MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	MERKAL CALZADOS SL

Registered Office :	Calle Pau Claris, Nº 132, 7ª Planta - Barcelona - 08009 - Barcelona

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	08.08.2003

Legal Form :	Private Company

Line of Business :	Retail sale of footwear and leather goods in specialised stores

No. of Employees :	500

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
Payment Behaviour :	Unknown
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, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Spain

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

SPAIN - ECONOMIC OVERVIEW

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

Source : CIA

Company name and address

Name:

MERKAL CALZADOS SL

NIF / Fiscal code:

B63266969

Trade Name

MERKAL

Status:

ACTIVE

Incorporation Date:

08/08/2003

Register Data

Last Publication in BORME:

19/05/2014 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

1.901.906

Localization:

CALLE PAU CLARIS, Nº 132, 7ª PLANTA - BARCELONA - 08009 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 932 697 700�� Email. contactoweb@merkal.com�� Website. www.merkal.com

Number of Branches

Activity:

NACE:

4772 - Retail sale of footwear and leather goods in specialised stores

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

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

VIVARTE MODA SA

100 %

INVESTIGATION SUMMARY

The firm was founded in 2003. It has 230 stores in España, South of France and Portugal. It is in the group "GRUPO VIVARTE", which is one of the most important groups and it has stores in more France, Spainy, Switzerland, with more of 4.000 stores and 24.000 employers. The company has important brands as: NAF NAF, CHEVIGNON, KOOKAÏ o CAROLL. In Spain is also representative with the Brand: FOSCO. In the sources consulted appears nothing against him. In light of the above we believe that he can continue operations relating to risk commensurate with its size.

Interviewed Person:

Identification

Social Denomination:

MERKAL CALZADOS SL

Trade Name:

MERKAL

NIF / Fiscal code:

B63266969

Corporate Status:

ACTIVE

Start of activity:

2003

Registered Office:

CALLE PAU CLARIS, Nº 132, 7ª PLANTA

Locality:

BARCELONA

Province:

BARCELONA

Postal Code:

08009

Telephone:

932 697 700

Fax:

932 697 701

Website:

www.merkal.com

Email:

contactoweb@merkal.com

Interviewed Person:

La presente información ha sido obtenida a través de fuentes indirectas, ante la negativa por parte de los responsables de la sociedad de prestar cualquier tipo de colaboración para la confección del presente trabajo.

Branch Offices

Address

Postal Code

City

Province

AVENI DOCTOR JIMENEZ DIAZ 19

03005

ALICANTE/ALACANT

ALICANTE

Vic, 1

08550

BALENYA

BARCELONA

Progrés, 14

08904

HOSPITALET DE LLOBREGAT (L')

BARCELONA

Santa Eulàlia, 13

08902

HOSPITALET DE LLOBREGAT (L')

BARCELONA

Av. Mestre Montaner, 56

08700

IGUALADA

BARCELONA

María Aurelia Capmany, S/N

08243

MANRESA

BARCELONA

Balançó i Boter, S/N

08302

MATARO

BARCELONA

Santiago Rusiñol, 46

08304

MATARO

BARCELONA

Verdi, 2

08110

MONTCADA I REIXAC

BARCELONA

Av. Riu Mogent, S/N

08170

MONTORNES DEL VALLES

BARCELONA

Av. Estatut, 14

08191

RUBI

BARCELONA

Ramón Viñas, 29

08930

SANT ADRIA DE BESOS

BARCELONA

Navas de Tolosa, 161

08224

TERRASSA

BARCELONA

Cayetano Polo (Polito), S/N

10004

CACERES

COSTA VELLA 91

15890

SANTIAGO DE COMPOSTELA

LA CORUÑA

Pedro Antonio de Alarcón, 36

18002

GRANADA

Secundino Esnaola / Sekundino Esnaola Kalea, 18

20001

DONOSTIA-SAN SEBASTIAN

GUIPUZCOA

Av. Torres Quevedo, 1

28980

PARLA

MADRID

María Montessori, 1

28521

RIVAS-VACIAMADRID

MADRID

Av. Brasilia, 5

34004

PALENCIA

Libertad, S/N

38296

SAN CRISTOBAL DE LA LAGUNA

SANTA CRUZ DE TENERIFE

Molinos de Gofio (Pol. Ind. San Jerónimo), 2

38312

OROTAVA (LA)

SANTA CRUZ DE TENERIFE

Ctra. Santa Bàrbara, KM 1

43870

AMPOSTA

TARRAGONA

Sant Isidre, 179

43540

SANT CARLES DE LA RAPITA

TARRAGONA

Av. Jaume Carner, 58

43700

VENDRELL (EL)

TARRAGONA

Transport (Pol. Ind. Benieto), 7

46702

GANDIA

VALENCIA

Francia (Pol. Ind. El Trillar), 9-10

50600

EJEA DE LOS CABALLEROS

ZARAGOZA

Activity

NACE:

4772

Additional Information:

Retail sale of footwear.

Franchise:

Import / export:

IMPORT / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2013

500

Chronological Summary

Year

Act

2003

Appointments/ Re-elections (1) Company Formation (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Increase of Capital (1)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2006

Appointments/ Re-elections (1)

2007

Accounts deposit (ejer. 2005, 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2008

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (ejer. 2007) Other Concepts/ Events (1)

2010

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

2011

Accounts deposit (ejer. 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)

2012

Accounts deposit (ejer. 2010) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (3)

2013

Accounts deposit (ejer. 2011, 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (3)

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)

Breakdown of Owners' Equity

Registered Capital:

1.901.906

Paid up capital:

1.901.906

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1444

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

04/09/2003

Company Formation

3.006

01/06/2004

Increase of Capital

1.898.900

1.901.906

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

VIVARTE MODA SA

04/09/2003

PRESIDENT

DORRONSORRO DORRONSORRO JUAN MIGUEL

20/10/2004

MEMBER OF THE BOARD

DORRONSORRO DORRONSORRO JUAN MIGUEL

20/10/2004

COMBINED PROXY

ROMANO SANCHEZ SARA

09/05/2014

JOINT ATTORNEY/COMBINED PROXY

ISASA SARRALDE IÑIGO

09/05/2014

PROXY

GARRIGA CHABERT DAVID

22/07/2011

BLANCO MUNIN FERNANDO

07/09/2007

PASCUAL VASCO PATRICIA

07/09/2007

RABADAN CANOVAS ANA BELEN

07/09/2007

MERCADAL PALOMERA SANTIAGO

19/05/2004

GARRAMIOLA PEREIRA CARLOS

19/05/2004

CASTELLS BISBAL TERESA

19/05/2004

HERMO BARBADILLO EULARI

19/05/2004

MORENO ZAFORAS JAVIER

19/05/2004

RUIZ BARBERO JENNY

19/05/2004

GOMEZ PALLARES JORGE

19/05/2004

UGALDE MADARIA RAFAEL

19/05/2004

CHIEF EXECUTIVE OFFICER

DORRONSORRO DORRONSORRO JUAN MIGUEL

20/10/2004

SECRETARY

VIVARTE SAS

22/07/2011

REPRESENTATIVE

PASCALE ANNICK AUDRAN ABDELLI

28/04/2014

NICOLA TETI

19/08/2013

ACCOUNTS' AUDITOR / HOLDER

KPMG AUDITORES SL

20/08/2010

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ANTOINE METZGER

REPRESENTATIVE

22/07/2011

REPRESENTATIVE

16/04/2012

ARRASTIO FERNANDEZ VIDAL

PROXY

03/08/2005

PROXY

22/07/2011

PROXY

22/07/2011

BENOIT LE MONIES DE SAGAZAN

REPRESENTATIVE

28/04/2014

CASTILLO RODRIGUEZ LUZ

PROXY

07/09/2007

CHRISTIAN NOUVION

REPRESENTATIVE

19/08/2013

CLAUDE BUFFARD

REPRESENTATIVE

19/08/2013

DELOITTE AND TOUCHE ESPAÑA SL

ACCOUNTS' AUDITOR / HOLDER

20/08/2010

DORRONSORO DORRONSORO JUAN MIGUEL

PROXY

03/08/2005

EUROPEENNE DE NEGOCE ANDRE SA

MEMBER OF THE BOARD

16/06/2008

SECRETARY

22/07/2011

FERNANDEZ GARCIA ELENA

PROXY

20/02/2014

FINANCIERE AGORA SA

MEMBER OF THE BOARD

22/07/2011

SECRETARY

16/06/2008

ISASA SARRALDE IÑIGO

PROXY

09/05/2014

JEAN MICHEL NOIR

REPRESENTATIVE

22/07/2011

LEUNDA DE SOSA AITOR

PROXY

03/08/2005

PROXY

22/07/2011

PROXY

22/07/2011

MATEO CARO JUAN ANTONIO

PROXY

20/02/2014

PHILIPPE MALDINI

PROXY

19/08/2013

RAZQUIN ORBEGOZO RAFAEL

SINGLE ADMINISTRATOR

20/10/2004

PROXY

22/07/2011

SABATER RAGA CLARA

PROXY

22/07/2011

PROXY

22/07/2011

PROXY

19/10/2012

SANUY IGLESIAS MARIA ISABEL

PROXY

16/04/2012

VIVARTE SAS

MEMBER OF THE BOARD

22/07/2011

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 scoring

Positive Factors

Adverse Factors

No irregular payment performance has been detected based on information obtained from credit bureaus.

It is one of the major domestic companies in terms of sales volume.

MERKAL CALZADOS 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 with respect to its assets. This return is lower than that of the financial year 2012 .

Probability of default

> Estimated Probability of Default for the next 12 months: 0.245 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

477 Retail sale of other goods in specialised stores

wordml://2778

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 MERKAL CALZADOS 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 0.245%.

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

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

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

RESULT OF THE PARTIAL SPIN-OFF OF:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

VIVARTE MODA SA

BARCELONA

100

PARTICIPATES IN

MKL PORTUGAL LDA

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

VIVARTE MODA SA

BARCELONA

RESULT OF THE PARTIAL SPIN-OFF OF

ANBAO DISTRIBUCION SA.

BARCELONA

BELONGS TO THE ADMINISTRATION BOARD OF

FOSCO ZAPATOS Y ACCESORIOS SA

BARCELONA

Turnover

Total Sales 2013

121.748.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

March 2014

2012

Normales

October 2013

2011

Normales

August 2013

2010

Normales

March 2012

2009

Normales

July 2011

2008

Normales

August 2010

2007

Normales

January 2009

2006

Normales

August 2007

2005

Normales

February 2007

2004

Normales

March 2005

2003

Normales

February 2004

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 31/08/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 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, axesor created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

14.223.000,00

14.811.000,00

18.595.000,00

20.975.000,00

24.256.000,00

I. Intangible fixed assets : 11100

257.000,00

390.000,00

278.000,00

330.000,00

273.000,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

88.000,00

91.000,00

58.000,00

19.000,00

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

99.000,00

204.000,00

85.000,00

146.000,00

78.000,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

70.000,00

95.000,00

135.000,00

165.000,00

195.000,00

II. Tangible fixed assets : 11200

8.364.000,00

10.045.000,00

13.024.000,00

15.889.000,00

18.780.000,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

8.364.000,00

10.045.000,00

13.024.000,00

15.889.000,00

18.780.000,00

3. Tangible asset in progress and advances: 11230

0,00

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

205.000,00

0,00

1. Equity instruments: 11410

0,00

205.000,00

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

2.526.000,00

2.656.000,00

2.646.000,00

2.485.000,00

2.349.000,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

2.526.000,00

2.656.000,00

2.646.000,00

2.485.000,00

2.349.000,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

3.076.000,00

1.515.000,00

2.442.000,00

2.271.000,00

2.854.000,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

60.506.000,00

58.699.000,00

66.487.000,00

58.100.000,00

47.386.000,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

33.743.000,00

35.018.000,00

37.006.000,00

34.081.000,00

32.590.000,00

1. Commercial: 12210

33.743.000,00

35.018.000,00

37.006.000,00

34.081.000,00

32.590.000,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

42.000,00

406.000,00

622.000,00

0,00

8.000,00

1. Trade debtors / accounts receivable: 12310

0,00

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

0,00

b) Customers for sales and provisions of services : 12312

0,00

2. Customers, Group companies and associates : 12320

0,00

42.000,00

622.000,00

0,00

3. Other accounts receivable: 12330

37.000,00

51.000,00

0,00

8.000,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

5.000,00

313.000,00

0,00

7. Called up share capital: 12370

0,00

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

24.032.000,00

22.211.000,00

27.652.000,00

23.181.000,00

13.580.000,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

24.032.000,00

22.211.000,00

27.652.000,00

23.181.000,00

13.580.000,00

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

985.000,00

135.000,00

0,00

1. Equity instruments: 12510

985.000,00

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

135.000,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

92.000,00

35.000,00

86.000,00

144.000,00

95.000,00

VII. Cash and other equivalent liquid assets : 12700

1.612.000,00

894.000,00

1.121.000,00

694.000,00

1.113.000,00

1. Treasury: 12710

1.612.000,00

894.000,00

1.121.000,00

694.000,00

1.113.000,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

74.729.000,00

73.510.000,00

85.082.000,00

79.075.000,00

71.642.000,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

36.532.000,00

34.200.000,00

39.265.000,00

34.000.000,00

28.655.000,00

A-1) Shareholders' equity: 21000

36.532.000,00

34.200.000,00

39.265.000,00

34.000.000,00

28.655.000,00

I. Capital: 21100

1.902.000,00

1. Registered capital : 21110

1.902.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

1.793.000,00

III. Reserves: 21300

30.505.000,00

27.570.000,00

30.305.000,00

22.460.000,00

17.874.000,00

1. Legal y estatutarias: 21310

380.000,00

2. Other reserves: 21320

30.125.000,00

27.190.000,00

29.925.000,00

22.080.000,00

17.494.000,00

3. Revaluation reserves: 21330

0,00

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

2.332.000,00

2.935.000,00

5.265.000,00

7.845.000,00

7.086.000,00

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

779.000,00

754.000,00

242.000,00

214.000,00

33.000,00

I. Long-term provisions: 31100

777.000,00

752.000,00

240.000,00

212.000,00

31.000,00

1. Long-term employee benefits liability: 31110

126.000,00

101.000,00

40.000,00

32.000,00

31.000,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

20.000,00

0,00

4. Other provisions: 31140

651.000,00

180.000,00

0,00

II Long-term creditors: 31200

2.000,00

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

2.000,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

37.418.000,00

38.556.000,00

45.575.000,00

44.861.000,00

42.954.000,00

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

0,00

II. Short-term provisions: 32200

189.000,00

241.000,00

0,00

8.000,00

78.000,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

449.000,00

720.000,00

1.531.000,00

0,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

449.000,00

720.000,00

1.531.000,00

0,00

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

1.713.000,00

3.000,00

2.487.000,00

1.435.000,00

3.010.000,00

V. Trade creditors and other accounts payable: 32500

34.942.000,00

37.475.000,00

41.557.000,00

43.418.000,00

39.866.000,00

1. Suppliers: 32510

14.659.000,00

19.938.000,00

20.084.000,00

22.854.000,00

21.901.000,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

14.659.000,00

19.938.000,00

20.084.000,00

22.854.000,00

21.901.000,00

2. Suppliers, Group companies and associates: 32520

8.617.000,00

8.147.000,00

11.507.000,00

10.191.000,00

9.187.000,00

3. Other creditors: 32530

7.451.000,00

6.413.000,00

6.801.000,00

7.914.000,00

6.778.000,00

4. Personnel (remuneration due): 32540

1.827.000,00

1.599.000,00

1.157.000,00

995.000,00

935.000,00

5. Liabilities for current tax: 32550

0,00

25.000,00

6. Other accounts payable to Public Administrations.: 32560

2.388.000,00

1.378.000,00

2.008.000,00

1.464.000,00

1.040.000,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

125.000,00

117.000,00

0,00

VII. Special short-term debts : 32700

0,00

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

74.729.000,00

73.510.000,00

85.082.000,00

79.075.000,00

71.642.000,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

121.748.000,00

125.506.000,00

137.078.000,00

138.391.000,00

133.943.000,00

a) Sales: 40110

121.701.000,00

125.462.000,00

137.078.000,00

138.391.000,00

133.943.000,00

b) Rendering of services: 40120

47.000,00

44.000,00

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

0,00

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

0,00

4. Supplies : 40400

-61.597.000,00

-62.576.000,00

-69.828.000,00

-69.955.000,00

-68.379.000,00

a) Stock consumption: 40410

-61.666.000,00

-61.500.000,00

-69.123.000,00

-70.110.000,00

-67.728.000,00

b) Consumption of raw materials and miscellaneous consumable ones: 40420

-395.000,00

-598.000,00

-473.000,00

-484.000,00

-431.000,00

c) Works carried out by other companies: 40430

0,00

-82.000,00

-119.000,00

-68.000,00

d) Impairment of stock, primary material and other supplies: 40440

464.000,00

-478.000,00

-150.000,00

758.000,00

-152.000,00

5. Other operating income: 40500

0,00

a) Auxiliary income and other from current management: 40510

0,00

b) Operation subsidies included in the Period's result: 40520

0,00

6. Personnel costs: 40600

-20.793.000,00

-20.661.000,00

-20.727.000,00

-19.355.000,00

-18.649.000,00

a) Wages, salaries et al.: 40610

-15.794.000,00

-15.621.000,00

-15.718.000,00

-14.771.000,00

-14.277.000,00

b) Social security costs: 40620

-4.999.000,00

-5.040.000,00

-5.009.000,00

-4.584.000,00

-4.372.000,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-30.251.000,00

-31.427.000,00

-31.642.000,00

-30.531.000,00

-28.706.000,00

a) External services: 40710

-29.668.000,00

-30.159.000,00

-30.966.000,00

-29.781.000,00

-28.215.000,00

b) Taxes: 40720

-621.000,00

-584.000,00

-687.000,00

-564.000,00

-471.000,00

c) Losses, impairments and variation in provisions from trade operations : 40730

42.000,00

-689.000,00

-7.000,00

-186.000,00

-30.000,00

d) Other current management expenditure : 40740

-4.000,00

5.000,00

18.000,00

0,00

10.000,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-4.558.000,00

-5.942.000,00

-6.951.000,00

-7.552.000,00

-7.745.000,00

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

-147.000,00

-315.000,00

-163.000,00

-3.000,00

-217.000,00

a) Impairment and losses : 41110

-94.000,00

-50.000,00

0,00

b) Results for transfers and other : 41120

-53.000,00

-265.000,00

-163.000,00

-3.000,00

-217.000,00

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-838.000,00

-495.000,00

-73.000,00

4.000,00

54.000,00

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

3.564.000,00

4.090.000,00

7.694.000,00

10.999.000,00

10.301.000,00

14. Financial income : 41400

12.000,00

48.000,00

47.000,00

43.000,00

108.000,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

12.000,00

48.000,00

47.000,00

43.000,00

108.000,00

b 1) From Group companies and associates : 41421

11.000,00

46.000,00

45.000,00

41.000,00

108.000,00

b 2) From third parties : 41422

1.000,00

2.000,00

0,00

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

0,00

15. Financial expenditure: 41500

-3.000,00

0,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-3.000,00

0,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

b) Allocation of financial assets held for sale to the result for the period: 41620

0,00

17. Exchange rate differences : 41700

0,00

-16.000,00

-200.000,00

-36.000,00

-10.000,00

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

-205.000,00

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

-205.000,00

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

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

-196.000,00

32.000,00

-153.000,00

7.000,00

98.000,00

A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300

3.368.000,00

4.122.000,00

7.541.000,00

11.006.000,00

10.399.000,00

20. Income taxes: 41900

-1.036.000,00

-1.187.000,00

-2.276.000,00

-3.161.000,00

-3.313.000,00

A.4) PROFIT AFTER TAXES (A.3+20) : 49400

2.332.000,00

2.935.000,00

5.265.000,00

7.845.000,00

7.086.000,00

21. Result of the year coming from interrupted operations : 42000

0,00

A.5) RESULT OF THE PERIOD (A.4+21) : 49500

2.332.000,00

2.935.000,00

5.265.000,00

7.845.000,00

7.086.000,00

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

Information corresponding to the fiscal year 2013 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, Axesor created such criteria using its own methodology. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

11.147.000,00

13.296.000,00

16.153.000,00

18.704.000,00

21.402.000,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

257.000,00

390.000,00

278.000,00

330.000,00

273.000,00

1. Research and development costs:

0,00

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

88.000,00

91.000,00

58.000,00

19.000,00

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

70.000,00

95.000,00

135.000,00

165.000,00

195.000,00

5. Software:

99.000,00

204.000,00

85.000,00

146.000,00

78.000,00

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:

8.364.000,00

10.045.000,00

13.024.000,00

15.889.000,00

18.780.000,00

1. Land and construction:

0,00

2. Technical installations and machinery:

0,00

3. Other installations, tools and furniture:

8.023.505,00

9.636.073,00

12.493.799,00

15.242.166,00

18.015.475,00

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

0,00

5. Other tangible assets:

340.495,00

408.927,00

530.201,00

646.834,00

764.525,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

2.526.000,00

2.861.000,00

2.851.000,00

2.485.000,00

2.349.000,00

1. Equity investments in group companies:

0,00

205.000,00

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:

0,00

7. Long term guarantees and deposits:

2.526.000,00

2.656.000,00

2.646.000,00

2.485.000,00

2.349.000,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

63.582.000,00

60.214.000,00

68.929.000,00

60.371.000,00

50.240.000,00

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

0,00

II. Stocks:

33.743.000,00

35.018.000,00

37.006.000,00

34.081.000,00

32.590.000,00

1. Goods for resale:

33.743.000,00

35.018.000,00

37.006.000,00

34.081.000,00

32.590.000,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

3.118.000,00

1.921.000,00

3.064.000,00

2.271.000,00

2.862.000,00

1. Trade debtors / accounts receivable:

0,00

2. Accounts receivable, Group companies:

0,00

42.000,00

622.000,00

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

37.000,00

51.000,00

0,00

8.000,00

5. Staff:

0,00

6. Public bodies:

3.081.000,00

1.828.000,00

2.442.000,00

2.271.000,00

2.854.000,00

7. Provisions:

0,00

IV. Short-term investments:

25.017.000,00

22.346.000,00

27.652.000,00

23.181.000,00

13.580.000,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

24.032.000,00

22.211.000,00

27.652.000,00

23.181.000,00

13.580.000,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

985.000,00

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

0,00

135.000,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.612.000,00

894.000,00

1.121.000,00

694.000,00

1.113.000,00

VII. Prepayments and accrued income:

92.000,00

35.000,00

86.000,00

144.000,00

95.000,00

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

74.729.000,00

73.510.000,00

85.082.000,00

79.075.000,00

71.642.000,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

36.532.000,00

34.200.000,00

39.285.000,00

34.000.000,00

28.655.000,00

I. Subscribed capital:

1.902.000,00

II. Share premium:

1.793.000,00

III. Revaluation reserves:

0,00

IV. Reserves:

30.505.000,00

27.570.000,00

30.325.000,00

22.460.000,00

17.874.000,00

1. Legal reserve:

380.000,00

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:

30.125.000,00

27.190.000,00

29.945.000,00

22.080.000,00

17.494.000,00

Differences due to capital adjustement to euros:

0,00

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:

2.332.000,00

2.935.000,00

5.265.000,00

7.845.000,00

7.086.000,00

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:

777.000,00

752.000,00

220.000,00

212.000,00

31.000,00

1. Provisions for pension fund and other similar obligations:

126.000,00

101.000,00

40.000,00

32.000,00

31.000,00

2. Provisions for taxes:

0,00

3. Other provisions:

651.000,00

180.000,00

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

2.000,00

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:

2.000,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

2.000,00

4. Long term payables to public bodies:

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

37.229.000,00

38.315.000,00

45.575.000,00

44.853.000,00

42.876.000,00

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:

0,00

1. Loans and other liabilities:

0,00

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:

10.330.000,00

8.150.000,00

13.994.000,00

11.626.000,00

12.197.000,00

1. Amounts owed to group companies:

10.330.000,00

8.150.000,00

13.994.000,00

11.626.000,00

12.197.000,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

22.110.000,00

26.351.000,00

26.885.000,00

30.768.000,00

28.679.000,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

22.110.000,00

26.351.000,00

26.885.000,00

30.768.000,00

28.679.000,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

4.664.000,00

3.697.000,00

4.696.000,00

2.459.000,00

2.000.000,00

1. Public bodies:

2.388.000,00

1.378.000,00

2.008.000,00

1.464.000,00

1.065.000,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

449.000,00

720.000,00

1.531.000,00

0,00

4. Wages and salaries payable:

1.827.000,00

1.599.000,00

1.157.000,00

995.000,00

935.000,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

125.000,00

117.000,00

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

189.000,00

241.000,00

0,00

8.000,00

78.000,00

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

74.729.000,00

73.510.000,00

85.082.000,00

79.075.000,00

71.642.000,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

119.428.000,00

122.619.000,00

131.860.000,00

130.593.000,00

127.019.000,00

A.1. Stock reduction of both manufactured goods and the ones in process:

0,00

A.2. Supplies:

62.061.000,00

62.098.000,00

69.678.000,00

70.713.000,00

68.227.000,00

a) Stock consumption:

61.666.000,00

61.500.000,00

69.123.000,00

70.110.000,00

67.728.000,00

b) Consumption of raw materials and miscellaneous consumable ones:

395.000,00

598.000,00

473.000,00

484.000,00

431.000,00

c) Miscellaneous external expenditure:

0,00

82.000,00

119.000,00

68.000,00

A.3. Staff costs:

20.793.000,00

20.661.000,00

20.727.000,00

19.355.000,00

18.649.000,00

a) Wages, salaries et al.:

15.794.000,00

15.621.000,00

15.718.000,00

14.771.000,00

14.277.000,00

b) Social security costs:

4.999.000,00

5.040.000,00

5.009.000,00

4.584.000,00

4.372.000,00

A.4. Depreciation expense:

4.558.000,00

5.942.000,00

6.951.000,00

7.552.000,00

7.745.000,00

A.5. Variation of trade provisions and losses of unrecovered receivables:

-506.000,00

1.167.000,00

157.000,00

-572.000,00

182.000,00

a) Stock provision variation:

-464.000,00

478.000,00

150.000,00

-758.000,00

152.000,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

-42.000,00

689.000,00

7.000,00

186.000,00

30.000,00

A.6. Other operating charges:

30.293.000,00

30.738.000,00

31.635.000,00

30.345.000,00

28.676.000,00

a) External services:

29.668.000,00

30.159.000,00

30.966.000,00

29.781.000,00

28.215.000,00

b) Taxes:

621.000,00

584.000,00

687.000,00

564.000,00

471.000,00

c) Other operating expenses:

4.000,00

-5.000,00

-18.000,00

0,00

-10.000,00

d) Allocation to revision fund:

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):

4.549.000,00

4.900.000,00

7.930.000,00

10.998.000,00

10.464.000,00

A.7. Financial and similar charges:

208.000,00

0,00

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.:

3.000,00

0,00

d) Losses from financial investments:

205.000,00

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

16.000,00

200.000,00

36.000,00

10.000,00

A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):

0,00

32.000,00

0,00

7.000,00

98.000,00

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

4.353.000,00

4.932.000,00

7.777.000,00

11.005.000,00

10.562.000,00

A.10. Changes in provisions for intangible, tangible and securities portfolio:

94.000,00

50.000,00

0,00

A.11. Losses from tangible and intangible fixed assets and securities portfolio:

53.000,00

265.000,00

163.000,00

3.000,00

217.000,00

A.12. Losses from transactions with own shares and debentures:

0,00

A.13. Extraordinary expenses:

838.000,00

495.000,00

73.000,00

0,00

A.14. Expenses and losses of former financial years:

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

1.000,00

0,00

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

3.368.000,00

4.122.000,00

7.541.000,00

11.006.000,00

10.399.000,00

A.15. Corporation tax:

1.036.000,00

1.187.000,00

2.276.000,00

3.161.000,00

3.313.000,00

A.16. Miscellaneous taxes:

0,00

A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):

2.332.000,00

2.935.000,00

5.265.000,00

7.845.000,00

7.086.000,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

B) INCOME ( B.1 to B.13):

121.760.000,00

125.554.000,00

137.125.000,00

138.438.000,00

134.105.000,00

B.1. Net total sales:

121.748.000,00

125.506.000,00

137.078.000,00

138.391.000,00

133.943.000,00

a) Sales:

121.701.000,00

125.462.000,00

137.078.000,00

138.391.000,00

133.943.000,00

b) Rendering of services:

47.000,00

44.000,00

0,00

Returns and Rappel on sales:

0,00

B.2. Stock increase of manufactured goods and products in process:

0,00

B.3. Works performed by the company for fixed assets:

0,00

B.4. Miscellaneous operating income:

0,00

a) Auxiliary income and other from current management:

0,00

b) Grants:

0,00

c) Liabilities and charges provisions surplus:

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

B.5. Income from equity investment:

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

B.6. Income from other marketable securities and long-term receivables:

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

12.000,00

48.000,00

47.000,00

43.000,00

108.000,00

a) From companies of the group:

11.000,00

46.000,00

45.000,00

41.000,00

108.000,00

b) From associated companies:

0,00

c) Miscellaneous interests:

1.000,00

2.000,00

0,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):

196.000,00

0,00

153.000,00

0,00

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

0,00

B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

B.10. Profit on transactions with own shares and debentures:

0,00

B.11. Capital grants transferred to profit and loss:

0,00

B.12. Extraordinary income:

0,00

4.000,00

54.000,00

B.13. Income and profit of former financial years:

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):

985.000,00

810.000,00

236.000,00

0,00

163.000,00

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

0,00

B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):

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.

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

3.368.000,00

4.122.000,00

7.541.000,00

11.006.000,00

10.399.000,00

2. Results adjustments.: 61200

4.365.000,00

7.456.000,00

7.437.000,00

6.867.000,00

8.104.000,00

a) Fixed Assets Amortization (+).: 61201

4.558.000,00

5.942.000,00

6.951.000,00

7.552.000,00

7.745.000,00

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

-207.000,00

528.000,00

150.000,00

-758.000,00

182.000,00

c) Variation in Provision (+/-). : 61203

-27.000,00

753.000,00

20.000,00

111.000,00

58.000,00

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

53.000,00

265.000,00

163.000,00

3.000,00

217.000,00

g) Financial income (-).: 61207

-12.000,00

-48.000,00

-47.000,00

-41.000,00

-108.000,00

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

0,00

16.000,00

200.000,00

0,00

10.000,00

3. Changes in current capital equity.: 61300

-749.000,00

2.941.000,00

-4.288.000,00

1.786.000,00

-1.399.000,00

a) Stock (+/-).: 61301

1.482.000,00

1.460.000,00

-3.075.000,00

-733.000,00

-2.004.000,00

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

-1.197.000,00

230.000,00

-2.896.000,00

591.000,00

155.000,00

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

-57.000,00

5.236.000,00

58.000,00

-49.000,00

123.000,00

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

-977.000,00

-3.985.000,00

1.625.000,00

1.977.000,00

327.000,00

4. Other cash flows for operating activities.: 61400

-1.024.000,00

-2.399.000,00

-2.229.000,00

-3.121.000,00

-3.074.000,00

c) Interest collection (+). : 61403

12.000,00

48.000,00

47.000,00

41.000,00

108.000,00

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

-1.036.000,00

-2.447.000,00

-2.276.000,00

-3.162.000,00

-3.182.000,00

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

5.960.000,00

12.120.000,00

8.461.000,00

16.538.000,00

14.030.000,00

6. Payments for investment (-).: 62100

-5.242.000,00

-4.347.000,00

-8.034.000,00

-14.457.000,00

-11.431.000,00

a) Companies of the group and affiliates. : 62101

-1.616.000,00

0,00

-3.677.000,00

-9.601.000,00

-4.959.000,00

b) Intangible fixed assets. : 62102

-32.000,00

-269.000,00

-107.000,00

-180.000,00

-76.000,00

c) Fixed assets. : 62103

-2.874.000,00

-3.933.000,00

-4.089.000,00

-4.540.000,00

-6.384.000,00

e) Other financial assets. : 62105

-720.000,00

-145.000,00

-161.000,00

-136.000,00

-12.000,00

7. Divestment payment collection (+). : 62200

0,00

32.000,00

e) Other financial assets. : 62205

0,00

32.000,00

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

-5.242.000,00

-4.347.000,00

-8.034.000,00

-14.457.000,00

-11.399.000,00

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

0,00

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

0,00

5.000,00

a) Issuance : 63201

0,00

5.000,00

5. Other debts (+). : 63206

0,00

5.000,00

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

0,00

-8.000.000,00

0,00

-2.500.000,00

a) Dividends (-).: 63301

0,00

-8.000.000,00

0,00

-2.500.000,00

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

0,00

-8.000.000,00

0,00

-2.500.000,00

-2.495.000,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

718.000,00

-227.000,00

427.000,00

-419.000,00

136.000,00

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

894.000,00

1.121.000,00

694.000,00

1.113.000,00

977.000,00

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

1.612.000,00

894.000,00

1.121.000,00

694.000,00

1.113.000,00

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

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,01 %

0,02 %

0,00 %

0,01 %

172,15 %

EBITDA over Sales:

7,48 %

10,22 %

8,64 %

9,24 %

-13,41 %

10,65 %

Cash Flow Yield:

0,01 %

0,00 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

9,33 %

6,60 %

9,49 %

5,23 %

-1,72 %

26,12 %

Total economic profitability:

4,51 %

3,60 %

5,61 %

2,49 %

-19,55 %

44,48 %

Financial profitability:

6,38 %

4,29 %

8,58 %

1,32 %

-25,62 %

226,00 %

Margin:

3,62 %

6,01 %

3,65 %

4,85 %

-1,03 %

23,75 %

Mark-up:

3,45 %

4,01 %

3,68 %

1,59 %

-6,09 %

152,10 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,04

0,14

0,02

0,12

85,57

20,41

Acid Test:

0,72

0,86

0,62

0,85

16,08

0,80

Working Capital / Investment:

0,31

0,02

0,27

0,03

12,75

-15,15

Solvency:

1,71

1,17

1,57

1,17

8,67

-0,32

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,00

1,42

1,10

1,63

-8,97

-12,68

Borrowing Composition:

0,00

1,02

0,00

1,03

-1,28

Repayment Ability:

51,85

60,77

-168,80

180,64

130,72

-66,36

Warranty:

2,01

1,71

1,92

1,62

4,62

5,70

Generated resources / Total creditors:

0,18

0,08

0,24

0,07

-27,05

22,73

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,44

1,82

1,52

1,73

-5,69

5,64

Turnover of Collection Rights :

2.898,76

5,11

309,13

4,80

837,72

6,49

Turnover of Payment Entitlements:

2,63

3,69

2,51

3,52

4,79

4,80

Stock rotation:

3,47

7,81

3,44

6,53

0,85

19,62

Assets turnover:

2,58

1,10

2,60

1,08

-0,70

1,92

Borrowing Cost:

0,01

2,85

0,00

2,95

-3,61

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,01 %

0,00 %

0,10 %

EBITDA over Sales:

7,48 %

8,64 %

10,86 %

13,40 %

13,59 %

Cash Flow Yield:

0,01 %

0,00 %

0,01 %

-0,01 %

0,19 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

9,33 %

9,49 %

14,23 %

20,59 %

18,39 %

Total economic profitability:

4,51 %

5,61 %

8,86 %

13,92 %

14,52 %

Financial profitability:

6,38 %

8,58 %

13,41 %

23,07 %

24,73 %

Margin:

3,62 %

3,65 %

5,67 %

7,94 %

7,65 %

Mark-up:

3,45 %

3,68 %

5,55 %

7,95 %

7,72 %

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,44

1,82

1,52

1,73

-5,69

5,64

Turnover of Collection Rights :

2.898,76

5,11

309,13

4,80

837,72

6,49

Turnover of Payment Entitlements:

2,63

3,69

2,51

3,52

4,79

4,80

Stock rotation:

3,47

7,81

3,44

6,53

0,85

19,62

Assets turnover:

2,58

1,10

2,60

1,08

-0,70

1,92

Borrowing Cost:

0,01

2,85

0,00

2,95

-3,61

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,01 %

0,00 %

0,10 %

EBITDA over Sales:

7,48 %

8,64 %

10,86 %

13,40 %

13,59 %

Cash Flow Yield:

0,01 %

0,00 %

0,01 %

-0,01 %

0,19 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

9,33 %

9,49 %

14,23 %

20,59 %

18,39 %

Total economic profitability:

4,51 %

5,61 %

8,86 %

13,92 %

14,52 %

Financial profitability:

6,38 %

8,58 %

13,41 %

23,07 %

24,73 %

Margin:

3,62 %

3,65 %

5,67 %

7,94 %

7,65 %

Mark-up:

3,45 %

3,68 %

5,55 %

7,95 %

7,72 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,04

0,02

0,03

Acid Test:

0,72

0,62

0,64

0,53

0,34

Working Capital / Investment:

0,31

0,27

0,25

0,17

0,06

Solvency:

1,71

1,57

1,51

1,35

1,17

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

1,00

1,10

1,15

1,31

1,49

Borrowing Composition:

0,00

Repayment Ability:

51,85

-168,80

106,74

-107,05

2,32

Warranty:

2,01

1,92

1,87

1,76

1,67

Generated resources / Total creditors:

0,18

0,24

0,27

0,33

0,35

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,44

1,52

1,72

1,96

1,98

Turnover of Collection Rights :

2.898,76

309,13

220,38

16.742,88

Turnover of Payment Entitlements:

2,63

2,51

2,44

2,31

2,44

Stock rotation:

3,47

3,44

3,49

3,74

3,79

Assets turnover:

2,58

2,60

2,51

2,59

2,40

Borrowing Cost:

0,01

0,00

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

FINANZAS.COM

15/02/2013

Economía. Merkal Calzados sobrepasa las 230 tiendas tras incorporarse a la oferta del parque comercial 'Camino Real'

Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

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.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIS

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

Company name and address

Defaults, Legal Claims and Insolvency Proceedings

INVESTIGATION SUMMARY

Identification

Branch Offices

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit