MIRA INFORM REPORT

Report Date :

20.07.2013

IDENTIFICATION DETAILS

Name :	FRAG COMERCIO INTERNACIONAL SL
Registered Office :	Lugar Can Cortadellas (Cr C-55. Km 1,8.) 08292 Esparreguera Barcelona
Country :	Spain
Financials (as on) :	31.01.2012
Date of Incorporation :	01.01.1977
Legal Form :	Limited Liability Company
Line of Business :	Retail sale of textiles & footwear
No. of Employees :	450

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow
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 – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Spain	A2	A2

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

Spain ECONOMIC OVERVIEW

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

Source : CIA

Company name

FRAG COMERCIO INTERNACIONAL SL

CIF/NIF: B60257771

Company situation: Active

INFORMATION OF THE REQUEST

Data of your request

CIF / NIF B60257771 Registered Name FRAG COMERCIO INTERNACIONAL SL Complete Address CAN CORTADELLAS (CR C-55. KM 1,8.), 08 08290 Telephones 9 377086 Request reason MAX CREDIT

Year of the accounts to be delivered 2012 Language Inglés Delivery Method E-mail Delivery Format RTF Delivery time 4 days Report Reference Number 228807

Answer to the data in your request

The data of your request have been confirmed and are correct.

The NIF provided is registered as IVA (VAT) operator.

EXECUTIVE SUMMARY

Identification

Current Business Name: FRAG COMERCIO INTERNACIONAL SL

Other names:  YES

Current Address:  LUGAR CAN CORTADELLAS (CR C-55. KM 1,8.)

08292 ESPARREGUERA BARCELONA 

Branches:  77

Telephone number: 937708628 Fax: 937708634

URL:  www.misako.es

Corporate e-mail:  mnavarro@misako.es

Trade Risk

Incidents:  YES

R.A.I.:  NO

Financial Information

Balance sheet latest sales (2012):  33.390.724,56 € (Mercantile Register)

Result:  -1.883.708,07 €

Total Assets: 25.146.637,42 €

Share capital:  47.599,33 €

Employees:  450

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date:  09/02/1993

Activity:  Retail sale of textiles & footwear.

NACE 2009 CODE: 4751

International Operations:  Imports and Exports

Corporate Structure

President: 

TORRES PEREZ, EULALIA

Participations:  1

Other Complementary Information

Latest filed accounts in the Mercantile Register: 2012

Latest act published in BORME:  22/11/2012 Other concepts

Latest press article:  21/02/2011 EXPANSIÓN DE CATALUÑA (FINANCIAL DATA)

Bank Entities:  There are

The date when this report was last updated is 17/07/2013.

The information contained in this report has been investigated and contrasted on 17/07/2013

Financial situation

Exercise:2012
Immediate liquidity	Good
Indebtedness	Important
Profitability	Unfavourable
Soundness	Degraded

Performance

Incidents	Significant
Business Trajectory	Unfavourable

Rating Explanation

Financial situation

• The company’s financial situation is unfavourable.

• The sales evolution and results has been negative.

• The auditor’s opinion about the latest accounts has been favourable.

Company Structure

• The company’s capitalization degree determines that its structure is normal.

• The company’s size is  medium depending on its sales volume.

• The employees evolution has been positive.

Performance and Incidences

• The available information indicates that the company does not have payment incidences.

• He have detected recent legal actions or claims from the Administration against this company.

Accounts Filing

• The company files regularly its accounts.

Reasons of the last outstanding calculation in the note

DATE	CHANGE	RESULTING NOTE	EVENT
29/06/2013	Reduction	4	• New information has been loaded on our systems.
28/05/2013	Reduction	5	• Variation in the rating system with regards to legal incidences information.
10/05/2013	Reduction	7	• New information has been loaded on our systems.
03/05/2013	Reduction	8	• Variation in the rating system with regards to legal incidences information.
06/03/2013	Increase	9	• New financial statements have been uploaded.

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: 30  ( Last:05/06/2013 , first: 28/11/2007 )

With the Social Security:	23
With the Tax Authorities:	0
With Other Official bodies:	7

AFFECTED BY: No significant element.

Latest Administrative Claims

figures expressed in €

WITH THE SOCIAL SECURITY.

Seizures

DATE	ORGANIZATION	AMOUNT
22/05/2013	CENTRAL TREASURY FOR SOCIAL SECURITY URE 41 01 DE SEVILLA
11/04/2013	CENTRAL TREASURY FOR SOCIAL SECURITY URE 41 01 DE SEVILLA

Enforcement

DATE	ORGANIZATION	AMOUNT
07/02/2013	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	271,40
04/03/2009	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	308,95
03/02/2009	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	489,13

Notifications

DATE	ORGANIZATION	AMOUNT
05/06/2013	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	709,90
02/05/2013	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	288,22
02/05/2013	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	950,26

There are 23 administrative claims with the Social Security registered

WITH OTHER OFFICIAL BODIES.

Seizures

DATE	ORGANIZATION	AMOUNT
13/11/2009	TOWN/ CITY HALL DE BILBAO
08/07/2009	TOWN/ CITY HALL DE BILBAO
25/02/2009	TOWN/ CITY HALL DE DONOSTIA-SAN SEBASTIAN	806,62

Enforcement

DATE	ORGANIZATION	AMOUNT
18/02/2010	TOWN/ CITY HALL DE MOTRIL	240,39
18/02/2010	TOWN/ CITY HALL DE MOTRIL	739,84

Notifications

DATE	ORGANIZATION	AMOUNT
07/10/2009	TOWN/ CITY HALL DE SEVILLA	227,32
07/10/2009	TOWN/ CITY HALL DE SEVILLA	335,06

There are 7 administrative claims with Other Official bodies registered

Detail of the Latest Administrative Claims

figures expressed in €

Notifications

WITH THE SOCIAL SECURITY.

Phase: DEBTS WITH OFFICIAL BODIES

Organization: CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL

Concept: Share

Date of the claim: 05/06/2013

Period: 1012 1012

Source: Published in the Social Security Edicts and Announcements Board, on 06/06/2013, page 4

Amount: 709,9

figures expressed in €

Seizures

WITH THE SOCIAL SECURITY.

Phase: SEIZURE

Organization: CENTRAL TREASURY FOR SOCIAL SECURITY URE 41 01 DE SEVILLA

Concept: Share

Date of the claim: 22/05/2013

Source: Published in the Social Security Edicts and Announcements Board, on 23/05/2013, page 25

R.A.I.

COMPANY NOT REGISTERED IN THE R.A.I.

This company is not registered in the Disputed Bills register (R.A.I.)

DATE AND TIME OF THE CONSULTATION

11/07/2013 08:07:44

Information from the Registro de Aceptaciones Impagados (RAI)- Disputed Bills register.

It can only be used for information legitimate needs of the consulting party, in accordance with its social or business activity, in order to grant a credit or the monitoring or control of the already granted credits and can not be transmitted or communicated to thirds, nor copied, duplicated, reproduced nor implemented to any database , owned or external, or reused it in anyway, direct or indirectly.

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

FINANCIAL ELEMENTS

Balance-sheet analysis

Figures given in €

	31/01/2012 (12) BALANCE SHEET	% ASSETS	31/12/2010 (12) BALANCE SHEET	% ASSETS	31/12/2009 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	18.111.098,93	72,02	17.009.333,34	67,61	15.696.207,13	50,97
B) CURRENT ASSETS	7.035.538,49	27,98	8.147.528,66	32,39	15.096.991,49	49,03
LIABILITIES
A) NET WORTH	5.460.069,36	21,71	-6.669.552,79	-26,51	394.719,10	1,28
B) NON CURRENT LIABILITIES	13.977.135,82	55,58	8.835.732,88	35,12	11.647.949,36	37,83
C) CURRENT LIABILITIES	5.709.432,24	22,70	22.990.681,91	91,39	18.750.530,16	60,89

Profit and loss account analysis

Figures given in €

	31/01/2012 (12) BALANCE SHEET	% NET TURNOVER	31/12/2010 (12) BALANCE SHEET	% NET TURNOVER	31/12/2009 (12) BALANCE SHEET	% NET TURNOVER
SALES	33.390.724,56		39.460.703,54		36.785.977,13
GROSS MARGIN	20.552.259,57	61,55	23.037.797,43	58,38	23.756.550,75	64,58
EBITDA	125.287,33	0,38	1.118.837,35	2,84	1.118.445,27	3,04
EBIT	-764.709,00	-2,29	-621.723,54	-1,58	-594.930,05	-1,62
NET RESULT	-1.883.708,07	-5,64	-1.625.080,95	-4,12	-1.568.861,00	-4,26
EFFECTIVE TAX RATE (%)	-30,64	0,00	-29,75	0,00	-29,89	0,00

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2012)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	72,02	48,71	23,31
A) CURRENT ASSETS	27,98	51,29	-23,31
LIABILITIES
A) NET WORTH	21,71	18,38	3,33
B) NON CURRENT LIABILITIES	55,58	52,94	2,64
C) CURRENT LIABILITIES	22,70	28,68	-5,98
	COMPANY (2012)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	100,00	91,34	8,66
GROSS MARGIN	61,55	43,78	17,77
EBITDA	0,38	8,55	-8,17
EBIT	-2,29	5,75	-8,04
NET RESULT	-5,64	2,03	-7,67

Sector Composition

Compared sector (NACE 2009): 4751

Number of companies: 13

Size (sales figure): > 7,000,000.00 Euros

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

Results Distribution

Source: annual financial report 2012

Figures given in €

DISTRIBUTION BASE		APPLICATION A
Profit and Loss Account Balance	-1.883.708,07	Legal Reserve	0,00
Carry over	0,00	Goodwill reserve	0,00
Voluntary reserves	0,00	Special reserves	0,00
Other reserves disposable at will	0,00	Voluntary reserves	0,00
Total of Amounts to be distributed	-1.883.708,07	Dividends	0,00
		Carry over and others	0,00
		Compensation of previous exercises losses	-1.883.708,07
		Application total	-1.883.708,07

Auditing

Source: filing of annual financial statement 2012

Auditors’ opinion: FAVOURABLE

Auditor: CABRERA MARTINEZ JOSE

Auditor emphasis: 

Sin que afecte a mi opinión de auditoría, llamo la atención respecto de lo señalado  

en la nota 9.9 de la memoria adjunta, en la que se indica que desde la fecha de cierre  

del ejercicio 2010 hasta la fecha de formulación de las presentes cuentas anuales, la  

compartía ha realizado tres ampliaciones de capital por un importe total de  

13.757.943,80 euros. con el objetivo de reforzar su financiación propia, dentro del plan  

de viabilidad que está llevando a cabo.  

Sin que afecte a mi opinión de auditoría, llamo la atención respecto de lo señalado  

en la nota 2.4 de la memoria adjunta, en la que se indica que las cuentas anuales del  

ejercicio anterior (2011) hacían referencia únicamente al mes de Enero del 2011,  

periodo de transición para adaptarse a la nueva fecha de cierre, que es el 31 de enero  

de cada año. Por tanto, las presentes cuentas anuales del 2012 (febrero 2011 - enero  

2012) no son comparativas con las del ejercicio anterior (enero 2011).  

Sin que afecte a mi opinión de auditoría, llamo la atención respecto de lo señalado  

en las notas 4.2.b) y 5 de la memoria adjunta, en las que se indica que fruto de un  

estudio en profundidad del estado y tipología de sus instalaciones, la compañía ha  

considerado que los años de vida útil estimada de las mismas deben pasar de 10 a 20  

años. Por este motivo, a partir del presente ejercicio las amortizaciones de las  

instalaciones de la compañía pasan a amortizarse a 20 años. El efecto del cambio de  

criterio sobre el resultado del ejercicio ha sido de 927.550,67 euros menos de dotación  

anual a la amortización del inmovilizado, por tanto, el resultado antes de impuestos refleja una menor pérdida por dicho importe, y el Patrimonio Neto a 31 de enero de  

2012 un aumento por dicha cantidad, todo ello sin considerar el efecto impositivo. 

Auditing fees: 10.012,00 €

Facts subsequent to the closing

Source: Annual financial report 2012

Cabe comentar que la evolución de la compañía durante los primeros meses posteriores al cierre, ha mejorado en comparación con ejercicios anteriores. Esta evolución positiva y las medidas adoptadas dentro del plan de viabilidad llevado a cabo por la compañía, prevén una mejora de los resultados en los próximos ejercicios.

company ADDRESSES

Business address

Current Legal Seat Address: 

LUGAR CAN CORTADELLAS (CR C-55. KM 1,8.)

08292 ESPARREGUERA  BARCELONA

Previous Seat Address: 

CALLE CAPONATA 13

08034 BARCELONA

Characteristics of the current address

Type of establishment: office

Local Situation: main

Branches

STREET	POSTAL CODE	TOWN	PROVINCE
CALLE ALEMANIA, 10	05001	AVILA	Ávila
CALLE SANTA EULALIA, 2	06800	MERIDA	Badajoz
CALLE SINDICAT, 43	07002	PALMA	Baleares
CALLE CALVET, 38	08021	BARCELONA	Barcelona
CALLE CASTELLBISBAL, 41	08035	BARCELONA	Barcelona
CALLE CIUTAT D’ASUNCION, 53	08030	BARCELONA	Barcelona
AVENIDA DE LA GRANVIA DE L’HOSPITALET, 75	08908	L’HOSPITALET DE LLOBREGAT	Barcelona
AVENIDA DIAGONAL, 3	08019	BARCELONA	Barcelona
AVENIDA FRANCESC MACIA, 46	08208	SABADELL	Barcelona
PLAZA JOAQUIM FOLGUERA, 7	08022	BARCELONA	Barcelona

Former branches

STREET	POSTAL CODE	TOWN	PROVINCE
RAMBLA CATALUNYA, 113	08008	BARCELONA	Barcelona
CALLE MANUEL DE FALLA, 27	08034	BARCELONA	Barcelona
AVENIDA ISABEL LA CATOLICA, 3		L’HOSPITALET DE LLOBREGAT	Barcelona
CALLE PUJOS, 4	08903	L’HOSPITALET DE LLOBREGAT	Barcelona
CALLE METAL·LURGIA, 17	08038	BARCELONA	Barcelona

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

	Distribution of the administration board
Governing body : 5 members (latest change: 01/12/2011) Other Positions : 1 (latest change: 08/07/2011) Auditor : 2 (latest change: 09/03/2006) Operative Board Members : 3 (latest change: 25/10/2012) Non-current positions : 15 (latest change: 01/12/2011)		Men (20%)  Women (80%)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
PRESIDENT	TORRES PEREZ, EULALIA	01/12/2011
MEMBER OF THE BOARD	TORRES PEREZ, JOSE MARIA	28/07/2000
MEMBER OF THE BOARD	TORRES PEREZ, GEMMA	01/12/2011

Auditor

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
AUDITOR	CABRERA MARTINEZ, JOSE	09/03/2006
AUDITOR	BAIGORRI PUERTO, MARCOS	09/03/2006

Board members remuneration

       Source: Annual financial report 2010

       Board members remuneration: 158.990,57 €

Functional Managers

POSITION	NAME AND SURNAME
Manager	TORRES PEREZ, EULALIA
Human Resources Director	DE LAS HERAS, MARTA
Commercial Director	GARCIA BRASSO, ALEX

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
CATNAUS SL	B62074604	48,61	OWN SOURCES	17/07/2013
CONASCRI SL	B62150222	21,34	MERCANTILE REGISTER	31/01/2012
TORRES PEREZ EULALIA		7,83	MERCANTILE REGISTER	31/01/2012
TORRES PEREZ GEMMA		7,83	MERCANTILE REGISTER	31/01/2012
TORRES PEREZ JOSE MARIA		7,83	MERCANTILE REGISTER	31/01/2012
GARCIA DELGADO JOSE LUIS		6,31	MERCANTILE REGISTER	31/01/2012
GARCIA BRASSO ALEX		0,25	MERCANTILE REGISTER	31/01/2012

Former Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
COLL MARTORI MARIO		Major.	EXPANSIÓN DE CATALUÑA	13/12/2010
COLL DIEZ MARIO		Indef.	EXPANSIÓN DE CATALUÑA	13/12/2010
TARRES MONTSE		Indef.	EXPANSIÓN DE CATALUÑA	13/12/2010

Direct Participations

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
GRAVITA ESTILO, UNIPESSOAL, LDA	PORTUGAL	100,00	OWN SOURCES	18/06/2013

POTENTIAL LINKS

Search for Link by Administrator

Search Criterion: ”EULALIA TORRES PEREZ”

COMPANY	POSITION	PROVINCE
CATNAUS SL	Administrador Único	BARCELONA
SANT JOAN HABITATGES SL	Administrador Único	GERONA
CUTO EMPORDA S.L.	Administrador Único	GERONA
CATVIVI SL	Administrador Único	BARCELONA
AGRICOLA FUND 2 SL	Administrador Único	MALAGA

In case you need more information you can request:Board Members Monitoring

Name Search in the Internet

Search Criterion: ”FRAG COMERCIO INTERNACIONAL SL”

URL: www.fashionfromspain.com

frag comercio internacional, s.l. - Moda España  FRAG COMERCIO INTERNACIONAL, S.L.. CTRA C-55 08292 Esparreguera, BARCELONA ESPAÑA; Tel: +34 937708628. Fax: +34 937708634; info@misako .

URL: www.misako.com

MISAKO  Frag Comercio Internacional, S.L.; Crtra. C-55 km 1,8 08292 - Esparraguera Barcelona (Spain); Tel: (+34) 93 770 86 28; Email: tiendavirtual@misako.es ...

BUSINESS INFORMATION

Constitution

Incorporation date: 09/02/1993

Origin / Establishment

Establishment date: 01/01/1977

Founder’s Name: COLL DIEZ MARIO, TARRE MONTSERRAT

Activity

Activity: Retail sale of textiles & footwear .

NACE 2009 CODE: 4751

NACE 2009 Activity: Retail sale of textiles in specialised stores

Business: IMPORTACION. EXPORTACION. COMPRA VENTA Y COMERCIALIZACION. EN GENERAL DE CUALQUIERA ARTICULOS ELABORADOS TOTAL O PARCIALMENTE EN PIEL, RETALES Y TROZOS PARA LA FABRICACION DE BOLSOS, CARTERAS Y COMPLEMENTOS DEL VESTIR, E

Activity description: Comercio de articulos de piel, bolsos y complementos.

Employees

· Latest employees figure: 450 (2013)

% of fixed employees: 47,31%

% of temporary employees: 52,69%

% of men: 5,58%

% of women: 94,42%

Employees evolution

Employees distribution

Source: Annual financial report 2012

CATEGORY	AVERAGE NUMBER OF EMPLOYEES	MEN	WOMEN
Distribution by sexes		25	423

COMMERCIAL OPERATIONS

PURCHASES

Import Percentage: 99%

Imports from: CEE Y RESTO DE PAISES

National Distribution: 1%

SALES

Export Percentage: 30%

Exports to: CEE Y RESTO DE PAISES

National Distribution: 70%

Sales breakdown

• El 100% de su cifra de negocio corresponde a comercio de artículos de piel, cuero marroquinería.

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
CAIXABANK, S.A.	0849	C. MILANESAT, 10-12	BARCELONA	Barcelona
CATALUNYA BANC, S.A.			ESPARREGUERA
BANCO SANTANDER, S.A.			ESPARREGUERA
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.			ESPARREGUERA
BANCO DE SABADELL, S.A.			BARCELONA

Summary of bank operations

Discount facilities: 0

Credit policy: 0

Mortgage loan: 0

Loans with no real security: 20

Bank operations

Debt type:Loans with no real security Expiry date:25/02/2018 Date of the granting: 25/02/2011	Granted amount:4.000.000,00 € Long term outstanding amount:4.000.000,00 € Short term outstanding amount:0,00 € Total outstanding amount:4.000.000,00 € Source: Filed Accounts (2012)
Debt type:Loans with no real security Expiry date:31/08/2018 Date of the granting: 01/05/2011	Granted amount:3.000.000,00 € Long term outstanding amount:2.214.285,67 € Short term outstanding amount:428.571,43 € Total outstanding amount:2.642.857,10 € Source: Filed Accounts (2012)
Debt type:Loans with no real security Expiry date:25/02/2016 Date of the granting: 25/03/2011	Granted amount:2.000.000,00 € Long term outstanding amount:1.590.792,38 € Short term outstanding amount:409.207,62 € Total outstanding amount:2.000.000,00 € Source: Filed Accounts (2012)
Debt type:Loans with no real security Expiry date:15/05/2016 Date of the granting: 18/08/2011	Granted amount:1.000.000,00 € Long term outstanding amount:890.050,36 € Short term outstanding amount:109.949,64 € Total outstanding amount:1.000.000,00 € Source: Filed Accounts (2012)
Debt type:Loans with no real security Expiry date:25/02/2018 Date of the granting: 25/05/2011	Granted amount:1.000.000,00 € Long term outstanding amount:850.000,00 € Short term outstanding amount:150.000,00 € Total outstanding amount:1.000.000,00 € Source: Filed Accounts (2012)

Brands

Brand name: MI SA KO (Valid)

Type: JOINT    Scope: INTERNATIONAL    Date: 29/02/2012

Brand name: SHOPTIMISM (Valid)

Type: DENOMINATIVE    Scope: COMMUNITARY    Date: 18/03/2008

Brand name: MI SAKO (Valid)

Type: JOINT    Scope: NATIONAL    Date: 14/05/2007

Brand name: MSK (Valid)

Type: JOINT    Scope: NATIONAL    Date: 13/04/2007

There are 10 brands, signs and commercial names

LEGAL STRUCTURE

Constitution Data

Register Date: 09/02/1993

Register town: Barcelona

Announcement number: 134541

Share capital: 6.010,12 €

Current structure data

Legal form: Limited Liability Company

Share capital: 47.599,33 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2011)

B.O.R.M.E.

(OFFICIAL GAZETTE OF THE MERCANTILE REGISTER)

Summary

·   Acts on activity: 0

  Acts on administrators: 19 (Last: 16/12/2011, first: 13/04/1993)

  Acts on capital: 4 (Last: 28/12/2011, first: 25/03/2009)

  Acts on creation: 1 (Last: 13/04/1993)

  Acts on filed accounts: 17 (Last: 21/09/2010, first: 03/10/1994)

  Acts on identification: 3 (Last: 07/11/2007, first: 21/03/1994)

  Acts on Information: 7 (Last: 22/11/2012, first: 24/05/1996)

Latest acts in B.O.R.M.E.

Other acts

ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Other concepts	22/11/2012	479599	Barcelona
Capital enlargement (IA)	28/12/2011	518271	Barcelona
Modification of the Articles of Association	16/12/2011	499031	Barcelona
Appointments	16/12/2011	499031	Barcelona
Resignations	16/12/2011	499031	Barcelona
Resignations	26/08/2011	352321	Barcelona
Other concepts	25/08/2011	350341	Barcelona
Appointments	20/07/2011	303448	Barcelona
Modification of the Articles of Association	14/06/2011	253732	Barcelona
Capital enlargement (IA)	19/05/2011	212931	Barcelona

PRESS ARTICLES

Press summary by type of information (last five years)

Legal notices: 0

Structural Data: 6 (Last: 13/12/2010, first: 11/08/2008)

Informative data: 0

Financial Information: 1 (Last: 21/02/2011)

Negative information: 0

Business lines: 0

Historical press releases: 5 (Last: 08/10/2007, first: 25/05/2006)

Latest press article published

21/02/2011 EXPANSIÓN DE CATALUÑA - FINANCIAL DATA

Las 2 familias propietarias de la cadena de bolsos MISAKO, García y Torres, han completado una ampliación de capital de 2,7 millones de euros y preparan otra inyección de igual o de mayor importe, que efectuarán antes de abril. El director general de la cadena, José Andrés, explicó que los planes del grupo se centran en el crecimiento en el extranjero. MISAKO quiere abrir 25 tiendas en 2011 en Italia, Francia, Alemania y Bélgica. El grupo cerró 2010 con una facturación de 40 millones, un 8% más que el año anterior. El porcentaje de ventas en el mercado español todavía supone un 90% de sus ingresos y la intención de la cadena es que las ventas en el extranjero lleguen a alcanzar el 50%. 

13/12/2010 EXPANSIÓN DE CATALUÑA - SHAREHOLDERS AND HOLDINGS

Mario Coll y Montserrat Tarré, que fundaron la cadena de bolsos MISAKO en 1997 junto a las familias García y Torres, han vendido su participación del 33% a los otros dos socios.  

El director general de la Cía., José Andrés, ha explicado que el capital de la firma se reparte ahora al 50% entre la familia García y la familia Torres, si bien el día a día de la empresa lo gestiona la familia García.  

MISAKO, que actualmente tiene una red de 167 tiendas en nueve países, de las que 115 son propias y el resto franquicias, cerrará 2010 con una facturación de alrededor de un 8% superior a la de 2009 y alcanzará los 39 millones. Además, cuenta con más de 500 empleados. 

06/02/2010 EXPANSIÓN - SHAREHOLDERS AND HOLDINGS

MARIO COLL, FUNDADOR DE MISAKO, NEGOCIA CON LAS FAMILIA GARCIA Y TORRES LA ADQUISICION DE LA CIA., DE LA QUE CONTROLA EL 33%. EL CAPITAL DE MISAKO SE REPARTE ENTRE COLL Y LAS FAMILIAS GARCIA Y TORRES. FUENTES CERCANAS AL FUNDADOR EXPLICAN QUE EL EMPRESARIO SE HA UNIDO A UN GRUPO DE CAPITAL RIESGO PARA LANZAR UNA OFERTA SOBRE LA FIRMA. LA INTENCION ES CONTROLAR LA GESTION Y DAR ENTRADA EN EL ACCIONARIADO AL SOCIO FINANCIERO. PARALELAMENTE, MARIO COLL PREPARA EL LANZAMIENTO DE UNA NUEVA CADENA DE COMPLEMENTOS, PARA LO QUE HA ALQUILADO VARIOS LOCALES EN BARCELONA. SI LA OFERTA DE MISAKO PROSPERA, COLL UTILIZARA LOS LOCALES PARA INCREMENTAR LA RED DE MISAKO. 

04/06/2009 EXPANSIÓN DE CATALUÑA - SHAREHOLDERS AND HOLDINGS

LA FAMILIA COLL, QUE PUSO EN MARCHA MISAKO, HA ABANDONADO LA GESTION DE LA CIA. QUE HA SIDO ADQUIRIDA POR LOS OTROS DOS SOCIOS QUE CONTROLAN EL GRUPO, LAS FAMILIAS GARCIA Y TORRES, FUNDADORAS DE STRADIVARIUS. MISAKO SE HA CONVERTIDO EN UNA DE LAS PRINCIPALES CADENAS DE COMPLEMENTOS DE ESPAÑA, CON UNA FACTURACION DE 36 MM. DE EUROS EN 2008. MARIO COLL Y MONTSERRAT TARRE, QUE TAMBIEN HA ABANDONADO EL GRUPO, FUNDARON MISAKO EN 1977. ADEMAS DE LOS COLL, EN EL CAPITAL TAMBIEN FIGURABAN LAS FAMILIAS GARCIA Y TORRES. DE MOMENTO, LOS COLL MANTIENEN SU PARTICIPACION EN LA EMPRESA, QUE GANO 3 MM. DE EUROS EL PASADO AÑO. MISAKO CUENTA CON UNA RED DE 149 TIENDAS. 

04/06/2009 EXPANSIÓN DE CATALUÑA - GOVERNING BODIES

MARIO GILL HA SIDO CESADO EN EL CARGO DE CONSEJERO DELEGADO DE MISAKO. EL NUEVO CONSEJERO DELEGADO DE LA EMPRESA SERA ALEX GARCIA, SEGUN HA EXPLICADO, ANDRES BEL, DIRECTOR GENERAL DE LA SDAD. 

Complementary Information

Financial Information

El balance del Registro Mercantil cerrado a 31/01/2012 (Deposito 2012) esta disponible en INFORMA, pero existen datos en los nuevos estados contables incorrectamente presentados.

El balance del Registro Mercantil cerrado a 31/01/2011 (Depósitos 2011 y 2012) esta disponible en INFORMA, pero no ha sido cargado por tener una duración inferior a tres meses por cambios en la fecha de cierre.

El balance cerrado a 31/12/2008 (Deposito 2008) esta disponible en INFORMA, pero existen datos en los nuevos estados contables incorrectamente presentados.

FINANCIAL INFORMATION

The information on the last Individual Filed Accounts contained in this report is extracted from the Mercantile Register file of the legal address of the Company and dated 01/03/2013.

SITUATION BALANCE-SHEET

Assets

Figures given in €

	31/01/2012 (12)	% ASSETS	31/12/2010 (12)	% ASSETS	31/12/2009 (12)	% ASSETS
A) NON CURRENT ASSETS	18.111.098,93	72,02	17.009.333,34	67,61	15.696.207,13	50,97
I. Intangible assets	1.594.863,29	6,34	1.599.912,13	6,36	1.802.845,57	5,85
3. Patents, licences , trademarks and similars	2.752,91	0,01	4.626,81	0,02	6.875,49	0,02
5. Software	111.609,13	0,44	2.899,13	0,01	2.899,13	0,01
7. Other intangible assets	1.480.501,25	5,89	1.592.386,19	6,33	1.793.070,95	5,82
II. Tangible fixed assets	10.096.354,69	40,15	9.776.246,42	38,86	11.282.952,36	36,64
2. Technical fittings and other tangible assets	10.096.354,69	40,15	9.776.246,42	38,86	11.282.952,36	36,64
III. Real-estate investments
IV. Long term investments in associated and affiliated companies
V. Long Term Financial Investments	1.643.856,66	6,54	1.918.664,78	7,63	1.927.444,98	6,26
2. Credits to third parties	13.825,41	0,05	17.180,00	0,07
5. Other financial assets	1.630.031,25	6,48	1.901.484,78	7,56	1.927.444,98	6,26
VI. Assets by deferred taxes	4.776.024,29	18,99	3.714.510,01	14,77	682.964,22	2,22
VII. Non current commercial debts
B) CURRENT ASSETS	7.035.538,49	27,98	8.147.528,66	32,39	15.096.991,49	49,03
I. Non-current assets maintained for sale
II. Stocks	2.380.920,44	9,47	6.474.651,71	25,74	13.671.902,24	44,40
1. Goods available for sale	2.322.973,69	9,24	6.323.751,71	25,14	13.401.002,24	43,52
2. Raw material inventory			900,00	0,00	900,00	0,00
6. Pre-payments to suppliers	57.946,75	0,23	150.000,00	0,60	270.000,00	0,88
III. Trade Debtors and other receivable accounts	1.262.468,57	5,02	1.228.366,21	4,88	917.866,29	2,98
1. Clients	1.161.593,68	4,62	1.228.363,33	4,88	917.863,41	2,98
b) Clients for sales and short term services rendering	1.161.593,68	4,62	1.228.363,33	4,88	917.863,41	2,98
3. Other debts	100.145,34	0,40
5. Assets by current taxes	14,36	0,00
6. Other credits with the Public Administrations	715,19	0,00	2,88	0,00	2,88	0,00
IV. Short term investments in associated and affiliated companies
V. Short term financial investments	792,06	0,00
5. Other financial assets	792,06	0,00
VI. Short term periodifications	1.250,00	0,00
VII. Cash and equivalents	3.390.107,42	13,48	444.510,74	1,77	507.222,96	1,65
1. Treasury	3.390.107,42	13,48	444.510,74	1,77	507.222,96	1,65
TOTAL ASSETS (A + B)	25.146.637,42	100,00	25.156.862,00	100,00	30.793.198,62	100,00

Net Worth and Liabilities

Figures given in €

	31/01/2012 (12)	% ASSETS	31/12/2010 (12)	% ASSETS	31/12/2009 (12)	% ASSETS
A) NET WORTH	5.460.069,36	21,71	-6.669.552,79	-26,51	394.719,10	1,28
A-1) Equity	5.460.069,36	21,71	-6.669.552,79	-26,51	394.719,10	1,28
I. Capital	47.599,33	0,19	6.250,53	0,02	6.250,53	0,02
1. Authorized capital	47.599,33	0,19	6.250,53	0,02	6.250,53	0,02
II. Issue premium	14.581.812,00	57,99	865.217,00	3,44	865.217,00	2,81
III. Reserves	1.250,10	0,00	1.250,10	0,00	1.092.112,57	3,55
1. Legal and statutory	1.250,10	0,00	1.250,10	0,00	1.250,10	0,00
2. Other funds					1.090.862,47	3,54
IV. (Net worth own shares and participations)
V. Results from previous years	-7.286.884,00	-28,98	-5.917.189,47	-23,52
2. (Prior years losses)	-7.286.884,00	-28,98	-5.917.189,47	-23,52
VI. Other loans from partners
VII. Exercise Result	-1.883.708,07	-7,49	-1.625.080,95	-6,46	-1.568.861,00	-5,09
VIII. (Interim dividend)
IX. Other net worth instruments
A-2) Value changes adjustments
I. Financial assets available for sale
II. Coverage operations
III. Non-current assets and related liabilities, maintained for sale
IV. Conversion differences
V. Other
A-3) Received legacies, grants and subventions
B) NON CURRENT LIABILITIES	13.977.135,82	55,58	8.835.732,88	35,12	11.647.949,36	37,83
I. Long term provisions
II. Long term debts	13.725.819,20	54,58	8.792.872,39	34,95	11.617.459,72	37,73
2. Debts with bank entities	13.710.763,00	54,52	8.705.923,11	34,61	9.467.228,62	30,74
3. Financial leasing creditors			20.282,61	0,08	103.831,10	0,34
5. Other financial liabilities	15.056,20	0,06	66.666,67	0,27	2.046.400,00	6,65
III. Long term debts with associated and affiliated companies
IV. Liabilities by deferred taxes	251.316,62	1,00	42.860,49	0,17	30.489,64	0,10
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	5.709.432,24	22,70	22.990.681,91	91,39	18.750.530,16	60,89
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions
III. Short term debts	3.098.166,01	12,32	17.341.093,53	68,93	13.026.428,49	42,30
2. Debts with bank entities	3.085.132,55	12,27	14.508.563,23	57,67	12.386.829,84	40,23
3. Financial leasing creditors	13.003,40	0,05	80.395,14	0,32	127.972,88	0,42
5. Other financial liabilities	30,06	0,00	2.752.135,16	10,94	511.625,77	1,66
IV. Short term debts with associated and affiliated companies
V. Trade creditors and other payable accounts	2.513.525,64	10,00	5.571.082,66	22,15	5.601.618,42	18,19
1. Suppliers	1.254.974,53	4,99	3.253.692,63	12,93	3.947.814,41	12,82
b) Short term suppliers	1.254.974,53	4,99	3.253.692,63	12,93	3.947.814,41	12,82
3. Different creditors	397.477,99	1,58	521.156,90	2,07	660.920,16	2,15
4. Staff (pending remunerations)			4.066,89	0,02	35.974,07	0,12
6. Other debts with Public Administrations	856.641,00	3,41	1.792.166,24	7,12	956.909,78	3,11
7. Clients pre-payments	4.432,12	0,02
VI. Short term periodifications	97.740,59	0,39	78.505,72	0,31	122.483,25	0,40
VII. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	25.146.637,42	100,00	25.156.862,00	100,00	30.793.198,62	100,00

PROFIT AND LOSS ACCOUNT

Figures given in €

	31/01/2012 (12)	%OPERATING INCOME	31/12/2010 (12)	%OPERATING INCOME	31/12/2009 (12)	%OPERATING INCOME
A) CONTINUED OPERATIONS
1. Net Turnover	33.390.724,56	100,00	39.460.703,54	100,00	36.785.977,13	100,00
A) Sales	33.215.724,56	99,48	39.192.587,22	99,32	36.697.063,34	99,76
b) Services provided	175.000,00	0,52	268.116,32	0,68	88.913,79	0,24
2. Variation in stocks of finished goods and work in progress
3. Works for its own assets
4. Supplies	-12.838.464,99	-38,45	-16.422.906,11	-41,62	-13.030.058,13	-35,42
a) Material consumed	-12.838.202,61	-38,45	-16.422.906,11	-41,62	-13.030.058,13	-35,42
b) Raw materials consumed	-262,38	0,00
5. Other operating income					631,75	0,00
a) Other incomes					631,75	0,00
6. Labour cost	-8.442.423,64	-25,28	-8.812.539,82	-22,33	-9.123.077,22	-24,80
a) Wages and similar expenses	-6.624.566,86	-19,84	-6.851.746,35	-17,36	-7.157.411,08	-19,46
b) Social costs	-1.817.856,78	-5,44	-1.960.793,47	-4,97	-1.965.666,14	-5,34
7. Other operating costs	-11.975.061,62	-35,86	-13.075.957,84	-33,14	-13.503.506,69	-36,71
a) External services	-10.809.645,91	-32,37	-11.508.857,28	-29,17	-12.185.005,34	-33,12
b) Taxes	-1.063.286,97	-3,18	-1.567.100,56	-3,97	-1.318.501,35	-3,58
c) Losses, deterioration and variation on business operations provisions	-102.128,74	-0,31
8. Amortization of fixed assets	-787.867,59	-2,36	-1.740.560,89	-4,41	-1.713.375,32	-4,66
9. Allocation of subventions on non financial investments and other
10. Provisions excess
11. Deterioration and result for fixed assets disposal
12. Negative difference of business combinations
13. Other results	-111.615,72	-0,33	-30.462,42	-0,08	-11.521,57	-0,03
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	-764.709,00	-2,29	-621.723,54	-1,58	-594.930,05	-1,62
14. Financial income	195,18	0,00			314,01	0,00
b) From negotiable values and other financial instruments	195,18	0,00			314,01	0,00
b 2) From third parties	195,18	0,00			314,01	0,00
15. Financial expenses	-1.951.289,67	-5,84	-1.691.450,52	-4,29	-1.643.201,80	-4,47
b) For debts with third parties	-1.951.289,67	-5,84	-1.691.450,52	-4,29	-1.643.201,80	-4,47
16. Reasonable value variation on financial instruments
17. Exchange differences
18. Deterioration and result for disposal of financial instruments
19. Other financial income and expenses
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)	-1.951.094,49	-5,84	-1.691.450,52	-4,29	-1.642.887,79	-4,47
A.3) RESULT BEFORE TAXES (A.1 + A.2)	-2.715.803,49	-8,13	-2.313.174,06	-5,86	-2.237.817,84	-6,08
20. Taxes on profits	832.095,42	2,49	688.093,11	1,74	668.956,84	1,82
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20)	-1.883.708,07	-5,64	-1.625.080,95	-4,12	-1.568.861,00	-4,26
B) DISCONTINUED OPERATIONS
21. Net of taxes exercise result coming from discontinued operations
A.5) EXERCISE RESULT (A.4 + 21)	-1.883.708,07	-5,64	-1.625.080,95	-4,12	-1.568.861,00	-4,26

NET WORTH CHANGES STATUS

Status of recognized income and expenses

Figures given in €

NET WORTH CHANGES (1/3)	31/01/2012 (12)	31/12/2010 (12)	31/12/2009 (12)
A) PROFIT AND LOSS ACCOUNT RESULT	-1.883.708,07	-1.625.080,95	-1.568.861,00
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH
I. For valuation of financial instruments
II. Cash flow coverage
III. Received legacies, grants and subventions
IV. For actuarial profits and losses and other adjustments
V. Non-current assets and related liabilities, maintained for sale
VI. Conversion differences
VII. Tax effect
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII)
PROFIT AND LOSS ACCOUNT TRANSFERS
VIII. For valuation of financial instruments
IX. Cash flow coverage
X. Received legacies, grants and subventions
XI. Non-current assets and related liabilities, maintained for sale
XII. Conversion differences
XIII. Tax effect
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+ XII+ XIII)
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C)	-1.883.708,07	-1.625.080,95	-1.568.861,00

Total net worth changes status

Figures given in €

NET WORTH CHANGES ( 2 /3)	AUTHORIZED CAPITAL	ISSUE PREMIUM	RESERVES	RESULTS FROM PREVIOUS EXERCISES
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	6.250,53	865.217,00	1.024.704,94
I. Adjustments by change of criteria in the exercise (2008)			-842.455,52
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)	6.250,53	865.217,00	182.249,42
I. Total recognized income and expenses
II. Operations with partners or owners
III. Other net worth variations			909.863,15
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	6.250,53	865.217,00	1.250,10	1.090.862,47
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)				-5.439.190,93
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)	6.250,53	865.217,00	1.250,10	-4.348.328,46
I. Total recognized income and expenses
II. Operations with partners or owners
III. Other net worth variations				-1.568.861,01
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	6.250,53	865.217,00	-4.347.078,36	-3.193.941,96
I. Adjustments by change of criteria in the exercise (2011)
II. Adjustments by errors in the exercise (2011)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2012)	6.250,53	865.217,00	-4.347.078,36	-3.193.941,96
I. Total recognized income and expenses
II. Operations with partners or owners	41.348,80	13.716.595,00
1. Capital Increases	41.348,80	13.716.595,00
III. Other net worth variations			7.050,00	248.336,42
FINAL ACCOUNT BALANCE OF EXERCISE (2012)	47.599,33	14.581.812,00	-4.340.028,36	-2.945.605,54
NET WORTH CHANGES ( 3 /3)	EXERCISE RESULT	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	909.863,15	2.806.035,62
I. Adjustments by change of criteria in the exercise (2008)		-842.455,52
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)	909.863,15	1.963.580,10
I. Total recognized income and expenses	-1.568.861,00	-1.568.861,00
II. Operations with partners or owners
III. Other net worth variations	-909.863,15
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	-1.568.861,00	394.719,10
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)		-5.439.190,93
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)	-1.568.861,00	-5.044.471,83
I. Total recognized income and expenses	-1.625.080,95	-1.625.080,95
II. Operations with partners or owners
III. Other net worth variations	1.568.861,00	-0,01
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	248.336,41	-6.421.216,38
I. Adjustments by change of criteria in the exercise (2011)
II. Adjustments by errors in the exercise (2011)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2012)	248.336,41	-6.421.216,38
I. Total recognized income and expenses	-1.883.708,07	-1.883.708,07
II. Operations with partners or owners		13.757.943,80
1. Capital Increases		13.757.943,80
III. Other net worth variations	-248.336,41	7.050,01
FINAL ACCOUNT BALANCE OF EXERCISE (2012)	-1.883.708,07	5.460.069,36

CASH FLOW STATUS

Figures given in €

	31/01/2012 (12)	31/12/2010 (12)	31/12/2009 (12)
A) CASH FLOW COMING FROM OPERATING ACTIVITIES
1. exercise result before taxes	-2.715.803,49	-2.313.174,06	-2.237.817,84
2. Results adjustments	2.841.286,67	3.432.011,52	3.356.262,79
a) Amortization of fixed assets (+)	787.868,00	1.740.561,00	1.713.375,00
b) Value correction for deterioration (+/-)	102.129,00
g) Financial income (-)			-314,01
f) Financial expenses (+)	1.951.289,67	1.691.450,52	1.643.201,80
3. Changes in current capital	598.503,10	466.966,50	-1.696.862,63
a) Stocks (+/-)	2.363.332,21	-573.022,25	-1.888.513,08
b) Debtors and other receivable accounts (+/-)	-153.202,65	-310.499,92	62.958,85
c) Other current assets (+/-)	-1.250,00
d) Creditors and other payable accounts (+/-)	-1.495.173,55	1.394.466,19	35.618,60
e) Other current liabilities (+/-)	-115.202,91	-43.977,52	93.073,00
4. Other cash flow coming from operating activities	-2.078.824,22	-1.691.450,52	-1.642.887,79
a) Interests payments (-)	-1.951.289,68	-1.691.450,52	-1.643.201,80
c) Interests collections (+)			314,01
e) Other payments (collections) (-/+)	-127.534,54
5. Cash flow coming from operating activities (1 + 2 + 3 + 4)	-1.354.837,94	-105.646,56	-2.221.305,47
B) CASH FLOW COMING FROM INVESTING ACTIVITIES
6. Investment payments (-)	-1.924.259,17	-1.447.143,75	-1.954.249,85
b) Intangible assets	-196.863,11
c) Tangible assets	-1.726.604,00	-1.447.143,75	-1.896.913,00
e) Other financial assets	-792,06		-57.336,85
7. Disinvestment collections (+)	274.808,10
e) Other financial assets	274.808,10
8. Cash Flow in investment activities (6 + 7)	-1.649.451,07	-1.447.143,75	-1.954.249,85
C) CASH FLOW COMING FROM FINANCING ACTIVITIES
9. Net worth instruments collections and payments	11.000.000,36
a) Net worth instruments issue (+)	11.000.000,36
10. Financial liabilities instruments collections and payments	-5.697.107,75	1.490.078,07	4.342.502,06
a) Issue	15.116.247,89	146.234.594,60	58.347.470,13
2. Debts with bank entities (+)	7.893.896,89	145.638.678,60	54.839.579,13
5. Other debts (+)	7.222.351,00	595.916,00	3.507.891,00
b) Return and amortization of	-20.813.355,64	-144.744.516,53	-54.004.968,07
2. Debts with bank entities (-)	-13.249.132,96	-144.278.250,42	-52.168.823,67
5. Other debts (-)	-7.564.222,68	-466.266,11	-1.836.144,40
11. Payments for dividends and remunerations of other net worth instruments
12. Cash Flow in financing activities (9 + 10 + 11)	5.302.892,61	1.490.078,07	4.342.502,06
D) Exchange rate variations effect
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D)	2.298.603,60	-62.712,24	166.946,74
Cash or equivalents at the beginning of the exercise	1.091.503,82	507.222,96	340.276,22
Cash or equivalents at the end of the exercise	3.390.107,42	444.510,74	507.222,96

RATIOS

	31/01/2012 (12)	CHANGE %	31/12/2010 (12)	CHANGE %	31/12/2009 (12)
BALANCE RATIOS
Working Capital (€)	1.326.106,25	108,93	-14.843.153,25	-306,27	-3.653.538,67
Working capital ratio	0,05	108,47	-0,59	-391,67	-0,12
Soundness Ratio	0,30	176,92	-0,39	-1.400,00	0,02
Average Collection Period (days)	14	22,58	11	24,00	9
Average Payment Period (days)	36	-46,56	68	-10,43	76
LIQUIDITY RATIOS
Current Ratio (%)	123,23	247,71	35,44	-55,99	80,52
Quick Ratio (%)	59,39	2.977,20	1,93	-28,78	2,70
DEBT RATIOS
Borrowing percentage (%)	66,90	-35,60	103,88	29,80	80,03
External Financing Average Cost	0,12	71,43	0,06	0,00	0,07
Debt Service Coverage	-12,42	94,98	-247,37	-2.130,57	-11,09
Interest Coverage	-0,39	-5,41	-0,37	-2,78	-0,36
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	-4,06	-1.403,70	-0,27	95,53	-6,04
Auto financing generated by Assets (%)	-5,39	-1.183,33	-0,42	94,17	-7,21
Breakdown Point	0,98	0,00	0,98	0,00	0,98
Average Sales Volume per Employee	74.867,10	-13,86	86.917,85	21,92	71.290,65
Average Cost per Employee	18.929,20	-2,48	19.410,88	9,79	17.680,38
Assets Turnover	1,33	-15,29	1,57	30,83	1,20
Inventory Turnover (days)	67	-53,05	142	-62,44	378
RESULTS RATIOS
Return on Assets (ROA) (%)	-3,04	-23,08	-2,47	-27,98	-1,93
Operating Profitability (%)	0,09	-97,98	4,45	22,59	3,63
Return on Equity (ROE) (%)	-49,74	-243,43	34,68	106,12	-566,94

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2012)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	72,02	48,71	23,31
A) CURRENT ASSETS	27,98	51,29	-23,31
LIABILITIES
A) NET WORTH	21,71	18,38	3,33
B) NON CURRENT LIABILITIES	55,58	52,94	2,64
C) CURRENT LIABILITIES	22,70	28,68	-5,98

Results Analytical Account

Figures given in  %

	COMPANY (2012)	SECTOR	DIFFERENCE
Net Turnover	100,00	91,34	8,66
Other operating income		8,66
OPERATING INCOME	100,00	100,00	0,00
Supplies	-38,45	-56,07	17,62
Variation in stocks of finished goods and work in progress		-0,16
GROSS MARGIN	61,55	43,78	17,77
Other operating costs	-35,86	-22,45	-13,41
Labour cost	-25,28	-12,74	-12,54
GROSS OPERATING RESULT	0,40	8,59	-8,19
Amortization of fixed assets	-2,36	-2,79	0,43
Deterioration and result for fixed assets disposal		-0,05
Other expenses / income		0,00
NET OPERATING RESULT	-2,29	5,75	-8,04
Financial result	-5,84	-3,94	-1,90
RESULT BEFORE TAX	-8,13	1,81	-9,94
Taxes on profits	2,49	0,22	2,27
RESULT COMING FROM CONTINUED OPERATIONS	-5,64	2,03	-7,67
Exercise result coming from discontinued operations net of taxes		0,00
NET RESULT	-5,64	2,03	-7,67
Amortization of fixed assets	-2,36	-2,79	0,43
Deterioration and provisions variation	-0,31	-0,01	-0,30
	-2,98	4,84	-7,82

Main Ratios

Figures given in €

	COMPANY (2012)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	1.326.106,25	995.301,00	3.321.012,66	7.285.541,55
Working capital ratio	0,05	0,18	0,27	0,40
Soundness Ratio	0,30	0,53	1,30	2,31
Average Collection Period (days)	14	3	11	76
Average Payment Period (days)	36	65	89	105
LIQUIDITY RATIOS
Current Ratio (%)	123,23	133,21	196,03	238,89
Quick Ratio (%)	59,39	4,05	12,09	57,48
DEBT RATIOS
Borrowing percentage (%)	66,90	4,73	32,82	40,75
External Financing Average Cost	0,12	0,02	0,06	0,08
Debt Service Coverage	-12,42	0,14	2,99	7,42
Interest Coverage	-0,39	-0,04	2,00	15,17
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	-4,06	2,35	4,75	6,50
Auto financing generated by Assets (%)	-5,39	2,13	5,82	9,55
Breakdown Point	0,98	1,01	1,02	1,09
Average Sales Volume per Employee	74.867,10	104.936,90	127.668,75	193.059,07
Average Cost per Employee	18.929,20	20.245,49	26.577,77	31.973,40
Assets Turnover	1,33	0,57	1,45	2,01
Inventory Turnover (days)	67	19	114	249
RESULTS RATIOS
Return on Assets (ROA) (%)	-3,04	1,19	3,87	6,89
Operating Profitability (%)	0,09	4,59	8,45	11,20
Return on Equity (ROE) (%)	-49,74	-0,98	6,39	13,86

ADDITIONAL INFORMATION

Consulted Sources

Central Mercantile Register

Mercantile Registrars

Tax Administration / VIES Consultation

Tax Administration / Consultation by NIF

Telephone directory: PÁGINAS AMARILLAS

Telephone directory: PÁGINAS BLANCAS

This company has been consulted was last displayed on 15/07/2013, 3 times in the last quarter and 2.133 total times.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.79
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

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

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

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

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

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