MIRA INFORM REPORT

Report No. :	336002
Report Date :	17.08.2015

IDENTIFICATION DETAILS

Name :	HIJOS DE RAFAEL DIAZ SOCIEDAD ANONIMA

Registered Office :	Ctra Ciudad Rodrigo S/N - Bejar - 37700 - Salamanca

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	22.06.1953

Legal Form :	Public Company

Line of Business :	Weaving of textiles.

No. of Employee :	Not Available

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 :	Unknown

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Spain

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

SPAIN ECONOMIC OVERVIEW

After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment strained 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 2010, but Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, 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 more than 97% in 2014.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms - aimed at supporting investor sentiment - have become overshadowed by political activity in 2015 in anticipation of the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA
EXECUTIVE SUMMARY

Name:

HIJOS DE RAFAEL DIAZ SOCIEDAD ANONIMA

NIF / Fiscal code:

A37002185

Status:

ACTIVE

Incorporation Date:

22/06/1953

Register Data

Last Publication in BORME:

02/08/2013 [Reelections]

Last Published Account Deposit:

2012

Share Capital:

901.518,16

Localization:

CTRA CIUDAD RODRIGO S/N - BEJAR - 37700 - SALAMANCA

Telephone - Fax - Email - Website:

Telephone. 923 400 856

Activity:

NACE:

1320 - Weaving of textiles

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

1 for a total cost of 0,00

Subsidies:

10 for a total cost of 409157.92000000004

Quality Certificate:

Default Risk:

1.720%

Payment Behaviour:

According to the agreed terms

Prospects:

Consolidation

Industry situation:

Maturity

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:

CARTERA TEXTIL SOCIEDAD ANONIMA

50.98 %

AMPARO DIAZ HERNANDEZAGERO

24.51 %

CRISTINA SANTOS RUIZ GARCIA MORALES

5.47 %

EDUARDO SANTOS RUIZ GARCIA MORALES

5.47 %

MARIA CARMEN DIAZ HERNANDEZ AGERO

2.63 %

MARIA SANTOS RUIZ GARCIA MORALES

5.47 %

MARTA SANTOS RUIZ GARCIA MORALES

5.47 %

Identification

Social Denomination:

HIJOS DE RAFAEL DIAZ SOCIEDAD ANONIMA

NIF / Fiscal code:

A37002185

Corporate Status:

ACTIVE

Start of activity:

1966

Registered Office:

CTRA CIUDAD RODRIGO S/N

Locality:

BEJAR

Province:

SALAMANCA

Postal Code:

37700

Telephone:

923 400 856

Fax:

923 400 938

Branch Offices

Activity

NACE:

1320

CNAE Obtaining Source:

1320

Additional Information:

Dedicated to the manufacturing of textiles and dressmaking.

Additional Address:

- CTRA CIUDAD RODRIGO S/N, 37700-BEJAR (SALAMANCA), where its headquarter and offices are registered as well as its dependencies which are attributed to property.

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1990

Accounts deposit (year 1989)

1991

Accounts deposit (year 1990) Adaptation to Law (1) Appointments/ Re-elections (1) Increase of Capital (1) Statutory Modifications (1)

1992

Accounts deposit (year 1991)

1993

Accounts deposit (year 1992) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)

1996

Accounts deposit (year 1995) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1997

Accounts deposit (year 1996)

1998

Accounts deposit (year 1997) Appointments/ Re-elections (1)

1999

Accounts deposit (year 1998)

2000

Accounts deposit (year 1999)

2001

Accounts deposit (year 2000)

2002

Accounts deposit (year 2001)

2003

Accounts deposit (year 2002) Appointments/ Re-elections (1)

2004

Accounts deposit (year 2003) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2006

Accounts deposit (year 2005)

2007

Accounts deposit (year 2006)

2008

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

2009

Accounts deposit (year 2007, 2008)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010)

2013

Accounts deposit (year 2011, 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

901.518,16

Paid up capital:

901.518,16

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

18/03/1991

Increase of Capital

681.548

901.518

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

SANTOS-RUIZ DIAZ EDUARDO

24/07/2013

MEMBER OF THE BOARD

SANTOS-RUIZ DIAZ EDUARDO

24/07/2013

GOMEZ GOMEZ JOSE

24/07/2013

DIAZ-SALGADO DIAZ RAFAEL

24/07/2013

DIAZ HERNANDEZ AGERO MARIA AMPARO

22/07/2008

DIAZ HERNANDEZ AGERO MARIA CARMEN

11/08/2003

COMBINED PROXY

GOMEZ GOMEZ JOSE

01/06/1993

JOINT ATTORNEY

SANTOS RUIZ DIAZ EDUARDO

01/06/1993

JOINT ATTORNEY/COMBINED PROXY

RODRIGUEZ RODILLA VICENTE ALBERTO

02/04/2004

NON CONSELLOR SECRETARY

RODRIGUEZ IZCARA DOLORES ELENA

24/07/2013

ACCOUNTS' AUDITOR / HOLDER

ESPAUDIT GABINETE AUDITORIA SAP

28/11/2008

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AL SERVICIO INDUSTRIA TEXTIL LANERA

PROXY

01/06/1993

ALONSO MARTIN AGAPITO

COMBINED PROXY

02/04/2004

MEMBER

31/05/1993

PROXY

01/06/1993

APARICIO CASCON JUAN JOSE

PROXY

01/06/1993

BANCO HISPANO AMERICANO SA

PROXY

01/06/1993

CALLEJO SANZ JUAN CARLOS

SECRETARY (NON MEMBER)

28/11/1995

DIAZ APARICIO RAFAEL

PRESIDENT

31/05/1993

PROXY

01/06/1993

DIAZ HERNANDEZ AGERO MARIA AMPARO

MEMBER

24/11/1998

MEMBER OF THE BOARD

11/08/2003

MEMBER OF THE BOARD

22/07/2008

DIAZ HERNANDEZ AGERO MARIA CARMEN

MEMBER OF THE BOARD

11/08/2003

MEMBER

24/11/1998

DIAZ HERNANDEZ-AGERO MARIA AMPARO

MEMBER OF THE BOARD

24/07/2013

DIAZ HERNANDEZ-AGERO MARIA DEL CARMEN

MEMBER OF THE BOARD

24/07/2013

DIAZ SALGADO DIAZ RAFAEL

MEMBER OF THE BOARD

11/08/2003

MEMBER OF THE BOARD

22/07/2008

MEMBER

31/05/1993

MEMBER

24/11/1998

DIAZ SALGADO JOSE ANTONIO

SECRETARY

31/05/1993

PROXY

01/06/1993

DIAZ-SALGADO DIAZ RAFAEL

MEMBER OF THE BOARD

24/07/2013

ESPAUDIT GABINETE AUDITORIA SAP

ACCOUNTS' AUDITOR / HOLDER

28/11/2008

FRANCES VILLARAN MANUEL

PROXY

01/06/1993

MEMBER

31/05/1993

GABINETE AUDITORIA SA

ACCOUNTS' AUDITOR / HOLDER

28/11/2008

GOMEZ GOMEZ JOSE

MEMBER OF THE BOARD

22/07/2008

MEMBER OF THE BOARD

24/07/2013

HERNANDEZ AGERO RODRIGUEZ MARIA

MEMBER

31/05/1993

MENDO COBO JOSE LUIS

ACCOUNTS' AUDITOR / HOLDER

18/11/1996

NIETO HERNANDEZ PASCUAL

PROXY

01/06/1993

RODRIGUEZ IZCARA DOLORES ELENA

SECRETARY

24/11/1998

SECRETARY

11/08/2003

SECRETARY

22/07/2008

NON CONSELLOR SECRETARY

24/07/2013

RODRIGUEZ PEÑAS ANTONIO

ACCOUNTS' AUDITOR / HOLDER

18/11/1996

RUIZ SANTIAGO CANDIDO

MEMBER

31/05/1993

PROXY

01/06/1993

SANTOS RUIZ ANGEL

MEMBER OF THE BOARD

11/08/2003

MEMBER OF THE BOARD

01/08/2005

MEMBER

31/05/1993

MEMBER

24/11/1998

SANTOS RUIZ DIAZ EDUARDO

PRESIDENT

24/11/1998

PRESIDENT

11/08/2003

MEMBER

31/05/1993

PRESIDENT

22/07/2008

SANTOS-RUIZ DIAZ EDUARDO

PRESIDENT

24/07/2013

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

JOSE GOMEZ

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 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.

Related companies without judicial claims . Neither judicial, administrative claims nor serious actions against companies related to the entity have been published in BORME, which indicates a tendency to meet their obligations.

It participates in other companies, a fact that allows it to diversify not only its activity but also the risk assumed by the legal entity, as well as enjoy the competitive advantages of such participation.

It is linked to companies of different sizesmicro-enterprises and SMEs, a fact that may positive affect to operations support and the use of synergies between companies.

Its annual accounts has been submitted regularly since the beginning of its activities; however, there have been no more deposits since fiscal year 2012.

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.

The path traveled by the entity has highlighted the lack of stability in corporate bodies .

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

Proceedings before the Industrial Tribunal

No se han publicado

Link List

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

7 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

CARTERA TEXTIL SOCIEDAD ANONIMA

MADRID

50.98

AMPARO DIAZ HERNANDEZAGERO

24.51

CRISTINA SANTOS RUIZ GARCIA MORALES

5.47

EDUARDO SANTOS RUIZ GARCIA MORALES

5.47

MARIA CARMEN DIAZ HERNANDEZ AGERO

2.63

MARIA SANTOS RUIZ GARCIA MORALES

5.47

MARTA SANTOS RUIZ GARCIA MORALES

5.47

PARTICIPATES IN

HILATURAS BEJAR SA

SALAMANCA

99.99

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

HILATURAS BEJAR SA

SALAMANCA

Turnover

Total Sales 2014

3.500.000,00

The sales data is from the latest available financial statements in axesor. Failing that, are estimates data calculated by statistical methods.

Estimated Balance

Economical figures for the YEAR 2014 in thousand euros: ASSETS Non-current asset 1.700,00 Current asset 3.300,00 LIABILITIES Social Capital 900,00 Non-current liabilities 300,00 Current liabilities 2.600,00 Estimated total liabilities and net assets thousand euros 5.000,00

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

August 2013

2011

Normales

January 2013

2010

Normales

September 2011

2009

Normales

October 2010

2008

Normales

October 2009

2007

Normales

February 2009

2006

Normales

October 2007

2005

Normales

July 2006

2004

Normales

July 2005

2003

Normales

August 2004

2002

Normales

July 2003

2001

Normales

August 2002

2000

Normales

August 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

July 1997

1996

Normales

July 1997

1995

Normales

July 1996

1994

Normales

July 1995

1993

Normales

July 1994

1992

Normales

July 1993

1991

Normales

July 1992

1990

Normales

July 1991

1989

Normales

July 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 Abreviado 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. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

1.983.875,00

2.089.276,00

2.120.841,00

2.086.610,00

2.085.192,00

I. Intangible fixed assets : 11100

0,00

69.916,00

70.351,00

436,00

333,00

II. Tangible fixed assets : 11200

501.533,00

537.818,00

568.947,00

604.632,00

605.066,00

III. Real estate investment: 11300

0,00

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

1.479.755,00

V. Long-term financial investments: 11500

2.588,00

1.788,00

38,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

3.087.510,00

3.583.844,00

4.101.200,00

3.253.756,00

3.262.645,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

230.449,00

169.716,00

140.335,00

169.881,00

225.290,00

III. Trade debtors and others receivable accounts: 12300

1.530.233,00

2.065.650,00

2.452.255,00

1.559.836,00

1.737.962,00

1.- Customers for sales and provisions of services : 12380

865.223,00

1.786.011,00

2.060.388,00

1.433.982,00

1.637.245,00

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

0,00

b) Customers for sales and provisions of services : 12382

0,00

1.786.011,00

2.060.388,00

1.433.982,00

0,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

665.010,00

279.639,00

391.867,00

125.855,00

100.717,00

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

0,00

V. Short-term financial investments : 12500

1.319.275,00

1.282.959,00

1.497.614,00

1.282.959,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

7.553,00

29.203,00

225.651,00

26.424,00

16.434,00

TOTAL ASSETS (A + B) : 10000

5.071.385,00

5.673.119,00

6.222.041,00

5.340.366,00

5.347.837,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

2.522.956,00

2.477.512,00

2.548.950,00

2.410.752,00

2.190.670,00

A1) Shareholders' equity : 21000

2.399.834,00

2.384.532,00

2.359.085,00

2.313.867,00

2.188.917,00

I. Capital: 21100

900.000,00

1.- Registered capital: 21110

900.000,00

0,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.607.848,00

1.528.148,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-123.316,00

-148.763,00

-193.981,00

-310.605,00

-413.605,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

15.301,00

25.447,00

45.218,00

116.624,00

174.374,00

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

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

123.122,00

92.980,00

189.865,00

96.885,00

1.753,00

B) NON-CURRENT LIABILITIES: 31000

101.844,00

140.774,00

219.995,00

244.554,00

113.844,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

60.803,00

109.781,00

219.995,00

212.259,00

100.000,00

1.- Amounts owed to credit institutions: 31220

60.803,00

109.781,00

156.707,00

212.259,00

100.000,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

0,00

63.288,00

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

41.041,00

30.993,00

0,00

32.295,00

13.844,00

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

2.446.586,00

3.054.834,00

3.453.096,00

2.685.060,00

3.043.323,00

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

0,00

II. Short-term provisions: 32200

366.169,00

370.788,00

375.288,00

306.704,00

127.213,00

III. Short-term creditors : 32300

672.913,00

731.700,00

345.314,00

1.383.324,00

458.110,00

1.- Amounts owed to credit institutions: 32320

672.913,00

731.700,00

345.314,00

1.383.324,00

456.530,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

0,00

1.580,00

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

0,00

V. Trade creditors and other accounts payable: 32500

682.585,00

1.952.346,00

2.732.494,00

995.032,00

2.458.000,00

1.- Suppliers: 32580

396.147,00

337.320,00

802.454,00

383.143,00

500.854,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

0,00

337.320,00

802.454,00

383.143,00

0,00

2.- Other creditors : 32590

286.438,00

1.615.025,00

1.930.040,00

477.843,00

1.742.303,00

VI. Short-term accruals: 32600

724.919,00

0,00

VII. Special short-term debts : 32700

0,00

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

5.071.385,00

5.673.119,00

6.222.041,00

5.340.366,00

5.347.837,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

4.179.944,00

5.238.856,00

5.035.793,00

4.641.573,00

5.748.769,00

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

48.228,00

26.858,00

-28.051,00

-51.739,00

-7.577,00

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

0,00

4. Supplies : 40400

-2.735.035,00

-3.764.475,00

-3.421.297,00

-2.777.070,00

-3.675.656,00

5. Other operating income: 40500

3.600,00

0,00

2.628,00

875,00

6. Personnel costs: 40600

-940.624,00

-994.974,00

-1.009.830,00

-1.003.735,00

-1.276.784,00

7. Other operating costs: 40700

-370.820,00

-406.421,00

-429.356,00

-797.588,00

-437.677,00

8. Amortisation of fixed assets: 40800

-149.087,00

-31.563,00

-35.906,00

-40.225,00

-72.363,00

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

73.258,00

0,00

223.537,00

38.907,00

10. Excess provisions : 41000

0,00

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

0,00

-3.167,00

0,00

8.936,00

-760,00

12. Negative difference in combined businesses: 41200

0,00

2.281,00

0,00

13. Other results : 41300

0,00

-22.637,00

-14.421,00

0,00

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

109.464,00

44.757,00

96.932,00

206.317,00

317.734,00

14. Financial income : 41400

255,00

43.630,00

10.587,00

0,00

24.499,00

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

0,00

b) Other financial income: 41490

0,00

43.630,00

10.587,00

0,00

24.499,00

15. Financial expenditure: 41500

-89.416,00

-59.304,00

-54.583,00

-89.693,00

-138.472,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-5.001,00

0,00

-3.880,00

0,00

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

0,00

-3.838,00

0,00

-5.596,00

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

B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19) : 49200

-94.162,00

-15.675,00

-51.714,00

-89.693,00

-119.569,00

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

15.301,00

29.082,00

45.218,00

116.624,00

198.165,00

20. Income taxes: 41900

0,00

-3.635,00

0,00

-23.791,00

D) RESULT OF THE PERIOD (C + 20) : 49500

15.301,00

25.447,00

45.218,00

116.624,00

174.374,00

> 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. 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:

1.983.875,00

2.089.276,00

2.120.841,00

2.086.610,00

2.085.192,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

69.916,00

70.351,00

436,00

333,00

1. Research and development costs:

0,00

69.916,00

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

0,00

333,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

70.351,00

436,00

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

501.533,00

537.818,00

568.947,00

604.632,00

605.066,00

1. Land and construction:

0,00

355.926,00

369.815,00

392.714,00

369.471,00

2. Technical installations and machinery:

0,00

161.280,00

176.567,00

187.904,00

208.898,00

3. Other installations, tools and furniture:

0,00

13.112,00

14.355,00

15.276,00

16.983,00

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

0,00

5. Other tangible assets:

0,00

7.499,00

8.210,00

8.737,00

9.713,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

1.482.342,00

1.481.542,00

1.481.543,00

1.481.542,00

1.479.793,00

1. Equity investments in group companies:

1.480.554,00

1.479.755,00

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:

1.789,00

1.788,00

38,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

0,00

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:

3.087.510,00

3.583.844,00

4.101.200,00

3.253.756,00

3.262.645,00

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

0,00

II. Stocks:

230.449,00

169.716,00

140.335,00

169.881,00

225.290,00

1. Goods for resale:

0,00

140.335,00

0,00

225.290,00

2. Raw materials and other consumables:

13.751,00

10.127,00

0,00

9.098,00

0,00

3. Goods in process and semifinished ones:

158.190,00

116.501,00

0,00

101.002,00

0,00

4. Finished products:

58.508,00

43.089,00

0,00

59.781,00

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

1.530.233,00

2.065.650,00

2.452.255,00

1.559.836,00

1.737.962,00

1. Trade debtors / accounts receivable:

1.323.076,00

1.786.011,00

2.060.388,00

1.433.982,00

1.637.245,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

110.106,00

148.632,00

135.144,00

106.260,00

0,00

5. Staff:

0,00

20.000,00

40.000,00

6. Public bodies:

97.050,00

131.007,00

256.723,00

-406,00

60.717,00

7. Provisions:

0,00

IV. Short-term investments:

1.319.275,00

1.508.610,00

1.497.614,00

1.282.959,00

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:

1.319.275,00

1.508.610,00

1.282.959,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

0,00

214.655,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

7.553,00

29.203,00

0,00

26.424,00

16.434,00

VII. Prepayments and accrued income:

0,00

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

5.071.385,00

5.673.119,00

6.222.041,00

5.340.366,00

5.347.837,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

2.399.834,00

2.412.426,00

2.416.045,00

2.342.933,00

2.189.443,00

I. Subscribed capital:

900.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.607.848,00

1.635.742,00

1.664.808,00

1.636.914,00

1.528.674,00

1. Legal reserve:

177.229,00

180.304,00

0,00

180.304,00

1.528.148,00

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:

1.430.619,00

1.455.439,00

1.664.808,00

1.456.610,00

526,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

-123.316,00

-148.763,00

-193.981,00

-310.605,00

-413.605,00

1. Retained earnings:

0,00

2. Prior year losses:

-123.316,00

-148.763,00

-193.981,00

-310.605,00

-413.605,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

15.301,00

25.447,00

45.218,00

116.624,00

174.374,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

123.122,00

65.086,00

132.906,00

67.820,00

1.227,00

1. Capital grants:

123.122,00

65.086,00

132.906,00

67.820,00

1.227,00

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:

101.844,00

140.774,00

219.995,00

244.554,00

113.844,00

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:

60.803,00

109.781,00

156.707,00

212.259,00

100.000,00

1. Loans and other liabilities:

60.803,00

109.781,00

156.707,00

212.259,00

100.000,00

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:

41.041,00

30.993,00

63.288,00

32.295,00

13.844,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

63.288,00

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

41.041,00

30.993,00

0,00

32.295,00

13.844,00

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:

2.446.586,00

3.054.834,00

3.453.096,00

2.685.060,00

3.043.323,00

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:

672.913,00

731.700,00

345.314,00

1.383.324,00

456.530,00

1. Loans and other liabilities:

672.913,00

731.700,00

345.314,00

1.383.324,00

456.530,00

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

-213.969,00

1. Amounts owed to group companies:

0,00

-213.969,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

682.585,00

691.242,00

2.526.534,00

848.155,00

1.091.552,00

1. Advanced payments from customers:

0,00

1.472.212,00

134.045,00

214.843,00

2. Amounts owed for purchases of goods or services:

396.147,00

691.242,00

1.054.322,00

714.110,00

876.709,00

3. Debts represented by notes payable:

286.438,00

0,00

V. Other creditors:

0,00

1.261.103,00

205.960,00

146.876,00

1.581.997,00

1. Public bodies:

0,00

228.952,00

187.621,00

129.497,00

1.559.184,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

1.580,00

4. Wages and salaries payable:

0,00

1.032.151,00

18.339,00

17.379,00

21.233,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

366.169,00

370.788,00

375.288,00

306.704,00

127.213,00

VII. Prepayments and accrued income:

724.919,00

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

5.071.385,00

5.673.119,00

6.222.041,00

5.340.366,00

5.347.837,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

4.241.755,00

5.259.319,00

5.001.162,00

4.760.050,00

5.638.676,00

A.1. Operating consumption:

2.686.807,00

3.737.617,00

3.449.348,00

2.828.809,00

3.683.233,00

A.2. Staff Costs:

940.624,00

994.974,00

1.009.830,00

1.003.735,00

1.276.784,00

a) Wages, salaries et al.:

763.479,00

807.593,00

811.891,00

803.425,00

1.034.971,00

b) Social security costs:

177.146,00

187.381,00

197.939,00

200.310,00

241.813,00

A.3. Depreciation expense:

149.087,00

31.563,00

35.906,00

40.225,00

72.363,00

A.4. Variation of trade provisions and losses of unrecovered receivables:

0,00

A.5. Other operating charges:

370.820,00

406.421,00

429.356,00

797.588,00

437.677,00

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

36.205,00

68.280,00

111.353,00

0,00

279.587,00

A.6. Financial and similar charges:

89.416,00

59.304,00

58.421,00

89.693,00

144.068,00

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:

89.416,00

59.304,00

54.583,00

89.693,00

138.472,00

d) Losses from financial investments:

0,00

3.838,00

0,00

5.596,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

5.001,00

0,00

3.880,00

0,00

A.II. POSITIVE FINANCIAL RESULTS (B.2+B.3-A.6-A.7-A.8):

0,00

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

0,00

52.605,00

59.639,00

0,00

160.018,00

A.9. Changes in provisions for intangible, tangible and securities portfolio:

0,00

A.10. Losses from tangible and intangible fixed assets and portfolio:

0,00

3.167,00

0,00

760,00

A.11. Losses from transactions with own shares and debentures:

0,00

A.12. Extraordinary expenses:

0,00

22.637,00

14.421,00

0,00

A.13. Prior year expenses and losses:

0,00

A.IV. EXTRAORDINARY PROFIT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13):

73.258,00

0,00

223.537,00

38.147,00

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

15.301,00

29.082,00

45.218,00

107.688,00

198.165,00

A.14. Corporation Tax:

0,00

3.635,00

0,00

23.791,00

A.15. Miscellaneous taxes:

0,00

A.VI. FINANCIAL YEAR RESULT (PROFIT) (A.V-A.14-A.15):

15.301,00

25.447,00

45.218,00

107.688,00

174.374,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

B) INCOME ( B.1 to B.8):

4.257.056,00

5.284.766,00

5.046.380,00

4.867.737,00

5.813.050,00

B.1. Operating income:

4.183.544,00

5.238.856,00

5.035.793,00

4.644.201,00

5.749.644,00

a) Net total sales:

4.179.944,00

5.238.856,00

5.035.793,00

4.641.573,00

5.748.769,00

b) Miscellaneous operating income:

3.600,00

0,00

2.628,00

875,00

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

0,00

26.156,00

0,00

B.2. Financial income:

255,00

43.630,00

10.587,00

0,00

24.499,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

255,00

43.630,00

10.587,00

0,00

24.499,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

B.II. NEGATIVE FINANCIAL RESULTS (A.6+A.7+A.8-B.2-B.3):

94.162,00

15.675,00

51.714,00

89.693,00

119.569,00

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

57.957,00

0,00

115.849,00

0,00

B.4. Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

B.5. Profit on transactions with own shares and debentures:

0,00

B.6. Capital grants transferred to profit and loss:

73.258,00

0,00

223.537,00

38.907,00

B.7. Extraordinary income:

0,00

2.281,00

0,00

B.8. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8):

0,00

23.523,00

14.421,00

0,00

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

0,00

B.VI. FINANCIAL YEAR RESULTS (LOSSES) (B.V+A.14+A.15):

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

15.301,00

29.082,00

45.218,00

116.624,00

198.164,00

2. Results adjustments.: 61200

233.629,00

137.350,00

128.885,00

55.204,00

108.826,00

a) Fixed Assets Amortization (+).: 61201

149.087,00

31.563,00

35.906,00

40.225,00

72.363,00

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

0,00

74.783,00

92.123,00

228.960,00

76.241,00

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

-4.620,00

0,00

3.836,00

0,00

d) Allocation of grants (-).: 61204

0,00

-223.537,00

-38.907,00

g) Financial income (-).: 61207

-255,00

-37.538,00

0,00

h) Financial Expenses (+). : 61208

89.416,00

81.941,00

0,00

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

0,00

-8.373,00

0,00

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

0,00

-5.026,00

-2.980,00

9.556,00

-871,00

3. Changes in current capital equity.: 61300

-70.158,00

-81.161,00

-49.646,00

-234.638,00

-8.308,00

a) Stock (+/-).: 61301

-60.733,00

-29.382,00

29.546,00

55.409,00

11.814,00

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

535.417,00

329.142,00

-776.412,00

55.427,00

390.687,00

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

0,00

-36.316,00

63.378,00

-214.655,00

344.505,00

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

-1.269.761,00

-344.606,00

602.849,00

-328.761,00

-741.470,00

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

724.919,00

0,00

179.491,00

-13.844,00

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

0,00

30.993,00

18.451,00

0,00

4. Other cash flows for operating activities.: 61400

-89.162,00

-83.798,00

0,00

a) Interest payments (-). : 61401

-89.416,00

37.538,00

0,00

c) Interest collection (+). : 61403

255,00

-81.941,00

0,00

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

0,00

-39.395,00

0,00

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

89.612,00

1.473,00

124.457,00

-62.810,00

298.682,00

6. Payments for investment (-).: 62100

-800,00

-434,00

-70.137,00

-39.458,00

-277.375,00

b) Intangible fixed assets. : 62102

0,00

-69.916,00

0,00

c) Fixed assets. : 62103

0,00

-434,00

-221,00

-39.458,00

-277.375,00

e) Other financial assets. : 62105

-800,00

0,00

7. Divestment payment collection (+). : 62200

106.200,00

0,00

b) Intangible fixed assets. : 62202

69.916,00

0,00

c) Fixed assets. : 62203

36.284,00

0,00

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

-43.687,00

-434,00

-70.137,00

-39.458,00

-277.375,00

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

30.143,00

-96.885,00

0,00

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

0,00

8.326,00

2.531,00

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

30.143,00

-96.885,00

0,00

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

-97.717,00

-100.602,00

144.906,00

112.259,00

-18.855,00

a) Issuance : 63201

10.048,00

0,00

112.259,00

0,00

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

0,00

112.259,00

0,00

5. Other debts (+). : 63206

10.048,00

0,00

b) Repayment and amortization of : 63207

-107.764,00

-100.602,00

144.906,00

0,00

-18.855,00

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

-107.764,00

-100.602,00

144.906,00

0,00

-18.855,00

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

0,00

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

-67.574,00

-197.487,00

144.906,00

112.259,00

-18.855,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-21.649,00

-196.448,00

199.226,00

9.991,00

2.452,00

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

29.203,00

225.651,00

26.425,00

16.434,00

13.982,00

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

7.553,00

29.203,00

225.651,00

26.425,00

16.434,00

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 %

0,17 %

-0,04 %

0,00 %

86,19 %

EBITDA over Sales:

4,43 %

7,58 %

1,91 %

10,07 %

132,60 %

-24,77 %

Cash Flow Yield:

0,00 %

0,04 %

-0,03 %

0,00 %

87,67 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

4,82 %

0,51 %

2,35 %

6,90 %

105,54 %

-92,56 %

Total economic profitability:

2,06 %

-0,03 %

1,56 %

4,13 %

32,53 %

-100,66 %

Financial profitability:

0,64 %

-3,94 %

1,07 %

5,87 %

-40,25 %

-167,19 %

Margin:

2,62 %

0,94 %

1,29 %

6,36 %

103,40 %

-85,21 %

Mark-up:

0,37 %

-6,14 %

0,99 %

4,71 %

-62,95 %

-230,25 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,16

0,01

0,11

-66,63

46,64

Acid Test:

1,37

0,86

1,27

0,83

7,96

3,68

Working Capital / Investment:

0,13

0,08

0,09

0,03

35,53

213,88

Solvency:

1,48

1,43

1,34

1,17

11,15

22,72

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,86

1,07

1,14

1,66

-24,14

-35,77

Borrowing Composition:

0,05

1,22

0,05

1,05

-6,66

15,84

Repayment Ability:

-100,80

14,17

-14,38

996,41

-601,00

-98,58

Warranty:

2,32

1,94

2,01

1,61

15,71

20,48

Generated resources / Total creditors:

0,08

0,01

0,02

0,07

273,25

-82,37

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,20

1,30

1,10

1,75

8,78

-25,55

Turnover of Collection Rights :

2,73

3,64

2,54

4,45

7,80

-18,29

Turnover of Payment Entitlements:

4,62

2,35

2,15

3,26

114,91

-27,74

Stock rotation:

18,00

2,20

30,47

6,01

-40,93

-63,34

Assets turnover:

1,84

0,55

1,82

1,09

1,05

-49,65

Borrowing Cost:

4,10

2,83

2,10

2,92

95,17

-3,19

> 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 %

-0,04 %

0,04 %

0,00 %

0,04 %

EBITDA over Sales:

4,43 %

1,91 %

2,92 %

0,30 %

6,12 %

Cash Flow Yield:

0,00 %

-0,03 %

0,03 %

0,00 %

0,05 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

4,82 %

2,35 %

3,22 %

8,74 %

12,29 %

Total economic profitability:

2,06 %

1,56 %

1,60 %

3,86 %

6,29 %

Financial profitability:

0,64 %

1,07 %

1,92 %

5,04 %

7,97 %

Margin:

2,62 %

1,29 %

2,21 %

4,44 %

5,53 %

Mark-up:

0,37 %

0,99 %

1,18 %

2,51 %

3,45 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,00

0,01

0,07

0,01

Acid Test:

1,37

1,27

1,29

1,30

1,04

Working Capital / Investment:

0,13

0,09

0,10

0,11

0,06

Solvency:

1,48

1,34

1,33

1,37

1,12

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,86

1,14

1,29

1,09

1,38

Borrowing Composition:

0,05

0,07

0,10

0,04

Repayment Ability:

-100,80

-14,38

16,55

262,54

9,87

Warranty:

2,32

2,01

1,89

2,04

1,76

Generated resources / Total creditors:

0,08

0,02

0,03

0,06

0,08

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,20

1,10

1,15

1,01

1,28

Turnover of Collection Rights :

2,73

2,54

2,05

2,98

3,31

Turnover of Payment Entitlements:

4,62

2,15

1,40

3,54

1,67

Stock rotation:

18,00

30,47

35,09

27,49

24,28

Assets turnover:

1,84

1,82

1,46

1,97

2,22

Borrowing Cost:

4,10

2,10

1,66

3,42

4,57

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

Public Tenders and Works Won

Organisation that calls the tender:

CENTRO LOGISTICO DE INTENDENCIA

Objective of Tender:

SUMINISTRO ARTICULOS UNIFORMIDAD CUADROS DE MANDO

Date Awarded:

30/03/2001

Cost:

3.556.992 PTS.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

85.086,54

Notes

Subvención de I+D.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

38.035,88

Notes

Subvención de I+D.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

54.943,62

Notes

Subvención de I+D.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

96.885,22

Notes

Subvención de I+D.

Entity

AGENCIA DE DESARROLLO ECONOMICO (JCYL)

Subsidy Concept

Subvencion de capital

Status

CONCEDIDA

Dossier

EXPTE: 01/99/SA/0015

Amount Granted

32.828,15

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

5.253,02

Notes

Subvención asistencia a procesos.

Entity

JUNTA DE CASTILLA Y LEON

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

4.072,34

Notes

Siniestro nave almacén P.T.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvencion de capital

Status

CONCEDIDA

Amount Granted

65.656,29

Notes

Subvención ADE.

Entity

JUNTA DE CASTILLA Y LEON

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

17.646,80

Notes

Siniestro nave almacén P.T.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

8.750,06

Notes

Subvención asistencia a procesos.

Research Summary

Is dedicated to the manufacturing of textile and dressmaking. Its financial situation is balanced.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.12
UK Pound	1	Rs.101.62
Euro	1	Rs.72.56

INFORMATION DETAILS

Analysis Done by :	RAS

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.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Unit