MIRA INFORM REPORT

Report Date :

05.03.2014

IDENTIFICATION DETAILS

Name :	GIOSEPPO SL
Registered Office :	C/ Marie Curie, 38 - Elche Parque Empresarial. Elche/Elx Alicante
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	22.06.1990
Legal Form :	Private Company
Line of Business :	Manufacture of footwear
No. of Employees :	53

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Spain	A2	A2

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

SPAIN - ECONOMIC OVERVIEW

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

Source : CIA

Company name and address

Name:	GIOSEPPO SL
NIF / Fiscal code:	B03503034
Status:	ACTIVE
Incorporation Date:	22/06/1990
Register Data	Register Section 8 Sheet 1268
Last Publication in BORME:	01/03/2013 [Appointments]
Last Published Account Deposit:	2012
Share Capital:	30.000
Localization:	C/ MARIE CURIE, 38 - ELCHE PARQUE EMPRESARIAL. - ELCHE/ELX - 03295 - ALICANTE
Telephone - Fax - Email - Website:	Ph.:. 965682767   Email. gioseppo@gioseppo.com   Website. www.gioseppo.com
Number of Branches	6
Activity:
NACE:	1520 - Manufacture of footwear
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	4 for a total cost of 342236.87
Quality Certificate:	No

Defaults, Legal Claims and Insolvency Proceedings :

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

Partners

NAPER-INMO SL	100 %
Shares:	2
Other Links:	3
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees NO
INVESTIGATION SUMMARY
The subject is a company dedicated to an activity of great competence, that the sources consulted considered as normal. Its turnover decreased a 18,15% in 2012 compared with the previous day. The subject meets normally its payment commitments.

Identification
Social Denomination:	GIOSEPPO SL
NIF / Fiscal code:	B03503034
Corporate Status:	ACTIVE
Start of activity:	1990
Registered Office:	C/ MARIE CURIE, 38 - ELCHE PARQUE EMPRESARIAL.
Locality:	ELCHE/ELX
Province:	ALICANTE
Postal Code:	03295
Telephone:	965682767
Website:	www.gioseppo.com
Email:	gioseppo@gioseppo.com

Branch Offices

Address	Postal Code	City	Province
CALLE SERRANO 11	03003	ALICANTE/ALACANT	ALICANTE
Almorida, 2	03203	ELCHE/ELX	ALICANTE
Av. Catalanet, 63	03130	SANTA POLA	ALICANTE
CALLE DE LLEVANT 9	08019	ORPI	BARCELONA
CALLE DE LAS DUNAS 53	11540	SANLUCAR DE BARRAMEDA	CADIZ
CALLE CONDE DE SALVATIERRA 18	46004	VALENCIA	VALENCIA

Activity
NACE:	1520
Additional Information:	The subject is engaged in design, manufacturing, marketing, distribution of footwear for women, men and kids. TRADE MARK: GIOS-EPPO. Since 2000 Gioseppo has the Certificate ISO 9001:2008 issued by Bureau Veritas which means that the company has an exhaustive quality control system, which includes the casual footwear, beach sandals, house slippers, waterproof boots and accesories.
Additional Address:	Registered office, factory, warehouse, offices and other premises, all owned by the company, which are located in C/ MARIE CURIE, 38 - ELCHE PARQUE EMPRESARIAL. 03295 ELCHE ( ALICANTE ). It has several points of sale in Spain, Portugal and Arab Countries.
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	53

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

Breakdown of Owners' Equity
Registered Capital:	30.000
Paid up capital:	30.000

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
11/07/1990	Company Formation	3.005	3.005	3.005	3.005
01/12/2003	Increase of Capital	5	5	3.010	3.010
13/01/2009	Increase of Capital	26.990	26.990	30.000	30.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	NAPER-INMO SL	05/01/2004	1
SINGLE ADMINISTRATOR	NAVARRO PERTUSA JOSE MIGUEL	12/06/1997	3
PROXY	NAVARRO PERTUSA MARIA ESPERANZA	09/11/2009	1
	PEREZ MIRA JUAN CARLOS	05/11/2009	1
	NAVARRO PERTUSA GERMAN	06/11/2004	1
	NAVARRO POMARES JOSE	05/02/1992	1
ACCOUNTS' AUDITOR / HOLDER	GONZALVEZ ALBERO JAVIER	21/02/2013	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
GONZALVEZ ALBERO FRANCISCO MANUEL	ACCOUNTS' AUDITOR / HOLDER	21/02/2013	1
NAVARRO PERTUSA JOSE MIGUEL	SINGLE ADMINISTRATOR	12/06/1997	3
	ADMINISTRATOR	04/07/1995

Executive board

Post	NIF	Name
ADMINISTRATOR		JOSE MIGUEL NAVARRO PERTUSA
FINANCIAL DIRECTOR		JOSE CARLOS PAYA
MANAGING DIRECTOR		JOSE NAVARRO POMARES

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

		Number of Publications	Amount (_)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		Unpublished	---
Notices of defaults and enforcement		---	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

> Basis for rating

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Company's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. It has been found to have regular payment performance and has paid all of its debts in a timely manner. Positive Working Capital. Its Working Capital quality is significant, i.e. much of its financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved. ROE amplifying effect. Total Economic Rate of Return in 2012 is higher than the Borrowing Cost; therefore, the leverage is higher than the unit and has a ROE amplifying effect. This, in principle, indicates that the company's ROI is higher than its investment financing cost. The evolution of the liquidity indicators shows a trend to improve the situation.

Productivity decrease. Its salaried staff productivity has decreased with respect to the previous fiscal year. Financial Cost Increase. Its average financial expense in 2012 with respect to its operating gross result is 22.53%. As this value is higher than that of the previous fiscal year, the financial situation may be deteriorated. During 2012 the company renewed its customer portfolio 3.72 times. This reflects an approximate average payment collection term of 90 días days. Average payment term to suppliers is longer than average payment term from customers.This means that the company pays to suppliers later than it receives payment from its customers. This benefits the company from a financial perspective, as it may increase its income; whereas it is risky for suppliers, who are, therefore, financing the company. The company's evolution has led to staff reduction in recent fiscal years.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  2.2 %

> Latest Rating Changes :

Sector in which comparison is carried out :

152 Manufacture of footwear

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 97.00% of the companies of the sector GIOSEPPO SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2.18%.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Procedimientos ante Juzgados de lo Social	No se han publicado

  Suppliers

Name	NIF	Telephone
GRUPO EL CORTE INGLES.

Link List

IS RELATED WITH:	3 Entities
PARTICIPATES IN:	2 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	NAPER-INMO SL	ALICANTE	100
PARTICIPATES IN	SHOESWEDO SL	ALICANTE	100
	CERVEZA ISLEÑA SOCIEDAD LIMITADA	BALEARES	13.62

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	COOLSHOE SL	ALICANTE
	SERPREMANCAL SL	ALICANTE
	NAPER-INMO SL	ALICANTE	100

Turnover
Total Sales 2013	21.600.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Normales	October  2013
2011	Normales	November  2012
2010	Normales	February  2012
2009	Normales	December  2010
2008	Normales	December  2009
2007	Normales	January  2009
2006	Normales	November  2007
2005	Normales	October  2006
2004	Normales	September  2005
2003	Normales	August  2004
2002	Normales	October  2003
2001	Normales	September  2002
2000	Normales	September  2001
1999	Normales	August  2000
1998	Normales	September  1999
1997	Normales	January  1999
1996	Normales	September  1997
1995	Normales	September  1996
1994	Normales	August  1995
1993	Normales	August  1994
1992	Normales	August  1993
1991	Normales	July  1992
1990	Normales	August  1991

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

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

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

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2012	2011	2010	2009	2008
A) NON-CURRENT ASSETS: 11000	2.651.591,00	2.753.885,00	2.801.783,00	3.239.094,00	2.693.192,00
I. Intangible fixed assets : 11100	139.295,00	223.163,00	47.594,00	3.177,00	9.176,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	335.969,00	323.844,00	47.594,00	4.700,00	9.176,00
6. Investigation: 11160	-202.606,00	-100.680,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	5.932,00	0,00	0,00	-1.523,00	0,00
II. Tangible fixed assets : 11200	2.369.838,00	2.366.378,00	2.555.544,00	2.656.368,00	2.582.716,00
1. Land and buildings: 11210	-1.239.282,00	189.423,00	196.038,00	289.245,00	209.156,00
2. Technical installations and other tangible fixed assets: 11220	3.609.120,00	2.176.955,00	2.359.507,00	2.367.123,00	2.373.559,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	21.585,00	21.585,00	21.585,00	0,00
1. Equity instruments: 11410	0,00	21.585,00	21.585,00	21.585,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	142.458,00	142.758,00	177.060,00	557.964,00	101.301,00
1. Equity instruments: 11510	0,00	301,00	301,00	301,00	301,00
2. Credits to third parties : 11520	0,00	0,00	0,00	557.663,00	101.000,00
3. Debt securities: 11530	63.880,00	63.880,00	103.250,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	78.578,00	78.578,00	73.510,00	0,00	0,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	0,00	0,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	10.698.852,00	12.242.740,00	11.549.487,00	8.240.774,00	7.032.887,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	2.588.552,00	2.855.020,00	2.310.267,00	1.303.136,00	710.045,00
1. Commercial: 12210	1.964.662,00	2.210.372,00	1.859.850,00	1.017.522,00	710.045,00
2. Primary material and other supplies: 12220	5.107,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	618.783,00	644.648,00	450.417,00	285.614,00	0,00
III. Trade debtors and others receivable accounts: 12300	5.981.816,00	6.371.933,00	6.449.210,00	3.228.936,00	2.426.173,00
1. Trade debtors / accounts receivable: 12310	3.647.546,00	4.565.120,00	5.242.253,00	2.734.660,00	1.848.845,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	3.647.546,00	4.565.120,00	5.242.253,00	2.734.660,00	1.848.845,00
2. Customers, Group companies and associates : 12320	167.022,00	0,00	0,00	0,00	0,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	347.534,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	2.167.248,00	1.806.813,00	1.206.957,00	494.275,00	229.793,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	882.602,00	279.913,00	217.895,00	1.116.554,00	1.004.459,00
1. Equity instruments: 12510	122.456,00	113.338,00	95.501,00	138.008,00	147.466,00
2. Credits to businesses: 12520	0,00	0,00	0,00	8.080,00	5.555,00
3. Debt securities: 12530	30.000,00	30.000,00	30.000,00	105.907,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	730.147,00	136.575,00	92.394,00	864.559,00	851.438,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	62.467,00	46.412,00	76.308,00	0,00	12.002,00
VII. Cash and other equivalent liquid assets : 12700	1.183.415,00	2.689.462,00	2.495.807,00	2.592.148,00	2.880.209,00
1. Treasury: 12710	1.183.415,00	2.689.462,00	2.495.807,00	2.592.148,00	2.880.209,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	13.350.443,00	14.996.625,00	14.351.271,00	11.479.868,00	9.726.079,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	8.347.518,00	7.430.121,00	6.629.797,00	5.675.209,00	4.200.509,00
A-1) Shareholders' equity: 21000	8.347.518,00	7.430.121,00	6.629.797,00	5.675.209,00	4.200.509,00
I. Capital: 21100	30.000,00	30.000,00	30.000,00	30.000,00	30.000,00
1. Registered capital : 21110	30.000,00	30.000,00	30.000,00	30.000,00	30.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	7.400.121,00	6.479.797,00	5.145.209,00	3.670.509,00	2.724.619,00
1. Legal y estatutarias: 21310	6.000,00	6.000,00	4.714,00	4.714,00	4.714,00
2. Other reserves: 21320	7.394.121,00	6.473.797,00	5.140.495,00	3.665.796,00	2.719.905,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	917.397,00	920.324,00	1.454.588,00	1.974.700,00	1.445.890,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	609.391,00	970.624,00	1.091.981,00	1.236.989,00	1.405.076,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	408.950,00	771.980,00	944.077,00	1.175.009,00	1.388.809,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	408.950,00	771.980,00	944.077,00	1.175.009,00	1.388.809,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	200.442,00	198.644,00	147.904,00	61.980,00	16.267,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	4.393.534,00	6.595.880,00	6.629.493,00	4.567.670,00	4.120.493,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	947.580,00	0,00	0,00	0,00
III. Short-term creditors : 32300	1.532.833,00	1.021.035,00	1.524.479,00	278.680,00	1.398.712,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	1.532.833,00	1.021.035,00	1.524.479,00	278.680,00	1.378.705,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	20.006,00
IV. Short-term debts with Group companies and associates: 32400	175.892,00	634.484,00	504.207,00	737.710,00	0,00
V. Trade creditors and other accounts payable: 32500	2.684.810,00	3.992.780,00	4.600.806,00	3.551.280,00	2.721.782,00
1. Suppliers: 32510	111.491,00	406.345,00	273.914,00	940.156,00	73.680,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	111.491,00	406.345,00	273.914,00	940.156,00	73.680,00
2. Suppliers, Group companies and associates: 32520	2.037.275,00	2.719.916,00	2.708.588,00	0,00	680.367,00
3. Other creditors: 32530	465.508,00	804.071,00	1.540.223,00	2.551.669,00	1.625.132,00
4. Personnel (remuneration due): 32540	3.116,00	1.086,00	0,00	0,00	0,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Otras deudas con las Administraciones Públicas. : 32560	67.420,00	60.962,00	63.081,00	47.740,00	330.357,00
7. Advances from clients: 32570	0,00	400,00	15.000,00	11.716,00	12.247,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	13.350.443,00	14.996.625,00	14.351.271,00	11.479.868,00	9.726.079,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	22.171.887,00	27.088.024,00	29.699.450,00	24.400.423,00	24.635.698,00
a) Sales: 40110	22.171.887,00	27.088.024,00	29.699.450,00	24.400.423,00	24.635.698,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	60.600,00	-60.600,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-13.083.971,00	-15.101.127,00	-15.877.247,00	-13.355.523,00	-12.987.666,00
a) Stock consumption: 40410	-12.973.163,00	-14.886.512,00	-15.813.817,00	-13.306.031,00	-12.924.086,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-110.808,00	-214.615,00	-63.430,00	-49.492,00	-63.580,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	74.279,00	160.855,00	188.612,00	203.582,00	75.051,00
a) Auxiliary income and other from current management: 40510	54.084,00	78.714,00	80.457,00	71.835,00	0,00
b) Operation subsidies included in the Period's result: 40520	20.195,00	82.141,00	108.155,00	131.746,00	75.051,00
6. Personnel costs: 40600	-1.474.281,00	-1.487.626,00	-1.204.390,00	-1.015.750,00	-936.882,00
a) Wages, salaries et al.: 40610	-1.153.155,00	-1.158.138,00	-943.368,00	-802.020,00	-734.624,00
b) Social security costs: 40620	-321.126,00	-329.488,00	-261.023,00	-213.730,00	-202.258,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-6.931.084,00	-9.256.480,00	-9.622.247,00	-7.577.891,00	-7.761.736,00
a) External services: 40710	-6.741.749,00	-8.969.974,00	-9.448.084,00	-7.428.779,00	-7.703.678,00
b) Taxes: 40720	-16.776,00	-19.601,00	-25.023,00	-15.634,00	-13.161,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-172.471,00	-266.424,00	-105.903,00	-49.695,00	-44.897,00
d) Other current management expenditure : 40740	-88,00	-480,00	-43.237,00	-83.783,00	0,00
8. Amortisation of fixed assets: 40800	-501.445,00	-467.112,00	-352.562,00	-224.952,00	-248.006,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	2.149,00	9.330,00	3.156,00	-3.020,00	12.931,00
a) Impairment and losses : 41110	0,00	-2,00	96,00	0,00	0,00
b) Results for transfers and other : 41120	2.149,00	9.332,00	3.060,00	-3.020,00	12.931,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	15.641,00	15.873,00	91.620,00	32.876,00	20.234,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	273.175,00	961.737,00	2.926.392,00	2.520.345,00	2.749.024,00
14. Financial income : 41400	624.717,00	656.662,00	155.925,00	123.450,00	166.701,00
a) Of shares in equity instruments : 41410	500.000,00	500.000,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	500.000,00	500.000,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	124.717,00	156.662,00	155.925,00	123.450,00	166.701,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	7.403,00	0,00
b 2) From third parties : 41422	124.717,00	156.662,00	155.925,00	116.048,00	166.701,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-170.483,00	-295.111,00	-238.928,00	-309.382,00	-386.754,00
a) Amounts owed to Group companies and associates : 41510	-47.621,00	-190.381,00	-51.654,00	-65.106,00	0,00
b) For debts with third parties : 41520	-122.862,00	-104.730,00	-187.274,00	-244.277,00	-386.754,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	3.841,00	-146.932,00	-908.507,00	56.907,00	-207.250,00
a) Trading book and other : 41610	3.841,00	-146.932,00	49.667,00	56.907,00	-207.250,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	-958.174,00	0,00	0,00
17. Exchange rate differences : 41700	312.038,00	-56.324,00	120.155,00	358.628,00	-374.711,00
18. Impairment and result for transfers of financial instruments: 41800	53.688,00	-18.260,00	-9.975,00	9.204,00	15.207,00
a) Impairment and losses : 41810	0,00	0,00	-4,00	0,00	0,00
b) Results for transfers and other : 41820	53.688,00	-18.260,00	-9.971,00	9.204,00	15.207,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	823.800,00	140.035,00	-881.329,00	238.807,00	-786.807,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	1.096.975,00	1.101.771,00	2.045.063,00	2.759.152,00	1.962.216,00
20. Income taxes: 41900	-179.578,00	-181.448,00	-590.474,00	-784.453,00	-516.326,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	917.397,00	920.324,00	1.454.588,00	1.974.700,00	1.445.890,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	917.397,00	920.324,00	1.454.588,00	1.974.700,00	1.445.890,00

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

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

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2012	2011	2010	2009	2008
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	2.651.591,00	2.753.885,00	2.801.783,00	3.239.094,00	2.693.192,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	139.295,00	223.163,00	47.594,00	3.177,00	9.176,00
1. Research and development costs:	-202.606,00	-100.680,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	335.969,00	323.844,00	47.594,00	4.700,00	9.176,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	5.932,00	0,00	0,00	-1.523,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	2.369.838,00	2.366.378,00	2.555.544,00	2.656.368,00	2.582.716,00
1. Land and construction:	-1.239.282,00	189.423,00	196.038,00	289.245,00	209.156,00
2. Technical installations and machinery:	1.232.611,00	743.488,00	805.834,00	808.436,00	810.634,00
3. Other installations, tools and furniture:	989.515,00	596.857,00	646.907,00	648.996,00	650.760,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	1.386.995,00	836.609,00	906.765,00	909.692,00	912.165,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	142.458,00	164.343,00	198.645,00	579.549,00	101.301,00
1. Equity investments in group companies:	0,00	21.585,00	21.585,00	21.585,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	63.880,00	64.181,00	103.551,00	301,00	301,00
6. Other receivables:	0,00	0,00	0,00	557.663,00	101.000,00
7. Long term guarantees and deposits:	78.578,00	78.578,00	73.510,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	10.698.852,00	12.242.740,00	11.549.487,00	8.240.774,00	7.032.887,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	2.588.552,00	2.855.020,00	2.310.267,00	1.303.136,00	710.045,00
1. Goods for resale:	1.964.662,00	2.210.372,00	1.859.850,00	1.017.522,00	710.045,00
2. Raw materials and other consumables:	5.107,00	0,00	0,00	0,00	0,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	618.783,00	644.648,00	450.417,00	285.614,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	5.981.816,00	6.371.933,00	6.449.210,00	3.228.936,00	2.426.173,00
1. Trade debtors / accounts receivable:	3.647.546,00	4.565.120,00	5.242.253,00	2.734.660,00	1.848.845,00
2. Accounts receivable, Group companies:	167.022,00	0,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	347.534,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	2.167.248,00	1.806.813,00	1.206.957,00	494.275,00	229.793,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	882.602,00	279.913,00	217.895,00	1.116.554,00	1.004.459,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	152.456,00	143.338,00	125.501,00	243.915,00	147.466,00
6. Other receivables:	0,00	0,00	0,00	8.080,00	5.555,00
7. Shor term guarantees and deposits:	730.147,00	136.575,00	92.394,00	864.559,00	851.438,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	1.183.415,00	2.689.462,00	2.495.807,00	2.592.148,00	2.880.209,00
VII. Prepayments and accrued income:	62.467,00	46.412,00	76.308,00	0,00	12.002,00
GENERAL TOTAL (A + B + C + D):	13.350.443,00	14.996.625,00	14.351.271,00	11.479.868,00	9.726.079,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	8.347.518,00	7.430.121,00	6.629.797,00	5.675.209,00	4.200.509,00
I. Subscribed capital:	30.000,00	30.000,00	30.000,00	30.000,00	30.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	7.400.121,00	6.479.797,00	5.145.209,00	3.670.509,00	2.724.619,00
1. Legal reserve:	6.000,00	6.000,00	4.714,00	4.714,00	4.714,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	7.394.121,00	6.473.797,00	5.140.495,00	3.665.796,00	2.719.905,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	917.397,00	920.324,00	1.454.588,00	1.974.700,00	1.445.890,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	609.391,00	970.624,00	1.091.981,00	1.236.989,00	1.405.076,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	408.950,00	771.980,00	944.077,00	1.175.009,00	1.388.809,00
1. Loans and other liabilities:	408.950,00	771.980,00	944.077,00	1.175.009,00	1.388.809,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	200.442,00	198.644,00	147.904,00	61.980,00	16.267,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	200.442,00	198.644,00	147.904,00	61.980,00	16.267,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	4.393.534,00	5.648.300,00	6.629.493,00	4.567.670,00	4.120.493,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	1.532.833,00	1.021.035,00	1.524.479,00	278.680,00	1.378.705,00
1. Loans and other liabilities:	1.532.833,00	1.021.035,00	1.524.479,00	278.680,00	1.378.705,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	2.213.166,00	3.354.400,00	3.212.795,00	737.710,00	680.367,00
1. Amounts owed to group companies:	2.213.166,00	3.354.400,00	3.212.795,00	737.710,00	680.367,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	576.999,00	1.210.816,00	1.829.137,00	3.503.540,00	1.711.058,00
1. Advanced payments from customers:	0,00	400,00	15.000,00	11.716,00	12.247,00
2. Amounts owed for purchases of goods or services:	576.999,00	1.210.416,00	1.814.137,00	3.491.825,00	1.698.811,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	70.536,00	62.049,00	63.081,00	47.740,00	350.364,00
1. Public bodies:	67.420,00	60.962,00	63.081,00	47.740,00	330.357,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	20.006,00
4. Wages and salaries payable:	3.116,00	1.086,00	0,00	0,00	0,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	947.580,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	13.350.443,00	14.996.625,00	14.351.271,00	11.479.868,00	9.726.079,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	22.340.842,00	27.010.423,00	28.853.902,00	23.270.970,00	23.479.931,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	60.600,00
A.2. Supplies:	13.083.971,00	15.101.127,00	15.877.247,00	13.355.523,00	12.987.666,00
a) Stock consumption:	12.973.163,00	14.886.512,00	15.813.817,00	13.306.031,00	12.924.086,00
b) Consumption of raw materials and miscellaneous consumable ones:	110.808,00	214.615,00	63.430,00	49.492,00	63.580,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	1.474.281,00	1.487.626,00	1.204.390,00	1.015.750,00	936.882,00
a) Wages, salaries et al.:	1.153.155,00	1.158.138,00	943.368,00	802.020,00	734.624,00
b) Social security costs:	321.126,00	329.488,00	261.023,00	213.730,00	202.258,00
A.4. Depreciation expense:	501.445,00	467.112,00	352.562,00	224.952,00	248.006,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	172.471,00	266.424,00	105.903,00	49.695,00	44.897,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	172.471,00	266.424,00	105.903,00	49.695,00	44.897,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	6.758.613,00	8.990.056,00	9.516.344,00	7.528.196,00	7.716.839,00
a) External services:	6.741.749,00	8.969.974,00	9.448.084,00	7.428.779,00	7.703.678,00
b) Taxes:	16.776,00	19.601,00	25.023,00	15.634,00	13.161,00
c) Other operating expenses:	88,00	480,00	43.237,00	83.783,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	255.385,00	936.533,00	2.831.616,00	2.490.489,00	2.715.859,00
A.7. Financial and similar charges:	170.483,00	313.371,00	248.899,00	309.382,00	386.754,00
a) Due to liabilities with companies of the group:	47.621,00	190.381,00	51.654,00	65.106,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	122.862,00	104.730,00	187.274,00	244.277,00	386.754,00
d) Losses from financial investments:	0,00	18.260,00	9.971,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	146.932,00	958.178,00	0,00	207.250,00
A.9. Exchange losses:	0,00	56.324,00	0,00	0,00	374.711,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	823.800,00	140.035,00	0,00	238.807,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	1.079.185,00	1.076.568,00	1.900.619,00	2.729.296,00	1.929.051,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	2,00	-96,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	3.020,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	17.790,00	25.203,00	94.776,00	29.856,00	33.165,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	1.096.975,00	1.101.771,00	1.995.395,00	2.759.152,00	1.962.216,00
A.15. Corporation tax:	179.578,00	181.448,00	590.474,00	784.453,00	516.326,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	917.397,00	920.324,00	1.404.921,00	1.974.700,00	1.445.890,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	23.258.239,00	27.930.746,00	30.258.823,00	25.245.670,00	24.925.821,00
B.1. Net total sales:	22.171.887,00	27.088.024,00	29.699.450,00	24.400.423,00	24.635.698,00
a) Sales:	22.534.653,00	27.531.226,00	30.185.379,00	24.799.651,00	25.038.776,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	-362.766,00	-443.202,00	-485.929,00	-399.228,00	-403.078,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	60.600,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	74.279,00	160.855,00	188.612,00	203.582,00	75.051,00
a) Auxiliary income and other from current management:	54.084,00	78.714,00	80.457,00	71.835,00	0,00
b) Grants:	20.195,00	82.141,00	108.155,00	131.746,00	75.051,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	500.000,00	500.000,00	0,00	0,00	0,00
a) In companies of the group:	500.000,00	500.000,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	182.245,00	156.662,00	155.925,00	189.562,00	181.908,00
a) From companies of the group:	0,00	0,00	0,00	7.403,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	124.717,00	156.662,00	155.925,00	116.048,00	166.701,00
d) Profit on financial investment:	57.528,00	0,00	0,00	66.112,00	15.207,00
B.8. Exchange positive differences:	312.038,00	0,00	120.155,00	358.628,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	930.997,00	0,00	786.807,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	2.149,00	9.332,00	3.060,00	0,00	12.931,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	15.641,00	15.873,00	91.620,00	32.876,00	20.234,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

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	1.096.975,00	1.101.771,00	2.045.063,00	2.759.152,00	1.962.216,00
2. Results adjustments.: 61200	-262.011,00	0,00	1.230.735,00	410.884,00	468.059,00
a) Fixed Assets Amortization (+).: 61201	501.445,00	0,00	352.562,00	224.952,00	248.006,00
e) Results on disposal of fixed assets (+/-). : 61205	-2.149,00	0,00	-3.156,00	0,00	0,00
f) Results on disposal of financial instruments (+/-).: 61206	-53.688,00	0,00	9.975,00	0,00	0,00
g) Financial income (-).: 61207	-624.717,00	0,00	-155.925,00	-123.450,00	-166.701,00
h) Financial Expenses (+). : 61208	170.483,00	0,00	238.928,00	309.382,00	386.754,00
i) Exchange differences (+/-). : 61209	-312.038,00	0,00	-120.155,00	0,00	0,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	-3.841,00	0,00	908.507,00	0,00	0,00
k) Other income and expense (-/+). : 61211	62.494,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-1.270.119,00	-98.021,00	-2.045.661,00	-1.048.771,00	1.560.272,00
a) Stock (+/-).: 61301	266.468,00	-544.753,00	-1.007.131,00	-593.091,00	72.023,00
d) Debtors and other accounts receivable (+/-). : 61302	390.128,00	77.281,00	-4.008.626,00	-802.763,00	-708.438,00
c) Other current assets (+/-). : 61303	-618.745,00	29.897,00	822.350,00	-112.095,00	834.104,00
d) Creditors and other accounts payable (+/-). : 61304	-1.307.971,00	-608.026,00	2.061.823,00	447.177,00	1.346.316,00
e) Other current liabilities (+/-).: 61305	0,00	947.580,00	0,00	12.002,00	16.267,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	85.923,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	274.656,00	0,00	-673.477,00	-970.385,00	-736.380,00
a) Interest payments (-). : 61401	-170.483,00	0,00	-238.928,00	-309.382,00	-386.754,00
c) Interest collection (+). : 61403	624.717,00	0,00	155.925,00	123.450,00	166.701,00
d) Income tax payment collection (payments) (+/-).: 61404	-179.578,00	0,00	-590.474,00	-784.453,00	-516.326,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-160.499,00	1.003.750,00	556.660,00	1.150.881,00	3.254.168,00
6. Payments for investment (-).: 62100	-400.470,00	-114.799,00	77.930,00	-1.024.719,00	-490.077,00
a) Companies of the group and affiliates. : 62101	0,00	0,00	0,00	-21.585,00	0,00
b) Intangible fixed assets. : 62102	-18.057,00	-276.250,00	-53.806,00	0,00	-5.947,00
c) Fixed assets. : 62103	-232.169,00	189.166,00	-239.192,00	-546.471,00	-484.130,00
e) Other financial assets. : 62105	-150.244,00	-27.716,00	370.928,00	-456.663,00	0,00
7. Divestment payment collection (+). : 62200	301,00	0,00	0,00	253.866,00	27.247,00
c) Fixed assets. : 62203	0,00	0,00	0,00	253.866,00	27.247,00
e) Other financial assets. : 62205	301,00	0,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-400.170,00	-114.799,00	77.930,00	-770.854,00	-462.830,00
9. Payment collection and payments for equity instruments. : 63100	0,00	1.334.588,00	0,00	0,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	1.334.588,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-1.257.406,00	-545.264,00	-230.932,00	-168.087,00	-24.894,00
a) Issuance : 63201	0,00	130.277,00	0,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	130.277,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	-1.257.406,00	-675.541,00	-230.932,00	-168.087,00	-24.894,00
2. Debts incurred with credit institutions (-).: 63209	-798.813,00	-675.541,00	-230.932,00	-168.087,00	-24.894,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-458.593,00	0,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	-500.000,00	-500.000,00	-1.000.000,00
a) Dividends (-).: 63301	0,00	0,00	-500.000,00	-500.000,00	-1.000.000,00
12. Cash flows for financing activities (9+10+11).: 63400	-1.257.406,00	789.324,00	-730.932,00	-668.087,00	-1.024.894,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	312.038,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-1.506.037,00	1.678.275,00	-96.342,00	-288.060,00	1.766.444,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	2.689.462,00	2.495.807,00	2.592.148,00	2.880.209,00	1.113.764,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.183.415,00	4.174.082,00	2.495.807,00	2.592.148,00	2.880.209,00

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:	-0,07 %	0,01 %	0,01 %	0,00 %	-1.050,15 %
EBITDA over Sales:	3,41 %	9,55 %	5,18 %	10,07 %	-34,13 %	-5,09 %
Cash Flow Yield:	-0,11 %	0,00 %	0,01 %	0,00 %	-973,61 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	2,09 %	5,66 %	6,50 %	6,97 %	-67,85 %	-18,84 %
Total economic profitability:	9,49 %	2,71 %	9,31 %	4,18 %	1,92 %	-35,03 %
Financial profitability:	10,99 %	1,73 %	12,39 %	5,87 %	-11,27 %	-70,56 %
Margin:	1,16 %	5,14 %	3,47 %	6,36 %	-66,65 %	-19,26 %
Mark-up:	4,86 %	1,91 %	3,99 %	4,73 %	21,97 %	-59,58 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,27	0,13	0,48	0,11	-43,43	17,84
Acid Test:	1,83	0,87	1,65	0,83	10,76	4,66
Working Capital / Investment:	0,47	0,03	0,38	0,03	25,43	31,76
Solvency:	2,44	1,21	2,17	1,16	12,35	3,94

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,60	1,57	0,89	1,65	-32,72	-4,36
Borrowing Composition:	0,14	1,11	0,17	1,04	-19,29	7,34
Repayment Ability:	-3,32	125,17	34,18	712,84	-109,72	-82,44
Warranty:	2,67	1,64	2,27	1,61	17,78	1,77
Generated resources / Total creditors:	0,27	0,07	0,21	0,07	28,49	-0,24

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,51	1,75	1,94	1,75	-22,13	0,12
Turnover of Collection Rights :	3,72	4,87	4,28	4,49	-13,04	8,62
Turnover of Payment Entitlements:	7,45	3,53	6,10	3,27	22,20	8,10
Stock rotation:	8,50	6,86	9,22	6,08	-7,82	12,78
Assets turnover:	1,80	1,10	1,87	1,10	-3,61	0,53
Borrowing Cost:	3,41	3,04	4,46	2,93	-23,57	4,07

> 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:	-0,07 %	0,01 %	0,00 %	-1,18 %	7,17 %
EBITDA over Sales:	3,41 %	5,18 %	10,72 %	11,13 %	12,03 %
Cash Flow Yield:	-0,11 %	0,01 %	-0,01 %	-2,51 %	18,16 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	2,09 %	6,50 %	20,34 %	25,42 %	31,66 %
Total economic profitability:	9,49 %	9,31 %	15,91 %	26,73 %	24,15 %
Financial profitability:	10,99 %	12,39 %	21,94 %	34,80 %	34,42 %
Margin:	1,16 %	3,47 %	9,48 %	10,11 %	11,04 %
Mark-up:	4,86 %	3,99 %	6,54 %	11,08 %	-3,27 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,27	0,48	0,38	0,57	0,70
Acid Test:	1,83	1,65	1,38	1,52	1,53
Working Capital / Investment:	0,47	0,38	0,34	0,32	0,30
Solvency:	2,44	2,17	1,74	1,80	1,71

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	0,60	0,89	1,16	1,02	1,32
Borrowing Composition:	0,14	0,17	0,16	0,27	0,34
Repayment Ability:	-3,32	34,18	-80,15	1,83	-2,41
Warranty:	2,67	2,27	1,86	1,98	1,76
Generated resources / Total creditors:	0,27	0,21	0,24	0,38	0,30

Efficiency	2012	2011	2010	2009	2008
Productivity:	1,51	1,94	3,64	3,67	4,16
Turnover of Collection Rights :	3,72	4,28	4,63	7,62	10,19
Turnover of Payment Entitlements:	7,45	6,10	5,54	5,91	7,60
Stock rotation:	8,50	9,22	11,71	16,97	30,98
Assets turnover:	1,80	1,87	2,14	2,51	2,87
Borrowing Cost:	3,41	4,46	3,09	5,33	7,00

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

elEconomista.es	20/02/2014
La firma de calzado Gioseppo, nuevo miembro del Foro de Marcas Renombradas Españolas
Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	20.195,36

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	82.140,55

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	108.154,69

Entity	INSTITUO DE LA MUJER- MINISTERIO DE IGUALDAD. INSTITUTO DE COMERCIO EXTERIOR-INSTITUTO VALENCIANO DE LA EXPORTACION- CAMARA DE COMERCIO-SERVICIO VALENCIANO DE EMPLEO-U. DE NAVARRA-U. MIGUEL HERNANDEZ
Status	CONCEDIDA
Amount Granted	131.746,27

Research Summary

The subject is a company dedicated to an activity of great competence, that the sources consulted considered as normal. Its turnover decreased a 18,15% in 2012 compared with the previous day. The subject meets normally its payment commitments.

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.61.90
UK Pound	1	Rs.103.26
Euro	1	Rs.85.14

INFORMATION DETAILS

Report Prepared by :

NIS

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.