MIRA INFORM REPORT

Report Date :

14.02.2014

IDENTIFICATION DETAILS

Name :	INTERMALLA SL

Registered Office :	Pas. De Gracia, 96 P.2., Barcelona

Country :	Spain

Financials (as on) :	28.02.2013

Date of Incorporation :	15.04.1985

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in the Design, manufacture, wholesale and retail sale of chothes and fashion complements for women and children.

No. of Employees :	41

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Spain

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

SPAIN - ECONOMIC OVERVIEW

After almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.

Source : CIA

EXECUTIVE SUMMARY

Name:

INTERMALLA SL

NIF / Fiscal code:

B08996274

Status:

ACTIVE

Incorporation Date:

15/04/1985

Register Data

Last Publication in BORME:

05/12/2013 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

1.007.345

Localization:

PAS. DE GRACIA, 96 P.2. - BARCELONA - 08008 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 934882724

Activity:

NACE:

4642 - Wholesale of clothing and footwear

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

5 for a total cost of 90072.25

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

PALOMA LANNA SANTAOLALLA

42.5 %

PALOMA SANTAOLALLA MARTINEZ

57.5 %

Identification

Social Denomination:

INTERMALLA SL

NIF / Fiscal code:

B08996274

Corporate Status:

ACTIVE

Start of activity:

1998

Registered Office:

PAS. DE GRACIA, 96 P.2.

Locality:

BARCELONA

Province:

BARCELONA

Postal Code:

08008

Telephone:

934882724

Fax:

932157225

Activity

NACE:

4642

Additional Information:

Design, manufacture, wholesale and retail sale of chothes and fashion complements for women and children. TRADE NAME: NICE THINGS. It has several stores in Spain and abroad.

Additional Address:

PAS. DE GRACIA, 96 P.2. 08008 BARCELONA, restistered office and central offices.

Import / export:

EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1990

Appointments/ Re-elections (1)

1991

Accounts deposit (ejer. 1990) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

1992

Accounts deposit (ejer. 1991)

1993

Accounts deposit (ejer. 1992) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Company Transformation (1)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1996

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)

1997

Accounts deposit (ejer. 1995, 1996)

1998

Accounts deposit (ejer. 1997) Adaptation to Law (1) Appointments/ Re-elections (2)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000)

2002

Accounts deposit (ejer. 2001)

2003

Accounts deposit (ejer. 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Change of Social address (1)

2004

Accounts deposit (ejer. 2003) Capital Reduction (1) Increase of Capital (2) Statutory Modifications (1)

2005

Accounts deposit (ejer. 2004, 2005)

2007

Accounts deposit (ejer. 2006, 2007)

2009

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

2010

Accounts deposit (ejer. 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Change of Social address (1) Statutory Modifications (2)

2011

Accounts deposit (ejer. 2010, 2011) Increase of Capital (1)

2012

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

1.007.345

Paid up capital:

1.007.345

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

22/01/1991

Increase of Capital

4.508

10.518

31/03/2004

Capital Reduction

10.518

31/03/2004

Increase of Capital

120.200

130.718

10/05/2004

Increase of Capital

50.003

180.721

17/08/2011

Increase of Capital

826.624

1.007.345

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

SANTAOLALLA MARTINEZ MARIA PALOMA LORETO

09/08/2012

MEMBER OF THE BOARD

LANNA SANTAOLALLA PALOMA

09/08/2012

SANTAOLALLA MARTINEZ MARIA PALOMA LORETO

09/08/2012

PASCUAL SANCHO JORDI

09/08/2012

PROXY

PASCUAL SANCHO JORDI

09/08/2012

LANNA SANTOLALLA PALOMA

09/08/2012

TEIXIDO VERGES ESTHER

26/02/2010

CHIEF EXECUTIVE OFFICER

SANTAOLALLA MARTINEZ MARIA PALOMA LORETO

09/08/2012

NON CONSELLOR SECRETARY

RODRIGUEZ SANCHEZ MONTSERRAT

09/08/2012

ACCOUNTS' AUDITOR / HOLDER

MARTINON PORRES LUIS

28/11/2013

DEPUTY ACCOUNTS' AUDITOR

HORWATH AUDITORES ESPAÑA SL

28/11/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

BERENGUER BRINGAS MARIA CARMEN

JOINT MANAGER

12/05/1993

ADMINISTRATOR

16/10/1996

FERRER DALMAU ALCOVERRO MONTSERRAT

ADMINISTRATOR

12/05/1993

ADMINISTRATOR

16/10/1996

HORWATH AUDITORES ESPAÑA SL

DEPUTY ACCOUNTS' AUDITOR

27/11/2012

DEPUTY ACCOUNTS' AUDITOR

28/11/2013

JUAN GUERRERO RICARDO

PROXY

26/02/2010

LANNA GIL MIQUEL

MEMBER OF THE BOARD

09/08/2012

PRESIDENT

09/08/2012

JOINT MANAGER

26/02/2010

LANNA SANTAOLALLA PALOMA

MEMBER OF THE BOARD

09/08/2012

MARTINEZ BENITO ANA

ADMINISTRATOR

23/07/1998

ADMINISTRATOR

06/05/2003

MARTINON PORRES LUIS

ACCOUNTS' AUDITOR / HOLDER

27/11/2012

ACCOUNTS' AUDITOR / HOLDER

28/11/2013

OLIVELLA SANFELIU JUAN ANTONIO

JOINT MANAGER

21/11/1991

ORTEGA ARRUTI MARIA MERCEDES

ADMINISTRATOR

06/05/2003

ADMINISTRATOR

23/07/1998

ROCCO ADRIEN HERNANDO TORRES

PROXY

30/07/2003

RODRIGUEZ SANCHEZ MONTSERRAT

NON CONSELLOR SECRETARY

09/08/2012

SANTAOLALLA MARTINEZ MARIA PALOMA LORETO

MEMBER OF THE BOARD

09/08/2012

CHIEF EXECUTIVE OFFICER

09/08/2012

SANTAOLALLA MARTINEZ PALOMA

JOINT MANAGER

26/02/2010

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

ESTER TEIXIDO

MANAGING DIRECTOR

PALOMA SANTOLALLA

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

---

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

---

25/05/2011

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

---

> Details

Positive Factors

Adverse Factors

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

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

ROE amplifying effect. Total Economic Rate of Return in 2013 is higher than the Borrowing Cost; therefore, the leverage is higher than the unit and has a ROE amplifying effect. This, in principle, indicates that the company's ROI is higher than its investment financing cost.

Adequate long-term solvency. As Real Assets exceed total debts, it offers, in principle, real property guarantee for settlement of long-term obligations to third parties.

It has operating income return. It has return on the investments necessary for performance of its main activity with respect to its assets. This yield is lower than that of fiscal year 2013.

Productivity decrease. Its salaried staff productivity has decreased with respect to the previous fiscal year.

Financial Cost Increase. Its average financial expense in 2013 with respect to its operating gross result is 13.72%. As this value is higher than that of the previous fiscal year, the financial situation may be deteriorated.

During 2013 the company renewed its customer portfolio 2.76 times. This reflects an approximate average payment collection term of 150 días days. Average payment term to suppliers is longer than average payment term from customers.This means that the company pays to suppliers later than it receives payment from its customers. This benefits the company from a financial perspective, as it may increase its income; whereas it is risky for suppliers, who are, therefore, financing the company.

Resources are managed less effectively, as turnover has decreased with an increased staff.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 3.8 %

> Latest Rating Changes :

Sector in which comparison is carried out :

464 Wholesale of household goods

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 78.00% of the companies of the sector INTERMALLA 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 3.77%.

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 BARCELONA - Date 25/05/2011

Last Published Stage:

SEIZURE

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.P. BARCELONA Nº108, 2011 PAGINA 293

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

PALOMA LANNA SANTAOLALLA

42.5

PALOMA SANTAOLALLA MARTINEZ

57.5

PARTICIPATES IN

NO MERCY SL

BARCELONA

99.49

> Other relationships

Relationship

Entity

Province

Shareholding stake

BELONGS TO THE ADMINISTRATION BOARD OF

NO MERCY SL

BARCELONA

Turnover

Total Sales 2013

18.036.580,80

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

No publicado en BORME

2012

Normales

January 2013

2011

Normales

October 2011

2010

Normales

December 2010

2009

Normales

March 2010

2008

Normales

November 2009

2007

Normales

November 2007

2006

Normales

October 2006

2005

Normales

October 2005

2004

Normales

October 2005

2003

Normales

September 2004

2002

Normales

August 2003

2001

Normales

August 2002

2000

Normales

August 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

August 1998

1996

Normales

July 1997

1995

Normales

January 1997

1994

Normales

July 1995

1993

Normales

October 1994

1992

Normales

October 1993

1991

Normales

July 1992

1990

Normales

October 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 28/02/2013

> Balance en formato Mixto 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, 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

1.015.400,00

1.064.250,00

1.124.094,00

1.229.569,00

1.008.092,00

I. Intangible fixed assets : 11100

138.371,00

167.277,00

196.011,00

193.019,00

36.929,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

7.307,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

131.064,00

159.970,00

188.704,00

185.712,00

29.622,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

96.841,00

116.079,00

145.939,00

190.175,00

127.878,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

96.841,00

116.079,00

145.939,00

190.175,00

127.878,00

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

453.692,00

510.199,00

1. Equity instruments: 11410

453.692,00

2. Credits to businesses: 11420

0,00

56.507,00

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

326.496,00

327.202,00

328.452,00

336.176,00

333.086,00

1. Equity instruments: 11510

3.809,00

4.515,00

5.765,00

6.394,00

5.904,00

2. Credits to third parties : 11520

300.687,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

22.000,00

29.096,00

26.496,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

15.512.151,00

16.302.792,00

16.915.514,00

9.901.122,00

7.511.257,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.218.918,00

1.049.618,00

749.615,00

495.338,00

1.006.240,00

1. Commercial: 12210

1.136.883,00

935.043,00

634.997,00

127.731,00

208.912,00

2. Primary material and other supplies: 12220

82.035,00

87.553,00

53.422,00

48.241,00

18.131,00

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

27.023,00

61.196,00

319.366,00

779.198,00

III. Trade debtors and others receivable accounts: 12300

6.590.968,00

7.724.361,00

8.079.555,00

5.401.465,00

3.769.945,00

1. Trade debtors / accounts receivable: 12310

5.757.001,00

6.777.639,00

7.473.839,00

4.951.452,00

3.346.369,00

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

0,00

b) Customers for sales and provisions of services : 12312

5.757.001,00

6.777.639,00

7.473.839,00

4.951.452,00

3.346.369,00

2. Customers, Group companies and associates : 12320

215.189,00

129.958,00

133.507,00

356.608,00

227.656,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

0,00

1.451,00

3.729,00

179,00

5. Assets for deferred tax: 12350

0,00

816.764,00

0,00

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

618.778,00

0,00

470.759,00

89.676,00

195.741,00

7. Called up share capital: 12370

0,00

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

0,00

20.562,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

20.562,00

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

219.709,00

275.640,00

70.551,00

67.572,00

66.419,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

150.000,00

203.052,00

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

69.709,00

72.588,00

70.551,00

67.572,00

66.419,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

6.009.514,00

6.211.978,00

6.843.645,00

3.227.282,00

2.301.434,00

VII. Cash and other equivalent liquid assets : 12700

1.473.042,00

1.041.195,00

1.172.148,00

688.902,00

367.219,00

1. Treasury: 12710

1.473.042,00

1.041.195,00

1.172.148,00

688.902,00

367.219,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

16.527.551,00

17.367.042,00

18.039.607,00

11.130.691,00

8.519.349,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

5.218.893,00

4.811.921,00

3.740.749,00

2.422.436,00

1.173.994,00

A-1) Shareholders' equity: 21000

5.218.893,00

4.811.921,00

3.740.749,00

2.422.436,00

1.173.994,00

I. Capital: 21100

1.007.345,00

180.721,00

1. Registered capital : 21110

1.007.345,00

180.721,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

3.804.576,00

2.733.404,00

2.241.715,00

993.273,00

412.647,00

1. Legal and statutory: 21310

201.469,00

36.144,00

2. Other reserves: 21320

3.603.107,00

2.697.260,00

2.205.571,00

957.129,00

376.503,00

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

406.972,00

1.071.172,00

1.318.314,00

1.248.442,00

580.626,00

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

1.955.904,00

2.118.179,00

1.839.892,00

1.736.150,00

1.103.784,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

1.911.794,00

2.036.725,00

1.743.898,00

1.642.204,00

1.101.466,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

1.911.794,00

2.001.725,00

1.682.898,00

1.581.204,00

1.020.526,00

3. Creditors from financial leasing: 31230

0,00

19.940,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

35.000,00

61.000,00

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

0,00

IV. Liabilities for deferred tax: 31400

44.110,00

81.454,00

95.994,00

93.946,00

2.318,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

9.352.754,00

10.436.942,00

12.458.966,00

6.972.106,00

6.241.570,00

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

0,00

II. Short-term provisions: 32200

0,00

55.517,00

III. Short-term creditors : 32300

2.758.773,00

2.488.967,00

3.452.372,00

1.355.888,00

1.572.201,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

2.855.272,00

2.472.906,00

3.449.532,00

1.349.816,00

1.553.157,00

3. Creditors from financial leasing: 32330

0,00

19.044,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

-96.499,00

16.061,00

2.840,00

6.071,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

1.384.739,00

2.272.640,00

2.651.290,00

1.666.363,00

1.756.164,00

1. Suppliers: 32510

969.747,00

1.329.741,00

945.001,00

619.500,00

681.366,00

a) Long-term debts : 32511

0,00

619.500,00

0,00

b) Short-term debts : 32512

969.747,00

1.329.741,00

945.001,00

0,00

681.366,00

2. Suppliers, Group companies and associates: 32520

0,00

7.292,00

9.944,00

42.605,00

3. Other creditors: 32530

196.415,00

633.409,00

882.570,00

614.493,00

732.327,00

4. Personnel (remuneration due): 32540

59.625,00

49.649,00

60.334,00

42.425,00

52.646,00

5. Liabilities for current tax: 32550

158.952,00

200.673,00

399.557,00

309.896,00

198.925,00

6. Otras deudas con las Administraciones Públicas. : 32560

0,00

51.876,00

47.979,00

37.445,00

40.369,00

7. Advances from clients: 32570

0,00

305.906,00

0,00

7.925,00

VI. Short-term accruals: 32600

5.209.242,00

5.675.335,00

6.355.305,00

3.949.855,00

2.857.688,00

VII. Special short-term debts : 32700

0,00

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

16.527.551,00

17.367.042,00

18.039.607,00

11.130.691,00

8.519.349,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

18.036.581,00

19.073.642,00

16.472.397,00

13.366.662,00

10.742.894,00

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

0,00

31.776,00

0,00

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

0,00

4. Supplies : 40400

-10.665.389,00

-12.395.139,00

-9.377.064,00

-7.649.004,00

-6.628.983,00

5. Other operating income: 40500

187.108,00

223.571,00

121.982,00

104.465,00

122.972,00

6. Personnel costs: 40600

-1.838.378,00

-1.715.698,00

-1.377.000,00

-1.227.997,00

-1.025.789,00

7. Other operating costs: 40700

-4.663.457,00

-4.034.602,00

-3.708.343,00

-2.673.415,00

-2.233.397,00

8. Amortisation of fixed assets: 40800

-139.900,00

-128.084,00

-122.402,00

-70.595,00

-66.978,00

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

-2.399,00

0,00

-7.347,00

-33.002,00

-27.572,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-369.248,00

-10,00

-38.443,00

21.648,00

0,00

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

544.917,00

1.023.680,00

1.963.780,00

1.870.537,00

883.148,00

14. Financial income : 41400

172.111,00

406.826,00

24.731,00

24.178,00

19.726,00

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

0,00

b) Other financial income: 41490

172.111,00

406.826,00

24.731,00

24.178,00

19.726,00

15. Financial expenditure: 41500

-144.941,00

-126.812,00

-75.025,00

-97.915,00

-161.786,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-14.334,00

75.626,00

-47.725,00

-33.384,00

83.194,00

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

-650,00

-1.311,00

-629,00

490,00

3.444,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

12.186,00

354.329,00

-98.648,00

-106.632,00

-55.422,00

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

557.103,00

1.378.009,00

1.865.132,00

1.763.905,00

827.726,00

20. Income taxes: 41900

-150.131,00

-306.837,00

-546.818,00

-515.463,00

-247.100,00

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

406.972,00

1.071.172,00

1.318.314,00

1.248.442,00

580.626,00

> 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, 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:

1.015.400,00

1.064.250,00

1.124.094,00

1.229.569,00

1.008.092,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

138.371,00

167.277,00

196.011,00

193.019,00

36.929,00

1. Research and development costs:

0,00

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

7.307,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

131.064,00

159.970,00

188.704,00

185.712,00

29.622,00

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:

96.841,00

116.079,00

145.939,00

190.175,00

127.878,00

1. Land and construction:

0,00

2. Technical installations and machinery:

17.337,00

20.781,00

26.127,00

34.046,00

22.893,00

3. Other installations, tools and furniture:

35.913,00

43.047,00

54.121,00

70.526,00

47.423,00

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

0,00

5. Other tangible assets:

43.591,00

52.251,00

65.691,00

85.604,00

57.562,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

780.188,00

780.894,00

782.144,00

846.375,00

843.285,00

1. Equity investments in group companies:

453.692,00

2. Receivables from group companies:

0,00

56.507,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

3.809,00

4.515,00

5.765,00

6.394,00

5.904,00

6. Other receivables:

300.687,00

7. Long term guarantees and deposits:

22.000,00

29.096,00

26.496,00

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:

15.512.151,00

16.302.792,00

16.915.514,00

9.901.122,00

7.511.257,00

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

0,00

II. Stocks:

1.218.918,00

1.049.618,00

749.615,00

495.338,00

1.006.240,00

1. Goods for resale:

1.136.883,00

935.043,00

634.997,00

127.731,00

208.912,00

2. Raw materials and other consumables:

82.035,00

87.553,00

53.422,00

48.241,00

18.131,00

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

27.023,00

61.196,00

319.366,00

779.198,00

7. Provisions:

0,00

III. Debtors:

6.590.968,00

7.724.361,00

8.079.555,00

5.401.465,00

3.769.945,00

1. Trade debtors / accounts receivable:

5.757.001,00

6.777.639,00

7.473.839,00

4.951.452,00

3.346.369,00

2. Accounts receivable, Group companies:

215.189,00

129.958,00

133.507,00

356.608,00

227.656,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

1.451,00

3.729,00

179,00

6. Public bodies:

618.778,00

816.764,00

470.759,00

89.676,00

195.741,00

7. Provisions:

0,00

IV. Short-term investments:

219.709,00

275.640,00

70.551,00

88.134,00

66.419,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

20.562,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

150.000,00

203.052,00

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

69.709,00

72.588,00

70.551,00

67.572,00

66.419,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.473.042,00

1.041.195,00

1.172.148,00

688.902,00

367.219,00

VII. Prepayments and accrued income:

6.009.514,00

6.211.978,00

6.843.645,00

3.227.282,00

2.301.434,00

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

16.527.551,00

17.367.042,00

18.039.607,00

11.130.691,00

8.519.349,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

5.218.893,00

4.811.921,00

3.740.749,00

2.422.436,00

1.173.994,00

I. Subscribed capital:

1.007.345,00

180.721,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

3.804.576,00

2.733.404,00

2.241.715,00

993.273,00

412.647,00

1. Legal reserve:

201.469,00

36.144,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

3.603.107,00

2.697.260,00

2.205.571,00

957.129,00

376.503,00

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:

406.972,00

1.071.172,00

1.318.314,00

1.248.442,00

580.626,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

1.955.904,00

2.118.179,00

1.839.892,00

1.736.150,00

1.103.784,00

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:

1.911.794,00

2.001.725,00

1.682.898,00

1.581.204,00

1.040.466,00

1. Loans and other liabilities:

1.911.794,00

2.001.725,00

1.682.898,00

1.581.204,00

1.020.526,00

2. Long-term liabilities from capital leases:

0,00

19.940,00

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:

44.110,00

116.454,00

156.994,00

154.946,00

63.318,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

35.000,00

61.000,00

4. Long term payables to public bodies:

44.110,00

81.454,00

95.994,00

93.946,00

2.318,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

9.352.754,00

10.436.942,00

12.458.966,00

6.972.106,00

6.186.053,00

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:

2.855.272,00

2.472.906,00

3.449.532,00

1.349.816,00

1.572.201,00

1. Loans and other liabilities:

2.855.272,00

2.472.906,00

3.449.532,00

1.349.816,00

1.553.157,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

19.044,00

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

0,00

7.292,00

9.944,00

42.605,00

1. Amounts owed to group companies:

0,00

7.292,00

9.944,00

42.605,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

1.166.162,00

1.963.150,00

2.133.477,00

1.233.993,00

1.421.618,00

1. Advanced payments from customers:

0,00

305.906,00

0,00

7.925,00

2. Amounts owed for purchases of goods or services:

1.166.162,00

1.963.150,00

1.827.571,00

1.233.993,00

1.413.693,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

122.078,00

318.258,00

510.709,00

395.837,00

291.940,00

1. Public bodies:

158.952,00

252.549,00

447.536,00

347.341,00

239.294,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

-96.499,00

16.061,00

2.840,00

6.071,00

0,00

4. Wages and salaries payable:

59.625,00

49.649,00

60.334,00

42.425,00

52.646,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

5.209.242,00

5.675.335,00

6.355.305,00

3.949.855,00

2.857.688,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

55.517,00

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

16.527.551,00

17.367.042,00

18.039.607,00

11.130.691,00

8.519.349,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

17.988.828,00

18.708.493,00

15.300.796,00

12.300.287,00

10.388.160,00

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

0,00

A.2. Supplies:

10.665.389,00

12.395.139,00

9.377.064,00

7.649.004,00

6.628.983,00

a) Stock consumption:

10.665.389,00

12.395.139,00

9.377.064,00

7.649.004,00

6.628.983,00

b) Consumption of raw materials and miscellaneous consumable ones:

0,00

c) Miscellaneous external expenditure:

0,00

A.3. Staff costs:

1.838.378,00

1.715.698,00

1.377.000,00

1.227.997,00

1.025.789,00

a) Wages, salaries et al.:

1.498.794,00

1.398.775,00

1.122.641,00

1.001.162,00

836.306,00

b) Social security costs:

339.584,00

316.923,00

254.359,00

226.835,00

189.483,00

A.4. Depreciation expense:

139.900,00

128.084,00

122.402,00

70.595,00

66.978,00

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

0,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

4.663.457,00

4.034.602,00

3.708.343,00

2.673.415,00

2.233.397,00

a) External services:

4.663.457,00

4.034.602,00

3.708.343,00

2.673.415,00

2.233.397,00

b) Taxes:

0,00

c) Other operating expenses:

0,00

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):

916.564,00

1.023.691,00

2.009.570,00

1.881.891,00

910.720,00

A.7. Financial and similar charges:

144.941,00

126.812,00

75.025,00

97.915,00

161.786,00

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.:

144.941,00

126.812,00

75.025,00

97.915,00

161.786,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

14.334,00

0,00

47.725,00

33.384,00

0,00

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

12.836,00

355.639,00

0,00

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

929.400,00

1.379.330,00

1.911.551,00

1.774.769,00

851.853,00

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

3.049,00

1.311,00

-547,00

-5.201,00

-3.444,00

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

0,00

8.523,00

37.714,00

27.572,00

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

0,00

A.13. Extraordinary expenses:

369.248,00

10,00

38.443,00

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

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

557.103,00

1.378.009,00

1.865.132,00

1.763.905,00

827.726,00

A.15. Corporation tax:

150.131,00

306.837,00

546.818,00

515.463,00

247.100,00

A.16. Miscellaneous taxes:

0,00

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

406.972,00

1.071.172,00

1.318.314,00

1.248.442,00

580.626,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

18.395.799,00

19.779.665,00

16.619.110,00

13.548.729,00

10.968.786,00

B.1. Net total sales:

18.036.581,00

19.073.642,00

16.472.397,00

13.366.662,00

10.742.894,00

a) Sales:

18.036.581,00

19.073.642,00

16.472.397,00

13.366.662,00

11.101.735,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

0,00

-358.841,00

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

0,00

31.776,00

0,00

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

0,00

B.4. Miscellaneous operating income:

187.108,00

223.571,00

121.982,00

104.465,00

122.972,00

a) Auxiliary income and other from current management:

187.108,00

223.571,00

121.982,00

104.465,00

122.972,00

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:

172.111,00

406.826,00

24.731,00

24.178,00

19.726,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

172.111,00

406.826,00

24.731,00

24.178,00

19.726,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

75.626,00

0,00

83.194,00

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

0,00

98.019,00

107.122,00

58.867,00

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

21.648,00

0,00

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):

372.297,00

1.321,00

46.419,00

10.864,00

24.127,00

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

557.103,00

1.378.009,00

1.865.132,00

1.763.905,00

827.726,00

2. Results adjustments.: 61200

140.252,00

101.904,00

-515.282,00

216.684,00

607.643,00

a) Fixed Assets Amortization (+).: 61201

139.900,00

128.084,00

122.402,00

70.595,00

66.978,00

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

0,00

454.227,00

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

32.002,00

328.149,00

-612.912,00

95.781,00

0,00

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

0,00

27.572,00

g) Financial income (-).: 61207

-172.111,00

-406.826,00

-24.731,00

-24.178,00

-19.726,00

h) Financial Expenses (+). : 61208

144.941,00

126.812,00

75.025,00

97.915,00

161.786,00

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

14.334,00

-75.626,00

47.725,00

33.384,00

-83.194,00

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

650,00

1.311,00

0,00

3. Changes in current capital equity.: 61300

-215.062,00

-515.566,00

-2.633.055,00

-1.214.741,00

-557.278,00

a) Stock (+/-).: 61301

-488.928,00

-633.234,00

-976.583,00

82.847,00

-961.995,00

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

1.157.389,00

311.974,00

-2.553.785,00

-1.188.445,00

43.126,00

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

0,00

552.206,00

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

-846.180,00

-179.766,00

895.265,00

-200.770,00

231.389,00

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

-37.344,00

-14.540,00

2.048,00

91.628,00

-422.003,00

4. Other cash flows for operating activities.: 61400

-179.666,00

-151.393,00

-555.176,00

-511.615,00

-121.209,00

a) Interest payments (-). : 61401

-144.941,00

-126.812,00

-75.025,00

-97.915,00

-161.786,00

c) Interest collection (+). : 61403

172.111,00

406.826,00

24.731,00

24.178,00

19.726,00

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

-191.852,00

-505.721,00

-457.157,00

-404.493,00

-62.343,00

e) Other payments (payment collection) (-/+) : 61405

-14.984,00

74.316,00

-47.725,00

-33.384,00

83.194,00

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

302.627,00

812.954,00

-1.838.381,00

254.233,00

756.883,00

6. Payments for investment (-).: 62100

-72.292,00

-370.177,00

98.141,00

-232.169,00

-25.851,00

a) Companies of the group and affiliates. : 62101

0,00

-300.687,00

56.507,00

0,00

b) Intangible fixed assets. : 62102

-42.214,00

-39.269,00

17.845,00

-177.070,00

-9.178,00

c) Fixed assets. : 62103

-30.078,00

-30.222,00

23.789,00

-55.099,00

-16.672,00

7. Divestment payment collection (+). : 62200

706,00

301.937,00

7.724,00

-3.090,00

193.500,00

a) Companies of the group and affiliates. : 62201

0,00

193.500,00

e) Other financial assets. : 62205

706,00

0,00

7.724,00

-3.090,00

0,00

h) Other assets. : 62208

0,00

301.937,00

0,00

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

-211.486,00

-196.325,00

-16.536,00

-305.854,00

167.649,00

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

55.931,00

0,00

b) Amortization of assets instruments (-). : 63102

55.931,00

0,00

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

144.875,00

-875.667,00

2.215.762,00

302.709,00

-866.611,00

a) Issuance : 63201

0,00

332.048,00

2.198.179,00

324.424,00

0,00

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

0,00

318.827,00

2.201.410,00

318.353,00

0,00

4. Special characteristic debts (+). : 63205

0,00

13.221,00

0,00

5. Other debts (+). : 63206

0,00

-3.232,00

6.071,00

0,00

b) Repayment and amortization of : 63207

144.875,00

-1.207.715,00

17.583,00

-21.715,00

-866.611,00

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

292.435,00

-976.626,00

0,00

-866.611,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

0,00

20.562,00

-20.562,00

0,00

5. Other debts (-). : 63212

-147.559,00

-231.089,00

-2.979,00

-1.153,00

0,00

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

0,00

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

200.807,00

-875.667,00

2.215.762,00

302.709,00

-866.611,00

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

0,00

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

431.848,00

-130.953,00

483.246,00

321.683,00

57.921,00

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

1.041.195,00

1.172.148,00

688.902,00

30.219,00

309.298,00

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

1.473.042,00

1.041.195,00

1.172.148,00

688.902,00

367.219,00

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:

0,02 %

0,01 %

-0,01 %

0,00 %

448,72 %

EBITDA over Sales:

5,86 %

18,88 %

6,04 %

5,71 %

-3,00 %

230,55 %

Cash Flow Yield:

0,03 %

0,01 %

-0,01 %

0,00 %

446,54 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

5,89 %

31,64 %

6,28 %

2,29 %

-6,20 %

1.284,01 %

Total economic profitability:

4,25 %

20,56 %

8,66 %

1,87 %

-50,98 %

997,00 %

Financial profitability:

7,80 %

37,82 %

22,26 %

-0,53 %

-64,97 %

7.195,08 %

Margin:

5,02 %

16,75 %

5,30 %

2,00 %

-5,44 %

737,82 %

Mark-up:

5,08 %

16,23 %

7,14 %

0,27 %

-28,82 %

5.996,85 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,16

0,17

0,10

0,17

57,88

1,18

Acid Test:

0,89

1,49

0,87

1,04

2,24

43,78

Working Capital / Investment:

0,37

0,30

0,34

0,16

10,34

86,22

Solvency:

1,66

1,84

1,56

1,58

6,18

16,17

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

2,17

0,95

2,61

1,25

-16,95

-24,29

Borrowing Composition:

0,21

0,32

0,20

0,81

3,04

-60,38

Repayment Ability:

26,19

82,14

-95,87

-1.205,57

127,31

106,81

Warranty:

1,46

2,06

1,38

1,80

5,66

14,33

Generated resources / Total creditors:

0,05

0,44

0,10

0,05

-49,37

783,41

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,57

2,34

1,67

1,32

-5,78

77,47

Turnover of Collection Rights :

2,76

4,67

2,50

4,31

10,68

8,16

Turnover of Payment Entitlements:

11,07

3,43

7,23

3,70

53,12

-7,34

Stock rotation:

14,20

9,83

17,41

5,43

-18,44

81,13

Assets turnover:

1,17

1,89

1,18

1,14

-0,80

65,19

Borrowing Cost:

1,28

2,12

1,01

2,80

26,89

-24,02

> 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:

0,02 %

-0,01 %

0,03 %

0,02 %

0,54 %

EBITDA over Sales:

5,86 %

6,04 %

12,94 %

14,61 %

9,10 %

Cash Flow Yield:

0,03 %

-0,01 %

0,03 %

0,68 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

5,89 %

6,28 %

11,65 %

18,13 %

11,61 %

Total economic profitability:

4,25 %

8,66 %

10,75 %

16,73 %

11,61 %

Financial profitability:

7,80 %

22,26 %

35,24 %

51,54 %

49,46 %

Margin:

5,02 %

5,30 %

12,07 %

13,72 %

8,13 %

Mark-up:

5,08 %

7,14 %

11,47 %

12,93 %

8,13 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,16

0,10

0,09

0,10

0,06

Acid Test:

0,89

0,87

0,75

0,89

0,68

Working Capital / Investment:

0,37

0,34

0,25

0,26

0,16

Solvency:

1,66

1,56

1,36

1,42

1,21

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

2,17

2,61

3,82

3,59

6,21

Borrowing Composition:

0,21

0,20

0,15

0,25

0,18

Repayment Ability:

26,19

-95,87

29,59

27,07

5,08

Warranty:

1,46

1,38

1,26

1,28

1,17

Generated resources / Total creditors:

0,05

0,10

0,15

0,09

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,57

1,67

2,55

2,59

1,95

Turnover of Collection Rights :

2,76

2,50

2,05

2,49

2,88

Turnover of Payment Entitlements:

11,07

7,23

4,94

6,21

5,05

Stock rotation:

14,20

17,41

19,46

23,40

9,89

Assets turnover:

1,17

1,18

0,97

1,32

1,43

Borrowing Cost:

1,28

1,01

0,52

1,12

2,22

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

AGRUPACION ESPAÑOLA DE GENERO DE PUNTO

Subsidy Concept

Subvención a la explotación.

Status

CONCEDIDA

Amount Granted

49.243,11

Entity

AGRUPACION ESPAÑOLA DE GENERO DE PUNTO

Subsidy Concept

Subvención a la explotación.

Status

CONCEDIDA

Amount Granted

16.989,14

Entity

INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

2.840,00

Entity

CENTRO DE INNOVACIÓN Y DESARROLLO PERSONAL.

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

18.000,00

Entity

CIDEM

Subsidy Concept

SUBVENCION A LA EXPLOTACION NO REINTEGRABLE

Status

CONCEDIDA

Amount Granted

3.000,00

Research Summary

According to the consulted sources, it is a well managed company, which has a good commercial reputation among the sources of information. The company complies with its payment obligations.

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.62.27
UK Pound	1	Rs.103.47
Euro	1	Rs.84.87

INFORMATION DETAILS

Report Prepared by :

NNA

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

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

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit