3decades

MIRA INFORM REPORT

Report No. :	507128
Report Date :	02.05.2018

IDENTIFICATION DETAILS

Name :	SUCESORES DE SIMON FRANCO SA

Registered Office :	C/ Constitucion, 30. - Cuarte De Huerva - 50410 - Zaragoza

Country :	Spain

Financials (as on) :	2015

Date of Incorporation :	18.04.1994

Legal Form :	Public company

Line of Business :	Wholesale of metals and metal ores

No. of Employees :	39

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 :	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 experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2016 Spain marked the third full year of positive economic growth in nine years, largely due to increased private consumption. At the onset of the financial crisis, Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In that year, the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program for its financial sector.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 19.7% in 2016. High unemployment has strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to about 5% of GDP in 2015, and 4.1% of GDP in 2016. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 99.5% in 2016.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained through 2016. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

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

Source : CIA

EXECUTIVE SUMMARY

Name:

SUCESORES DE SIMON FRANCO SA

NIF / Fiscal code:

A50589951

Status:

ACTIVE

Incorporation Date:

18/04/1994

Register Data

Last Publication in BORME:

04/05/2017 [Appointments]

Last Published Account Deposit:

2015

Share Capital:

60.101,21

Localization:

C/ CONSTITUCION, 30. - CUARTE DE HUERVA - 50410 - ZARAGOZA

Telephone - Fax - Email - Website:

Telephone. 976 505 344 Email. direccion@simonfranco.es

Activity:

NACE:

4672 - Wholesale of metals and metal ores

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

1 for a total cost of 9165.79

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:

JOSE LUIS TORRES FRANCO
LUIS TORRES VILLANOVA
MARIA EVA VILLANOVA VALERO
Shares:	0
Other Links:	2
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2015

2014

Change

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources YES, Guarantees YES

INVESTIGATION SUMMARY

This company was set up in 1994, and is engaged in the manufacture and both wholesale and retail sale of jewellery and crafted jewellery. It operates at both the national and international level. The consulted sources did not show anything against it. Having into account all the above-mentioned, credit operation can be envisioned within normal terms.

Interviewed Person:

Enquiry Details

Identification

Social Denomination:

SUCESORES DE SIMON FRANCO SA

NIF / Fiscal code:

A50589951

Corporate Status:

ACTIVE

Start of activity:

1994

Registered Office:

C/ CONSTITUCION, 30.

Locality:

CUARTE DE HUERVA

Province:

ZARAGOZA

Postal Code:

50410

Telephone:

976 505 344

Fax:

976 505 504

Email:

direccion@simonfranco.es

Interviewed Person:

Miss Lorena

Branch Offices

Activity

NACE:

4672

CNAE Obtaining Source:

4672

Corporate Purpose:

The subject is engaged in the manufacture, distribution, and trade of jewellery, crafted jewellery and metalworking in general, as well as non-ferric metals.

Additional Information:

Manufacture and wholesale and retail sale of jewellery and crafted jewellery.

Additional Address:

The Registered Office and offices are located at the heading address.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

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

1994

Appointments/ Re-elections (2) Company Formation (1)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995) Change of Social address (1)

1997

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

1999

Appointments/ Re-elections (2) Closing of Page of Property Register (1)

2000

Accounts deposit (year 1997, 1998, 1999)

2001

Accounts deposit (year 2000) Appointments/ Re-elections (1) Dividends Payment (1)

2002

Accounts deposit (year 2001) Appointments/ Re-elections (2)

2003

Accounts deposit (year 2002) Appointments/ Re-elections (1)

2004

Accounts deposit (year 2003) Appointments/ Re-elections (3)

2006

Accounts deposit (year 2004, 2005) Appointments/ Re-elections (2)

2008

Accounts deposit (year 2006) Appointments/ Re-elections (1)

2009

Accounts deposit (year 2007) Appointments/ Re-elections (3)

2010

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

2011

Accounts deposit (year 2009) Appointments/ Re-elections (1)

2012

Accounts deposit (year 2010) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Statutory Modifications (1)

2013

Accounts deposit (year 2011, 2012) Appointments/ Re-elections (2)

2014

Change of Social address (1)

2015

Accounts deposit (year 2013)

2016

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

2017

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

Breakdown of Owners' Equity

Registered Capital:

60.101,21

Paid up capital:

60.101,21

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1187

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

30/05/1994

Company Formation

60.101

15.025

60.101

15.025

11/09/2001

Capital call payment

---

45.076

60.101

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

TORRES FRANCO JOSE LUIS

26/06/2012

MEMBER OF THE BOARD

TORRES VILLANOVA LUIS

26/06/2012

VILLANOVA VALERO MARIA EVA

26/06/2012

TORRES FRANCO JOSE LUIS

26/06/2012

JOINT ATTORNEY/COMBINED PROXY

TORRES VILLANOVA LUIS

20/05/2002

VILLANOVA VALERO EVA

20/05/2002

CHIEF EXECUTIVE OFFICER

VILLANOVA VALERO MARIA EVA

26/06/2012

SECRETARY

VILLANOVA VALERO MARIA EVA

26/06/2012

ACCOUNTS' AUDITOR / HOLDER

SANCHEZ LAZARO JAVIER

25/04/2017

DEPUTY ACCOUNTS' AUDITOR

AUDITORIAS INTEGRADAS XXI SL

25/04/2017

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AUDITORIAS INTEGRADAS XXI SL

ACCOUNTS' AUDITOR / HOLDER

23/03/2016

ACCOUNTS' AUDITOR / HOLDER

25/04/2017

MERCADAL MAIRAL FERNANDO

ACCOUNTS' AUDITOR / HOLDER

06/03/2001

ACCOUNTS' AUDITOR / HOLDER

10/12/2002

ACCOUNTS' AUDITOR / HOLDER

02/06/2003

ACCOUNTS' AUDITOR / HOLDER

07/01/2004

ACCOUNTS' AUDITOR / HOLDER

25/11/2004

ACCOUNTS' AUDITOR / HOLDER

11/01/2006

ACCOUNTS' AUDITOR / HOLDER

24/10/2006

ACCOUNTS' AUDITOR / HOLDER

04/01/2008

ACCOUNTS' AUDITOR / HOLDER

12/05/2009

ACCOUNTS' AUDITOR / HOLDER

12/01/2010

ACCOUNTS' AUDITOR / HOLDER

12/01/2011

ACCOUNTS' AUDITOR / HOLDER

05/07/2013

ACCOUNTS' AUDITOR / HOLDER

05/07/2013

SANCHEZ LAZARO DOMINGO

DEPUTY ACCOUNTS' AUDITOR

11/01/2006

DEPUTY ACCOUNTS' AUDITOR

24/10/2006

DEPUTY ACCOUNTS' AUDITOR

04/01/2008

DEPUTY ACCOUNTS' AUDITOR

12/05/2009

SANCHEZ LAZARO DOMINGO LUIS

DEPUTY ACCOUNTS' AUDITOR

02/06/2003

DEPUTY ACCOUNTS' AUDITOR

07/01/2004

DEPUTY ACCOUNTS' AUDITOR

25/11/2004

DEPUTY ACCOUNTS' AUDITOR

11/01/2006

ACCOUNTS' AUDITOR / HOLDER

06/03/2001

DEPUTY ACCOUNTS' AUDITOR

06/03/2001

DEPUTY ACCOUNTS' AUDITOR

10/12/2002

SANCHEZ LAZARO FRANCISCO JAVIER

DEPUTY ACCOUNTS' AUDITOR

12/01/2010

DEPUTY ACCOUNTS' AUDITOR

12/01/2011

DEPUTY ACCOUNTS' AUDITOR

05/07/2013

DEPUTY ACCOUNTS' AUDITOR

05/07/2013

TORRES FRANCO JOSE LUIS

SINGLE ADMINISTRATOR

29/04/2009

SINGLE ADMINISTRATOR

19/10/2004

SINGLE ADMINISTRATOR

26/06/2012

SINGLE ADMINISTRATOR

31/12/1999

VILLANOVA VALERO EVA

PROXY

31/12/1999

PROXY

20/05/2002

Defaults, Legal Claims and Insolvency Proceedings

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

Chronological summary

Number of Publications

Amount (€)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

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.

SUCESORES DE SIMON FRANCO SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

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

Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

SUCESORES DE SIMON FRANCO SA has a tight level of Financial Autonomy. The Internal Funds of the entity represent the 27.84% of the total amount of funding sources.

The current debt represents a 70.07 % of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

Immediate solvency is significantly lower than that of the previous fiscal year.

Debts assumed by the company based on the volume of its own resources have increased in the previous financial year.

Probability of default

> Estimated Probability of Default for the next 12 months: 1.281 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

467 Other specialised wholesale

wordml://2382

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 89.00% of the companies of the sector SUCESORES DE SIMON FRANCO 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 1,281%.

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

IS RELATED WITH:

2 Entities

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	JOSE LUIS TORRES FRANCO
	LUIS TORRES VILLANOVA
	MARIA EVA VILLANOVA VALERO

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

PROMOCIONES RILUECA SL

ZARAGOZA

ALIANZAS SSF SL

ZARAGOZA

Turnover

Total Sales 2015

28.554.537,73

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

Estimated Balance

2016 ECONOMIC FIGURES: -NON-CURRENT ASSETS 1.613.000 Euro/s -CURRENT ASSETS 15.587.000 Euro/s -NET EQUITY 4.790.000 Euro/s -NON-CURRENT LIABILITIES 358.000 Euro/s -CURRENT LIABILITIES 12.052.000 Euro/s -TOTAL ASSETS AND LIABILITIES 17.200.000 Euro/s -SALES 29.000.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2015

Normales

March 2017

2014

Normales

March 2016

2013

Normales

February 2015

2012

Normales

September 2013

2011

Normales

August 2013

2010

Normales

May 2012

2009

Normales

April 2011

2008

Normales

July 2010

2007

Normales

April 2009

2006

Normales

January 2008

2005

Normales

November 2006

2004

Normales

December 2005

2003

Normales

November 2004

2002

Normales

August 2003

2001

Normales

December 2002

2000

Normales

September 2001

1999

Normales

September 2000

1998

Normales

December 1999

1997

Normales

December 1999

1996

Normales

September 1997

1995

Normales

August 1996

1994

Normales

September 1995

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2015

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

Information corresponding to the fiscal year 2015 2014 2013 2012 2011 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2015 2014 2013 2012 2011 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology.

ORIGINAL

Assets

2015

2014

2013

2012

2011

A) NON-CURRENT ASSETS: 11000

1.588.398,00

1.396.261,00

1.239.577,00

1.338.128,00

476.484,00

I. Intangible fixed assets : 11100

39.885,00

57.124,00

23.987,00

16.987,00

9.307,00

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

39.885,00

57.124,00

23.987,00

16.987,00

9.307,00

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

722.082,00

500.227,00

432.920,00

454.648,00

466.327,00

1. Land and buildings: 11210

480.805,00

298.010,00

307.941,00

317.871,00

327.802,00

2. Technical installations and other tangible fixed assets: 11220

216.277,00

202.217,00

124.980,00

136.777,00

138.526,00

3. Tangible asset in progress and advances: 11230

25.000,00

0,00

III. Real estate investment: 11300

385.106,00

394.501,00

311.275,00

317.898,00

0,00

1. Land: 11310

0,00

2. Buildings: 11320

385.106,00

394.501,00

311.275,00

317.898,00

0,00

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

437.035,00

437.815,00

850,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

436.965,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

70,00

850,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

4.289,00

7.373,00

34.360,00

110.781,00

0,00

B) CURRENT ASSETS: 12000

15.347.107,00

13.470.192,00

12.082.269,00

12.328.192,00

11.297.590,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

3.938.740,00

2.718.980,00

2.332.786,00

2.232.841,00

2.245.205,00

1. Commercial: 12210

3.938.740,00

2.718.980,00

2.332.786,00

2.232.841,00

2.245.205,00

2. Primary material and other supplies: 12220

0,00

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

0,00

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

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

III. Trade debtors and others receivable accounts: 12300

10.890.920,00

9.847.717,00

8.624.877,00

9.095.921,00

8.774.149,00

1. Trade debtors / accounts receivable: 12310

10.876.725,00

9.844.345,00

8.597.604,00

8.856.037,00

8.570.547,00

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

0,00

b) Customers for sales and provisions of services : 12312

10.876.725,00

9.844.345,00

8.597.604,00

8.856.037,00

8.570.547,00

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

3.372,00

30.212,00

3.372,00

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

10.824,00

0,00

-2.940,00

209.672,00

200.230,00

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

432.664,00

591.396,00

186.642,00

147.642,00

95.895,00

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

432.664,00

591.396,00

186.642,00

147.642,00

95.895,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

84.783,00

312.098,00

937.965,00

851.788,00

182.341,00

1. Treasury: 12710

84.783,00

312.098,00

937.965,00

851.788,00

182.341,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

16.935.505,00

14.866.452,00

13.321.846,00

13.666.320,00

11.774.074,00

ORIGINAL

Liabilities and Net Worth

2015

2014

2013

2012

2011

A) NET WORTH: 20000

4.714.858,00

4.370.842,00

4.412.859,00

3.814.752,00

4.079.863,00

A-1) Shareholders' equity: 21000

4.714.858,00

4.370.842,00

4.412.859,00

3.814.752,00

4.079.863,00

I. Capital: 21100

60.101,00

1. Registered capital : 21110

60.101,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

4.557.291,00

4.128.047,00

3.886.571,00

3.254.118,00

1. Legal and statutory: 21310

12.020,00

2. Other reserves: 21320

4.545.271,00

4.116.026,00

3.874.551,00

3.242.098,00

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

-246.550,00

-204.533,00

-131.921,00

429.244,00

262.664,00

1. Brought forward: 21510

356.631,00

502.981,00

336.400,00

2. (Negative results from previous periods): 21520

-603.181,00

-561.165,00

-634.901,00

-73.736,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

344.016,00

-42.017,00

356.631,00

-561.165,00

502.981,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

353.276,00

331.393,00

231.393,00

303.512,00

96.163,00

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

353.276,00

331.393,00

231.393,00

303.512,00

96.163,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

229.738,00

249.003,00

149.003,00

221.122,00

96.163,00

3. Creditors from financial leasing: 31230

41.148,00

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

82.390,00

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

11.867.371,00

10.164.217,00

8.677.595,00

9.548.056,00

7.598.048,00

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

7.825.962,00

6.371.970,00

5.928.948,00

6.041.199,00

3.923.196,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

7.806.468,00

6.366.912,00

5.934.347,00

6.046.598,00

3.921.074,00

3. Creditors from financial leasing: 32330

14.436,00

0,00

4. Derivatives : 32340

5.059,00

0,00

5. Other financial liabilities : 32350

0,00

-10.457,00

2.122,00

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

0,00

V. Trade creditors and other accounts payable: 32500

4.041.409,00

3.792.247,00

2.748.646,00

3.506.857,00

3.674.851,00

1. Suppliers: 32510

2.982.974,00

3.130.760,00

2.636.011,00

3.379.673,00

2.811.409,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

2.982.974,00

3.130.760,00

2.636.011,00

3.379.673,00

2.811.409,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

0,00

4. Personnel (remuneration due): 32540

33.222,00

35.252,00

66.643,00

54.052,00

36.103,00

5. Liabilities for current tax: 32550

64.319,00

440.933,00

29.077,00

0,00

30.613,00

6. Other accounts payable to Public Administrations.: 32560

960.894,00

185.302,00

16.916,00

73.132,00

796.726,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

16.935.505,00

14.866.452,00

13.321.846,00

13.666.320,00

11.774.074,00

ORIGINAL

Profit and Loss

2015

2014

2013

2012

2011

1. Net turnover: 40100

28.554.538,00

22.565.482,00

22.911.505,00

22.316.848,00

17.195.271,00

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

-26.183.739,00

-20.322.783,00

-20.600.030,00

-21.208.564,00

-14.118.259,00

5. Other operating income: 40500

110.766,00

112.146,00

72.576,00

103.367,00

79.510,00

6. Personnel costs: 40600

-1.156.060,00

-1.031.013,00

-961.624,00

-923.749,00

-904.765,00

7. Other operating costs: 40700

-725.943,00

-629.210,00

-685.077,00

-1.006.893,00

-832.942,00

8. Amortisation of fixed assets: 40800

-69.782,00

-57.579,00

-48.691,00

-46.134,00

-49.866,00

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

-5.206,00

-8.556,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

89.908,00

55.331,00

13.496,00

364.371,00

-442.312,00

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

614.482,00

683.818,00

702.155,00

-400.754,00

926.637,00

14. Financial income : 41400

13.614,00

292,00

784,00

74,00

29,00

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

0,00

b) Other financial income: 41490

13.614,00

292,00

784,00

74,00

29,00

15. Financial expenditure: 41500

-161.813,00

-294.069,00

-249.696,00

-192.785,00

-366.416,00

16. Changes in fair value of financial instruments : 41600

0,00

-5.059,00

-13.329,00

17. Exchange rate differences : 41700

11.429,00

31.516,00

56.230,00

-73.423,00

16.787,00

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

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-136.771,00

-262.262,00

-192.682,00

-271.192,00

-362.929,00

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

477.712,00

421.556,00

509.473,00

-671.946,00

563.707,00

20. Income taxes: 41900

-133.696,00

-463.573,00

-152.842,00

110.781,00

-60.727,00

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

344.016,00

-42.017,00

356.631,00

-561.165,00

502.981,00

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

Information corresponding to the fiscal year 2015 2014 2013 2012 2011 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology 2015 2014 2013 2012 2011 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2015

2014

2013

2012

2011

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

1.584.108,00

1.388.887,00

1.205.217,00

1.227.348,00

476.484,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

39.885,00

57.124,00

23.987,00

16.987,00

9.307,00

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:

39.885,00

57.124,00

23.987,00

16.987,00

9.307,00

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:

1.107.188,00

894.728,00

744.195,00

772.546,00

466.327,00

1. Land and construction:

865.911,00

692.511,00

619.216,00

635.769,00

327.802,00

2. Technical installations and machinery:

216.277,00

202.217,00

124.980,00

136.777,00

138.526,00

3. Other installations, tools and furniture:

0,00

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

25.000,00

0,00

5. Other tangible assets:

0,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

437.035,00

437.815,00

850,00

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:

0,00

6. Other receivables:

436.965,00

0,00

7. Long term guarantees and deposits:

70,00

850,00

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:

15.351.397,00

13.477.565,00

12.116.629,00

12.438.972,00

11.297.590,00

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

0,00

II. Stocks:

3.938.740,00

2.718.980,00

2.332.786,00

2.232.841,00

2.245.205,00

1. Goods for resale:

3.938.740,00

2.718.980,00

2.332.786,00

2.232.841,00

2.245.205,00

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

7. Provisions:

0,00

III. Debtors:

10.895.209,00

9.855.090,00

8.659.236,00

9.206.702,00

8.774.149,00

1. Trade debtors / accounts receivable:

10.876.725,00

9.844.345,00

8.597.604,00

8.856.037,00

8.570.547,00

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:

18.485,00

10.745,00

61.632,00

350.666,00

203.602,00

7. Provisions:

0,00

IV. Short-term investments:

432.664,00

591.396,00

186.642,00

147.642,00

95.895,00

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:

432.664,00

591.396,00

186.642,00

147.642,00

95.895,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

84.783,00

312.098,00

937.965,00

851.788,00

182.341,00

VII. Prepayments and accrued income:

0,00

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

16.935.505,00

14.866.452,00

13.321.846,00

13.666.320,00

11.774.074,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2015

2014

2013

2012

2011

A) EQUITY:

4.719.917,00

4.375.901,00

4.417.917,00

3.819.810,00

4.079.863,00

I. Subscribed capital:

60.101,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

4.562.349,00

4.133.105,00

3.891.630,00

3.254.118,00

1. Legal reserve:

12.020,00

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:

4.550.329,00

4.121.085,00

3.879.610,00

3.242.098,00

6. Differences due to capital adjustment to euros:

0,00

V. Profit or loss brought forward:

-246.550,00

-204.533,00

-131.921,00

429.244,00

262.664,00

1. Retained earnings:

356.631,00

502.981,00

336.400,00

2. Prior year losses:

-603.181,00

-561.165,00

-634.901,00

-73.736,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

344.016,00

-42.017,00

356.631,00

-561.165,00

502.981,00

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:

353.276,00

331.393,00

231.393,00

303.512,00

96.163,00

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:

270.886,00

249.003,00

149.003,00

221.122,00

96.163,00

1. Loans and other liabilities:

229.738,00

249.003,00

149.003,00

221.122,00

96.163,00

2. Long-term liabilities from capital leases:

41.148,00

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

82.390,00

0,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

82.390,00

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

11.862.313,00

10.159.158,00

8.672.536,00

9.542.997,00

7.598.048,00

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:

7.820.903,00

6.366.912,00

5.934.347,00

6.046.598,00

3.921.074,00

1. Loans and other liabilities:

7.806.468,00

6.366.912,00

5.934.347,00

6.046.598,00

3.921.074,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

14.436,00

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

2.982.974,00

3.130.760,00

2.636.011,00

3.379.673,00

2.811.409,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

2.982.974,00

3.130.760,00

2.636.011,00

3.379.673,00

2.811.409,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

1.058.435,00

661.487,00

102.179,00

116.727,00

865.564,00

1. Public bodies:

1.025.213,00

626.235,00

45.992,00

73.132,00

827.339,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

-10.457,00

2.122,00

4. Wages and salaries payable:

33.222,00

35.252,00

66.643,00

54.052,00

36.103,00

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):

16.935.505,00

14.866.452,00

13.321.846,00

13.666.320,00

11.774.074,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2015

2014

2013

2012

2011

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

28.436.237,00

22.806.783,00

22.697.960,00

23.345.825,00

16.788.616,00

A.1. Operating consumption:

26.183.739,00

20.322.783,00

20.600.030,00

21.208.564,00

14.118.259,00

A.2. Staff Costs:

1.156.060,00

1.031.013,00

961.624,00

923.749,00

904.765,00

a) Wages, salaries et al.:

923.181,00

823.324,00

784.735,00

753.827,00

738.336,00

b) Social security costs:

232.878,00

207.689,00

176.889,00

169.922,00

166.430,00

A.3. Depreciation expense:

69.782,00

57.579,00

48.691,00

46.134,00

49.866,00

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

0,00

A.5. Other operating charges:

725.943,00

629.210,00

685.077,00

1.006.893,00

832.942,00

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

529.780,00

637.043,00

688.659,00

0,00

1.368.948,00

A.6. Financial and similar charges:

161.813,00

294.069,00

249.696,00

192.785,00

366.416,00

a) Due to liabilities with companies of the group:

11.892,00

21.612,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

149.921,00

272.457,00

249.696,00

192.785,00

366.416,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

5.059,00

13.329,00

A.8. Exchange losses:

0,00

73.423,00

0,00

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

0,00

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

393.010,00

374.782,00

495.977,00

0,00

1.006.019,00

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

0,00

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

5.206,00

8.556,00

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

442.312,00

A.13. Prior year expenses and losses:

0,00

A.IV. EXTRAORDINARY PROFIT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13):

84.702,00

46.775,00

13.496,00

364.371,00

0,00

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

477.712,00

421.556,00

509.473,00

0,00

563.707,00

A.14. Corporation Tax:

133.696,00

463.573,00

152.842,00

-110.781,00

60.727,00

A.15. Miscellaneous taxes:

0,00

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

344.016,00

0,00

356.631,00

0,00

502.981,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2015

2014

2013

2012

2011

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

28.780.254,00

22.764.766,00

23.054.591,00

22.784.661,00

17.291.597,00

B.1. Operating income:

28.665.303,00

22.677.628,00

22.984.081,00

22.420.215,00

17.274.781,00

a) Net total sales:

28.554.538,00

22.565.482,00

22.911.505,00

22.316.848,00

17.195.271,00

b) Miscellaneous operating income:

110.766,00

112.146,00

72.576,00

103.367,00

79.510,00

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

0,00

765.125,00

0,00

B.2. Financial income:

13.614,00

292,00

784,00

74,00

29,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

13.614,00

292,00

784,00

74,00

29,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

11.429,00

31.516,00

56.230,00

0,00

16.787,00

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

136.771,00

262.262,00

192.682,00

271.192,00

362.929,00

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

0,00

1.036.317,00

0,00

B.4. Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

B.5. Profit on transactions with own shares and debentures:

0,00

B.6. Capital grants transferred to profit and loss:

0,00

B.7. Extraordinary income:

89.908,00

55.331,00

13.496,00

364.371,00

0,00

B.8. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8):

0,00

442.312,00

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

0,00

671.946,00

0,00

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

0,00

42.017,00

0,00

561.165,00

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted

2015

2014

2013

2012

2011

1. Fiscal year result before taxes.: 61100

477.712,00

421.556,00

509.473,00

-671.946,00

563.707,00

2. Results adjustments.: 61200

86.417,00

379.620,00

397.155,00

515.239,00

331.049,00

a) Fixed Assets Amortization (+).: 61201

69.782,00

57.579,00

48.691,00

46.134,00

49.866,00

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

0,00

27.372,00

98.768,00

197.839,00

37.989,00

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

5.206,00

0,00

g) Financial income (-).: 61207

-13.614,00

0,00

-784,00

-74,00

-29,00

h) Financial Expenses (+). : 61208

161.813,00

294.669,00

249.696,00

192.785,00

366.416,00

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

11.429,00

0,00

73.423,00

0,00

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

0,00

5.059,00

13.329,00

3. Changes in current capital equity.: 61300

-1.487.179,00

-1.024.916,00

-312.480,00

-598.621,00

61.737,00

a) Stock (+/-).: 61301

-1.219.760,00

-386.194,00

141.530,00

12.365,00

-1.057.651,00

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

-1.042.967,00

-1.268.510,00

372.276,00

-473.605,00

418.797,00

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

0,00

-39.000,00

0,00

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

775.548,00

629.788,00

-787.287,00

-137.381,00

700.591,00

4. Cash Flows from Other Operating Activities: 61400

-440.933,00

-365.246,00

-297.040,00

-250.293,00

-242.978,00

a) Interest payments (-). : 61401

0,00

-294.069,00

-249.696,00

-192.839,00

-229.865,00

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

-440.933,00

-71.177,00

-47.344,00

-57.454,00

-13.114,00

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

-1.363.984,00

-588.985,00

297.108,00

-1.005.621,00

713.515,00

6. Payments for investment (-).: 62100

-282.605,00

-230.406,00

-26.561,00

-539.993,00

-76.402,00

b) Intangible fixed assets. : 62102

-525,00

-39.150,00

-7.000,00

-9.293,00

0,00

c) Fixed assets. : 62103

-282.080,00

-98.855,00

-20.341,00

-33.676,00

-26.763,00

d) Real estate investment. : 62104

0,00

-92.400,00

0,00

e) Other financial assets. : 62105

0,00

780,00

-442.024,00

-49.639,00

h) Other assets. : 62108

0,00

-55.000,00

0,00

7. Divestment payment collection (+). : 62200

15.000,00

0,00

c) Fixed assets. : 62203

15.000,00

0,00

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

-337.387,00

-230.406,00

-75.252,00

-586.127,00

-126.269,00

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

0,00

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

1.404.275,00

193.524,00

-184.370,00

2.334.184,00

-671.685,00

a) Issuance : 63201

1.492.418,00

15.753.490,00

13.431.862,00

13.841.571,00

8.046.367,00

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

1.428.883,00

14.985.874,00

13.283.611,00

13.738.192,00

8.046.367,00

5. Other debts (+). : 63206

63.536,00

767.617,00

148.250,00

103.379,00

0,00

b) Repayment and amortization of : 63207

-88.144,00

-15.559.967,00

-13.616.232,00

-11.507.387,00

-8.718.051,00

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

-88.144,00

-15.148.842,00

-13.467.981,00

-11.486.398,00

-8.437.551,00

5. Other debts (-). : 63212

0,00

-411.125,00

-148.250,00

-20.989,00

-280.500,00

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

0,00

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

1.404.275,00

193.524,00

-184.370,00

2.334.184,00

-671.685,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

-119.123,00

0,00

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

-227.315,00

-625.867,00

86.177,00

669.448,00

-34.572,00

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

312.098,00

937.965,00

851.788,00

182.341,00

216.912,00

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

84.783,00

312.098,00

937.965,00

851.788,00

182.341,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,01 %

0,01 %

-0,03 %

0,00 %

71,30 %

Net Financial Debt:

12,78

1,71

8,35

13,98

53,05

-87,75

Cash Flow Yield:

-0,01 %

0,01 %

-0,04 %

0,00 %

68,12 %

EBITDA over Sales:

2,10 %

8,73 %

3,08 %

2,23 %

-31,79 %

291,54 %

Profitability

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

3,27 %

7,94 %

4,54 %

-2,03 %

-28,11 %

490,27 %

Total economic profitability:

3,78 %

6,48 %

4,81 %

0,15 %

-21,55 %

4.083,93 %

Financial profitability:

7,30 %

9,13 %

-0,96 %

-4,62 %

859,02 %

297,70 %

Margin:

1,83 %

6,31 %

2,77 %

-1,86 %

-33,97 %

439,40 %

Mark-up:

1,35 %

5,48 %

1,61 %

-2,69 %

-16,23 %

303,41 %

Solvency

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,01

0,25

0,03

0,14

-76,73

85,95

Acid Test:

0,96

1,15

1,06

0,86

-9,12

33,96

Working Capital / Investment:

0,21

0,18

0,22

0,02

-7,60

657,41

Solvency:

1,29

1,65

1,33

1,17

-2,44

40,70

Indebtedness

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

2,59

1,15

2,40

1,37

7,94

-16,26

Borrowing Composition:

0,03

0,80

0,03

1,04

-8,70

-23,01

Repayment Ability:

20,38

6,78

15,11

53,15

34,90

-87,24

Warranty:

1,39

1,87

1,42

1,73

-2,16

8,02

Generated resources / Total creditors:

0,03

0,12

0,00

Efficiency

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,52

1,67

1,10

-9,27

38,12

Turnover of Collection Rights :

2,63

4,79

2,30

5,13

14,30

-6,68

Turnover of Payment Entitlements:

6,66

4,06

5,52

3,50

20,52

16,00

Stock rotation:

7,14

6,57

8,11

8,34

-11,88

-21,26

Assets turnover:

1,78

1,26

1,64

1,09

8,88

14,99

Borrowing Cost:

1,32

2,38

2,80

2,82

-52,74

-15,40

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

Cash Flow

2015

2014

2013

2012

2011

Cash Flow over Sales:

-0,01 %

-0,03 %

0,00 %

0,03 %

0,00 %

Net Financial Debt:

12,78

8,35

6,83

-7,43

2,64

Cash Flow Yield:

-0,01 %

-0,04 %

0,01 %

0,05 %

0,00 %

EBITDA over Sales:

2,10 %

3,08 %

3,22 %

-3,22 %

8,25 %

Profitability

2015

2014

2013

2012

2011

Operating economic profitability:

3,27 %

4,54 %

5,42 %

-5,85 %

11,72 %

Total economic profitability:

3,78 %

4,81 %

5,70 %

-3,51 %

7,90 %

Financial profitability:

7,30 %

-0,96 %

8,08 %

-14,71 %

12,33 %

Margin:

1,83 %

2,77 %

3,00 %

-3,41 %

7,92 %

Mark-up:

1,35 %

1,61 %

2,16 %

-4,62 %

5,82 %

Solvency

2015

2014

2013

2012

2011

Liquidity:

0,01

0,03

0,11

0,09

0,02

Acid Test:

0,96

1,06

1,12

1,06

1,19

Working Capital / Investment:

0,21

0,22

0,26

0,20

0,31

Solvency:

1,29

1,33

1,40

1,30

1,49

Indebtedness

2015

2014

2013

2012

2011

Indebtedness level:

2,59

2,40

2,02

2,58

1,89

Borrowing Composition:

0,03

0,01

Repayment Ability:

20,38

15,11

12,08

-13,70

5,42

Warranty:

1,39

1,42

1,50

1,39

1,53

Generated resources / Total creditors:

0,03

0,00

0,05

-0,05

0,07

Efficiency

2015

2014

2013

2012

2011

Productivity:

1,52

1,67

1,77

0,22

2,57

Turnover of Collection Rights :

2,63

2,30

2,66

2,46

1,97

Turnover of Payment Entitlements:

6,66

5,52

7,74

6,33

4,07

Stock rotation:

7,14

8,11

9,56

10,38

7,08

Assets turnover:

1,78

1,64

1,81

1,71

1,48

Borrowing Cost:

1,32

2,80

1,96

4,76

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.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

9.165,79

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
Euro	1	INR 80.00

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

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	TPT

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

Active Social Bodies

Historical Social Bodies

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