MIRA INFORM REPORT

Report Date :

10.07.2014

IDENTIFICATION DETAILS

Name :	MODAS ZARPA SA

Registered Office :	Pol Ind Guadalhorce C/ Concepcion Arenal, 27 –Bajo

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	13.02.1986

Legal Form :	Public Company

Line of Business :	Subject is engaged in the design, manufacture, marketing of clothing garments and accessories.

No. of Employees :	88

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Spain

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

SPAIN - ECONOMIC OVERVIEW

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

Source : CIA

EXECUTIVE SUMMARY

Name:

MODAS ZARPA SA

NIF / Fiscal code:

A29154846

Status:

ACTIVE

Incorporation Date:

13/02/1986

Register Data

Last Publication in BORME:

26/03/2013 [Statutory modifications]

Last Published Account Deposit:

2012

Share Capital:

307.717,12

Localization:

POL IND GUADALHORCE C/ CONCEPCION ARENAL, 27 -BAJO. - MALAGA - 29004 - MALAGA

Telephone - Fax - Email - Website:

Ph.:. 952240368 Email. info@soniapena.com Website. www.soniapena.com

Activity:

NACE:

1320 - Weaving of textiles

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

3 for a total cost of 91723.26000000001

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:

GRUPO PAOLTA MALAGA SL

100 %

Identification

Social Denomination:

MODAS ZARPA SA

NIF / Fiscal code:

A29154846

Corporate Status:

ACTIVE

Start of activity:

1986

Registered Office:

POL IND GUADALHORCE C/ CONCEPCION ARENAL, 27 -BAJO.

Locality:

MALAGA

Province:

MALAGA

Postal Code:

29004

Telephone:

952240368

Fax:

952244273

Website:

www.soniapena.com

Email:

info@soniapena.com

Activity

NACE:

1320

CNAE Obtaining Source:

1320

Additional Information:

Engaged in the design, manufacture, marketing of clothing garments and accessories. BRAND: SONIA PEÑA.

Additional Address:

POL IND GUADALHORCE C/ CONCEPCION ARENAL, 27 -BAJO 29004 MALAGA, registered office, factory, offices, storehouse, unit, property.

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1990

Change of Social address (1)

1992

Accounts deposit (ejer. 1991)

1993

Accounts deposit (ejer. 1992) Adaptation to Law (1) Appointments/ Re-elections (1) Increase of Capital (1)

1994

Accounts deposit (ejer. 1993) Appointments/ Re-elections (1) Other Concepts/ Events (1) Statutory Modifications (1)

1995

Accounts deposit (ejer. 1994) Dividends Payment (1)

1996

Accounts deposit (ejer. 1995)

1997

Accounts deposit (ejer. 1996)

1998

Accounts deposit (ejer. 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

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)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (1)

2007

Appointments/ Re-elections (1)

2008

Accounts deposit (ejer. 2006, 2007)

2009

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

2010

Accounts deposit (ejer. 2009) Change of Social address (1) Increase of Capital (1)

2011

Accounts deposit (ejer. 2010)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (1) Statutory Modifications (1)

2013

Accounts deposit (ejer. 2012) Declaration of Sole Propietorship (1) Statutory Modifications (1)

Breakdown of Owners' Equity

Registered Capital:

307.717,12

Paid up capital:

307.717,12

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

18/06/1993

Increase of Capital

57.096

14.274

60.101

17.279

09/06/1995

Capital call payment

---

42.822

60.101

30/12/1998

Increase of Capital

30.051

90.152

11/01/2010

Increase of Capital

217.566

307.717

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

GRUPO PAOLTA MALAGA SL

23/01/2013

SINGLE ADMINISTRATOR

ZARAGOZA ARAGON FRANCISCA

27/11/2012

JOINT ATTORNEY

PEÑA ZARAGOZA SONIA

27/01/2006

PEÑA ZARAGOZA OLIVIA

27/01/2006

GODINEZ ZARAGOZA TAMARA

27/01/2006

PEÑA ZARAGOZA SANDRA

27/01/2006

ACCOUNTS' AUDITOR / HOLDER

CORDERO VALLEJO SALVADOR

06/03/2009

DEPUTY ACCOUNTS' AUDITOR

FERRERA CORDERO ROBERTO

06/03/2009

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

CAMBLO MOYANO SALVADOR

DEPUTY ACCOUNTS' AUDITOR

06/03/2009

GUTIERREZ SEVILA CARLOS

ACCOUNTS' AUDITOR / HOLDER

06/03/2009

PEÑA ZARAGOZA SONIA

PROXY

27/01/2006

ZARAGOZA ARAGON FRANCISCA

SINGLE ADMINISTRATOR

09/10/1998

SINGLE ADMINISTRATOR

14/10/2003

SINGLE ADMINISTRATOR

22/11/2007

SINGLE ADMINISTRATOR

27/11/2012

Executive board

Post

NIF

Name

ADMINISTRATOR

FRANCISCA ZARAGOZA ARAGON

FINANCIAL DIRECTOR

CARLOS DOMENECH

MANAGING DIRECTOR

OLIVIA PEÑA ZARAGOZA

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

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

---

> Details

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 0.386 %

> Latest Rating Changes :

Sector in which comparison is carried out :

132 Weaving of textiles

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 MODAS ZARPA SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.386%.

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

Clients

Name

NIF

Telephone

EL CORTE INGLES SA

TONI FERNANDEZ

Link List

IS RELATED WITH:

4 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

GRUPO PAOLTA MALAGA SL

MALAGA

100

PARTICIPATES IN

OLIMARA COLLECTION SL

MALAGA

100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	DURHAM BUSSINES, S.L.
	GRUPO PAOLTA, S.L.
	LEICESTER BUSSINES, S.L.
	OLIMARA SL	MALAGA

Turnover

Total Sales 2013

10.100.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

September 2013

2011

Normales

August 2012

2010

Normales

August 2011

2009

Normales

August 2010

2008

Normales

November 2009

2007

Normales

August 2008

2006

Normales

June 2008

2005

Normales

August 2006

2004

Normales

July 2005

2003

Normales

July 2004

2002

Normales

November 2003

2001

Normales

July 2002

2000

Normales

July 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

October 1998

1996

Normales

July 1997

1995

Normales

August 1996

1994

Normales

July 1995

1993

Normales

July 1994

1992

Normales

October 1993

1991

Normales

August 1992

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

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

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

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

2.351.524,00

2.546.362,00

2.361.317,00

1.391.638,00

1.093.483,00

I. Intangible fixed assets : 11100

12.983,00

19.917,00

27.555,00

84,00

173,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

84,00

173,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

12.983,00

19.917,00

27.555,00

0,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

1.400.385,00

1.452.031,00

1.373.184,00

1.379.307,00

1.064.203,00

1. Land and buildings: 11210

1.027.178,00

1.059.773,00

486.876,00

501.603,00

493.018,00

2. Technical installations and other tangible fixed assets: 11220

373.207,00

392.259,00

280.816,00

283.863,00

186.013,00

3. Tangible asset in progress and advances: 11230

0,00

605.492,00

593.841,00

385.172,00

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

3.040,00

1. Equity instruments: 11410

0,00

3.040,00

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

920.462,00

1.043.493,00

952.066,00

3.734,00

17.555,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

729.628,00

774.973,00

941.831,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

190.834,00

268.520,00

10.234,00

3.734,00

17.555,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

17.695,00

30.921,00

8.513,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

6.965.408,00

6.588.878,00

5.248.631,00

3.855.604,00

3.344.302,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.654.493,00

2.234.972,00

2.343.120,00

1.010.918,00

1.109.563,00

1. Commercial: 12210

0,00

2.343.120,00

1.010.918,00

1.109.563,00

2. Primary material and other supplies: 12220

306.110,00

871.058,00

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

2.337.080,00

1.226.087,00

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

2.337.080,00

1.226.087,00

0,00

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

0,00

6. Advances to suppliers: 12260

11.303,00

137.827,00

0,00

III. Trade debtors and others receivable accounts: 12300

821.267,00

1.376.770,00

2.682.203,00

758.600,00

442.717,00

1. Trade debtors / accounts receivable: 12310

556.608,00

1.249.057,00

2.115.344,00

758.599,00

285.132,00

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

0,00

b) Customers for sales and provisions of services : 12312

556.608,00

1.249.057,00

2.115.344,00

758.599,00

285.132,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

-4.121,00

149,00

217.259,00

0,00

4. Personnel: 12340

2.871,00

5.158,00

8.421,00

1,00

0,00

5. Assets for deferred tax: 12350

0,00

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

265.910,00

122.406,00

341.180,00

0,00

157.585,00

7. Called up share capital: 12370

0,00

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

0,00

121.253,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

121.253,00

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

1.491.401,00

46.242,00

26.809,00

1.250.662,00

100.000,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

95.345,00

44.858,00

26.809,00

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

1.396.055,00

1.384,00

0,00

1.250.662,00

100.000,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

60,00

0,00

VII. Cash and other equivalent liquid assets : 12700

1.998.248,00

2.930.894,00

75.186,00

835.423,00

1.692.021,00

1. Treasury: 12710

1.998.248,00

2.930.894,00

75.186,00

835.423,00

1.692.021,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

9.316.932,00

9.135.241,00

7.609.947,00

5.247.242,00

4.437.785,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

8.351.609,00

7.121.341,00

5.672.330,00

3.501.181,00

500.251,00

A-1) Shareholders' equity: 21000

8.351.534,00

7.124.381,00

5.675.370,00

3.504.221,00

500.251,00

I. Capital: 21100

307.717,00

90.152,00

1. Registered capital : 21110

307.717,00

90.152,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

1.055.369,00

65.661,00

III. Reserves: 21300

5.761.295,00

4.312.284,00

2.141.136,00

381.176,00

394.616,00

1. Legal y estatutarias: 21310

61.543,00

18.030,00

2. Other reserves: 21320

5.699.752,00

4.250.741,00

2.079.593,00

363.146,00

376.585,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

-50.176,00

-138.667,00

1. Brought forward: 21510

0,00

83.052,00

2. (Negative results from previous periods): 21520

0,00

-133.228,00

-221.719,00

VI. Other shareholders' contributions: 21600

72.665,00

0,00

VII. Result of the period: 21700

1.154.488,00

1.449.011,00

2.171.148,00

1.810.136,00

88.491,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

-3.040,00

0,00

I. Financial assets held for sale: 22100

-3.040,00

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

3.115,00

0,00

B) NON-CURRENT LIABILITIES: 31000

610.317,00

66.150,00

0,00

16.122,00

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

4.290,00

0,00

16.122,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

16.122,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

4.290,00

0,00

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

538.542,00

0,00

IV. Liabilities for deferred tax: 31400

67.485,00

66.150,00

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

355.006,00

1.947.750,00

1.937.618,00

1.746.061,00

3.921.412,00

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

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

-84,00

362.810,00

620.983,00

420.387,00

829.064,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

15.998,00

46.745,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

-84,00

362.810,00

620.983,00

404.389,00

782.319,00

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

0,00

370.856,00

0,00

V. Trade creditors and other accounts payable: 32500

355.090,00

1.214.084,00

1.316.635,00

1.325.674,00

3.092.348,00

1. Suppliers: 32510

120.109,00

909.530,00

723.654,00

461.852,00

511.878,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

120.109,00

909.530,00

723.654,00

461.852,00

511.878,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

132.718,00

237.828,00

327.214,00

295.101,00

2.533.279,00

4. Personnel (remuneration due): 32540

6.096,00

67,00

34,00

0,00

5. Liabilities for current tax: 32550

0,00

6. Otras deudas con las Administraciones Públicas. : 32560

96.166,00

66.659,00

265.733,00

568.686,00

47.190,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

9.316.932,00

9.135.241,00

7.609.947,00

5.247.242,00

4.437.785,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

10.417.814,00

10.991.797,00

10.941.960,00

9.745.923,00

11.231.835,00

a) Sales: 40110

10.417.814,00

10.991.797,00

10.941.960,00

9.745.923,00

11.231.835,00

b) Rendering of services: 40120

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

-3.556.864,00

-5.379.989,00

-4.866.930,00

-4.298.084,00

-7.838.199,00

a) Stock consumption: 40410

-2.925.577,00

-4.628.665,00

-4.030.664,00

-3.842.527,00

-7.250.248,00

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

-166.255,00

-183.175,00

-203.857,00

-110.085,00

-142.060,00

c) Works carried out by other companies: 40430

-465.032,00

-568.149,00

-632.409,00

-345.473,00

-445.892,00

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

0,00

5. Other operating income: 40500

110.493,00

163.324,00

12.396,00

440,00

0,00

a) Auxiliary income and other from current management: 40510

85.232,00

96.863,00

0,00

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

25.262,00

66.461,00

12.396,00

440,00

0,00

6. Personnel costs: 40600

-2.180.291,00

-1.340.577,00

-1.100.874,00

-1.190.044,00

-1.156.858,00

a) Wages, salaries et al.: 40610

-1.718.397,00

-1.048.388,00

-857.792,00

-938.401,00

-902.956,00

b) Social security costs: 40620

-461.893,00

-292.190,00

-243.082,00

-251.643,00

-253.902,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.663.703,00

-2.297.992,00

-1.815.125,00

-1.611.604,00

-1.717.011,00

a) External services: 40710

-2.308.729,00

-2.237.875,00

-1.773.053,00

-1.599.561,00

-1.615.645,00

b) Taxes: 40720

-34.357,00

-17.882,00

-15.580,00

-22.505,00

-52.262,00

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

18.745,00

-42.235,00

-26.434,00

10.462,00

-49.104,00

d) Other current management expenditure : 40740

-339.362,00

0,00

-58,00

0,00

8. Amortisation of fixed assets: 40800

-117.295,00

-128.602,00

-105.992,00

-78.992,00

-70.109,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

-1.665,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

-1.665,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-251.676,00

-5.513,00

3.383,00

-13.275,00

18.534,00

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

1.758.478,00

2.002.449,00

3.068.819,00

2.552.699,00

468.193,00

14. Financial income : 41400

39.069,00

55.214,00

15.263,00

28.844,00

53.765,00

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

39.069,00

55.214,00

15.263,00

28.844,00

53.765,00

b 1) From Group companies and associates : 41421

27.778,00

39.782,00

2.869,00

0,00

b 2) From third parties : 41422

11.290,00

15.432,00

12.394,00

28.844,00

53.765,00

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

0,00

15. Financial expenditure: 41500

-40.330,00

-4.771,00

-4.009,00

-24.191,00

-403.970,00

a) Amounts owed to Group companies and associates : 41510

0,00

-395.033,00

b) For debts with third parties : 41520

-40.330,00

-4.771,00

-4.009,00

-24.191,00

-8.937,00

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

-343,00

-2.482,00

-1.004,00

18,00

0,00

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

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

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

-1.604,00

47.961,00

10.250,00

4.671,00

-350.205,00

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

1.756.874,00

2.050.410,00

3.079.069,00

2.557.370,00

117.988,00

20. Income taxes: 41900

-602.386,00

-601.399,00

-907.921,00

-747.234,00

-29.497,00

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

1.154.488,00

1.449.011,00

2.171.148,00

1.810.136,00

88.491,00

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

0,00

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

1.154.488,00

1.449.011,00

2.171.148,00

1.810.136,00

88.491,00

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

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

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

2.333.829,00

2.515.442,00

2.352.804,00

1.383.125,00

1.084.971,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

12.983,00

19.917,00

27.555,00

84,00

173,00

III. Tangible fixed assets:

1.400.385,00

1.452.031,00

1.373.184,00

1.379.307,00

1.064.203,00

IV. Financial investments:

920.462,00

1.043.493,00

952.066,00

3.734,00

20.595,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

6.983.103,00

6.619.799,00

5.257.143,00

3.864.117,00

3.352.815,00

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

0,00

II. Stocks:

2.654.493,00

2.234.972,00

2.343.120,00

1.010.918,00

1.109.563,00

III. Debtors:

838.962,00

1.407.691,00

2.690.716,00

767.113,00

451.230,00

IV. Short-term investments:

1.491.401,00

46.242,00

148.062,00

1.250.662,00

100.000,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.998.248,00

2.930.894,00

75.186,00

835.423,00

1.692.021,00

VII. Prepayments and accrued income:

0,00

60,00

0,00

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

9.316.932,00

9.135.241,00

7.609.947,00

5.247.242,00

4.437.785,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

8.348.494,00

7.121.341,00

5.672.330,00

3.501.181,00

500.251,00

I. Subscribed capital:

307.717,00

90.152,00

II. Share premium:

1.055.369,00

65.661,00

III. Revaluation reserves:

0,00

IV. Reserves:

5.758.255,00

4.309.244,00

2.138.096,00

378.136,00

394.616,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

5.758.255,00

4.309.244,00

2.138.096,00

378.136,00

394.616,00

V. Profit or loss brought forward:

72.665,00

0,00

-50.176,00

-138.667,00

VI. Profit or loss for the financial year:

1.154.488,00

1.449.011,00

2.171.148,00

1.810.136,00

88.491,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

3.115,00

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

610.317,00

66.150,00

0,00

16.122,00

E) SHORT TERM CREDITORS:

355.006,00

1.947.750,00

1.937.618,00

1.746.061,00

3.921.412,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

9.316.932,00

9.135.241,00

7.609.947,00

5.247.242,00

4.437.785,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

9.412.887,00

9.761.324,00

8.801.855,00

7.965.089,00

11.215.644,00

A.1. Operating consumption:

3.556.864,00

5.379.989,00

4.866.930,00

4.298.084,00

7.838.199,00

A.2. Staff Costs:

2.180.291,00

1.340.577,00

1.100.874,00

1.190.044,00

1.156.858,00

a) Wages, salaries et al.:

1.718.397,00

1.048.388,00

857.792,00

938.401,00

902.956,00

b) Social security costs:

461.893,00

292.190,00

243.082,00

251.643,00

253.902,00

A.3. Depreciation expense:

117.295,00

128.602,00

105.992,00

78.992,00

70.109,00

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

0,00

A.5. Other operating charges:

2.663.703,00

2.297.992,00

1.815.125,00

1.611.604,00

1.717.011,00

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

2.010.154,00

2.007.962,00

3.065.435,00

2.567.639,00

449.659,00

A.6. Financial and similar charges:

40.330,00

4.771,00

4.009,00

24.191,00

403.970,00

a) Due to liabilities with companies of the group:

0,00

395.033,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

40.330,00

4.771,00

4.009,00

24.191,00

8.937,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

343,00

2.482,00

1.004,00

0,00

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

0,00

47.961,00

10.250,00

4.671,00

0,00

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

2.008.550,00

2.055.923,00

3.075.686,00

2.572.310,00

99.454,00

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

0,00

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

0,00

1.665,00

0,00

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

0,00

A.12. Extraordinary expenses:

251.676,00

5.513,00

0,00

13.275,00

0,00

A.13. Prior year expenses and losses:

0,00

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

0,00

3.383,00

0,00

18.534,00

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

1.756.874,00

2.050.410,00

3.079.069,00

2.557.370,00

117.988,00

A.14. Corporation Tax:

602.386,00

601.399,00

907.921,00

747.234,00

29.497,00

A.15. Miscellaneous taxes:

0,00

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

1.154.488,00

1.449.011,00

2.171.148,00

1.810.136,00

88.491,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

10.567.376,00

11.210.335,00

10.973.002,00

9.775.225,00

11.304.135,00

B.1. Operating income:

10.528.307,00

11.155.121,00

10.954.356,00

9.746.363,00

11.231.835,00

a) Net total sales:

10.417.814,00

10.991.797,00

10.941.960,00

9.745.923,00

11.231.835,00

b) Miscellaneous operating income:

110.493,00

163.324,00

12.396,00

440,00

0,00

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

0,00

B.2. Financial income:

39.069,00

55.214,00

15.263,00

28.844,00

53.765,00

a) Companies of the group:

27.778,00

39.782,00

2.869,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

11.290,00

15.432,00

12.394,00

28.844,00

53.765,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

18,00

0,00

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

1.604,00

0,00

350.205,00

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

0,00

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

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

3.383,00

0,00

18.534,00

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

0,00

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

251.676,00

5.513,00

0,00

14.940,00

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

1.756.874,00

2.050.410,00

3.079.069,00

2.557.370,00

117.988,00

2. Results adjustments.: 61200

119.820,00

97.815,00

122.176,00

97.349,00

459.420,00

a) Fixed Assets Amortization (+).: 61201

117.295,00

128.602,00

105.992,00

78.992,00

70.109,00

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

0,00

39.340,00

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

26.182,00

19.649,00

26.434,00

21.803,00

0,00

d) Allocation of grants (-).: 61204

-25.262,00

0,00

-440,00

0,00

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

0,00

1.665,00

0,00

g) Financial income (-).: 61207

-39.069,00

-55.214,00

-15.263,00

-28.844,00

-53.765,00

h) Financial Expenses (+). : 61208

40.330,00

4.778,00

4.009,00

24.191,00

403.970,00

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

343,00

0,00

1.004,00

-18,00

0,00

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

0,00

1,00

0,00

-234,00

3. Changes in current capital equity.: 61300

-1.223.935,00

1.213.409,00

-1.597.437,00

-4.012.420,00

1.264.923,00

a) Stock (+/-).: 61301

-419.521,00

108.147,00

-1.332.201,00

98.645,00

2.916.224,00

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

529.320,00

1.285.784,00

-1.950.036,00

-337.686,00

-761.045,00

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

-94.671,00

-19.434,00

1.223.853,00

-1.150.662,00

-100.000,00

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

-876.169,00

97.024,00

260.411,00

-2.244.787,00

-365.726,00

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

-362.894,00

-258.173,00

200.596,00

-377.930,00

-424.530,00

f) Other non-current assets and liabilities (+/-).: 61306

0,00

60,00

-60,00

0,00

4. Other cash flows for operating activities.: 61400

-573.246,00

-706.796,00

-1.167.122,00

-264.449,00

36.776,00

a) Interest payments (-). : 61401

-40.330,00

-4.778,00

-4.009,00

-24.191,00

-8.937,00

c) Interest collection (+). : 61403

39.069,00

55.214,00

12.394,00

28.862,00

53.765,00

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

-571.985,00

-757.232,00

-1.175.507,00

-269.120,00

-8.052,00

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

79.513,00

2.654.838,00

436.686,00

-1.622.150,00

1.879.107,00

6. Payments for investment (-).: 62100

-1.387.484,00

-336.844,00

-255.092,00

-405.155,00

-443.503,00

a) Companies of the group and affiliates. : 62101

-106.456,00

121.253,00

-121.253,00

0,00

b) Intangible fixed assets. : 62102

-718,00

0,00

-30.550,00

0,00

c) Fixed assets. : 62103

-57.996,00

-199.812,00

-96.789,00

-405.155,00

-443.503,00

e) Other financial assets. : 62105

-1.222.314,00

-258.286,00

-6.500,00

0,00

7. Divestment payment collection (+). : 62200

101.314,00

0,00

23.303,00

4.207,00

a) Companies of the group and affiliates. : 62201

101.314,00

0,00

c) Fixed assets. : 62203

0,00

9.483,00

0,00

e) Other financial assets. : 62205

0,00

13.820,00

4.207,00

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

-1.286.169,00

-336.844,00

-255.092,00

-381.852,00

-439.296,00

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

102.377,00

0,00

1.194.274,00

0,00

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

72.665,00

0,00

1.193.834,00

97.714,00

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

0,00

-13.440,00

0,00

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

29.712,00

0,00

440,00

0,00

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

171.976,00

537.714,00

-941.831,00

-46.870,00

-114.292,00

a) Issuance : 63201

1.169.883,00

537.714,00

28.169,00

0,00

3. Debts incurred with companies of the group and affiliates (+).: 63204

1.165.593,00

0,00

5. Other debts (+). : 63206

4.290,00

537.714,00

28.169,00

0,00

b) Repayment and amortization of : 63207

-997.907,00

0,00

-970.000,00

-46.870,00

-114.292,00

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

0,00

-46.870,00

-114.292,00

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

-997.907,00

0,00

5. Other debts (-). : 63212

0,00

-970.000,00

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

274.353,00

537.714,00

-941.831,00

1.147.404,00

-114.292,00

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

-343,00

0,00

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

-932.646,00

2.855.708,00

-760.237,00

-856.598,00

1.325.519,00

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

2.930.894,00

75.186,00

835.423,00

1.692.021,00

366.502,00

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

1.998.248,00

2.930.894,00

75.186,00

835.423,00

1.692.021,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,09 %

0,01 %

0,26 %

0,00 %

-134,46 %

EBITDA over Sales:

20,42 %

9,23 %

19,44 %

10,07 %

5,06 %

-8,31 %

Cash Flow Yield:

-0,10 %

0,00 %

0,31 %

0,00 %

-132,02 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

29,11 %

5,26 %

24,96 %

6,93 %

16,64 %

-24,14 %

Total economic profitability:

19,29 %

2,52 %

22,50 %

4,15 %

-14,26 %

-39,20 %

Financial profitability:

13,82 %

1,37 %

20,34 %

5,83 %

-32,03 %

-76,55 %

Margin:

19,09 %

4,85 %

18,00 %

6,36 %

6,07 %

-23,77 %

Mark-up:

19,08 %

1,64 %

18,43 %

4,71 %

3,51 %

-65,19 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

5,63

0,12

1,50

0,11

274,06

9,51

Acid Test:

12,14

0,86

2,24

0,83

443,24

2,98

Working Capital / Investment:

0,71

0,03

0,51

0,03

39,65

9,90

Solvency:

19,67

1,18

3,40

1,16

478,76

1,42

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,12

1,65

0,28

1,66

-59,13

-1,08

Borrowing Composition:

1,72

1,04

0,03

1,04

4.962,05

-0,80

Repayment Ability:

-1,04

159,44

0,71

797,40

-246,77

-80,00

Warranty:

9,65

1,62

4,54

1,61

112,77

0,44

Generated resources / Total creditors:

1,32

0,07

0,78

0,07

68,18

-3,85

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,98

1,73

2,59

1,75

-23,83

-1,55

Turnover of Collection Rights :

12,82

4,83

8,10

4,48

58,22

7,65

Turnover of Payment Entitlements:

17,52

3,52

6,32

3,26

177,01

7,96

Stock rotation:

3,21

6,62

4,09

6,04

-21,59

9,54

Assets turnover:

1,52

1,08

1,39

1,09

9,97

-0,49

Borrowing Cost:

4,18

2,95

0,24

2,93

1.663,61

0,66

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

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

-0,09 %

0,26 %

-0,07 %

-8,79 %

11,80 %

EBITDA over Sales:

20,42 %

19,44 %

28,98 %

27,16 %

4,63 %

Cash Flow Yield:

-0,10 %

0,31 %

-0,10 %

-16,32 %

29,87 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

29,11 %

24,96 %

47,09 %

64,26 %

10,42 %

Total economic profitability:

19,29 %

22,50 %

40,51 %

49,20 %

11,76 %

Financial profitability:

13,82 %

20,34 %

38,26 %

51,66 %

17,69 %

Margin:

19,09 %

18,00 %

27,98 %

26,33 %

4,00 %

Mark-up:

19,08 %

18,43 %

28,08 %

26,38 %

-3,28 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

5,63

1,50

0,04

0,48

0,43

Acid Test:

12,14

2,24

1,50

1,63

0,57

Working Capital / Investment:

0,71

0,51

0,44

0,40

-0,13

Solvency:

19,67

3,40

2,71

2,21

0,86

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,12

0,28

0,34

0,50

7,87

Borrowing Composition:

1,72

0,03

0,00

Repayment Ability:

-1,04

0,71

-2,55

0,66

-3,21

Warranty:

9,65

4,54

3,93

3,01

1,13

Generated resources / Total creditors:

1,32

0,78

1,18

1,08

0,04

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,98

2,59

3,88

3,22

1,45

Turnover of Collection Rights :

12,82

8,10

4,08

12,85

25,37

Turnover of Payment Entitlements:

17,52

6,32

5,08

4,46

3,09

Stock rotation:

3,21

4,09

3,37

7,10

9,72

Assets turnover:

1,52

1,39

1,68

2,44

2,60

Borrowing Cost:

4,18

0,24

0,21

1,39

10,26

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

Sur Digital

12/12/2013

La empresa malagueña Modas Zarpa abre u...

Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

21.534,83

Notes

El importe corresponde al concedio durante el ejercicio 2012.

Entity

AGENCIA DE INNOVACION Y DESARROLLO DE ANDALUCIA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

3.727,04

Notes

Importe imputado en la cuenta de pérdidas y ganancias siendo el saldo al final del ejercicio 3.115,43 euros. El importe concedido de la subvención fue de 8.177,65 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

66.461,39

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.59.73
UK Pound	1	Rs.102.36
Euro	1	Rs.81.38

INFORMATION DETAILS

Analysis Done by :	SUB

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

Clients

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit