MIRA INFORM REPORT

Report Date :

30.04.2014

IDENTIFICATION DETAILS

Name :	CLAVE DENIA SA

Registered Office :	Ctra. Nacional 332, Km. 197 Ondara Alicante 03760

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	01.01.1992

Legal Form :	Private Company

Line of Business :	Retail sale of hardware, paints and glass in specialised stores Subject is engaged in sale of gift and decoration items

No of Employees :	190

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Spain

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

CLAVE DENIA SA

NIF / Fiscal code:

A03740966

Trade Name

"ALE-HOP"

Status:

ACTIVE

Incorporation Date:

01/01/1992

Last Publication in BORME:

28/08/2012 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

120.202,42

Localization:

CTRA. NACIONAL 332, KM. 197 - ONDARA - 03760 - ALICANTE

Telephone - Fax - Email - Website:

Ph.:. 966422015 Email. info@ale-hop.net

Number of Branches

Activity:

NACE:

4752 - Retail sale of hardware, paints and glass in specialised stores

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

2 for a total cost of 4307.26

Quality Certificate:

Rating and Risk:

Strong capacity to meet its credit obligations. However, this rating may deteriorate in the event of moderately adverse changes in the financial environment.

Default Risk:

0.573%

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:

VICENTE GRIMALT MONFORT

MARIA JOSE MONFORT CASELLES

Identification

Social Denomination:

CLAVE DENIA SA

Trade Name:

"ALE-HOP"

NIF / Fiscal code:

A03740966

Corporate Status:

ACTIVE

Start of activity:

1992

Registered Office:

CTRA. NACIONAL 332, KM. 197

Locality:

ONDARA

Province:

ALICANTE

Postal Code:

03760

Telephone:

966422015

Email:

info@ale-hop.net

Branch Offices

Address

Postal Code

City

Province

Av. Alameda, 6

03803

ALCOY/ALCOI

ALICANTE

Av. Salamanca, 6

03003

ALICANTE/ALACANT

ALICANTE

Mar, 49

03590

ALTEA

ALICANTE

Av. Madrid, 32

03503

BENIDORM

ALICANTE

Av. Martínez Alejos, 1

03501

BENIDORM

ALICANTE

Sant Vicent, 8

03560

CAMPELLO (EL)

ALICANTE

Marqués de Campo, 42

03700

DENIA

ALICANTE

La Església, 86

08370

CALELLA

BARCELONA

Major, 7

46701

GANDIA

VALENCIA

Activity

NACE:

4752

CNAE Obtaining Source:

4752

Additional Information:

The subject is engaged in retail and wholesale of gift and decoration ítems. Among these items we can found gift for women, men, kids, birthday gift, stag parties, weedings and more celebrations. Its trade name is "ALE-HOP", having with this name a shops chain. It develops only the sale by internet.

Additional Address:

Registered office, offices and other premises, owned by the company are located in CTRA. NACIONAL 332, KM. 197, 03760-ONDARA (ALICANTE).

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

190

Chronological Summary

Year

Act

1992

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

1993

Accounts deposit (ejer. 1992) Dividends Payment (1)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1996

Accounts deposit (ejer. 1995)

1997

Accounts deposit (ejer. 1996)

1998

Accounts deposit (ejer. 1997) Change of Social address (1)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2001

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

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2003

Accounts deposit (ejer. 2002)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (3)

2007

Accounts deposit (ejer. 2006)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (1)

2009

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

2010

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

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (1)

2012

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

2013

Accounts deposit (ejer. 2012)

Break down of Owners' Equity

Registered Capital:

120.202,42

Paid up capital:

120.202,43

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

22/01/1992

Company Formation

120.202

30.051

120.202

30.051

14/04/1993

Capital call payment

---

90.152

120.202

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

GRIMALT MONFORT VICENTE

03/01/2012

ACCOUNTS' AUDITOR / HOLDER

AUREN AUDITORES ALC SL

17/08/2012

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AUDIMAR AUDITORES Y CONSULTORES SL

ACCOUNTS' AUDITOR / HOLDER

02/10/2006

ACCOUNTS' AUDITOR / HOLDER

04/10/2006

ACCOUNTS' AUDITOR / HOLDER

11/06/2008

ACCOUNTS' AUDITOR / HOLDER

15/01/2009

AUDIMAR AUDITORES Y CONSULTORES SLP

ACCOUNTS' AUDITOR / HOLDER

15/01/2009

ACCOUNTS' AUDITOR / HOLDER

13/01/2010

ACCOUNTS' AUDITOR / HOLDER

04/01/2011

ACCOUNTS' AUDITOR / HOLDER

17/08/2012

GRIMALT MONFORT VICENTE

SINGLE ADMINISTRATOR

22/01/2002

SINGLE ADMINISTRATOR

30/11/2006

SINGLE ADMINISTRATOR

03/01/2012

LANCE AUDITORES Y CONSULTORES SL

ACCOUNTS' AUDITOR / HOLDER

12/12/2002

Executive board

Post

NIF

Name

ADMINISTRATOR

VICENTE GRIMALT MONFORT

FINANCIAL DIRECTOR

JAIME MULET

MANAGING DIRECTOR

VICENTE GRIMALT MONFORT

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.

The current debt represents a 5.45of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

CLAVE DENIA SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

Alta rentabilidad financiera. El rendimiento neto derivado de la actividad típica que la empresa obtiene como consecuencia de sus fondos propios presenta unos valores elevados.

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

No Company's subsidiaries or branches are known.

Audit qualifications . The company has submitted the audit with a qualified opinion, indicating that the financial statements may not reflect the true picture because of the existence of circumstances that may be significant.

Among the companies with similar characteristics, CLAVE DENIA SA is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 0.573 %

> Latest Rating Changes :

Sector in which comparison is carried out :

475 Retail sale of other household equipment in specialised stores

Relative Position:

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

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

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

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.573%.

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 2.185.000 € (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:

3 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

VICENTE GRIMALT MONFORT

MARIA JOSE MONFORT CASELLES

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	\| \|
	COMERCIAL INVERSORA POMAR SUR, S.L.
	JULVE CIVERA CB
	GRIMALT RETAIL CONSULTING SL	ALICANTE

Turnover

Total Sales 2013

22.000.000,00

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

November 2013

2011

Normales

September 2012

2010

Normales

June 2011

2009

Normales

June 2010

2008

Normales

October 2009

2007

Normales

July 2008

2006

Normales

June 2007

2005

Normales

October 2006

2004

Normales

August 2005

2003

Normales

September 2004

2002

Normales

August 2003

2001

Normales

August 2002

2000

Normales

October 2001

1999

Normales

August 2000

1998

Normales

September 1999

1997

Normales

July 1998

1996

Normales

October 1997

1995

Normales

September 1996

1994

Normales

August 1995

1993

Normales

August 1994

1992

Normales

August 1993

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

6.819.525,00

5.712.312,00

4.854.490,00

4.350.448,00

3.809.805,00

I. Intangible fixed assets : 11100

146.050,00

172.728,00

145.640,00

125.250,00

133.373,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

3.809,00

4.389,00

3.079,00

2.608,00

1.382,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

17.968,00

20.353,00

19.911,00

9.848,00

1.793,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

124.274,00

147.986,00

122.651,00

112.794,00

130.198,00

II. Tangible fixed assets : 11200

6.087.361,00

5.098.012,00

4.375.038,00

3.964.093,00

3.466.101,00

1. Land and buildings: 11210

1.406.150,00

1.443.697,00

1.481.245,00

1.522.502,00

1.563.138,00

2. Technical installations and other tangible fixed assets: 11220

4.312.197,00

3.471.453,00

2.723.071,00

2.236.196,00

1.732.241,00

3. Tangible asset in progress and advances: 11230

369.014,00

182.862,00

170.722,00

205.394,00

170.722,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

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

504.251,00

381.995,00

333.812,00

261.105,00

210.331,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

26.805,00

15.405,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

477.446,00

366.590,00

333.812,00

261.105,00

210.331,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

3.377,00

0,00

VII. Non-current trade debts : 11700

81.862,00

56.200,00

0,00

B) CURRENT ASSETS: 12000

17.228.357,00

15.926.081,00

14.394.136,00

12.922.771,00

11.763.733,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

5.518.385,00

3.708.589,00

3.449.735,00

2.616.058,00

2.438.425,00

1. Commercial: 12210

5.210.040,00

3.189.441,00

3.216.411,00

2.449.294,00

2.279.362,00

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

308.345,00

519.148,00

233.325,00

166.764,00

159.062,00

III. Trade debtors and others receivable accounts: 12300

738.859,00

1.060.230,00

1.200.808,00

1.189.593,00

1.289.010,00

1. Trade debtors / accounts receivable: 12310

727.713,00

990.418,00

1.159.742,00

1.163.077,00

1.264.022,00

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

0,00

b) Customers for sales and provisions of services : 12312

727.713,00

990.418,00

1.159.742,00

1.163.077,00

1.264.022,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

3.116,00

48.057,00

34.556,00

23.868,00

19.294,00

4. Personnel: 12340

5.619,00

5.600,00

3.000,00

2.648,00

4.233,00

5. Assets for deferred tax: 12350

33,00

0,00

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

2.379,00

16.155,00

3.510,00

0,00

1.460,00

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

16.953,00

1.004,00

8.041.445,00

7.115.053,00

6.584.222,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

15.000,00

0,00

41.295,00

15.053,00

84.222,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

1.953,00

1.004,00

8.000.150,00

7.100.000,00

6.500.000,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

125.764,00

102.185,00

190.318,00

184.425,00

42.972,00

VII. Cash and other equivalent liquid assets : 12700

10.828.397,00

11.054.072,00

1.511.830,00

1.817.642,00

1.409.105,00

1. Treasury: 12710

2.278.210,00

1.521.282,00

1.511.830,00

1.817.642,00

1.409.105,00

2. Other equivalent liquid assets: 12720

8.550.186,00

9.532.790,00

0,00

TOTAL ASSETS (A + B) : 10000

24.047.881,00

21.638.393,00

19.248.626,00

17.273.219,00

15.573.538,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

22.048.321,00

19.724.820,00

17.945.246,00

16.268.282,00

14.674.714,00

A-1) Shareholders' equity: 21000

22.048.321,00

19.724.820,00

17.945.246,00

16.268.282,00

14.674.714,00

I. Capital: 21100

120.200,00

1. Registered capital : 21110

120.200,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

19.604.620,00

17.825.046,00

16.148.082,00

14.554.514,00

12.925.484,00

1. Legal y estatutarias: 21310

24.040,00

2. Other reserves: 21320

19.580.579,00

17.801.006,00

16.124.042,00

14.530.473,00

12.901.443,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

2.323.501,00

1.779.574,00

1.676.964,00

1.593.568,00

1.629.030,00

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

688.532,00

730.042,00

436.524,00

246.943,00

0,00

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

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

688.532,00

730.042,00

436.524,00

246.943,00

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

1.311.029,00

1.183.531,00

866.856,00

757.994,00

898.824,00

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

1.909,00

766,00

4.669,00

18.355,00

2.771,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.448,00

766,00

1.131,00

1.535,00

2.771,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

461,00

0,00

3.538,00

16.820,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

1.309.120,00

1.182.765,00

862.187,00

739.640,00

896.052,00

1. Suppliers: 32510

186.599,00

173.900,00

135.266,00

66.628,00

136.745,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

186.599,00

173.900,00

135.266,00

66.628,00

136.745,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

340.617,00

382.724,00

320.146,00

150.466,00

372.608,00

4. Personnel (remuneration due): 32540

1.813,00

253.363,00

1.889,00

434,00

0,00

5. Liabilities for current tax: 32550

432.662,00

181.122,00

151.507,00

190.355,00

192.457,00

6. Otras deudas con las Administraciones Públicas. : 32560

304.502,00

191.364,00

251.651,00

263.578,00

194.242,00

7. Advances from clients: 32570

42.928,00

292,00

1.728,00

68.179,00

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

24.047.881,00

21.638.393,00

19.248.626,00

17.273.219,00

15.573.538,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

20.955.982,00

18.214.046,00

16.247.917,00

14.499.119,00

14.516.948,00

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

-7.187,00

-30.830,00

0,00

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

300.704,00

418.007,00

254.851,00

281.565,00

0,00

4. Supplies : 40400

-8.038.110,00

-7.558.015,00

-6.264.779,00

-5.600.008,00

-5.509.346,00

5. Other operating income: 40500

6.161,00

4.820,00

2.995,00

10.500,00

3.907,00

6. Personnel costs: 40600

-4.610.826,00

-3.995.669,00

-3.584.288,00

-3.144.303,00

-3.180.937,00

7. Other operating costs: 40700

-4.807.968,00

-4.299.331,00

-3.914.562,00

-3.522.306,00

-3.315.759,00

8. Amortisation of fixed assets: 40800

-663.946,00

-555.937,00

-566.147,00

-501.269,00

-477.904,00

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

0,00

10. Excess provisions : 41000

0,00

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

1.525,00

1.695,00

743,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-122,00

7.337,00

0,00

-2.711,00

-18.205,00

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

3.136.215,00

2.206.123,00

2.176.729,00

2.020.588,00

2.018.703,00

14. Financial income : 41400

250.084,00

317.358,00

266.408,00

271.560,00

324.463,00

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

0,00

b) Other financial income: 41490

250.084,00

317.358,00

266.408,00

271.560,00

324.463,00

15. Financial expenditure: 41500

0,00

-40.536,00

-38.233,00

-35.603,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-62.900,00

19.500,00

-10.596,00

12.279,00

1.456,00

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

187.185,00

336.858,00

215.276,00

245.606,00

290.316,00

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

3.323.400,00

2.542.981,00

2.392.005,00

2.266.194,00

2.309.020,00

20. Income taxes: 41900

-999.898,00

-763.407,00

-715.042,00

-672.626,00

-679.989,00

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

2.323.501,00

1.779.574,00

1.676.964,00

1.593.568,00

1.629.030,00

> 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:

6.819.525,00

5.708.935,00

4.854.490,00

4.350.448,00

3.809.805,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

146.050,00

172.728,00

145.640,00

125.250,00

133.373,00

1. Research and development costs:

0,00

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

3.809,00

4.389,00

3.079,00

2.608,00

1.382,00

3. Goodwill:

0,00

4. Key money paid for premises:

124.274,00

147.986,00

122.651,00

112.794,00

130.198,00

5. Software:

17.968,00

20.353,00

19.911,00

9.848,00

1.793,00

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:

6.087.361,00

5.098.012,00

4.375.038,00

3.964.093,00

3.466.101,00

1. Land and construction:

1.406.150,00

1.443.697,00

1.481.245,00

1.522.502,00

1.563.138,00

2. Technical installations and machinery:

834.996,00

672.198,00

527.284,00

433.008,00

335.424,00

3. Other installations, tools and furniture:

2.401.711,00

1.933.451,00

1.516.635,00

1.245.466,00

964.785,00

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

369.014,00

182.862,00

170.722,00

205.394,00

170.722,00

5. Other tangible assets:

1.075.491,00

865.803,00

679.152,00

557.722,00

432.032,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

504.251,00

381.995,00

333.812,00

261.105,00

210.331,00

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:

26.805,00

15.405,00

0,00

7. Long term guarantees and deposits:

477.446,00

366.590,00

333.812,00

261.105,00

210.331,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

81.862,00

56.200,00

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

17.228.357,00

15.929.458,00

14.394.136,00

12.922.771,00

11.763.733,00

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

0,00

II. Stocks:

5.518.385,00

3.708.589,00

3.449.735,00

2.616.058,00

2.438.425,00

1. Goods for resale:

5.210.040,00

3.189.441,00

3.216.411,00

2.449.294,00

2.279.362,00

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:

308.345,00

519.148,00

233.325,00

166.764,00

159.062,00

7. Provisions:

0,00

III. Debtors:

738.859,00

1.063.607,00

1.200.808,00

1.189.593,00

1.289.010,00

1. Trade debtors / accounts receivable:

727.713,00

990.418,00

1.159.742,00

1.163.077,00

1.264.022,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

3.116,00

48.057,00

34.556,00

23.868,00

19.294,00

5. Staff:

5.619,00

5.600,00

3.000,00

2.648,00

4.233,00

6. Public bodies:

2.412,00

19.532,00

3.510,00

0,00

1.460,00

7. Provisions:

0,00

IV. Short-term investments:

8.567.139,00

9.533.794,00

8.041.445,00

7.115.053,00

6.584.222,00

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:

8.550.186,00

9.532.790,00

0,00

6. Other receivables:

15.000,00

0,00

41.295,00

15.053,00

84.222,00

7. Shor term guarantees and deposits:

1.953,00

1.004,00

8.000.150,00

7.100.000,00

6.500.000,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

2.278.210,00

1.521.282,00

1.511.830,00

1.817.642,00

1.409.105,00

VII. Prepayments and accrued income:

125.764,00

102.185,00

190.318,00

184.425,00

42.972,00

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

24.047.881,00

21.638.393,00

19.248.626,00

17.273.219,00

15.573.538,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

22.048.321,00

19.724.820,00

17.945.246,00

16.268.282,00

14.674.714,00

I. Subscribed capital:

120.200,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

19.604.620,00

17.825.046,00

16.148.082,00

14.554.514,00

12.925.484,00

1. Legal reserve:

24.040,00

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:

19.580.575,00

17.801.002,00

16.124.038,00

14.530.470,00

12.901.440,00

Differences due to capital adjustement to euros:

4,00

3,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

2.323.501,00

1.779.574,00

1.676.964,00

1.593.568,00

1.629.030,00

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:

688.532,00

730.042,00

436.524,00

246.943,00

0,00

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:

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

688.532,00

730.042,00

436.524,00

246.943,00

0,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

688.532,00

730.042,00

436.524,00

246.943,00

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

1.311.029,00

1.183.531,00

866.856,00

757.994,00

898.824,00

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:

1.448,00

766,00

1.131,00

1.535,00

2.771,00

1. Loans and other liabilities:

1.448,00

766,00

1.131,00

1.535,00

2.771,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

570.143,00

556.917,00

457.140,00

285.273,00

509.353,00

1. Advanced payments from customers:

42.928,00

292,00

1.728,00

68.179,00

0,00

2. Amounts owed for purchases of goods or services:

527.215,00

556.624,00

455.412,00

217.094,00

509.353,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

739.437,00

625.849,00

408.585,00

471.186,00

386.700,00

1. Public bodies:

737.164,00

372.486,00

403.157,00

453.933,00

386.700,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

461,00

0,00

3.538,00

16.820,00

0,00

4. Wages and salaries payable:

1.813,00

253.363,00

1.889,00

434,00

0,00

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):

24.047.881,00

21.638.393,00

19.248.626,00

17.273.219,00

15.573.538,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

19.190.956,00

17.203.190,00

15.095.950,00

13.481.455,00

13.217.744,00

A.1. Operating consumption:

8.045.297,00

7.588.845,00

6.264.779,00

5.600.008,00

5.509.346,00

A.2. Staff Costs:

4.610.826,00

3.995.669,00

3.584.288,00

3.144.303,00

3.180.937,00

a) Wages, salaries et al.:

3.647.437,00

3.160.811,00

2.835.385,00

2.494.443,00

2.542.510,00

b) Social security costs:

963.389,00

834.857,00

748.903,00

649.860,00

638.426,00

A.3. Depreciation expense:

663.946,00

555.937,00

566.147,00

501.269,00

477.904,00

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

0,00

A.5. Other operating charges:

4.807.968,00

4.299.331,00

3.914.562,00

3.522.306,00

3.315.759,00

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

3.134.811,00

2.197.090,00

2.175.986,00

2.023.300,00

2.036.909,00

A.6. Financial and similar charges:

0,00

40.536,00

38.233,00

35.603,00

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:

0,00

40.536,00

38.233,00

35.603,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

62.900,00

0,00

10.596,00

0,00

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

187.185,00

336.858,00

215.276,00

245.606,00

290.316,00

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

3.321.996,00

2.533.949,00

2.391.263,00

2.268.906,00

2.327.225,00

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

0,00

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

0,00

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

0,00

A.12. Extraordinary expenses:

122,00

0,00

2.711,00

18.205,00

A.13. Prior year expenses and losses:

0,00

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

1.403,00

9.032,00

743,00

0,00

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

3.323.400,00

2.542.981,00

2.392.005,00

2.266.194,00

2.309.020,00

A.14. Corporation Tax:

999.898,00

763.407,00

715.042,00

672.626,00

679.989,00

A.15. Miscellaneous taxes:

0,00

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

2.323.501,00

1.779.574,00

1.676.964,00

1.593.568,00

1.629.030,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

21.514.457,00

18.982.763,00

16.772.914,00

15.075.024,00

14.846.774,00

B.1. Operating income:

21.262.847,00

18.636.873,00

16.505.763,00

14.791.184,00

14.520.855,00

a) Net total sales:

20.955.982,00

18.214.046,00

16.247.917,00

14.499.119,00

14.516.948,00

b) Miscellaneous operating income:

306.865,00

422.827,00

257.846,00

292.065,00

3.907,00

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

0,00

B.2. Financial income:

250.084,00

317.358,00

266.408,00

271.560,00

324.463,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

250.084,00

317.358,00

266.408,00

271.560,00

324.463,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

19.500,00

0,00

12.279,00

1.456,00

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

0,00

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

0,00

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

1.525,00

1.695,00

743,00

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

7.337,00

0,00

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

2.711,00

18.205,00

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

0,00

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

0,00

MERCANTILE REGISTRY

CASHFLOW STATEMENT

Model: Normal

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

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

3.323.400,00

2.542.981,00

2.392.005,00

2.266.194,00

2.309.020,00

2. Results adjustments.: 61200

396.511,00

674.780,00

332.952,00

165.274,00

417.314,00

a) Fixed Assets Amortization (+).: 61201

663.946,00

555.937,00

566.147,00

501.269,00

477.904,00

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

-45.184,00

232.976,00

237.675,00

189.963,00

233.633,00

d) Allocation of grants (-).: 61204

0,00

-3.907,00

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

-1.525,00

-1.695,00

-743,00

0,00

g) Financial income (-).: 61207

-250.084,00

-317.358,00

-266.408,00

-271.560,00

-324.463,00

h) Financial Expenses (+). : 61208

0,00

40.536,00

38.233,00

35.603,00

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

29.359,00

-28.405,00

10.596,00

-12.279,00

-1.456,00

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

0,00

233.325,00

-254.851,00

-280.351,00

0,00

3. Changes in current capital equity.: 61300

-1.575.496,00

-146.933,00

-934.449,00

-567.260,00

465.825,00

a) Stock (+/-).: 61301

-1.822.403,00

-572.938,00

-1.000.662,00

-240.399,00

9.956,00

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

379.245,00

45.454,00

-81.905,00

-28.994,00

844.272,00

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

-7.153,00

89.588,00

-2.681,00

-141.453,00

-58,00

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

-125.186,00

290.964,00

150.799,00

-156.413,00

-154.712,00

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

0,00

-233.633,00

4. Other cash flows for operating activities.: 61400

-553.836,00

-117.788,00

-364.678,00

-192.357,00

-391.129,00

a) Interest payments (-). : 61401

0,00

-40.536,00

-38.233,00

-35.603,00

c) Interest collection (+). : 61403

232.688,00

325.863,00

240.167,00

271.560,00

324.463,00

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

-786.525,00

-443.651,00

-564.308,00

-425.683,00

-679.989,00

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

1.590.579,00

2.953.040,00

1.425.831,00

1.671.852,00

2.801.030,00

6. Payments for investment (-).: 62100

-1.821.934,00

-1.463.509,00

-1.721.276,00

-1.291.178,00

-3.356.393,00

b) Intangible fixed assets. : 62102

-8.067,00

-80.148,00

-17.610,00

-12.014,00

-2.127,00

c) Fixed assets. : 62103

-1.625.736,00

-1.283.943,00

-700.337,00

-697.559,00

-976.332,00

e) Other financial assets. : 62105

-188.131,00

-99.418,00

-1.003.330,00

-581.605,00

-2.377.934,00

7. Divestment payment collection (+). : 62200

23.160,00

9.577,00

3.319,00

0,00

c) Fixed assets. : 62203

1.525,00

1.695,00

3.319,00

0,00

e) Other financial assets. : 62205

21.634,00

7.882,00

0,00

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

-2.462.720,00

-2.009.869,00

-1.717.958,00

-1.291.178,00

-3.356.393,00

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

0,00

-2.181,00

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

0,00

129.504,00

d) Disposal of own equity instruments (+). : 63104

0,00

-6.088,00

e) Grants, donations and bequests received (+). : 63105

0,00

3.907,00

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

1.143,00

-3.903,00

-13.686,00

15.583,00

-431,00

a) Issuance : 63201

1.143,00

0,00

-13.282,00

16.820,00

0,00

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

682,00

0,00

5. Other debts (+). : 63206

461,00

0,00

-13.282,00

16.820,00

0,00

b) Repayment and amortization of : 63207

0,00

-3.903,00

-404,00

-1.236,00

-431,00

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

0,00

-365,00

-404,00

-1.236,00

-431,00

5. Other debts (-). : 63212

0,00

-3.538,00

0,00

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

0,00

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

1.143,00

-3.903,00

-13.686,00

15.583,00

-2.612,00

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

-18.623,00

5.743,00

0,00

12.279,00

1.456,00

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

-225.676,00

1.500.948,00

-305.812,00

408.537,00

-556.519,00

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

11.054.072,00

9.553.125,00

1.817.642,00

1.409.105,00

1.965.624,00

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

10.828.397,00

11.054.072,00

1.511.830,00

1.817.642,00

1.409.105,00

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:

-0,01 %

0,00 %

0,52 %

0,00 %

-102,06 %

EBITDA over Sales:

18,13 %

5,81 %

15,11 %

6,12 %

19,93 %

-5,11 %

Cash Flow Yield:

-0,01 %

0,00 %

0,44 %

0,00 %

-102,13 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

13,38 %

2,23 %

10,37 %

3,28 %

28,98 %

-32,08 %

Total economic profitability:

13,82 %

1,84 %

11,75 %

2,89 %

17,59 %

-36,34 %

Financial profitability:

10,54 %

-0,66 %

9,02 %

2,01 %

16,81 %

-133,04 %

Margin:

14,75 %

1,96 %

11,80 %

3,05 %

25,02 %

-35,73 %

Mark-up:

15,63 %

0,22 %

13,61 %

1,33 %

14,88 %

-83,41 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

8,26

0,17

9,34

0,16

-11,57

3,43

Acid Test:

8,84

1,01

10,24

1,03

-13,68

-1,88

Working Capital / Investment:

0,66

0,14

0,68

0,18

-2,85

-18,38

Solvency:

13,14

1,54

13,46

1,62

-2,36

-5,23

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,09

1,26

0,10

1,58

-6,52

-20,19

Borrowing Composition:

0,53

0,84

0,62

0,94

-14,86

-10,77

Repayment Ability:

-8,86

-878,36

0,20

1.769,89

-4.518,30

-149,63

Warranty:

12,03

1,80

11,31

1,63

6,36

9,89

Generated resources / Total creditors:

1,49

0,05

1,22

0,06

22,41

-21,82

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,82

1,32

1,69

1,35

7,99

-2,10

Turnover of Collection Rights :

28,78

4,32

17,58

4,06

63,71

6,52

Turnover of Payment Entitlements:

9,81

3,67

10,00

3,61

-1,92

1,61

Stock rotation:

3,29

5,53

4,43

4,85

-25,89

14,09

Assets turnover:

0,91

1,14

0,88

1,07

3,16

5,68

Borrowing Cost:

0,00

2,87

0,00

2,76

3,96

> 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:

-0,01 %

0,52 %

-1,88 %

2,82 %

-3,83 %

EBITDA over Sales:

18,13 %

15,11 %

16,88 %

17,41 %

17,32 %

Cash Flow Yield:

-0,01 %

0,44 %

-1,59 %

2,37 %

-3,57 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

13,38 %

10,37 %

20,02 %

20,44 %

23,20 %

Total economic profitability:

13,82 %

11,75 %

12,64 %

13,34 %

15,06 %

Financial profitability:

10,54 %

9,02 %

9,34 %

9,80 %

11,10 %

Margin:

14,75 %

11,80 %

13,19 %

13,68 %

14,03 %

Mark-up:

15,63 %

13,61 %

14,49 %

15,34 %

2,12 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

8,26

9,34

1,74

2,40

1,57

Acid Test:

8,84

10,24

12,41

13,35

10,33

Working Capital / Investment:

0,66

0,68

0,70

Solvency:

13,14

13,46

16,60

17,05

13,09

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,09

0,10

0,07

0,06

Borrowing Composition:

0,53

0,62

0,50

0,33

0,00

Repayment Ability:

-8,86

0,20

0,48

0,41

-1,05

Warranty:

12,03

11,31

14,77

17,19

17,33

Generated resources / Total creditors:

1,49

1,22

1,72

2,15

2,44

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,82

1,69

1,77

1,80

1,79

Turnover of Collection Rights :

28,78

17,58

13,75

12,43

11,27

Turnover of Payment Entitlements:

9,81

10,00

11,81

12,33

9,85

Stock rotation:

3,29

4,43

4,15

4,88

5,12

Assets turnover:

0,91

0,88

1,52

1,49

1,65

Borrowing Cost:

0,00

3,11

3,80

3,96

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

GENERALITAT VALENCIANA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

3.907,00

Notes

Subvención para la contratación indefinida de discapacitados.

Entity

GENERALITAT VALENCIANA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

400,26

Notes

Subvención para inversiones, concedida en el 2000. El impote es el traspaso a resultados.

Research Summary

The subject is engaged in sale of gift and decoration items. Its financial situation is satisfactory and it is based on a 92% of own funds and so that its debt is low.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.52
UK Pound	1	Rs. 101.77
Euro	1	Rs. 83.91

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.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Branch Offices

Activity

Number of Employees

Chronological Summary

Break down of Owners' Equity

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Chronological summary

Basis for rating

Probability of default

Recommended commercial credit

Guarantees

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Unit