3decades

MIRA INFORM REPORT

Report No. :	488484
Report Date :	27.01.2018

IDENTIFICATION DETAILS

Name :	FILANDER SL

Registered Office :	Calle Casp 54 - Barcelona - 08010 - Barcelona

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	04.03.1992

Legal Form :	Private Company

Line of Business :	Wholesale of textiles

No. of Employees :	4

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

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 experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2017 Spain marked the fourth full year of positive economic growth in ten 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 17% in 2017. 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 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

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 with the recent uptick in economic activity, inflation has reappeared, at 2% per year.

Source : CIA

EXECUTIVE SUMMARY

Name:

FILANDER SL

NIF / Fiscal code:

B60056348

Trade Name

FILANDER

Status:

ACTIVE

Incorporation Date:

04/03/1992

Register Data

Last Publication in BORME:

24/07/2013 [Appointments]

Last Published Account Deposit:

2016

Share Capital:

842.400

Localization:

CALLE CASP 54 - BARCELONA - 08010 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 934 124 995 Email. filandercial@filander.es Website. www.filander.es

Activity:

NACE:

4641 - Wholesale of textiles

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Payment Behaviour:

No Complaints

Prospects:

Product / service improvement

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:

OTROS ACCIONISTAS DE FILANDER, S.L.

26.87 %

Identification

Social Denomination:

FILANDER SL

Trade Name:

FILANDER

NIF / Fiscal code:

B60056348

Corporate Status:

ACTIVE

Start of activity:

1992

Registered Office:

CALLE CASP 54

Locality:

BARCELONA

Province:

BARCELONA

Postal Code:

08010

Telephone:

934 124 995

Fax:

934 127 208

Website:

www.filander.es

Email:

filandercial@filander.es

Branch Offices

Activity
NACE:	4641
CNAE Obtaining Source:	4641
Corporate Purpose:	PURCHASE-SALE, IMPORT AND EXPORT OF ALL KINDS OF YARNS, FABRICS AND TEXTILE CLOTHES AND ANY KIND OF PRODUCT RELATED TO FASHION.
Additional Information:	It is a family company with years of expertise in the import, export and sale of textile articles. It imports most of its products and exports more than the half of its production to countries like France, Portugal or Italy.
Additional Address:	Registered office, offices and premises located at: calle Caspe 54, 1º, 2ª, 08010 de Barcelona, Rented
Franchise:	No
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Product / service improvement
Industry situation:	Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2017

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

Chronological Summary

Year

Act

1992

Appointments/ Re-elections (1) Company Formation (1) Increase of Capital (1)

1993

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1994

Increase of Capital (1)

1995

Accounts deposit (year 1994) Increase of Capital (2)

1996

Accounts deposit (year 1995) Adaptation to Law (1) Appointments/ Re-elections (1) Increase of Capital (1)

1997

Accounts deposit (year 1996) Appointments/ Re-elections (1)

1998

Accounts deposit (year 1997) Appointments/ Re-elections (1) Increase of Capital (1)

1999

Accounts deposit (year 1998)

2000

Accounts deposit (year 1999) Increase of Capital (1)

2001

Accounts deposit (year 2000) Appointments/ Re-elections (2) Increase of Capital (1)

2002

Accounts deposit (year 2001) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005) Appointments/ Re-elections (1) Increase of Capital (1)

2007

Accounts deposit (year 2006) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2008

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

2009

Accounts deposit (year 2008) Appointments/ Re-elections (1)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010)

2012

Accounts deposit (year 2011)

2013

Accounts deposit (year 2012) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2014

Accounts deposit (year 2013)

2015

Accounts deposit (year 2014)

2016

Accounts deposit (year 2015)

2017

Accounts deposit (year 2016)

Breakdown of Owners' Equity

Registered Capital:

842.400

Paid up capital:

842.400

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1251

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

28/05/1992

Company Formation

12.020

20/11/1992

Increase of Capital

36.061

48.081

05/07/1994

Increase of Capital

54.091

102.172

19/01/1995

Increase of Capital

72.121

174.294

18/12/1995

Increase of Capital

36.061

210.354

09/11/1996

Increase of Capital

60.101

270.455

26/01/1998

Increase of Capital

90.152

360.607

23/11/2000

Increase of Capital

29.400

390.000

16/08/2001

Increase of Capital

156.000

546.000

14/06/2006

Increase of Capital

296.400

842.400

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

JOVER BERENGUER JORGE

28/01/2002

MEMBER OF THE BOARD

SALLENT JOVER CRISTINA

16/07/2013

JOVER MARTI MERCEDES

28/01/2002

JOVER COLL JORGE

28/01/2002

JOVER BERENGUER JORGE

28/01/2002

PROXY

JOVER MARTI ELSA

29/11/2006

GIRON ORO FRANCISCO JAVIER

09/07/2001

BERENGUER BRINGAS IGNACIO

18/03/1996

JOVER BERENGUER JORGE

18/03/1996

SECRETARY

JOVER MARTI MERCEDES

28/01/2002

ACCOUNTS' AUDITOR / HOLDER

TARRES SINFREU FRANCISCO

27/11/2009

DEPUTY ACCOUNTS' AUDITOR

PONSA VILALTA JOSEP

27/11/2009

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

CASACUBERTA PUIG CAMILO

ADMINISTRATOR

29/09/1993

GAY LORENTE VICTOR

DEPUTY ACCOUNTS' AUDITOR

12/03/2007

JOVER BERENGUER JORGE

ADMINISTRATOR

28/09/1998

ADMINISTRATOR

28/01/2002

JOVER MARTI ELSA

MEMBER OF THE BOARD

16/07/2013

PROXY

29/11/2006

MARTI SALA MERCEDES

MEMBER OF THE BOARD

12/03/2007

VICE CHAIRMAN

12/03/2007

PONSA VILALTA JOSEP

ACCOUNTS' AUDITOR / HOLDER

12/03/2007

ACCOUNTS' AUDITOR / HOLDER

08/11/2007

ACCOUNTS' AUDITOR / HOLDER

30/09/2008

ACCOUNTS' AUDITOR / HOLDER

27/11/2009

SIGMA AUDITORS I CONSULTORS SL

DEPUTY ACCOUNTS' AUDITOR

08/11/2007

TARRES SINFREU FRANCISCO

DEPUTY ACCOUNTS' AUDITOR

30/09/2008

DEPUTY ACCOUNTS' AUDITOR

27/11/2009

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		AGATA PACHECO RODRIGUEZ
MANAGING DIRECTOR		ELSA JOVER MARTI

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

Number of Publications

Amount (€)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

> Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

No irregular payment performance has been detected based on information obtained from credit bureaus.

Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure.

FILANDER SL obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

It has financial profitability.. FILANDER SL obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

The current debt represents a 48.95% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial 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: 0.917 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

464 Wholesale of household goods

wordml://2484

Relative Position:

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

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 97.00% of the companies of the sector FILANDER SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0,917%.

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

PARTICIPATES IN:	1 Entities
SHAREHOLDERS:	1 Entities
IS RELATED WITH:	1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

OTROS ACCIONISTAS DE FILANDER, S.L.

26.87

PARTICIPATES IN

MID FILANDER SL

BARCELONA

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

MID FILANDER SL

BARCELONA

Turnover

Total Sales 2016

8.980.037,58

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

2016

Normales

July 2017

2015

Normales

July 2016

2014

Normales

November 2015

2013

Normales

June 2014

2012

Normales

June 2013

2011

Normales

June 2012

2010

Normales

June 2011

2009

Normales

July 2010

2008

Normales

August 2009

2007

Normales

July 2008

2006

Normales

August 2007

2005

Normales

August 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

October 2003

2001

Normales

August 2002

2000

Normales

August 2001

1999

Normales

July 2000

1998

Normales

August 1999

1997

Normales

August 1998

1996

Normales

August 1997

1995

Normales

July 1996

1994

Normales

July 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 31/12/2016

> Normal format Balance in accordance with the New Accounting Plan 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. To view details on the methodology.

ORIGINAL

Assets

2016

2015

2014

2013

2012

A) NON-CURRENT ASSETS: 11000

71.749,00

86.379,00

102.563,00

118.781,00

101.554,00

I. Intangible fixed assets : 11100

0,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

3. Patents, licencing, trade marks and similar: 11130

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

0,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

45.157,00

58.897,00

74.003,00

89.160,00

72.992,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

45.157,00

58.897,00

74.003,00

89.160,00

72.992,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

11.196,00

11.315,00

11.434,00

11.553,00

11.672,00

1. Land: 11310

0,00

2. Buildings: 11320

11.196,00

11.315,00

11.434,00

11.553,00

11.672,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

14.391,00

16.890,00

1. Equity instruments: 11510

13.480,00

15.980,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

910,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

1.005,00

1.776,00

2.735,00

1.178,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

6.349.983,00

5.860.283,00

6.192.262,00

7.108.913,00

7.511.322,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.916.550,00

2.781.317,00

2.844.310,00

3.203.301,00

3.182.665,00

1. Commercial: 12210

2.916.550,00

2.781.317,00

2.804.310,00

3.203.301,00

3.012.469,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

5. By-products, residues and recycled materials: 12250

0,00

6. Advances to suppliers: 12260

0,00

40.000,00

0,00

170.196,00

III. Trade debtors and others receivable accounts: 12300

3.130.889,00

2.781.030,00

3.069.634,00

3.756.445,00

3.858.612,00

1. Trade debtors / accounts receivable: 12310

3.003.765,00

2.672.842,00

2.956.803,00

3.587.189,00

3.612.230,00

a) Long-term receivables from sales and services supplied : 12311

0,00

b) Customers for sales and provisions of services : 12312

3.003.765,00

2.672.842,00

2.956.803,00

3.587.189,00

3.612.230,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

1.390,00

1.899,00

0,00

6. Other debtors, including tax and social security: 12360

125.735,00

106.290,00

112.831,00

169.256,00

246.382,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

32.908,00

24.669,00

12.398,00

0,00

30.241,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

32.908,00

24.669,00

12.398,00

0,00

30.241,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

269.636,00

273.267,00

265.920,00

149.166,00

439.804,00

1. Treasury: 12710

269.636,00

273.267,00

265.920,00

149.166,00

439.804,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

6.421.733,00

5.946.662,00

6.294.825,00

7.227.694,00

7.612.876,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

3.271.688,00

3.208.741,00

3.185.163,00

3.147.919,00

3.143.568,00

A-1) Shareholders' equity: 21000

3.265.499,00

3.202.552,00

3.178.974,00

3.141.517,00

3.137.166,00

I. Capital: 21100

842.400,00

1. Registered capital : 21110

842.400,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

2.267.488,00

2.235.486,00

2.205.805,00

2.165.166,00

2.058.665,00

1. Legal and statutory: 21310

168.480,00

152.600,00

2. Other reserves: 21320

2.099.008,00

2.067.006,00

2.037.325,00

1.996.686,00

1.906.065,00

3. Revaluation reserves: 21330

0,00

2. Capitalisation Reserves: 21350

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

155.611,00

124.666,00

130.769,00

133.950,00

236.101,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

6.189,00

6.402,00

I. Financial assets held for sale: 22100

6.189,00

6.402,00

II. Hedge operations: 22200

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

6.788,00

15.287,00

27.830,00

45.887,00

27.090,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

0,00

8.638,00

22.454,00

41.509,00

19.823,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

8.638,00

22.454,00

41.509,00

19.823,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

6.788,00

6.649,00

5.376,00

4.379,00

7.267,00

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

3.143.257,00

2.722.634,00

3.081.831,00

4.033.888,00

4.442.217,00

I. Liabilities linked to non-current assets held for sale: 32100

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

2.513.354,00

1.866.580,00

1.882.216,00

3.039.532,00

3.674.608,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.905.159,00

1.417.937,00

1.440.189,00

2.635.107,00

3.413.805,00

3. Creditors from financial leasing: 32330

8.638,00

13.799,00

19.055,00

18.160,00

15.487,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

599.558,00

434.844,00

422.973,00

386.265,00

245.315,00

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

0,00

V. Trade creditors and other accounts payable: 32500

629.902,00

856.054,00

1.199.615,00

994.356,00

767.609,00

1. Suppliers: 32510

438.500,00

761.093,00

1.125.803,00

872.058,00

589.339,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

438.500,00

761.093,00

1.125.803,00

872.058,00

589.339,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

56.837,00

32.625,00

26.507,00

82.173,00

93.542,00

4. Personnel (remuneration due): 32540

103.989,00

45.494,00

15.289,00

5. Liabilities for current tax: 32550

305,00

13.054,00

11.731,00

4.822,00

6. Other accounts payable to Public Administrations.: 32560

30.271,00

16.537,00

18.962,00

13.106,00

34.617,00

7. Advances from clients: 32570

0,00

30.000,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

6.421.733,00

5.946.662,00

6.294.825,00

7.227.694,00

7.612.876,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

8.980.038,00

9.112.484,00

8.999.138,00

10.053.746,00

11.189.406,00

a) Sales: 40110

8.980.038,00

9.112.484,00

8.999.138,00

10.053.746,00

11.189.406,00

b) Rendering of services: 40120

0,00

c) Income of financial nature of holding companies: 40130

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

-7.711.977,00

-7.934.249,00

-7.761.542,00

-8.645.168,00

-9.558.662,00

a) Stock consumption: 40410

-7.654.316,00

-7.897.931,00

-7.665.218,00

-8.573.939,00

-9.552.335,00

b) Consumption of raw materials and miscellaneous consumable ones: 40420

-2.135,00

-4.089,00

-1.319,00

-314,00

-1.428,00

c) Works carried out by other companies: 40430

-55.526,00

-32.228,00

-95.005,00

-70.915,00

-4.899,00

d) Impairment of stock, primary material and other supplies: 40440

0,00

5. Other operating income: 40500

0,00

a) Auxiliary income and other from current management: 40510

0,00

b) Operation subsidies included in the Period's result: 40520

0,00

6. Personnel costs: 40600

-361.063,00

-268.174,00

-237.516,00

-234.383,00

-247.365,00

a) Wages, salaries et al.: 40610

-319.014,00

-226.581,00

-195.974,00

-194.741,00

-209.134,00

b) Social security costs: 40620

-42.049,00

-41.593,00

-41.542,00

-39.642,00

-38.231,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-588.566,00

-579.789,00

-621.937,00

-728.326,00

-788.929,00

a) External services: 40710

-524.696,00

-530.713,00

-556.925,00

-631.397,00

-710.374,00

b) Taxes: 40720

-2.741,00

-2.904,00

-2.623,00

-5.119,00

-2.730,00

c) Losses, impairments and variation in provisions from trade operations : 40730

-61.129,00

-46.171,00

-62.388,00

-91.809,00

-75.825,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-16.870,00

-16.439,00

-17.298,00

-17.632,00

-11.145,00

9. Allocation of subsidies of non-financial fixed assets and other: 40900

0,00

10. Excess provisions : 41000

0,00

11. Impairment and result of transfers of fixed assets: 41100

0,00

-3.109,00

540,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

-3.109,00

540,00

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

3.827,00

0,00

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

305.389,00

313.834,00

360.845,00

425.128,00

583.844,00

14. Financial income : 41400

1.038,00

1.168,00

856,00

639,00

61,00

a) Of shares in equity instruments : 41410

451,00

615,00

417,00

362,00

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

451,00

615,00

417,00

362,00

0,00

b) From negotiable securities and other financial instruments : 41420

587,00

553,00

440,00

277,00

61,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

587,00

553,00

440,00

277,00

61,00

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

0,00

15. Financial expenditure: 41500

-96.881,00

-137.888,00

-181.188,00

-233.099,00

-243.530,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-96.881,00

-137.888,00

-181.188,00

-233.099,00

-243.530,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

b) Allocation of financial assets held for sale to the result for the period: 41620

0,00

17. Exchange rate differences : 41700

-2.596,00

-3.715,00

6.300,00

-1.546,00

-4.254,00

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

0,00

1.168,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

1.168,00

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

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

-98.440,00

-140.434,00

-174.032,00

-234.005,00

-246.556,00

A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300

206.949,00

173.400,00

186.813,00

191.123,00

337.288,00

20. Income taxes: 41900

-51.337,00

-48.734,00

-56.044,00

-57.172,00

-101.186,00

A.4) PROFIT AFTER TAXES (A.3+20) : 49400

155.611,00

124.666,00

130.769,00

133.950,00

236.101,00

21. Result of the year coming from interrupted operations : 42000

0,00

A.5) RESULT OF THE PERIOD (A.4+21) : 49500

155.611,00

124.666,00

130.769,00

133.950,00

236.101,00

> 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. 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

B) FIXED ASSETS:

70.744,00

84.603,00

99.828,00

117.603,00

101.554,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

0,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

56.353,00

70.212,00

85.438,00

100.713,00

84.664,00

1. Land and construction:

11.196,00

11.315,00

11.434,00

11.553,00

11.672,00

2. Technical installations and machinery:

0,00

3. Other installations, tools and furniture:

29.675,00

38.703,00

48.630,00

58.591,00

47.966,00

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

0,00

5. Other tangible assets:

15.483,00

20.193,00

25.373,00

30.570,00

25.026,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

14.391,00

16.890,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

13.480,00

15.980,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

910,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

6.350.989,00

5.862.059,00

6.194.996,00

7.110.091,00

7.511.322,00

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

0,00

II. Stocks:

2.916.550,00

2.781.317,00

2.844.310,00

3.203.301,00

3.182.665,00

1. Goods for resale:

2.916.550,00

2.781.317,00

2.804.310,00

3.203.301,00

3.012.469,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

40.000,00

0,00

170.196,00

7. Provisions:

0,00

III. Debtors:

3.131.895,00

2.782.806,00

3.072.369,00

3.757.623,00

3.858.612,00

1. Trade debtors / accounts receivable:

3.003.765,00

2.672.842,00

2.956.803,00

3.587.189,00

3.612.230,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

128.130,00

109.964,00

115.566,00

170.434,00

246.382,00

7. Provisions:

0,00

IV. Short-term investments:

32.908,00

24.669,00

12.398,00

0,00

30.241,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

32.908,00

24.669,00

12.398,00

0,00

30.241,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

269.636,00

273.267,00

265.920,00

149.166,00

439.804,00

VII. Prepayments and accrued income:

0,00

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

6.421.733,00

5.946.662,00

6.294.825,00

7.227.694,00

7.612.876,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

3.271.688,00

3.208.741,00

3.185.163,00

3.147.919,00

3.143.568,00

I. Subscribed capital:

842.400,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

2.273.677,00

2.241.675,00

2.211.994,00

2.171.568,00

2.065.067,00

1. Legal reserve:

168.480,00

152.600,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

2.105.189,00

2.073.187,00

2.043.506,00

2.003.080,00

1.912.459,00

6. Differences due to capital adjustment to euros:

8,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

155.611,00

124.666,00

130.769,00

133.950,00

236.101,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

6.788,00

15.287,00

27.830,00

45.887,00

27.090,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

8.638,00

22.454,00

41.509,00

19.823,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

8.638,00

22.454,00

41.509,00

19.823,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

6.788,00

6.649,00

5.376,00

4.379,00

7.267,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

6.788,00

6.649,00

5.376,00

4.379,00

7.267,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

3.143.257,00

2.722.634,00

3.081.831,00

4.033.888,00

4.442.217,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

1.913.796,00

1.431.736,00

1.459.243,00

2.653.267,00

3.429.293,00

1. Loans and other liabilities:

1.905.159,00

1.417.937,00

1.440.189,00

2.635.107,00

3.413.805,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

8.638,00

13.799,00

19.055,00

18.160,00

15.487,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

495.337,00

793.718,00

1.152.310,00

954.230,00

712.881,00

1. Advanced payments from customers:

0,00

30.000,00

2. Amounts owed for purchases of goods or services:

495.337,00

793.718,00

1.152.310,00

954.230,00

682.881,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

734.123,00

497.180,00

470.278,00

426.391,00

300.043,00

1. Public bodies:

30.577,00

16.842,00

32.015,00

24.837,00

39.439,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

599.558,00

434.844,00

422.973,00

386.265,00

245.315,00

4. Wages and salaries payable:

103.989,00

45.494,00

15.289,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

6.421.733,00

5.946.662,00

6.294.825,00

7.227.694,00

7.612.876,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

8.829.291,00

8.988.987,00

8.875.525,00

9.920.434,00

10.955.072,00

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

0,00

A.2. Supplies:

7.711.977,00

7.934.249,00

7.761.542,00

8.645.168,00

9.558.662,00

a) Stock consumption:

7.654.316,00

7.897.931,00

7.665.218,00

8.573.939,00

9.552.335,00

b) Consumption of raw materials and miscellaneous consumable ones:

2.135,00

4.089,00

1.319,00

314,00

1.428,00

c) Miscellaneous external expenditure:

55.526,00

32.228,00

95.005,00

70.915,00

4.899,00

A.3. Staff costs:

361.063,00

268.174,00

237.516,00

234.383,00

247.365,00

a) Wages, salaries et al.:

319.014,00

226.581,00

195.974,00

194.741,00

209.134,00

b) Social security costs:

42.049,00

41.593,00

41.542,00

39.642,00

38.231,00

A.4. Depreciation expense:

16.870,00

16.439,00

17.298,00

17.632,00

11.145,00

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

61.129,00

46.171,00

62.388,00

91.809,00

75.825,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

61.129,00

46.171,00

62.388,00

91.809,00

75.825,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

527.437,00

533.617,00

559.549,00

636.517,00

713.104,00

a) External services:

524.696,00

530.713,00

556.925,00

631.397,00

710.374,00

b) Taxes:

2.741,00

2.904,00

2.623,00

5.119,00

2.730,00

c) Other operating expenses:

0,00

d) Allocation to revision fund:

0,00

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

301.562,00

313.834,00

360.845,00

428.237,00

583.304,00

A.7. Financial and similar charges:

96.881,00

137.888,00

181.188,00

233.099,00

243.530,00

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.:

96.881,00

137.888,00

181.188,00

233.099,00

243.530,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

2.596,00

3.715,00

0,00

1.546,00

4.254,00

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

0,00

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

203.122,00

173.400,00

186.813,00

194.232,00

336.748,00

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

0,00

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

0,00

3.109,00

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

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

0,00

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

3.827,00

0,00

540,00

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

206.949,00

173.400,00

186.813,00

191.123,00

337.288,00

A.15. Corporation tax:

51.337,00

48.734,00

56.044,00

57.172,00

101.186,00

A.16. Miscellaneous taxes:

0,00

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

155.611,00

124.666,00

130.769,00

133.950,00

236.101,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

8.984.902,00

9.113.653,00

9.006.294,00

10.054.385,00

11.191.174,00

B.1. Net total sales:

8.980.038,00

9.112.484,00

8.999.138,00

10.053.746,00

11.189.406,00

a) Sales:

9.483.193,00

9.623.061,00

9.503.363,00

10.617.061,00

11.816.353,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

-503.155,00

-510.576,00

-504.226,00

-563.316,00

-626.947,00

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

0,00

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

0,00

B.4. Miscellaneous operating income:

0,00

a) Auxiliary income and other from current management:

0,00

b) Grants:

0,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

451,00

615,00

417,00

362,00

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

451,00

615,00

417,00

362,00

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

587,00

553,00

440,00

277,00

1.228,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

587,00

553,00

440,00

277,00

61,00

d) Profit on financial investment:

0,00

1.168,00

B.8. Exchange positive differences:

0,00

6.300,00

0,00

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

98.440,00

140.434,00

174.032,00

234.005,00

246.556,00

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

0,00

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

0,00

540,00

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

0,00

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

0,00

B.12. Extraordinary income:

3.827,00

0,00

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

0,00

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

0,00

3.109,00

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

Net Rights Granted

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

206.949,00

173.400,00

186.509,00

191.358,00

337.288,00

2. Results adjustments.: 61200

112.713,00

153.159,00

197.630,00

253.563,00

252.907,00

a) Fixed Assets Amortization (+).: 61201

16.870,00

16.439,00

17.298,00

17.632,00

11.145,00

e) Results on disposal of fixed assets (+/-). : 61205

0,00

3.109,00

0,00

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

0,00

-1.168,00

g) Financial income (-).: 61207

-1.038,00

-1.168,00

-856,00

-277,00

-600,00

h) Financial Expenses (+). : 61208

96.881,00

137.888,00

181.188,00

233.099,00

243.530,00

3. Changes in current capital equity.: 61300

-769.910,00

-50.738,00

1.182.152,00

277.044,00

-842.024,00

a) Stock (+/-).: 61301

-135.233,00

62.993,00

358.991,00

-20.636,00

-688.436,00

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

-400.286,00

242.101,00

643.048,00

52.423,00

-76.187,00

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

-8.239,00

-12.271,00

-12.398,00

30.241,00

-30.241,00

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

-226.152,00

-343.560,00

192.511,00

215.016,00

-47.160,00

4. Cash Flows from Other Operating Activities: 61400

-95.844,00

-136.719,00

-180.332,00

-232.822,00

-242.930,00

a) Interest payments (-). : 61401

-96.881,00

-137.888,00

-181.188,00

-233.099,00

-243.530,00

b) Dividend payment collection (+). : 61402

451,00

615,00

0,00

540,00

c) Interest collection (+). : 61403

587,00

553,00

856,00

277,00

61,00

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

-546.092,00

139.102,00

1.385.959,00

489.143,00

-494.759,00

6. Payments for investment (-).: 62100

-3.011,00

-1.214,00

-2.027,00

-49.589,00

-3,00

c) Fixed assets. : 62103

-3.011,00

-1.214,00

-2.022,00

-49.589,00

0,00

h) Other assets. : 62108

0,00

-5,00

0,00

-3,00

7. Divestment payment collection (+). : 62200

0,00

2.504,00

12.798,00

1.168,00

e) Other financial assets. : 62205

0,00

2.504,00

12.798,00

1.168,00

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

-3.011,00

-1.214,00

477,00

-36.791,00

1.165,00

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

0,00

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

638.137,00

-29.453,00

-1.176.370,00

-613.390,00

496.219,00

a) Issuance : 63201

2.504.716,00

1.852.763,00

1.863.162,00

3.061.218,00

3.658.979,00

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

2.504.716,00

1.852.763,00

1.863.162,00

3.061.218,00

3.658.979,00

b) Repayment and amortization of : 63207

-1.866.580,00

-1.882.216,00

-3.039.532,00

-3.674.608,00

-3.162.761,00

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

-1.866.580,00

-1.882.216,00

-3.039.532,00

-3.674.608,00

-3.162.761,00

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

-92.664,00

-101.088,00

-93.312,00

-129.600,00

0,00

a) Dividends (-).: 63301

-92.664,00

-101.088,00

-93.312,00

-129.600,00

0,00

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

545.473,00

-130.541,00

-1.269.682,00

-742.990,00

496.219,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-3.630,00

7.347,00

116.753,00

-290.637,00

2.625,00

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

273.267,00

265.920,00

149.166,00

439.804,00

437.179,00

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

269.636,00

273.267,00

265.920,00

149.166,00

439.804,00

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 %

-0,07 %

0,00 %

Net Financial Debt:

6,94

1,96

4,78

2,84

45,38

-31,14

Cash Flow Yield:

0,00 %

-0,03 %

0,00 %

EBITDA over Sales:

3,55 %

13,43 %

3,62 %

10,42 %

-2,16 %

28,94 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

4,73 %

10,39 %

5,31 %

6,90 %

-10,95 %

50,63 %

Total economic profitability:

4,73 %

5,52 %

5,23 %

3,16 %

-9,62 %

74,86 %

Financial profitability:

4,77 %

8,21 %

3,89 %

4,11 %

22,42 %

99,71 %

Margin:

3,36 %

8,96 %

3,44 %

6,31 %

-2,49 %

42,00 %

Mark-up:

2,26 %

8,39 %

1,90 %

3,71 %

18,87 %

126,44 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,09

0,17

0,10

0,14

-14,53

23,09

Acid Test:

1,09

0,88

1,13

0,86

-3,41

2,18

Working Capital / Investment:

0,50

0,02

0,53

0,03

-5,36

-41,40

Solvency:

2,02

1,17

2,15

1,19

-6,16

-1,14

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,96

1,15

0,85

1,31

12,83

-12,01

Borrowing Composition:

0,00

1,17

0,01

1,04

-61,53

12,16

Repayment Ability:

9,89

8,38

8,29

11,08

19,33

-24,35

Warranty:

2,04

1,89

2,17

1,78

-6,14

6,02

Generated resources / Total creditors:

0,05

0,10

0,05

0,08

6,24

29,16

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,88

2,06

2,23

1,79

-15,67

14,60

Turnover of Collection Rights :

2,87

5,38

3,28

5,23

-12,47

2,88

Turnover of Payment Entitlements:

13,18

3,61

9,95

3,69

32,49

-2,20

Stock rotation:

2,98

9,82

3,16

7,81

-5,94

25,81

Assets turnover:

1,41

1,16

1,54

1,09

-8,67

6,08

Borrowing Cost:

3,08

2,51

5,04

2,45

-38,93

2,48

> 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 %

0,01 %

-0,03 %

0,00 %

Net Financial Debt:

6,94

4,78

4,30

6,58

5,42

Cash Flow Yield:

0,00 %

0,02 %

-0,04 %

0,00 %

EBITDA over Sales:

3,55 %

3,62 %

4,20 %

4,43 %

5,31 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

4,73 %

5,31 %

5,76 %

5,90 %

7,72 %

Total economic profitability:

4,73 %

5,23 %

5,85 %

5,87 %

7,63 %

Financial profitability:

4,77 %

3,89 %

4,11 %

4,26 %

7,53 %

Margin:

3,36 %

3,44 %

4,01 %

4,23 %

5,22 %

Mark-up:

2,26 %

1,90 %

2,08 %

1,90 %

3,01 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,09

0,10

0,09

0,04

0,10

Acid Test:

1,09

1,13

1,09

0,97

Working Capital / Investment:

0,50

0,53

0,49

0,43

0,40

Solvency:

2,02

2,15

2,01

1,76

1,69

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

0,96

0,85

0,98

1,30

1,42

Borrowing Composition:

0,00

0,01

Repayment Ability:

9,89

8,29

8,22

9,15

7,52

Warranty:

2,04

2,17

2,02

1,77

1,70

Generated resources / Total creditors:

0,05

0,04

0,06

Efficiency

2016

2015

2014

2013

2012

Productivity:

1,88

2,23

2,59

2,90

3,40

Turnover of Collection Rights :

2,87

3,28

2,93

2,68

2,90

Turnover of Payment Entitlements:

13,18

9,95

6,99

9,43

13,48

Stock rotation:

2,98

3,16

3,04

3,00

3,33

Assets turnover:

1,41

1,54

1,44

1,39

1,48

Borrowing Cost:

3,08

5,04

5,83

5,71

5,45

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.

Research Summary

Answer to additional question

Consulted sources inform that it has offices located at: calle Casp, 54 1º 2ª, 08010 de Barcelona.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.64
UK Pound	1	INR 89.32
Euro	1	INR 78.45
Euro	1	INR 79.02

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	KET

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

Identification

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

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Answer to additional question

Unit