MIRA INFORM REPORT

Report No. :	499069
Report Date :	24.03.2018

IDENTIFICATION DETAILS

Name :	MARCOS MARTINEZ MINGUELA SA

Registered Office :	Avda San Miguel 94 - Iscar - 47420 - Valladolid

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	13.03.1981

Legal Form :	Public Company

Line of Business :	Manufacture of other builders' carpentry and joinery

No. of Employees :	40

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

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:

MARCOS MARTINEZ MINGUELA SA

NIF / Fiscal code:

A47022165

Trade Name

MARCOS MARTINEZ MINGUELA

Status:

ACTIVE

Incorporation Date:

13/03/1981

Register Data

Last Publication in BORME:

25/01/2017 [Appointments]

Last Published Account Deposit:

2016

Share Capital:

211.140

Localization:

AVDA SAN MIGUEL 94 - ISCAR - 47420 - VALLADOLID

Telephone - Fax - Email - Website:

Telephone. 983 611 863 Email. mmm@mmminguela.com Website. www.mmminguela.com

Number of Branches

Activity:

NACE:

1623 - Manufacture of other builders' carpentry and joinery

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

15 for a total cost of 387672.27

Quality Certificate:

Prospects:

Expansion

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:

LUIS MARTINEZ CABRERO

34 %

MARCOS MARTINEZ CABRERO

33 %

RUFINO MARTINEZ CABRERO

33 %

Identification

Social Denomination:

MARCOS MARTINEZ MINGUELA SA

Trade Name:

MARCOS MARTINEZ MINGUELA

NIF / Fiscal code:

A47022165

Corporate Status:

ACTIVE

Start of activity:

1982

Registered Office:

AVDA SAN MIGUEL 94

Locality:

ISCAR

Province:

VALLADOLID

Postal Code:

47420

Telephone:

983 611 863

Fax:

983 620 149

Website:

www.mmminguela.com

Email:

mmm@mmminguela.com

Interviewed Person:

Administration staff

Branch Offices

Address

Postal Code

City

Province

CALLE SAN MIGUEL 80

47420

ISCAR

VALLADOLID

Activity

NACE:

1623

CNAE Obtaining Source:

1623

Additional Information:

Old familiar Company engaged in the design, manufacture and sale of Wood carpentry articles, specially doors, moulding, frames, kitchens, etc. It operates in Spain and abroad, in countries of South America, Central America, México, Magreb, Middle East, India, Europe.

Additional Address:

Offices, and premises in its registered office located in: Avenida de San Miguel 94 de Iscar, 47420 en Valladolid, owned.

Franchise:

Import / export:

IMPORTS

Future Perspective:

Expansion

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

1992

Adaptation to Law (1) Appointments/ Re-elections (2)

1994

Accounts deposit (year 1992, 1993)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995)

1998

Accounts deposit (year 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2000

Accounts deposit (year 1997, 1998, 1999)

2001

Accounts deposit (year 2000)

2002

Accounts deposit (year 2001)

2003

Appointments/ Re-elections (2)

2004

Accounts deposit (year 2002, 2003)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005)

2007

Accounts deposit (year 2006)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (year 2008) Capital Reduction (2)

2011

Accounts deposit (year 2009, 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (3) Increase of Capital (1)

2012

Accounts deposit (year 2011)

2014

Accounts deposit (year 2012, 2013) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2)

2015

Accounts deposit (year 2014) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2016

Accounts deposit (year 2015)

2017

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

Breakdown of Owners' Equity

Registered Capital:

211.140

Paid up capital:

211.140

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

20/10/2009

Capital Reduction

-69.357

140.997

09/12/2011

Increase of Capital

70.143

211.140

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

MARTINEZ CABRERO RUFINO

23/07/2015

VICE CHAIRMAN

MARTINEZ MOLPECERES MANUEL

23/07/2015

MEMBER OF THE BOARD

MARTINEZ MOLPECERES IRENE

23/07/2015

MARTINEZ MOLPECERES JAVIER

23/07/2015

MARTINEZ MOLPECERES MANUEL

23/07/2015

MARTINEZ CABRERO RUFINO

23/07/2015

COMBINED PROXY

MARTINEZ MOLPECERES MANUEL

04/04/2014

MARTINEZ MOLPECERES JAVIER

04/04/2014

MARTINEZ MOLPECERES IRENE

04/04/2014

MANAGING DIRECTOR

MARTINEZ CABRERO RUFINO

23/07/2015

MARTINEZ LAGUNA ARMANDO

09/02/2011

SECRETARY

MARTINEZ MOLPECERES MANUEL

23/07/2015

ACCOUNTS' AUDITOR / HOLDER

EUDITA CENSORS JURIES SLP

18/01/2017

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

BORDERAS SORIA RAFAEL

ACCOUNTS' AUDITOR / HOLDER

03/02/2014

DEPUTY ACCOUNTS' AUDITOR

28/02/2014

DEPUTY ACCOUNTS' AUDITOR

18/01/2017

GASCON VELASCO EDUARDO

MEMBER OF THE BOARD

13/01/2003

MEMBER OF THE BOARD

16/01/2008

MEMBER OF THE BOARD

02/09/2008

MEMBER OF THE BOARD

09/02/2011

SECRETARY

26/10/1992

SECRETARY

19/01/1998

SECRETARY

13/01/2003

SECRETARY

16/01/2008

SECRETARY

02/09/2008

SECRETARY

09/02/2011

IN AUDIT GRUPO AUDITOR CONSULTOR SLP

ACCOUNTS' AUDITOR / HOLDER

28/02/2014

MARTINEZ CABRERO LUIS

MEMBER OF THE BOARD

13/01/2003

MEMBER OF THE BOARD

16/01/2008

MEMBER OF THE BOARD

02/09/2008

CHIEF EXECUTIVE OFFICER

09/12/2011

MANAGING DIRECTOR

19/01/1998

MANAGING DIRECTOR

13/01/2003

MANAGING DIRECTOR

16/01/2008

PRESIDENT

26/10/1992

PRESIDENT

19/01/1998

PRESIDENT

13/01/2003

PRESIDENT

16/01/2008

PRESIDENT

02/09/2008

GENERAL MANAGER

26/10/1992

MARTINEZ CABRERO MARCOS

MEMBER OF THE BOARD

19/01/1998

MEMBER OF THE BOARD

13/01/2003

MEMBER OF THE BOARD

16/01/2008

MEMBER OF THE BOARD

02/09/2008

MEMBER OF THE BOARD

09/02/2011

MEMBER

26/10/1992

MARTINEZ CABRERO RUFINO

MEMBER OF THE BOARD

13/01/2003

MEMBER OF THE BOARD

16/01/2008

MEMBER OF THE BOARD

02/09/2008

MEMBER OF THE BOARD

09/02/2011

MEMBER OF THE BOARD

23/07/2015

MANAGING DIRECTOR

02/09/2008

MANAGING DIRECTOR

09/02/2011

MANAGING DIRECTOR

23/07/2015

PRESIDENT

09/02/2011

PRESIDENT

23/07/2015

VICE CHAIRMAN

26/10/1992

VICE CHAIRMAN

19/01/1998

VICE CHAIRMAN

13/01/2003

VICE CHAIRMAN

16/01/2008

VICE CHAIRMAN

02/09/2008

MARTINEZ LAGUNA ARMANDO

MEMBER OF THE BOARD

09/02/2011

MEMBER OF THE BOARD

03/02/2014

MANAGING DIRECTOR

09/02/2011

SECRETARY

03/02/2014

VICE CHAIRMAN

09/02/2011

VICE CHAIRMAN

03/02/2014

MARTINEZ LAGUNA MARTA

MEMBER OF THE BOARD

03/02/2014

PROXY

28/02/2014

MARTINEZ MINGUELA MARCOS

PROXY

09/12/2011

MARTINEZ MOLPECERES IRENE

MEMBER OF THE BOARD

23/07/2015

PROXY

04/04/2014

MARTINEZ MOLPECERES JAVIER

MEMBER OF THE BOARD

23/07/2015

MARTINEZ MOLPECERES MANUEL

MEMBER OF THE BOARD

03/02/2014

MEMBER OF THE BOARD

23/07/2015

SECRETARY

23/07/2015

VICE CHAIRMAN

23/07/2015

SEGUIN PEREZ ANTONIO

ACCOUNTS' AUDITOR / HOLDER

03/02/2014

ACCOUNTS' AUDITOR / HOLDER

28/02/2014

ACCOUNTS' AUDITOR / HOLDER

18/01/2017

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

MARTA MARTINEZ LAGUNA

MANAGING DIRECTOR

RUFINO MARTINEZ LAGUNA

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (€)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

> Basis for scoring

Positive Factors

Adverse Factors

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

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

Adequate level of financial autonomy. The financial autonomy of the entity represents the 31.80%. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

MARCOS MARTINEZ MINGUELA SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

It has financial profitability.. MARCOS MARTINEZ MINGUELA SA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

The current debt represents a 55.17 % of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Reduced cash level and other liquid assets equivalent in relation to the volume of operations held. In principle, a decrease in this ratio would indicate a worsening in the Company's financial situation.

No Company's subsidiaries or branches are known.

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

Audit qualifications . The company has submitted the audit with a qualified opinion, indicating that the financial statements may not reflect the true picture because of the existence of circumstances that may be significant.

Probability of default

> Estimated Probability of Default for the next 12 months: 2.635 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

162 Manufacture of products of wood, cork, straw and plaiting materials

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 55.00% of the companies of the sector MARCOS MARTINEZ MINGUELA 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 2,635%.

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

Clients

Name

NIF

Telephone

LOGISIETE SL

B31649437

948646325

GRADENES FAMA SL

B81191017

916153463

FERRETERIA ORTIZ VALLADOLID SL

B47454756

983330092

ARMODULOS SL,

B86231305

PUERTASLLAL SL

B47489638

983605079

Suppliers

Name

NIF

Telephone

QUICKSTEP SL

B82677246

916302188

ELECTRICIDAD EUFON SOCIEDAD ANONIMA

A40006447

921140278

INGENIERÍA Y CONSULTORÍA FRAILE S.L.

B47438304

983470118

Link List

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

LUIS MARTINEZ CABRERO

MARCOS MARTINEZ CABRERO

RUFINO MARTINEZ CABRERO

Turnover

Total Sales 2016

15.267.226,44

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

September 2017

2015

Normales

September 2016

2014

Normales

October 2015

2013

Normales

November 2014

2012

Normales

February 2014

2011

Normales

October 2012

2010

Normales

October 2011

2009

Normales

January 2011

2008

Normales

September 2009

2007

Normales

July 2008

2007

Normales

July 2008

2006

Normales

October 2007

2005

Normales

October 2006

2004

Normales

November 2005

2003

Normales

September 2004

2002

Normales

December 2003

2001

Normales

September 2002

2000

Normales

October 2001

1999

Normales

October 2000

1998

Normales

October 2000

1997

Normales

October 2000

1996

Normales

January 1998

1995

Normales

September 1996

1994

Normales

September 1995

1993

Normales

September 1994

1992

Normales

December 1993

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

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

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

ORIGINAL

Assets

2016

2015

2014

2013

2012

A) NON-CURRENT ASSETS: 11000

5.099.110,00

4.499.069,00

3.612.542,00

2.841.824,00

3.528.698,00

I. Intangible fixed assets : 11100

0,00

25,00

2.292,00

9.031,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

0,00

25,00

2.292,00

9.031,00

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

5.090.861,00

4.491.418,00

3.605.317,00

2.790.332,00

3.468.573,00

1. Land and buildings: 11210

1.364.896,00

1.407.711,00

1.245.044,00

791.695,00

835.907,00

2. Technical installations and other tangible fixed assets: 11220

3.725.966,00

3.083.707,00

2.360.273,00

1.998.636,00

2.632.666,00

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

42.000,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

42.000,00

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

8.249,00

7.651,00

7.200,00

49.200,00

9.095,00

1. Equity instruments: 11510

7.200,00

8.400,00

2. Credits to third parties : 11520

0,00

42.000,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

1.049,00

451,00

0,00

695,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

0,00

B) CURRENT ASSETS: 12000

9.714.649,00

9.252.028,00

8.115.337,00

6.887.956,00

5.933.305,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

5.073.365,00

5.374.568,00

4.642.523,00

4.452.164,00

3.776.140,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

4.031.720,00

4.243.347,00

3.662.176,00

3.534.370,00

3.190.188,00

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

0,00

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

4.031.720,00

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

1.041.645,00

1.131.221,00

980.347,00

917.794,00

585.952,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

1.041.645,00

1.131.221,00

980.347,00

917.794,00

585.952,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

4.469.768,00

3.812.644,00

3.364.125,00

2.394.511,00

2.088.100,00

1. Trade debtors / accounts receivable: 12310

4.412.650,00

3.812.644,00

3.321.088,00

2.394.511,00

2.088.100,00

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

0,00

b) Customers for sales and provisions of services : 12312

4.412.650,00

3.812.644,00

3.321.088,00

2.394.511,00

2.088.100,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

2.254,00

0,00

5. Assets for deferred tax: 12350

0,00

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

54.864,00

0,00

43.037,00

0,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

7.459,00

3.104,00

4.290,00

2.907,00

2.910,00

1. Equity instruments: 12510

2.881,00

2.876,00

2.885,00

2.907,00

2.910,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

4.578,00

228,00

1.405,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

164.057,00

61.713,00

104.398,00

38.373,00

66.156,00

1. Treasury: 12710

164.057,00

61.713,00

104.398,00

38.373,00

66.156,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

14.813.760,00

13.751.097,00

11.727.878,00

9.729.779,00

9.462.004,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

4.730.708,00

4.447.587,00

4.303.773,00

4.201.444,00

4.550.284,00

A-1) Shareholders' equity: 21000

4.711.005,00

4.426.519,00

4.281.339,00

4.177.644,00

4.526.796,00

I. Capital: 21100

211.140,00

1. Registered capital : 21110

211.140,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

4.215.379,00

4.070.199,00

3.966.504,00

3.946.845,00

4.306.952,00

1. Legal and statutory: 21310

155.034,00

2. Other reserves: 21320

4.060.345,00

3.915.165,00

3.811.470,00

3.791.811,00

4.151.918,00

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

284.486,00

145.180,00

103.695,00

19.659,00

8.704,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

19.702,00

21.068,00

22.434,00

23.800,00

23.488,00

B) NON-CURRENT LIABILITIES: 31000

1.910.704,00

1.937.348,00

1.726.792,00

728.128,00

1.205.139,00

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

1.861.649,00

1.896.468,00

1.702.817,00

703.011,00

1.136.790,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

1.700.798,00

1.657.995,00

1.359.127,00

536.969,00

784.593,00

3. Creditors from financial leasing: 31230

68.007,00

145.445,00

239.169,00

51.473,00

41.666,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

92.844,00

93.028,00

104.521,00

114.569,00

310.531,00

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

0,00

IV. Liabilities for deferred tax: 31400

49.055,00

40.880,00

23.975,00

25.118,00

68.349,00

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

8.172.348,00

7.366.162,00

5.697.314,00

4.800.208,00

3.706.581,00

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

4.273.914,00

3.535.912,00

2.921.058,00

2.536.977,00

1.960.940,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

4.090.062,00

3.323.030,00

2.760.073,00

2.332.857,00

1.716.332,00

3. Creditors from financial leasing: 32330

183.852,00

206.928,00

154.706,00

28.159,00

16.941,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

5.954,00

6.280,00

175.960,00

227.666,00

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

0,00

V. Trade creditors and other accounts payable: 32500

3.898.434,00

3.830.249,00

2.776.256,00

2.263.231,00

1.745.642,00

1. Suppliers: 32510

3.058.813,00

2.964.378,00

2.064.692,00

1.737.026,00

1.332.612,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

3.058.813,00

2.964.378,00

2.064.692,00

1.737.026,00

1.332.612,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

545.732,00

593.043,00

508.146,00

262.137,00

169.409,00

4. Personnel (remuneration due): 32540

144.299,00

141.888,00

107.147,00

101.845,00

92.413,00

5. Liabilities for current tax: 32550

35.098,00

7.176,00

1.312,00

25.652,00

39.218,00

6. Other accounts payable to Public Administrations.: 32560

114.492,00

123.765,00

94.959,00

136.571,00

111.991,00

7. Advances from clients: 32570

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

14.813.760,00

13.751.097,00

11.727.878,00

9.729.779,00

9.462.004,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

15.267.226,00

12.684.152,00

9.773.112,00

8.397.045,00

6.655.986,00

a) Sales: 40110

15.267.226,00

12.684.152,00

9.773.112,00

8.397.045,00

6.655.986,00

b) Rendering of services: 40120

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

-89.576,00

150.874,00

62.553,00

331.842,00

-3.802,00

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

0,00

4. Supplies : 40400

-8.798.500,00

-7.358.106,00

-5.473.609,00

-4.384.557,00

-2.954.927,00

a) Stock consumption: 40410

29.199,00

32.251,00

47.858,00

20.044,00

24.368,00

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

-8.625.669,00

-7.187.410,00

-5.470.979,00

-4.380.832,00

-2.949.885,00

c) Works carried out by other companies: 40430

-202.029,00

-202.947,00

-50.488,00

-23.769,00

-29.409,00

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

0,00

5. Other operating income: 40500

21.905,00

36.837,00

4.680,00

8.735,00

34.613,00

a) Auxiliary income and other from current management: 40510

21.177,00

30.222,00

-230,00

8.145,00

15.686,00

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

728,00

6.615,00

4.911,00

590,00

18.927,00

6. Personnel costs: 40600

-3.233.385,00

-2.925.265,00

-2.478.117,00

-2.371.169,00

-2.109.153,00

a) Wages, salaries et al.: 40610

-2.464.932,00

-2.208.105,00

-1.906.800,00

-1.815.362,00

-1.624.363,00

b) Social security costs: 40620

-768.453,00

-717.161,00

-571.318,00

-555.807,00

-484.790,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.061.402,00

-1.770.163,00

-1.510.300,00

-1.213.818,00

-1.093.020,00

a) External services: 40710

-2.003.678,00

-1.739.101,00

-1.395.541,00

-1.205.102,00

-1.071.719,00

b) Taxes: 40720

-12.837,00

-16.093,00

-6.428,00

-6.697,00

-7.087,00

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

-33.912,00

0,00

-105.261,00

-2.019,00

-14.173,00

d) Other current management expenditure : 40740

-10.975,00

-14.970,00

-3.069,00

0,00

-42,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-543.739,00

-466.593,00

-543.607,00

-642.181,00

-415.324,00

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

1.821,00

10. Excess provisions : 41000

0,00

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

-14.361,00

1.500,00

416.255,00

588,00

10.771,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

-14.361,00

1.500,00

416.255,00

588,00

10.771,00

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

-6.492,00

6.494,00

978,00

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

549.990,00

355.055,00

246.295,00

134.800,00

127.944,00

14. Financial income : 41400

3.893,00

4.571,00

3.719,00

7.357,00

1.804,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

3.893,00

4.571,00

3.719,00

7.357,00

1.804,00

b 1) From Group companies and associates : 41421

493,00

66,00

137,00

3.591,00

1.409,00

b 2) From third parties : 41422

3.400,00

4.505,00

3.582,00

3.766,00

394,00

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

0,00

15. Financial expenditure: 41500

-179.408,00

-169.099,00

-144.898,00

-140.416,00

-117.678,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-179.408,00

-169.099,00

-144.898,00

-140.416,00

-117.678,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

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

0,00

17. Exchange rate differences : 41700

0,00

-410,00

-341,00

2.472,00

0,00

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

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-175.515,00

-164.938,00

-141.520,00

-130.587,00

-115.874,00

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

374.476,00

190.117,00

104.775,00

4.213,00

12.070,00

20. Income taxes: 41900

-89.989,00

-44.937,00

-1.080,00

15.446,00

-3.365,00

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

284.486,00

145.180,00

103.695,00

19.659,00

8.704,00

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

0,00

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

284.486,00

145.180,00

103.695,00

19.659,00

8.704,00

> 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:

5.099.110,00

4.499.069,00

3.612.542,00

2.841.824,00

3.528.698,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

25,00

2.292,00

9.031,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

0,00

25,00

2.292,00

9.031,00

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:

5.090.861,00

4.491.418,00

3.605.317,00

2.790.332,00

3.468.573,00

1. Land and construction:

1.364.896,00

1.407.711,00

1.245.044,00

791.695,00

835.907,00

2. Technical installations and machinery:

2.851.058,00

2.359.610,00

1.806.049,00

1.529.329,00

2.014.480,00

3. Other installations, tools and furniture:

606.309,00

501.797,00

384.076,00

325.229,00

428.401,00

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

0,00

5. Other tangible assets:

268.599,00

222.300,00

170.148,00

144.079,00

189.785,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

8.249,00

7.651,00

7.200,00

49.200,00

51.095,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

42.000,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

7.200,00

8.400,00

6. Other receivables:

0,00

42.000,00

0,00

7. Long term guarantees and deposits:

1.049,00

451,00

0,00

695,00

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:

9.714.649,00

9.252.028,00

8.115.337,00

6.887.956,00

5.933.305,00

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

0,00

II. Stocks:

5.073.365,00

5.374.568,00

4.642.523,00

4.452.164,00

3.776.140,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

4.031.720,00

4.243.347,00

3.662.176,00

3.534.370,00

3.190.188,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

1.041.645,00

1.131.221,00

980.347,00

917.794,00

585.952,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

4.469.768,00

3.812.644,00

3.364.125,00

2.394.511,00

2.088.100,00

1. Trade debtors / accounts receivable:

4.412.650,00

3.812.644,00

3.321.088,00

2.394.511,00

2.088.100,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

2.254,00

0,00

6. Public bodies:

54.864,00

0,00

43.037,00

0,00

7. Provisions:

0,00

IV. Short-term investments:

7.459,00

3.104,00

4.290,00

2.907,00

2.910,00

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:

2.881,00

2.876,00

2.885,00

2.907,00

2.910,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

4.578,00

228,00

1.405,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

164.057,00

61.713,00

104.398,00

38.373,00

66.156,00

VII. Prepayments and accrued income:

0,00

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

14.813.760,00

13.751.097,00

11.727.878,00

9.729.779,00

9.462.004,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

4.716.916,00

4.432.839,00

4.288.069,00

4.184.784,00

4.533.843,00

I. Subscribed capital:

211.140,00

II. Share premium:

0,00

III. Revaluation reserves:

107.708,00

104.024,00

101.448,00

101.115,00

110.906,00

IV. Reserves:

4.113.582,00

3.972.495,00

3.871.786,00

3.852.870,00

4.203.093,00

1. Legal reserve:

155.034,00

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:

3.958.548,00

3.817.461,00

3.716.752,00

3.697.836,00

4.048.059,00

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:

284.486,00

145.180,00

103.695,00

19.659,00

8.704,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

13.792,00

14.748,00

15.704,00

16.660,00

16.441,00

1. Capital grants:

13.792,00

14.748,00

15.704,00

16.660,00

16.441,00

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:

1.910.704,00

1.937.348,00

1.726.792,00

728.128,00

1.205.139,00

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:

1.768.805,00

1.803.439,00

1.598.296,00

588.442,00

826.259,00

1. Loans and other liabilities:

1.700.798,00

1.657.995,00

1.359.127,00

536.969,00

784.593,00

2. Long-term liabilities from capital leases:

68.007,00

145.445,00

239.169,00

51.473,00

41.666,00

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:

141.899,00

133.908,00

128.496,00

139.686,00

378.880,00

1. Long-term bills of exchange payable:

75.194,00

75.344,00

84.651,00

92.789,00

251.499,00

2. Other creditors:

17.650,00

17.685,00

19.869,00

21.780,00

59.032,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

49.055,00

40.880,00

23.975,00

25.118,00

68.349,00

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:

8.172.348,00

7.366.162,00

5.697.314,00

4.800.208,00

3.706.581,00

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:

4.273.914,00

3.529.958,00

2.914.779,00

2.361.016,00

1.733.273,00

1. Loans and other liabilities:

4.090.062,00

3.323.030,00

2.760.073,00

2.332.857,00

1.716.332,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

183.852,00

206.928,00

154.706,00

28.159,00

16.941,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

3.604.545,00

3.557.421,00

2.572.838,00

1.999.163,00

1.502.021,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

3.604.545,00

3.557.421,00

2.572.838,00

1.999.163,00

1.502.021,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

293.889,00

278.783,00

209.697,00

440.029,00

471.287,00

1. Public bodies:

149.589,00

130.941,00

96.271,00

162.223,00

151.208,00

2. Bills of exchange payable:

0,00

4.405,00

4.646,00

130.171,00

168.422,00

3. Miscellaneous debts:

0,00

1.549,00

1.634,00

45.789,00

59.245,00

4. Wages and salaries payable:

144.299,00

141.888,00

107.147,00

101.845,00

92.413,00

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):

14.813.760,00

13.751.097,00

11.727.878,00

9.729.779,00

9.462.004,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

15.010.360,00

12.734.574,00

10.158.445,00

8.736.696,00

6.697.269,00

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

89.576,00

0,00

3.802,00

A.2. Supplies:

8.798.500,00

7.358.106,00

5.473.609,00

4.384.557,00

2.954.927,00

a) Stock consumption:

-29.199,00

-32.251,00

-47.858,00

-20.044,00

-24.368,00

b) Consumption of raw materials and miscellaneous consumable ones:

8.625.669,00

7.187.410,00

5.470.979,00

4.380.832,00

2.949.885,00

c) Miscellaneous external expenditure:

202.029,00

202.947,00

50.488,00

23.769,00

29.409,00

A.3. Staff costs:

3.233.385,00

2.925.265,00

2.478.117,00

2.371.169,00

2.109.153,00

a) Wages, salaries et al.:

2.464.932,00

2.208.105,00

1.906.800,00

1.815.362,00

1.624.363,00

b) Social security costs:

768.453,00

717.161,00

571.318,00

555.807,00

484.790,00

A.4. Depreciation expense:

543.739,00

466.593,00

543.607,00

642.181,00

415.324,00

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

33.912,00

0,00

105.261,00

2.019,00

14.173,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

0,00

105.261,00

2.019,00

14.173,00

c) Variation of other trade provisions:

33.912,00

0,00

A.6. Other operating charges:

2.027.489,00

1.770.163,00

1.405.039,00

1.211.799,00

1.078.848,00

a) External services:

2.003.678,00

1.739.101,00

1.395.541,00

1.205.102,00

1.071.719,00

b) Taxes:

12.837,00

16.093,00

6.428,00

6.697,00

7.087,00

c) Other operating expenses:

10.975,00

14.970,00

3.069,00

0,00

42,00

d) Allocation to revision fund:

0,00

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

562.530,00

351.735,00

0,00

125.897,00

114.373,00

A.7. Financial and similar charges:

179.408,00

169.099,00

144.898,00

140.416,00

117.678,00

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.:

179.408,00

169.099,00

144.898,00

140.416,00

117.678,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

410,00

341,00

0,00

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

0,00

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

387.015,00

186.796,00

0,00

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

0,00

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

14.361,00

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

6.492,00

0,00

A.14. Expenses and losses of former financial years:

0,00

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

0,00

3.321,00

411.584,00

8.903,00

13.570,00

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

374.476,00

190.117,00

104.775,00

4.213,00

12.070,00

A.15. Corporation tax:

89.989,00

44.937,00

1.080,00

-15.446,00

3.365,00

A.16. Miscellaneous taxes:

0,00

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

284.486,00

145.180,00

103.695,00

19.659,00

8.704,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

15.294.846,00

12.879.754,00

10.262.140,00

8.756.355,00

6.705.973,00

B.1. Net total sales:

15.267.226,00

12.684.152,00

9.773.112,00

8.397.045,00

6.655.986,00

a) Sales:

15.267.226,00

12.684.152,00

9.773.112,00

8.397.045,00

6.655.986,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

0,00

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

0,00

150.874,00

62.553,00

331.842,00

0,00

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

0,00

B.4. Miscellaneous operating income:

21.905,00

36.837,00

4.680,00

8.735,00

34.613,00

a) Auxiliary income and other from current management:

21.177,00

30.222,00

-230,00

8.145,00

15.686,00

b) Grants:

728,00

6.615,00

4.911,00

590,00

18.927,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

165.289,00

0,00

B.5. Income from equity investment:

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

3.893,00

4.571,00

3.719,00

7.357,00

1.804,00

a) From companies of the group:

493,00

66,00

137,00

3.591,00

1.409,00

b) From associated companies:

0,00

c) Miscellaneous interests:

3.400,00

4.505,00

3.582,00

3.766,00

394,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

2.472,00

0,00

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

175.515,00

164.938,00

141.520,00

130.587,00

115.874,00

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

0,00

306.809,00

4.690,00

1.501,00

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

0,00

1.500,00

416.255,00

588,00

10.771,00

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

0,00

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

1.821,00

B.12. Extraordinary income:

0,00

6.494,00

978,00

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

0,00

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

12.540,00

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

374.476,00

190.117,00

104.775,00

4.213,00

12.070,00

2. Results adjustments.: 61200

697.881,00

628.211,00

371.972,00

774.850,00

510.050,00

a) Fixed Assets Amortization (+).: 61201

543.739,00

466.593,00

543.607,00

642.181,00

415.324,00

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

0,00

105.261,00

2.019,00

10.371,00

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

-33.912,00

0,00

d) Allocation of grants (-).: 61204

-1.821,00

-20.748,00

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

14.361,00

-1.500,00

-416.255,00

-588,00

-10.771,00

g) Financial income (-).: 61207

-3.893,00

-4.571,00

-3.719,00

-7.357,00

-1.804,00

h) Financial Expenses (+). : 61208

179.408,00

169.099,00

144.898,00

140.416,00

117.678,00

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

0,00

410,00

0,00

3. Changes in current capital equity.: 61300

-328.008,00

-132.843,00

-728.496,00

-667.788,00

-264.180,00

a) Stock (+/-).: 61301

301.203,00

-732.045,00

-190.359,00

-676.024,00

-366.025,00

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

-623.212,00

-448.928,00

-1.074.875,00

-446.030,00

250.872,00

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

0,00

-1.383,00

2,00

0,00

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

-14.629,00

1.048.130,00

538.121,00

508.119,00

-149.026,00

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

0,00

-10.624,00

0,00

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

8.630,00

0,00

-43.231,00

0,00

4. Cash Flows from Other Operating Activities: 61400

-182.690,00

-186.241,00

-168.043,00

-95.386,00

-117.284,00

a) Interest payments (-). : 61401

-179.408,00

-169.099,00

-144.898,00

-140.416,00

-117.678,00

c) Interest collection (+). : 61403

3.893,00

4.571,00

2.963,00

5.812,00

394,00

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

-7.176,00

-21.713,00

-26.107,00

39.218,00

0,00

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

561.659,00

499.244,00

-419.792,00

15.890,00

140.656,00

6. Payments for investment (-).: 62100

-1.177.297,00

-1.358.120,00

-1.525.312,00

-196.064,00

-38.496,00

b) Intangible fixed assets. : 62102

0,00

-45,00

0,00

c) Fixed assets. : 62103

-1.172.343,00

-1.357.670,00

-1.525.267,00

-196.064,00

-38.496,00

e) Other financial assets. : 62105

-4.954,00

-451,00

0,00

7. Divestment payment collection (+). : 62200

14.800,00

7.686,00

585.242,00

10.133,00

0,00

c) Fixed assets. : 62203

14.800,00

6.500,00

585.242,00

8.239,00

0,00

e) Other financial assets. : 62205

0,00

1.186,00

0,00

1.895,00

0,00

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

-1.162.497,00

-1.350.434,00

-940.070,00

-185.931,00

-38.496,00

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

0,00

37.677,00

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

0,00

37.677,00

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

703.183,00

808.505,00

1.425.888,00

142.258,00

-156.480,00

a) Issuance : 63201

930.000,00

1.311.733,00

3.574.263,00

1.478.193,00

278.319,00

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

930.000,00

1.311.733,00

3.368.263,00

1.388.193,00

168.319,00

5. Other debts (+). : 63206

0,00

206.000,00

90.000,00

110.000,00

b) Repayment and amortization of : 63207

-226.817,00

-503.228,00

-2.148.375,00

-1.335.935,00

-434.798,00

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

-220.678,00

-491.410,00

-2.148.375,00

-1.009.935,00

-215.555,00

5. Other debts (-). : 63212

-6.139,00

-11.818,00

0,00

-326.000,00

-219.243,00

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

0,00

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

703.183,00

808.505,00

1.425.888,00

142.258,00

-118.802,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

102.345,00

-42.686,00

66.025,00

-27.784,00

-16.643,00

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

61.713,00

104.398,00

38.373,00

66.156,00

82.799,00

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

164.057,00

61.713,00

104.398,00

38.373,00

66.156,00

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:

0,01 %

0,00 %

0,06 %

-81,18 %

Net Financial Debt:

5,39

2,32

6,56

2,84

-17,81

-18,14

Cash Flow Yield:

0,01 %

0,00 %

0,03 %

-80,93 %

EBITDA over Sales:

7,25 %

11,99 %

6,45 %

10,43 %

12,31 %

14,97 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

3,72 %

8,87 %

2,58 %

6,93 %

43,83 %

27,95 %

Total economic profitability:

3,74 %

4,95 %

2,61 %

3,19 %

43,13 %

55,12 %

Financial profitability:

6,04 %

7,37 %

3,28 %

4,14 %

84,12 %

77,99 %

Margin:

3,60 %

7,86 %

2,79 %

6,33 %

28,88 %

24,11 %

Mark-up:

2,45 %

7,13 %

1,49 %

3,79 %

63,89 %

88,36 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,02

0,16

0,01

0,14

139,62

15,72

Acid Test:

0,57

0,90

0,53

0,87

7,89

3,23

Working Capital / Investment:

0,10

0,03

0,14

0,03

-24,08

2,60

Solvency:

1,19

1,21

1,26

1,19

-5,36

1,52

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

2,13

1,24

2,09

1,31

1,89

-4,81

Borrowing Composition:

0,23

1,05

0,26

1,04

-11,10

1,32

Repayment Ability:

9,11

9,29

11,37

11,04

-19,83

-15,85

Warranty:

1,47

1,82

1,48

1,78

-0,60

2,01

Generated resources / Total creditors:

0,08

0,09

0,07

0,08

24,91

19,93

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,34

1,91

1,28

1,80

4,88

6,32

Turnover of Collection Rights :

3,42

5,09

3,34

5,22

2,52

-2,46

Turnover of Payment Entitlements:

2,76

3,54

2,42

3,69

14,04

-4,09

Stock rotation:

2,90

8,09

2,30

7,78

26,13

3,96

Assets turnover:

1,03

1,13

0,93

1,09

11,60

3,09

Borrowing Cost:

1,78

2,33

1,82

2,45

-2,11

-5,12

> 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:

0,01 %

0,00 %

0,01 %

0,00 %

Net Financial Debt:

5,39

6,56

11,93

4,16

5,72

Cash Flow Yield:

0,01 %

0,00 %

0,01 %

0,00 %

EBITDA over Sales:

7,25 %

6,45 %

3,87 %

9,15 %

7,96 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

3,72 %

2,58 %

2,16 %

1,33 %

1,35 %

Total economic profitability:

3,74 %

2,61 %

2,13 %

1,49 %

1,37 %

Financial profitability:

6,04 %

3,28 %

2,42 %

0,47 %

0,19 %

Margin:

3,60 %

2,79 %

2,59 %

1,53 %

1,90 %

Mark-up:

2,45 %

1,49 %

1,14 %

-0,03 %

0,17 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,02

0,01

0,02

0,01

0,02

Acid Test:

0,57

0,53

0,61

0,51

0,58

Working Capital / Investment:

0,10

0,14

0,21

0,24

Solvency:

1,19

1,26

1,42

1,43

1,60

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

2,13

2,09

1,73

1,32

1,08

Borrowing Composition:

0,23

0,26

0,30

0,15

0,33

Repayment Ability:

9,11

11,37

19,62

7,20

9,27

Warranty:

1,47

1,48

1,58

1,76

1,93

Generated resources / Total creditors:

0,08

0,07

0,09

0,12

0,09

Efficiency

2016

2015

2014

2013

2012

Productivity:

1,34

1,28

1,15

1,32

1,25

Turnover of Collection Rights :

3,42

3,34

2,91

3,51

3,20

Turnover of Payment Entitlements:

2,76

2,42

2,54

2,62

2,32

Stock rotation:

2,90

2,30

2,14

1,86

1,74

Assets turnover:

1,03

0,93

0,83

0,87

0,71

Borrowing Cost:

1,78

1,82

1,95

2,54

2,40

COMPARATIVE SECTORIAL BALANCE

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

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

News

----

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

JUNTA DE CASTILLA Y LEON

Status

CONCEDIDA

Amount Granted

1.820,96

Notes

El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 19.702.46 euros

Entity

J CYL

Status

CONCEDIDA

Amount Granted

26.037,00

Notes

Dicho importe corresponde al saldo final.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

1.820,96

Notes

Dicho importe corresponde al traspasado a resultados del ejercicio, quedando a fecha de cierre pendiente de imputar 26.037,00 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Construcciones y Maquinaria

Status

CONCEDIDA

Amount Granted

158.418,73

Notes

Concedida en el ejercicio 1998.Corresponde un 38,3153% a una nave industrial y 61,684% a maquinaria.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

64.011,99

Notes

Concedida en el ejercicio 1999. El importe imputado a resultados es de 1.799,20 Euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Compras de maquinarias efectuadas en 1997.

Status

CONCEDIDA

Amount Granted

5.095,56

Notes

Concedida en el ejercicio 1998. El importe imputado a resultados es de 509,55 Euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Construcciones

Status

CONCEDIDA

Amount Granted

65.146,79

Notes

Concedida en el ejercicio 1998. El importe imputado a resultados es de 9.772,02 Euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Maquinaria.

Status

CONCEDIDA

Amount Granted

12.139,71

Notes

Concedida en el ejercicio 1998. El importe imputado a resultados es de 1.820,96 Euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Construcciones

Status

CONCEDIDA

Amount Granted

9.772,02

Notes

Concedida en el ejercicio 1998. El importe reflejado corresponde al traspasado a resultados del ejercicio.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

6.401,16

Notes

Concedida en el ejercicio 1999. El importe reflejado corresponde al traspasado a resultados del ejercicio.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Maquinaria.

Status

CONCEDIDA

Amount Granted

1.820,96

Notes

Concedida en el ejercicio 1998. El importe reflejado corresponde al traspasado a resultados del ejercicio.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Compras de maquinarias efectuadas en 1997.

Status

CONCEDIDA

Amount Granted

509,55

Notes

Concedida en el ejercicio 1998. El importe reflejado corresponde al traspasado a resultados del ejercicio.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

18.503,70

Notes

EL IMPORTE REFLEJADO ES EL IMPUTADO A RESULTADOS.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

9.772,02

Notes

EL IMPORTE REFLEJADO ES EL IMPUTADO A RESULTADOS.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

6.401,16

Notes

EL IMPORTE REFLEJADO ES EL IMPUTADO A RESULTADOS.

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.13
UK Pound	1	INR 91.95
Euro	1	INR 80.34
Euro	1	INR 80.34

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

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	TRU

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Branch Offices

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

References

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit