MIRA INFORM REPORT

Report No. :	341571
Report Date :	22.09.2015

IDENTIFICATION DETAILS

Name :	CONFECCIONES PAZ TORRAS SA

Registered Office :	Mila I Fontanals, 78 Y 82, Sabadell, Barcelona, 08205

Country :	Spain

Financials (as on) :	31.12.2014

Date of Incorporation :	22.12.1983

Legal Form :	Public Company

Line of Business :	Subject is engaged in design, dressmaking and commercialisation of women outwear and fashion accessories.

No. of Employees :	25

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 :	Good

Payment Behaviour :	Regular

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:

CONFECCIONES PAZ TORRAS SA

NIF / Fiscal code:

A08864795

Status:

ACTIVE

Incorporation Date:

22/12/1983

Register Data

Last Publication in BORME:

31/01/2013 [Appointments]

Last Published Account Deposit:

2014

Share Capital:

256.386,60

Localization:

MILA I FONTANALS, 78 Y 82 - SABADELL - 08205 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 937 206 300 Email. info@paztorras.com. Website. www.paztorras.com

Activity:

NACE:

1413 - Manufacture of other outerwear

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

3 for a total cost of 36785

Quality Certificate:

Payment Behaviour:

According to the agreed terms

Prospects:

Consolidation

Industry situation:

Maturity

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners

INVERSIONES PATRIMONIALES Y FINANCIERAS SL	74.96 %
Shares:	1
Other Links:	4
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios		2014	2013	Change

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources YES, Guarantees YES

INVESTIGATION SUMMARY

It's a company that was incorporated several years ago, which provides it enough experience in its sector and make sit enjoy a good concept among the sources consulted. Its turnover increased 5,73% in 2014 vs previous year. It meets payment commitments.

Interviewed Person:

Enquiry Details

Enquiry Details

Identification

Social Denomination:

CONFECCIONES PAZ TORRAS SA

NIF / Fiscal code:

A08864795

Corporate Status:

ACTIVE

Start of activity:

1984

Registered Office:

MILA I FONTANALS, 78 Y 82

Locality:

SABADELL

Province:

BARCELONA

Postal Code:

08205

Telephone:

937 206 300

Fax:

937 206 301

Website:

www.paztorras.com

Email:

info@paztorras.com.

Interviewed Person:

Empleado administración.

Branch Offices

Activity

NACE:

1413

Additional Information:

The company is engaged in design, dressmaking and commercialisation of women outwear and fashion accessories. Commercial name: PAZ TORRAS Paz Torras distributes in more than 1200 outlets all over the world. Spain, Portugal, Andorra, France, Belgic, Italy, Germany, Greece, United Kingdom, Ireland, Lithuania, Russia, Mexico, Saudi Arabia, Cyprus, Lebanon, Emirates, Morocco, Canada and United States.

Additional Address:

Registered office and offices MILA I FONTANALS, 78 Y 82 08205 SABADELL ( BARCELONA )

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2015

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

Chronological Summary

Year	Act
1990	Accounts deposit (year 1989) Appointments/ Re-elections (1)
1991	Accounts deposit (year 1990)
1992	Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1993	Accounts deposit (year 1992) Statutory Modifications (1)
1994	Accounts deposit (year 1993)
1995	Accounts deposit (year 1994)
1996	Accounts deposit (year 1995)
1997	Appointments/ Re-elections (1)
1998	Accounts deposit (year 1996, 1997) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
1999	Accounts deposit (year 1998) Cessations/ Resignations/ Reversals (1)
2000	Accounts deposit (year 1999) Appointments/ Re-elections (2)
2001	Accounts deposit (year 2000)
2002	Accounts deposit (year 2001) Appointments/ Re-elections (3)
2003	Accounts deposit (year 2002) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2004	Accounts deposit (year 2003) Appointments/ Re-elections (1)
2005	Appointments/ Re-elections (2)
2006	Accounts deposit (year 2004, 2005)
2007	Appointments/ Re-elections (2)
2008	Accounts deposit (year 2006, 2007) Appointments/ Re-elections (2)
2009	Accounts deposit (year 2008)
2010	Accounts deposit (year 2009)
2011	Accounts deposit (year 2010) Appointments/ Re-elections (1) Increase of Capital (1)
2012	Accounts deposit (year 2011)
2013	Accounts deposit (year 2012) Appointments/ Re-elections (1) Statutory Modifications (1)
2014	Accounts deposit (year 2013)
2015	Accounts deposit (year 2014)

Breakdown of Owners' Equity

Registered Capital:

256.386,60

Paid up capital:

256.386,60

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

25/03/2011

Increase of Capital

64.067

256.387

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

PAZ TORRAS TOMAS

22/01/2013

PROXY

PAZ ROSAURA TOMAS

14/05/2002

PAZ TORRAS TOMAS

30/04/1990

ACCOUNTS' AUDITOR / HOLDER

ABGL SLP

30/12/2011

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ABGL SL	ACCOUNTS' AUDITOR / HOLDER	18/04/2000	11
	ACCOUNTS' AUDITOR / HOLDER	30/12/2000
	ACCOUNTS' AUDITOR / HOLDER	12/01/2002
	ACCOUNTS' AUDITOR / HOLDER	13/12/2002
	ACCOUNTS' AUDITOR / HOLDER	10/08/2004
	ACCOUNTS' AUDITOR / HOLDER	24/02/2005
	ACCOUNTS' AUDITOR / HOLDER	25/11/2005
	ACCOUNTS' AUDITOR / HOLDER	21/12/2007
	ACCOUNTS' AUDITOR / HOLDER	21/12/2007
	ACCOUNTS' AUDITOR / HOLDER	30/10/2008
	ACCOUNTS' AUDITOR / HOLDER	30/12/2011
INVERSIONES PATRIMONIALES Y FINANCIERAS SA	ADMINISTRATOR	11/06/2003	1
PAZ TORRAS TOMAS	SINGLE ADMINISTRATOR	14/01/2008	8
	SINGLE ADMINISTRATOR	22/01/2013
	ADMINISTRATOR	14/09/1992
	ADMINISTRATOR	25/08/1997
	ADMINISTRATOR	21/05/1998
	REPRESENTATIVE	11/06/2003
ROSAURA CASACUBERTA MARIA MERCEDES	PROXY	30/01/1999	1

Executive board

Post

NIF

Name

ADMINISTRATOR

TOMAS PAZ TORRAS

FINANCIAL DIRECTOR

JOAQUIN TORRENS BELTRAN

MANAGING DIRECTOR

TOMAS PAZ TORRAS

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

---

> Details

> 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 24.11of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

CONFECCIONES PAZ TORRAS SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

Probability of default

Estimated Probability of Default for the next 12 months: 0.386 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

141 Manufacture of wearing apparel, except fur apparel

wordml://2221

Relative Position:

Credit quality is superior to that of other companies in the same sector.

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 99.00% of the companies of the sector CONFECCIONES PAZ TORRAS SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.386%.

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.

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

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

Guarantees

References

Link List

IS RELATED WITH:

4 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

INVERSIONES PATRIMONIALES Y FINANCIERAS SL

BARCELONA

74.96

PARTICIPATES IN

ELEMENTAL FACTORY SL

BARCELONA

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

VIA CORSO SL

BARCELONA

INVERSIONS MEROCA SL

BARCELONA

MCCT INVERSIONS SL

BARCELONA

IS RELATED WITH

ELEMENTAL FACTORY SL

BARCELONA

Turnover

Total Sales 2014

5.665.979,83

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2014

Normales

August 2015

2013

Normales

September 2014

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

August 2011

2009

Normales

September 2010

2008

Normales

September 2009

2007

Normales

August 2008

2006

Normales

December 2007

2005

Normales

September 2006

2004

Normales

December 2005

2003

Normales

October 2004

2002

Normales

September 2003

2001

Normales

August 2002

2000

Normales

August 2001

1999

Normales

September 2000

1998

Normales

August 1999

1997

Normales

August 1998

1996

Normales

May 1998

1995

Normales

July 1996

1994

Normales

July 1995

1993

Normales

August 1994

1992

Normales

July 1993

1991

Normales

July 1992

1990

Normales

September 1991

1989

Normales

August 1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2014

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology.

ORIGINAL

Assets

2014

2013

2012

2011

2010

A) NON-CURRENT ASSETS: 11000

192.847,00

90.214,00

111.673,00

166.189,00

160.638,00

I. Intangible fixed assets : 11100

677,00

2.582,00

9.122,00

15.173,00

12.538,00

II. Tangible fixed assets : 11200

142.906,00

41.007,00

59.016,00

81.521,00

80.132,00

III. Real estate investment: 11300

0,00

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

29.930,00

V. Long-term financial investments: 11500

14.735,00

14.158,00

13.605,00

39.563,00

38.037,00

VI. Assets for deferred tax : 11600

4.598,00

2.535,00

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

2.246.161,00

2.783.401,00

3.109.649,00

3.208.035,00

3.600.908,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.006.869,00

856.821,00

794.828,00

1.439.021,00

1.367.766,00

III. Trade debtors and others receivable accounts: 12300

936.650,00

866.227,00

1.012.033,00

1.397.823,00

1.285.016,00

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

754.099,00

725.797,00

843.767,00

1.163.209,00

1.086.923,00

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

0,00

b) Customers for sales and provisions of services : 12382

754.099,00

725.797,00

843.767,00

1.163.209,00

1.086.923,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

182.551,00

140.430,00

168.266,00

234.613,00

198.092,00

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

0,00

V. Short-term financial investments : 12500

0,00

600.027,00

VI. Short-term accruals: 12600

55.456,00

58.670,00

52.565,00

56.467,00

53.665,00

VII. Cash and other equivalent liquid assets : 12700

247.186,00

1.001.683,00

1.250.224,00

314.723,00

294.434,00

TOTAL ASSETS (A + B) : 10000

2.439.008,00

2.873.615,00

3.221.322,00

3.374.223,00

3.761.545,00

ORIGINAL

Liabilities and Net Worth

2014

2013

2012

2011

2010

A) NET WORTH: 20000

1.850.867,00

2.364.689,00

2.632.410,00

2.562.173,00

1.293.775,00

A1) Shareholders' equity : 21000

1.850.867,00

2.364.689,00

2.632.410,00

2.562.173,00

1.293.775,00

I. Capital: 21100

256.387,00

192.320,00

1.- Registered capital: 21110

256.387,00

192.320,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

768.746,00

0,00

III. Reserves: 21300

38.426,00

1.005.772,00

1.136.037,00

1.101.455,00

244.207,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

787.309,00

333.784,00

471.241,00

435.586,00

857.247,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

0,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

0,00

1.- Amounts owed to credit institutions: 31220

0,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

588.141,00

508.927,00

588.912,00

812.050,00

2.467.771,00

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

52.574,00

9.501,00

3.898,00

62.633,00

1.595.888,00

1.- Amounts owed to credit institutions: 32320

52.574,00

9.501,00

3.898,00

62.633,00

87.488,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

0,00

1.508.400,00

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

0,00

V. Trade creditors and other accounts payable: 32500

535.567,00

499.426,00

585.014,00

749.417,00

871.883,00

1.- Suppliers: 32580

300.641,00

308.159,00

331.877,00

455.598,00

551.427,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

300.641,00

308.159,00

331.877,00

455.598,00

551.427,00

2.- Other creditors : 32590

234.926,00

191.267,00

253.137,00

293.818,00

320.456,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

2.439.008,00

2.873.615,00

3.221.322,00

3.374.223,00

3.761.545,00

ORIGINAL

Profit and Loss

2014

2013

2012

2011

2010

1. Net turnover: 40100

5.665.980,00

5.359.092,00

6.526.306,00

7.472.241,00

7.802.529,00

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

1.000,00

50.483,00

-28.113,00

4.375,00

-25.094,00

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

0,00

4. Supplies : 40400

-2.883.584,00

-2.817.245,00

-3.641.630,00

-4.172.492,00

-4.405.005,00

5. Other operating income: 40500

81.176,00

60.385,00

76.152,00

92.972,00

80.899,00

6. Personnel costs: 40600

-849.381,00

-798.075,00

-824.327,00

-893.122,00

-832.192,00

7. Other operating costs: 40700

-1.543.119,00

-1.387.194,00

-1.443.827,00

-1.797.339,00

-1.798.904,00

8. Amortisation of fixed assets: 40800

-26.574,00

-28.168,00

-31.045,00

-34.521,00

-49.123,00

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

0,00

-1.806,00

-4.984,00

-27.922,00

0,00

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

445.497,00

437.473,00

628.532,00

644.192,00

773.111,00

14. Financial income : 41400

461.673,00

3.038,00

3.551,00

8.950,00

356.637,00

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

0,00

b) Other financial income: 41490

461.673,00

3.038,00

3.551,00

8.950,00

356.637,00

15. Financial expenditure: 41500

-6.124,00

-3.572,00

-10.334,00

-21.929,00

-14.670,00

16. Changes in fair value of financial instruments : 41600

0,00

-73.472,00

17. Exchange rate differences : 41700

-267,00

1.527,00

13.595,00

-25.007,00

41.099,00

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

-12.801,00

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

442.481,00

993,00

6.811,00

-37.986,00

309.594,00

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

887.978,00

438.466,00

635.344,00

606.206,00

1.082.705,00

20. Income taxes: 41900

-100.669,00

-104.682,00

-164.103,00

-170.620,00

-225.458,00

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

787.309,00

333.784,00

471.241,00

435.586,00

857.247,00

> 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. Where the provisions of the Act did not establish relevant equivalence criteria. 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:

188.249,00

87.679,00

111.673,00

166.189,00

160.638,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

677,00

2.582,00

9.122,00

15.173,00

12.538,00

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

7.268,00

14.632,00

5.807,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

1.854,00

541,00

6.731,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

142.906,00

41.007,00

59.016,00

81.521,00

80.132,00

1. Land and construction:

0,00

2. Technical installations and machinery:

0,00

45.563,00

62.939,00

61.866,00

3. Other installations, tools and furniture:

0,00

1.944,00

2.685,00

2.639,00

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

0,00

5. Other tangible assets:

0,00

11.509,00

15.898,00

15.627,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

44.665,00

44.089,00

43.535,00

69.494,00

67.968,00

1. Equity investments in group companies:

30.707,00

30.311,00

29.930,00

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:

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

13.958,00

13.778,00

13.605,00

39.563,00

38.037,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

2.250.759,00

2.785.937,00

3.109.649,00

3.208.035,00

3.600.908,00

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

0,00

II. Stocks:

1.006.869,00

856.821,00

794.828,00

1.439.021,00

1.367.766,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

985.064,00

838.266,00

777.615,00

1.393.695,00

1.326.815,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

21.805,00

18.555,00

17.213,00

45.326,00

40.951,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

941.248,00

868.762,00

1.012.033,00

1.397.823,00

1.285.016,00

1. Trade debtors / accounts receivable:

784.752,00

724.318,00

843.767,00

1.163.209,00

1.086.923,00

2. Accounts receivable, Group companies:

24.255,00

22.387,00

26.079,00

29.645,00

31.219,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

25.208,00

23.267,00

27.104,00

20.891,00

5.994,00

5. Staff:

3.162,00

2.919,00

3.400,00

1,00

0,00

6. Public bodies:

103.872,00

95.872,00

111.683,00

184.076,00

160.879,00

7. Provisions:

0,00

IV. Short-term investments:

0,00

600.027,00

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:

0,00

27,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

0,00

600.000,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

247.186,00

1.001.683,00

1.250.224,00

314.723,00

294.434,00

VII. Prepayments and accrued income:

55.456,00

58.670,00

52.565,00

56.467,00

53.665,00

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

2.439.008,00

2.873.615,00

3.221.322,00

3.374.223,00

3.761.545,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2014

2013

2012

2011

2010

A) EQUITY:

1.850.867,00

2.364.689,00

2.632.410,00

2.562.173,00

1.293.775,00

I. Subscribed capital:

256.387,00

192.320,00

II. Share premium:

768.746,00

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

38.426,00

1.005.772,00

1.136.037,00

1.101.455,00

244.207,00

1. Legal reserve:

1.734,00

45.398,00

51.277,00

38.465,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

36.692,00

960.374,00

1.084.760,00

1.062.990,00

205.742,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

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:

787.309,00

333.784,00

471.241,00

435.586,00

857.247,00

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:

0,00

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:

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

0,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

0,00

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:

588.141,00

508.927,00

588.912,00

812.050,00

2.467.771,00

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:

52.574,00

9.501,00

3.898,00

62.633,00

87.488,00

1. Loans and other liabilities:

52.574,00

9.501,00

3.898,00

62.633,00

87.488,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

535.567,00

499.426,00

423.388,00

609.212,00

676.890,00

1. Advanced payments from customers:

0,00

7.899,00

2. Amounts owed for purchases of goods or services:

300.641,00

308.159,00

423.388,00

609.212,00

668.991,00

3. Debts represented by notes payable:

234.926,00

191.267,00

0,00

V. Other creditors:

0,00

161.626,00

140.204,00

1.703.393,00

1. Public bodies:

0,00

121.755,00

96.266,00

151.806,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

1.508.400,00

4. Wages and salaries payable:

0,00

39.871,00

43.938,00

43.187,00

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):

2.439.008,00

2.873.615,00

3.221.322,00

3.374.223,00

3.761.545,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2014

2013

2012

2011

2010

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

5.422.520,00

5.140.741,00

6.148.363,00

7.142.953,00

7.423.917,00

A.1. Stock reduction of both manufactured goods and the ones in process:

0,00

28.113,00

0,00

25.094,00

A.2. Supplies:

2.883.584,00

2.817.245,00

3.641.630,00

4.172.492,00

4.405.005,00

a) Stock consumption:

0,00

b) Consumption of raw materials and miscellaneous consumable ones:

2.094.728,00

2.046.537,00

2.645.397,00

2.801.995,00

3.249.735,00

c) Miscellaneous external expenditure:

788.856,00

770.708,00

996.234,00

1.370.497,00

1.155.270,00

A.3. Staff costs:

849.381,00

798.075,00

824.327,00

893.122,00

832.192,00

a) Wages, salaries et al.:

678.217,00

637.250,00

658.212,00

730.567,00

669.637,00

b) Social security costs:

171.164,00

160.825,00

166.115,00

162.555,00

162.554,00

A.4. Depreciation expense:

26.574,00

28.168,00

31.045,00

34.521,00

49.123,00

A.5. Variation of trade provisions and losses of unrecovered receivables:

53.484,00

48.080,00

50.042,00

59.012,00

38.941,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

53.484,00

48.080,00

50.042,00

59.012,00

38.941,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

1.489.635,00

1.339.114,00

1.393.785,00

1.738.327,00

1.759.963,00

a) External services:

1.478.764,00

1.329.341,00

1.383.613,00

1.732.804,00

1.687.467,00

b) Taxes:

4.859,00

4.368,00

4.546,00

4.122,00

7.028,00

c) Other operating expenses:

6.013,00

5.406,00

5.626,00

1.401,00

65.468,00

d) Allocation to revision fund:

0,00

A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):

445.497,00

439.279,00

633.516,00

672.114,00

773.111,00

A.7. Financial and similar charges:

6.124,00

3.572,00

10.334,00

21.929,00

14.670,00

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.:

6.124,00

3.572,00

10.334,00

21.929,00

14.670,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

12.801,00

0,00

73.472,00

A.9. Exchange losses:

267,00

0,00

25.007,00

0,00

A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):

442.481,00

993,00

6.811,00

0,00

309.594,00

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

887.978,00

440.272,00

640.327,00

634.129,00

1.082.705,00

A.10. Changes in provisions for intangible, tangible and securities portfolio:

0,00

A.11. Losses from tangible and intangible fixed assets and securities portfolio:

0,00

A.12. Losses from transactions with own shares and debentures:

0,00

A.13. Extraordinary expenses:

0,00

1.806,00

4.984,00

27.922,00

0,00

A.14. Expenses and losses of former financial years:

0,00

A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):

0,00

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

887.978,00

438.466,00

635.344,00

606.206,00

1.082.705,00

A.15. Corporation tax:

100.669,00

104.682,00

164.103,00

170.620,00

225.458,00

A.16. Miscellaneous taxes:

0,00

A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):

787.309,00

333.784,00

471.241,00

435.586,00

857.247,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2014

2013

2012

2011

2010

B) INCOME ( B.1 to B.13):

6.209.829,00

5.474.525,00

6.619.604,00

7.578.539,00

8.281.165,00

B.1. Net total sales:

5.665.980,00

5.359.092,00

6.526.306,00

7.472.241,00

7.802.529,00

a) Sales:

5.665.980,00

5.359.092,00

6.526.306,00

7.472.241,00

7.802.529,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

0,00

B.2. Stock increase of manufactured goods and products in process:

1.000,00

50.483,00

0,00

4.375,00

0,00

B.3. Works performed by the company for fixed assets:

0,00

B.4. Miscellaneous operating income:

81.176,00

60.385,00

76.152,00

92.972,00

80.899,00

a) Auxiliary income and other from current management:

69.388,00

51.617,00

65.094,00

85.212,00

68.862,00

b) Grants:

11.788,00

8.769,00

11.058,00

7.760,00

12.037,00

c) Liabilities and charges provisions surplus:

0,00

B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):

0,00

B.5. Income from equity investment:

0,00

173,00

324.761,00

a) In companies of the group:

0,00

301.788,00

b) In associated companies:

0,00

c) Third parties:

0,00

173,00

22.973,00

B.6. Income from other marketable securities and long-term receivables:

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

461.673,00

3.038,00

3.551,00

8.777,00

31.876,00

a) From companies of the group:

0,00

8.777,00

31.876,00

b) From associated companies:

0,00

c) Miscellaneous interests:

461.673,00

3.038,00

3.551,00

0,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

1.527,00

13.595,00

0,00

41.099,00

B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):

0,00

37.986,00

0,00

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

0,00

B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

B.10. Profit on transactions with own shares and debentures:

0,00

B.11. Capital grants transferred to profit and loss:

0,00

B.12. Extraordinary income:

0,00

B.13. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):

0,00

1.806,00

4.984,00

27.922,00

0,00

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

0,00

B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):

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

887.978,00

438.466,00

635.344,00

606.206,00

1.082.705,00

2. Results adjustments.: 61200

-428.975,00

28.702,00

52.362,00

114.797,00

-186.829,00

a) Fixed Assets Amortization (+).: 61201

26.574,00

28.168,00

31.045,00

34.521,00

49.123,00

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

0,00

28.128,00

42.290,00

25.230,00

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

0,00

73.472,00

g) Financial income (-).: 61207

-461.673,00

-3.038,00

-3.551,00

-8.950,00

-356.637,00

h) Financial Expenses (+). : 61208

6.124,00

3.572,00

10.334,00

21.929,00

7.295,00

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

0,00

-13.595,00

25.007,00

-41.099,00

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

0,00

55.788,00

3. Changes in current capital equity.: 61300

-281.784,00

-112.562,00

765.714,00

-374.504,00

164.671,00

a) Stock (+/-).: 61301

-150.047,00

-61.994,00

644.194,00

-71.256,00

206.460,00

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

-70.423,00

145.806,00

297.678,00

-179.951,00

-81.949,00

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

3.214,00

-6.105,00

3.902,00

-2.495,00

-7.453,00

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

-64.528,00

-190.270,00

-180.061,00

-120.802,00

47.613,00

4. Other cash flows for operating activities.: 61400

455.550,00

-534,00

-142.904,00

-208.422,00

209.638,00

a) Interest payments (-). : 61401

-6.124,00

-3.572,00

-10.334,00

-21.929,00

-90,00

b) Dividend payment collection (+). : 61402

0,00

173,00

324.761,00

c) Interest collection (+). : 61403

461.673,00

3.038,00

3.551,00

7.251,00

36.551,00

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

0,00

-148.444,00

-172.284,00

-183.477,00

e) Other payments (payment collection) (-/+) : 61405

0,00

12.324,00

-21.633,00

31.893,00

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

632.768,00

354.072,00

1.310.515,00

138.077,00

1.270.185,00

6. Payments for investment (-).: 62100

-104.538,00

-3.089,00

-1.175,00

-38.854,00

-730.964,00

b) Intangible fixed assets. : 62102

0,00

-12.187,00

-4.764,00

c) Fixed assets. : 62103

-101.899,00

0,00

-1.175,00

-26.666,00

-8.509,00

e) Other financial assets. : 62105

-576,00

-554,00

0,00

-717.692,00

h) Other assets. : 62108

-2.063,00

-2.535,00

0,00

7. Divestment payment collection (+). : 62200

1.905,00

24.548,00

24.646,00

600.027,00

1.371.488,00

b) Intangible fixed assets. : 62202

1.905,00

6.540,00

0,00

c) Fixed assets. : 62203

0,00

18.008,00

0,00

e) Other financial assets. : 62205

0,00

24.646,00

600.027,00

1.371.488,00

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

-129.208,00

-6.710,00

23.471,00

561.174,00

640.524,00

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

-1.301.130,00

-601.506,00

0,00

832.813,00

0,00

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

0,00

832.813,00

0,00

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

-1.301.130,00

-601.506,00

0,00

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

43.073,00

5.603,00

1.247,00

0,00

a) Issuance : 63201

43.073,00

5.603,00

1.247,00

0,00

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

43.073,00

5.603,00

1.247,00

0,00

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

0,00

-401.004,00

-1.508.400,00

-2.191.600,00

a) Dividends (-).: 63301

0,00

-401.004,00

-1.508.400,00

-2.191.600,00

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

-1.258.057,00

-595.903,00

-399.757,00

-675.588,00

-2.191.600,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

1.271,00

-3.374,00

9.207,00

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

-754.497,00

-248.540,00

935.500,00

20.289,00

-271.684,00

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

1.001.683,00

1.250.224,00

314.723,00

294.434,00

566.119,00

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

247.186,00

1.001.683,00

1.250.224,00

314.723,00

294.434,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,13 %

0,01 %

-0,05 %

0,01 %

-187,13 %

-33,45 %

EBITDA over Sales:

8,33 %

7,08 %

8,72 %

-1,38 %

-4,48 %

613,54 %

Cash Flow Yield:

-0,31 %

0,00 %

-0,09 %

0,00 %

-257,66 %

Profitability

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

18,61 %

2,39 %

15,52 %

-12,25 %

19,85 %

119,50 %

Total economic profitability:

36,66 %

1,93 %

15,38 %

-3,42 %

138,31 %

156,49 %

Financial profitability:

42,54 %

0,91 %

14,12 %

-12,00 %

201,35 %

107,56 %

Margin:

7,75 %

3,30 %

8,11 %

-24,60 %

-4,37 %

113,43 %

Mark-up:

15,45 %

1,93 %

8,12 %

-22,20 %

90,19 %

108,70 %

Solvency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,42

0,25

1,97

0,16

-78,65

49,98

Acid Test:

2,01

1,05

3,67

1,21

-45,16

-13,72

Working Capital / Investment:

0,68

0,12

0,79

0,09

-14,11

44,36

Solvency:

3,83

1,61

5,47

1,70

-30,09

-5,50

Indebtedness

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,32

0,87

0,22

1,06

47,65

-17,60

Borrowing Composition:

0,00

1,05

0,00

0,97

7,64

Repayment Ability:

-0,78

145,93

-2,05

168,07

61,93

-13,17

Warranty:

4,15

2,15

5,65

2,11

-26,56

2,25

Generated resources / Total creditors:

1,41

0,05

0,71

-0,06

97,63

189,55

Efficiency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,56

1,34

1,59

0,95

-1,89

41,40

Turnover of Collection Rights :

6,14

4,27

6,26

2,94

-1,93

45,06

Turnover of Payment Entitlements:

8,27

3,01

8,52

2,36

-2,96

27,64

Stock rotation:

5,27

3,49

5,81

2,50

-9,41

39,21

Assets turnover:

2,40

0,72

1,92

0,50

25,32

45,24

Borrowing Cost:

1,04

2,43

0,70

3,35

48,36

-27,54

> 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:

-0,13 %

-0,05 %

0,14 %

0,00 %

-0,03 %

EBITDA over Sales:

8,33 %

8,72 %

10,18 %

9,46 %

10,54 %

Cash Flow Yield:

-0,31 %

-0,09 %

0,29 %

0,01 %

-0,07 %

Profitability

2014

2013

2012

2011

2010

Operating economic profitability:

18,61 %

15,52 %

19,94 %

20,34 %

24,99 %

Total economic profitability:

36,66 %

15,38 %

20,04 %

18,62 %

29,17 %

Financial profitability:

42,54 %

14,12 %

17,90 %

17,00 %

66,26 %

Margin:

7,75 %

8,11 %

9,60 %

8,88 %

9,81 %

Mark-up:

15,45 %

8,12 %

9,70 %

8,38 %

13,73 %

Solvency

2014

2013

2012

2011

2010

Liquidity:

0,42

1,97

2,12

0,39

0,12

Acid Test:

2,01

3,67

3,84

2,11

0,88

Working Capital / Investment:

0,68

0,79

0,78

0,71

0,30

Solvency:

3,83

5,47

5,28

3,95

1,46

Indebtedness

2014

2013

2012

2011

2010

Indebtedness level:

0,32

0,22

0,32

1,91

Borrowing Composition:

0,00

Repayment Ability:

-0,78

-2,05

0,63

40,02

-9,08

Warranty:

4,15

5,65

5,47

4,16

1,52

Generated resources / Total creditors:

1,41

0,71

0,85

0,58

0,37

Efficiency

2014

2013

2012

2011

2010

Productivity:

1,56

1,59

1,81

1,79

1,99

Turnover of Collection Rights :

6,14

6,26

6,52

5,41

6,13

Turnover of Payment Entitlements:

8,27

8,52

8,64

7,97

7,09

Stock rotation:

5,27

5,81

7,51

4,79

5,20

Assets turnover:

2,40

1,92

2,08

2,29

2,55

Borrowing Cost:

1,04

0,70

1,75

2,70

0,59

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.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

17.966,52

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

11.058,16

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

7.760,32

Research Summary

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.75
UK Pound	1	Rs.102.17
Euro	1	Rs.74.38

INFORMATION DETAILS

Analysis Done by :	RAS

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.