3decades

MIRA INFORM REPORT

Report No. :	489195
Report Date :	06.02.2017

IDENTIFICATION DETAILS

Name :	PRODEC EQUIPOS DE ENVASADO SA

Registered Office :	C/ Solsones, 72 Polig. Ind. Pla De La Bruguera. - Castellar Del Valles - 08211 - Barcelona

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	26.11.1981

Legal Form :	Public Company

Line of Business :	Subject is engaged in the design, manufacture and marketing of equipment intended for secondary packaging such as high load packers, lateral load, lower load, robotic packers for RSC box and wraparound, robotic paletizers, high and lateral load cartoners, as well as integral online solutions of end of the line and turnkey projects. Prodec is present in more than 40 countries.

No. of Employees :	42 [2018]

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

Status :	Satisfactory

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:

PRODEC EQUIPOS DE ENVASADO SA

NIF / Fiscal code:

A08719452

Status:

ACTIVE

Incorporation Date:

26/11/1981

Register Data

Last Publication in BORME:

30/11/2017 [Appointments]

Last Published Account Deposit:

2016

Share Capital:

375.300

Localization:

C/ SOLSONES, 72 POLIG.IND.PLA DE LA BRUGUERA. - CASTELLAR DEL VALLES - 08211 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 937 211 246 Email. sales@prodec.es Website. www.prodec.es

Activity:

NACE:

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

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

2 for a total cost of 19047.52

Quality Certificate:

Payment Behaviour:

According to the agreed terms

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:

JAIME PLANS CABEZA

100 %

Enquiry Details

Business address regime:

Owned

Identification

Social Denomination:

PRODEC EQUIPOS DE ENVASADO SA

NIF / Fiscal code:

A08719452

Corporate Status:

ACTIVE

Start of activity:

1982

Registered Office:

C/ SOLSONES, 72 POLIG.IND.PLA DE LA BRUGUERA.

Locality:

CASTELLAR DEL VALLES

Province:

BARCELONA

Postal Code:

08211

Telephone:

937 211 246

Fax:

937 213 064

Website:

www.prodec.es

Email:

sales@prodec.es

Interviewed Person:

Ms. Nuria

Activity

NACE:

2899

Corporate Purpose:

THE SUBJECT IS ENGAGED IN ACTIVITIES RELATED WITH REPAIRS, MAINTAINANCE AND DISTRIBUTION. PACKAGING MACHINERY AND ITS ACCESSORIES.

Additional Information:

It is engaged in the design, manufacture and marketing of equipment intended for secondary packaging such as high load packers, lateral load, lower load, robotic packers for RSC box and wraparound, robotic paletizers, high and lateral load cartoners, as well as integral online solutions of end of the line and turnkey projects. Prodec is present in more than 40 countries.

Additional Address:

Registered office, Factory, warehouse and other premises located in: C/ SOLSONES, 72 POLIG.IND.PLA DE LA BRUGUERA. 08211 CASTELLAR DEL VALLÉS ( BARCELONA )

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2018

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

Chronological Summary

Year

Act

1990

Accounts deposit (year 1989)

1991

Accounts deposit (year 1990) Appointments/ Re-elections (1)

1992

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

1993

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

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995)

1997

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

1998

Accounts deposit (year 1997)

1999

Accounts deposit (year 1998)

2000

Accounts deposit (year 1999) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1) Take-over Merger (4)

2001

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

2002

Accounts deposit (year 2001) Appointments/ Re-elections (1)

2003

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

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (1) Statutory Modifications (1)

2006

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

2007

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

2008

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

2009

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

2010

Accounts deposit (year 2009) Appointments/ Re-elections (1)

2011

Accounts deposit (year 2010)

2012

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

2013

Accounts deposit (year 2012)

2014

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

2015

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

2016

Accounts deposit (year 2015)

2017

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

Breakdown of Owners' Equity

Registered Capital:

375.300

Paid up capital:

375.300

Shareholders

Name

NIF

% Shareholding stake

JAIME PLANS CABEZA

100% %

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

12/02/2001

Increase of Capital

224.930

375.300

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

PLANS CABEZA JAIME

15/04/2005

SINGLE ADMINISTRATOR

PLANS CABEZA JAIME

19/02/2015

PROXY

PLANS PERELLO NURIA

21/09/2006

BATALLER BERDUN RUBEN

28/03/2000

ACCOUNTS' AUDITOR / HOLDER

KERNEL AUDIT SLP

22/11/2017

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

GIL CHAFER JUAN

SECRETARY

13/06/2000

SECRETARY

28/03/2000

SECRETARY

13/11/1997

CHIEF EXECUTIVE OFFICER

13/06/2000

PROXY

28/03/2000

PROXY

28/03/2000

MEMBER OF THE BOARD

13/06/2000

MEMBER OF THE BOARD

28/03/2000

MEMBER OF THE BOARD

13/11/1997

KERNEL AUDIT SL

ACCOUNTS' AUDITOR / HOLDER

14/11/2005

ACCOUNTS' AUDITOR / HOLDER

19/01/2007

ACCOUNTS' AUDITOR / HOLDER

25/01/2008

ACCOUNTS' AUDITOR / HOLDER

20/04/2009

ACCOUNTS' AUDITOR / HOLDER

07/02/2012

ACCOUNTS' AUDITOR / HOLDER

23/12/2014

ACCOUNTS' AUDITOR / HOLDER

08/03/2005

KERNEL AUDIT SLP

ACCOUNTS' AUDITOR / HOLDER

22/11/2017

PLANS CABEZA JAIME

SINGLE ADMINISTRATOR

18/02/2010

SINGLE ADMINISTRATOR

19/02/2015

ADMINISTRATOR

15/12/1992

MEMBER OF THE BOARD

13/11/1997

MEMBER OF THE BOARD

28/03/2000

CHIEF EXECUTIVE OFFICER

13/11/1997

CHIEF EXECUTIVE OFFICER

28/03/2000

CHIEF EXECUTIVE OFFICER

13/06/2000

PRESIDENT

13/11/1997

PRESIDENT

28/03/2000

PRESIDENT

13/06/2000

MEMBER OF THE BOARD

13/06/2000

ADMINISTRATOR

15/04/2005

SALVADO BIARNES FRANCISCO

CHIEF EXECUTIVE OFFICER

13/06/2000

PROXY

28/03/2000

PROXY

28/03/2000

MEMBER OF THE BOARD

13/06/2000

MEMBER OF THE BOARD

28/03/2000

MEMBER OF THE BOARD

13/11/1997

ADMINISTRATOR

15/04/2005

SCB AUDITORES CONSULTORES SL

ACCOUNTS' AUDITOR / HOLDER

28/06/2001

ACCOUNTS' AUDITOR / HOLDER

23/07/2003

ACCOUNTS' AUDITOR / HOLDER

12/06/2002

Executive board

Post

NIF

Name

ADMINISTRATOR

JAIME PLANS CABEZA

COMMERCIAL MANAGER

JAIME PLANS CABEZA

FINANCIAL DIRECTOR

NURIA PLANS PERELLO

MANAGING DIRECTOR

JAIME PLANS CABEZA

MANAGING DIRECTOR

JAIME PLANS TARAFA

MARKETING DIRECTOR

CRISTINA FERNANDEZ GOMEZ

OPERATION MANAGER

NURIA PLANS PERELLO

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (€)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

Probability of default

> Estimated Probability of Default for the next 12 months: 0.917 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

289 Manufacture of other special-purpose machinery

wordml://2563

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 97.00% of the companies of the sector PRODEC EQUIPOS DE ENVASADO SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0,917%.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

Not published

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

Not published

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

Not published

Incidences with the Social Security

Not published

Incidences with the Autonomous Administration

Not published

Incidences with the Local Administration

Not published

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

Not published

Proceedings by the old Civil Procedural Law 1.881

Not published

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

Not published

Link List

ABSORBS TO:

1 Entities

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

JAIME PLANS CABEZA

100

PARTICIPATES IN

PRODEC ASIA PACIFIC PRIVATE, SOCIEDAD ANONIMA, (SINGAPUR)

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

PRODEC LATINOAMERICA, S.L.

ABSORBS TO

ENCOMAT SL

BARCELONA

Turnover

Total Sales 2017

15.000.000

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

Estimated Balance

Its turnover increased 46.20% in 2016, compared to the previous year. The result of the exercise has been way higher than in 2015.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

August 2017

2015

Normales

November 2016

2014

Normales

October 2015

2013

Normales

August 2014

2012

Normales

July 2013

2011

Normales

August 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

October 2009

2007

Normales

July 2008

2006

Normales

July 2007

2005

Normales

July 2006

2004

Normales

September 2005

2003

Normales

September 2004

2002

Normales

August 2003

2001

Normales

June 2002

2000

Normales

July 2001

1999

Normales

July 2000

1998

Normales

September 1999

1997

Normales

September 1998

1996

Normales

June 1997

1995

Normales

August 1996

1994

Normales

September 1995

1993

Normales

October 1994

1992

Normales

October 1993

1991

Normales

July 1992

1990

Normales

September 1991

1989

Normales

September 1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2016

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2016 2015 2014 2013 2012 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2016

2015

2014

2013

2012

A) NON-CURRENT ASSETS: 11000

3.461.666,00

3.139.036,00

3.379.552,00

3.559.571,00

2.943.781,00

I. Intangible fixed assets : 11100

610.317,00

448.269,00

604.920,00

141.569,00

208.968,00

1. Development: 11110

56.371,00

431.959,00

582.144,00

130.010,00

203.587,00

2. Concessions: 11120

0,00

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

0,00

493,00

1.305,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

9.903,00

16.310,00

22.777,00

11.066,00

4.075,00

6. Investigation: 11160

544.044,00

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

2.419.840,00

2.491.626,00

2.566.700,00

2.629.594,00

2.690.353,00

1. Land and buildings: 11210

2.377.519,00

2.441.048,00

2.504.577,00

2.568.106,00

2.631.092,00

2. Technical installations and other tangible fixed assets: 11220

42.321,00

50.578,00

62.122,00

61.487,00

59.261,00

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

1,00

0,00

1. Equity instruments: 11410

1,00

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

2.401,00

2.341,00

2.714,00

752.714,00

2.714,00

1. Equity instruments: 11510

48,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

2.353,00

2.293,00

2.666,00

752.666,00

2.666,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

429.107,00

196.799,00

205.218,00

35.695,00

41.746,00

B) CURRENT ASSETS: 12000

6.084.839,00

6.476.335,00

6.148.700,00

4.863.723,00

5.881.670,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.301.664,00

1.877.112,00

829.395,00

288.506,00

1.106.422,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

388.208,00

384.338,00

266.257,00

189.666,00

180.149,00

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

0,00

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

388.208,00

0,00

3. Work in progress: 12230

913.456,00

1.492.775,00

563.138,00

98.840,00

926.273,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

913.456,00

1.492.775,00

563.138,00

98.840,00

926.273,00

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

4.590.146,00

4.216.158,00

4.105.102,00

3.266.032,00

3.292.275,00

1. Trade debtors / accounts receivable: 12310

4.186.917,00

3.859.758,00

4.006.543,00

3.152.561,00

3.042.292,00

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

0,00

b) Customers for sales and provisions of services : 12312

4.186.917,00

3.859.758,00

4.006.543,00

3.152.561,00

3.042.292,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

10.841,00

16.023,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

100.391,00

61.170,00

0,00

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

302.839,00

295.230,00

98.559,00

102.629,00

233.960,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

21.149,00

4.986,00

13.377,00

612.487,00

833.513,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

13.941,00

7.313,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

21.149,00

4.986,00

13.377,00

598.547,00

826.200,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

600,00

0,00

26.722,00

48.556,00

15.805,00

VII. Cash and other equivalent liquid assets : 12700

171.280,00

378.079,00

1.174.105,00

648.143,00

633.654,00

1. Treasury: 12710

171.280,00

378.079,00

1.174.105,00

648.143,00

633.654,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

9.546.505,00

9.615.371,00

9.528.252,00

8.423.295,00

8.825.450,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

3.017.825,00

2.505.089,00

3.251.149,00

3.058.211,00

2.952.583,00

A-1) Shareholders' equity: 21000

3.017.825,00

2.505.089,00

3.251.149,00

3.058.211,00

2.952.583,00

I. Capital: 21100

375.300,00

1. Registered capital : 21110

375.300,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

53.600,00

III. Reserves: 21300

2.762.156,00

2.786.652,00

2.614.311,00

2.478.683,00

2.356.139,00

1. Legal and statutory: 21310

75.060,00

2. Other reserves: 21320

2.687.096,00

2.711.592,00

2.539.251,00

2.403.623,00

2.281.079,00

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

-838.696,00

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

-838.696,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

665.465,00

-710.463,00

233.523,00

150.628,00

167.544,00

VIII. (Interim dividend): 21800

0,00

-25.585,00

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

651.588,00

808.225,00

970.784,00

1.130.495,00

1.288.447,00

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

651.496,00

808.225,00

970.784,00

1.130.495,00

1.288.447,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

645.132,00

808.225,00

970.784,00

1.130.495,00

1.288.447,00

3. Creditors from financial leasing: 31230

6.364,00

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

93,00

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

5.877.092,00

6.302.057,00

5.306.319,00

4.234.589,00

4.584.420,00

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

0,00

II. Short-term provisions: 32200

83.078,00

91.691,00

106.373,00

86.598,00

60.526,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

83.078,00

91.691,00

106.373,00

86.598,00

0,00

III. Short-term creditors : 32300

1.351.206,00

481.391,00

659.889,00

157.608,00

171.838,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.349.507,00

481.391,00

659.889,00

157.608,00

155.938,00

3. Creditors from financial leasing: 32330

1.699,00

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

15.900,00

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

0,00

V. Trade creditors and other accounts payable: 32500

4.442.808,00

5.728.976,00

4.540.057,00

3.990.383,00

4.352.057,00

1. Suppliers: 32510

2.389.398,00

2.509.794,00

2.379.716,00

1.536.965,00

2.013.940,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

2.389.398,00

2.509.794,00

2.379.716,00

1.536.965,00

2.013.940,00

2. Suppliers, Group companies and associates: 32520

0,00

40.537,00

3. Other creditors: 32530

290.055,00

383.665,00

209.225,00

365.723,00

188.662,00

4. Personnel (remuneration due): 32540

31.756,00

52.173,00

70.968,00

72.000,00

67.278,00

5. Liabilities for current tax: 32550

0,00

2.178,00

24.217,00

19.910,00

6. Other accounts payable to Public Administrations.: 32560

109.083,00

109.146,00

142.707,00

141.307,00

102.724,00

7. Advances from clients: 32570

1.622.515,00

2.674.198,00

1.735.263,00

1.850.172,00

1.919.006,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

9.546.505,00

9.615.371,00

9.528.252,00

8.423.295,00

8.825.450,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

13.337.976,00

9.123.075,00

10.943.420,00

10.037.465,00

10.114.128,00

a) Sales: 40110

13.337.976,00

9.123.075,00

10.943.420,00

10.037.465,00

10.114.128,00

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

-861.094,00

929.637,00

464.297,00

-827.432,00

45.999,00

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

643.301,00

0,00

559.922,00

0,00

4. Supplies : 40400

-8.512.345,00

-6.459.905,00

-7.550.237,00

-5.075.057,00

-6.265.223,00

a) Stock consumption: 40410

-2.876.602,00

-1.020.287,00

-1.696.630,00

-975.843,00

-1.461.163,00

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

-2.530.239,00

-2.063.277,00

-2.451.627,00

-1.569.481,00

-2.301.649,00

c) Works carried out by other companies: 40430

-3.105.504,00

-3.376.341,00

-3.401.980,00

-2.529.733,00

-2.502.412,00

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

0,00

5. Other operating income: 40500

14.441,00

6.789,00

15.327,00

45.829,00

23.954,00

a) Auxiliary income and other from current management: 40510

0,00

7.617,00

40.892,00

6.049,00

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

14.441,00

6.789,00

7.710,00

4.937,00

17.905,00

6. Personnel costs: 40600

-2.357.938,00

-2.605.728,00

-2.580.067,00

-2.468.680,00

-2.222.420,00

a) Wages, salaries et al.: 40610

-1.874.521,00

-2.067.098,00

-2.047.761,00

-1.968.136,00

-1.793.758,00

b) Social security costs: 40620

-483.417,00

-538.629,00

-532.306,00

-500.544,00

-428.662,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-1.537.801,00

-1.471.517,00

-1.529.084,00

-1.332.218,00

-1.299.380,00

a) External services: 40710

-1.533.712,00

-1.408.496,00

-1.496.855,00

-1.292.721,00

-1.257.722,00

b) Taxes: 40720

-12.000,00

-12.280,00

-12.454,00

-12.188,00

-11.846,00

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

7.910,00

-50.742,00

-19.775,00

-27.309,00

-29.811,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-284.240,00

-242.807,00

-201.922,00

-160.457,00

-159.326,00

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

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

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

7.403,00

0,00

-8.677,00

0,00

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

449.703,00

-720.456,00

112.979,00

219.449,00

237.732,00

14. Financial income : 41400

42,00

109,00

13.319,00

31.213,00

29.244,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

42,00

109,00

13.319,00

31.213,00

29.244,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

42,00

109,00

13.319,00

31.213,00

29.244,00

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

0,00

15. Financial expenditure: 41500

-53.897,00

-36.888,00

-37.874,00

-32.627,00

-41.277,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-53.897,00

-36.888,00

-37.874,00

-32.627,00

-41.277,00

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

0,00

1.473,00

1.717,00

121,00

0,00

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

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-53.855,00

-35.307,00

-22.839,00

-1.293,00

-12.033,00

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

395.848,00

-755.763,00

90.140,00

218.156,00

225.699,00

20. Income taxes: 41900

269.617,00

45.300,00

143.383,00

-67.528,00

-58.155,00

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

665.465,00

-710.463,00

233.523,00

150.628,00

167.544,00

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

0,00

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

665.465,00

-710.463,00

233.523,00

150.628,00

167.544,00

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, such criteria using its own methodology. To view details on the methodology 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2016

2015

2014

2013

2012

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

3.032.559,00

2.942.237,00

3.174.334,00

3.523.877,00

2.902.035,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

610.317,00

448.269,00

604.920,00

141.569,00

208.968,00

1. Research and development costs:

600.414,00

431.959,00

582.144,00

130.010,00

203.587,00

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

0,00

493,00

1.305,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

9.903,00

16.310,00

22.777,00

11.066,00

4.075,00

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:

2.419.840,00

2.491.626,00

2.566.700,00

2.629.594,00

2.690.353,00

1. Land and construction:

2.377.519,00

2.441.048,00

2.504.577,00

2.568.106,00

2.631.092,00

2. Technical installations and machinery:

1.412,00

1.687,00

2.072,00

2.051,00

1.977,00

3. Other installations, tools and furniture:

22.622,00

27.035,00

33.206,00

32.867,00

31.677,00

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

0,00

5. Other tangible assets:

18.287,00

21.856,00

26.844,00

26.570,00

25.608,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

2.402,00

2.342,00

2.714,00

752.714,00

2.714,00

1. Equity investments in group companies:

1,00

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

48,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

2.353,00

2.293,00

2.666,00

752.666,00

2.666,00

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:

6.513.946,00

6.673.134,00

6.353.918,00

4.899.418,00

5.923.415,00

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

0,00

II. Stocks:

1.301.664,00

1.877.112,00

829.395,00

288.506,00

1.106.422,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

388.208,00

384.338,00

266.257,00

189.666,00

180.149,00

3. Goods in process and semifinished ones:

913.456,00

1.492.775,00

563.138,00

98.840,00

926.273,00

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:

5.019.253,00

4.412.957,00

4.310.320,00

3.301.726,00

3.334.021,00

1. Trade debtors / accounts receivable:

4.186.917,00

3.859.758,00

4.006.543,00

3.152.561,00

3.042.292,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

10.841,00

16.023,00

5. Staff:

0,00

6. Public bodies:

832.336,00

553.198,00

303.777,00

138.324,00

275.706,00

7. Provisions:

0,00

IV. Short-term investments:

21.149,00

4.986,00

13.377,00

612.487,00

833.513,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

13.941,00

7.313,00

7. Shor term guarantees and deposits:

21.149,00

4.986,00

13.377,00

598.547,00

826.200,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

171.280,00

378.079,00

1.174.105,00

648.143,00

633.654,00

VII. Prepayments and accrued income:

600,00

0,00

26.722,00

48.556,00

15.805,00

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

9.546.505,00

9.615.371,00

9.528.252,00

8.423.295,00

8.825.450,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

3.017.825,00

2.505.089,00

3.251.149,00

3.058.211,00

2.952.583,00

I. Subscribed capital:

375.300,00

II. Share premium:

53.600,00

III. Revaluation reserves:

0,00

IV. Reserves:

2.762.156,00

2.786.652,00

2.614.311,00

2.478.683,00

2.356.139,00

1. Legal reserve:

75.060,00

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:

2.687.092,00

2.711.588,00

2.539.247,00

2.403.619,00

2.281.076,00

6. Differences due to capital adjustment to euros:

4,00

V. Profit or loss brought forward:

-838.696,00

0,00

1. Retained earnings:

0,00

2. Prior year losses:

-838.696,00

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

665.465,00

-710.463,00

233.523,00

150.628,00

167.544,00

VII. Interim dividend paid:

0,00

-25.585,00

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:

651.588,00

808.225,00

970.784,00

1.130.495,00

1.288.447,00

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:

651.496,00

808.225,00

970.784,00

1.130.495,00

1.288.447,00

1. Loans and other liabilities:

645.132,00

808.225,00

970.784,00

1.130.495,00

1.288.447,00

2. Long-term liabilities from capital leases:

6.364,00

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:

93,00

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:

93,00

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:

5.794.014,00

6.210.367,00

5.199.946,00

4.147.992,00

4.523.895,00

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:

1.351.206,00

481.391,00

659.889,00

157.608,00

155.938,00

1. Loans and other liabilities:

1.349.507,00

481.391,00

659.889,00

157.608,00

155.938,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

1.699,00

0,00

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

0,00

40.537,00

1. Amounts owed to group companies:

0,00

40.537,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

4.301.968,00

5.567.656,00

4.324.204,00

3.752.859,00

4.121.608,00

1. Advanced payments from customers:

1.622.515,00

2.674.198,00

1.735.263,00

1.850.172,00

1.919.006,00

2. Amounts owed for purchases of goods or services:

2.679.454,00

2.893.458,00

2.588.941,00

1.902.688,00

2.202.602,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

140.839,00

161.320,00

215.853,00

237.524,00

205.812,00

1. Public bodies:

109.083,00

109.146,00

144.885,00

165.523,00

122.634,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

15.900,00

4. Wages and salaries payable:

31.756,00

52.173,00

70.968,00

72.000,00

67.278,00

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:

83.078,00

91.691,00

106.373,00

86.598,00

60.526,00

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

9.546.505,00

9.615.371,00

9.528.252,00

8.423.295,00

8.825.450,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

13.337.698,00

10.771.546,00

11.764.480,00

9.964.000,00

10.045.781,00

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

861.094,00

0,00

827.432,00

0,00

A.2. Supplies:

8.512.345,00

6.459.905,00

7.550.237,00

5.075.057,00

6.265.223,00

a) Stock consumption:

2.876.602,00

1.020.287,00

1.696.630,00

975.843,00

1.461.163,00

b) Consumption of raw materials and miscellaneous consumable ones:

2.530.239,00

2.063.277,00

2.451.627,00

1.569.481,00

2.301.649,00

c) Miscellaneous external expenditure:

3.105.504,00

3.376.341,00

3.401.980,00

2.529.733,00

2.502.412,00

A.3. Staff costs:

2.357.938,00

2.605.728,00

2.580.067,00

2.468.680,00

2.222.420,00

a) Wages, salaries et al.:

1.874.521,00

2.067.098,00

2.047.761,00

1.968.136,00

1.793.758,00

b) Social security costs:

483.417,00

538.629,00

532.306,00

500.544,00

428.662,00

A.4. Depreciation expense:

284.240,00

242.807,00

201.922,00

160.457,00

159.326,00

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

-7.910,00

50.742,00

19.775,00

27.309,00

29.811,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

-7.910,00

50.742,00

19.775,00

27.309,00

29.811,00

A.6. Other operating charges:

1.545.711,00

1.420.775,00

1.509.309,00

1.304.909,00

1.269.568,00

a) External services:

1.533.712,00

1.408.496,00

1.496.855,00

1.292.721,00

1.257.722,00

b) Taxes:

12.000,00

12.280,00

12.454,00

12.188,00

11.846,00

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):

442.300,00

0,00

121.656,00

219.449,00

237.732,00

A.7. Financial and similar charges:

53.897,00

36.888,00

37.874,00

32.627,00

41.277,00

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.:

53.897,00

36.888,00

37.874,00

32.627,00

41.277,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

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):

388.445,00

0,00

98.818,00

218.156,00

225.699,00

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

0,00

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

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

8.677,00

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):

7.403,00

0,00

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

395.848,00

0,00

90.140,00

218.156,00

225.699,00

A.15. Corporation tax:

-269.617,00

-45.300,00

-143.383,00

67.528,00

58.155,00

A.16. Miscellaneous taxes:

0,00

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

665.465,00

0,00

233.523,00

150.628,00

167.544,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

14.003.163,00

10.061.082,00

11.998.003,00

10.114.628,00

10.213.325,00

B.1. Net total sales:

13.337.976,00

9.123.075,00

10.943.420,00

10.037.465,00

10.114.128,00

a) Sales:

13.337.976,00

9.123.075,00

10.943.420,00

10.037.465,00

10.114.128,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

0,00

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

0,00

929.637,00

464.297,00

0,00

45.999,00

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

643.301,00

0,00

559.922,00

0,00

B.4. Miscellaneous operating income:

14.441,00

6.789,00

15.327,00

45.829,00

23.954,00

a) Auxiliary income and other from current management:

0,00

7.617,00

40.892,00

6.049,00

b) Grants:

14.441,00

6.789,00

7.710,00

4.937,00

17.905,00

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

720.456,00

0,00

B.5. Income from equity investment:

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

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:

42,00

109,00

13.319,00

31.213,00

29.244,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

42,00

109,00

13.319,00

31.213,00

29.244,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

1.473,00

1.717,00

121,00

0,00

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

53.855,00

35.307,00

22.839,00

1.293,00

12.033,00

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

0,00

755.763,00

0,00

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

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:

7.403,00

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

8.677,00

0,00

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

0,00

755.763,00

0,00

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

0,00

710.463,00

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

395.848,00

-755.763,00

90.140,00

218.156,00

225.699,00

2. Results adjustments.: 61200

315.744,00

0,00

236.826,00

184.123,00

201.170,00

a) Fixed Assets Amortization (+).: 61201

284.240,00

0,00

201.922,00

160.457,00

159.326,00

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

702,00

0,00

1.237,00

0,00

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

-8.612,00

0,00

19.775,00

26.072,00

0,00

d) Allocation of grants (-).: 61204

-14.441,00

0,00

-7.710,00

-4.937,00

0,00

g) Financial income (-).: 61207

-42,00

0,00

-13.319,00

-31.213,00

-29.244,00

h) Financial Expenses (+). : 61208

53.897,00

0,00

37.874,00

32.627,00

41.277,00

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

0,00

-1.717,00

-121,00

0,00

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

0,00

29.811,00

3. Changes in current capital equity.: 61300

-1.193.004,00

105.533,00

-786.413,00

444.191,00

-588.551,00

a) Stock (+/-).: 61301

575.448,00

-1.047.717,00

-540.889,00

817.916,00

9.387,00

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

-335.469,00

-49.886,00

-839.071,00

25.006,00

-244.441,00

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

-16.764,00

26.722,00

21.834,00

-32.751,00

14.413,00

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

-1.416.219,00

1.191.097,00

571.712,00

-365.981,00

-367.910,00

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

0,00

-14.682,00

0,00

4. Cash Flows from Other Operating Activities: 61400

-39.415,00

0,00

-49.367,00

-60.153,00

-46.590,00

a) Interest payments (-). : 61401

-53.897,00

0,00

-37.874,00

-32.627,00

-41.277,00

c) Interest collection (+). : 61403

42,00

0,00

27.260,00

24.585,00

24.753,00

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

0,00

-48.180,00

-57.170,00

-30.066,00

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

14.441,00

0,00

9.427,00

5.058,00

0,00

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

-520.827,00

-650.230,00

-508.814,00

786.316,00

-208.273,00

6. Payments for investment (-).: 62100

-656.337,00

232.097,00

-602.379,00

-782.299,00

-810.647,00

a) Companies of the group and affiliates. : 62101

0,00

-1,00

0,00

-23.559,00

b) Intangible fixed assets. : 62102

-643.301,00

156.651,00

-578.937,00

-9.850,00

-611,00

c) Fixed assets. : 62103

-12.975,00

75.073,00

-23.442,00

-22.449,00

-36.477,00

e) Other financial assets. : 62105

-60,00

373,00

0,00

-750.000,00

7. Divestment payment collection (+). : 62200

281.775,00

0,00

1.335.170,00

227.653,00

958.700,00

b) Intangible fixed assets. : 62202

281.775,00

0,00

e) Other financial assets. : 62205

0,00

1.335.170,00

227.653,00

958.700,00

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

-374.561,00

232.097,00

732.791,00

-554.646,00

148.053,00

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

0,00

172.342,00

0,00

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

0,00

172.342,00

0,00

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

713.086,00

-341.057,00

342.571,00

-172.182,00

-179.110,00

a) Issuance : 63201

876.187,00

319.339,00

500.000,00

0,00

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

876.187,00

319.339,00

500.000,00

0,00

b) Repayment and amortization of : 63207

-163.102,00

-660.396,00

-157.429,00

-172.182,00

-179.110,00

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

-163.102,00

-660.396,00

-157.429,00

-156.282,00

-147.470,00

5. Other debts (-). : 63212

0,00

-15.900,00

-31.640,00

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

-24.496,00

25.585,00

-40.585,00

-45.000,00

0,00

a) Dividends (-).: 63301

-24.496,00

25.585,00

-40.585,00

-45.000,00

0,00

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

688.589,00

-143.131,00

301.986,00

-217.182,00

-179.110,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-206.799,00

-561.264,00

525.962,00

14.489,00

-239.329,00

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

378.079,00

1.174.105,00

648.143,00

633.654,00

872.984,00

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

171.280,00

378.079,00

1.174.105,00

648.143,00

633.654,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,02 %

0,01 %

-0,09 %

0,06 %

82,23 %

-83,86 %

Net Financial Debt:

2,49

2,06

-1,90

2,84

231,28

-27,36

Cash Flow Yield:

-0,02 %

0,01 %

-0,08 %

0,03 %

73,83 %

-83,39 %

EBITDA over Sales:

5,45 %

12,16 %

-5,24 %

10,44 %

204,04 %

16,54 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

4,64 %

9,03 %

-7,50 %

6,94 %

161,94 %

30,21 %

Total economic profitability:

4,71 %

5,19 %

-7,48 %

3,20 %

163,01 %

62,14 %

Financial profitability:

22,05 %

7,83 %

-28,36 %

4,17 %

177,75 %

88,02 %

Margin:

3,16 %

7,92 %

-7,89 %

6,34 %

140,05 %

24,88 %

Mark-up:

2,78 %

7,38 %

-8,28 %

3,79 %

133,53 %

94,84 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,03

0,16

0,06

0,14

-51,44

13,94

Acid Test:

0,83

0,89

0,74

0,87

11,46

3,08

Working Capital / Investment:

0,02

0,03

0,02

0,03

20,07

4,10

Solvency:

1,12

1,20

1,07

1,19

4,63

1,38

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

2,14

1,21

2,80

1,31

-23,77

-7,82

Borrowing Composition:

0,11

1,02

0,13

1,04

-13,59

-1,64

Repayment Ability:

8,87

8,88

-14,69

11,05

160,38

-19,61

Warranty:

1,48

1,85

1,37

1,78

8,11

3,70

Generated resources / Total creditors:

0,15

0,10

-0,07

0,08

321,13

26,60

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,31

1,92

0,82

1,80

60,17

6,94

Turnover of Collection Rights :

3,05

5,14

2,17

5,23

40,81

-1,74

Turnover of Payment Entitlements:

2,07

3,54

1,55

3,70

33,72

-4,24

Stock rotation:

10,41

8,15

5,25

7,80

98,42

4,56

Assets turnover:

1,47

1,14

0,95

1,09

54,67

4,26

Borrowing Cost:

0,84

2,35

0,53

2,45

59,10

-3,97

> 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 %

-0,09 %

0,05 %

0,00 %

-0,02 %

Net Financial Debt:

2,49

-1,90

1,37

0,07

-0,02

Cash Flow Yield:

-0,02 %

-0,08 %

0,06 %

0,00 %

-0,03 %

EBITDA over Sales:

5,45 %

-5,24 %

2,96 %

3,78 %

3,93 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

4,64 %

-7,50 %

1,28 %

3,11 %

2,98 %

Total economic profitability:

4,71 %

-7,48 %

1,34 %

2,98 %

3,03 %

Financial profitability:

22,05 %

-28,36 %

7,18 %

4,93 %

5,67 %

Margin:

3,16 %

-7,89 %

1,06 %

2,18 %

2,34 %

Mark-up:

2,78 %

-8,28 %

0,86 %

2,16 %

2,23 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,03

0,06

0,23

0,16

0,14

Acid Test:

0,83

0,74

1,02

1,09

1,05

Working Capital / Investment:

0,02

0,09

0,07

0,15

Solvency:

1,12

1,07

1,22

1,18

1,31

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

2,14

2,80

1,90

1,73

1,97

Borrowing Composition:

0,11

0,13

0,19

0,27

0,28

Repayment Ability:

8,87

-14,69

19,07

13,89

14,64

Warranty:

1,48

1,37

1,54

1,60

1,52

Generated resources / Total creditors:

0,15

-0,07

0,07

0,06

Efficiency

2016

2015

2014

2013

2012

Productivity:

1,31

0,82

1,13

1,15

1,18

Turnover of Collection Rights :

3,05

2,17

2,81

3,09

3,08

Turnover of Payment Entitlements:

2,07

1,55

2,10

1,40

1,75

Stock rotation:

10,41

5,25

13,74

34,19

8,95

Assets turnover:

1,47

0,95

1,21

1,43

1,27

Borrowing Cost:

0,84

0,53

0,61

0,62

0,71

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

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

14.441,02

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

4.606,50

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 64.27
UK Pound	1	INR 89.72
Euro	1	INR 79.52
Euro	1	INR 79.33

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

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	TPT

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Enquiry Details

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Shareholders

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit