MIRA INFORM REPORT

Report No. :	487223
Report Date :	03.02.2018

IDENTIFICATION DETAILS

Name :	ACEROS IMS INT SOCIEDAD ANONIMA

Registered Office :	Barrio Astola, 7 - Abadiño - 48220 - Vizcaya

Country :	Spain

Financials (as on) :	2014

Date of Incorporation :	01.01.1977

Legal Form :	Public company

Line of Business :	Wholesale of metals and metal ores

No. of Employees :	160

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

(30.06.2017)

Current Rating

(30.09.2017)

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 experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2017 Spain marked the fourth full year of positive economic growth in ten years, largely due to increased private consumption. At the onset of the financial crisis, Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In that year, the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program for its financial sector.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 17% in 2017. High unemployment has 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.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained through 2016. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

Political gridlock after the national elections in December 2015 and June 2016 and ensuing government formation process constrained the caretaker government’s ability to implement needed labor, pension, health care, tax, and education reforms— in 2016. The European Commission criticized Spain’s 2016 budget for easing austerity measures and for its alleged overly optimistic growth and deficit projections. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and with the recent uptick in economic activity, inflation has reappeared, at 2% per year.

Source : CIA

EXECUTIVE SUMMARY

Name:

ACEROS IMS INT SOCIEDAD ANONIMA

NIF / Fiscal code:

A08426470

Status:

ACTIVE WITH PARTIAL DIVISION OF CAPITAL

Incorporation Date:

01/01/1977

Register Data

Last Publication in BORME:

25/05/2016 [Reelections]

Last Published Account Deposit:

2014

Share Capital:

15.486.278,89

Localization:

BARRIO ASTOLA, 7 - ABADIÑO - 48220 - VIZCAYA

Telephone - Fax - Email - Website:

Telephone. 946 204 000 Email. abcentral@ims-group.com Website. www.acerosims.com

Number of Branches

Activity:

NACE:

4672 - Wholesale of metals and metal ores

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Main products / services:

Special steelsTool steelStainless steel

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)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

JACQUET METAL SERVICES, SOCIEDAD ANONIMA, (FRANCIA)

100 %

Identification

Social Denomination:

ACEROS IMS INT SOCIEDAD ANONIMA

NIF / Fiscal code:

A08426470

Corporate Status:

ACTIVE WITH PARTIAL DIVISION OF CAPITAL

Start of activity:

1991

Registered Office:

BARRIO ASTOLA, 7

Locality:

ABADIÑO

Province:

VIZCAYA

Postal Code:

48220

Telephone:

946 204 000

Fax:

902 204 011

Website:

www.acerosims.com

Email:

abcentral@ims-group.com

Interviewed Person:

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

Branch Offices

Address

Postal Code

City

Province

Ctra. Estación, 10 (P. I. de Naon)

33429

Viella-Siero

Asturias

Gorgs Lladó, s/n (P. I. can Salvatella)

08210

Barberá del Vallés

Barcelona

P I. Eitua, 46

48240

Berriz

Vizcaya

P. I. M-50 Sur C/ Pascal, s/n

28914

Leganés

Madrid

P. I. Los Palillos C/ Los Palillos, 4

41500

Alcalá de Guadaira

Sevilla

C/ Del Camí Cebolla, 33

46138

Rafelbunyol

Valencia

C/ De la Turquesa, 67 (P. I. San Cristobal)

47012

Valladolid

P. Empresarium C/ Ontina, 11

50720

La Cartuja Baja

Zaragoza

Eulena Kalea, 5

48220

Abadiño

Vizcaya

Activity

NACE:

4672

Corporate Purpose:

THE SUBJECT IS ENGAGED IN THE SALE, MANIPULATION AND MECHANIZATION BY OWN OR THIRD PARTIES MEANS OF ALL KINDS OF METALS AND ITS ALLOYS, WOOD, PAPER, CELLULOSES, PLASTIC AND ITS DERIVATIVES, ETC.

Additional Information:

It is engaged in the manipulation and wholesale of special steels.

Additional Address:

Registered office, offices and central premises located at the heading address. It has several working centres, whose whereabouts will be detailed in the relevant section of this report.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Main products / services

Product

% Over Sales

Special steels

Tool steel

Stainless steel

Aluminum alloys

Oxycut and sheet metal

Molten iron

Number of Employees

Year

No. of employees

Established

Incidentals

2016

160

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

Chronological Summary

Year

Act

1990

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

1991

Accounts deposit (year 1990) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Change of Social Purpose (1) Statutory Modifications (1)

1992

Accounts deposit (year 1991) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

1993

Accounts deposit (year 1992) Appointments/ Re-elections (1)

1994

Cessations/ Resignations/ Reversals (1) Change of Social address (1)

1995

Accounts deposit (year 1993, 1994) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)

1996

Accounts deposit (year 1995) Appointments/ Re-elections (1)

1997

Accounts deposit (year 1996) Appointments/ Re-elections (3) Increase of Capital (1) Other Concepts/ Events (1) Take-over Merger (5)

1998

Accounts deposit (year 1997)

1999

Accounts deposit (year 1998) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Change of Social address (1) Increase of Capital (1) Take-over Merger (5)

2000

Accounts deposit (year 1999) Appointments/ Re-elections (1) Change of Social Denomination (1) Take-over Merger (1)

2001

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

2002

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)

2003

Appointments/ Re-elections (1) Disapproved accounts (3)

2004

Appointments/ Re-elections (1) Disapproved accounts (3) Other Concepts/ Events (1)

2005

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Disapproved accounts (4) Other Concepts/ Events (1) Statutory Modifications (1)

2006

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

2009

Cessations/ Resignations/ Reversals (1)

2010

Accounts deposit (year 2003, 2004, 2005, 2006, 2007, 2008, 2009) Appointments/ Re-elections (3) Other Concepts/ Events (1) Partial split (2)

2011

Partial split (1)

2012

Accounts deposit (year 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)

2013

Accounts deposit (year 2011, 2012) Appointments/ Re-elections (1)

2014

Accounts deposit (year 2013) Appointments/ Re-elections (3) Modification of Powers (1)

2015

Accounts deposit (year 2014)

2016

Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

15.486.278,89

Paid up capital:

15.486.278,89

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

27/01/1990

Increase of Capital

210.354

631.063

09/06/1997

Increase of Capital

56.796

687.858

28/06/1999

Increase of Capital

14.798.421

15.486.279

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

IMS GROUP HOLDING SAS

29/05/2012

SINGLE ADMINISTRATOR

JACQUET ERIC

25/04/2012

COMBINED PROXY

OLIVERI ALBISU JESUS MARIA

21/05/2014

GARAY OLABARRIA AMAIA

21/05/2014

OLIVERI GONZALEZ AITOR

21/05/2014

JOINT ATTORNEY

GARAY FERNANDEZ AITOR

16/02/2001

PROXY

GARAY OLABARRIA AMAIA

21/05/2014

OLIVERI ALBISU JESUS MARIA

16/02/2001

PEREZ BELTRAN IRENE

28/02/1992

REPRESENTATIVE

ERIC JACQUET

19/10/2010

ACCOUNTS' AUDITOR / HOLDER

CHARMAN AUDITORES SOCIEDAD ANONIMA

16/05/2016

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ALAIN REGNAULT DE SAVIGNY DE MONCORPS

MEMBER OF THE BOARD

01/03/1995

PRESIDENT

01/03/1995

ALLEN CARON PATRICK

MEMBER OF THE BOARD

05/11/2002

MEMBER OF THE BOARD

20/07/2005

BITTNER THOMAS WOLFGANG NICOLAUS

MEMBER OF THE BOARD

20/07/2005

CARLO FORNENGO CESARE

MEMBER OF THE BOARD

24/11/1999

CHIEF EXECUTIVE OFFICER

24/11/1999

PRESIDENT

24/11/1999

CASTELAR MEZO BEATRIZ

SECRETARY

05/11/2002

SECRETARY

20/07/2005

CESARE CARLO FORNENGO

MEMBER OF THE BOARD

20/07/2005

PRESIDENT

24/11/1999

MEMBER OF THE BOARD

06/11/1999

CHIEF EXECUTIVE OFFICER

06/11/1999

PRESIDENT

06/11/1999

CHARMAN AUDITORES SOCIEDAD ANONIMA

ACCOUNTS' AUDITOR / HOLDER

05/08/2002

ACCOUNTS' AUDITOR / HOLDER

10/11/2003

ACCOUNTS' AUDITOR / HOLDER

22/10/2004

ACCOUNTS' AUDITOR / HOLDER

22/06/2006

ACCOUNTS' AUDITOR / HOLDER

16/05/2016

ACCOUNTS' AUDITOR / HOLDER

11/11/2005

ERNST & YOUNG SOCIEDAD LIMITADA

ACCOUNTS' AUDITOR / HOLDER

07/02/2013

ACCOUNTS' AUDITOR / HOLDER

13/01/2014

ACCOUNTS' AUDITOR / HOLDER

16/05/2016

ACCOUNTS' AUDITOR / HOLDER

08/07/2010

ACCOUNTS' AUDITOR / HOLDER

23/11/2010

ACCOUNTS' AUDITOR / HOLDER

25/04/2012

FAIJEAN FRANCOIS MARIE

MEMBER OF THE BOARD

05/11/2002

PRESIDENT

05/11/2002

PRESIDENT

20/07/2005

MEMBER OF THE BOARD

20/07/2005

GARAY FERNANDEZ AITOR

PROXY

27/04/2006

GARAY OLABARRIA AMAIA

PROXY

21/05/2014

PROXY

26/07/2005

PROXY

04/05/2009

JOINT ATTORNEY

04/05/2009

IMS ACEROS SOCIEDAD ANONIMA

MEMBER OF THE BOARD

05/11/2002

IMS INTERNATIONAL METAL SERVICE SOCIEDAD ANONIMA

SINGLE ADMINISTRATOR

19/10/2010

SINGLE ADMINISTRATOR

25/04/2012

IMS INTERNATIONAL METAL SERVICESA

SINGLE PARTNER

29/05/2012

JEAN PASCAL MARC LEPRINCE

MEMBER OF THE BOARD

20/07/2005

MEMBER OF THE BOARD

06/11/1999

MARC LE PRINCE JEAN PASCAL

MEMBER OF THE BOARD

24/11/1999

MARQUEZ RODRIGUEZ ALFONSO

PROXY

31/05/1990

MICHEL ARPA

MEMBER OF THE BOARD

26/05/1994

CHIEF EXECUTIVE OFFICER

26/05/1994

OLIVERI ALBISU JESUS MARIA

JOINT ATTORNEY

21/05/2014

PATRICK ALLEN CARON

MEMBER OF THE BOARD

23/12/1997

MEMBER OF THE BOARD

20/07/2005

PEREZ BELTRAN IRENE

PROXY

28/02/1992

PUJOL PLANS NURIA

JOINT MANAGER

07/03/1991

JOINT MANAGER

28/02/1992

ROSES CASTRO FRANCISCO

PROXY

05/11/2002

MEMBER OF THE BOARD

05/11/2002

PROXY

15/03/1995

CHIEF EXECUTIVE OFFICER

14/03/1995

MEMBER OF THE BOARD

14/03/1995

PROXY

02/04/1997

SCHRODER FUNOLL RAUL LUIS FELIX

JOINT MANAGER

28/02/1992

JOINT MANAGER

07/03/1991

SCHRODER NORMAN SUNE

ADMINISTRATOR

12/02/1991

SCHRODER PUJOL RAUL

JOINT MANAGER

28/02/1992

PROXY

28/02/1992

SCHRODER PUJOL RONALD LEON

JOINT MANAGER

28/02/1992

SEVY NAVARRO ISIDORO

PROXY

28/02/1992

VAZQUEZ DE SOLA Y GALINDO FRANCISCO ANDRES

SECRETARY

24/11/1999

Executive board

Post

NIF

Name

ADMINISTRATOR

ERIC JACQUET

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

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

---

Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

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

At domestic level, it is one of the companies with high turnover volume.

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

ACEROS IMS INT SOCIEDAD ANONIMA 's borrowing cost is appropriate according to its volume of external financing sources.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.222 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

467 Other specialised wholesale

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 ACEROS IMS INT SOCIEDAD ANONIMA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0,222%.

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

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

Guarantees

References

Link List

ABSORBS TO:

2 Entities

IS RELATED WITH:

3 Entities

PARTICIPATES IN:

1 Entities

SE ESCINDE PARCIALMENTE EN:

2 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

JACQUET METAL SERVICES, SOCIEDAD ANONIMA, (FRANCIA)

100

PARTICIPATES IN

IMS PORTUGAL COMERCIO DE AÇOS, S.A.

99.99

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

JACQUET METAL SERVICES, SOCIEDAD ANONIMA, (FRANCIA)

ABRASERVICE IBERICA SAU

IS RELATED WITH

ABRASERVICE IBERICA INT SOCIEDAD LIMITADA

BARCELONA

ABSORBS TO

GRUPO ACEROS GARAY SOCIEDAD LIMITADA

VIZCAYA

IMS ACEROS SOCIEDAD ANONIMA

VIZCAYA

SE ESCINDE PARCIALMENTE EN

ABRASERVICE IBERICA INT, SOCIEDAD LIMITADA, UNIPERSONAL

ABRASERVICE IBERICA INT SOCIEDAD LIMITADA

BARCELONA

Turnover

Total Sales 2014

83.936.003,68

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

Estimated Balance

The last figures of the Mercantile Registry are those ending on 31-12-2016, so since we don't have the accounts for the last two years, and not knowing their accounting developments in this last year, we cannot include these figures in the report.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2014

Normales

August 2015

2013

Normales

August 2014

2012

Normales

August 2013

2011

Normales

January 2013

2010

Normales

April 2012

2009

Normales

July 2010

2008

Normales

June 2010

2007

Normales

June 2010

2006

Normales

June 2010

2005

Normales

June 2010

2004

Normales

June 2010

2003

Normales

June 2010

2000

Normales

August 2001

1999

Normales

July 2000

1998

Normales

November 1999

1997

Normales

August 1998

1996

Normales

September 1997

1995

Normales

September 1996

1994

Normales

September 1995

1993

Normales

March 1995

1992

Normales

August 1993

1991

Normales

July 1992

1990

Normales

April 1991

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2014

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology.

ORIGINAL

Assets

2014

2013

2012

2011

2010

A) NON-CURRENT ASSETS: 11000

11.759.668,00

14.780.000,00

15.801.847,00

17.346.536,00

19.777.000,00

I. Intangible fixed assets : 11100

4.240.415,00

4.407.000,00

4.407.205,00

4.471.726,00

4.718.000,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

4.057.205,00

4.407.000,00

4.407.205,00

4.471.726,00

4.408.000,00

5. IT applications: 11150

183.210,00

0,00

24.040,00

0,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

310.000,00

II. Tangible fixed assets : 11200

1.698.402,00

2.702.000,00

3.674.406,00

5.138.894,00

6.406.000,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

1.698.402,00

2.702.000,00

3.674.406,00

26.406,00

6.406.000,00

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

5.291.355,00

7.141.000,00

7.141.355,00

7.141.000,00

1. Equity instruments: 11410

5.291.355,00

7.141.000,00

7.141.355,00

0,00

7.141.000,00

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

529.496,00

529.000,00

578.881,00

594.562,00

585.000,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

0,00

529.000,00

578.881,00

0,00

585.000,00

6. Other investments: 11560

529.496,00

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

0,00

927.000,00

B) CURRENT ASSETS: 12000

51.333.498,00

54.983.000,00

56.563.749,00

53.978.205,00

51.775.000,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

20.988.625,00

20.628.000,00

20.177.345,00

23.482.817,00

19.167.000,00

1. Commercial: 12210

20.988.625,00

20.628.000,00

20.177.345,00

0,00

19.167.000,00

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

III. Trade debtors and others receivable accounts: 12300

16.502.317,00

21.295.000,00

20.470.402,00

19.091.297,00

23.416.000,00

1. Trade debtors / accounts receivable: 12310

16.492.794,00

21.283.000,00

19.721.665,00

0,00

21.692.000,00

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

0,00

b) Customers for sales and provisions of services : 12312

16.492.794,00

21.283.000,00

19.721.665,00

0,00

2. Customers, Group companies and associates : 12320

0,00

1.510.000,00

3. Other accounts receivable: 12330

4.342,00

1.000,00

1.363,00

0,00

7.000,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

83.000,00

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

5.181,00

10.000,00

747.375,00

0,00

124.000,00

7. Called up share capital: 12370

0,00

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

8.542.048,00

6.029.000,00

7.013.997,00

7.962.488,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

8.542.048,00

6.028.000,00

7.013.851,00

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

100,00

147,00

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

0,00

147,00

0,00

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

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

11.942,00

23.000,00

VII. Cash and other equivalent liquid assets : 12700

5.300.508,00

7.031.000,00

8.902.005,00

3.429.515,00

9.169.000,00

1. Treasury: 12710

5.300.508,00

7.031.000,00

8.902.005,00

0,00

3.344.000,00

2. Other equivalent liquid assets: 12720

0,00

3.429.515,00

5.825.000,00

TOTAL ASSETS (A + B) : 10000

63.093.166,00

69.762.180,00

72.365.596,00

71.324.741,00

71.552.000,00

ORIGINAL

Liabilities and Net Worth

2014

2013

2012

2011

2010

A) NET WORTH: 20000

40.278.209,00

39.048.353,00

39.119.264,00

43.193.080,00

39.754.000,00

A-1) Shareholders' equity: 21000

40.278.209,00

39.048.353,00

39.119.264,00

43.193.080,00

39.754.000,00

I. Capital: 21100

15.486.286,00

15.486.000,00

1. Registered capital : 21110

15.486.286,00

15.486.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

19.132.978,00

21.632.978,00

22.706.794,00

23.268.332,00

22.078.000,00

1. Legal and statutory: 21310

5.262.896,00

0,00

5.262.000,00

2. Other reserves: 21320

13.870.082,00

16.370.082,00

17.443.898,00

23.268.332,00

16.816.000,00

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

1.929.089,00

0,00

-2.325.000,00

1. Brought forward: 21510

1.929.089,00

0,00

2. (Negative results from previous periods): 21520

0,00

-2.325.000,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

3.729.857,00

1.929.089,00

926.184,00

4.438.462,00

4.515.000,00

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

3.059.642,00

3.507.760,00

4.017.875,00

5.029.986,00

1.816.000,00

I. Long-term provisions: 31100

118.311,00

227.665,00

228.000,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

118.311,00

227.665,00

0,00

228.000,00

II Long-term creditors: 31200

1.409.883,00

1.200.000,00

1.800.000,00

3.000.000,00

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

1.409.883,00

1.200.000,00

1.800.000,00

0,00

3. Creditors from financial leasing: 31230

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

1.531.448,00

2.189.448,00

1.990.210,00

1.802.321,00

1.588.000,00

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

19.755.314,00

27.206.073,00

29.228.457,00

23.101.676,00

29.982.000,00

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

0,00

II. Short-term provisions: 32200

0,00

4.598.434,00

3.998.434,00

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

2.471.817,00

4.036.021,00

614.400,00

2.785.326,00

2.076.000,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

2.470.182,00

4.034.386,00

612.766,00

6,00

2.076.000,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

1.635,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

17.283.497,00

18.571.618,00

24.615.623,00

20.316.350,00

27.906.000,00

1. Suppliers: 32510

11.045.765,00

13.574.289,00

18.600.239,00

13.675.570,00

18.201.000,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

11.045.765,00

13.574.289,00

18.600.239,00

13.675.570,00

18.201.000,00

2. Suppliers, Group companies and associates: 32520

0,00

1.157.000,00

3. Other creditors: 32530

1.373.787,00

1.213.181,00

2.076.282,00

0,00

4.497.000,00

4. Personnel (remuneration due): 32540

2.899.219,00

2.519.236,00

1.944.185,00

0,00

2.727.000,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

1.964.726,00

1.264.912,00

1.994.917,00

0,00

1.324.000,00

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

63.093.166,00

69.762.185,00

72.365.596,00

71.324.741,00

71.552.000,00

ORIGINAL

Profit and Loss

2014

2013

2012

2011

2010

1. Net turnover: 40100

83.936.004,00

85.969.235,00

84.015.058,00

95.253.508,00

81.877.000,00

a) Sales: 40110

81.482.664,00

83.656.158,00

81.739.581,00

92.887.112,00

79.532.000,00

b) Rendering of services: 40120

2.453.340,00

2.313.077,00

2.275.477,00

2.542.914,00

2.345.000,00

c) Income of financial nature of holding companies: 40130

0,00

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

290.000,00

31.000,00

114.000,00

4.315.945,00

0,00

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

0,00

4. Supplies : 40400

-59.806.962,00

-63.532.460,00

-62.976.880,00

-73.481.960,00

-57.666.000,00

a) Stock consumption: 40410

-59.806.962,00

-63.023.142,00

-58.502.648,00

-73.210.693,00

-58.781.000,00

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

0,00

419.376,00

-3.419.472,00

0,00

c) Works carried out by other companies: 40430

0,00

-928.694,00

-1.054.760,00

-982.039,00

-1.154.000,00

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

0,00

2.269.000,00

5. Other operating income: 40500

66.213,00

183.355,00

79.223,00

2.631,00

261.000,00

a) Auxiliary income and other from current management: 40510

66.213,00

183.355,00

79.223,00

0,00

261.000,00

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

0,00

2.631,00

0,00

6. Personnel costs: 40600

-8.535.519,00

-8.113.354,00

-7.788.440,00

-7.943.900,00

-8.135.000,00

a) Wages, salaries et al.: 40610

-6.716.340,00

-6.407.031,00

-6.138.917,00

-6.036.562,00

-6.373.000,00

b) Social security costs: 40620

-1.819.179,00

-1.706.322,00

-1.649.522,00

0,00

-1.762.000,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-10.727.025,00

-10.586.393,00

-10.372.243,00

-11.293.063,00

-9.509.000,00

a) External services: 40710

-9.815.857,00

-9.930.761,00

-9.712.754,00

-10.584.641,00

-8.941.000,00

b) Taxes: 40720

-65.026,00

-55.632,00

-59.489,00

-58.422,00

-68.000,00

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

0,00

-600.000,00

-650.000,00

-500.000,00

d) Other current management expenditure : 40740

-846.142,00

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-949.473,00

-1.312.142,00

-1.560.914,00

-2.019.923,00

-1.632.000,00

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

-348.000,00

4.513,00

0,00

a) Impairment and losses : 41110

-348.000,00

0,00

b) Results for transfers and other : 41120

0,00

4.513,00

0,00

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

-622,00

0,00

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

3.925.238,00

2.643.132,00

1.509.806,00

4.918.368,00

5.196.000,00

14. Financial income : 41400

2.510.695,00

191.602,00

316.276,00

1.124.315,00

506.000,00

a) Of shares in equity instruments : 41410

0,00

1.000.000,00

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

2.510.695,00

191.602,00

316.276,00

0,00

506.000,00

b 1) From Group companies and associates : 41421

0,00

93.342,00

0,00

86.000,00

b 2) From third parties : 41422

2.510.695,00

191.602,00

222.934,00

0,00

420.000,00

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

0,00

15. Financial expenditure: 41500

-299.656,00

-391.093,00

-539.716,00

-267.042,00

-115.000,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-299.656,00

-391.093,00

-539.716,00

0,00

-115.000,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

-41.236,00

0,00

a) Trading book and other : 41610

-41.236,00

0,00

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

0,00

17. Exchange rate differences : 41700

-29.830,00

0,00

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

-1.850.000,00

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

-1.850.000,00

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

289.972,00

-199.491,00

-223.439,00

857.273,00

391.000,00

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

4.215.210,00

2.443.642,00

1.286.367,00

5.775.641,00

5.587.000,00

20. Income taxes: 41900

-485.353,00

-514.553,00

-360.183,00

-1.337.180,00

-1.292.000,00

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

3.729.857,00

1.929.089,00

926.184,00

4.438.462,00

4.295.000,00

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

0,00

220.000,00

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

3.729.857,00

1.929.089,00

926.184,00

4.438.462,00

4.515.000,00

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology 2014 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2014

2013

2012

2011

2010

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

11.759.668,00

14.779.000,00

15.801.847,00

17.370.576,00

18.850.000,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

4.240.415,00

4.407.000,00

4.407.205,00

4.495.767,00

4.718.000,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

4.057.205,00

4.407.000,00

4.407.205,00

4.471.726,00

4.408.000,00

4. Key money paid for premises:

0,00

5. Software:

183.210,00

0,00

24.040,00

0,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

310.000,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

1.698.402,00

2.702.000,00

3.674.406,00

5.138.894,00

6.406.000,00

1. Land and construction:

0,00

2. Technical installations and machinery:

1.698.402,00

2.702.000,00

3.674.406,00

26.406,00

6.406.000,00

3. Other installations, tools and furniture:

0,00

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

0,00

5. Other tangible assets:

0,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

5.820.851,00

7.670.000,00

7.720.236,00

7.735.916,00

7.726.000,00

1. Equity investments in group companies:

0,00

7.141.000,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

5.291.355,00

7.141.000,00

7.141.355,00

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

594.562,00

0,00

6. Other receivables:

529.496,00

0,00

7. Long term guarantees and deposits:

0,00

529.000,00

578.881,00

0,00

585.000,00

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:

51.333.498,00

54.981.100,00

56.563.749,00

50.548.690,00

52.702.000,00

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

0,00

II. Stocks:

20.988.625,00

20.628.000,00

20.177.345,00

23.482.817,00

19.167.000,00

1. Goods for resale:

20.988.625,00

20.628.000,00

20.177.345,00

23.482.817,00

19.167.000,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

16.502.317,00

21.294.000,00

20.470.402,00

19.091.297,00

24.343.000,00

1. Trade debtors / accounts receivable:

16.492.794,00

21.283.000,00

19.721.665,00

19.091.297,00

21.692.000,00

2. Accounts receivable, Group companies:

0,00

1.510.000,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

4.342,00

1.000,00

1.363,00

0,00

7.000,00

5. Staff:

0,00

6. Public bodies:

5.181,00

10.000,00

747.375,00

0,00

1.134.000,00

7. Provisions:

0,00

IV. Short-term investments:

8.542.048,00

6.028.100,00

7.013.997,00

7.962.634,00

5.825.000,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

8.542.048,00

6.028.000,00

7.013.851,00

0,00

3. Equity investment in associated companies:

0,00

7.962.488,00

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

147,00

5.825.000,00

6. Other receivables:

0,00

100,00

147,00

0,00

7. Shor term guarantees and deposits:

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

5.300.508,00

7.031.000,00

8.902.005,00

0,00

3.344.000,00

VII. Prepayments and accrued income:

0,00

11.942,00

23.000,00

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

63.093.166,00

69.760.100,00

72.365.596,00

67.919.267,00

71.552.000,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2014

2013

2012

2011

2010

A) EQUITY:

40.278.209,00

39.048.353,00

39.119.264,00

43.193.080,00

39.754.000,00

I. Subscribed capital:

15.486.286,00

15.486.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

19.132.978,00

21.632.978,00

22.706.794,00

23.268.332,00

22.078.000,00

1. Legal reserve:

5.262.896,00

0,00

5.262.000,00

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:

13.870.082,00

16.370.082,00

17.443.898,00

23.268.332,00

16.816.000,00

6. Differences due to capital adjustment to euros:

0,00

V. Profit or loss brought forward:

1.929.089,00

0,00

-2.325.000,00

1. Retained earnings:

1.929.089,00

0,00

2. Prior year losses:

0,00

-2.325.000,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

3.729.857,00

1.929.089,00

926.184,00

4.438.462,00

4.515.000,00

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:

118.311,00

227.665,00

228.000,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

118.311,00

227.665,00

228.000,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

2.941.331,00

3.389.448,00

3.790.210,00

4.802.321,00

1.588.000,00

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:

1.409.883,00

1.200.000,00

1.800.000,00

3.000.000,00

0,00

1. Loans and other liabilities:

1.409.883,00

1.200.000,00

1.800.000,00

3.000.000,00

0,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

1.531.448,00

2.189.448,00

1.990.210,00

1.802.321,00

1.588.000,00

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:

1.531.448,00

2.189.448,00

1.990.210,00

1.802.321,00

1.588.000,00

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:

19.755.314,00

22.607.639,00

25.230.024,00

13.675.576,00

29.982.000,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

2.470.182,00

4.034.386,00

612.766,00

6,00

2.076.000,00

1. Loans and other liabilities:

2.470.182,00

4.034.386,00

612.766,00

6,00

2.076.000,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

0,00

1.157.000,00

1. Amounts owed to group companies:

0,00

1.157.000,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

12.419.552,00

14.787.470,00

20.676.521,00

13.675.570,00

22.698.000,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

12.419.552,00

14.787.470,00

20.676.521,00

13.675.570,00

22.698.000,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

4.865.580,00

3.785.783,00

3.940.737,00

0,00

4.051.000,00

1. Public bodies:

1.964.726,00

1.264.912,00

1.994.917,00

0,00

1.324.000,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

1.635,00

0,00

4. Wages and salaries payable:

2.899.219,00

2.519.236,00

1.944.185,00

0,00

2.727.000,00

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

4.598.434,00

3.998.434,00

0,00

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

63.093.166,00

69.762.185,00

72.365.596,00

61.898.641,00

71.552.000,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2014

2013

2012

2011

2010

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

83.073.054,00

84.450.616,00

83.598.374,00

95.146.502,00

78.349.000,00

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

0,00

A.2. Supplies:

59.806.962,00

63.532.460,00

62.976.880,00

74.192.733,00

59.935.000,00

a) Stock consumption:

59.806.962,00

63.023.142,00

58.502.648,00

73.210.693,00

58.781.000,00

b) Consumption of raw materials and miscellaneous consumable ones:

0,00

-419.376,00

3.419.472,00

0,00

c) Miscellaneous external expenditure:

0,00

928.694,00

1.054.760,00

982.039,00

1.154.000,00

A.3. Staff costs:

8.535.519,00

8.113.354,00

7.788.440,00

6.036.562,00

8.135.000,00

a) Wages, salaries et al.:

6.716.340,00

6.407.031,00

6.138.917,00

6.036.562,00

6.373.000,00

b) Social security costs:

1.819.179,00

1.706.322,00

1.649.522,00

0,00

1.762.000,00

A.4. Depreciation expense:

949.473,00

1.312.142,00

1.560.914,00

2.019.923,00

1.632.000,00

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

0,00

600.000,00

650.000,00

-1.769.000,00

a) Stock provision variation:

0,00

-2.269.000,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

0,00

600.000,00

650.000,00

500.000,00

A.6. Other operating charges:

10.727.025,00

9.986.393,00

9.772.243,00

10.643.063,00

9.009.000,00

a) External services:

9.815.857,00

9.930.761,00

9.712.754,00

10.584.641,00

8.941.000,00

b) Taxes:

65.026,00

55.632,00

59.489,00

58.422,00

68.000,00

c) Other operating expenses:

846.142,00

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):

4.273.238,00

2.639.241,00

1.509.806,00

6.206.321,00

5.196.000,00

A.7. Financial and similar charges:

2.149.656,00

391.093,00

539.716,00

267.042,00

115.000,00

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.:

299.656,00

391.093,00

539.716,00

267.042,00

115.000,00

d) Losses from financial investments:

1.850.000,00

0,00

A.8. Changes in financial investment provisions:

41.236,00

0,00

A.9. Exchange losses:

29.830,00

0,00

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

289.972,00

0,00

732.958,00

391.000,00

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

4.563.210,00

2.439.751,00

1.286.367,00

6.939.279,00

5.587.000,00

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

348.000,00

0,00

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

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

622,00

0,00

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

0,00

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

0,00

3.891,00

0,00

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

4.215.210,00

2.443.642,00

1.286.367,00

6.939.279,00

5.587.000,00

A.15. Corporation tax:

485.353,00

514.553,00

360.183,00

1.337.180,00

1.292.000,00

A.16. Miscellaneous taxes:

0,00

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

3.729.857,00

1.929.089,00

926.184,00

5.602.099,00

4.295.000,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2014

2013

2012

2011

2010

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

86.802.911,00

86.379.705,00

84.524.558,00

100.748.602,00

82.644.000,00

B.1. Net total sales:

83.936.004,00

85.969.235,00

84.015.058,00

95.430.026,00

81.877.000,00

a) Sales:

81.482.664,00

83.656.158,00

81.739.581,00

92.887.112,00

79.532.000,00

b) Rendering of services:

2.453.340,00

2.313.077,00

2.275.477,00

2.542.914,00

2.345.000,00

Returns and Rappel on sales:

0,00

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

290.000,00

31.000,00

114.000,00

4.315.945,00

0,00

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

0,00

B.4. Miscellaneous operating income:

66.213,00

183.355,00

79.223,00

2.631,00

261.000,00

a) Auxiliary income and other from current management:

66.213,00

183.355,00

79.223,00

0,00

261.000,00

b) Grants:

0,00

2.631,00

0,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

0,00

1.000.000,00

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

1.000.000,00

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:

2.510.695,00

191.602,00

316.276,00

0,00

506.000,00

a) From companies of the group:

0,00

93.342,00

0,00

86.000,00

b) From associated companies:

0,00

c) Miscellaneous interests:

2.510.695,00

191.602,00

222.934,00

0,00

420.000,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

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

0,00

199.491,00

223.439,00

0,00

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:

0,00

4.513,00

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:

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):

348.000,00

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

2014

2013

2012

2011

2010

1. Fiscal year result before taxes.: 61100

4.216,00

2.444.000,00

1.286,00

5.776.000,00

5.893.000,00

2. Results adjustments.: 61200

3.425,00

1.587.000,00

1.902,00

2.158.000,00

1.241.000,00

a) Fixed Assets Amortization (+).: 61201

1.299,00

1.312.000,00

1.562,00

2.020.000,00

1.632.000,00

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

0,00

4.000,00

0,00

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

1.850,00

0,00

-5.000,00

0,00

g) Financial income (-).: 61207

-14,00

-52.000,00

-139,00

-124.000,00

-506.000,00

h) Financial Expenses (+). : 61208

290,00

323.000,00

479,00

267.000,00

115.000,00

3. Changes in current capital equity.: 61300

-1.977,00

-6.452.000,00

10.267,00

-7.568.000,00

1.650.000,00

a) Stock (+/-).: 61301

-361,00

-451.000,00

3.306,00

-4.316.000,00

-2.531.000,00

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

193,00

-476.000,00

2.794,00

4.325.000,00

-4.523.000,00

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

0,00

18.000,00

12,00

11.000,00

-6.000,00

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

-1.809,00

-5.543.000,00

4.155,00

-7.588.000,00

8.710.000,00

4. Cash Flows from Other Operating Activities: 61400

-899,00

-894.000,00

-543,00

-339.000,00

391.000,00

a) Interest payments (-). : 61401

-290,00

-323.000,00

-479,00

-267.000,00

-115.000,00

b) Dividend payment collection (+). : 61402

0,00

124.000,00

0,00

c) Interest collection (+). : 61403

14,00

52.000,00

139,00

0,00

506.000,00

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

-623,00

-623.000,00

-203,00

-196.000,00

0,00

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

4.765,00

-3.324.000,00

12.912,00

27.000,00

9.175.000,00

6. Payments for investment (-).: 62100

-129,00

-295.000,00

-17,00

-517.000,00

-3.134.000,00

c) Fixed assets. : 62103

-129,00

-345.000,00

-33,00

-507.000,00

-3.034.000,00

e) Other financial assets. : 62105

0,00

50.000,00

16,00

-10.000,00

-100.000,00

7. Divestment payment collection (+). : 62200

0,00

52.000,00

0,00

5.000,00

0,00

c) Fixed assets. : 62203

0,00

52.000,00

0,00

e) Other financial assets. : 62205

0,00

5.000,00

0,00

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

-129,00

-243.000,00

-17,00

-512.000,00

-3.134.000,00

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

0,00

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

-1.354,00

711.000,00

-3.371,00

3.708.000,00

-406.000,00

a) Issuance : 63201

3.970,00

821.000,00

0,00

5.784.000,00

2.076.000,00

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

3.970,00

821.000,00

0,00

5.784.000,00

2.076.000,00

b) Repayment and amortization of : 63207

-5.324,00

-110.000,00

-3.371,00

-2.076.000,00

-2.482.000,00

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

-3.324,00

-110.000,00

-3.371,00

-2.076.000,00

-2.482.000,00

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

-2.000,00

0,00

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

-2.500,00

-2.000.000,00

-5.000,00

-1.000.000,00

-23.400.000,00

a) Dividends (-).: 63301

-2.500,00

-2.000.000,00

-5.000,00

-1.000.000,00

-20.000.000,00

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

0,00

-3.400.000,00

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

-3.854,00

711.000,00

-8.371,00

2.708.000,00

-23.806.000,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

782,00

-2.856.000,00

4.524,00

2.223.000,00

-17.765.000,00

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

13.060,00

15.916.000,00

11.392,00

9.169.000,00

26.934.000,00

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

13.842,00

13.060.000,00

15.916,00

11.392.000,00

9.169.000,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,02 %

0,00 %

-0,02 %

0,01 %

5,27 %

-81,51 %

Net Financial Debt:

-0,27

13,94

-0,45

17,67

40,20

-21,13

Cash Flow Yield:

-0,03 %

0,00 %

-0,03 %

0,01 %

-2,27 %

-80,47 %

EBITDA over Sales:

6,22 %

2,23 %

4,60 %

1,96 %

35,38 %

13,67 %

Profitability

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

8,06 %

-2,03 %

4,72 %

-2,22 %

70,81 %

8,50 %

Total economic profitability:

7,16 %

0,16 %

4,06 %

-0,80 %

76,10 %

119,62 %

Financial profitability:

9,26 %

-4,61 %

4,94 %

-7,57 %

87,44 %

39,07 %

Margin:

4,67 %

-1,85 %

3,07 %

-2,19 %

52,27 %

15,51 %

Mark-up:

5,02 %

-2,69 %

2,84 %

-4,72 %

76,87 %

43,15 %

Solvency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,27

0,14

0,31

0,13

-13,73

2,88

Acid Test:

1,54

0,86

1,52

0,86

1,08

-0,47

Working Capital / Investment:

0,50

0,02

0,40

0,05

25,70

-52,84

Solvency:

2,60

1,17

2,43

1,17

6,84

-0,04

Indebtedness

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,56

1,37

0,66

1,40

-15,35

-2,06

Borrowing Composition:

0,15

1,04

0,15

1,02

-0,69

2,44

Repayment Ability:

4,35

52,99

6,58

64,28

-33,95

-17,56

Warranty:

2,78

1,73

2,68

1,72

3,59

1,03

Generated resources / Total creditors:

0,29

0,00

0,12

0,00

130,74

Efficiency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,61

1,10

1,49

1,09

8,40

1,49

Turnover of Collection Rights :

5,09

5,13

4,05

4,99

25,82

2,70

Turnover of Payment Entitlements:

4,10

3,50

3,99

3,51

2,63

-0,08

Stock rotation:

3,80

8,34

4,05

7,98

-6,17

4,42

Assets turnover:

1,72

1,09

1,54

1,01

12,18

8,30

Borrowing Cost:

1,32

2,81

1,50

2,83

-12,24

-0,68

> Trend of indicators under the General Accounting Plan of 2007 (2014, 2013, 2012, 2011, 2010)

Cash Flow

2014

2013

2012

2011

2010

Cash Flow over Sales:

-0,02 %

0,07 %

-0,06 %

-0,22 %

Net Financial Debt:

-0,27

-0,45

-2,11

0,34

-1,04

Cash Flow Yield:

-0,03 %

0,08 %

-0,08 %

-0,25 %

EBITDA over Sales:

6,22 %

4,60 %

3,65 %

7,19 %

8,34 %

Profitability

2014

2013

2012

2011

2010

Operating economic profitability:

8,06 %

4,72 %

2,62 %

8,84 %

8,14 %

Total economic profitability:

7,16 %

4,06 %

2,52 %

8,47 %

7,97 %

Financial profitability:

9,26 %

4,94 %

2,37 %

10,28 %

11,36 %

Margin:

4,67 %

3,07 %

1,80 %

5,16 %

6,33 %

Mark-up:

5,02 %

2,84 %

1,53 %

6,06 %

6,80 %

Solvency

2014

2013

2012

2011

2010

Liquidity:

0,27

0,31

0,35

0,15

0,31

Acid Test:

1,54

1,52

1,44

1,32

1,09

Working Capital / Investment:

0,50

0,40

0,38

0,43

0,30

Solvency:

2,60

2,43

2,24

2,34

1,76

Indebtedness

2014

2013

2012

2011

2010

Indebtedness level:

0,56

0,66

0,74

0,64

0,79

Borrowing Composition:

0,15

0,21

0,05

Repayment Ability:

4,35

6,58

9,45

4,07

4,62

Warranty:

2,78

2,68

2,49

2,56

2,27

Generated resources / Total creditors:

0,29

0,12

0,09

0,23

0,12

Efficiency

2014

2013

2012

2011

2010

Productivity:

1,61

1,49

1,39

1,86

1,84

Turnover of Collection Rights :

5,09

4,05

4,11

4,99

3,51

Turnover of Payment Entitlements:

4,10

3,99

2,98

4,39

2,41

Stock rotation:

3,80

4,05

4,09

3,85

4,01

Assets turnover:

1,72

1,54

1,46

1,71

1,29

Borrowing Cost:

1,32

1,50

1,86

0,96

0,36

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.

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 64.08
UK Pound	1	INR 91.34
Euro	1	INR 80.03
Euro	1	INR 79.94

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

INFORMATION DETAILS

Analysis Done by :	VAR

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

Branch Offices

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

Research Summary

Sources

Unit