MIRA INFORM REPORT

Report No. :	485089
Report Date :	18.01.2018

IDENTIFICATION DETAILS

Name :	AT LEAST SA
Registered Office :	C/ Pantoja, 14. - Madrid - 28002 - Madrid
Country :	Spain
Financials (as on) :	2015
Date of Incorporation :	09.06.1994
Legal Form :	Public company
Line of Business :	Wholesale of textiles
No. of Employees :	Not available

RATING & COMMENTS

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

MIRA’s Rating :

D

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 (30.06.2017)	Current Rating (30.09.2017)
Spain	A1	A1

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 experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2016 Spain marked the third full year of positive economic growth in nine years, largely due to increased private consumption. At the onset of the 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 that year, 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 for its financial sector.

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 19.7% in 2016. High unemployment has 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 5% of GDP in 2015, and 4.1% of GDP in 2016. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 99.5% in 2016.

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 through 2016. 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.

Political gridlock after the national elections in December 2015 and June 2016 and ensuing government formation process constrained the caretaker government’s ability to implement needed labor, pension, health care, tax, and education reforms— in 2016. The European Commission criticized Spain’s 2016 budget for easing austerity measures and for its alleged overly optimistic growth and deficit projections. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptick in economic activity, inflation has dropped sharply, from 1.5% in 2013 to a negative 0.3% in 2016.

Source : CIA

EXECUTIVE SUMMARY

Name:	AT LEAST SA
NIF / Fiscal code:	A80915804
Status:	ACTIVE
Incorporation Date:	09/06/1994
Register Data	Register Section 8 Sheet 133581
Last Publication in BORME:	10/10/2017 [Appointments]
Last Published Account Deposit:	2015
Share Capital:	1.843.267
Localization:	C/ PANTOJA, 14. - MADRID - 28002 - MADRID
Telephone - Fax - Email - Website:	Telephone. 913993112
Number of Branches	21
Activity:
NACE:	4641 - Wholesale of textiles
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	0 for a total cost of 0
Quality Certificate:	No
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	10	682.591,06	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	4	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	1	0	---

Partners:

COBEGA BV (PAISES BAJOS)	30.43 %
EXPLOTACIONES AGRARIAS LAS MESAS SL	10.45 %
JAVERTRANS BV (PAISES BAJOS)	35.51 %
Shares:	4
Other Links:	2
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2015

2014

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY

Enquiry Details

Identification
Social Denomination:	AT LEAST SA
NIF / Fiscal code:	A80915804
Corporate Status:	ACTIVE
Start of activity:	1994
Registered Office:	C/ PANTOJA, 14.
Locality:	MADRID
Province:	MADRID
Postal Code:	28002
Telephone:	913993112
Fax:	913391953

Branch Offices

Address	Postal Code	City	Province
CALLE LA PAZ 999	01004	VITORIA-GASTEIZ	ALAVA
AVENIDA DIAGONAL 557 30 4	08029	BARCELONA	BARCELONA
CALLE GRACIA 89	08008	BARCELONA	BARCELONA
CALLE INDUSTRIAL CAN MASSAGUER 15 B	08430	ROCA DEL VALLES (LA)	BARCELONA
PLAZA LUGO 12	15004	CORUÑA (A)	LA CORUÑA
CALLE FUENCARRAL 16	28004	MADRID	MADRID
CALLE JOSE ABASCAL 55	28003	MADRID	MADRID
CALLE JAVIER FERRERO 12 1 B	28002	MADRID	MADRID
CALLE SERRANO 18	28001	MADRID	MADRID
CALLE TETUAN 19	28013	MADRID	MADRID
CALLE JUAN RAMON JIMENEZ 3	28232	ROZAS DE MADRID (LAS)	MADRID
PLAZA CONSTITUCION 3	29005	MALAGA	MALAGA
CALLE SERRANO ALCAZAR 1	30001	MURCIA	MURCIA
CALLE DEAN POLO BENITO 3	37002	SALAMANCA	SALAMANCA
CALLE O'DONNELL 16	41001	SEVILLA	SEVILLA
CALLE COLON 66	46004	VALENCIA	VALENCIA
CALLE HEROES DE ALCANTARA 3	47001	VALLADOLID	VALLADOLID
CALLE ELCANO 13 PB	48008	BILBAO	VIZCAYA
GRAN VIA GRAN DIEGO LOPEZ DE HARO 15 U PB 2I	48001	BILBAO	VIZCAYA
PARQUE VP COMERCIAL ARTEA 33	48940	LEIOA	VIZCAYA
CALLE SAN IGNACIO DE LOYOLA 1 LC	50008	ZARAGOZA	ZARAGOZA

Activity
NACE:	4641
Corporate Purpose:	DISEÑO, FABRICACION, IMPORTACION, EXPORTACION, COMPRAVENTA Y DISTRIBUCION DE PRENDAS Y COMPLEMENTOS DE VESTIR, EN SU MAS AMPLIO SENTIDO.
Additional Information:	Plant, warehouse and offices located on
Import / export:	EXPORTS

Chronological Summary
	Year	Act
	1994	Appointments/ Re-elections (1) Company Formation (1)
	1995	Accounts deposit (year 1994) Appointments/ Re-elections (1) Change of Social address (1)
	1996	Accounts deposit (year 1995) Increase of Capital (1)
	1997	Accounts deposit (year 1996) Change of Social address (1) Increase of Capital (1) Statutory Modifications (1)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	1999	Accounts deposit (year 1998)
	2000	Accounts deposit (year 1999) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2001	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2002	Accounts deposit (year 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2003	Accounts deposit (year 2001, 2002) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2) Increase of Capital (1) Statutory Modifications (1)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (1) Increase of Capital (1)
	2005	Accounts deposit (year 2004)
	2006	Appointments/ Re-elections (3)
	2007	Accounts deposit (year 2005) Appointments/ Re-elections (1)
	2008	Accounts deposit (year 2006, 2007) Appointments/ Re-elections (4) Board Meeting (1) Cessations/ Resignations/ Reversals (2)
	2009	Accounts deposit (year 2007 consolidated) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2010	Accounts deposit (year 2009 consolidated, 2008, 2009) Appointments/ Re-elections (3) Change of Social address (1)
	2011	Accounts deposit (year 2010) Board Meeting (1)
	2012	Accounts deposit (year 2010 consolidated, 2011) Appointments/ Re-elections (2)
	2013	Accounts deposit (year 2011 consolidated, 2012 consolidated) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2014	Accounts deposit (year 2013 consolidated, 2012, 2013) Cessations/ Resignations/ Reversals (2)
	2015	Accounts deposit (year 2014 consolidated, 2014) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)
	2016	Accounts deposit (year 2015 consolidated) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2017	Accounts deposit (year 2015) Appointments/ Re-elections (2) Increase of Capital (1) Other Concepts/ Events (1)

Breakdown of Owners' Equity
Registered Capital:	1.843.267
Paid up capital:	1.843.267

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
18/07/1994	Company Formation	60.101	60.101	60.101	60.101
27/05/1996	Increase of Capital	66.111	66.111	126.213	126.213
13/05/1997	Increase of Capital	54.091	54.091	180.304	180.304
23/11/1998	Increase of Capital	540.911	540.911	721.215	721.215
19/07/2002	Increase of Capital	135.465	135.465	856.665	856.665
20/03/2003	Increase of Capital	225.135	225.135	1.081.800	1.081.800
13/01/2004	Increase of Capital	148.627	148.627	1.230.427	1.230.427
18/07/2017	Increase of Capital	612.840	612.840	1.843.267	1.843.267

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	HERNANDEZ DURAN CONSTANTINO	19/08/2013	15
MEMBER OF THE BOARD	VEGA WERLEN EDUARDO	19/08/2013	1
	VALERO QUIROS JUAN CARLOS	19/08/2013	10
	MAIER ALLENDE CARLOS	19/08/2013	4
	HERNANDEZ DURAN CONSTANTINO	19/08/2013	15
	FAGALDE MATEOS IGNACIO JOSE	19/08/2013	2
PROXY	ALGUACIL AMORES RAFAEL	02/10/2017	1
	SUAREZ CANTON PEÑA NICOLAS RAFAEL	02/12/2016	1
	GARCIA FERNANDEZ CRISTINA	12/05/2015	2
	VERA ZAMBRANA ANTONIO	29/04/2015	1
	RODRIGUEZ POZO ANTONIO	07/06/2002	1
	VALERO QUIROS JUAN CARLOS	24/03/2000	10
CHIEF EXECUTIVE OFFICER	HERNANDEZ DURAN CONSTANTINO	19/08/2013	15
SECRETARY	VALERO QUIROS JUAN CARLOS	19/08/2013	10
ACCOUNTS' AUDITOR / HOLDER	KPMG AUDITORES SL	17/01/2017	22
CONSOLIDATED ACCOUNTS' AUDITOR	KPMG AUDITORES SL	17/01/2017	22

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ABITBOL OEVERMANN RAFAEL	MEMBER OF THE BOARD	09/10/2008	4
	MEMBER OF THE BOARD	19/08/2013
	MEMBER OF THE BOARD	25/02/2014
	PROXY	16/06/2014
BARRANCA PITEL MANUEL	PROXY	29/04/2015	1
BERGEL SAINZ DE BARANDA JAIME ISIDORO	MEMBER OF THE BOARD	09/10/2008	3
	MEMBER OF THE BOARD	19/08/2013
	MEMBER OF THE BOARD	11/11/2015
BONILLA VILLALONGA NICOLAS	MEMBER OF THE BOARD	30/08/2002	1
DE SALVADOR Y ARANA DIEGO	PROXY	02/12/2016	1
DE VILLAR DE LOS SANTOS CRISTINA	MEMBER OF THE BOARD	18/11/1998	6
	JOINT CHIEF EXECUTIVE OFFICER	18/11/1998
	SECRETARY	18/11/1998
	SECRETARY	09/03/2000
	JOINT CHIEF EXECUTIVE OFFICER	23/01/2001
	MEMBER OF THE BOARD	23/01/2001
FAGALDE MATEOS IGNACIO	MEMBER OF THE BOARD	18/11/1998	1
FAGALDE MATEOS IGNACIO JOSE	MEMBER OF THE BOARD	19/08/2013	2
GARCIA FERNANDEZ CRISTINA	PROXY	12/05/2015	2
GUILLAMOT BERNARDO ANDRES	MEMBER OF THE BOARD	17/10/2003	2
	MEMBER OF THE BOARD	19/09/2008
HERNANDEZ DURAN CONSTANTINO	MEMBER OF THE BOARD	18/11/1998	15
	MEMBER OF THE BOARD	17/10/2003
	MEMBER OF THE BOARD	09/10/2008
	MEMBER OF THE BOARD	19/08/2013
	JOINT CHIEF EXECUTIVE OFFICER	18/11/1998
	PRESIDENT	18/11/1998
	PRESIDENT	17/10/2003
	JOINT CHIEF EXECUTIVE OFFICER	17/10/2003
	CHIEF EXECUTIVE OFFICER	09/10/2008
	PRESIDENT	09/10/2008
	PRESIDENT	19/08/2013
	CHIEF EXECUTIVE OFFICER	19/08/2013
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	06/09/2004	22
	ACCOUNTS' AUDITOR / HOLDER	11/01/2006
	ACCOUNTS' AUDITOR / HOLDER	16/10/2006
	ACCOUNTS' AUDITOR / HOLDER	09/10/2008
	ACCOUNTS' AUDITOR / HOLDER	20/05/2003
	CONSOLIDATED ACCOUNTS' AUDITOR	27/10/2008
	ACCOUNTS' AUDITOR / HOLDER	27/10/2008
	ACCOUNTS' AUDITOR / HOLDER	04/10/2010
	ACCOUNTS' AUDITOR / HOLDER	15/11/2010
	CONSOLIDATED ACCOUNTS' AUDITOR	15/11/2010
	CONSOLIDATED ACCOUNTS' AUDITOR	11/04/2012
	ACCOUNTS' AUDITOR / HOLDER	11/04/2012
	ACCOUNTS' AUDITOR / HOLDER	12/11/2012
	CONSOLIDATED ACCOUNTS' AUDITOR	12/11/2012
	CONSOLIDATED ACCOUNTS' AUDITOR	17/01/2017
	ACCOUNTS' AUDITOR / HOLDER	17/01/2017
	CONSOLIDATED ACCOUNTS' AUDITOR	03/10/2013
	ACCOUNTS' AUDITOR / HOLDER	03/10/2013
	ACCOUNTS' AUDITOR / HOLDER	09/02/2015
	CONSOLIDATED ACCOUNTS' AUDITOR	09/02/2015
LOHR MARCUS HERMANN VALENTIN	PROXY	10/02/2009	1
LOPEZ GARCIA CARLOS	PROXY	28/11/2001	2
	PROXY	04/11/2003
MAIER ALLENDE CARLOS	MEMBER OF THE BOARD	17/10/2003	4
	MEMBER OF THE BOARD	09/10/2008
	MEMBER OF THE BOARD	19/08/2013
VALERO QUIROS JUAN CARLOS	MEMBER OF THE BOARD	17/10/2003	10
	SECRETARY	17/10/2003
	MEMBER OF THE BOARD	09/10/2008
	MEMBER OF THE BOARD	09/03/2000
	MEMBER OF THE BOARD	19/08/2013
	SECRETARY	09/10/2008
	SECRETARY	19/08/2013
VEGA WERLER EDUARDO	MEMBER OF THE BOARD	19/08/2013	3
	MEMBER OF THE BOARD	17/10/2003
	MEMBER OF THE BOARD	09/10/2008

Executive board

Post	NIF	Name
COMPUTER SCIENCE DIRECTOR		RICARDO FUSTER JUMQUERA
FINANCIAL DIRECTOR		DIEGO SALVADOR
MANAGING DIRECTOR		RAFAEL ABITBOL OVERMAN

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 )

Chronological summary

		Number of Publications	Amount (€)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	10	0	28/03/2017	08/01/2018
Status: Friendly		10	682591.06	28/03/2017	04/07/2017
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		4	---	04/05/2012	18/07/2017
Notices of defaults and enforcement		4	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		1	---	01/06/2016	01/06/2016

IMPAGOS EN ENTIDADES FINANCIERAS Y GRANDES EMPRESAS  

Section comprising a list of the instances of default recorded in the ASNEF Industrial file under the name of .

All contract defaults are in amicable debt collection status; the creditor entities have not initiated legal action for recovery.

The total unpaid amount registered with ASNEF Empresas is the maximum one among all of this debtor's reported defaults available.

It must be noted that the total unpaid amount registered with ASNEF Empresas has increased by 167.59% in the past six months.

Indicate that the total unpaid amount involve contracts with the financial system.

List of current instances of default for each of the transactions in progress

Type of creditor	Product	Value of transactions (€)	Status	No. of defaults	Default balance (€)	Date of first default	Date of last default
COOPERATIVAS DE CREDITO	Póliza de crédito, descuento comercial	---	Amistoso	1	422357.14	04/07/17	04/07/17
COOPERATIVAS DE CREDITO	Otros	---	Amistoso	---	151360.56	31/03/17	31/03/17
COOPERATIVAS DE CREDITO	Otros	---	Amistoso	---	40954.41	31/03/17	31/03/17
COOPERATIVAS DE CREDITO	Otros	---	Amistoso	---	18391.65	31/03/17	31/03/17
COOPERATIVAS DE CREDITO	Otros	---	Amistoso	---	13103.94	31/03/17	31/03/17
COOPERATIVAS DE CREDITO	Otros	---	Amistoso	---	11149.62	30/03/17	30/03/17
COOPERATIVAS DE CREDITO	Otros	---	Amistoso	---	9877.08	31/03/17	31/03/17
COOPERATIVAS DE CREDITO	Otros	---	Amistoso	---	5200.50	28/03/17	28/03/17
COOPERATIVAS DE CREDITO	Otros	---	Amistoso	---	5146.42	03/04/17	03/04/17
COOPERATIVAS DE CREDITO	Otros	---	Amistoso	---	5049.74	31/03/17	31/03/17
				682.591,06

Default by product

Age of current debt

Change in values of defaults and settled debts

Changes in defaults by status

Changes in defaults by product

Change in values of defaults and settled debts

Legal Notice:

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

Basis for scoring

Positive Factors

Adverse Factors

It has been found to have irregular payment performance at the credit bureaus and has not paid all of its debts in a timely manner. It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets. It does not have any financial profitability.. AT LEAST SAIt 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. Debts assumed by the company based on the volume of its own resources have increased in the previous financial year. No Company's subsidiaries or branches are known.

Probability of default

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

> Latest Scoring Changes:

Sector in which comparison is carried out: 464 Wholesale of household goods
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 1.00% of the companies of the sector AT LEAST SA 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	4 Legal Claims whose amounts have not been 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	1 Incidence the amount of which has not been published

Incidences Detailed

Incidences with the Local Administration

 PROCESSED BY THE LOCAL GOVERNMENT DE VITORIA-GASTEIZ (ALAVA) - Date 18/07/2017

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	20174801101RT09L000019
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	B.O.E. Nº177, 2017 SUPLEMENTO 1 PAGINA 3737

 PROCESSED BY THE LOCAL GOVERNMENT DE MADRID - Date 27/05/2016

Last Published Stage:	INFRINGEMENT
Record Number:	183/2016/00384
Requested by:	ADMINISTRACION LOCALMADRID
Published domicile:	MADRID
Source:	B.O.E. Nº133, 2016 SUPLEMENTO 1 PAGINA 4480

 PROCESSED BY THE LOCAL GOVERNMENT DE LEON - Date 31/03/2015

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	8920009282572
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	B.O.P. LEON Nº69, 2015 PAGINA 13

 PROCESSED BY THE LOCAL GOVERNMENT DE MADRID - Date 04/05/2012

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	12117008651
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	BOLETIN OFICIAL DEL AYUNTAMIENTO DE MADRID Nº6668, 2012 PAGINA 632

Guarantees

References

Link List

IS RELATED WITH:	2 Entities
PARTICIPATES IN:	4 Entities
SHAREHOLDERS:	3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	COBEGA BV (PAISES BAJOS)		30.43
	EXPLOTACIONES AGRARIAS LAS MESAS SL	MADRID	10.45
	JAVERTRANS BV (PAISES BAJOS)		35.51
PARTICIPATES IN	CLOTHES & DRESSES, SOCIEDAD ANONIMA, (REINO UNIDO)		100
	AT LEAST DEUTCHLAND, SOCIEDAD ANONIMA, (ALEMANIA)		100
	AT LEAST ITALIA, SOCIEDAD LIMITADA, (ITALIA)		100
	AT LEAST USA LLC (ESTADOS UNIDOS)		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	AT LEAST USA LLC
IS RELATED WITH	MULTIMEGA SA	MADRID

Turnover
Total Sales	43.712.899

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
2015	Consolidadas	October  2016
2015	Normales	February  2017
2014	Consolidadas	October  2015
2014	Normales	October  2015
2013	Consolidadas	October  2014
2013	Normales	November  2014
2012	Consolidadas	November  2013
2012	Normales	April  2014
2011	Consolidadas	February  2013
2011	Normales	August  2012
2010	Consolidadas	July  2012
2010	Normales	December  2011
2009	Consolidadas	December  2010
2009	Normales	December  2010
2008	Consolidadas	No publicado en BORME
2008	Normales	December  2009
2007	Consolidadas	June  2009
2007	Normales	November  2008
2006	Normales	March  2008
2005	Normales	January  2007
2004	Normales	October  2005
2003	Normales	August  2004
2002	Normales	August  2003
2001	Normales	March  2003
2000	Normales	September  2001
1999	Normales	October  2000
1998	Normales	October  1999
1997	Normales	October  1998
1996	Normales	September  1997
1995	Normales	December  1996
1994	Normales	September  1995

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 31/12/2015

>  Normal format Balance in accordance with the New Accounting Plan 2007

Information corresponding to the fiscal year 2015 2014 2013 2012 2011  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2015 2014 2013 2012 2011  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	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2015	2014	2013	2012	2011
A) NON-CURRENT ASSETS: 11000	12.317.380,00	11.061.524,00	13.903.569,00	10.933.467,00	10.951.635,00
I. Intangible fixed assets : 11100	2.843.541,00	1.787.985,00	637.428,00	774.126,00	737.629,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	91.350,00	178.203,00	232.145,00	318.392,00	190.139,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	2.752.191,00	1.609.782,00	405.283,00	455.734,00	547.490,00
II. Tangible fixed assets : 11200	3.648.976,00	3.713.470,00	3.936.275,00	4.107.588,00	4.668.464,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	3.563.809,00	3.675.352,00	3.935.714,00	3.967.751,00	4.359.907,00
3. Tangible asset in progress and advances: 11230	85.167,00	38.118,00	561,00	139.837,00	308.557,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	4.038.432,00	3.977.898,00	6.732.079,00	3.730.462,00	4.634.674,00
1. Equity instruments: 11410	2.007.617,00	3.070.547,00	5.386.703,00	3.730.462,00	4.634.674,00
2. Credits to businesses: 11420	2.030.815,00	907.351,00	1.345.376,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	778.101,00	735.010,00	710.481,00	764.944,00	639.934,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	61.488,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	716.613,00	735.010,00	710.481,00	764.944,00	639.934,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	1.008.330,00	847.161,00	1.887.306,00	1.556.347,00	270.934,00
B) CURRENT ASSETS: 12000	20.716.547,00	20.733.671,00	16.988.684,00	18.906.063,00	18.364.689,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	9.292.616,00	9.850.485,00	8.854.872,00	8.845.220,00	8.811.100,00
1. Commercial: 12210	9.249.835,00	9.765.445,00	8.707.832,00	8.766.978,00	8.654.933,00
2. Primary material and other supplies: 12220	42.781,00	85.040,00	147.040,00	76.200,00	153.868,00
a) Long-term primary material and other supplies: 12221	0,00	0,00	0,00	0,00	0,00
b) Short-term primary material and other supplies: 12222	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	2.042,00	2.299,00
III. Trade debtors and others receivable accounts: 12300	6.905.865,00	8.200.756,00	7.065.842,00	8.864.875,00	7.424.507,00
1. Trade debtors / accounts receivable: 12310	6.540.324,00	7.431.904,00	6.443.805,00	5.155.503,00	6.124.037,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	6.540.324,00	7.431.904,00	6.443.805,00	5.155.503,00	6.124.037,00
2. Customers, Group companies and associates : 12320	0,00	0,00	0,00	2.371.695,00	253.812,00
3. Other accounts receivable: 12330	205.140,00	130.971,00	167.701,00	162.956,00	38.603,00
4. Personnel: 12340	7.645,00	23.786,00	32.074,00	40.505,00	45.663,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	152.756,00	614.095,00	422.262,00	1.134.216,00	962.392,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	350.316,00	430.759,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	350.316,00	430.759,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	635.758,00	2.015.879,00	189.827,00	181.476,00	1.117.145,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	15.000,00	40.000,00	40.000,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	419.540,00	1.850.055,00	0,00	0,00	1.028.613,00
5. Other financial assets : 12550	216.218,00	165.824,00	174.827,00	141.476,00	48.532,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	284.946,00	208.323,00	225.240,00	260.175,00	267.745,00
VII. Cash and other equivalent liquid assets : 12700	3.597.362,00	458.228,00	652.903,00	404.001,00	313.433,00
1. Treasury: 12710	1.267.362,00	458.228,00	652.903,00	404.001,00	313.433,00
2. Other equivalent liquid assets: 12720	2.330.000,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	33.033.927,00	31.795.195,00	30.892.253,00	29.839.530,00	29.316.324,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2015	2014	2013	2012	2011
A) NET WORTH: 20000	13.061.481,00	15.075.475,00	13.158.639,00	13.536.610,00	15.963.621,00
A-1) Shareholders' equity: 21000	12.700.708,00	13.743.435,00	13.440.193,00	13.840.650,00	15.243.592,00
I. Capital: 21100	1.230.427,00	1.230.427,00	1.230.427,00	1.230.427,00	1.230.427,00
1. Registered capital : 21110	1.230.427,00	1.230.427,00	1.230.427,00	1.230.427,00	1.230.427,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	2.836.769,00	2.836.769,00	2.836.769,00	2.836.769,00	2.836.769,00
III. Reserves: 21300	9.896.118,00	9.592.876,00	9.993.333,00	11.396.275,00	10.014.672,00
1. Legal and statutory: 21310	0,00	0,00	299.417,00	299.417,00	10.014.672,00
2. Other reserves: 21320	0,00	0,00	9.693.916,00	11.096.858,00	0,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
2. Capitalisation Reserves: 21350	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	-219.879,00	-219.879,00	-219.879,00	-219.879,00	-219.879,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	-1.042.727,00	303.242,00	-400.457,00	-1.402.942,00	1.381.603,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	360.773,00	1.332.040,00	-281.554,00	-304.040,00	720.029,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	360.773,00	1.332.040,00	-281.554,00	-304.040,00	720.029,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	7.108.159,00	3.417.390,00	4.835.484,00	4.728.794,00	3.337.602,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	274.434,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	274.434,00
II Long-term creditors: 31200	6.297.346,00	2.030.292,00	2.898.184,00	2.828.047,00	1.801.103,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	5.982.213,00	2.030.292,00	2.807.571,00	2.675.740,00	1.730.631,00
3. Creditors from financial leasing: 31230	315.133,00	0,00	18.379,00	43.696,00	70.472,00
4. Derivatives : 31240	0,00	0,00	72.234,00	108.611,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	334.568,00	823.475,00	1.317.006,00	1.402.355,00	1.262.065,00
V. Long-term accruals: 31500	476.245,00	563.623,00	620.294,00	498.392,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	12.864.287,00	13.302.330,00	12.898.130,00	11.574.126,00	10.015.101,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	409.997,00	410.000,00	330.803,00	150.000,00	173.174,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	410.000,00	330.803,00	0,00	0,00
III. Short-term creditors : 32300	4.706.297,00	3.159.180,00	4.960.750,00	5.602.536,00	2.625.869,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	4.578.557,00	3.158.312,00	4.605.320,00	5.250.445,00	2.586.589,00
3. Creditors from financial leasing: 32330	127.740,00	868,00	25.444,00	26.359,00	39.280,00
4. Derivatives : 32340	0,00	0,00	329.986,00	325.732,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	119.342,00	336.204,00	0,00	0,00	940,00
V. Trade creditors and other accounts payable: 32500	7.628.651,00	9.396.946,00	7.606.577,00	5.821.590,00	7.215.118,00
1. Suppliers: 32510	5.102.900,00	5.362.452,00	4.405.579,00	3.733.026,00	4.151.114,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	5.102.900,00	5.362.452,00	4.405.579,00	3.733.026,00	4.151.114,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	1.582.148,00	2.904.355,00	2.572.585,00	1.487.358,00	1.715.210,00
4. Personnel (remuneration due): 32540	255.377,00	360.186,00	165.740,00	157.196,00	608.292,00
5. Liabilities for current tax: 32550	0,00	280.709,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	682.354,00	481.271,00	439.139,00	437.021,00	433.945,00
7. Advances from clients: 32570	5.872,00	7.973,00	23.534,00	6.989,00	306.557,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	33.033.927,00	31.795.195,00	30.892.253,00	29.839.530,00	29.316.324,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2015	2014	2013	2012	2011
1. Net turnover: 40100	43.712.899,00	45.630.440,00	46.010.337,00	46.106.585,00	47.744.499,00
a) Sales: 40110	43.712.899,00	45.630.440,00	46.010.337,00	46.106.585,00	47.744.499,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	20.000,00	20.000,00	0,00	0,00	0,00
4. Supplies : 40400	-19.700.648,00	-19.997.744,00	-22.010.820,00	-21.408.933,00	-21.613.186,00
a) Stock consumption: 40410	-19.605.355,00	-19.704.380,00	-21.615.920,00	-21.227.891,00	-21.361.510,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-245.293,00	-229.638,00	-328.242,00	-301.042,00	-304.345,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	150.000,00	-63.726,00	-66.658,00	120.000,00	52.669,00
5. Other operating income: 40500	281.411,00	513.242,00	517.890,00	540.556,00	243.743,00
a) Auxiliary income and other from current management: 40510	262.013,00	509.367,00	510.196,00	514.831,00	222.282,00
b) Operation subsidies included in the Period's result: 40520	19.398,00	3.875,00	7.694,00	25.725,00	21.461,00
6. Personnel costs: 40600	-10.083.259,00	-10.665.141,00	-9.886.285,00	-9.848.513,00	-9.253.420,00
a) Wages, salaries et al.: 40610	-7.985.037,00	-8.584.108,00	-7.878.146,00	-7.884.437,00	-7.412.290,00
b) Social security costs: 40620	-2.098.222,00	-2.081.033,00	-2.008.139,00	-1.964.076,00	-1.841.130,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-12.520.017,00	-13.775.558,00	-13.771.544,00	-14.838.173,00	-14.336.746,00
a) External services: 40710	-12.349.583,00	-13.413.780,00	-13.300.362,00	-14.627.005,00	-14.288.319,00
b) Taxes: 40720	-136.828,00	-100.966,00	-123.530,00	-77.170,00	-113.804,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-32.043,00	-233.345,00	-327.400,00	-109.826,00	96.275,00
d) Other current management expenditure : 40740	-1.563,00	-27.467,00	-20.252,00	-24.172,00	-30.898,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-1.058.701,00	-1.067.367,00	-989.225,00	-1.071.799,00	-945.545,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-124.192,00	-62.717,00	-36.975,00	-185.222,00	19.103,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	-62.717,00	-36.975,00	-185.222,00	19.103,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	-307.103,00	430.599,00	0,00	0,00	44.091,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	220.390,00	1.025.754,00	-166.622,00	-705.499,00	1.902.539,00
14. Financial income : 41400	85.251,00	63.355,00	61.390,00	36.782,00	58.906,00
a) Of shares in equity instruments : 41410	0,00	0,00	61.390,00	0,00	58.906,00
a 1) In Group companies and associates: 41411	0,00	0,00	37.500,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	23.890,00	0,00	58.906,00
b) From negotiable securities and other financial instruments : 41420	85.251,00	63.355,00	0,00	36.782,00	0,00
b 1) From Group companies and associates : 41421	75.967,00	52.007,00	0,00	0,00	0,00
b 2) From third parties : 41422	9.284,00	11.348,00	0,00	36.782,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-568.762,00	-540.445,00	-694.431,00	-285.863,00	-150.259,00
a) Amounts owed to Group companies and associates : 41510	-4.036,00	-9.842,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-564.726,00	-530.603,00	-694.431,00	-285.863,00	-150.259,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	1.300,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	1.300,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	34.476,00	-34.167,00	-26.737,00	-34.114,00	7.888,00
18. Impairment and result for transfers of financial instruments: 41800	-1.062.930,00	-21.349,00	0,00	-1.304.212,00	0,00
a) Impairment and losses : 41810	-1.062.930,00	-21.349,00	0,00	-1.304.212,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-1.511.965,00	-532.606,00	-659.778,00	-1.587.407,00	-82.165,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-1.291.575,00	493.148,00	-826.400,00	-2.292.906,00	1.820.374,00
20. Income taxes: 41900	248.848,00	-189.906,00	425.943,00	889.964,00	-438.771,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-1.042.727,00	303.242,00	-400.457,00	-1.402.942,00	1.381.603,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	-1.042.727,00	303.242,00	-400.457,00	-1.402.942,00	1.381.603,00

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

Information corresponding to the fiscal year 2015 2014 2013 2012 2011  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 2015 2014 2013 2012 2011  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2015	2014	2013	2012	2011
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	11.467.441,00	10.434.242,00	12.236.142,00	9.596.999,00	10.900.580,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	2.843.541,00	1.787.985,00	637.428,00	774.126,00	737.629,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	2.752.191,00	1.609.782,00	405.283,00	455.734,00	547.490,00
5. Software:	91.350,00	178.203,00	232.145,00	318.392,00	190.139,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	3.648.976,00	3.713.470,00	3.936.275,00	4.107.588,00	4.668.464,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	0,00	0,00	0,00	0,00	0,00
3. Other installations, tools and furniture:	2.951.084,00	3.043.450,00	3.259.048,00	3.285.576,00	3.610.309,00
4. Payments on account and tangible fixed assets under construction:	85.167,00	38.118,00	561,00	139.837,00	308.557,00
5. Other tangible assets:	612.725,00	631.902,00	676.666,00	682.175,00	749.598,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	4.755.045,00	4.712.908,00	7.442.560,00	4.495.406,00	5.274.608,00
1. Equity investments in group companies:	2.007.617,00	3.070.547,00	5.386.703,00	3.730.462,00	4.634.674,00
2. Receivables from group companies:	2.030.815,00	907.351,00	1.345.376,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	716.613,00	735.010,00	710.481,00	764.944,00	639.934,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	219.879,00	219.879,00	219.879,00	219.879,00	219.879,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	21.305.337,00	19.730.777,00	18.875.990,00	20.462.410,00	17.607.010,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	9.292.616,00	9.850.485,00	8.854.872,00	8.845.220,00	8.811.100,00
1. Goods for resale:	9.249.835,00	9.765.445,00	8.707.832,00	8.766.978,00	8.654.933,00
2. Raw materials and other consumables:	42.781,00	85.040,00	147.040,00	76.200,00	153.868,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	2.042,00	2.299,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	7.914.195,00	9.047.917,00	8.953.148,00	10.421.222,00	7.695.441,00
1. Trade debtors / accounts receivable:	6.540.324,00	7.431.904,00	6.443.805,00	5.155.503,00	6.124.037,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	2.371.695,00	253.812,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	205.140,00	130.971,00	167.701,00	162.956,00	38.603,00
5. Staff:	7.645,00	23.786,00	32.074,00	40.505,00	45.663,00
6. Public bodies:	1.161.086,00	1.461.256,00	2.309.568,00	2.690.563,00	1.233.326,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	2.546.218,00	165.824,00	189.827,00	531.792,00	519.291,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	2.330.000,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	15.000,00	390.316,00	470.759,00
7. Shor term guarantees and deposits:	216.218,00	165.824,00	174.827,00	141.476,00	48.532,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	1.267.362,00	458.228,00	652.903,00	404.001,00	313.433,00
VII. Prepayments and accrued income:	284.946,00	208.323,00	225.240,00	260.175,00	267.745,00
GENERAL TOTAL (A + B + C + D):	32.772.778,00	30.165.019,00	31.112.132,00	30.059.409,00	28.507.590,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2015	2014	2013	2012	2011
A) EQUITY:	12.800.332,00	13.445.299,00	13.780.738,00	14.190.832,00	15.154.887,00
I. Subscribed capital:	1.230.427,00	1.230.427,00	1.230.427,00	1.230.427,00	1.230.427,00
II. Share premium:	2.836.769,00	2.836.769,00	2.836.769,00	2.836.769,00	2.836.769,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	9.775.863,00	9.074.861,00	10.113.999,00	11.526.578,00	9.706.088,00
1. Legal reserve:	9.896.118,00	9.592.876,00	299.417,00	299.417,00	10.014.672,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	-120.255,00	-518.015,00	9.814.582,00	11.227.161,00	-308.584,00
6. Differences due to capital adjustment to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	-1.042.727,00	303.242,00	-400.457,00	-1.402.942,00	1.381.603,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	274.434,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	274.434,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	6.631.914,00	2.853.767,00	4.142.956,00	4.121.791,00	3.063.168,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	6.297.346,00	2.030.292,00	2.825.950,00	2.719.436,00	1.801.103,00
1. Loans and other liabilities:	5.982.213,00	2.030.292,00	2.807.571,00	2.675.740,00	1.730.631,00
2. Long-term liabilities from capital leases:	315.133,00	0,00	18.379,00	43.696,00	70.472,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	334.568,00	823.475,00	1.317.006,00	1.402.355,00	1.262.065,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	334.568,00	823.475,00	1.317.006,00	1.402.355,00	1.262.065,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	13.340.532,00	13.865.953,00	13.188.438,00	11.746.786,00	10.015.101,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	4.706.297,00	3.159.180,00	4.630.764,00	5.276.804,00	2.625.869,00
1. Loans and other liabilities:	4.578.557,00	3.158.312,00	4.605.320,00	5.250.445,00	2.586.589,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	127.740,00	868,00	25.444,00	26.359,00	39.280,00
III. Short-term amounts owed to group and associated companies:	119.342,00	336.204,00	0,00	0,00	940,00
1. Amounts owed to group companies:	119.342,00	336.204,00	0,00	0,00	940,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	6.690.920,00	8.274.780,00	7.001.698,00	5.227.373,00	6.172.881,00
1. Advanced payments from customers:	5.872,00	7.973,00	23.534,00	6.989,00	306.557,00
2. Amounts owed for purchases of goods or services:	6.685.048,00	8.266.807,00	6.978.164,00	5.220.384,00	5.866.324,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	937.731,00	1.122.166,00	604.879,00	594.217,00	1.042.237,00
1. Public bodies:	682.354,00	761.980,00	439.139,00	437.021,00	433.945,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	255.377,00	360.186,00	165.740,00	157.196,00	608.292,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	409.997,00	410.000,00	330.803,00	150.000,00	173.174,00
VII. Prepayments and accrued income:	476.245,00	563.623,00	620.294,00	498.392,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	32.772.778,00	30.165.019,00	31.112.132,00	30.059.409,00	28.507.590,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2015	2014	2013	2012	2011
A) CHARGES (A.1 to A.15):	45.176.764,00	46.354.394,00	46.990.074,00	48.086.865,00	46.737.927,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	19.850.648,00	19.934.018,00	21.944.162,00	21.528.933,00	21.665.855,00
a) Stock consumption:	19.605.355,00	19.704.380,00	21.615.920,00	21.227.891,00	21.361.510,00
b) Consumption of raw materials and miscellaneous consumable ones:	245.293,00	229.638,00	328.242,00	301.042,00	304.345,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	10.083.259,00	10.665.141,00	9.886.285,00	9.848.513,00	9.253.420,00
a) Wages, salaries et al.:	7.985.037,00	8.584.108,00	7.878.146,00	7.884.437,00	7.412.290,00
b) Social security costs:	2.098.222,00	2.081.033,00	2.008.139,00	1.964.076,00	1.841.130,00
A.4. Depreciation expense:	1.058.701,00	1.067.367,00	989.225,00	1.071.799,00	945.545,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-117.957,00	297.071,00	394.058,00	-10.174,00	-148.944,00
a) Stock provision variation:	-150.000,00	63.726,00	66.658,00	-120.000,00	-52.669,00
b) Variation in provision and bad debt losses:	9.144,00	66.590,00	93.430,00	31.341,00	-27.474,00
c) Variation of other trade provisions:	22.899,00	166.755,00	233.970,00	78.485,00	-68.801,00
A.6. Other operating charges:	12.487.974,00	13.542.213,00	13.444.144,00	14.728.347,00	14.433.021,00
a) External services:	12.349.583,00	13.413.780,00	13.300.362,00	14.627.005,00	14.288.319,00
b) Taxes:	136.828,00	100.966,00	123.530,00	77.170,00	113.804,00
c) Other operating expenses:	1.563,00	27.467,00	20.252,00	24.172,00	30.898,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	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):	651.685,00	657.872,00	0,00	0,00	1.839.345,00
A.7. Financial and similar charges:	568.762,00	540.445,00	694.431,00	285.863,00	150.259,00
a) Due to liabilities with companies of the group:	4.036,00	9.842,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	564.726,00	530.603,00	694.431,00	285.863,00	150.259,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	1.062.930,00	21.349,00	0,00	1.304.212,00	0,00
A.9. Exchange losses:	0,00	34.167,00	26.737,00	34.114,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	0,00	125.266,00	0,00	0,00	1.757.180,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	124.192,00	62.717,00	36.975,00	185.222,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	307.103,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	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	367.882,00	0,00	0,00	63.194,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	493.148,00	0,00	0,00	1.820.374,00
A.15. Corporation tax:	-248.848,00	189.906,00	-425.943,00	-889.964,00	438.771,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	0,00	303.242,00	0,00	0,00	1.381.603,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2015	2014	2013	2012	2011
B) INCOME ( B.1 to B.13):	44.134.037,00	46.657.636,00	46.589.617,00	46.683.923,00	48.119.530,00
B.1. Net total sales:	43.712.899,00	45.630.440,00	46.010.337,00	46.106.585,00	47.744.499,00
a) Sales:	46.138.850,00	48.162.809,00	48.563.790,00	48.665.379,00	50.394.193,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	-2.425.951,00	-2.532.369,00	-2.553.453,00	-2.558.794,00	-2.649.694,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	20.000,00	20.000,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	281.411,00	513.242,00	517.890,00	540.556,00	243.743,00
a) Auxiliary income and other from current management:	262.013,00	509.367,00	510.196,00	514.831,00	222.282,00
b) Grants:	19.398,00	3.875,00	7.694,00	25.725,00	21.461,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	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	0,00	129.647,00	520.277,00	0,00
B.5. Income from equity investment:	0,00	0,00	61.390,00	0,00	58.906,00
a) In companies of the group:	0,00	0,00	37.500,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	23.890,00	0,00	58.906,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	85.251,00	63.355,00	0,00	36.782,00	1.300,00
a) From companies of the group:	75.967,00	52.007,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	9.284,00	11.348,00	0,00	36.782,00	0,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	1.300,00
B.8. Exchange positive differences:	34.476,00	0,00	0,00	0,00	7.888,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	1.511.965,00	532.606,00	659.778,00	1.587.407,00	82.165,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	860.280,00	0,00	789.425,00	2.107.684,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	19.103,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	430.599,00	0,00	0,00	44.091,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	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):	431.295,00	0,00	36.975,00	185.222,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	1.291.575,00	0,00	826.400,00	2.292.906,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	1.042.727,00	0,00	400.457,00	1.402.942,00	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.

Net Rights Granted	2015	2014	2013	2012	2011
1. Fiscal year result before taxes.: 61100	-1.291.575,00	493.148,00	-826.400,00	-2.292.906,00	1.820.374,00
2. Results adjustments.: 61200	2.576.901,00	1.959.761,00	2.080.035,00	3.058.212,00	1.031.759,00
a) Fixed Assets Amortization (+).: 61201	1.058.701,00	1.067.367,00	989.225,00	1.071.799,00	945.545,00
b) Obsolescence Allowances (+/-). : 61202	-150.000,00	63.726,00	213.254,00	-10.174,00	-202.942,00
c) Variation in Provision (+/-). : 61203	1.094.973,00	254.694,00	180.803,00	1.528.170,00	224.794,00
e) Results on disposal of fixed assets (+/-). : 61205	124.192,00	62.717,00	36.975,00	0,00	-19.103,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	0,00	0,00	185.222,00	0,00
g) Financial income (-).: 61207	-85.251,00	-63.355,00	-61.390,00	-36.782,00	-58.906,00
h) Financial Expenses (+). : 61208	568.762,00	540.445,00	694.431,00	285.863,00	150.259,00
i) Exchange differences (+/-). : 61209	-34.476,00	34.167,00	26.737,00	34.114,00	-7.888,00
3. Changes in current capital equity.: 61300	315.657,00	-878.493,00	1.196.473,00	-3.310.153,00	-2.411.834,00
a) Stock (+/-).: 61301	707.869,00	-1.059.339,00	-76.310,00	85.880,00	786.023,00
d) Debtors and other accounts receivable (+/-). : 61302	1.322.845,00	-1.289.062,00	-669.041,00	-1.412.624,00	-554.383,00
c) Other current assets (+/-). : 61303	-76.623,00	16.909,00	34.935,00	-4.931,00	101.710,00
d) Creditors and other accounts payable (+/-). : 61304	-1.487.583,00	1.509.670,00	1.784.987,00	-1.393.528,00	-2.529.652,00
e) Other current liabilities (+/-).: 61305	-60.000,00	0,00	0,00	0,00	-2.826,00
f) Other non-current assets and liabilities (+/-).: 61306	-90.851,00	-56.671,00	121.902,00	-584.950,00	-212.706,00
4. Cash Flows from Other Operating Activities: 61400	-764.220,00	-478.357,00	-683.259,00	-167.097,00	-956.793,00
a) Interest payments (-). : 61401	-568.762,00	-540.445,00	-694.431,00	-285.863,00	-150.259,00
c) Interest collection (+). : 61403	85.251,00	63.355,00	61.390,00	36.782,00	58.906,00
d) Income tax payment collection (payments) (+/-).: 61404	-280.709,00	-1.267,00	-50.218,00	81.984,00	-865.440,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	836.763,00	1.096.059,00	1.766.849,00	-2.711.944,00	-516.494,00
6. Payments for investment (-).: 62100	-3.330.714,00	-2.093.518,00	-1.005.087,00	-746.201,00	-3.423.314,00
a) Companies of the group and affiliates. : 62101	-1.123.464,00	0,00	-279.606,00	0,00	-430.759,00
b) Intangible fixed assets. : 62102	-1.220.776,00	-1.318.370,00	-22.320,00	-220.954,00	-117.501,00
c) Fixed assets. : 62103	-954.477,00	-775.148,00	-703.161,00	-525.247,00	-2.875.054,00
e) Other financial assets. : 62105	-31.997,00	0,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	1.300,00	2.767.989,00	53.403,00	13.559,00	455.251,00
a) Companies of the group and affiliates. : 62201	0,00	2.732.832,00	0,00	0,00	0,00
c) Fixed assets. : 62203	1.300,00	35.684,00	7.291,00	13.559,00	455.251,00
e) Other financial assets. : 62205	0,00	-527,00	46.112,00	0,00	0,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	-3.329.414,00	674.471,00	-951.684,00	-732.642,00	-2.968.063,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	-951.069,00
c) Acquisition of own equity instruments (-). : 63103	0,00	0,00	0,00	0,00	-951.069,00
10. Payment collection and payments for financial liabilities instruments.: 63200	5.597.309,00	-1.931.038,00	-539.526,00	3.569.268,00	1.601.693,00
a) Issuance : 63201	9.341.363,00	336.204,00	0,00	6.460.702,00	940,00
2. Debts incurred with credit institutions (+). : 63203	9.558.225,00	0,00	0,00	6.460.702,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	-216.862,00	336.204,00	0,00	0,00	940,00
b) Repayment and amortization of : 63207	-3.744.054,00	-2.267.242,00	-539.526,00	-2.891.434,00	1.600.753,00
2. Debts incurred with credit institutions (-).: 63209	-3.744.054,00	-2.267.242,00	-539.526,00	-2.891.434,00	1.600.753,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	-500.000,00
a) Dividends (-).: 63301	0,00	0,00	0,00	0,00	-500.000,00
12. Cash Flows from Financing Activities (9+10+11): 63400	5.597.309,00	-1.931.038,00	-539.526,00	3.569.268,00	150.624,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	34.476,00	-34.167,00	-26.737,00	0,00	7.888,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	3.139.134,00	-194.675,00	248.902,00	124.682,00	-3.326.045,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	458.228,00	652.903,00	404.001,00	313.433,00	3.639.478,00
Cash or equivalent assets as of end of the fiscal year.: 65200	3.597.362,00	458.228,00	652.903,00	404.001,00	313.433,00

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	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,07 %	0,06 %	0,00 %	0,00 %
Net Financial Debt:	3,96	2,83	1,57	13,94	151,51	-79,71
Cash Flow Yield:	0,10 %	0,03 %	-0,01 %	0,00 %	1.651,98 %
EBITDA over Sales:	3,91 %	10,45 %	3,78 %	2,23 %	3,49 %	367,98 %

Profitability	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	1,91 %	6,93 %	2,37 %	-2,03 %	-19,45 %	441,89 %
Total economic profitability:	-2,19 %	3,19 %	3,25 %	0,16 %	-167,31 %	1.929,26 %
Financial profitability:	-8,21 %	4,13 %	2,21 %	-4,61 %	-472,09 %	189,54 %
Margin:	1,20 %	6,34 %	1,29 %	-1,85 %	-7,04 %	442,42 %
Mark-up:	-2,24 %	3,76 %	0,14 %	-2,69 %	-1.750,78 %	239,94 %

Solvency	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,28	0,14	0,03	0,14	716,96	2,11
Acid Test:	0,86	0,87	0,79	0,86	8,59	0,78
Working Capital / Investment:	0,24	0,03	0,23	0,02	1,70	23,59
Solvency:	1,68	1,19	1,60	1,17	4,76	1,32

Indebtedness	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,54	1,31	1,19	1,37	29,79	-4,68
Borrowing Composition:	0,51	1,04	0,21	1,04	141,83	0,22
Repayment Ability:	11,44	11,04	9,45	52,99	20,99	-79,17
Warranty:	1,69	1,78	1,95	1,73	-13,38	2,69
Generated resources / Total creditors:	0,05	0,08	0,09	0,00	-46,80

Efficiency	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,17	1,80	1,16	1,10	0,68	62,78
Turnover of Collection Rights :	6,37	5,23	5,63	5,13	13,22	1,92
Turnover of Payment Entitlements:	4,22	3,69	3,59	3,50	17,52	5,43
Stock rotation:	4,67	7,80	4,62	8,34	1,01	-6,46
Assets turnover:	1,60	1,09	1,84	1,09	-13,35	-0,15
Borrowing Cost:	2,91	2,46	3,31	2,81	-12,26	-12,75

> Trend of indicators under the General Accounting Plan of 2007 (2015, 2014, 2013, 2012, 2011)

Cash Flow	2015	2014	2013	2012	2011
Cash Flow over Sales:	0,07 %	0,00 %	0,01 %	0,00 %	-0,07 %
Net Financial Debt:	3,96	1,57	8,16	14,22	1,08
Cash Flow Yield:	0,10 %	-0,01 %	0,01 %	0,00 %	-0,11 %
EBITDA over Sales:	3,91 %	3,78 %	1,87 %	1,20 %	5,83 %

Profitability	2015	2014	2013	2012	2011
Operating economic profitability:	1,91 %	2,37 %	-0,72 %	-2,84 %	8,26 %
Total economic profitability:	-2,19 %	3,25 %	-0,43 %	-6,73 %	6,72 %
Financial profitability:	-8,21 %	2,21 %	-2,98 %	-10,14 %	9,06 %
Margin:	1,20 %	1,29 %	-0,36 %	-1,51 %	3,87 %
Mark-up:	-2,24 %	0,14 %	-1,78 %	-4,92 %	3,70 %

Solvency	2015	2014	2013	2012	2011
Liquidity:	0,28	0,03	0,05	0,03	0,03
Acid Test:	0,86	0,79	0,60	0,82	0,94
Working Capital / Investment:	0,24	0,23	0,13	0,25	0,28
Solvency:	1,68	1,60	1,43	1,72	1,89

Indebtedness	2015	2014	2013	2012	2011
Indebtedness level:	1,54	1,19	1,29	1,17	0,83
Borrowing Composition:	0,51	0,21	0,32	0,35	0,31
Repayment Ability:	11,44	9,45	20,25	29,29	4,63
Warranty:	1,69	1,95	1,78	1,85	2,27
Generated resources / Total creditors:	0,05	0,09	0,04	0,05	0,18

Efficiency	2015	2014	2013	2012	2011
Productivity:	1,17	1,16	1,09	1,06	1,30
Turnover of Collection Rights :	6,37	5,63	6,58	5,26	6,46
Turnover of Payment Entitlements:	4,22	3,59	4,70	6,23	4,98
Stock rotation:	4,67	4,62	5,27	5,33	5,24
Assets turnover:	1,60	1,84	2,00	1,88	2,13
Borrowing Cost:	2,91	3,31	3,99	1,77	1,16

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

 --

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

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 63.98
UK Pound	1	INR 88.13
Euro	1	INR 78.35
Euro	1	INR 77.92

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

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.