MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	MAYORAL MODA INFANTIL SA

Registered Office :	CL. La Orotava, 118, Malaga

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	14.12.1981

Legal Form :	Public Company

Line of Business :	Manufacture of other wearing apparel and accessories

No. of Employees :	230

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 :	Good
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:

MAYORAL MODA INFANTIL SA

NIF / Fiscal code:

A29076049

Status:

ACTIVE WITH PARTIAL DIVISION OF CAPITAL

Incorporation Date:

14/12/1981

Register Data

Last Publication in BORME:

10/01/2014 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

2.033.000

Localization:

CL. LA OROTAVA, 118 - MALAGA - 29006 - MALAGA

Telephone - Fax - Email - Website:

Ph.:. 952045204 Email. infoes@mayoral.com Website. www.mayoral.es

Activity:

NACE:

1419 - Manufacture of other wearing apparel and accessories

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

INDUMENTA PUERI SL

100 %

Identification

Social Denomination:

MAYORAL MODA INFANTIL SA

NIF / Fiscal code:

A29076049

Corporate Status:

ACTIVE WITH PARTIAL DIVISION OF CAPITAL

Start of activity:

1981

Registered Office:

CL. LA OROTAVA, 118

Locality:

MALAGA

Province:

MALAGA

Postal Code:

29006

Telephone:

952045204

Website:

www.mayoral.es

Email:

infoes@mayoral.com

Interviewed Person:

Administración, escasos datos.

Activity

NACE:

1419

Additional Information:

Preparation and distribution of textile items and complements

Additional Address:

Registered office, office and other units.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

230

Chronological Summary

Year

Act

1990

Statutory Modifications (1)

1991

Accounts deposit (ejer. 1990) Appointments/ Re-elections (1)

1992

Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (1)

1993

Accounts deposit (ejer. 1992)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1996

Accounts deposit (ejer. 1995) Appointments/ Re-elections (1)

1997

Accounts deposit (ejer. 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1998

Accounts deposit (ejer. 1997)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999) Appointments/ Re-elections (2) Capital Reduction (4) Cessations/ Resignations/ Reversals (1) Increase of Capital (2)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (1) Change of Social address (1)

2003

Accounts deposit (ejer. 2002) Appointments/ Re-elections (2)

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (2) Capital Reduction (2) Partial split (4) Statutory Modifications (1)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (4) Capital Reduction (1) Cessations/ Resignations/ Reversals (2) Declaration of Sole Propietorship (1) Partial split (1) Statutory Modifications (2)

2006

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

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (2) Change of Social Denomination (1) Modification of Powers (1) Statutory Modifications (1)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2009

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

2010

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

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (1)

2012

Accounts deposit (ejer. 2009 consolidated, 2011)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

2.033.000

Paid up capital:

2.033.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

01/03/2000

Capital Reduction

-240.405

2.163.644

11/09/2000

Capital Reduction

-240.405

1.923.239

11/09/2000

Increase of Capital

480.810

2.404.048

11/09/2000

Increase of Capital

95.952

2.500.000

29/11/2004

Capital Reduction

-125.000

2.375.000

21/02/2005

Capital Reduction

-342.000

2.033.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

INDUMENTA PUERI SL

21/02/2005

SINGLE ADMINISTRATOR

DOMINGUEZ DE GOR RAFAEL

08/11/2013

JOINT ATTORNEY

ABELA DOMINGUEZ LOURDES

16/02/2007

DOMINGUEZ DE LA MAZA FRANCISCO MANUEL

16/02/2007

DOMINGUEZ DE LA MAZA MANUEL

01/03/2006

DOMINGUEZ DE LA MAZA RAFAEL

01/03/2006

PROXY

ROMERO MONTORO MARIA DEL CARMEN

19/06/2009

BOOTELLO TRUJILLO LEANDRO

24/10/2008

LLORET HERNANDEZ MARIA DEL CARMEN

16/06/2003

ACCOUNTS' AUDITOR / HOLDER

GOMEZ GARCIA RAFAEL

27/12/2013

DEPUTY ACCOUNTS' AUDITOR

JIMENEZ CHACON JOSE MARIA

27/12/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ABELA DOMINGUEZ LOURDES

MEMBER OF THE BOARD

21/02/2005

BRUJAS DOMINGUEZ MARIA DEL PILAR

MEMBER OF THE BOARD

21/02/2005

DOMINGUEZ DE GOR ELISA

MEMBER OF THE BOARD

27/07/2001

MEMBER OF THE BOARD

21/02/2005

VICE CHAIRMAN

21/02/2005

DOMINGUEZ DE GOR MARIA ISABEL

MEMBER OF THE BOARD

21/02/2005

DOMINGUEZ DE GOR RAFAEL

SINGLE ADMINISTRATOR

27/07/2001

MEMBER OF THE BOARD

21/02/2005

CHIEF EXECUTIVE OFFICER

21/02/2005

PRESIDENT

21/02/2005

DOMINGUEZ DE LA MAZA FRANCISCO

MEMBER OF THE BOARD

21/02/2005

DOMINGUEZ DE LA MAZA FRANCISCO MANUEL

MEMBER OF THE BOARD

21/02/2005

DOMINGUEZ DE LA MAZA MANUEL

MEMBER OF THE BOARD

21/02/2005

PROXY

01/03/2006

DOMINGUEZ DE LA MAZA RAFAEL

PROXY

01/03/2006

MEMBER OF THE BOARD

21/02/2005

DOMINGUEZ GOR RAFAEL

SINGLE ADMINISTRATOR

21/07/1997

DOMINGUEZ MAZA MANUEL

PROXY

04/10/2005

GOMEZ GARCIA RAFAEL

ACCOUNTS' AUDITOR / HOLDER

27/12/2013

GONZALEZ GIL DAVID

PROXY

24/10/2008

GONZALEZ RUBIO MARIA CARMEN

DEPUTY ACCOUNTS' AUDITOR

31/01/2000

DEPUTY ACCOUNTS' AUDITOR

11/09/2000

GONZALEZ RUBIO MARIA DEL CARMEN

DEPUTY ACCOUNTS' AUDITOR

27/07/2001

DEPUTY ACCOUNTS' AUDITOR

27/08/2002

DEPUTY ACCOUNTS' AUDITOR

31/07/2003

DEPUTY ACCOUNTS' AUDITOR

12/07/2004

DEPUTY ACCOUNTS' AUDITOR

16/02/2007

CONSOLIDATED ACCOUNTS' AUDITOR

07/07/2005

DEPUTY ACCOUNTS' AUDITOR

04/10/2005

INDUMENTA PUERI SL

SINGLE ADMINISTRATOR

13/01/2010

SINGLE ADMINISTRATOR

08/11/2013

JIMENEZ CHACON JOSE MARIA

DEPUTY ACCOUNTS' AUDITOR

27/12/2013

MARQUEZ BRACETI MANUEL

SECRETARY

21/02/2005

MAZA PEÑA MANUEL

PROXY

13/04/2000

MOLINA CAMPOS ANTONIO SAMUEL

PROXY

10/06/2009

REAL PASCUAL PEDRO

ACCOUNTS' AUDITOR / HOLDER

31/01/2000

ACCOUNTS' AUDITOR / HOLDER

11/09/2000

ACCOUNTS' AUDITOR / HOLDER

27/07/2001

ACCOUNTS' AUDITOR / HOLDER

27/08/2002

ACCOUNTS' AUDITOR / HOLDER

31/07/2003

ACCOUNTS' AUDITOR / HOLDER

12/07/2004

ACCOUNTS' AUDITOR / HOLDER

04/10/2005

ACCOUNTS' AUDITOR / HOLDER

16/02/2007

CONSOLIDATED ACCOUNTS' AUDITOR

07/07/2005

TEAM AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

13/01/2010

TEAM AUDITORES SLP

ACCOUNTS' AUDITOR / HOLDER

13/01/2010

ACCOUNTS' AUDITOR / HOLDER

17/02/2011

Executive board

Post

NIF

Name

ADMINISTRATOR

RAFAEL DOMINGUEZ GOR

COMMERCIAL MANAGER

RAFAEL DOMINGUEZ MAZA

FINANCIAL DIRECTOR

ALVARO GONZALEZ GOR

MANAGING DIRECTOR

MANUEL DOMINGUEZ

MANAGING DIRECTOR

MANUEL DOMINGUEZ MAZA

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

---

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 0.176 %

> Latest Rating Changes :

Sector in which comparison is carried out :

141 Manufacture of wearing apparel, except fur apparel

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 MAYORAL MODA INFANTIL 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 0.176%.

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

Suppliers

Name

NIF

Telephone

CRISTINA KHAMIDOULIN

LAST IT-GIRL

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

IS RELATED WITH:

8 Entities

PARTICIPATES IN:

1 Entities

SE ESCINDE PARCIALMENTE EN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

INDUMENTA PUERI SL

MALAGA

100

PARTICIPATES IN

MAYORAL INTERNATIONAL STORES SA

MALAGA

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

DOMINGUEZ TOLEDO SA

MALAGA

YUNQUERA TEXTIL SA

MALAGA

ESTIPREN SL

BARCELONA

24.9

DIASPA INTERNACIONAL SA

MALAGA

MAYORAL INTERNATIONAL STORES SA

MALAGA

100

INDUMENTA PUERI SL

MALAGA

100

MAYORAL FRANCE, S.A.

MAYORAL PORTUGAL CONFECCIOES, S.A.

SE ESCINDE PARCIALMENTE EN

INDUMENTA PUERI SL

MALAGA

BELONGS TO THE ADMINISTRATION BOARD OF

ESTIPREN SL

BARCELONA

Turnover

Total Sales 2013

190.000.000

Estimated Balance

2013 Non current asset 67.000.000 Current asset 103.000.000 Equity 125.000.000 Non current asset or liability 6.000.000 Current asset or liability 39.000.000 Total liabilitiesand net assets 170.000.000 Sales 2013 190.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

September 2013

2011

Normales

September 2012

2010

Normales

August 2011

2009

Consolidadas

September 2012

2009

Normales

July 2010

2008

Normales

August 2009

2007

Normales

August 2008

2006

Normales

August 2007

2005

Normales

August 2006

2004

Normales

August 2005

2003

Normales

July 2004

2002

Normales

August 2003

2001

Normales

July 2002

2000

Normales

July 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

August 1998

1996

Normales

July 1997

1995

Normales

August 1996

1994

Normales

July 1995

1993

Normales

July 1994

1992

Normales

August 1993

1991

Normales

October 1992

1990

Normales

September 1991

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

66.727.694,00

67.261.413,00

52.378.397,00

50.395.628,00

52.751.226,00

I. Intangible fixed assets : 11100

469.977,00

26.671,00

34.978,00

50.190,00

115.814,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

58.127,00

26.671,00

34.978,00

50.190,00

115.814,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

411.850,00

0,00

II. Tangible fixed assets : 11200

55.957.489,00

57.003.957,00

42.276.571,00

40.067.280,00

43.000.021,00

1. Land and buildings: 11210

36.619.785,00

35.359.506,00

31.625.043,00

32.307.041,00

22.596.880,00

2. Technical installations and other tangible fixed assets: 11220

19.238.804,00

21.380.447,00

6.196.627,00

7.760.239,00

10.112.799,00

3. Tangible asset in progress and advances: 11230

98.900,00

264.004,00

4.454.901,00

0,00

10.290.342,00

III. Real estate investment: 11300

1.136.056,00

992.988,00

1.001.236,00

1.703.637,00

1.715.014,00

1. Land: 11310

758.666,00

717.089,00

1.337.913,00

2. Buildings: 11320

377.390,00

275.899,00

284.147,00

365.724,00

377.101,00

IV. Long-term investments in Group companies and associates : 11400

9.133.995,00

9.194.821,00

9.029.195,00

8.525.722,00

7.878.495,00

1. Equity instruments: 11410

9.133.995,00

9.194.821,00

9.029.195,00

8.525.722,00

7.878.495,00

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

30.177,00

42.976,00

36.417,00

48.799,00

41.882,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

22.300,00

36.959,00

30.400,00

42.781,00

35.865,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

7.877,00

6.017,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

102.199.355,00

116.896.044,00

113.685.830,00

91.248.121,00

85.441.064,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

39.309.351,00

38.934.416,00

37.990.783,00

30.221.316,00

30.008.042,00

1. Commercial: 12210

33.171.337,00

33.263.489,00

33.507.157,00

27.630.328,00

26.993.221,00

2. Primary material and other supplies: 12220

2.322.330,00

1.756.565,00

583.182,00

578.857,00

624.821,00

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

3.815.684,00

3.914.362,00

3.900.444,00

2.012.132,00

2.389.999,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

3.815.684,00

3.914.362,00

3.900.444,00

2.012.132,00

2.389.999,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

21.259.700,00

25.049.751,00

20.654.867,00

23.407.957,00

24.777.752,00

1. Trade debtors / accounts receivable: 12310

4.102.666,00

6.426.143,00

3.459.066,00

4.182.926,00

4.129.986,00

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

0,00

b) Customers for sales and provisions of services : 12312

4.102.666,00

6.426.143,00

3.459.066,00

4.182.926,00

4.129.986,00

2. Customers, Group companies and associates : 12320

9.698.582,00

13.642.866,00

15.247.516,00

17.338.983,00

15.688.948,00

3. Other accounts receivable: 12330

212.101,00

51.975,00

8.425,00

184.364,00

287.968,00

4. Personnel: 12340

0,00

2.562,00

5. Assets for deferred tax: 12350

2.876.238,00

0,00

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

4.370.113,00

2.052.529,00

1.939.860,00

1.701.684,00

4.668.289,00

7. Called up share capital: 12370

0,00

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

10.686,00

7.483.177,00

4.348.119,00

0,00

1. Equity instruments: 12410

0,00

7.261.885,00

0,00

2. Credits to businesses: 12420

0,00

4.231.940,00

0,00

3. Debt securities: 12430

10.686,00

221.292,00

116.179,00

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

9.829.417,00

13.273.526,00

13.135.163,00

12.350.364,00

1.718.406,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

9.824.822,00

13.240.182,00

13.131.249,00

12.326.436,00

938.967,00

4. Derivatives : 12540

1.342,00

30.092,00

0,00

11.530,00

767.120,00

5. Other financial assets : 12550

3.253,00

3.252,00

3.914,00

12.399,00

12.319,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

75.896,00

36.907,00

0,00

20.836,00

47.146,00

VII. Cash and other equivalent liquid assets : 12700

31.714.305,00

32.118.267,00

37.556.898,00

25.247.649,00

28.889.717,00

1. Treasury: 12710

18.545.167,00

16.902.349,00

12.174.013,00

14.847.649,00

9.189.717,00

2. Other equivalent liquid assets: 12720

13.169.138,00

15.215.918,00

25.382.885,00

10.400.000,00

19.700.000,00

TOTAL ASSETS (A + B) : 10000

168.927.049,00

184.157.457,00

166.064.227,00

141.643.749,00

138.192.290,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

124.065.432,00

138.010.880,00

127.200.625,00

109.450.354,00

98.925.327,00

A-1) Shareholders' equity: 21000

124.065.432,00

138.010.880,00

127.200.625,00

109.450.354,00

98.925.327,00

I. Capital: 21100

2.033.000,00

1. Registered capital : 21110

2.033.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

98.027.880,00

110.167.625,00

99.292.012,00

78.937.231,00

1. Legal y estatutarias: 21310

500.000,00

2. Other reserves: 21320

97.527.880,00

109.667.625,00

98.792.012,00

78.437.231,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

9.955.095,00

0,00

1. Brought forward: 21510

0,00

9.955.095,00

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

24.004.552,00

25.810.255,00

25.875.613,00

18.525.027,00

17.955.095,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

A-3) Received subsidies, donations and legacies: 23000

0,00

B) NON-CURRENT LIABILITIES: 31000

6.128.589,00

7.494.094,00

2.324.264,00

2.848.873,00

4.924.213,00

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

2.100,00

803.852,00

1.815.837,00

2.848.873,00

4.924.213,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

801.752,00

1.813.737,00

2.838.373,00

3.874.091,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

2.100,00

10.500,00

1.050.122,00

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

0,00

IV. Liabilities for deferred tax: 31400

6.126.489,00

6.690.242,00

508.427,00

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

38.733.028,00

38.652.483,00

36.539.338,00

29.344.522,00

34.342.750,00

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

987.685,00

2.885.913,00

1.157.186,00

2.683.827,00

8.943.707,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

784.069,00

1.018.227,00

1.018.977,00

999.361,00

954.024,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

201.150,00

0,00

132.098,00

321.582,00

17.704,00

5. Other financial liabilities : 32350

2.466,00

1.867.686,00

6.111,00

1.362.884,00

7.971.978,00

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

0,00

V. Trade creditors and other accounts payable: 32500

37.745.343,00

35.766.570,00

35.382.152,00

26.660.695,00

25.399.044,00

1. Suppliers: 32510

19.550.998,00

20.591.234,00

19.897.796,00

15.328.142,00

14.377.282,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

19.550.998,00

20.591.234,00

19.897.796,00

15.328.142,00

14.377.282,00

2. Suppliers, Group companies and associates: 32520

7.832.426,00

6.569.398,00

4.682.580,00

4.162.903,00

3.384.697,00

3. Other creditors: 32530

1.764.570,00

1.649.365,00

1.419.934,00

1.307.392,00

1.490.946,00

4. Personnel (remuneration due): 32540

935.039,00

849.057,00

742.814,00

700.010,00

676.139,00

5. Liabilities for current tax: 32550

0,00

5.149.589,00

3.147.590,00

3.104.773,00

6. Otras deudas con las Administraciones Públicas. : 32560

2.838.013,00

1.889.992,00

1.642.736,00

1.652.049,00

2.086.102,00

7. Advances from clients: 32570

4.824.297,00

4.217.524,00

1.846.703,00

362.609,00

279.104,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

168.927.049,00

184.157.457,00

166.064.227,00

141.643.749,00

138.192.290,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

188.998.020,00

196.864.370,00

166.335.120,00

149.220.739,00

134.700.715,00

a) Sales: 40110

188.998.020,00

196.864.370,00

166.335.120,00

149.210.662,00

134.546.052,00

b) Rendering of services: 40120

0,00

10.077,00

154.663,00

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

-98.678,00

13.918,00

1.888.313,00

-377.867,00

172.589,00

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

0,00

4. Supplies : 40400

-120.566.833,00

-127.603.759,00

-103.066.475,00

-93.403.753,00

-82.115.520,00

a) Stock consumption: 40410

-93.771.057,00

-91.131.169,00

-69.453.634,00

-68.663.777,00

-61.610.008,00

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

-15.551.100,00

-24.906.793,00

-23.163.546,00

-15.336.491,00

-11.894.298,00

c) Works carried out by other companies: 40430

-11.244.676,00

-11.565.797,00

-10.449.295,00

-9.403.485,00

-8.611.214,00

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

0,00

5. Other operating income: 40500

153.908,00

189.811,00

378.783,00

515.597,00

605.645,00

a) Auxiliary income and other from current management: 40510

138.000,00

153.727,00

279.051,00

422.770,00

431.747,00

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

15.908,00

36.084,00

99.732,00

92.827,00

173.898,00

6. Personnel costs: 40600

-10.555.534,00

-9.266.718,00

-8.220.159,00

-7.856.601,00

-7.654.658,00

a) Wages, salaries et al.: 40610

-8.394.159,00

-7.390.276,00

-6.588.341,00

-6.217.161,00

-6.124.332,00

b) Social security costs: 40620

-2.161.375,00

-1.876.442,00

-1.631.818,00

-1.639.440,00

-1.530.326,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-23.811.795,00

-23.115.862,00

-20.855.478,00

-19.118.190,00

-18.973.298,00

a) External services: 40710

-23.264.194,00

-22.806.946,00

-20.570.230,00

-18.750.519,00

-18.734.133,00

b) Taxes: 40720

-142.489,00

-64.307,00

-124.119,00

-163.029,00

-81.266,00

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

-405.112,00

-244.609,00

-161.129,00

-204.643,00

-157.899,00

d) Other current management expenditure : 40740

0,00

8. Amortisation of fixed assets: 40800

-4.309.726,00

-2.579.915,00

-2.343.433,00

-3.725.659,00

-2.652.732,00

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

938,00

3.579,00

-379.125,00

-1.466,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

938,00

3.579,00

-379.125,00

-1.466,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-38.775,00

-113.331,00

-85.064,00

-184.361,00

-102.579,00

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

29.771.525,00

34.392.093,00

33.652.482,00

25.068.438,00

23.980.162,00

14. Financial income : 41400

2.663.506,00

1.203.028,00

950.291,00

498.383,00

1.276.470,00

a) Of shares in equity instruments : 41410

2.663.506,00

1.203.028,00

0,00

a 1) In Group companies and associates: 41411

1.979.564,00

238.712,00

0,00

a 2) In third parties: 41412

683.942,00

964.316,00

0,00

b) From negotiable securities and other financial instruments : 41420

0,00

950.291,00

498.383,00

1.276.470,00

b 1) From Group companies and associates : 41421

0,00

143.431,00

15.227,00

144.356,00

b 2) From third parties : 41422

0,00

806.860,00

483.156,00

1.132.114,00

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

0,00

15. Financial expenditure: 41500

-40.625,00

-54.973,00

-72.310,00

-196.223,00

-186.150,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-40.625,00

-54.973,00

-72.310,00

-196.223,00

-186.150,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

-199.808,00

30.092,00

-132.097,00

-310.052,00

749.416,00

a) Trading book and other : 41610

-199.808,00

30.092,00

-132.097,00

-310.052,00

749.416,00

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

0,00

17. Exchange rate differences : 41700

778.293,00

552.776,00

1.563.687,00

362.890,00

-369.058,00

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

-60.826,00

165.626,00

325.678,00

509.748,00

-309.248,00

a) Impairment and losses : 41810

-60.826,00

165.626,00

325.678,00

509.748,00

-309.248,00

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

3.140.540,00

1.896.549,00

2.635.249,00

864.745,00

1.161.429,00

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

32.912.065,00

36.288.642,00

36.287.731,00

25.933.183,00

25.141.591,00

20. Income taxes: 41900

-8.907.513,00

-10.478.387,00

-10.412.118,00

-7.408.156,00

-7.186.496,00

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

24.004.552,00

25.810.255,00

25.875.613,00

18.525.027,00

17.955.095,00

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

0,00

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

24.004.552,00

25.810.255,00

25.875.613,00

18.525.027,00

17.955.095,00

> 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:

66.727.694,00

67.261.413,00

52.378.397,00

50.395.628,00

52.751.226,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

469.977,00

26.671,00

34.978,00

50.190,00

115.814,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

58.127,00

26.671,00

34.978,00

50.190,00

115.814,00

6. Assets under capital leases:

0,00

7. Payments on account:

411.850,00

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

57.093.545,00

57.996.945,00

43.277.807,00

41.770.917,00

44.715.035,00

1. Land and construction:

37.755.841,00

36.352.494,00

32.626.279,00

34.010.678,00

24.311.894,00

2. Technical installations and machinery:

2.793.419,00

3.104.379,00

899.732,00

1.126.764,00

1.468.349,00

3. Other installations, tools and furniture:

9.732.952,00

10.816.413,00

3.134.887,00

3.925.921,00

5.116.087,00

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

98.900,00

264.004,00

4.454.901,00

0,00

10.290.342,00

5. Other tangible assets:

6.712.433,00

7.459.654,00

2.162.008,00

2.707.553,00

3.528.363,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

9.164.172,00

9.237.797,00

9.065.612,00

8.574.520,00

7.920.377,00

1. Equity investments in group companies:

9.133.995,00

9.194.821,00

9.029.195,00

8.525.722,00

7.878.495,00

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:

22.300,00

36.959,00

30.400,00

42.781,00

35.865,00

7. Long term guarantees and deposits:

7.877,00

6.017,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

102.198.013,00

116.865.952,00

113.685.830,00

91.236.592,00

84.673.944,00

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

0,00

II. Stocks:

39.309.351,00

38.934.416,00

37.990.783,00

30.221.316,00

30.008.042,00

1. Goods for resale:

33.171.337,00

33.263.489,00

33.507.157,00

27.630.328,00

26.993.221,00

2. Raw materials and other consumables:

2.322.330,00

1.756.565,00

583.182,00

578.857,00

624.821,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

3.815.684,00

3.914.362,00

3.900.444,00

2.012.132,00

2.389.999,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

21.259.700,00

25.049.751,00

20.654.867,00

23.407.957,00

24.777.752,00

1. Trade debtors / accounts receivable:

4.102.666,00

6.426.143,00

3.459.066,00

4.182.926,00

4.129.986,00

2. Accounts receivable, Group companies:

9.698.582,00

13.642.866,00

15.247.516,00

17.338.983,00

15.688.948,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

212.101,00

51.975,00

8.425,00

184.364,00

287.968,00

5. Staff:

0,00

2.562,00

6. Public bodies:

7.246.351,00

4.928.767,00

1.939.860,00

1.701.684,00

4.668.289,00

7. Provisions:

0,00

IV. Short-term investments:

23.007.899,00

35.942.529,00

42.866.167,00

22.738.834,00

20.651.287,00

1. Equity investments in group companies:

0,00

7.261.885,00

0,00

2. Receivables from group companies:

10.686,00

221.292,00

4.348.119,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

22.993.960,00

28.456.100,00

38.514.134,00

22.726.436,00

20.638.967,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

3.253,00

3.252,00

3.914,00

12.399,00

12.319,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

18.545.167,00

16.902.349,00

12.174.013,00

14.847.649,00

9.189.717,00

VII. Prepayments and accrued income:

75.896,00

36.907,00

0,00

20.836,00

47.146,00

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

168.925.707,00

184.127.365,00

166.064.227,00

141.632.219,00

137.425.170,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

124.265.240,00

137.980.788,00

127.332.723,00

109.760.406,00

98.175.911,00

I. Subscribed capital:

2.033.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

98.227.688,00

110.137.533,00

99.424.110,00

79.247.283,00

78.187.816,00

1. Legal reserve:

500.000,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

97.727.688,00

109.637.533,00

98.924.110,00

78.747.283,00

77.687.816,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

9.955.095,00

0,00

1. Retained earnings:

0,00

9.955.095,00

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:

24.004.552,00

25.810.255,00

25.875.613,00

18.525.027,00

17.955.095,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

6.128.589,00

7.494.094,00

2.324.264,00

2.848.873,00

4.924.213,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

801.752,00

1.813.737,00

2.838.373,00

3.874.091,00

1. Loans and other liabilities:

0,00

801.752,00

1.813.737,00

2.838.373,00

3.874.091,00

2. Long-term liabilities from capital leases:

0,00

III. Debts with companies of the group and affiliated ones:

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

6.128.589,00

6.692.342,00

510.527,00

10.500,00

1.050.122,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

2.096,00

10.482,00

1.048.278,00

3. Long term guarantees and deposits received:

4,00

18,00

1.845,00

4. Long term payables to public bodies:

6.126.489,00

6.690.242,00

508.427,00

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

38.531.878,00

38.652.483,00

36.407.240,00

29.022.940,00

34.325.046,00

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:

784.069,00

1.018.227,00

1.018.977,00

999.361,00

954.024,00

1. Loans and other liabilities:

784.069,00

1.018.227,00

1.018.977,00

999.361,00

954.024,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

7.832.426,00

6.569.398,00

4.682.580,00

4.162.903,00

3.384.697,00

1. Amounts owed to group companies:

7.832.426,00

6.569.398,00

4.682.580,00

4.162.903,00

3.384.697,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

26.139.865,00

26.458.123,00

23.164.433,00

16.998.143,00

16.147.333,00

1. Advanced payments from customers:

4.824.297,00

4.217.524,00

1.846.703,00

362.609,00

279.104,00

2. Amounts owed for purchases of goods or services:

21.315.568,00

22.240.599,00

21.317.730,00

16.635.534,00

15.868.228,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

3.775.518,00

4.606.735,00

7.541.250,00

6.862.533,00

13.838.992,00

1. Public bodies:

2.838.013,00

1.889.992,00

6.792.325,00

4.799.639,00

5.190.875,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

2.466,00

1.867.686,00

6.111,00

1.362.884,00

7.971.978,00

4. Wages and salaries payable:

935.039,00

849.057,00

742.814,00

700.010,00

676.139,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

168.925.707,00

184.127.365,00

166.064.227,00

141.632.219,00

137.425.170,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

168.590.113,00

173.047.319,00

145.240.581,00

132.072.581,00

119.549.739,00

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

98.678,00

0,00

377.867,00

0,00

A.2. Supplies:

120.566.833,00

127.603.759,00

103.066.475,00

93.403.753,00

82.115.520,00

a) Stock consumption:

93.771.057,00

91.131.169,00

69.453.634,00

68.663.777,00

61.610.008,00

b) Consumption of raw materials and miscellaneous consumable ones:

15.551.100,00

24.906.793,00

23.163.546,00

15.336.491,00

11.894.298,00

c) Miscellaneous external expenditure:

11.244.676,00

11.565.797,00

10.449.295,00

9.403.485,00

8.611.214,00

A.3. Staff costs:

10.555.534,00

9.266.718,00

8.220.159,00

7.856.601,00

7.654.658,00

a) Wages, salaries et al.:

8.394.159,00

7.390.276,00

6.588.341,00

6.217.161,00

6.124.332,00

b) Social security costs:

2.161.375,00

1.876.442,00

1.631.818,00

1.639.440,00

1.530.326,00

A.4. Depreciation expense:

4.309.726,00

2.579.915,00

2.343.433,00

3.725.659,00

2.652.732,00

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

405.112,00

244.609,00

161.129,00

204.643,00

157.899,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

405.112,00

244.609,00

161.129,00

204.643,00

157.899,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

23.406.683,00

22.871.253,00

20.694.349,00

18.913.548,00

18.815.399,00

a) External services:

23.264.194,00

22.806.946,00

20.570.230,00

18.750.519,00

18.734.133,00

b) Taxes:

142.489,00

64.307,00

124.119,00

163.029,00

81.266,00

c) Other operating expenses:

0,00

d) Allocation to revision fund:

0,00

A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):

29.809.362,00

34.501.845,00

34.116.671,00

25.254.265,00

24.082.741,00

A.7. Financial and similar charges:

40.625,00

54.973,00

72.310,00

196.223,00

186.150,00

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.:

40.625,00

54.973,00

72.310,00

196.223,00

186.150,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

-583,00

545.654,00

637.752,00

310.052,00

0,00

A.9. Exchange losses:

0,00

369.058,00

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

3.401.757,00

1.185.269,00

1.803.916,00

354.997,00

1.470.677,00

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

33.211.119,00

35.687.114,00

35.920.587,00

25.609.262,00

25.553.418,00

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

261.217,00

-711.280,00

-831.333,00

-509.748,00

309.248,00

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

0,00

379.125,00

1.466,00

0,00

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

0,00

A.13. Extraordinary expenses:

38.775,00

113.331,00

85.064,00

184.361,00

102.579,00

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

601.528,00

367.144,00

323.922,00

0,00

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

32.912.065,00

36.288.642,00

36.287.731,00

25.933.183,00

25.141.591,00

A.15. Corporation tax:

8.907.513,00

10.478.387,00

10.412.118,00

7.408.156,00

7.186.496,00

A.16. Miscellaneous taxes:

0,00

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

24.004.552,00

25.810.255,00

25.875.613,00

18.525.027,00

17.955.095,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

192.594.665,00

198.857.574,00

171.116.194,00

150.597.608,00

137.504.835,00

B.1. Net total sales:

188.998.020,00

196.864.370,00

166.335.120,00

149.220.739,00

134.700.715,00

a) Sales:

193.929.642,00

202.001.253,00

170.675.387,00

153.104.092,00

138.056.831,00

b) Rendering of services:

0,00

10.077,00

154.663,00

Returns and Rappel on sales:

-4.931.622,00

-5.136.883,00

-4.340.267,00

-3.893.430,00

-3.510.779,00

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

0,00

13.918,00

1.888.313,00

0,00

172.589,00

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

0,00

B.4. Miscellaneous operating income:

153.908,00

189.811,00

378.783,00

515.597,00

605.645,00

a) Auxiliary income and other from current management:

138.000,00

153.727,00

279.051,00

422.770,00

431.747,00

b) Grants:

15.908,00

36.084,00

99.732,00

92.827,00

173.898,00

c) Liabilities and charges provisions surplus:

0,00

B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):

0,00

B.5. Income from equity investment:

2.663.506,00

1.203.028,00

0,00

a) In companies of the group:

1.979.564,00

238.712,00

0,00

b) In associated companies:

0,00

c) Third parties:

683.942,00

964.316,00

0,00

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

0,00

641.003,00

383.839,00

899.398,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

641.003,00

383.839,00

899.398,00

B.7. Miscellaneous interests or similar income:

0,00

30.092,00

309.288,00

114.543,00

1.126.487,00

a) From companies of the group:

0,00

143.431,00

15.227,00

144.356,00

b) From associated companies:

0,00

c) Miscellaneous interests:

0,00

165.857,00

99.317,00

232.716,00

d) Profit on financial investment:

0,00

30.092,00

0,00

749.416,00

B.8. Exchange positive differences:

778.293,00

552.776,00

1.563.687,00

362.890,00

0,00

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

0,00

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

0,00

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

938,00

3.579,00

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

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):

299.054,00

0,00

411.827,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

32.912.065,00

36.288.642,00

36.287.731,00

25.933.183,00

25.141.591,00

2. Results adjustments.: 61200

1.168.248,00

924.396,00

248.438,00

3.067.022,00

1.258.050,00

a) Fixed Assets Amortization (+).: 61201

4.309.726,00

2.579.915,00

2.343.433,00

3.725.659,00

2.652.732,00

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

60.826,00

78.983,00

-164.549,00

-305.106,00

467.147,00

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

-938,00

-3.579,00

379.125,00

1.466,00

0,00

g) Financial income (-).: 61207

-2.663.506,00

-1.203.028,00

-950.291,00

-498.383,00

-1.276.470,00

h) Financial Expenses (+). : 61208

40.625,00

54.973,00

72.310,00

196.223,00

186.150,00

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

-778.293,00

-552.776,00

-1.563.687,00

-362.890,00

0,00

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

199.808,00

-30.092,00

132.097,00

310.052,00

-749.416,00

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

0,00

-22.094,00

3. Changes in current capital equity.: 61300

3.987.583,00

2.790.212,00

1.562.788,00

2.197.023,00

-2.638.808,00

a) Stock (+/-).: 61301

-374.935,00

-943.633,00

-7.769.467,00

-213.274,00

-6.652.580,00

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

3.439.746,00

-1.763.255,00

2.591.961,00

1.527.762,00

-2.859.525,00

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

-38.989,00

-36.907,00

20.836,00

26.310,00

3.201.701,00

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

961.761,00

5.534.007,00

6.719.458,00

856.225,00

4.375.519,00

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

0,00

-703.923,00

4. Other cash flows for operating activities.: 61400

-5.862.586,00

-11.363.775,00

-7.272.023,00

-7.102.497,00

-6.048.943,00

a) Interest payments (-). : 61401

-45.980,00

-55.723,00

-73.194,00

-235.541,00

-138.917,00

b) Dividend payment collection (+). : 61402

1.979.564,00

0,00

c) Interest collection (+). : 61403

654.580,00

1.014.347,00

702.863,00

498.383,00

1.276.470,00

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

-8.463.548,00

-12.322.399,00

-7.901.692,00

-7.365.339,00

-7.186.496,00

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

12.798,00

0,00

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

32.205.310,00

28.639.475,00

30.826.934,00

24.094.731,00

17.711.890,00

6. Payments for investment (-).: 62100

-5.567.341,00

-17.318.429,00

-7.027.434,00

-16.295.935,00

-14.722.199,00

a) Companies of the group and affiliates. : 62101

0,00

-177.795,00

-137.478,00

-1.690.414,00

b) Intangible fixed assets. : 62102

-468.239,00

-17.223,00

-34.728,00

-5.935,00

-81.379,00

c) Fixed assets. : 62103

-5.088.098,00

-17.269.944,00

-6.162.212,00

-4.758.057,00

-12.934.906,00

d) Real estate investment. : 62104

-11.004,00

0,00

e) Other financial assets. : 62105

0,00

-31.262,00

-652.699,00

-11.394.464,00

-15.500,00

7. Divestment payment collection (+). : 62200

11.160.331,00

0,00

1.868.893,00

813.729,00

16.300,00

a) Companies of the group and affiliates. : 62201

7.472.492,00

0,00

c) Fixed assets. : 62203

2.900,00

0,00

1.857.363,00

46.609,00

0,00

e) Other financial assets. : 62205

3.684.939,00

0,00

11.530,00

767.120,00

16.300,00

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

5.592.990,00

-17.318.429,00

-5.158.541,00

-15.482.206,00

-14.705.899,00

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

0,00

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

-1.030.555,00

-2.312.453,00

-6.635.317,00

-1.904.998,00

-1.053.350,00

a) Issuance : 63201

0,00

-3.029.945,00

0,00

5.000.000,00

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

0,00

5.000.000,00

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

0,00

-3.029.945,00

0,00

b) Repayment and amortization of : 63207

-1.030.555,00

717.492,00

-6.635.317,00

-1.904.998,00

-6.053.350,00

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

-1.030.555,00

-1.011.985,00

-1.004.136,00

-951.063,00

-1.125.909,00

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

0,00

-4.231.940,00

0,00

5. Other debts (-). : 63212

0,00

1.729.477,00

-1.399.241,00

-953.935,00

-4.927.441,00

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

-37.950.000,00

-15.000.000,00

-8.287.514,00

-10.712.486,00

-15.000.000,00

a) Dividends (-).: 63301

-37.950.000,00

-15.000.000,00

-8.287.514,00

-10.712.486,00

-15.000.000,00

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

-38.980.555,00

-17.312.453,00

-14.922.831,00

-12.617.484,00

-16.053.350,00

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

778.293,00

552.776,00

1.563.687,00

362.890,00

0,00

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

-403.962,00

-5.438.631,00

12.309.249,00

-3.642.068,00

-13.047.359,00

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

32.118.267,00

37.556.898,00

25.247.649,00

28.889.717,00

41.937.076,00

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

31.714.305,00

32.118.267,00

37.556.898,00

25.247.649,00

28.889.717,00

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 %

-0,03 %

0,00 %

92,26 %

EBITDA over Sales:

18,05 %

9,24 %

18,84 %

10,07 %

-4,16 %

-8,27 %

Cash Flow Yield:

0,00 %

-0,03 %

0,00 %

91,90 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

19,88 %

5,27 %

22,38 %

6,95 %

-11,16 %

-24,08 %

Total economic profitability:

19,51 %

2,54 %

19,74 %

4,16 %

-1,16 %

-39,03 %

Financial profitability:

19,35 %

1,46 %

18,70 %

5,84 %

3,46 %

-74,92 %

Margin:

15,76 %

4,84 %

17,51 %

6,36 %

-10,00 %

-23,90 %

Mark-up:

17,42 %

1,65 %

18,47 %

4,72 %

-5,70 %

-64,92 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,82

0,12

0,83

0,11

-1,46

9,26

Acid Test:

1,62

0,86

2,02

0,83

-19,56

3,51

Working Capital / Investment:

0,38

0,03

0,42

0,03

-11,57

13,18

Solvency:

2,64

1,18

3,02

1,16

-12,75

1,61

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,36

1,65

0,33

1,65

8,14

-0,08

Borrowing Composition:

0,16

1,04

0,19

1,04

-18,39

-0,32

Repayment Ability:

-111,05

144,81

-8,48

813,78

-1.208,83

-82,21

Warranty:

3,77

1,62

3,99

1,61

-5,64

0,06

Generated resources / Total creditors:

0,63

0,07

0,61

0,07

3,41

-3,70

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

4,23

1,73

5,00

1,75

-15,38

-1,47

Turnover of Collection Rights :

8,90

4,84

7,87

4,48

13,10

7,94

Turnover of Payment Entitlements:

3,82

3,53

4,21

3,27

-9,30

8,15

Stock rotation:

4,05

6,65

4,18

6,06

-2,91

9,77

Assets turnover:

1,26

1,09

1,28

1,09

-1,30

-0,23

Borrowing Cost:

0,09

2,94

0,12

2,92

-23,98

0,63

> 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 %

-0,03 %

0,07 %

-2,44 %

-9,69 %

EBITDA over Sales:

18,05 %

18,84 %

21,92 %

19,42 %

19,85 %

Cash Flow Yield:

0,00 %

-0,03 %

0,07 %

-2,57 %

-9,44 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

19,88 %

22,38 %

24,18 %

20,92 %

18,73 %

Total economic profitability:

19,51 %

19,74 %

21,90 %

18,45 %

18,33 %

Financial profitability:

19,35 %

18,70 %

20,34 %

16,93 %

18,15 %

Margin:

15,76 %

17,51 %

20,24 %

16,86 %

17,80 %

Mark-up:

17,42 %

18,47 %

21,82 %

17,44 %

0,93 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,82

0,83

1,03

0,86

0,84

Acid Test:

1,62

2,02

2,07

2,08

1,61

Working Capital / Investment:

0,38

0,42

0,46

0,44

0,37

Solvency:

2,64

3,02

3,11

2,49

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,36

0,33

0,31

0,29

0,40

Borrowing Composition:

0,16

0,19

0,06

0,10

0,14

Repayment Ability:

-111,05

-8,48

3,16

1,11

-11,51

Warranty:

3,77

3,99

4,27

4,40

3,52

Generated resources / Total creditors:

0,63

0,61

0,72

0,68

0,53

Efficiency

2012

2011

2010

2009

2008

Productivity:

4,23

5,00

5,44

4,69

4,49

Turnover of Collection Rights :

8,90

7,87

8,07

6,40

5,46

Turnover of Payment Entitlements:

3,82

4,21

3,56

4,21

3,99

Stock rotation:

4,05

4,18

3,49

4,12

3,71

Assets turnover:

1,26

1,28

1,19

1,24

1,05

Borrowing Cost:

0,09

0,12

0,19

0,61

0,47

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

Laopiniondemalaga.es

21/11/2013

Mayoral compra los terrenos de la antigua Intelhorce para futuras ampliaciones

Companies related

El Periódico de Extremadura

13/09/2012

El centro comercial El Faro genera 1.800 empleos

Companies related

EL CORTE INGLES SA

INDUSTRIAS VALLS 1 SA

INDUSTRIA DE DISEÑO TEXTIL SA

GRUPO MASSIMO DUTTI SA

UNIBAIL RODAMCO SPAIN SOCIEDAD LIMITADA

CORTEFIEL SOCIEDAD ANONIMA

DEICHMANN CALZADOS SL

FOOT LOCKER SPAIN SL

SPRINGFIELD SL

STRADIVARIUS ESPAÑA SA

GAME STORES IBERIA SL

PUNT ROMA SL

HENNES AND MAURITZ SL

MEDIA MARKT SATURN ADMINISTRACION ESPAÑA SA

JACK & JONES SHOPS MADRID SL

C&A MODAS SL

PRIMARK TIENDAS SL

SEPHORA COSMETICOS ESPAÑA SL

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

Company founded in 1981, dedicated to the preparation and distribution of textiles and accessories. It has 230 employees. We consider that it can be related with usual lending operations.

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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Analysis Done by :	DIV

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

Suppliers

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Sources

Unit