MIRA INFORM REPORT

Report No. :	350263
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	MANUFACTURAS CLIMA SA

Registered Office :	Calle Dos De Maig 195 - Barcelona - 08013 - Barcelona

Country :	Spain

Financials (as on) :	31.12.2014

Date of Incorporation :	19.07.1933

Legal Form :	Public Company

Line of Business :	Manufacture of other textiles.

No. of Employee :	Not Available

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 :	No complaints

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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:

MANUFACTURAS CLIMA SA

NIF / Fiscal code:

A08029951

Status:

ACTIVE

Incorporation Date:

19/07/1933

Register Data

Last Publication in BORME:

09/10/2015 [Appointments]

Last Published Account Deposit:

2014

Share Capital:

230.788,65

Localization:

CALLE DOS DE MAIG 195 - BARCELONA - 08013 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 932 456 436 Email. clima@clima.es Website. www.clima.es

Activity:

NACE:

1399 - Manufacture of other textiles n.e.c.

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Payment Behaviour:

No Complaints

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:

ACCIONES PROPIAS DE MANUFACTURAS CLIMA, S.A.

3.91 %

Identification

Social Denomination:

MANUFACTURAS CLIMA SA

NIF / Fiscal code:

A08029951

Corporate Status:

ACTIVE

Start of activity:

1966

Registered Office:

CALLE DOS DE MAIG 195

Locality:

BARCELONA

Province:

BARCELONA

Postal Code:

08013

Telephone:

932 456 436

Fax:

932 455 824

Website:

www.clima.es

Email:

clima@clima.es

Interviewed Person:

Srta.: Sonia

Branch Offices

---

Activity

NACE:

1399

CNAE Obtaining Source:

1399

Legal Form:

Manufacture and commercialization of umbrellas

Additional Information:

Manufacture and commercialization of umbrellas

Additional Address:

Registered office and offices as well as other dependencies are located on: CALLE DOS DE MAIG 195 08013 BARCELONA

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1990

Adaptation to Law (1) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

1991

Accounts deposit (year 1989, 1990)

1992

Accounts deposit (year 1991)

1993

Accounts deposit (year 1992)

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1996

Accounts deposit (year 1995)

1997

Accounts deposit (year 1996) Appointments/ Re-elections (3)

1998

Board Meeting (1)

1999

Accounts deposit (year 1997, 1998)

2000

Accounts deposit (year 1999) Appointments/ Re-elections (2) Board Meeting (1)

2001

Accounts deposit (year 2000) Board Meeting (1) Capital Reduction (2)

2002

Accounts deposit (year 2001) Board Meeting (1)

2003

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

2004

Accounts deposit (year 2003) Board Meeting (1)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (1) Board Meeting (2)

2006

Accounts deposit (year 2005) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Change of Social Denomination (1)

2007

Accounts deposit (year 2006) Board Meeting (1)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (1) Board Meeting (1)

2009

Accounts deposit (year 2008) Capital Reduction (2)

2010

Accounts deposit (year 2009) Appointments/ Re-elections (1) Capital Reduction (2)

2011

Accounts deposit (year 2010) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2012

Accounts deposit (year 2011)

2013

Accounts deposit (year 2012) Statutory Modifications (1)

2014

Accounts deposit (year 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2015

Accounts deposit (year 2014) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (5) Statutory Modifications (1)

Breakdown of Owners' Equity

Registered Capital:

230.788,65

Paid up capital:

230.788,65

Updated Evolution of the Subscribed and Paid-in Capita

wordml://1186

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

18/10/2001

Capital Reduction

-189.319

435.734

21/05/2009

Capital Reduction

-119.902

315.832

26/11/2010

Capital Reduction

-85.043

230.789

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

GISPERT SEGURA MIREIA

30/03/2015

MEMBER OF THE BOARD

MONTANER FERRER ALEX

01/10/2015

GISPERT SEGURA BERTA

30/03/2015

TORRENS FERRER JUAN

30/03/2015

GISPERT SEGURA MIREIA

30/03/2015

JOINT ATTORNEY/COMBINED PROXY

GISPERT SEGURA MIREIA

10/07/2015

GISPERT SEGURA BERTA

10/07/2015

PROXY

TORRAS CASANOVAS ALBERTO

07/01/1997

SECRETARY

GISPERT SEGURA BERTA

30/03/2015

ACCOUNTS' AUDITOR / HOLDER

PROAUDIT SLP

11/06/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ALONSO GAMARRA ANTONIO

MEMBER OF THE BOARD

17/10/1990

SECRETARY

17/10/1990

PROXY

16/01/2006

ENSENYAT SALADA JORDI

MEMBER OF THE BOARD

30/03/2015

CHIEF EXECUTIVE OFFICER

30/03/2015

ENSEÑAT SALADA JORDI

PROXY

22/04/2015

GISPERT ACEÑA ALFONSO

SINGLE ADMINISTRATOR

10/05/1995

SINGLE ADMINISTRATOR

27/05/2010

SINGLE ADMINISTRATOR

14/03/2011

ADMINISTRATOR

18/05/2000

ADMINISTRATOR

05/05/2005

MEMBER OF THE BOARD

17/10/1990

MEMBER OF THE BOARD

14/04/2014

CHIEF EXECUTIVE OFFICER

17/10/1990

CHIEF EXECUTIVE OFFICER

14/04/2014

PRESIDENT

17/10/1990

PRESIDENT

14/04/2014

GISPERT SEGURA BERTA

JOINT ATTORNEY

22/04/2015

MEMBER OF THE BOARD

30/03/2015

PRESIDENT

30/03/2015

JOINT ATTORNEY/COMBINED PROXY

10/07/2015

GISPERT SEGURA MIREIA

MEMBER OF THE BOARD

30/03/2015

SECRETARY

30/03/2015

JOINT ATTORNEY/COMBINED PROXY

10/07/2015

LLOP DESCARREGA LUIS

PROXY

01/03/2006

LORCA CARPES FERNANDO

MEMBER OF THE BOARD

17/10/1990

PROXY

16/01/2006

CHIEF EXECUTIVE OFFICER

17/10/1990

VICE CHAIRMAN

17/10/1990

MELICH VIDAL ANTONIO

MEMBER OF THE BOARD

17/10/1990

MILLERA MONTOLIU MIGUEL

MEMBER OF THE BOARD

17/10/1990

MORANT FERNANDEZ RICARDO

PROXY

10/07/2015

PROAUDIT SL

ACCOUNTS' AUDITOR / HOLDER

11/06/2014

ACCOUNTS' AUDITOR / HOLDER

12/08/2008

ACCOUNTS' AUDITOR / HOLDER

01/02/2011

RUBERT ALEGRIN PELAYO

MEMBER OF THE BOARD

17/10/1990

HONOUR PRESIDENT

17/10/1990

RUBERT VILA DOLORES

MEMBER OF THE BOARD

17/10/1990

TINTORE SEGURA JAVIER

MEMBER OF THE BOARD

01/10/2015

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

JUAN SANTACANA

MANAGING DIRECTOR

JORGE ENSEÑAT SALADA

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.

The current debt represents a 8.52of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

It has financial profitability.. MANUFACTURAS CLIMA SA 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.

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

Audit qualifications . The company has submitted the audit with a qualified opinion, indicating that the financial statements may not reflect the true picture because of the existence of circumstances that may be significant.

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

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ACCIONES PROPIAS DE MANUFACTURAS CLIMA, S.A.

3.91

PARTICIPATES IN

ANDREA HOUSE SL

BARCELONA

> Other relationships

Relationship

Entity

Province

Shareholding stake

BELONGS TO THE ADMINISTRATION BOARD OF

ANDREA HOUSE SL

BARCELONA

Turnover

Total Sales

5.907.977,64

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

Estimated Balance

In the last figures that appear in the Public Trade Registry (31-12-2013), we can notice that the financial year has closed with negative results: -124.619 Euro/s. In light of the above, and due to not having the last accounts of the final exercise, we do not know to which extent this situation could vary, and as a consequence, we cannot include any figures in this section, though they are usually habitual in these kinds of report.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2014

Normales

November 2015

2013

Normales

October 2014

2012

Normales

September 2013

2011

Normales

August 2012

2010

Normales

August 2011

2009

Normales

July 2010

2008

Normales

July 2009

2007

Normales

August 2008

2006

Normales

July 2007

2005

Normales

July 2006

2004

Normales

August 2005

2003

Normales

July 2004

2002

Normales

July 2003

2001

Normales

August 2002

2000

Normales

September 2001

1999

Normales

August 2000

1998

Normales

July 1999

1997

Normales

December 1998

1996

Normales

August 1997

1995

Normales

September 1996

1994

Normales

July 1995

1993

Normales

September 1994

1992

Normales

July 1993

1991

Normales

July 1992

1990

Normales

August 1991

1989

Normales

October 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

403.883,00

563.004,00

381.657,00

245.651,00

241.877,00

I. Intangible fixed assets : 11100

1.405,00

2.890,00

5.306,00

2.134,00

0,00

II. Tangible fixed assets : 11200

51.061,00

57.011,00

34.196,00

38.180,00

45.412,00

III. Real estate investment: 11300

0,00

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

30.000,00

V. Long-term financial investments: 11500

282.806,00

422.915,00

265.782,00

175.337,00

166.464,00

VI. Assets for deferred tax : 11600

38.610,00

50.187,00

46.374,00

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

8.386.040,00

8.304.351,00

9.149.522,00

9.905.057,00

10.977.726,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.943.895,00

2.234.052,00

2.420.516,00

2.010.828,00

2.249.963,00

III. Trade debtors and others receivable accounts: 12300

2.597.154,00

2.600.502,00

2.637.043,00

2.898.172,00

4.245.836,00

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

2.501.283,00

2.444.099,00

2.479.304,00

2.692.629,00

3.940.858,00

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

0,00

b) Customers for sales and provisions of services : 12382

2.501.283,00

2.444.099,00

2.479.304,00

2.692.629,00

3.940.858,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

95.871,00

156.403,00

157.739,00

205.544,00

304.978,00

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

0,00

200.000,00

0,00

V. Short-term financial investments : 12500

1.613.408,00

1.486.016,00

1.794.504,00

2.072.642,00

1.791.055,00

VI. Short-term accruals: 12600

136.435,00

111.721,00

77.468,00

76.370,00

21.360,00

VII. Cash and other equivalent liquid assets : 12700

2.095.148,00

1.872.059,00

2.219.991,00

2.647.045,00

2.669.513,00

TOTAL ASSETS (A + B) : 10000

8.789.923,00

8.867.354,00

9.531.179,00

10.150.709,00

11.219.603,00

ORIGINAL

Liabilities and Net Worth

2014

2013

2012

2011

2010

A) NET WORTH: 20000

8.025.539,00

7.983.884,00

8.010.785,00

8.005.234,00

7.554.636,00

A1) Shareholders' equity : 21000

8.008.924,00

7.974.193,00

8.098.812,00

8.005.234,00

7.554.636,00

I. Capital: 21100

230.789,00

1.- Registered capital: 21110

230.789,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

1.262,00

III. Reserves: 21300

7.866.762,00

7.767.704,00

7.275.786,00

6.374.291,00

IV. (Common stock equity): 21400

0,00

-14.521,00

V. Profit or loss brought forward: 21500

-124.619,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

34.731,00

-124.619,00

99.057,00

511.919,00

962.814,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

A-2) Adjustments due to changes in value: 22000

16.615,00

9.691,00

-88.027,00

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

15.299,00

24.051,00

0,00

1.738,00

336.226,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

8.178,00

19.898,00

0,00

334.000,00

1.- Amounts owed to credit institutions: 31220

0,00

2.- Creditors from financial leasing : 31230

8.178,00

19.898,00

0,00

3.- Other long-term creditors : 31290

0,00

334.000,00

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

0,00

IV. Liabilities for deferred tax: 31400

7.121,00

4.153,00

0,00

1.738,00

2.226,00

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

749.085,00

859.419,00

1.520.394,00

2.143.736,00

3.328.742,00

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

217.416,00

347.853,00

295.949,00

632.692,00

835.496,00

1.- Amounts owed to credit institutions: 32320

205.697,00

336.760,00

295.949,00

298.692,00

499.928,00

2.- Creditors from financial leasing : 32330

11.720,00

11.094,00

0,00

3.- Other short-term creditors : 32390

0,00

334.000,00

335.568,00

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

0,00

V. Trade creditors and other accounts payable: 32500

531.669,00

511.566,00

1.224.445,00

1.511.044,00

2.493.245,00

1.- Suppliers: 32580

293.898,00

212.488,00

727.344,00

877.839,00

954.521,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

293.898,00

212.488,00

727.344,00

877.839,00

954.521,00

2.- Other creditors : 32590

237.771,00

299.078,00

497.101,00

633.205,00

1.538.724,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

8.789.923,00

8.867.354,00

9.531.179,00

10.150.709,00

11.219.603,00

ORIGINAL

Profit and Loss

2014

2013

2012

2011

2010

1. Net turnover: 40100

5.907.978,00

5.889.393,00

5.556.957,00

7.532.498,00

10.592.163,00

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

-3.592.258,00

-3.575.004,00

-3.255.932,00

-4.469.959,00

-6.053.605,00

5. Other operating income: 40500

218.658,00

308.696,00

356.874,00

334.522,00

271.828,00

6. Personnel costs: 40600

-1.112.880,00

-1.278.546,00

-1.285.634,00

-1.240.290,00

-1.213.050,00

7. Other operating costs: 40700

-1.433.368,00

-1.508.428,00

-1.418.763,00

-1.685.300,00

-2.207.363,00

8. Amortisation of fixed assets: 40800

-18.368,00

-17.448,00

-13.717,00

-17.708,00

-25.067,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-6.969,00

-2.337,00

6.974,00

2.591,00

3.518,00

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

-37.207,00

-183.674,00

-53.242,00

456.355,00

1.368.425,00

14. Financial income : 41400

41.341,00

70.844,00

209.592,00

285.420,00

67.296,00

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

0,00

b) Other financial income: 41490

41.341,00

70.844,00

209.592,00

285.420,00

67.296,00

15. Financial expenditure: 41500

-10.947,00

-11.515,00

-18.164,00

-32.144,00

-14.350,00

16. Changes in fair value of financial instruments : 41600

472,00

-3.114,00

0,00

1.515,00

565,00

17. Exchange rate differences : 41700

203.094,00

-35.632,00

-47.776,00

-54.966,00

-49.092,00

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

-150.444,00

-3.069,00

0,00

-10.582,00

-4.325,00

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

83.515,00

17.515,00

143.651,00

189.243,00

94,00

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

46.308,00

-166.159,00

90.410,00

645.598,00

1.368.519,00

20. Income taxes: 41900

-11.577,00

41.540,00

8.648,00

-133.679,00

-405.705,00

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

34.731,00

-124.619,00

99.057,00

511.919,00

962.814,00

> 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:

365.272,00

512.816,00

335.284,00

260.172,00

256.397,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

1.405,00

2.890,00

5.306,00

2.134,00

0,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

0,00

5.306,00

2.134,00

0,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

51.061,00

57.011,00

34.196,00

38.180,00

45.412,00

1. Land and construction:

0,00

2.597,00

3.542,00

4.486,00

2. Technical installations and machinery:

0,00

11.611,00

12.728,00

15.039,00

3. Other installations, tools and furniture:

0,00

11.163,00

12.238,00

14.459,00

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

0,00

5. Other tangible assets:

0,00

8.824,00

9.673,00

11.429,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

312.806,00

452.915,00

295.782,00

205.337,00

196.464,00

1. Equity investments in group companies:

31.727,00

45.937,00

30.000,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

274.243,00

397.079,00

259.318,00

168.873,00

160.000,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

6.836,00

9.898,00

6.464,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

14.521,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

8.424.650,00

8.354.538,00

9.195.895,00

9.905.057,00

10.977.726,00

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

0,00

II. Stocks:

1.943.895,00

2.234.052,00

2.420.516,00

2.010.828,00

2.249.963,00

1. Goods for resale:

1.921.897,00

2.208.771,00

2.393.124,00

2.010.828,00

2.181.152,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

21.998,00

25.282,00

27.392,00

0,00

68.811,00

7. Provisions:

0,00

III. Debtors:

2.635.764,00

2.650.689,00

2.683.417,00

2.898.172,00

4.245.836,00

1. Trade debtors / accounts receivable:

2.435.276,00

2.449.066,00

2.479.304,00

2.692.629,00

3.940.858,00

2. Accounts receivable, Group companies:

74.866,00

75.290,00

76.220,00

72.973,00

69.103,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

2.907,00

2.924,00

2.960,00

12.266,00

14.759,00

5. Staff:

0,00

800,00

0,00

6. Public bodies:

122.715,00

123.410,00

124.933,00

119.505,00

221.115,00

7. Provisions:

0,00

IV. Short-term investments:

1.613.408,00

1.486.016,00

1.794.504,00

2.272.642,00

2.314.871,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

62.936,00

57.967,00

70.000,00

381.257,00

814.871,00

6. Other receivables:

135.262,00

124.582,00

150.444,00

350.444,00

0,00

7. Shor term guarantees and deposits:

1.415.211,00

1.303.468,00

1.574.059,00

1.540.941,00

1.500.000,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

2.095.148,00

1.872.059,00

2.219.991,00

2.647.045,00

2.145.696,00

VII. Prepayments and accrued income:

136.435,00

111.721,00

77.468,00

76.370,00

21.360,00

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

8.789.923,00

8.867.354,00

9.531.179,00

10.165.229,00

11.234.124,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2014

2013

2012

2011

2010

A) EQUITY:

8.025.539,00

7.983.884,00

8.010.785,00

8.019.755,00

7.569.156,00

I. Subscribed capital:

230.789,00

II. Share premium:

1.262,00

III. Revaluation reserves:

0,00

IV. Reserves:

7.883.376,00

7.876.453,00

7.679.677,00

7.275.786,00

6.374.291,00

1. Legal reserve:

128.326,00

128.214,00

125.011,00

2. Reserves for own shares:

69.522,00

69.461,00

67.726,00

63.366,00

55.378,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

7.685.528,00

7.678.778,00

7.486.941,00

7.087.409,00

6.193.903,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

-124.619,00

0,00

1. Retained earnings:

-124.619,00

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

34.731,00

-124.619,00

99.057,00

511.919,00

962.814,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

15.299,00

24.051,00

0,00

1.738,00

336.226,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

8.178,00

19.898,00

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

8.178,00

19.898,00

0,00

III. Debts with companies of the group and affiliated ones:

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

7.121,00

4.153,00

0,00

1.738,00

336.226,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

334.000,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

7.121,00

4.153,00

0,00

1.738,00

2.226,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

749.085,00

859.419,00

1.520.394,00

2.143.736,00

3.328.742,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

217.416,00

347.853,00

295.949,00

298.692,00

499.928,00

1. Loans and other liabilities:

205.697,00

336.760,00

295.949,00

298.692,00

499.928,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

11.720,00

11.094,00

0,00

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

303,00

219,00

1.127,00

1.274,00

1.532,00

1. Amounts owed to group companies:

303,00

219,00

1.127,00

1.274,00

1.532,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

531.366,00

511.346,00

1.091.387,00

1.296.014,00

2.127.465,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

293.595,00

212.269,00

1.091.387,00

1.296.014,00

2.127.465,00

3. Debts represented by notes payable:

237.771,00

299.078,00

0,00

V. Other creditors:

0,00

131.931,00

547.756,00

699.816,00

1. Public bodies:

0,00

74.002,00

157.330,00

308.553,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

334.000,00

335.568,00

4. Wages and salaries payable:

0,00

57.930,00

56.426,00

55.696,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

8.789.923,00

8.867.354,00

9.531.179,00

10.165.229,00

11.234.124,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2014

2013

2012

2011

2010

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

6.336.811,00

6.393.553,00

6.031.339,00

7.644.628,00

9.972.557,00

A.1. Operating consumption:

3.592.258,00

3.575.004,00

3.255.932,00

4.469.959,00

6.053.605,00

A.2. Staff Costs:

1.112.880,00

1.278.546,00

1.285.634,00

1.240.290,00

1.213.050,00

a) Wages, salaries et al.:

894.452,00

1.027.603,00

1.033.300,00

996.855,00

974.962,00

b) Social security costs:

218.427,00

250.943,00

252.334,00

243.434,00

238.088,00

A.3. Depreciation expense:

18.368,00

17.448,00

13.717,00

17.708,00

25.067,00

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

0,00

A.5. Other operating charges:

1.433.368,00

1.508.428,00

1.418.763,00

1.685.300,00

2.207.363,00

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

0,00

453.764,00

1.364.906,00

A.6. Financial and similar charges:

161.391,00

14.584,00

18.164,00

42.726,00

18.675,00

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:

10.947,00

11.515,00

18.164,00

32.144,00

14.350,00

d) Losses from financial investments:

150.444,00

3.069,00

0,00

10.582,00

4.325,00

A.7. Financial investment provision change:

0,00

3.114,00

0,00

A.8. Exchange losses:

0,00

35.632,00

47.776,00

54.966,00

49.092,00

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

83.515,00

17.515,00

143.651,00

189.243,00

94,00

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

53.277,00

0,00

83.436,00

643.007,00

1.365.000,00

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:

6.969,00

2.337,00

0,00

A.13. Prior year expenses and losses:

0,00

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

0,00

6.974,00

2.591,00

3.518,00

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

46.308,00

0,00

90.410,00

645.598,00

1.368.519,00

A.14. Corporation Tax:

11.577,00

-41.540,00

-8.648,00

133.679,00

405.705,00

A.15. Miscellaneous taxes:

0,00

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

34.731,00

0,00

99.057,00

511.919,00

962.814,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2014

2013

2012

2011

2010

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

6.371.542,00

6.268.934,00

6.130.396,00

8.156.547,00

10.935.371,00

B.1. Operating income:

6.126.636,00

6.198.090,00

5.913.831,00

7.867.020,00

10.863.991,00

a) Net total sales:

5.907.978,00

5.889.393,00

5.556.957,00

7.532.498,00

10.592.163,00

b) Miscellaneous operating income:

218.658,00

308.696,00

356.874,00

334.522,00

271.828,00

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

30.238,00

181.337,00

60.215,00

0,00

B.2. Financial income:

41.813,00

70.844,00

209.592,00

286.936,00

67.861,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

41.813,00

70.844,00

209.592,00

286.936,00

67.861,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

203.094,00

0,00

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

0,00

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

0,00

163.822,00

0,00

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

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

6.974,00

2.591,00

3.518,00

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):

6.969,00

2.337,00

0,00

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

0,00

166.159,00

0,00

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

0,00

124.619,00

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

46.308,00

-166.159,00

90.410,00

645.598,00

1.368.519,00

2. Results adjustments.: 61200

-5.102,00

55.837,00

-145.846,00

-168.894,00

-20.597,00

a) Fixed Assets Amortization (+).: 61201

18.368,00

17.448,00

13.717,00

17.708,00

25.067,00

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

0,00

30.850,00

0,00

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

0,00

23.090,00

7.281,00

f) Results on disposal of financial instruments (+/-).: 61206

0,00

-1.515,00

0,00

g) Financial income (-).: 61207

-41.341,00

-70.844,00

-209.592,00

-285.420,00

-67.296,00

h) Financial Expenses (+). : 61208

10.947,00

11.515,00

18.164,00

32.144,00

14.350,00

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

0,00

34.517,00

0,00

j) Reasonable Value Variation in Financial Instruments (+/-).: 61210

0,00

455,00

10.582,00

0,00

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

6.924,00

97.719,00

-1.738,00

-200.000,00

0,00

3. Changes in current capital equity.: 61300

149.926,00

-174.101,00

-372.730,00

454.850,00

-712.182,00

a) Stock (+/-).: 61301

290.157,00

186.464,00

-409.688,00

239.135,00

-570.376,00

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

3.348,00

36.541,00

246.049,00

1.147.997,00

-933.003,00

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

-152.105,00

274.234,00

-1.098,00

-55.010,00

14.363,00

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

8.526,00

-671.340,00

-207.994,00

-877.273,00

776.834,00

4. Other cash flows for operating activities.: 61400

30.394,00

59.329,00

294.754,00

-45.080,00

-277.022,00

a) Interest payments (-). : 61401

-10.947,00

-11.515,00

-18.164,00

-32.144,00

-14.350,00

b) Dividend payment collection (+). : 61402

0,00

202.299,00

0,00

c) Interest collection (+). : 61403

41.341,00

70.844,00

204.994,00

85.420,00

67.296,00

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

0,00

-94.375,00

-98.357,00

-329.968,00

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

221.526,00

-225.094,00

-133.412,00

886.473,00

358.717,00

6. Payments for investment (-).: 62100

0,00

-183.763,00

-938.969,00

-1.222.137,00

-1.203.382,00

b) Intangible fixed assets. : 62102

0,00

-4.498,00

-3.640,00

0,00

c) Fixed assets. : 62103

0,00

-22.816,00

-8.407,00

-8.970,00

-11.827,00

e) Other financial assets. : 62105

0,00

-157.133,00

-926.064,00

-1.209.527,00

-1.191.555,00

h) Other assets. : 62108

0,00

-3.814,00

0,00

7. Divestment payment collection (+). : 62200

159.121,00

2.417,00

987.550,00

910.000,00

677.500,00

b) Intangible fixed assets. : 62202

1.484,00

2.417,00

0,00

c) Fixed assets. : 62203

5.950,00

0,00

e) Other financial assets. : 62205

140.109,00

0,00

987.550,00

910.000,00

677.500,00

h) Other assets. : 62208

11.577,00

0,00

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

140.753,00

-198.794,00

34.864,00

-329.845,00

-550.950,00

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

0,00

14.521,00

-335.568,00

-333.000,00

c) Acquisition of own equity instruments (-). : 63103

0,00

14.521,00

-335.568,00

-333.000,00

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

-139.190,00

75.956,00

-336.743,00

-201.237,00

124.726,00

a) Issuance : 63201

3.593,00

75.956,00

-336.743,00

0,00

124.726,00

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

0,00

40.811,00

-336.743,00

0,00

122.159,00

4. Special characteristic debts (+). : 63205

626,00

30.991,00

0,00

5. Other debts (+). : 63206

2.967,00

4.153,00

0,00

2.568,00

b) Repayment and amortization of : 63207

-142.783,00

0,00

-201.237,00

0,00

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

-131.063,00

0,00

-201.237,00

0,00

4. Special characteristic debts (-). : 63211

-11.720,00

0,00

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

0,00

-20.000,00

-60.000,00

a) Dividends (-).: 63301

0,00

-20.000,00

-60.000,00

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

-139.190,00

75.956,00

-342.222,00

-596.804,00

-268.274,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

223.089,00

-347.932,00

-427.053,00

-22.468,00

-435.438,00

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

1.872.059,00

2.219.991,00

2.647.045,00

2.669.513,00

3.104.952,00

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

2.095.148,00

1.872.059,00

2.219.991,00

2.647.045,00

2.669.513,00

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:

0,04 %

0,00 %

-0,06 %

0,18 %

163,92 %

-99,32 %

EBITDA over Sales:

-0,20 %

7,25 %

-2,78 %

-1,43 %

92,78 %

605,58 %

Cash Flow Yield:

0,03 %

0,00 %

-0,04 %

0,04 %

164,68 %

-98,98 %

Profitability

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-0,44 %

1,89 %

-2,62 %

-12,01 %

83,17 %

115,73 %

Total economic profitability:

0,65 %

1,53 %

-1,74 %

-3,39 %

137,35 %

145,09 %

Financial profitability:

0,43 %

0,16 %

-1,56 %

-11,79 %

127,75 %

101,32 %

Margin:

-0,49 %

2,92 %

-2,93 %

-24,36 %

83,13 %

111,98 %

Mark-up:

0,87 %

0,71 %

-2,64 %

-22,14 %

132,90 %

103,19 %

Solvency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

2,80

0,21

2,18

0,16

28,40

27,22

Acid Test:

8,42

0,94

6,93

1,21

21,41

-21,92

Working Capital / Investment:

0,87

0,10

0,84

0,09

3,48

20,55

Solvency:

11,25

1,52

9,72

1,70

15,69

-10,78

Indebtedness

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,10

0,95

0,11

1,05

-13,85

-9,28

Borrowing Composition:

0,02

1,07

0,03

0,99

-27,02

8,98

Repayment Ability:

3,43

1.220,25

-2,54

12,19

234,94

9.911,49

Warranty:

11,50

2,05

10,04

2,11

14,57

-2,44

Generated resources / Total creditors:

0,27

0,04

-0,12

-0,06

325,99

169,97

Efficiency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,99

1,34

0,87

0,95

13,48

42,03

Turnover of Collection Rights :

2,36

4,04

2,38

2,95

-1,03

37,11

Turnover of Payment Entitlements:

9,45

2,83

9,94

2,34

-4,88

20,82

Stock rotation:

3,17

2,90

2,86

2,45

10,92

18,03

Assets turnover:

0,89

0,65

0,89

0,49

-0,22

31,36

Borrowing Cost:

1,43

2,53

1,30

3,33

9,88

-24,05

> 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:

0,04 %

-0,06 %

-0,08 %

0,00 %

-0,04 %

EBITDA over Sales:

-0,20 %

-2,78 %

-0,84 %

6,26 %

13,12 %

Cash Flow Yield:

0,03 %

-0,04 %

0,00 %

-0,04 %

Profitability

2014

2013

2012

2011

2010

Operating economic profitability:

-0,44 %

-2,62 %

-0,81 %

5,91 %

14,78 %

Total economic profitability:

0,65 %

-1,74 %

1,14 %

6,68 %

12,33 %

Financial profitability:

0,43 %

-1,56 %

1,22 %

6,39 %

12,74 %

Margin:

-0,49 %

-2,93 %

-1,02 %

5,77 %

12,56 %

Mark-up:

0,87 %

-2,64 %

1,41 %

8,17 %

12,56 %

Solvency

2014

2013

2012

2011

2010

Liquidity:

2,80

2,18

1,46

1,23

0,80

Acid Test:

8,42

6,93

4,37

3,65

2,62

Working Capital / Investment:

0,87

0,84

0,80

0,76

0,68

Solvency:

11,25

9,72

6,05

4,62

3,30

Indebtedness

2014

2013

2012

2011

2010

Indebtedness level:

0,10

0,11

0,19

0,27

0,49

Borrowing Composition:

0,02

0,03

0,00

0,10

Repayment Ability:

3,43

-2,54

-3,56

-95,49

-8,42

Warranty:

11,50

10,04

6,27

4,73

3,06

Generated resources / Total creditors:

0,27

-0,12

0,07

0,25

0,27

Efficiency

2014

2013

2012

2011

2010

Productivity:

0,99

0,87

0,96

1,38

2,15

Turnover of Collection Rights :

2,36

2,38

2,24

2,71

2,56

Turnover of Payment Entitlements:

9,45

9,94

3,82

4,07

3,31

Stock rotation:

3,17

2,86

2,47

3,69

4,22

Assets turnover:

0,89

0,79

1,03

1,18

Borrowing Cost:

1,43

1,30

1,19

1,50

0,39

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

It is a business that has been established in 1992. It is dedicated to the manufacture and sale of umbrellas. Its activities are carried out both nationally and internationally. In the consulted references, there is nothing against it, and although the figures of the last exercise that appear in the Public Trade Registry (31-12-2013)indicate that the last exercise had losses of -124.619 Euro/s, Its own funds are still positive (7.974.193 Euro/s). For this reason, we consider that it is possible to maintain risk operational relations with it, according to its size.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.09
UK Pound	1	Rs.101.04
Euro	1	Rs.70.86

INFORMATION DETAILS

Analysis Done by :	HNA

Report Prepared by :	ANK

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capita

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Unit