MIRA INFORM REPORT

Report No. :	316828
Report Date :	14.04.2015

IDENTIFICATION DETAILS

Name :	VESTUARIO Y PROTECCION LABORAL JOYSA SL
Registered Office :	Register Madrid, Section 8, Sheet 143218
Country :	Spain
Financials (as on) :	31.12.2013
Date of Incorporation :	23.12.1994
Legal Form :	Private Company
Line of Business :	Wholesale of Clothing and Footwear.
No. of Employee :	17

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Spain	A2	A1

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

Company name and address

VESTUARIO Y PROTECCION LABORAL JOYSA SL

Cif	B81055048
Registry Data	Register MADRID, Section 8, Sheet 143218
Incorporation Date	23/12/1994
Last Publication in BORME	21/07/2014 (Take-over Merger)

Localization P.º LAS FLORES, 16 - 28820   COSLADA  (MADRID)

Telephone	914851164
Web	www.vestuario-joysa.com

Activity

CNAE	4642  /  Wholesale of clothing and footwear
CNAE activity classification (ANNUAL ACCOUNTS):	4642  /  Wholesale of clothing and footwear
Size	Medium
Published Trademarks	No
Audited / Opinion:	Yes
Tenders Won:	No
Subsidies Granted:	No
Quality Certificate:	No

DEFAULTS, LEGAL CLAIMS AND INSOLVENCY PROCEEDINGS

	Number	Amount	Last Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	-	-
Legal and Administrative Proceedings	Unpublished	0 €	-
Notices of defaults and enforcement	Unpublished	0 €	-
Proceedings heard by the Labour Court	Unpublished	0 €	-

Key Financial Indicators in the award of credit:

Main Financial Data	2013 31/12/2013	2012 31/12/2012	Change 2013 - 2012
Net total sales	4.044.685	3.869.874	4,52%
Gross margin	20,61%	24,77%	-16,81%
Gross Operating Results	190.444	201.958	-5,7%
Indebtedness	1,26	1,08	17,13%
Financial Year Result	55.073	71.399	-22,87%
Equity	2.096.860	2.041.786	2,7%
Cash Flow	130.584	5.601	2.231,64%
Working Capital	1.088.483	939.723	15,83%
Economic Rate of Return	1,95%	2,4%	-18,81%
Financial profitability	2,63%	3,5%	-24,89%
Average payment term	301 days	268 days	12,29%
Average Payment Collection Term	160 days	121 days	32,82%
Number of Employees	18	20,33	-11,46%

ACTIVITY

NACE:	4642  /  Wholesale of clothing and footwear
Main Activity:	Wholesale of clothing and footwear
CNAE Source:	ANNUAL ACCOUNTS
Company size:	Medium

Staff

Financial Year	Permanent Employees	Temporary Employees
2013	17	1
2012	20	0
2011	20	0
2010	19	0
2009	20	0
2008	23	0
2007	22	2
2006	22	0
2005	16	6
2004	17	0
2003	1	1
2002	1	1
2001	11	2
2000	11	0
1999	5	5
1998	5	3

Staff distribution

Associations	Number of Employees 2009
EXECUTIVES AND MANAGERS	2
COMMERCIAL AGENTS, SALESPEOPLE AND SIMILAR	6
ADMNISTRATIVE SERVICES AND SIMILAR	5
THE REST OF THE STAFF	7
TOTAL	20

Basis for scoring

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. VESTUARIO Y PROTECCION LABORAL JOYSA SL obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets. It has financial profitability.. VESTUARIO Y PROTECCION LABORAL JOYSA SL obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation. Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

The current debt represents a 55.83% of 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. VESTUARIO Y PROTECCION LABORAL JOYSA SL 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.

Most relevant data

More than adequate capacity to meet its financial obligations. However, this capacity has a higher probability to deteriorate in the mid-long term than in higher categories.

Most relevant data

The information contained in the latest annual statements has led to a Scoring review for the company.

Company's scoring review on 29/05/2014 following the Registry of Commerce's Official Gazette publication of proceedings regarding VESTUARIO Y PROTECCION LABORAL JOYSA SL that might affect its scoring negatively.

ESTIMATED PROBABILITY OF DEFAULT

Section showing the probability that the company queried will not be able to meet the business obligations it takes on over the next 12 months, as well as a comparison against the average probability within the sector.

The Estimated Probability of Default should be interpreted as the number of companies (with similar profiles to that of the company queried) whose loans have turned non-performing or delinquent, as a percentage of the total number of companies..

Estimated Probability of Default (next 12 months):  0.917 %

Sector in which comparison is carried out :    464 Wholesale of household goods
Relative Position: Credit quality is superior to that of other companies in the same sector.

Most relevant data

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 97.00% of the companies of the sector VESTUARIO Y PROTECCION LABORAL JOYSA SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.917%.

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.

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 Empresas and RAI).

Summary

There are no of outstanding debts with Public Administration bodies or resulting from claims filed by individuals before Courts of the different jurisdictions.

Chronological Summary

Proceedings and Stages	Number of Publications	Amount	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	-	-	-
Request/Declaration	0	-		-
Proceedings	0	-		-
Resolution	0	-		-
Legal and Administrative Proceedings	Unpublished	0
Notices of defaults and enforcement	0	0
Seizures	0	0
Auctions	0	0
Declarations of insolvency and bad debt	0	0
Proceedings heard by the Civil Court	Unpublished	0 €
Proceedings heard by the Labour Court	Unpublished	-

ACCOUNTS AND BALANCE SHEET RESULTS

Financial Years Presented

Financial Year	Type of Annual Accounts
2013	Normal	September  2014
2012	Normal	September  2013
2011	Normal	September  2012
2010	Normal	August  2011
2009	Normal	September  2010
2008	Normal	December  2009
2007	Normal	April  2009
2006	Normal	October  2007
2005	Normal	September  2006
2004	Normal	September  2005
2003	Normal	September  2004
2002	Normal	June  2004
2001	Normal	October  2002
2000	Normal	August  2001
1999	Normal	August  2000
1998	Normal	July  1999
1997	Normal	September  1998
1996	Normal	October  1997
1995	Normal	October  1996

La información del último Depósito de Cuentas contenida en el informe procede del REGISTRO MERCANTIL correspondiente al domicilio de la sociedad obtenida a fecha 31/12/2013

Balance en formato Pyme 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. To view details on the methodology.

Assets	Code	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010	2009 31/12/2009
A) NON-CURRENT ASSETS	11000	1.008.376	1.106.707	1.202.766	1.256.708	1.364.599
I. Intangible fixed assets	11100	2.726	2.225	800	800	4.028
II. Tangible fixed assets	11200	997.802	1.095.464	1.192.948	1.248.053	1.353.355
III. Real estate investment	11300	0	0	0	0	0
IV. Long-term investments in Group companies and associates	11400	0	0	0	0	0
V. Long-term financial investments	11500	7.848	9.018	9.018	7.855	7.215
VI. Assets for deferred tax	11600	0	0	0	0	0
VII. Non-current trade debtors	11700	0	0	0	0	0
B) CURRENT ASSETS	12000	3.738.491	3.138.105	3.663.455	3.299.393	3.331.941
I. Stocks	12200	1.501.405	1.526.202	1.931.771	1.353.278	1.271.914
II. Trade debtors and others receivable accounts	12300	1.775.242	1.278.820	1.410.784	1.654.203	1.513.210
1. Trade debtors / accounts receivable	12380	1.767.892	1.274.821	1.410.784	1.653.398	1.513.210
a) Long-term receivables from sales and services supplied	12381	0	0	0	0	0
b) Customers for sales and provisions of services	12382	1.767.892	1.274.821	1.410.784	1.653.398	1.513.210
2. Called up share capital	12370	0	0	0	0	0
3. Other accounts receivable	12390	7.350	4.000	0	806	0
III. Short-term investment in Group companies and associates	12400	0	0	0	0	0
IV. Short-term financial investments	12500	22.592	19.592	19.592	8.892	8.892
V. Short-term accruals	12600	13.505	18.327	11.745	23.573	10.621
VI. Cash and other equivalent liquid assets	12700	425.748	295.164	289.563	259.447	527.306
TOTAL ASSETS (A + B)	10000	4.746.868	4.244.812	4.866.221	4.556.101	4.696.540

Liabilities and Net Worth	Code	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010	2009 31/12/2009
A) NET WORTH	20000	2.096.860	2.041.786	1.970.387	1.875.435	1.753.383
A-1) Shareholders' equity	21000	2.096.860	2.041.786	1.970.387	1.875.435	1.753.383
I. Capital	21100	120.220	120.220	120.220	120.220	120.220
1. Registered capital	21110	120.220	120.220	120.220	120.220	120.220
2. (Uncalled capital)	21120	0	0	0	0	0
II. Share premium	21200	0	0	0	0	0
III. Reserves	21300	1.921.566	1.850.167	1.755.215	1.633.163	1.491.327
IV. (Common stock equity)	21400	0	0	0	0	0
V. Profit or loss brought forward	21500	0	0	0	0	0
VI. Other shareholders' contributions	21600	0	0	0	0	0
VII. Result of the period	21700	55.073	71.399	94.953	122.052	141.836
VIII. (Interim dividend)	21800	0	0	0	0	0
A-2) Changes in net worth	22000	0	0	0	0	0
A-3) Received subsidies, donations and legacies	23000	0	0	0	0	0
B) NON-CURRENT LIABILITIES	31000	0	4.643	61.772	150.179	263.220
I. Long-term provisions	31100	0	0	0	0	0
II. Long-term creditors	31200	0	4.328	60.819	147.923	261.689
1. Amounts owed to credit institutions	31220	0	0	1.705	1.705	1.705
2. Creditors from financial leasing	31230	0	4.328	59.114	146.218	259.984
3. Other long-term creditors	31290	0	0	0	0	0
III. Long-term debts with Group companies and associates	31300	0	0	0	0	0
IV. Liabilities for deferred tax	31400	0	315	953	2.256	1.531
V. Long-term accruals	31500	0	0	0	0	0
VI. Non-current trade creditors	31600	0	0	0	0	0
VII. Special long-term debts	31700	0	0	0	0	0
C) CURRENT LIABILITIES	32000	2.650.008	2.198.383	2.834.062	2.530.487	2.679.937
I. Short-term provisions	32200	0	0	0	0	0
II. Short-term creditors	32300	4.337	62.274	141.671	115.435	123.183
1. Amounts owed to credit institutions	32320	0	0	52.884	0	0
2. Creditors from financial leasing	32330	4.337	58.905	87.124	113.772	120.164
3. Other short-term creditors	32390	0	3.369	1.663	1.663	3.020
III. Short-term amounts owed to group and associated companies	32400	0	0	0	0	0
IV. Trade creditors and other accounts payable	32500	2.645.671	2.136.109	2.692.390	2.415.051	2.556.753
1. Suppliers	32580	2.222.101	1.713.869	2.491.981	2.134.228	2.145.936
a) Long-term debts	32581	0	0	0	0	0
b) Short-term debts	32582	2.222.101	1.713.869	2.491.981	2.134.228	2.145.936
2. Other creditors	32590	423.571	422.240	200.409	280.824	410.818
V. Short-term accruals	32600	0	0	0	0	0
VI. Special short-term debts	32700	0	0	0	0	0
TOTAL NET WORTH AND LIABILITIES (A + B + C)	30000	4.746.868	4.244.812	4.866.221	4.556.101	4.696.540

Profit and Loss	Code	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010	2009 31/12/2009
1. Net turnover	40100	4.044.685	3.869.874	4.665.332	4.467.665	4.284.471
2. Changes in stocks of finished goods and work in progress	40200	0	0	0	0	0
3. Works carried out by the company for its assets	40300	0	0	0	0	0
4. Supplies	40400	-2.634.422	-2.468.374	-3.260.299	-3.067.431	-2.863.620
5. Other operating income	40500	0	0	0	0	0
6. Personnel costs	40600	-643.002	-756.638	-752.183	-696.659	-703.153
7. Other operating costs	40700	-576.817	-442.903	-410.727	-400.504	-382.638
8. Amortisation of fixed assets	40800	-97.722	-100.814	-107.325	-115.892	-122.556
9. Allocation of subsidies of non-financial fixed assets and other	40900	0	0	0	0	0
10. Excess provisions	41000	0	0	0	0	0
11. Impairment and result of transfers of fixed assets	41100	-863	0	1.220	-7.177	1.359
12. Other results	41300	10.063	2.326	1.762	188	475
A) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12)	49100	101.921	103.470	137.780	180.189	214.336
13. Financial income	41400	424	1	7	5	46
a) Allocation of financial subsidies, donations and legacies	41430	0	0	0	0	0
b) Other financial income	41490	424	1	7	5	46
14. Financial expenditure	41500	-903	-8.372	-11.314	-11.356	-20.743
15. Changes in fair value of financial instruments	41600	0	0	0	0	0
16. Exchange rate differences	41700	0	0	0	0	0
17. Impairment and result for transfers of financial instruments	41800	0	0	0	0	0
18. Other financial income and expenditure	42100	0	0	0	0	0
a) Incorporation of financial expenditure to assets	42110	0	0	0	0	0
b) Financial income from arrangement with creditors	42120	0	0	0	0	0
c) Other income and expenditure	42130	0	0	0	0	0
B) FINANCIAL REVENUE ( 13 + 14 + 15 + 16 + 17 +18 )	49200	-479	-8.371	-11.307	-11.351	-20.697
C) NET RESULT BEFORE TAXES ( A + B )	49300	101.442	95.099	126.474	168.839	193.639
19. Income taxes	41900	-46.369	-23.700	-31.521	-46.787	-51.804
D) RESULT OF THE PERIOD ( C + 19 )	49500	55.073	71.399	94.953	122.052	141.836

DIAGNOSTICO ECONOMICO-FINANCIERO

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		Change 2013 - 2012
	Company	Sector	Company	Sector	Company	Sector
Cash Flow over Sales	0,03 %	0,02 %	0,00 %	0,00 %
EBITDA over Sales	4,71 %	2,15 %	5,22 %	1,52 %	-9,78 %	42,20 %
Cash Flow Yield	0,03 %	0,02 %	0,00 %	0,00 %

Profitability	2013		2012		Change 2013 - 2012
	Company	Sector	Company	Sector	Company	Sector
Operating economic profitability	1,95 %	1,59 %	2,40 %	0,40 %	-18,81 %	294,65 %
Total economic profitability	2,16 %	1,96 %	2,44 %	1,46 %	-11,55 %	34,47 %
Financial profitability	2,63 %	-0,55 %	3,50 %	-2,21 %	-24,89 %	75,10 %
Margin	2,27 %	1,19 %	2,61 %	0,31 %	-13,11 %	286,46 %
Mark-up	2,26 %	0,11 %	2,40 %	-0,90 %	-5,76 %	112,13 %

Solvency	2013		2012		Change 2013 - 2012
	Company	Sector	Company	Sector	Company	Sector
Liquidity	0,16	0,25	0,13	0,21	19,66 %	16,23 %
Acid Test	0,84	0,90	0,72	0,83	15,75 %	8,05 %
Working Capital / Investment	0,23	0,25	0,22	0,23	3,58 %	6,66 %
Solvency	1,41	1,52	1,43	1,49	-1,17 %	2,04 %

Indebtedness	2013		2012		Change 2013 - 2012
	Company	Sector	Company	Sector	Company	Sector
Indebtedness level	1,26	1,89	1,08	2,03	17,13 %	-6,99 %
Borrowing Composition	0,00	0,30	0,00	0,32		-5,07 %
Repayment Ability	20,29	26,70	393,36	142,79	-94,84 %	-81,30 %
Warranty	1,79	1,53	1,93	1,50	-7,03 %	2,46 %
Generated resources / Total creditors	0,06	0,02	0,08	0,01	-26,24 %	27,36 %

Efficiency	2013		2012		Change 2013 - 2012
	Company	Sector	Company	Sector	Company	Sector
Productivity	1,30	1,19	1,27	1,13	2,31 %	5,46 %
Turnover of Collection Rights	2,28	4,36	3,03	4,48	-24,71 %	-2,80 %
Turnover of Payment Entitlements	1,21	3,07	1,36	3,01	-10,94 %	1,99 %
Stock rotation	2,63	4,03	2,47	3,74	6,59 %	7,71 %
Assets turnover	0,86	1,34	0,92	1,31	-6,57 %	2,12 %
Borrowing Cost	0,03	2,45	0,38	2,58	-91,03 %	-5,12 %

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

Cash Flow	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010	2009 31/12/2009
Cash Flow over Sales	0,03 %	0,00 %	0,01 %	-0,06 %	6,97 %
EBITDA over Sales	4,71 %	5,22 %	5,19 %	6,78 %	7,82 %
Cash Flow Yield	0,03 %	0,00 %	0,01 %	-0,06 %	6,36 %

Profitability	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010	2009 31/12/2009
Operating economic profitability	1,95 %	2,40 %	2,81 %	3,97 %	4,57 %
Total economic profitability	2,16 %	2,44 %	2,83 %	3,96 %	4,56 %
Financial profitability	2,63 %	3,50 %	4,82 %	6,51 %	8,09 %
Margin	2,27 %	2,61 %	2,92 %	4,03 %	4,99 %
Mark-up	2,26 %	2,40 %	2,67 %	3,77 %	4,51 %

Solvency	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010	2009 31/12/2009
Liquidity	0,16	0,13	0,10	0,10	0,20
Acid Test	0,84	0,72	0,61	0,76	0,76
Working Capital / Investment	0,23	0,22	0,17	0,17	0,14
Solvency	1,41	1,43	1,29	1,30	1,24

Indebtedness	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010	2009 31/12/2009
Indebtedness level	1,26	1,08	1,47	1,43	1,68
Borrowing Composition	0,00	0,00	0,02	0,06	0,10
Repayment Ability	20,29	393,36	96,15	-10,01	8,74
Warranty	1,79	1,93	1,68	1,70	1,60
Generated resources / Total creditors	0,06	0,08	0,07	0,09	0,09

Efficiency	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010	2009 31/12/2009
Productivity	1,30	1,27	1,32	1,44	1,48
Turnover of Collection Rights	2,28	3,03	3,31	2,70	2,83
Turnover of Payment Entitlements	1,21	1,36	1,36	1,44	1,27
Stock rotation	2,63	2,47	2,35	3,16	3,20
Assets turnover	0,86	0,92	0,96	0,98	0,92
Borrowing Cost	0,03	0,38	0,39	0,42	0,70

SECTOR-BASED BALANCE COMPARISON

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

	2013		2012		Change 2013 - 2012
	Company	Sector	Company	Sector	Company	Sector
ASSETS	4.746.868	1.001.258	4.244.812	924.781	11,83 %	8,27 %
NON-CURRENT ASSETS	1.008.376	248.867	1.106.707	238.616	-8,88 %	4,30 %
Tangible fixed assets	997.802	185.047	1.095.464	178.279	-8,92 %	3,80 %
Intangible fixed assets	2.726	8.918	2.225	8.419	22,52 %	5,92 %
Other Non-current Asset	7.848	54.903	9.018	51.918	-12,97 %	5,75 %
CURRENT ASSETS	3.738.491	752.160	3.138.105	686.165	19,13 %	9,62 %
Stock	1.501.405	299.406	1.526.202	294.460	-1,62 %	1,68 %
Debtors	1.775.242	280.188	1.278.820	246.639	38,82 %	13,60 %
Cash flow	425.748	124.975	295.164	100.507	44,24 %	24,34 %
Another Current Asset	36.097	47.594	37.919	44.530	-4,80 %	6,88 %

	2013		2012		Change 2013 - 2012
	Company	Sector	Company	Sector	Company	Sector
NET ASSETS AND LIABILITIES	4.746.868	1.001.258	4.244.812	924.781	11,83 %	8,27 %
Net Worth	2.096.860	343.189	2.041.786	297.989	2,70 %	15,17 %
Capital and Share Premiums	120.220	76.949	120.220	74.149	0,00 %	3,78 %
Reserves	1.921.566	300.896	1.850.167	263.853	3,86 %	14,04 %
Other Net Assets	0	-32.739	0	-33.418		2,03 %
Financial Year Result	55.073	-1.890	71.399	-6.582	-22,87 %	71,29 %
NON-CURRENT LIABILITIES	0	154.778	4.643	156.127	-100,00 %	-0,86 %
Long-term debts incurred with companies of the group and affiliates	0	11.066	0	10.906		1,47 %
Other Long-term Debts	0	143.712	4.643	145.220	-100,00 %	-1,04 %
CURRENT LIABILITIES	2.650.008	503.291	2.198.383	470.664	20,54 %	6,93 %
Trade Creditors	2.645.671	352.486	2.136.109	326.887	23,85 %	7,83 %
Short-term debts incurred with companies of the group and affiliates	0	13.666	0	5.764		137,08 %
Short-term debts	4.337	137.140	62.274	138.013	-93,04 %	-0,63 %

	2013		2012		Change 2013 - 2012
	Company	Sector	Company	Sector	Company	Sector
Net total sales	4.044.685	1.209.396	3.869.874	1.093.479	4,52 %	10,60 %
+ Other Operating Income	0	11.096	0	11.376		-2,46 %
= OPERATING INCOMES	4.044.685	1.220.491	3.869.874	1.104.855	4,52 %	10,47 %
- Miscellaneous operating expenses	-576.817	-188.498	-442.903	-182.789	-30,24 %	-3,12 %
- Operating consumption	-2.634.422	-868.577	-2.468.374	-776.141	-6,73 %	-11,91 %
= COMPANY ADDED VALUE	833.446	163.416	958.597	145.924	-13,06 %	11,99 %
- Staff costs	-643.002	-137.358	-756.638	-129.356	15,02 %	-6,19 %
= GROSS OPERATING RESULT	190.444	26.058	201.958	16.568	-5,70 %	57,28 %
-Amortizaciones de Inmovilizado	-97.722	-12.201	-100.814	-13.427	3,07 %	9,13 %
- Turnover provisions variation	0	2	0	33		-94,66 %
+ Obsolescence and Results from Disposal of Fixed Assets and Others	-863	697	0	296		135,14 %
+ Other Results	10.063	2.310	2.326	7.439	332,67 %	-68,94 %
= OPERATING RESULT	101.921	16.809	103.470	10.835	-1,50 %	55,14 %
+ Financial income	424	2.974	1	3.859	53.556,96 %	-22,94 %
- Financial expenditure	-903	-16.013	-8.372	-15.977	89,21 %	-0,23 %
- Obsolescence and Variation of Financial Instruments	0	-131	0	-1.193		89,02 %
= RESULT BEFORE TAXES	101.442	3.639	95.099	-2.474	6,67 %	247,09 %
- Corporation tax	-46.369	-5.533	-23.700	-4.117	-95,65 %	-34,39 %
Fiscal year result from interrupted net of taxes operations	0	0	0	0
= FINANCIAL YEAR RESULT	55.073	-1.890	71.399	-6.591	-22,87 %	71,33 %

STATEMENT OF CHANGES IN NET WORTH

Trend of Net Worth

Total statement of changes in equity	2009 31/12/2009	2010 31/12/2010	2011 31/12/2011	2012 31/12/2012	2013 31/12/2013
Authorized	120.220	120.220	120.220	120.220	120.220
Reserves	1.491.327	1.633.163	1.755.215	1.850.167	1.921.566
Financial Year Result	141.836	122.052	94.953	71.399	55.073
Total	1.753.383	1.875.435	1.970.387	2.041.786	2.096.860

Statement of Changes in Net Worth

Source of data

Data is taken from the annual Profit and Loss Statement submitted by the company in its Annual Accounts for the fiscal year [ejercicio del balances].

Statement of Changes in Net Worth		TOTAL	TOTAL	TOTAL	TOTAL
I. Result in profit and loss account	528	120.220	1.755.215	94.953	1.970.387
A) BALANCE, AS OF END OF FISCAL YEAR 2011	511	0	0	0	0
I. Adjustments due to criteria changes in fiscal year 2011 and previous ones	512	0	0	0	0
II. Adjustments due to errors in fiscal year 2011 and previous ones	513	120.220	1.755.215	94.953	1.970.387
B) ADJUSTED BALANCE, AS OF BEGINNING OF FISCAL YEAR 2012	514	0	0	71.399	71.399
I. Result in profit and loss account	528	0	0	0	0
II. Income and expense acknowledged under net assets	530	0	0	0	0
1. Tax income deferred	527	0	0	0	0
2. Other income and expense acknowledged under net assets	529	0	0	0	0
III. Transactions with partners or owners	516	0	0	0	0
1.- Capital increases	517	0	0	0	0
2.- (-) Capital reductions	518	0	0	0	0
3.- Other transactions with partners or owners	526	0	94.953	-94.953	0
IV. Other net assets variations	524	0	0	0	0
1. Activity of Revaluation reserve	531	0	94.953	-94.953	0
2. Other variations	532	120.220	1.850.167	71.399	2.041.786
C) BALANCE, AS OF END OF FISCAL YEAR 2012	511	0	0	0	0
I. Adjustments due to criteria changes in fiscal year 2012	512	0	0	0	0
II. Adjustments due to errors in fiscal year 2012	513	120.220	1.850.167	71.399	2.041.786
D) ADJUSTED BALANCE, AS OF BEGINNING OF FISCAL YEAR 2013	514	NaN	0	55.073	55.073
II. Income and expense acknowledged under net assets	530	0	0	0	0
1. Tax income deferred	527	0	0	0	0
2. Other income and expense acknowledged under net assets	529	0	0	0	0
III. Transactions with partners or owners	516	0	0	0	0
1.- Capital increases	517	0	0	0	0
2.- (-) Capital reductions	518	0	0	0	0
3.- Other transactions with partners or owners	526	0	0	0	0
IV. Other net assets variations	524	0	71.399	-71.399	0
1. Activity of Revaluation reserve	531	0	0	0	0
2. Other variations	532	0	71.399	-71.399	0
E) BALANCE, AS OF END OF FISCAL YEAR 2013	525	120.220	1.921.566	55.073	2.096.860

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.

	Code	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.	61100	101.442	95.099	126.474	168.839	193.639
2. Results adjustments.	61200	98.202	109.185	118.632	127.243	143.253
a) Fixed Assets Amortization (+).	61201	97.722	100.814	107.325	115.892	122.556
g) Financial income (-).	61207	-424	-1	-7	-5	-46
h) Financial Expenses (+).	61208	903	8.372	11.314	11.356	20.743
3. Changes in current capital equity.	61300	-6.609	-49.031	-88.128	-423.800	133.385
a) Stock (+/-).	61301	24.797	405.569	-578.493	-81.364	-74.964
d) Debtors and other accounts receivable (+/-).	61302	-496.421	131.963	243.420	-140.994	113.218
c) Other current assets (+/-).	61303	1.822	-6.582	1.128	-12.953	2.244
d) Creditors and other accounts payable (+/-).	61304	463.193	-579.981	245.818	-188.489	92.888
4. Other cash flows for operating activities.	61400	-479	-8.371	-11.307	-11.351	-20.697
a) Interest payments (-).	61401	-903	-8.372	-11.314	-11.356	-20.743
c) Interest collection (+).	61403	424	1	7	5	46
5. Operating activity cash flows (1 + 2 + 3 + 4)	61500	192.555	146.883	145.671	-139.069	449.580
6. Payments for investment (-).	62100	-501	-1.425	-1.163	-640	-1.170
b) Intangible fixed assets.	62102	-501	-1.425	0	0	0
e) Other financial assets.	62105	0	0	-1.163	-640	-1.170
7. Divestment payment collection (+).	62200	98.831	97.484	55.105	108.530	112.794
b) Intangible fixed assets.	62202	0	0	0	3.228	4.783
c) Fixed assets.	62203	97.661	97.484	55.105	105.302	108.011
e) Other financial assets.	62205	1.170	0	0	0	0
8. Investment activity cash flows (6 + 7) minus Amortization	62300	608	-4.755	-53.383	-8.002	-10.932
9. Payment collection and payments for equity instruments.	63100	0	0	0	0	0
a) Issuance of equity instruments (+).	63101	0	0	0	0	0
10. Payment collection and payments for financial liabilities instruments.	63200	-62.579	-136.527	-62.171	-120.789	-139.998
a) Issuance	63201	0	1.705	52.884	726	0
2. Debts incurred with credit institutions (+).	63203	0	0	52.884	0	0
5. Other debts (+).	63206	0	1.705	0	726	0
b) Repayment and amortization of	63207	-62.579	-138.232	-115.056	-121.514	-139.998
2. Debts incurred with credit institutions (-).	63209	0	-54.589	0	0	-3.880
4. Special characteristic debts (-).	63211	-58.896	-83.004	-113.752	-120.158	-134.497
5. Other debts (-).	63212	-3.683	-638	-1.303	-1.356	-1.622
11. Payments from dividends and remunerations from other assets instruments.	63300	0	0	0	0	0
12. Cash flows for financing activities (9+10+11).	63400	-62.579	-136.527	-62.171	-120.789	-139.998
D) EFFECT OF EXCHANGE RATE CHANGES	64000	0	0	0	0	0
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D)	65000	130.584	5.601	30.117	-267.859	298.650
Cash or equivalent assets as of beginning of the fiscal year.	65100	295.164	289.563	259.447	527.306	228.656
Cash or equivalent assets as of end of the fiscal year.	65200	425.748	295.164	289.563	259.447	527.306

AUDITORIAS DE CUENTAS ANUALES

Financial Year	Auditor's Company	Audit Date	Result	Audit Cost	Other Services	Cost of other Services
2007	SICET SERVICIOS INTEGRALES SL	28/06/2008

REGISTRY DATA

Mercantile Registry:	MADRID
Register Data:	8 Hoja Registral: 143218
Date of formation:	23/12/1994
Corporate Purpose published in the Borme:	COMERCIO MAYOR DE VESTUARIO Y ACCESORIOS DE PROTECCION LABORAL. EL DESARROLLO DE LAS ACTIVIDADES DE COMERCIO AL POR MAYOR Y DETALLISTA DE VESTUARIO Y ACCESORIOS DE PROTECCIÓN LABORAL, ASÍ COMO CONFECCIÓN, TRANSFORMACIÓN, MARCAJE Y ESTAMPACIÓN DE PRENDAS DE VESTUARIO Y ACCESORIOS DE PROTECCIÓN LABORAL . FECHA DE PUBLICACION 10/07/2014
Registered Office:	PASEO DE LAS FLORES, 16.  -COSLADA-   MADRID
Auditor  / Auditing Firm  / Year:	ESTGER ESTEVEZ RODRIGUEZ  /  SICET SERVICIOS INTEGRALES SL  /  2007
Audit Opinion:	28/06/2008
Auditing Firm fees:	NaN Euros

CHRONOLOGICAL SUMMARY

Note:    Important       Very Important

1995	Appointments/ Re-elections (2) Company Formation (1)
1996	Accounts deposit (ejer. 1995)
1997	Accounts deposit (ejer. 1996)
1998	Accounts deposit (ejer. 1997) Adaptation to Law (1) Appointments/ Re-elections (1)
1999	Accounts deposit (ejer. 1998) Change of Social address (1)
2000	Accounts deposit (ejer. 1999)
2001	Accounts deposit (ejer. 2000)
2002	Accounts deposit (ejer. 2001)
2004	Accounts deposit (ejer. 2002, 2003)
2005	Accounts deposit (ejer. 2004) Increase of Capital (1)
2006	Accounts deposit (ejer. 2005)
2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (1)
2009	Accounts deposit (ejer. 2007, 2008)
2010	Accounts deposit (ejer. 2009)
2011	Accounts deposit (ejer. 2010)
2012	Accounts deposit (ejer. 2011)
2013	Accounts deposit (ejer. 2012)
2014	Accounts deposit (ejer. 2013) Change of Social Purpose (1) Take-over Merger (2)

MAIN HISTORIC CHANGES

Concept	Publication	Act	Date
Corporate Purpose Changes:	COMERCIO MAYOR DE VESTUARIO Y ACCESORIOS DE PROTECCION LABORAL.	Company Formation	30/01/1995

BREAKDOWN OF OWNERS EQUITY

Current Notarised Capital:	120.220   EUROS
Current Paid-up Capital:	120.220   EUROS

UPDATED EVOLUTION OF THE SUBSCRIBED AND PAID-IN CAPITAL

Inscription date	Type of Registration	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
18/10/2005	Increase of Capital	117.214,5€	117.214,5€	120.220€	120.220€
16/01/1995	Company Formation	3.005,06€	3.005,06€	3.005,06€	3.005,06€

ACTIVE SOCIAL BODIES

Órganos Sociales Activos - Total: 4

Cargo publicado	Nombre Órgano Social	Fecha Nombramiento	Otros Cargos en esta Sociedad
SINGLE ADMINISTRATOR	JOSE ANTONIO CABEZAS RUIZ	07/05/1998	2
PROXY	SAGRARIO MORENO ARROYO	17/05/1995	1
PROXY	JOSE MIGUEL VALDEZ CABEZAS	17/05/1995	1
ACCOUNTS' AUDITOR / HOLDER	SICET SERVICIOS INTEGRALES SOCIEDAD LIMITADA UNIPERSONAL	11/06/2007	1

EXECUTIVE BOARD

Post	Name
MANAGING DIRECTOR:	JOSE  CABEZAS
FINANCIAL DIRECTOR:	ANGEL  ALARCO

VINCULACIONES Y ANALISIS DE LA INFLUENCIA

Summary of business environment influence:

PROBABILITY OF DEFAULT

	TOTAL	Maximum	High	Moderate	Minimal	Unclassified
Shareholders	2					2
Companies' split-ups, takeovers and mergers	1	1
Other relations	1	1

Full description of business environment influence :

Shareholders

Entity	Capital share	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
JOSE ANTONIO CABEZAS RUIZ	50 %
SAGRARIO MORENO ARROYO	50 %

  Companies' split-ups, takeovers and mergers

  Taken over companies

Entity	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
VESTUARIO LABORAL RAYSER SL	TERMINATION BY TAKEOVER MERGER	SMALL	0.48	14.00	0.07	Máximo

  Other relations

Entity	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
VESTUARIO LABORAL RAYSER SL	TERMINATION BY TAKEOVER MERGER	SMALL	0.48	14.00	0.07	Máximo

INFORMACION MEDIOAMBIENTAL

In the Memory of this company corresponding to the year 2009 there are no of investments intended for the protection of the Environment during such fiscal year

SECTORS OF INTEREST THAT HAVE CONSULTED THIS ENTERPRISE

Sector	2003 (7)	2004 (12)	2005 (13)	2006 (9)	2007 (16)	2008 (25)	2009 (58)	2010 (26)	2011 (15)	2012 (9)	2013 (21)	2014 (33)	2015 (5)
MISCELLANEOUS SECTORS		2	4		2	11	44	13				2
INSURANCE AND FINANCIAL SERVICES	2		4	2	10	11	2	4		2	4	9	2
WHOLESALERS AND MIDDLEMEN		2		2					6	1	8	6
TEXTILE, TAILORING, FURRIERY AND FOOTWARE			2			2		3	6	1	1	1
AUDITORS, ECONOMISTS AND CONSULTANTS		3							2	2	4	4
MARKETING/PUBLICITY AND PUBLIC RELATIONS								2	1	1	4	5	1
PRODUCTION OF MATERIALS AND RAW MATERIALS							10
TRADE REPORTS	1				2	1		2
RETAIL DEALERS- COMMERCIAL ESTABLISHMENTS					2							2	2
PRESS, EDITORIAL AND NEWS AGENCIES				5
COMPUTER SCIENCE, OFFIMATIC AND ELECTRONIC		3
PUBLIC ADMINISTRATION	2
GRAPHIC ARTS, EDITION, REPRODUCTION	2
AGENCIES AND CONSULTANCIES										2
TRANSPORT AND GOODS												2
VEHICLES, SPARE PARTS AND ACCESSORIES								2
E-COMMERCE			2
CHEMISTRY		2
MANUFACTURE, REPAIR AND RENT OF CONSUMER GOODS							2
INDIVIDUALS												2
INVESTIGATORS/BAD DEBTS CHARGE/SECURITY			1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.91.06
Euro	1	Rs.66.16

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ANK

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.