3decades

MIRA INFORM REPORT

Report No. :	486044
Report Date :	19.01.2018

IDENTIFICATION DETAILS

Name :	NOKEN DESIGN SA

Registered Office :	Crta. Villarreal Puebla De Arenoso (CV 20), Km 2. - Villarreal/Vila-Real - 12540 - Castellon

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	05.04.2001

Legal Form :	Public Company

Line of Business :	Wholesale of wood, construction materials and sanitary equipment

No. of Employees :	97

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good

Payment Behaviour :	Slow

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.06.2017)

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 2016 Spain marked the third full year of positive economic growth in nine 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 19.7% in 2016. 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 5% of GDP in 2015, and 4.1% of GDP in 2016. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 99.5% in 2016.

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 despite the recent uptick in economic activity, inflation has dropped sharply, from 1.5% in 2013 to a negative 0.3% in 2016.

Source : CIA

EXECUTIVE SUMMARY

Name:

NOKEN DESIGN SA

NIF / Fiscal code:

A12556148

Status:

ACTIVE

Incorporation Date:

05/04/2001

Register Data

Last Publication in BORME:

02/01/2018 [Reelections]

Last Published Account Deposit:

2016

Share Capital:

76.000

Localization:

CRTA. VILLARREAL PUEBLA DE ARENOSO ( CV 20 ), KM 2. - VILLARREAL/VILA-REAL - 12540 - CASTELLON

Telephone - Fax - Email - Website:

Telephone. 964 506 450 Email. noken@noken.com Website. www.noken.com

Activity:

NACE:

4673 - Wholesale of wood, construction materials and sanitary equipment

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

15 for a total cost of 143539.96

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:

SORMAN SOCIEDAD ANONIMA

45.39 %

Identification

Social Denomination:

NOKEN DESIGN SA

NIF / Fiscal code:

A12556148

Corporate Status:

ACTIVE

Start of activity:

2001

Registered Office:

CRTA. VILLARREAL PUEBLA DE ARENOSO ( CV 20 ), KM 2.

Locality:

VILLARREAL/VILA-REAL

Province:

CASTELLON

Postal Code:

12540

Telephone:

964 506 450

Fax:

964 506 790

Website:

www.noken.com

Email:

noken@noken.com

Interviewed Person:

Company staff

Branch Offices

Activity
NACE:	4673
Corporate Purpose:	The subject is engaged in the manufacture, purchase and sale and import and export of bathroom accessories. It is also engaged in the construction, promotion, purchase and sale and lease.
Additional Information:	It is engaged in the design, manufacture and marketing of bathroom accessories. It belongs to the so-called ''''Grupo Porcelanosa''''
Additional Address:	The Registered Office, manufacturing plant, storehouse, offices and other premises are located at CRTA. VILLARREAL PUEBLA DE ARENOSO (CV 20), KM 2. 12540 VILA-REAL (CASTELLÓN), owned.
Import / export:	IMPORTS / 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. Failing that, are estimates data calculated by statistical methods

Chronological Summary

Year

Act

2001

Appointments/ Re-elections (2) Company Formation (1)

2002

Accounts deposit (year 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Correction (2) Other Concepts/ Events (1)

2003

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

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2006

Accounts deposit (year 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2007

Accounts deposit (year 2006) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (year 2008) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010) Appointments/ Re-elections (2)

2013

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

2014

Accounts deposit (year 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)

2015

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

2016

Accounts deposit (year 2015) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2017

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

Breakdown of Owners' Equity

Registered Capital:

76.000

Paid up capital:

76.000

Shareholders

Name

NIF

% Shareholding stake

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

03/05/2001

Company Formation

76.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

ERMITA 61 SOCIEDAD LIMITADA

12/08/2014

MEMBER OF THE BOARD

MOSEL INTERNATIONAL SL

12/08/2014

ERMITA 61 SOCIEDAD LIMITADA

12/08/2014

JOINT CHIEF EXECUTIVE OFFICER

ERMITA 61 SOCIEDAD LIMITADA

12/08/2014

SORMAN SOCIEDAD ANONIMA

12/08/2014

PROXY

RUBERT CANTAVELLA MANUEL

22/04/2016

COLONQUES GARCIA PLANAS ANA

11/11/2015

MEZQUITA RENAU MANUEL MIGUEL

31/01/2011

ALMELA LLOP SALVADOR

19/09/2008

MESEGUER BASIERO JOSE

13/02/2008

RAMOS USO JUAN FRANCISCO

16/10/2002

COLONQUES MORENO HECTOR

07/01/2002

SECRETARY

SORMAN SOCIEDAD ANONIMA

12/08/2014

ACCOUNTS' AUDITOR / HOLDER

DINAMIC AUDITORS SAP

12/12/2017

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

COLONQUES MORENO MANUEL MIGUEL

MEMBER OF THE BOARD

19/05/2006

MEMBER OF THE BOARD

14/04/2009

MEMBER OF THE BOARD

12/08/2014

JOINT CHIEF EXECUTIVE OFFICER

12/08/2014

CHIEF EXECUTIVE OFFICER

19/05/2006

CHIEF EXECUTIVE OFFICER

14/04/2009

PRESIDENT

19/05/2006

PRESIDENT

14/04/2009

PRESIDENT

12/08/2014

CONSULTORES Y AUDITORES SA

ACCOUNTS' AUDITOR / HOLDER

11/01/2013

ACCOUNTS' AUDITOR / HOLDER

07/02/2014

DIAGO GARCIA MANUEL

PROXY

11/11/2015

DINAMIC AUDITORS SA

ACCOUNTS' AUDITOR / HOLDER

29/11/2016

DINAMIC AUDITORS SAP

ACCOUNTS' AUDITOR / HOLDER

12/12/2017

ACCOUNTS' AUDITOR / HOLDER

29/11/2016

GAITAR 2002 SL

MEMBER OF THE BOARD

14/09/2005

SECRETARY

14/09/2005

MAÑA BROCH PABLO

PROXY

22/04/2016

MESEGUER BASIERO JOSE

MEMBER OF THE BOARD

12/08/2014

MOSEL INTERNATIONAL SOCIEDAD ANONIMA

MEMBER OF THE BOARD

14/09/2005

JOINT CHIEF EXECUTIVE OFFICER

14/09/2005

VICE SECRETARY

14/09/2005

PARRA SORIANO FERNANDO

MEMBER OF THE BOARD

14/04/2009

RAFERFOLIO SOCIEDAD LIMITADA

MEMBER OF THE BOARD

14/09/2005

MEMBER OF THE BOARD

19/05/2006

RASORMAN SOCIEDAD LIMITADA

MEMBER OF THE BOARD

16/10/2002

RUBERT CANDIDO JAVIER

PROXY

12/02/2008

SAPORTA ROCHERA JOSE PASCUAL

MEMBER OF THE BOARD

14/09/2005

JOINT CHIEF EXECUTIVE OFFICER

14/09/2005

PRESIDENT

14/09/2005

SERRA SAPORTA HECTOR

PROXY

05/02/2007

SORMAN SOCIEDAD ANONIMA

MEMBER OF THE BOARD

14/09/2005

MEMBER OF THE BOARD

14/09/2005

MEMBER OF THE BOARD

19/05/2006

JOINT CHIEF EXECUTIVE OFFICER

12/08/2014

MEMBER OF THE BOARD

12/08/2014

SECRETARY

14/04/2009

MEMBER OF THE BOARD

14/04/2009

SECRETARY

12/08/2014

SECRETARY

19/05/2006

MEMBER OF THE BOARD

19/05/2006

VICE CHAIRMAN

14/09/2005

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

> Basis for scoring

Positive Factors

Adverse Factors

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

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

NOKEN DESIGN SA 's borrowing cost is appropriate according to its volume of external financing sources.

Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2015 which means that the company's financial situation has improved.

It presents a efficient productivity. EBITDA shows adequate company costs management as income exceed operating expenses.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.199 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

467 Other specialised wholesale

wordml://2444

Relative Position:

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

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

The 99.00% of the companies of the sector NOKEN DESIGN 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 0,199%.

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

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

Not published

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

Not published

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

Not published

Incidences with the Social Security

Not published

Incidences with the Autonomous Administration

Not published

Incidences with the Local Administration

Not published

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

Not published

Proceedings by the old Civil Procedural Law 1.881

Not published

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

Not published

Guarantees

References

Link List

HAS IN ITS ADMINISTRATION BOARD TO:

3 Entities

IS RELATED WITH:

18 Entities

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

SORMAN SOCIEDAD ANONIMA

CASTELLON

45.39

PARTICIPATES IN

PORSAFIN GRUPO AIE

CASTELLON

11.96

PORCELANOSA GRUPO A.I.E

CASTELLON

12.5

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	\| \|
	PORCELANOSA LISBOA COM MAT CON
	ANGELES INC PORCELANOSA LOS
	PORCELANOSA PARIS IDF SAS
	PORCELANOSA PORTO COM. MAT. CONS, S.A.
	FRANCISCO INC PORCELANOSA SAN
	PORVEN, SOCIEDAD ANONIMA, (ESTADOS UNIDOS)
	PORCELANOSA CHILE SPA
	PORCELANOSA EAST CANADA
	PORCELANOSA GROUP, S.A.
	PORCELANOSA HONG KONG TRAD CO
	PORCELANOSA MEXICO, SOCIEDAD ANONIMA, DE CV
	PORCELANOSA PERU SAC
	PORCELANOSA SHANGHAI TRAD CO, S.A.
	PORCELANOSA SPA
	PORCELANOSA SUD OUEST SAS
	PORVEN, S.A.
	SOCAMED SAS
	MOSEL IBERICA SOCIEDAD ANONIMA	CASTELLON
HAS IN ITS ADMINISTRATION BOARD TO	ERMITA 61 SOCIEDAD LIMITADA	CASTELLON
	MOSEL INTERNATIONAL S.L	CASTELLON
	SORMAN SOCIEDAD ANONIMA	CASTELLON

Turnover

Total Sales 2017

50.000.000

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

Estimated Balance

Its Turnover increased by 7.38% in 2016, compared to the previous year. The result for the financial year was 42% higher tan that of 2015.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

September 2017

2015

Normales

September 2016

2014

Normales

July 2015

2013

Normales

August 2014

2012

Normales

August 2013

2011

Normales

May 2013

2010

Normales

September 2011

2009

Normales

July 2010

2008

Normales

August 2009

2007

Normales

August 2008

2006

Normales

September 2007

2005

Normales

October 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

July 2003

2001

Normales

September 2002

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

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

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

ORIGINAL

Assets

2016

2015

2014

2013

2012

A) NON-CURRENT ASSETS: 11000

7.611.984,00

7.743.518,00

8.231.812,00

8.360.679,00

8.677.647,00

I. Intangible fixed assets : 11100

40.914,00

72.219,00

115.889,00

135.736,00

189.104,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

40.914,00

72.219,00

115.889,00

135.736,00

189.104,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

4.766.017,00

4.798.570,00

5.023.859,00

5.123.359,00

5.304.262,00

1. Land and buildings: 11210

1.829.008,00

1.862.465,00

1.895.922,00

1.929.356,00

1.936.198,00

2. Technical installations and other tangible fixed assets: 11220

2.929.341,00

2.936.106,00

3.127.937,00

3.194.003,00

3.368.064,00

3. Tangible asset in progress and advances: 11230

7.668,00

0,00

III. Real estate investment: 11300

2.360.911,00

2.415.026,00

2.611.788,00

2.665.903,00

2.793.513,00

1. Land: 11310

9.958,00

152.605,00

2. Buildings: 11320

2.350.953,00

2.405.068,00

2.459.183,00

2.513.298,00

2.640.909,00

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

0,00

1. Equity instruments: 11410

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

390.767,00

1. Equity instruments: 11510

10.755,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

380.012,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

53.375,00

66.937,00

89.510,00

44.915,00

0,00

B) CURRENT ASSETS: 12000

27.235.557,00

24.874.188,00

24.553.104,00

20.843.625,00

20.497.837,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

13.118.759,00

12.870.682,00

11.325.473,00

9.248.906,00

10.139.739,00

1. Commercial: 12210

12.785.694,00

12.520.159,00

11.229.083,00

9.125.401,00

9.980.486,00

2. Primary material and other supplies: 12220

198.915,00

184.281,00

50.449,00

47.658,00

70.397,00

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

0,00

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

198.915,00

0,00

3. Work in progress: 12230

66.592,00

55.297,00

145,00

0,00

6.240,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

66.592,00

55.297,00

145,00

0,00

6.240,00

4. Finished goods: 12240

67.558,00

110.944,00

45.796,00

75.847,00

82.615,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

67.558,00

110.944,00

45.796,00

75.847,00

82.615,00

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

11.681.327,00

11.999.053,00

10.859.761,00

10.352.050,00

10.268.790,00

1. Trade debtors / accounts receivable: 12310

11.473.863,00

10.568.571,00

9.873.505,00

9.943.096,00

9.543.504,00

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

0,00

b) Customers for sales and provisions of services : 12312

11.473.863,00

10.568.571,00

9.873.505,00

9.943.096,00

9.543.504,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

9.051,00

5.494,00

5.046,00

6.943,00

2.900,00

5. Assets for deferred tax: 12350

0,00

793,00

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

198.412,00

1.424.988,00

981.210,00

402.012,00

721.593,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

2.433.618,00

2.690,00

2.364.691,00

1.237.693,00

27.512,00

1. Equity instruments: 12510

0,00

15.478,00

10.065,00

2. Credits to businesses: 12520

2.430.225,00

0,00

2.361.534,00

1.207.435,00

0,00

3. Debt securities: 12530

0,00

14.780,00

10.044,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

3.393,00

2.690,00

3.157,00

0,00

7.403,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

3.629,00

56.897,00

VII. Cash and other equivalent liquid assets : 12700

1.854,00

1.762,00

3.179,00

1.347,00

4.900,00

1. Treasury: 12710

1.854,00

1.762,00

3.179,00

1.347,00

4.900,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

34.847.541,00

32.617.706,00

32.784.917,00

29.204.304,00

29.175.484,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

27.726.538,00

25.167.703,00

23.129.160,00

22.160.400,00

21.752.272,00

A-1) Shareholders' equity: 21000

27.726.538,00

25.167.703,00

23.129.160,00

22.160.400,00

21.752.272,00

I. Capital: 21100

76.000,00

1. Registered capital : 21110

76.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

24.757.303,00

23.053.160,00

22.084.400,00

21.372.272,00

20.989.154,00

1. Legal and statutory: 21310

15.200,00

2. Other reserves: 21320

24.645.227,00

23.037.960,00

22.069.200,00

21.357.072,00

20.973.954,00

3. Revaluation reserves: 21330

0,00

2. Capitalisation Reserves: 21350

96.876,00

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

2.893.236,00

2.038.543,00

968.760,00

712.128,00

687.118,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

48.465,00

1.120.227,00

67.413,00

71.483,00

462.108,00

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

0,00

1.067.442,00

0,00

462.108,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

1.067.442,00

0,00

462.108,00

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

0,00

IV. Liabilities for deferred tax: 31400

48.465,00

52.785,00

67.413,00

71.483,00

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

7.072.538,00

6.329.776,00

9.588.344,00

6.972.421,00

6.961.104,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

121.473,00

25.097,00

1.451.591,00

1.301.868,00

768.540,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

43.905,00

16.629,00

1.236.546,00

1.298.311,00

659.661,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

66.333,00

0,00

5. Other financial liabilities : 32350

11.235,00

8.468,00

215.045,00

3.557,00

108.880,00

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

0,00

V. Trade creditors and other accounts payable: 32500

6.951.065,00

6.304.679,00

8.136.753,00

5.670.553,00

6.192.563,00

1. Suppliers: 32510

3.232.998,00

2.537.617,00

4.267.733,00

2.861.041,00

3.370.684,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

3.232.998,00

2.537.617,00

4.267.733,00

2.861.041,00

3.370.684,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

2.267.894,00

1.964.743,00

2.527.357,00

1.518.426,00

1.727.642,00

4. Personnel (remuneration due): 32540

783.475,00

734.714,00

707.023,00

726.726,00

705.514,00

5. Liabilities for current tax: 32550

79.660,00

132.770,00

7.987,00

21.920,00

10.798,00

6. Other accounts payable to Public Administrations.: 32560

291.280,00

285.483,00

288.328,00

287.621,00

283.681,00

7. Advances from clients: 32570

295.758,00

649.352,00

338.326,00

254.818,00

94.244,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

34.847.541,00

32.617.706,00

32.784.917,00

29.204.304,00

29.175.484,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

49.726.004,00

46.307.501,00

37.520.774,00

35.946.159,00

36.268.497,00

a) Sales: 40110

49.726.004,00

46.307.501,00

37.520.774,00

35.946.159,00

36.271.715,00

b) Rendering of services: 40120

0,00

-3.218,00

c) Income of financial nature of holding companies: 40130

0,00

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

-32.092,00

120.301,00

-29.906,00

-13.008,00

-15.780,00

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

0,00

4. Supplies : 40400

-29.868.930,00

-28.577.804,00

-22.898.518,00

-21.895.373,00

-22.105.766,00

a) Stock consumption: 40410

-28.613.403,00

-26.874.562,00

-21.804.464,00

-20.932.106,00

-21.286.946,00

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

-542.661,00

-656.935,00

-476.230,00

-426.005,00

-357.412,00

c) Works carried out by other companies: 40430

-970.647,00

-908.111,00

-367.410,00

-433.143,00

-300.791,00

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

257.780,00

-138.197,00

-250.414,00

-104.118,00

-160.617,00

5. Other operating income: 40500

854.232,00

740.851,00

572.551,00

721.185,00

759.234,00

a) Auxiliary income and other from current management: 40510

842.919,00

732.165,00

562.255,00

710.136,00

738.911,00

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

11.313,00

8.686,00

10.296,00

11.049,00

20.324,00

6. Personnel costs: 40600

-4.584.230,00

-4.412.496,00

-4.153.232,00

-4.317.285,00

-4.063.569,00

a) Wages, salaries et al.: 40610

-3.495.980,00

-3.380.366,00

-3.167.926,00

-3.344.563,00

-3.146.042,00

b) Social security costs: 40620

-1.088.250,00

-1.032.131,00

-985.306,00

-972.722,00

-917.527,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-11.413.295,00

-11.150.947,00

-9.374.293,00

-8.758.486,00

-9.166.691,00

a) External services: 40710

-9.686.233,00

-9.816.054,00

-8.517.682,00

-8.723.831,00

-8.848.277,00

b) Taxes: 40720

-31.760,00

-20.544,00

-19.519,00

-16.550,00

-18.074,00

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

-98.514,00

-164.433,00

-142.961,00

-17.828,00

-300.011,00

d) Other current management expenditure : 40740

-1.596.787,00

-1.149.916,00

-694.130,00

-277,00

-329,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-547.031,00

-564.155,00

-497.608,00

-499.059,00

-527.210,00

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

3.616,00

158.134,00

1.564,00

-19.973,00

-40.466,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

3.616,00

158.134,00

1.564,00

-19.973,00

-40.466,00

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

-2.791,00

-37.396,00

-15.565,00

-26.653,00

-35.222,00

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

4.135.483,00

2.583.990,00

1.125.766,00

1.137.508,00

1.073.029,00

14. Financial income : 41400

5.439,00

5.960,00

21.975,00

11.056,00

2.847,00

a) Of shares in equity instruments : 41410

0,00

4,00

870,00

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

4,00

870,00

0,00

b) From negotiable securities and other financial instruments : 41420

5.439,00

5.960,00

21.971,00

10.187,00

2.847,00

b 1) From Group companies and associates : 41421

0,00

232,00

b 2) From third parties : 41422

5.439,00

5.960,00

21.971,00

10.187,00

2.615,00

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

0,00

15. Financial expenditure: 41500

-7.152,00

-34.497,00

-33.647,00

-51.662,00

-93.069,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-7.152,00

-34.497,00

-33.647,00

-51.662,00

-93.069,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

-78.097,00

0,00

9.059,00

9.284,00

-9.251,00

a) Trading book and other : 41610

-78.097,00

0,00

9.059,00

9.284,00

-9.251,00

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

0,00

17. Exchange rate differences : 41700

-198.340,00

222.340,00

260.635,00

-90.697,00

7.372,00

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

-278.150,00

193.803,00

258.021,00

-122.019,00

-92.102,00

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

3.857.333,00

2.777.793,00

1.383.787,00

1.015.490,00

980.927,00

20. Income taxes: 41900

-964.097,00

-739.250,00

-415.027,00

-303.361,00

-293.809,00

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

2.893.236,00

2.038.543,00

968.760,00

712.128,00

687.118,00

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

0,00

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

2.893.236,00

2.038.543,00

968.760,00

712.128,00

687.118,00

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

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

EQUIVALENCIA

ASSETS

2016

2015

2014

2013

2012

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

7.558.609,00

7.676.582,00

8.142.302,00

8.315.764,00

8.677.647,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

40.914,00

72.219,00

115.889,00

135.736,00

189.104,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

40.914,00

72.219,00

115.889,00

135.736,00

189.104,00

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:

7.126.928,00

7.213.596,00

7.635.646,00

7.789.261,00

8.097.776,00

1. Land and construction:

4.189.919,00

4.277.490,00

4.507.709,00

4.595.259,00

4.729.712,00

2. Technical installations and machinery:

995.881,00

998.180,00

1.063.397,00

1.085.857,00

1.145.032,00

3. Other installations, tools and furniture:

1.560.749,00

1.564.354,00

1.666.561,00

1.701.761,00

1.794.500,00

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

7.668,00

0,00

5. Other tangible assets:

372.711,00

373.572,00

397.979,00

406.385,00

428.531,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

390.767,00

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. Long-term securities portfolio:

10.755,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

380.012,00

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:

27.288.932,00

24.941.124,00

24.642.615,00

20.888.540,00

20.497.837,00

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

0,00

II. Stocks:

13.118.759,00

12.870.682,00

11.325.473,00

9.248.906,00

10.139.739,00

1. Goods for resale:

12.785.694,00

12.520.159,00

11.229.083,00

9.125.401,00

9.980.486,00

2. Raw materials and other consumables:

198.915,00

184.281,00

50.449,00

47.658,00

70.397,00

3. Goods in process and semifinished ones:

66.592,00

55.297,00

145,00

0,00

6.240,00

4. Finished products:

67.558,00

110.944,00

45.796,00

75.847,00

82.615,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

11.734.702,00

12.065.990,00

10.949.272,00

10.396.966,00

10.268.790,00

1. Trade debtors / accounts receivable:

11.473.863,00

10.568.571,00

9.873.505,00

9.943.096,00

9.543.504,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

9.051,00

5.494,00

5.046,00

6.943,00

2.900,00

6. Public bodies:

251.787,00

1.491.925,00

1.070.720,00

446.927,00

722.386,00

7. Provisions:

0,00

IV. Short-term investments:

2.433.618,00

2.690,00

2.364.691,00

1.237.693,00

27.512,00

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

30.258,00

20.109,00

6. Other receivables:

2.430.225,00

0,00

2.361.534,00

1.207.435,00

0,00

7. Shor term guarantees and deposits:

3.393,00

2.690,00

3.157,00

0,00

7.403,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.854,00

1.762,00

3.179,00

1.347,00

4.900,00

VII. Prepayments and accrued income:

0,00

3.629,00

56.897,00

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

34.847.541,00

32.617.706,00

32.784.917,00

29.204.304,00

29.175.484,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

27.695.996,00

25.167.703,00

23.129.160,00

22.160.400,00

21.752.272,00

I. Subscribed capital:

76.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

24.726.760,00

23.053.160,00

22.084.400,00

21.372.272,00

20.989.154,00

1. Legal reserve:

15.200,00

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:

24.711.560,00

23.037.960,00

22.069.200,00

21.357.072,00

20.973.954,00

6. Differences due to capital adjustment to euros:

0,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

2.893.236,00

2.038.543,00

968.760,00

712.128,00

687.118,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

48.465,00

1.120.227,00

67.413,00

71.483,00

462.108,00

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:

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

48.465,00

1.120.227,00

67.413,00

71.483,00

462.108,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

1.067.442,00

0,00

461.991,00

3. Long term guarantees and deposits received:

0,00

117,00

4. Long term payables to public bodies:

48.465,00

52.785,00

67.413,00

71.483,00

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:

7.006.205,00

6.329.776,00

9.588.344,00

6.972.421,00

6.961.104,00

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:

43.905,00

16.629,00

1.236.546,00

1.298.311,00

659.661,00

1. Loans and other liabilities:

43.905,00

16.629,00

1.236.546,00

1.298.311,00

659.661,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

5.796.650,00

5.151.713,00

7.133.416,00

4.634.286,00

5.192.570,00

1. Advanced payments from customers:

295.758,00

649.352,00

338.326,00

254.818,00

94.244,00

2. Amounts owed for purchases of goods or services:

5.500.892,00

4.502.360,00

6.795.090,00

4.379.468,00

5.098.327,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

1.165.650,00

1.161.434,00

1.218.382,00

1.039.824,00

1.108.873,00

1. Public bodies:

370.940,00

418.253,00

296.315,00

309.541,00

294.479,00

2. Bills of exchange payable:

4.282,00

3.227,00

81.954,00

1.355,00

41.494,00

3. Miscellaneous debts:

6.953,00

5.241,00

133.091,00

2.201,00

67.386,00

4. Wages and salaries payable:

783.475,00

734.714,00

707.023,00

726.726,00

705.514,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

34.750.665,00

32.617.706,00

32.784.917,00

29.204.304,00

29.175.484,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

47.696.055,00

45.516.545,00

37.417.797,00

35.975.557,00

36.350.833,00

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

32.092,00

0,00

29.906,00

13.008,00

15.780,00

A.2. Supplies:

30.126.711,00

28.439.607,00

22.648.103,00

21.791.255,00

21.945.149,00

a) Stock consumption:

28.613.403,00

26.874.562,00

21.804.464,00

20.932.106,00

21.286.946,00

b) Consumption of raw materials and miscellaneous consumable ones:

542.661,00

656.935,00

476.230,00

426.005,00

357.412,00

c) Miscellaneous external expenditure:

970.647,00

908.111,00

367.410,00

433.143,00

300.791,00

A.3. Staff costs:

4.584.230,00

4.412.496,00

4.153.232,00

4.317.285,00

4.063.569,00

a) Wages, salaries et al.:

3.495.980,00

3.380.366,00

3.167.926,00

3.344.563,00

3.146.042,00

b) Social security costs:

1.088.250,00

1.032.131,00

985.306,00

972.722,00

917.527,00

A.4. Depreciation expense:

547.031,00

564.155,00

497.608,00

499.059,00

527.210,00

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

-159.267,00

302.629,00

393.375,00

121.946,00

460.627,00

a) Stock provision variation:

-257.780,00

138.197,00

250.414,00

104.118,00

160.617,00

b) Variation in provision and bad debt losses:

98.514,00

164.433,00

142.961,00

17.828,00

300.011,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

11.314.781,00

10.986.514,00

9.231.332,00

8.740.658,00

8.866.680,00

a) External services:

9.686.233,00

9.816.054,00

8.517.682,00

8.723.831,00

8.848.277,00

b) Taxes:

31.760,00

20.544,00

19.519,00

16.550,00

18.074,00

c) Other operating expenses:

1.596.787,00

1.149.916,00

694.130,00

277,00

329,00

d) Allocation to revision fund:

0,00

A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):

4.134.658,00

2.463.251,00

1.139.767,00

1.184.134,00

1.148.717,00

A.7. Financial and similar charges:

7.152,00

34.497,00

33.647,00

51.662,00

93.069,00

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.:

7.152,00

34.497,00

33.647,00

51.662,00

93.069,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

78.097,00

0,00

9.251,00

A.9. Exchange losses:

198.340,00

0,00

90.697,00

0,00

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

0,00

193.803,00

258.021,00

0,00

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

3.856.508,00

2.657.054,00

1.397.788,00

1.062.116,00

1.056.615,00

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

19.973,00

40.466,00

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

0,00

A.13. Extraordinary expenses:

2.791,00

37.396,00

15.565,00

26.653,00

35.222,00

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):

825,00

120.739,00

0,00

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

3.857.333,00

2.777.793,00

1.383.787,00

1.015.490,00

980.927,00

A.15. Corporation tax:

964.097,00

739.250,00

415.027,00

303.361,00

293.809,00

A.16. Miscellaneous taxes:

0,00

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

2.893.236,00

2.038.543,00

968.760,00

712.128,00

687.118,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

50.589.291,00

47.555.088,00

38.386.557,00

36.687.685,00

37.037.951,00

B.1. Net total sales:

49.726.004,00

46.307.501,00

37.520.774,00

35.946.159,00

36.268.497,00

a) Sales:

50.664.953,00

47.181.900,00

38.229.258,00

36.624.911,00

36.956.614,00

b) Rendering of services:

0,00

-3.218,00

Returns and Rappel on sales:

-938.949,00

-874.399,00

-708.484,00

-678.752,00

-684.899,00

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

0,00

120.301,00

0,00

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

0,00

B.4. Miscellaneous operating income:

854.232,00

740.851,00

572.551,00

721.185,00

759.234,00

a) Auxiliary income and other from current management:

842.919,00

732.165,00

562.255,00

710.136,00

738.911,00

b) Grants:

11.313,00

8.686,00

10.296,00

11.049,00

20.324,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

0,00

4,00

870,00

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

4,00

870,00

0,00

B.6. Income from other marketable securities and long-term receivables:

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

5.439,00

5.960,00

31.030,00

19.471,00

2.847,00

a) From companies of the group:

0,00

232,00

b) From associated companies:

0,00

c) Miscellaneous interests:

5.439,00

5.960,00

21.971,00

10.187,00

2.615,00

d) Profit on financial investment:

0,00

9.059,00

9.284,00

0,00

B.8. Exchange positive differences:

0,00

222.340,00

260.635,00

0,00

7.372,00

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

278.150,00

0,00

122.019,00

92.102,00

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

0,00

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

3.616,00

158.134,00

1.564,00

0,00

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

0,00

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

0,00

B.12. Extraordinary income:

0,00

B.13. Income and profit of former financial years:

0,00

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

0,00

14.001,00

46.626,00

75.688,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

3.857.333,00

2.777.793,00

1.383.787,00

1.015.490,00

980.927,00

2. Results adjustments.: 61200

287.348,00

572.754,00

758.130,00

663.235,00

827.766,00

a) Fixed Assets Amortization (+).: 61201

547.031,00

564.155,00

497.608,00

499.059,00

527.210,00

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

-257.780,00

138.197,00

250.414,00

104.118,00

160.617,00

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

-3.616,00

-158.134,00

-1.564,00

19.973,00

40.466,00

g) Financial income (-).: 61207

-5.439,00

-5.960,00

-21.975,00

-11.056,00

-2.847,00

h) Financial Expenses (+). : 61208

7.152,00

34.497,00

33.647,00

51.662,00

93.069,00

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

0,00

8.764,00

0,00

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

0,00

-9.284,00

9.251,00

3. Changes in current capital equity.: 61300

1.097.600,00

-4.978.185,00

-197.314,00

214.033,00

1.673.955,00

a) Stock (+/-).: 61301

9.703,00

-1.683.405,00

-2.326.981,00

786.715,00

250.585,00

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

317.727,00

-1.139.292,00

-516.918,00

-95.560,00

1.927.706,00

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

0,00

3.629,00

53.267,00

-56.645,00

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

699.496,00

-1.956.857,00

2.480.133,00

-556.957,00

-424.728,00

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

69.100,00

-206.577,00

211.488,00

0,00

f) Other non-current assets and liabilities (+/-).: 61306

1.573,00

7.946,00

-48.666,00

26.568,00

-22.963,00

4. Cash Flows from Other Operating Activities: 61400

-1.018.920,00

-643.004,00

-440.632,00

-309.073,00

-382.803,00

a) Interest payments (-). : 61401

-7.152,00

-34.497,00

-33.647,00

-51.710,00

-109.006,00

c) Interest collection (+). : 61403

5.439,00

5.960,00

21.975,00

7.515,00

2.847,00

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

-1.017.207,00

-614.467,00

-428.960,00

-264.878,00

-283.028,00

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

0,00

6.384,00

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

4.223.360,00

-2.270.643,00

1.503.971,00

1.583.685,00

3.099.845,00

6. Payments for investment (-).: 62100

-2.856.703,00

-251.354,00

-1.488.338,00

-1.422.400,00

-575.169,00

b) Intangible fixed assets. : 62102

-6.097,00

-8.462,00

-35.259,00

-5.407,00

-22.916,00

c) Fixed assets. : 62103

-419.678,00

-242.892,00

-295.823,00

-212.235,00

-534.379,00

e) Other financial assets. : 62105

-703,00

0,00

-1.157.256,00

-1.204.758,00

-17.874,00

h) Other assets. : 62108

-2.430.225,00

0,00

7. Divestment payment collection (+). : 62200

8.000,00

2.673.055,00

38.758,00

67.896,00

19.954,00

c) Fixed assets. : 62203

8.000,00

311.054,00

8.500,00

60.493,00

0,00

e) Other financial assets. : 62205

0,00

467,00

30.258,00

7.403,00

19.954,00

h) Other assets. : 62208

0,00

2.361.534,00

0,00

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

-2.848.703,00

2.421.701,00

-1.449.580,00

-1.354.504,00

-555.215,00

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

0,00

9.207,00

0,00

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

0,00

9.207,00

0,00

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

-1.040.166,00

-152.475,00

-61.765,00

71.267,00

-2.548.897,00

a) Issuance : 63201

27.275,00

1.067.442,00

0,00

1.301.804,00

768.205,00

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

27.275,00

0,00

1.298.311,00

659.661,00

5. Other debts (+). : 63206

0,00

1.067.442,00

0,00

3.492,00

108.544,00

b) Repayment and amortization of : 63207

-1.067.442,00

-1.219.917,00

-61.765,00

-1.230.537,00

-3.317.102,00

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

0,00

-1.219.917,00

-61.765,00

-659.661,00

-597.903,00

5. Other debts (-). : 63212

-1.067.442,00

0,00

-570.876,00

-2.719.199,00

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

-334.400,00

0,00

-304.000,00

0,00

a) Dividends (-).: 63301

-334.400,00

0,00

-304.000,00

0,00

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

-1.374.566,00

-152.475,00

-52.558,00

-232.733,00

-2.548.897,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

91,00

-1.417,00

1.833,00

-3.553,00

-4.268,00

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

1.762,00

3.179,00

1.347,00

4.900,00

9.167,00

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

1.854,00

1.762,00

3.179,00

1.347,00

4.900,00

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:

0,00 %

0,07 %

0,00 %

Net Financial Debt:

-0,49

2,09

0,36

2,83

-237,52

-25,96

Cash Flow Yield:

0,00 %

0,03 %

0,00 %

EBITDA over Sales:

9,41 %

12,10 %

6,54 %

10,45 %

44,01 %

15,77 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

12,92 %

8,88 %

8,13 %

6,93 %

58,86 %

28,09 %

Total economic profitability:

11,09 %

5,14 %

8,62 %

3,19 %

28,62 %

60,80 %

Financial profitability:

10,43 %

7,76 %

8,10 %

4,15 %

28,83 %

87,05 %

Margin:

8,18 %

7,83 %

5,57 %

6,34 %

46,84 %

23,45 %

Mark-up:

7,63 %

7,31 %

5,98 %

3,77 %

27,54 %

93,62 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,16

0,00

0,14

13,15

Acid Test:

2,00

0,89

1,90

0,87

5,25

2,38

Working Capital / Investment:

0,58

0,03

0,57

0,03

1,77

-1,08

Solvency:

3,86

1,20

3,94

1,19

-2,08

0,83

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,26

1,22

0,30

1,31

-13,24

-7,02

Borrowing Composition:

0,01

1,03

0,18

1,04

-96,13

-1,16

Repayment Ability:

1,52

8,99

2,46

11,04

-38,19

-18,52

Warranty:

4,89

1,84

4,38

1,78

11,77

3,31

Generated resources / Total creditors:

0,45

0,09

0,37

0,08

21,48

23,74

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,02

1,91

1,69

1,80

19,88

6,53

Turnover of Collection Rights :

4,33

5,17

3,92

5,23

10,43

-1,06

Turnover of Payment Entitlements:

5,93

3,54

6,32

3,69

-6,11

-4,18

Stock rotation:

3,54

8,09

3,46

7,80

2,20

3,82

Assets turnover:

1,58

1,13

1,46

1,09

8,18

3,75

Borrowing Cost:

0,10

2,35

0,46

2,46

-78,31

-4,35

> 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:

0,00 %

Net Financial Debt:

-0,49

0,36

-0,56

0,04

0,71

Cash Flow Yield:

0,00 %

EBITDA over Sales:

9,41 %

6,54 %

4,36 %

4,68 %

4,62 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

12,92 %

8,13 %

3,80 %

4,22 %

3,85 %

Total economic profitability:

11,09 %

8,62 %

4,32 %

3,65 %

3,68 %

Financial profitability:

10,43 %

8,10 %

4,19 %

3,21 %

3,16 %

Margin:

8,18 %

5,57 %

3,00 %

3,17 %

2,99 %

Mark-up:

7,63 %

5,98 %

3,67 %

2,84 %

2,74 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,00

Acid Test:

2,00

1,90

1,38

1,66

1,48

Working Capital / Investment:

0,58

0,57

0,46

0,47

0,46

Solvency:

3,86

3,94

2,57

3,00

2,94

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

0,26

0,30

0,42

0,32

0,34

Borrowing Composition:

0,01

0,18

0,01

0,07

Repayment Ability:

1,52

2,46

5,90

4,18

4,43

Warranty:

4,89

4,38

3,40

4,15

3,93

Generated resources / Total creditors:

0,45

0,37

0,18

0,19

Efficiency

2016

2015

2014

2013

2012

Productivity:

2,02

1,69

1,39

1,41

Turnover of Collection Rights :

4,33

3,92

3,51

3,54

3,61

Turnover of Payment Entitlements:

5,93

6,32

3,96

5,40

5,05

Stock rotation:

3,54

3,46

3,26

3,84

3,54

Assets turnover:

1,58

1,46

1,27

1,33

1,29

Borrowing Cost:

0,10

0,46

0,35

0,73

1,25

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

INSTITUTO NACIONAL DE EMPLEO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

11.312,85

Notes

Subvención por formación continua.

Entity

INSTITUTO NACIONAL DE EMPLEO MUNICIPAL

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

8.685,88

Notes

Formación continua

Entity

INSTITUTO NACIONAL DE EMPLEO MUNICIPAL

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

10.296,11

Notes

Planes de formación de empresas.

Entity

AMEC

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

7.660,80

Notes

Asistencia a ferias.

Entity

ICEX

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

4.775,00

Notes

Fomento exportación.

Entity

AMEC

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

35.709,80

Entity

INEM

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Formación continua

Amount Granted

7.129,44

Entity

ICEX

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Fomento exportación

Amount Granted

2.062,13

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

807,29

Entity

ICEX

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Fomento exportación

Amount Granted

11.643,23

Entity

INEM

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Formación continua

Amount Granted

9.048,98

Entity

ICEX

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Fomento exportación

Amount Granted

23.640,51

Entity

INEM

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Formación continua

Amount Granted

5.824,44

Entity

INSTITUTO NACIONAL DE EMPLEO

Status

CONCEDIDA

Amount Granted

3.554,01

Notes

Dicha subvención tiene como objeto la formación contínua. El importe ha sido imputado a resultados.

Entity

INSTITUTO DE EMPLEO PUBLICO DE EMPLEO ESTATAL

Status

CONCEDIDA

Amount Granted

1.389,49

Notes

Dicha subvención tiene como objeto la formación contínua.

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 63.84
UK Pound	1	INR 88.28
Euro	1	INR 77.88
Euro	1	INR 78.34

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	TRU

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit