MIRA INFORM REPORT

Report Date :

20.08.2014

IDENTIFICATION DETAILS

Name :	PUNTO FA SL
Registered Office :	C/Mercaders, 9-11 - Polig.Ind.Riera De Caldes
Country :	Spain
Financials (as on) :	2012
Date of Incorporation :	13.12.1989
Legal Form :	Private company
Line of Business :	It is dedicated to the marketing of items of clothing, footwear and accessories in stores. Integrated in the group MANGO Brand: MANGO.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Spain	A2	A2

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:	PUNTO FA SL
NIF / Fiscal code:	B59088948
Status:	ACTIVE
Incorporation Date:	13/12/1989
Register Data	Register Section 8 Sheet 167948
Last Publication in BORME:	01/08/2014 [Appointments]
Last Published Account Deposit:	2012
Share Capital:	12.565
Localization:	C/MERCADERS, 9-11 - POLIG.IND.RIERA DE CALDES - PALAU-SOLITA I PLEGAMANS - 08184 - BARCELONA
Telephone - Fax - Email - Website:	Ph.:. 93 860 22 22   Email. customer.service@mango.com   Website. www.mango.es
Activity:
NACE:	4751 - Retail sale of textiles 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 8000
Quality Certificate:	No
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	1	177,19	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	1	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

AFYON INVESTMENTS SICAV SA	100 %
Shares:	57
Other Links:	29
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 2

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES

INVESTIGATION SUMMARY

Constituted several years ago with experience in the sector, its turnover increased by 11.17% in 2012, compared to the previous year. It meets normal payment commitments.

 Identification

Social Denomination:	PUNTO FA SL
NIF / Fiscal code:	B59088948
Corporate Status:	ACTIVE
Start of activity:	1989
Registered Office:	C/MERCADERS, 9-11 - POLIG.IND.RIERA DE CALDES
Locality:	PALAU-SOLITA I PLEGAMANS
Province:	BARCELONA
Postal Code:	08184
Telephone:	93 860 22 22
Fax:	93 860 22 07
Website:	www.mango.es
Email:	customer.service@mango.com

Activity

NACE:	4751
CNAE Obtaining Source:	4751
Additional Information:	It is dedicated to the marketing of items of clothing, footwear and accessories in stores. Integrated in the group MANGO Brand: MANGO.
Additional Address:	C/MERCADERS, 9-11 - POLIG.IND.RIERA DE CALDES 08184 PALAU-SOLITA I PLEGAMANS ( BARCELONA ) , registered office, offices, warehouse, and other dependencies.
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary

Year	Act
1991	Accounts deposit (ejer. 1990) Appointments/ Re-elections (2)
1992	Accounts deposit (ejer. 1991) Appointments/ Re-elections (3) Capital Reduction (1) Increase of Capital (1)
1993	Appointments/ Re-elections (1) Change of Social Purpose (1)
1994	Accounts deposit (ejer. 1992, 1993) Appointments/ Re-elections (1)
1995	Accounts deposit (ejer. 1994) Change of Social address (1)
1996	Accounts deposit (ejer. 1995)
1997	Accounts deposit (ejer. 1996 consolidated, 1996) Adaptation to Law (1) Appointments/ Re-elections (3) Change of Social Purpose (1)
1998	Accounts deposit (ejer. 1997 consolidated, 1997) Appointments/ Re-elections (4)
1999	Accounts deposit (ejer. 1998 consolidated, 1998) Appointments/ Re-elections (4) Statutory Modifications (1) Take-over Merger (4)
2000	Accounts deposit (ejer. 1999 consolidated, 1999) Appointments/ Re-elections (2) Other Concepts/ Events (1) Statutory Modifications (2) Take-over Merger (1)
2001	Accounts deposit (ejer. 2000) Appointments/ Re-elections (1)
2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (1) Change of Social Purpose (1)
2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)
2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (3)
2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (1)
2006	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1)
2007	Accounts deposit (ejer. 2005, 2006) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (4) Increase of Capital (2) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Statutory Modifications (2)
2008	Appointments/ Re-elections (1)
2009	Accounts deposit (ejer. 2007, 2008) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
2010	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
2011	Accounts deposit (ejer. 2009, 2010) Appointments/ Re-elections (5) Take-over Merger (1)
2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (2)
2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
2014	Appointments/ Re-elections (1)

Main Historic Changes

Concept	Publication	Act	Date
Corporate Purpose Changes:	LAS OPERACIONES Y NEGOCIOS DE TODAS CLASES SOBRE BIENES INMUEBLES DE CUALQUIER NATURALEZA. SU TRANSFORMACION POR URBANIZACION Y CONSTRUCCION Y EXPLOTACION JURIDICA Y ECONOMICA.		05/12/1997

Breakdown of Owners' Equity

Registered Capital:	12.565
Paid up capital:	12.565

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
03/03/1992	Increase of Capital	1.382.328	1.382.328	1.385.333	1.385.333
03/03/1992	Capital Reduction	-1.382.328	-1.382.328	3.005	3.005
04/07/2007	Increase of Capital	9.334	9.334	12.340	12.340
18/07/2007	Increase of Capital	225	225	12.565	12.565

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	MANGO MNG HOLDING SL	29/01/2010	3
MEMBER OF THE BOARD	MANGO MNG HOLDING SL	29/01/2010	3
	MANGO MNG SL	29/01/2010	3
	KAPIT ADMINT SL	18/07/2007	1
PROXY	ORTEGA GARCIA ISABEL	26/03/2013	3
	GARCIA LECUMBERRI MARIA JESUS	26/03/2013	12
	VILALTA BIESCAS ELISENDA	26/03/2013	5
	ESCUTIA GARCIA ALEJANDRO	26/03/2013	4
	LOPEZ GARCIA DANIEL	11/10/2011	3
	DELFA ARISTA ANA	26/05/2011	2
	CASI BRUNSO ENRIC	23/12/2009	2
	GIL BERTOMEU MIRIAM	26/01/2007	2
	MARTINEZ VICENTE ESTER	10/04/2006	2
	ANDRES GARCIA DEBORA	24/02/2004	1
	BELLO BODAS SILVIA	06/08/1998	1
	ERMAY ANDIC SOL	22/02/1994	1
	NAHMAN ANDIC	30/10/1992	1
	ISAK HALFON	09/04/1992	1
CHIEF EXECUTIVE OFFICER	MANGO MNG SL	29/01/2010	3
	MANGO MNG HOLDING SL	29/01/2010	3
SECRETARY	MANGO MNG SL	29/01/2010	3
REPRESENTATIVE	ANDIC RAIG JONATHAN	15/07/2013	1
	ISAK ANDIC ERMAY	29/01/2010	5
	CASI BRUNSO ENRIC	18/07/2007	2
ACCOUNTS' AUDITOR / HOLDER	AUREN AUDITORS BCN SA	24/07/2014	2
	PRICEWATERHOUSECOOPERS AUDITORES SL	24/07/2014	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AUREN AUDITORS BARCELONA SA	ACCOUNTS' AUDITOR / HOLDER	11/11/2010	4
	ACCOUNTS' AUDITOR / HOLDER	06/04/2011
	ACCOUNTS' AUDITOR / HOLDER	10/04/2012
	ACCOUNTS' AUDITOR / HOLDER	25/01/2013
AUREN AUDITORS BCN SA	ACCOUNTS' AUDITOR / HOLDER	24/07/2014	2
AUREN AUDITORS CONSULTORS BARCELONA SA	ACCOUNTS' AUDITOR / HOLDER	22/03/2004	6
	ACCOUNTS' AUDITOR / HOLDER	15/03/2005
	ACCOUNTS' AUDITOR / HOLDER	30/03/2006
	ACCOUNTS' AUDITOR / HOLDER	20/04/2007
	ACCOUNTS' AUDITOR / HOLDER	28/11/2008
	ACCOUNTS' AUDITOR / HOLDER	23/04/2009
AUREN FIDEM CONSULTORS AUDITORS SA	ACCOUNTS' AUDITOR / HOLDER	28/06/1999	5
	ACCOUNTS' AUDITOR / HOLDER	12/02/2001
	CONSOLIDATED ACCOUNTS' AUDITOR	22/04/2000
	ACCOUNTS' AUDITOR / HOLDER	08/03/2002
	ACCOUNTS' AUDITOR / HOLDER	28/02/2003
COOPERS AND LYBRAND AUDITORIA Y CONSULTORIA SRL	ACCOUNTS' AUDITOR / HOLDER	28/06/1999	2
	CONSOLIDATED ACCOUNTS' AUDITOR	22/04/2000
DELFA ARISTA ANA	PROXY	26/05/2011	2
ESCUTIA GARCIA ALEJANDRO	PROXY	13/12/2010	4
	PROXY	26/05/2011
	PROXY	26/03/2013
FIDEM AUDITORS SA	ACCOUNTS' AUDITOR / HOLDER	28/06/1999	1
FOLIA AND CIA AUDITORS CENSORS JURATS DE COMPTES S	ACCOUNTS' AUDITOR / HOLDER	07/07/1997	1
GARCIA LECUMBERRI MARIA JESUS	PROXY	06/08/1999	12
	PROXY	20/02/1997
	PROXY	06/04/1998
	PROXY	25/05/2004
	PROXY	07/09/2006
	PROXY	09/02/2007
	PROXY	16/05/2007
	PROXY	07/03/2012
	PROXY	26/03/2013
	PROXY	23/11/2007
	PROXY	17/11/2009
GIL BERTOMEU MIRIAM	PROXY	26/01/2007	2
HALFON ISAK	PROXY	17/11/2009	1
ISAK ANDIC ERMAY	ADMINISTRATOR	18/07/2007	5
	MEMBER OF THE BOARD	29/01/2010
	CHIEF EXECUTIVE OFFICER	29/01/2010
	PRESIDENT	29/01/2010
ISAK ERMAY	ADMINISTRATOR	18/07/2007	1
LOPEZ GARCIA DANIEL	PROXY	24/08/2011	3
	PROXY	11/10/2011
MACARRO FERNANDEZ MONTSERRAT	PROXY	22/10/2003	1
MANGO-MNG SL	SINGLE PARTNER	18/07/2007	1
MARGARIT BONET JORDI	PROXY	22/10/2003	1
MARTINEZ VICENTE ESTER	PROXY	10/04/2006	2
NAHMAN ANDIC ERMAY	ADMINISTRATOR	18/07/2007	5
	MEMBER OF THE BOARD	29/01/2010
	REPRESENTATIVE	15/07/2013
	CHIEF EXECUTIVE OFFICER	29/01/2010
	SECRETARY	29/01/2010
ORTEGA GARCIA ISABEL	PROXY	26/05/2011	3
	PROXY	26/03/2013
PRICE WATERHOUSE COOPERS AUDITORES S L	ACCOUNTS' AUDITOR / HOLDER	20/04/2007	1
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	22/03/2004	12
	ACCOUNTS' AUDITOR / HOLDER	08/03/2002
	ACCOUNTS' AUDITOR / HOLDER	28/02/2003
	ACCOUNTS' AUDITOR / HOLDER	15/03/2005
	ACCOUNTS' AUDITOR / HOLDER	30/03/2006
	ACCOUNTS' AUDITOR / HOLDER	11/11/2010
	ACCOUNTS' AUDITOR / HOLDER	28/11/2008
	ACCOUNTS' AUDITOR / HOLDER	23/04/2009
	ACCOUNTS' AUDITOR / HOLDER	10/04/2012
	ACCOUNTS' AUDITOR / HOLDER	06/04/2011
	ACCOUNTS' AUDITOR / HOLDER	25/01/2013
	ACCOUNTS' AUDITOR / HOLDER	24/07/2014
PRICE WATERHOUSE COOPERS SL	ACCOUNTS' AUDITOR / HOLDER	12/02/2001	1
SORIANO PEREZ EVARISTO	PROXY	23/11/2007	1
SORIANO PEREZ MARIA PILAR	PROXY	17/11/2009	3
	PROXY	06/08/1999
	PROXY	16/05/2007
VILALTA BIESCAS ELISENDA	PROXY	16/05/2007	5
	PROXY	06/08/1999
	PROXY	17/11/2009
	PROXY	26/03/2013

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

		Number of Publications	Amount (_)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	1	0	10/12/2013	19/08/2014
Status: Friendly		1	177.19	10/12/2013	10/03/2014
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		1	---	23/02/2010	23/02/2010
Notices of defaults and enforcement		1	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

> Details

IMPAGOS EN ENTIDADES FINANCIERAS Y GRANDES EMPRESAS  

Section comprising a list of the instances of default recorded in the ASNEF Industrial file under the name of .

List of current instances of default for each of the transactions in progress

Type of creditor	Product	Value of transactions (_)	Status	No. of defaults	Default balance (_)	Date of first default	Date of last default
OTRAS	Otros	---	Amistoso	4	177.19	10/12/13	10/03/14
				177,19

Change in values of defaults and settled debts

Change in values of defaults and settled debts

Legal Notice:

This data has been obtained from consultation of the ASNEF Industrial register. It may only be used for the purposes of awarding credit, monitoring credit and managing loans. This data may not be reused or included in any database, and may not be ceded .

> Basis for rating

Positive Factors

Adverse Factors

It is one of the major domestic companies in terms of sales volume. PUNTO FA SL 's borrowing cost is appropriate according to its volume of external financing sources. The development of the structure of the debt during the last two years indicates a decrease of the debt with credit institutions and trade creditors in respect to all liabilities. The lower the level of debt, the lower the dependence on suppliers capital and the more guarantee will have its financial situation. Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2011 which means that the company's financial situation has improved. It presents a efficient productivity. EBITDA shows adequate company costs management as income exceed operating expenses.

It has been found to have irregular payment performance at the credit bureaus, although it is not relevant enough to change the rating. PUNTO FA SL it presents an excessive indebtedness that may compromise their balance sheet. Solvency decrease. Its capacity to bear the cost derived form debts incurred with third parties has decreased significantly in its last fiscal year. PUNTO FA SL presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  0.640 %

> 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 PUNTO FA SL 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 0.640%.

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.

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	1 Incidence for a total cost of 0,00 E
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

Incidences Detailed

Incidences with the Local Administration

 PROCESSED BY THE LOCAL GOVERNMENT DE SEVILLA - Date 23/02/2010

Last Published Stage:	SEIZURE
Record Number:	200900045023
Amount of the incidence:	0,00 E
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	B.O.P. SEVILLA Nº20, 2010 SUPLEMENTO 1 PAGINA 280

Link List

PARTICIPATES IN:	57 Entities
SHAREHOLDERS:	1 Entities
ABSORBS TO:	3 Entities
BELONGS TO THE ADMINISTRATION BOARD OF:	1 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	3 Entities
IS RELATED WITH:	22 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	AFYON INVESTMENTS SICAV SA	BARCELONA	100
	AFYON INVESTMENTS SICAV SA	BARCELONA	100
PARTICIPATES IN	PUNTO MI SL	BARCELONA	100
	DIKNAH SL	BARCELONA	100
	KAYSERI INVERSIONES SIMCAV SA	BARCELONA	100
	MANGO SUISSE, S.A.		100
	DARDANELOS INVERSIONES SICAV SA	BARCELONA	100
	FOURSOME SICAV S.A.	BARCELONA	100
	INVESTMENTS AKNAM SICAV SA	BARCELONA	100
	INVESTMENTS ANSAVE SICAV SOCIEDAD ANONIMA	BARCELONA	100
	TOPKAPI INVERSIONES SICAV SA	BARCELONA	100
	INVERSIONES GIRALDA SA	MADRID	100
	MANGO HONG KONG, SOCIEDAD ANONIMA, (CHINA)		99
	PUNTA NA FRANCE (FRANCIA)		49.99
	MANGO BELGIQUE SPRL (BELGICA)		99.99
	MANGO FRANCE SARL (FRANCIA)		100
	MANGO HUNGARY KFT (HUNGRIA)		100
	MANGO NEDERLAND BV (HOLANDA)		100
	MANGO NORGE AS (NORUEGA)		100
	MANGO TR. TEKSTILTIC, SOCIEDAD ANONIMA, STI (TURQUIA)		99.91
	MANGO UK, SOCIEDAD ANONIMA, (REINO UNIDO)		100
	MANGO CZ SRO (REPUBLICA CHECA)		99.91
	MANGO BRASIL COMERCIAL, SOCIEDAD ANONIMA, (BRASIL)		99.99
	MANGO DEUTSCHLAND, SOCIEDAD ANONIMA, (ALEMANIA)		51
	MANGO OSTERREICH HANDELS, S.A.		100
	DEREK INVESTMENT SA	BARCELONA	100
	PUNTA NA DEUTSCHLAND, S.A.		6
	MANGO JAPAN, S.A.		100
	MANGO SUOMI OY		100
	MANGO GARMENTS AND ACCESSORY TRADING, S.A.		100
	MANGO GARMENTS HELLAS, S.A.		100
	MANGO ITALIA, S.L.		100
	MANGO MNG USA INC		100
	MANGO RUSSIA		100
	MANGO SVERIGE AB		100
	MANGONOR COMER. DE VESTUAR, S.A.		100
	MANGO DANMARK APS		100
	MANGO MERITXELL, S.L.		32
	MANGO POLSKA SP ZOO		100
	CONSOLIDATED ARTISTS BV
	DISTEX INC
	MANGO NY INC
	TEXDIS USA INC
	MANGO GARMENTS RUMANIA, SOCIEDAD LIMITADA, (RUMANIA)		100
	MANGO MACAU LIMITADA (FRANCIA)		99.98
	MANGO SINGAPUR (SINGAPUR)		100
	MANGO SLOVENSKO SRO (ESLOVAQUIA)		99.91
	PUNTA NA TAKSIM GAYRIMENKUL TI (TURQUIA)		99.99
	IL CERRERO, SOCIEDAD LIMITADA, (ITALIA)
	MANGO GARMENTS & ACCES COLT (CHINA)
	GRAND QUARTIER SAS
	MANGO EGYPT LLC
	MANGO HAUSSMANN		100
	MANGO KOREA, S.A.		100
	MANGO MNG CANADA CORPORATION		100
	MANGO MNG IRELAND, S.A.		100
	MANGO TOULON SAS
	TEXTIL EGYPT TRADING JSC		99.98

Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	MANGO MNG HOLDING SL	BARCELONA
	NAVIERA ES NORAI AIE	BARCELONA
	FINECOL, SOCIEDAD ANONIMA, (FRANCIA)
	PUNTA NA TAKSIM
	SHARPE KNIGHT, S.A.
	SHARPE KNIGHT MANCHESTER, S.A.
	GALERIE DE GRANDE ARCADES SARL (FRANCIA)
	GRANDE MAISON DE BLANC
	SCI GALERIES GRANDES ARCADES
	SCI PUNTA NA MARSEILLE SARL
	VOLIMOB, SOCIEDAD ANONIMA, (PARIS)
	ISNA SA	BARCELONA
	PUNTO RE SL	BARCELONA
	MANGO MNG BIRD SA	BARCELONA
	KAPIT ADMINT S.L	BARCELONA
	DRALUX IMPORT SOCIEDAD LIMITADA	GUADALAJARA
	MANGO ON LINE SA	BARCELONA
	LONGSHORE SL	MADRID
	KAPIT ADMINT S.L	BARCELONA
	SERRALLO PLAZA RETAIL SOCIEDAD LIMITADA	GRANADA
IS RELATED WITH	ISNA SA	BARCELONA
	BABANKI TREM SL	BARCELONA
ABSORBS TO	NEW CLOS, S.A.	BARCELONA
	PUNTO MI SL	BARCELONA
	PUNTO RE SL	BARCELONA
HAS IN ITS ADMINISTRATION BOARD TO	KAPIT ADMINT S.L	BARCELONA
	MANGO MNG HOLDING SL	BARCELONA
	MANGO MNG SL	BARCELONA
BELONGS TO THE ADMINISTRATION BOARD OF	MANGO MNG HOLDING SL	BARCELONA

Turnover
Total Sales 2013	1.200.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Normales	August  2013
2011	Normales	August  2012
2010	Normales	August  2011
2009	Normales	December  2010
2008	Normales	September  2009
2007	Normales	December  2008
2006	Normales	August  2007
2005	Normales	December  2006
2004	Normales	September  2005
2003	Normales	August  2004
2002	Normales	September  2003
2001	Normales	August  2002
2000	Normales	August  2001
1999	Consolidadas	October  2000
1999	Normales	August  2000
1999	Normales	August  2000
1998	Consolidadas	August  1999
1998	Normales	August  1999
1997	Consolidadas	September  1998
1997	Normales	November  1998
1996	Consolidadas	September  1997
1996	Normales	September  1997
1995	Normales	July  1996
1994	Normales	August  1995
1993	Normales	September  1994
1992	Normales	December  1993
1991	Normales	July  1992
1990	Normales	September  1991

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 30/12/2012

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

Information corresponding to the fiscal year 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009  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, created such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Assets	2012	2011	2010	2009	2008
A) NON-CURRENT ASSETS: 11000	1.463.739.000,00	1.299.854.000,00	1.280.447.000,00	1.238.091.000,00	1.104.017.696,00
I. Intangible fixed assets : 11100	16.010.000,00	15.162.000,00	14.426.000,00	15.290.000,00	21.255.103,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	4.492,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	2.641.000,00	2.718.000,00	2.143.000,00	1.399.000,00	3.226.301,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	13.369.000,00	12.444.000,00	12.283.000,00	13.891.000,00	18.024.309,00
II. Tangible fixed assets : 11200	104.577.000,00	111.965.000,00	124.773.000,00	141.543.000,00	160.451.897,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	2.842.743,00
2. Technical installations and other tangible fixed assets: 11220	99.150.000,00	110.345.000,00	122.647.000,00	139.054.000,00	149.478.154,00
3. Tangible asset in progress and advances: 11230	5.427.000,00	1.620.000,00	2.126.000,00	2.489.000,00	8.131.000,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	1.135.082.000,00	983.802.000,00	965.991.000,00	922.274.000,00	887.839.063,00
1. Equity instruments: 11410	1.098.746.000,00	930.961.000,00	923.717.000,00	878.576.000,00	887.839.063,00
2. Credits to businesses: 11420	36.336.000,00	52.841.000,00	42.274.000,00	43.698.000,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	6.618.000,00	5.970.000,00	4.363.000,00	4.800.000,00	29.371.937,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	25.000,00	100.000,00	476.000,00	25.505.937,00
3. Debt securities: 11530	1.750.000,00	1.400.000,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	83.000,00	0,00
5. Other financial assets : 11550	4.868.000,00	4.545.000,00	4.263.000,00	4.241.000,00	3.866.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	201.452.000,00	182.955.000,00	170.894.000,00	154.184.000,00	5.099.696,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	1.138.476.000,00	1.334.100.000,00	873.889.000,00	766.750.000,00	713.145.304,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	343.592.000,00	348.742.000,00	302.685.000,00	236.465.000,00	271.874.000,00
1. Commercial: 12210	299.257.000,00	309.410.000,00	270.755.000,00	219.361.000,00	249.686.000,00
2. Primary material and other supplies: 12220	19.652.000,00	26.639.000,00	16.516.000,00	10.449.000,00	12.093.000,00
3. Work in progress: 12230	24.679.000,00	12.693.000,00	15.403.000,00	6.644.000,00	10.036.000,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	24.679.000,00	12.693.000,00	15.403.000,00	6.644.000,00	10.036.000,00
4. Finished goods: 12240	4.000,00	0,00	11.000,00	11.000,00	59.000,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	4.000,00	0,00	11.000,00	11.000,00	59.000,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	284.385.000,00	293.443.000,00	267.130.000,00	205.427.000,00	187.927.304,00
1. Trade debtors / accounts receivable: 12310	177.150.000,00	173.349.000,00	182.752.000,00	134.605.000,00	129.975.000,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	177.150.000,00	173.349.000,00	182.752.000,00	134.605.000,00	129.975.000,00
2. Customers, Group companies and associates : 12320	76.477.000,00	102.792.000,00	68.298.000,00	65.859.000,00	55.199.000,00
3. Other accounts receivable: 12330	10.865.000,00	7.505.000,00	5.258.000,00	3.098.000,00	2.633.000,00
4. Personnel: 12340	18.000,00	232.000,00	148.000,00	72.000,00	61.000,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	19.875.000,00	9.565.000,00	10.674.000,00	1.793.000,00	59.304,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	141.000,00	83.000,00	0,00	0,00	41.598.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	41.598.000,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	141.000,00	83.000,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	207.595.000,00	136.753.000,00	164.398.000,00	176.224.000,00	152.318.000,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	144.126.000,00	130.703.000,00	152.404.000,00	165.409.000,00	126.429.000,00
3. Debt securities: 12530	62.500.000,00	2.319.000,00	10.225.000,00	10.723.000,00	25.889.000,00
4. Derivatives : 12540	616.000,00	3.147.000,00	812.000,00	92.000,00	0,00
5. Other financial assets : 12550	353.000,00	584.000,00	957.000,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	14.118.000,00	7.052.000,00	6.670.000,00	6.193.000,00	5.417.000,00
VII. Cash and other equivalent liquid assets : 12700	288.645.000,00	548.027.000,00	133.006.000,00	142.441.000,00	54.011.000,00
1. Treasury: 12710	96.923.000,00	227.084.000,00	57.810.000,00	107.233.000,00	54.011.000,00
2. Other equivalent liquid assets: 12720	191.722.000,00	320.943.000,00	75.196.000,00	35.208.000,00	0,00
TOTAL ASSETS (A + B) : 10000	2.602.215.000,00	2.633.954.000,00	2.154.336.000,00	2.004.841.000,00	1.817.163.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	405.329.000,00	428.229.000,00	498.045.000,00	462.377.000,00	374.716.000,00
A-1) Shareholders' equity: 21000	405.329.000,00	428.229.000,00	498.045.000,00	462.377.000,00	374.716.000,00
I. Capital: 21100	13.000,00	13.000,00	13.000,00	13.000,00	13.000,00
1. Registered capital : 21110	13.000,00	13.000,00	13.000,00	13.000,00	13.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	31.184.000,00	31.184.000,00	31.184.000,00	31.184.000,00	31.184.000,00
III. Reserves: 21300	303.605.000,00	372.951.000,00	338.559.000,00	288.266.000,00	302.700.000,00
1. Legal y estatutarias: 21310	3.000,00	3.000,00	3.000,00	3.000,00	3.000,00
2. Other reserves: 21320	303.602.000,00	372.948.000,00	338.556.000,00	288.263.000,00	302.697.000,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	70.527.000,00	24.081.000,00	128.289.000,00	142.914.000,00	40.819.000,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	1.612.146.000,00	1.525.168.000,00	892.160.000,00	980.944.000,00	841.233.963,00
I. Long-term provisions: 31100	2.440.000,00	2.298.000,00	2.142.000,00	1.943.000,00	2.008.000,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	2.440.000,00	2.298.000,00	0,00	1.943.000,00	2.008.000,00
II Long-term creditors: 31200	753.206.000,00	706.029.000,00	649.440.000,00	707.566.000,00	790.133.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	731.430.000,00	678.681.000,00	609.181.000,00	662.593.000,00	789.038.000,00
3. Creditors from financial leasing: 31230	14.200.000,00	22.797.000,00	31.637.000,00	41.577.000,00	0,00
4. Derivatives : 31240	0,00	804.000,00	737.000,00	1.011.000,00	0,00
5. Other financial liabilities : 31250	7.576.000,00	3.747.000,00	7.885.000,00	2.385.000,00	1.095.000,00
III. Long-term debts with Group companies and associates: 31300	834.315.000,00	795.452.000,00	224.955.000,00	259.005.000,00	37.402.000,00
IV. Liabilities for deferred tax: 31400	22.185.000,00	21.389.000,00	15.623.000,00	12.430.000,00	11.690.963,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	584.740.000,00	680.557.000,00	764.131.000,00	561.520.000,00	601.213.037,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	294.041.000,00	412.765.000,00	545.793.000,00	434.679.000,00	382.952.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	284.927.000,00	394.699.000,00	526.989.000,00	413.150.000,00	315.050.000,00
3. Creditors from financial leasing: 32330	9.112.000,00	14.272.000,00	16.175.000,00	18.611.000,00	0,00
4. Derivatives : 32340	0,00	3.794.000,00	2.629.000,00	1.010.000,00	0,00
5. Other financial liabilities : 32350	2.000,00	0,00	0,00	1.908.000,00	67.902.000,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	269.084.000,00	260.103.000,00	208.911.000,00	118.596.000,00	213.046.037,00
1. Suppliers: 32510	156.588.000,00	177.415.000,00	159.107.000,00	92.367.000,00	99.259.147,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	156.588.000,00	177.415.000,00	159.107.000,00	92.367.000,00	99.259.147,00
2. Suppliers, Group companies and associates: 32520	65.416.000,00	58.644.000,00	26.600.000,00	10.142.000,00	102.502.000,00
3. Other creditors: 32530	19.565.000,00	4.832.000,00	3.346.000,00	2.799.000,00	3.007.853,00
4. Personnel (remuneration due): 32540	5.849.000,00	5.106.000,00	5.056.000,00	4.539.000,00	4.201.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Otras deudas con las Administraciones Públicas. : 32560	21.666.000,00	14.106.000,00	14.802.000,00	8.749.000,00	4.076.037,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	21.615.000,00	7.689.000,00	9.427.000,00	8.245.000,00	5.215.000,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	2.602.215.000,00	2.633.954.000,00	2.154.336.000,00	2.004.841.000,00	1.817.163.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	1.118.748.000,00	1.006.299.000,00	895.269.000,00	806.732.000,00	822.764.000,00
a) Sales: 40110	1.107.093.000,00	995.497.000,00	886.020.000,00	803.736.000,00	822.764.000,00
b) Rendering of services: 40120	11.655.000,00	10.802.000,00	9.249.000,00	2.996.000,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	-8.000.000,00	-2.721.000,00	8.758.000,00	-3.440.000,00	-1.582.000,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-640.909.000,00	-602.240.000,00	-520.216.000,00	-423.569.000,00	-426.661.000,00
a) Stock consumption: 40410	-458.545.000,00	-455.458.000,00	-360.191.000,00	-328.922.000,00	-323.828.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-121.951.000,00	-90.675.000,00	-107.576.000,00	-61.007.000,00	-67.773.000,00
c) Works carried out by other companies: 40430	-60.413.000,00	-56.107.000,00	-52.449.000,00	-33.640.000,00	-35.060.000,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	126.847.000,00	131.400.000,00	94.890.000,00	80.083.000,00	85.361.000,00
a) Auxiliary income and other from current management: 40510	126.847.000,00	131.400.000,00	94.669.000,00	80.083.000,00	85.361.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	221.000,00	0,00	0,00
6. Personnel costs: 40600	-136.861.000,00	-131.970.000,00	-120.262.000,00	-112.270.000,00	-116.324.000,00
a) Wages, salaries et al.: 40610	-106.134.000,00	-102.677.000,00	-92.850.000,00	-86.701.000,00	-89.353.000,00
b) Social security costs: 40620	-30.727.000,00	-29.293.000,00	-27.412.000,00	-25.569.000,00	-26.971.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-333.461.000,00	-288.312.000,00	-200.272.000,00	-182.283.000,00	-186.568.000,00
a) External services: 40710	-330.496.000,00	-285.817.000,00	-190.050.000,00	-179.142.000,00	-185.213.000,00
b) Taxes: 40720	-1.915.000,00	-1.934.000,00	-1.681.000,00	-1.400.000,00	-1.355.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	0,00	0,00	0,00
d) Other current management expenditure : 40740	-1.050.000,00	-561.000,00	-8.541.000,00	-1.741.000,00	0,00
8. Amortisation of fixed assets: 40800	-31.119.000,00	-29.898.000,00	-29.809.000,00	-28.750.000,00	-21.478.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-460.000,00	-876.000,00	-11.378.000,00	-5.527.000,00	-49.596.983,00
a) Impairment and losses : 41110	0,00	0,00	-10.513.000,00	-17.297.000,00	-51.182.000,00
b) Results for transfers and other : 41120	-460.000,00	-876.000,00	-865.000,00	11.770.000,00	1.585.017,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	-1.144.000,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	94.785.000,00	81.682.000,00	116.980.000,00	130.976.000,00	104.771.017,00
14. Financial income : 41400	11.542.000,00	20.035.000,00	17.281.000,00	15.894.000,00	28.350.000,00
a) Of shares in equity instruments : 41410	110.000,00	162.000,00	11.121.000,00	1.682.000,00	3.108.000,00
a 1) In Group companies and associates: 41411	110.000,00	162.000,00	11.121.000,00	1.682.000,00	3.108.000,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	11.432.000,00	19.873.000,00	6.160.000,00	14.212.000,00	25.242.000,00
b 1) From Group companies and associates : 41421	238.000,00	886.000,00	725.000,00	1.065.000,00	10.409.000,00
b 2) From third parties : 41422	11.194.000,00	18.987.000,00	5.435.000,00	13.147.000,00	14.833.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-47.094.000,00	-40.819.000,00	-37.723.000,00	-33.958.000,00	-69.853.000,00
a) Amounts owed to Group companies and associates : 41510	-12.813.000,00	-8.548.000,00	-5.414.000,00	-5.152.000,00	-6.300.000,00
b) For debts with third parties : 41520	-34.281.000,00	-32.271.000,00	-32.309.000,00	-28.806.000,00	-63.553.000,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	2.549.000,00	1.131.000,00	-708.000,00	6.008.000,00	0,00
a) Trading book and other : 41610	2.549.000,00	1.131.000,00	-708.000,00	6.008.000,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	1.826.000,00	-1.461.000,00	24.667.000,00	-8.319.000,00	-9.900.000,00
18. Impairment and result for transfers of financial instruments: 41800	-7.207.000,00	-45.201.000,00	10.115.000,00	37.000,00	4.983,00
a) Impairment and losses : 41810	-7.206.000,00	-45.201.000,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	-1.000,00	0,00	10.115.000,00	37.000,00	4.983,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-38.384.000,00	-66.315.000,00	13.632.000,00	-20.338.000,00	-51.398.017,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	56.401.000,00	15.367.000,00	130.612.000,00	110.638.000,00	53.373.000,00
20. Income taxes: 41900	14.126.000,00	8.714.000,00	-2.323.000,00	32.276.000,00	-12.554.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	70.527.000,00	24.081.000,00	128.289.000,00	142.914.000,00	40.819.000,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	70.527.000,00	24.081.000,00	128.289.000,00	142.914.000,00	40.819.000,00

> 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  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, created such criteria using its own methodology. To view details on the methodology 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
ASSETS	2012	2011	2010	2009	2008
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	1.262.287.000,00	1.116.899.000,00	1.109.553.000,00	1.083.824.000,00	1.098.939.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	16.010.000,00	15.162.000,00	14.426.000,00	15.290.000,00	105.100.000,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	6.000,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	13.369.000,00	12.444.000,00	12.283.000,00	13.891.000,00	24.073.000,00
5. Software:	2.641.000,00	2.718.000,00	2.143.000,00	1.399.000,00	4.309.000,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	111.982.000,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	-35.270.000,00
III. Tangible fixed assets:	104.577.000,00	111.965.000,00	124.773.000,00	141.543.000,00	76.607.000,00
1. Land and construction:	0,00	0,00	0,00	0,00	6.284.000,00
2. Technical installations and machinery:	5.981.051,00	6.656.370,00	7.398.467,00	8.388.190,00	8.752.000,00
3. Other installations, tools and furniture:	55.212.646,00	61.446.692,00	68.297.180,00	77.433.579,00	80.792.000,00
4. Payments on account and tangible fixed assets under construction:	5.427.000,00	1.620.000,00	2.126.000,00	2.489.000,00	8.131.000,00
5. Other tangible assets:	37.956.303,00	42.241.938,00	46.951.353,00	53.232.231,00	55.541.000,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	-82.893.000,00
IV. Financial investments:	1.141.700.000,00	989.772.000,00	970.354.000,00	926.991.000,00	917.232.000,00
1. Equity investments in group companies:	1.098.746.000,00	930.961.000,00	923.717.000,00	878.576.000,00	1.116.842.000,00
2. Receivables from group companies:	36.336.000,00	52.841.000,00	42.274.000,00	43.698.000,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	1.750.000,00	1.400.000,00	0,00	0,00	0,00
6. Other receivables:	0,00	25.000,00	100.000,00	476.000,00	32.084.000,00
7. Long term guarantees and deposits:	4.868.000,00	4.545.000,00	4.263.000,00	4.241.000,00	3.866.000,00
8. Provisions:	0,00	0,00	0,00	0,00	-235.560.000,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	6.464.000,00
D) CURRENT ASSETS:	1.339.312.000,00	1.513.908.000,00	1.043.971.000,00	920.842.000,00	718.245.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	343.592.000,00	348.742.000,00	302.685.000,00	236.465.000,00	271.874.000,00
1. Goods for resale:	299.257.000,00	309.410.000,00	270.755.000,00	219.361.000,00	249.686.000,00
2. Raw materials and other consumables:	19.652.000,00	26.639.000,00	16.516.000,00	10.449.000,00	12.093.000,00
3. Goods in process and semifinished ones:	24.679.000,00	12.693.000,00	15.403.000,00	6.644.000,00	10.036.000,00
4. Finished products:	4.000,00	0,00	11.000,00	11.000,00	59.000,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	485.837.000,00	476.398.000,00	438.024.000,00	359.611.000,00	193.027.000,00
1. Trade debtors / accounts receivable:	177.150.000,00	173.349.000,00	182.752.000,00	134.605.000,00	129.975.000,00
2. Accounts receivable, Group companies:	76.477.000,00	102.792.000,00	68.298.000,00	65.859.000,00	55.199.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	10.865.000,00	7.505.000,00	5.258.000,00	3.098.000,00	2.633.000,00
5. Staff:	18.000,00	232.000,00	148.000,00	72.000,00	61.000,00
6. Public bodies:	221.327.000,00	192.520.000,00	181.568.000,00	155.977.000,00	5.159.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	398.842.000,00	454.632.000,00	238.782.000,00	211.340.000,00	193.916.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	41.598.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	254.222.000,00	323.262.000,00	85.421.000,00	45.931.000,00	25.889.000,00
6. Other receivables:	144.267.000,00	130.786.000,00	152.404.000,00	165.409.000,00	126.429.000,00
7. Shor term guarantees and deposits:	353.000,00	584.000,00	957.000,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	96.923.000,00	227.084.000,00	57.810.000,00	107.233.000,00	54.011.000,00
VII. Prepayments and accrued income:	14.118.000,00	7.052.000,00	6.670.000,00	6.193.000,00	5.417.000,00
GENERAL TOTAL (A + B + C + D):	2.601.599.000,00	2.630.807.000,00	2.153.524.000,00	2.004.666.000,00	1.823.648.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	404.713.000,00	429.680.000,00	500.599.000,00	464.223.000,00	366.374.000,00
I. Subscribed capital:	13.000,00	13.000,00	13.000,00	13.000,00	13.000,00
II. Share premium:	31.184.000,00	31.184.000,00	31.184.000,00	31.184.000,00	31.184.000,00
III. Revaluation reserves:	344.500,00	424.834,00	388.567,00	332.963,00	340.000,00
IV. Reserves:	302.644.500,00	373.977.166,00	340.724.433,00	289.779.037,00	294.018.000,00
1. Legal reserve:	3.000,00	3.000,00	3.000,00	3.000,00	3.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	302.641.500,00	373.974.166,00	340.721.433,00	289.776.037,00	294.015.000,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	70.527.000,00	24.081.000,00	128.289.000,00	142.914.000,00	40.819.000,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	14.806.000,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	12.922.000,00
3. Other deferred income:	0,00	0,00	0,00	0,00	1.884.000,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	2.440.000,00	2.298.000,00	2.142.000,00	1.943.000,00	2.008.000,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	2.440.000,00	2.298.000,00	2.142.000,00	1.943.000,00	2.008.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	1.609.706.000,00	1.522.066.000,00	889.281.000,00	977.990.000,00	833.456.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	745.630.000,00	701.478.000,00	640.818.000,00	704.170.000,00	789.038.000,00
1. Loans and other liabilities:	731.430.000,00	678.681.000,00	609.181.000,00	662.593.000,00	789.038.000,00
2. Long-term liabilities from capital leases:	14.200.000,00	22.797.000,00	31.637.000,00	41.577.000,00	0,00
III. Debts with companies of the group and affiliated ones:	834.315.000,00	795.452.000,00	224.955.000,00	259.005.000,00	37.402.000,00
1. Amounts owed to group companies:	834.315.000,00	795.452.000,00	224.955.000,00	259.005.000,00	37.402.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	29.761.000,00	25.136.000,00	23.508.000,00	14.815.000,00	6.995.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	7.576.000,00	3.747.000,00	7.885.000,00	2.385.000,00	1.095.000,00
4. Long term payables to public bodies:	22.185.000,00	21.389.000,00	15.623.000,00	12.430.000,00	5.900.000,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	21.000,00
1. Group companies:	0,00	0,00	0,00	0,00	21.000,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	584.740.000,00	676.763.000,00	761.502.000,00	560.510.000,00	607.004.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	294.039.000,00	408.971.000,00	543.164.000,00	431.761.000,00	315.050.000,00
1. Loans and other liabilities:	284.927.000,00	394.699.000,00	526.989.000,00	413.150.000,00	315.050.000,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	9.112.000,00	14.272.000,00	16.175.000,00	18.611.000,00	0,00
III. Short-term amounts owed to group and associated companies:	65.416.000,00	58.644.000,00	26.600.000,00	10.142.000,00	102.502.000,00
1. Amounts owed to group companies:	65.416.000,00	58.644.000,00	26.600.000,00	10.142.000,00	102.502.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	176.153.000,00	182.247.000,00	162.453.000,00	95.166.000,00	102.267.000,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	176.153.000,00	182.247.000,00	162.453.000,00	95.166.000,00	102.267.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	27.517.000,00	19.212.000,00	19.858.000,00	15.196.000,00	81.970.000,00
1. Public bodies:	21.666.000,00	14.106.000,00	14.802.000,00	8.749.000,00	9.867.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	2.000,00	0,00	0,00	1.908.000,00	67.902.000,00
4. Wages and salaries payable:	5.849.000,00	5.106.000,00	5.056.000,00	4.539.000,00	4.201.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	21.615.000,00	7.689.000,00	9.427.000,00	8.245.000,00	5.215.000,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	2.601.599.000,00	2.630.807.000,00	2.153.524.000,00	2.004.666.000,00	1.823.648.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	1.190.985.000,00	1.134.784.000,00	922.691.000,00	777.610.000,00	920.479.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	8.000.000,00	2.721.000,00	0,00	3.440.000,00	1.582.000,00
A.2. Supplies:	640.909.000,00	602.240.000,00	520.216.000,00	423.569.000,00	426.661.000,00
a) Stock consumption:	458.545.000,00	455.458.000,00	360.191.000,00	328.922.000,00	323.828.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	121.951.000,00	90.675.000,00	107.576.000,00	61.007.000,00	67.773.000,00
c) Miscellaneous external expenditure:	60.413.000,00	56.107.000,00	52.449.000,00	33.640.000,00	35.060.000,00
A.3. Staff costs:	136.861.000,00	131.970.000,00	120.262.000,00	112.270.000,00	116.324.000,00
a) Wages, salaries et al.:	106.134.000,00	102.677.000,00	92.850.000,00	86.701.000,00	89.353.000,00
b) Social security costs:	30.727.000,00	29.293.000,00	27.412.000,00	25.569.000,00	26.971.000,00
A.4. Depreciation expense:	31.119.000,00	29.898.000,00	29.809.000,00	28.750.000,00	21.478.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	0,00	0,00	0,00	0,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	333.461.000,00	288.312.000,00	200.272.000,00	182.283.000,00	186.568.000,00
a) External services:	330.496.000,00	285.817.000,00	190.050.000,00	179.142.000,00	185.213.000,00
b) Taxes:	1.915.000,00	1.934.000,00	1.681.000,00	1.400.000,00	1.355.000,00
c) Other operating expenses:	1.050.000,00	561.000,00	8.541.000,00	1.741.000,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	95.245.000,00	82.558.000,00	128.358.000,00	136.503.000,00	155.512.000,00
A.7. Financial and similar charges:	47.095.000,00	40.819.000,00	37.723.000,00	33.958.000,00	69.853.000,00
a) Due to liabilities with companies of the group:	12.813.000,00	8.548.000,00	5.414.000,00	5.152.000,00	6.300.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	34.281.000,00	32.271.000,00	32.309.000,00	28.806.000,00	63.553.000,00
d) Losses from financial investments:	1.000,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	454.670,00	2.852.001,00	708.000,00	0,00	0,00
A.9. Exchange losses:	0,00	1.461.000,00	0,00	8.319.000,00	26.824.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	13.632.000,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	63.612.330,00	58.591.999,00	141.990.000,00	116.165.000,00	104.109.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	6.751.330,00	42.348.999,00	10.513.000,00	17.297.000,00	51.182.000,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	460.000,00	876.000,00	865.000,00	0,00	926.000,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	6.527.000,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	0,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	56.401.000,00	15.367.000,00	130.612.000,00	110.638.000,00	53.373.000,00
A.15. Corporation tax:	-14.126.000,00	-8.714.000,00	2.323.000,00	-32.276.000,00	12.554.000,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	70.527.000,00	24.081.000,00	128.289.000,00	142.914.000,00	40.819.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	1.261.512.000,00	1.158.865.000,00	1.050.980.000,00	920.524.000,00	961.298.000,00
B.1. Net total sales:	1.118.748.000,00	1.006.299.000,00	895.269.000,00	806.732.000,00	822.764.000,00
a) Sales:	1.107.094.346,00	995.498.210,00	886.021.077,00	803.736.977,00	822.765.000,00
b) Rendering of services:	11.655.000,00	10.802.000,00	9.249.000,00	2.996.000,00	0,00
Returns and Rappel on sales:	-1.346,00	-1.210,00	-1.077,00	-977,00	-1.000,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	8.758.000,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	126.847.000,00	131.400.000,00	94.890.000,00	80.083.000,00	85.361.000,00
a) Auxiliary income and other from current management:	126.847.000,00	131.400.000,00	94.669.000,00	80.083.000,00	85.361.000,00
b) Grants:	0,00	0,00	221.000,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	110.000,00	162.000,00	11.121.000,00	1.682.000,00	3.108.000,00
a) In companies of the group:	110.000,00	162.000,00	11.121.000,00	1.682.000,00	3.108.000,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	69.029,00	256.973,00	210.277,00	308.890,00	3.019.000,00
a) From companies of the group:	69.029,00	256.973,00	210.277,00	308.890,00	3.019.000,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	13.911.971,00	20.747.027,00	16.064.723,00	19.948.110,00	22.223.000,00
a) From companies of the group:	168.971,00	629.027,00	514.723,00	756.110,00	7.390.000,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	11.194.000,00	18.987.000,00	5.435.000,00	13.147.000,00	14.833.000,00
d) Profit on financial investment:	2.549.000,00	1.131.000,00	10.115.000,00	6.045.000,00	0,00
B.8. Exchange positive differences:	1.826.000,00	0,00	24.667.000,00	0,00	16.924.000,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	31.632.670,00	23.966.001,00	0,00	20.338.000,00	51.403.000,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	11.770.000,00	2.516.000,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	5.383.000,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	7.211.330,00	43.224.999,00	11.378.000,00	5.527.000,00	50.736.000,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	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	56.401.000,00	15.367.000,00	130.612.000,00	110.638.000,00	53.373.000,00
2. Results adjustments.: 61200	69.963.000,00	97.245.000,00	27.754.000,00	54.618.000,00	123.988.000,00
a) Fixed Assets Amortization (+).: 61201	31.119.000,00	29.898.000,00	29.809.000,00	28.750.000,00	21.478.000,00
b) Obsolescence Allowances (+/-). : 61202	7.206.000,00	45.201.000,00	10.513.000,00	17.297.000,00	0,00
c) Variation in Provision (+/-). : 61203	0,00	156.000,00	199.000,00	0,00	51.107.000,00
e) Results on disposal of fixed assets (+/-). : 61205	460.000,00	876.000,00	865.000,00	-11.767.000,00	0,00
f) Results on disposal of financial instruments (+/-).: 61206	1.000,00	0,00	-10.115.000,00	-37.000,00	0,00
g) Financial income (-).: 61207	-11.542.000,00	-20.035.000,00	-17.281.000,00	-15.894.000,00	-45.274.000,00
h) Financial Expenses (+). : 61208	47.094.000,00	40.819.000,00	37.723.000,00	33.958.000,00	96.677.000,00
i) Exchange differences (+/-). : 61209	-1.826.000,00	1.461.000,00	-24.667.000,00	8.319.000,00	0,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	-2.549.000,00	-1.131.000,00	708.000,00	-6.008.000,00	0,00
3. Changes in current capital equity.: 61300	34.575.000,00	-29.593.000,00	-6.289.000,00	-52.804.000,00	-91.599.000,00
a) Stock (+/-).: 61301	5.150.000,00	-46.057.000,00	-66.220.000,00	35.409.000,00	-2.989.000,00
d) Debtors and other accounts receivable (+/-). : 61302	9.552.000,00	-26.313.000,00	-50.861.000,00	-12.400.000,00	-4.062.000,00
c) Other current assets (+/-). : 61303	-7.124.000,00	-382.000,00	11.349.000,00	-776.000,00	-75.546.000,00
d) Creditors and other accounts payable (+/-). : 61304	16.646.000,00	51.192.000,00	98.261.000,00	-78.134.000,00	-12.665.000,00
e) Other current liabilities (+/-).: 61305	13.926.000,00	-1.738.000,00	1.182.000,00	0,00	-3.782.000,00
f) Other non-current assets and liabilities (+/-).: 61306	-3.575.000,00	-6.295.000,00	0,00	3.097.000,00	7.445.000,00
4. Other cash flows for operating activities.: 61400	-41.540.000,00	-21.307.000,00	-33.959.000,00	-30.683.000,00	-51.403.000,00
a) Interest payments (-). : 61401	-47.094.000,00	-40.819.000,00	-37.723.000,00	-33.958.000,00	-96.677.000,00
c) Interest collection (+). : 61403	11.542.000,00	20.035.000,00	17.281.000,00	15.894.000,00	45.274.000,00
d) Income tax payment collection (payments) (+/-).: 61404	-5.988.000,00	-523.000,00	-13.517.000,00	-12.554.000,00	0,00
e) Other payments (payment collection) (-/+) : 61405	0,00	0,00	0,00	-65.000,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	119.399.000,00	61.712.000,00	118.118.000,00	81.769.000,00	34.359.000,00
6. Payments for investment (-).: 62100	-279.258.000,00	-47.452.000,00	-68.790.000,00	83.247.000,00	-103.281.000,00
a) Companies of the group and affiliates. : 62101	-175.337.000,00	-17.894.000,00	-45.561.000,00	113.422.000,00	-74.322.000,00
b) Intangible fixed assets. : 62102	-3.255.000,00	-3.288.000,00	-1.724.000,00	0,00	-18.219.000,00
c) Fixed assets. : 62103	-26.414.000,00	-24.663.000,00	-21.505.000,00	-30.175.000,00	-10.445.000,00
e) Other financial assets. : 62105	-648.000,00	-1.607.000,00	0,00	0,00	-295.000,00
h) Other assets. : 62108	-73.604.000,00	0,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	23.897.000,00	600.000,00	12.072.000,00	39.159.000,00	47.227.000,00
a) Companies of the group and affiliates. : 62201	16.505.000,00	0,00	0,00	1.386.000,00	0,00
b) Intangible fixed assets. : 62202	1.000,00	0,00	12.000,00	0,00	0,00
c) Fixed assets. : 62203	4.629.000,00	600.000,00	10.177.000,00	26.266.000,00	0,00
e) Other financial assets. : 62205	0,00	0,00	1.883.000,00	11.507.000,00	47.227.000,00
h) Other assets. : 62208	2.762.000,00	0,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-255.361.000,00	-46.852.000,00	-56.718.000,00	122.406.000,00	-77.532.000,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	-114.000.000,00
b) Amortization of assets instruments (-). : 63102	0,00	0,00	0,00	0,00	-114.000.000,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-29.993.000,00	494.058.000,00	21.786.000,00	37.605.000,00	170.049.000,00
a) Issuance : 63201	98.134.000,00	570.497.000,00	120.250.000,00	119.629.000,00	267.009.000,00
2. Debts incurred with credit institutions (+). : 63203	52.749.000,00	0,00	113.839.000,00	0,00	237.033.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	38.863.000,00	570.497.000,00	0,00	119.629.000,00	29.976.000,00
4. Special characteristic debts (+). : 63205	6.522.000,00	0,00	0,00	0,00	0,00
5. Other debts (+). : 63206	0,00	0,00	6.411.000,00	0,00	0,00
b) Repayment and amortization of : 63207	-128.127.000,00	-76.439.000,00	-98.464.000,00	-82.024.000,00	-96.960.000,00
2. Debts incurred with credit institutions (-).: 63209	-123.529.000,00	-73.533.000,00	-53.412.000,00	-82.024.000,00	-82.058.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	-28.171.000,00	0,00	-14.201.000,00
5. Other debts (-). : 63212	-4.598.000,00	-2.906.000,00	-16.881.000,00	0,00	-701.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-93.427.000,00	-93.897.000,00	-92.621.000,00	-153.350.000,00	0,00
a) Dividends (-).: 63301	-93.427.000,00	-93.897.000,00	-92.621.000,00	-153.350.000,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-123.420.000,00	400.161.000,00	-70.835.000,00	-115.745.000,00	56.049.000,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-259.382.000,00	415.021.000,00	-9.435.000,00	88.430.000,00	12.876.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	548.027.000,00	133.006.000,00	142.441.000,00	54.011.000,00	41.135.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	288.645.000,00	548.027.000,00	133.006.000,00	142.441.000,00	54.011.000,00

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:	-0,23 %	0,01 %	0,41 %	0,00 %	-156,22 %
EBITDA over Sales:	11,30 %	9,23 %	11,18 %	10,07 %	1,07 %	-8,36 %
Cash Flow Yield:	-0,10 %	0,00 %	0,16 %	0,00 %	-163,26 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	7,57 %	5,25 %	5,42 %	6,93 %	39,62 %	-24,22 %
Total economic profitability:	3,98 %	2,51 %	2,13 %	4,15 %	86,45 %	-39,48 %
Financial profitability:	17,40 %	1,35 %	5,62 %	5,83 %	209,42 %	-76,91 %
Margin:	7,61 %	4,84 %	7,18 %	6,36 %	5,99 %	-23,83 %
Mark-up:	4,53 %	1,63 %	1,35 %	4,71 %	235,23 %	-65,36 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,49	0,12	0,81	0,11	-38,70	9,40
Acid Test:	1,34	0,85	1,44	0,83	-7,11	2,80
Working Capital / Investment:	0,21	0,03	0,25	0,03	-14,24	7,39
Solvency:	2,29	1,18	2,23	1,16	2,80	1,25

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	5,38	1,63	5,12	1,66	5,15	-1,71
Borrowing Composition:	2,75	1,03	2,24	1,04	23,02	-1,01
Repayment Ability:	-8,46	163,39	5,31	811,15	-259,35	-79,86
Warranty:	1,19	1,62	1,20	1,61	-0,80	0,69
Generated resources / Total creditors:	0,05	0,07	0,05	0,07	10,20	-3,97

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,92	1,72	1,85	1,75	3,84	-1,59
Turnover of Collection Rights :	4,38	4,82	3,88	4,48	12,97	7,57
Turnover of Payment Entitlements:	3,59	3,52	3,41	3,26	5,21	7,90
Stock rotation:	3,35	6,61	3,03	6,04	10,66	9,47
Assets turnover:	0,99	1,08	0,75	1,09	31,73	-0,52
Borrowing Cost:	2,15	2,94	1,85	2,93	15,84	0,58

> 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:	-0,23 %	0,41 %	-0,01 %	0,11 %	1,56 %
EBITDA over Sales:	11,30 %	11,18 %	17,67 %	20,48 %	21,51 %
Cash Flow Yield:	-0,10 %	0,16 %	0,00 %	0,04 %	0,71 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	7,57 %	5,42 %	11,47 %	14,53 %	22,03 %
Total economic profitability:	3,98 %	2,13 %	7,81 %	7,21 %	6,78 %
Financial profitability:	17,40 %	5,62 %	25,76 %	30,91 %	11,14 %
Margin:	7,61 %	7,18 %	11,81 %	14,77 %	17,12 %
Mark-up:	4,53 %	1,35 %	13,19 %	12,48 %	11,46 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,49	0,81	0,17	0,25	0,09
Acid Test:	1,34	1,44	0,74	0,93	0,73
Working Capital / Investment:	0,21	0,25	0,05	0,10	0,06
Solvency:	2,29	2,23	1,37	1,64	1,18

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	5,38	5,12	3,31	3,32	3,76
Borrowing Composition:	2,75	2,24	1,16	1,74	1,37
Repayment Ability:	-8,46	5,31	-175,32	17,42	35,84
Warranty:	1,19	1,20	1,30	1,30	1,26
Generated resources / Total creditors:	0,05	0,05	0,09	0,11	0,04

Efficiency	2012	2011	2010	2009	2008
Productivity:	1,92	1,85	2,32	2,47	2,52
Turnover of Collection Rights :	4,38	3,88	3,71	4,32	4,70
Turnover of Payment Entitlements:	3,59	3,41	3,49	5,08	6,01
Stock rotation:	3,35	3,03	2,85	3,17	2,77
Assets turnover:	0,99	0,75	0,97	0,98	1,29
Borrowing Cost:	2,15	1,85	2,28	2,20	4,85

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	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	3.000,00
Notes	El importe reflejado corresponde al traspasado a resultados del ejercicio, quedando pendiente de imputación al cierre 1.000,00 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	5.000,00
Notes	El importe reflejado es el imputado a resultados.

Research Summary

Constituted several years ago with experience in the sector, its turnover increased by 11.17% in 2012, compared to the previous year. It meets normal payment commitments.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.73
UK Pound	1	Rs.101.48
Euro	1	Rs.81.04

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	PDT

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.