MIRA INFORM REPORT

Report Date :

25.09.2014

IDENTIFICATION DETAILS

Name :	CONFECCIONES MATY SA

Registered Office :	Calle Hermano Juan Fernandez S/N Plnid Las Quemadas, 14014 Cordoba

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	15.11.1985

Legal Form :	Public Company

Line of Business :	Manufacture of other outerwear

No. of Employees :	48

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 :	Slow but correct
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Spain

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

CONFECCIONES MATY SA

NIF / Fiscal code:

A14067094

Trade Name

MATILDE CANO

Status:

ACTIVE

Incorporation Date:

15/11/1985

Register Data

Last Publication in BORME:

17/01/2012 [Annual accounts' deposit]

Last Published Account Deposit:

2012

Share Capital:

240.000

Localization:

CALLE HERMANO JUAN FERNANDEZ S/N PLNID LAS QUEMADAS - CORDOBA - 14014 - CORDOBA

Telephone - Fax - Email - Website:

Ph.:. 957 325 167 - 902 350 001 Email. matldecano@matildecano.es Website. www.matildecano.com

Activity:

NACE:

1413 - Manufacture of other outerwear

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

15 for a total cost of 108814.20999999999

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:

GUTIERREZ MELERO ANTONIO
GUTIERREZ CANO MARIA LUISA
CANO TORRES MATILDE
GUTIERREZ CANO OLGA
Shares:	0
Other Links:	1
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2012

2011

Change

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources YES, Guarantees NO

INVESTIGATION SUMMARY

Medium-sized familiar society dedicated to the design, fabrication of clothes, which has been operating several years without any incidents.

Identification

Social Denomination:

CONFECCIONES MATY SA

Trade Name:

MATILDE CANO

NIF / Fiscal code:

A14067094

Corporate Status:

ACTIVE

Start of activity:

1986

Registered Office:

CALLE HERMANO JUAN FERNANDEZ S/N PLNID LAS QUEMADAS

Locality:

CORDOBA

Province:

CORDOBA

Postal Code:

14014

Telephone:

957 325 167 - 902 350 001

Fax:

957 326 295

Website:

www.matildecano.com

Email:

matldecano@matildecano.es

Activity

NACE:

1413

Additional Information:

BACKGROUND Business started in 1975 by MATILDE CANO TORRES, being brought to the owner at the time of its constitution. ACTIVITY Design, manufacture, wholesale and retail trade of clothing for lady. Brands that it uses -MATILDE CANO

Additional Address:

Juan Bautista Durán 207 Plind Las Quemadas 14014 Córdoba, social site, workshop, warehouse, central offices, attributed property. Ronda Tejares 13 14001 Córdoba, establishment of sale, rent. Conde Gondomar 5 14003 Córdoba, establishment, in concept of rental. Hermano Juan Fernández sn 14007 Córdoba, establishment, in concept of rental. Caldererías 8 29008 Málaga, establishment, in concept of rental. Cuna 46 41004 Sevilla, establishment, in concept of rental.

Import / export:

EXPORTS

Future Perspective:

Face recession

Industry situation:

Decline

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1991

Accounts deposit (ejer. 1989, 1990)

1992

Accounts deposit (ejer. 1991)

1993

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

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1996

Accounts deposit (ejer. 1995)

1997

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

1998

Accounts deposit (ejer. 1997)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (1)

2002

Accounts deposit (ejer. 2001) Increase of Capital (1)

2003

Accounts deposit (ejer. 2002)

2004

Accounts deposit (ejer. 2003)

2005

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

2006

Appointments/ Re-elections (1)

2007

Accounts deposit (ejer. 2005, 2006) Increase of Capital (1)

2008

Accounts deposit (ejer. 2007)

2010

Accounts deposit (ejer. 2008, 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2011

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

2012

Accounts deposit (ejer. 2010)

2013

Accounts deposit (ejer. 2011, 2012)

Breakdown of Owners' Equity

Registered Capital:

240.000

Paid up capital:

240.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

01/02/1993

Increase of Capital

36.061

60.101

12/03/2002

Increase of Capital

60.101

120.202

18/10/2007

Increase of Capital

119.800

240.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

GUTIERREZ CANO MARIA LUISA

16/03/2011

VICE CHAIRMAN

GUTIERREZ CANO OLGA

16/03/2011

MEMBER OF THE BOARD

GUTIERREZ CANO OLGA

16/03/2011

GUTIERREZ CANO MARIA LUISA

16/03/2011

SERRANO CERVERA PABLO JOSE

16/03/2011

SERRANO CERVERA PABLO

14/07/2006

ORTEGA CERVERA PABLO

07/12/2001

CHIEF EXECUTIVE OFFICER

GUTIERREZ CANO MARIA LUISA

16/03/2011

SECRETARY

SERRANO CERVERA PABLO JOSE

16/03/2011

VICE SECRETARY

GUTIERREZ CANO OLGA

16/03/2011

ACCOUNTS' AUDITOR / HOLDER

A AUDITEST SUR S A

20/12/2005

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

CANO TORRES MATILDE

VICE CHAIRMAN

01/02/1993

VICE CHAIRMAN

22/04/1997

MEMBER OF THE BOARD

22/04/1997

VICE SECRETARY

22/04/1997

VICE SECRETARY

07/12/2001

VICE SECRETARY

14/07/2006

MEMBER OF THE BOARD

14/07/2006

MEMBER OF THE BOARD

09/11/2010

VICE CHAIRMAN

07/12/2001

VICE CHAIRMAN

14/07/2006

VICE CHAIRMAN

09/11/2010

VICE SECRETARY

09/11/2010

GUTIERREZ CANO MARIA LUISA

CHIEF EXECUTIVE OFFICER

01/02/1993

SECRETARY

01/02/1993

SECRETARY

22/04/1997

MEMBER OF THE BOARD

22/04/1997

JOINT CHIEF EXECUTIVE OFFICER

22/04/1997

JOINT CHIEF EXECUTIVE OFFICER

07/12/2001

MEMBER OF THE BOARD

07/12/2001

SECRETARY

07/12/2001

JOINT CHIEF EXECUTIVE OFFICER

09/11/2010

MEMBER OF THE BOARD

09/11/2010

SECRETARY

09/11/2010

SECRETARY

14/07/2006

MEMBER OF THE BOARD

14/07/2006

JOINT CHIEF EXECUTIVE OFFICER

14/07/2006

SECRETARY

16/03/2011

MEMBER OF THE BOARD

16/03/2011

JOINT CHIEF EXECUTIVE OFFICER

16/03/2011

GUTIERREZ CANO OLGA

MEMBER OF THE BOARD

07/12/2001

MEMBER OF THE BOARD

14/07/2006

MEMBER OF THE BOARD

09/11/2010

MEMBER OF THE BOARD

16/03/2011

VICE CHAIRMAN

16/03/2011

VICE SECRETARY

16/03/2011

GUTIERREZ MELERO ANTONIO

PRESIDENT

22/04/1997

MEMBER OF THE BOARD

22/04/1997

MEMBER OF THE BOARD

07/12/2001

MEMBER OF THE BOARD

14/07/2006

MEMBER OF THE BOARD

09/11/2010

CHIEF EXECUTIVE OFFICER

01/02/1993

PRESIDENT

01/02/1993

JOINT CHIEF EXECUTIVE OFFICER

22/04/1997

JOINT CHIEF EXECUTIVE OFFICER

07/12/2001

JOINT CHIEF EXECUTIVE OFFICER

14/07/2006

JOINT CHIEF EXECUTIVE OFFICER

09/11/2010

JOINT CHIEF EXECUTIVE OFFICER

16/03/2011

MEMBER OF THE BOARD

16/03/2011

PRESIDENT

09/11/2010

PRESIDENT

07/12/2001

PRESIDENT

16/03/2011

PRESIDENT

14/07/2006

ORTEGA CERVERA PABLO

MEMBER OF THE BOARD

07/12/2001

SERRANO CERVERA PABLO

MEMBER OF THE BOARD

14/07/2006

SERRANO CERVERA PABLO JOSE

MEMBER OF THE BOARD

09/11/2010

MEMBER OF THE BOARD

16/03/2011

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

PABLO SERRANO CERVERA

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

---

> Basis for rating

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

No irregular payment performance has been detected based on information obtained from credit bureaus.

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

The current debt represents a 36.10of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

It has financial profitability.. CONFECCIONES MATY SA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

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

CONFECCIONES MATY SA presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

No Company's subsidiaries or branches are known.

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.

Among the companies with similar characteristics, CONFECCIONES MATY SA is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 2.635 %

> 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 52.00% of the companies of the sector CONFECCIONES MATY SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2.635%.

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

Link List

IS RELATED WITH:

1 Entities

SHAREHOLDERS:

4 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	GUTIERREZ MELERO ANTONIO
	GUTIERREZ CANO MARIA LUISA
	CANO TORRES MATILDE
	GUTIERREZ CANO OLGA

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

MARISA GUTIERREZ SL

CORDOBA

Turnover

Total Sales

2.849.257,75

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

November 2013

2011

Normales

January 2013

2010

Normales

January 2012

2009

Normales

August 2010

2008

Normales

January 2010

2007

Normales

July 2008

2006

Normales

October 2007

2005

Normales

December 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

October 2003

2001

Normales

July 2002

2000

Normales

April 2001

1999

Normales

September 2000

1998

Normales

August 1999

1997

Normales

July 1998

1996

Normales

August 1997

1995

Normales

September 1996

1994

Normales

August 1995

1993

Normales

August 1994

1992

Normales

August 1993

1991

Normales

July 1992

1990

Normales

July 1991

1989

Normales

December 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 31/12/2012

> Balance en formato Pyme 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

986.569,00

995.469,00

1.020.474,00

1.100.505,00

876.320,00

I. Intangible fixed assets : 11100

20.291,00

92,00

502,00

1.468,00

1.721,00

II. Tangible fixed assets : 11200

488.180,00

475.178,00

531.308,00

914.081,00

741.204,00

III. Real estate investment: 11300

291.630,00

301.298,00

310.965,00

0,00

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

0,00

V. Long-term financial investments: 11500

186.467,00

218.901,00

177.699,00

184.956,00

133.395,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

2.548.748,00

2.376.067,00

2.392.429,00

2.130.689,00

2.340.586,00

I. Stocks : 12200

1.272.307,00

1.138.953,00

1.172.537,00

1.094.703,00

1.209.258,00

II. Trade debtors and others receivable accounts : 12300

627.323,00

628.460,00

621.000,00

395.168,00

508.218,00

1. Trade debtors / accounts receivable: 12380

584.413,00

588.379,00

617.811,00

350.587,00

421.036,00

a) Long-term receivables from sales and services supplied : 12381

0,00

b) Customers for sales and provisions of services : 12382

584.413,00

588.379,00

617.811,00

350.587,00

421.036,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

42.910,00

40.081,00

3.189,00

44.581,00

87.182,00

III. Short-term investment in Group companies and associates: 12400

0,00

IV. Short-term financial investments : 12500

511.696,00

522.750,00

524.220,00

586.831,00

539.701,00

V. Short-term accruals : 12600

50.879,00

38.622,00

12.836,00

8.124,00

13.730,00

VI. Cash and other equivalent liquid assets : 12700

86.543,00

47.282,00

61.835,00

45.862,00

69.678,00

TOTAL ASSETS (A + B) : 10000

3.535.317,00

3.371.536,00

3.412.902,00

3.231.194,00

3.216.906,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

2.025.672,00

2.019.489,00

1.949.989,00

1.940.950,00

1.759.639,00

A-1) Shareholders' equity: 21000

2.025.672,00

2.019.489,00

1.998.397,00

1.926.051,00

1.813.129,00

I. Capital: 21100

240.000,00

1. Registered capital : 21110

240.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.779.489,00

1.758.397,00

1.686.051,00

1.573.129,00

1.327.421,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

6.183,00

21.092,00

72.346,00

112.922,00

245.708,00

VIII. (Interim dividend): 21800

0,00

A-2) Changes in net worth : 22000

0,00

-48.408,00

14.900,00

-53.491,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

233.349,00

199.385,00

246.197,00

265.848,00

61.016,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

202.066,00

165.470,00

209.157,00

209.907,00

0,00

1. Amounts owed to credit institutions: 31220

202.066,00

165.470,00

209.157,00

0,00

2. Creditors from financial leasing : 31230

0,00

3. Other long-term creditors : 31290

0,00

209.907,00

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

31.283,00

33.916,00

37.040,00

55.941,00

61.016,00

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

1.276.296,00

1.152.662,00

1.216.716,00

1.024.396,00

1.396.251,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

518.505,00

418.283,00

534.319,00

293.476,00

342.636,00

1. Amounts owed to credit institutions: 32320

518.505,00

418.283,00

460.755,00

229.100,00

270.113,00

2. Creditors from financial leasing : 32330

0,00

3. Other short-term creditors : 32390

0,00

73.564,00

64.376,00

72.523,00

III. Short-term amounts owed to group and associated companies: 32400

0,00

IV. Trade creditors and other accounts payable: 32500

757.791,00

734.379,00

682.396,00

730.920,00

1.053.615,00

1. Suppliers: 32580

353.079,00

334.671,00

273.433,00

267.433,00

487.206,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

353.079,00

334.671,00

273.433,00

267.433,00

487.206,00

2. Other creditors: 32590

404.712,00

399.708,00

408.964,00

418.823,00

473.710,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

3.535.317,00

3.371.536,00

3.412.902,00

3.231.194,00

3.216.906,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

2.849.258,00

2.760.747,00

3.002.437,00

3.244.691,00

5.865.077,00

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

0,00

-88.514,00

-6.895,00

-154.445,00

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

0,00

4. Supplies : 40400

-1.026.968,00

-1.081.747,00

-1.055.257,00

-1.205.485,00

-3.000.597,00

5. Other operating income: 40500

11.500,00

33.956,00

24.800,00

51.690,00

32.768,00

6. Personnel costs: 40600

-905.080,00

-854.634,00

-920.813,00

-988.312,00

-1.205.720,00

7. Other operating costs: 40700

-810.186,00

-761.686,00

-837.734,00

-869.949,00

-1.168.281,00

8. Amortisation of fixed assets: 40800

-64.538,00

-70.158,00

-73.979,00

-92.110,00

-96.804,00

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

0,00

1.321,00

10. Excess provisions : 41000

0,00

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

0,00

-9.062,00

12. Other results : 41300

-25.457,00

18.355,00

28.398,00

9.233,00

2.328,00

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

28.529,00

44.833,00

79.337,00

142.863,00

266.585,00

13. Financial income : 41400

8.848,00

7.695,00

20.615,00

24.736,00

111.758,00

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

0,00

b) Other financial income: 41490

8.848,00

7.695,00

20.615,00

24.736,00

111.758,00

14. Financial expenditure : 41500

-28.784,00

-23.139,00

-21.942,00

-17.904,00

-43.534,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

0,00

4.600,00

0,00

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

0,00

-1.199,00

-107,00

0,00

-2.606,00

18. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

B) FINANCIAL REVENUE ( 13 + 14 + 15 + 16 + 17 +18 ) : 49200

-19.936,00

-16.643,00

3.165,00

6.831,00

65.618,00

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

8.594,00

28.189,00

82.502,00

149.694,00

332.203,00

19. Income taxes : 41900

-2.411,00

-7.097,00

-10.156,00

-36.773,00

-86.495,00

D) RESULT OF THE PERIOD ( C + 19 ) : 49500

6.183,00

21.092,00

72.346,00

112.922,00

245.708,00

> 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:

986.569,00

995.469,00

1.020.474,00

1.100.505,00

876.320,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

20.291,00

92,00

502,00

1.468,00

1.721,00

1. Research and development costs:

0,00

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

0,00

461,00

831,00

1.200,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

0,00

40,00

637,00

521,00

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:

779.811,00

776.476,00

842.273,00

914.081,00

741.204,00

1. Land and construction:

0,00

511.563,00

524.395,00

214.983,00

2. Technical installations and machinery:

0,00

205.658,00

242.334,00

288.240,00

3. Other installations, tools and furniture:

0,00

11.786,00

13.888,00

16.519,00

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

0,00

62.714,00

5. Other tangible assets:

0,00

113.266,00

133.465,00

158.748,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

186.467,00

218.901,00

177.699,00

184.956,00

133.395,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

172.493,00

202.496,00

164.382,00

171.639,00

120.079,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

13.974,00

16.405,00

13.317,00

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:

2.548.748,00

2.376.067,00

2.392.429,00

2.130.689,00

2.340.586,00

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

0,00

II. Stocks:

1.272.307,00

1.138.953,00

1.172.537,00

1.094.703,00

1.209.258,00

1. Goods for resale:

845.194,00

756.608,00

778.917,00

700.847,00

825.659,00

2. Raw materials and other consumables:

364.676,00

326.453,00

336.079,00

247.802,00

244.439,00

3. Goods in process and semifinished ones:

62.437,00

55.892,00

57.541,00

146.055,00

139.160,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

627.323,00

628.460,00

621.000,00

395.168,00

508.218,00

1. Trade debtors / accounts receivable:

624.102,00

625.233,00

617.811,00

350.587,00

421.036,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

3.221,00

3.227,00

3.189,00

44.581,00

87.182,00

7. Provisions:

0,00

IV. Short-term investments:

511.696,00

522.750,00

524.220,00

586.831,00

539.701,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

511.696,00

522.750,00

524.220,00

586.831,00

539.701,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

86.543,00

47.282,00

61.835,00

45.862,00

69.678,00

VII. Prepayments and accrued income:

50.879,00

38.622,00

12.836,00

8.124,00

13.730,00

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

3.535.317,00

3.371.536,00

3.412.902,00

3.231.194,00

3.216.906,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

2.025.672,00

2.019.489,00

1.949.989,00

1.940.950,00

1.759.639,00

I. Subscribed capital:

240.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.779.489,00

1.758.397,00

1.637.643,00

1.588.029,00

1.273.931,00

1. Legal reserve:

52.158,00

51.539,00

48.000,00

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:

1.727.331,00

1.706.858,00

1.589.643,00

1.540.029,00

1.225.931,00

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:

6.183,00

21.092,00

72.346,00

112.922,00

245.708,00

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:

233.349,00

199.385,00

246.197,00

265.848,00

61.016,00

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:

202.066,00

165.470,00

209.157,00

0,00

1. Loans and other liabilities:

202.066,00

165.470,00

209.157,00

0,00

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:

31.283,00

33.916,00

37.040,00

265.848,00

61.016,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

209.907,00

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

31.283,00

33.916,00

37.040,00

55.941,00

61.016,00

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:

1.276.296,00

1.152.662,00

1.216.716,00

1.024.396,00

1.396.251,00

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:

518.505,00

418.283,00

460.755,00

229.100,00

270.113,00

1. Loans and other liabilities:

518.505,00

418.283,00

460.755,00

229.100,00

270.113,00

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:

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

757.791,00

734.379,00

626.028,00

653.001,00

925.895,00

1. Advanced payments from customers:

0,00

44.663,00

92.699,00

2. Amounts owed for purchases of goods or services:

353.079,00

334.671,00

626.028,00

608.338,00

833.196,00

3. Debts represented by notes payable:

404.712,00

399.708,00

0,00

V. Other creditors:

0,00

129.933,00

142.294,00

200.243,00

1. Public bodies:

0,00

48.838,00

53.829,00

88.615,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

73.564,00

64.376,00

72.523,00

4. Wages and salaries payable:

0,00

7.531,00

24.090,00

39.104,00

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):

3.535.317,00

3.371.536,00

3.412.902,00

3.231.194,00

3.216.906,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

2.863.424,00

2.799.660,00

3.008.502,00

3.217.428,00

5.767.544,00

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

0,00

88.514,00

6.895,00

154.445,00

A.2. Supplies:

1.026.968,00

1.081.747,00

1.055.257,00

1.205.485,00

3.000.597,00

a) Stock consumption:

11.446,00

12.057,00

11.762,00

1.019.629,00

2.275.028,00

b) Consumption of raw materials and miscellaneous consumable ones:

982.528,00

1.034.936,00

1.009.592,00

161.780,00

571.674,00

c) Miscellaneous external expenditure:

32.994,00

34.754,00

33.903,00

24.076,00

153.895,00

A.3. Staff costs:

905.080,00

854.634,00

920.813,00

988.312,00

1.205.720,00

a) Wages, salaries et al.:

672.482,00

635.000,00

684.172,00

724.783,00

898.045,00

b) Social security costs:

232.597,00

219.633,00

236.641,00

263.529,00

307.675,00

A.4. Depreciation expense:

64.538,00

70.158,00

73.979,00

92.110,00

96.804,00

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

1.837,00

1.727,00

1.899,00

707,00

30.506,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

1.837,00

1.727,00

1.899,00

707,00

30.506,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

808.349,00

759.959,00

835.835,00

869.242,00

1.137.775,00

a) External services:

789.527,00

742.264,00

816.373,00

852.084,00

1.122.951,00

b) Taxes:

18.821,00

17.695,00

19.461,00

17.158,00

14.824,00

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):

53.986,00

26.477,00

50.939,00

133.630,00

271.997,00

A.7. Financial and similar charges:

28.784,00

24.338,00

22.049,00

17.904,00

46.139,00

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.:

27.233,00

23.027,00

21.942,00

17.904,00

43.534,00

d) Losses from financial investments:

1.551,00

1.311,00

107,00

0,00

2.606,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

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

0,00

3.165,00

6.831,00

65.618,00

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

34.051,00

9.834,00

54.104,00

140.462,00

337.616,00

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

0,00

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

0,00

9.062,00

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

0,00

A.13. Extraordinary expenses:

25.457,00

0,00

A.14. Expenses and losses of former financial years:

0,00

A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):

0,00

18.355,00

28.398,00

9.233,00

0,00

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

8.594,00

28.189,00

82.502,00

149.694,00

332.203,00

A.15. Corporation tax:

2.411,00

7.097,00

10.156,00

36.773,00

86.495,00

A.16. Miscellaneous taxes:

0,00

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

6.183,00

21.092,00

72.346,00

112.922,00

245.708,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

2.869.606,00

2.820.752,00

3.080.849,00

3.330.350,00

6.013.252,00

B.1. Net total sales:

2.849.258,00

2.760.747,00

3.002.437,00

3.244.691,00

5.865.077,00

a) Sales:

2.849.258,00

2.760.747,00

3.146.041,00

3.399.882,00

6.145.600,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

0,00

-143.605,00

-155.192,00

-280.523,00

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

0,00

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

0,00

B.4. Miscellaneous operating income:

11.500,00

33.956,00

24.800,00

51.690,00

32.768,00

a) Auxiliary income and other from current management:

3.826,00

11.296,00

8.250,00

6,00

0,00

b) Grants:

7.674,00

22.660,00

16.550,00

51.684,00

32.768,00

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:

8.532,00

7.420,00

19.878,00

24.179,00

111.281,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

8.532,00

7.420,00

19.878,00

24.179,00

111.281,00

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:

316,00

275,00

736,00

557,00

477,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

316,00

275,00

736,00

557,00

477,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

4.600,00

0,00

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

19.936,00

16.643,00

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:

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

1.321,00

B.12. Extraordinary income:

0,00

18.355,00

28.398,00

9.233,00

2.328,00

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):

25.457,00

0,00

5.413,00

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

8.594,00

28.189,00

82.502,00

149.694,00

332.203,00

2. Results adjustments.: 61200

84.473,00

134.011,00

77.205,00

85.985,00

79.210,00

a) Fixed Assets Amortization (+).: 61201

64.538,00

70.158,00

73.979,00

92.110,00

96.804,00

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

0,00

30.506,00

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

0,00

1.899,00

707,00

30.506,00

d) Allocation of grants (-).: 61204

0,00

-1.321,00

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

0,00

-9.062,00

g) Financial income (-).: 61207

-8.848,00

-7.695,00

-20.615,00

-24.736,00

-111.758,00

h) Financial Expenses (+). : 61208

28.784,00

23.139,00

21.942,00

17.904,00

43.534,00

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

0,00

48.408,00

0,00

3. Changes in current capital equity.: 61300

-112.419,00

46.693,00

-364.617,00

-62.667,00

-307.575,00

a) Stock (+/-).: 61301

-133.353,00

33.584,00

-77.834,00

114.555,00

1.261.925,00

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

1.137,00

-7.460,00

-227.731,00

112.343,00

48.391,00

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

-1.203,00

-24.316,00

-4.712,00

5.606,00

2.551,00

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

21.001,00

44.885,00

-35.439,00

-295.171,00

-1.620.442,00

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

0,00

-18.901,00

0,00

4. Other cash flows for operating activities.: 61400

-19.936,00

-15.445,00

-15.379,00

-70.688,00

-11.685,00

a) Interest payments (-). : 61401

-28.784,00

-23.139,00

-21.942,00

-17.904,00

-43.534,00

c) Interest collection (+). : 61403

8.848,00

7.695,00

20.615,00

24.736,00

111.758,00

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

0,00

-14.052,00

-77.520,00

-79.909,00

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

-39.287,00

193.448,00

-220.289,00

102.325,00

92.153,00

6. Payments for investment (-).: 62100

-33.200,00

-41.202,00

-1.205,00

-295.035,00

-32.787,00

b) Intangible fixed assets. : 62102

-20.198,00

0,00

-1.477,00

c) Fixed assets. : 62103

-13.002,00

0,00

-1.205,00

-264.734,00

-31.310,00

e) Other financial assets. : 62105

0,00

-41.202,00

0,00

f) Non-current assets kept for sale. : 62106

0,00

-30.301,00

0,00

7. Divestment payment collection (+). : 62200

42.101,00

66.207,00

6.561,00

0,00

49.060,00

b) Intangible fixed assets. : 62202

0,00

409,00

0,00

c) Fixed assets. : 62203

0,00

56.130,00

0,00

d) Real estate investment. : 62204

9.667,00

0,00

e) Other financial assets. : 62205

32.434,00

0,00

f) Non-current assets kept for sale. : 62206

0,00

6.561,00

0,00

49.060,00

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

-55.637,00

-45.154,00

5.356,00

-295.035,00

16.273,00

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

0,00

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

0,00

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

134.186,00

-162.848,00

230.905,00

168.894,00

-102.125,00

a) Issuance : 63201

136.818,00

0,00

230.905,00

168.894,00

0,00

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

136.818,00

0,00

230.905,00

168.894,00

0,00

b) Repayment and amortization of : 63207

-2.633,00

-162.848,00

0,00

-102.125,00

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

0,00

-86.160,00

0,00

-102.125,00

5. Other debts (-). : 63212

-2.633,00

-76.688,00

0,00

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

0,00

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

134.186,00

-162.848,00

230.905,00

168.894,00

-102.125,00

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

0,00

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

39.261,00

-14.554,00

15.973,00

-23.816,00

6.302,00

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

47.282,00

61.835,00

45.862,00

69.678,00

93.883,00

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

86.543,00

47.282,00

61.835,00

45.862,00

69.678,00

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:

0,01 %

0,00 %

-0,01 %

0,01 %

361,36 %

-104,06 %

EBITDA over Sales:

4,16 %

2,62 %

3,50 %

4,34 %

18,84 %

-39,55 %

Cash Flow Yield:

0,01 %

0,00 %

0,01 %

-103,76 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

1,90 %

0,95 %

1,01 %

1,44 %

89,00 %

-34,08 %

Total economic profitability:

1,06 %

1,35 %

1,52 %

1,81 %

-30,55 %

-25,45 %

Financial profitability:

0,31 %

-0,34 %

1,04 %

0,39 %

-70,78 %

-187,53 %

Margin:

1,89 %

1,06 %

0,95 %

1,57 %

99,19 %

-32,35 %

Mark-up:

1,19 %

-0,22 %

0,35 %

0,27 %

238,26 %

-182,85 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,07

0,23

0,04

0,22

65,31

8,31

Acid Test:

0,96

1,07

1,04

1,02

-7,65

5,42

Working Capital / Investment:

0,36

0,21

0,36

0,23

-0,81

-5,33

Solvency:

2,00

1,79

2,06

1,76

-3,12

1,99

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,75

1,08

0,67

1,36

11,32

-20,70

Borrowing Composition:

0,18

0,80

0,17

0,83

5,70

-3,33

Repayment Ability:

38,45

-1.451,83

-92,90

60,69

141,39

-2.492,18

Warranty:

2,34

1,93

2,49

1,74

-6,09

11,02

Generated resources / Total creditors:

0,05

0,04

0,07

0,05

-31,49

-5,81

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,13

1,11

1,19

1,61

-7,34

Turnover of Collection Rights :

4,56

4,25

4,45

4,13

2,55

2,81

Turnover of Payment Entitlements:

2,42

2,76

2,51

2,75

-3,42

0,36

Stock rotation:

2,21

3,66

2,43

3,39

-9,23

8,05

Assets turnover:

1,01

0,90

1,06

0,92

-5,11

-2,56

Borrowing Cost:

1,91

2,43

1,71

2,40

11,41

1,14

> 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:

0,01 %

-0,01 %

0,01 %

-0,01 %

0,11 %

EBITDA over Sales:

4,16 %

3,50 %

4,16 %

6,96 %

6,29 %

Cash Flow Yield:

0,01 %

0,00 %

-0,01 %

0,20 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

1,90 %

1,01 %

1,88 %

5,43 %

10,39 %

Total economic profitability:

1,06 %

1,52 %

3,06 %

5,19 %

11,68 %

Financial profitability:

0,31 %

1,04 %

3,62 %

5,86 %

13,55 %

Margin:

1,89 %

0,95 %

1,68 %

4,05 %

4,48 %

Mark-up:

1,19 %

0,35 %

1,79 %

4,26 %

1,07 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,07

0,04

0,05

0,04

0,05

Acid Test:

0,96

1,04

0,99

1,00

0,80

Working Capital / Investment:

0,36

0,34

0,29

Solvency:

2,00

2,06

1,97

2,08

1,68

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,75

0,67

0,73

0,67

0,80

Borrowing Composition:

0,18

0,17

0,20

0,26

0,04

Repayment Ability:

38,45

-92,90

91,59

-54,18

4,93

Warranty:

2,34

2,49

2,33

2,50

2,21

Generated resources / Total creditors:

0,05

0,07

0,10

0,16

0,24

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,13

1,11

1,14

1,23

1,31

Turnover of Collection Rights :

4,56

4,45

4,87

8,34

11,60

Turnover of Payment Entitlements:

2,42

2,51

2,64

2,83

3,81

Stock rotation:

2,21

2,43

2,54

2,89

4,65

Assets turnover:

1,01

1,06

1,12

1,34

2,32

Borrowing Cost:

1,91

1,71

1,50

1,39

2,99

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

9.250,00

Notes

El importe reflejado corresponde al imputado a resultados en este ejercicio.

Entity

AGENCIA ANDALUZA DE PROMOCION EXTERIOR SA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

8.699,53

Notes

Subvención ferias.

Entity

INSTITUTO MUNICIPAL DE DESARROLLO ECONOMICO Y EMPLEO DE CORDOBA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

2.750,00

Notes

Contratación de personal.

Entity

AGENCIA ANDALUZA DE PROMOCION EXTERIOR SA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

2.600,00

Notes

Subvención ferias.

Entity

INSTITUTO MUNICIPAL DE DESARROLLO ECONOMICO Y EMPLEO DE CORDOBA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

2.500,00

Notes

Contratación de personal.

Entity

AGENCIA ANDALUZA DE PROMOCION EXTERIOR

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

11.321,45

Entity

AGENCIA ANDALUZA DE PROMOCION EXTERIOR

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

9.486,27

Entity

AGENCIA ANDALUZA DE PROMOCION EXTERIOR

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

4.240,00

Entity

AGENCIA ANDALUZA DE PROMOCION EXTERIOR

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

1.581,39

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

1.320,20

Notes

Subvención de intereses de préstamos. El importe reflejado corresponde al imputado a resultados, quedando un saldo pendiente de aplicación al cierre del ejercicio de 1.320,99 euros.

Entity

AGENCIA ANDALUZA DE PROMOCION EXTERIOR

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

19.462,98

Notes

El importe de la subvención ha sido traspasado a resultados.

Entity

SPOSAITALIA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

7.822,63

Notes

El importe de la subvención ha sido traspasado a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

10.335,38

Notes

Subvención de intereses de préstamos.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

3.005,06

Notes

Subvención de empleo estable. El importe reflejado es el imputado a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

SUBVENCIONES OFICIALES

Status

CONCEDIDA

Amount Granted

14.439,32

Notes

SUBVENCIONES OFICIALES

Research Summary

Medium-sized familiar society dedicated to the design, fabrication of clothes, which has been operating several years without any incidents.

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.61.02
UK Pound	1	Rs.99.99
Euro	1	Rs.78.37

INFORMATION DETAILS

Analysis Done by :	RAS

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

Activity

Number of Employees

Chronological Summary

Active Social Bodies

Historical Social Bodies

Probability of default

Financial Accounts and Balance Sheets

Research Summary

Sources

Unit