MIRA INFORM REPORT

Report No. :	347920
Report Date :	04.11.2015

IDENTIFICATION DETAILS

Name :	VENTURMODA SOCIEDAD ANONIMA
Registered Office :	C/ Ribera De Axpe, 11 Ptl.DL 11. - 48950   Erandio  Altzaga  (Vizcaya)
Country :	Spain
Financials (as on) :	31.12.2014
Date of Incorporation :	28.07.1987
Legal Form :	Public Company
Line of Business :	Manufacture of other wearing apparel and accessories
No. of Employees :	17,65

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small company
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	A1	A1

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

Company summery

VENTURMODA SOCIEDAD ANONIMA

Cif	A48233308
Registry Data	Register VIZCAYA, Section 8, Sheet 3105
Incorporation Date	28/07/1987
Last Publication in BORME	15/07/2014 (Appointments)

Localization C/ RIBERA DE AXPE, 11 PTL.DL 11. - 48950   ERANDIO  ALTZAGA  (VIZCAYA)

Telephone	944300103
Fax	944307019

Activity

CNAE	1419  /  Manufacture of other wearing apparel and accessories
CNAE activity classification (ANNUAL ACCOUNTS):	1419  /  Manufacture of other wearing apparel and accessories
Size	Medium
Published Trademarks	10 National , 5 EU
Audited / Opinion:	Yes
Tenders Won:	No
Subsidies Granted:	16
Quality Certificate:	No

Social Bodies:    15 active , 47 history  

Credit opinnion

Low capacity to meet its financial obligations. It depends on a favourable financial environment.

Defaults, Legal Claims and Insolvency Proceedings

	Number	Amount	Last Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	-	-
Defaults on debt with Financial Institutions and Large Companies	None	-
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	2014 31/12/2014	2013 31/12/2013	Change 2014 - 2013
Net total sales	3.219.451	2.972.132	8,32%
Sales	3.219.451	2.972.132	8,32%
Rendering of services	0	0	-
Financial revenues of holding companies	0	0	-
Gross margin	28,7%	26,66%	7,65%
Gross Operating Results	285.923	25.738	1.010,9%
Indebtedness	1,39	1,36	2,39%
Financial Year Result	114.144	-102.375	211,5%
Equity	2.073.825	1.959.681	5,82%
Cash Flow	-9.849	-3.057	-222,18%
Working Capital	843.437	669.505	25,98%
Economic Rate of Return	4,84%	-0,63%	866,35%
Financial profitability	5,5%	-5,22%	205,36%
Average payment term	114 days	134 days	-14,86%
Average Payment Collection Term	165 days	171 days	-3,36%
Number of Employees	17,65	18,42	-4,18%

ACTIVITY

NACE:	1419  /  Manufacture of other wearing apparel and accessories
Main Activity:	Manufacture of other wearing apparel and accessories
CNAE Source:	ANNUAL ACCOUNTS
Company size:	Medium

Staff

Financial Year	Permanent Employees	Temporary Employees
2014	16	1
2013	16	2
2012	27	1
2011	35	5
2010	29	4
2009	29	4
2008	24	11
2007	7	29
2006	9	25
2005	21	3
2004	17	0
2003	18	0
2002	16	0
2001	14	0
2000	14	0
1999	14	0
1998	12	0

Staff distribution

Associations	Number of Employees 2014	Number of Employees 2013
EXECUTIVES AND MANAGERS	2	2
ADMNISTRATIVE SERVICES AND SIMILAR	7	6
THE REST OF THE STAFF	11	15
TOTAL	20	23

Sales Distribution

Geographic

Scope	Region	Sales
País	SPAIN	2.852.533,02
Continente	EUROPA	321.583,98
País	ANOTHER COUNTRY	45.334,41

By Activity

Activity	Sales
VENTA DE PRODUCTOS TERMINADOS	2.852.569,01 Euros
VENTA DE PRODUCTOS SEMITERMINADOS	321.547,99 Euros
VENTA DE SUBPRODUCTOS Y RESIDUOS	45.334,41 Euros

OFFICES

Address	Municipality	Postal Code	Province	Telephone
GRAN VIA GRAN DIEGO LOPEZ DE HARO 7	BILBAO	48001	VIZCAYA

Basis for scoring

Positive Factors

Adverse Factors

No irregular payment performance has been detected based on information obtained from credit bureaus. Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure. It has financial profitability.. VENTURMODA SOCIEDAD ANONIMA 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 46.72% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. VENTURMODA SOCIEDAD ANONIMA 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. Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company?s financial situation. Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.

Most relevant data

Low capacity to meet its financial obligations. It depends on a favourable financial environment.

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):  5.395 %

Sector in which comparison is carried out :    141 Manufacture of wearing apparel, except fur apparel

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 probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 5.395%.

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

Judicial claims dated between 02/01/2006 and 17/08/2006 have been published in Official Gazettes 2.

No defaults are registered with the main local credit bureaus (ASNEF Empresas).

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	-		-
Defaults on debt with Financial Institutions and Large Companies	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	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	-

DETAILS.

DEFAULTS WITH FINANCIAL INSTITUTIONS AND LARGE COMPANIES Bank and Commercial Delinquency

No defaults are registered with the main local credit bureaus (ASNEF Empresas).

Product	Number of Defaults
MORTGAGE LOAN, PERSONAL LOAN	-
OVERDRAFT IN CURRENT ACCOUNT, CREDIT CARD, PRIVATE LABEL CARD OR DEBIT CARD	-
CREDIT POLICY, BUSINESS DISCOUNT	-
INSURANCE, RENTAL	-
LEASING, FACTORING, RENTING, CONFIRMING	-
TELECOMMUNICATIONS	-
AUTOMOBILE FINANCING, CAPITAL EQUIPMENT OR CONSUMER GOODS	-
COLLATERAL and GUARANTEES	-
Miscellaneous	-

Legal Notice:

This data has been obtained from consultation of the ASNEF Empresas register. It may only be used for the purposes of awarding credit, monitoring credit and managing loans. This data may not be reused or included in any database, and may not be ceded .

ACCOUNTS AND BALANCE SHEET RESULTS

Financial Years Presented

Financial Year	Type of Annual Accounts
2014	Normal	July  2015
2013	Normal	October  2014
2012	Normal	August  2013
2011	Normal	July  2012
2010	Normal	February  2012
2009	Normal	June  2010
2008	Normal	May  2009
2007	Normal	January  2009
2006	Normal	August  2008
2005	Normal	August  2008
2004	Normal	August  2005
2003	Normal	July  2004
2002	Normal	July  2003
2001	Normal	September  2002
2000	Normal	February  2002
1999	Normal	January  2001
1998	Normal	November  1999
1997	Normal	July  1998
1996	Normal	July  1997
1995	Normal	July  1996
1994	Normal	July  1995
1993	Normal	July  1994
1992	Normal	July  1993
1991	Normal	July  1993
1990	Normal	July  1991
1989	Normal	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 31/12/2014

  Normal format Balance in accordance with the New Accounting Plan 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. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology.

Assets	Code	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010
A) NON-CURRENT ASSETS	11000	1.794.572	1.691.667	1.609.803	1.470.242	1.375.627
I. Intangible fixed assets	11100	23.959	26.476	30.335	28.555	33.568
1. Development	11110	0	0	0	0	0
2. Concessions	11120	0	3.740	3.740	3.740	3.740
3. Patents, licencing, trade marks and similar	11130	0	0	0	65	258
4. Goodwill	11140	0	0	0	0	0
5. IT applications	11150	23.959	22.736	26.595	24.750	29.570
6. Investigation	11160	0	0	0	0	0
7. Intellectual property	11180	0	0	0	0	0
8. Greenhouse gas emission allowance	11190	0	0	0	0	0
9. Other intangible fixed assets.	11170	0	0	0	0	0
II. Tangible fixed assets	11200	736.799	777.146	797.407	833.035	848.767
1. Land and buildings	11210	654.935	672.793	694.392	715.990	737.589
2. Technical installations and other tangible fixed assets	11220	81.864	104.353	103.015	117.045	111.179
3. Tangible asset in progress and advances	11230	0	0	0	0	0
III. Real estate investment	11300	0	0	0	0	0
1. Land	11310	0	0	0	0	0
2. Buildings	11320	0	0	0	0	0
IV. Long-term investments in Group companies and associates	11400	63.806	81.409	119.080	60.096	60.096
1. Equity instruments	11410	63.806	81.409	119.080	60.096	60.096
2. Credits to businesses	11420	0	0	0	0	0
3. Debt securities	11430	0	0	0	0	0
4. Derivatives	11440	0	0	0	0	0
5. Other financial assets	11450	0	0	0	0	0
6. Other investments	11460	0	0	0	0	0
V. Long-term financial investments	11500	84.741	22.145	21.543	50.770	50.769
1. Equity instruments	11510	84.713	22.117	21.516	50.769	50.769
2. Credits to third parties	11520	0	28	27	1	0
3. Debt securities	11530	0	0	0	0	0
4. Derivatives	11540	0	0	0	0	0
5. Other financial assets	11550	28	0	0	0	0
6. Other investments	11560	0	0	0	0	0
VI. Assets for deferred tax	11600	885.267	784.491	641.439	497.786	382.427
VII. Non-current trade debts	11700	0	0	0	0	0
B) CURRENT ASSETS	12000	3.156.820	2.923.803	3.431.184	4.333.927	3.754.306
I. Non-current assets held for sale	12100	0	0	0	0	0
II. Stocks	12200	1.655.669	1.465.682	1.284.199	1.419.438	935.615
1. Commercial	12210	1.627.884	1.461.933	1.264.450	1.409.978	860.531
2. Primary material and other supplies	12220	0	0	0	0	0
3. Work in progress	12230	0	0	0	0	0
a) Of long-term production cycle	12231	0	0	0	0	0
b) Of short-term production cycle	12232	0	0	0	0	0
4. Finished goods	12240	0	0	0	0	0
a) Of long-term production cycle	12241	0	0	0	0	0
b) Of short-term production cycle	12242	0	0	0	0	0
5. By-products, residues and recycled materials	12250	0	0	0	0	0
6. Advances to suppliers	12260	27.785	3.749	19.749	9.460	75.084
III. Trade debtors and others receivable accounts	12300	1.481.846	1.429.615	2.115.422	2.838.910	2.757.629
1. Trade debtors / accounts receivable	12310	826.528	743.777	1.447.180	1.880.576	1.793.169
a) Long-term receivables from sales and services supplied	12311	0	0	0	0	0
b) Customers for sales and provisions of services	12312	0	743.777	0	0	0
2. Customers, Group companies and associates	12320	450.894	547.838	538.097	795.283	789.187
3. Other accounts receivable	12330	151.059	96.832	63.820	91.024	0
4. Personnel	12340	283	223	250	1.322	73.520
5. Assets for deferred tax	12350	4	5	3	25	8
6. Other debtors, including tax and social security	12360	53.078	40.940	66.072	70.680	101.745
7. Called up share capital	12370	0	0	0	0	0
IV. Short-term investments in Group companies and associates	12400	0	0	2.500	0	0
1. Equity instruments	12410	0	0	0	0	0
2. Credits to businesses	12420	0	0	0	0	0
3. Debt securities	12430	0	0	0	0	0
4. Derivatives	12440	0	0	0	0	0
5. Other financial assets	12450	0	0	2.500	0	0
6. Other investments	12460	0	0	0	0	0
V. Short-term financial investments	12500	3.149	2.500	0	2.500	0
1. Equity instruments	12510	0	0	0	0	0
2. Credits to businesses	12520	0	0	0	0	0
3. Debt securities	12530	0	0	0	0	0
4. Derivatives	12540	0	0	0	0	0
5. Other financial assets	12550	3.149	0	0	2.500	0
6. Other investments	12560	0	2.500	0	0	0
VI. Short-term accruals	12600	0	0	0	0	0
VII. Cash and other equivalent liquid assets	12700	16.157	26.006	29.063	73.079	61.062
1. Treasury	12710	16.157	26.006	29.063	73.079	61.062
2. Other equivalent liquid assets	12720	0	0	0	0	0
TOTAL ASSETS (A + B)	10000	4.951.392	4.615.470	5.040.988	5.804.169	5.129.933

Liabilities and Net Worth	Code	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010
A) NET WORTH	20000	2.073.825	1.959.681	2.062.056	2.387.330	2.403.968
A-1) Shareholders' equity	21000	2.073.825	1.959.681	2.062.056	2.384.310	2.392.957
I. Capital	21100	132.000	132.000	132.000	132.000	132.000
1. Registered capital	21110	132.000	132.000	0	132.000	0
2. (Uncalled capital)	21120	0	0	0	0	0
II. Share premium	21200	40.063	40.063	40.063	40.063	40.063
III. Reserves	21300	2.032.468	2.032.468	2.032.468	2.070.894	1.563.483
1. Legal and statutory	21310	0	32.662	0	32.661	0
2. Other reserves	21320	0	1.999.806	0	2.038.233	0
3. Revaluation reserves	21330	0	0	0	0	0
IV. (Common stock equity)	21400	0	0	0	0	0
V. Results from previous periods	21500	-244.851	-142.475	0	0	0
1. Brought forward	21510	0	0	0	0	0
2. (Negative results from previous periods)	21520	-244.851	-142.475	0	0	0
VI. Other shareholders' contributions	21600	0	0	0	0	0
VII. Result of the period	21700	114.144	-102.375	-142.476	141.353	657.411
VIII. (Interim dividend)	21800	0	0	0	0	0
IX. Other net worth instruments	21900	0	0	0	0	0
A-2) Adjustments due to changes in value	22000	0	0	0	0	0
I. Financial assets held for sale	22100	0	0	0	0	0
II. Hedge operations	22200	0	0	0	0	0
III. Linked non-current assets and liabilities held for sale	22300	0	0	0	0	0
IV. Exchange rate difference	22400	0	0	0	0	0
V. Other	22500	0	0	0	0	0
A-3) Received subsidies, donations and legacies	23000	0	0	0	3.020	11.011
B) NON-CURRENT LIABILITIES	31000	564.184	401.491	402.465	378.292	444.707
I. Long-term provisions	31100	0	0	0	0	0
1. Long-term employee benefits liability	31110	0	0	0	0	0
2. Environmental actions	31120	0	0	0	0	0
3. Restructuring provisions	31130	0	0	0	0	0
4. Other provisions	31140	0	0	0	0	0
II Long-term creditors	31200	549.373	396.257	394.133	355.077	422.301
1. Liabilities and other securities	31210	0	0	0	0	0
2. Amounts owed to credit institutions	31220	521.317	358.729	356.605	308.160	350.957
3. Creditors from financial leasing	31230	0	0	0	0	0
4. Derivatives	31240	0	0	0	0	0
5. Other financial liabilities	31250	28.056	37.528	37.528	46.917	71.344
III. Long-term debts with Group companies and associates	31300	17.761	5.234	5.257	5.254	8
IV. Liabilities for deferred tax	31400	-2.950	0	3.075	17.961	22.399
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	2.313.383	2.254.298	2.576.467	3.038.547	2.281.257
I. Liabilities linked to non-current assets held for sale	32100	0	0	0	0	0
II. Short-term provisions	32200	0	0	0	0	0
1. Provisions from greenhouse gas emission allowance	32210	0	0	0	0	0
2. Other provisions	32220	0	0	0	0	0
III. Short-term creditors	32300	1.582.811	1.431.361	1.849.370	2.056.222	1.153.193
1. Liabilities and other securities	32310	0	0	0	0	0
2. Amounts owed to credit institutions	32320	1.504.816	1.222.127	0	2.021.052	1.129.826
3. Creditors from financial leasing	32330	0	0	1.809.088	0	0
4. Derivatives	32340	0	0	0	0	0
5. Other financial liabilities	32350	77.995	209.234	40.282	35.170	23.366
IV. Short-term debts with Group companies and associates	32400	0	0	0	0	0
V. Trade creditors and other accounts payable	32500	730.572	822.937	727.097	982.325	1.128.065
1. Suppliers	32510	128.869	142.463	101.057	301.566	483.583
a) Long-term debts	32511	0	0	0	0	0
b) Short-term debts	32512	0	142.463	0	0	0
2. Suppliers, Group companies and associates	32520	0	0	0	0	0
3. Other creditors	32530	398.742	482.609	446.120	556.759	597.422
4. Personnel (remuneration due)	32540	0	0	0	0	0
5. Liabilities for current tax	32550	0	0	0	0	0
6. Other accounts payable to Public Administrations.	32560	202.961	197.865	179.920	49.000	47.060
7. Advances from clients	32570	0	0	0	75.000	0
VI. Short-term accruals	32600	0	0	0	0	0
VII. Special short-term debts	32700	0	0	0	0	0
TOTAL NET WORTH AND LIABILITIES (A + B + C)	30000	4.951.392	4.615.470	5.040.988	5.804.169	5.129.933

Profit and Loss	Code	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010
1. Net turnover	40100	3.219.451	2.972.132	4.230.852	5.855.552	7.116.169
a) Sales	40110	3.219.451	2.972.132	4.230.852	5.855.552	7.116.169
b) Rendering of services	40120	0	0	0	0	0
c) Income of financial nature of holding companies	40130	0	0	0	0	0
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	-1.535.287	-1.455.415	-1.970.018	-2.549.597	-3.302.427
a) Stock consumption	40410	0	0	0	0	-1.267.287
b) Consumption of raw materials and miscellaneous consumable ones	40420	-177.689	-248.277	-574.436	-375.410	0
c) Works carried out by other companies	40430	-1.357.599	-1.207.138	-1.395.582	-2.174.187	-2.035.141
d) Impairment of stock, primary material and other supplies	40440	0	0	0	0	0
5. Other operating income	40500	49.135	75.403	45.253	20.115	49.711
a) Auxiliary income and other from current management	40510	2.346	1.086	1.332	840	942
b) Operation subsidies included in the Period's result	40520	46.789	74.317	43.921	19.275	48.769
6. Personnel costs	40600	-652.249	-786.854	-1.090.292	-1.285.595	-1.174.221
a) Wages, salaries et al.	40610	-502.296	-638.538	-879.928	-1.027.051	-923.725
b) Social security costs	40620	-149.954	-148.316	-210.364	-258.544	-250.496
c) Provisions	40630	0	0	0	0	0
7. Other operating costs	40700	-795.126	-779.528	-1.277.869	-1.866.457	-1.836.200
a) External services	40710	-792.580	-745.720	-1.201.111	-1.714.064	-1.802.270
b) Taxes	40720	-8.628	-9.817	-5.715	-5.486	-5.683
c) Losses, impairments and variation in provisions from trade operations	40730	6.191	-23.991	-62.833	-133.145	-28.246
d) Other current management expenditure	40740	-109	0	-8.209	-13.762	0
e) Expenses due to greenhouse gas emissions	40750	0	0	0	0	0
8. Amortisation of fixed assets	40800	-53.478	-58.230	-60.614	-68.640	-68.952
9. Allocation of subsidies of non-financial fixed assets and other	40900	0	3.995	3.995	7.990	3.995
10. Excess provisions	41000	0	0	0	0	0
11. Impairment and result of transfers of fixed assets	41100	0	0	0	0	0
a) Impairment and losses	41110	0	0	0	0	0
b) Results for transfers and other	41120	0	0	0	0	0
c) Impairment and profit due to disposals of assets of holding companies	41130	0	0	0	0	0
12. Negative difference in combined businesses	41200	0	0	0	0	0
13. Other results	41300	11.852	-7.052	-1.097	13.908	7.773
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	49100	244.297	-35.549	-119.790	127.276	795.847
14. Financial income	41400	0	0	27	0	30
a) Of shares in equity instruments	41410	0	0	0	0	0
a 1) In Group companies and associates	41411	0	0	0	0	0
a 2) In third parties	41412	0	0	0	0	0
b) From negotiable securities and other financial instruments	41420	0	0	27	0	30
b 1) From Group companies and associates	41421	0	0	0	0	0
b 2) From third parties	41422	0	0	27	0	30
c) Allocation of financial subsidies, donations and legacies	41430	0	0	0	0	0
15. Financial expenditure	41500	-191.451	-175.376	-110.301	-97.578	-61.838
a) Amounts owed to Group companies and associates	41510	-95.462	-78.730	-78.126	-80.530	-59.486
b) For debts with third parties	41520	-95.989	-96.646	-32.176	-17.048	-2.352
c) Stock renewal	41530	0	0	0	0	0
16. Changes in fair value of financial instruments	41600	0	-702	0	0	-10.068
a) Trading book and other	41610	0	-702	0	0	0
b) Allocation of financial assets held for sale to the result for the period	41620	0	0	0	0	-10.068
17. Exchange rate differences	41700	9.202	1.752	2.004	-2.921	-11.558
18. Impairment and result for transfers of financial instruments	41800	-39.103	-37.671	-70.566	0	6.285
a) Impairment and losses	41810	-39.103	0	-70.566	0	6.285
b) Results for transfers and other	41820	0	-37.671	0	0	0
19. 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
A.2) FINANCIAL REVENUE (14+15+16+17+18+19)	49200	-221.353	-211.997	-178.837	-100.499	-77.149
A.3) NET RESULT BEFORE TAXES (A.1+A.2)	49300	22.944	-247.546	-298.626	26.777	718.699
20. Income taxes	41900	91.200	145.171	156.150	114.576	-61.288
A.4) PROFIT AFTER TAXES (A.3+20)	49400	114.144	-102.375	-142.476	141.353	657.411
21. Result of the year coming from interrupted operations	42000	0	0	0	0	0
A.5) RESULT OF THE PERIOD (A.4+21)	49500	114.144	-102.375	-142.476	141.353	657.411

FINANCIAL AND ECONOMIC ANALYSIS

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		Change 2014 - 2013
	Company	Sector	Company	Sector	Company	Sector
Cash Flow over Sales	0,00 %	-0,04 %	0,00 %	0,03 %		-273,05 %
EBITDA over Sales	8,88 %	7,54 %	0,87 %	17,24 %	925,56 %	-56,25 %
Cash Flow Yield	0,00 %	-0,07 %	0,00 %	0,03 %		-347,30 %

Profitability	2014		2013		Change 2014 - 2013
	Company	Sector	Company	Sector	Company	Sector
Operating economic profitability	4,84 %	10,45 %	-0,63 %	19,26 %	866,35 %	-45,77 %
Total economic profitability	4,33 %	8,88 %	-1,56 %	15,29 %	376,92 %	-41,95 %
Financial profitability	5,50 %	11,50 %	-5,22 %	17,56 %	205,36 %	-34,50 %
Margin	7,11 %	6,25 %	-0,94 %	14,36 %	860,52 %	-56,46 %
Mark-up	0,34 %	5,54 %	-7,89 %	14,19 %	104,30 %	-60,98 %

Solvency	2014		2013		Change 2014 - 2013
	Company	Sector	Company	Sector	Company	Sector
Liquidity	0,01	0,11	0,01	0,33	-39,46 %	-64,85 %
Acid Test	0,65	1,23	0,65	1,47	0,32 %	-16,14 %
Working Capital / Investment	0,17	0,37	0,15	0,36	17,43 %	1,06 %
Solvency	1,75	2,00	1,64	2,34	6,22 %	-14,77 %

Indebtedness	2014		2013		Change 2014 - 2013
	Company	Sector	Company	Sector	Company	Sector
Indebtedness level	1,39	0,92	1,36	0,59	2,39 %	56,31 %
Borrowing Composition	0,24	0,22	0,18	0,31	36,93 %	-28,82 %
Repayment Ability	-292,16	-7,34	-868,84	14,05	66,37 %	-152,26 %
Warranty	1,72	2,09	1,74	2,70	-0,99 %	-22,62 %
Generated resources / Total creditors	0,07	0,18	0,00	0,36		-50,08 %

Efficiency	2014		2013		Change 2014 - 2013
	Company	Sector	Company	Sector	Company	Sector
Productivity	1,44	1,63	1,03	2,07	39,28 %	-21,56 %
Turnover of Collection Rights	2,21	3,97	2,13	4,38	3,47 %	-9,38 %
Turnover of Payment Entitlements	3,19	4,04	2,72	3,53	17,45 %	14,40 %
Stock rotation	1,83	5,01	2,10	3,89	-12,74 %	28,78 %
Assets turnover	0,68	1,67	0,68	1,34	0,77 %	24,53 %
Borrowing Cost	6,65	1,49	6,60	1,52	0,75 %	-1,51 %

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

Cash Flow	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010
Cash Flow over Sales	0,00 %	0,00 %	-0,01 %	0,00 %	0,00 %
EBITDA over Sales	8,88 %	0,87 %	-1,47 %	2,97 %	11,99 %
Cash Flow Yield	0,00 %	0,00 %	-0,01 %	0,00 %	0,00 %

Profitability	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010
Operating economic profitability	4,84 %	-0,63 %	-2,42 %	1,99 %	15,70 %
Total economic profitability	4,33 %	-1,56 %	-3,74 %	2,14 %	15,22 %
Financial profitability	5,50 %	-5,22 %	-6,91 %	5,93 %	27,47 %
Margin	7,11 %	-0,94 %	-2,78 %	1,93 %	11,00 %
Mark-up	0,34 %	-7,89 %	-6,96 %	0,22 %	9,92 %

Solvency	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010
Liquidity	0,01	0,01	0,01	0,02	0,03
Acid Test	0,65	0,65	0,83	0,96	1,24
Working Capital / Investment	0,17	0,15	0,17	0,22	0,29
Solvency	1,75	1,64	1,58	1,59	1,81

Indebtedness	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010
Indebtedness level	1,39	1,36	1,44	1,43	1,13
Borrowing Composition	0,24	0,18	0,16	0,12	0,19
Repayment Ability	-292,16	-868,84	-67,68	284,34	196,50
Warranty	1,72	1,74	1,69	1,70	1,88
Generated resources / Total creditors	0,07	0,00	0,00	0,06	0,26

Efficiency	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012	2011 31/12/2011	2010 31/12/2010
Productivity	1,44	1,03	0,94	1,14	1,73
Turnover of Collection Rights	2,21	2,13	2,02	2,07	2,60
Turnover of Payment Entitlements	3,19	2,72	4,47	4,50	4,56
Stock rotation	1,83	2,10	3,43	4,07	6,82
Assets turnover	0,68	0,68	0,87	1,03	1,43
Borrowing Cost	6,65	6,60	3,70	2,86	2,27

SECTOR-BASED BALANCE COMPARISON

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

	2014		2013		Change 2014 - 2013
	Company	Sector	Company	Sector	Company	Sector
ASSETS	4.951.392	29.608.664	4.615.470	35.488.688	7,28 %	-16,57 %
NON-CURRENT ASSETS	1.794.572	7.122.310	1.691.667	12.564.163	6,08 %	-43,31 %
Tangible fixed assets	736.799	4.596.501	777.146	6.647.980	-5,19 %	-30,86 %
Intangible fixed assets	23.959	268.380	26.476	431.901	-9,50 %	-37,86 %
Other Non-current Asset	1.033.814	2.257.429	888.045	5.484.282	16,41 %	-58,84 %
CURRENT ASSETS	3.156.820	22.486.355	2.923.803	22.924.526	7,97 %	-1,91 %
Stock	1.655.669	8.168.157	1.465.682	8.137.881	12,96 %	0,37 %
Debtors	1.481.846	10.982.946	1.429.615	8.441.398	3,65 %	30,11 %
Cash flow	16.157	1.326.548	26.006	3.259.049	-37,87 %	-59,30 %
Another Current Asset	3.149	2.008.703	2.500	3.086.197	25,94 %	-34,91 %

	2014		2013		Change 2014 - 2013
	Company	Sector	Company	Sector	Company	Sector
NET ASSETS AND LIABILITIES	4.951.392	29.608.664	4.615.470	35.488.688	7,28 %	-16,57 %
Net Worth	2.073.825	14.892.795	1.959.681	21.491.858	5,82 %	-30,70 %
Capital and Share Premiums	172.063	2.085.432	172.063	3.856.972	0,00 %	-45,93 %
Reserves	2.032.468	11.555.799	2.032.468	14.400.591	0,00 %	-19,75 %
Other Net Assets	-244.851	-446.560	-142.475	-529.141	-71,86 %	15,61 %
Financial Year Result	114.144	1.698.124	-102.375	3.763.436	211,50 %	-54,88 %
NON-CURRENT LIABILITIES	564.184	3.120.529	401.491	3.989.666	40,52 %	-21,78 %
Long-term debts incurred with companies of the group and affiliates	17.761	315.091	5.234	1.261.071	239,33 %	-75,01 %
Other Long-term Debts	546.424	2.805.438	396.257	2.728.595	37,90 %	2,82 %
CURRENT LIABILITIES	2.313.383	11.595.340	2.254.298	10.007.165	2,62 %	15,87 %
Trade Creditors	730.572	8.575.726	822.937	7.234.984	-11,22 %	18,53 %
Short-term debts incurred with companies of the group and affiliates	0	441.416	0	576.052		-23,37 %
Short-term debts	1.582.811	2.578.198	1.431.361	2.196.128	10,58 %	17,40 %

	2014		2013		Change 2014 - 2013
	Company	Sector	Company	Sector	Company	Sector
Net total sales	3.219.451	43.365.694	2.972.132	36.371.700	8,32 %	19,23 %
+ Other Operating Income	49.135	255.965	75.403	624.233	-34,84 %	-59,00 %
= OPERATING INCOMES	3.268.586	43.621.659	3.047.535	36.995.932	7,25 %	17,91 %
- Miscellaneous operating expenses	-795.126	-3.982.308	-779.528	-6.672.193	-2,00 %	40,31 %
- Operating consumption	-1.535.287	-31.139.962	-1.455.415	-18.207.794	-5,49 %	-71,03 %
= COMPANY ADDED VALUE	938.173	8.499.389	812.592	12.115.945	15,45 %	-29,85 %
- Staff costs	-652.249	-5.229.240	-786.854	-5.847.281	17,11 %	10,57 %
= GROSS OPERATING RESULT	285.923	3.270.149	25.738	6.268.664	1.010,90 %	-47,83 %
-Amortisation of fixed assets	-53.478	-576.696	-58.230	-935.394	8,16 %	38,35 %
- Turnover provisions variation	0	20.011	0	0
+ Obsolescence and Results from Disposal of Fixed Assets and Others	0	13.235	3.995	-22.436	-100,00 %	158,99 %
+ Other Results	11.852	514	-7.052	-24.664	268,06 %	102,08 %
= OPERATING RESULT	244.297	2.727.217	-35.549	5.286.171	787,21 %	-48,41 %
+ Financial income	9.202	212.639	1.752	232.241	425,21 %	-8,44 %
- Financial expenditure	-191.451	-211.885	-175.376	-199.540	-9,17 %	-6,19 %
- Obsolescence and Variation of Financial Instruments	-39.103	-311.814	-38.373	-92.547	-1,90 %	-236,92 %
= RESULT BEFORE TAXES	22.944	2.416.157	-247.546	5.226.324	109,27 %	-53,77 %
- Corporation tax	91.200	-718.033	145.171	-1.462.888	-37,18 %	50,92 %
Fiscal year result from interrupted net of taxes operations	0	0	0	0
= FINANCIAL YEAR RESULT	114.144	1.698.124	-102.375	3.763.436	211,50 %	-54,88 %

STATEMENT OF CHANGES IN NET WORTH

Trend of Net Worth

Total statement of changes in equity	2010 31/12/2010	2011 31/12/2011	2012 31/12/2012	2013 31/12/2013	2014 31/12/2014
Authorized	0	132.000	0	132.000	132.000
Share Premium	40.063	40.063	40.063	40.063	40.063
Reserves	1.563.483	2.070.894	2.032.468	2.032.468	2.032.468
Previous Fiscal Years' Results	0	0	0	-142.475	-244.851
Financial Year Result	657.411	141.353	-142.476	-102.375	114.144
Grants, Donations and Bequests Received	11.011	3.020	0	0	0
Total	2.271.968	2.387.330	1.930.056	1.959.681	2.073.825

Profit and Loss Statement submitted in the fiscal year.

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 2014.

Profit and Loss Statement submitted in the fiscal year	2014 31/12/2014	2013 31/12/2013
A) RESULT IN PROFIT AND LOSS ACCOUNT	114.144	-102.375
I. Due to valuation of financial instruments.	0	0
1. Financial assets available for sales	0	0
2. Other income/expense.	0	0
II. For coverage of cash flow.	0	0
III. Grants, donations and bequests received	0	0
IV. Due to actuarial profits and losses and other adjustments	0	0
V. Due to non-current assets and linked liabilities, held for sales	0	0
VI. Conversion differences.	0	0
VII. Tax effect	0	0
B) Total income and expense directly allocated to net assets (I + II + III + IV + V + VI + VII)	0	0
VIII. Due to valuation of financial instruments.	0	0
1. Financial assets available for sales	0	0
2. Other income/expense.	0	0
IX. For coverage of cash flow.	0	0
X. Grants, donations and bequests received	0	0
XI. Due to non-current assets and linked liabilities, held for sales	0	0
XII. Conversion differences.	0	0
XIII. Tax effect.	0	0
C) Total transfers made to profit and loss account (VIII + IX + X + XI + XII + XIII)	0	0
TOTAL INCOME AND EXPENSE ACKNOWLEDGED (A + B + C)	114.144	-102.375

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 2014.

Total statement of changes in equity		TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL
A) BALANCE, AS OF END OF FISCAL YEAR 2012	511	132.000	40.063	2.032.468	0	-142.475	0	2.062.056
I. Adjustments due to criteria changes in fiscal year 2012 and previous ones	512	0	0	0	0	0	0	0
II. Adjustments due to errors in fiscal year 2012 and previous ones	513	0	0	0	0	0	0	0
B) ADJUSTED BALANCE, AS OF BEGINNING OF FISCAL YEAR 2013	514	132.000	40.063	2.032.468	0	-142.475	0	2.062.056
I. Total income and expense acknowledged	515	0	0	0	0	-102.375	0	-102.375
II. Transactions with partners or owners	516	0	0	0	0	0	0	0
1.- Capital increases	517	0	0	0	0	0	0	0
2.- (-) Capital reductions	518	0	0	0	0	0	0	0
3. Conversion of financial liabilities into net assets (conversion of debentures, debt relief).	519	0	0	0	0	0	0	0
4. ( - ) Distribution of dividends.	520	0	0	0	0	0	0	0
5. Transactions with own shares and participation (net).	521	0	0	0	0	0	0	0
6. Increase (decrease) of net assets resulting from a combination of businesses.	522	0	0	0	0	0	0	0
7. Other transactions with partners or owners.	523	0	0	0	0	0	0	0
III. Other net assets variations	524	0	0	0	-142.475	142.475	0	0
1. Activity of Revaluation reserve	531	0	0	0	0	0	0	0
2. Other variations	532	0	0	0	-142.475	142.475	0	0
C) BALANCE, AS OF END OF FISCAL YEAR 2013	511	132.000	40.063	2.032.468	0	-102.375	0	2.102.156
I. Adjustments due to criteria changes in fiscal year 2013	512	0	0	0	0	0	0	0
II. Adjustments due to errors in fiscal year 2013	513	0	0	0	0	0	0	0
D) ADJUSTED BALANCE, AS OF BEGINNING OF FISCAL YEAR 2014	514	132.000	40.063	2.032.468	0	-102.375	0	2.102.156
I. Total income and expense acknowledged	515	0	0	0	0	114.144	0	114.144
II. Transactions with partners or owners	516	0	0	0	0	0	0	0
1.- Capital increases	517	0	0	0	0	0	0	0
2.- (-) Capital reductions	518	0	0	0	0	0	0	0
3. Conversion of financial liabilities into net assets (conversion of debentures, debt relief).	519	0	0	0	0	0	0	0
4. ( - ) Distribution of dividends.	520	0	0	0	0	0	0	0
5. Transactions with own shares and participation (net).	521	0	0	0	0	0	0	0
6. Increase (decrease) of net assets resulting from a combination of businesses.	522	0	0	0	0	0	0	0
7. Other transactions with partners or owners	523	0	0	0	0	0	0	0
III. Other net assets variations	524	0	0	0	0	0	0	0
1. Activity of Revaluation reserve	531	0	0	0	0	0	0	0
2. Other variations	532	0	0	0	0	102.375	0	102.375
E) BALANCE, AS OF END OF FISCAL YEAR 2014	525	132.000	40.063	2.032.468	0	114.144	0	2.318.675

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	2014	2013	2012	2011	2010
1. Fiscal year result before taxes.	61100	22.944	-247.546	-298.626	26.777	718.699
2. Results adjustments.	61200	244.929	291.974	254.367	261.111	114.547
a) Fixed Assets Amortization (+).	61201	53.478	58.230	60.614	68.640	68.952
b) Obsolescence Allowances (+/-).	61202	0	61.661	62.833	133.145	21.961
d) Allocation of grants (-).	61204	0	-3.995	-47.916	-27.265	-52.764
e) Results on disposal of fixed assets (+/-).	61205	0	0	0	-13.908	0
f) Results on disposal of financial instruments (+/-).	61206	0	0	70.566	0	0
g) Financial income (-).	61207	0	0	-27	0	-7.066
h) Financial Expenses (+).	61208	191.451	175.376	110.301	97.578	71.906
i) Exchange differences (+/-).	61209	0	0	-2.004	2.921	11.558
j) Reasonable Value Variation in Financial Instruments (+/-).	61210	0	702	0	0	0
3. Changes in current capital equity.	61300	-244.031	736.833	594.431	76.131	-715.987
a) Stock (+/-).	61301	-189.987	-197.483	180.518	-549.447	-40.745
d) Debtors and other accounts receivable (+/-).	61302	-52.231	838.476	700.163	-182.890	-1.382.919
c) Other current assets (+/-).	61303	-649	0	185.071	-71.278	8.816
d) Creditors and other accounts payable (+/-).	61304	-1.165	95.840	-479.303	100.062	-132.558
e) Other current liabilities (+/-).	61305	0	0	7.983	779.684	831.420
4. Other cash flows for operating activities.	61400	-191.451	-176.333	-110.274	-94.529	-69.511
a) Interest payments (-).	61401	-191.451	-175.376	-110.301	-94.529	-69.511
c) Interest collection (+).	61403	0	0	27	0	0
d) Income tax payment collection (payments) (+/-).	61404	0	-957	0	0	0
5. Operating activity cash flows (1 + 2 + 3 + 4)	61500	-167.609	604.928	439.899	269.490	47.748
6. Payments for investment (-).	62100	-163.372	-38.571	-335.840	-47.895	-54.075
a) Companies of the group and affiliates.	62101	0	0	-309.076	0	0
b) Intangible fixed assets.	62102	0	-5.291	-12.425	0	-11.470
c) Fixed assets.	62103	0	-31.976	-14.339	-47.895	-36.320
e) Other financial assets.	62105	-62.596	-1.304	0	0	-6.285
h) Other assets.	62108	-100.776	0	0	0	0
7. Divestment payment collection (+).	62200	60.467	0	0	0	143.225
a) Companies of the group and affiliates.	62201	17.603	0	0	0	143.225
b) Intangible fixed assets.	62202	2.517	0	0	0	0
c) Fixed assets.	62203	40.347	0	0	0	0
8. Investment activity cash flows (6 + 7) minus Amortization	62300	-156.383	-38.571	-335.840	-47.895	89.150
9. Payment collection and payments for equity instruments.	63100	0	927	9.389	0	0
b) Amortization of assets instruments (-).	63102	0	0	0	0	0
e) Grants, donations and bequests received (+).	63105	0	927	9.389	0	0
10. Payment collection and payments for financial liabilities instruments.	63200	314.143	-570.341	-157.465	-59.579	-123.026
a) Issuance	63201	-143.661	14.519	0	127.778	51.524
2. Debts incurred with credit institutions (+).	63203	0	0	0	127.778	51.524
5. Other debts (+).	63206	-143.661	14.519	0	0	0
b) Repayment and amortization of	63207	457.804	-584.860	-157.465	-187.357	-174.550
2. Debts incurred with credit institutions (-).	63209	445.277	-584.837	-137.465	-187.357	-154.550
3. Debts incurred with companies of the group and affiliates (-).	63210	12.527	-23	0	0	0
5. Other debts (-).	63212	0	0	-20.000	0	-20.000
11. Payments from dividends and remunerations from other assets instruments.	63300	0	0	0	-150.000	0
a) Dividends (-).	63301	0	0	0	-150.000	0
12. Cash flows for financing activities (9+10+11).	63400	314.143	-569.414	-148.075	-209.579	-123.026
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	-9.849	-3.057	-44.017	12.016	13.872
Cash or equivalent assets as of beginning of the fiscal year.	65100	26.006	29.063	73.079	61.063	47.190
Cash or equivalent assets as of end of the fiscal year.	65200	16.157	26.006	29.063	73.079	61.063

ANNUAL ACCOUNTS AUDIT

Financial Year	Auditor's Company	Audit Date	Result	Audit Cost	Other Services	Cost of other Services
2014	MP4 AUDITORES SOCIEDAD LIMITADA	29/05/2015		5.350
2013	MP4 AUDITORES SOCIEDAD LIMITADA	16/04/2014		5.350
2012	MP4 AUDITORES SOCIEDAD LIMITADA	17/05/2013		5.300
2011	MP4 AUDITORES SOCIEDAD LIMITADA	17/05/2012
2010	MP4 AUDITORES SOCIEDAD LIMITADA	14/04/2011		5.155
2009	MP4 AUDITORES SOCIEDAD LIMITADA	27/04/2010		5.000
2008	EUSKALTAX AUDIT SOCIEDAD LIMITADA	27/04/2009		4.000
2007	EUSKALTAX AUDIT SOCIEDAD LIMITADA	07/04/2008		2.385

FINANCING SOURCES

Bank

At Year End  2010

Financial Entity	BILBAO BIZKAIA KUTXA,AURREZKI KUTXA ETA BAHITETXEA
Type of product	PRESTAMO
Short term amount	45.654,45 Euros
Long term amount	45.654,45 Euros
Limit granted	440.000,00 Euros
Balance at closure	325.863,54 Euros
Notes	Deuda avalada por ELKARGI.
Source	Foot notes to the Balance 2010 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	NO ESPECIFICADA
Type of product	PRESTAMO
Short term amount	15.134,76 Euros
Long term amount	15.134,76 Euros
Limit granted	220.000,00 Euros
Balance at closure	128.699,35 Euros
Guarantees	Tiene garantía hipotecaria.
Notes	Deuda para la adquisición de las nuevas oficinas.
Source	Foot notes to the Balance 2010 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	BILBAO BIZKAIA KUTXA,AURREZKI KUTXA ETA BAHITETXEA
Type of product	PRESTAMO
Short term amount	100.000,00 Euros
Long term amount	100.000,00 Euros
Limit granted	200.000,00 Euros
Balance at closure	173.256,16 Euros
Source	Foot notes to the Balance 2010 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	LUZARO E.F.C., S.A.
Type of product	PRESTAMO PARTICIPATIVO
Expiry / maturity date	30/06/2013
Long term amount	NaN Euros
Limit granted	100.000,00 Euros
Balance at closure	50.000,00 Euros
Source	Foot notes to the Balance 2010 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	BILBAO BIZKAIA KUTXA,AURREZKI KUTXA ETA BAHITETXEA
Type of product	PRESTAMO
Limit granted	95.970,00 Euros
Source	Foot notes to the Balance 2010 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	NO ESPECIFICADA
Type of product	LINEA DE DESCUENTO
Balance at closure	976.761,04 Euros
Notes	Deuda por efectos descontados.
Source	Foot notes to the Balance 2010 of VENTURMODA SOCIEDAD ANONIMA

At Year End  2009

Financial Entity	BILBAO BIZKAIA KUTXA,AURREZKI KUTXA ETA BAHITETXEA
Type of product	PRESTAMO
Short term amount	23.399,81 Euros
Long term amount	23.399,81 Euros
Limit granted	440.000,00 Euros
Balance at closure	205.445,43 Euros
Guarantees	Deuda avalada por ELKARGI.
Source	Foot notes to the Balance 2009 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	NO ESPECIFICADA
Type of product	PRESTAMO
Short term amount	42.094,58 Euros
Long term amount	42.094,58 Euros
Limit granted	220.000,00 Euros
Balance at closure	152.099,23 Euros
Guarantees	Tiene garantía hipotecaria.
Notes	Deuda para la adquisición de las nuevas oficinas.
Source	Foot notes to the Balance 2009 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	BILBAO BIZKAIA KUTXA,AURREZKI KUTXA ETA BAHITETXEA
Type of product	PRESTAMO
Short term amount	8.972,03 Euros
Limit granted	95.970,00 Euros
Balance at closure	8.972,03 Euros
Source	Foot notes to the Balance 2009 of VENTURMODA SOCIEDAD ANONIMA

At Year End  2008

Financial Entity	NO ESPECIFICADA
Type of product	PRESTAMO HIPOTECARIO
Short term amount	19.839,94 Euros
Long term amount	19.839,94 Euros
Limit granted	220.000,00 Euros
Balance at closure	175.499,11 Euros
Notes	Deuda para la adquisición de las nuevas oficinas
Source	Foot notes to the Balance 2008 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	BILBAO BIZKAIA KUTXA,AURREZKI KUTXA ETA BAHITETXEA
Type of product	PRESTAMO
Short term amount	45.654,45 Euros
Long term amount	45.654,45 Euros
Balance at closure	251.099,95 Euros
Guarantees	Deuda avalada por ELKARGI.
Source	Foot notes to the Balance 2008 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	BILBAO BIZKAIA KUTXA,AURREZKI KUTXA ETA BAHITETXEA
Type of product	PRESTAMO
Short term amount	18.360,67 Euros
Long term amount	18.360,67 Euros
Balance at closure	26.915,95 Euros
Source	Foot notes to the Balance 2008 of VENTURMODA SOCIEDAD ANONIMA

At Year End  2007

Financial Entity	BILBAO BIZKAIA KUTXA,AURREZKI KUTXA ETA BAHITETXEA
Type of product	PRESTAMO
Expiry / maturity date	10/06/2014
Long term amount	NaN Euros
Limit granted	440.000,00 Euros
Balance at closure	296.754,00 Euros
Notes	Deuda avalada por ELKARGI.
Source	Foot notes to the Balance 2007 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	NO ESPECIFICADA
Type of product	PRESTAMO HIPOTECARIO
Long term amount	NaN Euros
Limit granted	220.000,00 Euros
Balance at closure	202.458,93 Euros
Notes	Deuda para la adquisición de las nuevas oficinas
Source	Foot notes to the Balance 2007 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	LUZARO E.F.C., S.A.
Type of product	PRESTAMO PARTICIPATIVO
Expiry / maturity date	11/06/2013
Long term amount	NaN Euros
Limit granted	100.000,00 Euros
Balance at closure	100.000,00 Euros
Notes	Tiene una carencia de 5 años y comenzará a pagarse el 30/09/2008
Source	Foot notes to the Balance 2007 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	BANCO SANTANDER CENTRAL HISPANO, S.A.
Type of product	CUENTA DE CREDITO
Long term amount	NaN Euros
Limit granted	100.000,00 Euros
Balance at closure	93.529,02 Euros
Source	Foot notes to the Balance 2007 of VENTURMODA SOCIEDAD ANONIMA

Financial Entity	NO ESPECIFICADA
Type of product	PRESTAMO
Long term amount	NaN Euros
Limit granted	95.970,00 Euros
Balance at closure	43.609,79 Euros
Source	Foot notes to the Balance 2007 of VENTURMODA SOCIEDAD ANONIMA

Non-bank

At Year End  2014

Name	VENTURDIS SOCIEDAD LIMITADA
Type of product	SALDOS
Credit Balance	242.878,71 Euros
Source	Foot notes to the Balance 2014 of VENTURMODA SOCIEDAD ANONIMA

REGISTRY DATA

Mercantile Registry:	VIZCAYA
Register Data:	8 Hoja Registral: 3105
Date of formation:	28/07/1987
Registered Office:	C/ RIBERA DE AXPE, 11 PTL.DL 11.  -ALTZAGA-   VIZCAYA
Auditor  / Auditing Firm  / Year:	MANUEL ESTARTA GOMEZ  /  MP4 AUDITORES SOCIEDAD LIMITADA  /  2014MANUEL ESTARTA GOMEZ  /  MP4 AUDITORES SOCIEDAD LIMITADA  /  2013MANUEL ESTARTA GOMEZ  /  MP4 AUDITORES SOCIEDAD LIMITADA  /  2012MANUEL ESTARTA GOMEZ  /  MP4 AUDITORES SOCIEDAD LIMITADA  /  2011MANUEL ESTARTA GOMEZ  /  MP4 AUDITORES SOCIEDAD LIMITADA  /  2010MANUEL ESTARTA GOMEZ  /  MP4 AUDITORES SOCIEDAD LIMITADA  /  2009MANUEL ESTARTA GOMEZ  /  EUSKALTAX AUDIT SOCIEDAD LIMITADA  /  2008MANUEL ESTARTA  /  EUSKALTAX AUDIT SOCIEDAD LIMITADA  /  2007
Audit Opinion:	29/05/2015
Auditing Firm fees:	5.350,00 Euros

CHRONOLOGICAL SUMMARY

Note:    Important       Very Important

1990	Accounts deposit (year 1989) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Increase of Capital (2) Statutory Modifications (1)
1991	Accounts deposit (year 1990) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1992	Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1993	Accounts deposit (year 1991, 1992)
1994	Accounts deposit (year 1993)
1995	Accounts deposit (year 1994)
1996	Accounts deposit (year 1995) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1997	Accounts deposit (year 1996)
1998	Accounts deposit (year 1997)
1999	Accounts deposit (year 1998) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Increase of Capital (1)
2001	Accounts deposit (year 1999)
2002	Accounts deposit (year 2000, 2001) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2003	Accounts deposit (year 2002)
2004	Accounts deposit (year 2003)
2005	Accounts deposit (year 2004) Change of Social address (1)
2008	Accounts deposit (year 2005, 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2009	Accounts deposit (year 2007, 2008)
2010	Accounts deposit (year 2009)
2011	Appointments/ Re-elections (2)
2012	Accounts deposit (year 2010, 2011)
2013	Accounts deposit (year 2012)
2014	Accounts deposit (year 2013) Appointments/ Re-elections (1)
2015	Accounts deposit (year 2014)

MAIN HISTORIC CHANGES

Concept	Publication	Act	Date
Previous Denominations:	J G DISEÑO SOCIEDAD ANONIMA	Company name change	21/06/1999

BREAKDOWN OF OWNERS EQUITY

Current Notarised Capital:	132.234,68   EUROS
Current Paid-up Capital:	132.234,68   EUROS
Nominal value:	10   EUROS
Shares:	13.223
Source:	BORME  /  2014

UPDATED EVOLUTION OF THE SUBSCRIBED AND PAID-IN CAPITAL

Inscription date	Type of Registration	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
05/07/1999	Increase of Capital	72.121,45€	72.121,45€	132.234,68€	132.234,68€
15/10/1990	Increase of Capital	40.279,83€	40.279,83€	60.113,23€	60.113,23€
16/08/1990	Increase of Capital	18.030,36€	18.030,36€	19.833,4€	19.833,4€

ACTIVE SOCIAL BODIES

Active Governing Bodies - Total: 15

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	SANTOS CHACARTEGUI CHOPITEA	17/05/2011	11
VICE CHAIRMAN	JOSE ANGEL ROBREDO BLAS	17/05/2011	10
VICE CHAIRMAN	JOSE ANGEL RODREDO BLAS	17/05/2011	8
MEMBER OF THE BOARD	JOSE ANGEL ROBREDO BLAS	17/05/2011	10
MEMBER OF THE BOARD	PURIFICACION URDAMPILLETA IZQUIERDO	17/05/2011	7
MEMBER OF THE BOARD	TALDE GESTION S G E C R SOCIEDAD ANONIMA	17/05/2011	6
MEMBER OF THE BOARD	SANTOS CHACARTEGUI CHOPITEA	17/05/2011	11
MEMBER OF THE BOARD	JUANA MARIA RUIZ LOMAS	17/05/2011	7
MEMBER OF THE BOARD	JOSE ANGEL RODREDO BLAS	17/05/2011	8
PROXY	SANTOS CHACARTEGUI CHOPITEA	23/09/1996	11
PROXY	MARIA TERESA ALBAINA IBARLUCEA	01/04/1992	1
PROXY	PURIFICACION URDAMPILLETA IZQUIERDO	31/10/1990	7
PROXY	JUANA MARIA RUIZ LOMAS	31/10/1990	7
SECRETARY	TALDE GESTION S G E C R SOCIEDAD ANONIMA	17/05/2011	6
ACCOUNTS' AUDITOR / HOLDER	MP4 AUDITORES SOCIEDAD LIMITADA	08/07/2014	3

HISTORICAL SOCIAL BODIES

Formerly Active Governing Bodies - Total: 14

Social Body's Name	Post published	End Date	Other Positions in this Company
FRANCISCO JAVIER BERASTEGUI RUBIO	PROXY	07/06/1991	1
JOSE ANGEL ROBREDO BLAS	MEMBER OF THE BOARD	23/09/1996	10
	MEMBER OF THE BOARD	08/01/2002
	MEMBER OF THE BOARD	18/08/2008
	MEMBER OF THE BOARD	17/05/2011
	VICE CHAIRMAN	23/09/1996
	VICE CHAIRMAN	08/01/2002
	VICE CHAIRMAN	18/08/2008
	VICE CHAIRMAN	17/05/2011
JOSE ANGEL RODREDO BLAS	MEMBER OF THE BOARD	08/01/2002	8
	VICE CHAIRMAN	08/01/2002
	VICE CHAIRMAN	18/08/2008
	MEMBER OF THE BOARD	18/08/2008
	MEMBER OF THE BOARD	17/05/2011
	VICE CHAIRMAN	17/05/2011
JOSE LUIS SAIZ ZARANDONA	MEMBER OF THE BOARD	23/09/1996	2
	MEMBER OF THE BOARD	05/07/1999
JOSE RAMON SANCHO URIARTE	PROXY	01/04/1992	1
JUAN CRUZ VILLANUEVA MONZON	SECRETARY	23/09/1996	1
JUAN LUIS BONAFUENTE AVELLANER	MEMBER OF THE BOARD	08/01/2002	1
JUANA MARIA RUIZ LOMAS	ADMINISTRATOR	15/10/1990	7
	MEMBER OF THE BOARD	23/09/1996
	MEMBER OF THE BOARD	08/01/2002
	MEMBER OF THE BOARD	18/08/2008
	MEMBER OF THE BOARD	17/05/2011
MP4 AUDITORES SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	20/06/2011	3
	ACCOUNTS' AUDITOR / HOLDER	08/07/2014
PURIFICACION URDAMPILLETA IZQUIERDO	ADMINISTRATOR	15/10/1990	7
	MEMBER OF THE BOARD	23/09/1996
	MEMBER OF THE BOARD	08/01/2002
	MEMBER OF THE BOARD	18/08/2008
	MEMBER OF THE BOARD	17/05/2011
SANDRA BOCOS PINILLOS	MEMBER OF THE BOARD	18/08/2008	1
SANTOS CHACARTEGUI CHOPITEA	MEMBER OF THE BOARD	23/09/1996	11
	MEMBER OF THE BOARD	08/01/2002
	MEMBER OF THE BOARD	18/08/2008
	MEMBER OF THE BOARD	17/05/2011
	PRESIDENT	23/09/1996
	PRESIDENT	08/01/2002
	PRESIDENT	18/08/2008
	PRESIDENT	17/05/2011
TALDE GESTION S G E C R SOCIEDAD ANONIMA	MEMBER OF THE BOARD	18/08/2008	6
	SECRETARY	18/08/2008
	SECRETARY	17/05/2011
	MEMBER OF THE BOARD	17/05/2011
TALDE PROMOCION DESARROLLO SOCIEDAD DE CAPITAL RIESGO SOCIEDAD ANONIMA	MEMBER OF THE BOARD	08/01/2002	2
	SECRETARY	08/01/2002

EXECUTIVE BOARD

Post	Name
MANAGING DIRECTOR:	JUANA  RUIZ
FINANCIAL DIRECTOR:	VEGA  ORTUZAR

LINKS AND ANALYSIS OF THE IMPACT OF THE ENVIRONMENT

Summary of business environment influence:

PROBABILITY OF DEFAULT

	TOTAL	Maximum	High	Moderate	Minimal	Unclassified
Shareholders	3					3
Companies it participates in	1		1
Companies linked by corporate bodies	1					1

Full description of business environment influence:

  Shareholders

Entity	Capital share	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
TALDE PROMOCION Y DESARROLLO S.C.R. DE REGIMEN COMUN SOCIEDAD ANONIMA	33.33 %	ACTIVE	MEDIUM	1.43	13.43	0.03
JUANA MARIA RUIZ LOMAS	30 %
PURIFICACION URDAMPILLETA IZQUIERDO	30 %

  Companies it participates in

Entity	Capital share	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
VENTURDIS SOCIEDAD LIMITADA	99.99 %	ACTIVE	SMALL	0.02	0.88	13.04	High

  Companies linked by corporate bodies

The Board of Directors includes

Entity	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
TALDE GESTION S.G.E.C.R. SOCIEDAD ANONIMA	ACTIVE	SMALL	0.37	7.67	0.10

TRADEMARKS

Summary of Published Trademarks

Spanish Trademarks:

Status	Trademarks
GRANTED	5
CANCELLED	5

COMMUNITY TRADEMARKS:

Status	Trademarks
UNKNOWN	2
Record published	2
Registrada en la CTM	1

Trademark Overview

Trademark	Dossier	Status		Type	Class
Jota+Ge	867517	UNKNOWN	11/11/2014	EU	18 , 25 , 35
	13105986	UNKNOWN	06/11/2014	EU	18 , 25 , 35
mikaella ess	8791667	Registrada en la CTM	27/05/2010	EU	25
COQUETTE BY J+G	M2870223 /9	GRANTED	09/09/2009	Spanish	25
JOTA MAS GE	4739454	Record published	02/06/2008	EU	3 , 24
	3960391	Record published	05/05/2008	EU	14 , 18 , 25 , 35
JOTA MAS GE JUANA RUIZ GARBIÑE URDAMPILLETA JOTA MAS GE	M2391542 /0	GRANTED	22/10/2001	Spanish	25
	M2391543 /9	GRANTED	22/10/2001	Spanish	35
	M2391544 /7	GRANTED	22/10/2001	Spanish	39
	M2263900 /4	CANCELLED	22/03/2001	Spanish	25
	M2263901 /2	CANCELLED	22/03/2001	Spanish	35
	M2263902 /0	CANCELLED	22/03/2001	Spanish	39
VENTURMODA S.A.	N223412 /	GRANTED	01/02/2001	Spanish	, 25 , 35
J+G DISEÑO, S.A.	M1909013 /7	CANCELLED	02/01/2001	Spanish	25
	M1909014 /5	CANCELLED	02/01/2001	Spanish	39

REMUNERATION

WAGES AND SALARIES EARNED BY MEMBERS OF THE BOARD OF DIRECTORS DURING THE FISCAL YEAR 2014 AMOUNT TO 65.107,28 EUROS OF REMUNERATION IN THE FORM OF WAGES AND PROFESSIONAL FEES.

DETAIL OF SUBSIDIES APPEARING IN NOTES TO THE BALANCES AND PUBLIC NEWSPAPERS

As Published  2015

Entity	DEPARTAMENTO DE DESARROLLO ECONÓMICO Y COMPETITIVIDAD. COMUNIDAD AUTÓNOMA DEL PAÍS VASCO
	09/03/2015
	RESOLUCIÓN DE 26 DE FEBRERO DE 2015, DEL VICECONSEJERO DE INDUSTRIA, POR LA QUE SE HACE PÚBLICA LA RELACIÓN DE BENEFCIARIOS EN EL EJERCICIO 2014 DE LAS AYUDAS PREVISTAS EN LA ORDEN DE 19 DE MARZO DE 2014, DE LA CONSEJERA DE DESARROLLO ECONÓMICO Y COMPETITIVIDAD, POR LA QUE SE REGULA EL PROGRAMA GLOBAL LEHIAN, DE APOYO A LA INTERNACIONALIZACIÓN DE PYMES INDIVIDUALES Y EN COOPERACIÓN.
	SUBSIDY AWARDED
	PROGRAMA GLOBAL LEHIAN, DE APOYO A LA INTERNACIONALIZACIÓN DE PYMES INDIVIDUALES Y EN COOPERACIÓN.
	10.775,59 Euros
	0,00 Euros
	0,00 Euros

Entity	DEPARTAMENTO DE DESARROLLO ECONÓMICO Y COMPETITIVIDAD. COMUNIDAD AUTÓNOMA DEL PAÍS VASCO
	09/03/2015
	RESOLUCIÓN DE 26 DE FEBRERO DE 2015, DEL VICECONSEJERO DE INDUSTRIA, POR LA QUE SE HACE PÚBLICA LA RELACIÓN DE BENEFCIARIOS EN EL EJERCICIO 2014 DE LAS AYUDAS PREVISTAS EN LA ORDEN DE 19 DE MARZO DE 2014, DE LA CONSEJERA DE DESARROLLO ECONÓMICO Y COMPETITIVIDAD, POR LA QUE SE REGULA EL PROGRAMA GLOBAL LEHIAN, DE APOYO A LA INTERNACIONALIZACIÓN DE PYMES INDIVIDUALES Y EN COOPERACIÓN.
	SUBSIDY AWARDED
	PROGRAMA GLOBAL LEHIAN, DE APOYO A LA INTERNACIONALIZACIÓN DE PYMES INDIVIDUALES Y EN COOPERACIÓN.
	4.454,30 Euros
	0,00 Euros
	0,00 Euros

As Published  2014

Entity	DEPARTAMENTO DE DESARROLLO ECONÓMICO Y COMPETITIVIDAD. COMUNIDAD AUTÓNOMA DEL PAÍS VASCO
	26/03/2014
	RESOLUCIÓN DE 12 DE MARZO DE 2014, DEL VICECONSEJERO DE INDUSTRIA, POR LA QUE SE HACE PÚBLICA LA RELACIÓN DE BENEFCIARIOS, EN 2013, DE LAS AYUDAS PREVISTAS EN LA ORDEN DE 24 DE FEBRERO DE 2010, DEL CONSEJERO DE INDUSTRIA, INNOVACIÓN, COMERCIO Y TURISMO, POR LA QUE SE DESARROLLA EL PROGRAMA PROINTER, DE AYUDAS A LAS ACCIONES DE PROMOCIÓN Y DE IMPLANTACIÓN EN EL EXTERIOR.
	SUBSIDY AWARDED
	PROGRAMA PROINTER, DE AYUDAS A LAS ACCIONES DE PROMOCIÓN Y DE IMPLANTACIÓN EN EL EXTERIOR.
	32.749,29 Euros
	0,00 Euros
	0,00 Euros

As Published  2013

Entity	DEPARTAMENTO DE DESARROLLO ECONÓMICO Y COMPETITIVIDAD; COMUNIDAD AUTÓNOMA DEL PAÍS VASCO
	19/02/2013
	RESOLUCIÓN DE 4 DE FEBRERO DE 2013, DE LA VICECONSEJERA DE INNOVACIÓN Y TECNOLOGÍA, POR LA QUE SE HACE PÚBLICA LA RELACIÓN DE BENEFCIARIOS, EN 2012, DE LAS AYUDAS PREVISTAS EN LA ORDEN DE 24 DE FEBRERO DE 2010, DEL CONSEJERO DE INDUSTRIA, INNOVACIÓN, COMERCIO Y TURISMO, POR LA QUE SE DESARROLLA EL PROGRAMA PROINTER, DE AYUDAS A LAS ACCIONES DE PROMOCIÓN Y DE IMPLANTACIÓN EN EL EXTERIOR
	SUBSIDY AWARDED
	PROGRAMA PROINTER - 2012. CON AYUDAS FEDER
	2.385,14 Euros
	0,00 Euros
	0,00 Euros

As Published  2012

Entity	DEPARTAMENTO DE INDUSTRIA, INNOVACIÓN, COMERCIO Y TURISMO; COMUNIDAD AUTÓNOMA DEL PAÍS VASCO
	06/03/2012
	RESOLUCIÓN DE 10 DE FEBRERO DE 2012, DEL VICECONSEJERO DE INNOVACIÓN Y TECNOLOGÍA DEL DEPARTAMENTO DE INDUSTRIA, INNOVACIÓN, COMERCIO Y TURISMO, POR LA QUE SE HACE PÚBLICA LA RELACIÓN DE BENEFCIARIOS, EN 2011, DE LAS AYUDAS PREVISTAS EN LA ORDEN DE 24 DE FEBRERO DE 2010, DEL CONSEJERO DE INDUSTRIA, INNOVACIÓN, COMERCIO Y TURISMO, POR LA QUE SE DESARROLLA EL PROGRAMA PROINTER, DE AYUDAS A LAS ACCIONES DE PROMOCIÓN Y DE IMPLANTACIÓN EN EL EXTERIOR
	SUBSIDY AWARDED
	PROGRAMA PROINTER, DE AYUDAS A LAS ACCIONES DE PROMOCIÓN Y DE IMPLANTACIÓN EN EL EXTERIOR
	8.426,52 Euros
	0,00 Euros
	0,00 Euros

As Published  2011

Entity	DEPARTAMENTO DE INDUSTRIA, INNOVACIÓN, COMERCIO Y TURISMO. COMUNIDAD AUTÓNOMA DEL PAÍS VASCO.
	17/10/2011
	RESOLUCIÓN DE 26 DE JULIO DE 2011, DEL VICECONSEJERO DE INNOVACIÓN Y TECNOLOGÍA, POR LA QUE SE HACE PÚBLICA LA RELACIÓN DE BENEFCIARIOS, EN 2010, DE LAS AYUDAS PREVISTAS EN LA ORDEN DE 24 DE FEBRERO DE 2010, DEL CONSEJERO DE INDUSTRIA, INNOVACIÓN, COMERCIO Y TURISMO, POR LA QUE SE DESARROLLA EL PROGRAMA PROINTER, DE AYUDAS A LAS ACCIONES DE PROMOCIÓN Y DE IMPLANTACIÓN EN EL EXTERIOR.
	SUBSIDY AWARDED
	54.753,93 Euros
	0,00 Euros
	0,00 Euros

DETAIL OF SUBSIDIES APPEARING IN BALANCES MEMORIES

At Year End  2014

Entity	GOBIERNO VASCO
Status	CONCEDIDA
Amount Granted	46.788,72
Notes	importe imputado en la cuenta de pérdidas y gancias. subvenciones proceden de Gobierno Vasco, SPRI, Diputacion oral de Bizkaia
Source	Foot notes to the Balance 2014 of VENTURMODA SOCIEDAD ANONIMA

At Year End  2013

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	78.312,11
Notes	importe imputado en la cuenta de pérdidas y ganancias
Source	Foot notes to the Balance 2013 of VENTURMODA SOCIEDAD ANONIMA

At Year End  2012

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	47.915,71
Notes	importe imputado en la cuenta de pérdidas y ganancias
Source	Foot notes to the Balance 2012 of VENTURMODA SOCIEDAD ANONIMA

At Year End  2011

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	27.265,09
Notes	Imputado a resultados.
Source	Foot notes to the Balance 2011 of VENTURMODA SOCIEDAD ANONIMA

At Year End  2010

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	52.763,74
Notes	El importe reflejado es el imputado a resultados en este ejercicio, incluyendo las subvenciones de explotación incorporadas al resultado del ejercicio.
Source	Foot notes to the Balance 2010 of VENTURMODA SOCIEDAD ANONIMA

ENVIRONMENTAL INFORMATION

In the Memory of this company corresponding to the year 2014 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 (11)	2004 (23)	2005 (53)	2006 (45)	2007 (52)	2008 (74)	2009 (40)	2010 (33)	2011 (21)	2012 (26)	2013 (33)	2014 (25)	2015 (17)
INSURANCE AND FINANCIAL SERVICES		10	37	34	41	55	15	17		9	4	4
AUDITORS, ECONOMISTS AND CONSULTANTS	2	9	6	5	2	4	8	8	2	2	2	3	2
TEXTILE, TAILORING, FURRIERY AND FOOTWARE			2	5	4	6	7	3	2	1	3	2	3
MISCELLANEOUS SECTORS	2	2	2		3		3		2	2	5	4	2
MARKETING/PUBLICITY AND PUBLIC RELATIONS						4		3	3	2	3	3	3
LAWYERS			2	1						2	6	3	3
AGENCIES AND CONSULTANCIES									2		5	2	2
TRADE REPORTS	2		2			1	4	1
WHOLESALERS AND MIDDLEMEN	3								3	2
TRANSPORT AND GOODS			2			2			2			2
INDIVIDUALS					2			1	1		1	2
COMPUTER SCIENCE, OFFIMATIC AND ELECTRONIC										4	2
PUBLIC ADMINISTRATION						2							2
BUILDING INDUSTRY / REAL ESTATE AND PUBLIC WORKS	2	2
TELECOMMUNICATION									2		2
COMMISSIONER FOR THE OATHS							3
AGRICULTURE, CATTLE-RAISING AND FISHING										2
ASSOCIATIONS, ORGANISATIONS, POLITICAL PARTIES									2

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 :	HNA
Report Prepared by :	TRU

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.