MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	CORTEFIEL SA
Registered Office :	Avenida Llano Castellano, 51 28034 Madrid
Country :	Spain
Financials (as on) :	2011
Date of Incorporation :	07.11.1956
Legal Form :	Joint Stock Company
Line of Business :	Subject is Retail sale of clothes.
No. of Employees :	5.574

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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

EXECUTIVE SUMMARY

Identification

Current Business Name:  CORTEFIEL SA

Commercial name:  SPRINGFIELD WOMAN; WOMEN’S SECRET

Other names:  YES

Current Address:  AVENIDA LLANO CASTELLANO, 51

28034 MADRID 

Branches:  185

Telephone number:  913873400 

Fax:  913873604

URL:  www.cortefiel.com  , 

www.grupocortefiel.com  , 

www.fiftyfactory.com 

Trade Risk

Rating Informa:  11/20

Credit appraisal:  6.000.000,00 €

Incidents:  YES

R.A.I.:  NO

EXPERIAN BUREAU EMPRESARIAL Bank and Multi - sectorial Defaults of Payment:  NO

Financial Information

Balance sheet latest sales (2011):  745.319.000,00 € (Mercantile Register)

Result:  16.009.000 €

Total Assets:  1.099.680.000 €

Share capital:  262.574.209,95 €

Employees:  5.574

Listed on a Stock Exchange:  NO

Commercial Information

Incorporation date:  07/11/1956

Activity:  Retail sale of clothes

NACE 2009 CODE:  4771

International Operations:  Imports

Corporate Structure

Vice-president: 

ESCRIBANO GARCIA, JUAN CARLOS

Parent Company: 

MEP RETAIL ESPAÑA SL

Participations:  17

Other Complementary Information

Latest filed accounts in the Mercantile Register:  2012

Latest act published in BORME:  18/06/2013 Resignations

Latest press article:  12/09/2013 LA VANGUARDIA (BRANCHES)

Bank Entities:  There are

The date when this report was last updated is 12/09/2013.

The information contained in this report has been investigated and contrasted on 15/04/2013

Financial situation

Exercise:2011			Evolution
Immediate liquidity		Good
Indebtedness		Important
Profitability		Sufficient
Soundness		Degraded

Performance

Incidents		Exceptional
Business Trajectory		Superior

Rating Informa Explanation

Financial situation

The company’s financial situation is normal.

The company’s financial situation evolution has been negative.

The sales evolution has been  negative  not the results one, which has been  positive.

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

Company Structure

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

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

The employees evolution has been negative.

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.

Other Complementary Information

Se ha procedido a realizar una revisión de la calificación de la sociedad por parte de uno de nuestros analistas derivada del resultado de nuestras investigaciones.

Reasons of the last outstanding calculation in the note

DATE	CHANGE	RESULTING NOTE	EVENT
01/07/2013	Equal	11	Variation in the rating system with respect to legal incidences information.
21/06/2013	Equal	11	Variation in the rating system with respect to legal incidences information.
24/05/2013	Equal	11	Variation in the rating system with respect to legal incidences information.
26/04/2013	Increase	11	One of our analysts has carried a detailed revision of all available information of the company.
24/04/2013	Reduction	7	Variation in the rating system with respect to legal incidences information.

Summary

LEGAL ACTIONS: 4  ( Last:25/04/2013 , first: 16/11/2011 )

Insolvency Proceeding:	0
Civil Court:	0
Labour Courts:	4

ADMINISTRATIVE CLAIMS: 3  ( Last:11/04/2013 , first: 03/03/2011 )

With the Social Security:	0
With the Tax Authorities:	0
With Other Official bodies:	3

AFFECTED BY: 

1 Company / Companies in Insolvency Proceedings.

Last Legal Actions

figures expressed in €

LABOUR COURT.

DATE	INCIDENCE STATUS	ACTOR	AMOUNT
25/04/2013	CLAIM FOR A SUM IN LABOUR COURT
20/03/2013	CLAIM FOR A SUM IN LABOUR COURT
04/09/2012	CLAIM FOR A SUM IN LABOUR COURT

There are 4 incident(s) in the labour courts registered

Details of the Latest Legal Actions

figures expressed in €

LABOUR COURT.

Conducted in	MALAGA, SOCIAL COURT N. 2
Writ Number	1465/2009
Complaint Date	25/04/2013

Record of the claim

PHASE	CLAIM FOR A SUM IN LABOUR COURT
	Date of the Edict: 01/07/2013
	Source: Published in Gazette of MALAGA, page 14

Plaintiffs

NAME	DATE	AMOUNT	ENFORCEMENT NUMBER
NIETO LOPEZ JOSEFA	25/04/2013

figures expressed in €

LABOUR COURT.

Conducted in	MALAGA, SOCIAL COURT N. 12
Writ Number	1558/2009
Complaint Date	20/03/2013

Record of the claim

PHASE	CLAIM FOR A SUM IN LABOUR COURT
	Date of the Edict: 24/05/2013
	Source: Published in Gazette of MALAGA, page 19

Plaintiffs

NAME	DATE	AMOUNT	ENFORCEMENT NUMBER
PEREZ MORENO TEODORA	20/03/2013

Latest Administrative Claims

figures expressed in €

WITH OTHER OFFICIAL BODIES.

Seizures

DATE	ORGANIZATION	AMOUNT
11/04/2013	TOWN/ CITY HALL DE LEIOA
03/03/2011	DEPUTATION/ DELEGATION PROVINCIAL DE MALAGA

Notifications

DATE	ORGANIZATION	AMOUNT
10/11/2011	MINISTRY DE TRABAJO E INMIGRACION - SERVICIO PUBLICO DE EMPLEO ESTATAL	2.556,00

There are 3 administrative claims with Other Official bodies registered at  

Detail of the Latest Administrative Claims

figures expressed in €

Seizures

WITH OTHER OFFICIAL BODIES.

Phase: SEIZURE

Organization: TOWN/ CITY HALL DE LEIOA

Concept: Other debts

Date of the claim: 11/04/2013

Source: Published in the VIZCAYA Gazette, on 22/04/2013, page 10.208

figures expressed in €

Notifications

WITH OTHER OFFICIAL BODIES.

Phase: DEBTS WITH OFFICIAL BODIES

Organization: MINISTRY DE TRABAJO E INMIGRACION - SERVICIO PUBLICO DE EMPLEO ESTATAL

Concept: Other debts

Date of the claim: 10/11/2011

Source: Published in the Gazette of CIUDAD REAL, on 19/12/2011, page 17.444

Amount: 2.556

EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT

Summary

COMPANY NOT INCLUDED IN EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT

There is no information related to the nif/cif consulted in the in the EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT file

This information comes from Experian Bureau Empresarial Service, property of Experian Bureau de Crédito S.A. It could just be used for businessmen or professionals and for the own aims of the business, and could not be transferred or transmitted to third parties, copied, duplicate or reproduce, nor incorporate to any owned or external database, or reuse it in any direct or indirect way. Experian Bureau de Crédito S.A. may file you for damages it may suffer in case of breaching any of the afore mentioned obligations. Experian would not be responsible of the lack of accuracy in the supplied information when it coincides with the one supplied by the creditor entities.

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

17/06/2013 15:06:21

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 thousands €

	28/02/2011 (12) BALANCE SHEET	% ASSETS	28/02/2010 (12) BALANCE SHEET	% ASSETS	28/02/2009 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	897.842,00	81,65	944.546,00	82,26	937.100,00	74,70
B) CURRENT ASSETS	201.838,00	18,35	203.705,00	17,74	317.437,00	25,30
LIABILITIES
A) NET WORTH	323.287,00	29,40	302.742,00	26,37	208.035,00	16,58
B) NON CURRENT LIABILITIES	564.912,00	51,37	658.236,00	57,33	840.775,00	67,02
C) CURRENT LIABILITIES	211.481,00	19,23	187.273,00	16,31	205.727,00	16,40

Profit and loss account analysis

Figures given in thousands €

	28/02/2011 (12) BALANCE SHEET	% NET TURNOVER	28/02/2010 (12) BALANCE SHEET	% NET TURNOVER	28/02/2009 (12) BALANCE SHEET	% NET TURNOVER
SALES	745.319,00		761.263,00		839.489,00
GROSS MARGIN	397.106,00	53,28	388.891,00	51,08	418.674,00	49,87
EBITDA	84.711,00	11,37	4.979,00	0,65	104.920,00	12,50
EBIT	20.681,00	2,77	-18.988,00	-2,49	27.380,00	3,26
NET RESULT	16.009,00	2,15	-30.855,00	-4,05	-1.285,00	-0,15
EFFECTIVE TAX RATE (%)	-122,36	-0,02	-40,24	-0,01	-442,80	-0,05

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2011)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	81,65	74,44	7,21
A) CURRENT ASSETS	18,35	25,56	-7,21
LIABILITIES
A) NET WORTH	29,40	38,86	-9,46
B) NON CURRENT LIABILITIES	51,37	32,05	19,32
C) CURRENT LIABILITIES	19,23	29,09	-9,86
	COMPANY (2011)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	97,15	98,74	-1,59
GROSS MARGIN	51,76	48,73	3,03
EBITDA	11,04	13,81	-2,77
EBIT	2,70	9,22	-6,52
NET RESULT	2,09	7,06	-4,97

Sector Composition

Compared sector (NACE 2009): 4771

Number of companies: 18

Size (sales figure): > 40,000,000.00 Euros

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

Results Distribution

Source: annual financial report 2011

Figures given in €

DISTRIBUTION BASE		APPLICATION A
Profit and Loss Account Balance	16.009.000,00	Legal Reserve	1.601.000,00
Carry over	0,00	Goodwill reserve	13.008.000,00
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	16.009.000,00	Dividends	0,00
		Carry over and others	0,00
		Compensation of previous exercises losses	1.400.000,00
		Application total	16.009.000,00

Auditing

Source: filing of annual financial statement 2011

Auditors’ opinion: FAVOURABLE

Auditor: DELOITTE S.L.

Auditor emphasis: 

Sin que afecte a nuestra opinión, llamamos la atención respecto de lo señalado en la Nota 8-b de la  

memoria adjunta, en la que se indica que la Sociedad participa mayoritariamente en el capital social de  

ciertas sociedades con algunas de las que realiza una parte muy significativa de sus compras en los  

términos y condiciones acordadas entre las mismas, centralizando así mismo la gestión de los recursos  

financieros de las sociedades del Grupo. Adicionalmente los Administradores de la Sociedad han  

decidido voluntariamente formular cuentas anuales consolidadas, elaboradas de acuerdo a las Normas  

Internacionales de Información Financiera adoptadas por la Unión Europea (NIIF VE) sobre las que,  

en esta misma fecha, hemos emitido nuestro informe de auditoría y en el que expresamos una opinión  

favorable. Un resumen de las cuentas anuales consolidadas de Cortefiel, S.A. y Sociedades  

Dependientes correspondientes al ejercicio anual terminado el 28 de febrero de 2011 preparadas  

conforme a las Normas Internacionales de Información Financiera adoptadas por la Unión Europea  

(NIIF UE) se detalla en la Nota 8-b de la memoria adjunta 

Auditing fees: 156.000,00 €

Facts subsequent to the closing

Source: Annual financial report 2011

En abril de 2011 el Grupo ha adquirido la totalidad del capital social de la sociedad Cortix Beograd D.O.O. Mediante esta operación el Grupo adquiere el negocio (20 tiendas en la actualidad) de su franquiciado en Serbia, Bosnia y Macedonia. En el mes de marzo de 2011, la Sociedad ha procedido a pagar anticipadamente el Tramo CAPEX del préstamo descrito en la Nota 14, por importe 36.500 miles de euros.

Business address

Current Legal Seat Address: 

AVENIDA LLANO CASTELLANO, 51

28034 MADRID

Branches

STREET	POSTAL CODE	TOWN	PROVINCE
CALLE GENERAL ALAVA, 24	01005	VITORIA-GASTEIZ	Araba/Álava
CALLE LA PAZ, 8	01004	VITORIA-GASTEIZ	Araba/Álava
LUGAR PARQUE COMERCIAL GORBEIA, 1	01196	ZIGOITIA	Araba/Álava
CALLE ALCALDE CONANGLA, 27	02006	ALBACETE	Albacete
CALLE MAYOR, 9	02001	ALBACETE	Albacete
AVENIDA REYES CATOLICOS, 123	02600	VILLARROBLEDO	Albacete
CALLE ROSARIO, 20	02001	ALBACETE	Albacete
CALLE CORREDORA, 37	03202	ELCHE/ELX	Alicante
AVENIDA DOCTOR GADEA, 24	03001	ALICANTE/ALACANT	Alicante
CALLE GRAN VIA	03009	ALICANTE/ALACANT	Alicante

There are 185 branches registered at

Former branches

STREET	POSTAL CODE	TOWN	PROVINCE
CALLE ENRIQUE SEGURA OTAÑO, 9	06004	BADAJOZ	Badajoz
PASEO DEL DELEITE	28300	ARANJUEZ	Madrid
AVENIDA DE LA LIBERTAD	28770	COLMENAR VIEJO	Madrid
CALLE DE SUIZA, 12	28821	COSLADA	Madrid
CALLE PRECIADOS, 13	28013	MADRID	Madrid

There are 105 former branches registered at

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

	Distribution of the administration board
Governing body : 14 members (latest change: 06/06/2013) Other Positions : 28 (latest change: 06/06/2013) Auditor : 2 (latest change: 19/10/2012) Operative Board Members : 3 (latest change: 10/04/2013) Non-current positions : 37 (latest change: 10/06/2013)		Men (78%)  Companies (22%)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
VICE-PRESIDENT	ESCRIBANO GARCIA, JUAN CARLOS	14/12/2009
MANAGING DIRECTOR	ESCRIBANO GARCIA BOSQUE, JUAN CARLOS	25/05/2009
MEMBER OF THE BOARD	THEATRE DIRECTORSHIP SERVICES ALPHA S AR L	01/09/2006
MEMBER OF THE BOARD	THEATRE DIRECTORSHIP SERVICES BETA S AR L	01/09/2006
MEMBER OF THE BOARD	MAURICE PARIS, MICHEL	21/08/2007
MEMBER OF THE BOARD	SZAFIR HOLCMAN, EZEQUIEL	09/06/2009
MEMBER OF THE BOARD	MALLO ALVAREZ, CARLOS	16/11/2011
MEMBER OF THE BOARD	DE SERDIO FERNANDEZ, RICARDO	16/11/2011
MEMBER OF THE BOARD	THEATRE DIRECTORSHISP SERVICES ALPHA S. AR. L	16/11/2011

Auditor

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
AUDITOR	DELOITTE SL	09/02/2010
CONSOLIDATED ACCOUNTS AUDITOR	DELOITTE SL	19/10/2012

There are 44 board members, directors and auditors registered at.

Board members remuneration

       Source: Annual financial report 2010

       Board members remuneration: 1.798.000,00 €

Functional Managers

POSITION	NAME AND SURNAME
General Manager	SAENZ OLLER, FERNANDO
Financial Manager	GOMEZ, MARCOS
Human Resources Director	CHAROLA, DIEGO

FINANCIAL LINKS

Direct Shareholders

	BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
	MEP RETAIL ESPAÑA SL	B84332550	92,29	MERCANTILE REGISTER	29/02/2012
	JUPISA TRES SA	A78604535	Indef.	B.O.R.M.E.	21/06/2013
	LIQUID INVESTMENTS SL	B84120716	Indef.	B.O.R.M.E.	01/10/2012
	SERRANO 6 SL	B81058992	Indef.	B.O.R.M.E.	16/12/2010
	HINOJOSA VACAS ISABEL		Indef.	OWN SOURCES	24/01/2008
	COMPAÑIA GENERAL DE INVERSIONES, SICAV, SA	A28038644	Indef.	OWN SOURCES	24/01/2008
	BSN BANIF EUROPA 30 FIM.	G78793452	Indef.	OWN SOURCES	24/01/2008
	ECHEVARRIA ALTOZANO PILAR		Indef.	OWN SOURCES	24/01/2008
	HINOJOSA GARCIA PUENTE IGNACIO		Indef.	OWN SOURCES	24/01/2008
	CAIXA D’ESTALVIS I PENSIONS DE BARCELONA	G58899998	Indef.	OWN SOURCES	24/01/2008

There are 67 direct financial links through shareholders registered at

Company with rating inferior to 7

Indirect Shareholders

Majority shareholder of MEP RETAIL ESPAÑA SL

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
MEP SARL	LUXEMBOURG	100,00	OWN SOURCES	13/03/2013

Former Shareholders

	BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
	CORTEFIEL SA (EXTINGUIDA)	A28051761	100,00	OWN SOURCES	30/11/2005
	BANCO SANTANDER SA	A39000013	Indef.	MERCANTILE REGISTER	31/12/2011
	ULTRA RADIO SA	A41003054	Indef.	MERCANTILE REGISTER	31/12/2011

Company with rating inferior to 7

Direct Participations

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
SERMAN 92 SL	B80464860	100,00	OWN SOURCES	19/03/2013
EUROFIEL CONFECCION SA	A26007351	100,00	OWN SOURCES	08/02/2013
CORTEFIEL POLSKA SZOO	POLAND	100,00	MERCANTILE REGISTER	28/02/2011
CORTEFIEL COMMERCIAL SA	SWITZERLAND	100,00	MERCANTILE REGISTER	28/02/2011
QUIRAL BELGIQUE N.V.	BELGIUM	100,00	MERCANTILE REGISTER	28/02/2011
SPRINGFIELD HUNGARY TRADING LT	HUNGARY	100,00	MERCANTILE REGISTER	28/02/2011
FASHION AUCTION SPAIN SL	B85757847	100,00	MERCANTILE REGISTER	28/02/2011
CORTEFIEL FRANCE SA	FRANCE	100,00	MERCANTILE REGISTER	28/02/2011
CONFEMO CONFECCOES E MODA DE ESPHANA LDA	PORTUGAL	100,00	MERCANTILE REGISTER	28/02/2011
SPRINGFIELD HANDELSGESELLSCHAFT GMBH	AUSTRIA	100,00	MERCANTILE REGISTER	28/02/2011

There are 17 direct financial links through participations registered at

You can obtain business information of foreign companies at the page D&B INTERNATIONAL

Former Participations

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
SPRINGFIELD SPORTSWEAR GMBH & CO KG	GERMANY	100,00	MERCANTILE REGISTER	28/02/2011
CLASSE AFFAIRES SA	FRANCE	100,00	MERCANTILE REGISTER	28/02/2011
SPRINGFIELD HANDELSGESELLSEHAFT GMBH	GERMANY	100,00	MERCANTILE REGISTER	28/02/2011

You can obtain business information of foreign companies at the page D&B INTERNATIONAL

BUSINESS INFORMATION

Constitution

Incorporation date: 07/11/1956

Origin / Establishment

Establishment date: 01/01/1956

Founder’s Name: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO

Activity

Informa Code: 1651200

Informa Activity: Retail sale of clothes

NACE 2009 CODE: 4771

NACE 2009 Activity: Retail sale of clothing in specialised stores

Business: FABRICACION COMPRAVENTA Y EN GENERAL CUALQUIER CLASE DE COMERCIO, AL POR MENOR Y AL POR MAYOR YA SEA NACIONAL O INTERNACIONAL DE IMPORTACION O DE EXPORTACION ASI COMO CUALQUIER INDUSTRIAL RELACIONADOS CON TODA CLASE DE H

Employees

Latest employees figure: 5.574 (2013)

% of fixed employees: 62,99%

% of temporary employees: 37,01%

% of men: 20,89%

% of women: 79,11%

Employees evolution

Employees distribution

Source: Annual financial report 2011

CATEGORY	AVERAGE NUMBER OF EMPLOYEES	MEN	WOMEN
Gender distribution		944	3.574

COMMERCIAL OPERATIONS

SALES

National Distribution: 100%

Sales breakdown

El 90.51% de su cifra de negocio corresponde a la venta de tiendas.

El 8.98% de su cifra de negocio corresponde a las empresas del grupo y asociadas.

El 0.28% de su cifra de negocio corresponde a las mayoristas, uniformes y otros.

El 0.13% de su cifra de negocio corresponde a la prestación de servicios a terceros.

El 0.08% de su cifra de negocio corresponde a los arreglos.

El 0.02% de su cifra de negocio corresponde a la prestación de servicios al grupo.

Professional and advertising services

Source: Annual financial report 2011

    Professional services expenses: 4.353.000,00 €

     Advertising services expenses: 18.602.000,00 €

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.			MADRID

There are 1 bank entities registered at INFORMA D&B, S.A.

Summary of bank operations

Discount facilities: 0

Credit policy: 1

Mortgage loan: 0

Loans with no real security: 0

Bank operations

Debt type: Credit policy

Granted limit:5.000.000,00 € Used limit:0,00 € Available limit:5.000.000,00 € Source: Filed Accounts (2011)

There are 1 bank operations registered at INFORMA D&B, S.A.

Brands

FORMER NAMES: 

COMERCIAL ESPAÑOLA DEL VESTIDO SA

Brand name: CORTEFIEL MAGAZINE (Valid)

Type: JOINT    Scope: NATIONAL    Date: 18/07/2013

Brand name: CTF (Valid)

Type: JOINT    Scope: NATIONAL    Date: 07/03/2013

Brand name: ABERDEEN (Valid)

Type: JOINT    Scope: NATIONAL    Date: 05/03/2013

Brand name: MILANO (Valid)

Type: JOINT    Scope: NATIONAL    Date: 03/10/2012

Brand name: W SHAPE BY WOMEN’SECRET (Valid)

Type: JOINT    Scope: NATIONAL    Date: 17/09/2012

There are 37 brands, signs and commercial names at INFORMA D&B, S.A.

LEGAL STRUCTURE

Constitution Data

Register Date: 07/11/1956

Current structure data

Legal form: Joint-stock Company

Share capital: 262.574.209,95 €

Paid-up capital: 262.574.209,95 €

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: 1 (Last: 28/09/2006)

  Acts on administrators: 55 (Last: 18/06/2013, first: 05/05/1993)

  Acts on capital: 3 (Last: 14/05/2010, first: 11/08/2006)

  Acts on creation: 0

  Acts on filed accounts: 26 (Last: 12/04/2011, first: 15/01/1992)

  Acts on identification: 2 (Last: 28/09/2006, first: 02/08/1993)

  Acts on Information: 22 (Last: 05/11/2012, first: 05/05/1993)

  Acts on proceedings: 9 (Last: 28/09/2006, first: 04/05/2006)

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

Other acts

ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Resignations	18/06/2013	278289	Madrid
Appointments	14/06/2013	274383	Madrid
Resignations	14/06/2013	274383	Madrid
Appointments	07/06/2013	262305	Madrid
Resignations	07/06/2013	262305	Madrid
Appointments	06/03/2013	111851	Madrid
Website of the company	05/11/2012	452480	Madrid
Other concepts	05/11/2012	452480	Madrid
Appointments	05/11/2012	452480	Madrid
Appointments	30/10/2012	444103	Madrid

There are 118 acts registered at

PRESS ARTICLES

Press summary by type of information (last five years)

Legal notices: 0

Structural Data: 52 (Last: 12/09/2013, first: 17/01/2008)

Informative data: 22 (Last: 24/05/2013, first: 10/02/2009)

Financial Information: 17 (Last: 01/06/2013, first: 16/06/2008)

Negative information: 0

Business lines: 5 (Last: 26/03/2012, first: 12/03/2008)

Historical press releases: 42 (Last: 06/12/2007, first: 29/06/2006)

Latest press article published

12/09/2013 LA VANGUARDIA (Page 75) BRANCHES

CORTEFIEL anunció su entrada en el mercado estadounidense, donde quiere abrir 80 tiendas en 5 años, después de la compra de 68 tiendas de su socio en Rusia esta primavera pasada. El grupo español está acelerando su expansión internacional para captar nuevas oportunidades de crecimiento. El peso actual del negocio de la cía. fuera es del 47% y quiere llegar a alcanzar entre el 50% y el 55% el próximo año. 

30/07/2013 EL PERIÓDICO DE CATALUNYA - BRANCHES

El grupo CORTEFIEL ha llegado a un acuerdo con la cía. saudí AL HOKAIR GROUP para iniciar su plan de expansión de tiendas en Estados Unidos a partir de septiembre. Las primeras tiendas en abrir serán de la marca Cortefiel, mientras que el resto de enseñas entrarán en el mercado estadounidense a partir del 2014. En una primera fase, se abrirán 6 tiendas en la costa noreste, 5 de ellas en el estado de Nueva York (Albany, Syracuse, Wes Nyack, Buffalo y Poughkeepsie) y otra en la localidad de Holyoke, en Massachusetts.El acuerdo con AL HOKAIR GROUP supone abrir en 5 años más de 80 nuevas tiendas en el país. 

10/07/2013 SUR - BRANCHES

Sociedad Azucarera Larios Patrimonio S.L. ha firmado con GRUPO CORTEFIEL un contrato para el alquiler de un local de 678 m2 en la calle Marqués de Larios de Málaga por un periodo de 10 años. El edificio ubicará una tienda Springfield. CORTEFIEL apuesta así por una ubicación emblemática para su nueva tienda Springfield, la marca más joven y urbana del grupo, que en la actualidad está presente en 52 países con 887 puntos de venta, tanto tiendas propias como franquicias. 

20/06/2013 LA VANGUARDIA (Page 51) GOVERNING BODIES

Ansel van den Auwelant, presidente no ejecutivo de GRUPO CORTEFIEL, presentó el 19/06/13 la dimisión por motivos personales. La gestión de la compañía pasará al actual consejero delegado y vicepresidente del grupo, Juan Carlos Escribano García-Bosque. 

19/06/2013 EL PERIÓDICO DE CATALUNYA - GOVERNING BODIES

La compañía textil CORTEFIEL anunció el 18/06/13 la dimisión de su presidente no ejecutivo, Anselm van den Auwelant, que deja la compañía después de diez 10 años. Respecto a su sucesor, desde Cortefiel señalaron a Servimedia aunque todavía no existe decisión al respecto. 

There are 138 press articles registered for this company at INFORMA D&B, S.A.

Complementary Information

Corporate Social Responsibility

Esta empresa se adhirió al Pacto Mundial el 14/02/2002. (Fuente: Red Española del Pacto Mundial de Naciones Unidas).

Último informe de progreso presentado: Año 2011

Financial Information

El balance del Registro Mercantil cerrado a 28/02/2011 (Deposito 2011) esta disponible en INFORMA, pero existen datos en los nuevos estados contables incorrectamente presentados.

Current situation

Según Depósito de 28/02/2006 la sociedad permaneció inactiva durante dicho periodo.

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 16/07/2012.

SITUATION BALANCE-SHEET

Assets

Figures given in thousands €

	28/02/2011 (12)	% ASSETS	28/02/2010 (12)	% ASSETS	28/02/2009 (12)	% ASSETS
A) NON CURRENT ASSETS	897.842,00	81,65	944.546,00	82,26	937.100,00	74,70
I. Intangible assets	549.440,00	49,96	577.366,00	50,28	603.575,00	48,11
3. Patents, licences , trademarks and similars	250.372,00	22,77	273.360,00	23,81
4. Goodwill			260.157,00	22,66	260.157,00	20,74
5. Software	2.156,00	0,20	1.868,00	0,16	1.022,00	0,08
7. Other intangible assets	296.912,00	27,00	41.981,00	3,66	342.396,00	27,29
II. Tangible fixed assets	132.253,00	12,03	137.544,00	11,98	153.507,00	12,24
2. Technical fittings and other tangible assets	125.299,00	11,39	130.350,00	11,35	152.170,00	12,13
3. Fixed assets in progress and advances	6.954,00	0,63	7.194,00	0,63	1.337,00	0,11
III. Real-estate investments
IV. Long term investments in associated and affiliated companies	196.948,00	17,91	210.919,00	18,37	156.624,00	12,48
1. Net worth instruments	192.491,00	17,50	207.328,00	18,06	145.450,00	11,59
2. Credits to companies	4.457,00	0,41	3.591,00	0,31	11.174,00	0,89
V. Long Term Financial Investments	15.211,00	1,38	13.422,00	1,17	16.103,00	1,28
4. By-products	928,00	0,08			6,00	0,00
5. Other financial assets	14.283,00	1,30	13.422,00	1,17	13.343,00	1,06
6. Other investments					2.754,00	0,22
VI. Assets by deferred taxes	1.636,00	0,15	3.361,00	0,29	7.291,00	0,58
VII. Non current commercial debts	2.354,00	0,21	1.934,00	0,17
B) CURRENT ASSETS	201.838,00	18,35	203.705,00	17,74	317.437,00	25,30
I. Non-current assets maintained for sale					2.415,00	0,19
II. Stocks	69.793,00	6,35	66.150,00	5,76	85.146,00	6,79
1. Goods available for sale					85.146,00	6,79
4. Finished goods	69.793,00	6,35	66.150,00	5,76
b) Short production cycle	69.793,00	6,35	66.150,00	5,76
III. Trade Debtors and other receivable accounts	51.670,00	4,70	64.761,00	5,64	76.178,00	6,07
1. Clients	3.289,00	0,30	6.076,00	0,53	3.325,00	0,27
b) Clients for sales and short term services rendering	3.289,00	0,30	6.076,00	0,53	3.325,00	0,27
2. Clients group and associated companies	45.742,00	4,16	56.212,00	4,90	66.751,00	5,32
3. Other debts	765,00	0,07	1.183,00	0,10	3.759,00	0,30
4. Staff	407,00	0,04	169,00	0,01	416,00	0,03
6. Other credits with the Public Administrations	1.467,00	0,13	1.121,00	0,10	1.927,00	0,15
IV. Short term investments in associated and affiliated companies	180,00	0,02	8.499,00	0,74	1.165,00	0,09
2. Credits to companies			8.499,00	0,74	1.165,00	0,09
5. Other financial assets	180,00	0,02
V. Short term financial investments
VI. Short term periodifications	323,00	0,03	100,00	0,01	460,00	0,04
VII. Cash and equivalents	79.872,00	7,26	64.195,00	5,59	152.073,00	12,12
1. Treasury	39.820,00	3,62	4.595,00	0,40	3.573,00	0,28
2. Other cash equivalents	40.052,00	3,64	59.600,00	5,19	148.500,00	11,84
TOTAL ASSETS (A + B)	1.099.680,00	100,00	1.148.251,00	100,00	1.254.537,00	100,00

Net Worth and Liabilities

Figures given in thousands €

	28/02/2011 (12)	% ASSETS	28/02/2010 (12)	% ASSETS	28/02/2009 (12)	% ASSETS
A) NET WORTH	323.287,00	29,40	302.742,00	26,37	208.035,00	16,58
A-1) Equity	322.790,00	29,35	303.288,00	26,41	232.657,00	18,55
I. Capital	262.574,00	23,88	252.638,00	22,00	131.478,00	10,48
1. Authorized capital	262.574,00	23,88	252.638,00	22,00	131.478,00	10,48
II. Issue premium	6.456,00	0,59	6.456,00	0,56	6.456,00	0,51
III. Reserves	75.280,00	6,85	76.334,00	6,65	96.008,00	7,65
1. Legal and statutory			76.334,00	6,65	6.535,00	0,52
2. Other funds	75.280,00	6,85			89.473,00	7,13
IV. (Net worth own shares and participations)	-5.389,00	-0,49
V. Results from previous years	-32.140,00	-2,92	-1.285,00	-0,11
2. (Prior years losses)	-32.140,00	-2,92	-1.285,00	-0,11
VI. Other loans from partners
VII. Exercise Result	16.009,00	1,46	-30.855,00	-2,69	-1.285,00	-0,10
VIII. (Interim dividend)
IX. Other net worth instruments
A-2) Value changes adjustments	497,00	0,05	-546,00	-0,05	-24.622,00	-1,96
I. Financial assets available for sale
II. Coverage operations	497,00	0,05	-546,00	-0,05	-24.622,00	-1,96
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	564.912,00	51,37	658.236,00	57,33	840.775,00	67,02
I. Long term provisions	3.235,00	0,29	1.076,00	0,09	1.286,00	0,10
4. Other provisions	3.235,00	0,29	1.076,00	0,09	1.286,00	0,10
II. Long term debts	277.131,00	25,20	338.025,00	29,44	443.832,00	35,38
2. Debts with bank entities	275.673,00	25,07	335.285,00	29,20	437.999,00	34,91
4. By-products			1.282,00	0,11	4.302,00	0,34
5. Other financial liabilities	1.458,00	0,13	1.458,00	0,13	1.531,00	0,12
III. Long term debts with associated and affiliated companies	242.477,00	22,05	276.121,00	24,05	351.051,00	27,98
IV. Liabilities by deferred taxes	42.069,00	3,83	43.014,00	3,75	44.606,00	3,56
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	211.481,00	19,23	187.273,00	16,31	205.727,00	16,40
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions	2.206,00	0,20	2.227,00	0,19	136,00	0,01
III. Short term debts	20.613,00	1,87	8.501,00	0,74	16.102,00	1,28
2. Debts with bank entities	19.133,00	1,74	6.079,00	0,53	7.173,00	0,57
4. By-products	1.480,00	0,13	2.422,00	0,21	8.929,00	0,71
IV. Short term debts with associated and affiliated companies	113.549,00	10,33	113.482,00	9,88	134.606,00	10,73
V. Trade creditors and other payable accounts	70.504,00	6,41	58.470,00	5,09	54.533,00	4,35
1. Suppliers	36.682,00	3,34	30.979,00	2,70	32.130,00	2,56
b) Short term suppliers	36.682,00	3,34	30.979,00	2,70	32.130,00	2,56
4. Staff (pending remunerations)	12.869,00	1,17	15.540,00	1,35	10.141,00	0,81
6. Other debts with Public Administrations	20.953,00	1,91	11.951,00	1,04	12.262,00	0,98
VI. Short term periodifications	4.609,00	0,42	4.593,00	0,40	350,00	0,03
VII. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	1.099.680,00	100,00	1.148.251,00	100,00	1.254.537,00	100,00

PROFIT AND LOSS ACCOUNT

Figures given in thousands €

	28/02/2011 (12)	%OPERATING INCOME	28/02/2010 (12)	%OPERATING INCOME	28/02/2009 (12)	%OPERATING INCOME
A) CONTINUED OPERATIONS
1. Net Turnover	745.319,00	97,15	761.263,00	97,43	839.489,00	97,32
A) Sales	744.383,00	97,03	757.352,00	96,93	836.736,00	97,00
b) Services provided	936,00	0,12	3.911,00	0,50	2.753,00	0,32
2. Variation in stocks of finished goods and work in progress
3. Works for its own assets
4. Supplies	-370.041,00	-48,24	-392.486,00	-50,23	-443.976,00	-51,47
a) Material consumed	-366.042,00	-47,71	-402.579,00	-51,52	-441.141,00	-51,14
b) Raw materials consumed			-27.088,00	-3,47
d) Deterioration on merchandises, raw materials and other supplies	-3.999,00	-0,52	37.181,00	4,76	-2.835,00	-0,33
5. Other operating income	21.828,00	2,85	20.114,00	2,57	23.161,00	2,68
a) Other incomes	21.828,00	2,85			23.161,00	2,68
b) Operating grants included in the exercise result			20.114,00	2,57
6. Labour cost	-117.630,00	-15,33	-149.758,00	-19,17	-124.176,00	-14,39
a) Wages and similar expenses	-83.698,00	-10,91	-125.208,00	-16,02	-87.084,00	-10,09
b) Social costs	-23.497,00	-3,06	-24.550,00	-3,14	-37.092,00	-4,30
c) Provisions	-10.435,00	-1,36
7. Other operating costs	-197.513,00	-25,75	-196.973,00	-25,21	-192.413,00	-22,30
a) External services	-196.025,00	-25,55	-191.873,00	-24,56	-191.112,00	-22,15
b) Taxes	-1.488,00	-0,19	-5.100,00	-0,65	-1.301,00	-0,15
8. Amortization of fixed assets	-60.031,00	-7,83	-61.971,00	-7,93	-61.899,00	-7,18
9. Allocation of subventions on non financial investments and other
10. Provisions excess
11. Deterioration and result for fixed assets disposal	-1.251,00	-0,16	823,00	0,11	-12.806,00	-1,48
a) Deteriorations and losses			823,00	0,11	-12.806,00	-1,48
b) Results for disposals and others	-1.251,00	-0,16
12. Negative difference of business combinations
13. Other results
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	20.681,00	2,70	-18.988,00	-2,43	27.380,00	3,17
14. Financial income	37.045,00	4,83	29.243,00	3,74	72.795,00	8,44
a) From net worth instruments participations	36.199,00	4,72	28.514,00	3,65	70.651,00	8,19
a 1) On group and associated companies	36.199,00	4,72	28.514,00	3,65	70.651,00	8,19
b) From negotiable values and other financial instruments	846,00	0,11	729,00	0,09	2.144,00	0,25
b 1) From group and associated companies	323,00	0,04	332,00	0,04	829,00	0,10
b 2) From third parties	523,00	0,07	397,00	0,05	1.315,00	0,15
15. Financial expenses	-37.832,00	-4,93	-39.538,00	-5,06	-46.989,00	-5,45
a) For debts with associated and affiliated companies	-8.081,00	-1,05	-11.378,00	-1,46	-23.864,00	-2,77
b) For debts with third parties	-29.751,00	-3,88	-28.160,00	-3,60	-23.125,00	-2,68
16. Reasonable value variation on financial instruments	-14.346,00	-1,87	-10.147,00	-1,30	-51.366,00	-5,95
a) Negotiation portfolio and others	-14.346,00	-1,87	-10.147,00	-1,30	-51.366,00	-5,95
17. Exchange differences	1.716,00	0,22	-657,00	-0,08	547,00	0,06
18. Deterioration and result for disposal of financial instruments			-6.124,00	-0,78
a) Deteriorations and losses			-6.124,00	-0,78
19. Other financial income and expenses
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)	-13.417,00	-1,75	-27.223,00	-3,48	-25.013,00	-2,90
A.3) RESULT BEFORE TAXES (A.1 + A.2)	7.264,00	0,95	-46.211,00	-5,91	2.367,00	0,27
20. Taxes on profits	8.888,00	1,16	18.594,00	2,38	10.481,00	1,21
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20)	16.152,00	2,11	-27.617,00	-3,53	12.848,00	1,49
B) DISCONTINUED OPERATIONS
21. Net of taxes exercise result coming from discontinued operations	-143,00	-0,02	-3.238,00	-0,41	-14.133,00	-1,64
A.5) EXERCISE RESULT (A.4 + 21)	16.009,00	2,09	-30.855,00	-3,95	-1.285,00	-0,15

NET WORTH CHANGES STATUS

Status of recognized income and expenses

Figures given in thousands €

NET WORTH CHANGES (1/3)	28/02/2011 (12)	28/02/2010 (12)	28/02/2009 (12)
A) PROFIT AND LOSS ACCOUNT RESULT	16.009,00	-30.855,00	-1.285,00
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH
I. For valuation of financial instruments	1.043,00
2. Other income / expenses	1.043,00
II. Cash flow coverage
III. Received legacies, grants and subventions
IV. For actuarial profits and losses and other adjustments	-1.054,00
V. Non-current assets and related liabilities, maintained for sale
VI. Conversion differences			-12.541,00
VII. Tax effect
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII)	-11,00	4.402,00	-12.541,00
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)	15.998,00	-26.463,00	-13.826,00

TOTAL NET WORTH CHANGES STATUS

Figures given in thousands €

NET WORTH CHANGES ( 2 /3)	AUTHORIZED CAPITAL	ISSUE PREMIUM	RESERVES	(NET WORTH OWN SHARES AND PARTICIPATIONS)
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	131.478,00	6.469,00	46.038,00
I. Adjustments by change of criteria in the exercise (2008)		-13,00
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)	131.478,00	6.456,00	46.038,00
I. Total recognized income and expenses
II. Operations with partners or owners
III. Other net worth variations			49.970,00
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	131.478,00	6.456,00	83.927,00
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)
I. Total recognized income and expenses
II. Operations with partners or owners	121.160,00
1. Capital Increases	121.160,00
7. Other operations with partners or owners
III. Other net worth variations			-7.593,00
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	252.638,00	6.456,00	76.334,00
I. Adjustments by change of criteria in the exercise (2010)
II. Adjustments by errors in the exercise (2010)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2011)	252.638,00	6.456,00	76.334,00
I. Total recognized income and expenses
II. Operations with partners or owners	9.936,00		-1.054,00	-5.389,00
1. Capital Increases	9.936,00
2. (-) Capital reductions			-1.054,00
4. (-) Dividends distribution
7. Other operations with partners or owners				-5.389,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	262.574,00	6.456,00	75.280,00	-5.389,00
NET WORTH CHANGES ( 3 /3)	RESULTS FROM PREVIOUS YEARS	EXERCISE RESULT	VALUE CHANGES ADJUSTMENT	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2008)		49.970,00		233.955,00
I. Adjustments by change of criteria in the exercise (2008)			-12.081,00	-12.094,00
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)		49.970,00	-12.081,00	221.861,00
I. Total recognized income and expenses		-1.285,00	-12.541,00	-13.826,00
II. Operations with partners or owners
III. Other net worth variations		-49.970,00
FINAL ACCOUNT BALANCE OF EXERCISE (2009)		-1.285,00	-12.541,00	208.035,00
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)
I. Total recognized income and expenses		-30.855,00		-30.855,00
II. Operations with partners or owners	-1.285,00	1.285,00		121.160,00
1. Capital Increases				121.160,00
7. Other operations with partners or owners	-1.285,00	1.285,00
III. Other net worth variations			11.995,00	4.402,00
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	-1.285,00	-30.855,00	-546,00	302.742,00
I. Adjustments by change of criteria in the exercise (2010)
II. Adjustments by errors in the exercise (2010)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2011)	-1.285,00	-30.855,00	-546,00	302.742,00
I. Total recognized income and expenses		16.009,00		16.009,00
II. Operations with partners or owners	-30.855,00	30.855,00		3.493,00
1. Capital Increases				9.936,00
2. (-) Capital reductions				-1.054,00
4. (-) Dividends distribution	-30.855,00			-30.855,00
7. Other operations with partners or owners		30.855,00		25.466,00
III. Other net worth variations			1.043,00	1.043,00
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	-32.140,00	16.009,00	497,00	323.287,00

CASH FLOW STATUS

Figures given in thousands €

	28/02/2011 (12)	28/02/2010 (12)	28/02/2009 (12)
A) CASH FLOW COMING FROM OPERATING ACTIVITIES
1. exercise result before taxes	7.121,00	-49.449,00	2.367,00
2. Results adjustments	76.730,00	92.274,00	109.513,00
a) Amortization of fixed assets (+)	60.031,00	62.200,00	63.319,00
b) Value correction for deterioration (+/-)	-953,00	-2.522,00	20.457,00
c) Change of Provisions (+/-)	2.415,00	2.091,00
e) Results for decline and disposal of fixed assets (+/-)	2.204,00	3.282,00	724,00
f) Results for decline and disposal of financial instruments (+/-)		6.124,00
g) Financial income (-)	-37.045,00	-29.243,00	-72.795,00
f) Financial expenses (+)	37.832,00	39.538,00	46.989,00
i) Change difference (+/-)	-1.716,00	657,00	-547,00
j) Reasonable value variation on financial instruments (+/-)	13.962,00	10.147,00	51.366,00
3. Changes in current capital	30.276,00	98.762,00	-69.400,00
a) Stocks (+/-)	-3.643,00	18.996,00	15.295,00
b) Debtors and other receivable accounts (+/-)	22.474,00	30.081,00	-11.347,00
c) Other current assets (+/-)	-223,00	360,00	618,00
d) Creditors and other payable accounts (+/-)	3.094,00	49.099,00	-72.849,00
e) Other current liabilities (+/-)	8.574,00	226,00	-1.117,00
4. Other cash flow coming from operating activities	5.182,00	-7.271,00	15.519,00
a) Interests payments (-)	-31.863,00		-43.690,00
b) Dividends collections (+)	36.199,00	28.514,00	70.651,00
c) Interests collections (+)	846,00	729,00	2.691,00
d) Collections (payments) for profit tax (+/-)			-14.133,00
e) Other payments (collections) (-/+)		-36.514,00
5. Cash flow coming from operating activities (1 + 2 + 3 + 4)	119.309,00	134.316,00	57.999,00
B) CASH FLOW COMING FROM INVESTING ACTIVITIES
6. Investment payments (-)	-72.102,00	-138.966,00	-73.433,00
a) Group and associated companies	-37.325,00	-103.319,00	-35.585,00
b) Intangible assets	-1.047,00	-1.485,00	-1.084,00
c) Tangible assets	-27.069,00	-20.217,00	-35.815,00
d) Real state investments	-4.687,00
e) Other financial assets	-1.974,00	-545,00	-949,00
7. Disinvestment collections (+)	51.211,00	31.299,00	31.847,00
a) Group and associated companies	50.468,00	29.099,00	30.547,00
c) Tangible assets	51,00	914,00	617,00
e) Other financial assets	692,00	1.286,00	683,00
8. Cash Flow in investment activities (6 + 7)	-20.891,00	-94.267,00	-41.586,00
C) CASH FLOW COMING FROM FINANCING ACTIVITIES
9. Net worth instruments collections and payments	3.493,00
a) Net worth instruments issue (+)	8.882,00
c) Own net worth instruments acquisition (-)	-5.389,00
10. Financial liabilities instruments collections and payments	-84.455,00	-123.072,00	66.572,00
a) Issue			105.225,00
2. Debts with bank entities (+)			105.158,00
5. Other debts (+)			67,00
b) Return and amortization of	-84.455,00	-123.072,00	-38.653,00
2. Debts with bank entities (-)	-50.811,00	-107.489,00
3. Debts with group and associated companies (-)	-33.644,00	-15.502,00	-35.638,00
5. Other debts (-)		-81,00	-3.015,00
11. Payments for dividends and remunerations of other net worth instruments	-1.779,00	-4.855,00
a) Dividends (-)	-1.779,00	-4.855,00
12. Cash Flow in financing activities (9 + 10 + 11)	-82.741,00	-127.927,00	66.572,00
D) Exchange rate variations effect
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D)	15.977,00	-87.878,00	82.985,00
Cash or equivalents at the beginning of the exercise	64.195,00	152.073,00	69.088,00
Cash or equivalents at the end of the exercise	79.872,00	64.195,00	152.073,00

RATIOS

	28/02/2011 (12)	CHANGE %	28/02/2010 (12)	CHANGE %	28/02/2009 (12)
BALANCE RATIOS
Working Capital (€)	-9.643,00	-158,68	16.432,00	-85,29	111.710,00
Working capital ratio	-0,01	-200,00	0,01	-88,89	0,09
Soundness Ratio	0,36	12,50	0,32	28,00	0,25
Average Collection Period (days)	25	-18,82	31	-6,59	33
Average Payment Period (days)	117	10,96	105	-1,68	107
LIQUIDITY RATIOS
Current Ratio (%)	95,44	-12,26	108,77	-29,51	154,30
Quick Ratio (%)	37,77	10,18	34,28	-53,63	73,92
DEBT RATIOS
Borrowing percentage (%)	59,45	-7,27	64,11	-14,94	75,37
External Financing Average Cost	0,06	20,00	0,05	0,00	0,05
Debt Service Coverage	5,48	0,00	5,48	-66,38	16,30
Interest Coverage	0,55	214,58	-0,48	-182,76	0,58
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	16,01	-9,24	17,64	155,28	6,91
Auto financing generated by Assets (%)	10,85	-7,26	11,70	153,25	4,62
Breakdown Point	1,03	5,10	0,98	-4,85	1,03
Average Sales Volume per Employee	131,38	-21,45	167,25	11,05	150,61
Average Cost per Employee	20,74	-36,96	32,90	47,67	22,28
Assets Turnover	0,68	3,03	0,66	-1,49	0,67
Inventory Turnover (days)	68	11,83	61	-11,98	69
RESULTS RATIOS
Return on Assets (ROA) (%)	1,88	213,94	-1,65	-175,69	2,18
Operating Profitability (%)	7,23	89,27	3,82	-37,38	6,10
Return on Equity (ROE) (%)	2,25	114,76	-15,24	-1.594,12	1,02

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2011)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	81,65	74,44	7,21
A) CURRENT ASSETS	18,35	25,56	-7,21
LIABILITIES
A) NET WORTH	29,40	38,86	-9,46
B) NON CURRENT LIABILITIES	51,37	32,05	19,32
C) CURRENT LIABILITIES	19,23	29,09	-9,86

Results Analytical Account

Figures given in  %

	COMPANY (2011)	SECTOR	DIFFERENCE
Net Turnover	97,15	98,74	-1,59
Other operating income	2,85	1,26	1,59
OPERATING INCOME	100,00	100,00	0,00
Supplies	-48,24	-51,19	2,95
Variation in stocks of finished goods and work in progress		-0,09
GROSS MARGIN	51,76	48,73	3,03
Other operating costs	-25,75	-20,28	-5,47
Labour cost	-15,33	-14,50	-0,83
GROSS OPERATING RESULT	10,68	13,95	-3,27
Amortization of fixed assets	-7,83	-4,54	-3,29
Deterioration and result for fixed assets disposal	-0,16	-0,18	0,02
Other expenses / income		0,00
NET OPERATING RESULT	2,70	9,22	-6,52
Financial result	-1,75	-0,25	-1,50
RESULT BEFORE TAX	0,95	8,98	-8,03
Taxes on profits	1,16	-1,92	3,08
RESULT COMING FROM CONTINUED OPERATIONS	2,11	7,06	-4,95
Exercise result coming from discontinued operations net of taxes	-0,02	0,00	-0,02
NET RESULT	2,09	7,06	-4,97
Amortization of fixed assets	-7,83	-4,54	-3,29
Deterioration and provisions variation	-0,52	-0,05	-0,47
	10,43	11,65	-1,22

Main Ratios

Figures given in thousands  €

	COMPANY (2011)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	-9.643,00	-11.675,15	-317,56	10.325,82
Working capital ratio	-0,01	-0,11	0,00	0,19
Soundness Ratio	0,36	0,38	0,62	0,97
Average Collection Period (days)	25	1	5	26
Average Payment Period (days)	117	64	93	131
LIQUIDITY RATIOS
Current Ratio (%)	95,44	73,47	97,77	184,03
Quick Ratio (%)	37,77	4,79	8,61	24,13
DEBT RATIOS
Borrowing percentage (%)	59,45	9,15	21,52	51,26
External Financing Average Cost	0,06	0,00	0,03	0,05
Debt Service Coverage	5,48	0,19	0,79	4,20
Interest Coverage	0,55	-2,13	4,50	306,65
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	16,01	3,90	8,82	15,61
Auto financing generated by Assets (%)	10,85	4,75	10,92	21,11
Breakdown Point	1,03	0,99	1,04	1,17
Average Sales Volume per Employee	131,38	92,87	125,18	172,51
Average Cost per Employee	20,74	18,81	21,00	24,38
Assets Turnover	0,68	1,04	1,64	1,99
Inventory Turnover (days)	68	43	78	130
RESULTS RATIOS
Return on Assets (ROA) (%)	1,88	-1,95	3,27	19,75
Operating Profitability (%)	7,23	4,46	11,50	23,98
Return on Equity (ROE) (%)	2,25	-3,21	5,37	51,60

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.38
UK Pound	1	Rs.100.86
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

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

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

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

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

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

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