MIRA INFORM REPORT

Report Date :

18.06.2014

IDENTIFICATION DETAILS

Name :	AT LEAST SA

Registered Office :	C/ Pantoja, 14. - Madrid - 28002 - Madrid

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	09.06.1994

Legal Form :	Public Company

Line of Business :	Wholesale of textiles

No. of Employees	250

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

SPAIN ECONOMIC OVERVIEW

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

Source : CIA

Company name and address

Name:

AT LEAST SA

NIF / Fiscal code:

A80915804

Status:

ACTIVE

Incorporation Date:

09/06/1994

Register Data

Last Publication in BORME:

05/03/2014 [Dismissal/Resignation]

Last Published Account Deposit:

2012

Share Capital:

1.230.427,30

Localization:

C/ PANTOJA, 14. - MADRID - 28002 - MADRID

Telephone - Fax - Email - Website:

Ph.:. 913993112 Email. contact@hossintropia.com Website. www.hossintropia.com

Activity:

NACE:

4641 - Wholesale of textiles

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners

ACCIONES PROPIAS DE AT LEAST, S.A.

1.04 %

COBEGA BV

30.43 %

JAVERTRANS BV

35.51 %

EXPLOTACIONES AGRARIAS LAS MESAS SL

10.45 %

INVESTIGATION SUMMARY

The company was set up several years ago, which provide it with enough experience in its sector of activity. It has a good commercial reputation among the sources of information. Its turnover has been reduced by 3,43 % in 2012 compared to 2011. It complies with its payment obligations.

Identification

Social Denomination:

AT LEAST SA

NIF / Fiscal code:

A80915804

Corporate Status:

ACTIVE

Start of activity:

1994

Registered Office:

C/ PANTOJA, 14.

Locality:

MADRID

Province:

MADRID

Postal Code:

28002

Telephone:

913993112

Fax:

913391953

Website:

www.hossintropia.com

Email:

contact@hossintropia.com

Activity

NACE:

4641

Additional Information:

It is engaged in the design, manufacture, marketing and export of clothing for women, footwear and accessories. Commercial name: HOSS INTROPIA. It has more than 1600 stores in several countries. Since 2011 Hoss Intropia collaborates with the prestigious Spanish designer Miguel Palacio to develop an exclusive line focused on party and "red carpet".

Additional Address:

C/ PANTOJA, 14 28002 MADRID , registered office and central offices, rented.

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

250

Chronological Summary

Year

Act

1994

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

1995

Accounts deposit (ejer. 1994) Appointments/ Re-elections (1) Change of Social address (1)

1996

Accounts deposit (ejer. 1995) Increase of Capital (1)

1997

Accounts deposit (ejer. 1996) Change of Social address (1) Increase of Capital (1) Statutory Modifications (1)

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) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2001

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

2002

Accounts deposit (ejer. 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

2003

Accounts deposit (ejer. 2001, 2002) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2) Increase of Capital (1) Statutory Modifications (1)

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (1) Increase of Capital (1)

2005

Accounts deposit (ejer. 2004)

2006

Appointments/ Re-elections (3)

2007

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

2008

Accounts deposit (ejer. 2006, 2007) Appointments/ Re-elections (4) Board Meeting (1) Cessations/ Resignations/ Reversals (2)

2009

Accounts deposit (ejer. 2007 consolidated) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2010

Accounts deposit (ejer. 2009 consolidated, 2008, 2009) Appointments/ Re-elections (3) Change of Social address (1)

2011

Accounts deposit (ejer. 2010) Board Meeting (1)

2012

Accounts deposit (ejer. 2010 consolidated, 2011) Appointments/ Re-elections (2)

2013

Accounts deposit (ejer. 2011 consolidated, 2012 consolidated) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Statutory Modifications (1)

2014

Accounts deposit (ejer. 2012) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

1.230.427,30

Paid up capital:

1.230.427,30

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

18/07/1994

Company Formation

60.101

27/05/1996

Increase of Capital

66.111

126.213

13/05/1997

Increase of Capital

54.091

180.304

23/11/1998

Increase of Capital

540.911

721.215

19/07/2002

Increase of Capital

135.465

856.665

20/03/2003

Increase of Capital

225.135

1.081.800

13/01/2004

Increase of Capital

148.627

1.230.427

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

HERNANDEZ DURAN CONSTANTINO

19/08/2013

MEMBER OF THE BOARD

VEGA WERLEN EDUARDO

19/08/2013

VALERO QUIROS JUAN CARLOS

19/08/2013

MAIER ALLENDE CARLOS

19/08/2013

HERNANDEZ DURAN CONSTANTINO

19/08/2013

BERGEL SAINZ DE BARANDA JAIME ISIDORO

19/08/2013

FAGALDE MATEOS IGNACIO JOSE

19/08/2013

PROXY

DE SALVADOR Y ARANA DIEGO

10/02/2009

ABITBOL OEVERMANN RAFAEL

05/11/2003

BARRANCA PITEL MANUEL

04/11/2003

RODRIGUEZ POZO ANTONIO

07/06/2002

VALERO QUIROS JUAN CARLOS

24/03/2000

CHIEF EXECUTIVE OFFICER

HERNANDEZ DURAN CONSTANTINO

19/08/2013

SECRETARY

VALERO QUIROS JUAN CARLOS

19/08/2013

ACCOUNTS' AUDITOR / HOLDER

KPMG AUDITORES SL

03/10/2013

CONSOLIDATED ACCOUNTS' AUDITOR

KPMG AUDITORES SL

03/10/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ABITBOL OEVERMANN RAFAEL

MEMBER OF THE BOARD

09/10/2008

MEMBER OF THE BOARD

19/08/2013

MEMBER OF THE BOARD

25/02/2014

BERGEL SAINZ DE BARANDA JAIME ISIDORO

MEMBER OF THE BOARD

09/10/2008

MEMBER OF THE BOARD

19/08/2013

BONILLA VILLALONGA NICOLAS

MEMBER OF THE BOARD

30/08/2002

DE VILLAR DE LOS SANTOS CRISTINA

MEMBER OF THE BOARD

18/11/1998

JOINT CHIEF EXECUTIVE OFFICER

18/11/1998

SECRETARY

18/11/1998

SECRETARY

09/03/2000

JOINT CHIEF EXECUTIVE OFFICER

23/01/2001

MEMBER OF THE BOARD

23/01/2001

FAGALDE MATEOS IGNACIO

MEMBER OF THE BOARD

18/11/1998

FAGALDE MATEOS IGNACIO JOSE

MEMBER OF THE BOARD

19/08/2013

GUILLAMOT BERNARDO ANDRES

MEMBER OF THE BOARD

17/10/2003

MEMBER OF THE BOARD

19/09/2008

HERNANDEZ DURAN CONSTANTINO

MEMBER OF THE BOARD

18/11/1998

MEMBER OF THE BOARD

17/10/2003

JOINT CHIEF EXECUTIVE OFFICER

18/11/1998

PRESIDENT

18/11/1998

PRESIDENT

17/10/2003

JOINT CHIEF EXECUTIVE OFFICER

17/10/2003

CHIEF EXECUTIVE OFFICER

09/10/2008

PRESIDENT

09/10/2008

MEMBER OF THE BOARD

09/10/2008

MEMBER OF THE BOARD

19/08/2013

PRESIDENT

19/08/2013

CHIEF EXECUTIVE OFFICER

19/08/2013

KPMG AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

20/05/2003

CONSOLIDATED ACCOUNTS' AUDITOR

27/10/2008

ACCOUNTS' AUDITOR / HOLDER

27/10/2008

ACCOUNTS' AUDITOR / HOLDER

06/09/2004

ACCOUNTS' AUDITOR / HOLDER

11/01/2006

ACCOUNTS' AUDITOR / HOLDER

16/10/2006

ACCOUNTS' AUDITOR / HOLDER

09/10/2008

CONSOLIDATED ACCOUNTS' AUDITOR

03/10/2013

ACCOUNTS' AUDITOR / HOLDER

03/10/2013

ACCOUNTS' AUDITOR / HOLDER

04/10/2010

ACCOUNTS' AUDITOR / HOLDER

15/11/2010

CONSOLIDATED ACCOUNTS' AUDITOR

15/11/2010

CONSOLIDATED ACCOUNTS' AUDITOR

11/04/2012

ACCOUNTS' AUDITOR / HOLDER

11/04/2012

ACCOUNTS' AUDITOR / HOLDER

12/11/2012

CONSOLIDATED ACCOUNTS' AUDITOR

12/11/2012

LOHR MARCUS HERMANN VALENTIN

PROXY

10/02/2009

LOPEZ GARCIA CARLOS

PROXY

28/11/2001

PROXY

04/11/2003

MAIER ALLENDE CARLOS

MEMBER OF THE BOARD

17/10/2003

MEMBER OF THE BOARD

09/10/2008

MEMBER OF THE BOARD

19/08/2013

VALERO QUIROS JUAN CARLOS

MEMBER OF THE BOARD

17/10/2003

MEMBER OF THE BOARD

09/10/2008

MEMBER OF THE BOARD

09/03/2000

SECRETARY

17/10/2003

SECRETARY

19/08/2013

SECRETARY

09/10/2008

MEMBER OF THE BOARD

19/08/2013

VEGA WERLER EDUARDO

MEMBER OF THE BOARD

19/08/2013

MEMBER OF THE BOARD

17/10/2003

MEMBER OF THE BOARD

09/10/2008

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

DIEGO SALVADOR

MANAGING DIRECTOR

RAFAEL ABITBOL OVERMAN

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

---

03/07/2009

04/05/2012

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Basis for rating

Positive Factors

Adverse Factors

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

Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure.

The current debt represents a 38.79of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company 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.

{POSITIVO}Adequate turnover of the current assets. The company shows an efficient use of current assets by having good capacity to generate incomes based on the dedicated assets available for sale. {/POSITIVO}

It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets.

It does not have any financial profitability.. AT LEAST SAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation.

Debts assumed by the company based on the volume of its own resources have increased in the previous financial year.

Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation.

No Company's subsidiaries or branches are known.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 2.051 %

> 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 72.00% of the companies of the sector AT LEAST 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 2.051%.

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

1 Incidence for a total cost of 0,00 E

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 Social Security

BY THE SOCIAL SECURITY DE BARCELONA - Date 03/07/2009

Last Published Stage:

ACTA DE INFRACCION

Record Number:

I472009000050066

Amount of the incidence:

0,00 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.P. BARCELONA Nº164, 2009 PAGINA 8

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE MADRID - Date 04/05/2012

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

12117008651

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

BOLETIN OFICIAL DEL AYUNTAMIENTO DE MADRID Nº6668, 2012 PAGINA 632

Link List

IS RELATED WITH:

2 Entities

PARTICIPATES IN:

3 Entities

SHAREHOLDERS:

4 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ACCIONES PROPIAS DE AT LEAST, S.A.

1.04

COBEGA BV

30.43

JAVERTRANS BV

35.51

EXPLOTACIONES AGRARIAS LAS MESAS SL

MADRID

10.45

PARTICIPATES IN

CLOTHES & DRESSES, SOCIEDAD ANONIMA, (REINO UNIDO)

100

AT LEAST ITALIA, S.L.

100

AT LEAST USA LLC

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

AT LEAST USA LLC

IS RELATED WITH

MULTIMEGA SA

MADRID

Turnover

Total Sales 2013

46.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Consolidadas

November 2013

2012

Normales

April 2014

2011

Consolidadas

February 2013

2011

Normales

August 2012

2010

Consolidadas

July 2012

2010

Normales

December 2011

2009

Consolidadas

December 2010

2009

Normales

December 2010

2008

Consolidadas

No publicado en BORME

2008

Normales

December 2009

2007

Consolidadas

June 2009

2007

Normales

November 2008

2006

Normales

March 2008

2005

Normales

January 2007

2004

Normales

October 2005

2003

Normales

August 2004

2002

Normales

August 2003

2001

Normales

March 2003

2000

Normales

September 2001

1999

Normales

October 2000

1998

Normales

October 1999

1997

Normales

October 1998

1996

Normales

September 1997

1995

Normales

December 1996

1994

Normales

September 1995

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, axesor created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

10.933.467,00

10.951.635,00

8.308.676,00

7.124.113,00

5.799.792,00

I. Intangible fixed assets : 11100

774.126,00

737.629,00

813.680,00

755.381,00

931.035,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

20.095,00

42.015,00

63.934,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

318.392,00

190.139,00

140.216,00

198.221,00

228.803,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

455.734,00

547.490,00

653.369,00

515.145,00

638.298,00

II. Tangible fixed assets : 11200

4.107.588,00

4.668.464,00

2.981.551,00

2.244.918,00

3.056.277,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

3.967.751,00

4.359.907,00

2.681.256,00

2.244.918,00

3.049.797,00

3. Tangible asset in progress and advances: 11230

139.837,00

308.557,00

300.295,00

0,00

6.480,00

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

3.730.462,00

4.634.674,00

3.683.605,00

3.282.491,00

1.281.331,00

1. Equity instruments: 11410

3.730.462,00

4.634.674,00

3.683.605,00

3.282.491,00

1.281.331,00

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

764.944,00

639.934,00

427.229,00

474.650,00

445.791,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

764.944,00

639.934,00

427.229,00

474.650,00

445.791,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

1.556.347,00

270.934,00

402.611,00

366.673,00

85.359,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

18.906.063,00

18.364.689,00

20.183.741,00

16.359.880,00

16.585.926,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

8.845.220,00

8.811.100,00

9.544.454,00

9.188.760,00

7.864.183,00

1. Commercial: 12210

8.766.978,00

8.654.933,00

9.193.987,00

8.975.180,00

7.437.340,00

2. Primary material and other supplies: 12220

76.200,00

153.868,00

282.610,00

211.538,00

241.393,00

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

2.042,00

2.299,00

67.857,00

2.042,00

185.450,00

III. Trade debtors and others receivable accounts: 12300

8.864.875,00

7.424.507,00

6.541.822,00

4.410.552,00

7.049.985,00

1. Trade debtors / accounts receivable: 12310

5.155.503,00

6.124.037,00

5.664.575,00

4.352.492,00

4.353.438,00

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

0,00

b) Customers for sales and provisions of services : 12312

5.155.503,00

6.124.037,00

0,00

4.352.492,00

4.353.438,00

2. Customers, Group companies and associates : 12320

2.371.695,00

253.812,00

450.422,00

16.629,00

2.469.334,00

3. Other accounts receivable: 12330

162.956,00

38.603,00

196.783,00

1.670,00

12.399,00

4. Personnel: 12340

40.505,00

45.663,00

22.662,00

16.909,00

8.525,00

5. Assets for deferred tax: 12350

0,00

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

1.134.216,00

962.392,00

207.380,00

22.852,00

206.290,00

7. Called up share capital: 12370

0,00

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

350.316,00

430.759,00

0,00

201.732,00

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

350.316,00

430.759,00

0,00

201.732,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

181.476,00

1.117.145,00

101.221,00

54.061,00

202.260,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

40.000,00

25.000,00

65.000,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

1.028.613,00

0,00

5. Other financial assets : 12550

141.476,00

48.532,00

61.221,00

29.061,00

137.260,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

260.175,00

267.745,00

356.766,00

293.584,00

295.665,00

VII. Cash and other equivalent liquid assets : 12700

404.001,00

313.433,00

3.639.478,00

2.412.923,00

972.101,00

1. Treasury: 12710

404.001,00

313.433,00

3.639.478,00

2.412.923,00

972.101,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

29.839.530,00

29.316.324,00

28.492.417,00

23.483.993,00

22.385.719,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

13.536.610,00

15.963.621,00

14.223.730,00

12.269.085,00

10.602.972,00

A-1) Shareholders' equity: 21000

13.840.650,00

15.243.592,00

14.361.989,00

12.269.085,00

10.602.972,00

I. Capital: 21100

1.230.427,00

1. Registered capital : 21110

1.230.427,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

2.836.769,00

III. Reserves: 21300

11.396.275,00

10.014.672,00

7.821.771,00

6.255.653,00

4.596.688,00

1. Legal y estatutarias: 21310

299.417,00

10.014.672,00

7.821.771,00

299.415,00

299.417,00

2. Other reserves: 21320

11.096.858,00

0,00

5.956.238,00

4.297.271,00

IV. (Common stock equity): 21400

-219.879,00

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

-1.402.942,00

1.381.603,00

2.692.901,00

2.166.115,00

2.158.967,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

-304.040,00

720.029,00

-138.259,00

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

-304.040,00

720.029,00

-138.259,00

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

4.728.794,00

3.337.602,00

2.515.048,00

1.692.146,00

3.159.772,00

I. Long-term provisions: 31100

0,00

274.434,00

49.640,00

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

274.434,00

49.640,00

0,00

II Long-term creditors: 31200

2.828.047,00

1.801.103,00

1.635.292,00

1.007.315,00

2.671.871,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

2.675.740,00

1.730.631,00

1.499.626,00

866.930,00

2.375.261,00

3. Creditors from financial leasing: 31230

43.696,00

70.472,00

134.366,00

132.293,00

265.522,00

4. Derivatives : 31240

108.611,00

0,00

1.300,00

8.092,00

31.088,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

1.402.355,00

1.262.065,00

830.116,00

684.831,00

487.902,00

V. Long-term accruals: 31500

498.392,00

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

11.574.126,00

10.015.101,00

11.753.639,00

9.522.762,00

8.622.974,00

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

0,00

II. Short-term provisions: 32200

150.000,00

173.174,00

230.000,00

200.000,00

100.799,00

III. Short-term creditors : 32300

5.602.536,00

2.625.869,00

1.329.186,00

758.990,00

1.489.482,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

5.250.445,00

2.586.589,00

1.095.966,00

607.554,00

1.232.946,00

3. Creditors from financial leasing: 32330

26.359,00

39.280,00

94.961,00

151.436,00

0,00

4. Derivatives : 32340

325.732,00

0,00

138.259,00

0,00

256.535,00

5. Other financial liabilities : 32350

0,00

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

0,00

940,00

0,00

V. Trade creditors and other accounts payable: 32500

5.821.590,00

7.215.118,00

10.194.453,00

8.563.772,00

7.032.694,00

1. Suppliers: 32510

3.733.026,00

4.151.114,00

5.024.380,00

5.201.535,00

4.067.856,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

3.733.026,00

4.151.114,00

5.024.380,00

5.201.535,00

4.067.856,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

1.487.358,00

1.715.210,00

3.025.900,00

1.319.565,00

1.400.380,00

4. Personnel (remuneration due): 32540

157.196,00

608.292,00

848.314,00

699.764,00

642.223,00

5. Liabilities for current tax: 32550

0,00

449.684,00

567.956,00

363.835,00

6. Otras deudas con las Administraciones Públicas. : 32560

437.021,00

433.945,00

378.582,00

403.876,00

384.853,00

7. Advances from clients: 32570

6.989,00

306.557,00

467.593,00

371.076,00

173.546,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

29.839.530,00

29.316.324,00

28.492.417,00

23.483.993,00

22.385.719,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

46.106.585,00

47.744.499,00

46.434.606,00

44.059.450,00

45.691.148,00

a) Sales: 40110

46.106.585,00

47.744.499,00

46.434.606,00

44.059.450,00

45.691.148,00

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

-21.408.933,00

-21.613.186,00

-19.711.569,00

-19.504.582,00

-19.814.458,00

a) Stock consumption: 40410

-21.227.891,00

-21.361.510,00

-19.373.768,00

-18.722.320,00

-19.521.238,00

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

-301.042,00

-304.345,00

-250.596,00

-335.770,00

-223.220,00

c) Works carried out by other companies: 40430

0,00

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

120.000,00

52.669,00

-87.205,00

-446.492,00

-70.000,00

5. Other operating income: 40500

540.556,00

243.743,00

170.800,00

100.969,00

145.071,00

a) Auxiliary income and other from current management: 40510

514.831,00

222.282,00

132.127,00

69.900,00

113.980,00

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

25.725,00

21.461,00

38.673,00

31.069,00

31.091,00

6. Personnel costs: 40600

-9.848.513,00

-9.253.420,00

-8.977.970,00

-8.716.428,00

-9.049.942,00

a) Wages, salaries et al.: 40610

-7.884.437,00

-7.412.290,00

-7.284.065,00

-7.034.521,00

-7.093.296,00

b) Social security costs: 40620

-1.964.076,00

-1.841.130,00

-1.693.905,00

-1.681.907,00

-1.956.646,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-14.838.173,00

-14.336.746,00

-13.424.809,00

-11.681.533,00

-12.684.222,00

a) External services: 40710

-14.627.005,00

-14.288.319,00

-13.155.416,00

-11.408.044,00

-12.470.222,00

b) Taxes: 40720

-77.170,00

-113.804,00

-123.375,00

-106.396,00

-87.177,00

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

-109.826,00

96.275,00

-131.301,00

-132.932,00

-86.636,00

d) Other current management expenditure : 40740

-24.172,00

-30.898,00

-14.717,00

-34.161,00

-40.186,00

8. Amortisation of fixed assets: 40800

-1.071.799,00

-945.545,00

-769.896,00

-913.877,00

-912.873,00

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

-185.222,00

19.103,00

-134.631,00

-192.421,00

0,00

a) Impairment and losses : 41110

0,00

-89.337,00

-220.000,00

0,00

b) Results for transfers and other : 41120

-185.222,00

19.103,00

-45.294,00

27.579,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

44.091,00

94.742,00

0,00

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

-705.499,00

1.902.539,00

3.681.273,00

3.151.578,00

3.374.724,00

14. Financial income : 41400

36.782,00

58.906,00

82.073,00

93.475,00

209.179,00

a) Of shares in equity instruments : 41410

0,00

58.906,00

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

58.906,00

0,00

b) From negotiable securities and other financial instruments : 41420

36.782,00

0,00

82.073,00

93.475,00

209.179,00

b 1) From Group companies and associates : 41421

0,00

21.785,00

40.721,00

b 2) From third parties : 41422

36.782,00

0,00

82.073,00

71.690,00

168.457,00

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

0,00

15. Financial expenditure: 41500

-285.863,00

-150.259,00

-86.295,00

-257.345,00

-550.978,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-285.863,00

-150.259,00

-86.295,00

-257.345,00

-550.978,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

1.300,00

6.792,00

22.996,00

-27.842,00

a) Trading book and other : 41610

0,00

1.300,00

6.792,00

22.996,00

-27.842,00

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

0,00

17. Exchange rate differences : 41700

-34.114,00

7.888,00

5.791,00

-1.405,00

-36.642,00

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

-1.304.212,00

0,00

a) Impairment and losses : 41810

-1.304.212,00

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

-1.587.407,00

-82.165,00

8.361,00

-142.279,00

-406.283,00

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

-2.292.906,00

1.820.374,00

3.689.634,00

3.009.299,00

2.968.441,00

20. Income taxes: 41900

889.964,00

-438.771,00

-996.733,00

-843.184,00

-809.474,00

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

-1.402.942,00

1.381.603,00

2.692.901,00

2.166.115,00

2.158.967,00

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

0,00

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

-1.402.942,00

1.381.603,00

2.692.901,00

2.166.115,00

2.158.967,00

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

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

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

9.596.999,00

10.900.580,00

8.125.944,00

6.977.319,00

5.934.313,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

774.126,00

737.629,00

813.680,00

755.381,00

931.035,00

1. Research and development costs:

0,00

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

0,00

20.095,00

42.015,00

63.934,00

3. Goodwill:

0,00

4. Key money paid for premises:

455.734,00

547.490,00

653.369,00

515.145,00

638.298,00

5. Software:

318.392,00

190.139,00

140.216,00

198.221,00

228.803,00

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:

4.107.588,00

4.668.464,00

2.981.551,00

2.244.918,00

3.056.277,00

1. Land and construction:

0,00

2. Technical installations and machinery:

0,00

3. Other installations, tools and furniture:

3.285.576,00

3.610.309,00

2.220.268,00

1.858.950,00

2.525.446,00

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

139.837,00

308.557,00

300.295,00

0,00

6.480,00

5. Other tangible assets:

682.175,00

749.598,00

460.988,00

385.968,00

524.351,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

4.495.406,00

5.274.608,00

4.110.834,00

3.757.141,00

1.727.122,00

1. Equity investments in group companies:

3.730.462,00

4.634.674,00

3.683.605,00

3.282.491,00

1.281.331,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

764.944,00

639.934,00

427.229,00

474.650,00

445.791,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

219.879,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

20.462.410,00

17.607.010,00

20.586.352,00

16.726.553,00

16.671.285,00

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

0,00

II. Stocks:

8.845.220,00

8.811.100,00

9.544.454,00

9.188.760,00

7.864.183,00

1. Goods for resale:

8.766.978,00

8.654.933,00

9.193.987,00

8.975.180,00

7.437.340,00

2. Raw materials and other consumables:

76.200,00

153.868,00

282.610,00

211.538,00

241.393,00

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:

2.042,00

2.299,00

67.857,00

2.042,00

185.450,00

7. Provisions:

0,00

III. Debtors:

10.421.222,00

7.695.441,00

6.944.433,00

4.777.225,00

7.135.344,00

1. Trade debtors / accounts receivable:

5.155.503,00

6.124.037,00

5.664.575,00

4.352.492,00

4.353.438,00

2. Accounts receivable, Group companies:

2.371.695,00

253.812,00

450.422,00

16.629,00

2.469.334,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

162.956,00

38.603,00

196.783,00

1.670,00

12.399,00

5. Staff:

40.505,00

45.663,00

22.662,00

16.909,00

8.525,00

6. Public bodies:

2.690.563,00

1.233.326,00

609.991,00

389.525,00

291.649,00

7. Provisions:

0,00

IV. Short-term investments:

531.792,00

519.291,00

101.221,00

54.061,00

403.991,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

390.316,00

470.759,00

40.000,00

25.000,00

266.732,00

7. Shor term guarantees and deposits:

141.476,00

48.532,00

61.221,00

29.061,00

137.260,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

404.001,00

313.433,00

3.639.478,00

2.412.923,00

972.101,00

VII. Prepayments and accrued income:

260.175,00

267.745,00

356.766,00

293.584,00

295.665,00

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

30.059.409,00

28.507.590,00

28.712.296,00

23.703.872,00

22.605.598,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

14.190.832,00

15.154.887,00

14.583.168,00

12.497.056,00

11.110.475,00

I. Subscribed capital:

1.230.427,00

II. Share premium:

2.836.769,00

III. Revaluation reserves:

0,00

IV. Reserves:

11.526.578,00

9.706.088,00

7.823.071,00

6.263.745,00

4.884.312,00

1. Legal reserve:

299.417,00

10.014.672,00

7.821.771,00

299.415,00

299.417,00

2. Reserves for own shares:

0,00

173.232,00

133.348,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

11.227.161,00

-308.584,00

1.300,00

5.791.098,00

4.451.547,00

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:

-1.402.942,00

1.381.603,00

2.692.901,00

2.166.115,00

2.158.967,00

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

274.434,00

49.640,00

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

274.434,00

49.640,00

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

4.121.791,00

3.063.168,00

2.464.108,00

1.684.054,00

3.128.684,00

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:

2.719.436,00

1.801.103,00

1.633.992,00

999.223,00

2.640.783,00

1. Loans and other liabilities:

2.675.740,00

1.730.631,00

1.499.626,00

866.930,00

2.375.261,00

2. Long-term liabilities from capital leases:

43.696,00

70.472,00

134.366,00

132.293,00

265.522,00

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:

1.402.355,00

1.262.065,00

830.116,00

684.831,00

487.902,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

1.402.355,00

1.262.065,00

830.116,00

684.831,00

487.902,00

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:

11.746.786,00

10.015.101,00

11.615.380,00

9.522.762,00

8.366.439,00

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:

5.276.804,00

2.625.869,00

1.190.927,00

758.990,00

1.232.946,00

1. Loans and other liabilities:

5.250.445,00

2.586.589,00

1.095.966,00

607.554,00

1.232.946,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

26.359,00

39.280,00

94.961,00

151.436,00

0,00

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

0,00

940,00

0,00

1. Amounts owed to group companies:

0,00

940,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

5.227.373,00

6.172.881,00

8.517.873,00

6.892.176,00

5.641.782,00

1. Advanced payments from customers:

6.989,00

306.557,00

467.593,00

371.076,00

173.546,00

2. Amounts owed for purchases of goods or services:

5.220.384,00

5.866.324,00

8.050.280,00

6.521.100,00

5.468.236,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

594.217,00

1.042.237,00

1.676.580,00

1.671.596,00

1.390.912,00

1. Public bodies:

437.021,00

433.945,00

828.266,00

971.832,00

748.688,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

157.196,00

608.292,00

848.314,00

699.764,00

642.223,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

150.000,00

173.174,00

230.000,00

200.000,00

100.799,00

VII. Prepayments and accrued income:

498.392,00

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

30.059.409,00

28.507.590,00

28.712.296,00

23.703.872,00

22.605.598,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

48.086.865,00

46.737.927,00

44.101.903,00

42.138.354,00

43.886.430,00

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

0,00

A.2. Supplies:

21.528.933,00

21.665.855,00

19.624.364,00

19.058.090,00

19.744.458,00

a) Stock consumption:

21.227.891,00

21.361.510,00

19.373.768,00

18.722.320,00

19.521.238,00

b) Consumption of raw materials and miscellaneous consumable ones:

301.042,00

304.345,00

250.596,00

335.770,00

223.220,00

c) Miscellaneous external expenditure:

0,00

A.3. Staff costs:

9.848.513,00

9.253.420,00

8.977.970,00

8.716.428,00

9.049.942,00

a) Wages, salaries et al.:

7.884.437,00

7.412.290,00

7.284.065,00

7.034.521,00

7.093.296,00

b) Social security costs:

1.964.076,00

1.841.130,00

1.693.905,00

1.681.907,00

1.956.646,00

A.4. Depreciation expense:

1.071.799,00

945.545,00

769.896,00

913.877,00

912.873,00

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

-10.174,00

-148.944,00

218.506,00

579.424,00

156.636,00

a) Stock provision variation:

-120.000,00

-52.669,00

87.205,00

446.492,00

70.000,00

b) Variation in provision and bad debt losses:

31.341,00

-27.474,00

37.469,00

37.935,00

24.724,00

c) Variation of other trade provisions:

78.485,00

-68.801,00

93.832,00

94.997,00

61.913,00

A.6. Other operating charges:

14.728.347,00

14.433.021,00

13.293.508,00

11.548.601,00

12.597.586,00

a) External services:

14.627.005,00

14.288.319,00

13.155.416,00

11.408.044,00

12.470.222,00

b) Taxes:

77.170,00

113.804,00

123.375,00

106.396,00

87.177,00

c) Other operating expenses:

24.172,00

30.898,00

14.717,00

34.161,00

40.186,00

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):

0,00

1.839.345,00

3.721.162,00

3.343.999,00

3.374.724,00

A.7. Financial and similar charges:

285.863,00

150.259,00

86.295,00

257.345,00

550.978,00

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.:

285.863,00

150.259,00

86.295,00

257.345,00

550.978,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

1.304.212,00

0,00

27.842,00

A.9. Exchange losses:

34.114,00

0,00

1.405,00

36.642,00

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

0,00

8.361,00

0,00

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

0,00

1.757.180,00

3.729.523,00

3.201.720,00

2.968.441,00

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

0,00

89.337,00

220.000,00

0,00

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

185.222,00

0,00

45.294,00

0,00

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

0,00

A.13. Extraordinary expenses:

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

63.194,00

0,00

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

0,00

1.820.374,00

3.689.634,00

3.009.299,00

2.968.441,00

A.15. Corporation tax:

-889.964,00

438.771,00

996.733,00

843.184,00

809.474,00

A.16. Miscellaneous taxes:

0,00

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

0,00

1.381.603,00

2.692.901,00

2.166.115,00

2.158.967,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

46.683.923,00

48.119.530,00

46.794.804,00

44.304.469,00

46.045.397,00

B.1. Net total sales:

46.106.585,00

47.744.499,00

46.434.606,00

44.059.450,00

45.691.148,00

a) Sales:

48.665.379,00

50.394.193,00

49.011.604,00

46.504.633,00

48.226.886,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

-2.558.794,00

-2.649.694,00

-2.576.998,00

-2.445.183,00

-2.535.738,00

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

0,00

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

0,00

B.4. Miscellaneous operating income:

540.556,00

243.743,00

170.800,00

100.969,00

145.071,00

a) Auxiliary income and other from current management:

514.831,00

222.282,00

132.127,00

69.900,00

113.980,00

b) Grants:

25.725,00

21.461,00

38.673,00

31.069,00

31.091,00

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):

520.277,00

0,00

B.5. Income from equity investment:

0,00

58.906,00

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

58.906,00

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:

36.782,00

1.300,00

88.865,00

116.471,00

209.179,00

a) From companies of the group:

0,00

21.785,00

40.721,00

b) From associated companies:

0,00

c) Miscellaneous interests:

36.782,00

0,00

82.073,00

71.690,00

168.457,00

d) Profit on financial investment:

0,00

1.300,00

6.792,00

22.996,00

0,00

B.8. Exchange positive differences:

0,00

7.888,00

5.791,00

0,00

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

1.587.407,00

82.165,00

0,00

142.279,00

406.283,00

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

2.107.684,00

0,00

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

0,00

19.103,00

0,00

27.579,00

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

44.091,00

94.742,00

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):

185.222,00

0,00

39.889,00

192.421,00

0,00

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

2.292.906,00

0,00

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

1.402.942,00

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

-2.292.906,00

1.820.374,00

3.689.634,00

3.009.299,00

2.968.441,00

2. Results adjustments.: 61200

3.058.212,00

1.031.759,00

1.164.311,00

1.855.580,00

1.475.790,00

a) Fixed Assets Amortization (+).: 61201

1.071.799,00

945.545,00

769.896,00

913.877,00

912.872,00

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

-10.174,00

-202.942,00

277.842,00

700.222,00

156.636,00

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

1.528.170,00

224.794,00

79.640,00

99.202,00

0,00

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

0,00

-19.103,00

45.294,00

0,00

f) Results on disposal of financial instruments (+/-).: 61206

185.222,00

0,00

g) Financial income (-).: 61207

-36.782,00

-58.906,00

-82.073,00

-93.475,00

-209.180,00

h) Financial Expenses (+). : 61208

285.863,00

150.259,00

86.295,00

257.345,00

550.978,00

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

34.114,00

-7.888,00

-5.791,00

1.405,00

36.642,00

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

0,00

-6.792,00

-22.996,00

27.842,00

3. Changes in current capital equity.: 61300

-3.310.153,00

-2.411.834,00

-983.643,00

2.483.335,00

-2.501.315,00

a) Stock (+/-).: 61301

85.880,00

786.023,00

-442.899,00

-1.771.069,00

-1.119.788,00

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

-1.412.624,00

-554.383,00

-2.232.570,00

2.605.703,00

-1.839.343,00

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

-4.931,00

101.710,00

-110.342,00

352.012,00

-386.796,00

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

-1.393.528,00

-2.529.652,00

1.754.747,00

1.325.548,00

936.965,00

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

0,00

-2.826,00

0,00

-28.859,00

0,00

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

-584.950,00

-212.706,00

47.421,00

0,00

-92.353,00

4. Other cash flows for operating activities.: 61400

-167.097,00

-956.793,00

-1.009.880,00

-887.318,00

-760.059,00

a) Interest payments (-). : 61401

-285.863,00

-150.259,00

-86.295,00

-257.345,00

-550.978,00

c) Interest collection (+). : 61403

36.782,00

58.906,00

82.073,00

93.475,00

209.180,00

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

81.984,00

-865.440,00

-1.005.658,00

-723.448,00

-418.261,00

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

-2.711.944,00

-516.494,00

2.860.422,00

6.460.896,00

1.182.857,00

6. Payments for investment (-).: 62100

-746.201,00

-3.423.314,00

-2.178.267,00

-2.148.024,00

-829.039,00

a) Companies of the group and affiliates. : 62101

0,00

-430.759,00

-401.114,00

0,00

b) Intangible fixed assets. : 62102

-220.954,00

-117.501,00

-252.425,00

-22.306,00

-5.400,00

c) Fixed assets. : 62103

-525.247,00

-2.875.054,00

-1.524.728,00

-124.558,00

-823.639,00

d) Real estate investment. : 62104

0,00

-2.001.160,00

0,00

7. Divestment payment collection (+). : 62200

13.559,00

455.251,00

77.694,00

0,00

b) Intangible fixed assets. : 62202

0,00

77.694,00

0,00

c) Fixed assets. : 62203

13.559,00

455.251,00

0,00

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

-732.642,00

-2.968.063,00

-2.100.573,00

-2.148.024,00

-829.039,00

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

0,00

-951.069,00

0,00

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

0,00

683.705,00

c) Acquisition of own equity instruments (-). : 63103

0,00

-951.069,00

0,00

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

3.569.268,00

1.601.693,00

1.066.706,00

-2.372.050,00

329.609,00

a) Issuance : 63201

6.460.702,00

940,00

0,00

1.442.210,00

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

6.460.702,00

0,00

1.442.210,00

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

0,00

940,00

0,00

b) Repayment and amortization of : 63207

-2.891.434,00

1.600.753,00

1.066.706,00

-2.372.050,00

-1.112.601,00

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

-2.891.434,00

1.600.753,00

1.066.706,00

-2.372.050,00

-1.112.601,00

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

0,00

-500.000,00

-600.000,00

-500.000,00

-375.000,00

a) Dividends (-).: 63301

0,00

-500.000,00

-600.000,00

-500.000,00

-375.000,00

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

3.569.268,00

150.624,00

466.706,00

-2.872.050,00

-45.391,00

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

0,00

7.888,00

0,00

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

124.682,00

-3.326.045,00

1.226.555,00

1.440.822,00

308.427,00

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

313.433,00

3.639.478,00

2.412.923,00

972.101,00

663.674,00

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

404.001,00

313.433,00

3.639.478,00

2.412.923,00

972.101,00

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:

0,00 %

0,01 %

-0,07 %

0,00 %

102,82 %

EBITDA over Sales:

1,20 %

9,21 %

5,83 %

10,05 %

-79,49 %

-8,39 %

Cash Flow Yield:

0,00 %

-0,11 %

0,00 %

102,68 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-2,84 %

5,23 %

8,26 %

6,92 %

-134,41 %

-24,54 %

Total economic profitability:

-6,73 %

2,53 %

6,72 %

4,13 %

-200,06 %

-38,88 %

Financial profitability:

-10,14 %

1,41 %

9,06 %

5,78 %

-211,84 %

-75,61 %

Margin:

-1,51 %

4,82 %

3,87 %

6,36 %

-139,05 %

-24,15 %

Mark-up:

-4,92 %

1,68 %

3,70 %

4,75 %

-232,80 %

-64,58 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,03

0,12

0,03

0,11

6,40

9,58

Acid Test:

0,82

0,87

0,94

0,84

-12,87

3,25

Working Capital / Investment:

0,25

0,03

0,28

0,03

-13,73

10,36

Solvency:

1,72

1,19

1,89

1,18

-9,36

1,44

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,17

1,64

0,83

1,64

40,34

-0,05

Borrowing Composition:

0,35

1,03

0,31

1,03

14,00

-0,34

Repayment Ability:

178,35

147,21

-3,88

534,40

4.696,67

-72,45

Warranty:

1,85

1,62

2,27

1,62

-18,68

0,05

Generated resources / Total creditors:

0,05

0,07

0,18

0,07

-70,04

-4,15

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,06

1,72

1,30

1,75

-18,83

-1,61

Turnover of Collection Rights :

5,26

4,79

6,46

4,45

-18,59

7,68

Turnover of Payment Entitlements:

6,23

3,53

4,98

3,26

24,96

8,09

Stock rotation:

5,33

6,64

5,24

6,05

1,81

9,73

Assets turnover:

1,88

1,08

2,13

1,09

-11,88

-0,51

Borrowing Cost:

1,77

2,94

1,16

2,92

51,99

0,45

> 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:

0,00 %

-0,07 %

0,03 %

3,27 %

0,68 %

EBITDA over Sales:

1,20 %

5,83 %

9,67 %

9,66 %

9,38 %

Cash Flow Yield:

0,00 %

-0,11 %

0,04 %

6,14 %

1,38 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

-2,84 %

8,26 %

14,77 %

16,02 %

16,66 %

Total economic profitability:

-6,73 %

6,72 %

13,25 %

13,91 %

15,72 %

Financial profitability:

-10,14 %

9,06 %

18,75 %

17,66 %

20,36 %

Margin:

-1,51 %

3,87 %

7,70 %

7,14 %

7,36 %

Mark-up:

-4,92 %

3,70 %

7,71 %

6,81 %

-0,89 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,03

0,32

0,26

0,11

Acid Test:

0,82

0,94

0,89

0,74

0,99

Working Capital / Investment:

0,25

0,28

0,30

0,32

0,36

Solvency:

1,72

1,89

1,79

1,96

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

1,17

0,83

0,97

0,90

1,10

Borrowing Composition:

0,35

0,31

0,21

0,18

0,37

Repayment Ability:

178,35

-3,88

11,41

2,26

6,71

Warranty:

1,85

2,27

2,04

2,13

1,92

Generated resources / Total creditors:

0,05

0,18

0,25

0,32

0,27

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,06

1,30

1,50

1,49

1,47

Turnover of Collection Rights :

5,26

6,46

7,12

10,01

6,50

Turnover of Payment Entitlements:

6,23

4,98

3,25

3,64

4,62

Stock rotation:

5,33

5,24

4,49

4,44

5,40

Assets turnover:

1,88

2,13

1,92

2,24

2,26

Borrowing Cost:

1,77

1,16

0,62

2,34

4,72

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.

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.60.37
UK Pound	1	Rs.102.48
Euro	1	Rs.81.87

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIS

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

Company name and address

Defaults, Legal Claims and Insolvency Proceedings

Partners

INVESTIGATION 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

Research Summary

Sources

Unit