MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	HISPANOX SA
Registered Office :	C/ Xaloc, 2 P.I. Llevant. - Polinya - 08213 - Barcelona
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	16.12.1987
Legal Form :	Public Limited
Line of Business :	Wholesaler of hardware, plumbing and heating equipment and supplies
No of Employees :	25

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow But Correct
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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Spain	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% 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:	HISPANOX SA
NIF / Fiscal code:	A58496837
Status:	ACTIVE
Incorporation Date:	16/12/1987
Register Data	Register Section 8 Sheet 90879
Last Publication in BORME:	24/06/2013 [Appointments]
Last Published Account Deposit:	2012
Share Capital:	108.180,00
Localization:	C/ XALOC, 2 P.I. LLEVANT. - POLINYA - 08213 - BARCELONA
Telephone - Fax - Email - Website:	Ph.:. 937299960   Email. hispanox@hispanox.com   Website. www.hispanox.com/
Activity:
NACE:	4674 - Wholesale of hardware, plumbing and heating equipment and supplies
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	0 for a total cost of 0
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :

	Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies	None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	None	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

JESUS CUNILL MARGINET
Mª DOLORS AYATS AULINAS
Shares:	0
Other Links:	0
No. of Active Corporate Bodies:	JOINT MANAGER 2

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees NO
INVESTIGATION SUMMARY
The company was established end 1987. Distribution of stainless steel screws in the domestic market. There are 25 employees in charge. In the light of the foregoing, we consider it apt to keep being related to usual loan operations.
Interviewed Person:

Identification

Social Denomination:	HISPANOX SA
NIF / Fiscal code:	A58496837
Corporate Status:	ACTIVE
Start of activity:	1988
Registered Office:	C/ XALOC, 2 P.I. LLEVANT.
Locality:	POLINYA
Province:	BARCELONA
Postal Code:	08213
Telephone:	937299960
Fax:	937299961
Website:	www.hispanox.com/
Email:	hispanox@hispanox.com
Interviewed Person:	Sra. Gemma

Activity

NACE:	4674
Additional Information:	Plant, warehouse and offices located on
Additional Address:	Registered office, office and other facilities. Warehouse of 3.500 m2.
Franchise:	No
Import / export:	DOES NOT IMPORT / DOES NOT EXPORT
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	25

Chronological Summary

Year	Act
1990	Accounts deposit (ejer. 1989)
1991	Accounts deposit (ejer. 1990)
1993	Accounts deposit (ejer. 1991, 1992) Adaptation to Law (1) Appointments/ Re-elections (3) Other Concepts/ Events (1) Statutory Modifications (1)
1994	Accounts deposit (ejer. 1993)
1995	Accounts deposit (ejer. 1994)
1996	Accounts deposit (ejer. 1995)
1997	Accounts deposit (ejer. 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
1998	Accounts deposit (ejer. 1997)
1999	Accounts deposit (ejer. 1998) Change of Social address (1)
2000	Accounts deposit (ejer. 1999)
2001	Accounts deposit (ejer. 2000) Appointments/ Re-elections (1)
2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (1)
2003	Accounts deposit (ejer. 2002)
2004	Accounts deposit (ejer. 2003)
2005	Accounts deposit (ejer. 2004)
2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (1)
2007	Accounts deposit (ejer. 2006)
2008	Accounts deposit (ejer. 2007)
2009	Accounts deposit (ejer. 2008)
2010	Accounts deposit (ejer. 2009) Appointments/ Re-elections (1) Change of Social address (1)
2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2012	Accounts deposit (ejer. 2011)
2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (2) Statutory Modifications (1)

Breakdown of Owners' Equity

Registered Capital:	108.180,00
Paid up capital:	108.180,00

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
ADMINISTRATOR	AYATS AULINAS MARIA DOLORES	30/01/1997	5
JOINT MANAGER	CUNILL MARGINET JESUS	13/12/2011	8
	AYATS AULINAS MARIA DOLORS	13/12/2011	3
JOINT ATTORNEY	CUNILL AYATS SERGI	14/06/2013	1
	CUNILL AYATS GEMMA	14/06/2013	1
PROXY	CUNILL MARGINET JESUS	17/05/1993	8
	AYATS AULINAS MARIA DOLORES	17/05/1993	5
ACCOUNTS' AUDITOR / HOLDER	VIR CONTROL I AUDITORIA SLP	17/10/2011	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AYATS AULINAS MARIA DOLORES	MEMBER OF THE BOARD	30/01/1997	5
	CHIEF EXECUTIVE OFFICER	30/01/1997
	SECRETARY	30/01/1997
AYATS AULINAS MARIA DOLORS	ADMINISTRATOR	29/09/2006	3
	JOINT MANAGER	13/12/2011
BDO AUDIBERIA AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	24/12/2010	1
BDO AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	17/10/2011	1
CUNILL MARGINET JESUS	JOINT MANAGER	13/12/2011	8
	ADMINISTRATOR	27/10/2001
	ADMINISTRATOR	29/09/2006
	MEMBER OF THE BOARD	30/01/1997
	CHIEF EXECUTIVE OFFICER	30/01/1997
	PRESIDENT	30/01/1997
CUNILL MARGINET JORGE	MEMBER OF THE BOARD	30/01/1997	1

Executive board

Post	NIF	Name
ADMINISTRATOR		JESUS CUNILL MARGINET
ADMINISTRATOR		MARIA DOLORES AYATS AULINAS

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		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		Unpublished	---
Notices of defaults and enforcement		---	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

> Basis for rating

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. The current debt represents a 6.38of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. It has financial profitability.. HISPANOX SA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation. Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  0.386 %

> Latest Rating Changes :

Sector in which comparison is carried out :

467 Other specialised wholesale

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 HISPANOX SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.386%.

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

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

References

Suppliers

Name	NIF	Telephone
VARINOX

Link List

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	JESUS CUNILL MARGINET
	Mª DOLORS AYATS AULINAS

Turnover

Total Sales 2013

8.100.000

Estimated Balance

Prev. 2013 Non current assets 6.300.000 Current assets 8.200.000 Equity 13.200.000 Non current liabilities 600.000 Current liabilities 700.000 Total assets and liabilities 14.500.000 Sales 2013 8.100.000

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	August  2011
2009	Normales	November  2010
2008	Normales	September  2009
2007	Normales	August  2008
2006	Normales	September  2007
2005	Normales	September  2006
2004	Normales	September  2005
2003	Normales	July  2004
2002	Normales	July  2003
2001	Normales	August  2002
2000	Normales	August  2001
1999	Normales	July  2000
1998	Normales	July  1999
1997	Normales	August  1998
1996	Normales	August  1997
1995	Normales	July  1996
1994	Normales	July  1995
1993	Normales	August  1994
1992	Normales	September  1993
1991	Normales	December  1992
1990	Normales	November  1991
1989	Normales	September  1990

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

>  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, axesor created such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2012	2011	2010	2009	2008
A) NON-CURRENT ASSETS: 11000	6.344.077,00	6.758.791,00	7.089.774,00	5.303.087,00	4.553.217,00
I. Intangible fixed assets : 11100	0,00	0,00	0,00	0,00	0,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	0,00	0,00	0,00	0,00	0,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	5.890.327,00	5.940.325,00	6.601.024,00	5.301.683,00	4.553.217,00
1. Land and buildings: 11210	5.460.266,00	5.513.974,00	6.092.365,00	4.366.988,00	4.380.099,00
2. Technical installations and other tangible fixed assets: 11220	425.732,00	426.352,00	508.659,00	108.864,00	154.917,00
3. Tangible asset in progress and advances: 11230	4.329,00	0,00	0,00	825.831,00	18.200,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	453.750,00	818.465,00	488.750,00	1.404,00	0,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	453.750,00	431.250,00	488.750,00	0,00	0,00
3. Debt securities: 11530	0,00	387.215,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	0,00	0,00	0,00	1.404,00	0,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	0,00	0,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	8.366.756,00	8.627.836,00	8.778.752,00	7.032.116,00	7.805.082,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	1.849.217,00	2.693.439,00	1.490.503,00	812.670,00	2.235.560,00
1. Commercial: 12210	1.621.701,00	2.498.317,00	1.010.425,00	570.021,00	1.659.964,00
2. Primary material and other supplies: 12220	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	227.516,00	195.122,00	480.079,00	242.648,00	575.596,00
III. Trade debtors and others receivable accounts: 12300	2.704.312,00	2.965.672,00	3.837.650,00	2.990.425,00	4.452.367,00
1. Trade debtors / accounts receivable: 12310	2.495.156,00	2.533.350,00	3.586.405,00	2.895.053,00	3.874.221,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	2.495.156,00	2.533.350,00	3.586.405,00	2.895.053,00	3.874.221,00
2. Customers, Group companies and associates : 12320	0,00	0,00	0,00	0,00	0,00
3. Other accounts receivable: 12330	62.707,00	15.803,00	27.627,00	11.754,00	84.814,00
4. Personnel: 12340	57.500,00	57.500,00	57.500,00	0,00	0,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	88.950,00	359.019,00	166.118,00	83.618,00	493.332,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	689.545,00	822.635,00	447.864,00	0,00	1.404,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	689.545,00	822.635,00	446.461,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	1.404,00	0,00	1.404,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	0,00	0,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	3.123.682,00	2.146.089,00	3.002.734,00	3.229.022,00	1.115.751,00
1. Treasury: 12710	651.282,00	1.136.759,00	456.530,00	499.816,00	1.115.751,00
2. Other equivalent liquid assets: 12720	2.472.400,00	1.009.331,00	2.546.204,00	2.729.206,00	0,00
TOTAL ASSETS (A + B) : 10000	14.710.833,00	15.386.626,00	15.868.526,00	12.335.203,00	12.358.299,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	13.168.560,00	12.983.112,00	12.628.959,00	10.802.015,00	11.104.008,00
A-1) Shareholders' equity: 21000	13.168.560,00	12.983.112,00	12.628.959,00	10.802.015,00	11.104.008,00
I. Capital: 21100	108.180,00	108.180,00	108.180,00	108.180,00	108.180,00
1. Registered capital : 21110	108.180,00	108.180,00	108.180,00	108.180,00	108.180,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	12.874.932,00	12.270.779,00	10.693.835,00	9.795.828,00	10.403.421,00
1. Legal y estatutarias: 21310	21.636,00	21.636,00	21.636,00	21.636,00	21.636,00
2. Other reserves: 21320	12.853.296,00	12.249.143,00	10.672.198,00	9.774.191,00	10.381.785,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	185.448,00	604.153,00	1.826.944,00	898.007,00	592.406,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	603.426,00	635.828,00	684.284,00	30.807,00	32.251,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	603.426,00	635.828,00	684.284,00	30.807,00	32.251,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	938.847,00	1.767.686,00	2.555.283,00	1.502.381,00	1.222.040,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	74.280,00	0,00	0,00	0,00
III. Short-term creditors : 32300	411.204,00	948.002,00	1.933.443,00	504.606,00	534.031,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	411.204,00	745.502,00	1.647.969,00	292.762,00	534.031,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	202.500,00	285.474,00	211.844,00	0,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	527.643,00	745.404,00	621.840,00	997.775,00	688.009,00
1. Suppliers: 32510	436.246,00	493.565,00	521.332,00	732.214,00	557.399,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	436.246,00	493.565,00	521.332,00	732.214,00	557.399,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	2.546,00	45.991,00	0,00	0,00	0,00
4. Personnel (remuneration due): 32540	0,00	0,00	0,00	0,00	8.145,00
5. Liabilities for current tax: 32550	42.539,00	112.829,00	10.210,00	194.384,00	77.019,00
6. Otras deudas con las Administraciones Públicas. : 32560	46.312,00	93.020,00	90.298,00	71.177,00	45.446,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	14.710.833,00	15.386.626,00	15.868.526,00	12.335.203,00	12.358.299,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	8.870.377,00	10.839.415,00	11.267.716,00	9.214.317,00	15.609.454,00
a) Sales: 40110	8.870.377,00	10.839.415,00	11.267.716,00	9.214.317,00	15.609.454,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-6.662.729,00	-8.050.449,00	-6.597.247,00	-5.998.793,00	-12.654.936,00
a) Stock consumption: 40410	-6.634.850,00	-8.004.206,00	-6.577.943,00	-5.977.628,00	-12.634.239,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	-27.878,00	-46.243,00	-19.304,00	-21.165,00	-20.697,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	46.837,00	46.829,00	51.505,00	0,00	53.381,00
a) Auxiliary income and other from current management: 40510	46.837,00	46.829,00	51.505,00	0,00	53.381,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-1.459.019,00	-1.570.198,00	-1.451.120,00	-1.427.180,00	-1.446.687,00
a) Wages, salaries et al.: 40610	-1.289.349,00	-1.402.871,00	-1.281.007,00	-1.261.815,00	-1.303.986,00
b) Social security costs: 40620	-169.671,00	-167.327,00	-170.113,00	-165.365,00	-142.701,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-519.011,00	-562.504,00	-655.445,00	-508.422,00	-685.596,00
a) External services: 40710	-455.780,00	-517.858,00	-617.121,00	-457.505,00	-652.949,00
b) Taxes: 40720	-18.726,00	-24.637,00	-20.776,00	-26.225,00	-16.623,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-44.505,00	-20.009,00	-17.548,00	-24.692,00	-16.024,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-123.660,00	-115.835,00	-84.185,00	-62.929,00	-74.528,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	171.664,00	0,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	171.664,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	-1.360,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	152.795,00	758.922,00	2.529.864,00	1.216.993,00	801.088,00
14. Financial income : 41400	122.187,00	132.710,00	97.836,00	82.876,00	87.704,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	122.187,00	132.710,00	97.836,00	82.876,00	87.704,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	122.187,00	132.710,00	97.836,00	82.876,00	87.704,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-9.016,00	-28.090,00	-16.914,00	-17.847,00	-31.335,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-9.016,00	-28.090,00	-16.914,00	-17.847,00	-31.335,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	-1.040,00	-467,00	-1.957,00	-627,00	94.848,00
a) Trading book and other : 41610	-1.040,00	-467,00	-1.957,00	-627,00	94.848,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	0,00	0,00	0,00	0,00	-106.011,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	112.131,00	104.154,00	78.966,00	64.402,00	45.207,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	264.925,00	863.076,00	2.608.830,00	1.281.394,00	846.295,00
20. Income taxes: 41900	-79.478,00	-258.923,00	-781.885,00	-383.387,00	-253.889,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	185.448,00	604.153,00	1.826.944,00	898.007,00	592.406,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	185.448,00	604.153,00	1.826.944,00	898.007,00	592.406,00

> 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, Axesor 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	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2012	2011	2010	2009	2008
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	6.344.077,00	6.758.791,00	7.089.774,00	5.303.087,00	4.553.217,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	0,00	0,00	0,00	0,00	0,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	0,00	0,00	0,00	0,00	0,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	5.890.327,00	5.940.325,00	6.601.024,00	5.301.683,00	4.553.217,00
1. Land and construction:	5.460.266,00	5.513.974,00	6.092.365,00	4.366.988,00	4.380.099,00
2. Technical installations and machinery:	180.938,00	181.201,00	216.182,00	46.268,00	65.840,00
3. Other installations, tools and furniture:	186.713,00	186.985,00	223.083,00	47.745,00	67.942,00
4. Payments on account and tangible fixed assets under construction:	4.329,00	0,00	0,00	825.831,00	18.200,00
5. Other tangible assets:	58.081,00	58.166,00	69.395,00	14.852,00	21.135,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	453.750,00	818.465,00	488.750,00	1.404,00	0,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	387.215,00	0,00	0,00	0,00
6. Other receivables:	453.750,00	431.250,00	488.750,00	0,00	0,00
7. Long term guarantees and deposits:	0,00	0,00	0,00	1.404,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	8.366.756,00	8.627.836,00	8.778.752,00	7.032.116,00	7.805.082,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	1.849.217,00	2.693.439,00	1.490.503,00	812.670,00	2.235.560,00
1. Goods for resale:	1.621.701,00	2.498.317,00	1.010.425,00	570.021,00	1.659.964,00
2. Raw materials and other consumables:	0,00	0,00	0,00	0,00	0,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	227.516,00	195.122,00	480.079,00	242.648,00	575.596,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	2.704.312,00	2.965.672,00	3.837.650,00	2.990.425,00	4.452.367,00
1. Trade debtors / accounts receivable:	2.495.156,00	2.533.350,00	3.586.405,00	2.895.053,00	3.874.221,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	62.707,00	15.803,00	27.627,00	11.754,00	84.814,00
5. Staff:	57.500,00	57.500,00	57.500,00	0,00	0,00
6. Public bodies:	88.950,00	359.019,00	166.118,00	83.618,00	493.332,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	3.161.945,00	1.831.966,00	2.994.068,00	2.729.206,00	1.404,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	3.161.945,00	1.831.966,00	2.992.665,00	2.729.206,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	1.404,00	0,00	1.404,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	651.282,00	1.136.759,00	456.530,00	499.816,00	1.115.751,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	14.710.833,00	15.386.626,00	15.868.526,00	12.335.203,00	12.358.299,00

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	13.168.560,00	12.983.112,00	12.628.959,00	10.802.015,00	11.104.008,00
I. Subscribed capital:	108.180,00	108.180,00	108.180,00	108.180,00	108.180,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	12.874.932,00	12.270.779,00	10.693.835,00	9.795.828,00	10.403.421,00
1. Legal reserve:	21.636,00	21.636,00	21.636,00	21.636,00	21.636,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	12.853.292,00	12.249.139,00	10.672.195,00	9.774.189,00	10.381.782,00
Differences due to capital adjustement to euros:	4,00	3,00	3,00	3,00	3,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	185.448,00	604.153,00	1.826.944,00	898.007,00	592.406,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	603.426,00	635.828,00	684.284,00	30.807,00	32.251,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	603.426,00	635.828,00	684.284,00	30.807,00	32.251,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	603.426,00	635.828,00	684.284,00	30.807,00	32.251,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	938.847,00	1.693.406,00	2.555.283,00	1.502.381,00	1.222.040,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	411.204,00	745.502,00	1.647.969,00	292.762,00	534.031,00
1. Loans and other liabilities:	411.204,00	745.502,00	1.647.969,00	292.762,00	534.031,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	438.792,00	539.555,00	521.332,00	732.214,00	557.399,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	438.792,00	539.555,00	521.332,00	732.214,00	557.399,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	88.852,00	408.349,00	385.981,00	477.405,00	130.610,00
1. Public bodies:	88.852,00	205.849,00	100.507,00	265.561,00	122.465,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	202.500,00	285.474,00	211.844,00	0,00
4. Wages and salaries payable:	0,00	0,00	0,00	0,00	8.145,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	74.280,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	14.710.833,00	15.386.626,00	15.868.526,00	12.335.203,00	12.358.299,00

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	8.853.953,00	10.586.465,00	9.590.113,00	8.399.185,00	15.252.981,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	6.662.729,00	8.050.449,00	6.597.247,00	5.998.793,00	12.654.936,00
a) Stock consumption:	6.634.850,00	8.004.206,00	6.577.943,00	5.977.628,00	12.634.239,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	27.878,00	46.243,00	19.304,00	21.165,00	20.697,00
A.3. Staff costs:	1.459.019,00	1.570.198,00	1.451.120,00	1.427.180,00	1.446.687,00
a) Wages, salaries et al.:	1.289.349,00	1.402.871,00	1.281.007,00	1.261.815,00	1.303.986,00
b) Social security costs:	169.671,00	167.327,00	170.113,00	165.365,00	142.701,00
A.4. Depreciation expense:	123.660,00	115.835,00	84.185,00	62.929,00	74.528,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	44.505,00	20.009,00	17.548,00	24.692,00	16.024,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	44.505,00	20.009,00	17.548,00	24.692,00	16.024,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	474.506,00	542.495,00	637.897,00	483.730,00	669.572,00
a) External services:	455.780,00	517.858,00	617.121,00	457.505,00	652.949,00
b) Taxes:	18.726,00	24.637,00	20.776,00	26.225,00	16.623,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	152.795,00	587.258,00	2.531.224,00	1.216.993,00	801.088,00
A.7. Financial and similar charges:	9.016,00	28.090,00	16.914,00	17.847,00	31.335,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	9.016,00	28.090,00	16.914,00	17.847,00	31.335,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	1.040,00	467,00	1.957,00	627,00	0,00
A.9. Exchange losses:	0,00	0,00	0,00	0,00	106.011,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	112.131,00	104.154,00	78.966,00	64.402,00	45.207,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	264.925,00	691.412,00	2.610.190,00	1.281.394,00	846.295,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	1.360,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	171.664,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	264.925,00	863.076,00	2.608.830,00	1.281.394,00	846.295,00
A.15. Corporation tax:	79.478,00	258.923,00	781.885,00	383.387,00	253.889,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	185.448,00	604.153,00	1.826.944,00	898.007,00	592.406,00

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	9.039.401,00	11.190.618,00	11.417.057,00	9.297.192,00	15.845.387,00
B.1. Net total sales:	8.870.377,00	10.839.415,00	11.267.716,00	9.214.317,00	15.609.454,00
a) Sales:	8.871.422,00	10.840.691,00	11.269.043,00	9.215.402,00	15.611.293,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	-1.045,00	-1.277,00	-1.327,00	-1.085,00	-1.839,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	46.837,00	46.829,00	51.505,00	0,00	53.381,00
a) Auxiliary income and other from current management:	46.837,00	46.829,00	51.505,00	0,00	53.381,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	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	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	122.187,00	132.710,00	97.836,00	82.876,00	182.552,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	122.187,00	132.710,00	97.836,00	82.876,00	87.704,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	94.848,00
B.8. Exchange positive differences:	0,00	0,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	0,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	171.664,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	1.360,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

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	264.925,00	863.076,00	2.608.830,00	1.281.394,00	846.295,00
2. Results adjustments.: 61200	56.034,00	-66.161,00	22.767,00	23.220,00	-76.689,00
a) Fixed Assets Amortization (+).: 61201	123.660,00	115.835,00	84.185,00	62.929,00	74.528,00
b) Obsolescence Allowances (+/-). : 61202	44.505,00	20.009,00	17.548,00	24.692,00	0,00
c) Variation in Provision (+/-). : 61203	0,00	74.280,00	0,00	0,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	-171.664,00	0,00	0,00	-94.848,00
g) Financial income (-).: 61207	-122.187,00	-132.710,00	-97.836,00	-82.876,00	-87.704,00
h) Financial Expenses (+). : 61208	9.016,00	28.090,00	16.914,00	17.847,00	31.335,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	1.040,00	0,00	1.957,00	627,00	0,00
3. Changes in current capital equity.: 61300	913.606,00	-377.521,00	-1.734.368,00	2.811.274,00	600.251,00
a) Stock (+/-).: 61301	844.222,00	-1.202.935,00	-677.834,00	1.422.891,00	784.069,00
d) Debtors and other accounts receivable (+/-). : 61302	216.855,00	851.969,00	-864.773,00	1.195.981,00	784.661,00
d) Creditors and other accounts payable (+/-). : 61304	-147.471,00	-26.554,00	-191.762,00	192.402,00	-968.480,00
4. Other cash flows for operating activities.: 61400	-146.649,00	-122.775,00	-236.077,00	-204.019,00	-634.048,00
a) Interest payments (-). : 61401	-10.056,00	-28.090,00	-18.871,00	-19.428,00	-32.227,00
c) Interest collection (+). : 61403	119.857,00	110.075,00	95.376,00	82.876,00	87.704,00
d) Income tax payment collection (payments) (+/-).: 61404	-182.170,00	-204.760,00	-312.582,00	-267.467,00	-689.526,00
e) Other payments (payment collection) (-/+) : 61405	-74.280,00	0,00	0,00	0,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	1.087.916,00	296.619,00	661.152,00	3.911.869,00	735.808,00
6. Payments for investment (-).: 62100	-453.661,00	-1.309.028,00	-2.271.396,00	-599.552,00	-3.811.929,00
c) Fixed assets. : 62103	-73.661,00	-508.946,00	-1.309.896,00	-599.552,00	-3.811.929,00
e) Other financial assets. : 62105	-380.000,00	-800.082,00	-961.500,00	0,00	0,00
7. Divestment payment collection (+). : 62200	880.135,00	1.058.231,00	28.750,00	954,00	497.459,00
c) Fixed assets. : 62203	0,00	940.000,00	0,00	0,00	0,00
e) Other financial assets. : 62205	880.135,00	118.231,00	28.750,00	954,00	497.459,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	426.474,00	-250.797,00	-2.242.646,00	-598.598,00	-3.314.470,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	0,00	2.013.802,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-334.298,00	-902.467,00	1.355.207,00	0,00	0,00
a) Issuance : 63201	0,00	0,00	1.355.207,00	0,00	0,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	1.355.207,00	0,00	0,00
b) Repayment and amortization of : 63207	-334.298,00	-902.467,00	0,00	0,00	0,00
2. Debts incurred with credit institutions (-).: 63209	-334.298,00	-902.467,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-202.500,00	0,00	0,00	-1.200.000,00	0,00
a) Dividends (-).: 63301	-202.500,00	0,00	0,00	-1.200.000,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-536.798,00	-902.467,00	1.355.207,00	-1.200.000,00	0,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	977.593,00	-856.645,00	-226.287,00	2.113.271,00	-2.578.662,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	2.146.089,00	3.002.734,00	3.229.022,00	1.115.751,00	3.694.413,00
Cash or equivalent assets as of end of the fiscal year.: 65200	3.123.682,00	2.146.089,00	3.002.734,00	3.229.022,00	1.115.751,00

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:	0,11 %	0,01 %	-0,08 %	0,00 %	239,45 %
EBITDA over Sales:	3,12 %	9,22 %	6,49 %	10,07 %	-51,95 %	-8,47 %
Cash Flow Yield:	0,07 %	0,00 %	-0,06 %	0,00 %	219,36 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	1,13 %	5,24 %	5,52 %	6,93 %	-79,60 %	-24,34 %
Total economic profitability:	1,86 %	2,51 %	5,79 %	4,15 %	-67,85 %	-39,56 %
Financial profitability:	1,41 %	1,33 %	4,65 %	5,82 %	-69,74 %	-77,22 %
Margin:	1,71 %	4,83 %	6,97 %	6,36 %	-75,42 %	-23,96 %
Mark-up:	2,97 %	1,62 %	7,93 %	4,71 %	-62,53 %	-65,60 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	3,33	0,12	1,27	0,11	162,53	9,64
Acid Test:	6,94	0,86	3,50	0,83	98,09	2,91
Working Capital / Investment:	0,50	0,03	0,45	0,03	13,25	8,77
Solvency:	8,91	1,18	5,09	1,16	74,91	1,36

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,12	1,63	0,18	1,66	-34,72	-1,69
Borrowing Composition:	0,64	1,03	0,38	1,04	71,18	-0,92
Repayment Ability:	1,58	160,25	-2,72	827,31	158,02	-80,63
Warranty:	9,54	1,62	6,61	1,61	44,39	0,68
Generated resources / Total creditors:	0,20	0,07	0,31	0,07	-35,16	-4,01

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,19	1,72	1,45	1,75	-17,84	-1,64
Turnover of Collection Rights :	3,30	4,83	3,67	4,48	-10,17	7,65
Turnover of Payment Entitlements:	13,61	3,52	11,55	3,26	17,80	7,93
Stock rotation:	4,74	6,61	3,82	6,04	23,95	9,48
Assets turnover:	0,66	1,08	0,79	1,09	-17,01	-0,49
Borrowing Cost:	0,58	2,95	1,21	2,93	-51,52	0,65

> 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:	0,11 %	-0,08 %	-0,02 %	22,93 %	-16,52 %
EBITDA over Sales:	3,12 %	6,49 %	23,21 %	13,89 %	5,61 %
Cash Flow Yield:	0,07 %	-0,06 %	-0,01 %	17,13 %	-20,87 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	1,13 %	5,52 %	16,95 %	9,87 %	6,48 %
Total economic profitability:	1,86 %	5,79 %	16,55 %	10,53 %	7,10 %
Financial profitability:	1,41 %	4,65 %	14,47 %	8,31 %	5,34 %
Margin:	1,71 %	6,97 %	22,36 %	13,21 %	5,11 %
Mark-up:	2,97 %	7,93 %	23,06 %	13,91 %	0,29 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	3,33	1,27	1,18	2,15	0,91
Acid Test:	6,94	3,50	2,85	4,14	4,56
Working Capital / Investment:	0,50	0,45	0,39	0,45	0,53
Solvency:	8,91	5,09	3,44	4,68	6,39

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	0,12	0,18	0,26	0,14	0,11
Borrowing Composition:	0,64	0,38	0,27	0,02	0,03
Repayment Ability:	1,58	-2,72	-14,32	1,18	-1,02
Warranty:	9,54	6,61	4,90	8,05	9,85
Generated resources / Total creditors:	0,20	0,31	0,59	0,63	0,53

Efficiency	2012	2011	2010	2009	2008
Productivity:	1,19	1,45	2,80	1,90	1,61
Turnover of Collection Rights :	3,30	3,67	2,95	3,08	3,52
Turnover of Payment Entitlements:	13,61	11,55	11,66	6,52	19,39
Stock rotation:	4,74	3,82	5,90	9,84	6,65
Assets turnover:	0,66	0,79	0,76	0,75	1,27
Borrowing Cost:	0,58	1,21	0,52	1,16	2,50

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.

Research Summary

The company was established end 1987. Distribution of stainless steel screws in the domestic market. There are 25 employees in charge. In the light of the foregoing, we consider it apt to keep being related to usual loan operations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.85
UK Pound	1	Rs. 102.68
Euro	1	Rs. 81.46

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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.