MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	AUTO JUNTAS SOCIEDAD ANONIMA

Registered Office :	PLG Ind Campollano C/ C,1 - Albacete - 02007 - Albacete

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	11.03.1975

Legal Form :	Public Company

Line of Business :	Manufacture of Other Parts and Accessories for Motor Vehicles.

No. of Employees :	150

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 :	Satisfactory

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, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 11.4% 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:	AUTO JUNTAS SOCIEDAD ANONIMA
NIF / Fiscal code:	A02007029
Trade Name	AJUSA
Status:	ACTIVE WITH PARTIAL DIVISION OF CAPITAL
Incorporation Date:	11/03/1975
Register Data	Register Section 8 Sheet 1504
Last Publication in BORME:	07/04/2014 [Company Domicile change]
Last Published Account Deposit:	2013
Share Capital:	2.692.800

Localization:	PLG IND CAMPOLLANO C/ C,1 - ALBACETE - 02007 - ALBACETE
Telephone - Fax - Email - Website:	Ph.:. 967 216 212 Email. ajusa@ajusa.es Website. www.ajusa.es
Activity:
NACE:	2932 - Manufacture of other parts and accessories for motor vehicles
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	17 for a total cost of 2488335.25
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

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

CORPORACION HMS HERMASAN SOCIEDAD LIMITADA	100 %
Shares:	0
Other Links:	3
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios

2013

2012

Change

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources YES, Guarantees NO

INVESTIGATION SUMMARY

Company dedicated to the manufacture of automotive components. Its annual sales during the year 2013 were reduced by 10.37% over the previous year 2012.

Identification

Social Denomination:

AUTO JUNTAS SOCIEDAD ANONIMA

Trade Name:

AJUSA

NIF / Fiscal code:

A02007029

Corporate Status:

ACTIVE WITH PARTIAL DIVISION OF CAPITAL

Start of activity:

1976

Registered Office:

PLG IND CAMPOLLANO C/ C,1

Locality:

ALBACETE

Province:

ALBACETE

Postal Code:

02007

Telephone:

967 216 212

Fax:

967 216 214

Website:

www.ajusa.es

Email:

ajusa@ajusa.es

Activity

NACE:

2932

Additional Information:

It is dedicated to the manufacture of automotive components, mainly of seals, gasket sets, screws, etc.

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Product / service improvement

Industry situation:

Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	150

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1991

Accounts deposit (ejer. 1990) Appointments/ Re-elections (1)

1992

Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)

1993

Accounts deposit (ejer. 1992) Increase of Capital (1)

1994

Accounts deposit (ejer. 1993)

1995

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

1996

Accounts deposit (ejer. 1995) Increase of Capital (1)

1997

Accounts deposit (ejer. 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1)

1998

Accounts deposit (ejer. 1997) Appointments/ Re-elections (2) Increase of Capital (1)

1999

Accounts deposit (ejer. 1998) Appointments/ Re-elections (2)

2000

Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1)

2001

Accounts deposit (ejer. 1999, 2000) Appointments/ Re-elections (1) Other Concepts/ Events (1)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2003

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

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (1)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (1)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (1) Capital Reduction (3) Partial split (5)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2010

Accounts deposit (ejer. 2009) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2011

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

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (2) Statutory Modifications (1)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (1)

2014

Accounts deposit (ejer. 2013) Change of Social address (1)

Breakdown of Owners' Equity

Registered Capital:	2.692.800
Paid up capital:	2.692.800

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

10/06/1992

Increase of Capital

210.354

901.518

30/06/1993

Increase of Capital

300.506

1.202.024

19/07/1996

Increase of Capital

540.911

1.742.935

01/09/1998

Increase of Capital

1.863.138

3.606.073

29/08/2007

Capital Reduction

-913.200

2.692.800

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

CORPORACION HMS HERMASAN SOCIEDAD LIMITADA

09/12/2005

SINGLE ADMINISTRATOR

CORPORACION HMS HERMASAN SOCIEDAD LIMITADA

02/10/2012

PROXY

CIFUENTES OVEJERO JUAN MACARIO

01/04/2013

MARTINEZ SANCHEZ JOSE MANUEL

17/01/2011

MARTINEZ SANCHEZ CONSUELO

17/09/2010

RAMIREZ PERETE FEDERICO

04/03/2009

GIMENEZ MURCIA JESUS MARIA

06/02/2009

MERINO GONZALEZ JOAQUIN

30/06/2005

SANCHEZ HERRAEZ ADORACION

07/12/2000

ACCOUNTS' AUDITOR / HOLDER

MUÑOZ MARTINEZ MARIANO FRANCISCO

02/10/2012

RAMIREZ CARBONERAS JESUS

02/10/2012

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

GIMENEZ MURCIA JESUS MARIA

PROXY

31/01/2008

PROXY

06/02/2009

GUALDA RODENAS JUAN CARLOS

PROXY

31/01/2008

PROXY

26/01/1998

PROXY

07/12/2000

MARTINEZ MARTINEZ JOSE

PRESIDENT

26/02/1997

PRESIDENT

17/11/2000

MEMBER OF THE BOARD

17/11/2000

MARTINEZ MARTINEZ JOSE MANUEL

MEMBER OF THE BOARD

22/11/2005

MEMBER OF THE BOARD

27/07/2010

MEMBER OF THE BOARD

02/10/2012

CHIEF EXECUTIVE OFFICER

26/01/1998

CHIEF EXECUTIVE OFFICER

17/11/2000

CHIEF EXECUTIVE OFFICER

22/11/2005

CHIEF EXECUTIVE OFFICER

27/07/2010

PRESIDENT

10/06/1992

PRESIDENT

26/02/1997

PRESIDENT

22/11/2005

PRESIDENT

27/07/2010

PRESIDENT

02/10/2012

MARTINEZ MARTINEZ JUAN

SECRETARY

10/06/1992

MARTINEZ SANCHEZ CONSUELO

MEMBER OF THE BOARD

22/11/2005

MEMBER OF THE BOARD

27/07/2010

MEMBER OF THE BOARD

02/10/2012

SECRETARY

02/10/2012

MARTINEZ SANCHEZ JOSE MANUEL

MEMBER OF THE BOARD

02/10/2012

VICE CHAIRMAN

02/10/2012

MEMBER OF THE BOARD

22/11/2005

MEMBER OF THE BOARD

27/07/2010

MARTINEZ SANCHEZ NOELIA MARIA

MEMBER OF THE BOARD

02/10/2012

MUÑOZ MARTINEZ MARIANO FRANCISCO

ACCOUNTS' AUDITOR / HOLDER

20/07/2004

DEPUTY ACCOUNTS' AUDITOR

19/07/2007

ACCOUNTS' AUDITOR / HOLDER

19/07/2001

ACCOUNTS' AUDITOR / HOLDER

02/08/2002

ACCOUNTS' AUDITOR / HOLDER

05/08/2003

ACCOUNTS' AUDITOR / HOLDER

26/07/1999

ACCOUNTS' AUDITOR / HOLDER

25/07/2000

ACCOUNTS' AUDITOR / HOLDER

27/07/2010

ACCOUNTS' AUDITOR / HOLDER

02/10/2012

OLIVER CLEMENTE MIGUEL

MEMBER

10/06/1992

PROXY

13/03/1995

SECRETARY

26/02/1997

SECRETARY

17/11/2000

PROXY

07/12/2000

PROXY

30/06/2005

SANCHEZ HERRAEZ ADORACION

MEMBER OF THE BOARD

02/10/2012

MEMBER OF THE BOARD

27/07/2010

SECRETARY

27/07/2010

MEMBER OF THE BOARD

17/11/2000

MEMBER OF THE BOARD

22/11/2005

SECRETARY

22/11/2005

MEMBER OF THE BOARD

26/02/1997

SAUGAR FERNANDEZ ADOLFO

DEPUTY ACCOUNTS' AUDITOR

25/07/2000

DEPUTY ACCOUNTS' AUDITOR

19/07/2001

DEPUTY ACCOUNTS' AUDITOR

02/08/2002

VELASCO JIMENEZ CARLOS

PROXY

06/02/2009

VERGARA TRUJILLO MARTINEZ PEDRO

ACCOUNTS' AUDITOR / HOLDER

19/07/2007

VERGARA TRUJILLO PEDRO

DEPUTY ACCOUNTS' AUDITOR

05/08/2003

DEPUTY ACCOUNTS' AUDITOR

20/07/2004

DEPUTY ACCOUNTS' AUDITOR

27/07/2010

DEPUTY ACCOUNTS' AUDITOR

02/10/2012

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

FEDERICO RAMIREZ

MANAGING DIRECTOR

JOSE MANUEL MARTINEZ MARTINEZ

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

---

> Basis for scoring

Positive Factors

Adverse Factors

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

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

The current debt represents a 18.15of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

AUTO JUNTAS SOCIEDAD ANONIMA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

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

Immediate solvency is significantly lower than that of the previous fiscal year.

AUTO JUNTAS SOCIEDAD ANONIMA presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation.

No Company's subsidiaries or branches are known.

Among the companies with similar characteristics, AUTO JUNTAS SOCIEDAD ANONIMA is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.573 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

293 Manufacture of parts and accessories for motor vehicles

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 91.00% of the companies of the sector AUTO JUNTAS SOCIEDAD ANONIMA 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 0.573%.

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

Link List

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

1 Entities

SE ESCINDE PARCIALMENTE EN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

CORPORACION HMS HERMASAN SOCIEDAD LIMITADA

ALBACETE

100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	\| \|
	CORPORACION HMS HERMASAN SOCIEDAD LIMITADA	ALBACETE
SE ESCINDE PARCIALMENTE EN	ALBAVIN SOCIEDAD LIMITADA	ALBACETE
HAS IN ITS ADMINISTRATION BOARD TO	CORPORACION HMS HERMASAN SOCIEDAD LIMITADA	ALBACETE

Turnover

Total Sales 2013

25.942.508,39

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

September 2014

2012

Normales

August 2013

2011

Normales

October 2012

2010

Normales

September 2011

2009

Normales

August 2010

2008

Normales

July 2009

2007

Normales

July 2008

2006

Normales

July 2006

2005

Normales

August 2006

2004

Normales

July 2005

2003

Normales

July 2004

2002

Normales

July 2003

2001

Normales

August 2002

2000

Normales

September 2001

1999

Normales

July 2000

1998

Normales

July 1999

1997

Normales

August 1998

1996

Normales

July 1997

1995

Normales

July 1996

1994

Normales

August 1995

1993

Normales

August 1994

1992

Normales

July 1993

1991

Normales

August 1992

1990

Normales

July 1991

1989

Normales

August 1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

46.441.716,00

41.019.425,00

40.307.347,00

43.447.318,00

41.400.841,00

I. Intangible fixed assets : 11100

925.631,00

252.729,00

108.961,00

33.512,00

20.309,00

1. Development: 11110

0,00

2. Concessions: 11120

2.878,00

2.937,00

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

918.703,00

48.158,00

66.349,00

33.512,00

20.309,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

4.050,00

201.634,00

42.612,00

0,00

II. Tangible fixed assets : 11200

38.902.253,00

34.303.919,00

33.850.437,00

31.744.239,00

30.684.658,00

1. Land and buildings: 11210

17.724.988,00

18.251.440,00

22.193.905,00

21.961.732,00

18.724.740,00

2. Technical installations and other tangible fixed assets: 11220

10.082.827,00

11.293.134,00

9.972.419,00

9.613.219,00

9.405.151,00

3. Tangible asset in progress and advances: 11230

11.094.437,00

4.759.345,00

1.684.113,00

169.288,00

2.554.767,00

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

6.313.083,00

6.382.265,00

6.293.925,00

11.620.014,00

10.690.376,00

1. Equity instruments: 11410

6.313.083,00

6.382.265,00

6.293.925,00

6.773.440,00

6.658.468,00

2. Credits to businesses: 11420

0,00

4.846.574,00

4.031.907,00

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

7.564,00

5.998,00

5.498,00

1. Equity instruments: 11510

500,00

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

7.064,00

5.498,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

293.185,00

72.948,00

46.461,00

43.556,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

22.148.396,00

26.360.762,00

25.928.236,00

24.953.949,00

24.341.295,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

8.987.529,00

9.836.986,00

9.612.159,00

9.226.744,00

7.990.634,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

1.291.990,00

1.812.293,00

2.135.630,00

1.725.811,00

1.413.509,00

3. Work in progress: 12230

620.470,00

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

620.470,00

0,00

4. Finished goods: 12240

7.075.069,00

8.024.693,00

7.476.529,00

7.500.933,00

6.577.125,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

7.075.069,00

8.024.693,00

7.476.529,00

7.500.933,00

6.577.125,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

7.157.292,00

8.354.917,00

8.631.363,00

7.799.029,00

7.398.332,00

1. Trade debtors / accounts receivable: 12310

5.828.042,00

6.660.995,00

6.069.788,00

6.229.886,00

5.369.939,00

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

0,00

b) Customers for sales and provisions of services : 12312

5.828.042,00

6.660.995,00

6.069.788,00

6.229.886,00

5.369.939,00

2. Customers, Group companies and associates : 12320

1.282.937,00

1.693.923,00

2.561.575,00

1.569.144,00

2.028.393,00

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

46.312,00

0,00

7. Called up share capital: 12370

0,00

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

361.071,00

2.599.473,00

1.854.487,00

2.401.698,00

3.538.023,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

361.071,00

2.599.473,00

1.854.487,00

2.401.698,00

3.405.917,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

132.106,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

5.624.715,00

5.469.657,00

5.723.652,00

5.429.796,00

4.928.331,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

6.500,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

5.624.715,00

5.469.657,00

5.723.652,00

5.423.297,00

4.921.831,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

17.789,00

99.728,00

106.575,00

96.681,00

485.976,00

1. Treasury: 12710

17.789,00

99.728,00

106.575,00

96.681,00

485.976,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

68.590.112,00

67.380.187,00

66.235.583,00

68.401.267,00

65.742.136,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

49.701.489,00

49.150.491,00

48.321.142,00

48.094.674,00

45.480.734,00

A-1) Shareholders' equity: 21000

49.447.877,00

48.866.632,00

47.855.282,00

47.768.284,00

45.259.824,00

I. Capital: 21100

2.692.800,00

1. Registered capital : 21110

2.692.800,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

42.836.731,00

40.996.473,00

39.482.680,00

40.001.857,00

37.871.001,00

1. Legal y estatutarias: 21310

721.215,00

2. Other reserves: 21320

42.115.517,00

40.275.258,00

38.761.466,00

39.280.643,00

37.149.787,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

3.918.346,00

5.177.359,00

5.679.802,00

5.073.627,00

4.696.023,00

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

195.016,00

67.015,00

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

195.016,00

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

67.015,00

0,00

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

253.612,00

283.859,00

270.844,00

259.375,00

220.910,00

B) NON-CURRENT LIABILITIES: 31000

6.437.179,00

6.948.855,00

6.835.115,00

8.959.276,00

9.582.181,00

I. Long-term provisions: 31100

73.342,00

112.114,00

6.003,00

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

73.342,00

112.114,00

6.003,00

0,00

II Long-term creditors: 31200

4.107.965,00

4.328.699,00

4.780.282,00

7.921.243,00

9.487.505,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

450.927,00

4.856.987,00

6.294.188,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

4.107.965,00

4.328.699,00

4.329.355,00

3.064.257,00

3.193.317,00

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

0,00

IV. Liabilities for deferred tax: 31400

2.255.871,00

2.508.042,00

2.048.829,00

1.038.033,00

94.676,00

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

12.451.444,00

11.280.842,00

11.079.327,00

11.347.316,00

10.679.221,00

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

0,00

II. Short-term provisions: 32200

207.160,00

198.001,00

187.679,00

183.615,00

199.381,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

207.160,00

0,00

III. Short-term creditors : 32300

7.796.689,00

7.274.004,00

6.774.630,00

6.861.992,00

7.190.310,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

5.214.785,00

5.517.510,00

4.722.057,00

5.003.485,00

5.227.468,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

2.581.904,00

1.756.494,00

2.052.573,00

1.858.507,00

1.962.842,00

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

1.337.410,00

177.000,00

678.861,00

0,00

V. Trade creditors and other accounts payable: 32500

3.110.185,00

3.631.837,00

3.438.156,00

4.301.710,00

3.289.530,00

1. Suppliers: 32510

1.516.213,00

2.026.412,00

1.681.766,00

2.553.399,00

1.992.429,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.516.213,00

2.026.412,00

1.681.766,00

2.553.399,00

1.992.429,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

899.459,00

893.795,00

793.856,00

1.167.593,00

1.016.502,00

4. Personnel (remuneration due): 32540

410.536,00

414.909,00

560.247,00

348.522,00

68.667,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

283.977,00

296.721,00

402.287,00

232.195,00

211.932,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

68.590.112,00

67.380.187,00

66.235.583,00

68.401.267,00

65.742.136,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

25.942.508,00

28.944.687,00

27.818.649,00

26.832.896,00

22.193.742,00

a) Sales: 40110

25.395.110,00

28.286.185,00

26.940.649,00

26.292.896,00

21.723.130,00

b) Rendering of services: 40120

547.398,00

658.502,00

878.000,00

540.000,00

470.612,00

c) Income of financial nature of holding companies: 40130

0,00

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

-329.236,00

548.164,00

474.073,00

923.808,00

-149.497,00

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

119.644,00

208.498,00

148.179,00

0,00

4. Supplies : 40400

-6.857.574,00

-7.638.535,00

-7.055.421,00

-6.885.451,00

-5.107.343,00

a) Stock consumption: 40410

-3.151.219,00

-3.475.119,00

-3.343.621,00

-3.036.977,00

-2.287.167,00

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

-3.367.385,00

-3.850.176,00

-3.435.773,00

-3.570.430,00

-2.620.434,00

c) Works carried out by other companies: 40430

-338.970,00

-313.240,00

-276.027,00

-278.045,00

-199.742,00

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

0,00

5. Other operating income: 40500

129.817,00

605.420,00

342.214,00

464.419,00

3.021.756,00

a) Auxiliary income and other from current management: 40510

64.133,00

458.261,00

124.385,00

166.935,00

2.804.945,00

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

65.685,00

147.160,00

217.829,00

297.484,00

216.811,00

6. Personnel costs: 40600

-5.916.867,00

-6.147.131,00

-6.418.689,00

-6.184.118,00

-5.757.801,00

a) Wages, salaries et al.: 40610

-4.619.045,00

-4.776.329,00

-5.076.136,00

-4.849.842,00

-4.504.606,00

b) Social security costs: 40620

-1.297.822,00

-1.370.802,00

-1.342.553,00

-1.334.276,00

-1.253.195,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-4.767.252,00

-5.146.531,00

-4.972.880,00

-5.065.770,00

-5.091.738,00

a) External services: 40710

-4.639.114,00

-4.929.028,00

-4.745.744,00

-5.131.841,00

-4.785.641,00

b) Taxes: 40720

-126.854,00

-169.120,00

-235.293,00

-82.883,00

-57.514,00

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

7.129,00

16.923,00

16.904,00

157.009,00

-243.857,00

d) Other current management expenditure : 40740

-8.412,00

-65.306,00

-8.747,00

-8.056,00

-4.727,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-3.439.489,00

-5.005.214,00

-4.020.875,00

-4.749.381,00

-3.920.657,00

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

83.693,00

68.010,00

84.559,00

119.145,00

45.311,00

10. Excess provisions : 41000

0,00

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

-2.882,00

2.458,00

762.903,00

-1.613,00

17.639,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

-2.882,00

2.458,00

762.903,00

-1.613,00

17.639,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

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

4.962.363,00

6.439.827,00

7.162.711,00

5.453.935,00

5.251.411,00

14. Financial income : 41400

232.652,00

595.556,00

1.031.985,00

809.021,00

713.205,00

a) Of shares in equity instruments : 41410

0,00

318.422,00

766.813,00

592.381,00

649.803,00

a 1) In Group companies and associates: 41411

0,00

318.422,00

766.811,00

592.381,00

649.803,00

a 2) In third parties: 41412

0,00

2,00

0,00

b) From negotiable securities and other financial instruments : 41420

232.652,00

277.134,00

265.172,00

216.640,00

63.403,00

b 1) From Group companies and associates : 41421

26.335,00

63.051,00

68.984,00

41.561,00

46.915,00

b 2) From third parties : 41422

206.317,00

214.084,00

196.188,00

175.079,00

16.488,00

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

0,00

15. Financial expenditure: 41500

-243.486,00

-346.620,00

-402.953,00

-259.548,00

-206.969,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-243.486,00

-346.620,00

-402.953,00

-259.548,00

-206.969,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

-914,00

a) Trading book and other : 41610

0,00

-914,00

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

0,00

17. Exchange rate differences : 41700

64.882,00

-16.455,00

-54.940,00

288.144,00

-191.872,00

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

-69.181,00

88.340,00

-735.137,00

114.972,00

140.753,00

a) Impairment and losses : 41810

-69.181,00

88.340,00

-17.578,00

114.972,00

55.737,00

b) Results for transfers and other : 41820

0,00

-717.559,00

0,00

85.016,00

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

-15.133,00

320.821,00

-161.044,00

952.589,00

454.204,00

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

4.947.230,00

6.760.648,00

7.001.667,00

6.406.524,00

5.705.615,00

20. Income taxes: 41900

-1.028.883,00

-1.583.290,00

-1.321.865,00

-1.332.897,00

-1.009.592,00

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

3.918.346,00

5.177.359,00

5.679.802,00

5.073.627,00

4.696.023,00

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

0,00

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

3.918.346,00

5.177.359,00

5.679.802,00

5.073.627,00

4.696.023,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

46.148.531,00

40.946.476,00

40.260.886,00

43.403.762,00

41.400.841,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

925.631,00

252.729,00

108.961,00

33.512,00

20.309,00

1. Research and development costs:

0,00

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

2.878,00

2.937,00

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

918.703,00

48.158,00

66.349,00

33.512,00

20.309,00

6. Assets under capital leases:

0,00

7. Payments on account:

4.050,00

201.634,00

42.612,00

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

38.902.253,00

34.303.919,00

33.850.437,00

31.744.239,00

30.684.658,00

1. Land and construction:

17.724.988,00

18.251.440,00

22.193.905,00

21.961.732,00

18.724.740,00

2. Technical installations and machinery:

4.881.291,00

5.467.224,00

4.827.840,00

4.653.944,00

4.553.215,00

3. Other installations, tools and furniture:

4.079.447,00

4.569.130,00

4.034.777,00

3.889.447,00

3.805.264,00

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

11.094.437,00

4.759.345,00

1.684.113,00

169.288,00

2.554.767,00

5. Other tangible assets:

1.122.089,00

1.256.781,00

1.109.802,00

1.069.828,00

1.046.673,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

6.320.647,00

6.389.829,00

6.301.488,00

11.626.012,00

10.695.873,00

1. Equity investments in group companies:

6.313.083,00

6.382.265,00

6.293.925,00

6.773.440,00

6.658.468,00

2. Receivables from group companies:

0,00

4.846.574,00

4.031.907,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

500,00

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

7.064,00

5.498,00

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:

22.441.581,00

26.433.711,00

25.974.697,00

24.997.504,00

24.341.295,00

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

0,00

II. Stocks:

8.987.529,00

9.836.986,00

9.612.159,00

9.226.744,00

7.990.634,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

1.291.990,00

1.812.293,00

2.135.630,00

1.725.811,00

1.413.509,00

3. Goods in process and semifinished ones:

620.470,00

0,00

4. Finished products:

7.075.069,00

8.024.693,00

7.476.529,00

7.500.933,00

6.577.125,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

7.450.477,00

8.427.866,00

8.677.824,00

7.842.585,00

7.398.332,00

1. Trade debtors / accounts receivable:

5.828.042,00

6.660.995,00

6.069.788,00

6.229.886,00

5.369.939,00

2. Accounts receivable, Group companies:

1.282.937,00

1.693.923,00

2.561.575,00

1.569.144,00

2.028.393,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

339.497,00

72.948,00

46.461,00

43.556,00

0,00

7. Provisions:

0,00

IV. Short-term investments:

5.985.786,00

8.069.131,00

7.578.139,00

7.831.494,00

8.466.353,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

361.071,00

2.599.473,00

1.854.487,00

2.401.698,00

3.405.917,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

6.500,00

138.605,00

7. Shor term guarantees and deposits:

5.624.715,00

5.469.657,00

5.723.652,00

5.423.297,00

4.921.831,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

17.789,00

99.728,00

106.575,00

96.681,00

485.976,00

VII. Prepayments and accrued income:

0,00

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

68.590.112,00

67.380.187,00

66.235.583,00

68.401.267,00

65.742.136,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

49.523.961,00

48.951.789,00

48.131.552,00

47.913.112,00

45.326.097,00

I. Subscribed capital:

2.692.800,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

42.912.815,00

41.081.631,00

39.758.950,00

40.146.685,00

37.937.274,00

1. Legal reserve:

721.215,00

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:

42.191.600,00

40.360.416,00

39.037.735,00

39.425.470,00

37.216.060,00

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:

3.918.346,00

5.177.359,00

5.679.802,00

5.073.627,00

4.696.023,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

177.528,00

198.701,00

189.591,00

181.563,00

154.637,00

1. Capital grants:

177.528,00

198.701,00

189.591,00

181.563,00

154.637,00

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:

73.342,00

112.114,00

6.003,00

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

73.342,00

112.114,00

6.003,00

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

6.363.837,00

6.836.741,00

6.829.111,00

8.959.276,00

9.582.181,00

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

450.927,00

4.856.987,00

6.294.188,00

1. Loans and other liabilities:

0,00

450.927,00

4.856.987,00

6.294.188,00

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:

6.363.837,00

6.836.741,00

6.378.184,00

4.102.290,00

3.287.993,00

1. Long-term bills of exchange payable:

2.384.785,00

2.512.926,00

2.513.308,00

1.778.884,00

1.853.807,00

2. Other creditors:

1.723.180,00

1.815.772,00

1.816.048,00

1.285.373,00

1.339.510,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

2.255.871,00

2.508.042,00

2.048.829,00

1.038.033,00

94.676,00

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:

12.451.444,00

11.280.842,00

11.079.327,00

11.347.316,00

10.679.221,00

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:

5.214.785,00

5.517.510,00

4.722.057,00

5.003.485,00

5.227.468,00

1. Loans and other liabilities:

5.214.785,00

5.517.510,00

4.722.057,00

5.003.485,00

5.227.468,00

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:

1.337.410,00

177.000,00

678.861,00

0,00

1. Amounts owed to group companies:

1.337.410,00

177.000,00

678.861,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

2.415.672,00

2.920.207,00

2.475.622,00

3.720.992,00

3.008.931,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

2.415.672,00

2.920.207,00

2.475.622,00

3.720.992,00

3.008.931,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

3.276.418,00

2.468.124,00

3.015.107,00

2.439.225,00

2.243.440,00

1. Public bodies:

283.977,00

296.721,00

402.287,00

232.195,00

211.932,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

2.581.904,00

1.756.494,00

2.052.573,00

1.858.507,00

1.962.842,00

4. Wages and salaries payable:

410.536,00

414.909,00

560.247,00

348.522,00

68.667,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

207.160,00

198.001,00

187.679,00

183.615,00

199.381,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

68.590.112,00

67.380.187,00

66.235.583,00

68.401.267,00

65.742.136,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

22.654.851,00

25.795.436,00

24.982.760,00

24.363.807,00

21.380.646,00

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

329.236,00

0,00

149.497,00

A.2. Supplies:

6.857.574,00

7.638.535,00

7.055.421,00

6.885.451,00

5.107.343,00

a) Stock consumption:

3.151.219,00

3.475.119,00

3.343.621,00

3.036.977,00

2.287.167,00

b) Consumption of raw materials and miscellaneous consumable ones:

3.367.385,00

3.850.176,00

3.435.773,00

3.570.430,00

2.620.434,00

c) Miscellaneous external expenditure:

338.970,00

313.240,00

276.027,00

278.045,00

199.742,00

A.3. Staff costs:

5.916.867,00

6.147.131,00

6.418.689,00

6.184.118,00

5.757.801,00

a) Wages, salaries et al.:

4.619.045,00

4.776.329,00

5.076.136,00

4.849.842,00

4.504.606,00

b) Social security costs:

1.297.822,00

1.370.802,00

1.342.553,00

1.334.276,00

1.253.195,00

A.4. Depreciation expense:

3.439.489,00

5.005.214,00

4.020.875,00

4.749.381,00

3.920.657,00

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

-7.129,00

-16.923,00

-16.904,00

-157.009,00

243.857,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

-10.969,00

-26.038,00

-26.008,00

-241.575,00

375.198,00

c) Variation of other trade provisions:

3.840,00

9.115,00

9.104,00

84.565,00

-131.341,00

A.6. Other operating charges:

4.774.381,00

5.163.455,00

4.989.784,00

5.222.780,00

4.847.881,00

a) External services:

4.639.114,00

4.929.028,00

4.745.744,00

5.131.841,00

4.785.641,00

b) Taxes:

126.854,00

169.120,00

235.293,00

82.883,00

57.514,00

c) Other operating expenses:

8.412,00

65.306,00

8.747,00

8.056,00

4.727,00

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):

4.881.551,00

6.369.359,00

6.315.249,00

5.336.403,00

5.188.462,00

A.7. Financial and similar charges:

311.013,00

260.392,00

1.120.512,00

259.548,00

206.969,00

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.:

243.486,00

346.620,00

402.953,00

259.548,00

206.969,00

d) Losses from financial investments:

67.527,00

-86.228,00

717.559,00

0,00

A.8. Changes in financial investment provisions:

-28,00

35,00

-293,00

1.916,00

914,00

A.9. Exchange losses:

0,00

16.455,00

54.940,00

0,00

191.872,00

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

0,00

318.674,00

0,00

835.701,00

398.467,00

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

4.868.100,00

6.688.033,00

6.172.076,00

6.172.104,00

5.586.929,00

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

1.682,00

-2.148,00

17.871,00

-116.888,00

-55.737,00

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

2.882,00

0,00

1.613,00

0,00

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):

79.130,00

72.616,00

829.591,00

234.420,00

118.686,00

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

4.947.230,00

6.760.648,00

7.001.667,00

6.406.524,00

5.705.615,00

A.15. Corporation tax:

1.028.883,00

1.583.290,00

1.321.865,00

1.332.897,00

1.009.592,00

A.16. Miscellaneous taxes:

0,00

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

3.918.346,00

5.177.359,00

5.679.802,00

5.073.627,00

4.696.023,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

26.573.197,00

30.972.795,00

30.662.562,00

29.437.434,00

26.076.669,00

B.1. Net total sales:

25.942.508,00

28.944.687,00

27.818.649,00

26.832.896,00

22.193.742,00

a) Sales:

26.128.939,00

29.103.556,00

27.719.139,00

27.052.668,00

22.350.852,00

b) Rendering of services:

547.398,00

658.502,00

878.000,00

540.000,00

470.612,00

Returns and Rappel on sales:

-733.829,00

-817.371,00

-778.490,00

-759.772,00

-627.722,00

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

0,00

548.164,00

474.073,00

923.808,00

0,00

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

119.644,00

208.498,00

148.179,00

0,00

B.4. Miscellaneous operating income:

129.817,00

605.420,00

342.214,00

464.419,00

3.021.756,00

a) Auxiliary income and other from current management:

64.133,00

458.261,00

124.385,00

166.935,00

2.804.945,00

b) Grants:

65.685,00

147.160,00

217.829,00

297.484,00

216.811,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

0,00

318.422,00

766.813,00

592.381,00

649.803,00

a) In companies of the group:

0,00

318.422,00

766.811,00

592.381,00

649.803,00

b) In associated companies:

0,00

c) Third parties:

0,00

2,00

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

232.652,00

277.134,00

265.172,00

216.640,00

148.419,00

a) From companies of the group:

26.335,00

63.051,00

68.984,00

41.561,00

46.915,00

b) From associated companies:

0,00

c) Miscellaneous interests:

206.317,00

214.084,00

196.188,00

175.079,00

16.488,00

d) Profit on financial investment:

0,00

85.016,00

B.8. Exchange positive differences:

64.882,00

0,00

288.144,00

0,00

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

13.452,00

0,00

143.173,00

0,00

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

2.458,00

762.903,00

0,00

17.639,00

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

0,00

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

83.693,00

68.010,00

84.559,00

119.145,00

45.311,00

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.

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

4.947.230,00

6.760.648,00

7.001.667,00

6.406.524,00

5.705.615,00

2. Results adjustments.: 61200

3.631.984,00

4.567.147,00

3.485.571,00

4.251.156,00

3.759.165,00

a) Fixed Assets Amortization (+).: 61201

3.439.489,00

5.005.214,00

4.020.875,00

4.749.381,00

3.920.657,00

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

334.484,00

-118.194,00

185.595,00

0,00

-55.737,00

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

-7.129,00

-16.923,00

-16.904,00

-15.767,00

243.857,00

d) Allocation of grants (-).: 61204

-83.693,00

-68.010,00

-84.559,00

0,00

-45.311,00

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

2.882,00

-2.458,00

-45.344,00

0,00

-17.639,00

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

0,00

-85.016,00

g) Financial income (-).: 61207

-232.652,00

-595.556,00

-1.031.985,00

-809.021,00

-713.205,00

h) Financial Expenses (+). : 61208

243.486,00

346.620,00

402.953,00

259.548,00

207.883,00

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

-64.882,00

16.455,00

54.940,00

0,00

191.872,00

k) Other income and expense (-/+). : 61211

0,00

67.015,00

111.805,00

3. Changes in current capital equity.: 61300

1.541.719,00

272.545,00

-2.060.335,00

-1.322.666,00

2.256.047,00

a) Stock (+/-).: 61301

849.458,00

-224.827,00

-385.415,00

-1.236.110,00

602.609,00

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

1.213.913,00

303.691,00

-811.366,00

-400.697,00

469.084,00

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

0,00

634.859,00

0,00

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

-521.652,00

193.682,00

-863.554,00

-320.717,00

1.184.354,00

4. Other cash flows for operating activities.: 61400

-2.162.527,00

-793.270,00

532.654,00

549.473,00

-485.494,00

a) Interest payments (-). : 61401

-243.486,00

-346.620,00

-402.953,00

-259.548,00

-207.883,00

b) Dividend payment collection (+). : 61402

0,00

318.422,00

766.813,00

0,00

649.803,00

c) Interest collection (+). : 61403

232.652,00

277.134,00

265.172,00

809.021,00

63.403,00

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

-1.450.906,00

-1.030.480,00

-337.672,00

0,00

-990.816,00

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

-700.786,00

-11.727,00

241.294,00

0,00

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

7.958.406,00

10.807.071,00

8.959.557,00

9.884.487,00

11.235.333,00

6. Payments for investment (-).: 62100

-8.803.628,00

-6.431.376,00

-2.395.821,00

-2.046.477,00

-9.626.298,00

a) Companies of the group and affiliates. : 62101

0,00

-819.627,00

0,00

-929.638,00

0,00

b) Intangible fixed assets. : 62102

-863.467,00

-162.151,00

-96.712,00

-13.202,00

-12.460,00

c) Fixed assets. : 62103

-7.785.102,00

-5.449.598,00

-2.003.688,00

-1.059.581,00

-4.599.120,00

e) Other financial assets. : 62105

-101.466,00

0,00

-293.855,00

-500,00

-5.011.379,00

h) Other assets. : 62108

-53.592,00

0,00

-1.566,00

-43.556,00

-3.339,00

7. Divestment payment collection (+). : 62200

2.573.139,00

253.994,00

1.308.848,00

0,00

1.536.775,00

a) Companies of the group and affiliates. : 62201

2.573.139,00

0,00

1.308.848,00

0,00

e) Other financial assets. : 62205

0,00

253.994,00

0,00

1.464.175,00

h) Other assets. : 62208

0,00

72.600,00

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

-6.230.489,00

-6.177.382,00

-1.086.973,00

-6.795.858,00

-8.089.523,00

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

0,00

-2.526.702,00

0,00

b) Amortization of assets instruments (-). : 63102

0,00

-2.565.167,00

0,00

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

0,00

38.465,00

0,00

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

1.462.362,00

-454.072,00

-2.549.461,00

-951.223,00

-770.079,00

a) Issuance : 63201

1.765.086,00

344.526,00

2.138.026,00

-1.894.580,00

0,00

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

0,00

344.526,00

0,00

-1.661.185,00

0,00

3. Debts incurred with companies of the group and affiliates (+).: 63204

1.160.410,00

0,00

823.213,00

0,00

5. Other debts (+). : 63206

604.677,00

0,00

1.314.813,00

-233.395,00

0,00

b) Repayment and amortization of : 63207

-302.724,00

-798.597,00

-4.687.487,00

943.357,00

-770.079,00

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

-302.724,00

0,00

-4.687.487,00

0,00

-58.970,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

0,00

-501.861,00

0,00

-316.171,00

5. Other debts (-). : 63212

0,00

-296.736,00

0,00

943.357,00

-394.938,00

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

-3.337.101,00

-4.166.009,00

-5.258.290,00

0,00

-1.799.236,00

a) Dividends (-).: 63301

-3.337.101,00

-4.166.009,00

-5.258.290,00

0,00

-1.799.236,00

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

-1.874.739,00

-4.620.081,00

-7.807.751,00

-3.477.924,00

-2.569.314,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

64.882,00

-16.455,00

-54.940,00

0,00

-191.872,00

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

-81.939,00

-6.847,00

9.894,00

-389.295,00

384.624,00

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

99.728,00

106.575,00

96.681,00

485.976,00

101.352,00

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

17.789,00

99.728,00

106.575,00

96.681,00

485.976,00

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

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,00 %

0,02 %

0,00 %

0,01 %

170,08 %

EBITDA over Sales:

32,07 %

10,22 %

39,30 %

9,24 %

-18,38 %

10,60 %

Cash Flow Yield:

0,00 %

0,01 %

0,00 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

8,82 %

6,59 %

12,17 %

5,23 %

-27,55 %

26,02 %

Total economic profitability:

7,57 %

3,60 %

10,55 %

2,49 %

-28,25 %

44,30 %

Financial profitability:

7,92 %

4,28 %

10,59 %

1,32 %

-25,21 %

225,20 %

Margin:

18,95 %

6,00 %

21,64 %

4,85 %

-12,45 %

23,69 %

Mark-up:

18,89 %

4,01 %

22,72 %

1,59 %

-16,86 %

151,98 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,14

0,01

0,12

-83,85

19,89

Acid Test:

1,07

0,86

1,49

0,85

-27,91

0,93

Working Capital / Investment:

0,14

0,02

0,22

0,03

-36,83

-14,66

Solvency:

1,83

1,17

2,39

1,17

-23,16

-0,34

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,37

1,42

0,36

1,63

2,77

-12,54

Borrowing Composition:

0,52

1,01

0,62

1,03

-15,75

-1,63

Repayment Ability:

-227,10

61,33

-2.617,06

180,64

91,32

-66,05

Warranty:

3,69

1,71

3,76

1,62

-1,97

5,64

Generated resources / Total creditors:

0,40

0,08

0,56

0,07

-29,15

22,40

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,41

1,82

2,85

1,73

-15,58

5,62

Turnover of Collection Rights :

3,66

5,11

3,56

4,80

2,74

6,49

Turnover of Payment Entitlements:

3,63

3,69

3,67

3,52

-1,07

4,83

Stock rotation:

2,37

7,81

2,38

6,53

-0,28

19,62

Assets turnover:

0,47

1,10

0,56

1,08

-17,24

1,88

Borrowing Cost:

1,31

2,84

1,93

2,95

-32,35

-3,76

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,00 %

-0,01 %

1,73 %

EBITDA over Sales:

32,07 %

39,30 %

37,16 %

37,59 %

41,04 %

Cash Flow Yield:

0,00 %

-0,01 %

0,59 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

8,82 %

12,17 %

13,68 %

11,14 %

11,27 %

Total economic profitability:

7,57 %

10,55 %

11,18 %

9,75 %

8,99 %

Financial profitability:

7,92 %

10,59 %

11,87 %

10,62 %

10,38 %

Margin:

18,95 %

21,64 %

25,30 %

19,98 %

20,83 %

Mark-up:

18,89 %

22,72 %

24,73 %

23,47 %

22,63 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,00

0,01

0,05

Acid Test:

1,07

1,49

1,50

1,41

1,56

Working Capital / Investment:

0,14

0,22

0,20

0,21

Solvency:

1,83

2,39

2,38

2,24

2,32

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,37

0,36

0,37

0,42

0,44

Borrowing Composition:

0,52

0,62

0,63

0,80

0,91

Repayment Ability:

-227,10

-2.617,06

1.791,07

-51,69

2,12

Warranty:

3,69

3,76

3,74

3,40

3,28

Generated resources / Total creditors:

0,40

0,56

0,59

0,48

0,42

Efficiency

2013

2012

2011

2010

2009

Productivity:

2,41

2,85

2,61

2,63

2,58

Turnover of Collection Rights :

3,66

3,56

3,28

3,50

3,41

Turnover of Payment Entitlements:

3,63

3,67

3,64

2,99

3,06

Stock rotation:

2,37

2,38

2,29

2,38

2,51

Assets turnover:

0,47

0,56

0,54

0,56

0,54

Borrowing Cost:

1,31

1,93

2,27

1,29

1,03

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

ADMINISTRACION ESTATAL

Subsidy Concept

subvncion de capital

Status

CONCEDIDA

Amount Granted

86.603,44

Entity

ADMINISTRACION ESTATAL

Subsidy Concept

subvencion de explotacion

Status

CONCEDIDA

Amount Granted

104.314,96

Entity

ADMINISTRACION ESTATAL

Subsidy Concept

Subvenciones de explotacion.

Status

CONCEDIDA

Amount Granted

65.828,84

Entity

ADMINISTRACION ESTATAL

Amount Granted

62.212,62

Entity

ADMINISTRACION ESTATAL

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

47.685,33

Entity

ADMINISTRACION ESTATAL

Subsidy Concept

subvncion de capital

Status

CONCEDIDA

Amount Granted

38.729,36

Entity

ADMINISTRACION ESTATAL Y REGIONAL

Subsidy Concept

Subvenciones de explotacion.

Status

CONCEDIDA

Amount Granted

149.251,21

Entity

ADMINISTRACION ESTATAL

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

109.418,01

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

83.401,33

Notes

Dicho importe corresponde al traspasos a la cuenta de pérdidas y ganancias.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación.

Status

CONCEDIDA

Amount Granted

396.105,57

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

134.986,03

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación.

Status

CONCEDIDA

Amount Granted

132.737,85

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

108.241,24

Notes

El importe reflejado corresponde al traspasado a resultados del ejercicio; quedan pendientes de imputación al cierre 343.250,65 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

162.665,89

Notes

El importe reflejado es el imputado a resultados del ejercicio, quedando pendiente de imputación al cierre, 571.125,54 euros. Durante el ejercicio se han producido unas altas de 162.405,74 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

132.183,99

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

422.282,41

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

SUBVENCION DE CAPITAL.

Status

CONCEDIDA

Amount Granted

251.687,17

Notes

EL SALDO ESPECIFICADO ES LA IMPUTACION A RESULTADOS, QUEDANDO AL CIERRE 681.754,34 EUROS.

Research Summary

Company dedicated to the manufacture of automotive components. Its annual sales during the year 2013 were reduced by 10.37% over the previous year 2012.

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.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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

Chronological summary

Probability of default

LEGAL CLAIMS

Link List

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