3decades

MIRA INFORM REPORT

Report No. :	502237
Report Date :	16.04.2018

IDENTIFICATION DETAILS

Name :	KERAJET SA

Registered Office :	Av/ Del Boverot, 24. Pol. Indus. Supoi, 8 - Almazora/Almassora - 12550 – Castellon

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	07.10.1999

Legal Form :	Public Company

Line of Business :	Subject is engaged in the design and development of ceramic, electronic and electric technology intended for digital and industrial decoration uses.

No. of Employees :	157 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

Status :	Good

Payment Behaviour :	Slow

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Spain

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SPAIN - ECONOMIC OVERVIEW

After a prolonged recession that began in 2008 in the wake of the global financial crisis, Spain marked the fourth full year of positive economic growth in 2017, with economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis of 2008 broke 16 consecutive years of economic growth for Spain, leading to an economic contraction that lasted until late 2013. In that year, the government successfully shored up its struggling banking sector - heavily exposed to the collapse of Spain’s real estate boom - with the help of an EU-funded restructuring and recapitalization program.

Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained 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 16.4% in 2017. 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 about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Strong export growth helped bring Spain's current account into surplus in 2013 for the first time since 1986 and sustain Spain’s economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have improved Spain’s export competitiveness and generated foreign investor interest in the economy, restoring FDI flows.

In 2017, the Spanish Government’s minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms. The European Commission expects the government to meet its 2017 budget deficit target and anticipates that expected economic growth in 2018 will help the government meet its deficit target. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017.

Source : CIA

EXECUTIVE SUMMARY

Name:

KERAJET SA

NIF / Fiscal code:

A12514998

Status:

ACTIVE

Incorporation Date:

07/10/1999

Register Data

Last Publication in BORME:

23/05/2016 [Reelections]

Last Published Account Deposit:

2016

Share Capital:

75.250

Localization:

Av/ Del Boverot, 24. Pol. Indus. Supoi, 8 - Almazora/Almassora - 12550 - Castellon

Telephone - Fax - Email - Website:

Telephone. 964 500 018 Email. kerajet@kerayet.com Website. www.kerajet.com

Activity:

NACE:

2899 - Manufacture of other special-purpose machinery n.e.c.

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

17 for a total cost of 358375.62

Quality Certificate:

Prospects:

Consolidation

Industry situation:

Maturity

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners

ENGINYERIA PC SL

64.01 %

FERRO CORPORATION (ESTADOS UNIDOS)

19.99 %

RAFAEL VICENT ABELLA

16 %

Enquiry Details

Business address regime:

Owned

Identification

Social Denomination:

KERAJET SA

NIF / Fiscal code:

A12514998

Corporate Status:

ACTIVE

Start of activity:

2000

Registered Office:

AV/ DEL BOVEROT, 24. POL. INDUS. SUPOI, 8

Locality:

ALMAZORA/ALMASSORA

Province:

CASTELLON

Postal Code:

12550

Telephone:

964 500 018

Fax:

964 524 109

Website:

www.kerajet.com

Email:

kerajet@kerayet.com

Interviewed Person:

Administration

Activity

NACE:

2899

Corporate Purpose:

THE SUBJECT IS ENGAGED IN THE MANUFACTURE OF CERAMIC MACHINERY

Additional Information:

It is engaged in the design and development of ceramic, electronic and electric technology intended for digital and industrial decoration uses.

Additional Address:

Registered office, warehouse, offices, factory, and other premises, shed, owned and located in: AV/ DEL BOVEROT, 24. POL. INDUS. SUPOI, 8 12550 ALMAZORA ( CASTELLÓN )

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2018

157

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

Chronological Summary

Year

Act

2000

Accounts deposit (year 1999) Appointments/ Re-elections (2) Company Formation (1) Other Concepts/ Events (1)

2001

Accounts deposit (year 2000) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Dividends Payment (1) Increase of Capital (1) Other Concepts/ Events (2) Statutory Modifications (2)

2003

Accounts deposit (year 2001, 2002)

2004

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2005

Accounts deposit (year 2003, 2004) Capital Reduction (1)

2006

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

2007

Accounts deposit (year 2006)

2008

Accounts deposit (year 2007)

2009

Appointments/ Re-elections (1)

2010

Accounts deposit (year 2008, 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1)

2011

Accounts deposit (year 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

2012

Accounts deposit (year 2011)

2014

Accounts deposit (year 2012, 2013) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1)

2015

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

2016

Accounts deposit (year 2015) Appointments/ Re-elections (1)

2017

Accounts deposit (year 2016)

Breakdown of Owners' Equity

Registered Capital:

75.250

Paid up capital:

75.250

Shareholders

Name	NIF	% Shareholding stake



ENGINYERIA PC S		64,01 % %
FERRO CORPORATION (ESTADOS UNIDOS)		19,99 % %
VICENT ABELLA RAFAEL		16 % %

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1207

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

13/03/2000

Company Formation

60.200

15.050

60.200

15.050

19/04/2001

Capital call payment

---

45.150

60.200

20/07/2001

Increase of Capital

20.070

80.270

28/11/2006

Capital Reduction

-5.020

75.250

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

TOMAS CLARAMONTE JOSE VICENTE

16/05/2016

MEMBER OF THE BOARD

TOMAS CLARAMONTE JOSE VICENTE

16/05/2016

VICENT ABELLA RAFAEL

16/05/2016

GARCIA SAINZ JULIO

16/05/2016

PROXY

BORT POVEDA YOLANDA

09/01/2001

CHIEF EXECUTIVE OFFICER

TOMAS CLARAMONTE JOSE VICENTE

16/05/2016

SECRETARY

VICENT ABELLA RAFAEL

16/05/2016

ACCOUNTS' AUDITOR / HOLDER

EUDITA CJC AUDITORES SLP

19/05/2015

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ARANZABAL RODRIGUEZ GONZALO

SECRETARY

30/10/2006

FELIP BARDOLL FRANCISCO JAVIER

ACCOUNTS' AUDITOR / HOLDER

17/08/2010

GARCIA SAINZ JULIO

MEMBER OF THE BOARD

16/05/2016

GASCO ARCAS PEDRO

MEMBER OF THE BOARD

30/10/2006

MEMBER OF THE BOARD

16/01/2010

HAUSDORFF FURTENHEIM PEDRO JUAN

MEMBER OF THE BOARD

26/01/2010

MEMBER OF THE BOARD

18/04/2011

MEMBER OF THE BOARD

08/01/2014

J. PEREPEREZ AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

31/01/2014

ACCOUNTS' AUDITOR / HOLDER

05/12/2014

ACCOUNTS' AUDITOR / HOLDER

19/05/2015

LOPEZ VEGA MARINO

MEMBER OF THE BOARD

09/06/2004

SANCHEZ MARTINEZ JOSE

DEPUTY ACCOUNTS' AUDITOR

17/08/2010

TOMAS CLARAMONTE JOSE VICENTE

SINGLE ADMINISTRATOR

20/07/2001

MEMBER OF THE BOARD

30/10/2006

MEMBER OF THE BOARD

18/04/2011

MEMBER OF THE BOARD

16/05/2016

CHIEF EXECUTIVE OFFICER

30/10/2006

CHIEF EXECUTIVE OFFICER

18/04/2011

CHIEF EXECUTIVE OFFICER

08/01/2014

CHIEF EXECUTIVE OFFICER

16/05/2016

PRESIDENT

30/10/2006

PRESIDENT

18/04/2011

PRESIDENT

08/01/2014

PRESIDENT

16/05/2016

SINGLE PARTNER

19/04/2001

VICENT ABELLA RAFAEL

MEMBER OF THE BOARD

30/10/2006

MEMBER OF THE BOARD

30/10/2006

MEMBER OF THE BOARD

18/04/2011

MEMBER OF THE BOARD

08/01/2014

SECRETARY

18/04/2011

SECRETARY

08/01/2014

SECRETARY

16/05/2016

Executive board

Post

NIF

Name

ADMINISTRATOR

JOSE VICENTE TOMAS CLARAMONTE

MANAGING DIRECTOR

JOSE VICENTE TOMAS

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (€)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Probability of default

> Estimated Probability of Default for the next 12 months: 0.434 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

289 Manufacture of other special-purpose machinery

wordml://2452

Relative Position:

Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector KERAJET SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0,434%.

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.

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

Not published

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

Not published

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

Not published

Incidences with the Social Security

Not published

Incidences with the Autonomous Administration

Not published

Incidences with the Local Administration

Not published

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

Not published

Proceedings by the old Civil Procedural Law 1.881

Not published

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

Not published

Link List

IS RELATED WITH:

2 Entities

PARTICIPATES IN:

6 Entities

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ENGINYERIA PC SL

CASTELLON

64.01

FERRO CORPORATION (ESTADOS UNIDOS)

19.99

RAFAEL VICENT ABELLA

PARTICIPATES IN

KERAJET ITALIA, S.L.

100

KERAJET ADVANCED TECNOLOGY MEXICO, SOCIEDAD LIMITADA, DE CV

KERAJET DO BRASIL SERVICOS INDUSTRIAIS PARA DECORACAO DIGITAL INKJET LTDA

KERAJET HAIMEISI INVESTMENT CO, S.A.

100

JINJIANG KERAJET CERAMIC TECNOLOGY, SOCIEDAD ANONIMA, COMPANY

100

FUJIAN KERAJET CERAMIC TECHNOLOGY WFOE

100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	\| \|
	KERAJET, SOCIEDAD ANONIMA, SUCURSAL EM PORTUGAL
	FUJIAN KERAJET CERAMIC TECHNOLOGY, SOCIEDAD ANONIMA, WFOE

Turnover

Total Sales 2017

60.000.000

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

Estimated Balance

Its turnover increased by 1.75% in 2016, compared to the previous year, although the result for the year was a 22% lower than in 2015.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

September 2017

2015

Normales

November 2016

2014

Normales

July 2015

2013

Normales

December 2014

2012

Normales

February 2014

2011

Normales

December 2012

2010

Normales

September 2011

2009

Normales

November 2010

2008

Normales

February 2010

2007

Normales

August 2008

2006

Normales

August 2007

2005

Normales

November 2006

2004

Normales

September 2005

2003

Normales

December 2004

2002

Normales

July 2003

2001

Normales

December 2002

2000

Normales

September 2001

1999

Normales

July 2000

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 31/12/2016

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2016 2015 2014 2013 2012 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, such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2016

2015

2014

2013

2012

A) NON-CURRENT ASSETS: 11000

21.165.077,00

20.447.497,00

14.912.803,00

12.104.745,00

11.872.518,00

I. Intangible fixed assets : 11100

49.565,00

53.321,00

46.995,00

8.753,00

16.598,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

200,00

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

49.365,00

53.121,00

46.795,00

8.753,00

16.598,00

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

19.474.045,00

17.952.600,00

12.633.026,00

11.981.518,00

11.223.469,00

1. Land and buildings: 11210

15.874.669,00

15.046.078,00

9.408.023,00

8.761.725,00

8.911.700,00

2. Technical installations and other tangible fixed assets: 11220

2.705.345,00

2.906.522,00

2.356.648,00

2.410.875,00

2.311.769,00

3. Tangible asset in progress and advances: 11230

894.031,00

0,00

868.355,00

808.919,00

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

1.177.373,00

2.238.077,00

2.158.124,00

60.041,00

0,00

1. Equity instruments: 11410

1.177.373,00

2.238.077,00

2.158.124,00

60.041,00

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

166.463,00

166.987,00

29.220,00

35.201,00

26.951,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

16.800,00

2.250,00

5.250,00

8.250,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

146.132,00

0,00

5. Other financial assets : 11550

149.663,00

18.605,00

23.970,00

26.951,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

297.632,00

36.513,00

45.438,00

19.231,00

605.501,00

B) CURRENT ASSETS: 12000

55.835.145,00

60.108.353,00

49.176.611,00

39.432.961,00

32.110.393,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

7.212.447,00

5.912.204,00

4.293.648,00

1.484.290,00

1.263.183,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

6.572.425,00

5.307.392,00

3.068.440,00

946.016,00

870.215,00

a) Long-term primary material and other supplies: 12221

0,00

b) Short-term primary material and other supplies: 12222

6.572.425,00

0,00

3. Work in progress: 12230

638.522,00

547.812,00

1.225.209,00

425.385,00

376.914,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

638.522,00

547.812,00

1.225.209,00

425.385,00

376.914,00

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

1.500,00

57.000,00

0,00

112.889,00

16.054,00

III. Trade debtors and others receivable accounts: 12300

27.252.377,00

31.446.660,00

30.281.849,00

22.599.841,00

24.845.223,00

1. Trade debtors / accounts receivable: 12310

25.572.026,00

29.071.168,00

28.969.230,00

21.540.776,00

23.439.214,00

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

2.391.007,00

1.658.111,00

736.170,00

0,00

b) Customers for sales and provisions of services : 12312

23.181.019,00

27.413.056,00

28.233.061,00

21.540.776,00

23.439.214,00

2. Customers, Group companies and associates : 12320

1.501.273,00

1.440.958,00

783.999,00

0,00

3. Other accounts receivable: 12330

32.435,00

42.275,00

63.575,00

0,00

16.278,00

4. Personnel: 12340

10.535,00

4.210,00

2.804,00

3.000,00

353,00

5. Assets for deferred tax: 12350

0,00

222.014,00

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

136.107,00

888.049,00

462.241,00

834.051,00

1.167.364,00

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

2.892,00

8.722,00

5.935,00

291.478,00

1.890,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

288.000,00

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

2.892,00

8.722,00

5.935,00

3.478,00

1.890,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

880,00

657,00

1.101,00

0,00

VII. Cash and other equivalent liquid assets : 12700

21.366.549,00

22.740.111,00

14.594.078,00

15.057.352,00

6.000.097,00

1. Treasury: 12710

21.366.549,00

22.740.111,00

14.594.078,00

15.057.352,00

6.000.097,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

77.000.223,00

80.555.850,00

64.089.414,00

51.537.706,00

43.982.912,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

38.926.633,00

35.914.671,00

31.569.184,00

26.497.230,00

23.134.226,00

A-1) Shareholders' equity: 21000

38.926.633,00

35.913.977,00

31.548.759,00

26.491.104,00

23.124.932,00

I. Capital: 21100

75.250,00

1. Registered capital : 21110

75.250,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

830.880,00

III. Reserves: 21300

33.587.182,00

29.237.297,00

25.372.863,00

21.918.801,00

17.869.820,00

1. Legal and statutory: 21310

410.282,00

15.050,00

2. Other reserves: 21320

33.176.899,00

29.222.247,00

25.357.813,00

21.903.751,00

17.854.770,00

3. Revaluation reserves: 21330

0,00

2. Capitalisation Reserves: 21350

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

87.890,00

0,00

1. Brought forward: 21510

0,00

87.890,00

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

4.433.321,00

5.682.659,00

5.269.765,00

3.666.172,00

4.348.981,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

695,00

20.425,00

6.126,00

9.294,00

B) NON-CURRENT LIABILITIES: 31000

14.498.990,00

18.802.248,00

9.880.386,00

7.420.334,00

5.225.875,00

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

13.367.785,00

17.588.520,00

8.414.647,00

5.728.702,00

3.397.182,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

12.293.563,00

16.309.503,00

6.853.784,00

4.014.092,00

1.821.521,00

3. Creditors from financial leasing: 31230

23.322,00

72.967,00

199.663,00

258.260,00

24.161,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

1.050.900,00

1.206.050,00

1.361.200,00

1.456.350,00

1.551.500,00

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

0,00

IV. Liabilities for deferred tax: 31400

1.131.205,00

1.213.728,00

1.465.739,00

1.691.633,00

1.828.692,00

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

23.574.600,00

25.838.931,00

22.639.844,00

17.620.141,00

15.622.811,00

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

17.790.660,00

19.414.130,00

13.715.987,00

11.459.746,00

6.880.949,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

17.559.856,00

18.982.765,00

13.446.311,00

10.553.273,00

5.924.312,00

3. Creditors from financial leasing: 32330

48.287,00

129.807,00

139.891,00

104.870,00

14.736,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

182.517,00

301.558,00

129.785,00

801.604,00

941.902,00

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

0,00

V. Trade creditors and other accounts payable: 32500

5.778.845,00

6.424.528,00

8.923.857,00

6.160.395,00

8.741.862,00

1. Suppliers: 32510

3.777.484,00

3.418.496,00

6.271.710,00

4.197.942,00

7.056.101,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

3.777.484,00

3.418.496,00

6.271.710,00

4.197.942,00

7.056.101,00

2. Suppliers, Group companies and associates: 32520

0,00

82.016,00

0,00

3. Other creditors: 32530

135.112,00

172.273,00

165.227,00

112.324,00

249.429,00

4. Personnel (remuneration due): 32540

30.436,00

15.244,00

11.967,00

0,00

5. Liabilities for current tax: 32550

882.475,00

1.409.513,00

1.427.927,00

979.718,00

445.160,00

6. Other accounts payable to Public Administrations.: 32560

746.597,00

1.079.794,00

680.338,00

475.168,00

933.826,00

7. Advances from clients: 32570

206.742,00

329.208,00

284.672,00

395.244,00

57.347,00

VI. Short-term accruals: 32600

5.094,00

273,00

0,00

VII. Special short-term debts : 32700

0,00

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

77.000.223,00

80.555.850,00

64.089.414,00

51.537.706,00

43.982.912,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

59.587.442,00

58.561.128,00

61.120.078,00

53.612.413,00

44.409.913,00

a) Sales: 40110

58.337.989,00

56.990.629,00

59.568.344,00

53.408.313,00

44.302.896,00

b) Rendering of services: 40120

1.249.453,00

1.570.500,00

1.551.734,00

204.101,00

107.017,00

c) Income of financial nature of holding companies: 40130

0,00

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

89.751,00

-677.397,00

799.823,00

48.471,00

-234.326,00

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

0,00

1.800,00

0,00

4. Supplies : 40400

-40.664.407,00

-38.291.520,00

-43.107.685,00

-40.154.363,00

-33.238.675,00

a) Stock consumption: 40410

-2.330,00

0,00

-39.655.239,00

-33.518.362,00

-27.937.386,00

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

-38.855.455,00

-36.672.869,00

-1.481.789,00

-3.429.849,00

-1.797.199,00

c) Works carried out by other companies: 40430

-1.806.622,00

-1.618.651,00

-1.970.657,00

-3.206.153,00

-3.504.090,00

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

0,00

5. Other operating income: 40500

111.973,00

175.116,00

75.311,00

1.343.706,00

934.069,00

a) Auxiliary income and other from current management: 40510

91.303,00

50.559,00

31.619,00

1.256.592,00

901.131,00

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

20.670,00

124.557,00

43.692,00

87.114,00

32.938,00

6. Personnel costs: 40600

-7.101.027,00

-6.560.860,00

-6.320.063,00

-5.192.081,00

-3.299.462,00

a) Wages, salaries et al.: 40610

-5.510.267,00

-5.097.674,00

-4.919.789,00

-4.055.736,00

-2.575.060,00

b) Social security costs: 40620

-1.590.760,00

-1.463.186,00

-1.400.274,00

-1.136.345,00

-724.402,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-3.474.815,00

-3.673.445,00

-3.157.318,00

-2.898.821,00

-2.504.067,00

a) External services: 40710

-2.939.528,00

-2.777.014,00

-2.980.903,00

-2.502.310,00

-2.307.111,00

b) Taxes: 40720

-208.005,00

-141.385,00

-270.885,00

-85.096,00

-76.990,00

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

-327.283,00

-755.046,00

94.469,00

-174.334,00

-114.955,00

d) Other current management expenditure : 40740

0,00

-137.081,00

-5.012,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-898.833,00

-797.933,00

-734.310,00

-670.545,00

-715.222,00

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

0,00

3.168,00

3.307,00

10. Excess provisions : 41000

0,00

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

0,00

-30.336,00

1.653,00

1.079,00

0,00

a) Impairment and losses : 41110

0,00

-161,00

0,00

b) Results for transfers and other : 41120

0,00

-30.336,00

1.653,00

1.240,00

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

305.263,00

-9.002,00

-138.745,00

-185.488,00

-60,00

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

7.955.346,00

8.695.751,00

8.538.744,00

5.909.339,00

5.355.478,00

14. Financial income : 41400

8.281,00

4.336,00

26.060,00

75.851,00

323,00

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

8.281,00

4.336,00

26.060,00

75.851,00

323,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

8.281,00

4.336,00

26.060,00

75.851,00

323,00

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

0,00

15. Financial expenditure: 41500

-557.195,00

-734.912,00

-856.551,00

-593.238,00

-179.825,00

a) Amounts owed to Group companies and associates : 41510

0,00

-143.615,00

b) For debts with third parties : 41520

-557.195,00

-734.912,00

-856.551,00

-593.238,00

-36.211,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

-146.132,00

47.092,00

0,00

a) Trading book and other : 41610

-146.132,00

47.092,00

0,00

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

0,00

17. Exchange rate differences : 41700

-412.661,00

-473.707,00

-617.770,00

-149.465,00

-299.806,00

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

-1.063.685,00

0,00

a) Impairment and losses : 41810

-1.060.704,00

0,00

b) Results for transfers and other : 41820

-2.981,00

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

-2.171.391,00

-1.157.191,00

-1.448.261,00

-666.852,00

-479.308,00

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

5.783.955,00

7.538.560,00

7.090.483,00

5.242.487,00

4.876.170,00

20. Income taxes: 41900

-1.350.634,00

-1.855.901,00

-1.820.718,00

-1.576.315,00

-527.189,00

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

4.433.321,00

5.682.659,00

5.269.765,00

3.666.172,00

4.348.981,00

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

0,00

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

4.433.321,00

5.682.659,00

5.269.765,00

3.666.172,00

4.348.981,00

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012 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, such criteria using its own methodology. To view details on the methodology 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2016

2015

2014

2013

2012

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

20.867.446,00

20.410.985,00

14.867.365,00

12.085.513,00

11.267.018,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

49.565,00

53.321,00

46.995,00

8.753,00

16.598,00

III. Tangible fixed assets:

19.474.045,00

17.952.600,00

12.633.026,00

11.981.518,00

11.223.469,00

IV. Financial investments:

1.343.836,00

2.405.064,00

2.187.344,00

95.242,00

26.951,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

56.132.777,00

60.144.865,00

49.222.049,00

39.452.192,00

32.715.894,00

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

0,00

II. Stocks:

7.212.447,00

5.912.204,00

4.293.648,00

1.484.290,00

1.263.183,00

III. Debtors:

27.550.009,00

31.483.172,00

30.327.287,00

22.619.072,00

25.450.724,00

IV. Short-term investments:

2.892,00

8.722,00

5.935,00

291.478,00

1.890,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

21.366.549,00

22.740.111,00

14.594.078,00

15.057.352,00

6.000.097,00

VII. Prepayments and accrued income:

880,00

657,00

1.101,00

0,00

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

77.000.223,00

80.555.850,00

64.089.414,00

51.537.706,00

43.982.912,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

38.926.633,00

35.913.977,00

31.548.759,00

26.491.104,00

23.124.932,00

I. Subscribed capital:

75.250,00

II. Share premium:

830.880,00

III. Revaluation reserves:

0,00

IV. Reserves:

33.587.182,00

29.237.297,00

25.372.863,00

21.918.801,00

17.869.820,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

33.587.182,00

29.237.297,00

25.372.863,00

21.918.801,00

17.869.820,00

V. Profit or loss brought forward:

0,00

87.890,00

0,00

VI. Profit or loss for the financial year:

4.433.321,00

5.682.659,00

5.269.765,00

3.666.172,00

4.348.981,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

695,00

20.425,00

6.126,00

9.294,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

14.498.990,00

18.802.248,00

9.880.386,00

7.420.334,00

5.225.875,00

E) SHORT TERM CREDITORS:

23.574.600,00

25.838.931,00

22.639.844,00

17.620.141,00

15.622.811,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

77.000.223,00

80.555.850,00

64.089.414,00

51.537.706,00

43.982.912,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

55.579.637,00

53.105.012,00

55.953.337,00

51.371.845,00

40.998.632,00

A.1. Operating consumption:

40.574.656,00

38.968.917,00

42.307.862,00

40.105.892,00

33.473.001,00

A.2. Staff Costs:

7.101.027,00

6.560.860,00

6.320.063,00

5.192.081,00

3.299.462,00

a) Wages, salaries et al.:

5.510.267,00

5.097.674,00

4.919.789,00

4.055.736,00

2.575.060,00

b) Social security costs:

1.590.760,00

1.463.186,00

1.400.274,00

1.136.345,00

724.402,00

A.3. Depreciation expense:

898.833,00

797.933,00

734.310,00

670.545,00

715.222,00

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

0,00

A.5. Other operating charges:

3.474.815,00

3.673.445,00

3.157.318,00

2.898.821,00

2.504.067,00

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

7.650.084,00

8.735.090,00

8.675.836,00

6.090.581,00

5.352.231,00

A.6. Financial and similar charges:

1.620.880,00

734.912,00

856.551,00

593.238,00

179.825,00

a) Due to liabilities with companies of the group:

0,00

143.615,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

557.195,00

734.912,00

856.551,00

593.238,00

36.211,00

d) Losses from financial investments:

1.063.685,00

0,00

A.7. Financial investment provision change:

146.132,00

0,00

A.8. Exchange losses:

412.661,00

473.707,00

617.770,00

149.465,00

299.806,00

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

0,00

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

5.478.693,00

7.577.898,00

7.227.575,00

5.423.728,00

4.872.923,00

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

0,00

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

0,00

30.336,00

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

9.002,00

138.745,00

185.488,00

60,00

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):

305.263,00

0,00

3.248,00

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

5.783.955,00

7.538.560,00

7.090.483,00

5.242.647,00

4.876.170,00

A.14. Corporation Tax:

1.350.634,00

1.855.901,00

1.820.718,00

1.576.315,00

527.189,00

A.15. Miscellaneous taxes:

0,00

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

4.433.321,00

5.682.659,00

5.269.765,00

3.666.333,00

4.348.981,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

60.012.958,00

58.787.671,00

61.223.103,00

55.038.177,00

45.347.613,00

B.1. Operating income:

59.699.415,00

58.736.244,00

61.195.389,00

54.957.919,00

45.343.982,00

a) Net total sales:

59.587.442,00

58.561.128,00

61.120.078,00

53.612.413,00

44.409.913,00

b) Miscellaneous operating income:

111.973,00

175.116,00

75.311,00

1.345.506,00

934.069,00

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

0,00

B.2. Financial income:

8.281,00

51.427,00

26.060,00

75.851,00

323,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

8.281,00

51.427,00

26.060,00

75.851,00

323,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

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

2.171.391,00

1.157.191,00

1.448.261,00

666.852,00

479.308,00

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

0,00

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

0,00

1.653,00

1.240,00

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

3.168,00

3.307,00

B.7. Extraordinary income:

305.263,00

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

39.338,00

137.092,00

181.081,00

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

Net Rights Granted

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

5.783.955,00

7.538.560,00

7.090.483,00

5.242.487,00

4.876.170,00

2. Results adjustments.: 61200

3.397.507,00

2.740.506,00

2.086.449,00

841.711,00

826.869,00

a) Fixed Assets Amortization (+).: 61201

898.833,00

797.933,00

734.310,00

670.545,00

715.222,00

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

713.301,00

428.764,00

-94.469,00

169.834,00

75.562,00

d) Allocation of grants (-).: 61204

0,00

-3.168,00

-3.307,00

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

0,00

30.336,00

-1.653,00

0,00

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

2.981,00

0,00

g) Financial income (-).: 61207

-8.281,00

-4.336,00

-26.060,00

0,00

h) Financial Expenses (+). : 61208

557.195,00

734.912,00

856.551,00

0,00

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

412.661,00

473.707,00

617.770,00

0,00

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

146.132,00

-47.092,00

0,00

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

674.686,00

326.282,00

0,00

4.500,00

39.392,00

3. Changes in current capital equity.: 61300

2.034.630,00

-6.529.835,00

-7.592.587,00

811.144,00

-3.083.565,00

a) Stock (+/-).: 61301

-1.355.743,00

-1.561.555,00

-2.922.247,00

-221.107,00

1.874.611,00

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

3.917.080,00

-2.014.375,00

-7.904.022,00

2.071.048,00

-7.511.295,00

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

-223,00

444,00

284.442,00

-289.588,00

5.610,00

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

-531.305,00

-2.954.621,00

2.393.438,00

-3.580.260,00

1.527.644,00

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

4.821,00

273,00

555.802,00

2.831.052,00

1.019.864,00

4. Cash Flows from Other Operating Activities: 61400

-2.770.229,00

-2.847.977,00

-2.655.505,00

-147.387,00

-967.032,00

a) Interest payments (-). : 61401

-557.195,00

-734.912,00

-856.551,00

0,00

c) Interest collection (+). : 61403

8.281,00

4.336,00

26.060,00

0,00

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

-2.221.315,00

-2.117.401,00

-1.825.014,00

-752.888,00

-967.032,00

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

0,00

605.501,00

0,00

5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500

8.445.864,00

901.254,00

-1.071.160,00

6.747.955,00

1.652.442,00

6. Payments for investment (-).: 62100

-3.860.836,00

-6.324.448,00

-3.546.261,00

-1.489.040,00

-1.524.614,00

a) Companies of the group and affiliates. : 62101

0,00

-80.014,00

-1.258.083,00

-60.041,00

0,00

b) Intangible fixed assets. : 62102

-27.768,00

-29.980,00

-58.355,00

0,00

-18.435,00

c) Fixed assets. : 62103

-2.632.587,00

-6.115.414,00

-1.351.968,00

-1.420.749,00

-1.503.462,00

e) Other financial assets. : 62105

-1.200.481,00

-99.040,00

-877.855,00

-8.250,00

-2.717,00

7. Divestment payment collection (+). : 62200

1.063.142,00

2.438,00

37.836,00

0,00

a) Companies of the group and affiliates. : 62201

1.060.704,00

0,00

c) Fixed assets. : 62203

2.438,00

0,00

e) Other financial assets. : 62205

0,00

37.836,00

0,00

8. Cash Flow from Investing Activities (6+7) less Amortization: 62300

-2.797.694,00

-6.322.010,00

-3.508.425,00

-1.489.040,00

-1.524.614,00

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

-695,00

-1.337.172,00

0,00

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

0,00

-1.317.441,00

0,00

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

-695,00

-19.731,00

0,00

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

-5.600.372,00

14.903.960,00

4.116.311,00

4.079.264,00

24.161,00

a) Issuance : 63201

0,00

14.992.172,00

6.614.000,00

4.079.264,00

24.161,00

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

0,00

14.992.172,00

6.614.000,00

4.079.264,00

24.161,00

b) Repayment and amortization of : 63207

-5.600.372,00

-88.212,00

-2.497.689,00

0,00

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

-5.438.848,00

0,00

-2.497.689,00

0,00

5. Other debts (-). : 63212

-161.523,00

-88.212,00

0,00

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

-1.420.665,00

0,00

-280.925,00

a) Dividends (-).: 63301

-1.420.665,00

0,00

-280.925,00

12. Cash Flows from Financing Activities (9+10+11): 63400

-7.021.731,00

13.566.788,00

4.116.311,00

3.798.340,00

-256.763,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-1.373.562,00

8.146.033,00

-463.274,00

9.057.255,00

-128.935,00

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

22.740.111,00

14.594.078,00

15.057.352,00

6.000.097,00

6.129.033,00

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

21.366.549,00

22.740.111,00

14.594.078,00

15.057.352,00

6.000.097,00

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

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,02 %

0,01 %

0,14 %

0,06 %

-116,57 %

-81,75 %

Net Financial Debt:

1,15

2,32

1,50

2,83

-23,42

-18,11

Cash Flow Yield:

-0,02 %

0,01 %

0,10 %

0,03 %

-117,64 %

-81,47 %

EBITDA over Sales:

14,35 %

12,00 %

16,28 %

10,44 %

-11,87 %

14,86 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

10,11 %

8,88 %

11,14 %

6,94 %

-9,23 %

27,82 %

Total economic profitability:

8,24 %

4,96 %

10,27 %

3,20 %

-19,82 %

55,17 %

Financial profitability:

11,39 %

7,38 %

15,82 %

4,15 %

-28,02 %

77,77 %

Margin:

12,81 %

7,87 %

14,82 %

6,35 %

-13,53 %

23,99 %

Mark-up:

9,18 %

7,14 %

12,85 %

3,80 %

-28,58 %

87,95 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,91

0,16

0,88

0,14

2,98

15,83

Acid Test:

2,06

0,90

2,10

0,87

-1,67

3,32

Working Capital / Investment:

0,42

0,03

0,43

0,03

-1,52

3,35

Solvency:

2,38

1,21

2,33

1,19

2,29

1,58

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,98

1,24

1,30

-21,31

-4,84

Borrowing Composition:

0,62

1,05

0,73

1,04

-15,48

1,34

Repayment Ability:

4,45

9,27

4,68

11,03

-4,89

-15,92

Warranty:

2,02

1,82

1,80

1,78

12,07

2,02

Generated resources / Total creditors:

0,17

0,09

0,15

0,08

15,72

20,05

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,20

1,91

2,45

1,80

-10,16

6,18

Turnover of Collection Rights :

2,19

5,09

1,87

5,22

17,28

-2,51

Turnover of Payment Entitlements:

7,65

3,54

6,43

3,69

19,09

-4,05

Stock rotation:

7,22

8,11

8,46

7,79

-14,67

4,15

Assets turnover:

0,79

1,13

0,75

1,09

4,98

3,09

Borrowing Cost:

1,46

2,33

1,65

2,45

-11,10

-5,08

> Trend of indicators under the General Accounting Plan of 2007 (2016, 2015, 2014, 2013, 2012)

Cash Flow

2016

2015

2014

2013

2012

Cash Flow over Sales:

-0,02 %

0,14 %

-0,01 %

0,17 %

0,00 %

Net Financial Debt:

1,15

1,50

0,80

0,27

0,70

Cash Flow Yield:

-0,02 %

0,10 %

-0,01 %

0,18 %

0,00 %

EBITDA over Sales:

14,35 %

16,28 %

15,40 %

12,61 %

13,66 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

10,11 %

11,14 %

14,02 %

11,92 %

12,18 %

Total economic profitability:

8,24 %

10,27 %

12,40 %

11,32 %

11,50 %

Financial profitability:

11,39 %

15,82 %

16,70 %

13,84 %

18,81 %

Margin:

12,81 %

14,82 %

14,18 %

11,09 %

11,81 %

Mark-up:

9,18 %

12,85 %

11,81 %

9,88 %

10,75 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,91

0,88

0,64

0,85

0,38

Acid Test:

2,06

2,10

1,98

2,15

1,97

Working Capital / Investment:

0,42

0,43

0,41

0,42

0,37

Solvency:

2,38

2,33

2,17

2,24

2,09

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

0,98

1,24

1,03

0,95

0,90

Borrowing Composition:

0,62

0,73

0,44

0,42

0,33

Repayment Ability:

4,45

4,68

3,46

3,70

3,44

Warranty:

2,02

1,80

1,97

2,06

2,11

Generated resources / Total creditors:

0,17

0,15

0,18

0,17

0,24

Efficiency

2016

2015

2014

2013

2012

Productivity:

2,20

2,45

2,49

2,30

2,84

Turnover of Collection Rights :

2,19

1,87

2,02

2,43

1,83

Turnover of Payment Entitlements:

7,65

6,43

5,27

7,00

4,06

Stock rotation:

7,22

8,46

12,23

32,92

31,66

Assets turnover:

0,79

0,75

0,99

1,07

1,03

Borrowing Cost:

1,46

1,65

2,63

2,37

0,86

COMPARATIVE SECTORIAL BALANCE

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

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

News

LA RAZÓN DIGITAL

17/09/2017

Kerajet revoluciona la industria cerámica con la impresión digital

Companies related

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

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

19.974,92

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

694,60

Notes

El importe reflejado corresponde al traspasado a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

43.691,77

Entity

INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA - IREDAB

Status

CONCEDIDA

Amount Granted

54.600,00

Entity

M.E.YC. SECR I+D PROG. TORRES QUEVEDO

Status

CONCEDIDA

Amount Granted

22.248,00

Notes

Contratación de doctores.

Entity

FUNDACION TRIPARTITA

Status

CONCEDIDA

Amount Granted

3.819,99

Notes

Ayuda a la formación del personal.

Entity

OFICINA DE PATENTES Y MARCAS

Status

CONCEDIDA

Amount Granted

2.589,54

Notes

Programa para fomento de solicitudes de patentes en el exterior.

Entity

SUBVENCION AS FABRICANTES MAQ

Status

CONCEDIDA

Amount Granted

1.250,00

Entity

INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA - IREDAB

Status

CONCEDIDA

Amount Granted

12.601,16

Entity

FUNDACION TRIPARTITA

Status

CONCEDIDA

Amount Granted

8.100,85

Notes

Ayuda a la formación del personal.

Entity

ASOCIACIÓN ESPAÑOLA DE FABRICANTES DE MAQUINARIA Y BIENES DE EQUIPO PARA LA INDUSTRIA CERÁMICA

Status

CONCEDIDA

Project

Apoyo asistencia a ferias internacionales en territorio nacional.

Amount Granted

17.957,43

Entity

OFICINA DE PATENTES Y MARCAS

Status

CONCEDIDA

Project

Programa para fomento de solicitudes de patentes en el exterior.

Amount Granted

4.945,50

Entity

INSTITUTO VAL. EXPORTACION

Status

CONCEDIDA

Project

Asistencia feria Cevisama 2010.

Amount Granted

4.008,16

Entity

ASEBEC

Status

CONCEDIDA

Project

Fomento I+D+I.

Amount Granted

1.560,00

Entity

INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA

Status

CONCEDIDA

Amount Granted

142.489,00

Notes

Investigación y desarrollo tecnológico.

Entity

INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA - IREDAB

Status

CONCEDIDA

Amount Granted

10.944,70

Notes

Innoempresa; apoyo innovación.

Entity

ASOCIACIÓN ESPAÑOLA DE FABRICANTES DE MAQUINARIA Y BIENES DE EQUIPO PARA LA INDUSTRIA CERÁMICA

Status

CONCEDIDA

Amount Granted

6.900,00

Notes

Ayuda para el fomento de I+D+I

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34
Euro	1	INR 81.06

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

Partners

Enquiry Details

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Shareholders

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit