3decades

MIRA INFORM REPORT

Report No. :	487210
Report Date :	29.01.2018

IDENTIFICATION DETAILS

Name :	INOXIDABLES SAN VALERO SL

Registered Office :	C/ Enebro, 6 Nave 14 - Pol. Empresa. Rium- La Car. - Zaragoza - 50010 - Zaragoza

Country :	Spain

Financials (as on) :	31.12.2016

Date of Incorporation :	25.04.1995

Legal Form :	Private Company

Line of Business :	Wholesale of metals and metal ores.

No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Slow

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Spain

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SPAIN - ECONOMIC OVERVIEW

After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2017 Spain marked the fourth full year of positive economic growth in ten years, largely due to increased private consumption. At the onset of the financial crisis, Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In that year, the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program for its financial sector.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 17% in 2017. High unemployment has strained 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 2010, but Spain gradually reduced the deficit to about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained through 2016. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

Political gridlock after the national elections in December 2015 and June 2016 and ensuing government formation process constrained the caretaker government’s ability to implement needed labor, pension, health care, tax, and education reforms— in 2016. The European Commission criticized Spain’s 2016 budget for easing austerity measures and for its alleged overly optimistic growth and deficit projections. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and with the recent uptick in economic activity, inflation has reappeared, at 2% per year.

Source : CIA

EXECUTIVE SUMMARY

Name:

INOXIDABLES SAN VALERO SL

NIF / Fiscal code:

B50637016

Trade Name

INOXIDABLES SAN VALERO

Status:

ACTIVE

Incorporation Date:

25/04/1995

Last Publication in BORME:

14/03/2016 [Miscellaneous Concepts]

Last Published Account Deposit:

2016

Share Capital:

102.170

Localization:

C/ ENEBRO, 6 NAVE 14 - POL. EMPRESA. RIUM- LA CAR. - ZARAGOZA - 50010 - ZARAGOZA

Telephone - Fax - Email - Website:

Telephone. 976500738

Activity:

NACE:

4672 - Wholesale of metals and metal ores

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ABEL TOLOSANA FERNANDEZ

33.33 %

GABRIEL TOLOSANA ELORRI

33.33 %

ROSA MARIA ESCOBEDO FERRER

33.33 %

Identification

Social Denomination:

INOXIDABLES SAN VALERO SL

Trade Name:

INOXIDABLES SAN VALERO

NIF / Fiscal code:

B50637016

Corporate Status:

ACTIVE

Start of activity:

1995

Registered Office:

C/ ENEBRO, 6 NAVE 14 - POL. EMPRESA. RIUM- LA CAR.

Locality:

ZARAGOZA

Province:

ZARAGOZA

Postal Code:

50010

Telephone:

976500738

Branch Offices

Activity

NACE:

4672

Corporate Purpose:

COMERCIALIZACION, DISTRIBUCION Y REPRESENTACION DE MATERIAS PRIMAS FERRICAS Y METALICAS, SINGULARMENTE ACERO Y DE TODA CLASE DE MAQUINARIA INDUSTRIAL Y AGRICOLA Y SUS ACCESORIOS Y REPUESTOS.

Additional Information:

Plant, warehouse and offices located on

Additional Address:

domicilio social en la calle Enebro 4, Nave 14 del Polígono Empresarial Rium- La Car, 50014, en Zaragoza.

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Chronological Summary

Year

Act

1995

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

1996

Accounts deposit (year 1995)

1997

Accounts deposit (year 1996) Adaptation to Law (2) Other Concepts/ Events (1)

1998

Accounts deposit (year 1997) Increase of Capital (1)

1999

Accounts deposit (year 1998)

2000

Accounts deposit (year 1999) Increase of Capital (1)

2001

Accounts deposit (year 2000)

2002

Accounts deposit (year 2001)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005)

2007

Accounts deposit (year 2006)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

2009

Accounts deposit (year 2008) Appointments/ Re-elections (1) Correction (2) Increase of Capital (1)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010)

2012

Accounts deposit (year 2011)

2013

Accounts deposit (year 2012)

2014

Accounts deposit (year 2013)

2015

Accounts deposit (year 2014)

2016

Accounts deposit (year 2015) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

2017

Accounts deposit (year 2016)

Breakdown of Owners' Equity

Registered Capital:

102.170

Paid up capital:

102.170

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1085

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

27/05/1995

Company Formation

18.030

23/09/1998

Increase of Capital

18.030

36.061

10/07/2000

Increase of Capital

18.030

54.091

17/12/2009

Increase of Capital

48.080

102.170

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

JOINT MANAGER

TOLOSANA FERNANDEZ ABEL

04/03/2016

TOLOSANA ELORRI DAVID

04/03/2016

TOLOSANA ELORRI GONZALO

04/03/2016

TOLOSANA FERNANDEZ MARIANO

04/03/2016

PROXY

TOLOSANA ELORRI GONZALO

02/12/2008

DEPUTY ACCOUNTS' AUDITOR

VIAMONTE FERNANDO JOSE FRANCISCO

23/03/2009

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ESCOBEDO FERRER ROSA MARIA

JOINT MANAGER

02/12/2008

TOLOSANA FERNANDEZ ABEL

SINGLE ADMINISTRATOR

04/03/2016

JOINT MANAGER

02/12/2008

Executive board

Post

NIF

Name

ADMINISTRATOR

ABEL TOLOSANA FERNANDEZ

ADMINISTRATOR

DAVID TOLOSANA ELORRI

ADMINISTRATOR

GONZALO TOLOSANA ELORRI

ADMINISTRATOR

MARIANO TOLOSANA FERNANDEZ

FINANCIAL DIRECTOR

ABEL TOLOSANA

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (€)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Basis for scoring

Positive Factors

Adverse Factors

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

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

Adequate level of financial autonomy. The financial autonomy of the entity represents the 38.07%. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

It has financial profitability.. INOXIDABLES SAN VALERO SL obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

The current debt represents a 50.80 % of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

INOXIDABLES SAN VALERO SL presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

Reduced cash level and other liquid assets equivalent in relation to the volume of operations held. In principle, a decrease in this ratio would indicate a worsening in the Company's financial situation.

No Company's subsidiaries or branches are known.

The information contained in the latest annual statements has led to a Scoring review for the company.

Probability of default

> Estimated Probability of Default for the next 12 months: 5.395 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

467 Other specialised wholesale

wordml://2037

Relative Position:

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

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

The 28.00% of the companies of the sector INOXIDABLES SAN VALERO SL belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 5,395%.

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.

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

Not published

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

Not published

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

Not published

Incidences with the Social Security

Not published

Incidences with the Autonomous Administration

Not published

Incidences with the Local Administration

Not published

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

Not published

Proceedings by the old Civil Procedural Law 1.881

Not published

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

Not published

Guarantees

References

Link List

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ABEL TOLOSANA FERNANDEZ

33.33

GABRIEL TOLOSANA ELORRI

33.33

ROSA MARIA ESCOBEDO FERRER

33.33

PARTICIPATES IN

INOXIDABLES SAN VALERO PRODUCTO PLANO SOCIEDAD LIMITADA

ZARAGOZA

3.33

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

COOPERATIVA DEL CAMPO NUESTRA SEÑORA DE LOS PUEYOS

TERUEL

Turnover

Total Sales

4.247.050,15

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

September 2017

2015

Normales

September 2016

2014

Normales

August 2015

2013

Normales

September 2014

2012

Normales

July 2013

2011

Normales

September 2012

2010

Normales

July 2011

2009

Normales

August 2010

2008

Normales

July 2009

2007

Normales

August 2008

2006

Normales

September 2007

2005

Normales

September 2006

2004

Normales

August 2005

2003

Normales

September 2004

2002

Normales

September 2003

2001

Normales

October 2002

2000

Normales

September 2001

1999

Normales

September 2000

1998

Normales

September 1999

1997

Normales

August 1998

1996

Normales

September 1997

1995

Normales

September 1996

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 31/12/2016

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2016 2015 2014 2013 2012 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 criteriaTo view details on the methodology.

ORIGINAL

Assets

2016

2015

2014

2013

2012

A) NON-CURRENT ASSETS: 11000

209.224,00

228.285,00

232.143,00

218.919,00

236.046,00

I. Intangible fixed assets : 11100

576,00

3.605,00

6.633,00

4.234,00

0,00

II. Tangible fixed assets : 11200

100.731,00

107.576,00

106.232,00

92.373,00

109.143,00

III. Real estate investment: 11300

0,00

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

0,00

V. Long-term financial investments: 11500

3.778,00

3.926,00

5.770,00

VI. Assets for deferred tax : 11600

104.139,00

113.179,00

115.353,00

118.386,00

121.132,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

3.429.518,00

3.247.002,00

2.716.759,00

2.465.469,00

2.515.998,00

I. Stocks : 12200

2.128.151,00

1.703.942,00

1.655.620,00

1.422.411,00

1.450.760,00

II. Trade debtors and others receivable accounts : 12300

1.289.606,00

1.518.795,00

1.049.486,00

1.032.321,00

1.060.945,00

1. Trade debtors / accounts receivable: 12380

1.289.416,00

1.516.727,00

1.047.422,00

1.030.245,00

1.060.040,00

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

0,00

b) Customers for sales and provisions of services : 12382

1.289.416,00

1.516.727,00

1.047.422,00

1.030.245,00

1.060.040,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

189,00

2.068,00

2.065,00

2.076,00

905,00

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

0,00

IV. Short-term financial investments : 12500

0,00

V. Short-term accruals : 12600

0,00

8.254,00

8.059,00

0,00

VI. Cash and other equivalent liquid assets : 12700

11.762,00

24.265,00

3.398,00

2.678,00

4.293,00

TOTAL ASSETS (A + B) : 10000

3.638.742,00

3.475.287,00

2.948.902,00

2.684.388,00

2.752.043,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

1.385.367,00

1.358.428,00

1.427.036,00

1.418.660,00

1.410.593,00

A-1) Shareholders' equity: 21000

1.385.367,00

1.358.428,00

1.427.036,00

1.418.660,00

1.410.593,00

I. Capital: 21100

102.170,00

1. Registered capital : 21110

102.170,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.256.120,00

1.250.194,00

1.316.642,00

1.308.425,00

1.302.516,00

1. Capitalisation Reserves: 21350

0,00

2. Otras Reservas: 21360

1.256.120,00

0,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

27.077,00

6.064,00

8.224,00

8.066,00

5.907,00

VIII. (Interim dividend): 21800

0,00

A-2) Changes in net worth : 22000

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

405.052,00

315.000,00

215.000,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

405.052,00

315.000,00

215.000,00

1. Amounts owed to credit institutions: 31220

190.052,00

100.000,00

0,00

2. Creditors from financial leasing : 31230

0,00

3. Other long-term creditors : 31290

215.000,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

1.848.323,00

1.801.859,00

1.306.867,00

1.050.728,00

1.126.450,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

319.901,00

27,00

121.710,00

212.187,00

425.624,00

1. Amounts owed to credit institutions: 32320

285.547,00

0,00

116.614,00

207.092,00

420.528,00

2. Creditors from financial leasing : 32330

0,00

3. Other short-term creditors : 32390

34.354,00

27,00

5.096,00

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

0,00

IV. Trade creditors and other accounts payable: 32500

1.528.422,00

1.801.832,00

1.185.157,00

838.540,00

700.826,00

1. Suppliers: 32580

1.321.129,00

1.616.563,00

1.037.782,00

764.000,00

640.351,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

1.321.129,00

1.616.563,00

1.037.782,00

764.000,00

640.351,00

2. Other creditors: 32590

207.293,00

185.268,00

147.375,00

74.540,00

60.475,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

3.638.742,00

3.475.287,00

2.948.902,00

2.684.388,00

2.752.043,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

4.247.050,00

4.569.914,00

3.644.174,00

3.179.063,00

3.465.545,00

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

-3.451.429,00

-3.848.727,00

-3.014.861,00

-2.595.257,00

-2.929.058,00

5. Other operating income: 40500

363,00

398,00

0,00

6. Personnel costs: 40600

-261.758,00

-240.240,00

-230.579,00

-219.177,00

-201.321,00

7. Other operating costs: 40700

-459.137,00

-425.398,00

-343.027,00

-300.279,00

-275.628,00

8. Amortisation of fixed assets: 40800

-10.242,00

-10.216,00

-13.528,00

-17.506,00

-17.549,00

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

1.198,00

1.768,00

0,00

12. Other results : 41300

0,00

1.188,00

-1.392,00

764,00

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

66.044,00

47.499,00

43.368,00

45.451,00

42.754,00

13. Financial income : 41400

3,00

26,00

13,00

360,00

164,00

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

0,00

b) Other financial income: 41490

3,00

26,00

13,00

360,00

164,00

14. Financial expenditure : 41500

-29.930,00

-39.285,00

-39.995,00

-34.980,00

-34.846,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

0,00

7.871,00

-18,00

0,00

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

0,00

18. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-29.927,00

-39.259,00

-32.110,00

-34.638,00

-34.683,00

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

36.117,00

8.240,00

11.257,00

10.812,00

8.071,00

19. Income taxes : 41900

-9.040,00

-2.176,00

-3.034,00

-2.746,00

-2.164,00

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

27.077,00

6.064,00

8.224,00

8.066,00

5.907,00

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2016

2015

2014

2013

2012

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

105.085,00

115.106,00

116.790,00

100.533,00

114.913,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

576,00

3.605,00

6.633,00

4.234,00

0,00

III. Tangible fixed assets:

100.731,00

107.576,00

106.232,00

92.373,00

109.143,00

IV. Financial investments:

3.778,00

3.926,00

5.770,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

3.533.657,00

3.360.181,00

2.832.112,00

2.583.855,00

2.637.130,00

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

0,00

II. Stocks:

2.128.151,00

1.703.942,00

1.655.620,00

1.422.411,00

1.450.760,00

III. Debtors:

1.393.745,00

1.631.974,00

1.164.840,00

1.150.707,00

1.182.077,00

IV. Short-term investments:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

11.762,00

24.265,00

3.398,00

2.678,00

4.293,00

VII. Prepayments and accrued income:

0,00

8.254,00

8.059,00

0,00

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

3.638.742,00

3.475.287,00

2.948.902,00

2.684.388,00

2.752.043,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

1.385.367,00

1.358.428,00

1.427.036,00

1.418.660,00

1.410.593,00

I. Subscribed capital:

102.170,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.256.120,00

1.250.194,00

1.316.642,00

1.308.425,00

1.302.516,00

a) Differences for capital adjustment to euros:

1,00

b) Remaining Reserves:

1.256.119,00

1.250.193,00

1.316.640,00

1.308.423,00

1.302.515,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

27.077,00

6.064,00

8.224,00

8.066,00

5.907,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

405.052,00

315.000,00

215.000,00

E) SHORT TERM CREDITORS:

1.848.323,00

1.801.859,00

1.306.867,00

1.050.728,00

1.126.450,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

3.638.742,00

3.475.287,00

2.948.902,00

2.684.388,00

2.752.043,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

4.221.537,00

4.566.041,00

3.645.023,00

3.171.357,00

3.460.566,00

A.1. Operating consumption:

3.451.429,00

3.848.727,00

3.014.861,00

2.595.257,00

2.929.058,00

A.2. Staff Costs:

261.758,00

240.240,00

230.579,00

219.177,00

201.321,00

a) Wages, salaries et al.:

220.480,00

202.355,00

194.218,00

184.614,00

169.573,00

b) Social security costs:

41.278,00

37.885,00

36.361,00

34.563,00

31.747,00

A.3. Depreciation expense:

10.242,00

10.216,00

13.528,00

17.506,00

17.549,00

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

0,00

A.5. Other operating charges:

459.137,00

425.398,00

343.027,00

300.279,00

275.628,00

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

64.846,00

45.732,00

42.180,00

46.843,00

41.990,00

A.6. Financial and similar charges:

29.930,00

39.285,00

39.995,00

34.980,00

34.846,00

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:

29.930,00

39.285,00

39.995,00

34.980,00

34.846,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

18,00

0,00

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

0,00

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

34.919,00

6.472,00

10.070,00

12.204,00

7.307,00

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

0,00

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

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

1.392,00

0,00

A.13. Prior year expenses and losses:

0,00

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

1.198,00

1.768,00

1.188,00

0,00

764,00

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

36.117,00

8.240,00

11.257,00

10.812,00

8.071,00

A.14. Corporation Tax:

9.040,00

2.176,00

3.034,00

2.746,00

2.164,00

A.15. Miscellaneous taxes:

0,00

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

27.077,00

6.064,00

8.224,00

8.066,00

5.907,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

4.248.614,00

4.572.105,00

3.653.247,00

3.179.423,00

3.466.473,00

B.1. Operating income:

4.247.413,00

4.570.312,00

3.644.174,00

3.179.063,00

3.465.545,00

a) Net total sales:

4.247.050,00

4.569.914,00

3.644.174,00

3.179.063,00

3.465.545,00

b) Miscellaneous operating income:

363,00

398,00

0,00

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

0,00

B.2. Financial income:

3,00

26,00

13,00

360,00

164,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

3,00

26,00

13,00

360,00

164,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

7.871,00

0,00

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

29.927,00

39.259,00

32.110,00

34.638,00

34.683,00

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

0,00

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

1.198,00

1.768,00

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

1.188,00

0,00

764,00

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

0,00

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

0,00

1.392,00

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

36.117,00

8.240,00

11.257,00

10.812,00

8.071,00

2. Results adjustments.: 61200

40.169,00

49.475,00

53.509,00

52.127,00

52.232,00

a) Fixed Assets Amortization (+).: 61201

10.242,00

10.216,00

13.528,00

17.506,00

17.549,00

g) Financial income (-).: 61207

-3,00

-26,00

-13,00

-360,00

-164,00

h) Financial Expenses (+). : 61208

29.930,00

39.285,00

39.995,00

34.980,00

34.846,00

3. Changes in current capital equity.: 61300

-477.469,00

105.123,00

93.013,00

183.881,00

-231.037,00

a) Stock (+/-).: 61301

-424.208,00

-48.322,00

-233.209,00

28.349,00

-122.074,00

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

229.190,00

-469.309,00

-17.166,00

28.624,00

-17.033,00

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

0,00

8.254,00

-195,00

-8.059,00

0,00

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

-282.450,00

614.499,00

343.583,00

134.968,00

-91.931,00

4. Cash Flows from Other Operating Activities: 61400

-29.927,00

-39.259,00

-39.982,00

-34.620,00

-34.683,00

a) Interest payments (-). : 61401

-29.930,00

-39.285,00

-39.995,00

-34.980,00

-34.846,00

c) Interest collection (+). : 61403

3,00

26,00

13,00

360,00

164,00

5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500

-431.110,00

123.579,00

117.798,00

212.200,00

-205.417,00

6. Payments for investment (-).: 62100

0,00

-1.344,00

-16.257,00

-4.234,00

-2.293,00

b) Intangible fixed assets. : 62102

0,00

-2.399,00

-4.234,00

0,00

c) Fixed assets. : 62103

0,00

-1.344,00

-13.858,00

0,00

e) Other financial assets. : 62105

0,00

-2.293,00

7. Divestment payment collection (+). : 62200

19.061,00

5.202,00

3.033,00

21.361,00

18.827,00

b) Intangible fixed assets. : 62202

3.028,00

0,00

49,00

c) Fixed assets. : 62203

6.845,00

0,00

16.770,00

16.613,00

e) Other financial assets. : 62205

147,00

0,00

1.845,00

0,00

h) Other assets. : 62208

9.040,00

2.174,00

3.033,00

2.746,00

2.164,00

8. Cash Flow from Investing Activities (6+7) less Amortization: 62300

8.818,00

-6.358,00

-26.752,00

-379,00

-1.015,00

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

-138,00

-74.671,00

151,00

1,00

586,00

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

0,00

151,00

1,00

586,00

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

-138,00

-74.671,00

0,00

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

409.926,00

-21.683,00

-90.477,00

-213.437,00

209.009,00

a) Issuance : 63201

409.926,00

100.000,00

0,00

211.372,00

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

375.599,00

100.000,00

0,00

211.372,00

5. Other debts (+). : 63206

34.327,00

0,00

b) Repayment and amortization of : 63207

0,00

-121.683,00

-90.477,00

-213.437,00

-2.363,00

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

0,00

-116.614,00

-90.477,00

-213.437,00

-493,00

5. Other debts (-). : 63212

0,00

-5.069,00

0,00

-1.871,00

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

0,00

12. Cash Flows from Financing Activities (9+10+11): 63400

409.788,00

-96.354,00

-90.326,00

-213.435,00

209.595,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-12.503,00

20.867,00

720,00

-1.615,00

3.163,00

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

24.265,00

3.398,00

2.678,00

4.293,00

1.130,00

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

11.762,00

24.265,00

3.398,00

2.678,00

4.293,00

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

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,00 %

0,01 %

0,00 %

0,01 %

10,77 %

Net Financial Debt:

9,50

1,83

5,20

2,16

82,76

-15,49

Cash Flow Yield:

0,00 %

0,01 %

-157,23 %

7,71 %

EBITDA over Sales:

1,77 %

6,68 %

1,22 %

6,39 %

44,42 %

4,53 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

1,82 %

4,39 %

1,37 %

3,92 %

32,78 %

12,05 %

Total economic profitability:

1,82 %

4,44 %

1,37 %

3,96 %

32,73 %

12,28 %

Financial profitability:

1,95 %

5,55 %

0,45 %

4,60 %

337,83 %

20,73 %

Margin:

1,55 %

4,45 %

1,04 %

3,94 %

49,61 %

13,07 %

Mark-up:

0,85 %

4,49 %

0,18 %

3,56 %

371,64 %

25,95 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,01

0,38

0,01

0,34

-52,75

12,46

Acid Test:

0,70

1,19

0,86

1,17

-17,78

1,72

Working Capital / Investment:

0,43

0,23

0,42

0,21

4,50

10,07

Solvency:

1,91

1,88

1,86

1,78

2,52

5,68

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,63

0,85

1,56

0,92

4,38

-6,69

Borrowing Composition:

0,22

0,66

0,17

0,67

25,36

-1,40

Repayment Ability:

30,01

8,98

37,84

9,47

-20,69

-5,15

Warranty:

1,61

2,17

1,64

2,09

-1,64

3,73

Generated resources / Total creditors:

0,02

0,10

0,01

0,09

115,33

9,42

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,29

1,30

1,23

1,30

4,38

0,16

Turnover of Collection Rights :

3,29

4,85

3,01

4,74

9,45

2,31

Turnover of Payment Entitlements:

2,56

3,12

2,37

3,16

7,86

-1,19

Stock rotation:

1,97

4,30

2,66

4,91

-25,99

-12,59

Assets turnover:

1,17

0,99

1,32

0,99

-11,25

-0,90

Borrowing Cost:

1,33

1,53

1,86

1,77

-28,43

-13,42

> Trend of indicators under the General Accounting Plan of 2007 (2016, 2015, 2014, 2013, 2012)

Cash Flow

2016

2015

2014

2013

2012

Cash Flow over Sales:

0,00 %

Net Financial Debt:

9,50

5,20

5,98

6,60

10,69

Cash Flow Yield:

0,00 %

0,01 %

0,00 %

EBITDA over Sales:

1,77 %

1,22 %

1,53 %

2,02 %

1,72 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

1,82 %

1,37 %

1,43 %

1,75 %

1,53 %

Total economic profitability:

1,82 %

1,37 %

1,74 %

1,71 %

1,56 %

Financial profitability:

1,95 %

0,45 %

0,58 %

0,57 %

0,42 %

Margin:

1,55 %

1,04 %

1,16 %

1,47 %

1,21 %

Mark-up:

0,85 %

0,18 %

0,28 %

0,38 %

0,21 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,01

0,00

Acid Test:

0,70

0,86

0,81

0,99

0,95

Working Capital / Investment:

0,43

0,42

0,48

0,53

0,50

Solvency:

1,91

1,86

2,17

2,46

2,34

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

1,63

1,56

1,07

0,89

0,95

Borrowing Composition:

0,22

0,17

0,16

0,20

0,19

Repayment Ability:

30,01

37,84

27,32

19,67

22,53

Warranty:

1,61

1,64

1,94

2,12

2,05

Generated resources / Total creditors:

0,02

0,01

0,02

Efficiency

2016

2015

2014

2013

2012

Productivity:

1,29

1,23

1,24

1,29

1,30

Turnover of Collection Rights :

3,29

3,01

3,47

3,08

3,27

Turnover of Payment Entitlements:

2,56

2,37

2,83

3,45

4,57

Stock rotation:

1,97

2,66

2,18

2,20

2,36

Assets turnover:

1,17

1,32

1,24

1,19

1,26

Borrowing Cost:

1,33

1,86

2,63

2,76

2,60

COMPARATIVE SECTORIAL BALANCE

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

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

La entidad mercantil consultada INOXIDABLES SAN VALERO SL NIF B-50.637.016 fue constituida por tiempo indefinido de duración en el año 1995 en Zaragoza y tiene por objeto social

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.50
UK Pound	1	INR 90.92
Euro	1	INR 79.07
EURO	1	INR 79.02

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	POJ

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

Chronological Summary

Chronological summary

Probability of default

LEGAL CLAIMS

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Research Summary

Sources

Unit