3decades

MIRA INFORM REPORT

Report No. :	505837
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	CHARANGA SL

Registered Office :	C/ Alesandro Volta, 2 - Parque Tecnologico, Campan - Malaga - 29590 - Malaga

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	01.01.1990

Legal Form :	Private Company

Line of Business :	Subject is engaged in the retail sale of garments and children complements.

No. of Employees :	80

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
D	High Risk	Business dealing not recommended or on secured terms only

Status :	Very Close to Insolvency

Payment Behaviour :	Slow and Delayed

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Spain

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SPAIN - ECONOMIC OVERVIEW

After a prolonged recession that began in 2008 in the wake of the global financial crisis, Spain marked the fourth full year of positive economic growth in 2017, with economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis of 2008 broke 16 consecutive years of economic growth for Spain, leading to an economic contraction that lasted until late 2013. In that year, the government successfully shored up its struggling banking sector - heavily exposed to the collapse of Spain’s real estate boom - with the help of an EU-funded restructuring and recapitalization program.

Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained 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 16.4% in 2017. 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 about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Strong export growth helped bring Spain's current account into surplus in 2013 for the first time since 1986 and sustain Spain’s economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have improved Spain’s export competitiveness and generated foreign investor interest in the economy, restoring FDI flows.

In 2017, the Spanish Government’s minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms. The European Commission expects the government to meet its 2017 budget deficit target and anticipates that expected economic growth in 2018 will help the government meet its deficit target. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017.

Source : CIA

EXECUTIVE SUMMARY

Name:

CHARANGA SL

NIF / Fiscal code:

B29360153

Status:

ACTIVE

Incorporation Date:

01/01/1990

Last Publication in BORME:

17/04/2018 [Increase of Capital]

Last Published Account Deposit:

2016

Share Capital:

60.100

Localization:

C/ ALESANDRO VOLTA, 2 - PARQUE TECNOLOGICO, CAMPAN - MALAGA - 29590 - MALAGA

Telephone - Fax - Email - Website:

Telephone. 952 247 410 Email. charanga@charanga.es Website. www.charanga.es

Number of Branches

Activity:

NACE:

4771 - Retail sale of clothing in specialised stores

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Payment Behaviour:

Currently fulfilled

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:

MILLA MED SA

66.66 %

Enquiry Details

dentification

Social Denomination:

CHARANGA SL

NIF / Fiscal code:

B29360153

Corporate Status:

ACTIVE

Registered Office:

C/ ALESANDRO VOLTA, 2 - PARQUE TECNOLOGICO, CAMPAN

Locality:

MALAGA

Province:

MALAGA

Postal Code:

29590

Telephone:

952 247 410

Fax:

952 247 411

Website:

www.charanga.es

Email:

charanga@charanga.es

Interviewed Person:

Information obtained through indirect sources, as people responsible for the company refused to provide information.

Branch Offices

Address

Postal Code

City

Province

AVENIDA ESPAÑA 30

02006

ALBACETE

PASEO PEDRO PONCE S/N

04700

EL EJIDO

ALMERIA

AVENIDA ALEXANDRE ROSSELLO 12

07002

PALMA DE MALLORCA

BALEARES

AVENIDA FRANCESC MACIA 58

08208

SABADELL

BARCELONA

BARRIADA SANTA MARIA DE TRASSIERRA

14192

CORDOBA

CALLE RAMON Y CAJAL 57

15006

CORUÑA (A)

LA CORUÑA

CALLE ARABIAL 97

18004

GRANADA

CALLE LAUREL DE LA REINA 4 ED OLO

18140

ZUBIA (LA)

GRANADA

AVENIDA ALCALDE FEDERICO MOLINA 1

21003

HUELVA

AVENIDA MADRID (DE) 31

23008

JAEN

CALLE FRAY LUIS DE LEON 29

24005

LEON

PASEO EXTREMADURA KM 12 50

28921

ALCORCON

MADRID

CALLE RIO GUADALQUIVIR 15

28906

GETAFE

MADRID

AVENIDA COMANDANTE JOSE MANUEL RIPOLLES (DE) 2

28907

GETAFE

MADRID

CALLE PRINCESA 56

28008

MADRID

AVENIDA ANDES 50

28042

MADRID

CALLE RETAMA 8

28045

MADRID

CALLE ANDALUCIA 4

29007

MALAGA

CALLE NIÑO DE GLORIA 22

29003

MALAGA

CALLE JAEN 3

29004

MALAGA

CALLE SAN ANTON 52

30594

CARTAGENA

MURCIA

AVENIDA LIBERTAD 1

30009

MURCIA

CALLE ESTELLA / LIZARRA KALEA 9

31002

PAMPLONA/IRUÑA

NAVARRA

CALLE RAMON ARECES 2

33211

GIJON

ASTURIAS

CALLE MARIA AUXILIADORA 71

37004

SALAMANCA

CARRETERA NACIONAL SEVILLA-MALAGA-GRANADA 1 KM 1

41016

SEVILLA

CALLE SIERPES 63

41004

SEVILLA

AVENIDA MENENDEZ PIDAL 15

46009

VALENCIA

CALLE PINTOR MAELLA 37

46023

VALENCIA

CALLE MARIA ZAMBRANO 35

50018

ZARAGOZA

Activity

NACE:

4771

Corporate Purpose:

The subject is engaged in the retail sale of garments and children complements.

Additional Information:

The subject is engaged in the retail sale of garments and children complements.

Additional Address:

Registered office and central offices located at the heading address. The subject has 219 stores distributed in Spain and other countries, some of them will be detailed in the corresponding section of this report.

Franchise:

Import / export:

DOES NOT IMPORT / NOT EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2016

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

Chronological Summary

Year

Act

1990

Accounts deposit (year 1989)

1991

Accounts deposit (year 1990) Appointments/ Re-elections (2)

1992

Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Increase of Capital (1) Other Concepts/ Events (1)

1993

Accounts deposit (year 1992)

1995

Accounts deposit (year 1993)

1996

Statutory Modifications (1)

1997

Accounts deposit (year 1996)

1998

Accounts deposit (year 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

1999

Accounts deposit (year 1998)

2000

Accounts deposit (year 1999)

2001

Accounts deposit (year 2000)

2003

Accounts deposit (year 2001)

2009

Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

2010

Cessations/ Resignations/ Reversals (1)

2013

Accounts deposit (year 2010, 2011, 2012) Appointments/ Re-elections (2) Capital Reduction (2) Change of Social address (1) Company Transformation (2) Increase of Capital (1) Other Concepts/ Events (1) Statutory Modifications (2)

2014

Accounts deposit (year 2013) Other Concepts/ Events (1)

2015

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

2016

Accounts deposit (year 2014 consolidated)

2017

Accounts deposit (year 2015, 2016)

2018

Increase of Capital (1)

Breakdown of Owners' Equity

Registered Capital:

60.100

Paid up capital:

60.100

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1582

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

30/10/1992

Increase of Capital

42.371

60.402

08/10/2013

Increase of Capital

60.420

18.030

19/11/2013

Capital Reduction

-42.390

18.030

09/04/2018

Increase of Capital

42.070

60.100

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

MILLA MED SA

19/11/2013

PROXY

AGUIRRE IBARZABAL IGNACIO

21/07/2015

MAZA PEÑA MANUEL

05/07/1991

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AGUIRRE IBARZABAL IGNACIO

PROXY

21/07/2015

ATENCIA GARCIA MARIA SOLEDAD

JOINT MANAGER

07/07/2009

MEMBER OF THE BOARD

21/07/1998

JOINT CHIEF EXECUTIVE OFFICER

21/07/1998

SECRETARY

21/07/1998

DE TORRES PEREZ DOMINGO

PROXY

22/11/2010

JIMENEZ GUZMAN MARIA DOLORES

MEMBER OF THE BOARD

21/07/1998

JOINT CHIEF EXECUTIVE OFFICER

21/07/1998

MILLA MED SA

SINGLE ADMINISTRATOR

19/11/2013

RAMOS SOLIS MARIA DEL PILAR

JOINT MANAGER

07/07/2009

RAMOS SOLIS PILAR

MEMBER OF THE BOARD

21/07/1998

JOINT CHIEF EXECUTIVE OFFICER

21/07/1998

PRESIDENT

21/07/1998

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

The company has negative equity from accumulated losses from previous years. It becomes necessary to implement corporate actions in order to restore the equity balance through new member's shares or generation of profit.

The current debt represents a 112.72 % of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency.

It does not have any financial profitability.. CHARANGA SLIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation.

CHARANGA SL 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient.

Probability of default

> Estimated Probability of Default for the next 12 months: 62.857 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

477 Retail sale of other goods in specialised stores

wordml://2511

Relative Position:

Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 2.00% of the companies of the sector CHARANGA SL belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 62,857%.

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)

Not published

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

Not published

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

Not published

Incidences with the Social Security

Not published

Incidences with the Autonomous Administration

Not published

Incidences with the Local Administration

Not published

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

Not published

Proceedings by the old Civil Procedural Law 1.881

Not published

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

Not published

Guarantees

References

Link List

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

MILLA MED SA

MALAGA

66.66

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

MILLA MED SA

MALAGA

HAS IN ITS ADMINISTRATION BOARD TO

MILLA MED SA

MALAGA

Turnover

Total Sales 2016

3.468.204,77

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

Estimated Balance

According to the last figures of the Mercantile Registry ending on (31-12-2016), although the financial year closed with a result of 27.095 Euro/s, it had losses in previous financial years amounted of -282.619 Euro/s, leaving its own funds negative in -161.029 Euro/s Since we don't have the accounts for the last financial period, and not knowing their accounting developments in this last year, we cannot include these figures in the report.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

October 2017

2015

Normales

June 2017

2014

Consolidadas

September 2016

2014

Normales

September 2015

2013

Normales

June 2014

2012

Normales

October 2013

2011

Normales

October 2013

2010

Normales

October 2013

2001

Normales

December 2002

2000

Normales

October 2001

1999

Normales

October 2000

1998

Normales

August 1999

1997

Normales

December 1998

1996

Normales

September 1997

1993

Normales

March 1995

1992

Normales

October 1993

1991

Normales

October 1992

1990

Normales

August 1991

1989

Normales

August 1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2016

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2016 2015 2014 2013 2012 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, created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2016

2015

2014

2013

2012

A) NON-CURRENT ASSETS: 11000

744.924,00

586.680,00

481.212,00

0,00

I. Intangible fixed assets : 11100

229,00

1.295,00

2.546,00

0,00

II. Tangible fixed assets : 11200

610.955,00

470.581,00

417.140,00

0,00

III. Real estate investment: 11300

0,00

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

0,00

V. Long-term financial investments: 11500

70.662,00

53.538,00

0,00

VI. Assets for deferred tax : 11600

63.079,00

61.267,00

7.988,00

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

520.705,00

556.671,00

460.913,00

2.065,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

0,00

III. Trade debtors and others receivable accounts: 12300

516.302,00

499.344,00

355.756,00

0,00

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

330.977,00

292.235,00

355.756,00

0,00

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

0,00

b) Customers for sales and provisions of services : 12382

330.977,00

292.235,00

355.756,00

0,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

185.325,00

207.110,00

0,00

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

0,00

V. Short-term financial investments : 12500

548,00

0,00

VI. Short-term accruals: 12600

0,00

38.119,00

0,00

VII. Cash and other equivalent liquid assets : 12700

3.855,00

18.660,00

67.038,00

2.065,00

TOTAL ASSETS (A + B) : 10000

1.265.630,00

1.143.351,00

942.125,00

2.065,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

-161.029,00

-150.918,00

17.890,00

-135,00

2.065,00

A1) Shareholders' equity : 21000

-161.029,00

-150.918,00

17.890,00

-135,00

2.065,00

I. Capital: 21100

18.030,00

1.- Registered capital: 21110

18.030,00

60.402,00

2.- (Uncalled capital) : 21120

0,00

-42.371,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.867,00

2.181,00

1. Capitalisation Reserves: 21350

0,00

2. Otras Reservas: 21360

1.867,00

0,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-282.619,00

-76.605,00

-59.522,00

-18.146,00

VI. Other shareholders' contributions: 21600

74.598,00

0,00

VII. Result of the period: 21700

27.095,00

-168.808,00

-17.083,00

-2.200,00

0,00

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

1.426.659,00

1.294.269,00

924.235,00

2.200,00

0,00

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

88.707,00

173.662,00

147.537,00

0,00

1.- Amounts owed to credit institutions: 32320

0,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

88.707,00

173.662,00

147.537,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

1.337.952,00

1.120.607,00

776.697,00

2.200,00

0,00

1.- Suppliers: 32580

960.787,00

842.642,00

602.711,00

0,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

960.787,00

842.642,00

602.711,00

0,00

2.- Other creditors : 32590

377.165,00

277.965,00

173.987,00

2.200,00

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

1.265.630,00

1.143.351,00

942.125,00

2.065,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

3.468.205,00

2.794.490,00

1.668.117,00

0,00

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

-1.568.637,00

-1.506.729,00

-779.303,00

0,00

5. Other operating income: 40500

122.095,00

205.946,00

78.561,00

0,00

6. Personnel costs: 40600

-1.452.155,00

-1.336.974,00

-815.045,00

0,00

7. Other operating costs: 40700

-431.933,00

-315.194,00

-145.923,00

-2.200,00

0,00

8. Amortisation of fixed assets: 40800

-66.589,00

-48.337,00

-30.735,00

0,00

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

-33.567,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-7.464,00

-7.645,00

0,00

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

29.955,00

-214.443,00

-24.328,00

-2.200,00

0,00

14. Financial income : 41400

14,00

0,00

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

0,00

b) Other financial income: 41490

14,00

0,00

15. Financial expenditure: 41500

-4.686,00

-7.644,00

-76,00

0,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

0,00

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

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-4.673,00

-7.644,00

-76,00

0,00

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

25.283,00

-222.087,00

-24.404,00

-2.200,00

0,00

20. Income taxes: 41900

1.812,00

53.279,00

7.321,00

0,00

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

27.095,00

-168.808,00

-17.083,00

-2.200,00

0,00

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012 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, Axesor created such criteria using its own methodology. To view details on the methodology 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2016

2015

2014

2013

2012

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

42.371,00

B) FIXED ASSETS:

681.846,00

525.413,00

473.224,00

0,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

229,00

1.295,00

2.546,00

0,00

III. Tangible fixed assets:

610.955,00

470.581,00

417.140,00

0,00

IV. Financial investments:

70.662,00

53.538,00

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

583.784,00

617.937,00

468.901,00

2.065,00

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

0,00

II. Stocks:

0,00

III. Debtors:

579.381,00

560.611,00

363.744,00

0,00

IV. Short-term investments:

548,00

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

3.855,00

18.660,00

67.038,00

2.065,00

VII. Prepayments and accrued income:

0,00

38.119,00

0,00

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

1.265.630,00

1.143.351,00

942.125,00

44.437,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

-161.029,00

-150.918,00

17.890,00

42.237,00

44.437,00

I. Subscribed capital:

18.030,00

60.402,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.867,00

2.181,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

1.867,00

2.181,00

V. Profit or loss brought forward:

-208.021,00

-2.007,00

15.076,00

-18.146,00

VI. Profit or loss for the financial year:

27.095,00

-168.808,00

-17.083,00

-2.200,00

0,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

0,00

E) SHORT TERM CREDITORS:

1.426.659,00

1.294.269,00

924.235,00

2.200,00

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

1.265.630,00

1.143.351,00

942.125,00

44.437,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

3.563.219,00

3.169.244,00

1.763.761,00

2.200,00

0,00

A.1. Operating consumption:

1.568.637,00

1.506.729,00

779.303,00

0,00

A.2. Staff Costs:

1.452.155,00

1.336.974,00

815.045,00

0,00

a) Wages, salaries et al.:

0,00

b) Social security costs:

1.452.155,00

1.336.974,00

815.045,00

0,00

A.3. Depreciation expense:

66.589,00

48.337,00

30.735,00

0,00

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

0,00

A.5. Other operating charges:

431.933,00

315.194,00

145.923,00

2.200,00

0,00

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

70.987,00

0,00

A.6. Financial and similar charges:

4.686,00

7.644,00

76,00

0,00

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:

4.686,00

7.644,00

76,00

0,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

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

0,00

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

66.314,00

0,00

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

0,00

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

33.567,00

0,00

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

0,00

A.12. Extraordinary expenses:

7.464,00

7.645,00

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

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

25.283,00

0,00

A.14. Corporation Tax:

-1.812,00

-53.279,00

-7.321,00

0,00

A.15. Miscellaneous taxes:

0,00

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

27.095,00

0,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

3.590.314,00

3.000.436,00

1.746.678,00

0,00

B.1. Operating income:

3.590.300,00

3.000.436,00

1.746.678,00

0,00

a) Net total sales:

3.468.205,00

2.794.490,00

1.668.117,00

0,00

b) Miscellaneous operating income:

122.095,00

205.946,00

78.561,00

0,00

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

0,00

206.798,00

24.328,00

2.200,00

0,00

B.2. Financial income:

14,00

0,00

a) Companies of the group:

14,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

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

4.673,00

7.644,00

76,00

0,00

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

0,00

214.442,00

24.404,00

2.200,00

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

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):

41.032,00

7.645,00

0,00

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

0,00

222.087,00

24.404,00

2.200,00

0,00

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

0,00

168.808,00

17.083,00

2.200,00

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

Net Rights Granted

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

25.283,00

-222.087,00

-24.404,00

-2.200,00

0,00

2. Results adjustments.: 61200

71.261,00

55.982,00

30.811,00

0,00

a) Fixed Assets Amortization (+).: 61201

66.589,00

48.337,00

30.735,00

0,00

g) Financial income (-).: 61207

-14,00

0,00

h) Financial Expenses (+). : 61208

4.686,00

7.644,00

76,00

0,00

3. Changes in current capital equity.: 61300

240.317,00

253.052,00

387.944,00

2.200,00

0,00

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

-16.958,00

-143.588,00

-355.756,00

0,00

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

38.119,00

-548,00

-38.119,00

0,00

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

219.156,00

397.188,00

781.819,00

2.200,00

0,00

4. Cash Flows from Other Operating Activities: 61400

-4.673,00

-7.644,00

-76,00

0,00

a) Interest payments (-). : 61401

-4.686,00

-7.644,00

-76,00

0,00

c) Interest collection (+). : 61403

14,00

0,00

5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500

332.188,00

79.303,00

394.275,00

0,00

6. Payments for investment (-).: 62100

-159.310,00

-106.719,00

-481.212,00

0,00

b) Intangible fixed assets. : 62102

0,00

-2.546,00

0,00

c) Fixed assets. : 62103

-140.374,00

-53.441,00

-417.140,00

0,00

e) Other financial assets. : 62105

-17.124,00

0,00

-53.538,00

0,00

h) Other assets. : 62108

-1.812,00

-53.279,00

-7.988,00

0,00

7. Divestment payment collection (+). : 62200

1.066,00

1.252,00

0,00

b) Intangible fixed assets. : 62202

1.066,00

1.252,00

0,00

8. Cash Flow from Investing Activities (6+7) less Amortization: 62300

-224.833,00

-153.805,00

-511.947,00

0,00

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

-37.206,00

0,00

35.108,00

0,00

2.065,00

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

0,00

35.108,00

0,00

2.065,00

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

-37.206,00

0,00

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

-84.954,00

26.124,00

147.537,00

0,00

a) Issuance : 63201

0,00

26.124,00

147.537,00

0,00

5. Other debts (+). : 63206

0,00

26.124,00

147.537,00

0,00

b) Repayment and amortization of : 63207

-84.954,00

0,00

5. Other debts (-). : 63212

-84.954,00

0,00

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

0,00

12. Cash Flows from Financing Activities (9+10+11): 63400

-122.160,00

26.124,00

182.645,00

0,00

2.065,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-14.805,00

-48.378,00

64.973,00

0,00

2.065,00

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

18.660,00

67.038,00

2.065,00

0,00

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

3.855,00

18.660,00

67.038,00

2.065,00

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

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,00 %

0,01 %

-0,02 %

0,02 %

75,34 %

-35,64 %

Net Financial Debt:

0,61

3,19

-0,97

3,74

162,87

-14,72

Cash Flow Yield:

-0,01 %

0,00 %

-0,04 %

0,01 %

72,35 %

-35,04 %

EBITDA over Sales:

3,97 %

11,01 %

-5,67 %

11,51 %

169,95 %

-4,31 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

3,13 %

3,88 %

-18,99 %

4,58 %

116,50 %

-15,38 %

Total economic profitability:

2,37 %

3,39 %

-18,76 %

3,84 %

112,63 %

-11,68 %

Financial profitability:

-16,83 %

3,70 %

-111,85 %

4,67 %

84,96 %

-20,76 %

Margin:

1,04 %

6,08 %

-6,89 %

7,44 %

115,12 %

-18,26 %

Mark-up:

0,91 %

7,26 %

-7,15 %

8,66 %

112,76 %

-16,22 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,27

0,01

0,23

-81,26

16,21

Acid Test:

0,36

1,07

0,40

0,97

-8,90

9,52

Working Capital / Investment:

-0,72

0,12

-0,65

0,10

-10,96

25,84

Solvency:

0,41

1,66

0,48

1,48

-14,29

12,04

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

-8,86

0,81

-8,58

0,88

-3,31

-7,96

Borrowing Composition:

0,00

1,13

0,00

1,09

3,69

Repayment Ability:

10,37

13,96

-8,17

14,14

226,96

-1,30

Warranty:

0,89

2,24

0,88

2,14

0,42

4,90

Generated resources / Total creditors:

0,07

-0,09

0,10

170,55

-23,86

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,09

1,52

0,88

1,57

24,19

-3,19

Turnover of Collection Rights :

6,95

4,21

6,01

3,80

15,73

10,88

Turnover of Payment Entitlements:

1,50

2,77

1,63

2,72

-8,03

1,95

Stock rotation:

2,63

2,90

-9,37

Assets turnover:

3,01

0,64

2,75

0,62

9,12

3,53

Borrowing Cost:

0,33

2,30

0,59

2,40

-44,39

-4,15

> Trend of indicators under the General Accounting Plan of 2007 (2016, 2015, 2014, 2013, 2012)

Cash Flow

2016

2015

2014

2013

2012

Cash Flow over Sales:

0,00 %

-0,02 %

0,04 %

Net Financial Debt:

0,61

-0,97

12,56

0,94

Cash Flow Yield:

-0,01 %

-0,04 %

0,07 %

0,00 %

1,00 %

EBITDA over Sales:

3,97 %

-5,67 %

0,38 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

3,13 %

-18,99 %

-2,74 %

-106,53 %

0,00 %

Total economic profitability:

2,37 %

-18,76 %

-2,58 %

-106,53 %

0,00 %

Financial profitability:

-16,83 %

-111,85 %

-95,49 %

-1.631,44 %

0,00 %

Margin:

1,04 %

-6,89 %

-1,39 %

Mark-up:

0,91 %

-7,15 %

-1,40 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,00

0,01

0,07

0,94

Acid Test:

0,36

0,40

0,46

0,94

Working Capital / Investment:

-0,72

-0,65

-0,49

-0,07

1,00

Solvency:

0,41

0,48

0,51

0,94

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

-8,86

-8,58

51,66

-16,31

0,00

Borrowing Composition:

0,00

Repayment Ability:

10,37

-8,17

144,25

-1,00

Warranty:

0,89

0,88

1,02

0,94

Generated resources / Total creditors:

0,07

-0,09

0,01

-1,00

Efficiency

2016

2015

2014

2013

2012

Productivity:

1,09

0,88

1,01

Turnover of Collection Rights :

6,95

6,01

4,91

Turnover of Payment Entitlements:

1,50

1,63

1,19

1,00

Assets turnover:

3,01

2,75

1,97

0,00

Borrowing Cost:

0,33

0,59

0,01

0,00

COMPARATIVE SECTORIAL BALANCE

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

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

News

DIARIO SUR

15/09/2017

La malagueña Charanga vive un año récord: alcanza su máximo de facturación y abre 30 tiendas

Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

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	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
Euro	1	INR 80.50

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	DNS

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

Enquiry Details

Branch Offices

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

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

Guarantees

Link List

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Sources

Unit