MIRA INFORM REPORT

Report No. :	497250
Report Date :	20.03.2018

IDENTIFICATION DETAILS

Name :	MAYORAL MODA INFANTIL SA

Registered Office :	Cl. La Orotava, 118 Pol Ind San Luis - Malaga - 29006 - Malaga

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	14.12.1981

Legal Form :	Public company

Line of Business :	Manufacture of other wearing apparel and accessories

No. of Employees :	310 [2018]

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent

Payment Behaviour :	Slow

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Spain

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

SPAIN - ECONOMIC OVERVIEW

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

Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 16.4% in 2017. High unemployment strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

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

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

Source : CIA

EXECUTIVE SUMMARY

Name:

MAYORAL MODA INFANTIL SA

NIF / Fiscal code:

A29076049

Status:

ACTIVE WITH PARTIAL DIVISION OF CAPITAL

Incorporation Date:

14/12/1981

Register Data

Last Publication in BORME:

21/11/2017 [Reelections]

Last Published Account Deposit:

2016

Share Capital:

2.033.000

Localization:

CL. LA OROTAVA, 118 POL IND SAN LUIS - MALAGA - 29006 - MALAGA

Telephone - Fax - Email - Website:

Telephone. 952 045 204 Email. sales@mayoral.com Website. www.mayoral.es

Activity:

NACE:

1419 - Manufacture of other wearing apparel and accessories

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

6 for a total cost of 7748266

Quality Certificate:

Payment Behaviour:

Slow

Prospects:

Consolidation

Industry situation:

Maturity

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

INDUMENTA PUERI SL

100 %

Enquiry Details

Business address regime:

Owned

Identification

Social Denomination:

MAYORAL MODA INFANTIL SA

NIF / Fiscal code:

A29076049

Corporate Status:

ACTIVE WITH PARTIAL DIVISION OF CAPITAL

Start of activity:

1981

Registered Office:

CL. LA OROTAVA, 118 POL IND SAN LUIS

Locality:

MALAGA

Province:

MALAGA

Postal Code:

29006

Telephone:

952 045 204

Website:

www.mayoral.es

Email:

sales@mayoral.com

Interviewed Person:

Company staff

Branch Offices

Activity

NACE:

1419

Corporate Purpose:

THE SUBJECT IS ENGAGED IN THE FABRIC, DISTRIBUTION, AND SALE OF TEXTILE ARTICLES, THE GENERATION OF ELECTRIC ENERGY, THE PURCHASE-SALE, DESIGN, PROMOTION, EXECUTION AND START-UP, MAINTAINANCE, MANAGEMENT AND EXPLOITATION OF SOLAR, THERMAL, PHOTOVOLTAIC AND WIND ENERGIES.

Additional Information:

It is engaged in the design, fabric and distribution of garments and children footwear. Suplier for more than ten thousand clients around more than a hundred countries. Ultimate parent company of Grupo Mayoral. It has a network of 210 establishments, between own shops and franchises.

Additional Address:

Registered office, premises in two buildings: the main one with a Surface área of more tan 50000m2, located in: CL. LA OROTAVA, 118 POL IND SAN LUIS 29006 MÁLAGA. Premises recently expanded with adjacent Surface of 4000m2 and part of a logistic warehouse of 20000m2 dedicated exclusively to logistics and automatic storage for the classification of orders in 3 adjacent sheds to the central office of 5700m2.

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2018

310

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

Chronological Summary

Year

Act

1990

Statutory Modifications (1)

1991

Accounts deposit (year 1990) Appointments/ Re-elections (1)

1992

Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1)

1993

Accounts deposit (year 1992)

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995) Appointments/ Re-elections (1)

1997

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

1998

Accounts deposit (year 1997)

1999

Accounts deposit (year 1998)

2000

Accounts deposit (year 1999) Appointments/ Re-elections (2) Capital Reduction (4) Cessations/ Resignations/ Reversals (1) Increase of Capital (2)

2001

Accounts deposit (year 2000) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2002

Accounts deposit (year 2001) Appointments/ Re-elections (1) Change of Social address (1)

2003

Accounts deposit (year 2002) Appointments/ Re-elections (2)

2004

Accounts deposit (year 2003) Appointments/ Re-elections (2) Capital Reduction (2) Partial split (4) Statutory Modifications (1)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (4) Capital Reduction (1) Cessations/ Resignations/ Reversals (2) Declaration of Sole Propietorship (1) Partial split (1) Statutory Modifications (2)

2006

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

2007

Accounts deposit (year 2006) Appointments/ Re-elections (2) Change of Social Denomination (1) Modification of Powers (1) Statutory Modifications (1)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2009

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

2010

Accounts deposit (year 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1)

2011

Accounts deposit (year 2010) Appointments/ Re-elections (1)

2012

Accounts deposit (year 2009 consolidated, 2011)

2013

Accounts deposit (year 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2014

Accounts deposit (year 2011 consolidated, 2013) Appointments/ Re-elections (1)

2015

Accounts deposit (year 2014) Appointments/ Re-elections (2)

2016

Accounts deposit (year 2015 consolidated, 2015) Appointments/ Re-elections (1)

2017

Accounts deposit (year 2016) Appointments/ Re-elections (2)

2018

Accounts deposit (year 2016 consolidated)

Breakdown of Owners' Equity

Registered Capital:

2.033.000

Paid up capital:

2.033.000

Shareholders

Name

NIF

% Shareholding stake

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

01/03/2000

Capital Reduction

-240.405

2.163.644

11/09/2000

Capital Reduction

-240.405

1.923.239

11/09/2000

Increase of Capital

480.810

2.404.048

11/09/2000

Increase of Capital

95.952

2.500.000

29/11/2004

Capital Reduction

-125.000

2.375.000

21/02/2005

Capital Reduction

-342.000

2.033.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

INDUMENTA PUERI SL

21/02/2005

SINGLE ADMINISTRATOR

DOMINGUEZ DE GOR RAFAEL

08/11/2013

JOINT ATTORNEY

ABELA DOMINGUEZ LOURDES

16/02/2007

DOMINGUEZ DE LA MAZA FRANCISCO MANUEL

16/02/2007

DOMINGUEZ DE LA MAZA MANUEL

01/03/2006

DOMINGUEZ DE LA MAZA RAFAEL

01/03/2006

PROXY

GARCIA AZCONA ALEX MICHAEL

07/03/2016

DELGADO CASALS LUIS BENIGNO

26/01/2015

ROMERO MONTORO MARIA DEL CARMEN

19/06/2009

BOOTELLO TRUJILLO LEANDRO

24/10/2008

LLORET HERNANDEZ MARIA DEL CARMEN

16/06/2003

ACCOUNTS' AUDITOR / HOLDER

GOMEZ GARCIA RAFAEL

13/11/2017

DEPUTY ACCOUNTS' AUDITOR

JIMENEZ CHACON JOSE MARIA

13/11/2017

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ABELA DOMINGUEZ LOURDES

MEMBER OF THE BOARD

21/02/2005

BRUJAS DOMINGUEZ MARIA DEL PILAR

MEMBER OF THE BOARD

21/02/2005

DOMINGUEZ DE GOR ELISA

MEMBER OF THE BOARD

27/07/2001

MEMBER OF THE BOARD

21/02/2005

VICE CHAIRMAN

21/02/2005

DOMINGUEZ DE GOR MARIA ISABEL

MEMBER OF THE BOARD

21/02/2005

DOMINGUEZ DE GOR RAFAEL

SINGLE ADMINISTRATOR

27/07/2001

MEMBER OF THE BOARD

21/02/2005

CHIEF EXECUTIVE OFFICER

21/02/2005

PRESIDENT

21/02/2005

DOMINGUEZ DE LA MAZA FRANCISCO

MEMBER OF THE BOARD

21/02/2005

DOMINGUEZ DE LA MAZA FRANCISCO MANUEL

MEMBER OF THE BOARD

21/02/2005

DOMINGUEZ DE LA MAZA MANUEL

MEMBER OF THE BOARD

21/02/2005

PROXY

01/03/2006

DOMINGUEZ DE LA MAZA RAFAEL

MEMBER OF THE BOARD

21/02/2005

PROXY

01/03/2006

DOMINGUEZ GOR RAFAEL

SINGLE ADMINISTRATOR

21/07/1997

DOMINGUEZ MAZA MANUEL

PROXY

04/10/2005

GOMEZ GARCIA RAFAEL

ACCOUNTS' AUDITOR / HOLDER

27/12/2013

ACCOUNTS' AUDITOR / HOLDER

26/12/2014

ACCOUNTS' AUDITOR / HOLDER

29/12/2015

ACCOUNTS' AUDITOR / HOLDER

03/01/2017

ACCOUNTS' AUDITOR / HOLDER

13/11/2017

GONZALEZ GIL DAVID

PROXY

24/10/2008

GONZALEZ RUBIO MARIA CARMEN

DEPUTY ACCOUNTS' AUDITOR

31/01/2000

DEPUTY ACCOUNTS' AUDITOR

11/09/2000

GONZALEZ RUBIO MARIA DEL CARMEN

DEPUTY ACCOUNTS' AUDITOR

27/07/2001

DEPUTY ACCOUNTS' AUDITOR

27/08/2002

DEPUTY ACCOUNTS' AUDITOR

31/07/2003

DEPUTY ACCOUNTS' AUDITOR

12/07/2004

DEPUTY ACCOUNTS' AUDITOR

04/10/2005

DEPUTY ACCOUNTS' AUDITOR

16/02/2007

CONSOLIDATED ACCOUNTS' AUDITOR

07/07/2005

INDUMENTA PUERI SL

SINGLE ADMINISTRATOR

13/01/2010

SINGLE ADMINISTRATOR

08/11/2013

JIMENEZ CHACON JOSE MARIA

DEPUTY ACCOUNTS' AUDITOR

27/12/2013

DEPUTY ACCOUNTS' AUDITOR

26/12/2014

DEPUTY ACCOUNTS' AUDITOR

29/12/2015

DEPUTY ACCOUNTS' AUDITOR

03/01/2017

DEPUTY ACCOUNTS' AUDITOR

13/11/2017

MARQUEZ BRACETI MANUEL

SECRETARY

21/02/2005

MAZA PEÑA MANUEL

PROXY

13/04/2000

MOLINA CAMPOS ANTONIO SAMUEL

PROXY

10/06/2009

REAL PASCUAL PEDRO

ACCOUNTS' AUDITOR / HOLDER

31/01/2000

ACCOUNTS' AUDITOR / HOLDER

11/09/2000

ACCOUNTS' AUDITOR / HOLDER

27/07/2001

ACCOUNTS' AUDITOR / HOLDER

27/08/2002

ACCOUNTS' AUDITOR / HOLDER

31/07/2003

ACCOUNTS' AUDITOR / HOLDER

12/07/2004

ACCOUNTS' AUDITOR / HOLDER

04/10/2005

ACCOUNTS' AUDITOR / HOLDER

16/02/2007

CONSOLIDATED ACCOUNTS' AUDITOR

07/07/2005

TEAM AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

13/01/2010

TEAM AUDITORES SLP

ACCOUNTS' AUDITOR / HOLDER

13/01/2010

ACCOUNTS' AUDITOR / HOLDER

17/02/2011

Executive board

Post

NIF

Name

ADMINISTRATOR

RAFAEL DOMINGUEZ GOR

COMMERCIAL MANAGER

RAFAEL DOMINGUEZ MAZA

FINANCIAL DIRECTOR

ALVARO GONZALEZ GOR

MANAGING DIRECTOR

MANUEL DOMINGUEZ

MANAGING DIRECTOR

MANUEL DOMINGUEZ MAZA

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (€)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Basis for scoring

Positive Factors

Adverse Factors

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

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

At domestic level, it is one of the companies with high turnover volume.

MAYORAL MODA INFANTIL SA 's borrowing cost is appropriate according to its volume of external financing sources.

High operating income . The company has the necessary high operating income for its main activity in comparison with its assets, being beneficial from an economic perspective for the company.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.155 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

141 Manufacture of wearing apparel, except fur apparel

Relative Position:

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

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

The 99.00% of the companies of the sector MAYORAL MODA INFANTIL SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0,155%.

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

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

18 Entities

SE ESCINDE PARCIALMENTE EN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

INDUMENTA PUERI SL

MALAGA

100

PARTICIPATES IN

MAYORAL INTERNATIONAL STORES SA

MALAGA

100

MAYORAL FRANCE, SOCIEDAD ANONIMA, (FRANCIA)

99.95

MAYORAL HELLAS, SOCIEDAD LIMITADA, (GRECIA)

100

MAYORAL ITALIA, SOCIEDAD LIMITADA, (ITALIA)

100

YUNQUERA TEXTIL SA

MALAGA

74.74

DIASPA INTERNACIONAL SA

MALAGA

100

MODA INFANTIL MAYORAL, SOCIEDAD ANONIMA, DE CV (MEXICO)

99.99

MAYORAL PORTUGAL CONFEÇOES, SOCIEDAD ANONIMA, (PORTUGAL)

99.85

MAYORAL UKRAINE, SOCIEDAD ANONIMA, (UCRANIA)

100

MAYORAL POLSKA SP (POLONIA)

100

MAYORAL TEKSTIL TICARET, SOCIEDAD ANONIMA, SIRKETI (TURQUIA)

99.99

MODA INFANTIL MAYORAL SAS (COLOMBIA)

100

MAYORAL OOORUSIA (RUSIA)

99.99

MAYORAL SHANGAI TRADINF CO, SOCIEDAD ANONIMA, (CHINA)

100

MAYORAL KAZAJSTAN TOO

100

MAYORAL USA INC (ESTADOS UNIDOS)

100

MAYORAL RO MODA INFANTIL, SOCIEDAD LIMITADA, (RUMANIA)

100

MAYORAL INDIA PVT, SOCIEDAD ANONIMA, (INDIA)

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

DOMINGUEZ TOLEDO SA

MALAGA

SE ESCINDE PARCIALMENTE EN

INDUMENTA PUERI SL

MALAGA

BELONGS TO THE ADMINISTRATION BOARD OF

ESTIPREN SL

BARCELONA

Turnover

Total Sales 2017

310.000.000

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

Estimated Balance

365 million euros of expected turnover for the year 2,018. Its turnover increased by 9.93% in the year 2.016, with respect to the previous year. The result of the year has been a 26% higher than in 2015.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Consolidadas

February 2018

2016

Normales

August 2017

2015

Consolidadas

August 2016

2015

Normales

August 2016

2014

Normales

July 2015

2013

Normales

August 2014

2012

Normales

September 2013

2011

Consolidadas

August 2014

2011

Normales

September 2012

2010

Normales

August 2011

2009

Consolidadas

September 2012

2009

Normales

July 2010

2008

Normales

August 2009

2007

Normales

August 2008

2006

Normales

August 2007

2005

Normales

August 2006

2004

Normales

August 2005

2003

Normales

July 2004

2002

Normales

August 2003

2001

Normales

July 2002

2000

Normales

July 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

August 1998

1996

Normales

July 1997

1995

Normales

August 1996

1994

Normales

July 1995

1993

Normales

July 1994

1992

Normales

August 1993

1991

Normales

October 1992

1990

Normales

September 1991

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

85.438.678,00

88.404.772,00

85.115.333,00

80.548.367,00

66.727.694,00

I. Intangible fixed assets : 11100

398.072,00

626.723,00

524.093,00

648.258,00

469.977,00

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

398.072,00

626.723,00

524.093,00

648.258,00

58.127,00

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

411.850,00

II. Tangible fixed assets : 11200

71.753.585,00

74.774.484,00

71.795.273,00

69.272.958,00

55.957.489,00

1. Land and buildings: 11210

50.793.862,00

51.600.875,00

50.345.840,00

47.720.751,00

36.619.785,00

2. Technical installations and other tangible fixed assets: 11220

16.924.405,00

19.699.875,00

14.325.730,00

16.423.497,00

19.238.804,00

3. Tangible asset in progress and advances: 11230

4.035.318,00

3.473.734,00

7.123.703,00

5.128.710,00

98.900,00

III. Real estate investment: 11300

1.102.937,00

1.111.184,00

1.119.430,00

1.127.676,00

1.136.056,00

1. Land: 11310

758.666,00

2. Buildings: 11320

344.271,00

352.518,00

360.764,00

369.010,00

377.390,00

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

11.814.347,00

11.562.711,00

11.323.321,00

9.323.256,00

9.133.995,00

1. Equity instruments: 11410

11.814.347,00

11.562.711,00

11.323.321,00

9.323.256,00

9.133.995,00

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

97.361,00

23.247,00

12.746,00

21.017,00

30.177,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

62.078,00

11.000,00

4.800,00

15.000,00

22.300,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

35.283,00

12.247,00

7.946,00

6.017,00

7.877,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

272.376,00

306.423,00

340.470,00

155.202,00

0,00

B) CURRENT ASSETS: 12000

114.603.573,00

101.893.071,00

103.423.853,00

102.221.636,00

102.199.355,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

60.260.370,00

59.683.188,00

53.481.201,00

44.673.743,00

39.309.351,00

1. Commercial: 12210

52.378.448,00

53.172.362,00

46.371.276,00

38.663.082,00

33.171.337,00

2. Primary material and other supplies: 12220

2.590.466,00

2.223.486,00

2.452.059,00

2.076.766,00

2.322.330,00

a) Long-term primary material and other supplies: 12221

0,00

b) Short-term primary material and other supplies: 12222

2.590.466,00

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

5.291.456,00

4.227.328,00

4.597.854,00

3.933.895,00

3.815.684,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

5.291.456,00

4.227.328,00

4.597.854,00

3.933.895,00

3.815.684,00

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

0,00

6. Advances to suppliers: 12260

0,00

60.012,00

0,00

III. Trade debtors and others receivable accounts: 12300

14.021.993,00

17.192.716,00

18.269.103,00

22.653.845,00

21.259.700,00

1. Trade debtors / accounts receivable: 12310

3.422.714,00

3.252.506,00

3.172.929,00

3.980.796,00

4.102.666,00

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

0,00

b) Customers for sales and provisions of services : 12312

3.422.714,00

3.252.506,00

3.172.929,00

3.980.796,00

4.102.666,00

2. Customers, Group companies and associates : 12320

8.605.228,00

12.249.196,00

10.021.929,00

10.741.523,00

9.698.582,00

3. Other accounts receivable: 12330

109.339,00

66.728,00

19.966,00

144.531,00

212.101,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

2.876.238,00

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

1.884.712,00

1.624.286,00

5.054.279,00

7.786.995,00

4.370.113,00

7. Called up share capital: 12370

0,00

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

0,00

47.732,00

10.686,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

47.732,00

10.686,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

986.039,00

1.003.253,00

1.005.257,00

6.557.508,00

9.829.417,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

219.395,00

1.000.000,00

6.461.220,00

9.824.822,00

4. Derivatives : 12540

0,00

2.004,00

93.035,00

1.342,00

5. Other financial assets : 12550

0,00

3.253,00

6. Other investments: 12560

766.644,00

3.253,00

0,00

VI. Short-term accruals: 12600

65.291,00

178.382,00

22.236,00

44.767,00

75.896,00

VII. Cash and other equivalent liquid assets : 12700

39.269.880,00

23.835.532,00

30.646.056,00

28.244.041,00

31.714.305,00

1. Treasury: 12710

39.269.880,00

23.835.532,00

30.646.056,00

26.812.213,00

18.545.167,00

2. Other equivalent liquid assets: 12720

0,00

1.431.828,00

13.169.138,00

TOTAL ASSETS (A + B) : 10000

200.042.251,00

190.297.843,00

188.539.186,00

182.770.003,00

168.927.049,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

154.752.528,00

139.588.013,00

129.266.215,00

113.586.220,00

124.065.432,00

A-1) Shareholders' equity: 21000

152.517.654,00

136.958.709,00

126.242.482,00

113.586.220,00

124.065.432,00

I. Capital: 21100

2.033.000,00

1. Registered capital : 21110

2.033.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

99.830.625,00

94.714.270,00

89.452.866,00

82.932.432,00

98.027.880,00

1. Legal and statutory: 21310

500.000,00

2. Other reserves: 21320

98.838.483,00

94.214.270,00

88.952.866,00

82.432.432,00

97.527.880,00

3. Revaluation reserves: 21330

0,00

2. Capitalisation Reserves: 21350

492.142,00

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

50.654.029,00

40.211.439,00

34.756.616,00

28.620.788,00

24.004.552,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

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

2.234.874,00

2.629.304,00

3.023.733,00

0,00

B) NON-CURRENT LIABILITIES: 31000

3.519.623,00

7.902.581,00

12.369.065,00

16.563.255,00

6.128.589,00

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

2.100,00

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

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

2.100,00

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

0,00

3.750.000,00

7.500.000,00

11.250.000,00

0,00

IV. Liabilities for deferred tax: 31400

3.517.523,00

4.150.481,00

4.866.965,00

5.311.155,00

6.126.489,00

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

41.770.100,00

42.807.249,00

46.903.906,00

52.620.528,00

38.733.028,00

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

10.759,00

494.999,00

403.071,00

699.595,00

987.685,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

784.069,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

1.858,00

129.961,00

8.673,00

201.150,00

5. Other financial liabilities : 32350

8.901,00

493.141,00

273.110,00

690.922,00

2.466,00

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

0,00

3.750.000,00

3.739.635,00

3.780.680,00

0,00

V. Trade creditors and other accounts payable: 32500

41.759.341,00

38.562.250,00

42.761.200,00

48.137.437,00

37.745.343,00

1. Suppliers: 32510

26.459.841,00

26.773.735,00

23.537.453,00

27.212.312,00

19.550.998,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

26.459.841,00

26.773.735,00

23.537.453,00

27.212.312,00

19.550.998,00

2. Suppliers, Group companies and associates: 32520

1.474.680,00

962.606,00

4.470.061,00

9.137.912,00

7.832.426,00

3. Other creditors: 32530

2.056.844,00

1.491.599,00

2.060.529,00

2.570.735,00

1.764.570,00

4. Personnel (remuneration due): 32540

1.231.969,00

1.172.988,00

1.069.909,00

1.028.904,00

935.039,00

5. Liabilities for current tax: 32550

2.973.654,00

994.623,00

4.022.093,00

1.523.635,00

0,00

6. Other accounts payable to Public Administrations.: 32560

2.360.757,00

1.385.299,00

3.304.518,00

2.110.544,00

2.838.013,00

7. Advances from clients: 32570

5.201.596,00

5.781.400,00

4.296.637,00

4.553.395,00

4.824.297,00

VI. Short-term accruals: 32600

0,00

2.816,00

0,00

VII. Special short-term debts : 32700

0,00

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

200.042.251,00

190.297.843,00

188.539.186,00

182.770.003,00

168.927.049,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

260.406.338,00

236.887.577,00

216.859.605,00

198.238.092,00

188.998.020,00

a) Sales: 40110

260.406.338,00

236.887.577,00

216.859.605,00

198.238.092,00

188.998.020,00

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

1.064.127,00

-370.526,00

663.959,00

118.210,00

-98.678,00

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

0,00

4. Supplies : 40400

-158.261.501,00

-145.487.219,00

-130.075.931,00

-123.973.625,00

-120.566.833,00

a) Stock consumption: 40410

-129.656.363,00

-116.809.068,00

-102.806.041,00

-98.107.412,00

-93.771.057,00

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

-16.661.346,00

-17.214.901,00

-15.873.585,00

-14.650.911,00

-15.551.100,00

c) Works carried out by other companies: 40430

-11.943.792,00

-11.463.250,00

-11.396.305,00

-11.215.302,00

-11.244.676,00

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

0,00

5. Other operating income: 40500

218.221,00

143.250,00

138.000,00

153.418,00

153.908,00

a) Auxiliary income and other from current management: 40510

138.000,00

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

80.221,00

5.250,00

0,00

15.418,00

15.908,00

6. Personnel costs: 40600

-13.580.468,00

-13.211.594,00

-12.105.543,00

-11.429.109,00

-10.555.534,00

a) Wages, salaries et al.: 40610

-10.683.406,00

-10.396.054,00

-9.593.381,00

-8.984.198,00

-8.394.159,00

b) Social security costs: 40620

-2.897.062,00

-2.815.540,00

-2.512.162,00

-2.444.911,00

-2.161.375,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-28.663.109,00

-27.384.407,00

-24.838.117,00

-23.727.338,00

-23.811.795,00

a) External services: 40710

-28.465.323,00

-27.020.156,00

-24.356.752,00

-23.351.016,00

-23.264.194,00

b) Taxes: 40720

-219.994,00

-179.767,00

-205.343,00

-170.690,00

-142.489,00

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

22.208,00

-184.484,00

-276.022,00

-205.632,00

-405.112,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-4.585.890,00

-4.428.568,00

-4.717.040,00

-4.442.250,00

-4.309.726,00

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

547.818,00

116.993,00

0,00

10. Excess provisions : 41000

0,00

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

0,00

8.300,00

207,00

938,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

8.300,00

207,00

938,00

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

-208.901,00

-132.235,00

-68.266,00

-7.119,00

-38.775,00

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

56.936.635,00

46.564.096,00

45.981.960,00

34.930.486,00

29.771.525,00

14. Financial income : 41400

7.883.517,00

5.699.194,00

1.494.953,00

4.001.929,00

2.663.506,00

a) Of shares in equity instruments : 41410

0,00

2.663.506,00

a 1) In Group companies and associates: 41411

0,00

1.979.564,00

a 2) In third parties: 41412

0,00

683.942,00

b) From negotiable securities and other financial instruments : 41420

7.883.517,00

5.699.194,00

1.494.953,00

4.001.929,00

0,00

b 1) From Group companies and associates : 41421

7.468.871,00

5.566.045,00

1.212.847,00

3.398.488,00

0,00

b 2) From third parties : 41422

414.646,00

133.149,00

282.106,00

603.441,00

0,00

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

0,00

15. Financial expenditure: 41500

-213.915,00

-257.854,00

-367.145,00

-48.452,00

-40.625,00

a) Amounts owed to Group companies and associates : 41510

-132.688,00

-243.416,00

-327.791,00

-38.836,00

0,00

b) For debts with third parties : 41520

-81.227,00

-14.438,00

-39.354,00

-9.616,00

-40.625,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

-1.858,00

-127.957,00

84.362,00

-199.808,00

a) Trading book and other : 41610

0,00

-1.858,00

-127.957,00

84.362,00

-199.808,00

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

0,00

17. Exchange rate differences : 41700

-168.852,00

694.758,00

780.788,00

-2.169,00

778.293,00

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

0,00

-60.826,00

a) Impairment and losses : 41810

0,00

-60.826,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

7.500.750,00

6.134.240,00

1.780.639,00

4.035.670,00

3.140.540,00

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

64.437.385,00

52.698.336,00

47.762.599,00

38.966.156,00

32.912.065,00

20. Income taxes: 41900

-13.783.356,00

-12.486.897,00

-13.005.983,00

-10.345.368,00

-8.907.513,00

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

50.654.029,00

40.211.439,00

34.756.616,00

28.620.788,00

24.004.552,00

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

0,00

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

50.654.029,00

40.211.439,00

34.756.616,00

28.620.788,00

24.004.552,00

> 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:

85.166.302,00

88.098.349,00

84.774.863,00

80.393.165,00

66.727.694,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

398.072,00

626.723,00

524.093,00

648.258,00

469.977,00

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:

398.072,00

626.723,00

524.093,00

648.258,00

58.127,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

411.850,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

72.856.522,00

75.885.668,00

72.914.703,00

70.400.634,00

57.093.545,00

1. Land and construction:

51.896.799,00

52.712.059,00

51.465.270,00

48.848.427,00

37.755.841,00

2. Technical installations and machinery:

2.457.375,00

2.860.365,00

2.080.055,00

2.384.644,00

2.793.419,00

3. Other installations, tools and furniture:

8.562.092,00

9.966.209,00

7.247.417,00

8.308.682,00

9.732.952,00

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

4.035.318,00

3.473.734,00

7.123.703,00

5.128.710,00

98.900,00

5. Other tangible assets:

5.904.938,00

6.873.301,00

4.998.258,00

5.730.171,00

6.712.433,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

11.911.708,00

11.585.958,00

11.336.067,00

9.344.273,00

9.164.172,00

1. Equity investments in group companies:

11.814.347,00

11.562.711,00

11.323.321,00

9.323.256,00

9.133.995,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

6. Other receivables:

62.078,00

11.000,00

4.800,00

15.000,00

22.300,00

7. Long term guarantees and deposits:

35.283,00

12.247,00

7.946,00

6.017,00

7.877,00

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:

114.875.949,00

102.199.494,00

103.762.319,00

102.283.803,00

102.198.013,00

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

0,00

II. Stocks:

60.260.370,00

59.683.188,00

53.481.201,00

44.673.743,00

39.309.351,00

1. Goods for resale:

52.378.448,00

53.172.362,00

46.371.276,00

38.663.082,00

33.171.337,00

2. Raw materials and other consumables:

2.590.466,00

2.223.486,00

2.452.059,00

2.076.766,00

2.322.330,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

5.291.456,00

4.227.328,00

4.597.854,00

3.933.895,00

3.815.684,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

60.012,00

0,00

7. Provisions:

0,00

III. Debtors:

14.294.369,00

17.499.139,00

18.609.573,00

22.809.047,00

21.259.700,00

1. Trade debtors / accounts receivable:

3.422.714,00

3.252.506,00

3.172.929,00

3.980.796,00

4.102.666,00

2. Accounts receivable, Group companies:

8.605.228,00

12.249.196,00

10.021.929,00

10.741.523,00

9.698.582,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

109.339,00

66.728,00

19.966,00

144.531,00

212.101,00

5. Staff:

0,00

6. Public bodies:

2.157.088,00

1.930.709,00

5.394.749,00

7.942.197,00

7.246.351,00

7. Provisions:

0,00

IV. Short-term investments:

986.039,00

1.003.253,00

7.944.033,00

23.007.899,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

47.732,00

10.686,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

219.395,00

1.000.000,00

7.893.048,00

22.993.960,00

6. Other receivables:

766.644,00

3.253,00

0,00

7. Shor term guarantees and deposits:

0,00

3.253,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

39.269.880,00

23.835.532,00

30.646.056,00

26.812.213,00

18.545.167,00

VII. Prepayments and accrued income:

65.291,00

178.382,00

22.236,00

44.767,00

75.896,00

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

200.042.251,00

190.297.843,00

188.537.182,00

182.676.968,00

168.925.707,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

152.697.832,00

137.749.358,00

127.277.559,00

113.501.858,00

124.265.240,00

I. Subscribed capital:

2.033.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

100.010.803,00

95.504.919,00

90.487.943,00

82.848.070,00

98.227.688,00

1. Legal reserve:

500.000,00

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:

99.510.803,00

95.004.919,00

89.987.943,00

82.348.070,00

97.727.688,00

6. Differences due to capital adjustment to euros:

0,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

50.654.029,00

40.211.439,00

34.756.616,00

28.620.788,00

24.004.552,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

1.564.412,00

1.840.513,00

2.116.613,00

0,00

1. Capital grants:

1.564.412,00

1.840.513,00

2.116.613,00

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:

3.519.623,00

7.902.581,00

12.369.065,00

16.563.255,00

6.128.589,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

3.750.000,00

7.500.000,00

11.250.000,00

0,00

1. Amounts owed to group companies:

0,00

3.750.000,00

7.500.000,00

11.250.000,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

3.519.623,00

4.152.581,00

4.869.065,00

5.313.255,00

6.128.589,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

2.096,00

3. Long term guarantees and deposits received:

4,00

4. Long term payables to public bodies:

3.517.523,00

4.150.481,00

4.866.965,00

5.311.155,00

6.126.489,00

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:

41.768.242,00

42.805.391,00

46.773.945,00

52.611.855,00

38.531.878,00

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:

0,00

784.069,00

1. Loans and other liabilities:

0,00

784.069,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

1.474.680,00

4.712.606,00

8.209.696,00

12.918.592,00

7.832.426,00

1. Amounts owed to group companies:

1.474.680,00

4.712.606,00

8.209.696,00

12.918.592,00

7.832.426,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

33.718.281,00

34.046.734,00

29.894.619,00

34.336.442,00

26.139.865,00

1. Advanced payments from customers:

5.201.596,00

5.781.400,00

4.296.637,00

4.553.395,00

4.824.297,00

2. Amounts owed for purchases of goods or services:

28.516.685,00

28.265.334,00

25.597.982,00

29.783.047,00

21.315.568,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

6.575.281,00

4.046.051,00

8.669.630,00

5.354.005,00

3.775.518,00

1. Public bodies:

5.334.411,00

2.379.922,00

7.326.611,00

3.634.179,00

2.838.013,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

8.901,00

493.141,00

273.110,00

690.922,00

2.466,00

4. Wages and salaries payable:

1.231.969,00

1.172.988,00

1.069.909,00

1.028.904,00

935.039,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

2.816,00

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

199.550.109,00

190.297.843,00

188.537.182,00

182.676.968,00

168.925.707,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

219.465.992,00

203.761.158,00

185.305.982,00

173.975.430,00

168.590.113,00

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

0,00

370.526,00

0,00

98.678,00

A.2. Supplies:

158.261.501,00

145.487.219,00

130.075.931,00

123.973.625,00

120.566.833,00

a) Stock consumption:

129.656.363,00

116.809.068,00

102.806.041,00

98.107.412,00

93.771.057,00

b) Consumption of raw materials and miscellaneous consumable ones:

16.661.346,00

17.214.901,00

15.873.585,00

14.650.911,00

15.551.100,00

c) Miscellaneous external expenditure:

11.943.792,00

11.463.250,00

11.396.305,00

11.215.302,00

11.244.676,00

A.3. Staff costs:

13.580.468,00

13.211.594,00

12.105.543,00

11.429.109,00

10.555.534,00

a) Wages, salaries et al.:

10.683.406,00

10.396.054,00

9.593.381,00

8.984.198,00

8.394.159,00

b) Social security costs:

2.897.062,00

2.815.540,00

2.512.162,00

2.444.911,00

2.161.375,00

A.4. Depreciation expense:

4.585.890,00

4.428.568,00

4.717.040,00

4.442.250,00

4.309.726,00

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

-22.208,00

184.484,00

276.022,00

205.632,00

405.112,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

-22.208,00

184.484,00

276.022,00

205.632,00

405.112,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

28.685.317,00

27.199.923,00

24.562.095,00

23.521.706,00

23.406.683,00

a) External services:

28.465.323,00

27.020.156,00

24.356.752,00

23.351.016,00

23.264.194,00

b) Taxes:

219.994,00

179.767,00

205.343,00

170.690,00

142.489,00

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):

56.597.718,00

46.148.513,00

45.924.933,00

34.937.398,00

29.809.362,00

A.7. Financial and similar charges:

213.915,00

257.854,00

367.145,00

48.452,00

40.625,00

a) Due to liabilities with companies of the group:

132.688,00

243.416,00

327.791,00

38.836,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

81.227,00

14.438,00

39.354,00

9.616,00

40.625,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

1.858,00

127.957,00

0,00

-583,00

A.9. Exchange losses:

168.852,00

0,00

2.169,00

0,00

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

7.500.750,00

6.134.240,00

1.780.639,00

4.035.670,00

3.401.757,00

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

64.098.468,00

52.282.753,00

47.705.572,00

38.973.068,00

33.211.119,00

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

0,00

261.217,00

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

0,00

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

0,00

A.13. Extraordinary expenses:

208.901,00

132.235,00

68.266,00

7.119,00

38.775,00

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):

338.917,00

415.583,00

57.027,00

0,00

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

64.437.385,00

52.698.336,00

47.762.599,00

38.966.156,00

32.912.065,00

A.15. Corporation tax:

13.783.356,00

12.486.897,00

13.005.983,00

10.345.368,00

8.907.513,00

A.16. Miscellaneous taxes:

0,00

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

50.654.029,00

40.211.439,00

34.756.616,00

28.620.788,00

24.004.552,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

270.120.021,00

243.972.597,00

220.062.598,00

202.596.218,00

192.594.665,00

B.1. Net total sales:

260.406.338,00

236.887.577,00

216.859.605,00

198.238.092,00

188.998.020,00

a) Sales:

267.201.254,00

243.068.806,00

222.518.234,00

203.410.820,00

193.929.642,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

-6.794.916,00

-6.181.229,00

-5.658.629,00

-5.172.728,00

-4.931.622,00

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

1.064.127,00

0,00

663.959,00

118.210,00

0,00

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

0,00

B.4. Miscellaneous operating income:

218.221,00

143.250,00

138.000,00

153.418,00

153.908,00

a) Auxiliary income and other from current management:

138.000,00

b) Grants:

80.221,00

5.250,00

0,00

15.418,00

15.908,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

0,00

2.663.506,00

a) In companies of the group:

0,00

1.979.564,00

b) In associated companies:

0,00

c) Third parties:

0,00

683.942,00

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:

7.883.517,00

5.699.194,00

1.494.953,00

4.086.291,00

0,00

a) From companies of the group:

7.468.871,00

5.566.045,00

1.212.847,00

3.398.488,00

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

414.646,00

133.149,00

282.106,00

603.441,00

0,00

d) Profit on financial investment:

0,00

84.362,00

0,00

B.8. Exchange positive differences:

0,00

694.758,00

780.788,00

0,00

778.293,00

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

0,00

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

0,00

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

0,00

8.300,00

207,00

938,00

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

0,00

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

547.818,00

116.993,00

0,00

B.12. Extraordinary income:

0,00

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

0,00

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

0,00

6.912,00

299.054,00

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

64.437.385,00

52.698.336,00

47.762.599,00

38.966.156,00

32.912.065,00

2. Results adjustments.: 61200

-3.484.886,00

-2.069.006,00

3.087.130,00

616.737,00

1.168.248,00

a) Fixed Assets Amortization (+).: 61201

4.585.890,00

4.428.568,00

4.717.040,00

4.442.250,00

4.309.726,00

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

-22.209,00

184.484,00

276.022,00

205.632,00

60.826,00

d) Allocation of grants (-).: 61204

-547.818,00

-116.993,00

0,00

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

0,00

-8.300,00

-207,00

-938,00

g) Financial income (-).: 61207

-7.883.517,00

-5.699.194,00

-1.494.953,00

-4.001.929,00

-2.663.506,00

h) Financial Expenses (+). : 61208

213.916,00

257.854,00

367.145,00

48.452,00

40.625,00

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

168.852,00

-694.758,00

-780.788,00

2.169,00

-778.293,00

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

0,00

1.858,00

127.957,00

-84.362,00

199.808,00

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

0,00

4.732,00

0,00

3. Changes in current capital equity.: 61300

3.833.810,00

-7.014.615,00

-12.642.269,00

69.714,00

3.987.583,00

a) Stock (+/-).: 61301

-577.182,00

-6.201.987,00

-8.807.458,00

-5.364.392,00

-374.935,00

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

2.613.127,00

2.327.983,00

3.783.126,00

-4.476.015,00

3.439.746,00

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

0,00

31.129,00

-38.989,00

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

1.797.865,00

-3.140.611,00

-7.617.937,00

9.878.992,00

961.761,00

4. Cash Flows from Other Operating Activities: 61400

-4.562.240,00

-10.010.017,00

-11.248.012,00

-3.954.694,00

-5.862.586,00

a) Interest payments (-). : 61401

-81.227,00

-14.438,00

-39.354,00

-17.772,00

-45.980,00

b) Dividend payment collection (+). : 61402

7.468.871,00

5.866.045,00

912.847,00

3.398.488,00

1.979.564,00

c) Interest collection (+). : 61403

414.646,00

123.586,00

234.926,00

473.540,00

654.580,00

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

-12.344.932,00

-15.829.064,00

-12.376.146,00

-7.808.950,00

-8.463.548,00

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

-19.598,00

-156.146,00

19.715,00

0,00

12.798,00

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

60.224.069,00

33.604.698,00

26.959.448,00

35.697.913,00

32.205.310,00

6. Payments for investment (-).: 62100

-2.138.083,00

-7.665.260,00

-9.660.029,00

-17.743.992,00

-5.567.341,00

a) Companies of the group and affiliates. : 62101

-251.635,00

-239.390,00

-2.000.065,00

-189.261,00

0,00

b) Intangible fixed assets. : 62102

-203.449,00

-481.001,00

-130.468,00

-258.581,00

-468.239,00

c) Fixed assets. : 62103

-1.124.645,00

-6.804.407,00

-7.399.610,00

-16.990.037,00

-5.088.098,00

d) Real estate investment. : 62104

0,00

-11.004,00

e) Other financial assets. : 62105

-558.354,00

-140.462,00

-129.886,00

-306.113,00

0,00

7. Divestment payment collection (+). : 62200

17.213,00

5.280,00

5.745.093,00

3.462.053,00

11.160.331,00

a) Companies of the group and affiliates. : 62201

0,00

7.472.492,00

c) Fixed assets. : 62203

0,00

8.300,00

207,00

2.900,00

e) Other financial assets. : 62205

17.213,00

5.280,00

5.736.793,00

3.461.846,00

3.684.939,00

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

-2.120.870,00

-7.659.980,00

-3.914.936,00

-14.281.939,00

5.592.990,00

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

0,00

4.176.715,00

0,00

e) Grants, donations and bequests received (+). : 63105

0,00

4.176.715,00

0,00

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

-7.500.000,00

-3.750.000,00

14.215.931,00

-1.030.555,00

a) Issuance : 63201

0,00

15.000.000,00

0,00

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

0,00

15.000.000,00

0,00

b) Repayment and amortization of : 63207

-7.500.000,00

-3.750.000,00

-784.069,00

-1.030.555,00

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

-7.500.000,00

-3.750.000,00

0,00

-784.069,00

-1.030.555,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

0,00

-3.750.000,00

0,00

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

-35.000.000,00

-29.700.000,00

-21.850.000,00

-39.100.000,00

-37.950.000,00

a) Dividends (-).: 63301

-35.000.000,00

-29.700.000,00

-21.850.000,00

-39.100.000,00

-37.950.000,00

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

-42.500.000,00

-33.450.000,00

-21.423.285,00

-24.884.069,00

-38.980.555,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

-168.852,00

694.758,00

780.788,00

-2.169,00

778.293,00

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

15.434.347,00

-6.810.524,00

2.402.015,00

-3.470.264,00

-403.962,00

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

23.835.532,00

30.646.056,00

28.244.041,00

31.714.305,00

32.118.267,00

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

39.269.879,00

23.835.532,00

30.646.056,00

28.244.041,00

31.714.305,00

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:

0,06 %

0,01 %

-0,03 %

0,06 %

306,16 %

-80,95 %

Net Financial Debt:

-0,66

2,32

-0,48

2,84

-36,67

-18,14

Cash Flow Yield:

0,08 %

0,01 %

-0,04 %

0,03 %

315,58 %

-80,72 %

EBITDA over Sales:

23,50 %

12,01 %

21,35 %

10,43 %

10,05 %

15,10 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

30,54 %

8,88 %

26,28 %

6,93 %

16,21 %

28,08 %

Total economic profitability:

32,32 %

4,95 %

27,83 %

3,19 %

16,14 %

55,21 %

Financial profitability:

33,21 %

7,38 %

29,36 %

4,14 %

13,12 %

78,19 %

Margin:

21,93 %

7,87 %

19,70 %

6,33 %

11,30 %

24,28 %

Mark-up:

24,80 %

7,14 %

22,29 %

3,79 %

11,29 %

88,72 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,94

0,16

0,56

0,14

68,84

15,71

Acid Test:

1,30

0,89

0,98

0,87

32,34

3,20

Working Capital / Investment:

0,36

0,03

0,31

0,03

17,26

2,07

Solvency:

2,75

1,21

2,39

1,19

15,19

1,48

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,29

1,24

0,36

1,31

-19,44

-4,77

Borrowing Composition:

0,08

1,05

0,18

1,04

-54,36

1,40

Repayment Ability:

0,74

9,29

1,00

11,04

-26,17

-15,83

Warranty:

4,42

1,82

3,75

1,78

17,70

1,99

Generated resources / Total creditors:

1,22

0,09

0,88

0,08

38,55

19,91

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

5,51

1,91

4,83

1,80

14,02

6,36

Turnover of Collection Rights :

18,59

5,10

13,79

5,22

34,82

-2,45

Turnover of Payment Entitlements:

4,50

3,54

4,47

3,69

0,63

-4,16

Stock rotation:

3,39

8,10

3,20

7,78

5,86

4,00

Assets turnover:

1,39

1,13

1,33

1,09

4,41

3,06

Borrowing Cost:

0,47

2,32

0,51

2,45

-7,11

-5,14

> 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:

0,06 %

-0,03 %

0,01 %

-0,02 %

0,00 %

Net Financial Debt:

-0,66

-0,48

-0,62

-0,87

-1,19

Cash Flow Yield:

0,08 %

-0,04 %

0,01 %

-0,02 %

0,00 %

EBITDA over Sales:

23,50 %

21,35 %

23,35 %

19,86 %

18,05 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

30,54 %

26,28 %

26,14 %

20,94 %

19,88 %

Total economic profitability:

32,32 %

27,83 %

25,53 %

21,35 %

19,51 %

Financial profitability:

33,21 %

29,36 %

27,53 %

25,20 %

19,35 %

Margin:

21,93 %

19,70 %

21,22 %

17,61 %

15,76 %

Mark-up:

24,80 %

22,29 %

22,04 %

19,64 %

17,42 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,94

0,56

0,65

0,54

0,82

Acid Test:

1,30

0,98

1,06

1,09

1,62

Working Capital / Investment:

0,36

0,31

0,30

0,27

0,38

Solvency:

2,75

2,39

2,21

1,95

2,64

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

0,29

0,36

0,46

0,61

0,36

Borrowing Composition:

0,08

0,18

0,26

0,31

0,16

Repayment Ability:

0,74

1,00

1,17

1,76

1,31

Warranty:

4,42

3,75

3,18

2,64

3,77

Generated resources / Total creditors:

1,22

0,88

0,67

0,48

0,63

Efficiency

2016

2015

2014

2013

2012

Productivity:

5,51

4,83

5,18

4,45

4,23

Turnover of Collection Rights :

18,59

13,79

11,88

8,76

8,90

Turnover of Payment Entitlements:

4,50

4,47

3,64

3,07

3,82

Stock rotation:

3,39

3,20

3,66

4,05

Assets turnover:

1,39

1,33

1,23

1,19

1,26

Borrowing Cost:

0,47

0,51

0,62

0,07

0,09

COMPARATIVE SECTORIAL BALANCE

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

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

News

DIARIO SUR

06/03/2018

Mayoral prevé facturar 365 millones de euros este año, el 75% en el extranjero

Companies related

ANDALUCIA INFORMACIÓN

08/01/2018

Mayoral eleva un 4,2% su facturación durante 2017

Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

AGENCIA DE INNOVACION Y DESARROLLO DE ANDALUCIA

Status

CONCEDIDA

Amount Granted

367.076,00

Notes

El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 1.338.112 euros.

Entity

INCENTIVOS REGIONALES

Status

CONCEDIDA

Amount Granted

180.742,00

Notes

El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 896.763 euros.

Entity

AGENCIA DE INNOVACION Y DESARROLLO DE ANDALUCIA

Status

CONCEDIDA

Amount Granted

1.866.702,00

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

1.157.031,00

Entity

AGENCIA DE INNOVACION Y DESARROLLO DE ANDALUCIA

Status

CONCEDIDA

Amount Granted

2.589.270,00

Notes

El importe imputado a resultados en el ejercicio es de 80.915 euros, quedando un saldo pendiente de imputar de 1.866.702 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

1.587.445,00

Notes

Subvención de Incentivos Regionales. El importe imputado a resultados en el ejercicio es de 36.078 euros, quedando un saldo pendiente de imputar de 1.157.031 euros.

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 90.56
Euro	1	INR 79.78
Euro	1	INR 80.03

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

INFORMATION DETAILS

Analysis Done by :	NIY

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.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Enquiry Details

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Active Social Bodies

Historical Social Bodies

Executive board

Chronological summary

Basis for scoring

Probability of default

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit