MIRA INFORM REPORT

Report No. :	503949
Report Date :	20.04.2018

IDENTIFICATION DETAILS

Name :	INLET SEAFISH SL

Registered Office :	C/ Bras De La Creu, Parcela I-2-8. Puerto De S. - Sagunto/Sagunt - 46500 - Valencia

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	02.01.1993

Legal Form :	Private company

Line of Business :	Wholesale of other food, including fish, crustaceans and molluscs

No. of Employees :	30 [2016]

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

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:

INLET SEAFISH SL

NIF / Fiscal code:

B96129762

Status:

ACTIVE

Incorporation Date:

02/01/1993

Register Data

Last Publication in BORME:

26/02/2018 [Appointments]

Last Published Account Deposit:

2016

Share Capital:

400.800

Localization:

C/ BRAS DE LA CREU, PARCELA I-2-8. PUERTO DE S. - SAGUNTO/SAGUNT - 46500 - VALENCIA

Telephone - Fax - Email - Website:

Telephone. 962 619 201 Email. info@inlet.es Website. www.inlet.es

Activity:

NACE:

4638 - Wholesale of other food, including fish, crustaceans and molluscs

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

4 for a total cost of 29645.9

Main products / services:

SushiFishSeafood

Quality Certificate:

Payment Behaviour:

Slow

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

BRAND SASTRE GESTION SL

33.3 %

MJM CARBULA SOCIEDAD LIMITADA

33.3 %

RALVIT GESTION SL

33.3 %

Identification

Social Denomination:

INLET SEAFISH SL

NIF / Fiscal code:

B96129762

Corporate Status:

ACTIVE

Start of activity:

1993

Registered Office:

C/ BRAS DE LA CREU, PARCELA I-2-8. PUERTO DE S.

Locality:

SAGUNTO/SAGUNT

Province:

VALENCIA

Postal Code:

46500

Telephone:

962 619 201

Fax:

962 619 202

Website:

www.inlet.es

Email:

info@inlet.es

Interviewed Person:

Information obtained through indirect sources, as people responsible for the company refused to provide information.

Branch Offices

Activity

NACE:

4638

Corporate Purpose:

THE SUBJECT IS ENGAGED IN THE IMPORT AND WHOLESALE OF ALL KINDS OF FROZEN PRODUCTS OF THE FOOD SECTOR.

Additional Information:

Wholesale of fish, seafood and frozen food products.

Additional Address:

Registered office, and central offices, located at the heading address, where it occupy premises of 25000m2. It has commercial offices in Barcelona, Madrid, Burgos, Sevilla y San Benedetto de Tronto (Italia) y sedes en Sanghai (China), Cochin (India), Reykjavik (Islandia) y Ho Chi Minh City (Vietnam)

Franchise:

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Main products / services

Product

% Over Sales

Sushi

Fish

Seafood

Vegetables

Cephalopods

Number of Employees

Year

No. of employees

Established

Incidentals

2016

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

Chronological Summary

Year

Act

1993

Appointments/ Re-elections (2) Company Formation (1) Increase of Capital (1)

1995

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

1996

Accounts deposit (year 1994, 1995)

1997

Accounts deposit (year 1996)

1998

Accounts deposit (year 1997) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1999

Accounts deposit (year 1998)

2000

Accounts deposit (year 1999)

2001

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

2002

Accounts deposit (year 2001)

2003

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

2004

Accounts deposit (year 2003) Appointments/ Re-elections (1)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (1)

2006

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

2007

Accounts deposit (year 2006) Appointments/ Re-elections (1)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (2)

2009

Accounts deposit (year 2008)

2010

Accounts deposit (year 2009) Change of Social address (1)

2011

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

2012

Accounts deposit (year 2011)

2013

Accounts deposit (year 2012)

2014

Accounts deposit (year 2013) Appointments/ Re-elections (1)

2015

Accounts deposit (year 2014)

2016

Accounts deposit (year 2015) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2017

Accounts deposit (year 2016) Appointments/ Re-elections (1)

2018

Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

400.800

Paid up capital:

400.800

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

12/03/1993

Company Formation

3.005

05/08/1993

Increase of Capital

18.066

21.077

23/05/2001

Increase of Capital

379.708

400.800

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

JOINT MANAGER

BRAND SASTRE GESTION SL

26/05/2016

RALVIT GESTION SL

26/05/2016

PROXY

LLOMBART SANZ JORGE JOSE

19/02/2018

ACCOUNTS' AUDITOR / HOLDER

GIMENO ROMO CONSULTORS SL

24/11/2017

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

BRAND EINO

SINGLE ADMINISTRATOR

03/11/1995

BRAND EINO ANTONIE

JOINT MANAGER

28/08/1998

JOINT MANAGER

26/05/2016

CAMPUZANO MARTIN RAFAEL

JOINT MANAGER

28/08/1998

JOINT MANAGER

26/05/2016

PROXY

13/02/1995

CASTEL AZNAR ANTONIO

ACCOUNTS' AUDITOR / HOLDER

27/05/2003

GIMENO I CASTEL CONSULTORS SL

ACCOUNTS' AUDITOR / HOLDER

07/06/2004

ACCOUNTS' AUDITOR / HOLDER

11/04/2005

ACCOUNTS' AUDITOR / HOLDER

12/06/2006

ACCOUNTS' AUDITOR / HOLDER

03/04/2007

ACCOUNTS' AUDITOR / HOLDER

07/01/2008

ACCOUNTS' AUDITOR / HOLDER

10/12/2008

GIMENO ROMO CONSULTORS SL

ACCOUNTS' AUDITOR / HOLDER

30/11/2011

ACCOUNTS' AUDITOR / HOLDER

31/12/2014

ACCOUNTS' AUDITOR / HOLDER

24/11/2017

TEJERO VAZQUEZ JUAN ANTONIO

DEPUTY ACCOUNTS' AUDITOR

27/05/2003

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

JOSE FERRIZ

MANAGING DIRECTOR

RAFAEL CAMPUZANO MARTIN

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 ).

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

---

22/04/2016

02/06/2017

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

---

Basis for scoring

Positive Factors

Adverse Factors

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

Adequate level of financial autonomy. The financial autonomy of the entity represents the 30.28%. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

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

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

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

The current debt represents a 61.63 % of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

Reduced cash level and other liquid assets equivalent in relation to the volume of operations held. In principle, a decrease in this ratio would indicate a worsening in the Company's financial situation.

No Company's subsidiaries or branches are known.

Private consumption continues to have, in spite of some signs of improvement, very low rates , thus showing great weakness.

Probability of default

> Estimated Probability of Default for the next 12 months: 2.051 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

463 Wholesale of food, beverages and tobacco

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 69.00% of the companies of the sector INLET SEAFISH SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2,051%.

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

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

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

4 Legal Claims whose amounts have not been 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

Incidences Detailed

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE VALENCIA - Date 02/06/2017

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

MU201637231016163

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº137, 2017 SUPLEMENTO 1 PAGINA 8478

PROCESSED BY THE LOCAL GOVERNMENT DE VALENCIA - Date 12/05/2017

Last Published Stage:

SEIZURE

Record Number:

2016EXP49018535

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº123, 2017 SUPLEMENTO 1 PAGINA 12323

PROCESSED BY THE LOCAL GOVERNMENT DE VALENCIA - Date 22/04/2016

Last Published Stage:

EXECUTION NOTIFICATION

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº103, 2016 SUPLEMENTO 1 PAGINA 10161

PROCESSED BY THE LOCAL GOVERNMENT DE VALENCIA - Date 22/04/2016

Last Published Stage:

EXECUTION NOTIFICATION

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº103, 2016 SUPLEMENTO 1 PAGINA 11211

Guarantees

References

Link List

HAS IN ITS ADMINISTRATION BOARD TO:

2 Entities

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

BRAND SASTRE GESTION SL

VALENCIA

33.3

MJM CARBULA SOCIEDAD LIMITADA

VALENCIA

33.3

RALVIT GESTION SL

VALENCIA

33.3

PARTICIPATES IN

SEAWORK IBERICA SOCIEDAD LIMITADA

VALENCIA

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

INLET PACK SL

VALENCIA

HAS IN ITS ADMINISTRATION BOARD TO

BRAND SASTRE GESTION SL

VALENCIA

RALVIT GESTION SL

VALENCIA

Turnover

Total Sales 2016

45.745.476,40

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

Estimated Balance

ESTIMATED FIGURES 2017 -NON CURRENT ASSETS 1.614.000 Euro/s -CURRENT ASSETS 20.801.000 Euro/s -NET EQUITY 6.780.000 Euro/s -NON CURRENT LIABILITIES 1.813.000 Euro/s -CURRENT LIABILITIES 13.814.000 Euro/s -TOTAL ASSETS AND LIABILITIES 22.415.000 Euro/s -SALES 48.000.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

September 2017

2015

Normales

September 2016

2014

Normales

September 2015

2013

Normales

September 2014

2012

Normales

September 2013

2011

Normales

September 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

September 2009

2007

Normales

September 2008

2006

Normales

October 2007

2005

Normales

August 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

October 2003

2001

Normales

August 2002

2000

Normales

June 2001

1999

Normales

September 2000

1998

Normales

August 1999

1997

Normales

September 1998

1996

Normales

August 1997

1995

Normales

October 1996

1994

Normales

March 1996

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. To view details on the methodology.

ORIGINAL

Assets

2016

2015

2014

2013

2012

A) NON-CURRENT ASSETS: 11000

1.537.847,00

138.721,00

1.395.543,00

1.348.936,00

1.314.768,00

I. Intangible fixed assets : 11100

146,00

3.869,00

11.543,00

19.216,00

26.203,00

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

146,00

3.869,00

11.543,00

19.216,00

26.203,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

1.826,00

88.533,00

118.247,00

69.845,00

28.496,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

1.826,00

88.533,00

118.247,00

69.845,00

28.496,00

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

1.503.069,00

3.069,00

1.231.980,00

1. Equity instruments: 11410

3.069,00

2. Credits to businesses: 11420

1.500.000,00

0,00

1.228.911,00

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

28.195,00

38.172,00

28.172,00

27.894,00

28.090,00

1. Equity instruments: 11510

27.190,00

37.167,00

27.168,00

26.863,00

24.863,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

2.000,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

1.005,00

1.032,00

1.227,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

4.611,00

5.078,00

5.601,00

0,00

B) CURRENT ASSETS: 12000

19.823.912,00

18.779.731,00

15.262.582,00

12.518.041,00

11.006.233,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

8.525.206,00

7.332.898,00

6.327.908,00

5.408.584,00

4.698.457,00

1. Commercial: 12210

8.525.206,00

7.332.898,00

6.210.346,00

5.408.584,00

4.677.882,00

2. Primary material and other supplies: 12220

0,00

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

0,00

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

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

117.562,00

0,00

20.574,00

III. Trade debtors and others receivable accounts: 12300

9.432.988,00

8.479.592,00

7.344.925,00

6.144.471,00

5.882.886,00

1. Trade debtors / accounts receivable: 12310

9.415.913,00

8.478.099,00

7.214.567,00

5.973.980,00

5.713.364,00

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

0,00

b) Customers for sales and provisions of services : 12312

9.415.913,00

8.478.099,00

7.214.567,00

5.973.980,00

5.713.364,00

2. Customers, Group companies and associates : 12320

249,00

134,00

97,00

35.819,00

0,00

3. Other accounts receivable: 12330

1.232,00

7.302,00

11.636,00

4. Personnel: 12340

15.595,00

0,00

2.760,00

5.561,00

11.661,00

5. Assets for deferred tax: 12350

0,00

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

0,00

127,00

126.269,00

121.810,00

146.225,00

7. Called up share capital: 12370

0,00

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

1.228.911,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

1.228.911,00

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

75.133,00

147.509,00

138.099,00

126.485,00

71.368,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

75.133,00

147.509,00

138.099,00

126.485,00

71.368,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

22.020,00

30.064,00

33.631,00

29.307,00

24.986,00

VII. Cash and other equivalent liquid assets : 12700

539.654,00

1.560.757,00

1.418.020,00

809.194,00

328.536,00

1. Treasury: 12710

539.654,00

1.560.757,00

1.418.020,00

809.194,00

328.536,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

21.361.759,00

18.918.452,00

16.658.126,00

13.866.977,00

12.321.001,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

6.468.731,00

5.012.256,00

4.342.365,00

3.475.013,00

3.010.017,00

A-1) Shareholders' equity: 21000

6.468.731,00

5.012.256,00

4.342.365,00

3.475.013,00

3.010.017,00

I. Capital: 21100

400.800,00

1. Registered capital : 21110

400.800,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

4.611.456,00

3.491.565,00

2.874.213,00

2.609.217,00

2.195.552,00

1. Legal and statutory: 21310

455.682,00

2. Other reserves: 21320

4.094.038,00

3.035.883,00

2.418.530,00

2.153.535,00

1.739.870,00

3. Revaluation reserves: 21330

0,00

2. Capitalisation Reserves: 21350

61.735,00

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

1.456.475,00

1.119.891,00

1.067.353,00

464.995,00

413.665,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

1.727.702,00

29.329,00

63.854,00

41.859,00

0,00

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

1.727.702,00

29.329,00

63.854,00

41.859,00

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

1.727.702,00

2.926,00

9.743,00

0,00

3. Creditors from financial leasing: 31230

0,00

26.403,00

54.111,00

41.859,00

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

13.165.327,00

13.876.868,00

12.251.906,00

10.350.106,00

9.310.984,00

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

8.290.196,00

9.118.127,00

6.589.833,00

4.781.670,00

6.168.235,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

8.290.196,00

9.090.146,00

6.562.657,00

4.781.670,00

6.168.235,00

3. Creditors from financial leasing: 32330

0,00

27.662,00

26.522,00

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

318,00

654,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

4.875.131,00

4.758.741,00

5.662.073,00

5.568.436,00

3.142.748,00

1. Suppliers: 32510

3.080.551,00

3.164.371,00

3.787.770,00

4.435.974,00

2.184.341,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

3.080.551,00

3.164.371,00

3.787.770,00

4.435.974,00

2.184.341,00

2. Suppliers, Group companies and associates: 32520

242.913,00

87.202,00

107.672,00

0,00

3. Other creditors: 32530

1.276.038,00

1.178.661,00

1.512.497,00

1.008.361,00

837.565,00

4. Personnel (remuneration due): 32540

0,00

5. Liabilities for current tax: 32550

26.578,00

134.939,00

213.132,00

89.148,00

80.696,00

6. Other accounts payable to Public Administrations.: 32560

249.051,00

193.568,00

41.002,00

34.953,00

40.146,00

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

21.361.759,00

18.918.452,00

16.658.126,00

13.866.977,00

12.321.001,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

45.745.476,00

42.686.363,00

38.495.097,00

31.974.344,00

29.117.132,00

a) Sales: 40110

45.745.476,00

42.686.363,00

38.495.097,00

31.974.344,00

29.117.132,00

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

-39.263.108,00

-36.390.797,00

-31.906.716,00

-26.824.783,00

-24.575.393,00

a) Stock consumption: 40410

-38.811.262,00

-36.579.904,00

-31.592.635,00

-26.752.409,00

-24.497.659,00

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

-63.636,00

-59.564,00

-65.409,00

-72.375,00

-66.502,00

c) Works carried out by other companies: 40430

0,00

-11.233,00

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

-388.210,00

248.672,00

-248.672,00

0,00

5. Other operating income: 40500

205,00

6.008,00

12.622,00

6.815,00

1.795,00

a) Auxiliary income and other from current management: 40510

0,00

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

205,00

6.008,00

12.622,00

6.815,00

1.795,00

6. Personnel costs: 40600

-753.120,00

-940.740,00

-926.880,00

-850.466,00

-921.903,00

a) Wages, salaries et al.: 40610

-590.563,00

-785.281,00

-777.171,00

-719.951,00

-771.309,00

b) Social security costs: 40620

-162.558,00

-155.459,00

-149.709,00

-130.515,00

-150.595,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-3.649.676,00

-3.594.206,00

-3.781.867,00

-3.191.205,00

-2.687.975,00

a) External services: 40710

-3.635.910,00

-3.573.271,00

-3.765.870,00

-3.089.784,00

-2.683.261,00

b) Taxes: 40720

-12.083,00

-16.202,00

-3.412,00

-1.733,00

-2.877,00

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

-1.683,00

-4.733,00

-12.585,00

-99.688,00

-1.837,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-27.061,00

-37.387,00

-35.825,00

-26.408,00

-21.053,00

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

0,00

10. Excess provisions : 41000

0,00

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

4.502,00

6.000,00

3.306,00

-1.443,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

4.502,00

6.000,00

3.306,00

-1.443,00

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

12.819,00

0,00

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

2.070.037,00

1.735.241,00

1.859.736,00

1.086.854,00

912.602,00

14. Financial income : 41400

59.370,00

65.317,00

74.612,00

59.844,00

132.630,00

a) Of shares in equity instruments : 41410

2.593,00

0,00

106.237,00

a 1) In Group companies and associates: 41411

0,00

106.237,00

a 2) In third parties: 41412

2.593,00

0,00

b) From negotiable securities and other financial instruments : 41420

56.777,00

65.317,00

74.612,00

59.844,00

26.393,00

b 1) From Group companies and associates : 41421

55.915,00

65.115,00

74.417,00

59.683,00

25.952,00

b 2) From third parties : 41422

861,00

202,00

195,00

161,00

441,00

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

0,00

15. Financial expenditure: 41500

-193.034,00

-277.126,00

-404.579,00

-472.247,00

-493.937,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-193.034,00

-277.126,00

-404.579,00

-472.247,00

-493.937,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

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

0,00

17. Exchange rate differences : 41700

5.187,00

8.913,00

-4.979,00

-5.474,00

-5.875,00

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

461,00

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

461,00

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

-128.016,00

-202.895,00

-334.946,00

-417.877,00

-367.182,00

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

1.942.022,00

1.532.346,00

1.524.790,00

668.977,00

545.420,00

20. Income taxes: 41900

-485.547,00

-412.455,00

-457.437,00

-203.982,00

-131.755,00

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

1.456.475,00

1.119.891,00

1.067.353,00

464.995,00

413.665,00

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

0,00

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

1.456.475,00

1.119.891,00

1.067.353,00

464.995,00

413.665,00

> 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. 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:

1.533.236,00

133.643,00

1.389.942,00

1.348.936,00

1.314.768,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

146,00

3.869,00

11.543,00

19.216,00

26.203,00

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:

146,00

3.869,00

11.543,00

19.216,00

26.203,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

1.826,00

88.533,00

118.247,00

69.845,00

28.496,00

1. Land and construction:

0,00

2. Technical installations and machinery:

321,00

15.555,00

20.776,00

12.272,00

5.007,00

3. Other installations, tools and furniture:

641,00

31.061,00

41.486,00

24.505,00

9.998,00

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

0,00

5. Other tangible assets:

865,00

41.917,00

55.985,00

33.069,00

13.492,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

1.531.264,00

41.241,00

1.260.153,00

1.259.874,00

1.260.070,00

1. Equity investments in group companies:

3.069,00

2. Receivables from group companies:

1.500.000,00

0,00

1.228.911,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

27.190,00

37.167,00

27.168,00

26.863,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

1.005,00

1.032,00

1.227,00

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:

19.828.524,00

18.784.809,00

15.268.183,00

12.518.041,00

11.006.233,00

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

0,00

II. Stocks:

8.525.206,00

7.332.898,00

6.327.908,00

5.408.584,00

4.698.457,00

1. Goods for resale:

8.525.206,00

7.332.898,00

6.210.346,00

5.408.584,00

4.677.882,00

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

117.562,00

0,00

20.574,00

7. Provisions:

0,00

III. Debtors:

9.437.600,00

8.484.670,00

7.350.526,00

6.144.471,00

5.882.886,00

1. Trade debtors / accounts receivable:

9.415.913,00

8.478.099,00

7.214.567,00

5.973.980,00

5.713.364,00

2. Accounts receivable, Group companies:

249,00

134,00

97,00

35.819,00

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

1.232,00

7.302,00

11.636,00

5. Staff:

15.595,00

0,00

2.760,00

5.561,00

11.661,00

6. Public bodies:

4.611,00

5.205,00

131.870,00

121.810,00

146.225,00

7. Provisions:

0,00

IV. Short-term investments:

1.304.044,00

1.376.420,00

138.099,00

126.485,00

71.368,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

1.228.911,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

75.133,00

147.509,00

138.099,00

126.485,00

71.368,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

539.654,00

1.560.757,00

1.418.020,00

809.194,00

328.536,00

VII. Prepayments and accrued income:

22.020,00

30.064,00

33.631,00

29.307,00

24.986,00

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

21.361.759,00

18.918.452,00

16.658.126,00

13.866.977,00

12.321.001,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

6.406.996,00

5.012.256,00

4.342.365,00

3.475.013,00

3.010.017,00

I. Subscribed capital:

400.800,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

4.549.721,00

3.491.565,00

2.874.213,00

2.609.217,00

2.195.552,00

1. Legal reserve:

455.682,00

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:

4.094.038,00

3.035.883,00

2.418.530,00

2.153.535,00

1.739.870,00

6. Differences due to capital adjustment to euros:

0,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

1.456.475,00

1.119.891,00

1.067.353,00

464.995,00

413.665,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

1.727.702,00

29.329,00

63.854,00

41.859,00

0,00

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:

1.727.702,00

29.329,00

63.854,00

41.859,00

0,00

1. Loans and other liabilities:

1.727.702,00

2.926,00

9.743,00

0,00

2. Long-term liabilities from capital leases:

0,00

26.403,00

54.111,00

41.859,00

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

0,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

13.165.327,00

13.876.868,00

12.251.906,00

10.350.106,00

9.310.984,00

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:

8.290.196,00

9.117.808,00

6.589.179,00

4.781.670,00

6.168.235,00

1. Loans and other liabilities:

8.290.196,00

9.090.146,00

6.562.657,00

4.781.670,00

6.168.235,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

27.662,00

26.522,00

0,00

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

242.913,00

87.202,00

107.672,00

0,00

1. Amounts owed to group companies:

242.913,00

87.202,00

107.672,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

4.356.589,00

4.343.032,00

5.300.267,00

5.444.335,00

3.021.906,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

4.356.589,00

4.343.032,00

5.300.267,00

5.444.335,00

3.021.906,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

275.629,00

328.825,00

254.788,00

124.101,00

120.842,00

1. Public bodies:

275.629,00

328.507,00

254.134,00

124.101,00

120.842,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

318,00

654,00

0,00

4. Wages and salaries payable:

0,00

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):

21.300.024,00

18.918.452,00

16.658.126,00

13.866.977,00

12.321.001,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

44.371.546,00

41.652.711,00

37.518.283,00

31.576.008,00

28.837.892,00

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

0,00

A.2. Supplies:

38.874.898,00

36.639.469,00

31.658.044,00

26.824.783,00

24.575.393,00

a) Stock consumption:

38.811.262,00

36.579.904,00

31.592.635,00

26.752.409,00

24.497.659,00

b) Consumption of raw materials and miscellaneous consumable ones:

63.636,00

59.564,00

65.409,00

72.375,00

66.502,00

c) Miscellaneous external expenditure:

0,00

11.233,00

A.3. Staff costs:

753.120,00

940.740,00

926.880,00

850.466,00

921.903,00

a) Wages, salaries et al.:

590.563,00

785.281,00

777.171,00

719.951,00

771.309,00

b) Social security costs:

162.558,00

155.459,00

149.709,00

130.515,00

150.595,00

A.4. Depreciation expense:

27.061,00

37.387,00

35.825,00

26.408,00

21.053,00

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

389.893,00

-243.939,00

261.257,00

99.688,00

1.837,00

a) Stock provision variation:

388.210,00

-248.672,00

248.672,00

0,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

1.683,00

4.733,00

12.585,00

99.688,00

1.837,00

A.6. Other operating charges:

3.647.992,00

3.589.473,00

3.769.282,00

3.091.517,00

2.686.138,00

a) External services:

3.635.910,00

3.573.271,00

3.765.870,00

3.089.784,00

2.683.261,00

b) Taxes:

12.083,00

16.202,00

3.412,00

1.733,00

2.877,00

c) Other operating expenses:

0,00

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):

2.052.717,00

1.729.241,00

1.856.430,00

1.088.297,00

912.602,00

A.7. Financial and similar charges:

193.034,00

277.126,00

404.579,00

472.247,00

493.937,00

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.:

193.034,00

277.126,00

404.579,00

472.247,00

493.937,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

4.979,00

5.474,00

5.875,00

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

0,00

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

1.924.701,00

1.526.346,00

1.521.484,00

670.420,00

545.420,00

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

1.443,00

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):

17.321,00

6.000,00

3.306,00

0,00

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

1.942.022,00

1.532.346,00

1.524.790,00

668.977,00

545.420,00

A.15. Corporation tax:

485.547,00

412.455,00

457.437,00

203.982,00

131.755,00

A.16. Miscellaneous taxes:

0,00

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

1.456.475,00

1.119.891,00

1.067.353,00

464.995,00

413.665,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

45.828.020,00

42.772.602,00

38.585.636,00

32.041.003,00

29.251.557,00

B.1. Net total sales:

45.745.476,00

42.686.363,00

38.495.097,00

31.974.344,00

29.117.132,00

a) Sales:

46.674.667,00

43.553.417,00

39.277.016,00

32.623.813,00

29.708.564,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

-929.190,00

-867.053,00

-781.919,00

-649.469,00

-591.432,00

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:

205,00

6.008,00

12.622,00

6.815,00

1.795,00

a) Auxiliary income and other from current management:

0,00

b) Grants:

205,00

6.008,00

12.622,00

6.815,00

1.795,00

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:

2.593,00

0,00

106.237,00

a) In companies of the group:

0,00

106.237,00

b) In associated companies:

0,00

c) Third parties:

2.593,00

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:

57.238,00

65.317,00

74.612,00

59.844,00

26.393,00

a) From companies of the group:

55.915,00

65.115,00

74.417,00

59.683,00

25.952,00

b) From associated companies:

0,00

c) Miscellaneous interests:

861,00

202,00

195,00

161,00

441,00

d) Profit on financial investment:

461,00

0,00

B.8. Exchange positive differences:

5.187,00

8.913,00

0,00

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

128.016,00

202.895,00

334.946,00

417.877,00

367.182,00

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:

4.502,00

6.000,00

3.306,00

0,00

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

0,00

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

0,00

B.12. Extraordinary income:

12.819,00

0,00

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

1.443,00

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.

Net Rights Granted

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

1.942.022,00

1.532.346,00

1.524.790,00

668.977,00

545.420,00

2. Results adjustments.: 61200

150.575,00

234.282,00

367.466,00

445.728,00

388.235,00

a) Fixed Assets Amortization (+).: 61201

27.061,00

37.387,00

35.825,00

26.408,00

21.053,00

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

-4.502,00

-6.000,00

-3.306,00

1.443,00

0,00

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

-461,00

0,00

g) Financial income (-).: 61207

-59.370,00

-65.317,00

-74.612,00

-59.844,00

-132.630,00

h) Financial Expenses (+). : 61208

193.034,00

277.126,00

404.579,00

472.247,00

493.937,00

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

-5.187,00

-8.913,00

4.979,00

5.474,00

5.875,00

3. Changes in current capital equity.: 61300

-1.840.852,00

-598.731,00

-109.931,00

7.972,00

-392.067,00

a) Stock (+/-).: 61301

-1.192.308,00

-1.004.990,00

-919.325,00

-710.127,00

866.700,00

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

-953.396,00

-1.134.667,00

-1.200.453,00

-261.586,00

-41.436,00

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

80.420,00

-5.844,00

-15.938,00

-59.438,00

48.342,00

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

224.751,00

-981.525,00

217.622,00

2.425.687,00

139.611,00

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

-318,00

2.528.294,00

1.808.163,00

-1.386.565,00

-1.405.283,00

4. Cash Flows from Other Operating Activities: 61400

-721.918,00

-536.635,00

-921.968,00

-621.859,00

-498.936,00

a) Interest payments (-). : 61401

-187.846,00

-268.212,00

-409.558,00

-477.721,00

-499.812,00

b) Dividend payment collection (+). : 61402

2.593,00

0,00

106.237,00

c) Interest collection (+). : 61403

56.777,00

65.317,00

74.612,00

59.844,00

26.393,00

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

-593.442,00

-333.739,00

-587.022,00

-203.982,00

-131.755,00

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

-470.173,00

631.262,00

860.356,00

500.818,00

42.651,00

6. Payments for investment (-).: 62100

-1.500.021,00

-9.999,00

-76.859,00

-65.324,00

-229.205,00

a) Companies of the group and affiliates. : 62101

-1.500.000,00

0,00

-187.619,00

b) Intangible fixed assets. : 62102

0,00

-550,00

-30.144,00

c) Fixed assets. : 62103

0,00

-76.554,00

-64.970,00

-11.132,00

e) Other financial assets. : 62105

-21,00

-9.999,00

-305,00

196,00

-310,00

7. Divestment payment collection (+). : 62200

78.329,00

6.000,00

3.333,00

3.306,00

2.055,00

c) Fixed assets. : 62203

67.871,00

6.000,00

3.306,00

0,00

e) Other financial assets. : 62205

10.458,00

0,00

27,00

0,00

2.055,00

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

-1.421.691,00

-3.999,00

-73.526,00

-62.018,00

-227.149,00

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

0,00

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

870.761,00

-34.526,00

21.996,00

41.859,00

0,00

a) Issuance : 63201

2.850.000,00

1.500.457,00

81.597,00

47.374,00

0,00

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

2.850.000,00

1.500.457,00

81.597,00

47.374,00

0,00

b) Repayment and amortization of : 63207

-1.979.239,00

-1.534.983,00

-59.601,00

-5.516,00

0,00

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

-1.979.239,00

-1.534.983,00

-59.601,00

-5.516,00

0,00

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

0,00

-450.000,00

-200.000,00

0,00

a) Dividends (-).: 63301

0,00

-450.000,00

-200.000,00

0,00

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

870.761,00

-484.526,00

-178.004,00

41.859,00

0,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-1.021.103,00

142.737,00

608.826,00

480.658,00

-184.498,00

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

1.560.757,00

1.418.020,00

809.194,00

328.536,00

513.034,00

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

539.654,00

1.560.757,00

1.418.020,00

809.194,00

328.536,00

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 %

0,07 %

0,00 %

0,06 %

13,02 %

Net Financial Debt:

4,52

2,32

4,21

2,83

7,37

-18,15

Cash Flow Yield:

-0,05 %

0,04 %

0,01 %

0,03 %

-733,55 %

14,94 %

EBITDA over Sales:

4,55 %

11,98 %

4,14 %

10,45 %

9,85 %

14,65 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

11,10 %

8,87 %

9,92 %

6,95 %

11,99 %

27,66 %

Total economic profitability:

9,99 %

4,95 %

9,56 %

3,20 %

4,50 %

54,82 %

Financial profitability:

22,52 %

7,35 %

22,34 %

4,15 %

0,77 %

77,10 %

Margin:

4,50 %

7,85 %

4,06 %

6,35 %

10,64 %

23,70 %

Mark-up:

4,22 %

7,11 %

3,59 %

3,80 %

17,50 %

87,04 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,04

0,16

0,11

0,14

-63,55

15,72

Acid Test:

0,86

0,90

0,82

0,87

4,11

3,31

Working Capital / Investment:

0,31

0,03

0,26

0,03

20,28

3,35

Solvency:

1,51

1,21

1,35

1,19

11,26

1,58

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

2,30

1,24

2,77

1,30

-17,02

-4,79

Borrowing Composition:

0,13

1,05

0,00

1,04

1,25

Repayment Ability:

7,16

9,27

7,87

11,03

-9,03

-15,91

Warranty:

1,43

1,82

1,36

1,78

5,43

1,99

Generated resources / Total creditors:

0,13

0,09

0,07

0,08

92,30

19,99

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

3,76

1,91

2,88

1,80

30,70

6,12

Turnover of Collection Rights :

4,85

5,10

5,03

5,22

-3,68

-2,43

Turnover of Payment Entitlements:

8,80

3,54

8,40

3,69

4,76

-3,96

Stock rotation:

5,13

8,12

5,59

7,79

-8,25

4,25

Assets turnover:

2,47

1,13

2,44

1,09

1,22

3,20

Borrowing Cost:

1,30

2,32

1,99

2,45

-34,96

-5,10

> 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 %

0,00 %

0,02 %

-0,01 %

Net Financial Debt:

4,52

4,21

2,69

3,49

6,18

Cash Flow Yield:

-0,05 %

0,01 %

0,04 %

0,03 %

-0,01 %

EBITDA over Sales:

4,55 %

4,14 %

4,92 %

3,49 %

3,21 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

11,10 %

9,92 %

12,19 %

8,71 %

8,30 %

Total economic profitability:

9,99 %

9,56 %

11,58 %

8,23 %

8,44 %

Financial profitability:

22,52 %

22,34 %

24,58 %

13,38 %

13,74 %

Margin:

4,50 %

4,06 %

4,83 %

3,40 %

3,13 %

Mark-up:

4,22 %

3,59 %

3,96 %

2,09 %

1,87 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,04

0,11

0,12

0,08

0,04

Acid Test:

0,86

0,82

0,73

0,68

0,67

Working Capital / Investment:

0,31

0,26

0,18

0,16

0,14

Solvency:

1,51

1,35

1,25

1,21

1,18

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

2,30

2,77

2,84

2,99

3,09

Borrowing Composition:

0,13

0,00

0,01

0,00

Repayment Ability:

7,16

7,87

6,51

9,32

9,97

Warranty:

1,43

1,36

1,35

1,33

1,32

Generated resources / Total creditors:

0,13

0,07

0,11

0,05

Efficiency

2016

2015

2014

2013

2012

Productivity:

3,76

2,88

3,04

2,31

2,01

Turnover of Collection Rights :

4,85

5,03

5,24

5,20

4,95

Turnover of Payment Entitlements:

8,80

8,40

6,30

5,39

8,68

Stock rotation:

5,13

5,59

5,79

5,71

6,00

Assets turnover:

2,47

2,44

2,52

2,56

2,65

Borrowing Cost:

1,30

1,99

3,29

4,54

5,30

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

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

SERVEF

Subsidy Concept

Subvención a la explotación.

Status

CONCEDIDA

Amount Granted

205,40

Entity

SEGURIDAD SOCIAL Y EL SERVEF

Subsidy Concept

Subvención a la explotación.

Status

CONCEDIDA

Amount Granted

12.621,50

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación.

Status

CONCEDIDA

Amount Granted

1.795,00

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

15.024,00

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 65.68
UK Pound	1	INR 93.98
Euro	1	INR 81.30
Euro	1	INR 81.42

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

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	SYL

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

Identification

Activity

Main products / services

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Active Social Bodies

Historical Social Bodies

Executive board

Chronological summary

Basis for scoring

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