MIRA INFORM REPORT

Report No. :	515072
Report Date :	22.06.2018

IDENTIFICATION DETAILS

Name :	INTERMAS NETS SA.
Registered Office :	Calle Collsabadell 11 ( Pol. Ind. Collsabadell ) - Llinars Del Valles - 08450 - Barcelona
Country :	Spain
Financials (as on) :	2016
Date of Incorporation :	14.02.1996
Legal Form :	Public company
Line of Business :	Manufacture of plastic packing goods
No. of Employees :	275 [2017]

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 :	No Complaints
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 (31.12.2017)	Current Rating (01.04.2018)
Spain	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SPAIN - ECONOMIC OVERVIEW

After a prolonged recession that began in 2008 in the wake of the global financial crisis, Spain marked the fourth full year of positive economic growth in 2017, with economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis of 2008 broke 16 consecutive years of economic growth for Spain, leading to an economic contraction that lasted until late 2013. In that year, the government successfully shored up its struggling banking sector - heavily exposed to the collapse of Spain’s real estate boom - with the help of an EU-funded restructuring and recapitalization program.

Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 16.4% in 2017. High unemployment strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Strong export growth helped bring Spain's current account into surplus in 2013 for the first time since 1986 and sustain Spain’s economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have improved Spain’s export competitiveness and generated foreign investor interest in the economy, restoring FDI flows.

In 2017, the Spanish Government’s minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms. The European Commission expects the government to meet its 2017 budget deficit target and anticipates that expected economic growth in 2018 will help the government meet its deficit target. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017.

Source : CIA

EXECUTIVE SUMMARY

Name:	INTERMAS NETS SA.
NIF / Fiscal code:	A61056099
Trade Name	INTERMAS NETS SA
Status:	ACTIVE
Incorporation Date:	14/02/1996
Register Data	Register Section 8 Sheet 144036
Last Publication in BORME:	16/02/2018 [Revocations]
Last Published Account Deposit:	2016
Share Capital:	845.727,20
Localization:	CALLE COLLSABADELL 11 ( POL. IND. COLLSABADELL ) - LLINARS DEL VALLES - 08450 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 938 425 700 Email. info@intermas.com Website. www.intermas.com
Activity:
NACE:	2222 - Manufacture of plastic packing goods
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	0 for a total cost of 0
Quality Certificate:	No
Payment Behaviour:	No complaints
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	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	1	0	---

Partners:

ACCIONES PROPIAS DE INTERMAS NETS, S.A.	24.01 %
NEW PLUS 3 SL	58.51 %
OTROS ACCIONISTAS DE INTERMAS NETS, S.A.	4.65 %
PALESTRINS SL	12.83 %
BESICART SL
GREENVEST SL
PALESTRINS SL
NEW PLUS 3 SL
Shares:	13
Other Links:	14
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios

2016

2015

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The company was incorporated in 1996, which currently has a shareholder equity that amounts to Euro 845,727 It is engaged in the manufacture of plastic products.
Interviewed Person:

Enquiry Details

Identification
Social Denomination:	INTERMAS NETS SA.
Trade Name:	INTERMAS NETS SA
NIF / Fiscal code:	A61056099
Corporate Status:	ACTIVE
Start of activity:	1996
Registered Office:	CALLE COLLSABADELL 11 ( POL. IND. COLLSABADELL )
Locality:	LLINARS DEL VALLES
Province:	BARCELONA
Postal Code:	08450
Telephone:	938 425 700
Fax:	938 425 701
Website:	www.intermas.com
Email:	info@intermas.com
Interviewed Person:	Administración (Srta Maite).

Branch Offices

Activity
NACE:	2222
Corporate Purpose:	The company is engaged in the manufacture, marketing, distribution and sale of plastic transformation by injection, blowing and extrusion. It is also engaged in the manufacture of machinery inherent to the transformation of plastic, marketing, distribution and sale of packaging, construction, gardening and agricultural products.
Additional Information:	It is leader in the manufacture and trade of extruded plastic meshes for different sectors.
Additional Address:	The Registered Office and premises are located at the heading address, with a large area.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2017	275

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

Chronological Summary
	Year	Act
	1996	Appointments/ Re-elections (1) Company Formation (1) Other Concepts/ Events (1)
	1997	Accounts deposit (year 1996) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (2) Change of Social Denomination (2) Change of Social Purpose (1) Change of Social address (1) Company Transformation (1) Increase of Capital (2) Loss of the sole propietorship condition (1) Other Concepts/ Events (2) Take-over Merger (5)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2000	Accounts deposit (year 1999) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (4) Change of Social address (1) Increase of Capital (1) Other Concepts/ Events (1) Statutory Modifications (1) Take-over Merger (5)
	2001	Accounts deposit (year 2000) Appointments/ Re-elections (3) Increase of Capital (1)
	2002	Accounts deposit (year 2000 consolidated, 2001 consolidated, 2001) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (3)
	2003	Accounts deposit (year 2002 consolidated, 2002) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1)
	2004	Accounts deposit (year 2003 consolidated, 2003) Appointments/ Re-elections (2) Board Meeting (1)
	2005	Accounts deposit (year 2004 consolidated, 2004) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)
	2006	Accounts deposit (year 2005 consolidated, 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2007	Accounts deposit (year 2006 consolidated, 2006) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Increase of Capital (1)
	2008	Accounts deposit (year 2007 consolidated, 2007) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)
	2009	Accounts deposit (year 2008 consolidated, 2008) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (4) Change of Social Purpose (1) Statutory Modifications (1) Take-over Merger (5)
	2010	Accounts deposit (year 2009 consolidated, 2009) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2)
	2011	Accounts deposit (year 2010 consolidated, 2010) Appointments/ Re-elections (2)
	2012	Accounts deposit (year 2011 consolidated, 2011) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1) Statutory Modifications (1)
	2013	Accounts deposit (year 2012 consolidated, 2012) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2014	Accounts deposit (year 2013 consolidated, 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3)
	2015	Accounts deposit (year 2014 consolidated, 2014) Appointments/ Re-elections (3)
	2016	Accounts deposit (year 2015 consolidated, 2015) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2017	Accounts deposit (year 2016 consolidated, 2016) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (5) Statutory Modifications (2)
	2018	Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Statutory Modifications (1)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	LA FABRICACION, COMERCIALIZACION, DISTRIBUCION Y VENTA DE TRANSFORMADOS PLASTICOS POR INYECCION, SOPLADO Y EXTRUSION, FABRICACION DE MAQUINARIA INHERENTE A LA TRANSFORMACION DE MATERIA PLASTICA Y FACILITAR EL USO DE LOS PR...	Corporate Purpose Change	21/03/1997
	LA COMPRA,VENTA,ALQUILER,PARCELACION Y URBANIZACION DE SOLARES,TERRENOS,Y FIONCAS DE CUALQUIER NATURALEZA PUDIENDO PROCEDER A LA EDIFICACION DE LOS MISMOS INTEGRAMENTE,EN FORMA PARCIAL,ETC.	Company Formation	15/04/1996

Breakdown of Owners' Equity
Registered Capital:	845.727,20
Paid up capital:	845.727,20

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
19/03/1996	Company Formation	3.005	3.005	3.005	3.005
05/03/1997	Increase of Capital	57.096	57.096	60.101	60.101
05/03/1997	Increase of Capital	540.911	540.911	601.012	601.012
06/09/2000	Increase of Capital	54.090	54.090	655.090	655.090
22/01/2001	Increase of Capital	4.508	4.508	659.598	659.598
28/07/2005	Increase of Capital	16.948	16.948	676.546	676.546
07/08/2007	Increase of Capital	169.182	169.182	845.727	845.727

Founding Partners

Partner Name	NIF	% Shareholding stake
NEW PLUS 3 SL	B62026869	58
PALESTRINS SL	B62026877	13
BESICART SL	B63663710
OTROS ACCIONISTAS		5

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE ADMINISTRATOR	NEW PLUS 3 SL	05/12/2017	8
JOINT ATTORNEY	MORENO PELETEIRO OSCAR	16/03/2017	1
JOINT ATTORNEY/COMBINED PROXY	LOPETEGUI LARRUSCAIN JOSE MARIA	27/10/2015	3
PROXY	SERRA JUBAL JOSE	21/10/2010	4
REPRESENTATIVE	FRANCOIS MOUCHET	05/12/2017	10
	BESAS ICART NATALIA	28/08/2008	3
ACCOUNTS' AUDITOR / HOLDER	PRICEWATERHOUSECOOPERS AUDITORES SL	07/08/2017	8
CONSOLIDATED ACCOUNTS' AUDITOR	PRICEWATERHOUSECOOPERS AUDITORES SL	07/08/2017	8

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
3I IBERICA DE INVERSIONES INDUSTRIALES SA	MEMBER OF THE BOARD	04/04/2002	2
	MEMBER OF THE BOARD	20/02/2003
ADELL RAMON RAMON	REPRESENTATIVE	30/04/2009	2
	REPRESENTATIVE	05/12/2017
ALBERT FORT MAURI	REPRESENTATIVE	17/02/2006	1
AURICA XXI SCR DE REGIMEN SIMPLIFICADO SA	MEMBER OF THE BOARD	24/04/2013	4
	MEMBER OF THE BOARD	24/04/2013
	MEMBER OF THE BOARD	12/07/2017
	JOINT ATTORNEY	12/07/2017
AYAS CARRETERO MARCO ANTONIO	PROXY	02/03/2007	1
BANUS NOGUE MIGUEL	MEMBER OF THE BOARD	04/04/2002	4
	MEMBER OF THE BOARD	20/02/2003
	MEMBER OF THE BOARD	09/03/2005
	CHIEF EXECUTIVE OFFICER	09/03/2005
BANUS NOGUE MIQUEL	REPRESENTATIVE	05/12/2017	1
BESAS CAMPS LLUIS	MEMBER OF THE BOARD	09/03/2005	8
	MEMBER OF THE BOARD	07/08/2007
	PROXY	06/06/2003
	PROXY	23/03/2016
	REPRESENTATIVE	09/03/2000
	REPRESENTATIVE	20/02/2003
	REPRESENTATIVE	10/10/2007
	PRESIDENT	09/03/2005
BESAS CAMPS LUIS	MEMBER OF THE BOARD	14/12/1998	1
BESAS ICART NATALIA	MEMBER OF THE BOARD	05/12/2017	3
	REPRESENTATIVE	28/08/2008
BESICART SL	MEMBER OF THE BOARD	18/06/2010	8
	MEMBER OF THE BOARD	12/07/2017
	MEMBER OF THE BOARD	12/07/2017
	MEMBER OF THE BOARD	05/12/2017
	JOINT ATTORNEY	12/07/2017
	CHIEF EXECUTIVE OFFICER	28/08/2008
	PRESIDENT	12/07/2017
	PRESIDENT	05/12/2017
CECILE MARGUERITE SUZANNE DEIXONNE	JOINT ATTORNEY	22/08/2017	1
CLAVELL CAMP ANTONI	MEMBER OF THE BOARD	04/04/2002	8
	MEMBER OF THE BOARD	20/02/2003
	MEMBER OF THE BOARD	09/03/2005
	PROXY	10/10/1997
	PROXY	21/10/2010
	PROXY	23/03/2016
	REPRESENTATIVE	09/03/2005
	SECRETARY	05/03/1997
CLAVELL CAMP ANTONIO	PROXY	23/03/2016	2
	REPRESENTATIVE	05/12/2017
CLAVELL CAMPS ANTONI	PROXY	19/07/2006	1
COOPERS AND LYBRAND SA	ACCOUNTS' AUDITOR / HOLDER	09/03/2000	1
CP 4 MONTELLS SL	MEMBER OF THE BOARD	05/12/2017	3
	JOINT ATTORNEY	05/12/2017
	MEMBER OF THE BOARD	16/04/2014
FANYTAS BIPB SL	MEMBER OF THE BOARD	16/04/2014	3
	MEMBER OF THE BOARD	05/12/2017
	JOINT ATTORNEY	05/12/2017
FORNESA REBES TOMAS	REPRESENTATIVE	28/08/2008	2
	NON CONSELLOR ASSISTANT SECRETARY	07/11/2000
FORT FERRE JACINTO	PROXY	10/10/1997	3
	PROXY	23/06/2000
	REPRESENTATIVE	14/12/1998
FORT FERRER JACINT	MEMBER OF THE BOARD	23/06/2000	1
FORT MARAI ALBERT	MEMBER OF THE BOARD	05/12/2017	1
FORT MAURI ALBERT	MEMBER OF THE BOARD	28/07/2003	5
	PROXY	23/03/2016
	REPRESENTATIVE	28/07/2003
	REPRESENTATIVE	09/03/2005
	REPRESENTATIVE	20/03/2009
FORTUNY MONTALT MONTSERRAT	PROXY	23/03/2016	1
FRANCOIS MOUCHET	REPRESENTATIVE	05/12/2017	10
	CHIEF EXECUTIVE OFFICER	05/12/2017
	JOINT ATTORNEY	05/12/2017
	MEMBER OF THE BOARD	05/12/2017
	JOINT ATTORNEY	08/02/2018
	MEMBER OF THE BOARD	12/04/2012
	JOINT ATTORNEY	16/04/2014
	REPRESENTATIVE	12/07/2017
	REPRESENTATIVE	12/07/2017
GALLO MARTINEZ PABLO	REPRESENTATIVE	15/10/2002	1
GIRBAU PEDRAGOSA RAMON	NON CONSELLOR SECRETARY	05/12/2017	1
GREENVEST SL	MEMBER OF THE BOARD	09/03/2005	6
	MEMBER OF THE BOARD	18/06/2010
	MEMBER OF THE BOARD	12/07/2017
	MEMBER OF THE BOARD	12/07/2017
	MEMBER OF THE BOARD	05/12/2017
	JOINT ATTORNEY	12/07/2017
GUINDOLA ASESORES SL	MEMBER OF THE BOARD	16/04/2014	1
GUINDOLA CONSULTORES SA	CHIEF EXECUTIVE OFFICER	09/03/2000	2
	PRESIDENT	09/03/2000
GUINDOLA CONSULTORES SL	MEMBER OF THE BOARD	09/03/2000	2
	CHIEF EXECUTIVE OFFICER	05/12/2017
GUINDOLA GESTION SL	MEMBER OF THE BOARD	04/04/2002	5
	MEMBER OF THE BOARD	20/02/2003
	CHIEF EXECUTIVE OFFICER	04/04/2002
	CHIEF EXECUTIVE OFFICER	20/02/2003
	PRESIDENT	20/02/2003
LOPETEGUI LARRUSCAIN JOSE MARIA	PROXY	06/07/2015	3
	COMBINED PROXY	27/10/2015
LOPEZ PALOMINO MARIA DEL CARMEN	ADMINISTRATOR	05/03/1997	1
MALLAS CARDEDEU SL	SINGLE PARTNER	06/09/2000	1
MASIA MARTI LORENA	NON CONSELLOR ASSISTANT SECRETARY	14/02/2002	1
MUÑOZ GUTIERREZ LAURA	NON CONSELLOR ASSISTANT SECRETARY	05/12/2017	1
NEW PLUS 3	CHIEF EXECUTIVE OFFICER	20/02/2003	1
NEW PLUS 3 SL	MEMBER OF THE BOARD	04/04/2002	8
	MEMBER OF THE BOARD	20/02/2003
	MEMBER OF THE BOARD	09/03/2005
	MEMBER OF THE BOARD	30/04/2009
	CHIEF EXECUTIVE OFFICER	04/04/2002
	CHIEF EXECUTIVE OFFICER	20/02/2003
	CHIEF EXECUTIVE OFFICER	09/03/2005
NEW PLUS SL	MEMBER OF THE BOARD	09/03/2000	2
	CHIEF EXECUTIVE OFFICER	09/03/2000
OYA LOPEZ JOSE FRANCISCO	PROXY	23/03/2016	1
PALAY CABALLE EMILIO	PROXY	28/01/2014	2
	REPRESENTATIVE	30/04/2009
PALESTRINS SL	MEMBER OF THE BOARD	04/04/2002	4
	MEMBER OF THE BOARD	20/02/2003
	MEMBER OF THE BOARD	09/03/2005
	MEMBER OF THE BOARD	30/04/2009
PERALTA PECURUL JOSE	PROXY	15/06/2010	1
PERALTA PECURUL JOSE LUIS	MEMBER OF THE BOARD	30/04/2009	1
PLA VILA AGUSTIN	REPRESENTATIVE	30/04/1999	2
	REPRESENTATIVE	20/02/2003
PRICE WATERHOUSE COOPERS AUDITORES S L	ACCOUNTS' AUDITOR / HOLDER	19/10/2007	2
	CONSOLIDATED ACCOUNTS' AUDITOR	19/10/2007
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	26/06/2001	26
	ACCOUNTS' AUDITOR / HOLDER	25/07/2002
	ACCOUNTS' AUDITOR / HOLDER	31/07/2003
	ACCOUNTS' AUDITOR / HOLDER	20/07/2004
	ACCOUNTS' AUDITOR / HOLDER	30/01/2006
	ACCOUNTS' AUDITOR / HOLDER	19/07/2006
	ACCOUNTS' AUDITOR / HOLDER	29/09/2008
	ACCOUNTS' AUDITOR / HOLDER	04/08/2009
	ACCOUNTS' AUDITOR / HOLDER	30/06/2010
	ACCOUNTS' AUDITOR / HOLDER	04/07/2011
	ACCOUNTS' AUDITOR / HOLDER	20/12/2012
	ACCOUNTS' AUDITOR / HOLDER	03/10/2013
	ACCOUNTS' AUDITOR / HOLDER	31/07/2014
	CONSOLIDATED ACCOUNTS' AUDITOR	29/10/2001
	CONSOLIDATED ACCOUNTS' AUDITOR	25/07/2002
	CONSOLIDATED ACCOUNTS' AUDITOR	31/07/2003
	CONSOLIDATED ACCOUNTS' AUDITOR	20/07/2004
	CONSOLIDATED ACCOUNTS' AUDITOR	30/01/2006
	CONSOLIDATED ACCOUNTS' AUDITOR	19/07/2006
	CONSOLIDATED ACCOUNTS' AUDITOR	29/09/2008
	CONSOLIDATED ACCOUNTS' AUDITOR	04/08/2009
	CONSOLIDATED ACCOUNTS' AUDITOR	30/06/2010
	CONSOLIDATED ACCOUNTS' AUDITOR	04/07/2011
	CONSOLIDATED ACCOUNTS' AUDITOR	20/12/2012
	CONSOLIDATED ACCOUNTS' AUDITOR	03/10/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	31/07/2014
PRICE WATERHOUSE COOPERS SL	ACCOUNTS' AUDITOR / HOLDER	10/03/2001	1
PRICEWATERHOUSECOOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	28/06/2016	8
	CONSOLIDATED ACCOUNTS' AUDITOR	28/06/2016
	ACCOUNTS' AUDITOR / HOLDER	07/08/2017
	CONSOLIDATED ACCOUNTS' AUDITOR	07/08/2017
	ACCOUNTS' AUDITOR / HOLDER	10/11/2015
	CONSOLIDATED ACCOUNTS' AUDITOR	10/11/2015
RAMON ADELL RAMON	REPRESENTATIVE	12/07/2017	1
RODRIGUEZ SABATER RAUL	REPRESENTATIVE	12/07/2017	1
SALINAS PEÑA CARLOS	NON CONSELLOR ASSISTANT SECRETARY	12/07/2017	1
SANCHEZ CAMARA ALBA ANTONIO	PROXY	10/10/1997	6
	PROXY	23/03/2016
	REPRESENTATIVE	09/03/2000
	REPRESENTATIVE	20/02/2003
	REPRESENTATIVE	29/03/2012
	REPRESENTATIVE	16/04/2014
SERRA JUBAL JOSE	PROXY	10/10/1997	4
	PROXY	02/07/1998
	PROXY	21/10/2010
TORRES RIBAS JOSEP	MEMBER OF THE BOARD	18/06/2010	5
	MEMBER OF THE BOARD	16/04/2014
	CHIEF EXECUTIVE OFFICER	16/04/2014
	CHIEF EXECUTIVE OFFICER	18/06/2010
	CHIEF EXECUTIVE OFFICER	16/04/2014
VENTURA SANTAMANS CARLOS	REPRESENTATIVE	21/04/2009	1

Executive board

Post	NIF	Name
COMPUTER SCIENCE DIRECTOR		NURIA MOLGO
ADMINISTRADOR UNICO	B62026869	NEW PLUS 3 SL
APODERADO SOLIDARIO		OSCAR MORENO PELETEIRO
APODERADO SOLIDARIO		JOSE MARÍA LOPETEGUI LARRUSCAIN
APODERADO SOLIDARIO		JOSEP SERRA JUBAL

Defaults, Legal Claims and Insolvency Proceedings

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

Chronological summary

		Number of Publications	Amount (€)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
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		1	---	02/03/2018	02/03/2018

Basis for scoring

Positive Factors

Adverse Factors

No irregular payment performance has been detected based on information obtained from credit bureaus. At domestic level, it is one of the companies with high turnover volume. INTERMAS NETS 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.

INTERMAS NETS SA. has a tight level of Financial Autonomy. The Internal Funds of the entity represent the 22.74% of the total amount of funding sources.

TREND OF SCORING

> Latest Scoring Changes :

Scoring	Evolution	Date	Event
	Neutral	16/02/18	Update of relevant information about Social Bodies
	Positive	28/08/17	Updating of financial statements.
	Neutral	10/08/17	Revision of the scoring due to modifications in activity consideration
	Neutral	27/03/17	Updating of relevant commercial information.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.490 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 222 Manufacture of plastics products
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 INTERMAS NETS 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 0,490%.

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	1 Incidence the amount of which has not been published

Guarantees

References

Clients

Name	NIF	Telephone
LEROY MERLIN
BRICO DETTO
AKIN

Suppliers

Name	NIF	Telephone
REPSOL
LK WALTER
CDL

Link List

ABSORBS TO:	3 Entities
BELONGS TO THE ADMINISTRATION BOARD OF:	2 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	8 Entities
PARTICIPATES IN:	13 Entities
SHAREHOLDERS:	8 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	ACCIONES PROPIAS DE INTERMAS NETS, S.A.		24.01
	NEW PLUS 3 SL	BARCELONA	58.51
	OTROS ACCIONISTAS DE INTERMAS NETS, S.A.		4.65
	PALESTRINS SL	BARCELONA	12.83
SHAREHOLDERS	BESICART SL	BARCELONA
	GREENVEST SL	BARCELONA
	PALESTRINS SL	BARCELONA
	NEW PLUS 3 SL	BARCELONA
PARTICIPATES IN	PROJECTES DIM 3 S.L.	BARCELONA	50
	NOPLEX ARTES GRAFICAS SL	VALENCIA	75.02
	CELLOPLAST SAS (FRANCIA)
	NORTENE TECHNOLOGIES SAS (FRANCIA)
	INTERMAS EASTERN EUROPE KFT (HUNGRIA)		100
	INTERMAS ITALIA, S.L.		100
	INTERMAS POLSKA ZOO (POLONIA)
	VISCORET, SOCIEDAD LIMITADA, (ITALIA)
	INTERMAS NETS USA INC (ESTADOS UNIDOS)		100
	TAVERINVER SOCIEDAD LIMITADA	VALENCIA	100
	INTERMAS HOLDGING FRANCE SAS (FRANCIA)		100
	INTERMAS NETHERLANDS BV (HOLANDA)		100
	GAVIONES Y MUROS DE CONTENCION SL	CANTABRIA	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	INTERMAS USA INC (ESTADOS UNIDOS)
	CELLOPLAST SAS (FRANCIA)
	JARDINS DE NORTENE SAS (FRANCIA)
	NORTENE TECHNOLOGIES SAS (FRANCIA)
	DAUMPLUS SARL (MARRUECOS)
	AURICA XXI SOCIEDAD DE CAPITAL RIESGO DE REGIMEN SIMPLIFICADO SA	BARCELONA	20
	GUINDOLA ASESORES SL	MADRID
IS RELATED WITH	DAUMAS SL	CASTELLON	50
ABSORBS TO	MALLAS CARDEDEU, S.L.	BARCELONA
	MALLAS AGROTEXTILES SL	BARCELONA
	SEIFIL PERCAN SL	BARCELONA
HAS IN ITS ADMINISTRATION BOARD TO	NEW PLUS 3 SL	BARCELONA
	INTERMAS NETS RECYCLING SL	BARCELONA
BELONGS TO THE ADMINISTRATION BOARD OF	NOPLEX ARTES GRAFICAS SL	VALENCIA

Turnover
Total Sales 2016	79.523.427

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

Estimated Balance

This is a medium-level company, whose Volumen of Business increased by 5% in 2016. The Balance Sheet shows a Liquidity Ratio (2/1) and Treasury (1,4/1), balanced. A low, long-term Trust Ratio (0,87/1) and a low Total Solvency (1,3/1).

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2016	Consolidadas	August  2017
2016	Normales	August  2017
2015	Consolidadas	November  2016
2015	Normales	November  2016
2014	Consolidadas	August  2015
2014	Normales	August  2015
2013	Consolidadas	July  2014
2013	Normales	July  2014
2012	Consolidadas	August  2013
2012	Normales	August  2013
2011	Consolidadas	November  2012
2011	Normales	July  2012
2010	Consolidadas	July  2011
2010	Normales	July  2011
2009	Consolidadas	July  2010
2009	Normales	July  2010
2008	Consolidadas	September  2009
2008	Normales	August  2009
2007	Consolidadas	September  2008
2007	Normales	September  2008
2006	Consolidadas	July  2007
2006	Normales	July  2007
2005	Consolidadas	June  2006
2005	Normales	June  2006
2004	Consolidadas	August  2005
2004	Normales	August  2005
2003	Consolidadas	July  2004
2003	Normales	July  2004
2002	Consolidadas	August  2003
2002	Normales	August  2003
2001	Consolidadas	July  2002
2001	Normales	July  2002
2000	Consolidadas	December  2001
2000	Normales	September  2001
1999	Normales	May  2000
1998	Normales	July  1999
1997	Normales	August  1998
1996	Normales	July  1997

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	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2016	2015	2014	2013	2012
A) NON-CURRENT ASSETS: 11000	39.248.042,00	35.267.737,00	33.630.340,00	34.222.527,00	34.156.330,00
I. Intangible fixed assets : 11100	5.174.632,00	5.416.250,00	5.553.303,00	4.619.134,00	4.898.177,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	2.341.605,00	2.486.883,00	2.632.160,00	2.565.475,00	2.700.500,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	1.978.164,00	2.156.852,00	1.625.753,00	1.796.175,00	2.158.154,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	854.863,00	772.515,00	1.295.390,00	257.484,00	39.523,00
II. Tangible fixed assets : 11200	8.529.640,00	7.570.464,00	6.063.787,00	6.131.464,00	6.990.588,00
1. Land and buildings: 11210	760.053,00	797.148,00	834.244,00	871.340,00	717.867,00
2. Technical installations and other tangible fixed assets: 11220	6.992.896,00	4.500.367,00	4.847.983,00	4.988.712,00	5.478.287,00
3. Tangible asset in progress and advances: 11230	776.691,00	2.272.949,00	381.560,00	271.412,00	794.434,00
III. Real estate investment: 11300	1.301.277,00	1.346.793,00	1.392.309,00	1.437.824,00	1.278.000,00
1. Land: 11310	330.281,00	330.281,00	330.281,00	330.281,00	290.000,00
2. Buildings: 11320	970.996,00	1.016.512,00	1.062.028,00	1.107.543,00	988.000,00
IV. Long-term investments in Group companies and associates : 11400	22.472.160,00	18.630.674,00	18.614.980,00	19.624.868,00	19.012.349,00
1. Equity instruments: 11410	18.031.491,00	17.008.005,00	17.067.311,00	18.077.199,00	16.360.052,00
2. Credits to businesses: 11420	4.440.669,00	1.622.669,00	1.547.669,00	1.547.669,00	2.652.297,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	252.729,00	238.292,00	138.025,00	217.278,00	226.778,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	361,00	361,00	361,00	361,00	361,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	252.368,00	237.931,00	137.664,00	216.917,00	226.417,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	1.517.604,00	2.065.264,00	1.867.936,00	2.191.959,00	1.750.438,00
B) CURRENT ASSETS: 12000	52.099.845,00	43.907.874,00	39.047.280,00	38.818.403,00	38.788.033,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	14.999.352,00	14.631.832,00	14.671.824,00	13.702.724,00	16.013.742,00
1. Commercial: 12210	7.948.228,00	7.622.826,00	6.273.700,00	6.269.928,00	6.783.783,00
2. Primary material and other supplies: 12220	3.243.997,00	3.463.002,00	3.227.707,00	2.638.983,00	3.823.780,00
a) Long-term primary material and other supplies: 12221	0,00	0,00	0,00	0,00	0,00
b) Short-term primary material and other supplies: 12222	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	582.028,00	413.379,00	805.053,00	793.731,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	805.053,00	793.731,00	0,00
4. Finished goods: 12240	3.206.542,00	3.128.057,00	4.359.315,00	3.989.307,00	5.388.111,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	4.359.315,00	3.989.307,00	5.388.111,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	18.557,00	4.568,00	6.049,00	10.775,00	18.068,00
III. Trade debtors and others receivable accounts: 12300	17.651.952,00	21.760.226,00	19.021.290,00	20.863.723,00	21.358.478,00
1. Trade debtors / accounts receivable: 12310	12.135.867,00	16.011.458,00	14.135.657,00	16.395.822,00	17.138.173,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	0,00	0,00	14.135.657,00	16.395.822,00	17.138.173,00
2. Customers, Group companies and associates : 12320	3.508.511,00	3.275.736,00	3.167.675,00	2.738.202,00	2.310.130,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
4. Personnel: 12340	2.971,00	16.990,00	51.376,00	123.469,00	200.495,00
5. Assets for deferred tax: 12350	148.076,00	783.772,00	516.279,00	244.678,00	351.094,00
6. Other debtors, including tax and social security: 12360	1.856.527,00	1.672.270,00	1.150.303,00	1.361.552,00	1.358.586,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	9.076.961,00	6.519.805,00	3.859.805,00	2.697.253,00	1.231.357,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	9.076.961,00	6.519.805,00	3.859.805,00	2.697.253,00	1.231.357,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	646.426,00	378.593,00	493.714,00	282.412,00	28.114,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	27.981,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	198.248,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	448.178,00	378.593,00	493.714,00	282.412,00	133,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	247.302,00	176.141,00	83.069,00	97.525,00	0,00
VII. Cash and other equivalent liquid assets : 12700	9.477.852,00	441.277,00	917.578,00	1.174.766,00	156.342,00
1. Treasury: 12710	9.477.852,00	441.277,00	917.578,00	1.174.766,00	156.342,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	91.347.887,00	79.175.611,00	72.677.620,00	73.040.930,00	72.944.363,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2016	2015	2014	2013	2012
A) NET WORTH: 20000	20.768.447,00	35.139.490,00	35.537.770,00	32.220.618,00	29.890.723,00
A-1) Shareholders' equity: 21000	20.768.447,00	35.139.490,00	35.537.770,00	32.220.618,00	29.890.723,00
I. Capital: 21100	845.727,00	845.727,00	845.727,00	845.727,00	845.727,00
1. Registered capital : 21110	845.727,00	845.727,00	845.727,00	845.727,00	845.727,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	23.735.713,00	23.735.713,00	23.735.713,00	23.735.713,00	23.735.713,00
III. Reserves: 21300	12.258.050,00	12.656.330,00	7.039.178,00	4.617.285,00	3.423.501,00
1. Legal and statutory: 21310	169.146,00	169.146,00	169.146,00	169.146,00	169.146,00
2. Other reserves: 21320	11.430.901,00	11.829.181,00	6.212.029,00	3.790.136,00	3.254.355,00
3. Revaluation reserves: 21330	658.003,00	658.003,00	658.003,00	658.003,00	0,00
2. Capitalisation Reserves: 21350	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	-18.200.000,00	-1.700.000,00	-1.700.000,00	-900.000,00	-900.000,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	2.128.957,00	-398.280,00	5.867.152,00	3.921.893,00	3.035.782,00
VIII. (Interim dividend): 21800	0,00	0,00	-250.000,00	0,00	-250.000,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	44.652.584,00	18.277.621,00	16.748.558,00	13.753.081,00	12.935.278,00
I. Long-term provisions: 31100	1.469.885,00	1.194.468,00	1.093.375,00	1.100.897,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	1.469.885,00	0,00	1.093.375,00	1.100.897,00	0,00
II Long-term creditors: 31200	43.182.699,00	17.083.153,00	15.655.183,00	12.652.184,00	12.935.278,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	42.560.789,00	17.083.153,00	15.655.183,00	12.608.211,00	12.891.305,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	183.792,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	438.118,00	0,00	0,00	43.973,00	43.973,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	0,00	0,00	0,00	0,00	0,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	25.926.856,00	25.758.500,00	20.391.292,00	27.067.231,00	30.118.362,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	104.329,00	91.545,00	246.219,00	75.933,00	888.472,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	104.329,00	0,00	246.219,00	75.933,00	0,00
III. Short-term creditors : 32300	10.069.910,00	13.357.169,00	9.150.898,00	14.310.625,00	19.602.597,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	3.409.435,00	13.340.928,00	9.134.657,00	14.310.625,00	19.592.038,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	6.660.475,00	16.241,00	16.241,00	0,00	10.559,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	15.696.385,00	12.255.915,00	10.962.997,00	12.663.073,00	9.392.730,00
1. Suppliers: 32510	8.361.356,00	5.954.941,00	5.148.347,00	6.193.048,00	3.614.531,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	8.361.356,00	0,00	5.148.347,00	6.193.048,00	3.614.531,00
2. Suppliers, Group companies and associates: 32520	804.267,00	984.736,00	736.026,00	675.859,00	1.540.720,00
3. Other creditors: 32530	3.403.263,00	3.109.858,00	2.896.185,00	2.636.111,00	2.266.387,00
4. Personnel (remuneration due): 32540	1.574.241,00	1.389.664,00	1.346.254,00	2.281.528,00	1.466.297,00
5. Liabilities for current tax: 32550	590.814,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	962.444,00	816.716,00	836.185,00	876.527,00	504.795,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	56.232,00	53.871,00	31.178,00	17.600,00	234.563,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	91.347.887,00	79.175.611,00	72.677.620,00	73.040.930,00	72.944.363,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2016	2015	2014	2013	2012
1. Net turnover: 40100	79.523.427,00	75.417.191,00	77.384.079,00	77.990.857,00	75.539.057,00
a) Sales: 40110	79.145.052,00	74.998.789,00	77.124.985,00	77.691.894,00	75.322.357,00
b) Rendering of services: 40120	378.375,00	418.402,00	259.094,00	298.963,00	216.700,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	247.134,00	-1.622.932,00	554.129,00	-1.164.706,00	-1.261.813,00
3. Works carried out by the company for its assets: 40300	126.127,00	50.659,00	55.741,00	27.959,00	66.536,00
4. Supplies : 40400	-48.003.679,00	-45.495.540,00	-47.642.902,00	-46.794.572,00	-45.434.712,00
a) Stock consumption: 40410	-18.650.867,00	-19.166.772,00	-18.430.416,00	-16.425.764,00	-12.664.858,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-24.229.148,00	-21.611.418,00	-24.225.627,00	-26.602.181,00	-28.713.563,00
c) Works carried out by other companies: 40430	-5.123.664,00	-4.599.824,00	-4.814.060,00	-4.154.634,00	-3.985.833,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	-117.526,00	-172.799,00	388.007,00	-70.458,00
5. Other operating income: 40500	4.541.485,00	3.611.492,00	3.217.498,00	2.490.383,00	1.829.073,00
a) Auxiliary income and other from current management: 40510	4.541.485,00	3.583.329,00	3.181.044,00	2.468.741,00	1.664.995,00
b) Operation subsidies included in the Period's result: 40520	0,00	28.163,00	36.454,00	21.642,00	164.078,00
6. Personnel costs: 40600	-12.769.006,00	-12.747.201,00	-11.852.959,00	-13.805.175,00	-14.623.822,00
a) Wages, salaries et al.: 40610	-9.996.750,00	-10.012.988,00	-9.396.273,00	-11.141.529,00	-11.634.155,00
b) Social security costs: 40620	-2.772.256,00	-2.734.213,00	-2.566.536,00	-2.663.646,00	-2.989.667,00
c) Provisions : 40630	0,00	0,00	109.850,00	0,00	0,00
7. Other operating costs: 40700	-16.749.671,00	-16.731.011,00	-15.285.527,00	-15.519.385,00	-15.694.947,00
a) External services: 40710	-16.078.042,00	-16.197.090,00	-14.926.253,00	-14.800.668,00	-15.151.380,00
b) Taxes: 40720	-218.164,00	-213.536,00	-106.589,00	-224.600,00	-183.087,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-453.465,00	-320.385,00	-252.685,00	-392.918,00	-360.480,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	-101.199,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-2.528.836,00	-2.318.929,00	-2.005.402,00	-2.389.754,00	-1.968.273,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	88.991,00	12.758,00
11. Impairment and result of transfers of fixed assets: 41100	-1.222,00	209.502,00	4.448,00	121.113,00	-18.384,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-1.222,00	209.502,00	4.448,00	121.113,00	-18.384,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	19.830,00	19.326,00	98.247,00	5.562,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	4.405.589,00	392.557,00	4.527.352,00	1.051.273,00	-1.554.527,00
14. Financial income : 41400	351.345,00	213.910,00	4.188.622,00	4.632.636,00	3.169.536,00
a) Of shares in equity instruments : 41410	0,00	0,00	4.000.000,00	4.500.000,00	3.108.850,00
a 1) In Group companies and associates: 41411	0,00	0,00	4.000.000,00	4.500.000,00	3.108.850,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	351.345,00	213.910,00	188.622,00	132.636,00	60.686,00
b 1) From Group companies and associates : 41421	350.992,00	213.802,00	188.438,00	131.311,00	60.686,00
b 2) From third parties : 41422	353,00	108,00	184,00	1.325,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-1.180.899,00	-753.217,00	-1.040.907,00	-957.922,00	-951.037,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-1.180.899,00	-753.217,00	-1.040.907,00	-957.922,00	-951.037,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	14.456,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	14.456,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	333.386,00	-101.861,00	141.398,00	-32.143,00	-46.064,00
18. Impairment and result for transfers of financial instruments: 41800	-542.457,00	-540.000,00	-1.124.431,00	-1.050.174,00	1.761.349,00
a) Impairment and losses : 41810	-542.457,00	-540.000,00	-1.062.366,00	-1.050.174,00	311.348,00
b) Results for transfers and other : 41820	0,00	0,00	-62.065,00	0,00	1.450.001,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-1.024.169,00	-1.181.168,00	2.164.682,00	2.592.397,00	3.933.784,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	3.381.420,00	-788.611,00	6.692.034,00	3.643.670,00	2.379.257,00
20. Income taxes: 41900	-1.252.463,00	390.331,00	-824.882,00	278.223,00	656.525,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	2.128.957,00	-398.280,00	5.867.152,00	3.921.893,00	3.035.782,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	2.128.957,00	-398.280,00	5.867.152,00	3.921.893,00	3.035.782,00

> 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	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2016	2015	2014	2013	2012
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	55.930.438,00	34.902.473,00	33.462.404,00	32.930.568,00	33.305.892,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	5.174.632,00	5.416.250,00	5.553.303,00	4.619.134,00	4.898.177,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	2.341.605,00	2.486.883,00	2.632.160,00	2.565.475,00	2.700.500,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	1.978.164,00	2.156.852,00	1.625.753,00	1.796.175,00	2.158.154,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	854.863,00	772.515,00	1.295.390,00	257.484,00	39.523,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	9.830.917,00	8.917.257,00	7.456.096,00	7.569.288,00	8.268.588,00
1. Land and construction:	2.061.330,00	2.143.941,00	2.226.553,00	2.309.164,00	1.995.867,00
2. Technical installations and machinery:	6.493.471,00	4.178.956,00	4.501.746,00	4.632.424,00	5.087.034,00
3. Other installations, tools and furniture:	259.719,00	167.146,00	180.056,00	185.283,00	203.466,00
4. Payments on account and tangible fixed assets under construction:	776.691,00	2.272.949,00	381.560,00	271.412,00	794.434,00
5. Other tangible assets:	239.705,00	154.265,00	166.181,00	171.005,00	187.787,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	22.724.889,00	18.868.966,00	18.753.005,00	19.842.146,00	19.239.127,00
1. Equity investments in group companies:	17.977.446,00	16.957.027,00	17.016.156,00	18.023.017,00	16.311.016,00
2. Receivables from group companies:	4.440.669,00	1.622.669,00	1.547.669,00	1.547.669,00	2.652.297,00
3. Equity investment in associated companies:	54.045,00	50.978,00	51.155,00	54.182,00	49.036,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	361,00	361,00	361,00	361,00	361,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	252.368,00	237.931,00	137.664,00	216.917,00	226.417,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	18.200.000,00	1.700.000,00	1.700.000,00	900.000,00	900.000,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	53.419.201,00	45.973.138,00	40.915.216,00	41.010.362,00	40.538.471,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	14.999.352,00	14.631.832,00	14.671.824,00	13.702.724,00	16.013.742,00
1. Goods for resale:	7.948.228,00	7.622.826,00	6.273.700,00	6.269.928,00	6.783.783,00
2. Raw materials and other consumables:	3.243.997,00	3.463.002,00	3.227.707,00	2.638.983,00	3.823.780,00
3. Goods in process and semifinished ones:	582.028,00	413.379,00	805.053,00	793.731,00	0,00
4. Finished products:	3.206.542,00	3.128.057,00	4.359.315,00	3.989.307,00	5.388.111,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	18.557,00	4.568,00	6.049,00	10.775,00	18.068,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	19.169.556,00	23.825.490,00	20.889.226,00	23.055.682,00	23.108.916,00
1. Trade debtors / accounts receivable:	12.135.867,00	16.011.458,00	14.135.657,00	16.395.822,00	17.138.173,00
2. Accounts receivable, Group companies:	3.508.511,00	3.275.736,00	3.167.675,00	2.738.202,00	2.310.130,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	0,00
5. Staff:	2.971,00	16.990,00	51.376,00	123.469,00	200.495,00
6. Public bodies:	3.522.207,00	4.521.306,00	3.534.518,00	3.798.189,00	3.460.118,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	9.525.139,00	6.898.398,00	4.353.519,00	2.979.665,00	1.259.471,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	9.076.961,00	6.519.805,00	3.859.805,00	2.697.253,00	1.231.357,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	27.981,00
7. Shor term guarantees and deposits:	448.178,00	378.593,00	493.714,00	282.412,00	133,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	9.477.852,00	441.277,00	917.578,00	1.174.766,00	156.342,00
VII. Prepayments and accrued income:	247.302,00	176.141,00	83.069,00	97.525,00	0,00
GENERAL TOTAL (A + B + C + D):	109.349.639,00	80.875.611,00	74.377.620,00	73.940.930,00	73.844.363,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2016	2015	2014	2013	2012
A) EQUITY:	38.295.988,00	36.181.487,00	36.579.767,00	32.462.615,00	30.790.723,00
I. Subscribed capital:	845.727,00	845.727,00	845.727,00	845.727,00	845.727,00
II. Share premium:	23.735.713,00	23.735.713,00	23.735.713,00	23.735.713,00	23.735.713,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	11.585.591,00	11.998.327,00	6.381.175,00	3.959.282,00	3.423.501,00
1. Legal reserve:	169.146,00	169.146,00	169.146,00	169.146,00	169.146,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	11.416.445,00	11.829.181,00	6.212.029,00	3.790.136,00	3.254.355,00
6. Differences due to capital adjustment to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	2.128.957,00	-398.280,00	5.867.152,00	3.921.893,00	3.035.782,00
VII. Interim dividend paid:	0,00	0,00	-250.000,00	0,00	-250.000,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	1.469.885,00	1.194.468,00	1.093.375,00	1.100.897,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	1.469.885,00	1.194.468,00	1.093.375,00	1.100.897,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	42.998.907,00	17.083.153,00	15.655.183,00	12.652.184,00	12.935.278,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	42.560.789,00	17.083.153,00	15.655.183,00	12.608.211,00	12.891.305,00
1. Loans and other liabilities:	42.560.789,00	17.083.153,00	15.655.183,00	12.608.211,00	12.891.305,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	438.118,00	0,00	0,00	43.973,00	43.973,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	438.118,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	43.973,00	43.973,00
4. Long term payables to public bodies:	0,00	0,00	0,00	0,00	0,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	25.822.527,00	25.666.955,00	20.145.073,00	26.991.298,00	29.229.890,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	3.409.435,00	13.340.928,00	9.134.657,00	14.310.625,00	19.592.038,00
1. Loans and other liabilities:	3.409.435,00	13.340.928,00	9.134.657,00	14.310.625,00	19.592.038,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	804.267,00	984.736,00	736.026,00	675.859,00	1.540.720,00
1. Amounts owed to group companies:	804.267,00	984.736,00	736.026,00	675.859,00	1.540.720,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	11.764.619,00	9.064.799,00	8.044.532,00	8.829.159,00	5.880.918,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	11.764.619,00	9.064.799,00	8.044.532,00	8.829.159,00	5.880.918,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	9.787.974,00	2.222.621,00	2.198.680,00	3.158.055,00	1.981.651,00
1. Public bodies:	1.553.258,00	816.716,00	836.185,00	876.527,00	504.795,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	6.660.475,00	16.241,00	16.241,00	0,00	10.559,00
4. Wages and salaries payable:	1.574.241,00	1.389.664,00	1.346.254,00	2.281.528,00	1.466.297,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	56.232,00	53.871,00	31.178,00	17.600,00	234.563,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	104.329,00	91.545,00	246.219,00	75.933,00	888.472,00
GENERAL TOTAL (A + B + C + D + E + F):	108.691.636,00	80.217.608,00	73.719.617,00	73.282.927,00	73.844.363,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2016	2015	2014	2013	2012
A) CHARGES (A.1 to A.15):	83.028.233,00	79.920.360,00	79.777.010,00	81.435.608,00	79.031.179,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	1.622.932,00	0,00	1.164.706,00	1.261.813,00
A.2. Supplies:	48.003.679,00	45.378.014,00	47.470.103,00	47.182.579,00	45.364.254,00
a) Stock consumption:	18.650.867,00	19.166.772,00	18.430.416,00	16.425.764,00	12.664.858,00
b) Consumption of raw materials and miscellaneous consumable ones:	24.229.148,00	21.611.418,00	24.225.627,00	26.602.181,00	28.713.563,00
c) Miscellaneous external expenditure:	5.123.664,00	4.599.824,00	4.814.060,00	4.154.634,00	3.985.833,00
A.3. Staff costs:	12.769.006,00	12.747.201,00	11.852.959,00	13.805.175,00	14.623.822,00
a) Wages, salaries et al.:	9.996.750,00	10.012.988,00	9.286.423,00	11.141.529,00	11.634.155,00
b) Social security costs:	2.772.256,00	2.734.213,00	2.566.536,00	2.663.646,00	2.989.667,00
A.4. Depreciation expense:	2.528.836,00	2.318.929,00	2.005.402,00	2.389.754,00	1.968.273,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	453.465,00	437.911,00	425.484,00	4.911,00	430.938,00
a) Stock provision variation:	0,00	117.526,00	172.799,00	-388.007,00	70.458,00
b) Variation in provision and bad debt losses:	453.465,00	320.385,00	252.685,00	392.918,00	360.480,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	16.296.206,00	16.410.626,00	15.032.842,00	15.126.467,00	15.334.467,00
a) External services:	16.078.042,00	16.197.090,00	14.926.253,00	14.800.668,00	15.151.380,00
b) Taxes:	218.164,00	213.536,00	106.589,00	224.600,00	183.087,00
c) Other operating expenses:	0,00	0,00	0,00	101.199,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	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):	4.386.981,00	163.729,00	4.424.657,00	924.598,00	0,00
A.7. Financial and similar charges:	1.340.895,00	912.489,00	1.372.555,00	1.224.411,00	872.030,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	1.180.899,00	753.217,00	1.040.907,00	957.922,00	951.037,00
d) Losses from financial investments:	159.996,00	159.272,00	331.648,00	266.489,00	-79.007,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	101.861,00	0,00	32.143,00	46.064,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	2.957.465,00	3.376.082,00	3.701.443,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	3.745.273,00	0,00	7.382.122,00	4.300.680,00	2.165.300,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	382.461,00	380.728,00	792.783,00	783.685,00	-232.341,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	1.222,00	0,00	0,00	0,00	18.384,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	0,00	0,00	0,00	213.957,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	3.381.420,00	0,00	6.692.034,00	3.643.670,00	2.379.257,00
A.15. Corporation tax:	1.252.463,00	-390.331,00	824.882,00	-278.223,00	-656.525,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	2.128.957,00	0,00	5.867.152,00	3.921.893,00	3.035.782,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2016	2015	2014	2013	2012
B) INCOME ( B.1 to B.13):	85.157.190,00	79.522.080,00	85.644.162,00	85.357.501,00	82.066.961,00
B.1. Net total sales:	79.523.427,00	75.417.191,00	77.384.079,00	77.990.857,00	75.539.057,00
a) Sales:	80.908.064,00	76.669.440,00	78.842.998,00	79.422.536,00	77.000.216,00
b) Rendering of services:	378.375,00	418.402,00	259.094,00	298.963,00	216.700,00
Returns and Rappel on sales:	-1.763.012,00	-1.670.651,00	-1.718.013,00	-1.730.642,00	-1.677.859,00
B.2. Stock increase of manufactured goods and products in process:	247.134,00	0,00	554.129,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	126.127,00	50.659,00	55.741,00	27.959,00	66.536,00
B.4. Miscellaneous operating income:	4.541.485,00	3.611.492,00	3.217.498,00	2.579.374,00	1.841.831,00
a) Auxiliary income and other from current management:	4.541.485,00	3.583.329,00	3.181.044,00	2.468.741,00	1.664.995,00
b) Grants:	0,00	28.163,00	36.454,00	21.642,00	164.078,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	88.991,00	12.758,00
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	0,00	0,00	0,00	1.536.143,00
B.5. Income from equity investment:	0,00	0,00	4.000.000,00	4.500.000,00	3.108.850,00
a) In companies of the group:	0,00	0,00	4.000.000,00	4.500.000,00	3.108.850,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	365.801,00	213.910,00	188.622,00	132.636,00	1.510.687,00
a) From companies of the group:	350.992,00	213.802,00	188.438,00	131.311,00	60.686,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	353,00	108,00	184,00	1.325,00	0,00
d) Profit on financial investment:	14.456,00	0,00	0,00	0,00	1.450.001,00
B.8. Exchange positive differences:	333.386,00	0,00	141.398,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	641.708,00	800.440,00	0,00	0,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	636.711,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	209.502,00	4.448,00	121.113,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	19.830,00	19.326,00	98.247,00	5.562,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	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):	363.853,00	151.900,00	690.088,00	657.010,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	788.611,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	398.280,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted	2016	2015	2014	2013	2012
1. Fiscal year result before taxes.: 61100	3.381.420,00	-788.611,00	6.692.034,00	3.643.670,00	2.379.257,00
2. Results adjustments.: 61200	4.020.478,00	3.496.456,00	-145.471,00	-514.461,00	245.160,00
a) Fixed Assets Amortization (+).: 61201	2.528.836,00	2.318.929,00	2.005.402,00	2.389.754,00	1.968.273,00
b) Obsolescence Allowances (+/-). : 61202	713.250,00	909.292,00	1.089.774,00	1.045.263,00	70.458,00
c) Variation in Provision (+/-). : 61203	288.201,00	-163.431,00	52.914,00	-121.508,00	360.480,00
e) Results on disposal of fixed assets (+/-). : 61205	1.222,00	-209.502,00	-4.448,00	-121.113,00	18.384,00
f) Results on disposal of financial instruments (+/-).: 61206	7.257,00	0,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-351.345,00	-213.910,00	-4.188.622,00	-4.632.636,00	-3.169.536,00
h) Financial Expenses (+). : 61208	1.180.899,00	753.217,00	1.040.907,00	957.922,00	951.037,00
i) Exchange differences (+/-). : 61209	-333.386,00	101.861,00	-141.398,00	-32.143,00	46.064,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	-14.456,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	6.035.485,00	-1.570.215,00	-266.302,00	5.919.284,00	-1.428.538,00
a) Stock (+/-).: 61301	-367.520,00	-110.008,00	-796.301,00	1.923.011,00	-853.634,00
d) Debtors and other accounts receivable (+/-). : 61302	3.288.763,00	-2.690.735,00	1.589.748,00	887.674,00	-1.686.271,00
c) Other current assets (+/-). : 61303	-71.161,00	-93.072,00	14.456,00	-314.488,00	178.126,00
d) Creditors and other accounts payable (+/-). : 61304	3.183.042,00	1.300.907,00	-1.087.783,00	3.423.087,00	759.607,00
e) Other current liabilities (+/-).: 61305	2.361,00	22.693,00	13.578,00	0,00	173.634,00
4. Cash Flows from Other Operating Activities: 61400	140.450,00	-613.797,00	2.285.811,00	3.354.857,00	2.129.056,00
a) Interest payments (-). : 61401	-738.369,00	-753.217,00	-1.040.907,00	-957.922,00	-951.037,00
b) Dividend payment collection (+). : 61402	0,00	0,00	4.000.000,00	4.500.000,00	3.108.850,00
c) Interest collection (+). : 61403	351.345,00	213.910,00	188.622,00	131.311,00	60.686,00
d) Income tax payment collection (payments) (+/-).: 61404	527.474,00	-74.490,00	-861.904,00	-318.532,00	-89.443,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	13.577.833,00	523.833,00	8.566.072,00	12.403.350,00	3.324.935,00
6. Payments for investment (-).: 62100	-9.856.011,00	-7.378.682,00	-4.500.907,00	-6.130.586,00	-5.599.497,00
a) Companies of the group and affiliates. : 62101	-6.356.944,00	-3.215.694,00	-1.300.000,00	-4.254.708,00	-752.357,00
b) Intangible fixed assets. : 62102	-844.007,00	-762.566,00	-1.568.815,00	-936.556,00	-3.014.159,00
c) Fixed assets. : 62103	-2.360.773,00	-3.039.773,00	-1.420.790,00	-685.024,00	-1.805.925,00
e) Other financial assets. : 62105	-294.287,00	-360.649,00	-211.302,00	-254.298,00	-27.056,00
7. Divestment payment collection (+). : 62200	211.140,00	744.307,00	384.375,00	2.569.401,00	1.196.000,00
a) Companies of the group and affiliates. : 62201	0,00	0,00	137.448,00	1.535.985,00	1.085.241,00
b) Intangible fixed assets. : 62202	0,00	154.576,00	161.973,00	834.140,00	0,00
c) Fixed assets. : 62203	2.680,00	214.228,00	5.701,00	189.776,00	0,00
e) Other financial assets. : 62205	208.460,00	375.503,00	79.253,00	9.500,00	110.759,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	-9.644.871,00	-6.634.375,00	-4.116.532,00	-3.561.185,00	-4.403.497,00
9. Payment collection and payments for equity instruments. : 63100	-10.000.000,00	0,00	-800.000,00	0,00	0,00
c) Acquisition of own equity instruments (-). : 63103	-10.000.000,00	0,00	-800.000,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	15.103.613,00	5.634.241,00	-2.156.728,00	-5.573.741,00	3.940.319,00
a) Issuance : 63201	54.137.356,00	13.124.000,00	16.000.000,00	-5.573.741,00	12.112.375,00
2. Debts incurred with credit institutions (+). : 63203	54.137.356,00	13.124.000,00	16.000.000,00	-5.573.741,00	12.112.375,00
b) Repayment and amortization of : 63207	-39.033.743,00	-7.489.759,00	-18.156.728,00	0,00	-8.172.056,00
2. Debts incurred with credit institutions (-).: 63209	-39.033.743,00	-7.489.759,00	-18.128.996,00	0,00	-8.172.056,00
5. Other debts (-). : 63212	0,00	0,00	-27.732,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	-1.750.000,00	-2.250.000,00	-2.750.000,00
a) Dividends (-).: 63301	0,00	0,00	-1.750.000,00	-2.250.000,00	-2.500.000,00
b) Remuneration from other assets instruments (-).: 63302	0,00	0,00	0,00	0,00	-250.000,00
12. Cash Flows from Financing Activities (9+10+11): 63400	5.103.613,00	5.634.241,00	-4.706.728,00	-7.823.741,00	1.190.319,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	9.036.575,00	-476.301,00	-257.188,00	1.018.424,00	111.757,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	441.277,00	917.578,00	1.174.766,00	156.342,00	44.585,00
Cash or equivalent assets as of end of the fiscal year.: 65200	9.477.852,00	441.277,00	917.578,00	1.174.766,00	156.342,00

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:	0,11 %	0,01 %	-0,01 %	0,06 %	1.899,15 %	-83,25 %
Net Financial Debt:	6,24	2,32	11,93	2,88	-47,73	-19,67
Cash Flow Yield:	0,10 %	0,01 %	-0,01 %	0,03 %	1.744,37 %	-82,98 %
EBITDA over Sales:	8,70 %	11,91 %	3,29 %	10,42 %	164,18 %	14,32 %

Profitability	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	7,45 %	8,37 %	0,70 %	6,97 %	965,52 %	20,20 %
Total economic profitability:	4,99 %	4,69 %	-0,04 %	3,19 %	11.272,50 %	46,77 %
Financial profitability:	10,25 %	6,73 %	-1,13 %	4,14 %	1.004,42 %	62,51 %
Margin:	5,21 %	7,39 %	0,47 %	6,33 %	1.003,73 %	16,79 %
Mark-up:	3,99 %	6,56 %	-1,02 %	3,77 %	490,81 %	74,14 %

Solvency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,37	0,16	0,02	0,14	2.034,93	16,25
Acid Test:	1,43	0,90	1,13	0,86	25,88	4,25
Working Capital / Investment:	0,29	0,03	0,23	0,03	24,99	11,82
Solvency:	2,08	1,21	1,79	1,18	15,93	2,35

Indebtedness	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	3,10	1,25	1,18	1,32	163,73	-4,82
Borrowing Composition:	1,67	1,05	0,67	1,03	151,26	2,51
Repayment Ability:	9,98	9,34	17,22	11,10	-42,05	-15,80
Warranty:	1,32	1,81	1,85	1,77	-28,52	2,24
Generated resources / Total creditors:	0,08	0,09	0,06	0,08	24,96	13,78

Efficiency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,54	1,90	1,19	1,80	29,03	6,08
Turnover of Collection Rights :	4,77	5,10	3,63	5,22	31,24	-2,41
Turnover of Payment Entitlements:	4,14	3,55	4,94	3,68	-16,25	-3,58
Stock rotation:	5,32	8,09	5,39	7,73	-1,35	4,69
Assets turnover:	1,43	1,13	1,48	1,10	-3,46	2,92
Borrowing Cost:	1,71	2,36	1,76	2,45	-2,87	-3,70

> 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:	0,11 %	-0,01 %	0,00 %	0,01 %	0,00 %
Net Financial Debt:	6,24	11,93	3,64	7,91	77,15
Cash Flow Yield:	0,10 %	-0,01 %	0,00 %	0,01 %	0,00 %
EBITDA over Sales:	8,70 %	3,29 %	8,31 %	4,14 %	0,56 %

Profitability	2016	2015	2014	2013	2012
Operating economic profitability:	7,45 %	0,70 %	8,93 %	2,08 %	-2,96 %
Total economic profitability:	4,99 %	-0,04 %	10,64 %	6,30 %	4,57 %
Financial profitability:	10,25 %	-1,13 %	16,51 %	12,17 %	10,16 %
Margin:	5,21 %	0,47 %	5,49 %	1,30 %	-2,01 %
Mark-up:	3,99 %	-1,02 %	8,18 %	4,52 %	3,07 %

Solvency	2016	2015	2014	2013	2012
Liquidity:	0,37	0,02	0,05	0,04	0,01
Acid Test:	1,43	1,13	1,21	0,93	0,78
Working Capital / Investment:	0,29	0,23	0,26	0,16	0,12
Solvency:	2,08	1,79	2,03	1,52	1,39

Indebtedness	2016	2015	2014	2013	2012
Indebtedness level:	3,10	1,18	0,98	1,19	1,41
Borrowing Composition:	1,67	0,67	0,78	0,47	0,44
Repayment Ability:	9,98	17,22	5,57	12,29	100,54
Warranty:	1,32	1,85	2,03	1,84	1,73
Generated resources / Total creditors:	0,08	0,06	0,26	0,18	0,08

Efficiency	2016	2015	2014	2013	2012
Productivity:	1,54	1,19	1,54	1,23	1,03
Turnover of Collection Rights :	4,77	3,63	4,24	3,86	3,63
Turnover of Payment Entitlements:	4,14	4,94	5,79	4,83	6,37
Stock rotation:	5,32	5,39	5,20	5,81	4,93
Assets turnover:	1,43	1,48	1,63	1,60	1,48
Borrowing Cost:	1,71	1,76	2,91	2,42	2,26

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

Alimarket	02/05/2017
Cambios en el accionariado de Intermas Nets
Companies related
AURICA XXI SOCIEDAD DE CAPITAL RIESGO SA

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The company was incorporated in 1996, which currently has a shareholder equity that amounts to Euro 845,727 It is engaged in the manufacture of plastic products.

Answer to additional question

It is engaged in the manufacture of tubular nets for the fruit and vegetable sector, square nets and bi-oriented nets, for different sectors, industrial gardening, in general, agriculture and others. It is also engaged in the marketing of other meshes in natural products, for home. The subject exports to Europe, North and South America and Africa. It is also engaged in the domestic market.

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 68.20
UK Pound	1	INR 89.58
Euro	1	INR 78.79
Euro	1	INR 78.81

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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