MIRA INFORM REPORT

Report No. :	313880
Report Date :	01.04.2015

IDENTIFICATION DETAILS

Name :	JAIME SORIANO SA

Registered Office :	Cl. Fundidores, 71 - 73 Pol. Ind. Los Angeles - Getafe - 28906 - Madrid

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	11.06.1964

Legal Form :	Public Company

Line of Business :	Wholesale of Other Food, Including Fish, Crustaceans and Molluscs.

No. of Employees :	102

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limits :	Euro 580.000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Spain

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

SPAIN - ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:

JAIME SORIANO SA

NIF / Fiscal code:

A28133023

Trade Name

DAGUSTIN

Status:

ACTIVE

Incorporation Date:

11/06/1964

Register Data

Last Publication in BORME:

16/02/2015 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

280.000

Localization:

CL. FUNDIDORES, 71 - 73 POL. IND.LOS ANGELES - GETAFE - 28906 - MADRID

Telephone - Fax - Email - Website:

Telephone. 916 958 362 Email. dagustin@ribernet.es Website. www.dagustin.es

Activity:

NACE:

4638 - Wholesale of other food, including fish, crustaceans and molluscs

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

5 for a total cost of 2222643.3000000003

Quality Certificate:

Credit Limits

Maximum recommended commercial credit:

580.000

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

SORIANO DE LAS HERAS FAMILIA

100 %

Identification

Social Denomination:

JAIME SORIANO SA

Trade Name:

DAGUSTIN

NIF / Fiscal code:

A28133023

Corporate Status:

ACTIVE

Start of activity:

1964

Registered Office:

CL. FUNDIDORES, 71 - 73 POL. IND.LOS ANGELES

Locality:

GETAFE

Province:

MADRID

Postal Code:

28906

Telephone:

916 958 362

Fax:

916 969 605

Website:

www.dagustin.es

Email:

dagustin@ribernet.es

Interviewed Person:

LInformation obtained through indirect sources, as people responsible for the company refused to provide information.

Activity

NACE:

4638

Additional Information:

Wholesale of fish and seafood. Additional Address: CL. FUNDIDORES, 71 - 73 POL. IND.LOS ANGELES, 28906 GETAFE, MADRID, registered office, offices and premises.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2013

102

The data of employees is from the latest available financial statements in axesor. Failing that, are estimates data calculated by statistical methods

Chronological Summary

Year

Act

1991

Accounts deposit (ejer. 1990)

1992

Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1993

Accounts deposit (ejer. 1992)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1997

Accounts deposit (ejer. 1995, 1996) Appointments/ Re-elections (2) Change of Social address (1)

1999

Accounts deposit (ejer. 1997, 1998)

2000

Accounts deposit (ejer. 1999)

2003

Accounts deposit (ejer. 2000, 2001, 2002) Appointments/ Re-elections (7) Increase of Capital (1)

2004

Accounts deposit (ejer. 2003)

2006

Accounts deposit (ejer. 2004, 2005)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (2)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Errata (1) Statutory Modifications (1)

2010

Accounts deposit (ejer. 2008, 2009)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2012

Accounts deposit (ejer. 2011) Take-over Merger (3)

2013

Accounts deposit (ejer. 2012)

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (1)

2015

Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

280.000

Paid up capital:

280.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

08/05/2003

Increase of Capital

39.595

280.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

SORIANO DE LAS HERAS JAIME

28/11/2008

MEMBER OF THE BOARD

HUARTE MARTIN SEGUNDO

28/11/2008

SORIANO DE LAS HERAS JAIME

28/11/2008

SORIANO PANIEGO ROCIO

28/11/2008

PEREZ AZUARA JOSE JAVIER

28/11/2008

VALERA LACORT ANGEL

28/11/2008

SORIANO PANIEGO MARTA

28/11/2008

JOINT ATTORNEY

SORIANO PANIEGO MARTA

05/02/2015

SORIANO PANIEGO ROCIO

05/02/2015

SORIANO PANIEGO JAIME

05/02/2015

PROXY

SELLES DE LAS HERAS FRANCISCO JAVIER

17/11/2003

OCHOA PRADO GABRIEL

23/04/1997

CHIEF EXECUTIVE OFFICER

SORIANO DE LAS HERAS JAIME

28/11/2008

SECRETARY

SORIANO PANIEGO JAIME

07/04/2011

VICE SECRETARY

SOLANA MORAZO GONZALO

28/11/2008

ACCOUNTS' AUDITOR / HOLDER

CARRASCO BLAZQUEZ ALBERTO

07/02/2014

DEPUTY ACCOUNTS' AUDITOR

GARCIA SANCHEZ ISABEL MARIA

07/02/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

CARRASCO BLAZQUEZ ALBERTO

ACCOUNTS' AUDITOR / HOLDER

30/10/2007

DEPUTY ACCOUNTS' AUDITOR

07/04/2011

DEPUTY ACCOUNTS' AUDITOR

07/02/2014

DE LAS HERAS GONZALEZ MANUELA ANGELES

JOINT MANAGER

08/05/2003

JOINT MANAGER

16/07/2007

JOINT MANAGER

28/11/2008

GARCIA SANCHEZ ISABEL MARIA

DEPUTY ACCOUNTS' AUDITOR

30/10/2007

ACCOUNTS' AUDITOR / HOLDER

28/04/2003

ACCOUNTS' AUDITOR / HOLDER

07/05/2003

ACCOUNTS' AUDITOR / HOLDER

07/05/2003

ACCOUNTS' AUDITOR / HOLDER

07/05/2003

ACCOUNTS' AUDITOR / HOLDER

07/04/2011

ACCOUNTS' AUDITOR / HOLDER

07/02/2014

HERAS GONZALEZ MANUELA ANGELES DE LAS

JOINT MANAGER

16/09/1997

PRESIDENT

09/06/1992

MONTELIU GONZALEZ JOSE ANTONIO

DEPUTY ACCOUNTS' AUDITOR

28/04/2003

DEPUTY ACCOUNTS' AUDITOR

07/05/2003

DEPUTY ACCOUNTS' AUDITOR

07/05/2003

DEPUTY ACCOUNTS' AUDITOR

07/05/2003

NEILA NEILA JAIME

PROXY

27/11/2008

SELLES DE LAS HERAS FRANCISCO JAVIER

MEMBER OF THE BOARD

07/04/2011

PROXY

17/11/2003

SECRETARY

09/06/1992

SOLANA MORAZO GONZALO

MEMBER OF THE BOARD

28/11/2008

SORIANO DE LAS HERAS JAIME

JOINT MANAGER

16/09/1997

JOINT MANAGER

08/05/2003

JOINT MANAGER

16/07/2007

JOINT MANAGER

28/11/2008

SOLE CHIEF EXECUTIVE OFFICER

09/06/1992

SORIANO LLORCA AGUSTIN

MEMBER OF THE BOARD

09/06/1992

SORIANO PANIEGO JAIME

MEMBER OF THE BOARD

07/04/2011

JOINT ATTORNEY

05/02/2015

SORIANO PANIEGO MARTA

PROXY

05/02/2015

SORIANO PANIEGO ROCIO

SECRETARY

07/04/2011

JOINT ATTORNEY

05/02/2015

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 ).

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

---

26/08/2009

17/02/2015

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Basis for scoring

Positive Factors

Adverse Factors

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

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

Adequate level of financial autonomy. The financial autonomy of the entity represents the 35.42 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

JAIME SORIANO SA 's borrowing cost is appropriate according to its volume of external financing sources.

Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2012 which means that the company's financial situation has improved.

The development of the debt structure during the last two years indicates an increase of the debt with credit institutions and trade creditors in respect to all liabilities. The higher the level of debt, the greater the dependence on suppliers' capital and the more compromised will be its financial situation.

Reduced level of liquidity. The company shows not enough capacity to meet its obligations with a maturity of less than one year with the available liquid assets.

In the previous 3 financial years, the company presented modified audit reports.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.490 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

463 Wholesale of food, beverages and tobacco

Relative Position:

Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector JAIME SORIANO SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.490%.

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.

Recommended commercial credit

Favourable until 580.000

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

9 Legal Claims for a total cost of 13.120,59 E

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

Incidences Detailed

Incidences with the Social Security

BY THE SOCIAL SECURITY DE GETAFE (MADRID) - Date 17/02/2015

Last Published Stage:

SEIZURE

Record Number:

28220600465921

Amount of the incidence:

0,00 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CL IMPRESORES 42; GETAFE C.P.:28906 (MADRID)

Source:

TABLON DE EDICTOS Y ANUNCIOS DE LA SEGURIDAD SOCIA Nº36, 2015 PAGINA 2012

BY THE SOCIAL SECURITY DE MADRID - Date 13/10/2011

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

282011049752453

Amount of the incidence:

501,26 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CL IMPRESORES 42; GETAFE C.P.:28906 (MADRID)

Source:

TABLON DE EDICTOS Y ANUNCIOS DE LA SEGURIDAD SOCIA Nº188, 2011 PAGINA 583

BY THE SOCIAL SECURITY DE MADRID - Date 22/08/2011

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

282011037228036

Amount of the incidence:

2.878,20 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CL FUNDIDORES 71; GETAFE C.P.:28906 (MADRID)

Source:

TABLON DE EDICTOS Y ANUNCIOS DE LA SEGURIDAD SOCIA Nº138, 2011 PAGINA 340

BY THE SOCIAL SECURITY DE MADRID - Date 22/08/2011

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

282011030567166

Amount of the incidence:

3.884,72 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CL FUNDIDORES 71; GETAFE C.P.:28906 (MADRID)

Source:

TABLON DE EDICTOS Y ANUNCIOS DE LA SEGURIDAD SOCIA Nº138, 2011 PAGINA 340

BY THE SOCIAL SECURITY DE GETAFE (MADRID) - Date 16/06/2011

Last Published Stage:

SEIZURE

Record Number:

28221100105544

Amount of the incidence:

0,00 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CL IMPRESORES 42; GETAFE C.P.:28906 (MADRID)

Source:

TABLON DE EDICTOS Y ANUNCIOS DE LA SEGURIDAD SOCIA Nº42, 2011 PAGINA 2974

Previous Published Stages:

REQU. NOTIFICATION OF GOODS :

TABLON DE EDICTOS Y ANUNCIOS DE LA SEGURIDAD SOCIA Nº21, 2011 PAGINA 1411

BY THE SOCIAL SECURITY DE MADRID - Date 01/03/2011

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

03282010071615062

Amount of the incidence:

184,58 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CL IMPRESORES 42; GETAFE C.P.:28906 (MADRID)

Source:

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº50, 2011 PAGINA 115

BY THE SOCIAL SECURITY DE MADRID - Date 19/06/2010

Last Published Stage:

SEIZURE

Record Number:

28221000213227

Amount of the incidence:

0,00 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CL IMPRESORES 42; GETAFE C.P.:28906 (MADRID)

Source:

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº145, 2010 PAGINA 326

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº145, 2010 PAGINA 329

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº145, 2010 PAGINA 330

Previous Published Stages:

REQU. NOTIFICATION OF GOODS :

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº145, 2010 PAGINA 312

BY THE SOCIAL SECURITY DE MADRID - Date 25/03/2010

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

03282009068794710

Amount of the incidence:

2.216,75 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CL IMPRESORES 42; GETAFE C.P.:28906 (MADRID)

Source:

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº72, 2010 PAGINA 256

BY THE SOCIAL SECURITY DE MADRID - Date 25/11/2009

Last Published Stage:

REQU. NOTIFICATION OF GOODS

Record Number:

28220900518243

Amount of the incidence:

0,00 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CL IMPRESORES 42; GETAFE C.P.:28906 (MADRID)

Source:

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº280, 2009 SUPLEMENTO 1 PAGINA 205

BY THE SOCIAL SECURITY DE MADRID - Date 26/08/2009

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

03282009020899140

Amount of the incidence:

3.455,08 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CL IMPRESORES 42; GETAFE C.P.:28906 (MADRID)

Source:

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº202, 2009 SUPLEMENTO 1 PAGINA 3

BY THE SOCIAL SECURITY DE MADRID - Date 15/06/2009

Last Published Stage:

SEIZURE

Record Number:

28220900105082

Amount of the incidence:

0,00 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CL IMPRESORES 42; GETAFE C.P.:28906 (MADRID)

Source:

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº140, 2009 SUPLEMENTO 1 PAGINA 154

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº140, 2009 SUPLEMENTO 1 PAGINA 157

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº140, 2009 SUPLEMENTO 1 PAGINA 159

Previous Published Stages:

REQU. NOTIFICATION OF GOODS :

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº140, 2009 SUPLEMENTO 1 PAGINA 148

Link List

ABSORBS TO:

1 Entities

IS RELATED WITH:

3 Entities

PARTICIPATES IN:

8 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

SORIANO DE LAS HERAS FAMILIA

100

PARTICIPATES IN

PESQUERAS PUERTO CHICO SA

CADIZ

100

VENTAPESCA SL

CADIZ

MERCADERIAS CONGELADAS SA

MADRID

ALMACENES FRIGORIFICOS IBARZ SA

MADRID

0.45

CAPTURAS DEL MAR KEPESCA SL

MADRID

CONSIGNACIONES MEDITERRANEA SL

BARCELONA

CAMARONES DEL PACIFICO, S.A.

31.74

AGRO FORESTRY PRODUCTS INC

13.64

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

ALMACENES FRIGORIFICOS IBARZ SA

MADRID

VENTAPESCA SL

CADIZ

IS RELATED WITH

MERCADERIAS CONGELADAS SA EN LIQUIDACION

MADRID

ABSORBS TO

MARISCOS D'AGUSTIN SA

MADRID

Turnover

Total Sales 2013

90.235.696,62

The sales data is from the latest available financial statements. Failing that, are estimates data calculated by statistical methods.

Estimated Balance

Last accounts filed by the company are those for the financial period ending 31-12-2013, we can see that although the mentioned financial year closed with a profit of 1.532.702 Euros the company showed losses of previous fiscal years of 894.058 Euros. Since we don't have more financial information, and not knowing their accounting developments in this last year, we do not know if this situation could change.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

September 2014

2012

Normales

September 2013

2011

Normales

September 2012

2010

Normales

September 2011

2009

Normales

October 2010

2008

Normales

January 2010

2007

Normales

September 2008

2006

Normales

October 2007

2005

Normales

August 2006

2004

Normales

March 2006

2003

Normales

September 2004

2002

Normales

July 2003

2001

Normales

March 2003

2000

Normales

March 2003

1999

Normales

September 2000

1998

Normales

September 1999

1997

Normales

February 1999

1996

Normales

October 1997

1995

Normales

March 1997

1994

Normales

September 1995

1993

Normales

August 1994

1992

Normales

September 1993

1991

Normales

September 1992

1990

Normales

October 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 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

11.783.318,00

12.853.531,00

11.204.188,00

11.571.844,00

13.729.836,00

I. Intangible fixed assets : 11100

2.206.834,00

2.232.543,00

175.555,00

181.286,00

189.876,00

1. Development: 11110

0,00

2. Concessions: 11120

428.075,00

451.735,00

172.696,00

181.286,00

189.876,00

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

12.500,00

14.000,00

0,00

4. Goodwill: 11140

1.761.112,00

0,00

5. IT applications: 11150

5.147,00

5.697,00

2.859,00

0,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

3.685.791,00

3.769.106,00

3.882.802,00

3.906.290,00

4.042.319,00

1. Land and buildings: 11210

3.249.984,00

3.331.033,00

3.401.335,00

3.464.333,00

3.544.197,00

2. Technical installations and other tangible fixed assets: 11220

435.807,00

438.074,00

481.467,00

441.957,00

498.123,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

1.751.587,00

1.642.787,00

2.999.678,00

3.427.678,00

5.627.678,00

1. Equity instruments: 11410

1.751.587,00

1.642.787,00

2.999.678,00

1.077.678,00

2. Credits to businesses: 11420

0,00

2.350.000,00

4.550.000,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

2.455.682,00

3.049.337,00

3.048.563,00

3.054.651,00

2.886.330,00

1. Equity instruments: 11510

2.428.509,00

3.025.633,00

3.036.657,00

3.043.930,00

2.875.609,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

27.174,00

23.704,00

11.906,00

10.721,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

1.683.424,00

2.159.757,00

1.097.589,00

1.001.938,00

983.633,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

33.439.194,00

25.400.155,00

28.449.864,00

26.619.911,00

21.991.931,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

9.071.665,00

7.779.162,00

9.079.974,00

10.109.364,00

10.578.462,00

1. Commercial: 12210

8.931.397,00

7.658.644,00

8.953.379,00

9.820.748,00

9.095.110,00

2. Primary material and other supplies: 12220

136.215,00

120.518,00

126.595,00

131.989,00

140.621,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

4.052,00

0,00

156.627,00

1.342.731,00

III. Trade debtors and others receivable accounts: 12300

21.380.241,00

15.483.184,00

16.393.588,00

13.816.815,00

10.860.311,00

1. Trade debtors / accounts receivable: 12310

17.708.188,00

13.448.136,00

13.309.075,00

9.815.292,00

7.828.252,00

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

0,00

b) Customers for sales and provisions of services : 12312

17.708.188,00

13.448.136,00

13.309.075,00

9.815.292,00

7.828.252,00

2. Customers, Group companies and associates : 12320

3.319.820,00

1.957.593,00

2.832.996,00

3.942.272,00

2.934.917,00

3. Other accounts receivable: 12330

247.044,00

74.378,00

242.472,00

27.109,00

59.000,00

4. Personnel: 12340

3.300,00

3.000,00

9.000,00

15.000,00

21.000,00

5. Assets for deferred tax: 12350

101.890,00

78,00

45,00

17.143,00

17.142,00

6. Other debtors, including tax and social security: 12360

0,00

7. Called up share capital: 12370

0,00

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

1.346.069,00

1.649.382,00

2.475.337,00

2.200.000,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

1.346.069,00

1.649.382,00

2.475.337,00

2.200.000,00

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

77.708,00

215.048,00

104.581,00

97.047,00

177.047,00

1. Equity instruments: 12510

0,00

58.629,00

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

61.000,00

0,00

4. Derivatives : 12540

77.708,00

7.478,00

16.640,00

0,00

5. Other financial assets : 12550

0,00

87.940,00

97.047,00

177.047,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

30.955,00

30.107,00

95.410,00

20.951,00

16.449,00

VII. Cash and other equivalent liquid assets : 12700

1.532.556,00

243.273,00

300.974,00

375.734,00

359.663,00

1. Treasury: 12710

1.532.556,00

243.273,00

300.974,00

375.734,00

359.663,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

45.222.512,00

38.253.686,00

39.654.052,00

38.191.755,00

35.721.768,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

16.019.195,00

14.491.038,00

14.306.676,00

13.978.504,00

13.777.918,00

A-1) Shareholders' equity: 21000

16.019.131,00

14.486.429,00

14.331.898,00

13.998.635,00

13.802.753,00

I. Capital: 21100

280.000,00

1. Registered capital : 21110

280.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

15.100.487,00

15.012.432,00

15.056.985,00

1. Legal y estatutarias: 21310

70.154,00

2. Other reserves: 21320

15.030.333,00

14.942.278,00

14.986.831,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

-894.058,00

-960.534,00

-1.293.797,00

-1.534.232,00

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

-894.058,00

-960.534,00

-1.293.797,00

-1.534.232,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

1.532.702,00

154.531,00

333.263,00

240.435,00

-1.534.232,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

A-2) Adjustments due to changes in value: 22000

64,00

4.609,00

-25.222,00

-20.131,00

-24.836,00

I. Financial assets held for sale: 22100

64,00

4.609,00

-25.222,00

-20.131,00

-24.836,00

II. Hedge operations: 22200

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

3.821.788,00

4.499.756,00

4.319.270,00

1.995.094,00

2.203.239,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

3.821.760,00

4.497.746,00

4.319.270,00

1.995.094,00

2.203.239,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

252.739,00

451.457,00

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

3.569.021,00

4.046.289,00

4.319.270,00

1.995.094,00

2.203.239,00

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

0,00

IV. Liabilities for deferred tax: 31400

28,00

2.010,00

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

25.381.528,00

19.262.892,00

21.028.106,00

22.218.157,00

19.740.611,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

9.120.453,00

5.609.197,00

9.479.526,00

7.802.794,00

9.558.363,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

7.826.868,00

4.601.163,00

8.966.064,00

7.189.332,00

9.531.195,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

209.347,00

23.548,00

0,00

5. Other financial liabilities : 32350

1.084.237,00

984.485,00

513.462,00

613.462,00

27.168,00

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

0,00

V. Trade creditors and other accounts payable: 32500

16.261.076,00

13.653.696,00

11.548.580,00

14.415.363,00

10.182.249,00

1. Suppliers: 32510

14.154.030,00

11.545.071,00

8.032.580,00

11.219.792,00

8.034.788,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

14.154.030,00

11.545.071,00

8.032.580,00

11.219.792,00

8.034.788,00

2. Suppliers, Group companies and associates: 32520

454.794,00

894.398,00

2.380.150,00

1.991.606,00

1.029.096,00

3. Other creditors: 32530

1.212.389,00

765.224,00

831.091,00

899.810,00

848.976,00

4. Personnel (remuneration due): 32540

-30,00

3.245,00

8.291,00

3.262,00

36,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

419.893,00

445.758,00

276.974,00

300.892,00

269.353,00

7. Advances from clients: 32570

20.000,00

0,00

19.493,00

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

45.222.512,00

38.253.686,00

39.654.052,00

38.191.755,00

35.721.768,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

90.235.697,00

76.904.815,00

78.432.570,00

76.662.058,00

65.411.709,00

a) Sales: 40110

89.698.709,00

76.314.675,00

77.831.445,00

76.584.556,00

65.358.664,00

b) Rendering of services: 40120

536.987,00

590.140,00

601.125,00

77.502,00

53.045,00

c) Income of financial nature of holding companies: 40130

0,00

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

0,00

4. Supplies : 40400

-79.818.326,00

-68.713.164,00

-70.395.370,00

-68.904.715,00

-59.488.821,00

a) Stock consumption: 40410

-79.227.506,00

-68.254.458,00

-70.017.205,00

-68.548.598,00

-59.195.410,00

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

-585.498,00

-457.394,00

-378.165,00

-356.117,00

-293.412,00

c) Works carried out by other companies: 40430

-5.322,00

-1.312,00

0,00

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

0,00

5. Other operating income: 40500

463.618,00

17.208,00

246.390,00

296.368,00

13.242,00

a) Auxiliary income and other from current management: 40510

463.618,00

17.208,00

246.390,00

294.069,00

13.242,00

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

0,00

2.299,00

0,00

6. Personnel costs: 40600

-3.841.256,00

-4.009.604,00

-3.406.001,00

-3.510.207,00

-3.374.614,00

a) Wages, salaries et al.: 40610

-3.035.019,00

-3.168.701,00

-2.691.687,00

-2.799.495,00

-2.649.756,00

b) Social security costs: 40620

-806.237,00

-840.903,00

-714.314,00

-710.712,00

-724.858,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-4.613.423,00

-3.641.737,00

-4.236.736,00

-4.102.854,00

-3.969.312,00

a) External services: 40710

-3.750.077,00

-3.427.681,00

-4.067.707,00

-3.979.200,00

-3.891.881,00

b) Taxes: 40720

-68.077,00

-51.154,00

-43.434,00

-52.872,00

-27.400,00

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

-795.170,00

-162.902,00

-125.595,00

-70.781,00

-50.031,00

d) Other current management expenditure : 40740

-100,00

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-224.907,00

-271.289,00

-272.569,00

-252.539,00

-252.489,00

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

16.066,00

0,00

-473,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

16.066,00

0,00

-473,00

0,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

14.099,00

32.324,00

2.610,00

-1.234,00

14.334,00

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

2.231.567,00

318.554,00

370.893,00

186.405,00

-1.645.950,00

14. Financial income : 41400

314.802,00

299.353,00

561.319,00

503.746,00

335.587,00

a) Of shares in equity instruments : 41410

270.331,00

142.049,00

377.347,00

503.743,00

335.585,00

a 1) In Group companies and associates: 41411

0,00

30.000,00

300.000,00

150.000,00

a 2) In third parties: 41412

270.331,00

112.049,00

77.347,00

203.743,00

185.585,00

b) From negotiable securities and other financial instruments : 41420

44.470,00

157.304,00

183.971,00

3,00

2,00

b 1) From Group companies and associates : 41421

40.393,00

155.051,00

183.612,00

0,00

b 2) From third parties : 41422

4.077,00

2.253,00

359,00

3,00

2,00

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

0,00

15. Financial expenditure: 41500

-428.578,00

-563.441,00

-333.012,00

-261.555,00

-483.531,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-428.578,00

-563.441,00

-333.012,00

-261.555,00

-483.531,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

-81.655,00

-31.956,00

16.640,00

0,00

a) Trading book and other : 41610

-95.860,00

4.075,00

16.640,00

0,00

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

14.205,00

-36.032,00

0,00

17. Exchange rate differences : 41700

30.910,00

249.450,00

-376.046,00

-208.482,00

-487.267,00

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

19.106,00

-27.628,00

0,00

265,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

19.106,00

-27.628,00

0,00

265,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

-145.414,00

-74.223,00

-131.099,00

33.709,00

-634.947,00

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

2.086.153,00

244.330,00

239.794,00

220.113,00

-2.280.897,00

20. Income taxes: 41900

-553.451,00

-89.799,00

93.469,00

20.321,00

746.665,00

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

1.532.702,00

154.531,00

333.263,00

240.435,00

-1.534.232,00

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

0,00

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

1.532.702,00

154.531,00

333.263,00

240.435,00

-1.534.232,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

10.099.894,00

10.693.773,00

10.106.598,00

10.569.905,00

12.746.203,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

2.206.834,00

2.232.543,00

175.555,00

181.286,00

189.876,00

1. Research and development costs:

0,00

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

440.575,00

465.735,00

172.696,00

181.286,00

189.876,00

3. Goodwill:

1.761.112,00

0,00

4. Key money paid for premises:

0,00

5. Software:

5.147,00

5.697,00

2.859,00

0,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

3.685.791,00

3.769.106,00

3.882.802,00

3.906.290,00

4.042.319,00

1. Land and construction:

3.249.984,00

3.331.033,00

3.401.335,00

3.464.333,00

3.544.197,00

2. Technical installations and machinery:

325.219,00

326.910,00

359.292,00

329.808,00

371.721,00

3. Other installations, tools and furniture:

27.421,00

27.564,00

30.294,00

27.808,00

31.342,00

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

0,00

5. Other tangible assets:

83.167,00

83.600,00

91.881,00

84.341,00

95.059,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

4.207.269,00

4.692.124,00

6.048.241,00

6.482.329,00

8.514.008,00

1. Equity investments in group companies:

868.359,00

814.421,00

1.487.107,00

534.265,00

2. Receivables from group companies:

0,00

2.350.000,00

4.550.000,00

3. Equity investment in associated companies:

883.228,00

828.366,00

1.512.571,00

543.413,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

2.428.509,00

3.025.633,00

3.036.657,00

3.043.930,00

2.875.609,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

27.174,00

23.704,00

11.906,00

10.721,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

35.044.910,00

27.552.435,00

29.530.813,00

27.621.850,00

22.975.565,00

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

0,00

II. Stocks:

9.071.665,00

7.779.162,00

9.079.974,00

10.109.364,00

10.578.462,00

1. Goods for resale:

8.931.397,00

7.658.644,00

8.953.379,00

9.820.748,00

9.095.110,00

2. Raw materials and other consumables:

136.215,00

120.518,00

126.595,00

131.989,00

140.621,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

4.052,00

0,00

156.627,00

1.342.731,00

7. Provisions:

0,00

III. Debtors:

23.063.666,00

17.642.942,00

17.491.177,00

14.818.753,00

11.843.944,00

1. Trade debtors / accounts receivable:

17.708.188,00

13.448.136,00

13.309.075,00

9.815.292,00

7.828.252,00

2. Accounts receivable, Group companies:

1.201.032,00

708.211,00

1.024.911,00

1.426.221,00

1.061.784,00

3. Accounts receivable, associated companies:

2.118.788,00

1.249.382,00

1.808.085,00

2.516.051,00

1.873.134,00

4. Other debtors:

247.044,00

74.378,00

242.472,00

27.109,00

59.000,00

5. Staff:

3.300,00

3.000,00

9.000,00

15.000,00

21.000,00

6. Public bodies:

1.785.314,00

2.159.835,00

1.097.634,00

1.019.081,00

1.000.776,00

7. Provisions:

0,00

IV. Short-term investments:

1.346.069,00

1.856.951,00

2.563.277,00

2.297.047,00

177.047,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

1.346.069,00

1.649.382,00

2.475.337,00

2.200.000,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

119.629,00

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

0,00

87.940,00

97.047,00

177.047,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.532.556,00

243.273,00

300.974,00

375.734,00

359.663,00

VII. Prepayments and accrued income:

30.955,00

30.107,00

95.410,00

20.951,00

16.449,00

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

45.144.804,00

38.246.208,00

39.637.411,00

38.191.755,00

35.721.768,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

16.150.834,00

14.507.108,00

14.290.035,00

13.978.504,00

13.777.918,00

I. Subscribed capital:

280.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

15.232.191,00

15.033.111,00

14.970.569,00

14.992.301,00

15.032.149,00

1. Legal reserve:

70.154,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

15.162.036,00

14.962.957,00

14.900.415,00

14.922.147,00

14.961.995,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

-894.058,00

-960.534,00

-1.293.797,00

-1.534.232,00

0,00

1. Retained earnings:

0,00

2. Prior year losses:

-894.058,00

-960.534,00

-1.293.797,00

-1.534.232,00

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

1.532.702,00

154.531,00

333.263,00

240.435,00

-1.534.232,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

3.821.788,00

4.499.756,00

4.319.270,00

1.995.094,00

2.203.239,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

252.739,00

451.457,00

0,00

1. Loans and other liabilities:

252.739,00

451.457,00

0,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

3.569.049,00

4.048.299,00

4.319.270,00

1.995.094,00

2.203.239,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

3.569.021,00

4.046.289,00

4.319.270,00

1.995.094,00

2.203.239,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

28,00

2.010,00

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

25.172.181,00

19.239.344,00

21.028.106,00

22.218.157,00

19.740.611,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

7.826.868,00

4.601.163,00

8.966.064,00

7.189.332,00

9.531.195,00

1. Loans and other liabilities:

7.826.868,00

4.601.163,00

8.966.064,00

7.189.332,00

9.531.195,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

454.794,00

894.398,00

2.380.150,00

1.991.606,00

1.029.096,00

1. Amounts owed to group companies:

454.794,00

894.398,00

2.380.150,00

1.991.606,00

1.029.096,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

15.386.419,00

12.310.295,00

8.883.164,00

12.119.602,00

8.883.764,00

1. Advanced payments from customers:

20.000,00

0,00

19.493,00

0,00

2. Amounts owed for purchases of goods or services:

15.366.419,00

12.310.295,00

8.863.671,00

12.119.602,00

8.883.764,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

1.504.100,00

1.433.488,00

798.727,00

917.616,00

296.557,00

1. Public bodies:

419.893,00

445.758,00

276.974,00

300.892,00

269.353,00

2. Bills of exchange payable:

731.267,00

663.989,00

346.306,00

413.751,00

18.324,00

3. Miscellaneous debts:

352.971,00

320.497,00

167.156,00

199.711,00

8.845,00

4. Wages and salaries payable:

-30,00

3.245,00

8.291,00

3.262,00

36,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

45.144.804,00

38.246.208,00

39.637.411,00

38.191.755,00

35.721.768,00

MERCANTILEREGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

89.575.802,00

77.352.694,00

78.926.266,00

77.221.737,00

67.309.369,00

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

0,00

A.2. Supplies:

79.818.326,00

68.713.164,00

70.395.370,00

68.904.715,00

59.488.821,00

a) Stock consumption:

79.227.506,00

68.254.458,00

70.017.205,00

68.548.598,00

59.195.410,00

b) Consumption of raw materials and miscellaneous consumable ones:

585.498,00

457.394,00

378.165,00

356.117,00

293.412,00

c) Miscellaneous external expenditure:

5.322,00

1.312,00

0,00

A.3. Staff costs:

3.841.256,00

4.009.604,00

3.406.001,00

3.510.207,00

3.374.614,00

a) Wages, salaries et al.:

3.035.019,00

3.168.701,00

2.691.687,00

2.799.495,00

2.649.756,00

b) Social security costs:

806.237,00

840.903,00

714.314,00

710.712,00

724.858,00

A.4. Depreciation expense:

224.907,00

271.289,00

272.569,00

252.539,00

252.489,00

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

795.170,00

162.902,00

125.595,00

70.781,00

50.031,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

795.170,00

162.902,00

125.595,00

70.781,00

50.031,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

3.818.254,00

3.478.835,00

4.111.141,00

4.032.072,00

3.919.281,00

a) External services:

3.750.077,00

3.427.681,00

4.067.707,00

3.979.200,00

3.891.881,00

b) Taxes:

68.077,00

51.154,00

43.434,00

52.872,00

27.400,00

c) Other operating expenses:

100,00

0,00

d) Allocation to revision fund:

0,00

A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):

2.201.402,00

286.230,00

368.283,00

188.112,00

0,00

A.7. Financial and similar charges:

428.578,00

591.070,00

333.012,00

261.555,00

483.531,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

428.578,00

563.441,00

333.012,00

261.555,00

483.531,00

d) Losses from financial investments:

0,00

27.628,00

0,00

A.8. Changes in financial investment provisions:

95.860,00

36.032,00

0,00

A.9. Exchange losses:

0,00

376.046,00

208.482,00

487.267,00

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

0,00

33.709,00

0,00

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

2.041.783,00

207.931,00

237.184,00

221.820,00

0,00

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

0,00

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

0,00

473,00

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

1.234,00

0,00

A.14. Expenses and losses of former financial years:

0,00

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

30.165,00

32.324,00

2.610,00

0,00

14.334,00

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

2.071.948,00

240.255,00

239.794,00

220.113,00

0,00

A.15. Corporation tax:

553.451,00

89.799,00

-93.469,00

-20.321,00

-746.665,00

A.16. Miscellaneous taxes:

0,00

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

1.518.497,00

150.456,00

333.263,00

240.435,00

0,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

91.094.299,00

77.503.150,00

79.259.529,00

77.462.171,00

65.775.137,00

B.1. Net total sales:

90.235.697,00

76.904.815,00

78.432.570,00

76.662.058,00

65.411.709,00

a) Sales:

89.701.730,00

76.317.245,00

77.834.066,00

76.587.135,00

65.360.865,00

b) Rendering of services:

536.987,00

590.140,00

601.125,00

77.502,00

53.045,00

Returns and Rappel on sales:

-3.021,00

-2.570,00

-2.621,00

-2.579,00

-2.201,00

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

0,00

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

0,00

B.4. Miscellaneous operating income:

463.618,00

17.208,00

246.390,00

296.368,00

13.242,00

a) Auxiliary income and other from current management:

463.618,00

17.208,00

246.390,00

294.069,00

13.242,00

b) Grants:

0,00

2.299,00

0,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

1.660.284,00

B.5. Income from equity investment:

270.331,00

142.049,00

377.347,00

503.743,00

335.585,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

30.000,00

300.000,00

150.000,00

c) Third parties:

270.331,00

112.049,00

77.347,00

203.743,00

185.585,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

63.577,00

157.304,00

200.612,00

3,00

267,00

a) From companies of the group:

40.393,00

155.051,00

183.612,00

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

4.077,00

2.253,00

359,00

3,00

2,00

d) Profit on financial investment:

19.106,00

0,00

16.640,00

0,00

265,00

B.8. Exchange positive differences:

30.910,00

249.450,00

0,00

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

159.619,00

78.298,00

131.099,00

0,00

634.947,00

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

0,00

2.295.231,00

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

16.066,00

0,00

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

0,00

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

0,00

B.12. Extraordinary income:

14.099,00

32.324,00

2.610,00

0,00

14.334,00

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

0,00

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

0,00

1.707,00

0,00

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

0,00

2.280.897,00

B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):

0,00

1.534.232,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

2.086.153,00

244.330,00

239.794,00

220.113,00

-2.280.897,00

2. Results adjustments.: 61200

1.135.425,00

476.090,00

401.058,00

220.537,00

873.101,00

a) Fixed Assets Amortization (+).: 61201

224.907,00

271.289,00

272.569,00

252.539,00

252.489,00

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

795.170,00

162.902,00

0,00

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

-16.066,00

0,00

473,00

0,00

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

-19.106,00

63.660,00

0,00

-265,00

g) Financial income (-).: 61207

-314.802,00

-299.353,00

-561.319,00

-503.746,00

-335.587,00

h) Financial Expenses (+). : 61208

428.578,00

563.441,00

333.012,00

261.555,00

483.531,00

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

-30.910,00

-249.450,00

376.046,00

208.482,00

487.267,00

j) Reasonable Value Variation in Financial Instruments (+/-).: 61210

81.655,00

-4.075,00

-16.640,00

0,00

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

-13.999,00

-32.324,00

-2.610,00

1.234,00

-14.334,00

3. Changes in current capital equity.: 61300

-4.904.374,00

3.844.102,00

-4.588.625,00

2.327.499,00

12.626.790,00

a) Stock (+/-).: 61301

-1.288.450,00

1.300.812,00

1.029.390,00

469.097,00

7.915.509,00

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

-6.055.630,00

237.285,00

-2.576.773,00

-2.956.504,00

2.797.195,00

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

-848,00

65.303,00

-74.459,00

-4.503,00

-7.507,00

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

2.607.380,00

2.105.116,00

-2.966.783,00

4.819.408,00

1.921.594,00

f) Other non-current assets and liabilities (+/-).: 61306

-166.826,00

135.586,00

0,00

4. Other cash flows for operating activities.: 61400

-169.032,00

-234.144,00

-145.129,00

-12.078,00

-620.878,00

a) Interest payments (-). : 61401

-264.304,00

-398.592,00

-333.012,00

-261.555,00

-483.531,00

b) Dividend payment collection (+). : 61402

270.331,00

142.049,00

377.347,00

503.743,00

335.585,00

c) Interest collection (+). : 61403

2.579,00

0,00

183.971,00

3,00

2,00

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

-177.638,00

0,00

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

0,00

22.399,00

-373.436,00

-254.269,00

-472.933,00

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

-1.851.827,00

4.330.378,00

-4.092.902,00

2.756.071,00

10.598.117,00

6. Payments for investment (-).: 62100

-512.556,00

-268.029,00

-2.165.350,00

-272.293,00

-247.116,00

a) Companies of the group and affiliates. : 62101

-108.800,00

0,00

-1.922.000,00

0,00

-296.000,00

b) Intangible fixed assets. : 62102

-1.999,00

-19.043,00

-2.940,00

0,00

c) Fixed assets. : 62103

-135.723,00

-129.356,00

-240.410,00

-110.693,00

-31.830,00

e) Other financial assets. : 62105

-114.564,00

-61.000,00

0,00

-161.600,00

80.714,00

f) Non-current assets kept for sale. : 62106

-148.000,00

-58.629,00

0,00

h) Other assets. : 62108

-3.470,00

0,00

7. Divestment payment collection (+). : 62200

1.168.247,00

166.375,00

2.082.584,00

82.300,00

1.065,00

a) Companies of the group and affiliates. : 62201

303.313,00

90.000,00

2.074.663,00

0,00

c) Fixed assets. : 62203

0,00

2.300,00

0,00

e) Other financial assets. : 62205

556.620,00

0,00

7.921,00

80.000,00

1.065,00

f) Non-current assets kept for sale. : 62206

293.174,00

76.375,00

0,00

h) Other assets. : 62208

15.140,00

0,00

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

655.691,00

-101.654,00

-82.766,00

-189.993,00

-246.051,00

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

0,00

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

2.485.419,00

-4.286.426,00

4.100.908,00

-2.550.007,00

-10.252.917,00

a) Issuance : 63201

4.341.255,00

497.595,00

4.100.908,00

0,00

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

4.241.503,00

497.595,00

1.776.732,00

0,00

5. Other debts (+). : 63206

99.752,00

0,00

2.324.176,00

0,00

b) Repayment and amortization of : 63207

-1.855.836,00

-4.784.021,00

0,00

-2.550.007,00

-10.252.917,00

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

-1.214.295,00

-4.411.039,00

0,00

-2.341.863,00

-7.227.511,00

5. Other debts (-). : 63212

-641.541,00

-372.982,00

0,00

-208.145,00

-3.025.406,00

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

0,00

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

2.485.419,00

-4.286.426,00

4.100.908,00

-2.550.007,00

-10.252.917,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

1.289.283,00

-57.702,00

-74.760,00

16.071,00

99.149,00

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

243.273,00

300.974,00

375.734,00

359.663,00

260.514,00

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

1.532.556,00

243.273,00

300.974,00

375.734,00

359.663,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,01 %

0,00 %

0,07 %

-79,57 %

EBITDA over Sales:

2,69 %

11,41 %

0,72 %

9,19 %

270,90 %

24,12 %

Cash Flow Yield:

0,03 %

0,01 %

0,00 %

0,03 %

-79,75 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

5,60 %

6,97 %

0,90 %

5,15 %

520,24 %

35,32 %

Total economic profitability:

5,56 %

3,84 %

2,11 %

2,46 %

163,34 %

55,83 %

Financial profitability:

9,57 %

4,44 %

1,07 %

1,25 %

796,94 %

254,84 %

Margin:

2,44 %

6,76 %

0,37 %

4,80 %

557,04 %

40,88 %

Mark-up:

2,28 %

4,62 %

0,28 %

1,53 %

728,89 %

202,09 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,06

0,13

0,01

0,12

378,11

14,47

Acid Test:

0,96

0,86

0,91

0,85

5,00

0,84

Working Capital / Investment:

0,18

0,05

0,16

0,03

11,06

92,66

Solvency:

1,38

1,18

1,43

1,17

-3,28

0,33

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,82

1,36

1,64

1,63

11,14

-16,65

Borrowing Composition:

0,15

0,98

0,23

1,02

-35,54

-3,93

Repayment Ability:

22,65

83,88

-411,82

18,30

105,50

358,33

Warranty:

1,55

1,75

1,61

1,62

-3,81

7,72

Generated resources / Total creditors:

0,06

0,08

0,02

0,07

211,97

27,24

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,63

1,87

1,14

1,72

43,25

8,63

Turnover of Collection Rights :

4,24

5,08

4,97

4,79

-14,61

6,10

Turnover of Payment Entitlements:

5,19

3,68

5,30

3,52

-2,02

4,50

Stock rotation:

9,76

7,28

9,85

6,48

-0,97

12,43

Assets turnover:

2,29

1,03

2,43

1,07

-5,60

-3,94

Borrowing Cost:

1,47

2,84

2,37

2,95

-38,11

-3,96

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

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,01 %

0,00 %

EBITDA over Sales:

2,69 %

0,72 %

0,82 %

0,57 %

-2,15 %

Cash Flow Yield:

0,03 %

0,00 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

5,60 %

0,90 %

1,19 %

0,64 %

-6,14 %

Total economic profitability:

5,56 %

2,11 %

1,44 %

1,26 %

-5,03 %

Financial profitability:

9,57 %

1,07 %

2,33 %

1,72 %

-11,12 %

Margin:

2,44 %

0,37 %

0,47 %

0,24 %

-2,54 %

Mark-up:

2,28 %

0,28 %

0,30 %

0,29 %

-3,51 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,06

0,01

0,02

Acid Test:

0,96

0,91

0,92

0,74

0,58

Working Capital / Investment:

0,18

0,16

0,19

0,12

0,06

Solvency:

1,38

1,43

1,41

1,24

1,16

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

1,82

1,64

1,77

1,73

1,59

Borrowing Composition:

0,15

0,23

0,21

0,09

0,11

Repayment Ability:

22,65

-411,82

-339,05

1.506,65

221,32

Warranty:

1,55

1,61

1,56

1,58

1,63

Generated resources / Total creditors:

0,06

0,02

-0,06

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,63

1,14

1,19

1,13

0,58

Turnover of Collection Rights :

4,24

4,97

4,80

5,57

6,02

Turnover of Payment Entitlements:

5,19

5,30

6,46

5,06

6,23

Stock rotation:

9,76

9,85

8,62

7,59

6,34

Assets turnover:

2,29

2,43

2,54

2,62

2,42

Borrowing Cost:

1,47

2,37

1,31

1,08

2,20

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

2.298,93

Notes

El importe reflejado corresponde al imputado a resultados en este ejercicio.

Entity

FONDO EUROPEO DE ORIENTACIÓN Y DE GARANTÍA AGRICOLA

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

1.068.068,97

Notes

El importe aplicado en el ejercicio asciende a 56.453.47 euros.

Entity

FONDO EUROPEO DE ORIENTACIÓN Y DE GARANTÍA AGRICOLA

Status

CONCEDIDA

Amount Granted

1.068.068,97

Notes

Se ha aplicado durante el ejercicio 106.806,89 euros quedando pendiente 58.453,47 euros.

Entity

CAM - INSTITUTO FINANCIERO DE ORIENTACION A LA PESCA - MAPA

Status

CONCEDIDA

Amount Granted

73.596,04

Notes

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

SUBVENCIONES A LA EXPLOTACION

Status

CONCEDIDA

Project

FERIAS INTERNACIONALES Y OTROS

Amount Granted

10.610,39

Research Summary

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIT

RATING EXPLANATIONS

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

Recommended commercial credit

LEGAL CLAIMS

Incidences Detailed

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit