MIRA INFORM REPORT

Report Date :

12.04.2014

IDENTIFICATION DETAILS

Name :	SUCESORES DE SIMON FRANCO SA

Registered Office :	Constitucion, 5 - Cuarte De Huerva - 50410 – Zaragoza

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	18.04.1994

Legal Form :	Private limited company

Line of Business :	Wholesaler of metals and metal ores Manufacturer and Marketing of Jewellery

No of Employees :	25

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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 – december 01, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Spain

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

SPAIN - ECONOMIC OVERVIEW

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

Source : CIA

EXECUTIVE SUMMARY

Name:

SUCESORES DE SIMON FRANCO SA

NIF / Fiscal code:

A50589951

Status:

ACTIVE

Incorporation Date:

18/04/1994

Register Data

Last Publication in BORME:

16/07/2013 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

60.101,21

Localization:

CONSTITUCION, 5 - CUARTE DE HUERVA - 50410 - ZARAGOZA

Telephone - Fax - Email - Website:

Ph.:. 976505344

Activity:

NACE:

4672 - Wholesale of metals and metal ores

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

1 for a total cost of 9165.79

Quality Certificate:

Rating and Risk:

Default Risk:

2.635%

Maximum recommended commercial credit:

360.000

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

EVA VILLANOVA VALERO

LUIS TORRES FRANCO

Enquiry Details

Identification

Social Denomination:

SUCESORES DE SIMON FRANCO SA

NIF / Fiscal code:

A50589951

Corporate Status:

ACTIVE

Start of activity:

1994

Registered Office:

CONSTITUCION, 5

Locality:

CUARTE DE HUERVA

Province:

ZARAGOZA

Postal Code:

50410

Telephone:

976505344

Branch Offices

Activity

NACE:

4672

CNAE Obtaining Source:

4672

Additional Information:

It is engaged in the manufacture and marketing of jewellery.

Additional Address:

AVDA CONSTITUCION, 5 , 50410 CUARTE DE HUERVA (ZARAGOZA), registered office, offices, workshop and other premises, rented.

Import / export:

EXPORTS

Future Perspective:

Product / service improvement

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1994

Appointments/ Re-elections (2) Company Formation (1)

1995

Accounts deposit (ejer. 1994)

1996

Accounts deposit (ejer. 1995) Change of Social address (1)

1997

Accounts deposit (ejer. 1996) Appointments/ Re-elections (1)

1999

Appointments/ Re-elections (2) Closing of Page of Property Register (1)

2000

Accounts deposit (ejer. 1997, 1998, 1999)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (1) Dividends Payment (1)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (2)

2003

Accounts deposit (ejer. 2002) Appointments/ Re-elections (1)

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (3)

2006

Accounts deposit (ejer. 2004, 2005) Appointments/ Re-elections (2)

2008

Accounts deposit (ejer. 2006) Appointments/ Re-elections (1)

2009

Accounts deposit (ejer. 2007) Appointments/ Re-elections (3)

2010

Accounts deposit (ejer. 2008) Appointments/ Re-elections (1)

2011

Accounts deposit (ejer. 2009) Appointments/ Re-elections (1)

2012

Accounts deposit (ejer. 2010) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Statutory Modifications (1)

2013

Accounts deposit (ejer. 2011, 2012) Appointments/ Re-elections (2)

Breakdown of Owners' Equity

Registered Capital:

60.101,21

Paid up capital:

60.101,21

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1080

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

30/05/1994

Company Formation

60.101

15.025

60.101

15.025

11/09/2001

Capital call payment

---

45.076

60.101

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

TORRES FRANCO JOSE LUIS

26/06/2012

MEMBER OF THE BOARD

TORRES FRANCO JOSE LUIS

26/06/2012

TORRES VILLANOVA LUIS

26/06/2012

VILLANOVA VALERO MARIA EVA

26/06/2012

JOINT ATTORNEY/COMBINED PROXY

TORRES VILLANOVA LUIS

20/05/2002

VILLANOVA VALERO EVA

20/05/2002

CHIEF EXECUTIVE OFFICER

VILLANOVA VALERO MARIA EVA

26/06/2012

SECRETARY

VILLANOVA VALERO MARIA EVA

26/06/2012

ACCOUNTS' AUDITOR / HOLDER

AUDITORIAS INTEGRADAS XXI SL

05/07/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

MERCADAL MAIRAL FERNANDO

ACCOUNTS' AUDITOR / HOLDER

04/01/2008

ACCOUNTS' AUDITOR / HOLDER

12/05/2009

ACCOUNTS' AUDITOR / HOLDER

06/03/2001

ACCOUNTS' AUDITOR / HOLDER

10/12/2002

ACCOUNTS' AUDITOR / HOLDER

02/06/2003

ACCOUNTS' AUDITOR / HOLDER

07/01/2004

ACCOUNTS' AUDITOR / HOLDER

25/11/2004

ACCOUNTS' AUDITOR / HOLDER

11/01/2006

ACCOUNTS' AUDITOR / HOLDER

24/10/2006

ACCOUNTS' AUDITOR / HOLDER

12/01/2010

ACCOUNTS' AUDITOR / HOLDER

12/01/2011

ACCOUNTS' AUDITOR / HOLDER

05/07/2013

ACCOUNTS' AUDITOR / HOLDER

05/07/2013

SANCHEZ LAZARO DOMINGO

DEPUTY ACCOUNTS' AUDITOR

12/05/2009

DEPUTY ACCOUNTS' AUDITOR

11/01/2006

DEPUTY ACCOUNTS' AUDITOR

24/10/2006

DEPUTY ACCOUNTS' AUDITOR

04/01/2008

SANCHEZ LAZARO DOMINGO LUIS

ACCOUNTS' AUDITOR / HOLDER

06/03/2001

DEPUTY ACCOUNTS' AUDITOR

06/03/2001

DEPUTY ACCOUNTS' AUDITOR

10/12/2002

DEPUTY ACCOUNTS' AUDITOR

02/06/2003

DEPUTY ACCOUNTS' AUDITOR

07/01/2004

DEPUTY ACCOUNTS' AUDITOR

25/11/2004

DEPUTY ACCOUNTS' AUDITOR

11/01/2006

SANCHEZ LAZARO FRANCISCO JAVIER

DEPUTY ACCOUNTS' AUDITOR

12/01/2010

DEPUTY ACCOUNTS' AUDITOR

12/01/2011

DEPUTY ACCOUNTS' AUDITOR

05/07/2013

DEPUTY ACCOUNTS' AUDITOR

05/07/2013

TORRES FRANCO JOSE LUIS

SINGLE ADMINISTRATOR

26/06/2012

SINGLE ADMINISTRATOR

29/04/2009

SINGLE ADMINISTRATOR

19/10/2004

SINGLE ADMINISTRATOR

31/12/1999

VILLANOVA VALERO EVA

PROXY

31/12/1999

PROXY

20/05/2002

Defaults, Legal Claims and Insolvency Proceedings

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

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Basis for rating

Positive Factors

Adverse Factors

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

It has been found to have regular payment performance and has paid all of its debts in a timely manner.

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

Generates cash and cash equivalents through operating income. An increase in this ratio would indicate an improvement in the Company´s financial situation.

Related companies without judicial claims . Neither judicial, administrative claims nor serious actions against companies related to the entity have been published in BORME, which indicates a tendency to meet their obligations.

SUCESORES DE SIMON FRANCO SA it presents an excessive indebtedness that may compromise their balance sheet.

The current debt represents a 6.9865597e-001f the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency.

It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets.

It does not have any financial profitability.. SUCESORES DE SIMON FRANCO SAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 2.635 %

> Latest Rating Changes :

Sector in which comparison is carried out :

467 Other specialised wholesale

wordml://2252

Relative Position:

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

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

The 56.00% of the companies of the sector SUCESORES DE SIMON FRANCO SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2.63%.

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

Recommended commercial credit

Favourable until 360.000 € (Guideline value of outstanding commercial balance that axesor recommends be awarded to or maintained with the company queried)

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Guarantees

References

Link List

IS RELATED WITH:

2 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

EVA VILLANOVA VALERO

LUIS TORRES FRANCO

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

PROMOCIONES RILUECA SL

ZARAGOZA

ALIANZAS SSF SL

ZARAGOZA

Turnover

Total Sales 2013

25.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

September 2013

2011

Normales

August 2013

2010

Normales

May 2012

2009

Normales

April 2011

2008

Normales

July 2010

2007

Normales

April 2009

2006

Normales

January 2008

2005

Normales

November 2006

2004

Normales

December 2005

2003

Normales

November 2004

2002

Normales

August 2003

2001

Normales

December 2002

2000

Normales

September 2001

1999

Normales

September 2000

1998

Normales

December 1999

1997

Normales

December 1999

1996

Normales

September 1997

1995

Normales

August 1996

1994

Normales

September 1995

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

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

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

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

1.338.128,00

476.484,00

499.587,00

600.190,00

559.151,00

I. Intangible fixed assets : 11100

16.987,00

9.307,00

13.733,00

18.159,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

16.987,00

9.307,00

13.733,00

18.159,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

454.648,00

466.327,00

489.431,00

493.596,00

540.142,00

1. Land and buildings: 11210

317.871,00

327.802,00

337.732,00

347.662,00

359.110,00

2. Technical installations and other tangible fixed assets: 11220

136.777,00

138.526,00

151.699,00

145.934,00

181.032,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

317.898,00

0,00

1. Land: 11310

0,00

2. Buildings: 11320

317.898,00

0,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

437.815,00

850,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

436.965,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

850,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

110.781,00

0,00

92.011,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

12.328.192,00

11.297.590,00

11.125.717,00

10.562.214,00

14.644.805,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.232.841,00

2.245.205,00

1.187.554,00

870.134,00

1.114.248,00

1. Commercial: 12210

2.232.841,00

2.245.205,00

1.187.554,00

870.134,00

1.114.248,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

9.095.921,00

8.774.149,00

9.721.250,00

9.623.150,00

13.376.750,00

1. Trade debtors / accounts receivable: 12310

8.856.037,00

8.570.547,00

9.741.902,00

9.584.698,00

13.347.751,00

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

0,00

b) Customers for sales and provisions of services : 12312

8.856.037,00

8.570.547,00

9.741.902,00

9.584.698,00

13.347.751,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

30.212,00

3.372,00

38.452,00

0,00

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

209.672,00

200.230,00

-24.023,00

0,00

29.000,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

147.642,00

95.895,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

147.642,00

95.895,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

851.788,00

182.341,00

216.912,00

68.930,00

153.807,00

1. Treasury: 12710

851.788,00

182.341,00

216.912,00

68.930,00

153.807,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

13.666.320,00

11.774.074,00

11.625.305,00

11.162.404,00

15.203.956,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

3.814.752,00

4.079.863,00

3.576.883,00

3.383.595,00

3.650.619,00

A-1) Shareholders' equity: 21000

3.814.752,00

4.079.863,00

3.576.883,00

3.383.595,00

3.650.619,00

I. Capital: 21100

60.101,00

1. Registered capital : 21110

60.101,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

3.886.571,00

3.254.118,00

3.086.479,00

1. Legal y estatutarias: 21310

12.020,00

2. Other reserves: 21320

3.874.551,00

3.242.098,00

3.074.459,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

429.244,00

262.664,00

69.376,00

336.400,00

167.639,00

1. Brought forward: 21510

502.981,00

336.400,00

167.639,00

2. (Negative results from previous periods): 21520

-73.736,00

-267.024,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-561.165,00

502.981,00

193.288,00

-267.024,00

336.400,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

303.512,00

96.163,00

134.871,00

193.621,00

639.797,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

303.512,00

96.163,00

134.871,00

193.621,00

639.797,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

221.122,00

96.163,00

134.871,00

156.607,00

190.028,00

3. Creditors from financial leasing: 31230

0,00

37.013,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

82.390,00

0,00

412.756,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

9.548.056,00

7.598.048,00

7.913.551,00

7.585.189,00

10.913.540,00

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

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

6.041.199,00

3.923.196,00

4.957.482,00

4.309.370,00

6.522.506,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

6.046.598,00

3.921.074,00

4.718.425,00

4.172.146,00

6.315.705,00

3. Creditors from financial leasing: 32330

0,00

11.526,00

1.162,00

24.039,00

4. Derivatives : 32340

5.059,00

0,00

36.310,00

0,00

5. Other financial liabilities : 32350

-10.457,00

2.122,00

191.222,00

136.062,00

182.762,00

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

0,00

V. Trade creditors and other accounts payable: 32500

3.506.857,00

3.674.851,00

2.956.068,00

3.275.819,00

4.391.034,00

1. Suppliers: 32510

3.379.673,00

2.811.409,00

2.743.737,00

3.094.436,00

3.995.546,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

3.379.673,00

2.811.409,00

2.743.737,00

3.094.436,00

3.995.546,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

0,00

4. Personnel (remuneration due): 32540

54.052,00

36.103,00

43.439,00

33.152,00

-768,00

5. Liabilities for current tax: 32550

0,00

30.613,00

0,00

104.014,00

6. Otras deudas con las Administraciones Públicas. : 32560

73.132,00

796.726,00

168.892,00

148.230,00

292.242,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

13.666.320,00

11.774.074,00

11.625.305,00

11.162.404,00

15.203.956,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

22.316.848,00

17.195.271,00

16.748.259,00

16.036.919,00

22.778.647,00

2. Changes in stocks of finished goods and work in progress: 40200

0,00

3. Works carried out by the company for its assets: 40300

0,00

4. Supplies : 40400

-21.208.564,00

-14.118.259,00

-14.598.630,00

-14.199.135,00

-20.686.402,00

5. Other operating income: 40500

103.367,00

79.510,00

72.027,00

132.352,00

254.560,00

6. Personnel costs: 40600

-923.749,00

-904.765,00

-850.525,00

-752.377,00

-847.028,00

7. Other operating costs: 40700

-1.006.893,00

-832.942,00

-643.683,00

-1.189.570,00

-535.156,00

8. Amortisation of fixed assets: 40800

-46.134,00

-49.866,00

-52.148,00

-67.772,00

-79.468,00

9. Allocation of subsidies of non-financial fixed assets and other: 40900

0,00

10. Excess provisions : 41000

0,00

11. Impairment and result of transfers of fixed assets: 41100

0,00

-11.137,00

-3.414,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

364.371,00

-442.312,00

98.071,00

-21.142,00

19.558,00

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

-400.754,00

926.637,00

762.234,00

-64.139,00

904.710,00

14. Financial income : 41400

74,00

29,00

1,00

30,00

10,00

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

0,00

b) Other financial income: 41490

74,00

29,00

1,00

30,00

10,00

15. Financial expenditure: 41500

-192.785,00

-366.416,00

-299.282,00

-253.734,00

-399.865,00

16. Changes in fair value of financial instruments : 41600

-5.059,00

-13.329,00

-36.310,00

0,00

17. Exchange rate differences : 41700

-73.423,00

16.787,00

-112.932,00

-41.193,00

-11.729,00

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

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19) : 49200

-271.192,00

-362.929,00

-448.523,00

-294.896,00

-411.584,00

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

-671.946,00

563.707,00

313.711,00

-359.035,00

493.127,00

20. Income taxes: 41900

110.781,00

-60.727,00

-120.424,00

92.011,00

-156.727,00

D) RESULT OF THE PERIOD (C + 20) : 49500

-561.165,00

502.981,00

193.288,00

-267.024,00

336.400,00

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

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

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

1.227.348,00

476.484,00

499.587,00

508.179,00

559.151,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

16.987,00

9.307,00

13.733,00

18.159,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

16.987,00

9.307,00

13.733,00

18.159,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

772.546,00

466.327,00

489.431,00

493.596,00

540.142,00

1. Land and construction:

635.769,00

327.802,00

337.732,00

347.662,00

359.110,00

2. Technical installations and machinery:

136.777,00

138.526,00

151.699,00

145.934,00

181.032,00

3. Other installations, tools and furniture:

0,00

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

0,00

5. Other tangible assets:

0,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

437.815,00

850,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

6. Other receivables:

436.965,00

0,00

7. Long term guarantees and deposits:

850,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

12.438.972,00

11.297.590,00

11.125.717,00

10.654.225,00

14.644.805,00

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

0,00

II. Stocks:

2.232.841,00

2.245.205,00

1.187.554,00

870.134,00

1.114.248,00

1. Goods for resale:

2.232.841,00

2.245.205,00

1.187.554,00

870.134,00

1.114.248,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

9.206.702,00

8.774.149,00

9.721.250,00

9.715.162,00

13.376.750,00

1. Trade debtors / accounts receivable:

8.856.037,00

8.570.547,00

9.741.902,00

9.584.698,00

13.347.751,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

350.666,00

203.602,00

-20.652,00

130.464,00

29.000,00

7. Provisions:

0,00

IV. Short-term investments:

147.642,00

95.895,00

0,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

147.642,00

95.895,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

851.788,00

182.341,00

216.912,00

68.930,00

153.807,00

VII. Prepayments and accrued income:

0,00

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

13.666.320,00

11.774.074,00

11.625.305,00

11.162.404,00

15.203.956,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

3.819.810,00

4.079.863,00

3.613.193,00

3.383.595,00

3.650.619,00

I. Subscribed capital:

60.101,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

3.891.630,00

3.254.118,00

3.290.428,00

3.254.118,00

3.086.479,00

1. Legal reserve:

12.020,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

3.879.610,00

3.242.098,00

3.278.408,00

3.242.098,00

3.074.459,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

429.244,00

262.664,00

69.376,00

336.400,00

167.639,00

1. Retained earnings:

502.981,00

336.400,00

167.639,00

2. Prior year losses:

-73.736,00

-267.024,00

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

-561.165,00

502.981,00

193.288,00

-267.024,00

336.400,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

303.512,00

96.163,00

134.871,00

193.621,00

639.797,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

221.122,00

96.163,00

134.871,00

193.621,00

227.041,00

1. Loans and other liabilities:

221.122,00

96.163,00

134.871,00

156.607,00

190.028,00

2. Long-term liabilities from capital leases:

0,00

37.013,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

82.390,00

0,00

412.756,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

82.390,00

0,00

412.756,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

9.542.997,00

7.598.048,00

7.877.241,00

7.585.189,00

10.913.540,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

6.046.598,00

3.921.074,00

4.729.951,00

4.173.308,00

6.339.744,00

1. Loans and other liabilities:

6.046.598,00

3.921.074,00

4.718.425,00

4.172.146,00

6.315.705,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

11.526,00

1.162,00

24.039,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

3.379.673,00

2.811.409,00

2.743.737,00

3.094.436,00

3.995.546,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

3.379.673,00

2.811.409,00

2.743.737,00

3.094.436,00

3.995.546,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

116.727,00

865.564,00

403.553,00

317.444,00

578.250,00

1. Public bodies:

73.132,00

827.339,00

168.892,00

148.230,00

396.256,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

-10.457,00

2.122,00

191.222,00

136.062,00

182.762,00

4. Wages and salaries payable:

54.052,00

36.103,00

43.439,00

33.152,00

-768,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

13.666.320,00

11.774.074,00

11.625.305,00

11.162.404,00

15.203.956,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

23.345.825,00

16.788.616,00

16.725.071,00

16.436.325,00

22.716.375,00

A.1. Operating consumption:

21.208.564,00

14.118.259,00

14.598.630,00

14.199.135,00

20.686.402,00

A.2. Staff Costs:

923.749,00

904.765,00

850.525,00

752.377,00

847.028,00

a) Wages, salaries et al.:

753.827,00

738.336,00

694.073,00

626.338,00

688.532,00

b) Social security costs:

169.922,00

166.430,00

156.452,00

126.039,00

158.495,00

A.3. Depreciation expense:

46.134,00

49.866,00

52.148,00

67.772,00

79.468,00

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

0,00

A.5. Other operating charges:

1.006.893,00

832.942,00

643.683,00

1.189.570,00

535.156,00

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

0,00

1.368.948,00

675.301,00

0,00

885.153,00

A.6. Financial and similar charges:

192.785,00

366.416,00

299.282,00

253.734,00

399.865,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

192.785,00

366.416,00

299.282,00

253.734,00

399.865,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

5.059,00

13.329,00

36.310,00

0,00

A.8. Exchange losses:

73.423,00

0,00

112.932,00

41.193,00

11.729,00

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

0,00

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

0,00

1.006.019,00

226.778,00

0,00

473.569,00

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

0,00

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

0,00

11.137,00

3.414,00

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

442.312,00

0,00

21.142,00

0,00

A.13. Prior year expenses and losses:

0,00

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

364.371,00

0,00

86.934,00

0,00

19.558,00

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

0,00

563.707,00

313.711,00

0,00

493.127,00

A.14. Corporation Tax:

-110.781,00

60.727,00

120.424,00

-92.011,00

156.727,00

A.15. Miscellaneous taxes:

0,00

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

0,00

502.981,00

193.288,00

0,00

336.400,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

22.784.661,00

17.291.597,00

16.918.359,00

16.169.301,00

23.052.775,00

B.1. Operating income:

22.420.215,00

17.274.781,00

16.820.286,00

16.169.270,00

23.033.207,00

a) Net total sales:

22.316.848,00

17.195.271,00

16.748.259,00

16.036.919,00

22.778.647,00

b) Miscellaneous operating income:

103.367,00

79.510,00

72.027,00

132.352,00

254.560,00

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

765.125,00

0,00

39.584,00

0,00

B.2. Financial income:

74,00

29,00

1,00

30,00

10,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

74,00

29,00

1,00

30,00

10,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

16.787,00

0,00

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

271.192,00

362.929,00

448.523,00

294.896,00

411.584,00

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

1.036.317,00

0,00

334.480,00

0,00

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

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

364.371,00

0,00

98.071,00

0,00

19.558,00

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

0,00

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

0,00

442.312,00

0,00

24.555,00

0,00

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

671.946,00

0,00

359.035,00

0,00

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

561.165,00

0,00

267.024,00

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

-671.946,00

563.707,00

313.711,00

-359.035,00

493.127,00

2. Results adjustments.: 61200

515.239,00

331.049,00

614.996,00

969.902,00

534.277,00

a) Fixed Assets Amortization (+).: 61201

46.134,00

49.866,00

52.148,00

67.772,00

79.468,00

b) Obsolescence Allowances (+/-). : 61202

197.839,00

37.989,00

103.721,00

644.972,00

43.225,00

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

0,00

11.137,00

3.414,00

0,00

g) Financial income (-).: 61207

-74,00

-29,00

0,00

-30,00

-10,00

h) Financial Expenses (+). : 61208

192.785,00

366.416,00

335.592,00

253.774,00

399.865,00

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

73.423,00

0,00

11.729,00

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

5.059,00

13.329,00

36.310,00

0,00

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

0,00

76.087,00

0,00

3. Changes in current capital equity.: 61300

-598.621,00

61.737,00

-1.001.015,00

1.633.704,00

797.283,00

a) Stock (+/-).: 61301

12.365,00

-1.057.651,00

-317.421,00

244.115,00

950.251,00

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

-473.605,00

418.797,00

-245.863,00

2.512.752,00

2.140.637,00

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

-137.381,00

700.591,00

-310.789,00

-1.123.163,00

-2.292.805,00

e) Other current liabilities (+/-).: 61305

0,00

-126.942,00

0,00

-800,00

4. Other cash flows for operating activities.: 61400

-250.293,00

-242.978,00

-270.870,00

-395.445,00

-474.516,00

a) Interest payments (-). : 61401

-192.839,00

-229.865,00

-299.282,00

-253.009,00

-399.865,00

c) Interest collection (+). : 61403

0,00

30,00

10,00

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

-57.454,00

-13.114,00

28.412,00

-142.466,00

-74.661,00

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

-1.005.621,00

713.515,00

-343.177,00

1.849.125,00

1.350.170,00

6. Payments for investment (-).: 62100

-539.993,00

-76.402,00

-77.006,00

-22.801,00

-23.506,00

b) Intangible fixed assets. : 62102

-9.293,00

0,00

-9.184,00

c) Fixed assets. : 62103

-33.676,00

-26.763,00

-77.006,00

-22.801,00

-14.322,00

e) Other financial assets. : 62105

-442.024,00

-49.639,00

0,00

h) Other assets. : 62108

-55.000,00

0,00

7. Divestment payment collection (+). : 62200

0,00

14.000,00

3.000,00

0,00

c) Fixed assets. : 62203

0,00

14.000,00

3.000,00

0,00

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

-586.127,00

-126.269,00

-63.006,00

-19.801,00

-23.506,00

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

0,00

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

0,00

3.314.219,00

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

2.334.184,00

-671.685,00

554.136,00

-1.744.448,00

-1.477.458,00

a) Issuance : 63201

13.841.571,00

8.046.367,00

7.286.524,00

6.037.973,00

6.892.702,00

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

13.738.192,00

8.046.367,00

7.234.609,00

6.037.973,00

6.891.916,00

5. Other debts (+). : 63206

103.379,00

0,00

51.915,00

0,00

786,00

b) Repayment and amortization of : 63207

-11.507.387,00

-8.718.051,00

-6.732.388,00

-7.782.420,00

-8.370.160,00

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

-11.486.398,00

-8.437.551,00

-6.732.388,00

-7.731.270,00

-8.220.160,00

5. Other debts (-). : 63212

-20.989,00

-280.500,00

0,00

-51.150,00

-150.000,00

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

0,00

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

2.334.184,00

-671.685,00

554.136,00

-1.744.448,00

-1.477.458,00

D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000

-119.123,00

0,00

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

669.448,00

-34.572,00

147.952,00

84.877,00

-150.793,00

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

182.341,00

216.912,00

68.930,00

153.807,00

304.600,00

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

851.788,00

182.341,00

216.882,00

68.930,00

153.807,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,03 %

0,00 %

EBITDA over Sales:

-3,22 %

5,78 %

8,25 %

6,11 %

-139,05 %

-5,42 %

Cash Flow Yield:

0,05 %

0,00 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-5,85 %

2,18 %

11,72 %

3,27 %

-149,89 %

-33,14 %

Total economic profitability:

-3,51 %

1,82 %

7,90 %

2,89 %

-144,38 %

-37,05 %

Financial profitability:

-14,71 %

-0,70 %

12,33 %

2,02 %

-219,32 %

-134,67 %

Margin:

-3,41 %

1,93 %

7,92 %

3,04 %

-143,06 %

-36,45 %

Mark-up:

-4,62 %

0,20 %

5,82 %

1,33 %

-179,37 %

-85,21 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,09

0,17

0,02

0,16

271,74

3,91

Acid Test:

1,06

1,02

1,19

1,03

-11,25

-1,41

Working Capital / Investment:

0,20

0,15

0,31

0,18

-35,26

-17,22

Solvency:

1,30

1,55

1,49

1,62

-12,38

-4,75

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

2,58

1,26

1,89

1,58

36,94

-20,28

Borrowing Composition:

0,03

0,84

0,01

0,94

151,17

-10,46

Repayment Ability:

14,72

-232,59

-222,56

2.617,05

106,61

-108,89

Warranty:

1,39

1,80

1,53

1,63

-9,35

9,95

Generated resources / Total creditors:

-0,05

0,05

0,07

0,06

-172,76

-21,82

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,22

1,32

2,57

1,35

-91,37

-2,18

Turnover of Collection Rights :

2,46

4,31

1,97

4,06

25,19

6,26

Turnover of Payment Entitlements:

6,33

3,67

4,07

3,61

55,70

1,56

Stock rotation:

10,38

5,50

7,08

4,85

46,57

13,55

Assets turnover:

1,71

1,13

1,48

1,07

15,86

5,21

Borrowing Cost:

1,96

2,87

4,76

2,76

-58,91

4,03

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

0,03 %

0,00 %

0,01 %

0,53 %

-0,66 %

EBITDA over Sales:

-3,22 %

8,25 %

4,34 %

0,18 %

4,23 %

Cash Flow Yield:

0,05 %

0,00 %

0,01 %

0,76 %

-0,99 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

-5,85 %

11,72 %

5,71 %

-0,39 %

5,82 %

Total economic profitability:

-3,51 %

7,90 %

5,27 %

-0,94 %

5,87 %

Financial profitability:

-14,71 %

12,33 %

5,40 %

-7,89 %

9,21 %

Margin:

-3,41 %

7,92 %

3,95 %

-0,27 %

3,84 %

Mark-up:

-4,62 %

5,82 %

1,28 %

-2,09 %

2,06 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,09

0,02

0,03

0,01

Acid Test:

1,06

1,19

1,26

1,28

1,24

Working Capital / Investment:

0,20

0,31

0,28

0,27

0,25

Solvency:

1,30

1,49

1,41

1,40

1,34

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

2,58

1,89

2,25

2,30

3,16

Borrowing Composition:

0,03

0,01

0,02

0,03

0,06

Repayment Ability:

14,72

-222,56

54,39

12,73

11,25

Warranty:

1,39

1,53

1,44

1,43

1,32

Generated resources / Total creditors:

-0,05

0,07

0,03

-0,03

0,04

Efficiency

2012

2011

2010

2009

2008

Productivity:

0,22

2,57

1,86

1,04

2,14

Turnover of Collection Rights :

2,46

1,97

1,73

1,68

1,72

Turnover of Payment Entitlements:

6,33

4,07

5,16

4,70

4,83

Stock rotation:

10,38

7,08

13,60

18,63

19,88

Assets turnover:

1,71

1,48

1,45

1,52

Borrowing Cost:

1,96

4,76

3,72

3,26

3,46

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

9.165,79

Research Summary

The Company is engaged in the manufacture and marketing of jewellery. Its sales have been increased by 30% during 2012 compared to 2011.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.26
UK Pound	1	Rs. 101.09
Euro	1	Rs. 83.73

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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.

Guarantees:
Properties Registered:	Company NO, Administrator NO


INVESTIGATION SUMMARY
The Company is engaged in the manufacture and marketing of jewellery. Its sales have been increased by 30% during 2012 compared to 2011.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Enquiry Details

Branch Offices

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

Recommended commercial credit

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

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Unit