MIRA INFORM REPORT

Report Date :

18.01.2014

el. No.:	+ 34 962 725 256
Fax No.:	+ 34 96 272 52 55

IDENTIFICATION DETAILS

Name :	DRAGOSANZ SOCIEDAD LIMITADA

Registered Office :	Ctra. L & Apos;Eliana - La Pobla De Vallbona, S/N - Pobla De Vallbona (La) - 46185 – Valencia

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	18.02.1999

Legal Form :	Private Company

Line of Business :	engaged in manufacturing of strongboxes, pneumatic transport and strongrooms (values and documentation).

No. of Employees :	15

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow & delayed

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Spain

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

Spain ECONOMIC OVERVIEW

After almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.

Source : CIA

EXECUTIVE SUMMARY

Name:

DRAGOSANZ SOCIEDAD LIMITADA

NIF / Fiscal code:

B96846944

Status:

ACTIVE

Incorporation Date:

18/02/1999

Register Data

Last Publication in BORME:

24/12/2012 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

9.018

Localization:

CTRA. L'ELIANA - LA POBLA DE VALLBONA, S/N - POBLA DE VALLBONA (LA) - 46185 - VALENCIA

Telephone - Fax - Email - Website:

Ph.:. 902111172 Email. info@dragosanz.com

Website. www.dragosanz.com

Operating Address 1

Pista de Ademuz, salida 17A, Pol. Industrial IBM. Parcela,2, Spain

Operating Address 2

Apdo De Correos, 177, 46185 Pobla De Vallbona, Valencia, Spain

Activity:

NACE:

2599 - Manufacture of other fabricated metal products n.e.c.

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

7.178,9

---

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:

Identification

Social Denomination:

DRAGOSANZ SOCIEDAD LIMITADA

NIF / Fiscal code:

B96846944

Corporate Status:

ACTIVE

Start of activity:

1999

Registered Office:

CTRA. L'ELIANA - LA POBLA DE VALLBONA, S/N

Locality:

POBLA DE VALLBONA (LA)

Province:

VALENCIA

Postal Code:

46185

Telephone:

902111172

Fax:

962725255

Website:

www.dragosanz.com

Email:

info@dragosanz.com

Interviewed Person:

Gestiones diversas. No facilitan datos.

Activity

NACE:

2599

Additional Information:

The subject is engaged in manufacturing of strong rooms, strong boxs and pneumatic transport (values and documentation).

Additional Address:

Registered office, office and other premises are located in CTRA. L'ELIANA - LA POBLA DE VALLBONA, S/N 46185 POBLA DE VALLBONA (LA)

Franchise:

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1999

Appointments/ Re-elections (1) Company Formation (1)

2000

Accounts deposit (ejer. 1999)

2002

Accounts deposit (ejer. 2000, 2001) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2004

Accounts deposit (ejer. 2002, 2003) Appointments/ Re-elections (1) Change of Social address (1)

2006

Accounts deposit (ejer. 2004, 2005)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2008

Accounts deposit (ejer. 2007)

2009

Accounts deposit (ejer. 2008)

2010

Accounts deposit (ejer. 2009) Increase of Capital (1)

2011

Accounts deposit (ejer. 2010)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2013

Accounts deposit (ejer. 2012)

Breakdown of Owners' Equity

Registered Capital:

9.018

Paid up capital:

9.018

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

17/03/1999

Company Formation

3.005

05/05/2010

Increase of Capital

6.012

9.018

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

SANZ FERNANDEZ ALFONSO

17/12/2012

JOINT ATTORNEY

SANZ ALARTE ALFONSO MIGUEL

29/11/2004

FERNANDEZ LOPEZ ADORACION

29/11/2004

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

FERNANDEZ LOPEZ ADORACION

PROXY

29/11/2004

SANZ ALARTE ALFONSO MIGUEL

SINGLE ADMINISTRATOR

10/06/2002

SANZ FERNANDEZ ALFONSO

SINGLE ADMINISTRATOR

30/07/2007

SANZ FERNANDEZ SUSANA

SINGLE ADMINISTRATOR

17/12/2012

Executive board

Post

NIF

Name

ADMINISTRATOR

ALFONSO SANZ FERNANDEZ

MANAGING DIRECTOR

ALFONSO SANZ FERNANDEZ

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

30/08/2013

15/01/2014

Status: Friendly

276.16

30/08/2013

Status: Pre-Litigation

1502.32

01/11/2013

01/01/2014

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

IMPAGOS EN ENTIDADES FINANCIERAS Y GRANDES EMPRESAS

Section comprising a list of the instances of default recorded in the ASNEF Industrial file under the name of .

33.33% of contract defaults, which represent 20.93% of the amount, are in pre-judicial debt collection status; the debt has been forwarded to the creditor entities' legal departments.

The total unpaid amount registered with ASNEF Empresas is the maximum one among all of this debtor's reported defaults available.

It must be noted that the total unpaid amount registered with ASNEF Empresas has increased significantly in the past six months.

It has defaulted in its contractual obligations with financial entities and miscellaneous companies. Furthermore, 75.23% of the unpaid amount involve contracts with Sociedad de Seguros Crediticios.

List of current instances of default for each of the transactions in progress

Type of creditor

Product

Value of transactions (_)

Status

No. of defaults

Default balance (_)

Date of first default

Date of last default

SOCIEDADES DE SEGUROS CREDITICIOS

Seguros, alquiler

100000.00

Otros

5400.42

11/09/13

21/09/13

ESTABLECIMIENTOS FINANCIEROS DE CREDITO

Descubierto en cuenta corriente, tarjeta de crédito, privada o de pago

---

Prejudicial

---

1502.32

01/11/13

01/01/14

Bancos

Descubierto en cuenta corriente, tarjeta de crédito, privada o de pago

---

Amistoso

---

276.16

30/08/13

7.178,9

Default by status

Default by product

Age of current debt

Change in values of defaults and settled debts

Changes in defaults by status

Changes in defaults by product

Change in values of defaults and settled debts

Legal Notice:

This data has been obtained from consultation of the ASNEF Industrial register. It may only be used for the purposes of awarding credit, monitoring credit and managing loans. This data may not be reused or included in any database, and may not be ceded .

Basis for rating

Positive Factors

Adverse Factors

It has been found to have irregular payment performance and has not paid all of its debts timely.

ROE lowering effect. Total Economic Rate of Return in 2012 is lower than the Borrowing Cost; therefore, the leverage is lower than the unit and has a ROE lowering effect. This indicates that the Company should not incur any further debts, as this would reduce its shareholders' profitability.

Financial Cost Increase. The company's average financial expense in 2012 with respect to its operating gross result is 71.96%. As this value is higher than that of the previous fiscal year, the financial situation may be hindered.

The staff number decreased in the last fiscal year.

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

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 33.1 %

> Latest Rating Changes :

Sector in which comparison is carried out :

259 Manufacture of other fabricated metal products

Relative Position:

Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 99% of the companies of the sector DRAGOSANZ SOCIEDAD LIMITADA belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 33.15%.

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

Turnover

Total Sales 2012

1.630.617,44

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

July 2013

2011

Normales

July 2012

2010

Normales

September 2011

2009

Normales

July 2010

2008

Normales

September 2009

2007

Normales

August 2008

2006

Normales

September 2007

2005

Normales

November 2006

2004

Normales

December 2005

2003

Normales

August 2004

2002

Normales

May 2004

2001

Normales

October 2002

2000

Normales

December 2001

1999

Normales

August 2000

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 Pyme 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

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

863.240,00

811.632,00

752.579,00

602.068,00

559.010,00

I. Intangible fixed assets : 11100

3.535,00

2.605,00

1.207,00

II. Tangible fixed assets : 11200

551.474,00

499.208,00

441.161,00

290.651,00

247.796,00

III. Real estate investment: 11300

0,00

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

0,00

V. Long-term financial investments: 11500

308.232,00

308.889,00

308.813,00

308.811,00

310.007,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

1.535.018,00

1.630.651,00

1.548.078,00

1.778.684,00

1.846.480,00

I. Stocks : 12200

582.668,00

552.512,00

435.766,00

441.866,00

355.130,00

II. Trade debtors and others receivable accounts : 12300

730.739,00

809.868,00

805.825,00

803.193,00

957.444,00

1. Trade debtors / accounts receivable: 12380

709.595,00

786.491,00

772.248,00

798.979,00

901.405,00

a) Long-term receivables from sales and services supplied : 12381

0,00

b) Customers for sales and provisions of services : 12382

709.595,00

786.491,00

772.248,00

798.979,00

901.405,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

21.144,00

23.377,00

33.577,00

4.213,00

56.039,00

III. Short-term investment in Group companies and associates: 12400

0,00

IV. Short-term financial investments : 12500

205.169,00

246.171,00

259.133,00

420.376,00

440.905,00

V. Short-term accruals : 12600

0,00

VI. Cash and other equivalent liquid assets : 12700

16.442,00

22.100,00

47.353,00

113.249,00

93.002,00

TOTAL ASSETS (A + B) : 10000

2.398.259,00

2.442.283,00

2.300.658,00

2.380.752,00

2.405.490,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

1.220.446,00

1.218.857,00

1.212.781,00

1.191.125,00

1.146.254,00

A-1) Shareholders' equity: 21000

1.220.446,00

1.218.857,00

1.212.781,00

1.191.125,00

1.146.254,00

I. Capital: 21100

9.018,00

3.005,00

1. Registered capital : 21110

9.018,00

3.005,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.209.839,00

1.203.763,00

1.188.119,00

1.143.249,00

1.090.502,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

1.588,00

6.076,00

15.643,00

44.871,00

52.747,00

VIII. (Interim dividend): 21800

0,00

A-2) Changes in net worth : 22000

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

141.128,00

104.294,00

226.945,00

289.366,00

321.368,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

141.128,00

104.294,00

226.945,00

289.366,00

321.368,00

1. Amounts owed to credit institutions: 31220

141.128,00

104.294,00

126.945,00

278.027,00

247.147,00

2. Creditors from financial leasing : 31230

0,00

3. Other long-term creditors : 31290

0,00

100.000,00

11.339,00

74.221,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

1.036.685,00

1.119.132,00

860.932,00

900.261,00

937.869,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

520.677,00

687.297,00

447.871,00

495.464,00

545.349,00

1. Amounts owed to credit institutions: 32320

520.661,00

687.297,00

447.871,00

495.464,00

545.349,00

2. Creditors from financial leasing : 32330

0,00

3. Other short-term creditors : 32390

16,00

0,00

III. Short-term amounts owed to group and associated companies: 32400

0,00

IV. Trade creditors and other accounts payable: 32500

516.009,00

431.835,00

413.061,00

404.797,00

392.519,00

1. Suppliers: 32580

158.160,00

103.835,00

128.807,00

142.143,00

149.422,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

158.160,00

103.835,00

128.807,00

142.143,00

149.422,00

2. Other creditors: 32590

357.849,00

328.000,00

284.255,00

262.655,00

243.098,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

2.398.259,00

2.442.283,00

2.300.658,00

2.380.752,00

2.405.490,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

1.630.617,00

1.370.852,00

1.473.146,00

1.489.201,00

1.887.901,00

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

0,00

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

49.947,00

71.241,00

77.686,00

58.606,00

0,00

4. Supplies : 40400

-823.401,00

-593.410,00

-724.929,00

-557.279,00

-692.554,00

5. Other operating income: 40500

0,00

1.680,00

40.227,00

0,00

3.000,00

6. Personnel costs: 40600

-498.216,00

-486.282,00

-481.854,00

-502.936,00

-644.411,00

7. Other operating costs: 40700

-305.699,00

-316.804,00

-336.180,00

-375.224,00

-381.974,00

8. Amortisation of fixed assets: 40800

-13.665,00

-18.794,00

-34.958,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

-12.727,00

-5.517,00

12. Other results : 41300

949,00

837,00

6.198,00

0,00

-382,00

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

40.532,00

34.448,00

40.630,00

80.846,00

131.105,00

13. Financial income : 41400

0,00

1,00

25,00

23,00

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

0,00

b) Other financial income: 41490

0,00

1,00

25,00

23,00

14. Financial expenditure : 41500

-38.318,00

-26.347,00

-19.543,00

-20.371,00

-56.761,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

-24,00

0,00

6,00

-2,00

-3.985,00

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

0,00

18. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

B) FINANCIAL REVENUE ( 13 + 14 + 15 + 16 + 17 +18 ) : 49200

-38.341,00

-26.347,00

-19.537,00

-20.348,00

-60.723,00

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

2.191,00

8.102,00

21.094,00

60.498,00

70.382,00

19. Income taxes : 41900

-603,00

-2.025,00

-5.450,00

-15.627,00

-17.635,00

D) RESULT OF THE PERIOD ( C + 19 ) : 49500

1.588,00

6.076,00

15.643,00

44.871,00

52.747,00

> 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.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

863.240,00

811.632,00

752.579,00

602.068,00

559.010,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

3.535,00

2.605,00

1.207,00

III. Tangible fixed assets:

551.474,00

499.208,00

441.161,00

290.651,00

247.796,00

IV. Financial investments:

308.232,00

308.889,00

308.813,00

308.811,00

310.007,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

1.535.018,00

1.630.651,00

1.548.078,00

1.778.684,00

1.846.480,00

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

0,00

II. Stocks:

582.668,00

552.512,00

435.766,00

441.866,00

355.130,00

III. Debtors:

730.739,00

809.868,00

805.825,00

803.193,00

957.444,00

IV. Short-term investments:

205.169,00

246.171,00

259.133,00

420.376,00

440.905,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

16.442,00

22.100,00

47.353,00

113.249,00

93.002,00

VII. Prepayments and accrued income:

0,00

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

2.398.259,00

2.442.283,00

2.300.658,00

2.380.752,00

2.405.490,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

1.220.446,00

1.218.857,00

1.212.781,00

1.191.125,00

1.146.254,00

I. Subscribed capital:

9.018,00

3.005,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.209.839,00

1.203.763,00

1.188.119,00

1.143.249,00

1.090.502,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

1.209.839,00

1.203.763,00

1.188.119,00

1.143.249,00

1.090.502,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

1.588,00

6.076,00

15.643,00

44.871,00

52.747,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

141.128,00

104.294,00

226.945,00

289.366,00

321.368,00

E) SHORT TERM CREDITORS:

1.036.685,00

1.119.132,00

860.932,00

900.261,00

937.869,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

2.398.259,00

2.442.283,00

2.300.658,00

2.380.752,00

2.405.490,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

1.679.925,00

1.438.534,00

1.581.621,00

1.502.961,00

1.838.177,00

A.1. Operating consumption:

823.401,00

593.410,00

724.929,00

557.279,00

692.554,00

A.2. Staff Costs:

498.216,00

486.282,00

481.854,00

502.936,00

644.411,00

a) Wages, salaries et al.:

396.904,00

387.397,00

383.869,00

400.665,00

513.370,00

b) Social security costs:

101.312,00

98.885,00

97.985,00

102.272,00

131.041,00

A.3. Depreciation expense:

13.665,00

18.794,00

34.958,00

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

0,00

A.5. Other operating charges:

305.699,00

316.804,00

336.180,00

375.224,00

381.974,00

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

39.584,00

33.612,00

34.432,00

93.573,00

137.005,00

A.6. Financial and similar charges:

38.318,00

26.347,00

19.543,00

20.371,00

56.761,00

a) Due to liabilities with companies of the group:

36.685,00

25.225,00

18.710,00

19.504,00

54.343,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

1.632,00

1.122,00

833,00

868,00

2.418,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

24,00

0,00

2,00

3.985,00

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

0,00

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

1.242,00

7.265,00

14.895,00

73.225,00

76.281,00

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

0,00

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

0,00

12.727,00

5.517,00

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

0,00

A.12. Extraordinary expenses:

0,00

382,00

A.13. Prior year expenses and losses:

0,00

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

949,00

837,00

6.198,00

0,00

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

2.191,00

8.102,00

21.094,00

60.498,00

70.382,00

A.14. Corporation Tax:

603,00

2.025,00

5.450,00

15.627,00

17.635,00

A.15. Miscellaneous taxes:

0,00

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

1.588,00

6.076,00

15.643,00

44.871,00

52.747,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

1.681.513,00

1.444.610,00

1.597.264,00

1.547.832,00

1.890.924,00

B.1. Operating income:

1.680.564,00

1.443.773,00

1.591.059,00

1.547.807,00

1.890.901,00

a) Net total sales:

1.630.617,00

1.370.852,00

1.473.146,00

1.489.201,00

1.887.901,00

b) Miscellaneous operating income:

49.947,00

72.921,00

117.913,00

58.606,00

3.000,00

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

0,00

B.2. Financial income:

0,00

1,00

25,00

23,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

1,00

25,00

23,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

6,00

0,00

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

38.341,00

26.347,00

19.537,00

20.348,00

60.723,00

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

0,00

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

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

949,00

837,00

6.198,00

0,00

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

0,00

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

0,00

12.727,00

5.899,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

2.191,00

8.102,00

21.094,00

60.498,00

70.382,00

2. Results adjustments.: 61200

51.982,00

40.011,00

33.207,00

39.140,00

91.697,00

a) Fixed Assets Amortization (+).: 61201

13.665,00

18.794,00

34.958,00

g) Financial income (-).: 61207

0,00

-1,00

-25,00

-23,00

h) Financial Expenses (+). : 61208

38.318,00

26.347,00

19.543,00

20.371,00

56.761,00

3. Changes in current capital equity.: 61300

173.545,00

-91.077,00

167.524,00

84.694,00

54.129,00

a) Stock (+/-).: 61301

-30.156,00

-116.745,00

6.100,00

-86.737,00

-190.265,00

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

79.128,00

-4.042,00

-2.633,00

154.251,00

781.535,00

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

41.002,00

12.962,00

161.243,00

20.529,00

-435.844,00

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

83.571,00

16.748,00

2.814,00

-3.349,00

-101.297,00

4. Other cash flows for operating activities.: 61400

-38.317,00

-26.347,00

-19.542,00

-20.346,00

-56.739,00

a) Interest payments (-). : 61401

-38.318,00

-26.347,00

-19.543,00

-20.371,00

-56.761,00

c) Interest collection (+). : 61403

0,00

1,00

25,00

23,00

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

189.401,00

-69.311,00

202.283,00

163.986,00

159.469,00

6. Payments for investment (-).: 62100

-52.265,00

-59.053,00

-150.511,00

-44.254,00

-59.470,00

b) Intangible fixed assets. : 62102

0,00

-929,00

0,00

-1.398,00

0,00

c) Fixed assets. : 62103

-52.265,00

-58.048,00

-150.510,00

-42.855,00

-59.032,00

e) Other financial assets. : 62105

0,00

-76,00

-1,00

0,00

-437,00

7. Divestment payment collection (+). : 62200

658,00

0,00

1.196,00

54.524,00

b) Intangible fixed assets. : 62202

0,00

54.524,00

e) Other financial assets. : 62205

658,00

0,00

1.196,00

0,00

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

-65.273,00

-72.718,00

-164.176,00

-61.852,00

-39.903,00

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

0,00

6.012,00

0,00

3.124,00

a) Issuance of equity instruments (+). : 63101

0,00

6.012,00

0,00

3.124,00

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

-129.787,00

116.776,00

-110.015,00

-81.887,00

-209.027,00

a) Issuance : 63201

36.850,00

239.426,00

88.661,00

30.880,00

0,00

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

36.834,00

239.426,00

0,00

30.880,00

0,00

5. Other debts (+). : 63206

16,00

0,00

88.661,00

0,00

b) Repayment and amortization of : 63207

-166.637,00

-122.650,00

-198.675,00

-112.767,00

-209.027,00

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

-166.637,00

-22.650,00

-198.675,00

-49.885,00

-187.597,00

5. Other debts (-). : 63212

0,00

-100.000,00

0,00

-62.882,00

-21.430,00

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

0,00

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

-129.787,00

116.776,00

-104.003,00

-81.887,00

-205.903,00

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

0,00

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

-5.658,00

-25.253,00

-65.896,00

20.247,00

-86.337,00

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

22.100,00

47.353,00

113.249,00

93.002,00

179.339,00

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

16.442,00

22.100,00

47.353,00

113.249,00

93.002,00

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:

0,00 %

-0,02 %

0,01 %

81,16 %

-104,06 %

EBITDA over Sales:

3,27 %

2,62 %

3,45 %

4,34 %

-5,31 %

-39,55 %

Cash Flow Yield:

0,00 %

-0,01 %

0,01 %

77,19 %

-103,76 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

2,10 %

0,95 %

1,78 %

1,44 %

17,91 %

-34,08 %

Total economic profitability:

1,69 %

1,35 %

1,41 %

1,81 %

19,75 %

-25,45 %

Financial profitability:

0,13 %

-0,34 %

0,50 %

0,39 %

-73,89 %

-187,53 %

Margin:

2,36 %

1,06 %

2,33 %

1,57 %

1,17 %

-32,35 %

Mark-up:

0,07 %

-0,22 %

0,50 %

0,27 %

-85,31 %

-182,85 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,02

0,23

0,02

0,22

-19,69

8,31

Acid Test:

0,92

1,07

0,96

1,02

-4,64

5,42

Working Capital / Investment:

0,21

0,23

-0,79

-5,33

Solvency:

1,48

1,79

1,46

1,76

1,62

1,99

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,97

1,08

1,00

1,36

-3,85

-20,70

Borrowing Composition:

0,14

0,80

0,09

0,83

46,08

-3,33

Repayment Ability:

-208,16

-1.451,83

-48,45

60,69

-329,65

-2.492,18

Warranty:

2,04

1,93

2,00

1,74

2,00

11,02

Generated resources / Total creditors:

0,01

0,04

0,02

0,05

-19,74

-5,81

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,11

1,10

1,19

0,88

-7,34

Turnover of Collection Rights :

2,30

4,25

1,78

4,13

29,01

2,81

Turnover of Payment Entitlements:

2,19

2,76

2,11

2,75

3,81

0,36

Stock rotation:

2,82

3,66

2,55

3,39

10,35

8,05

Assets turnover:

0,89

0,90

0,77

0,92

16,55

-2,56

Borrowing Cost:

3,25

2,43

2,15

2,40

51,07

1,14

> 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:

0,00 %

-0,02 %

-0,04 %

0,01 %

-4,57 %

EBITDA over Sales:

3,27 %

3,45 %

3,26 %

7,55 %

9,11 %

Cash Flow Yield:

0,00 %

-0,01 %

-0,03 %

0,01 %

-3,59 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

2,10 %

1,78 %

1,99 %

4,90 %

7,95 %

Total economic profitability:

1,69 %

1,41 %

1,77 %

3,40 %

5,29 %

Financial profitability:

0,13 %

0,50 %

1,29 %

3,77 %

4,60 %

Margin:

2,36 %

2,33 %

2,16 %

5,22 %

6,95 %

Mark-up:

0,07 %

0,50 %

0,94 %

3,91 %

3,74 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,02

0,06

0,13

0,10

Acid Test:

0,92

0,96

1,29

1,48

1,59

Working Capital / Investment:

0,21

0,30

0,37

0,38

Solvency:

1,48

1,46

1,80

1,98

1,97

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,97

1,00

0,90

1,00

1,10

Borrowing Composition:

0,14

0,09

0,26

0,32

0,34

Repayment Ability:

-208,16

-48,45

-16,51

58,76

7,77

Warranty:

2,04

2,00

2,11

2,00

1,91

Generated resources / Total creditors:

0,01

0,02

0,03

0,05

0,07

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,11

1,10

1,22

1,27

Turnover of Collection Rights :

2,30

1,78

1,97

1,93

1,97

Turnover of Payment Entitlements:

2,19

2,11

2,57

2,30

2,74

Stock rotation:

2,82

2,55

3,57

3,29

4,94

Assets turnover:

0,89

0,77

0,92

0,94

1,14

Borrowing Cost:

3,25

2,15

1,80

1,71

4,51

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

Business started in 1876 by José Sanz Feliu with the name of TALLERES SANZ SA. The subject was founded in 1999 and it is the fifth generation in Sanz family who is running the company. The subject is engaged in manufacturing of strongboxes, pneumatic transport and strongrooms (values and documentation). The subject has 15 employees. According to the above, we consider that the subject can stay involved in normal credit operations.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.35
UK Pound	1	Rs.100.21
Euro	1	Rs.83.52

INFORMATION DETAILS

Report Prepared by :

MNL

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.

Ratios		2012	2011	Change
Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources NO, Guarantees NO


INVESTIGATION SUMMARY
Business started in 1876 by José Sanz Feliu with the name of TALLERES SANZ SA. The subject was founded in 1999 and it is the fifth generation in Sanz family who is running the company. The subject is engaged in manufacturing of strongboxes, pneumatic transport and strongrooms (values and documentation). The subject has 15 employees. According to the above, we consider that the subject can stay involved in normal credit operations.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Chronological Summary

Breakdown of Owners' Equity

COMPARATIVE SECTORIAL BALANCE

Unit