MIRA INFORM REPORT

Report No. :	493990
Report Date :	06.03.2018

IDENTIFICATION DETAILS

Name :	FUNDICION DUCTIL FABREGAS SA

Registered Office :	Gran Bretaña, 41 Pol Ind Les Comes - Igualada - 08700 - Barcelona

Country :	Spain

Date of Incorporation :	29.11.1988

Legal Form :	Public company

Line of Business :	Casting of iron

No. of Employees :	17 [2018]

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate 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

(30.09.2017)

Current Rating

(31.12.2017)

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 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:

FUNDICION DUCTIL FABREGAS SA

NIF / Fiscal code:

A58574518

Status:

ACTIVE

Incorporation Date:

29/11/1988

Register Data

Last Publication in BORME:

10/01/2018 [Appointments]

Last Published Account Deposit:

2016

Share Capital:

691.456

Localization:

GRAN BRETAÑA, 41 POL IND LES COMES - IGUALADA - 08700 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 938 051 125 Email. grupfabregas@grupfabregas.com Website. www.iogrup.com/fundifabregas

Number of Branches

Activity:

NACE:

2451 - Casting of iron

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

1 for a total cost of 4.987,26

Subsidies:

0 for a total cost of 0

Quality Certificate:

Payment Behaviour:

Slow

Prospects:

Consolidation

Industry situation:

Maturity

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

DRAINSHOP 12 SL

100 %

Enquiry Details

Business address regime:

Owned

Identification

Social Denomination:

FUNDICION DUCTIL FABREGAS SA

NIF / Fiscal code:

A58574518

Corporate Status:

ACTIVE

Start of activity:

1989

Registered Office:

GRAN BRETAÑA, 41 POL IND LES COMES

Locality:

IGUALADA

Province:

BARCELONA

Postal Code:

08700

Telephone:

938 051 125

Fax:

938 032 731

Website:

www.iogrup.com/fundifabregas

Email:

grupfabregas@grupfabregas.com

Interviewed Person:

Company staff

Branch Offices

Address

Postal Code

City

Province

CARRER GRAN BRETANYA 32

08700

IGUALADA

BARCELONA

CALLE MONTDUBER 3

46960

ALDAIA

VALENCIA

Activity

NACE:

2451

CNAE Obtaining Source:

2451

Additional Information:

The subject is engaged in the manufacture and marketing of flaps, fences for sewage and chanellings for sewerage networks. It is part of the Fábregas Group.

Additional Address:

Registered office, Factory, warehouse and offices located in :GRAN BRETAÑA, 41 POL IND LES COMES 08700 IGUALADA ( BARCELONA ),

Import / export:

EXPORT

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

1990

Accounts deposit (year 1989) Increase of Capital (1)

1991

Accounts deposit (year 1990) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

1992

Accounts deposit (year 1991) Adaptation to Law (1) Increase of Capital (1)

1993

Accounts deposit (year 1992)

1994

Accounts deposit (year 1993) Increase of Capital (1)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (2)

1997

Accounts deposit (year 1996)

1998

Accounts deposit (year 1997) Increase of Capital (1)

1999

Accounts deposit (year 1998) Increase of Capital (1)

2000

Accounts deposit (year 1999) Increase of Capital (1)

2001

Accounts deposit (year 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

2002

Accounts deposit (year 2001) Increase of Capital (1)

2003

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

2004

Accounts deposit (year 2003) Increase of Capital (1)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

2006

Accounts deposit (year 2005) Increase of Capital (1)

2007

Accounts deposit (year 2006) Capital Reduction (2)

2008

Accounts deposit (year 2007)

2009

Accounts deposit (year 2008)

2010

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

2011

Accounts deposit (year 2010) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)

2012

Accounts deposit (year 2011) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2013

Accounts deposit (year 2012)

2014

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

2015

Accounts deposit (year 2014)

2016

Accounts deposit (year 2015)

2017

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

2018

Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

691.456

Paid up capital:

691.456

Shareholders

Name

NIF

% Shareholding stake

DRAINSHOP 12 SOCIEDAD LIMITADA

100% %

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

08/06/1990

Increase of Capital

210.354

270.455

14/06/1991

Increase of Capital

30.051

300.506

15/06/1992

Increase of Capital

60.101

360.607

28/10/1994

Increase of Capital

30.051

390.658

06/02/1996

Increase of Capital

24.040

414.698

22/10/1996

Increase of Capital

36.061

450.759

04/02/1998

Increase of Capital

30.051

480.810

02/01/1999

Increase of Capital

30.051

510.860

22/01/2000

Increase of Capital

30.051

540.911

03/02/2001

Increase of Capital

35.089

576.000

18/02/2002

Increase of Capital

28.288

604.288

23/01/2003

Increase of Capital

28.288

632.576

29/03/2004

Increase of Capital

29.440

662.016

11/04/2005

Increase of Capital

194.944

856.960

23/03/2006

Increase of Capital

29.440

886.400

09/05/2007

Capital Reduction

-194.944

691.456

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

DRAINSHOP 12 SL

12/01/2011

SINGLE ADMINISTRATOR

DRAINSHOP 12 SL

27/03/2017

PROXY

CAROL CLARAMUNT MARIA TERESA

25/06/2012

REPRESENTATIVE

FABREGAS BALIU CARLOS

27/03/2017

ACCOUNTS' AUDITOR / HOLDER

AUDITIA INTERNATIONAL SLP

02/01/2018

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AUDITIA INTERNATIONAL SLP

ACCOUNTS' AUDITOR / HOLDER

05/12/2014

ACCOUNTS' AUDITOR / HOLDER

02/01/2018

DRAINSHOP 12 SL

SINGLE ADMINISTRATOR

27/03/2017

FABREGAS BALIU ANTONIO

MEMBER OF THE BOARD

26/08/1991

CHIEF EXECUTIVE OFFICER

26/08/1991

SECRETARY

26/08/1991

FABREGAS BALIU CARLOS

SINGLE ADMINISTRATOR

13/08/2010

SINGLE ADMINISTRATOR

14/06/2012

ADMINISTRATOR

06/04/1996

ADMINISTRATOR

19/04/2001

ADMINISTRATOR

27/10/2005

MEMBER OF THE BOARD

26/08/1991

REPRESENTATIVE

27/03/2017

CHIEF EXECUTIVE OFFICER

26/08/1991

PRESIDENT

26/08/1991

GUERRA AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

23/01/2012

TORNE BISBAL JUAN

MEMBER OF THE BOARD

26/08/1991

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

ROGER DOMINGO

MANAGING DIRECTOR

CARLOS FABREGAS BALIU

Defaults, Legal Claims and Insolvency Proceedings

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

Chronological summary

Number of Publications

Amount (€)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Basis for scoring

Positive Factors

Adverse Factors

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

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

The current debt represents a 28.17of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

FUNDICION DUCTIL FABREGAS SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.386 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

245 Casting of metals

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 FUNDICION DUCTIL FABREGAS 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 0,386%.

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:

1 Entities

IS RELATED WITH:

5 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

DRAINSHOP 12 SL

BARCELONA

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

SANTA CALETA SL

BARCELONA

URBANCITY IBERICA SL

VALENCIA

PARQUES Y JARDINES FABREGAS SA

BARCELONA

IS RELATED WITH

PARQUES Y JARDINES FABREGAS SA

BARCELONA

URBANCITY IBERICA SL

VALENCIA

HAS IN ITS ADMINISTRATION BOARD TO

DRAINSHOP 12 SL

BARCELONA

Turnover

Total Sales 2017

13.750.000

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

Estimated Balance

Its turnover was reduced by 17.74% in 2016, compared to the previous year, although the result of the year was a 1.35% higher than in 2015.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

October 2017

2015

Normales

October 2016

2014

Normales

September 2015

2013

Normales

October 2014

2012

Normales

September 2013

2011

Normales

September 2012

2010

Normales

August 2011

2009

Normales

August 2010

2008

Normales

September 2009

2007

Normales

November 2008

2006

Normales

September 2007

2005

Normales

September 2006

2004

Normales

September 2005

2003

Normales

September 2004

2002

Normales

September 2003

2001

Normales

August 2002

2000

Normales

September 2001

1999

Normales

August 2000

1998

Normales

July 1999

1997

Normales

August 1998

1996

Normales

July 1997

1995

Normales

September 1996

1994

Normales

July 1995

1993

Normales

August 1994

1992

Normales

July 1993

1991

Normales

July 1992

1990

Normales

August 1991

1989

Normales

August 1990

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

> Balance en formato Mixto de acuerdo al Nuevo Plan General Contable 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

872.128,00

902.036,00

931.050,00

891.672,00

989.481,00

I. Intangible fixed assets : 11100

20.350,00

30.358,00

428,00

0,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

230,00

329,00

428,00

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

20.119,00

30.029,00

0,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

278.859,00

267.019,00

257.446,00

168.014,00

175.495,00

1. Land and buildings: 11210

148.212,00

151.830,00

155.449,00

159.067,00

162.685,00

2. Technical installations and other tangible fixed assets: 11220

130.647,00

115.189,00

101.998,00

8.948,00

12.810,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

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

572.201,00

603.858,00

671.882,00

722.986,00

810.816,00

1. Equity instruments: 11510

6.405,00

305,00

34.725,00

2. Credits to third parties : 11520

565.290,00

596.947,00

664.971,00

722.201,00

775.204,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

506,00

479,00

887,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

719,00

800,00

1.293,00

672,00

3.170,00

B) CURRENT ASSETS: 12000

8.506.419,00

8.494.281,00

8.393.306,00

8.263.626,00

6.771.136,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.615.443,00

1.875.838,00

1.082.338,00

1.651.691,00

1.674.294,00

1. Commercial: 12210

1.615.443,00

1.875.838,00

1.082.338,00

1.651.691,00

1.301.835,00

2. Primary material and other supplies: 12220

0,00

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

0,00

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

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

372.460,00

III. Trade debtors and others receivable accounts: 12300

4.912.205,00

5.274.023,00

5.834.169,00

5.234.315,00

3.737.812,00

1. Trade debtors / accounts receivable: 12310

3.665.532,00

3.734.436,00

4.058.065,00

3.760.371,00

3.004.213,00

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

0,00

b) Customers for sales and provisions of services : 12312

3.665.532,00

3.734.436,00

4.058.065,00

3.760.371,00

3.004.213,00

2. Customers, Group companies and associates : 12320

1.246.673,00

1.539.587,00

1.546.799,00

876.766,00

511.456,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

0,00

229.305,00

597.178,00

222.143,00

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

129.593,00

121.706,00

71.503,00

55.503,00

1. Equity instruments: 12510

6.161,00

0,00

2. Credits to businesses: 12520

31.657,00

61.717,00

53.003,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

91.774,00

53.828,00

18.500,00

2.500,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

1.849.178,00

1.222.714,00

1.405.297,00

1.306.118,00

1.303.527,00

1. Treasury: 12710

1.849.178,00

1.222.714,00

1.405.297,00

1.306.118,00

1.303.527,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

9.378.547,00

9.396.317,00

9.324.356,00

9.155.299,00

7.760.617,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

6.736.174,00

6.811.273,00

6.297.200,00

5.884.112,00

5.672.633,00

A-1) Shareholders' equity: 21000

6.736.174,00

6.811.273,00

6.297.200,00

5.884.112,00

5.680.031,00

I. Capital: 21100

691.456,00

1. Registered capital : 21110

691.456,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

5.419.817,00

5.503.244,00

5.192.656,00

4.938.575,00

4.447.781,00

1. Legal and statutory: 21310

138.291,00

2. Other reserves: 21320

5.281.526,00

5.364.953,00

5.054.364,00

4.800.284,00

4.309.489,00

3. Revaluation reserves: 21330

0,00

2. Capitalisation Reserves: 21350

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

624.901,00

616.573,00

413.089,00

254.081,00

540.794,00

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

-7.398,00

I. Financial assets held for sale: 22100

0,00

-7.398,00

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

0,00

4.332,00

0,00

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

4.332,00

0,00

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

4.332,00

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

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

2.642.373,00

2.580.711,00

3.027.156,00

3.271.187,00

2.087.983,00

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

1.581.156,00

1.644.446,00

2.441.246,00

2.251.985,00

1.533.668,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.576.823,00

1.638.284,00

2.441.246,00

2.249.738,00

1.533.668,00

3. Creditors from financial leasing: 32330

4.333,00

6.162,00

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

2.248,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

1.061.217,00

936.265,00

585.910,00

1.019.202,00

554.316,00

1. Suppliers: 32510

512.955,00

485.019,00

344.649,00

197.425,00

159.178,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

512.955,00

485.019,00

344.649,00

197.425,00

159.178,00

2. Suppliers, Group companies and associates: 32520

158.306,00

210.143,00

134.182,00

757.546,00

341.100,00

3. Other creditors: 32530

0,00

4. Personnel (remuneration due): 32540

12.500,00

9.193,00

9.000,00

8.223,00

9.000,00

5. Liabilities for current tax: 32550

52.187,00

101.743,00

76.032,00

40.372,00

29.519,00

6. Other accounts payable to Public Administrations.: 32560

71.069,00

130.168,00

22.046,00

15.636,00

15.518,00

7. Advances from clients: 32570

254.200,00

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

9.378.547,00

9.396.317,00

9.324.356,00

9.155.299,00

7.760.617,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

13.443.910,00

16.343.819,00

14.918.628,00

11.909.024,00

11.293.387,00

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

0,00

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

0,00

4. Supplies : 40400

-10.107.469,00

-13.113.957,00

-13.138.057,00

-9.551.928,00

-8.285.955,00

5. Other operating income: 40500

0,00

45,00

11,00

0,00

6. Personnel costs: 40600

-564.971,00

-491.384,00

-364.662,00

-346.172,00

-416.989,00

7. Other operating costs: 40700

-1.880.084,00

-1.832.500,00

-1.773.450,00

-1.596.568,00

-1.789.345,00

8. Amortisation of fixed assets: 40800

-27.983,00

-15.880,00

-6.900,00

-7.480,00

-13.563,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-10.730,00

-6.761,00

-481,00

-7.823,00

-7.912,00

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

852.673,00

883.382,00

635.088,00

399.052,00

779.622,00

14. Financial income : 41400

18.009,00

22.653,00

29.599,00

42.277,00

49.329,00

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

0,00

b) Other financial income: 41490

18.009,00

22.653,00

29.599,00

42.277,00

49.329,00

15. Financial expenditure: 41500

-38.524,00

-69.706,00

-82.118,00

-66.489,00

-59.265,00

16. Changes in fair value of financial instruments : 41600

0,00

-15,00

0,00

17. Exchange rate differences : 41700

-1.540,00

19.454,00

5.377,00

-11.675,00

7.500,00

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

0,00

-907,00

-3.725,00

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

B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19) : 49200

-22.055,00

-27.614,00

-47.142,00

-36.794,00

-6.160,00

C) NET RESULT BEFORE TAXES (A + B) : 49300

830.618,00

855.768,00

587.945,00

362.258,00

773.462,00

20. Income taxes: 41900

-205.717,00

-239.195,00

-174.856,00

-108.177,00

-232.667,00

D) RESULT OF THE PERIOD (C + 20) : 49500

624.901,00

616.573,00

413.089,00

254.081,00

540.794,00

> 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:

871.409,00

901.235,00

929.757,00

891.000,00

986.310,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

20.350,00

30.358,00

428,00

0,00

1. Research and development costs:

0,00

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

230,00

329,00

428,00

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

20.119,00

30.029,00

0,00

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:

278.859,00

267.019,00

257.446,00

168.014,00

175.495,00

1. Land and construction:

148.212,00

151.830,00

155.449,00

159.067,00

162.685,00

2. Technical installations and machinery:

80.452,00

70.933,00

62.810,00

5.510,00

7.888,00

3. Other installations, tools and furniture:

3.493,00

3.080,00

2.727,00

239,00

342,00

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

0,00

5. Other tangible assets:

46.702,00

41.176,00

36.461,00

3.198,00

4.579,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

572.201,00

603.858,00

671.882,00

722.986,00

810.816,00

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:

6.405,00

305,00

34.725,00

6. Other receivables:

565.290,00

596.947,00

664.971,00

722.201,00

775.204,00

7. Long term guarantees and deposits:

506,00

479,00

887,00

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:

8.507.138,00

8.495.081,00

8.394.600,00

8.264.299,00

6.774.306,00

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

0,00

II. Stocks:

1.615.443,00

1.875.838,00

1.082.338,00

1.651.691,00

1.674.294,00

1. Goods for resale:

1.615.443,00

1.875.838,00

1.082.338,00

1.651.691,00

1.301.835,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

372.460,00

7. Provisions:

0,00

III. Debtors:

4.912.925,00

5.274.824,00

5.835.462,00

5.234.987,00

3.740.983,00

1. Trade debtors / accounts receivable:

3.665.532,00

3.734.436,00

4.058.065,00

3.760.371,00

3.004.213,00

2. Accounts receivable, Group companies:

1.246.673,00

1.539.587,00

1.546.799,00

876.766,00

511.456,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

719,00

800,00

230.599,00

597.850,00

225.313,00

7. Provisions:

0,00

IV. Short-term investments:

129.593,00

121.706,00

71.503,00

55.503,00

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:

6.161,00

0,00

6. Other receivables:

31.657,00

61.717,00

53.003,00

7. Shor term guarantees and deposits:

91.774,00

53.828,00

18.500,00

2.500,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.849.178,00

1.222.714,00

1.405.297,00

1.306.118,00

1.303.527,00

VII. Prepayments and accrued income:

0,00

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

9.378.547,00

9.396.317,00

9.324.356,00

9.155.299,00

7.760.617,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

6.736.174,00

6.811.273,00

6.297.200,00

5.884.112,00

5.672.633,00

I. Subscribed capital:

691.456,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

5.419.817,00

5.503.244,00

5.192.656,00

4.938.575,00

4.440.383,00

1. Legal reserve:

138.291,00

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:

5.281.526,00

5.364.953,00

5.054.364,00

4.800.284,00

4.302.092,00

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:

624.901,00

616.573,00

413.089,00

254.081,00

540.794,00

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:

0,00

4.332,00

0,00

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

4.332,00

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

4.332,00

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

0,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

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:

2.642.373,00

2.580.711,00

3.027.156,00

3.271.187,00

2.087.983,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

1.581.156,00

1.644.446,00

2.441.246,00

2.249.738,00

1.533.668,00

1. Loans and other liabilities:

1.576.823,00

1.638.284,00

2.441.246,00

2.249.738,00

1.533.668,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

4.333,00

6.162,00

0,00

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

158.306,00

210.143,00

134.182,00

757.546,00

341.100,00

1. Amounts owed to group companies:

158.306,00

210.143,00

134.182,00

757.546,00

341.100,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

767.155,00

485.019,00

344.649,00

197.425,00

159.178,00

1. Advanced payments from customers:

254.200,00

0,00

2. Amounts owed for purchases of goods or services:

512.955,00

485.019,00

344.649,00

197.425,00

159.178,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

135.756,00

241.103,00

107.078,00

66.479,00

54.037,00

1. Public bodies:

123.256,00

231.910,00

98.078,00

56.009,00

45.037,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

2.248,00

0,00

4. Wages and salaries payable:

12.500,00

9.193,00

9.000,00

8.223,00

9.000,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

9.378.547,00

9.396.317,00

9.324.356,00

9.155.299,00

7.760.617,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

12.837.019,00

15.769.399,00

15.540.526,00

11.697.220,00

10.809.422,00

A.1. Operating consumption:

10.107.469,00

13.113.957,00

13.138.057,00

9.551.928,00

8.285.955,00

A.2. Staff Costs:

564.971,00

491.384,00

364.662,00

346.172,00

416.989,00

a) Wages, salaries et al.:

564.971,00

491.384,00

290.997,00

276.242,00

332.753,00

b) Social security costs:

0,00

73.665,00

69.930,00

84.236,00

A.3. Depreciation expense:

27.983,00

15.880,00

6.900,00

7.480,00

13.563,00

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

0,00

A.5. Other operating charges:

1.880.084,00

1.832.500,00

1.773.450,00

1.596.568,00

1.789.345,00

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

863.403,00

890.143,00

0,00

406.875,00

787.534,00

A.6. Financial and similar charges:

38.524,00

69.706,00

82.118,00

67.395,00

62.990,00

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:

38.524,00

69.706,00

82.118,00

66.489,00

59.265,00

d) Losses from financial investments:

0,00

907,00

3.725,00

A.7. Financial investment provision change:

0,00

15,00

0,00

A.8. Exchange losses:

1.540,00

0,00

11.675,00

0,00

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

0,00

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

841.348,00

862.529,00

0,00

370.082,00

781.374,00

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

0,00

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

0,00

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

0,00

A.12. Extraordinary expenses:

10.730,00

6.761,00

481,00

7.823,00

7.912,00

A.13. Prior year expenses and losses:

0,00

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

0,00

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

830.618,00

855.768,00

0,00

362.258,00

773.462,00

A.14. Corporation Tax:

205.717,00

239.195,00

174.856,00

108.177,00

232.667,00

A.15. Miscellaneous taxes:

0,00

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

624.901,00

616.573,00

0,00

254.081,00

540.794,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

13.461.920,00

16.385.971,00

14.953.615,00

11.951.301,00

11.350.216,00

B.1. Operating income:

13.443.910,00

16.343.864,00

14.918.639,00

11.909.024,00

11.293.387,00

a) Net total sales:

13.443.910,00

16.343.819,00

14.918.628,00

11.909.024,00

11.293.387,00

b) Miscellaneous operating income:

0,00

45,00

11,00

0,00

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

0,00

364.431,00

0,00

B.2. Financial income:

18.009,00

22.653,00

29.599,00

42.277,00

49.329,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

18.009,00

22.653,00

29.599,00

42.277,00

49.329,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

19.454,00

5.377,00

0,00

7.500,00

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

22.055,00

27.614,00

47.142,00

36.794,00

6.160,00

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

0,00

411.573,00

0,00

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

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

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

0,00

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

10.730,00

6.761,00

481,00

7.823,00

7.912,00

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

0,00

412.055,00

0,00

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

0,00

586.911,00

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

830.618,00

855.768,00

587.945,00

362.258,00

773.462,00

2. Results adjustments.: 61200

110.397,00

69.639,00

76.930,00

98.207,00

156.937,00

a) Fixed Assets Amortization (+).: 61201

27.983,00

15.880,00

6.900,00

7.480,00

13.563,00

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

61.899,00

6.707,00

17.511,00

53.933,00

133.438,00

f) Results on disposal of financial instruments (+/-).: 61206

0,00

907,00

0,00

g) Financial income (-).: 61207

-18.009,00

-22.653,00

-29.599,00

-42.277,00

-49.329,00

h) Financial Expenses (+). : 61208

38.524,00

69.706,00

82.118,00

66.489,00

59.265,00

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

0,00

19.951,00

0,00

3. Changes in current capital equity.: 61300

581.372,00

-52.375,00

-616.409,00

-1.376.094,00

553.745,00

a) Stock (+/-).: 61301

260.395,00

-793.500,00

569.353,00

22.604,00

43.160,00

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

146.470,00

416.480,00

-716.810,00

-1.841.056,00

708.923,00

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

174.507,00

324.645,00

-468.952,00

442.358,00

-198.337,00

4. Cash Flows from Other Operating Activities: 61400

-122.257,00

-123.085,00

-92.892,00

168.412,00

-148.932,00

a) Interest payments (-). : 61401

-38.524,00

-69.706,00

-82.118,00

-66.489,00

-59.265,00

c) Interest collection (+). : 61403

18.009,00

22.653,00

29.599,00

42.277,00

49.329,00

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

-101.743,00

-76.032,00

-40.372,00

192.624,00

-138.997,00

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

1.400.129,00

749.947,00

-44.425,00

-747.217,00

1.335.211,00

6. Payments for investment (-).: 62100

-37.700,00

-93.683,00

-96.760,00

-16.000,00

0,00

b) Intangible fixed assets. : 62102

0,00

-30.029,00

-495,00

0,00

c) Fixed assets. : 62103

-29.814,00

-13.451,00

-96.265,00

0,00

e) Other financial assets. : 62105

-7.886,00

-50.204,00

51.103,00

-16.000,00

0,00

7. Divestment payment collection (+). : 62200

31.657,00

68.024,00

51.103,00

97.491,00

8.703,00

e) Other financial assets. : 62205

0,00

51.103,00

44.488,00

8.703,00

h) Other assets. : 62208

31.657,00

68.024,00

0,00

53.003,00

0,00

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

-34.026,00

-25.659,00

-52.557,00

74.011,00

-4.860,00

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

0,00

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

-67.622,00

-804.371,00

189.261,00

718.318,00

554.832,00

a) Issuance : 63201

1.576.823,00

0,00

191.509,00

718.318,00

555.832,00

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

1.576.823,00

0,00

191.509,00

716.070,00

555.832,00

4. Special characteristic debts (+). : 63205

0,00

2.248,00

0,00

b) Repayment and amortization of : 63207

-1.644.445,00

-804.371,00

-2.248,00

0,00

-1.000,00

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

-1.638.284,00

-802.962,00

0,00

5. Other debts (-). : 63212

-6.161,00

-1.409,00

-2.248,00

0,00

-1.000,00

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

-700.000,00

-102.500,00

0,00

-50.000,00

-1.935.000,00

a) Dividends (-).: 63301

-700.000,00

-102.500,00

0,00

-50.000,00

-1.935.000,00

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

-767.622,00

-906.871,00

189.261,00

668.318,00

-1.380.168,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

626.464,00

-182.583,00

99.179,00

2.592,00

-36.254,00

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

1.222.714,00

1.405.297,00

1.306.118,00

1.303.527,00

1.339.781,00

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

1.849.178,00

1.222.714,00

1.405.297,00

1.306.118,00

1.303.527,00

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:

0,05 %

0,09 %

-0,01 %

0,06 %

517,13 %

49,29 %

Net Financial Debt:

-0,45

1,71

0,34

2,84

-232,79

-39,67

Cash Flow Yield:

0,07 %

0,09 %

-0,02 %

0,03 %

443,77 %

187,65 %

EBITDA over Sales:

6,63 %

8,57 %

5,54 %

10,43 %

19,61 %

-17,80 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

9,95 %

7,70 %

10,27 %

6,93 %

-3,07 %

11,14 %

Total economic profitability:

9,27 %

6,55 %

9,85 %

3,19 %

-5,91 %

105,25 %

Financial profitability:

9,28 %

9,64 %

9,05 %

4,14 %

2,48 %

132,57 %

Margin:

6,42 %

6,19 %

5,45 %

6,33 %

17,92 %

-2,21 %

Mark-up:

6,26 %

5,82 %

5,28 %

3,78 %

18,59 %

54,00 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,70

0,28

0,47

0,14

47,71

101,34

Acid Test:

2,61

1,14

2,56

0,87

1,69

31,95

Working Capital / Investment:

0,63

0,19

0,63

0,03

-0,65

560,59

Solvency:

3,22

1,65

3,29

1,19

-2,20

38,50

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,39

1,06

0,38

1,31

3,36

-18,78

Borrowing Composition:

0,00

0,63

0,00

1,04

-39,58

Repayment Ability:

2,96

6,40

2,85

11,05

3,90

-42,11

Warranty:

3,55

1,94

3,63

1,78

-2,35

9,06

Generated resources / Total creditors:

0,25

0,14

5,32

0,08

-95,35

78,98

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,58

1,49

2,84

1,79

-9,36

-16,88

Turnover of Collection Rights :

2,74

4,73

3,10

5,22

-11,68

-9,37

Turnover of Payment Entitlements:

11,30

4,00

15,96

3,69

-29,24

8,40

Stock rotation:

7,79

6,29

8,24

7,79

-5,47

-19,21

Assets turnover:

1,55

1,24

1,88

1,09

-17,80

13,65

Borrowing Cost:

1,46

1,70

2,70

2,45

-45,93

-30,53

> 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:

0,05 %

-0,01 %

0,01 %

0,00 %

Net Financial Debt:

-0,45

0,34

-2,70

2,11

0,22

Cash Flow Yield:

0,07 %

-0,02 %

0,01 %

0,00 %

EBITDA over Sales:

6,63 %

5,54 %

-2,40 %

3,48 %

7,09 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

9,95 %

10,27 %

7,41 %

4,87 %

11,42 %

Total economic profitability:

9,27 %

9,85 %

7,19 %

4,68 %

10,73 %

Financial profitability:

9,28 %

9,05 %

6,56 %

4,32 %

9,52 %

Margin:

6,42 %

5,45 %

4,26 %

3,42 %

6,97 %

Mark-up:

6,26 %

5,28 %

3,94 %

3,11 %

6,92 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,70

0,47

0,46

0,40

0,62

Acid Test:

2,61

2,56

2,42

2,02

2,44

Working Capital / Investment:

0,63

0,58

0,55

0,60

Solvency:

3,22

3,29

2,77

2,53

3,24

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

0,39

0,38

0,48

0,56

0,37

Borrowing Composition:

0,00

Repayment Ability:

2,96

2,85

-8,47

7,89

2,61

Warranty:

3,55

3,63

3,08

2,80

3,72

Generated resources / Total creditors:

0,25

5,32

0,14

0,08

0,27

Efficiency

2016

2015

2014

2013

2012

Productivity:

2,58

2,84

0,02

2,20

2,92

Turnover of Collection Rights :

2,74

3,10

2,56

2,28

3,02

Turnover of Payment Entitlements:

11,30

15,96

25,45

10,94

18,18

Stock rotation:

7,79

8,24

14,12

6,96

6,27

Assets turnover:

1,55

1,88

1,74

1,42

1,64

Borrowing Cost:

1,46

2,70

2,71

2,03

2,84

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

Organisation that calls the tender:

AYUNTAMIENTO DE MANISES

Objective of Tender:

Suministro materiales y equipos para la sustitución de imbornales

Date Awarded:

30/03/2017

Cost:

4.987,26 EURO.

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 65.05
UK Pound	1	INR 89.70
Euro	1	INR 80.03
Euro	1	INR 80.26

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	SYL

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Enquiry Details

Identification

Branch Offices

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Shareholders

Active Social Bodies

Historical Social Bodies

Executive board

Chronological summary

Basis for scoring

Probability of default

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Sources

Unit