MIRA INFORM REPORT

Report Date :

30.05.2014

IDENTIFICATION DETAILS

Name :	IN SITU SA

Registered Office :	Calle Valportillo Primera, 2.

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	1986

Legal Form :	Public Company

Line of Business :	Manufacture of other outerwear

No. of Employees :	80

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

EXECUTIVE SUMMARY

Name:

IN SITU SA

NIF / Fiscal code:

A78234747

Trade Name

TRUCCO

Status:

ACTIVE

Incorporation Date:

20/12/1985

Register Data

Last Publication in BORME:

06/02/2014 [Reelections]

Last Published Account Deposit:

2013

Share Capital:

1.874.952,42

Localization:

CALLE VALPORTILLO PRIMERA, 2. - ALCOBENDAS - 28108 - MADRID

Telephone - Fax - Email - Website:

Ph.:. 914844400 Email. info@trucco.es Website. www.trucco.es

Number of Branches

Activity:

NACE:

1413 - Manufacture of other outerwear

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

1 for a total cost of NaN

Subsidies:

16 for a total cost of 854649

Quality Certificate:

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:

FERNANDO REGUERO MANJON

Identification

Social Denomination:

IN SITU SA

Trade Name:

TRUCCO

NIF / Fiscal code:

A78234747

Corporate Status:

ACTIVE

Start of activity:

1986

Registered Office:

CALLE VALPORTILLO PRIMERA, 2.

Locality:

ALCOBENDAS

Province:

MADRID

Postal Code:

28108

Telephone:

914844400

Fax:

916623588

Website:

www.trucco.es

Email:

info@trucco.es

Branch Offices

Address

Postal Code

City

Province

Betanzos, 2

15004

CORUÑA (A)

LA CORUÑA

Av. Alvedro, 5

15180

CULLEREDO

LA CORUÑA

Pizarro, 5

28004

MADRID

Valverde, 40

28004

MADRID

Activity

NACE:

1413

Additional Information:

It is a leading company which under the tradename TRUCCO is engaged in the design, manufacture and sell of clothes and fashion accessories. It also distributes its products through the brands s Lolita, Macarena Lorca or Private Gallery.

Additional Address:

Calle de Valportillo Primera 2º Alcobendas, 28108, Madrid, registered office.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Expansion

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1991

Accounts deposit (ejer. 1990)

1992

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

1993

Accounts deposit (ejer. 1992)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994) Appointments/ Re-elections (1)

1996

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

1997

Accounts deposit (ejer. 1996)

1998

Accounts deposit (ejer. 1997)

1999

Accounts deposit (ejer. 1998) Appointments/ Re-elections (1)

2000

Accounts deposit (ejer. 1999) Appointments/ Re-elections (2)

2001

Appointments/ Re-elections (2) Change of Social address (1) Increase of Capital (1) Statutory Modifications (1)

2002

Accounts deposit (ejer. 2000, 2001) Appointments/ Re-elections (2)

2003

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

2004

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

2005

Accounts deposit (ejer. 2005) Appointments/ Re-elections (2)

2006

Accounts deposit (ejer. 2006) Appointments/ Re-elections (1)

2007

Accounts deposit (ejer. 2007) Appointments/ Re-elections (2)

2008

Appointments/ Re-elections (2)

2009

Appointments/ Re-elections (1) Increase of Capital (1)

2010

Accounts deposit (ejer. 2009, 2010) Appointments/ Re-elections (2)

2011

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

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (1) Increase of Capital (1)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (1) Change of Social Purpose (1)

2014

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

Breakdown of Owners' Equity

Registered Capital:

1.874.952,42

Paid up capital:

1.874.952,42

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

05/10/1992

Increase of Capital

48.081

60.101

05/11/2001

Increase of Capital

901.500

961.600

10/11/2009

Increase of Capital

162.997

1.124.597

28/11/2012

Increase of Capital

750.355

1.874.952

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

REGUERO MANJON FERNANDO

14/01/2014

PROXY

DIEZ DE TELLA MARIA PILAR

17/02/2012

BELTRAN HERNAIZ SERGIO

18/10/2011

LOPEZ GONZALEZ NURIA ESTHER

18/10/2011

ALONSO REQUENA MARIA LUISA

18/10/2011

CIRUELOS GONZALO MARIA JESUS

05/07/2010

ACCOUNTS' AUDITOR / HOLDER

ABANTE AUDIT AUDITORES SLP

28/01/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ABANTE AUDIT AUDITORES SLP

ACCOUNTS' AUDITOR / HOLDER

19/11/2008

ACCOUNTS' AUDITOR / HOLDER

17/02/2010

ACCOUNTS' AUDITOR / HOLDER

11/03/2013

ACCOUNTS' AUDITOR / HOLDER

28/01/2014

ALONSO REQUENA MARIA LUISA

PROXY

18/10/2011

AUDIT S L

ACCOUNTS' AUDITOR / HOLDER

30/03/2006

ACCOUNTS' AUDITOR / HOLDER

13/02/2007

AUDIT SL

ACCOUNTS' AUDITOR / HOLDER

18/10/2000

ACCOUNTS' AUDITOR / HOLDER

27/02/2001

ACCOUNTS' AUDITOR / HOLDER

09/01/2002

ACCOUNTS' AUDITOR / HOLDER

31/10/2002

ACCOUNTS' AUDITOR / HOLDER

20/11/2003

ACCOUNTS' AUDITOR / HOLDER

18/01/2005

ACCOUNTS' AUDITOR / HOLDER

30/03/2006

ACCOUNTS' AUDITOR / HOLDER

13/02/2007

ACCOUNTS' AUDITOR / HOLDER

20/02/2008

ACCOUNTS' AUDITOR / HOLDER

19/11/2008

AUDIT SL AUDITORES ASESORES

ACCOUNTS' AUDITOR / HOLDER

06/10/1999

BELTRAN HERNAIZ SERGIO

PROXY

30/11/2004

PROXY

18/10/2011

LOPEZ GONZALEZ NURIA ESTHER

PROXY

30/11/2004

PROXY

04/10/2007

PROXY

18/10/2011

REGUERO MANJON FERNANDO

SINGLE ADMINISTRATOR

28/11/1995

SINGLE ADMINISTRATOR

03/07/2000

SINGLE ADMINISTRATOR

08/02/2005

SINGLE ADMINISTRATOR

13/04/2009

SINGLE ADMINISTRATOR

14/01/2014

Executive board

Post

NIF

Name

ADMINISTRATOR

FERNANDO REGUERO MANJON

FINANCIAL DIRECTOR

SERGIO BELTRAN HERNAIZ

MANAGING DIRECTOR

FERNANDO REGUERO MANJON

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

Positive Factors

Adverse Factors

IN SITU SA it presents an excessive indebtedness that may compromise their balance sheet.

The current debt represents a 5.9919723e-001f the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial 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.

Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 9.005 %

> Latest Rating Changes :

Sector in which comparison is carried out :

141 Manufacture of wearing apparel, except fur apparel

Relative Position:

Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 12.00% of the companies of the sector IN SITU SA belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 9.005%.

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.

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

PARTICIPATES IN:

4 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

FERNANDO REGUERO MANJON

PARTICIPATES IN

TELL TRAINING SA

MADRID

79.99

ESTUDIOS ARCANI PORTUGAL

100

THEARPLUS

100

IN SITU EXPORT SL

MADRID

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

BELONGS TO THE ADMINISTRATION BOARD OF

IN SITU EXPORT SL

MADRID

Turnover

Total Sales 2013

22.191.026,08

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

February 2014

2012

Normales

October 2013

2011

Normales

March 2012

2010

Normales

October 2010

2009

Normales

January 2010

2007

Normales

November 2007

2007

Normales

October 2008

2006

Normales

October 2006

2005

Normales

August 2005

2004

Normales

November 2004

2003

Normales

December 2003

2002

Normales

No publicado en BORME

2001

Normales

December 2001

2001

Normales

December 2002

2000

Normales

September 2001

1999

Normales

August 2000

1998

Normales

November 1999

1997

Normales

August 1998

1996

Normales

September 1997

1995

Normales

September 1996

1994

Normales

August 1995

1993

Normales

August 1994

1992

Normales

August 1993

1991

Normales

September 1992

1990

Normales

October 1991

1989

Normales

September 1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 28/02/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

5.317.868,00

3.643.397,00

3.893.196,00

3.863.649,00

4.275.296,00

I. Intangible fixed assets : 11100

1.036.043,00

187.372,00

263.407,00

339.564,00

325.963,00

1. Development: 11110

46.226,00

0,00

2. Concessions: 11120

0,00

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

77.900,00

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

911.917,00

125.759,00

184.594,00

242.464,00

210.576,00

6. Investigation: 11160

0,00

61.613,00

78.813,00

97.100,00

115.388,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

2.356.628,00

1.945.757,00

1.768.784,00

1.685.933,00

1.896.584,00

1. Land and buildings: 11210

753.207,00

772.358,00

798.495,00

824.633,00

850.770,00

2. Technical installations and other tangible fixed assets: 11220

1.603.420,00

1.173.399,00

970.288,00

861.300,00

1.045.814,00

3. Tangible asset in progress and advances: 11230

1,00

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

583.777,00

4.988,00

5.088,00

1. Equity instruments: 11410

580.289,00

0,00

2. Credits to businesses: 11420

3.488,00

4.988,00

5.088,00

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

1.341.421,00

1.505.280,00

1.856.017,00

1.833.064,00

2.047.660,00

1. Equity instruments: 11510

26.595,00

21.136,00

17.049,00

2. Credits to third parties : 11520

1.251.955,00

1.421.871,00

1.792.914,00

1.800.014,00

2.025.927,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

62.870,00

62.273,00

46.053,00

16.000,00

4.683,00

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

14.042.767,00

13.174.148,00

13.200.828,00

11.262.119,00

11.407.372,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

5.580.398,00

6.004.356,00

5.167.984,00

4.672.620,00

5.615.702,00

1. Commercial: 12210

0,00

4.579.759,00

3.969.617,00

3.392.026,00

1.388.024,00

2. Primary material and other supplies: 12220

1.302.446,00

1.289.416,00

1.126.316,00

1.250.755,00

0,00

3. Work in progress: 12230

49.301,00

66.452,00

39.782,00

24.220,00

61.572,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

49.301,00

66.452,00

39.782,00

24.220,00

61.572,00

4. Finished goods: 12240

4.175.333,00

0,00

4.139.132,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

4.175.333,00

0,00

4.139.132,00

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

0,00

6. Advances to suppliers: 12260

53.318,00

68.730,00

32.269,00

5.618,00

26.974,00

III. Trade debtors and others receivable accounts: 12300

6.757.022,00

6.178.231,00

5.900.972,00

4.298.237,00

3.852.908,00

1. Trade debtors / accounts receivable: 12310

4.726.317,00

4.363.902,00

4.547.235,00

2.015.407,00

2.242.586,00

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

0,00

b) Customers for sales and provisions of services : 12312

4.726.317,00

4.363.902,00

4.547.235,00

2.015.407,00

2.242.586,00

2. Customers, Group companies and associates : 12320

1.842.029,00

1.661.553,00

1.134.868,00

2.245.957,00

1.276.265,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

188.676,00

152.776,00

218.869,00

36.873,00

334.057,00

7. Called up share capital: 12370

0,00

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

448.011,00

242.931,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

448.011,00

242.931,00

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

1.080.650,00

492.659,00

1.972.495,00

2.177.173,00

1.738.564,00

1. Equity instruments: 12510

9.000,00

0,00

2. Credits to businesses: 12520

1.028.123,00

443.274,00

1.966.610,00

2.171.316,00

1.732.707,00

3. Debt securities: 12530

43.528,00

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

49.385,00

5.885,00

5.857,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

39.142,00

91.988,00

49.474,00

28.080,00

66.300,00

VII. Cash and other equivalent liquid assets : 12700

137.544,00

163.983,00

109.903,00

86.009,00

133.898,00

1. Treasury: 12710

137.544,00

163.983,00

109.903,00

86.009,00

133.898,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

19.360.635,00

16.817.545,00

17.094.024,00

15.125.768,00

15.682.668,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

5.063.112,00

4.849.581,00

4.547.317,00

4.184.507,00

3.727.253,00

A-1) Shareholders' equity: 21000

4.998.229,00

4.800.987,00

4.502.207,00

4.156.775,00

3.706.853,00

I. Capital: 21100

1.874.952,00

1.124.597,00

961.600,00

1. Registered capital : 21110

1.874.952,00

1.124.597,00

961.600,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

2.926.035,00

3.377.610,00

3.032.178,00

2.745.253,00

2.374.650,00

1. Legal y estatutarias: 21310

224.919,00

196.506,00

2. Other reserves: 21320

2.701.115,00

3.152.691,00

2.807.259,00

2.548.747,00

2.178.144,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

197.242,00

298.780,00

345.432,00

286.925,00

370.603,00

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

64.883,00

48.594,00

45.109,00

27.732,00

20.400,00

B) NON-CURRENT LIABILITIES: 31000

2.696.685,00

1.840.068,00

2.545.566,00

2.652.682,00

3.042.014,00

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

2.668.963,00

1.819.327,00

2.527.626,00

2.643.413,00

3.037.194,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

1.826.413,00

1.819.327,00

1.678.617,00

1.687.591,00

1.997.917,00

3. Creditors from financial leasing: 31230

92.550,00

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

750.000,00

0,00

849.009,00

955.822,00

1.039.277,00

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

0,00

IV. Liabilities for deferred tax: 31400

27.721,00

20.740,00

17.940,00

9.270,00

4.820,00

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

11.600.839,00

10.127.897,00

10.001.141,00

8.288.578,00

8.913.401,00

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

7.445.279,00

5.892.647,00

6.093.389,00

4.823.650,00

6.201.067,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

7.375.289,00

5.885.624,00

6.093.011,00

4.538.337,00

5.914.027,00

3. Creditors from financial leasing: 32330

52.133,00

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

17.857,00

7.022,00

378,00

285.313,00

287.040,00

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

0,00

24.027,00

V. Trade creditors and other accounts payable: 32500

4.155.560,00

4.235.250,00

3.907.753,00

3.464.928,00

2.688.307,00

1. Suppliers: 32510

3.142.347,00

3.406.826,00

3.315.700,00

2.873.860,00

2.222.934,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

3.142.347,00

3.406.826,00

3.315.700,00

2.873.860,00

2.222.934,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

490.105,00

616.961,00

391.268,00

423.418,00

300.073,00

4. Personnel (remuneration due): 32540

72.143,00

82.459,00

77.317,00

75.169,00

75.232,00

5. Liabilities for current tax: 32550

7.105,00

31.305,00

36.793,00

32.513,00

28.038,00

6. Otras deudas con las Administraciones Públicas. : 32560

78.638,00

89.332,00

71.425,00

53.008,00

56.497,00

7. Advances from clients: 32570

365.223,00

8.367,00

15.251,00

6.960,00

5.533,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

19.360.635,00

16.817.545,00

17.094.024,00

15.125.768,00

15.682.668,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

22.191.026,00

23.163.597,00

22.349.355,00

21.465.035,00

23.582.129,00

a) Sales: 40110

21.750.464,00

22.610.013,00

0,00

23.273.407,00

b) Rendering of services: 40120

440.562,00

553.583,00

0,00

308.721,00

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

0,00

15.562,00

0,00

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

137.458,00

0,00

4. Supplies : 40400

-16.102.737,00

-16.113.615,00

-15.575.401,00

-14.815.913,00

-16.284.779,00

a) Stock consumption: 40410

-13.342.404,00

-13.134.598,00

0,00

-13.106.431,00

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

0,00

c) Works carried out by other companies: 40430

-2.760.333,00

-2.979.017,00

0,00

-3.178.348,00

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

0,00

5. Other operating income: 40500

350.558,00

267.126,00

253.319,00

244.316,00

284.905,00

a) Auxiliary income and other from current management: 40510

331.715,00

259.515,00

0,00

280.610,00

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

18.843,00

7.611,00

0,00

4.295,00

6. Personnel costs: 40600

-2.457.645,00

-2.480.296,00

-2.157.175,00

-1.964.807,00

-2.077.351,00

a) Wages, salaries et al.: 40610

-1.649.411,00

-1.680.589,00

0,00

-1.425.838,00

b) Social security costs: 40620

-553.729,00

-549.489,00

0,00

-443.250,00

c) Provisions : 40630

-254.505,00

-250.218,00

0,00

-208.263,00

7. Other operating costs: 40700

-3.420.641,00

-3.815.595,00

-3.973.294,00

-3.929.243,00

-4.129.190,00

a) External services: 40710

-3.389.030,00

-3.781.469,00

0,00

-4.102.541,00

b) Taxes: 40720

-31.213,00

-34.125,00

0,00

-26.649,00

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

-398,00

0,00

d) Other current management expenditure : 40740

0,00

8. Amortisation of fixed assets: 40800

-369.755,00

-436.165,00

-432.926,00

-402.992,00

-503.799,00

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

27.989,00

30.702,00

20.146,00

12.112,00

17.969,00

10. Excess provisions : 41000

0,00

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

182.580,00

103.942,00

292,00

0,00

-10.546,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

182.580,00

103.942,00

0,00

-10.546,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

2.396,00

0,00

8.104,00

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

541.228,00

719.696,00

499.877,00

608.508,00

887.441,00

14. Financial income : 41400

1.517,00

1.354,00

11.637,00

1.178,00

32.168,00

a) Of shares in equity instruments : 41410

932,00

721,00

0,00

16.728,00

a 1) In Group companies and associates: 41411

0,00

16.728,00

a 2) In third parties: 41412

932,00

721,00

0,00

b) From negotiable securities and other financial instruments : 41420

585,00

633,00

0,00

15.440,00

b 1) From Group companies and associates : 41421

0,00

8.147,00

b 2) From third parties : 41422

585,00

633,00

0,00

7.294,00

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

0,00

15. Financial expenditure: 41500

-407.278,00

-324.372,00

-206.705,00

-222.370,00

-480.139,00

a) Amounts owed to Group companies and associates : 41510

-16.023,00

-14.548,00

0,00

-479.861,00

b) For debts with third parties : 41520

-391.255,00

-309.824,00

0,00

-278,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

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

0,00

17. Exchange rate differences : 41700

95.858,00

-66.812,00

134.878,00

-49.708,00

-6.311,00

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

-939,00

20.617,00

-38.000,00

-2.456,00

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

-939,00

20.617,00

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-310.842,00

-369.213,00

-98.190,00

-273.356,00

-454.282,00

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

230.386,00

350.483,00

401.687,00

335.152,00

433.159,00

20. Income taxes: 41900

-33.144,00

-51.703,00

-56.255,00

-48.227,00

-62.556,00

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

197.242,00

298.780,00

0,00

370.603,00

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

0,00

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

197.242,00

298.780,00

345.432,00

286.925,00

370.603,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

5.317.868,00

3.643.397,00

3.893.196,00

3.863.649,00

4.275.296,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

1.036.043,00

187.372,00

263.407,00

339.564,00

325.963,00

1. Research and development costs:

46.226,00

61.613,00

78.813,00

97.100,00

115.388,00

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

77.900,00

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

911.917,00

125.759,00

184.594,00

242.464,00

210.576,00

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:

2.356.628,00

1.945.757,00

1.768.784,00

1.685.933,00

1.896.584,00

1. Land and construction:

753.207,00

772.358,00

798.495,00

824.633,00

850.770,00

2. Technical installations and machinery:

1.603.420,00

1.173.399,00

970.288,00

861.300,00

1.045.814,00

3. Other installations, tools and furniture:

0,00

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

1,00

0,00

5. Other tangible assets:

0,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

1.925.198,00

1.510.268,00

1.861.005,00

1.838.152,00

2.052.748,00

1. Equity investments in group companies:

580.289,00

0,00

2. Receivables from group companies:

3.488,00

4.988,00

5.088,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

26.595,00

21.136,00

17.049,00

6. Other receivables:

1.251.955,00

1.421.871,00

1.792.914,00

1.800.014,00

2.025.927,00

7. Long term guarantees and deposits:

62.870,00

62.273,00

46.053,00

16.000,00

4.683,00

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:

14.042.767,00

13.174.148,00

13.200.828,00

11.262.119,00

11.407.372,00

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

0,00

II. Stocks:

5.580.398,00

6.004.356,00

5.167.984,00

4.672.620,00

5.615.702,00

1. Goods for resale:

0,00

4.579.759,00

3.969.617,00

3.392.026,00

1.388.024,00

2. Raw materials and other consumables:

1.302.446,00

1.289.416,00

1.126.316,00

1.250.755,00

0,00

3. Goods in process and semifinished ones:

49.301,00

66.452,00

39.782,00

24.220,00

61.572,00

4. Finished products:

4.175.333,00

0,00

4.139.132,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

53.318,00

68.730,00

32.269,00

5.618,00

26.974,00

7. Provisions:

0,00

III. Debtors:

6.757.022,00

6.178.231,00

5.900.972,00

4.298.237,00

3.852.908,00

1. Trade debtors / accounts receivable:

4.726.317,00

4.363.902,00

4.547.235,00

2.015.407,00

2.242.586,00

2. Accounts receivable, Group companies:

1.842.029,00

1.661.553,00

1.134.868,00

2.245.957,00

1.276.265,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

188.676,00

152.776,00

218.869,00

36.873,00

334.057,00

7. Provisions:

0,00

IV. Short-term investments:

1.528.661,00

735.590,00

1.972.495,00

2.177.173,00

1.738.564,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

448.011,00

242.931,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

52.528,00

0,00

6. Other receivables:

1.028.123,00

443.274,00

1.966.610,00

2.171.316,00

1.732.707,00

7. Shor term guarantees and deposits:

0,00

49.385,00

5.885,00

5.857,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

137.544,00

163.983,00

109.903,00

86.009,00

133.898,00

VII. Prepayments and accrued income:

39.142,00

91.988,00

49.474,00

28.080,00

66.300,00

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

19.360.635,00

16.817.545,00

17.094.024,00

15.125.768,00

15.682.668,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

5.017.694,00

4.815.565,00

4.515.740,00

4.165.095,00

3.712.973,00

I. Subscribed capital:

1.874.952,00

1.124.597,00

961.600,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

2.945.499,00

3.392.188,00

3.045.711,00

2.753.573,00

2.380.770,00

1. Legal reserve:

224.919,00

196.506,00

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:

2.720.580,00

3.167.269,00

2.820.792,00

2.557.067,00

2.184.264,00

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:

197.242,00

298.780,00

345.432,00

286.925,00

370.603,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

45.418,00

34.016,00

31.576,00

19.412,00

14.280,00

1. Capital grants:

45.418,00

34.016,00

31.576,00

19.412,00

14.280,00

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:

2.696.685,00

1.840.068,00

2.545.566,00

2.652.682,00

3.042.014,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

1.918.963,00

1.819.327,00

1.678.617,00

1.687.591,00

1.997.917,00

1. Loans and other liabilities:

1.826.413,00

1.819.327,00

1.678.617,00

1.687.591,00

1.997.917,00

2. Long-term liabilities from capital leases:

92.550,00

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:

777.721,00

20.740,00

866.949,00

965.092,00

1.044.097,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

750.000,00

0,00

849.009,00

955.822,00

1.039.277,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

27.721,00

20.740,00

17.940,00

9.270,00

4.820,00

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:

11.600.839,00

10.127.897,00

10.001.141,00

8.288.578,00

8.913.401,00

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:

7.427.422,00

5.885.624,00

6.093.011,00

4.538.337,00

5.914.027,00

1. Loans and other liabilities:

7.375.289,00

5.885.624,00

6.093.011,00

4.538.337,00

5.914.027,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

52.133,00

0,00

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

0,00

24.027,00

1. Amounts owed to group companies:

0,00

24.027,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

3.997.675,00

4.032.155,00

3.722.219,00

3.304.238,00

2.528.541,00

1. Advanced payments from customers:

365.223,00

8.367,00

15.251,00

6.960,00

5.533,00

2. Amounts owed for purchases of goods or services:

3.632.452,00

4.023.787,00

3.706.968,00

3.297.278,00

2.523.008,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

175.743,00

210.118,00

185.912,00

446.003,00

446.806,00

1. Public bodies:

85.743,00

120.636,00

108.217,00

85.521,00

84.534,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

17.857,00

7.022,00

378,00

285.313,00

287.040,00

4. Wages and salaries payable:

72.143,00

82.459,00

77.317,00

75.169,00

75.232,00

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):

19.360.635,00

16.817.545,00

17.094.024,00

15.125.768,00

15.682.668,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

22.792.140,00

23.288.558,00

22.439.465,00

21.435.716,00

23.554.671,00

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

0,00

A.2. Supplies:

16.102.737,00

16.113.615,00

15.575.401,00

14.815.913,00

16.284.779,00

a) Stock consumption:

13.342.404,00

13.134.598,00

15.575.401,00

14.815.913,00

16.284.779,00

b) Consumption of raw materials and miscellaneous consumable ones:

0,00

c) Miscellaneous external expenditure:

2.760.333,00

2.979.017,00

0,00

A.3. Staff costs:

2.457.645,00

2.480.296,00

2.157.175,00

1.964.807,00

2.077.351,00

a) Wages, salaries et al.:

1.903.917,00

1.930.807,00

2.157.175,00

1.964.807,00

2.077.351,00

b) Social security costs:

553.729,00

549.489,00

0,00

A.4. Depreciation expense:

369.755,00

436.165,00

432.926,00

402.992,00

503.799,00

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

398,00

0,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

398,00

0,00

A.6. Other operating charges:

3.420.243,00

3.815.595,00

3.973.294,00

3.929.243,00

4.129.190,00

a) External services:

3.389.030,00

3.781.469,00

3.973.294,00

3.929.243,00

4.129.190,00

b) Taxes:

31.213,00

34.125,00

0,00

c) Other operating expenses:

0,00

d) Allocation to revision fund:

0,00

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

328.263,00

585.052,00

479.439,00

596.396,00

871.914,00

A.7. Financial and similar charges:

408.218,00

324.372,00

206.705,00

222.370,00

480.139,00

a) Due to liabilities with companies of the group:

16.023,00

14.548,00

206.705,00

222.370,00

480.139,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

391.255,00

309.824,00

0,00

d) Losses from financial investments:

939,00

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

66.812,00

0,00

49.708,00

6.311,00

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

0,00

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

17.421,00

215.838,00

419.249,00

325.496,00

417.632,00

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

0,00

37.708,00

2.456,00

10.546,00

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

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):

212.965,00

134.644,00

0,00

9.656,00

15.526,00

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

230.386,00

350.483,00

401.687,00

335.152,00

433.159,00

A.15. Corporation tax:

33.144,00

51.703,00

56.255,00

48.227,00

62.556,00

A.16. Miscellaneous taxes:

0,00

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

197.242,00

298.780,00

345.432,00

286.925,00

370.603,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

22.989.382,00

23.587.338,00

22.784.897,00

21.722.641,00

23.925.273,00

B.1. Net total sales:

22.191.026,00

23.163.597,00

22.349.355,00

21.465.035,00

23.582.129,00

a) Sales:

21.750.464,00

22.610.013,00

22.349.355,00

21.465.035,00

23.582.129,00

b) Rendering of services:

440.562,00

553.583,00

0,00

Returns and Rappel on sales:

0,00

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

0,00

15.562,00

0,00

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

137.458,00

0,00

B.4. Miscellaneous operating income:

350.558,00

267.126,00

253.319,00

244.316,00

284.905,00

a) Auxiliary income and other from current management:

331.715,00

259.515,00

253.319,00

244.316,00

284.905,00

b) Grants:

18.843,00

7.611,00

0,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

932,00

721,00

11.637,00

1.178,00

32.168,00

a) In companies of the group:

0,00

11.637,00

1.178,00

32.168,00

b) In associated companies:

0,00

c) Third parties:

932,00

721,00

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:

585,00

21.250,00

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

585,00

633,00

0,00

d) Profit on financial investment:

0,00

20.617,00

0,00

B.8. Exchange positive differences:

95.858,00

0,00

134.878,00

0,00

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

310.842,00

369.213,00

60.190,00

270.900,00

454.282,00

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:

182.580,00

103.942,00

0,00

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

0,00

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

27.989,00

30.702,00

20.146,00

12.112,00

17.969,00

B.12. Extraordinary income:

2.396,00

0,00

8.104,00

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):

0,00

17.562,00

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

230.386,00

350.483,00

401.687,00

335.152,00

433.159,00

2. Results adjustments.: 61200

467.632,00

691.350,00

607.554,00

612.072,00

944.347,00

a) Fixed Assets Amortization (+).: 61201

369.755,00

436.164,00

432.926,00

402.992,00

503.799,00

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

939,00

0,00

d) Allocation of grants (-).: 61204

-27.989,00

-30.702,00

-20.146,00

-12.112,00

-17.969,00

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

-182.581,00

-103.943,00

-293,00

0,00

10.546,00

g) Financial income (-).: 61207

-1.516,00

-1.354,00

-11.637,00

-1.178,00

-32.169,00

h) Financial Expenses (+). : 61208

407.278,00

324.373,00

206.705,00

222.370,00

480.140,00

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

-95.859,00

66.812,00

0,00

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

-2.395,00

0,00

3. Changes in current capital equity.: 61300

-79.110,00

-834.137,00

-1.526.033,00

1.317.070,00

655.672,00

a) Stock (+/-).: 61301

423.958,00

-836.373,00

-495.363,00

943.082,00

-570.202,00

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

-578.791,00

-277.259,00

-1.623.807,00

-445.327,00

510.770,00

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

52.846,00

-42.514,00

-21.394,00

38.220,00

-2.887,00

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

22.877,00

322.009,00

614.531,00

781.095,00

717.991,00

4. Other cash flows for operating activities.: 61400

-464.523,00

-372.488,00

-399.346,00

-275.500,00

-519.347,00

a) Interest payments (-). : 61401

-407.278,00

-324.373,00

-206.704,00

-222.369,00

-474.764,00

c) Interest collection (+). : 61403

1.516,00

1.354,00

11.637,00

1.178,00

32.169,00

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

-58.761,00

-49.469,00

-204.279,00

-54.309,00

-76.752,00

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

154.385,00

-164.792,00

-916.138,00

1.988.794,00

1.513.831,00

6. Payments for investment (-).: 62100

-3.527.982,00

-823.173,00

-234.548,00

-644.551,00

-1.820.343,00

a) Companies of the group and affiliates. : 62101

-783.869,00

-242.931,00

0,00

b) Intangible fixed assets. : 62102

-801.610,00

-41.716,00

-42.218,00

-115.784,00

-80.002,00

c) Fixed assets. : 62103

-903.655,00

-538.526,00

-397.109,00

-90.157,00

-32.640,00

e) Other financial assets. : 62105

-1.038.848,00

0,00

204.779,00

-438.610,00

-1.707.701,00

7. Divestment payment collection (+). : 62200

796.357,00

1.977.655,00

-22.953,00

214.596,00

661.503,00

c) Fixed assets. : 62203

182.581,00

147.082,00

0,00

-10.546,00

e) Other financial assets. : 62205

613.776,00

1.830.573,00

-22.953,00

214.596,00

672.049,00

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

-2.731.625,00

1.154.482,00

-690.427,00

-832.947,00

-1.158.840,00

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

52.677,00

40.243,00

43.579,00

188.497,00

12.200,00

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

0,00

162.997,00

3.336.250,00

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

52.677,00

40.243,00

43.579,00

25.500,00

12.200,00

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

2.402.264,00

-909.041,00

1.153.953,00

-1.795.224,00

-324.516,00

a) Issuance : 63201

2.861.706,00

0,00

131.724,00

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

2.861.706,00

0,00

5. Other debts (+). : 63206

0,00

131.724,00

b) Repayment and amortization of : 63207

-459.442,00

-909.041,00

1.153.953,00

-1.795.224,00

-456.240,00

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

-426.553,00

-60.032,00

1.214.055,00

-1.594.975,00

-364.811,00

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

0,00

-24.027,00

-7.973,00

5. Other debts (-). : 63212

-32.889,00

-849.009,00

-60.102,00

-176.222,00

-83.456,00

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

0,00

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

2.454.941,00

-868.798,00

1.197.532,00

-1.606.727,00

-312.316,00

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

95.859,00

-66.812,00

0,00

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

-26.439,00

54.080,00

23.893,00

-47.888,00

42.675,00

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

163.983,00

109.903,00

86.009,00

133.297,00

91.222,00

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

137.544,00

163.983,00

109.902,00

86.009,00

133.897,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,00 %

0,06 %

0,00 %

0,01 %

539,02 %

EBITDA over Sales:

3,15 %

11,30 %

4,41 %

9,19 %

-28,65 %

22,96 %

Cash Flow Yield:

0,00 %

0,03 %

0,00 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

3,39 %

7,35 %

4,94 %

5,20 %

-31,41 %

41,29 %

Total economic profitability:

3,29 %

3,38 %

4,01 %

2,52 %

-17,92 %

34,33 %

Financial profitability:

3,95 %

3,30 %

6,22 %

1,43 %

-36,59 %

130,55 %

Margin:

2,38 %

5,47 %

3,07 %

4,80 %

-22,65 %

14,10 %

Mark-up:

1,01 %

3,07 %

1,50 %

1,66 %

-32,79 %

84,25 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,01

0,15

0,02

0,12

-26,77

29,73

Acid Test:

0,73

0,70

0,87

3,90

-16,40

Working Capital / Investment:

0,13

-0,03

0,18

0,03

-30,37

-193,76

Solvency:

1,21

1,05

1,30

1,19

-6,94

-12,21

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

2,82

1,45

2,47

1,64

14,43

-11,78

Borrowing Composition:

0,23

1,09

0,18

1,03

27,95

6,04

Repayment Ability:

-540,77

17,69

221,30

141,97

-344,36

-87,54

Warranty:

1,35

1,70

1,41

1,62

-3,64

5,14

Generated resources / Total creditors:

0,04

0,11

0,06

0,07

-33,45

56,00

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,28

1,99

1,41

1,72

-9,05

15,63

Turnover of Collection Rights :

3,36

6,76

3,79

4,79

-11,50

41,10

Turnover of Payment Entitlements:

4,70

3,97

4,71

3,53

-0,16

12,48

Stock rotation:

4,01

11,73

3,80

6,65

5,27

76,36

Assets turnover:

1,43

1,34

1,61

1,08

-11,33

23,83

Borrowing Cost:

2,85

3,13

2,71

2,94

5,10

6,72

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

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,00 %

-0,22 %

0,18 %

EBITDA over Sales:

3,15 %

4,41 %

4,08 %

4,66 %

5,83 %

Cash Flow Yield:

0,00 %

-0,32 %

0,27 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

3,39 %

4,94 %

3,77 %

5,48 %

7,39 %

Total economic profitability:

3,29 %

4,01 %

3,56 %

3,69 %

5,82 %

Financial profitability:

3,95 %

6,22 %

7,67 %

6,90 %

10,00 %

Margin:

2,38 %

3,07 %

2,21 %

2,80 %

3,68 %

Mark-up:

1,01 %

1,50 %

1,78 %

1,54 %

1,78 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,01

0,02

0,01

0,02

Acid Test:

0,73

0,70

0,80

0,79

0,64

Working Capital / Investment:

0,13

0,18

0,19

0,20

0,16

Solvency:

1,21

1,30

1,32

1,36

1,28

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

2,82

2,47

2,76

2,61

3,21

Borrowing Composition:

0,23

0,18

0,25

0,32

0,34

Repayment Ability:

-540,77

221,30

525,10

11,55

8,68

Warranty:

1,35

1,41

1,36

1,38

1,31

Generated resources / Total creditors:

0,04

0,06

0,07

0,06

0,07

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,28

1,41

1,42

1,51

1,66

Turnover of Collection Rights :

3,36

3,79

3,83

5,05

6,19

Turnover of Payment Entitlements:

4,70

4,71

5,01

5,41

7,59

Stock rotation:

4,01

3,80

4,28

4,52

4,09

Assets turnover:

1,43

1,61

1,70

1,95

2,01

Borrowing Cost:

2,85

2,71

1,65

2,03

4,02

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

LAS PROVINCIAS

27/12/2012

Trucco se une a un grupo tailandés para abrir una flagship store en Bangkok

Companies related

Public Tenders and Works Won

Organisation that calls the tender:

DEPARTAMENTO DE EDUCACION CULTURA Y DEPORTE DE LA COMUNIDAD AUTONOMA DE ARAGON

Objective of Tender:

realización del tratamiento de conservación-restauración del pavimento romano de la calle Añón depositado en el Museo de Zaragoza

Date Awarded:

18/04/2006

Cost:

82.300,00 EURO.

Detail of Subsidies appearing in Balances Memories

Entity

COMUNIDAD DE MADRID

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Project

Instalaciones.

Amount Granted

46.454,00

Notes

Imputado a resultados del ejercicio 17.449 euros, quedando un saldo al cierre del mismo de 23.667 euos.

Entity

COMUNIDAD DE MADRID

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Project

Instalaciones.

Amount Granted

25.500,00

Notes

Imputado a resultados del ejercicio 6.375 euros, quedando un saldo al cierre del mismo de 27.472 euos.

Entity

COMUNIDAD DE MADRID

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Project

Instalaciones.

Amount Granted

16.660,00

Notes

Imputado a resultados del ejercicio 4.165 euros, quedando un saldo al cierre del mismo de 13.745 euos.

Entity

COMUNIDAD DE MADRID

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

12.200,00

Notes

El importe imputado a resultados en el ejercicio es de 3.050 euros, no quedando ningún saldo pendiente de imputar.

Entity

COMUNIDAD DE MADRID

Status

CONCEDIDA

Amount Granted

25.500,00

Notes

El importe imputado a resultados en el ejercicio es de 1.323 euros, quedando un saldo pendiente de imputar de 38.309 euros.

Entity

COMUNIDAD DE MADRID

Status

CONCEDIDA

Amount Granted

15.000,00

Notes

El importe imputado a resultados en el ejercicio es de 3.750 euros, quedando un saldo pendiente de imputar de 3.750 euros.

Entity

COMUNIDAD DE MADRID

Status

CONCEDIDA

Amount Granted

12.200,00

Notes

El importe imputado a resultados en el ejercicio es de 3.050 euros, quedando un saldo pendiente de imputar de 3.050 euros.

Entity

COMUNIDAD DE MADRID

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

93.072,00

Notes

Subvención concedida para la financiación y adaptación de la nave industrial de Alcobendas. El saldo traspasado a resultados en el ejercicio es de 11.168 euros, quedando así un saldo a fecha de cierre del ejercicio de 22.337 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

93.072,00

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

15.000,00

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

12.200,00

Entity

COMUNIDAD DE MADRID

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

93.072,00

Notes

El saldo traspasado a resultados en el ejercicio es de 11.169 euros, quedando así un saldo a fecha de cierre del ejercicio de 33.505 euros.

Entity

MINISTERIO DE CIENCIA Y TECNOLOGIA

Status

CONCEDIDA

Project

Fomento de la investigación técnica del sector textil.

Amount Granted

202.282,00

Notes

El importe traspado a corto plazo es de 23.355 euros, el saldo a fecha de cierre del ejercicio es de 140.131 euros.

Entity

COMUNIDAD DE MADRID

Status

CONCEDIDA

Amount Granted

93.072,00

Notes

El saldo traspasado a resultados en el ejercicio es de 11.169 euros, quedando así un saldo a fecha de cierre del ejercicio de 44.673 euros.

Entity

COMUNIDAD DE MADRID

Subsidy Concept

FINANCIACION Y ADAPTACION DE LA NAVE INDUSTRIAL ADQUIRIDA EN ALCOBENDAS (MADRID)

Status

CONCEDIDA

Amount Granted

93.072,00

Entity

IMADE

Subsidy Concept

INVERSION EFECTUADA EN EL PROGRAMA DE INVESTIGACION Y DESARROLLO, Y PARA LA MEJORA DE LOS SISTEMAS INFORMATICOS DE LA SOCIEDAD.

Status

CONCEDIDA

Amount Granted

6.293,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.84
UK Pound	1	Rs.98.40
Euro	1	Rs.80.03

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	PDT

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

Branch Offices

Activity

Number of Employees

Active Social Bodies

Unit