MIRA INFORM REPORT

Report No. :	344695
Report Date :	15.10.2015

IDENTIFICATION DETAILS

Name :	EFI CRETAPRINT SL

Registered Office :	P.I. Ramonet, Crta. N340, KM 970. - Almazora/Almassora - 12550 - Castellon

Country :	Spain

Financials (as on) :	2014

Date of Incorporation :	21.01.2000

Legal Form :	Private Company

Line of Business :	Subject is manufacture of other special-purpose machinery

No. of Employee :	Not Available

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:

EFI CRETAPRINT SL

NIF / Fiscal code:

B82480377

Status:

ACTIVE

Incorporation Date:

21/01/2000

Register Data

Last Publication in BORME:

20/04/2015 [Revocations]

Last Published Account Deposit:

2014

Share Capital:

3.005,06

Localization:

P.I. RAMONET, CRTA. N340, KM 970. - ALMAZORA/ALMASSORA - 12550 - CASTELLON

Telephone - Fax - Email - Website:

Telephone. 915 685 111 Email. preurope@efi.com Website. www.cretaprint.com

Activity:

NACE:

2899 - Manufacture of other special-purpose machinery

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Payment Behaviour:

According to the agreed terms

Prospects:

Face recession

Industry situation:

Maturity

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ELECTRONICS FOR IMAGING LUXEMBOURG SARL

100 %

Enquiry Details

Business address regime:

Alquiler.

Identification

Social Denomination:

EFI CRETAPRINT SL

NIF / Fiscal code:

B82480377

Corporate Status:

ACTIVE

Start of activity:

2000

Registered Office:

P.I. RAMONET, CRTA. N340, KM 970.

Locality:

ALMAZORA/ALMASSORA

Province:

CASTELLON

Postal Code:

12550

Telephone:

915 685 111

Website:

www.cretaprint.com

Email:

preurope@efi.com

Activity

NACE:

2899

CNAE Obtaining Source:

2899

Legal Form:

MANUFACURE, PURCHASE, DISTRIBUTION, RENTING AND SALE OF INDUSTRIAL EQUIPMENT, AS WELL AS ITS MAINTENANCE AND SALE OF SPARE PARTS. B) DISTRIBUTION, SALE, PURCHAS AND PROMOTION FOR SELLING ANY TYPE OF SOFTWARE, HARDWARE OR ANY OTHER TYPE OF COMPUTER EQUIPMENT.

Additional Information:

Engaged in development and commercializing of industrial inkjet printers, powerful front row digital systems, accurate colour management tools, electronic trade, Web-to-Print and productivity software for business automation and mobile printing products as well as on the cloud.

Additional Address:

Registered office and offices P.I. RAMONET, CRTA. N340, KM 970 12550 ALMAZORA ( CASTELLON ).

Import / export:

EXPORTS

Future Perspective:

Face recession

Industry situation:

Maturity

Chronological Summary

Year

Act

2000

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Company Formation (1) Other Concepts/ Events (1)

2002

Accounts deposit (year 2000)

2003

Accounts deposit (year 2001, 2002) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)

2007

Accounts deposit (year 2006)

2010

Accounts deposit (year 2007, 2008) Cessations/ Resignations/ Reversals (1) Change of Social address (2)

2011

Accounts deposit (year 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)

2012

Accounts deposit (year 2010, 2011) Appointments/ Re-elections (3) Statutory Modifications (2) Take-over Merger (4)

2013

Accounts deposit (year 2012) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Change of Social Purpose (1) Change of Social address (1) Statutory Modifications (2)

2014

Accounts deposit (year 2013) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (5) Statutory Modifications (1)

2015

Accounts deposit (year 2014) Cessations/ Resignations/ Reversals (1)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

LA DISTRIBUCION, VENTA, COMPRA Y PROMOCION PARA LA VENTA DE CUALQUIER TIPO DE SOFTWARE, HARDWARE O CUALQUIER OTRO TIPO DE MATERIAL INFORMATICO

Company Formation

28/03/2000

Breakdown of Owners' Equity

Registered Capital:

3.005,06

Paid up capital:

3.005,06

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

14/03/2000

Company Formation

3.005

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

ELECTRONICS FOR IMAGING LUXEMBOURG SARL

20/11/2006

SINGLE ADMINISTRATOR

GREEN BRANDON WAGNER

22/12/2014

COMBINED PROXY

AGUDO CARDO EVA

21/07/2014

ARMAIZ AMADOR SANTIAGO

21/07/2014

JOINT ATTORNEY

DEL CAMPO LOPEZ INMACULADA

15/03/2013

DE CUETO MORENO MANUEL

16/08/2012

MOLINA CUBILLO BELEN

16/08/2012

NAVARRO MARTINEZ AVIAL GONZALO

16/08/2012

GOMEZ CUETARA MARTINEZ ISABEL

16/08/2012

ROMERO CABELLO DE ALBA MANUEL

16/08/2012

JOINT ATTORNEY/COMBINED PROXY

ROMERO ARTIGAS ELISA

21/07/2014

PROXY

TERCERO SANCHEZ JUAN JOSE

12/08/2014

WESSEL JOHANNES CORNELIS

02/01/2012

DEN HARTOG DE REUS MARJOLIJN JANNETTE

02/01/2012

MEIJER MIA KRISTIN

02/01/2012

CRIPPS JR PAUL ARNOLD

02/01/2012

PILETTE VINCENT JEAN CLAUDE

02/01/2012

GREEN BRANDON WEGNER

02/01/2012

ELECTRONICS FOR IMAGING INC

02/01/2012

LOPEZ PELEGRIN DE SIMON ALFONSO

27/07/2011

GRANT THORNTON ASESORES SL

27/07/2011

ACCOUNTS' AUDITOR / HOLDER

DELOITTE SL

22/12/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AEC AUDITORES SLP

ACCOUNTS' AUDITOR / HOLDER

21/02/2014

AGUDO CARDO EVA

COMBINED PROXY

21/07/2014

ARNALDO ALBUJAR JOSE ANTONIO

JOINT ATTORNEY

27/07/2011

BLASCO CLARET VICTOR IGNACIO

JOINT ATTORNEY/COMBINED PROXY

21/07/2014

JOINT ATTORNEY/COMBINED PROXY

10/04/2015

BORRALLO PEREZ COCA PAULINO

PROXY

16/10/2006

CEPRIA CARLAMPIO SERGIO

COMBINED PROXY

09/06/2014

JOINT ATTORNEY

09/07/2013

CEREZO MIRANDA PALOMA ISABEL

PROXY

16/10/2006

CUTTS JOE

JOINT MANAGER

19/08/2010

ELECTRONICS FOR IMAGING INC

SINGLE PARTNER

11/11/2003

ELECTRONICS FOR IMAGING INVESTMENTS BV

SINGLE PARTNER

20/11/2006

FISCHER ROBERT

PROXY

27/07/2011

FISHER KLAUS BERND

PROXY

27/07/2011

GREEN BRANDON WEGNER

JOINT MANAGER

22/12/2014

KO BRYAN SEUK

JOINT MANAGER

22/12/2014

LEE MARK

SINGLE ADMINISTRATOR

06/06/2000

LOJO ELCID AGUSTIN

PROXY

16/10/2006

MALLOZZI FRANK

JOINT MANAGER

30/01/2013

MATAMOROS UZ IGNACIO

JOINT ATTORNEY/COMBINED PROXY

21/07/2014

PROXY

15/03/2013

JOINT ATTORNEY

09/07/2013

MORENO GARCIA LUISA

PROXY

19/11/2003

OLIVIER PIERRE

PROXY

27/07/2011

PRICEWATERHOUSECOOPERS AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

22/12/2014

ROSENZWEIG FRED

JOINT MANAGER

30/01/2013

SINGLE ADMINISTRATOR

27/11/2000

SANCHEZ HIJANO MARIA DE LAS MERCEDES

JOINT ATTORNEY

27/07/2011

VILA HERRERO ALBERTO FERNANDO

PROXY

19/11/2003

Executive board

Post

NIF

Name

ADMINISTRATOR

WAGNER GREEN BRANDON

DIRECTOR/GENERAL MANAGER

WAGNER GREEN BRANDON

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

---

30/09/2013

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

EFI CRETAPRINT SL obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

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

Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

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

EFI CRETAPRINT SL it presents an excessive indebtedness that may compromise their balance sheet.

The current debt represents a 60.05% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.

In the past year the company has suffered terminations or resignations of corporate bodies . Instability in the management and administration of the company may affect the operational structure of the company disfavoring the long-term growth.

TREND OF SCORING

> Latest Scoring Changes :

Scoring

Evolution

Date

Event

wordml://2313

Neutral

16/06/15

Updating of information related to subsidies or other public aid.

Neutral

21/04/15

Updating of relevant commercial information.

Positive

23/10/14

Scoring revision by expert analysts.

Neutral

02/10/14

Business investigation carried out

Grants or Publics aids Update for the company.

Probability of default

> Estimated Probability of Default for the next 12 months: 1.551 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

289 Manufacture of other special-purpose machinery

wordml://2402

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 82.00% of the companies of the sector EFI CRETAPRINT SL 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 1.551%.

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

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

1 Incidence for a total cost of 0,00 E

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

No se han publicado

Incidences Detailed

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE MADRID - Date 30/09/2013

Last Published Stage:

SEIZURE

Record Number:

13263041312

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

BOLETIN OFICIAL DEL AYUNTAMIENTO DE MADRID Nº7020, 2013 PAGINA 300

Link List

ABSORBS TO:

1 Entities

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

2 Entities

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ELECTRONICS FOR IMAGING LUXEMBOURG SARL

100

PARTICIPATES IN

EFI-CRETAPRINT DEVELOPMENT SL

CASTELLON

100

CRETAPRINT MEXICO, S.L.

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

ELECTRONICS FOR IMAGING (LUXEMBOURG) SARL

ELECTRONICS FOR IMAGING INC (EEUU)

ABSORBS TO

CRETA PRINT SL

CASTELLON

HAS IN ITS ADMINISTRATION BOARD TO

GRANT THORNTON ASESORES SLP

BARCELONA

Turnover

Total Sales 2014

36.092.062

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

June 2015

2013

Normales

September 2014

2012

Normales

January 2013

2011

Normales

August 2012

2010

Normales

January 2012

2009

Normales

May 2011

2008

Normales

July 2010

2007

Normales

July 2010

2006

Normales

November 2007

2005

Normales

November 2006

2004

Normales

July 2005

2003

Normales

September 2004

2002

Normales

December 2003

2001

Normales

October 2003

2000

Normales

October 2001

2000

Normales

October 2003

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

> Normal format Balance in accordance with the New Accounting Plan 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

12.383.665,00

13.042.663,00

38.249.136,00

2.284,00

0,00

I. Intangible fixed assets : 11100

10.645.843,00

11.650.704,00

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

10.572.156,00

11.578.787,00

0,00

5. IT applications: 11150

27.927,00

71.916,00

0,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

45.760,00

0,00

II. Tangible fixed assets : 11200

1.646.660,00

1.072.780,00

761,00

2.284,00

0,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

1.179.179,00

1.058.808,00

0,00

3. Tangible asset in progress and advances: 11230

467.481,00

13.972,00

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

3.000,00

108.112,00

38.248.375,00

0,00

1. Equity instruments: 11410

3.000,00

0,00

2. Credits to businesses: 11420

0,00

105.112,00

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

40.000,00

10.000,00

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

40.000,00

10.000,00

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

48.162,00

201.067,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

24.301.894,00

31.641.662,00

46.174,00

497.258,00

447.646,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

4.517.192,00

10.256.975,00

0,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

3.087.478,00

6.950.131,00

0,00

3. Work in progress: 12230

279.625,00

446.039,00

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

279.625,00

446.039,00

0,00

4. Finished goods: 12240

1.030.635,00

2.860.482,00

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

1.030.635,00

2.860.482,00

0,00

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

0,00

6. Advances to suppliers: 12260

119.454,00

323,00

0,00

III. Trade debtors and others receivable accounts: 12300

13.283.308,00

18.641.232,00

11.708,00

278.672,00

186.597,00

1. Trade debtors / accounts receivable: 12310

7.066.657,00

10.065.474,00

0,00

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

0,00

b) Customers for sales and provisions of services : 12312

7.066.657,00

10.065.474,00

0,00

2. Customers, Group companies and associates : 12320

5.324.512,00

4.391.548,00

0,00

3. Other accounts receivable: 12330

0,00

278.672,00

186.597,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

140.389,00

224.454,00

0,00

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

751.750,00

3.959.756,00

0,00

7. Called up share capital: 12370

0,00

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

110.621,00

43.577,00

0,00

1. Equity instruments: 12410

105.112,00

0,00

2. Credits to businesses: 12420

5.509,00

43.577,00

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

2.600,00

620,00

0,00

1. Equity instruments: 12510

0,00

620,00

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

2.600,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

117.246,00

20.430,00

11.708,00

17.164,00

51.864,00

VII. Cash and other equivalent liquid assets : 12700

6.270.927,00

2.678.829,00

34.467,00

201.422,00

209.185,00

1. Treasury: 12710

6.270.927,00

2.678.829,00

0,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

36.685.559,00

44.684.325,00

38.295.311,00

499.542,00

447.646,00

ORIGINAL

Liabilities and Net Worth

2014

2013

2012

2011

2010

A) NET WORTH: 20000

10.173.748,00

9.063.332,00

-930.192,00

330.742,00

293.239,00

A-1) Shareholders' equity: 21000

10.171.399,00

9.034.342,00

-930.192,00

330.742,00

293.239,00

I. Capital: 21100

3.005,00

1. Registered capital : 21110

3.005,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

9.763.191,00

4.949.299,00

217.335,00

301,00

1. Legal and statutory: 21310

600,00

0,00

2. Other reserves: 21320

9.762.591,00

4.948.699,00

0,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

-670.950,00

0,00

222.418,00

210.591,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

-670.950,00

0,00

VI. Other shareholders' contributions: 21600

0,00

112.117,00

110.402,00

67.515,00

VII. Result of the period: 21700

405.203,00

4.752.987,00

-1.262.649,00

-5.384,00

11.828,00

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

2.349,00

28.990,00

0,00

B) NON-CURRENT LIABILITIES: 31000

4.480.388,00

389.194,00

7.136.607,00

0,00

I. Long-term provisions: 31100

0,00

7.136.607,00

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

142.405,00

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

137.833,00

0,00

3. Creditors from financial leasing: 31230

0,00

4.572,00

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

4.300.000,00

0,00

IV. Liabilities for deferred tax: 31400

180.388,00

246.788,00

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

22.031.423,00

35.231.799,00

32.088.896,00

168.800,00

154.406,00

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

0,00

II. Short-term provisions: 32200

809.000,00

5.875.069,00

7.493.437,00

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

809.000,00

5.875.069,00

0,00

III. Short-term creditors : 32300

56.398,00

20.998,00

0,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

3. Creditors from financial leasing: 32330

2.409,00

20.998,00

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

53.989,00

-1,00

0,00

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

16.158.023,00

21.669.451,00

24.443.213,00

0,00

V. Trade creditors and other accounts payable: 32500

5.008.002,00

7.666.282,00

152.245,00

168.800,00

154.406,00

1. Suppliers: 32510

2.277.314,00

5.026.786,00

0,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

2.277.314,00

5.026.786,00

0,00

2. Suppliers, Group companies and associates: 32520

1.171.056,00

770.643,00

0,00

3. Other creditors: 32530

1.044.438,00

1.158.662,00

0,00

4. Personnel (remuneration due): 32540

212.916,00

140.280,00

0,00

5. Liabilities for current tax: 32550

0,00

8.388,00

0,00

6. Other accounts payable to Public Administrations.: 32560

259.278,00

425.735,00

0,00

7. Advances from clients: 32570

43.000,00

135.788,00

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

36.685.559,00

44.684.325,00

38.295.311,00

499.542,00

447.646,00

ORIGINAL

Profit and Loss

2014

2013

2012

2011

2010

1. Net turnover: 40100

36.092.062,00

60.426.476,00

770.185,00

1.187.980,00

984.774,00

a) Sales: 40110

34.275.236,00

58.889.919,00

0,00

b) Rendering of services: 40120

1.816.826,00

1.536.557,00

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

-1.996.261,00

2.292.951,00

0,00

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

961.405,00

311.557,00

0,00

4. Supplies : 40400

-24.466.354,00

-38.594.815,00

0,00

a) Stock consumption: 40410

40.805,00

-10.658,00

0,00

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

-24.533.814,00

-37.143.685,00

0,00

c) Works carried out by other companies: 40430

-225.329,00

-695.130,00

0,00

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

251.984,00

-745.341,00

0,00

5. Other operating income: 40500

1.061.953,00

390.728,00

0,00

a) Auxiliary income and other from current management: 40510

1.061.953,00

390.728,00

0,00

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

0,00

6. Personnel costs: 40600

-6.826.376,00

-6.576.912,00

-523.314,00

-828.886,00

-656.835,00

a) Wages, salaries et al.: 40610

-5.132.018,00

-4.823.369,00

0,00

b) Social security costs: 40620

-1.694.358,00

-1.753.543,00

0,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-3.022.969,00

-11.914.105,00

-673.434,00

-356.289,00

-294.080,00

a) External services: 40710

-3.972.916,00

-16.959.051,00

0,00

b) Taxes: 40720

-21.908,00

-17.246,00

0,00

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

1.093.164,00

5.062.643,00

0,00

d) Other current management expenditure : 40740

-121.309,00

-451,00

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-396.004,00

-349.707,00

-1.523,00

0,00

-143,00

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

-46.295,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

-46.295,00

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

46.498,00

39.527,00

0,00

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

1.407.659,00

6.025.699,00

-428.086,00

2.804,00

33.715,00

14. Financial income : 41400

27.442,00

57.438,00

0,00

1.905,00

0,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

27.442,00

57.438,00

0,00

b 1) From Group companies and associates : 41421

0,00

2.628,00

0,00

b 2) From third parties : 41422

27.442,00

54.810,00

0,00

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

0,00

15. Financial expenditure: 41500

-460.294,00

-429.931,00

-835.500,00

0,00

a) Amounts owed to Group companies and associates : 41510

-342.123,00

-425.004,00

0,00

b) For debts with third parties : 41520

-56.440,00

-4.927,00

0,00

c) Stock renewal : 41530

-61.731,00

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

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

0,00

17. Exchange rate differences : 41700

67.247,00

-483.228,00

937,00

13.681,00

-7.344,00

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

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-365.605,00

-855.722,00

-834.563,00

15.586,00

-7.344,00

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

1.042.054,00

5.169.978,00

-1.262.649,00

18.390,00

26.371,00

20. Income taxes: 41900

-636.851,00

-416.990,00

0,00

-23.774,00

-14.544,00

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

405.203,00

4.752.987,00

0,00

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

0,00

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

405.203,00

4.752.987,00

-1.262.649,00

-5.384,00

11.828,00

> 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:

12.335.503,00

12.841.595,00

38.249.136,00

2.284,00

0,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

10.645.843,00

11.650.704,00

0,00

III. Tangible fixed assets:

1.646.660,00

1.072.780,00

761,00

2.284,00

0,00

IV. Financial investments:

43.000,00

118.112,00

38.248.375,00

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

24.350.056,00

31.842.730,00

57.882,00

497.258,00

447.646,00

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

0,00

II. Stocks:

4.517.192,00

10.256.975,00

0,00

III. Debtors:

13.331.470,00

18.842.299,00

11.708,00

278.672,00

186.597,00

IV. Short-term investments:

113.221,00

44.196,00

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

6.270.927,00

2.678.829,00

34.467,00

201.422,00

209.185,00

VII. Prepayments and accrued income:

117.246,00

20.430,00

11.708,00

17.164,00

51.864,00

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

36.685.559,00

44.684.325,00

38.307.018,00

499.542,00

447.646,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2014

2013

2012

2011

2010

A) EQUITY:

10.171.399,00

9.034.342,00

-930.192,00

330.742,00

293.239,00

I. Subscribed capital:

3.005,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

9.763.191,00

4.949.299,00

217.335,00

301,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

9.763.191,00

4.949.299,00

217.335,00

301,00

V. Profit or loss brought forward:

0,00

-670.950,00

112.117,00

332.820,00

278.106,00

VI. Profit or loss for the financial year:

405.203,00

4.752.987,00

-1.262.649,00

-5.384,00

11.828,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

2.349,00

28.990,00

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

7.136.607,00

0,00

D) LONG TERM LIABILITIES:

4.480.388,00

389.194,00

0,00

E) SHORT TERM CREDITORS:

21.222.423,00

29.356.731,00

24.595.458,00

168.800,00

154.406,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

809.000,00

5.875.069,00

7.493.437,00

0,00

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

36.685.559,00

44.684.325,00

38.295.311,00

499.542,00

447.646,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2014

2013

2012

2011

2010

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

37.851.404,00

56.472.738,00

2.033.771,00

1.208.950,00

972.946,00

A.1. Operating consumption:

26.462.615,00

36.301.864,00

0,00

A.2. Staff Costs:

6.826.376,00

6.576.912,00

523.314,00

828.886,00

656.835,00

a) Wages, salaries et al.:

5.132.018,00

4.823.369,00

0,00

b) Social security costs:

1.694.358,00

1.753.543,00

523.314,00

828.886,00

656.835,00

A.3. Depreciation expense:

396.004,00

349.707,00

1.523,00

0,00

143,00

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

0,00

A.5. Other operating charges:

3.022.969,00

11.914.105,00

673.434,00

356.289,00

294.080,00

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

1.407.456,00

5.986.173,00

0,00

2.804,00

33.715,00

A.6. Financial and similar charges:

460.294,00

429.931,00

835.500,00

0,00

a) Due to liabilities with companies of the group:

342.123,00

425.004,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

118.171,00

4.927,00

835.500,00

0,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

483.228,00

0,00

7.344,00

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

0,00

15.586,00

0,00

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

1.041.851,00

5.130.451,00

0,00

18.390,00

26.371,00

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

0,00

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

46.295,00

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):

203,00

39.527,00

0,00

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

1.042.054,00

5.169.978,00

0,00

18.390,00

26.371,00

A.14. Corporation Tax:

636.851,00

416.990,00

0,00

23.774,00

14.544,00

A.15. Miscellaneous taxes:

0,00

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

405.203,00

4.752.987,00

0,00

11.828,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2014

2013

2012

2011

2010

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

38.256.607,00

61.225.725,00

771.122,00

1.203.566,00

984.774,00

B.1. Operating income:

38.115.420,00

61.128.761,00

770.185,00

1.187.980,00

984.774,00

a) Net total sales:

36.092.062,00

60.426.476,00

770.185,00

1.187.980,00

984.774,00

b) Miscellaneous operating income:

2.023.358,00

702.285,00

0,00

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

0,00

428.086,00

0,00

B.2. Financial income:

27.442,00

57.438,00

0,00

1.905,00

0,00

a) Companies of the group:

0,00

2.628,00

0,00

1.905,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

27.442,00

54.810,00

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

67.247,00

0,00

937,00

13.681,00

0,00

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

365.605,00

855.722,00

834.563,00

0,00

7.344,00

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

0,00

1.262.649,00

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:

46.498,00

39.527,00

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

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

0,00

1.262.649,00

0,00

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

0,00

1.262.649,00

5.384,00

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.

2014

2013

2012

2011

2010

1. Fiscal year result before taxes.: 61100

1.042.054,00

5.169.978,00

-1.262.649,00

18.390,00

26.371,00

2. Results adjustments.: 61200

-1.365.359,00

-2.877.200,00

15.467.067,00

-1.905,00

143,00

a) Fixed Assets Amortization (+).: 61201

396.004,00

349.707,00

1.523,00

0,00

143,00

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

-1.345.148,00

745.341,00

0,00

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

0,00

-4.814.693,00

14.630.045,00

0,00

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

46.295,00

0,00

g) Financial income (-).: 61207

-27.442,00

-57.438,00

0,00

-1.905,00

0,00

h) Financial Expenses (+). : 61208

460.294,00

429.931,00

835.500,00

0,00

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

-67.247,00

483.228,00

0,00

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

-828.115,00

-13.276,00

0,00

3. Changes in current capital equity.: 61300

9.755.726,00

-7.080.064,00

255.866,00

-66.756,00

-98.598,00

a) Stock (+/-).: 61301

5.643.157,00

-4.227.439,00

0,00

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

6.936.690,00

-2.698.050,00

266.964,00

-92.075,00

-186.597,00

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

-165.840,00

143.526,00

5.457,00

34.699,00

-51.864,00

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

-2.658.281,00

-298.101,00

-16.555,00

-9.380,00

139.863,00

4. Other cash flows for operating activities.: 61400

-318.933,00

-2.253.225,00

-835.500,00

1.905,00

0,00

a) Interest payments (-). : 61401

-56.440,00

-429.931,00

-835.500,00

0,00

c) Interest collection (+). : 61403

0,00

54.810,00

0,00

1.905,00

0,00

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

-262.493,00

-1.878.103,00

0,00

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

9.113.488,00

-7.040.511,00

13.624.784,00

-48.366,00

-72.084,00

6. Payments for investment (-).: 62100

-32.545,00

-361.818,00

-38.248.375,00

-2.284,00

0,00

a) Companies of the group and affiliates. : 62101

0,00

-38.248.375,00

0,00

b) Intangible fixed assets. : 62102

-2.505,00

-27.630,00

0,00

c) Fixed assets. : 62103

-40,00

-334.188,00

0,00

-2.284,00

0,00

e) Other financial assets. : 62105

-30.000,00

0,00

7. Divestment payment collection (+). : 62200

0,00

1.523,00

0,00

b) Intangible fixed assets. : 62202

0,00

c) Fixed assets. : 62203

0,00

1.523,00

0,00

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

-32.545,00

-361.817,00

-38.248.375,00

-2.284,00

-143,00

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

0,00

1.715,00

42.887,00

281.412,00

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

0,00

1.715,00

42.887,00

281.412,00

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

-1.449.850,00

3.322.607,00

24.443.213,00

0,00

a) Issuance : 63201

2.500.000,00

11.050.393,00

24.443.213,00

0,00

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

2.500.000,00

11.050.393,00

24.443.213,00

0,00

b) Repayment and amortization of : 63207

-3.949.850,00

-7.727.786,00

0,00

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

-177.806,00

-22.129,00

0,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

-3.772.044,00

0,00

5. Other debts (-). : 63212

0,00

-7.705.657,00

0,00

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

-4.106.242,00

-1,00

0,00

a) Dividends (-).: 63301

0,00

-1,00

0,00

b) Remuneration from other assets instruments (-).: 63302

-4.106.242,00

0,00

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

-5.556.092,00

3.322.607,00

24.444.928,00

42.887,00

281.412,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

67.247,00

-483.228,00

0,00

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

3.592.098,00

-4.562.950,00

-178.663,00

-7.763,00

209.185,00

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

2.678.829,00

7.241.779,00

201.422,00

209.185,00

0,00

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

6.270.927,00

2.678.829,00

34.467,00

201.422,00

209.185,00

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:

0,10 %

0,05 %

0,04 %

0,01 %

127,43 %

280,75 %

EBITDA over Sales:

5,00 %

12,66 %

10,49 %

11,37 %

-52,34 %

11,32 %

Cash Flow Yield:

0,10 %

0,03 %

0,06 %

0,01 %

65,46 %

313,23 %

Profitability

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

3,73 %

9,17 %

13,45 %

6,88 %

-72,29 %

33,36 %

Total economic profitability:

4,10 %

5,13 %

12,53 %

3,76 %

-67,32 %

36,37 %

Financial profitability:

3,98 %

7,86 %

52,61 %

4,25 %

-92,43 %

85,05 %

Margin:

3,57 %

7,89 %

9,79 %

6,72 %

-63,53 %

17,50 %

Mark-up:

2,61 %

7,10 %

8,39 %

4,50 %

-68,88 %

57,73 %

Solvency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,30

0,15

0,09

0,13

223,82

10,65

Acid Test:

0,93

0,89

0,73

0,87

27,34

2,50

Working Capital / Investment:

0,06

0,03

-0,08

0,05

177,03

-50,51

Solvency:

1,15

1,20

1,08

1,18

5,78

2,18

Indebtedness

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

2,53

1,31

3,28

1,39

-23,02

-5,77

Borrowing Composition:

0,21

1,20

0,01

1,01

1.492,49

19,01

Repayment Ability:

7,16

22,26

11,25

94,27

-36,39

-76,38

Warranty:

1,43

1,77

1,50

1,73

-4,99

2,46

Generated resources / Total creditors:

0,02

0,09

0,20

0,08

-89,13

7,56

Efficiency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,26

2,05

1,96

1,85

-35,61

10,98

Turnover of Collection Rights :

2,87

5,61

3,28

5,00

-12,50

12,18

Turnover of Payment Entitlements:

5,09

3,76

6,89

3,63

-26,09

3,48

Stock rotation:

8,13

9,19

5,38

7,34

51,16

25,19

Assets turnover:

1,04

1,16

1,37

1,02

-24,00

13,49

Borrowing Cost:

1,79

2,97

1,45

2,87

23,90

3,29

> 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:

0,10 %

0,04 %

-0,22 %

-0,01 %

0,21 %

EBITDA over Sales:

5,00 %

10,49 %

-55,38 %

0,24 %

3,44 %

Cash Flow Yield:

0,10 %

0,06 %

0,00 %

-0,02 %

0,47 %

Profitability

2014

2013

2012

2011

2010

Operating economic profitability:

3,73 %

13,45 %

-912,07 %

0,56 %

7,53 %

Total economic profitability:

4,10 %

12,53 %

-1,12 %

3,68 %

5,89 %

Financial profitability:

3,98 %

52,61 %

-135,74 %

-1,63 %

4,03 %

Margin:

3,57 %

9,79 %

-55,58 %

0,24 %

3,42 %

Mark-up:

2,61 %

8,39 %

-163,94 %

1,55 %

2,68 %

Solvency

2014

2013

2012

2011

2010

Liquidity:

0,30

0,09

0,00

1,19

1,35

Acid Test:

0,93

0,73

0,00

2,84

2,56

Working Capital / Investment:

0,06

-0,08

-0,84

0,66

Solvency:

1,15

1,08

0,00

2,95

2,90

Indebtedness

2014

2013

2012

2011

2010

Indebtedness level:

2,53

3,28

3,96

0,51

0,53

Borrowing Composition:

0,21

0,01

0,00

Repayment Ability:

7,16

11,25

-147,32

-21,74

0,74

Warranty:

1,43

1,50

1,56

2,96

2,90

Generated resources / Total creditors:

0,02

0,20

-0,05

-0,03

0,08

Efficiency

2014

2013

2012

2011

2010

Productivity:

1,26

1,96

0,18

1,00

1,05

Turnover of Collection Rights :

2,87

3,28

65,79

4,26

5,28

Turnover of Payment Entitlements:

5,09

6,89

4,42

2,11

1,90

Stock rotation:

8,13

5,38

Assets turnover:

1,04

1,37

16,41

2,38

2,20

Borrowing Cost:

1,79

1,45

3,40

0,00

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The company was incorporated in 2000 and it''s engaged in industrial printing manufacture. Its turnover decreased by 40,27 % in 2000 vs. previous year. It meets payment commitments on a normal basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.11
UK Pound	1	Rs.99.50
Euro	1	Rs.74.24

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ASH

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Enquiry Details

Identification

Activity

Chronological Summary

Main Historic Changes

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

TREND OF SCORING

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Unit