MIRA INFORM REPORT

Report Date :

02.04.2014

IDENTIFICATION DETAILS

Name :	SCHMIDT-CLEMENS SPAIN SA

Registered Office :	Ctra Estella-Vitoria Km 12, Murieta, Navarra

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	07.03.1974

Legal Form :	Public Limited Company

Line of Business :	Manufacture of tubes, pipes, hollow profiles and related fittings, of steel

No. of Employees :	207

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Spain

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SPAIN - ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain's budget deficit peaked at 11.1% of GDP in 2009. Spain gradually reduced the deficit to 6.8% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially - from 70.4% in 2010 to 93.7% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:

SCHMIDT-CLEMENS SPAIN SA

NIF / Fiscal code:

A31055585

Status:

ACTIVE

Incorporation Date:

07/03/1974

Register Data

Last Publication in BORME:

01/10/2013 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

3.800.002,80

Localization:

CTRA ESTELLA-VITORIA KM 12 - MURIETA - 31280 - NAVARRA

Telephone - Fax - Email - Website:

Ph.:. 948534600 Email. sales-es@centracero.com Website. www.schmidt-clemens.com

Activity:

NACE:

2420 - Manufacture of tubes, pipes, hollow profiles and related fittings, of steel

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

14 for a total cost of 293630

Quality Certificate:

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:

SCHMIDT & CLEMENS, SOCIEDAD ANONIMA, (ALEMANIA)

100 %

Identification

Social Denomination:

SCHMIDT-CLEMENS SPAIN SA

NIF / Fiscal code:

A31055585

Corporate Status:

ACTIVE

Start of activity:

1975

Registered Office:

CTRA ESTELLA-VITORIA KM 12

Locality:

MURIETA

Province:

NAVARRA

Postal Code:

31280

Telephone:

948534600

Fax:

948534601

Website:

www.schmidt-clemens.com

Email:

sales-es@centracero.com

Interviewed Person:

Administración

Activity

NACE:

2420

CNAE Obtaining Source:

2420

Additional Information:

Plant, warehouse and offices located on CTRA ESTELLA-VITORIA KM 12 31280 MURIETA

Additional Address:

Registered office, offices and other premises.

Franchise:

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

207

Chronological Summary

Year

Act

1992

Adaptation to Law (1) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

1993

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1995

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1997

Accounts deposit (ejer. 1993, 1994, 1995) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2000

Accounts deposit (ejer. 1996, 1997, 1998) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (5)

2001

Accounts deposit (ejer. 1999) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Change of Social Denomination (1)

2002

Accounts deposit (ejer. 2000) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)

2003

Accounts deposit (ejer. 2001) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)

2004

Accounts deposit (ejer. 2002) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2005

Accounts deposit (ejer. 2003) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)

2006

Accounts deposit (ejer. 2004)

2007

Accounts deposit (ejer. 2005) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Increase of Capital (1)

2008

Accounts deposit (ejer. 2006)

2009

Accounts deposit (ejer. 2007) Appointments/ Re-elections (1)

2010

Accounts deposit (ejer. 2008) Appointments/ Re-elections (2)

2011

Accounts deposit (ejer. 2009) Appointments/ Re-elections (2)

2012

Accounts deposit (ejer. 2010, 2011) Appointments/ Re-elections (1)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

3.800.002,80

Paid up capital:

3.800.002,80

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1130

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

07/01/1992

Increase of Capital

252.425

1.153.943

29/05/2007

Increase of Capital

2.646.083

3.800.003

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

SCHMIDT-CLEMENS GMBH

05/09/2003

PRESIDENT

SCHMIDT-KRAYER JAN JAKOB

27/04/2012

MEMBER OF THE BOARD

KUMMEL JAN

19/03/2013

SCHMIDT-KRAYER JAN JAKOB

27/04/2012

HELLIGE THOMAS HEINZ

27/04/2012

VOLKNER GERHARD HEINZ ARTUR

17/01/2000

PROXY

MARTIN PARDOS OSCAR DOMINGO

24/09/2013

GARRALDA MARTINEZ FERNANDO

07/03/2003

ECHEVERRIA ERCE JOSE RAMON

02/09/2002

NON CONSELLOR SECRETARY

YOLDI ELCID MAITE

02/09/2002

NON CONSELLOR ASSISTANT SECRETARY

MOSQUERA NAVARRO MARIA

20/02/2007

ACCOUNTS' AUDITOR / HOLDER

RODL & PARTNER AUDITORES SA

26/10/2011

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ANTOLIN GALINDO EUGENIO

PROXY

13/05/1993

PROXY

02/09/2002

PROXY

07/03/2003

PROXY

07/03/2003

GENERAL MANAGER

15/03/2007

DE ANDRES CASTRO ULPIANO

CHIEF EXECUTIVE OFFICER

18/04/2001

DELOITTE & TOUCHE ESPAÑA SL

ACCOUNTS' AUDITOR / HOLDER

22/01/2007

DELOITTE S L

ACCOUNTS' AUDITOR / HOLDER

15/11/2007

ACCOUNTS' AUDITOR / HOLDER

09/03/2009

DELOITTE SL

ACCOUNTS' AUDITOR / HOLDER

09/03/2009

ACCOUNTS' AUDITOR / HOLDER

11/03/2010

ACCOUNTS' AUDITOR / HOLDER

28/01/2011

ACCOUNTS' AUDITOR / HOLDER

26/10/2011

ACCOUNTS' AUDITOR / HOLDER

15/11/2007

ECHAVARRI LOPEZ JAVIER

NON CONSELLOR SECRETARY

05/12/2000

ECHEVARRIA CASUSO FRANCISCO

CHIEF EXECUTIVE OFFICER

18/04/2001

ERDMANN FRANZ

MEMBER OF THE BOARD

21/01/1995

ERNST & YOUNG SL

ACCOUNTS' AUDITOR / HOLDER

04/09/2001

ACCOUNTS' AUDITOR / HOLDER

10/01/2003

ACCOUNTS' AUDITOR / HOLDER

07/11/2003

ERNST AND YOUNG Y CIA SRC

ACCOUNTS' AUDITOR / HOLDER

05/12/2000

ERNST YOUNG SL

ACCOUNTS' AUDITOR / HOLDER

05/12/2000

ESCUDERO ESPINOSA MONTEROS JOSE L

NON CONSELLOR SECRETARY

12/08/1997

FERNANDEZ ELEJALDE MARIO

NON CONSELLOR ASSISTANT SECRETARY

20/02/2007

GARCIA ZUBIZARRETA JUAN JOSE

CHIEF EXECUTIVE OFFICER

15/03/2007

PROXY

07/03/2003

PROXY

02/09/2002

GRIESSMAYR PETER

MEMBER OF THE BOARD

12/08/1997

VICE CHAIRMAN

12/08/1997

MEMBER OF THE BOARD

07/01/1992

GRIESSMAYR PETER MICHAEL

VICE CHAIRMAN

07/01/1992

HELLIGE THOMAS HEINZ

MEMBER OF THE BOARD

15/03/2007

MEMBER OF THE BOARD

27/04/2012

HENNECKE KLAUS GUNTER

MEMBER OF THE BOARD

13/06/2005

KAIBEL MURCIANO ENRIQUE

MEMBER

07/01/1992

KRAUSS HANS JOACHIM

MEMBER OF THE BOARD

02/09/2002

KREISEL HENNING

MEMBER OF THE BOARD

19/03/2013

MEMBER OF THE BOARD

11/06/2010

MARTINEZ CORTES ALBERTO

PROXY

13/05/1993

PROXY

02/09/2002

ORO MARCO VALENTIN VICENTE

PROXY

07/03/2003

ORRILLO LARA AURELIO

NON CONSELLOR SECRETARY

02/09/2002

QUESADA SUESCUN JAVIER

PROXY

13/05/1993

CHIEF EXECUTIVE OFFICER

15/03/2007

SCHIMDT KRAYER CHRISTOPHE

PROXY

13/06/2005

SCHMIDT KRAYER CHRISTOPH

MEMBER OF THE BOARD

07/01/1992

PRESIDENT

07/01/1992

PRESIDENT

12/08/1997

MEMBER OF THE BOARD

12/08/1997

MEMBER OF THE BOARD

17/01/2000

PRESIDENT

17/01/2000

SCHMIDT-KRAYER JAN JAKOB

MEMBER OF THE BOARD

27/04/2012

PRESIDENT

27/04/2012

SCHMITT GERHARD JULIUS

MEMBER OF THE BOARD

19/01/2001

SESMA LOPEZ DOLORES

NON CONSELLOR ASSISTANT SECRETARY

12/08/2004

TODENHOEFER TILMAN

SECRETARY

13/05/1993

VILKNER GERHARD-HEINZ-ARTUR

MEMBER OF THE BOARD

05/09/2003

MEMBER OF THE BOARD

20/02/2007

PRESIDENT

20/02/2007

VOLKNER GERHARD HEINZ ARTUR

PRESIDENT

20/02/2007

WEISKAM JURGEN

MEMBER OF THE BOARD

05/12/2000

YOLDI ELCID MAITE

NON CONSELLOR ASSISTANT SECRETARY

02/09/2002

ZEISLMAIR HANS CHRISTOPH

MEMBER OF THE BOARD

12/08/1997

MEMBER OF THE BOARD

05/12/2000

Executive board

Post

NIF

Name

CHAIRMAN

JAN JAKOB SCHMIDT-KRAYER

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 rating

Positive Factors

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

It has been found to have regular payment performance and has paid all of its debts in a timely manner.

It is one of the major domestic companies in terms of sales volume.

SCHMIDT-CLEMENS SPAIN SA 's borrowing cost is appropriate according to its volume of external financing sources.{/POSITIVO}

High operating income. It has the necessary high operating income for its main activity in comparison with its assets. This return is higher than that of the financial year [@BDR_ULTIMO_BAL_DISPONIBLE] , which means that the company's financial situation has improved.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 0.199 %

> Latest Rating Changes :

Sector in which comparison is carried out :

242 Manufacture of tubes, pipes, hollow profiles and related fittings, of steel

wordml://2758

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 SCHMIDT-CLEMENS SPAIN 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 0.20%.

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.

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Suppliers

Name

NIF

Telephone

REPSOL

Link List

IS RELATED WITH:

7 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

SCHMIDT & CLEMENS, SOCIEDAD ANONIMA, (ALEMANIA)

100

PARTICIPATES IN

ALEACIONES ESPECIALES SOCIEDAD ANONIMA

VIZCAYA

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	\| \|
	SCHMIDT & CLEMENS ASIA SDN BHD
	SCHMIDT & CLEMENS BRASIL LTDA
	SCHMIDT & CLEMENS ALFANAMETAL SRO
	SCHMIDT & CLEMENS, SOCIEDAD ANONIMA, + CO KG
	SCHMIDT & CLEMENS MIDDLE EAST DMCC
	SCHMIDT & CLEMENTS SAUDI ARABIA, S.A.
	SCHMIDT & CLEMENS, S.A.		100

Turnover

Total Sales 2012

93.157.203

Estimated Balance

2013 Non current asset 4.423.523,00 Current asset 53.964.988,00 Net worth 27.504.493,00 Non current liability 1.439.597,00 Current liability 1.439.597,00 Total asset and liability 58.388.511,00 Estimated sales 2013 100.0000.0000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

April 2012

2009

Normales

May 2011

2008

Normales

March 2010

2007

Normales

February 2009

2006

Normales

April 2008

2005

Normales

March 2007

2004

Normales

July 2006

2003

Normales

June 2005

2002

Normales

May 2004

2001

Normales

February 2003

2000

Normales

February 2002

1999

Normales

August 2001

1998

Normales

November 2000

1997

Normales

January 2000

1996

Normales

January 2000

1995

Normales

September 1997

1994

Normales

September 1997

1993

Normales

September 1997

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2012

> Balance en formato Normal de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

4.423.523,00

4.624.237,00

4.380.591,00

4.308.005,00

4.362.012,00

I. Intangible fixed assets : 11100

42.139,00

43.148,00

23.617,00

35.354,00

25.340,00

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

42.139,00

43.148,00

23.617,00

35.354,00

0,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

4.380.534,00

4.579.628,00

4.338.804,00

4.271.190,00

4.336.061,00

1. Land and buildings: 11210

1.471.858,00

1.603.256,00

1.737.010,00

1.835.256,00

1.971.408,00

2. Technical installations and other tangible fixed assets: 11220

2.860.624,00

2.963.544,00

2.534.224,00

2.053.488,00

2.083.250,00

3. Tangible asset in progress and advances: 11230

48.052,00

12.828,00

67.570,00

382.446,00

281.403,00

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

850,00

1.461,00

18.170,00

1.461,00

611,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

850,00

1.461,00

18.170,00

1.461,00

611,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

53.964.988,00

35.585.425,00

33.329.156,00

35.372.925,00

38.702.559,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

21.429.132,00

13.516.637,00

13.933.703,00

17.139.090,00

9.028.796,00

1. Commercial: 12210

833.099,00

751.869,00

0,00

74.423,00

2. Primary material and other supplies: 12220

751.425,00

2.083.633,00

1.936.278,00

802.909,00

1.633.129,00

3. Work in progress: 12230

19.030.141,00

9.413.175,00

10.348.108,00

14.939.075,00

4.455.721,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

428.081,00

817.251,00

636.402,00

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

814.467,00

1.267.960,00

1.221.236,00

579.855,00

1.988.996,00

6. Advances to suppliers: 12260

0,00

240.125,00

III. Trade debtors and others receivable accounts: 12300

11.943.598,00

12.979.377,00

6.722.224,00

4.829.984,00

16.229.553,00

1. Trade debtors / accounts receivable: 12310

8.219.989,00

10.412.603,00

4.568.063,00

3.994.255,00

15.973.899,00

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

0,00

b) Customers for sales and provisions of services : 12312

0,00

10.412.603,00

0,00

2. Customers, Group companies and associates : 12320

0,00

21.928,00

1.330.026,00

11.750,00

6.511,00

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

3.723.609,00

2.544.846,00

824.135,00

823.979,00

249.143,00

7. Called up share capital: 12370

0,00

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

0,00

12.000.000,00

12.190.000,00

10.790.000,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

12.000.000,00

12.190.000,00

10.790.000,00

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

18.500.000,00

8.250.000,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

18.500.000,00

8.250.000,00

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

32.566,00

55.329,00

15.630,00

16.759,00

143.683,00

VII. Cash and other equivalent liquid assets : 12700

2.059.692,00

784.082,00

657.599,00

1.197.092,00

2.510.527,00

1. Treasury: 12710

1.004.904,00

717.503,00

612.791,00

1.197.092,00

1.820.697,00

2. Other equivalent liquid assets: 12720

1.054.788,00

66.579,00

44.808,00

0,00

689.830,00

TOTAL ASSETS (A + B) : 10000

58.388.511,00

40.209.662,00

37.709.747,00

39.680.930,00

43.064.571,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

27.504.493,00

22.221.885,00

21.521.477,00

24.380.288,00

23.302.716,00

A-1) Shareholders' equity: 21000

27.454.630,00

22.162.386,00

21.449.483,00

24.276.678,00

23.217.899,00

I. Capital: 21100

3.800.003,00

1. Registered capital : 21110

3.800.003,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

11.784.229,00

11.149.480,00

10.476.675,00

9.417.896,00

8.019.362,00

1. Legal y estatutarias: 21310

760.001,00

2. Other reserves: 21320

11.024.228,00

10.389.479,00

9.716.674,00

8.657.895,00

7.259.361,00

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

11.870.398,00

7.212.903,00

7.172.805,00

11.058.779,00

11.398.534,00

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

49.863,00

59.499,00

71.994,00

103.610,00

84.817,00

B) NON-CURRENT LIABILITIES: 31000

1.439.597,00

1.236.287,00

1.300.613,00

637.299,00

906.099,00

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

1.418.228,00

1.210.788,00

1.269.759,00

592.895,00

869.754,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

34.760,00

104.278,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

1.418.228,00

1.210.788,00

1.269.759,00

558.135,00

765.476,00

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

0,00

IV. Liabilities for deferred tax: 31400

21.369,00

25.499,00

30.854,00

44.404,00

36.345,00

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

29.444.421,00

16.751.490,00

14.887.657,00

14.663.343,00

18.855.756,00

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

0,00

II. Short-term provisions: 32200

20.886,00

13.644,00

39.747,00

69.469,00

100.028,00

III. Short-term creditors : 32300

376.569,00

392.028,00

399.624,00

343.523,00

596.574,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

43.443,00

58.902,00

66.498,00

105.563,00

596.574,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

333.126,00

237.960,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

29.046.966,00

16.345.818,00

14.448.286,00

14.250.351,00

18.159.154,00

1. Suppliers: 32510

1.946.661,00

5.653.718,00

2.941.886,00

5.929.360,00

6.113.242,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

0,00

5.653.718,00

0,00

2. Suppliers, Group companies and associates: 32520

232.000,00

43.452,00

0,00

19.974,00

3. Other creditors: 32530

0,00

4. Personnel (remuneration due): 32540

744.178,00

580.224,00

510.831,00

496.827,00

465.747,00

5. Liabilities for current tax: 32550

735.968,00

1.276.082,00

1.517.070,00

3.162.275,00

3.068.361,00

6. Otras deudas con las Administraciones Públicas. : 32560

1.171.785,00

1.077.056,00

521.155,00

524.138,00

411.098,00

7. Advances from clients: 32570

24.216.374,00

7.715.286,00

8.957.344,00

4.137.751,00

8.080.732,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

58.388.511,00

40.209.662,00

37.709.747,00

39.680.930,00

43.064.571,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

93.157.203,00

95.698.697,00

76.936.802,00

76.606.742,00

128.952.206,00

a) Sales: 40110

92.198.035,00

95.457.307,00

76.138.044,00

74.359.806,00

127.692.505,00

b) Rendering of services: 40120

959.168,00

241.390,00

798.758,00

2.246.936,00

1.259.701,00

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

9.616.966,00

-934.933,00

-4.590.967,00

10.483.354,00

-2.718.227,00

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

0,00

4. Supplies : 40400

-60.764.191,00

-64.435.682,00

-43.836.327,00

-50.966.069,00

-87.673.985,00

a) Stock consumption: 40410

-7.207.576,00

-46.049,00

-239.648,00

-876.936,00

-9.448.228,00

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

-50.892.281,00

-61.484.848,00

-41.803.289,00

-47.673.169,00

-72.414.546,00

c) Works carried out by other companies: 40430

-2.845.380,00

-2.766.940,00

-1.706.541,00

-3.899.979,00

-4.808.537,00

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

181.046,00

-137.845,00

-86.849,00

1.484.015,00

-1.002.674,00

5. Other operating income: 40500

223.609,00

28.737,00

333.173,00

224.118,00

363.780,00

a) Auxiliary income and other from current management: 40510

0,00

7.065,00

0,00

183.931,00

0,00

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

223.609,00

21.672,00

333.173,00

40.187,00

363.780,00

6. Personnel costs: 40600

-9.585.769,00

-8.872.878,00

-8.063.315,00

-8.045.437,00

-8.283.163,00

a) Wages, salaries et al.: 40610

-7.527.038,00

-6.938.214,00

-6.275.169,00

-6.271.294,00

-6.408.505,00

b) Social security costs: 40620

-2.058.731,00

-1.934.664,00

-1.788.146,00

-1.774.143,00

-1.874.658,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-15.513.250,00

-10.829.593,00

-10.306.565,00

-12.302.192,00

-13.967.670,00

a) External services: 40710

-15.495.096,00

-10.787.900,00

-10.265.852,00

-12.249.063,00

-13.947.278,00

b) Taxes: 40720

-18.153,00

-41.259,00

-40.115,00

-53.113,00

-19.558,00

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

0,00

d) Other current management expenditure : 40740

-1,00

-434,00

-598,00

-16,00

-834,00

8. Amortisation of fixed assets: 40800

-867.869,00

-789.256,00

-925.398,00

-964.610,00

-1.107.840,00

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

13.765,00

17.851,00

45.166,00

67.717,00

83.273,00

10. Excess provisions : 41000

0,00

31.102,00

0,00

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

0,00

11.100,00

5.709,00

-650,00

-117,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

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

16.280.464,00

9.925.145,00

9.598.278,00

15.102.973,00

15.648.257,00

14. Financial income : 41400

321.255,00

199.583,00

512.244,00

578.910,00

298.514,00

a) Of shares in equity instruments : 41410

0,00

64.942,00

33.024,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

64.942,00

33.024,00

b) From negotiable securities and other financial instruments : 41420

321.255,00

199.583,00

512.244,00

513.968,00

265.490,00

b 1) From Group companies and associates : 41421

32.012,00

166.269,00

336.489,00

513.968,00

265.490,00

b 2) From third parties : 41422

289.243,00

33.314,00

175.755,00

0,00

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

0,00

15. Financial expenditure: 41500

-25.098,00

-126.184,00

-80.863,00

-52.056,00

-373.433,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-25.098,00

-126.184,00

-80.863,00

-52.056,00

-373.433,00

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

-37.614,00

24.945,00

-9.961,00

-235.694,00

-260.337,00

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

258.543,00

98.344,00

421.420,00

291.160,00

-335.256,00

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

16.539.007,00

10.023.489,00

10.019.698,00

15.394.133,00

15.313.001,00

20. Income taxes: 41900

-4.668.609,00

-2.810.586,00

-2.846.893,00

-4.335.354,00

-3.914.467,00

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

11.870.398,00

7.212.903,00

7.172.805,00

11.058.779,00

11.398.534,00

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

0,00

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

11.870.398,00

7.212.903,00

7.172.805,00

11.058.779,00

11.398.534,00

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

4.423.523,00

4.624.237,00

4.380.591,00

4.308.005,00

4.362.012,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

42.139,00

43.148,00

23.617,00

35.354,00

25.340,00

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:

42.139,00

43.148,00

23.617,00

35.354,00

25.340,00

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:

4.380.534,00

4.579.628,00

4.338.804,00

4.271.190,00

4.336.061,00

1. Land and construction:

1.471.858,00

1.603.256,00

1.737.010,00

1.835.256,00

1.971.408,00

2. Technical installations and machinery:

2.370.976,00

2.456.279,00

2.100.445,00

1.701.996,00

1.726.664,00

3. Other installations, tools and furniture:

429.300,00

444.746,00

380.317,00

308.171,00

312.638,00

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

48.052,00

12.828,00

67.570,00

382.446,00

281.403,00

5. Other tangible assets:

60.348,00

62.519,00

53.462,00

43.320,00

43.948,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

850,00

1.461,00

18.170,00

1.461,00

611,00

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:

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

850,00

1.461,00

18.170,00

1.461,00

611,00

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:

53.964.988,00

35.585.425,00

33.329.156,00

35.372.925,00

38.702.559,00

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

0,00

II. Stocks:

21.429.132,00

13.516.637,00

13.933.703,00

17.139.090,00

9.028.796,00

1. Goods for resale:

833.099,00

751.869,00

0,00

74.423,00

2. Raw materials and other consumables:

751.425,00

2.083.633,00

1.936.278,00

802.909,00

1.633.129,00

3. Goods in process and semifinished ones:

19.030.141,00

9.413.175,00

10.348.108,00

14.939.075,00

4.455.721,00

4. Finished products:

0,00

428.081,00

817.251,00

636.402,00

5. Byproducts, scrap and recovered materials:

814.467,00

1.267.960,00

1.221.236,00

579.855,00

1.988.996,00

6. Payments on account:

0,00

240.125,00

7. Provisions:

0,00

III. Debtors:

11.943.598,00

12.979.377,00

6.722.224,00

4.829.984,00

16.229.553,00

1. Trade debtors / accounts receivable:

8.219.989,00

10.412.603,00

4.568.063,00

3.994.255,00

15.973.899,00

2. Accounts receivable, Group companies:

0,00

21.928,00

1.330.026,00

11.750,00

6.511,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

3.723.609,00

2.544.846,00

824.135,00

823.979,00

249.143,00

7. Provisions:

0,00

IV. Short-term investments:

19.554.788,00

8.316.579,00

12.044.808,00

12.190.000,00

11.479.830,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

12.000.000,00

12.190.000,00

10.790.000,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

1.054.788,00

66.579,00

44.808,00

0,00

689.830,00

6. Other receivables:

18.500.000,00

8.250.000,00

0,00

7. Shor term guarantees and deposits:

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.004.904,00

717.503,00

612.791,00

1.197.092,00

1.820.697,00

VII. Prepayments and accrued income:

32.566,00

55.329,00

15.630,00

16.759,00

143.683,00

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

58.388.511,00

40.209.662,00

37.709.747,00

39.680.930,00

43.064.571,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

27.469.589,00

22.180.236,00

21.471.081,00

24.307.761,00

23.243.344,00

I. Subscribed capital:

3.800.003,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

11.799.188,00

11.167.330,00

10.498.273,00

9.448.979,00

8.044.807,00

1. Legal reserve:

760.001,00

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:

11.039.187,00

10.407.329,00

9.738.272,00

8.688.978,00

7.284.806,00

Differences due to capital adjustement 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:

11.870.398,00

7.212.903,00

7.172.805,00

11.058.779,00

11.398.534,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

34.904,00

41.649,00

50.396,00

72.527,00

59.372,00

1. Capital grants:

34.904,00

41.649,00

50.396,00

72.527,00

59.372,00

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:

1.439.597,00

1.236.287,00

1.300.613,00

637.299,00

906.099,00

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

34.760,00

104.278,00

1. Loans and other liabilities:

0,00

34.760,00

104.278,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

1.439.597,00

1.236.287,00

1.300.613,00

602.539,00

801.821,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

1.418.228,00

1.210.788,00

1.269.759,00

558.135,00

765.476,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

21.369,00

25.499,00

30.854,00

44.404,00

36.345,00

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:

29.423.535,00

16.737.846,00

14.847.910,00

14.593.874,00

18.755.728,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

43.443,00

58.902,00

66.498,00

105.563,00

596.574,00

1. Loans and other liabilities:

43.443,00

58.902,00

66.498,00

105.563,00

596.574,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

232.000,00

43.452,00

0,00

19.974,00

1. Amounts owed to group companies:

232.000,00

43.452,00

0,00

19.974,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

26.163.035,00

13.369.004,00

11.899.230,00

10.067.111,00

14.193.974,00

1. Advanced payments from customers:

24.216.374,00

7.715.286,00

8.957.344,00

4.137.751,00

8.080.732,00

2. Amounts owed for purchases of goods or services:

1.946.661,00

5.653.718,00

2.941.886,00

5.929.360,00

6.113.242,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

2.985.057,00

3.266.488,00

2.882.182,00

4.421.200,00

3.945.206,00

1. Public bodies:

1.907.753,00

2.353.138,00

2.038.225,00

3.686.413,00

3.479.459,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

333.126,00

237.960,00

0,00

4. Wages and salaries payable:

744.178,00

580.224,00

510.831,00

496.827,00

465.747,00

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:

20.886,00

13.644,00

39.747,00

69.469,00

100.028,00

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

58.388.511,00

40.209.662,00

37.709.747,00

39.680.930,00

43.064.571,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

91.462.400,00

88.799.112,00

70.660.289,00

76.902.062,00

118.299.239,00

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

0,00

934.933,00

4.590.967,00

0,00

2.718.227,00

A.2. Supplies:

60.945.237,00

64.297.837,00

43.749.478,00

52.450.084,00

86.671.311,00

a) Stock consumption:

7.207.576,00

46.049,00

239.648,00

876.936,00

9.448.228,00

b) Consumption of raw materials and miscellaneous consumable ones:

50.892.281,00

61.484.848,00

41.803.289,00

47.673.169,00

72.414.546,00

c) Miscellaneous external expenditure:

2.845.380,00

2.766.940,00

1.706.541,00

3.899.979,00

4.808.537,00

A.3. Staff costs:

9.585.769,00

8.872.878,00

8.063.315,00

8.045.437,00

8.283.163,00

a) Wages, salaries et al.:

7.527.038,00

6.938.214,00

6.275.169,00

6.271.294,00

6.408.505,00

b) Social security costs:

2.058.731,00

1.934.664,00

1.788.146,00

1.774.143,00

1.874.658,00

A.4. Depreciation expense:

867.869,00

789.256,00

925.398,00

964.610,00

1.107.840,00

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

-181.046,00

137.845,00

86.849,00

-1.484.015,00

1.002.674,00

a) Stock provision variation:

-181.046,00

137.845,00

86.849,00

-1.484.015,00

1.002.674,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

15.513.250,00

10.829.593,00

10.306.565,00

12.302.192,00

13.967.670,00

a) External services:

15.495.096,00

10.787.900,00

10.265.852,00

12.249.063,00

13.947.278,00

b) Taxes:

18.153,00

41.259,00

40.115,00

53.113,00

19.558,00

c) Other operating expenses:

1,00

434,00

598,00

16,00

834,00

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):

16.266.699,00

9.896.194,00

9.547.403,00

15.035.906,00

15.565.101,00

A.7. Financial and similar charges:

25.098,00

126.184,00

80.863,00

52.056,00

373.433,00

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.:

25.098,00

126.184,00

80.863,00

52.056,00

373.433,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

37.614,00

0,00

9.961,00

235.694,00

260.337,00

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

258.543,00

98.344,00

421.420,00

291.160,00

0,00

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

16.525.242,00

9.994.538,00

9.968.823,00

15.327.066,00

15.229.845,00

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

0,00

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

0,00

650,00

117,00

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

0,00

A.13. Extraordinary expenses:

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):

13.765,00

28.951,00

50.875,00

67.067,00

83.156,00

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

16.539.007,00

10.023.489,00

10.019.698,00

15.394.133,00

15.313.001,00

A.15. Corporation tax:

4.668.609,00

2.810.586,00

2.846.893,00

4.335.354,00

3.914.467,00

A.16. Miscellaneous taxes:

0,00

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

11.870.398,00

7.212.903,00

7.172.805,00

11.058.779,00

11.398.534,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

103.332.798,00

96.012.015,00

77.833.094,00

87.960.841,00

129.697.773,00

B.1. Net total sales:

93.157.203,00

95.698.697,00

76.936.802,00

76.606.742,00

128.952.206,00

a) Sales:

92.198.035,00

95.457.307,00

76.138.044,00

74.359.806,00

127.692.505,00

b) Rendering of services:

959.168,00

241.390,00

798.758,00

2.246.936,00

1.259.701,00

Returns and Rappel on sales:

0,00

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

9.616.966,00

0,00

10.483.354,00

0,00

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

0,00

B.4. Miscellaneous operating income:

223.609,00

59.839,00

333.173,00

224.118,00

363.780,00

a) Auxiliary income and other from current management:

0,00

7.065,00

0,00

183.931,00

0,00

b) Grants:

223.609,00

21.672,00

333.173,00

40.187,00

363.780,00

c) Liabilities and charges provisions surplus:

0,00

31.102,00

0,00

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

0,00

B.5. Income from equity investment:

0,00

64.942,00

33.024,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

64.942,00

33.024,00

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:

321.255,00

199.583,00

512.244,00

513.968,00

265.490,00

a) From companies of the group:

32.012,00

166.269,00

336.489,00

513.968,00

265.490,00

b) From associated companies:

0,00

c) Miscellaneous interests:

289.243,00

33.314,00

175.755,00

0,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

24.945,00

0,00

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

0,00

335.256,00

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

0,00

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

0,00

11.100,00

5.709,00

0,00

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

0,00

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

13.765,00

17.851,00

45.166,00

67.717,00

83.273,00

B.12. Extraordinary income:

0,00

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

0,00

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

0,00

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.

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

16.539.007,00

10.023.489,00

10.019.698,00

15.394.133,00

15.313.001,00

2. Results adjustments.: 61200

391.128,00

8.958,00

1.274.753,00

-877.632,00

2.039.698,00

a) Fixed Assets Amortization (+).: 61201

867.869,00

733.211,00

925.398,00

964.610,00

1.140.365,00

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

-209.173,00

-699.946,00

964.698,00

-1.484.015,00

1.002.674,00

d) Allocation of grants (-).: 61204

-9.636,00

-12.495,00

-188.214,00

-67.717,00

-178.377,00

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

611,00

86.532,00

-5.709,00

650,00

117,00

g) Financial income (-).: 61207

-321.255,00

-199.583,00

-512.244,00

-578.910,00

-298.514,00

h) Financial Expenses (+). : 61208

25.098,00

126.184,00

80.863,00

52.056,00

373.433,00

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

37.614,00

-24.945,00

9.961,00

235.694,00

0,00

3. Changes in current capital equity.: 61300

-6.641.668,00

-5.211.298,00

2.192.718,00

897.497,00

-5.806.699,00

a) Stock (+/-).: 61301

-7.696.080,00

1.090.909,00

2.240.689,00

-6.866.404,00

1.483.681,00

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

1.035.779,00

-6.257.153,00

-1.892.240,00

11.399.569,00

-11.208.050,00

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

22.763,00

-39.699,00

1.129,00

126.924,00

46.292,00

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

-4.130,00

-5.355,00

1.843.140,00

-3.762.592,00

3.871.378,00

4. Other cash flows for operating activities.: 61400

-4.372.452,00

-2.737.187,00

-4.043.058,00

-3.721.267,00

-2.660.459,00

a) Interest payments (-). : 61401

-25.098,00

-126.184,00

-16.773,00

-27.328,00

-378.112,00

c) Interest collection (+). : 61403

321.255,00

199.583,00

512.244,00

578.910,00

298.514,00

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

-4.668.609,00

-2.810.586,00

0,00

-4.241.440,00

-2.558.917,00

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

0,00

-4.538.529,00

-31.409,00

-21.944,00

5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500

5.916.015,00

2.083.962,00

9.444.111,00

11.692.731,00

8.885.541,00

6. Payments for investment (-).: 62100

-7.467.766,00

-7.563.389,00

-10.791.569,00

-2.311.245,00

-7.476.665,00

a) Companies of the group and affiliates. : 62101

-6.800.000,00

-6.500.000,00

-9.810.000,00

-1.400.000,00

-4.790.000,00

b) Intangible fixed assets. : 62102

-17.773,00

-33.704,00

0,00

-17.704,00

-26.170,00

c) Fixed assets. : 62103

-649.993,00

-1.029.685,00

-981.569,00

-893.541,00

-2.660.495,00

7. Divestment payment collection (+). : 62200

-10.250.000,00

3.750.000,00

6.003,00

842,00

0,00

a) Companies of the group and affiliates. : 62201

-10.250.000,00

3.750.000,00

0,00

c) Fixed assets. : 62203

0,00

6.003,00

842,00

0,00

8. Investment activity cash flows (6 + 7) minus Amortization: 62300

-17.717.766,00

-3.813.389,00

-10.785.566,00

-2.310.403,00

-7.476.665,00

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

0,00

94.569,00

91.512,00

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

0,00

94.569,00

91.512,00

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

13.114.976,00

1.830.964,00

811.923,00

-554.638,00

548.875,00

a) Issuance : 63201

13.114.976,00

1.830.964,00

1.214.569,00

0,00

860.580,00

5. Other debts (+). : 63206

13.114.976,00

1.830.964,00

1.214.569,00

0,00

860.580,00

b) Repayment and amortization of : 63207

0,00

-402.646,00

-554.638,00

-311.705,00

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

0,00

-69.520,00

-554.638,00

-115.055,00

5. Other debts (-). : 63212

0,00

-333.126,00

0,00

-196.650,00

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

0,00

-10.000.000,00

-6.000.000,00

a) Dividends (-).: 63301

0,00

-10.000.000,00

-6.000.000,00

12. Cash flows for financing activities (9+10+11).: 63400

13.114.976,00

1.830.964,00

811.923,00

-10.460.069,00

-5.359.613,00

D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000

-37.614,00

24.945,00

-9.961,00

-235.694,00

0,00

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

1.275.611,00

126.482,00

-539.493,00

-1.313.435,00

-3.950.737,00

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

784.081,00

657.599,00

1.197.092,00

2.510.527,00

6.461.264,00

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

2.059.692,00

784.081,00

657.599,00

1.197.092,00

2.510.527,00

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

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,01 %

0,00 %

EBITDA over Sales:

18,39 %

9,30 %

11,13 %

10,07 %

65,21 %

-7,65 %

Cash Flow Yield:

0,02 %

0,00 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

40,82 %

5,35 %

31,06 %

6,96 %

31,42 %

-23,09 %

Total economic profitability:

28,37 %

2,52 %

25,24 %

4,17 %

12,39 %

-39,68 %

Financial profitability:

43,24 %

1,36 %

32,55 %

5,85 %

32,85 %

-76,68 %

Margin:

17,43 %

4,90 %

10,37 %

6,36 %

68,15 %

-23,05 %

Mark-up:

17,71 %

1,59 %

10,47 %

4,73 %

69,15 %

-66,31 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,07

0,12

0,05

0,11

49,43

10,42

Acid Test:

1,10

0,87

1,32

0,83

-16,01

4,41

Working Capital / Investment:

0,42

0,03

0,47

0,03

-10,34

23,84

Solvency:

1,83

1,19

2,13

1,16

-13,73

2,50

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,12

1,63

0,81

1,65

38,73

-0,71

Borrowing Composition:

0,05

1,04

0,07

1,04

-33,76

0,02

Repayment Ability:

24,19

135,10

142,11

771,04

-82,97

-82,48

Warranty:

1,89

1,62

2,24

1,62

-15,43

0,30

Generated resources / Total creditors:

0,41

0,07

0,45

0,07

-10,16

-3,63

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,79

1,73

2,20

1,75

26,66

-1,04

Turnover of Collection Rights :

7,82

4,85

7,38

4,49

6,01

8,20

Turnover of Payment Entitlements:

2,96

3,53

4,55

3,27

-34,97

8,22

Stock rotation:

3,60

6,67

6,35

6,07

-43,35

9,97

Assets turnover:

2,34

1,09

3,00

1,09

-21,84

-0,05

Borrowing Cost:

0,08

2,96

0,70

2,93

-88,42

1,26

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

0,01 %

0,00 %

-0,01 %

-1,71 %

-3,06 %

EBITDA over Sales:

18,39 %

11,13 %

13,61 %

20,89 %

12,93 %

Cash Flow Yield:

0,02 %

0,00 %

-0,01 %

-3,31 %

-9,17 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

40,82 %

31,06 %

37,36 %

54,94 %

48,49 %

Total economic profitability:

28,37 %

25,24 %

26,79 %

38,93 %

36,43 %

Financial profitability:

43,24 %

32,55 %

33,44 %

45,55 %

49,09 %

Margin:

17,43 %

10,37 %

12,42 %

19,66 %

12,10 %

Mark-up:

17,71 %

10,47 %

12,97 %

20,04 %

11,84 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,07

0,05

0,04

0,08

0,13

Acid Test:

1,10

1,32

1,31

1,25

1,57

Working Capital / Investment:

0,42

0,47

0,49

0,52

0,46

Solvency:

1,83

2,13

2,24

2,42

2,06

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

1,12

0,81

0,75

0,62

0,84

Borrowing Composition:

0,05

0,07

0,09

0,04

0,05

Repayment Ability:

24,19

142,11

-29,93

1,05

1,13

Warranty:

1,89

2,24

2,34

2,61

2,19

Generated resources / Total creditors:

0,41

0,45

0,51

0,69

Efficiency

2012

2011

2010

2009

2008

Productivity:

2,79

2,20

2,30

2,99

3,01

Turnover of Collection Rights :

7,82

7,38

11,49

15,91

7,97

Turnover of Payment Entitlements:

2,96

4,55

3,43

5,18

5,45

Stock rotation:

3,60

6,35

4,86

3,61

12,60

Assets turnover:

2,34

3,00

3,01

2,79

4,01

Borrowing Cost:

0,08

0,70

0,50

0,34

1,90

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

GOBIERNO DE NAVARRA

Status

CONCEDIDA

Amount Granted

6.474,00

Notes

El importe reflejado corresponde al imputado a resultados

Entity

GOBIERNO DE NAVARRA

Status

CONCEDIDA

Amount Granted

6.057,00

Notes

El importe reflejado corresponde al imputado a resultados

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

1.051,00

Notes

El importe reflejado corresponde al imputado a resultados

Entity

GOBIERNO DE NAVARRA

Status

CONCEDIDA

Amount Granted

182,00

Notes

El importe reflejado corresponde al imputado a resultados

Entity

GOBIERNO DE NAVARRA

Status

CONCEDIDA

Amount Granted

8.839,00

Notes

El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente al cierre de 41400 euros.

Entity

GOBIERNO DE NAVARRA

Status

CONCEDIDA

Amount Granted

7.683,00

Notes

El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente al cierre de 40626 euros.

Entity

GOBIERNO DE NAVARRA

Status

CONCEDIDA

Amount Granted

280,00

Notes

El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente al cierre de 911 euros.

Entity

GOBIERNO DE NAVARRA

Status

CONCEDIDA

Amount Granted

25.876,00

Notes

El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente al cierre de 50.239 euros.

Entity

GOBIERNO DE NAVARRA

Status

CONCEDIDA

Amount Granted

17.730,00

Notes

El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente al cierre de 48.309 euros.

Entity

GOBIERNO DE NAVARRA

Status

CONCEDIDA

Amount Granted

446,00

Notes

El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente al cierre de 1.191 euros.

Entity

GOBIERNO DE NAVARRA

Status

CONCEDIDA

Amount Granted

22.452,00

Notes

El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente al cierre de 1.637 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

1.338,00

Notes

El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente al cierre de 4.223 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

20.016,00

Notes

El saldo reflejado se corresponde con el imputado a resultados, quedando así un saldo a fecha de cierre del ejercicio de 33.308 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

175.206,00

Notes

SE HA IMPUTADO A RESULTADOS 145.122 EUROS QUEDANDO DE SALDO AL CIERRE 30.084 EUROS.

Research Summary

Company founded in March, 1974, engaged in special steel foundry. It has 207 employees. According to the above, we consider that the subject can stay involved in normal credit operations.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Report Prepared by :

NNA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Suppliers

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit