MIRA INFORM REPORT

Report No. :	345561
Report Date :	17.10.2014

IDENTIFICATION DETAILS

Name :	WALTER MARTINEZ SA

Registered Office :	Pol. Plaza, Calle Turiaso 29. - Zaragoza - 50197 – Zaragoza

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	26.07.1988

Legal Form :	Public Company

Line of Business :	Wholesale of hardware, plumbing and heating equipment and supplies.

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 :	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

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed briefly in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining 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. 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. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in January 2014. Recently increased private consumption helped bring real GDP growth back into positive territory at 1.3% in 2014, and labor reforms prompted a modest reduction in the unemployment rate, from more than 26% in 2013 to 24% in 2014. Despite the uptic in economic activity, inflation dropped sharply, from 1.5% in 2013 to flat in 2014. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of national elections in November 2015 and leaves untouched the country’s value-added tax (VAT) regime, which generates significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012.

Source : CIA

EXECUTIVE SUMMARY

Name:

WALTER MARTINEZ SA

NIF / Fiscal code:

A50223940

Status:

ACTIVE

Incorporation Date:

26/07/1988

Register Data

Last Publication in BORME:

05/12/2013 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

Localization:

POL. PLAZA, CALLE TURIASO 29. - ZARAGOZA - 50197 - ZARAGOZA

Telephone - Fax - Email - Website:

Telephone. 976 392 270 Email. info@waltermartinezsa.es Website. www.waltermartinezsa.es

Activity:

NACE:

4674 - Wholesale of hardware, plumbing and heating equipment and supplies

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

6 for a total cost of 16039.119999999999

Quality Certificate:

Payment Behaviour:

Slow

slowbslow but correct

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)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

---

Partners:

PROFUNDAL SERVICIOS SOCIEDAD LIMITADA

100 %

Identification

Social Denomination:

WALTER MARTINEZ SA

NIF / Fiscal code:

A50223940

Corporate Status:

ACTIVE

Start of activity:

1988

Registered Office:

POL. PLAZA, CALLE TURIASO 29.

Locality:

ZARAGOZA

Province:

ZARAGOZA

Postal Code:

50197

Telephone:

976 392 270

Website:

www.waltermartinezsa.es

Email:

info@waltermartinezsa.es

Branch Offices

Activity

NACE:

4674

Additional Information:

The company is engaged in the manufacture of screws, such as nuts, locknuts, self-locking, castellated nuts, support struts, rods, studs, sticks, screws, self-drilling screws, self-locking nuts, steel, 8-8, 10-9, anchorage, block, rivet, clamps, bolts, eyebolts, allen, washer, fixings, caged nuts, fasterner... The company supplies more than 80 millon pieces to the national territory and abroad.

Additional Address:

POL. PLAZA, CALLE TURIASO 29. 50197 ZARAGOZA , registered office, factory, offices, storage, facilities of 15.000 m2, in property. The company has storages in Fuenlabrada (Madrid ) of 3.000m2 and in El Papiol (Barcelona) of 1.000m2.

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Face recession

Industry situation:

Maturity

Chronological Summary

Year

Act

1990

Accounts deposit (year 1989)

1991

Accounts deposit (year 1990)

1992

Accounts deposit (year 1991)

1993

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

1994

Accounts deposit (year 1993) Change of Social address (1)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995)

1997

Accounts deposit (year 1996) Appointments/ Re-elections (2)

1998

Accounts deposit (year 1997)

1999

Accounts deposit (year 1998)

2000

Accounts deposit (year 1999) Appointments/ Re-elections (2)

2001

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

2002

Accounts deposit (year 2001)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (2)

2006

Accounts deposit (year 2005) Appointments/ Re-elections (2)

2007

Accounts deposit (year 2006) Appointments/ Re-elections (1) Change of Social address (1)

2008

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

2009

Accounts deposit (year 2008) Appointments/ Re-elections (1)

2010

Accounts deposit (year 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)

2011

Accounts deposit (year 2010)

2012

Accounts deposit (year 2011) Declaration of Sole Propietorship (1)

2013

Accounts deposit (year 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)

2014

Accounts deposit (year 2013)

Breakdown of Owners' Equity

Registered Capital:

Paid up capital:

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

PROFUNDAL SERVICIOS SOCIEDAD LIMITADA

14/12/2012

JOINT MANAGER

MARTINEZ CIBRIAN WALTER ANDRES

29/05/2013

MARTINEZ CIBRIAN ALBERTO WALTER

29/05/2013

JOINT ATTORNEY

MARTINEZ CIBRIAN WALTER ANDRES

25/02/2005

MARTINEZ CIBRIAN ALBERTO

25/02/2005

ACCOUNTS' AUDITOR / HOLDER

CONAUDIRE SOCIEDAD LIMITADA PROFESIONAL

25/11/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ADV AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

17/01/2006

ACCOUNTS' AUDITOR / HOLDER

22/08/2006

ACCOUNTS' AUDITOR / HOLDER

12/12/2007

ACCOUNTS' AUDITOR / HOLDER

16/01/2009

ACCOUNTS' AUDITOR / HOLDER

07/09/2010

CONSULTOR OFFICE ZARAGOZA SLP

ACCOUNTS' AUDITOR / HOLDER

25/11/2013

CORTES GOMEZ ANTONIO

MEMBER

13/10/1993

GARCIA FERRER LUIS ANGEL

MEMBER OF THE BOARD

21/10/2010

GUZMAN REY JOSE

CHIEF EXECUTIVE OFFICER

13/10/1993

PRESIDENT

13/10/1993

MARTINEZ CEBRIAN ALBERTO

MEMBER OF THE BOARD

25/02/2005

MEMBER OF THE BOARD

07/02/2000

VICE CHAIRMAN

07/02/2000

MARTINEZ CEBRIAN WALTER ANDRES

MEMBER OF THE BOARD

07/02/2000

SECRETARY

07/02/2000

MEMBER OF THE BOARD

25/02/2005

MARTINEZ CIBRIAN ALBERTO

MEMBER OF THE BOARD

07/02/2000

MEMBER OF THE BOARD

25/02/2005

MEMBER OF THE BOARD

21/10/2010

VICE CHAIRMAN

31/10/1997

VICE CHAIRMAN

25/02/2005

VICE CHAIRMAN

16/07/2008

CHIEF EXECUTIVE OFFICER

21/10/2010

PRESIDENT

21/10/2010

MARTINEZ CIBRIAN ALBERTO WALTER

MEMBER OF THE BOARD

29/05/2013

JOINT CHIEF EXECUTIVE OFFICER

29/05/2013

PRESIDENT

29/05/2013

MARTINEZ CIBRIAN MARIA ADORACION

MEMBER OF THE BOARD

16/07/2008

PROXY

11/07/2013

MEMBER OF THE BOARD

29/05/2013

MEMBER OF THE BOARD

25/02/2005

MARTINEZ CIBRIAN WALTER ANDRES

MEMBER OF THE BOARD

29/05/2013

JOINT CHIEF EXECUTIVE OFFICER

29/05/2013

SECRETARY

29/05/2013

MEMBER OF THE BOARD

25/02/2005

SECRETARY

25/02/2005

SECRETARY

21/10/2010

MEMBER OF THE BOARD

21/10/2010

SECRETARY

31/10/1997

MEMBER OF THE BOARD

07/02/2000

MARTINEZ GOMEZ WALTER

CHIEF EXECUTIVE OFFICER

31/10/1997

PRESIDENT

31/10/1997

PRESIDENT

07/02/2000

CHIEF EXECUTIVE OFFICER

16/07/2008

MEMBER OF THE BOARD

16/07/2008

PRESIDENT

25/02/2005

PRESIDENT

16/07/2008

CHIEF EXECUTIVE OFFICER

07/02/2000

MEMBER OF THE BOARD

07/02/2000

MEMBER OF THE BOARD

25/02/2005

CHIEF EXECUTIVE OFFICER

25/02/2005

MEMBER OF THE BOARD

29/05/2013

MIRO LOSCERTALES JOSE

MEMBER

13/10/1993

Executive board

Post

NIF

Name

ADMINISTRATOR

ALBERTO WALTER MARTINEZ CIBRIAN

ADMINISTRATOR

WALTER ANDRES MARTINEZ CIBRIAN

FINANCIAL DIRECTOR

LUIS GARCIA

MANAGING DIRECTOR

WALTER ANDRES MARTINEZ

MANAGING DIRECTOR

WALTER MARTINEZ GOMEZ

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

---

18/10/2013

> Details

> Basis for scoring

Positive Factors

Adverse Factors

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

The current debt represents a 11.61of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

WALTER MARTINEZ SA 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.

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

1 Incidence for a total cost of 0,00 E

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

IS RELATED WITH:

2 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

PROFUNDAL SERVICIOS SOCIEDAD LIMITADA

ZARAGOZA

100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	\| \|
	J 44 SL	BARCELONA
	SPARK IMPORT-EXPORT 2000 SL	MADRID
BELONGS TO THE ADMINISTRATION BOARD OF	SERVIBERICA SL EN LIQUIDACION	ZARAGOZA

Turnover

Total Sales 2014

6.500.000

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

August 2013

2011

Normales

July 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

September 2009

2007

Normales

September 2008

2006

Normales

November 2007

2005

Normales

August 2006

2004

Normales

November 2005

2003

Normales

October 2004

2002

Normales

September 2003

2001

Normales

October 2002

2000

Normales

October 2001

1999

Normales

October 2000

1998

Normales

August 1999

1997

Normales

September 1998

1996

Normales

September 1997

1995

Normales

September 1996

1994

Normales

September 1995

1993

Normales

September 1994

1992

Normales

September 1993

1991

Normales

September 1992

1990

Normales

August 1991

1989

Normales

August 1990

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

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

4.343.117,00

4.564.937,00

4.744.638,00

5.040.412,00

5.358.571,00

I. Intangible fixed assets : 11100

16.370,00

32.532,00

13.830,00

2.145,00

4.919,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

16.370,00

32.532,00

13.830,00

2.145,00

4.919,00

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

4.151.185,00

4.369.005,00

4.699.850,00

4.967.808,00

5.285.010,00

1. Land and buildings: 11210

3.834.640,00

3.932.551,00

4.028.961,00

4.097.505,00

4.171.251,00

2. Technical installations and other tangible fixed assets: 11220

316.545,00

436.454,00

670.889,00

870.303,00

1.113.759,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

144.986,00

155.580,00

22.063,00

61.347,00

59.149,00

1. Equity instruments: 11410

17.609,00

21.228,00

22.063,00

61.347,00

59.149,00

2. Credits to businesses: 11420

127.377,00

134.353,00

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

7.862,00

7.820,00

8.896,00

9.112,00

9.493,00

1. Equity instruments: 11510

683,00

641,00

616,00

833,00

1.213,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

7.179,00

8.280,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

22.714,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

5.254.147,00

5.123.959,00

8.896.966,00

7.735.058,00

6.103.824,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.819.376,00

2.403.115,00

3.149.351,00

1.705.053,00

1.781.788,00

1. Commercial: 12210

2.819.376,00

2.403.115,00

3.149.351,00

1.705.053,00

1.781.788,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

1.979.835,00

1.978.413,00

2.934.953,00

2.345.441,00

2.416.115,00

1. Trade debtors / accounts receivable: 12310

1.584.743,00

1.232.976,00

2.046.721,00

1.956.145,00

1.860.305,00

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

0,00

b) Customers for sales and provisions of services : 12312

1.584.743,00

1.232.976,00

2.046.721,00

1.956.145,00

1.860.305,00

2. Customers, Group companies and associates : 12320

394.463,00

729.614,00

857.520,00

388.355,00

551.279,00

3. Other accounts receivable: 12330

630,00

15.822,00

30.712,00

941,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

0,00

3.590,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

85.000,00

429.570,00

2.650.000,00

3.100.000,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

44.848,00

0,00

3. Debt securities: 12530

0,00

199.721,00

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

85.000,00

185.000,00

2.650.000,00

3.100.000,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

369.936,00

312.861,00

162.661,00

584.564,00

1.905.921,00

1. Treasury: 12710

369.936,00

312.861,00

162.661,00

584.564,00

1.905.921,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

9.597.265,00

9.688.896,00

13.641.603,00

12.775.470,00

11.462.395,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

8.433.313,00

8.433.742,00

11.516.676,00

10.755.889,00

9.941.024,00

A-1) Shareholders' equity: 21000

8.433.348,00

8.433.418,00

11.515.418,00

10.755.218,00

9.950.855,00

I. Capital: 21100

120.200,00

1. Registered capital : 21110

120.200,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

7.693.218,00

7.990.410,00

10.630.210,00

9.825.847,00

9.691.452,00

1. Legal and statutory: 21310

24.040,00

2. Other reserves: 21320

7.669.177,00

7.966.369,00

10.606.169,00

9.801.807,00

9.667.411,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

619.931,00

322.808,00

765.008,00

809.170,00

139.204,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

-325,00

-368,00

-392,00

-3.579,00

-18.389,00

I. Financial assets held for sale: 22100

-325,00

-368,00

-392,00

-175,00

205,00

II. Hedge operations: 22200

0,00

-3.403,00

-18.594,00

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

290,00

692,00

1.650,00

4.250,00

8.557,00

B) NON-CURRENT LIABILITIES: 31000

50.148,00

92.156,00

138.650,00

242.522,00

419.053,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

41.965,00

83.323,00

117.181,00

240.700,00

415.385,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

34.465,00

75.823,00

117.181,00

237.297,00

396.792,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

3.403,00

18.594,00

5. Other financial liabilities : 31250

7.500,00

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

8.183,00

8.833,00

21.469,00

1.822,00

3.667,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

1.113.803,00

1.162.998,00

1.986.278,00

1.777.059,00

1.102.319,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

41.358,00

359.064,00

373.093,00

455.087,00

290.462,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

41.358,00

43.064,00

369.199,00

455.087,00

286.520,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

316.000,00

3.894,00

0,00

3.943,00

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

0,00

V. Trade creditors and other accounts payable: 32500

1.072.445,00

803.934,00

1.613.184,00

1.321.972,00

811.856,00

1. Suppliers: 32510

541.951,00

499.134,00

839.337,00

733.254,00

346.157,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

541.951,00

499.134,00

839.337,00

733.254,00

346.157,00

2. Suppliers, Group companies and associates: 32520

63.286,00

34.582,00

27.909,00

79.478,00

85.495,00

3. Other creditors: 32530

318.029,00

205.045,00

503.451,00

283.971,00

241.135,00

4. Personnel (remuneration due): 32540

15.990,00

17.476,00

173.247,00

119.461,00

24.644,00

5. Liabilities for current tax: 32550

96.420,00

4.471,00

38.268,00

50.481,00

55.958,00

6. Other accounts payable to Public Administrations.: 32560

36.768,00

43.227,00

30.972,00

55.327,00

58.468,00

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

9.597.265,00

9.688.896,00

13.641.603,00

12.775.470,00

11.462.395,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

6.678.190,00

7.452.756,00

7.485.958,00

6.675.431,00

6.999.673,00

a) Sales: 40110

6.678.190,00

7.452.756,00

7.485.958,00

6.675.431,00

6.999.673,00

b) Rendering of services: 40120

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

0,00

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

0,00

4. Supplies : 40400

-4.304.760,00

-5.294.937,00

-4.735.859,00

-3.748.099,00

-5.004.438,00

a) Stock consumption: 40410

-4.179.701,00

-4.874.678,00

-4.698.743,00

-4.066.098,00

-4.353.474,00

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

-66.564,00

-40.261,00

-56.111,00

-35.322,00

-48.115,00

c) Works carried out by other companies: 40430

-93.157,00

-104.694,00

-118.712,00

-138.496,00

-121.944,00

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

34.662,00

-275.302,00

137.707,00

491.817,00

-480.905,00

5. Other operating income: 40500

80.780,00

207.761,00

168.868,00

158.816,00

210.229,00

a) Auxiliary income and other from current management: 40510

80.780,00

207.761,00

168.868,00

155.619,00

206.639,00

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

0,00

3.196,00

3.590,00

6. Personnel costs: 40600

-731.924,00

-924.878,00

-1.076.676,00

-966.972,00

-917.022,00

a) Wages, salaries et al.: 40610

-569.095,00

-731.463,00

-890.472,00

-781.727,00

-720.824,00

b) Social security costs: 40620

-162.829,00

-193.415,00

-186.204,00

-185.244,00

-196.198,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-609.173,00

-661.136,00

-604.097,00

-643.446,00

-673.005,00

a) External services: 40710

-684.969,00

-507.220,00

-568.927,00

-523.848,00

-663.315,00

b) Taxes: 40720

-29.656,00

-29.542,00

-25.142,00

-66.807,00

-13.798,00

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

105.998,00

-119.294,00

-9.748,00

-52.457,00

4.423,00

d) Other current management expenditure : 40740

-546,00

-5.081,00

-280,00

-334,00

-315,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-241.902,00

-320.027,00

-345.182,00

-345.608,00

-348.268,00

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

574,00

1.369,00

3.715,00

6.152,00

9.625,00

10. Excess provisions : 41000

0,00

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

473,00

2.350,00

800,00

3.428,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

473,00

2.350,00

800,00

3.428,00

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

0,00

1.103,00

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

872.259,00

463.260,00

897.527,00

1.139.703,00

277.898,00

14. Financial income : 41400

23.121,00

108.133,00

176.595,00

41.822,00

10.101,00

a) Of shares in equity instruments : 41410

0,00

51.562,00

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

51.562,00

0,00

b) From negotiable securities and other financial instruments : 41420

23.121,00

108.133,00

125.032,00

41.822,00

10.101,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

23.121,00

108.133,00

125.032,00

41.822,00

10.101,00

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

0,00

15. Financial expenditure: 41500

-3.838,00

-61.567,00

-13.265,00

-24.859,00

-53.792,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-3.838,00

-61.567,00

-13.265,00

-24.859,00

-53.792,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

14,00

13,00

0,00

a) Trading book and other : 41610

0,00

14,00

13,00

0,00

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

0,00

17. Exchange rate differences : 41700

-2.187,00

-47.172,00

13.046,00

-123,00

-38.689,00

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

-3.619,00

-835,00

-3.284,00

2.259,00

-5.572,00

a) Impairment and losses : 41810

-3.619,00

-835,00

-3.284,00

2.259,00

-5.572,00

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

13.478,00

-1.441,00

173.106,00

19.112,00

-87.952,00

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

885.737,00

461.819,00

1.070.633,00

1.158.815,00

189.946,00

20. Income taxes: 41900

-265.806,00

-139.011,00

-305.625,00

-349.644,00

-50.743,00

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

619.931,00

322.808,00

765.008,00

809.170,00

139.204,00

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

0,00

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

619.931,00

322.808,00

765.008,00

809.170,00

139.204,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

4.320.404,00

4.564.937,00

4.744.638,00

5.040.412,00

5.358.571,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

16.370,00

32.532,00

13.830,00

2.145,00

4.919,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

16.370,00

32.532,00

13.830,00

2.145,00

4.919,00

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:

4.151.185,00

4.369.005,00

4.699.850,00

4.967.808,00

5.285.010,00

1. Land and construction:

3.834.640,00

3.932.551,00

4.028.961,00

4.097.505,00

4.171.251,00

2. Technical installations and machinery:

164.345,00

226.600,00

348.314,00

451.846,00

578.244,00

3. Other installations, tools and furniture:

123.854,00

170.770,00

262.496,00

340.520,00

435.777,00

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

0,00

5. Other tangible assets:

28.347,00

39.085,00

60.079,00

77.936,00

99.738,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

152.849,00

163.400,00

30.959,00

70.459,00

68.642,00

1. Equity investments in group companies:

17.609,00

21.228,00

22.063,00

61.347,00

59.149,00

2. Receivables from group companies:

127.377,00

134.353,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

683,00

641,00

616,00

833,00

1.213,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

7.179,00

8.280,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

5.276.861,00

5.123.959,00

8.896.966,00

7.735.058,00

6.103.824,00

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

0,00

II. Stocks:

2.819.376,00

2.403.115,00

3.149.351,00

1.705.053,00

1.781.788,00

1. Goods for resale:

2.819.376,00

2.403.115,00

3.149.351,00

1.705.053,00

1.781.788,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

2.002.549,00

1.978.413,00

2.934.953,00

2.345.441,00

2.416.115,00

1. Trade debtors / accounts receivable:

1.584.743,00

1.232.976,00

2.046.721,00

1.956.145,00

1.860.305,00

2. Accounts receivable, Group companies:

394.463,00

729.614,00

857.520,00

388.355,00

551.279,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

630,00

15.822,00

30.712,00

941,00

5. Staff:

0,00

6. Public bodies:

22.714,00

0,00

3.590,00

7. Provisions:

0,00

IV. Short-term investments:

85.000,00

429.570,00

2.650.000,00

3.100.000,00

0,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

199.721,00

0,00

6. Other receivables:

0,00

44.848,00

0,00

7. Shor term guarantees and deposits:

85.000,00

185.000,00

2.650.000,00

3.100.000,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

369.936,00

312.861,00

162.661,00

584.564,00

1.905.921,00

VII. Prepayments and accrued income:

0,00

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

9.597.265,00

9.688.896,00

13.641.603,00

12.775.470,00

11.462.395,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

8.433.110,00

8.433.258,00

11.515.521,00

10.756.317,00

9.953.628,00

I. Subscribed capital:

120.200,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

7.692.980,00

7.990.250,00

10.630.313,00

9.826.947,00

9.694.224,00

1. Legal reserve:

24.040,00

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:

7.668.937,00

7.966.207,00

10.606.269,00

9.802.904,00

9.670.181,00

Differences due to capital adjustement to euros:

2,00

3,00

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:

619.931,00

322.808,00

765.008,00

809.170,00

139.204,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

203,00

484,00

1.155,00

2.975,00

5.990,00

1. Capital grants:

203,00

484,00

1.155,00

2.975,00

5.990,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

50.148,00

92.156,00

138.650,00

239.118,00

400.459,00

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:

34.465,00

75.823,00

117.181,00

237.297,00

396.792,00

1. Loans and other liabilities:

34.465,00

75.823,00

117.181,00

237.297,00

396.792,00

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:

15.683,00

16.333,00

21.469,00

1.822,00

3.667,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

7.500,00

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

8.183,00

8.833,00

21.469,00

1.822,00

3.667,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

1.113.803,00

1.162.998,00

1.986.278,00

1.777.059,00

1.102.319,00

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:

41.358,00

43.064,00

369.199,00

455.087,00

286.520,00

1. Loans and other liabilities:

41.358,00

43.064,00

369.199,00

455.087,00

286.520,00

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:

63.286,00

34.582,00

27.909,00

79.478,00

85.495,00

1. Amounts owed to group companies:

63.286,00

34.582,00

27.909,00

79.478,00

85.495,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

859.981,00

704.179,00

1.342.788,00

1.017.225,00

587.291,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

859.981,00

704.179,00

1.342.788,00

1.017.225,00

587.291,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

149.179,00

381.174,00

246.382,00

225.269,00

143.012,00

1. Public bodies:

133.188,00

47.698,00

69.240,00

105.808,00

114.426,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

316.000,00

3.894,00

0,00

3.943,00

4. Wages and salaries payable:

15.990,00

17.476,00

173.247,00

119.461,00

24.644,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

9.597.265,00

9.688.896,00

13.641.603,00

12.775.470,00

11.462.395,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

6.163.208,00

7.449.562,00

7.083.989,00

6.076.492,00

7.091.528,00

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

0,00

A.2. Supplies:

4.339.422,00

5.019.634,00

4.873.566,00

4.239.916,00

4.523.533,00

a) Stock consumption:

4.179.701,00

4.874.678,00

4.698.743,00

4.066.098,00

4.353.474,00

b) Consumption of raw materials and miscellaneous consumable ones:

66.564,00

40.261,00

56.111,00

35.322,00

48.115,00

c) Miscellaneous external expenditure:

93.157,00

104.694,00

118.712,00

138.496,00

121.944,00

A.3. Staff costs:

731.924,00

924.878,00

1.076.676,00

966.972,00

917.022,00

a) Wages, salaries et al.:

569.095,00

731.463,00

890.472,00

781.727,00

720.824,00

b) Social security costs:

162.829,00

193.415,00

186.204,00

185.244,00

196.198,00

A.4. Depreciation expense:

241.902,00

320.027,00

345.182,00

345.608,00

348.268,00

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

-140.660,00

394.596,00

-127.959,00

-439.360,00

476.482,00

a) Stock provision variation:

-34.662,00

275.302,00

-137.707,00

-491.817,00

480.905,00

b) Variation in provision and bad debt losses:

-105.998,00

119.294,00

9.748,00

52.457,00

-4.423,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

715.171,00

541.842,00

594.349,00

590.990,00

677.428,00

a) External services:

684.969,00

507.220,00

568.927,00

523.848,00

663.315,00

b) Taxes:

29.656,00

29.542,00

25.142,00

66.807,00

13.798,00

c) Other operating expenses:

546,00

5.081,00

280,00

334,00

315,00

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):

871.212,00

459.541,00

893.012,00

1.130.122,00

267.170,00

A.7. Financial and similar charges:

3.838,00

61.567,00

13.265,00

24.859,00

53.792,00

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.:

3.838,00

61.567,00

13.265,00

24.859,00

53.792,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

3.619,00

835,00

3.284,00

-2.259,00

5.572,00

A.9. Exchange losses:

2.187,00

47.172,00

0,00

123,00

38.689,00

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

13.478,00

0,00

173.106,00

19.112,00

0,00

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

884.690,00

458.100,00

1.066.118,00

1.149.234,00

179.218,00

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

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

0,00

A.13. Extraordinary expenses:

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):

1.047,00

3.719,00

4.515,00

9.581,00

10.728,00

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

885.737,00

461.819,00

1.070.633,00

1.158.815,00

189.946,00

A.15. Corporation tax:

265.806,00

139.011,00

305.625,00

349.644,00

50.743,00

A.16. Miscellaneous taxes:

0,00

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

619.931,00

322.808,00

765.008,00

809.170,00

139.204,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

6.783.139,00

7.772.370,00

7.848.997,00

6.885.663,00

7.230.731,00

B.1. Net total sales:

6.678.190,00

7.452.756,00

7.485.958,00

6.675.431,00

6.999.673,00

a) Sales:

6.678.190,00

7.452.756,00

7.485.958,00

6.675.431,00

6.999.673,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

0,00

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

0,00

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

0,00

B.4. Miscellaneous operating income:

80.780,00

207.761,00

168.868,00

158.816,00

210.229,00

a) Auxiliary income and other from current management:

80.780,00

207.761,00

168.868,00

155.619,00

206.639,00

b) Grants:

0,00

3.196,00

3.590,00

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):

0,00

B.5. Income from equity investment:

0,00

51.562,00

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

51.562,00

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:

23.121,00

108.133,00

125.047,00

41.835,00

10.101,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

23.121,00

108.133,00

125.032,00

41.822,00

10.101,00

d) Profit on financial investment:

0,00

14,00

13,00

0,00

B.8. Exchange positive differences:

0,00

13.046,00

0,00

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

0,00

1.441,00

0,00

87.952,00

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

0,00

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

473,00

2.350,00

800,00

3.428,00

0,00

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

0,00

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

574,00

1.369,00

3.715,00

6.152,00

9.625,00

B.12. Extraordinary income:

0,00

1.103,00

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):

0,00

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

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

885.737,00

461.819,00

1.070.633,00

1.158.815,00

189.946,00

2. Results adjustments.: 61200

86.717,00

712.344,00

39.603,00

-122.445,00

903.909,00

a) Fixed Assets Amortization (+).: 61201

241.902,00

320.027,00

345.182,00

345.608,00

348.268,00

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

-137.041,00

395.431,00

-124.674,00

-441.620,00

486.477,00

d) Allocation of grants (-).: 61204

-574,00

-1.369,00

-3.715,00

-6.152,00

-13.215,00

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

-473,00

-2.350,00

-800,00

-3.428,00

0,00

g) Financial income (-).: 61207

-23.121,00

-108.133,00

-176.595,00

-41.822,00

-10.101,00

h) Financial Expenses (+). : 61208

3.838,00

61.567,00

13.265,00

24.859,00

53.792,00

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

2.187,00

47.172,00

-13.046,00

123,00

38.689,00

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

0,00

-14,00

-13,00

0,00

3. Changes in current capital equity.: 61300

312.650,00

2.706.725,00

-1.144.992,00

-2.004.961,00

2.029.277,00

a) Stock (+/-).: 61301

-381.599,00

470.934,00

-1.306.592,00

568.551,00

2.376.619,00

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

104.575,00

837.247,00

-599.260,00

18.217,00

839.317,00

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

344.570,00

2.220.430,00

450.000,00

-3.100.000,00

1.008,00

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

268.511,00

-809.250,00

291.212,00

510.116,00

-1.165.283,00

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

-23.406,00

-12.636,00

19.647,00

-1.846,00

-22.384,00

4. Other cash flows for operating activities.: 61400

-248.021,00

-136.832,00

-124.133,00

-310.068,00

-140.280,00

a) Interest payments (-). : 61401

-3.838,00

-61.567,00

-13.265,00

-24.859,00

-53.792,00

c) Interest collection (+). : 61403

23.121,00

108.133,00

176.595,00

41.822,00

10.101,00

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

-265.806,00

-139.011,00

-305.625,00

-349.644,00

-50.743,00

e) Other payments (payment collection) (-/+) : 61405

-1.499,00

-44.387,00

18.162,00

22.613,00

-45.846,00

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

1.037.083,00

3.744.057,00

-158.889,00

-1.278.659,00

2.982.853,00

6. Payments for investment (-).: 62100

-7.920,00

-168.528,00

-88.909,00

-27.829,00

-39.435,00

a) Companies of the group and affiliates. : 62101

0,00

-134.353,00

0,00

-2.198,00

0,00

b) Intangible fixed assets. : 62102

0,00

-34.175,00

-14.802,00

0,00

-2.171,00

c) Fixed assets. : 62103

-7.920,00

0,00

-74.107,00

-25.631,00

-37.264,00

7. Divestment payment collection (+). : 62200

6.975,00

27.366,00

36.216,00

0,00

4.187,00

a) Companies of the group and affiliates. : 62201

6.975,00

0,00

36.000,00

0,00

c) Fixed assets. : 62203

0,00

26.290,00

0,00

e) Other financial assets. : 62205

0,00

1.076,00

216,00

0,00

4.187,00

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

-945,00

-141.162,00

-52.692,00

-27.829,00

-35.248,00

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

0,00

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

-359.064,00

-47.887,00

-205.513,00

-10.061,00

-1.087.577,00

a) Issuance : 63201

0,00

164.624,00

0,00

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

0,00

164.624,00

0,00

b) Repayment and amortization of : 63207

-359.064,00

-47.887,00

-205.513,00

-174.685,00

-1.087.577,00

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

-359.064,00

-47.887,00

-205.513,00

-174.685,00

-1.087.577,00

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

-620.000,00

-3.404.808,00

-4.808,00

a) Dividends (-).: 63301

-620.000,00

-3.404.808,00

-4.808,00

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

-979.064,00

-3.452.695,00

-210.321,00

-14.869,00

-1.092.385,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

57.075,00

150.200,00

-421.902,00

-1.321.358,00

1.855.219,00

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

312.861,00

162.661,00

584.564,00

1.905.921,00

50.702,00

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

369.936,00

312.861,00

162.661,00

584.564,00

1.905.921,00

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:

0,01 %

0,06 %

0,02 %

0,01 %

-57,60 %

783,79 %

EBITDA over Sales:

16,67 %

11,34 %

10,46 %

9,02 %

59,35 %

25,80 %

Cash Flow Yield:

0,01 %

0,03 %

0,02 %

0,00 %

-61,64 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

9,32 %

6,90 %

5,09 %

4,94 %

82,99 %

39,57 %

Total economic profitability:

9,27 %

3,76 %

5,40 %

2,31 %

71,59 %

62,84 %

Financial profitability:

7,35 %

4,25 %

3,83 %

0,82 %

92,04 %

416,64 %

Margin:

12,91 %

6,70 %

6,05 %

4,62 %

113,40 %

45,08 %

Mark-up:

13,10 %

4,46 %

6,03 %

1,22 %

117,38 %

264,56 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,33

0,13

0,27

0,12

23,47

13,97

Acid Test:

2,19

0,87

2,34

0,85

-6,56

1,80

Working Capital / Investment:

0,43

0,05

0,41

0,03

5,53

88,57

Solvency:

4,74

1,18

4,41

1,17

7,53

0,59

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,14

1,38

0,15

1,62

-7,26

-15,24

Borrowing Composition:

0,05

0,99

0,08

1,02

-43,18

-2,95

Repayment Ability:

20,39

21,19

8,36

197,41

144,04

-89,27

Warranty:

8,25

1,74

7,72

1,62

6,82

6,97

Generated resources / Total creditors:

0,71

0,08

0,73

0,07

-2,51

27,04

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,52

1,85

1,84

1,70

36,79

8,63

Turnover of Collection Rights :

3,41

5,00

3,87

4,78

-11,83

4,60

Turnover of Payment Entitlements:

4,58

3,64

7,41

3,51

-38,15

3,56

Stock rotation:

2,09

7,34

3,00

6,48

-30,31

13,41

Assets turnover:

0,72

1,03

0,84

1,07

-14,25

-3,80

Borrowing Cost:

0,33

2,85

4,91

2,95

-93,28

-3,31

> 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:

0,01 %

0,02 %

-0,06 %

-0,20 %

26,50 %

EBITDA over Sales:

16,67 %

10,46 %

16,54 %

22,11 %

8,79 %

Cash Flow Yield:

0,01 %

0,02 %

-0,03 %

-0,10 %

16,19 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

9,32 %

5,09 %

8,19 %

11,87 %

2,43 %

Total economic profitability:

9,27 %

5,40 %

7,95 %

9,27 %

2,13 %

Financial profitability:

7,35 %

3,83 %

6,64 %

7,52 %

1,40 %

Margin:

12,91 %

6,05 %

11,72 %

16,68 %

3,84 %

Mark-up:

13,10 %

6,03 %

13,99 %

16,96 %

-1,24 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,33

0,27

0,08

0,33

1,73

Acid Test:

2,19

2,34

2,89

3,39

3,92

Working Capital / Investment:

0,43

0,41

0,51

0,47

0,44

Solvency:

4,74

4,41

4,48

4,35

5,54

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,14

0,15

0,18

0,19

0,15

Borrowing Composition:

0,05

0,08

0,07

0,14

0,38

Repayment Ability:

20,39

8,36

-5,04

-1,53

-0,70

Warranty:

8,25

7,72

6,42

6,33

7,53

Generated resources / Total creditors:

0,71

0,73

0,46

0,33

0,64

Efficiency

2013

2012

2011

2010

2009

Productivity:

2,52

1,84

2,15

2,53

1,67

Turnover of Collection Rights :

3,41

3,87

2,61

2,91

2,98

Turnover of Payment Entitlements:

4,58

7,41

3,31

3,32

6,99

Stock rotation:

2,09

3,00

2,15

3,35

3,90

Assets turnover:

0,72

0,84

0,70

0,71

0,63

Borrowing Cost:

0,33

4,91

0,62

1,23

3,54

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

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

574,38

Notes

El importe reflejado es el traspasado a resultados. Quedando al cierre del mismo un saldo de 289.55 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

1.369,07

Notes

El importe reflejado es el traspasado a resultados del ejercicio. Quedando al cierre del mismo un saldo de 691.61 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

3.714,99

Notes

el importe reflejado es el imputado en la cuenta de pérdidas y ganancias.

Entity

INSTITUTO ARAGONES DE FOMENTO

Status

CONCEDIDA

Amount Granted

5.615,29

Entity

TESORERIA GENERAL DE LA SEGURIDAD SOCIAL

Subsidy Concept

subvención de explotación

Status

CONCEDIDA

Amount Granted

3.590,39

Entity

CAMARA DE COMERCIO DE ZARAGOZA

Status

CONCEDIDA

Amount Granted

1.175,00

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.97
UK Pound	1	Rs.100.55
Euro	1	Rs.73.99

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

Activity

Chronological Summary

Breakdown of Owners' Equity

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Unit