MIRA INFORM REPORT

Report No. :	347915
Report Date :	04.11.2015

IDENTIFICATION DETAILS

Name :	TEXVALL PREMIUM SL

Registered Office :	Parque Empresarial La Cantueña C/ La Fragua, 3 - Fuenlabrada - 28944 - Madrid

Country :	Spain

Financials (as on) :	31.12.2014

Date of Incorporation :	20.01.1942

Legal Form :	Private company

Line of Business :	Manufacture of other wearing apparel and accessories

No. of Employee :	35

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

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 – 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:

TEXVALL PREMIUM SL

NIF / Fiscal code:

B37001203

Status:

ACTIVE WITH PARTIAL DIVISION OF CAPITAL

Incorporation Date:

20/01/1942

Register Data

Last Publication in BORME:

02/03/2015 [Appointments]

Last Published Account Deposit:

2014

Share Capital:

11.625

Localization:

PARQUE EMPRESARIAL LA CANTUEÑA C/ LA FRAGUA, 3 - FUENLABRADA - 28944 – MADRID

Telephone - Fax - Email - Website:

Telephone. 914 378 625 Email. export@md-m.es Website. www.texvall.com

Number of Branches

Activity:

NACE:

1419 - Manufacture of other wearing apparel and accessories

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Payment Behaviour:

slow but correct

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:

DE SANTIAGO TORIO CORPORACION SL

100 %

Identification

Social Denomination:

TEXVALL PREMIUM SL

NIF / Fiscal code:

B37001203

Corporate Status:

ACTIVE WITH PARTIAL DIVISION OF CAPITAL

Start of activity:

1982

Registered Office:

PARQUE EMPRESARIAL LA CANTUEÑA C/ LA FRAGUA, 3

Locality:

FUENLABRADA

Province:

MADRID

Postal Code:

28944

Telephone:

914 378 625

Fax:

913 692 951

Website:

www.texvall.com

Email:

export@md-m.es

Branch Offices

Address

Postal Code

City

Province

Acacias, 33

47130

SIMANCAS

VALLADOLID

Activity

NACE:

1419

Additional Information:

It''s engaged in design and distribution of clothing and accessories for women for the following brands: VAN-DOS, Archeologie and MdM leyenda & Co Urban. Its products are commercialized through more than 1,000 multibrading shops in Spain and abroad, in about 13 countries. Since 2013, it has been developing a new business line, the opening of an online shopping service.

Additional Address:

Registered office and offices PARQUE EMPRESARIAL LA CANTUEÑA C/ LA FRAGUA, 3 28944 FUENLABRADA ( MADRID ).

Import / export:

IMPORT / EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2015

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

Chronological Summary

Year

Act

1990

Accounts deposit (year 1989) Appointments/ Re-elections (1)

1991

Accounts deposit (year 1990)

1992

Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1993

Accounts deposit (year 1992)

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995)

1997

Accounts deposit (year 1996)

1998

Accounts deposit (year 1997) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Correction (2)

1999

Accounts deposit (year 1998)

2001

Accounts deposit (year 1999, 2000) Appointments/ Re-elections (2) Capital Reduction (1) Cessations/ Resignations/ Reversals (1)

2002

Accounts deposit (year 2001)

2003

Accounts deposit (year 2002) Change of Social address (1)

2004

Accounts deposit (year 2003) Partial split (4)

2005

Accounts deposit (year 2004) Capital Reduction (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (1) Partial split (1) Statutory Modifications (1)

2006

Accounts deposit (year 2005) Change of Social address (1)

2007

Accounts deposit (year 2006)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (year 2008) Cessations/ Resignations/ Reversals (1)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010) Other Concepts/ Events (1)

2012

Accounts deposit (year 2011) Change of Social Denomination (1) Statutory Modifications (1)

2013

Accounts deposit (year 2012)

2014

Accounts deposit (year 2013)

2015

Accounts deposit (year 2014) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

11.625

Paid up capital:

11.625

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

26/11/2001

Capital Reduction

-12.020

46.578

05/04/2005

Capital Reduction

-34.875

11.625

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

INVERMODA PARTICIPACIONES SL

09/02/2005

PRESIDENT

DE SANTIAGO TORIO LUIS

23/02/2015

MEMBER OF THE BOARD

DE SANTIAGO TORIO MARIA

26/11/2001

DE SANTIAGO TORIO LUIS

26/11/2001

DE SANTIAGO TORIO JUAN

26/11/2001

JOINT CHIEF EXECUTIVE OFFICER

DE SANTIAGO TORIO JUAN

11/12/2008

DE SANTIAGO TORIO LUIS

11/12/2008

PROXY

REGALADO TAMAYO CARRASCO PEDRO

26/12/2001

SECRETARY

DE SANTIAGO TORIO JUAN

26/11/2001

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

DE SANTIAGO GONZALEZ RICARDO

GENERAL MANAGER

23/12/1992

JOINT CHIEF EXECUTIVE OFFICER

22/12/1998

SECRETARY

22/12/1998

MEMBER OF THE BOARD

22/12/1998

SECRETARY

26/11/2001

JOINT CHIEF EXECUTIVE OFFICER

26/11/2001

JOINT CHIEF EXECUTIVE OFFICER

11/12/2008

MEMBER OF THE BOARD

26/11/2001

PRESIDENT

23/02/2015

MEMBER OF THE BOARD

23/02/2015

DE SANTIAGO TORIO JUAN

JOINT CHIEF EXECUTIVE OFFICER

11/12/2008

DE SANTIAGO TORIO LUIS

VICE CHAIRMAN

23/02/2015

FERNANDEZ YUSTO FRANCISCO

MEMBER OF THE BOARD

22/12/1998

JOINT CHIEF EXECUTIVE OFFICER

22/12/1998

GENERAL MANAGER

23/12/1992

TORIO COLLANTES EVANGELINA

MEMBER OF THE BOARD

26/11/2001

JOINT CHIEF EXECUTIVE OFFICER

26/11/2001

TORIO COLLANTES FRANCISCO

GENERAL MANAGER

23/12/1992

TORIO COLLANTES MANUEL

GENERAL MANAGER

23/12/1992

MEMBER OF THE BOARD

22/12/1998

JOINT CHIEF EXECUTIVE OFFICER

22/12/1998

JOINT CHIEF EXECUTIVE OFFICER

26/11/2001

MEMBER OF THE BOARD

26/11/2001

TORIO COLLANTES MARIO

MEMBER OF THE BOARD

22/12/1998

MEMBER OF THE BOARD

26/11/2001

JOINT CHIEF EXECUTIVE OFFICER

22/12/1998

JOINT CHIEF EXECUTIVE OFFICER

26/11/2001

PRESIDENT

22/12/1998

GENERAL MANAGER

23/12/1992

PRESIDENT

26/11/2001

TORIO COLLANTES PATROCINIO

MEMBER OF THE BOARD

22/12/1998

JOINT CHIEF EXECUTIVE OFFICER

22/12/1998

JOINT CHIEF EXECUTIVE OFFICER

26/11/2001

MEMBER OF THE BOARD

26/11/2001

GENERAL MANAGER

23/12/1992

TORIO FARTO JOSE MANUEL

PROXY

26/08/2009

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

PEDRO TARRELLA CARRASCO

MANAGING DIRECTOR

JUAN SANTIAGO TORIO

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.

It has financial profitability.. TEXVALL PREMIUM 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.

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

The current debt represents a 54.41% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Immediate solvency is significantly lower than that of the previous fiscal year.

Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation.

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.

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

SE ESCINDE PARCIALMENTE EN:

2 Entities

SHAREHOLDERS:

1 Entities

RESULT OF THE PARTIAL SPIN-OFF OF:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

DE SANTIAGO TORIO CORPORACION SL

MADRID

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

DE SANTIAGO TORIO CORPORACION SL

MADRID

SE ESCINDE PARCIALMENTE EN

INVERSANT PATRIMONIAL SL

MADRID

INVERMODA PARTICIPACIONES S.L

MADRID

RESULT OF THE PARTIAL SPIN-OFF OF

TORIO HERMANOS SL

MADRID

Turnover

Total Sales 2014

7.350.057,53

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2014

Normales

August 2015

2013

Normales

August 2014

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

October 2009

2007

Normales

July 2008

2006

Normales

September 2007

2005

Normales

August 2006

2004

Normales

October 2005

2003

Normales

July 2004

2002

Normales

July 2003

2001

Normales

October 2002

2000

Normales

July 2001

1999

Normales

January 2001

1998

Normales

November 1999

1997

Normales

July 1998

1996

Normales

July 1997

1995

Normales

July 1996

1994

Normales

August 1995

1993

Normales

July 1994

1992

Normales

August 1993

1991

Normales

August 1992

1990

Normales

August 1991

1989

Normales

August 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 31/12/2014

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology.

ORIGINAL

Assets

2014

2013

2012

2011

2010

A) NON-CURRENT ASSETS: 11000

967.495,00

1.001.537,00

1.038.445,00

1.047.084,00

1.112.834,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

110.834,00

175.611,00

241.412,00

243.277,00

294.798,00

III. Real estate investment: 11300

760.842,00

775.071,00

789.299,00

803.527,00

817.756,00

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

0,00

V. Long-term financial investments: 11500

280,00

VI. Assets for deferred tax : 11600

95.538,00

50.575,00

7.454,00

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

1.902.374,00

1.783.999,00

1.436.819,00

1.753.043,00

2.606.524,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.538.310,00

930.931,00

866.447,00

565.034,00

258.276,00

III. Trade debtors and others receivable accounts: 12300

304.132,00

261.160,00

491.833,00

678.726,00

547.170,00

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

251.478,00

210.579,00

271.744,00

537.345,00

414.471,00

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

0,00

b) Customers for sales and provisions of services : 12382

251.478,00

210.579,00

271.744,00

537.345,00

414.471,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

52.653,00

50.581,00

220.089,00

141.382,00

132.699,00

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

0,00

35.296,00

480.212,00

1.713.335,00

V. Short-term financial investments : 12500

564,00

0,00

VI. Short-term accruals: 12600

1.304,00

4.336,00

0,00

VII. Cash and other equivalent liquid assets : 12700

58.064,00

587.572,00

43.243,00

29.071,00

87.743,00

TOTAL ASSETS (A + B) : 10000

2.869.868,00

2.785.536,00

2.475.264,00

2.800.127,00

3.719.358,00

ORIGINAL

Liabilities and Net Worth

2014

2013

2012

2011

2010

A) NET WORTH: 20000

1.176.048,00

1.122.468,00

1.045.420,00

892.079,00

2.406.530,00

A1) Shareholders' equity : 21000

1.176.048,00

1.122.468,00

1.045.420,00

892.079,00

2.406.530,00

I. Capital: 21100

11.625,00

1.- Registered capital: 21110

11.625,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.110.843,00

1.033.795,00

880.454,00

694.905,00

1.856.352,00

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

53.580,00

77.048,00

153.341,00

185.549,00

538.553,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

132.183,00

224.607,00

316.045,00

407.406,00

500.682,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

132.183,00

224.607,00

316.045,00

407.406,00

500.682,00

1.- Amounts owed to credit institutions: 31220

132.183,00

224.607,00

316.045,00

407.406,00

500.682,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

1.561.638,00

1.438.461,00

1.113.799,00

1.500.642,00

812.146,00

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

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

1.451.054,00

1.204.327,00

979.048,00

1.265.791,00

581.022,00

1.- Amounts owed to credit institutions: 32320

1.115.624,00

939.853,00

744.048,00

1.265.791,00

577.954,00

2.- Creditors from financial leasing : 32330

0,00

3.068,00

3.- Other short-term creditors : 32390

335.429,00

264.474,00

235.000,00

0,00

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

0,00

88.857,00

0,00

V. Trade creditors and other accounts payable: 32500

110.584,00

145.277,00

134.751,00

234.851,00

231.124,00

1.- Suppliers: 32580

-74.610,00

-11.500,00

-53.884,00

49.310,00

14.683,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

-74.610,00

-11.500,00

-53.884,00

49.310,00

14.683,00

2.- Other creditors : 32590

185.194,00

156.777,00

188.635,00

185.541,00

216.441,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

2.869.868,00

2.785.536,00

2.475.264,00

2.800.127,00

3.719.358,00

ORIGINAL

Profit and Loss

2014

2013

2012

2011

2010

1. Net turnover: 40100

7.350.058,00

7.192.636,00

6.261.219,00

7.402.166,00

8.553.588,00

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

0,00

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

0,00

4. Supplies : 40400

-4.525.575,00

-4.590.566,00

-3.912.010,00

-5.118.787,00

-5.713.964,00

5. Other operating income: 40500

18.392,00

31.672,00

30.602,00

31.094,00

27.079,00

6. Personnel costs: 40600

-922.034,00

-909.146,00

-653.621,00

-591.629,00

-587.407,00

7. Other operating costs: 40700

-1.675.551,00

-1.538.594,00

-1.453.268,00

-1.364.663,00

-1.410.940,00

8. Amortisation of fixed assets: 40800

-79.448,00

-84.397,00

-77.895,00

-74.517,00

-65.621,00

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

0,00

10. Excess provisions : 41000

0,00

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

800,00

0,00

758,00

5.085,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

35.558,00

21.954,00

13.088,00

11.045,00

9.203,00

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

202.200,00

123.560,00

208.116,00

295.467,00

817.022,00

14. Financial income : 41400

3.569,00

5.897,00

35.852,00

86.282,00

63.622,00

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

0,00

b) Other financial income: 41490

3.569,00

5.897,00

35.852,00

86.282,00

63.622,00

15. Financial expenditure: 41500

-57.980,00

-47.903,00

-65.391,00

-82.532,00

-71.338,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-137.921,00

-43.919,00

-78,00

-59.795,00

-66.134,00

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

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-192.333,00

-85.924,00

-29.617,00

-56.045,00

-73.850,00

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

9.868,00

37.636,00

178.499,00

239.423,00

743.172,00

20. Income taxes: 41900

43.712,00

39.412,00

-25.158,00

-53.874,00

-204.619,00

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

53.580,00

77.048,00

153.341,00

185.549,00

538.553,00

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology 2014 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2014

2013

2012

2011

2010

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

871.956,00

950.962,00

1.030.991,00

1.047.084,00

1.112.834,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

871.676,00

950.682,00

1.030.711,00

1.046.804,00

1.112.554,00

IV. Financial investments:

280,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

1.997.912,00

1.834.574,00

1.444.273,00

1.753.043,00

2.606.524,00

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

0,00

II. Stocks:

1.538.310,00

930.931,00

866.447,00

565.034,00

258.276,00

III. Debtors:

399.670,00

311.735,00

499.287,00

678.726,00

547.170,00

IV. Short-term investments:

564,00

0,00

35.296,00

480.212,00

1.713.335,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

58.064,00

587.572,00

43.243,00

29.071,00

87.743,00

VII. Prepayments and accrued income:

1.304,00

4.336,00

0,00

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

2.869.868,00

2.785.536,00

2.475.264,00

2.800.127,00

3.719.358,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2014

2013

2012

2011

2010

A) EQUITY:

1.176.048,00

1.122.468,00

1.045.420,00

892.079,00

2.406.530,00

I. Subscribed capital:

11.625,00

II. Share premium:

0,00

III. Revaluation reserves:

25.872,00

24.078,00

20.506,00

16.185,00

43.236,00

IV. Reserves:

1.084.970,00

1.009.717,00

859.947,00

678.720,00

1.813.116,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

1.084.970,00

1.009.717,00

859.947,00

678.720,00

1.813.116,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

53.580,00

77.048,00

153.341,00

185.549,00

538.553,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

132.183,00

224.607,00

316.045,00

407.406,00

500.682,00

E) SHORT TERM CREDITORS:

1.561.638,00

1.438.461,00

1.113.799,00

1.500.642,00

812.146,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

2.869.868,00

2.785.536,00

2.475.264,00

2.800.127,00

3.719.358,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2014

2013

2012

2011

2010

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

7.354.797,00

7.175.111,00

6.187.420,00

7.345.797,00

8.120.024,00

A.1. Operating consumption:

4.525.575,00

4.590.566,00

3.912.010,00

5.118.787,00

5.713.964,00

A.2. Staff Costs:

922.034,00

909.146,00

653.621,00

591.629,00

587.407,00

a) Wages, salaries et al.:

764.583,00

753.896,00

542.005,00

490.600,00

487.099,00

b) Social security costs:

157.451,00

155.250,00

111.615,00

101.029,00

100.308,00

A.3. Depreciation expense:

79.448,00

84.397,00

77.895,00

74.517,00

65.621,00

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

0,00

A.5. Other operating charges:

1.675.551,00

1.538.594,00

1.453.268,00

1.364.663,00

1.410.940,00

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

165.842,00

101.606,00

195.029,00

283.664,00

802.734,00

A.6. Financial and similar charges:

57.980,00

47.903,00

65.391,00

82.532,00

71.338,00

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:

57.980,00

47.903,00

65.391,00

82.532,00

71.338,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

137.921,00

43.919,00

78,00

59.795,00

66.134,00

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

15.682,00

165.412,00

227.619,00

728.884,00

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

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

0,00

A.12. Extraordinary expenses:

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):

36.358,00

21.954,00

13.088,00

11.804,00

14.288,00

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

9.868,00

37.636,00

178.499,00

239.423,00

743.172,00

A.14. Corporation Tax:

-43.712,00

-39.412,00

25.158,00

53.874,00

204.619,00

A.15. Miscellaneous taxes:

0,00

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

53.580,00

77.048,00

153.341,00

185.549,00

538.553,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2014

2013

2012

2011

2010

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

7.408.377,00

7.252.159,00

6.340.761,00

7.531.346,00

8.658.577,00

B.1. Operating income:

7.368.450,00

7.224.308,00

6.291.822,00

7.433.260,00

8.580.666,00

a) Net total sales:

7.350.058,00

7.192.636,00

6.261.219,00

7.402.166,00

8.553.588,00

b) Miscellaneous operating income:

18.392,00

31.672,00

30.602,00

31.094,00

27.079,00

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

0,00

B.2. Financial income:

3.569,00

5.897,00

35.852,00

86.282,00

63.622,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

3.569,00

5.897,00

35.852,00

86.282,00

63.622,00

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):

192.333,00

85.924,00

29.617,00

56.045,00

73.850,00

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

26.491,00

0,00

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

800,00

0,00

758,00

5.085,00

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

0,00

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

0,00

B.7. Extraordinary income:

35.558,00

21.954,00

13.088,00

11.045,00

9.203,00

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

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.

2014

2013

2012

2011

2010

1. Fiscal year result before taxes.: 61100

9.868,00

37.636,00

178.499,00

239.423,00

743.172,00

2. Results adjustments.: 61200

133.860,00

126.403,00

107.433,00

70.767,00

73.337,00

a) Fixed Assets Amortization (+).: 61201

79.448,00

84.397,00

77.895,00

74.517,00

65.621,00

g) Financial income (-).: 61207

-3.569,00

-5.897,00

-35.852,00

-86.282,00

-63.622,00

h) Financial Expenses (+). : 61208

57.980,00

47.903,00

65.391,00

82.532,00

71.338,00

3. Changes in current capital equity.: 61300

-638.863,00

247.088,00

205.138,00

744.662,00

-1.056.033,00

a) Stock (+/-).: 61301

-607.379,00

-64.484,00

-301.413,00

-306.758,00

-129.405,00

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

-42.972,00

230.673,00

186.894,00

-131.556,00

9.041,00

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

2.468,00

30.960,00

444.915,00

1.233.123,00

-685.603,00

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

9.020,00

49.938,00

-125.258,00

-50.147,00

-250.066,00

4. Other cash flows for operating activities.: 61400

-54.412,00

-42.006,00

-29.539,00

3.750,00

-7.716,00

a) Interest payments (-). : 61401

-57.980,00

-47.903,00

-65.391,00

-82.532,00

-71.338,00

c) Interest collection (+). : 61403

3.569,00

5.897,00

35.852,00

86.282,00

63.622,00

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

-549.548,00

369.120,00

461.531,00

1.058.601,00

-247.240,00

6. Payments for investment (-).: 62100

-44.963,00

-43.121,00

-7.454,00

0,00

-43.920,00

c) Fixed assets. : 62103

0,00

-43.920,00

h) Other assets. : 62108

-44.963,00

-43.121,00

-7.454,00

0,00

7. Divestment payment collection (+). : 62200

79.006,00

80.029,00

16.093,00

65.750,00

14.228,00

c) Fixed assets. : 62203

64.777,00

65.801,00

1.865,00

51.522,00

0,00

d) Real estate investment. : 62204

14.228,00

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

-45.405,00

-47.489,00

-69.255,00

-8.767,00

-95.313,00

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

0,00

-1.700.000,00

0,00

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

0,00

-1.700.000,00

0,00

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

65.445,00

222.698,00

-378.104,00

591.493,00

405.147,00

a) Issuance : 63201

246.727,00

314.135,00

235.000,00

687.838,00

509.243,00

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

175.771,00

195.804,00

0,00

687.838,00

509.243,00

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

0,00

88.857,00

0,00

5. Other debts (+). : 63206

70.956,00

29.474,00

235.000,00

0,00

b) Repayment and amortization of : 63207

-181.282,00

-91.438,00

-613.104,00

-96.344,00

-104.097,00

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

-92.425,00

-91.438,00

-613.104,00

-93.276,00

-85.687,00

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

-88.857,00

0,00

4. Special characteristic debts (-). : 63211

0,00

-3.068,00

-18.409,00

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

0,00

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

65.445,00

222.698,00

-378.104,00

-1.108.507,00

405.147,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-529.508,00

544.328,00

14.173,00

-58.672,00

62.594,00

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

587.572,00

43.243,00

29.071,00

87.743,00

25.149,00

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

58.064,00

587.572,00

43.243,00

29.071,00

87.743,00

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

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,07 %

0,00 %

0,08 %

0,18 %

-195,19 %

-99,18 %

EBITDA over Sales:

3,34 %

7,07 %

2,59 %

-1,43 %

29,05 %

593,53 %

Cash Flow Yield:

-0,18 %

0,00 %

0,20 %

0,04 %

-194,42 %

-98,74 %

Profitability

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

5,81 %

1,86 %

3,65 %

-12,01 %

59,22 %

115,48 %

Total economic profitability:

2,36 %

1,48 %

3,07 %

-3,39 %

-23,01 %

143,64 %

Financial profitability:

4,56 %

0,11 %

6,86 %

-11,79 %

-33,63 %

100,97 %

Margin:

2,26 %

2,83 %

1,41 %

-24,36 %

60,80 %

111,60 %

Mark-up:

-0,35 %

0,68 %

0,22 %

-22,14 %

-260,62 %

103,08 %

Solvency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,04

0,21

0,41

0,16

-90,90

30,50

Acid Test:

0,23

0,96

0,59

1,21

-60,63

-20,64

Working Capital / Investment:

0,12

0,11

0,12

0,09

-4,29

26,39

Solvency:

1,28

1,55

1,28

1,70

0,31

-9,09

Indebtedness

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,44

0,92

1,48

1,05

-2,79

-12,54

Borrowing Composition:

0,08

1,05

0,16

0,99

-45,79

6,14

Repayment Ability:

-3,20

968,34

3,06

12,19

-204,70

7.844,67

Warranty:

1,69

2,09

1,67

2,11

1,16

-0,60

Generated resources / Total creditors:

0,08

0,04

0,10

-0,06

-19,10

171,94

Efficiency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,27

1,34

1,20

0,95

5,10

41,37

Turnover of Collection Rights :

24,23

4,12

27,66

2,95

-12,42

39,96

Turnover of Payment Entitlements:

56,08

2,87

42,19

2,34

32,91

22,44

Stock rotation:

4,68

2,94

7,65

2,45

-38,80

19,84

Assets turnover:

2,57

0,66

2,59

0,49

-0,98

33,48

Borrowing Cost:

3,42

2,51

2,88

3,33

18,84

-24,69

> Trend of indicators under the General Accounting Plan of 2007 (2014, 2013, 2012, 2011, 2010)

Cash Flow

2014

2013

2012

2011

2010

Cash Flow over Sales:

-0,07 %

0,08 %

0,00 %

-0,01 %

0,01 %

EBITDA over Sales:

3,34 %

2,59 %

4,36 %

4,84 %

10,15 %

Cash Flow Yield:

-0,18 %

0,20 %

0,01 %

-0,02 %

0,02 %

Profitability

2014

2013

2012

2011

2010

Operating economic profitability:

5,81 %

3,65 %

7,99 %

12,26 %

40,28 %

Total economic profitability:

2,36 %

3,07 %

9,85 %

11,50 %

21,90 %

Financial profitability:

4,56 %

6,86 %

14,67 %

20,80 %

22,38 %

Margin:

2,26 %

1,41 %

3,10 %

3,83 %

9,41 %

Mark-up:

-0,35 %

0,22 %

2,63 %

3,07 %

8,55 %

Solvency

2014

2013

2012

2011

2010

Liquidity:

0,04

0,41

0,04

0,02

0,11

Acid Test:

0,23

0,59

0,51

0,79

2,89

Working Capital / Investment:

0,12

0,13

0,09

0,48

Solvency:

1,28

1,30

1,17

3,21

Indebtedness

2014

2013

2012

2011

2010

Indebtedness level:

1,44

1,48

1,37

2,14

0,55

Borrowing Composition:

0,08

0,16

0,28

0,27

0,62

Repayment Ability:

-3,20

3,06

100,89

-32,52

20,97

Warranty:

1,69

1,67

1,73

1,47

2,83

Generated resources / Total creditors:

0,08

0,10

0,16

0,14

0,46

Efficiency

2014

2013

2012

2011

2010

Productivity:

1,27

1,20

1,42

1,61

2,48

Turnover of Collection Rights :

24,23

27,66

12,79

10,95

15,68

Turnover of Payment Entitlements:

56,08

42,19

39,82

27,61

30,83

Stock rotation:

4,68

7,65

7,04

12,65

30,11

Assets turnover:

2,57

2,59

2,58

3,20

4,28

Borrowing Cost:

3,42

2,88

4,57

4,33

5,43

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

No Public Tenders assigned to the name of the company.

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.45
UK Pound	1	Rs.100.96
Euro	1	Rs.72.10

INFORMATION DETAILS

Analysis Done by :	DIV

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

Branch Offices

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Unit