625.491,00

1.188.579,00

1.080.410,00

984.442,00

1.321.746,00

1. Suppliers: 32510

753.633,00

517.375,00

513.087,00

464.635,00

550.840,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

753.633,00

517.375,00

513.087,00

464.635,00

550.840,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

617.870,00

501.623,00

378.198,00

292.055,00

548.078,00

4. Personnel (remuneration due): 32540

141.800,00

112.860,00

134.238,00

152.776,00

107.300,00

5. Liabilities for current tax: 32550

7.217,00

106,00

9.071,00

6.109,00

12.508,00

6. Other accounts payable to Public Administrations.: 32560

52.944,00

56.614,00

45.814,00

68.866,00

66.257,00

7. Advances from clients: 32570

52.028,00

0,00

36.764,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

5.360.953,00

5.023.408,00

5.262.497,00

5.372.711,00

5.764.996,00

ORIGINAL

Profit and Loss

2014

2013

2012

2011

2010

1. Net turnover: 40100

8.516.174,00

7.026.968,00

6.764.841,00

6.811.227,00

8.155.187,00

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

280.257,00

32.123,00

-68.429,00

84.439,00

-27.361,00

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

0,00

4. Supplies : 40400

-4.373.228,00

-3.227.995,00

-3.107.399,00

-3.331.038,00

-3.834.591,00

5. Other operating income: 40500

3.806,00

3.104,00

2.340,00

3.607,00

2.860,00

6. Personnel costs: 40600

-1.390.170,00

-1.268.908,00

-1.143.715,00

-1.199.464,00

-1.232.891,00

7. Other operating costs: 40700

-2.643.686,00

-2.154.898,00

-1.850.215,00

-1.845.486,00

-2.280.675,00

8. Amortisation of fixed assets: 40800

-337.645,00

-383.428,00

-391.835,00

-377.725,00

-353.510,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

-177,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

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

55.509,00

26.967,00

205.589,00

145.383,00

429.019,00

14. Financial income : 41400

25.235,00

47.318,00

52.512,00

43.549,00

37.616,00

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

0,00

b) Other financial income: 41490

25.235,00

47.318,00

52.512,00

43.549,00

37.616,00

15. Financial expenditure: 41500

-598,00

-2.060,00

-12.501,00

-22.470,00

-28.096,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

2.118,00

-4.456,00

-1.225,00

580,00

0,00

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

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

B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19) : 49200

26.755,00

40.802,00

38.786,00

21.658,00

9.519,00

C) NET RESULT BEFORE TAXES (A + B) : 49300

82.264,00

67.769,00

244.375,00

167.041,00

438.538,00

20. Income taxes: 41900

-15.425,00

-16.942,00

-61.094,00

-41.760,00

-125.537,00

D) RESULT OF THE PERIOD (C + 20) : 49500

66.840,00

50.826,00

183.281,00

125.281,00

313.002,00

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010 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 2014 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2014

2013

2012

2011

2010

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

1.802.366,00

1.959.741,00

2.156.778,00

2.447.288,00

2.673.638,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

0,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

1.802.366,00

1.959.741,00

2.156.778,00

2.447.288,00

2.673.638,00

1. Land and construction:

417.068,00

420.074,00

423.142,00

426.453,00

429.764,00

2. Technical installations and machinery:

1.046.118,00

1.217.157,00

1.370.495,00

1.597.535,00

1.773.855,00

3. Other installations, tools and furniture:

245.555,00

285.703,00

321.696,00

374.989,00

416.377,00

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

61.991,00

0,00

5. Other tangible assets:

31.635,00

36.807,00

41.444,00

48.310,00

53.642,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

0,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

0,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

3.558.587,00

3.063.666,00

3.105.719,00

2.925.423,00

3.091.359,00

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

0,00

II. Stocks:

796.386,00

352.975,00

325.913,00

337.504,00

348.768,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

375.095,00

217.288,00

222.350,00

165.512,00

261.215,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

415.944,00

135.687,00

103.563,00

171.992,00

87.553,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

5.347,00

0,00

7. Provisions:

0,00

III. Debtors:

1.545.202,00

1.062.692,00

857.627,00

1.016.501,00

1.091.736,00

1. Trade debtors / accounts receivable:

1.384.152,00

948.751,00

751.590,00

946.685,00

1.038.761,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

713,00

0,00

907,00

2.574,00

5. Staff:

1.600,00

1.808,00

532,00

1.749,00

1.507,00

6. Public bodies:

159.450,00

111.420,00

105.505,00

67.160,00

48.894,00

7. Provisions:

0,00

IV. Short-term investments:

1.001.575,00

1.201.916,00

1.510.077,00

1.002.831,00

0,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

1.575,00

1.916,00

10.077,00

2.831,00

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

1.000.000,00

1.200.000,00

1.500.000,00

1.000.000,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

207.474,00

438.369,00

400.610,00

557.542,00

1.636.049,00

VII. Prepayments and accrued income:

7.950,00

7.715,00

11.492,00

11.046,00

14.806,00

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

5.360.953,00

5.023.408,00

5.262.497,00

5.372.711,00

5.764.996,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2014

2013

2012

2011

2010

A) EQUITY:

3.735.462,00

3.668.622,00

3.617.796,00

3.434.514,00

3.309.234,00

I. Subscribed capital:

131.940,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

3.536.682,00

3.485.856,00

3.302.574,00

3.177.294,00

2.864.292,00

1. Legal reserve:

26.388,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

3.510.294,00

3.459.468,00

3.276.186,00

3.150.906,00

2.837.904,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

66.840,00

50.826,00

183.281,00

125.281,00

313.002,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

0,00

166.244,00

560.177,00

943.332,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

166.244,00

365.055,00

557.847,00

1. Loans and other liabilities:

0,00

166.244,00

365.055,00

557.847,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

0,00

195.122,00

385.485,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

195.122,00

385.485,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

1.625.491,00

1.354.785,00

1.478.457,00

1.378.019,00

1.512.431,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

166.206,00

198.047,00

193.578,00

190.685,00

1. Loans and other liabilities:

0,00

166.206,00

198.047,00

193.578,00

190.685,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

1.423.530,00

1.018.998,00

891.286,00

756.690,00

1.135.682,00

1. Advanced payments from customers:

52.028,00

0,00

36.764,00

2. Amounts owed for purchases of goods or services:

1.371.502,00

1.018.998,00

891.286,00

756.690,00

1.098.918,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

201.961,00

169.581,00

389.124,00

427.751,00

186.065,00

1. Public bodies:

60.161,00

56.720,00

54.886,00

74.975,00

78.765,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

200.000,00

0,00

4. Wages and salaries payable:

141.800,00

112.860,00

134.238,00

152.776,00

107.300,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

5.360.953,00

5.023.408,00

5.262.497,00

5.372.711,00

5.764.996,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2014

2013

2012

2011

2010

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

8.480.494,00

7.026.564,00

6.636.411,00

6.733.682,00

7.882.661,00

A.1. Operating consumption:

4.092.970,00

3.195.871,00

3.175.827,00

3.246.599,00

3.861.952,00

A.2. Staff Costs:

1.390.170,00

1.268.908,00

1.143.715,00

1.199.464,00

1.232.891,00

a) Wages, salaries et al.:

1.132.322,00

1.033.552,00

931.580,00

976.989,00

1.004.216,00

b) Social security costs:

257.847,00

235.356,00

212.135,00

222.476,00

228.676,00

A.3. Depreciation expense:

337.645,00

383.428,00

391.835,00

377.725,00

353.510,00

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

0,00

A.5. Other operating charges:

2.643.686,00

2.154.898,00

1.850.215,00

1.845.486,00

2.280.675,00

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

55.509,00

26.967,00

205.589,00

145.560,00

429.019,00

A.6. Financial and similar charges:

598,00

2.060,00

12.501,00

22.470,00

28.096,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

598,00

2.060,00

12.501,00

22.470,00

28.096,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

4.456,00

1.225,00

0,00

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

26.755,00

40.802,00

38.786,00

21.658,00

9.519,00

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

82.264,00

67.769,00

244.375,00

167.218,00

438.538,00

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

177,00

0,00

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

0,00

A.12. Extraordinary expenses:

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):

0,00

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

82.264,00

67.769,00

244.375,00

167.041,00

438.538,00

A.14. Corporation Tax:

15.425,00

16.942,00

61.094,00

41.760,00

125.537,00

A.15. Miscellaneous taxes:

0,00

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

66.840,00

50.826,00

183.281,00

125.281,00

313.002,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2014

2013

2012

2011

2010

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

8.547.334,00

7.077.390,00

6.819.693,00

6.858.963,00

8.195.662,00

B.1. Operating income:

8.519.980,00

7.030.072,00

6.767.181,00

6.814.835,00

8.158.047,00

a) Net total sales:

8.516.174,00

7.026.968,00

6.764.841,00

6.811.227,00

8.155.187,00

b) Miscellaneous operating income:

3.806,00

3.104,00

2.340,00

3.607,00

2.860,00

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

0,00

B.2. Financial income:

25.235,00

47.318,00

52.512,00

43.549,00

37.616,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

25.235,00

47.318,00

52.512,00

43.549,00

37.616,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

2.118,00

0,00

580,00

0,00

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

0,00

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:

0,00

B.7. Extraordinary income:

0,00

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

177,00

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.

2014

2013

2012

2011

2010

1. Fiscal year result before taxes.: 61100

82.264,00

67.769,00

244.375,00

167.041,00

438.538,00

2. Results adjustments.: 61200

310.890,00

342.626,00

353.049,00

356.001,00

343.991,00

a) Fixed Assets Amortization (+).: 61201

337.645,00

383.428,00

391.835,00

377.725,00

353.510,00

g) Financial income (-).: 61207

-25.235,00

-47.318,00

-52.512,00

-43.549,00

-37.616,00

h) Financial Expenses (+). : 61208

598,00

2.060,00

12.501,00

22.470,00

28.096,00

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

-2.118,00

4.456,00

1.225,00

-580,00

0,00

3. Changes in current capital equity.: 61300

-494.238,00

-115.672,00

261.800,00

-240.067,00

172.476,00

a) Stock (+/-).: 61301

-443.411,00

-27.062,00

11.591,00

11.264,00

-20.331,00

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

-480.392,00

-209.521,00

157.649,00

75.814,00

-1.438,00

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

-235,00

3.777,00

-446,00

3.761,00

0,00

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

377.773,00

117.134,00

93.006,00

-330.905,00

157.481,00

e) Other current liabilities (+/-).: 61305

52.028,00

0,00

36.764,00

4. Other cash flows for operating activities.: 61400

16.324,00

19.350,00

-18.120,00

-27.081,00

-129.140,00

a) Interest payments (-). : 61401

-598,00

-2.060,00

-12.501,00

-22.470,00

-28.096,00

c) Interest collection (+). : 61403

25.235,00

47.318,00

52.512,00

43.549,00

37.616,00

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

-8.314,00

-25.908,00

-58.131,00

-48.160,00

-138.659,00

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

-84.760,00

314.073,00

841.104,00

255.894,00

825.865,00

6. Payments for investment (-).: 62100

-180.270,00

-186.391,00

-608.572,00

-1.154.140,00

-12.326,00

c) Fixed assets. : 62103

-180.270,00

-186.391,00

-101.326,00

-151.309,00

-12.326,00

e) Other financial assets. : 62105

0,00

-507.246,00

-1.002.831,00

0,00

7. Divestment payment collection (+). : 62200

200.341,00

308.161,00

0,00

1.000.000,00

e) Other financial assets. : 62205

200.341,00

308.161,00

0,00

1.000.000,00

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

-317.574,00

-261.658,00

-1.000.407,00

-1.531.865,00

634.164,00

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

0,00

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

-166.206,00

-398.085,00

-389.464,00

-180.261,00

-444.352,00

a) Issuance : 63201

0,00

200.000,00

0,00

5. Other debts (+). : 63206

0,00

200.000,00

0,00

b) Repayment and amortization of : 63207

-166.206,00

-398.085,00

-389.464,00

-380.261,00

-444.352,00

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

0,00

-198.085,00

-194.342,00

-189.898,00

-258.632,00

5. Other debts (-). : 63212

0,00

-200.000,00

-195.122,00

-190.363,00

-185.720,00

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

0,00

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

-166.206,00

-398.085,00

-389.464,00

-180.261,00

-444.352,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-230.895,00

37.758,00

-156.931,00

-1.078.507,00

1.369.187,00

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

438.369,00

400.610,00

557.542,00

1.636.049,00

266.862,00

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

207.474,00

438.369,00

400.610,00

557.542,00

1.636.049,00

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

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,03 %

0,00 %

0,01 %

-604,62 %

-137,81 %

EBITDA over Sales:

4,62 %

7,47 %

5,84 %

6,84 %

-20,95 %

9,23 %

Cash Flow Yield:

-0,04 %

0,00 %

0,01 %

-673,04 %

-144,08 %

Profitability

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

1,27 %

6,31 %

0,71 %

4,53 %

80,44 %

39,32 %

Total economic profitability:

1,55 %

5,74 %

1,39 %

4,23 %

11,19 %

35,81 %

Financial profitability:

1,79 %

7,31 %

1,39 %

4,59 %

29,15 %

59,33 %

Margin:

0,65 %

4,84 %

0,38 %

3,80 %

69,84 %

27,47 %

Mark-up:

0,97 %

4,14 %

0,96 %

3,03 %

0,16 %

36,67 %

Solvency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,13

0,23

0,32

0,19

-60,55

19,02

Acid Test:

1,69

1,11

2,00

1,06

-15,07

4,08

Working Capital / Investment:

0,36

0,19

0,34

0,16

6,00

17,55

Solvency:

2,19

1,61

2,26

1,55

-3,19

4,11

Indebtedness

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,44

1,14

0,37

1,17

17,83

-2,82

Borrowing Composition:

0,00

0,58

0,00

0,65

-10,15

Repayment Ability:

-7,04

-138,72

35,88

61,93

-119,62

-324,00

Warranty:

3,30

1,88

3,71

1,86

-11,05

1,27

Generated resources / Total creditors:

0,25

0,12

0,32

0,09

-22,37

27,45

Efficiency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,28

1,43

1,32

1,38

-3,07

3,44

Turnover of Collection Rights :

5,51

4,81

6,62

4,44

-16,65

8,18

Turnover of Payment Entitlements:

4,49

3,96

4,56

3,73

-1,46

6,31

Stock rotation:

10,63

6,69

19,84

6,33

-46,43

5,68

Assets turnover:

1,95

1,30

1,84

1,19

6,24

9,30

Borrowing Cost:

0,04

2,35

0,15

2,53

-75,80

-7,14

> Trend of indicators under the General Accounting Plan of 2007 (2014, 2013, 2012, 2011, 2010)

Cash Flow

2014

2013

2012

2011

2010

Cash Flow over Sales:

-0,03 %

0,01 %

-0,02 %

-0,16 %

16,79 %

EBITDA over Sales:

4,62 %

5,84 %

8,83 %

7,68 %

9,60 %

Cash Flow Yield:

-0,04 %

0,01 %

-0,03 %

-0,20 %

23,75 %

Profitability

2014

2013

2012

2011

2010

Operating economic profitability:

1,27 %

0,71 %

5,48 %

3,33 %

7,44 %

Total economic profitability:

1,55 %

1,39 %

4,88 %

3,53 %

8,09 %

Financial profitability:

1,79 %

1,39 %

5,07 %

3,65 %

9,46 %

Margin:

0,65 %

0,38 %

3,04 %

2,13 %

5,26 %

Mark-up:

0,97 %

0,96 %

3,61 %

2,45 %

5,38 %

Solvency

2014

2013

2012

2011

2010

Liquidity:

0,13

0,32

0,27

0,40

1,08

Acid Test:

1,69

2,00

1,87

1,80

Working Capital / Investment:

0,36

0,34

0,31

0,29

0,27

Solvency:

2,19

2,26

2,10

2,12

2,04

Indebtedness

2014

2013

2012

2011

2010

Indebtedness level:

0,44

0,37

0,45

0,56

0,74

Borrowing Composition:

0,00

0,11

0,41

0,62

Repayment Ability:

-7,04

35,88

-10,48

-1,80

3,14

Warranty:

3,30

3,71

3,20

2,77

2,35

Generated resources / Total creditors:

0,25

0,32

0,35

0,26

0,27

Efficiency

2014

2013

2012

2011

2010

Productivity:

1,28

1,32

1,52

1,44

1,63

Turnover of Collection Rights :

5,51

6,62

7,89

6,70

7,47

Turnover of Payment Entitlements:

4,49

4,56

4,53

5,34

4,61

Stock rotation:

10,63

19,84

20,13

19,76

22,16

Assets turnover:

1,95

1,84

1,80

1,56

1,42

Borrowing Cost:

0,04

0,15

0,76

1,16

1,14

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

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.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.55

INFORMATION DETAILS

Analysis Done by :	KAS

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

Identification

Activity

Main products / services

Number of Employees

Chronological Summary

Main Historic Changes

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

References

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit