3decades

MIRA INFORM REPORT

Report No. :	488236
Report Date :	10.02.2018

IDENTIFICATION DETAILS

Name :	BTSA BIOTECNOLOGIAS APLICADAS SL

Registered Office :	C/ Arroba, 4. - Alcala De Henares - 28805 - Madrid

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	03.02.1994

Legal Form :	Private Company

Line of Business :	Subject is engaged in Manufacture of other chemical products.

No. of Employees :	30

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Maximum Credit Limit :	28.000

Status :	Moderate / Satisfactory / New Business / Small Company / Good / Excellent / Not Registered in China / Offshore Company / No operating office in Hong Kong

Payment Behaviour :	Unknown / Slow but Correct / No Complaints / Regular / Slow

Litigation :	Clear / Exist

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:

BTSA BIOTECNOLOGIAS APLICADAS SL

NIF / Fiscal code:

B80816531

Trade Name

BTSA

Status:

ACTIVE

Incorporation Date:

03/02/1994

Last Publication in BORME:

25/10/2016 [Revocations]

Last Published Account Deposit:

2013

Share Capital:

260.568,80

Localization:

C/ ARROBA, 4. - ALCALA DE HENARES - 28805 - MADRID

Telephone - Fax - Email - Website:

Telephone. 918 305 860 Email. info@btsa-es.com Website. www.btsa-es.com

Number of Branches

Activity:

NACE:

2059 - Manufacture of other chemical products n.e.c.

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

5 for a total cost of 531706.69

Quality Certificate:

Maximum recommended commercial credit:

28.000

Payment Behaviour:

Without Experience

Prospects:

Face recession

Industry situation:

Maturity

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

BIOTECHNOLOGY ENTERPRISES GROUP SL

100 %

Enquiry Details

Business address regime:

Rent

Identification

Social Denomination:

BTSA BIOTECNOLOGIAS APLICADAS SL

Trade Name:

BTSA

NIF / Fiscal code:

B80816531

Corporate Status:

ACTIVE

Start of activity:

1994

Registered Office:

C/ ARROBA, 4.

Locality:

ALCALA DE HENARES

Province:

MADRID

Postal Code:

28805

Telephone:

918 305 860

Fax:

918 305 936

Website:

www.btsa-es.com

Email:

info@btsa-es.com

Interviewed Person:

Employees

Branch Offices

Address

Postal Code

City

Province

CALLE ARROBA 20 P 5 7 B

28805

ALCALA DE HENARES

MADRID

CALLE SIERRA DE GRAZALEMA (DE) 4 BJ 1

28946

FUENLABRADA

MADRID

CALLE PADRE JESUS ORDOÑEZ 18 1 DC

28002

MADRID

\Activity

NACE:

2059

Corporate Purpose:

The subject is engaged in the manufacture, elaboration, transformation and marketing of chemicals, active ingredients and additives.

Additional Information:

The subject is known to be engaged in the elaborationa nd sale of chemicals, natural antioxidants aimed at the food, cosmetic and dietary industries.

Additional Address:

The Registered Office is located at calle Arroba 4, Parque Tecnológico Tecnoalcala, de Alcalá de Henares, 28805, en Madrid.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Face recession

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. Failing that, are estimates data calculated by statistical methods

Chronological Summary

Year

Act

1994

Appointments/ Re-elections (3) Company Formation (1) Increase of Capital (1)

1995

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

1996

Accounts deposit (year 1994) Cessations/ Resignations/ Reversals (2)

1997

Accounts deposit (year 1995) Change of Social address (1) Disapproved accounts (1)

1998

Accounts deposit (year 1996)

1999

Accounts deposit (year 1997)

2000

Accounts deposit (year 1998, 1999)

2001

Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (2) Other Concepts/ Events (1)

2002

Accounts deposit (year 2000, 2001) Appointments/ Re-elections (1) Change of Social address (1) Statutory Modifications (1)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003) Cessations/ Resignations/ Reversals (1)

2005

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

2006

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Correction (1) Increase of Capital (1) Other Concepts/ Events (1)

2007

Accounts deposit (year 2004, 2005, 2006) Cessations/ Resignations/ Reversals (2) Change of Social address (1) Declaration of Sole Propietorship (1)

2009

Accounts deposit (year 2007)

2010

Accounts deposit (year 2008, 2009)

2011

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

2012

Accounts deposit (year 2010, 2011) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2013

Appointments/ Re-elections (1)

2014

Accounts deposit (year 2012) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Take-over Merger (3)

2015

Accounts deposit (year 2013)

2016

Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

260.568,80

Paid up capital:

260.568,80

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1272

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

24/03/1994

Company Formation

96.162

21/06/1994

Increase of Capital

51.387

147.548

31/05/1995

Increase of Capital

111.187

258.736

23/03/2001

Increase of Capital

601

259.337

18/10/2001

Increase of Capital

601

259.938

29/11/2005

Increase of Capital

601

260.539

17/10/2006

Increase of Capital

260.569

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

UGIDOS ALVAREZ ANA VICTORIA

07/11/2014

PROXY

CUERVO-ARANGO MARTINEZ CARLOS

22/10/2014

UGIDOS ALVAREZ ANA VICTORIA

14/04/1994

ACCOUNTS' AUDITOR / HOLDER

KPMG AUDITORES SL

20/11/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ALVARGONZALEZ JUNQUERA ASUNCION

JOINT MANAGER

13/12/1995

BRITEX FABRICS SL

SINGLE PARTNER

10/10/2014

CAMARA MARTINEZ JUAN

MEMBER OF THE BOARD

07/11/1996

PROXY

04/11/1996

CUERVO-ARANGO MARTINEZ CARLOS

MEMBER OF THE BOARD

07/11/2014

FAY AND CO AUDITORES Y CONSULTORES SL

ACCOUNTS' AUDITOR / HOLDER

14/06/2012

FERNANDEZ DE LA PUEBLA ZORRILLA ANGEL

VICE CHAIRMAN

07/11/2014

FERNANDEZ PUEBLA ZORRILLA ANGEL

MEMBER OF THE BOARD

10/01/2001

MEMBER OF THE BOARD

01/02/2011

MEMBER OF THE BOARD

07/11/2014

PROXY

22/10/2014

CHIEF EXECUTIVE OFFICER

07/11/2014

SOLE CHIEF EXECUTIVE OFFICER

10/01/2001

PRESIDENT

10/01/2001

PRESIDENT

01/02/2011

FOURNIER ALVARGONZALEZ CARLOS

MEMBER OF THE BOARD

30/10/2007

LANDECHO GONZALEZ-SOTO MARIA ISABEL

ACCOUNTS' AUDITOR / HOLDER

21/07/2006

ACCOUNTS' AUDITOR / HOLDER

08/10/2007

MARTIN DE CACERES Y GODOY SILVIA

MEMBER OF THE BOARD

10/01/2001

MATA VAZQUEZ FRANCISCO JAVIER

MEMBER OF THE BOARD

24/02/2006

MEMBER OF THE BOARD

07/11/2014

SECRETARY

07/11/2014

MAZARIO TABERNERO MARIA VICTORIA

PROXY

17/10/2016

OJEDA LANDA MIGUEL IGNACIO

MEMBER OF THE BOARD

10/01/2001

MEMBER OF THE BOARD

30/10/2007

SECRETARY

10/01/2001

SECRETARY

24/02/2006

OTAMENDI PINEDA MERCEDES

JOINT MANAGER

13/12/1995

ROCAMORA PELLICER ANTONIO

MEMBER OF THE BOARD

10/01/2001

ROCAMORA TRIAS ANTONIO

MEMBER OF THE BOARD

30/10/2007

SAUCA FERNANDEZ JULIAN

MEMBER OF THE BOARD

14/06/2012

SIERRA ORTA OSCAR

MEMBER OF THE BOARD

08/07/2004

UGIDOS ALVAREZ ANA VICTORIA

MEMBER OF THE BOARD

10/01/2001

MEMBER OF THE BOARD

07/11/2014

CHIEF EXECUTIVE OFFICER

07/11/2014

SOLE CHIEF EXECUTIVE OFFICER

21/02/2002

PRESIDENT

07/11/2014

UHY FAY AND CO AUDITORES Y CONSULTORES SL

ACCOUNTS' AUDITOR / HOLDER

20/11/2014

Executive board

Post

NIF

Name

ADMINISTRATOR

ANA VICTORIA UGIDOS ALVAREZ

FINANCIAL DIRECTOR

VICTORIA MAZARIO

MANAGING DIRECTOR

ANA VICTORIA UGIDOS ALVAREZ

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

---

> Basis for scoring

Positive Factors

Adverse Factors

No Company's subsidiaries or branches are known.

It has failed to comply with its obligation to submit its annual accounts,and said information has expired. This behaviour indicates lack of transparency towards the market.

Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.

The path traveled by the entity has highlighted the lack of stability in corporate bodies .

Probability of default

> Estimated Probability of Default for the next 12 months: 6.814 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

205 Manufacture of other chemical products

wordml://2609

Relative Position:

Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 22.00% of the companies of the sector BTSA BIOTECNOLOGIAS APLICADAS SL belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 6,814%.

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.

Recommended commercial credit

Favourable until 28.000 € (Guideline value of outstanding commercial balance that recommends be awarded to or maintained with the company queried)

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

Suppliers

Name

NIF

Telephone

BIOTECH ACCELERATOR SL

B85470318

915767090

Link List

ABSORBS TO:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

BIOTECHNOLOGY ENTERPRISES GROUP SL

MADRID

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

ABSORBS TO

BIOTECHNOLOGY ENTERPRISES GROUP SL

MADRID

Turnover

Total Sales 2013

9.759.116

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

Estimated Balance

No estimated figures can be provided, as the consulted sources declined to confirm whether the subject carries out the already-mentioned activities or not. The last Accounts filed at the Trade Registry are those for the 2013 fiscal year.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

January 2015

2012

Normales

May 2014

2011

Normales

October 2012

2010

Normales

January 2012

2009

Normales

October 2010

2008

Normales

January 2010

2007

Normales

May 2009

2006

Normales

December 2007

2005

Normales

November 2007

2004

Normales

October 2007

2003

Normales

October 2004

2002

Normales

December 2003

2001

Normales

September 2002

2000

Normales

February 2002

1999

Normales

December 2000

1998

Normales

March 2000

1997

Normales

March 1999

1996

Normales

January 1998

1995

Normales

November 1997

1994

Normales

May 1996

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

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

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

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

5.484.997,00

5.126.601,00

4.348.804,00

3.745.617,00

2.039.742,00

I. Intangible fixed assets : 11100

1.401.625,00

1.547.776,00

1.481.874,00

1.276.914,00

947.483,00

1. Development: 11110

1.326.407,00

0,00

2. Concessions: 11120

0,00

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

0,00

388,00

0,00

4. Goodwill: 11140

71.875,00

653.000,00

185.000,00

0,00

5. IT applications: 11150

3.343,00

19.547,00

13.047,00

0,00

6. Investigation: 11160

0,00

874.841,00

808.939,00

610.479,00

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

468.000,00

0,00

II. Tangible fixed assets : 11200

2.418.334,00

2.340.607,00

2.141.367,00

1.885.340,00

1.081.896,00

1. Land and buildings: 11210

1.802.977,00

1.341.332,00

1.440.745,00

516.669,00

0,00

2. Technical installations and other tangible fixed assets: 11220

613.632,00

997.550,00

698.897,00

490.651,00

0,00

3. Tangible asset in progress and advances: 11230

1.725,00

878.020,00

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

1.521.432,00

1.212.857,00

715.200,00

573.000,00

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

1.521.432,00

1.212.857,00

715.200,00

573.000,00

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

105.917,00

25.361,00

10.363,00

1. Equity instruments: 11510

2.131,00

14.998,00

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

103.786,00

10.363,00

0,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

37.689,00

0,00

B) CURRENT ASSETS: 12000

3.243.874,00

3.343.658,00

4.017.592,00

3.484.061,00

2.536.280,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.702.634,00

1.400.501,00

1.435.631,00

697.718,00

398.034,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

1.406.725,00

1.227.546,00

876.831,00

690.106,00

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

295.910,00

172.955,00

560.809,00

9.621,00

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

295.910,00

172.955,00

560.809,00

9.621,00

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

-2.008,00

0,00

III. Trade debtors and others receivable accounts: 12300

1.241.695,00

1.764.783,00

2.450.235,00

2.616.421,00

1.942.059,00

1. Trade debtors / accounts receivable: 12310

1.189.932,00

1.314.321,00

1.488.504,00

1.563.304,00

898.974,00

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

0,00

b) Customers for sales and provisions of services : 12312

1.189.932,00

1.314.321,00

1.488.504,00

1.563.304,00

898.974,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

326,00

401.813,00

456.378,00

482.288,00

1.043.085,00

4. Personnel: 12340

0,00

14,00

0,00

5. Assets for deferred tax: 12350

0,00

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

51.437,00

48.649,00

505.353,00

570.816,00

0,00

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

114.098,00

97.203,00

84.008,00

70.008,00

20.008,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

104.098,00

87.203,00

84.008,00

70.008,00

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

10.000,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

185.446,00

81.171,00

47.719,00

99.914,00

176.179,00

1. Treasury: 12710

185.446,00

81.171,00

47.040,00

99.235,00

0,00

2. Other equivalent liquid assets: 12720

0,00

679,00

0,00

TOTAL ASSETS (A + B) : 10000

8.728.870,00

8.470.259,00

8.366.396,00

7.229.678,00

4.576.021,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

1.471.128,00

1.345.210,00

1.494.470,00

1.240.675,00

1.505.571,00

A-1) Shareholders' equity: 21000

1.148.227,00

1.085.943,00

1.083.045,00

920.912,00

825.646,00

I. Capital: 21100

260.569,00

1. Registered capital : 21110

260.569,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

210.355,00

III. Reserves: 21300

615.019,00

612.121,00

449.989,00

353.515,00

304.145,00

1. Legal and statutory: 21310

52.114,00

45.321,00

35.673,00

0,00

2. Other reserves: 21320

562.905,00

560.007,00

404.668,00

317.842,00

0,00

3. Revaluation reserves: 21330

0,00

2. Capitalisation Reserves: 21350

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

62.284,00

2.898,00

162.132,00

96.473,00

50.578,00

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

322.900,00

259.268,00

411.425,00

319.763,00

679.925,00

B) NON-CURRENT LIABILITIES: 31000

2.779.234,00

2.289.416,00

2.440.711,00

2.258.005,00

1.050.351,00

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

2.636.800,00

2.178.301,00

2.264.386,00

2.053.934,00

1.050.351,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

905.954,00

590.947,00

2.073.826,00

1.844.435,00

822.671,00

3. Creditors from financial leasing: 31230

73.194,00

97.534,00

113.959,00

132.898,00

151.079,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

1.657.652,00

1.489.820,00

76.601,00

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

142.434,00

111.115,00

176.325,00

204.070,00

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

4.478.509,00

4.835.633,00

4.431.215,00

3.730.998,00

2.020.099,00

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

0,00

II. Short-term provisions: 32200

0,00

31.049,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

2.525.012,00

3.125.650,00

3.269.327,00

1.937.536,00

853.343,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

2.400.658,00

3.052.260,00

3.235.670,00

1.910.203,00

835.523,00

3. Creditors from financial leasing: 32330

25.574,00

40.380,00

19.192,00

18.959,00

17.820,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

98.780,00

33.010,00

14.465,00

8.374,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

1.953.497,00

1.709.983,00

1.161.888,00

1.762.413,00

1.135.707,00

1. Suppliers: 32510

1.546.572,00

1.179.633,00

482.968,00

1.148.556,00

510.640,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.546.572,00

1.179.633,00

482.968,00

1.148.556,00

510.640,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

357.579,00

432.006,00

624.023,00

474.026,00

0,00

4. Personnel (remuneration due): 32540

0,00

603,00

1.625,00

1.152,00

0,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

53.008,00

97.740,00

56.934,00

142.341,00

0,00

7. Advances from clients: 32570

-3.662,00

0,00

-3.662,00

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

8.728.870,00

8.470.259,00

8.366.396,00

7.229.678,00

4.576.021,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

9.759.116,00

10.724.573,00

8.177.558,00

6.633.244,00

3.890.436,00

a) Sales: 40110

9.735.796,00

10.685.401,00

8.114.286,00

6.596.011,00

0,00

b) Rendering of services: 40120

23.320,00

39.172,00

63.272,00

37.233,00

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

122.955,00

-387.853,00

551.188,00

-16.469,00

-145.424,00

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

167.996,00

290.789,00

283.652,00

388.227,00

208.000,00

4. Supplies : 40400

-6.680.197,00

-7.970.624,00

-6.205.085,00

-5.044.176,00

-2.528.076,00

a) Stock consumption: 40410

0,00

-1.479.307,00

-2.536.458,00

0,00

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

-6.673.264,00

-7.968.855,00

-4.700.967,00

-2.506.431,00

0,00

c) Works carried out by other companies: 40430

-6.934,00

-1.770,00

-24.810,00

-1.288,00

0,00

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

0,00

5. Other operating income: 40500

2.794,00

415,00

9.272,00

9.004,00

15.938,00

a) Auxiliary income and other from current management: 40510

2.794,00

415,00

272,00

4,00

0,00

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

0,00

9.000,00

0,00

6. Personnel costs: 40600

-1.276.794,00

-1.085.686,00

-927.016,00

-724.271,00

-744.107,00

a) Wages, salaries et al.: 40610

-1.016.212,00

-869.385,00

-744.415,00

-586.590,00

0,00

b) Social security costs: 40620

-260.582,00

-216.301,00

-182.601,00

-137.681,00

0,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-1.702.767,00

-1.563.136,00

-1.450.316,00

-1.037.111,00

-653.026,00

a) External services: 40710

-1.688.245,00

-1.535.055,00

-1.381.437,00

-1.031.100,00

0,00

b) Taxes: 40720

-14.300,00

-20.101,00

-25.050,00

-6.009,00

0,00

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

0,00

-7.703,00

-43.662,00

0,00

d) Other current management expenditure : 40740

-222,00

-277,00

-167,00

-2,00

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-514.454,00

-481.128,00

-323.679,00

-305.370,00

-211.099,00

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

120.475,00

234.566,00

359.405,00

273.364,00

370.445,00

10. Excess provisions : 41000

0,00

31.049,00

0,00

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

0,00

2.442,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

2.442,00

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

224.962,00

544.921,00

-110.464,00

0,00

-7.890,00

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

224.086,00

306.835,00

395.564,00

178.883,00

195.196,00

14. Financial income : 41400

85.266,00

73.264,00

61.764,00

48.068,00

4.119,00

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

85.266,00

73.264,00

61.764,00

48.068,00

0,00

b 1) From Group companies and associates : 41421

59.602,00

46.133,00

46.117,00

38.339,00

0,00

b 2) From third parties : 41422

25.665,00

27.131,00

15.647,00

9.729,00

0,00

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

0,00

15. Financial expenditure: 41500

-241.379,00

-274.513,00

-315.833,00

-135.615,00

-123.212,00

a) Amounts owed to Group companies and associates : 41510

0,00

-106.513,00

-89.668,00

0,00

b) For debts with third parties : 41520

-241.379,00

-274.513,00

-209.321,00

-41.973,00

0,00

c) Stock renewal : 41530

0,00

-3.974,00

0,00

16. Changes in fair value of financial instruments : 41600

-12.867,00

0,00

a) Trading book and other : 41610

-12.867,00

0,00

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

0,00

17. Exchange rate differences : 41700

-26.462,00

-32.483,00

58.495,00

19.100,00

-15.818,00

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

0,00

-4.977,00

-926,00

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

-4.977,00

-926,00

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

-195.442,00

-238.709,00

-196.500,00

-68.448,00

-134.911,00

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

28.644,00

68.127,00

199.064,00

110.436,00

60.285,00

20. Income taxes: 41900

33.641,00

-65.229,00

-36.932,00

-13.962,00

-9.707,00

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

62.284,00

2.898,00

162.132,00

96.473,00

0,00

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

0,00

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

62.284,00

2.898,00

162.132,00

96.473,00

50.578,00

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

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

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

5.447.308,00

5.126.601,00

4.348.804,00

3.745.617,00

2.039.742,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

1.401.625,00

1.547.776,00

1.481.874,00

1.276.914,00

947.483,00

III. Tangible fixed assets:

2.418.334,00

2.340.607,00

2.141.367,00

1.885.340,00

1.081.896,00

IV. Financial investments:

1.627.349,00

1.238.218,00

725.563,00

583.363,00

10.363,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

3.281.563,00

3.343.658,00

4.017.592,00

3.484.061,00

2.536.280,00

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

0,00

II. Stocks:

1.702.634,00

1.400.501,00

1.435.631,00

697.718,00

398.034,00

III. Debtors:

1.279.384,00

1.764.783,00

2.450.235,00

2.616.421,00

1.942.059,00

IV. Short-term investments:

114.098,00

97.203,00

84.008,00

70.008,00

20.008,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

185.446,00

81.171,00

47.719,00

99.914,00

176.179,00

VII. Prepayments and accrued income:

0,00

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

8.728.870,00

8.470.259,00

8.366.396,00

7.229.678,00

4.576.021,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

1.148.227,00

1.085.943,00

1.083.045,00

920.912,00

825.646,00

I. Subscribed capital:

260.569,00

II. Share premium:

210.355,00

III. Revaluation reserves:

0,00

IV. Reserves:

615.019,00

612.121,00

449.989,00

353.515,00

304.145,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

615.019,00

612.121,00

449.989,00

353.515,00

304.145,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

62.284,00

2.898,00

162.132,00

96.473,00

50.578,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

322.900,00

259.268,00

411.425,00

319.763,00

679.925,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

2.779.234,00

2.289.416,00

2.440.711,00

2.258.005,00

1.050.351,00

E) SHORT TERM CREDITORS:

4.478.509,00

4.835.633,00

4.431.215,00

3.699.949,00

1.989.050,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

31.049,00

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

8.728.870,00

8.470.259,00

8.366.396,00

7.229.678,00

4.576.021,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

10.298.325,00

11.865.630,00

8.819.063,00

7.276.976,00

4.438.359,00

A.1. Operating consumption:

6.557.243,00

8.358.478,00

5.653.897,00

5.060.646,00

2.673.499,00

A.2. Staff Costs:

1.276.794,00

1.085.686,00

927.016,00

724.271,00

744.107,00

a) Wages, salaries et al.:

1.016.212,00

869.385,00

744.415,00

592.831,00

609.067,00

b) Social security costs:

260.582,00

216.301,00

182.601,00

131.440,00

135.040,00

A.3. Depreciation expense:

514.454,00

481.128,00

323.679,00

305.370,00

211.099,00

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

0,00

A.5. Other operating charges:

1.702.767,00

1.563.136,00

1.450.316,00

1.037.111,00

653.026,00

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

0,00

146.623,00

0,00

A.6. Financial and similar charges:

241.379,00

279.491,00

316.759,00

135.615,00

123.212,00

a) Due to liabilities with companies of the group:

0,00

106.513,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

241.379,00

274.513,00

209.321,00

135.615,00

123.212,00

d) Losses from financial investments:

0,00

4.977,00

926,00

0,00

A.7. Financial investment provision change:

12.867,00

0,00

A.8. Exchange losses:

26.462,00

32.483,00

0,00

15.818,00

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

0,00

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

0,00

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

0,00

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

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

110.464,00

0,00

7.890,00

A.13. Prior year expenses and losses:

0,00

A.IV. EXTRAORDINARY PROFIT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13):

345.437,00

779.487,00

248.941,00

275.807,00

362.555,00

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

28.644,00

68.127,00

199.064,00

110.436,00

60.285,00

A.14. Corporation Tax:

-33.641,00

65.229,00

36.932,00

13.962,00

9.707,00

A.15. Miscellaneous taxes:

0,00

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

62.284,00

2.898,00

162.132,00

96.473,00

50.578,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

10.360.609,00

11.868.528,00

8.981.196,00

7.373.449,00

4.488.938,00

B.1. Operating income:

9.929.906,00

11.015.777,00

8.501.532,00

7.030.475,00

4.114.373,00

a) Net total sales:

9.759.116,00

10.724.573,00

8.177.558,00

6.633.244,00

3.890.436,00

b) Miscellaneous operating income:

170.790,00

291.204,00

323.974,00

397.231,00

223.938,00

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

121.351,00

472.651,00

0,00

96.923,00

167.358,00

B.2. Financial income:

85.266,00

73.264,00

61.764,00

48.068,00

4.119,00

a) Companies of the group:

59.602,00

46.133,00

46.117,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

25.665,00

27.131,00

15.647,00

48.068,00

4.119,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

58.495,00

19.100,00

0,00

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

195.442,00

238.709,00

196.500,00

68.448,00

134.911,00

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

316.793,00

711.360,00

49.877,00

165.371,00

302.269,00

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

0,00

B.5. Profit on transactions with own shares and debentures:

0,00

B.6. Capital grants transferred to profit and loss:

120.475,00

234.566,00

359.405,00

273.364,00

370.445,00

B.7. Extraordinary income:

224.962,00

544.921,00

0,00

2.442,00

0,00

B.8. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8):

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

28.644,00

68.127,00

199.064,00

110.436,00

60.285,00

2. Results adjustments.: 61200

312.263,00

320.518,00

207.571,00

119.553,00

342.108,00

a) Fixed Assets Amortization (+).: 61201

514.454,00

481.128,00

323.679,00

305.370,00

211.099,00

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

0,00

7.703,00

12.612,00

0,00

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

0,00

-31.049,00

0,00

11.916,00

d) Allocation of grants (-).: 61204

-120.475,00

-234.566,00

-359.405,00

-273.364,00

0,00

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

0,00

4.977,00

0,00

g) Financial income (-).: 61207

-85.266,00

-73.264,00

-61.764,00

-48.068,00

-4.119,00

h) Financial Expenses (+). : 61208

241.379,00

274.513,00

213.033,00

135.615,00

123.212,00

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

-12.867,00

0,00

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

-224.962,00

-139.974,00

110.464,00

0,00

3. Changes in current capital equity.: 61300

464.469,00

1.268.676,00

-1.172.250,00

-347.341,00

117.505,00

a) Stock (+/-).: 61301

-302.133,00

37.138,00

-739.921,00

-299.684,00

7.796,00

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

523.088,00

685.452,00

166.187,00

-674.362,00

-309.819,00

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

0,00

68.000,00

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

243.515,00

546.086,00

-598.516,00

626.706,00

351.527,00

4. Cash Flows from Other Operating Activities: 61400

-228.159,00

-206.088,00

-120.369,00

-53.706,00

-119.093,00

a) Interest payments (-). : 61401

-241.379,00

-274.513,00

-213.033,00

-135.615,00

-123.212,00

c) Interest collection (+). : 61403

85.266,00

73.264,00

61.764,00

48.068,00

4.119,00

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

-55.081,00

-22.575,00

-2.162,00

-5.567,00

0,00

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

-16.965,00

17.736,00

33.063,00

39.409,00

0,00

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

577.217,00

1.451.232,00

-885.985,00

-171.058,00

400.805,00

6. Payments for investment (-).: 62100

-543.481,00

-1.272.120,00

-940.867,00

-2.061.245,00

-340.152,00

a) Companies of the group and affiliates. : 62101

0,00

-497.657,00

-142.200,00

-573.000,00

0,00

b) Intangible fixed assets. : 62102

-260.597,00

-447.617,00

-450.762,00

-594.261,00

-332.661,00

c) Fixed assets. : 62103

-185.432,00

-298.653,00

-333.904,00

-843.985,00

-7.491,00

e) Other financial assets. : 62105

-97.452,00

-28.193,00

-14.000,00

-50.000,00

0,00

7. Divestment payment collection (+). : 62200

1.300,00

0,00

a) Companies of the group and affiliates. : 62201

1.300,00

0,00

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

-542.181,00

-1.272.120,00

-940.867,00

-2.061.245,00

-551.252,00

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

211.379,00

17.198,00

336.803,00

68.261,00

352.238,00

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

211.379,00

17.198,00

336.803,00

68.261,00

352.238,00

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

-142.140,00

-229.762,00

1.542.243,00

2.087.777,00

-25.613,00

a) Issuance : 63201

-142.140,00

-229.762,00

1.542.243,00

2.087.777,00

119.370,00

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

-142.140,00

-229.762,00

1.542.243,00

2.087.777,00

42.581,00

4. Special characteristic debts (+). : 63205

0,00

1.179,00

5. Other debts (+). : 63206

0,00

75.610,00

b) Repayment and amortization of : 63207

0,00

-144.983,00

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

0,00

-74.413,00

4. Special characteristic debts (-). : 63211

0,00

-17.820,00

5. Other debts (-). : 63212

0,00

-52.750,00

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

0,00

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

69.239,00

-212.564,00

1.879.046,00

2.156.038,00

326.625,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

104.275,00

-33.452,00

52.195,00

-76.265,00

176.179,00

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

81.171,00

47.719,00

176.179,00

0,00

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

185.446,00

81.171,00

99.914,00

176.179,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,01 %

0,00 %

0,01 %

89,11 %

Net Financial Debt:

12,37

17,67

604,64

84,30

-97,95

-79,04

Cash Flow Yield:

0,01 %

0,00 %

EBITDA over Sales:

4,03 %

1,96 %

0,08 %

0,45 %

4.996,03 %

333,24 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-0,01 %

-2,22 %

-3,34 %

-3,97 %

99,62 %

44,15 %

Total economic profitability:

3,09 %

-0,80 %

4,05 %

-1,88 %

-23,53 %

57,46 %

Financial profitability:

5,42 %

-7,57 %

0,27 %

-11,29 %

1.932,62 %

32,97 %

Margin:

-0,01 %

-2,19 %

-2,16 %

-3,71 %

99,59 %

40,93 %

Mark-up:

-1,98 %

-4,72 %

-4,33 %

-7,12 %

54,32 %

33,62 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,04

0,13

0,02

0,12

146,68

14,83

Acid Test:

0,34

0,86

0,40

0,84

-14,36

2,42

Working Capital / Investment:

-0,14

0,05

-0,18

0,02

19,70

102,13

Solvency:

0,73

1,17

0,69

1,16

5,97

0,89

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

4,93

1,40

5,30

1,63

-6,86

-13,90

Borrowing Composition:

0,62

1,02

0,47

1,01

31,08

0,36

Repayment Ability:

18,46

64,28

840,51

285,32

-97,80

-77,47

Warranty:

1,20

1,72

1,19

1,62

1,17

6,19

Generated resources / Total creditors:

0,08

0,00

0,07

0,00

15,78

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,31

1,09

1,01

1,02

29,78

6,47

Turnover of Collection Rights :

8,00

4,99

6,24

4,76

28,12

4,84

Turnover of Payment Entitlements:

4,35

3,51

5,35

3,38

-18,59

3,57

Stock rotation:

5,90

7,98

8,20

7,04

-28,03

13,37

Assets turnover:

1,42

1,01

1,54

1,07

-7,96

-5,44

Borrowing Cost:

3,33

2,83

3,85

2,93

-13,68

-3,26

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,01 %

0,00 %

-0,01 %

0,05 %

Net Financial Debt:

12,37

604,64

12,30

18,33

39,04

Cash Flow Yield:

0,01 %

0,00 %

-0,01 %

0,04 %

EBITDA over Sales:

4,03 %

0,08 %

5,37 %

3,14 %

1,12 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

-0,01 %

-3,34 %

6,70 %

2,72 %

4,47 %

Total economic profitability:

3,09 %

4,05 %

6,15 %

3,40 %

4,01 %

Financial profitability:

5,42 %

0,27 %

14,97 %

10,48 %

6,13 %

Margin:

-0,01 %

-2,16 %

5,97 %

2,54 %

4,94 %

Mark-up:

-1,98 %

-4,33 %

3,65 %

1,57 %

1,66 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,04

0,02

0,01

0,03

0,09

Acid Test:

0,34

0,40

0,58

0,75

1,08

Working Capital / Investment:

-0,14

-0,18

-0,05

-0,03

0,11

Solvency:

0,73

0,69

0,91

0,94

1,28

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

4,93

5,30

4,60

4,80

2,02

Borrowing Composition:

0,62

0,47

0,55

0,61

0,53

Repayment Ability:

18,46

840,51

15,64

28,58

69,49

Warranty:

1,20

1,19

1,22

1,21

1,51

Generated resources / Total creditors:

0,08

0,07

0,09

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,31

1,01

1,47

1,29

1,06

Turnover of Collection Rights :

8,00

6,24

3,46

2,69

2,12

Turnover of Payment Entitlements:

4,35

5,35

7,06

3,44

2,67

Stock rotation:

5,90

8,20

5,82

10,22

10,76

Assets turnover:

1,42

1,54

1,12

1,07

0,91

Borrowing Cost:

3,33

3,85

4,60

2,28

4,05

COMPARATIVE SECTORIAL BALANCE

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

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Status

CONCEDIDA

Amount Granted

85.907,52

Notes

El importe reflejado es el traspasado a resultados.

Entity

COMUNIDAD DE MADRID

Status

CONCEDIDA

Amount Granted

54.567,64

Notes

El importe reflejado es el traspasado a resultados.

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Status

CONCEDIDA

Amount Granted

162.760,31

Notes

El importe reflejado es el traspasado a resultados.

Entity

COMUNIDAD DE MADRID

Status

CONCEDIDA

Amount Granted

88.823,40

Notes

El importe reflejado es el traspasado a resultados.

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Status

CONCEDIDA

Amount Granted

139.647,82

Notes

El importe reflejado es el traspasado a resultados.

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.37
UK Pound	1	INR 89.71
Euro	1	INR 78.89
EURO	1	INR 78.64

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	DNS

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

Branch Offices

\Activity

\Number of Employees

Breakdown of Owners' Equity

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

Recommended commercial credit

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

Guarantees

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit