MIRA INFORM REPORT

Report No. :	343457
Report Date :	03.10.2015

IDENTIFICATION DETAILS

Name :	BILBAINA DE ALQUITRANES SOCIEDAD ANONIMA

Registered Office :	Obispo Olaechea, 49 - Barakaldo - 48902 - Vizcaya

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	28.06.1990

Legal Form :	Public Company

Line of Business :	Manufacture of other organic basic chemicals

No. of Employees :	47 (2013)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Spain

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:

BILBAINA DE ALQUITRANES SOCIEDAD ANONIMA

NIF / Fiscal code:

A48435309

Status:

ACTIVE

Incorporation Date:

28/06/1990

Register Data

Last Publication in BORME:

25/02/2015 [Increase of Capital]

Last Published Account Deposit:

2013

Share Capital:

1.202.885,27

Localization:

OBISPO OLAECHEA, 49 - BARAKALDO - 48902 - VIZCAYA

Telephone - Fax - Email - Website:

Telephone. 944970020 Email. basa@bilbaina.com Website. www.bilbaina.com

Activity:

NACE:

2014 - Manufacture of other organic basic chemicals

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

3 for a total cost of 89618

Quality Certificate:

Payment Behaviour:

Slow but correct

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:

INDUBASA INVERSIONES QUIMICAS SOCIEDAD LIMITADA

100 %

Identification

Social Denomination:

BILBAINA DE ALQUITRANES SOCIEDAD ANONIMA

NIF / Fiscal code:

A48435309

Corporate Status:

ACTIVE

Start of activity:

1990

Registered Office:

OBISPO OLAECHEA, 49

Locality:

BARAKALDO

Province:

VIZCAYA

Postal Code:

48902

Telephone:

944970020

Fax:

944999721

Website:

www.bilbaina.com

Email:

basa@bilbaina.com

Branch Offices

Activity

NACE:	2014
Legal Form:	DESTILLATION AND COMMERCE OF TAR.
Additional Information:	Distillation of tar from carbon originated from batteries of COK of the principal iron and Steel European groups.
Additional Address:	Registered office and offices as well as other dependencies located in: OBISPO OLAECHEA, 49 48902 BARAKALDO
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2013

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

Chronological Summary

Year

Act

1990

Appointments/ Re-elections (1) Company Formation (1)

1991

Statutory Modifications (1)

1992

Appointments/ Re-elections (1) Increase of Capital (1)

1994

Accounts deposit (year 1992, 1993) Capital Reduction (1) Dividends Payment (1)

1995

Accounts deposit (year 1994) Appointments/ Re-elections (1) Capital Reduction (2) Cessations/ Resignations/ Reversals (1)

1996

Capital Reduction (1) Correction (1)

1998

Accounts deposit (year 1995, 1996, 1997) Capital Reduction (1)

2000

Accounts deposit (year 1998) Appointments/ Re-elections (1)

2001

Accounts deposit (year 1999)

2002

Accounts deposit (year 2000, 2001) Appointments/ Re-elections (2) Increase of Capital (1)

2004

Accounts deposit (year 2002) Appointments/ Re-elections (1)

2005

Accounts deposit (year 2003) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2006

Accounts deposit (year 2004) Appointments/ Re-elections (4)

2007

Accounts deposit (year 2005) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2008

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

2009

Accounts deposit (year 2008)

2010

Appointments/ Re-elections (1)

2011

Accounts deposit (year 2009) Appointments/ Re-elections (1) Capital Reduction (1) Statutory Modifications (1)

2012

Capital Reduction (1)

2013

Accounts deposit (year 2010, 2011) Appointments/ Re-elections (1)

2015

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

Breakdown of Owners' Equity

Registered Capital:

1.202.885,27

Paid up capital:

1.202.885,27

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1172

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

23/07/1990

Company Formation

150.253

30/07/1992

Increase of Capital

1.953.289

1.101.655

2.103.542

1.251.908

10/01/1994

Capital call payment

---

460.976

2.103.542

1.712.884

10/01/1994

Capital Reduction

-210.354

-460.976

1.893.188

16/03/1995

Capital Reduction

-300.506

1.592.682

20/12/1995

Capital Reduction

-300.506

1.292.176

19/06/1998

Capital Reduction

-300.506

991.670

03/04/2002

Increase of Capital

180.303

1.171.972

01/02/2012

Capital Reduction

-242.207

929.765

17/02/2015

Increase of Capital

273.120

1.202.885

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

INDUBASA INVERSIONES QUIMICAS SOCIEDAD LIMITADA

18/10/2013

PROXY

NAVARRO VILLANUEVA FRANCISCO JAVIER

22/11/2010

NAVARRO VILLANUEVA SANTIAGO

05/03/2007

ARTEAGA GONZALEZ ROSARIO

07/06/2006

NAVARRO VILLANUEVA LUIS MARIA

03/01/1992

ACCOUNTS' AUDITOR / HOLDER

ERNST & YOUNG SOCIEDAD LIMITADA

23/01/2015

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ARTHUR ANDERSEN Y CIA S COM

ACCOUNTS' AUDITOR / HOLDER

15/03/2002

ACCOUNTS' AUDITOR / HOLDER

05/02/2004

DELOITTE & TOUCHE ESPAÑA SOCIEDAD LIMITADA

ACCOUNTS' AUDITOR / HOLDER

05/02/2004

ACCOUNTS' AUDITOR / HOLDER

18/03/2005

DELOITTE SOCIEDAD LIMITADA

ACCOUNTS' AUDITOR / HOLDER

18/03/2005

ACCOUNTS' AUDITOR / HOLDER

07/06/2006

ACCOUNTS' AUDITOR / HOLDER

01/12/2006

ACCOUNTS' AUDITOR / HOLDER

01/12/2006

ACCOUNTS' AUDITOR / HOLDER

10/01/2008

ERNST & YOUNG SOCIEDAD LIMITADA

ACCOUNTS' AUDITOR / HOLDER

08/06/2011

ACCOUNTS' AUDITOR / HOLDER

23/01/2015

INDUBASA INVERSIONES QUIMICAS SOCIEDAD LIMITADA

SINGLE ADMINISTRATOR

18/10/2013

NAVARRO VILLANUEVA JUAN JOSE

MEMBER OF THE BOARD

22/11/2000

MEMBER OF THE BOARD

18/07/2005

MEMBER OF THE BOARD

26/11/2007

CHIEF EXECUTIVE OFFICER

19/12/1995

CHIEF EXECUTIVE OFFICER

22/11/2000

CHIEF EXECUTIVE OFFICER

18/07/2005

CHIEF EXECUTIVE OFFICER

26/11/2007

MEMBER

19/12/1995

NAVARRO VILLANUEVA LUIS MARIA

MEMBER

22/11/2000

SECRETARY

26/11/2007

SECRETARY

18/07/2005

MEMBER OF THE BOARD

18/07/2005

MEMBER OF THE BOARD

26/11/2007

SECRETARY

19/12/1995

SECRETARY

22/11/2000

MEMBER OF THE BOARD

22/11/2000

NAVARRO VILLANUEVA SANTIAGO

PRESIDENT

22/11/2000

MEMBER OF THE BOARD

22/11/2000

MEMBER OF THE BOARD

18/07/2005

PRESIDENT

18/07/2005

PRESIDENT

19/12/1995

PRESIDENT

26/11/2007

MEMBER OF THE BOARD

26/11/2007

PROXY

05/03/2007

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

CONSUELO ARTEAGA

MANAGING DIRECTOR

ANA NAVARRO

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.

It is one of the major domestic companies in terms of sales volume.

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

BILBAINA DE ALQUITRANES SOCIEDAD ANONIMA 's borrowing cost is appropriate according to its volume of external financing sources.

The development of the debt structure during the last two years indicates an increase of the debt with credit institutions and trade creditors in respect to all liabilities. The higher the level of debt, the greater the dependence on suppliers' capital and the more compromised will be its financial situation.

It has no return from its main operating activity.This might deteriorate its financial situation. Moreover, this productivity has decreased in comparison with the previous financial year.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.490 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

201 Manufacture of basic chemicals, fertilisers and nitrogen compounds, plastics and synthetic rubber in primary forms

wordml://2519

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 97.00% of the companies of the sector BILBAINA DE ALQUITRANES 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 0.490%.

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

Guarantees

References

Link List

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

3 Entities

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

INDUBASA INVERSIONES QUIMICAS SOCIEDAD LIMITADA

VIZCAYA

100

PARTICIPATES IN

ENERGIA DE BILBAO SOCIEDAD ANONIMA

VIZCAYA

BILBAINA DE MADERAS Y ALQUITRANES, S.A.

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

FABRICA DE PRODUCTOS QUIMICOS SANA SOCIEDAD ANONIMA

VIZCAYA

ARCELORMITTAL ESPAÑA SA

ASTURIAS

JESUS Y VICENTE VAZQUEZ SL

HUELVA

HAS IN ITS ADMINISTRATION BOARD TO

INDUBASA INVERSIONES QUIMICAS SOCIEDAD LIMITADA

VIZCAYA

Turnover

Total Sales 2013

55.655.555,30

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

Estimated Balance

ESTIMATED FIGURES OF 2014 -NON-CURRENT ASSET 2.913.000 Euro/s -CURRENT ASSET 28.198.000 Euro/s -NET WORTH 16.393.000 Euro/s - NON-CURRENT LIABILITIES 6.059.000 Euro/s - CURRENT LIABILITIES 8.659.000 Euro/s -TOTAL LIABILITIES AND NET ASSETS 31.111.000 Euro/s -SALES 57.500.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

January 2015

2012

Normales

January 2015

2011

Normales

May 2013

2010

Normales

April 2013

2009

Normales

June 2011

2008

Normales

November 2009

2007

Normales

August 2008

2006

Normales

January 2008

2005

Normales

January 2007

2004

Normales

June 2006

2003

Normales

March 2005

2002

Normales

February 2004

2001

Normales

October 2002

2000

Normales

March 2002

1999

Normales

February 2001

1998

Normales

October 2000

1997

Normales

July 1998

1996

Normales

February 1998

1995

Normales

February 1998

1994

Normales

July 1995

1993

Normales

November 1994

1992

Normales

November 1994

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

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

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

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

2.820.460,00

2.281.712,00

2.515.991,00

1.903.631,00

2.365.341,00

I. Intangible fixed assets : 11100

4.841,00

1.421,00

3.201,00

11.508,00

10.309,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

186,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

4.841,00

1.421,00

3.201,00

11.508,00

10.124,00

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

2.085.598,00

1.413.165,00

1.582.538,00

1.394.085,00

1.857.390,00

1. Land and buildings: 11210

669.110,00

590.067,00

630.761,00

653.435,00

732.215,00

2. Technical installations and other tangible fixed assets: 11220

969.806,00

823.098,00

951.777,00

725.950,00

1.125.175,00

3. Tangible asset in progress and advances: 11230

446.682,00

0,00

14.700,00

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

15.509,00

15.261,00

14.786,00

20.362,00

19.964,00

1. Equity instruments: 11410

15.509,00

15.261,00

14.786,00

20.362,00

19.964,00

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

1.599,00

56.411,00

1. Equity instruments: 11510

1.118,00

2. Credits to third parties : 11520

481,00

55.293,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

0,00

55.293,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

712.913,00

850.266,00

859.055,00

421.266,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

27.293.480,00

30.685.264,00

26.865.491,00

22.770.159,00

21.209.554,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

8.261.101,00

9.022.550,00

4.342.379,00

4.529.389,00

5.093.213,00

1. Commercial: 12210

0,00

138.495,00

2. Primary material and other supplies: 12220

4.005.228,00

3.672.631,00

2.368.915,00

2.548.304,00

2.012.178,00

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

4.255.873,00

5.349.920,00

1.973.464,00

0,00

2.942.540,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

4.255.873,00

5.349.920,00

1.973.464,00

0,00

2.942.540,00

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

0,00

1.981.085,00

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

10.489.583,00

15.259.022,00

15.729.402,00

12.377.886,00

11.542.500,00

1. Trade debtors / accounts receivable: 12310

10.409.566,00

15.146.904,00

15.577.085,00

12.181.179,00

11.292.538,00

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

10.409.566,00

15.146.904,00

15.577.085,00

12.181.179,00

0,00

b) Customers for sales and provisions of services : 12312

0,00

11.292.538,00

2. Customers, Group companies and associates : 12320

80.017,00

112.118,00

152.317,00

196.708,00

249.962,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

0,00

7. Called up share capital: 12370

0,00

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

354.768,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

354.768,00

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

0,00

106.349,00

1.412.914,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

106.349,00

1.412.914,00

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

155.979,00

139.705,00

22.517,00

64.220,00

21.865,00

VII. Cash and other equivalent liquid assets : 12700

8.032.048,00

6.263.987,00

6.664.844,00

4.385.749,00

4.551.976,00

1. Treasury: 12710

6.806.536,00

5.039.408,00

5.444.541,00

3.186.538,00

4.551.976,00

2. Other equivalent liquid assets: 12720

1.225.512,00

1.224.579,00

1.220.303,00

1.199.212,00

0,00

TOTAL ASSETS (A + B) : 10000

30.113.940,00

32.966.976,00

29.381.482,00

24.673.790,00

23.574.895,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

15.867.782,00

16.193.056,00

14.877.827,00

11.381.761,00

11.204.312,00

A-1) Shareholders' equity: 21000

15.824.480,00

16.125.404,00

14.811.551,00

11.290.736,00

11.133.294,00

I. Capital: 21100

929.765,00

1.171.972,00

1.171.974,00

1. Registered capital : 21110

929.765,00

1.171.972,00

1.171.974,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

15.195.639,00

13.881.786,00

9.952.288,00

11.041.321,00

9.093.428,00

1. Legal and statutory: 21310

234.395,00

2. Other reserves: 21320

14.961.244,00

13.647.391,00

9.717.894,00

10.806.926,00

8.859.033,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

-3.099.876,00

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

-300.924,00

1.313.853,00

3.929.497,00

2.177.318,00

867.893,00

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

43.302,00

67.652,00

66.276,00

91.026,00

71.018,00

B) NON-CURRENT LIABILITIES: 31000

5.864.673,00

3.861.328,00

3.765.444,00

2.839.079,00

3.736.184,00

I. Long-term provisions: 31100

2.545.616,00

3.036.161,00

3.067.552,00

1.500.000,00

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

2.545.616,00

3.036.161,00

3.067.552,00

1.500.000,00

II Long-term creditors: 31200

3.203.214,00

684.373,00

575.157,00

1.168.495,00

1.994.371,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

3.203.214,00

684.373,00

566.502,00

1.132.888,00

1.836.458,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

8.655,00

35.607,00

157.913,00

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

0,00

IV. Liabilities for deferred tax: 31400

115.843,00

140.794,00

122.735,00

170.583,00

241.812,00

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

8.381.486,00

12.912.592,00

10.738.212,00

10.452.950,00

8.634.399,00

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

0,00

II. Short-term provisions: 32200

430.000,00

424.048,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

430.000,00

0,00

III. Short-term creditors : 32300

2.387.233,00

4.292.019,00

1.689.753,00

2.258.529,00

4.628.750,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

2.387.233,00

4.283.364,00

1.662.800,00

2.102.327,00

4.469.897,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

8.655,00

26.953,00

156.203,00

158.853,00

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

0,00

1.999.891,00

2.304.683,00

3.397.060,00

0,00

V. Trade creditors and other accounts payable: 32500

5.564.253,00

6.190.682,00

6.319.728,00

4.373.313,00

3.581.602,00

1. Suppliers: 32510

4.889.877,00

5.485.499,00

4.424.255,00

3.924.968,00

2.733.732,00

a) Long-term debts : 32511

4.889.877,00

5.485.499,00

4.424.255,00

3.924.968,00

0,00

b) Short-term debts : 32512

0,00

2.733.732,00

2. Suppliers, Group companies and associates: 32520

116.203,00

356.384,00

1.360.046,00

109.094,00

140.190,00

3. Other creditors: 32530

480.237,00

217.420,00

318.402,00

166.866,00

167.509,00

4. Personnel (remuneration due): 32540

1.518,00

29.929,00

20.076,00

37.071,00

1.422,00

5. Liabilities for current tax: 32550

0,00

396.860,00

6. Other accounts payable to Public Administrations.: 32560

76.417,00

101.451,00

196.948,00

135.313,00

141.889,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

30.113.940,00

32.966.976,00

29.381.482,00

24.673.790,00

23.574.895,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

55.655.555,00

59.428.662,00

52.685.276,00

41.035.356,00

31.316.189,00

a) Sales: 40110

55.655.555,00

59.428.662,00

52.685.276,00

41.035.356,00

31.316.189,00

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

-1.094.047,00

3.376.456,00

-7.621,00

-961.454,00

829.052,00

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

0,00

4. Supplies : 40400

-41.365.805,00

-46.689.383,00

-29.404.241,00

-22.488.047,00

-19.602.779,00

a) Stock consumption: 40410

-22.079,00

-924.973,00

-32.680,00

-193.395,00

-343.105,00

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

-41.343.726,00

-45.764.410,00

-29.371.560,00

-22.294.651,00

-19.259.674,00

c) Works carried out by other companies: 40430

0,00

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

0,00

5. Other operating income: 40500

135.904,00

28.341,00

39.609,00

25.550,00

25.662,00

a) Auxiliary income and other from current management: 40510

130.381,00

17.217,00

18.797,00

15.359,00

14.974,00

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

5.523,00

11.124,00

20.812,00

10.191,00

10.688,00

6. Personnel costs: 40600

-2.148.918,00

-2.550.203,00

-2.219.273,00

-2.007.708,00

-2.004.971,00

a) Wages, salaries et al.: 40610

-1.642.354,00

-1.620.414,00

-1.728.382,00

-1.526.307,00

-1.518.611,00

b) Social security costs: 40620

-506.564,00

-499.789,00

-490.891,00

-481.402,00

-486.360,00

c) Provisions : 40630

0,00

-430.000,00

0,00

7. Other operating costs: 40700

-11.021.904,00

-11.086.997,00

-15.234.951,00

-11.863.104,00

-8.201.371,00

a) External services: 40710

-10.975.522,00

-11.413.464,00

-12.084.107,00

-10.285.573,00

-8.234.761,00

b) Taxes: 40720

-114.531,00

-97.306,00

-81.705,00

-74.649,00

-85.718,00

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

181.230,00

424.048,00

-3.067.552,00

-1.500.000,00

121.628,00

d) Other current management expenditure : 40740

-113.080,00

-276,00

-1.587,00

-2.883,00

-2.520,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-409.857,00

-422.101,00

-501.250,00

-757.948,00

-1.036.790,00

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

33.820,00

34.524,00

34.375,00

81.729,00

47.174,00

10. Excess provisions : 41000

0,00

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

0,00

-192,00

850,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

-192,00

850,00

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

37.834,00

-5.004,00

-2.438,00

8.495,00

2.283,00

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

-177.417,00

2.114.295,00

5.389.294,00

3.073.717,00

1.374.448,00

14. Financial income : 41400

51.395,00

51.108,00

110.724,00

52.549,00

45.320,00

a) Of shares in equity instruments : 41410

0,00

51.108,00

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

51.108,00

0,00

b) From negotiable securities and other financial instruments : 41420

51.395,00

0,00

110.724,00

52.549,00

45.320,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

51.395,00

0,00

110.724,00

52.549,00

45.320,00

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

0,00

15. Financial expenditure: 41500

-267.463,00

-221.460,00

-116.619,00

-145.388,00

-208.461,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-267.463,00

-221.460,00

-116.619,00

-145.388,00

-208.461,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

933,00

4.276,00

20.303,00

2.996,00

25.417,00

a) Trading book and other : 41610

0,00

20.303,00

2.996,00

0,00

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

933,00

4.276,00

0,00

25.417,00

17. Exchange rate differences : 41700

-16.342,00

-124.691,00

-32.394,00

1.299,00

-29.282,00

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

248,00

475,00

-5.576,00

397,00

13.982,00

a) Impairment and losses : 41810

248,00

475,00

407,00

397,00

0,00

b) Results for transfers and other : 41820

0,00

-5.982,00

0,00

13.982,00

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

-231.229,00

-290.292,00

-23.561,00

-88.146,00

-153.025,00

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

-408.646,00

1.824.002,00

5.365.733,00

2.985.571,00

1.221.423,00

20. Income taxes: 41900

107.722,00

-510.150,00

-1.436.236,00

-808.253,00

-353.530,00

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

-300.924,00

1.313.853,00

3.929.497,00

2.177.318,00

867.893,00

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

0,00

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

-300.924,00

1.313.853,00

3.929.497,00

2.177.318,00

867.893,00

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

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

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

2.107.547,00

1.431.447,00

1.656.936,00

4.582.241,00

1.944.075,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

4.841,00

1.421,00

3.201,00

11.508,00

10.309,00

1. Research and development costs:

0,00

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

0,00

186,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

4.841,00

1.421,00

3.201,00

11.508,00

10.124,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

2.085.598,00

1.413.165,00

1.582.538,00

1.394.085,00

1.857.390,00

1. Land and construction:

669.110,00

590.067,00

630.761,00

653.435,00

732.215,00

2. Technical installations and machinery:

944.797,00

801.872,00

927.233,00

707.230,00

1.096.159,00

3. Other installations, tools and furniture:

11.377,00

9.656,00

11.166,00

8.516,00

13.200,00

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

446.682,00

0,00

14.700,00

0,00

5. Other tangible assets:

13.632,00

11.570,00

13.379,00

10.204,00

15.816,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

17.108,00

16.860,00

71.197,00

76.773,00

76.375,00

1. Equity investments in group companies:

15.509,00

15.261,00

14.786,00

20.362,00

19.964,00

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:

1.118,00

6. Other receivables:

481,00

55.293,00

0,00

7. Long term guarantees and deposits:

0,00

55.293,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

3.099.876,00

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

28.006.393,00

31.535.529,00

27.724.546,00

23.191.425,00

21.630.820,00

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

0,00

II. Stocks:

8.261.101,00

9.022.550,00

4.342.379,00

4.529.389,00

5.093.213,00

1. Goods for resale:

0,00

138.495,00

2. Raw materials and other consumables:

4.005.228,00

3.672.631,00

2.368.915,00

2.548.304,00

2.012.178,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

4.255.873,00

5.349.920,00

1.973.464,00

0,00

2.942.540,00

5. Byproducts, scrap and recovered materials:

0,00

1.981.085,00

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

11.202.496,00

16.109.287,00

16.588.457,00

12.799.152,00

11.963.766,00

1. Trade debtors / accounts receivable:

10.409.566,00

15.146.904,00

15.577.085,00

12.181.179,00

11.292.538,00

2. Accounts receivable, Group companies:

80.017,00

112.118,00

152.317,00

196.708,00

249.962,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

712.913,00

850.266,00

859.055,00

421.266,00

7. Provisions:

0,00

IV. Short-term investments:

1.580.281,00

1.224.579,00

1.326.652,00

2.612.126,00

0,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

354.768,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

1.225.512,00

1.224.579,00

1.326.652,00

2.612.126,00

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

6.806.536,00

5.039.408,00

5.444.541,00

3.186.538,00

4.551.976,00

VII. Prepayments and accrued income:

155.979,00

139.705,00

22.517,00

64.220,00

21.865,00

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

30.113.940,00

32.966.976,00

29.381.482,00

27.773.666,00

23.574.895,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

15.837.470,00

16.145.699,00

14.831.434,00

14.417.919,00

11.154.599,00

I. Subscribed capital:

929.765,00

1.171.972,00

1.171.974,00

II. Share premium:

0,00

III. Revaluation reserves:

2.984.029,00

2.726.028,00

1.945.094,00

2.168.536,00

1.781.943,00

IV. Reserves:

12.224.600,00

11.176.053,00

8.027.078,00

8.900.093,00

7.332.790,00

1. Legal reserve:

234.395,00

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:

11.990.205,00

10.941.659,00

7.792.683,00

8.665.698,00

7.098.395,00

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:

-300.924,00

1.313.853,00

3.929.497,00

2.177.318,00

867.893,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

30.311,00

47.357,00

46.393,00

63.718,00

49.713,00

1. Capital grants:

30.311,00

47.357,00

46.393,00

63.718,00

49.713,00

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:

2.545.616,00

3.036.161,00

3.067.552,00

1.500.000,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

2.545.616,00

3.036.161,00

3.067.552,00

1.500.000,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

3.319.057,00

825.167,00

697.892,00

1.339.079,00

2.236.184,00

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:

3.203.214,00

684.373,00

566.502,00

1.132.888,00

1.836.458,00

1. Loans and other liabilities:

3.203.214,00

684.373,00

566.502,00

1.132.888,00

1.836.458,00

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:

115.843,00

140.794,00

131.390,00

206.190,00

399.726,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

8.655,00

35.607,00

157.913,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

115.843,00

140.794,00

122.735,00

170.583,00

241.812,00

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:

7.951.486,00

12.482.592,00

10.314.164,00

10.028.902,00

8.210.351,00

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:

2.387.233,00

4.283.364,00

1.662.800,00

2.102.327,00

4.469.897,00

1. Loans and other liabilities:

2.387.233,00

4.283.364,00

1.662.800,00

2.102.327,00

4.469.897,00

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:

116.203,00

2.356.275,00

3.664.729,00

3.506.154,00

140.190,00

1. Amounts owed to group companies:

116.203,00

2.356.275,00

3.664.729,00

3.506.154,00

140.190,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

5.370.114,00

5.702.918,00

4.742.657,00

4.091.834,00

2.901.241,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

5.370.114,00

5.702.918,00

4.742.657,00

4.091.834,00

2.901.241,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

77.936,00

140.035,00

243.977,00

328.587,00

699.024,00

1. Public bodies:

76.417,00

101.451,00

196.948,00

135.313,00

538.749,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

8.655,00

26.953,00

156.203,00

158.853,00

4. Wages and salaries payable:

1.518,00

29.929,00

20.076,00

37.071,00

1.422,00

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:

430.000,00

424.048,00

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

30.113.940,00

32.966.976,00

29.381.482,00

27.773.666,00

23.574.895,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

56.216.365,00

61.609.514,00

48.960.790,00

39.031.505,00

31.437.186,00

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

1.094.047,00

0,00

7.621,00

961.454,00

0,00

A.2. Supplies:

41.365.805,00

46.689.383,00

29.404.241,00

22.488.047,00

19.602.779,00

a) Stock consumption:

22.079,00

924.973,00

32.680,00

193.395,00

343.105,00

b) Consumption of raw materials and miscellaneous consumable ones:

41.343.726,00

45.764.410,00

29.371.560,00

22.294.651,00

19.259.674,00

c) Miscellaneous external expenditure:

0,00

A.3. Staff costs:

2.148.918,00

2.550.203,00

2.219.273,00

2.007.708,00

2.004.971,00

a) Wages, salaries et al.:

1.642.354,00

2.050.414,00

1.728.382,00

1.526.307,00

1.518.611,00

b) Social security costs:

506.564,00

499.789,00

490.891,00

481.402,00

486.360,00

A.4. Depreciation expense:

409.857,00

422.101,00

501.250,00

757.948,00

1.036.790,00

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

-181.230,00

-424.048,00

3.067.552,00

1.500.000,00

-121.628,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

-181.230,00

-424.048,00

3.067.552,00

1.500.000,00

-121.628,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

11.203.134,00

11.511.045,00

12.167.399,00

10.363.104,00

8.322.999,00

a) External services:

10.975.522,00

11.413.464,00

12.084.107,00

10.285.573,00

8.234.761,00

b) Taxes:

114.531,00

97.306,00

81.705,00

74.649,00

85.718,00

c) Other operating expenses:

113.080,00

276,00

1.587,00

2.883,00

2.520,00

d) Allocation to revision fund:

0,00

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

0,00

2.084.774,00

5.357.550,00

2.982.644,00

1.324.991,00

A.7. Financial and similar charges:

267.197,00

220.950,00

122.602,00

145.388,00

208.461,00

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.:

267.463,00

221.460,00

116.619,00

145.388,00

208.461,00

d) Losses from financial investments:

-266,00

-510,00

5.982,00

0,00

A.8. Changes in financial investment provisions:

18,00

35,00

-407,00

-397,00

0,00

A.9. Exchange losses:

16.342,00

124.691,00

32.394,00

0,00

29.282,00

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

0,00

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

0,00

1.794.482,00

5.333.989,00

2.894.497,00

1.171.966,00

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

0,00

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

0,00

192,00

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

5.004,00

2.438,00

0,00

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

0,00

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

71.654,00

29.521,00

31.744,00

91.074,00

49.457,00

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

0,00

1.824.002,00

5.365.733,00

2.985.571,00

1.221.423,00

A.15. Corporation tax:

-107.722,00

510.150,00

1.436.236,00

808.253,00

353.530,00

A.16. Miscellaneous taxes:

0,00

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

0,00

1.313.853,00

3.929.497,00

2.177.318,00

867.893,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

55.915.441,00

62.923.366,00

52.890.287,00

41.208.823,00

32.305.078,00

B.1. Net total sales:

55.655.555,00

59.428.662,00

52.685.276,00

41.035.356,00

31.316.189,00

a) Sales:

55.742.841,00

59.521.864,00

52.767.903,00

41.099.712,00

31.365.303,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

-87.285,00

-93.203,00

-82.627,00

-64.356,00

-49.114,00

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

0,00

3.376.456,00

0,00

829.052,00

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

0,00

B.4. Miscellaneous operating income:

135.904,00

28.341,00

39.609,00

25.550,00

25.662,00

a) Auxiliary income and other from current management:

130.381,00

17.217,00

18.797,00

15.359,00

14.974,00

b) Grants:

5.523,00

11.124,00

20.812,00

10.191,00

10.688,00

c) Liabilities and charges provisions surplus:

0,00

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

249.071,00

0,00

B.5. Income from equity investment:

0,00

51.108,00

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

51.108,00

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

52.328,00

4.276,00

131.028,00

55.545,00

84.719,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

51.395,00

0,00

110.724,00

52.549,00

45.320,00

d) Profit on financial investment:

933,00

4.276,00

20.303,00

2.996,00

39.399,00

B.8. Exchange positive differences:

0,00

1.299,00

0,00

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

231.229,00

290.292,00

23.561,00

88.146,00

153.025,00

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

480.300,00

0,00

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

0,00

850,00

0,00

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

0,00

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

33.820,00

34.524,00

34.375,00

81.729,00

47.174,00

B.12. Extraordinary income:

37.834,00

0,00

8.495,00

2.283,00

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

0,00

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

0,00

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

408.646,00

0,00

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

300.924,00

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

-408.646,00

1.824.002,00

5.365.733,00

2.985.571,00

1.221.423,00

2. Results adjustments.: 61200

401.497,00

564.132,00

3.546.090,00

2.264.814,00

991.731,00

a) Fixed Assets Amortization (+).: 61201

409.857,00

422.100,00

501.249,00

757.948,00

1.036.790,00

c) Variation in Provision (+/-). : 61203

-181.230,00

5.952,00

3.067.552,00

1.500.000,00

-121.628,00

d) Allocation of grants (-).: 61204

-33.820,00

-34.525,00

-34.375,00

-81.729,00

-47.174,00

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

0,00

5.004,00

193,00

-850,00

0,00

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

-248,00

-475,00

5.576,00

-397,00

-13.982,00

g) Financial income (-).: 61207

-51.395,00

-51.108,00

-110.724,00

-52.549,00

-71.944,00

h) Financial Expenses (+). : 61208

267.463,00

221.460,00

116.619,00

145.387,00

208.462,00

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

16.342,00

-4.276,00

0,00

j) Reasonable Value Variation in Financial Instruments (+/-).: 61210

-933,00

0,00

-2.996,00

1.207,00

k) Other income and expense (-/+). : 61211

-24.539,00

0,00

3. Changes in current capital equity.: 61300

4.578.867,00

-4.487.414,00

-1.176.389,00

-538.260,00

847.423,00

a) Stock (+/-).: 61301

761.449,00

-4.680.171,00

187.012,00

563.823,00

-245.579,00

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

4.769.437,00

470.381,00

-3.351.516,00

-835.386,00

3.050.859,00

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

-16.275,00

-117.189,00

41.701,00

-1.455.267,00

-5.133,00

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

-626.429,00

-129.044,00

1.946.414,00

1.188.570,00

-1.952.724,00

f) Other non-current assets and liabilities (+/-).: 61306

-309.315,00

-31.391,00

0,00

4. Other cash flows for operating activities.: 61400

-2.204.496,00

-954.703,00

-2.339.241,00

-89.683,00

-1.361.123,00

a) Interest payments (-). : 61401

-256.000,00

-219.117,00

-117.718,00

-145.387,00

-208.462,00

c) Interest collection (+). : 61403

51.395,00

53.042,00

110.724,00

55.704,00

63.138,00

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

-1.999.891,00

-788.628,00

-2.332.247,00

0,00

-1.215.799,00

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

2.367.222,00

-3.053.983,00

5.396.193,00

4.622.442,00

1.699.454,00

6. Payments for investment (-).: 62100

-1.085.709,00

-255.952,00

-681.589,00

-1.593.422,00

-162.939,00

a) Companies of the group and affiliates. : 62101

0,00

-1.297.582,00

0,00

b) Intangible fixed assets. : 62102

-5.726,00

-1.741,00

0,00

-12.371,00

-8.508,00

c) Fixed assets. : 62103

-1.079.983,00

-254.211,00

-681.589,00

-283.469,00

-154.431,00

7. Divestment payment collection (+). : 62200

0,00

161.161,00

1.306.565,00

850,00

0,00

c) Fixed assets. : 62203

0,00

850,00

0,00

e) Other financial assets. : 62205

0,00

161.161,00

1.306.565,00

0,00

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

-1.085.709,00

-94.791,00

624.976,00

-1.592.572,00

-162.939,00

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

0,00

36.435,00

-3.588.558,00

0,00

c) Acquisition of own equity instruments (-). : 63103

0,00

-3.588.558,00

0,00

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

0,00

36.435,00

0,00

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

614.055,00

2.711.482,00

-153.516,00

-3.196.097,00

117.271,00

a) Issuance : 63201

622.710,00

3.304.820,00

1.007.499,00

0,00

252.497,00

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

622.710,00

3.304.820,00

0,00

252.497,00

3. Debts incurred with companies of the group and affiliates (+).: 63204

0,00

1.007.499,00

0,00

b) Repayment and amortization of : 63207

-8.655,00

-593.338,00

-1.161.015,00

-3.196.097,00

-135.226,00

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

0,00

-566.385,00

-1.030.595,00

-3.071.140,00

0,00

5. Other debts (-). : 63212

-8.655,00

-26.953,00

-130.420,00

-124.957,00

-135.226,00

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

0,00

-180.000,00

a) Dividends (-).: 63301

0,00

-180.000,00

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

614.055,00

2.747.917,00

-3.742.074,00

-3.196.097,00

-62.729,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

-16.342,00

0,00

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

1.879.226,00

-400.857,00

2.279.095,00

-166.227,00

1.473.786,00

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

6.263.987,00

6.664.844,00

4.385.749,00

4.551.976,00

3.078.190,00

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

8.032.048,00

6.263.987,00

6.664.844,00

4.385.749,00

4.551.976,00

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:

0,03 %

0,01 %

-0,01 %

0,01 %

570,99 %

105,88 %

EBITDA over Sales:

0,29 %

11,37 %

4,22 %

9,00 %

-93,15 %

26,34 %

Cash Flow Yield:

0,06 %

0,01 %

-0,01 %

0,00 %

582,87 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-0,72 %

6,88 %

6,43 %

4,92 %

-111,25 %

40,07 %

Total economic profitability:

-0,47 %

3,77 %

6,20 %

2,29 %

-107,56 %

64,41 %

Financial profitability:

-1,90 %

4,25 %

8,15 %

0,78 %

-123,34 %

442,80 %

Margin:

-0,39 %

6,72 %

3,56 %

4,60 %

-110,82 %

46,03 %

Mark-up:

-0,80 %

4,51 %

3,08 %

1,20 %

-126,01 %

276,66 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

1,01

0,13

0,50

0,12

101,29

14,56

Acid Test:

2,37

0,87

1,72

0,85

37,68

2,04

Working Capital / Investment:

0,63

0,05

0,54

0,03

16,49

85,97

Solvency:

3,52

1,18

2,53

1,17

39,42

0,43

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,61

1,39

0,69

1,62

-11,56

-14,54

Borrowing Composition:

0,42

1,01

0,07

1,02

531,44

-1,56

Repayment Ability:

6,37

94,12

-33,20

200,35

119,20

-53,02

Warranty:

2,67

1,73

2,48

1,62

7,86

6,60

Generated resources / Total creditors:

0,01

0,08

0,13

0,07

-92,61

24,97

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,07

1,85

1,98

1,70

-45,80

8,83

Turnover of Collection Rights :

5,32

5,00

3,90

4,78

36,50

4,59

Turnover of Payment Entitlements:

9,22

3,63

9,88

3,51

-6,68

3,52

Stock rotation:

6,78

7,35

6,36

6,48

6,68

13,40

Assets turnover:

1,88

1,02

1,80

1,07

3,96

-4,08

Borrowing Cost:

2,37

2,88

1,66

2,95

42,60

-2,28

> 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:

0,03 %

-0,01 %

0,04 %

0,00 %

0,05 %

EBITDA over Sales:

0,29 %

4,22 %

11,12 %

9,12 %

7,54 %

Cash Flow Yield:

0,06 %

-0,01 %

0,08 %

-0,01 %

0,06 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

-0,72 %

6,43 %

18,46 %

13,22 %

5,84 %

Total economic profitability:

-0,47 %

6,20 %

18,66 %

12,69 %

6,07 %

Financial profitability:

-1,90 %

8,15 %

26,53 %

19,28 %

7,80 %

Margin:

-0,39 %

3,56 %

10,23 %

7,47 %

4,38 %

Mark-up:

-0,80 %

3,08 %

10,18 %

7,25 %

3,89 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

1,01

0,50

0,65

0,44

0,55

Acid Test:

2,37

1,72

2,18

1,81

1,96

Working Capital / Investment:

0,63

0,54

0,55

0,50

0,53

Solvency:

3,52

2,53

2,69

2,31

2,63

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,61

0,69

0,61

0,88

0,82

Borrowing Composition:

0,42

0,07

0,13

0,27

Repayment Ability:

6,37

-33,20

4,83

-68,39

7,09

Warranty:

2,67

2,48

2,67

2,17

2,26

Generated resources / Total creditors:

0,01

0,13

0,40

0,26

0,18

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,07

1,98

3,64

2,86

2,18

Turnover of Collection Rights :

5,32

3,90

3,35

3,32

2,72

Turnover of Payment Entitlements:

9,22

9,88

7,06

7,63

7,99

Stock rotation:

6,78

6,36

10,91

8,41

5,89

Assets turnover:

1,88

1,80

1,81

1,77

1,33

Borrowing Cost:

2,37

1,66

1,06

1,28

2,00

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

GOBIERNO VASCO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

33.820,00

Notes

El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias.

Entity

MINISTERIO DE INDUSTRIA Y ENERGIA

Status

CONCEDIDA

Amount Granted

11.945,00

Notes

El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 12.600 euros.

Entity

NO ESPECIFICADO

Subsidy Concept

Subvención de Capital.

Status

CONCEDIDA

Amount Granted

43.853,00

Notes

Dicho saldo corresponde a la cantidad imputada al resultado en éste ejercicio.

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.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.08

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TRU

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Branch Offices

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

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