MIRA INFORM REPORT

Report No. :	510903
Report Date :	30.05.2018

IDENTIFICATION DETAILS

Name :	ESKUBI SOCIEDAD LIMITADA

Registered Office :	Avda Txori Erri 46 - Sondika - 48150 - Vizcaya

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	22.09.1986

Legal Form :	Private company

Line of Business :	Wholesale of clothing and footwear

No. of Employees :	14 [2017]

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

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:

ESKUBI SOCIEDAD LIMITADA

NIF / Fiscal code:

B48208755

Trade Name

ESKUBI SL

Status:

ACTIVE

Incorporation Date:

22/09/1986

Register Data

Last Publication in BORME:

02/08/2011 [Annual accounts' deposit]

Last Published Account Deposit:

2016

Share Capital:

841.416,95

Localization:

AVDA TXORI ERRI 46 - SONDIKA - 48150 - VIZCAYA

Telephone - Fax - Email - Website:

Telephone. 944 710 153 Email. info@eskubi.com Website. www.eskubi.com

Activity:

NACE:

4642 - Wholesale of clothing and footwear

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

5 for a total cost of 12723

Quality Certificate:

Payment Behaviour:

Slow

Prospects:

Consolidation

Industry situation:

Growth

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:

BAVENFORT SL

17.21 %

DAVID GOICOECHEA

1.62 %

JOSE MARIA RUIZ DE APODACA GONZALEZ

8.6 %

JUAN CARLOS AMIANO GOITISOLO

39.34 %

MARIA INES EPELDE ANTECRE

8.6 %

MARTIN EXCHEVARRIA ARTECHE

24.59 %

Identification

Social Denomination:

ESKUBI SOCIEDAD LIMITADA

Trade Name:

ESKUBI SL

NIF / Fiscal code:

B48208755

Corporate Status:

ACTIVE

Start of activity:

22/09/1986

Registered Office:

AVDA TXORI ERRI 46

Locality:

SONDIKA

Province:

VIZCAYA

Postal Code:

48150

Telephone:

944 710 153

Fax:

944 532 851

Website:

www.eskubi.com

Email:

info@eskubi.com

Interviewed Person:

Administration (few details)

Branch Offices

Activity

NACE:

4642

CNAE Obtaining Source:

4642

Corporate Purpose:

The subject is engaged in the purchase-sale, distribution, amrketing and representation of clothing and auxiliary work elements. It is also engaged in the promotion, construction, purchase-sale, tenure, lease and exploitation of all sorts of plots and buildings in general.

Additional Information:

Import and wholesale of work and safety clothes.

Additional Address:

The Registered Office and premises are located at the heading address. Two halls of 1650 and 1100 square metres.

Franchise:

Import / export:

SI IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Growth

Number of Employees

Year

No. of employees

Established

Incidentals

2016

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

1990

Accounts deposit (year 1989) Appointments/ Re-elections (1)

1991

Accounts deposit (year 1990) Increase of Capital (1)

1992

Accounts deposit (year 1991)

1993

Accounts deposit (year 1992)

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994) Change of Social address (1) Increase of Capital (1)

1996

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

1997

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

1998

Accounts deposit (year 1997) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

1999

Accounts deposit (year 1998) Increase of Capital (1)

2000

Accounts deposit (year 1999) Correction (2) Increase of Capital (1)

2001

Increase of Capital (1)

2002

Accounts deposit (year 2000, 2001)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005) Change of Social Purpose (1)

2007

Accounts deposit (year 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2008

Accounts deposit (year 2007)

2009

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

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010)

2012

Accounts deposit (year 2011)

2013

Accounts deposit (year 2012)

2014

Accounts deposit (year 2013)

2015

Accounts deposit (year 2014)

2016

Accounts deposit (year 2015)

2017

Accounts deposit (year 2016)

Breakdown of Owners' Equity

Registered Capital:

841.416,95

Paid up capital:

841.416,95

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

16/10/1991

Increase of Capital

75.127

84.142

19/05/1995

Increase of Capital

156.263

240.405

07/05/1996

Increase of Capital

150.253

390.658

30/06/1997

Increase of Capital

90.152

480.810

27/01/1998

Increase of Capital

90.152

570.961

31/03/1999

Increase of Capital

90.152

661.113

08/02/2000

Increase of Capital

90.152

751.265

01/02/2001

Increase of Capital

90.152

841.417

Founding Partners

Partner Name	NIF	% Shareholding stake
JUAN CARLOS AMIANO GOITISOLO
LUIS CLEMENTE ALONSO CONDE
DEAVID GOIKOETXEA SANCHEZ

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

AMIANO GOITISOLO JUAN CARLOS

20/04/2007

MEMBER OF THE BOARD

ALONSO CONDE LUIS CLEMENTE

21/01/2009

DAVID GOIKOETXEA SANCHEZ

20/04/2007

AMIANO GOITISOLO JUAN CARLOS

20/04/2007

JOINT ATTORNEY/COMBINED PROXY

RODRIGUEZ AMO DANIEL

20/04/2007

AMIANO MANTILLA GONZALO

20/04/2007

PROXY

DAVID GOIKOETXEA SANCHEZ

07/11/2007

AMIANO GOITISOLO JUAN CARLOS

16/07/1990

CHIEF EXECUTIVE OFFICER

DAVID GOIKOETXEA SANCHEZ

20/04/2007

SECRETARY

ALONSO CONDE LUIS CLEMENTE

21/01/2009

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AMIANO GOITISOLO JUAN CARLOS

SINGLE ADMINISTRATOR

06/11/1997

SINGLE ADMINISTRATOR

20/10/1998

SINGLE ADMINISTRATOR

20/04/2007

ETXEBARRIA ARTETXE MARTIN

MEMBER OF THE BOARD

21/01/2009

SECRETARY

21/01/2009

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

DANIEL RODRIGUEZ

MANAGING DIRECTOR

DAVID GOICOCXEA

PRESIDENTE/CONSEJERO

JUAN CARLOS AMIANO GOITISOLO

CONSEJERO

LUIS CLEMENTE ALONSO CONDE

CONSEJERO/DIRECTOR GERENTE

DAVID GOIKOETXEA SANCHEZ

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.

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

The current debt represents a 31.94of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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.

It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets.

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

ESKUBI SOCIEDAD LIMITADA presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

Reduced cash level and other liquid assets equivalent in relation to the volume of operations held. In principle, a decrease in this ratio would indicate a worsening in the Company's financial situation.

Private consumption continues to have, in spite of some signs of improvement, very low rates , thus showing great weakness.

Probability of default

> Estimated Probability of Default for the next 12 months: 2.635 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

464 Wholesale of household goods

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 61.00% of the companies of the sector ESKUBI SOCIEDAD LIMITADA 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 2,635%.

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

Suppliers

Name

NIF

Telephone

LIFE PAIN

MTS (FRANCIA)

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

6 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

BAVENFORT SL

VIZCAYA

17.21

DAVID GOICOECHEA

1.62

JOSE MARIA RUIZ DE APODACA GONZALEZ

8.6

JUAN CARLOS AMIANO GOITISOLO

39.34

MARIA INES EPELDE ANTECRE

8.6

MARTIN EXCHEVARRIA ARTECHE

24.59

PARTICIPATES IN

SEGURIDAD ERANDIO SOCIEDAD LIMITADA

VIZCAYA

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

CONSTRUCCIONES LAUMORA SOCIEDAD LIMITADA

VIZCAYA

BELONGS TO THE ADMINISTRATION BOARD OF

SEGURIDAD ERANDIO SOCIEDAD LIMITADA

VIZCAYA

Turnover

Total Sales 2016

1.236.174,66

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

Estimated Balance

Micro company whose volume of business for the 2016 fiscal year decreased by 13%. The subejct has been closing the year with losses that amount to five low figures since 2012. A moderately balanced financial status can be inferred from the Balance Sheet, as evidenced by the Liquidity Ratio (1,5/1), the Treasury Ratio (0,7/1) and the Total Solvency Ratio (2/1).

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

June 2017

2015

Normales

June 2016

2014

Normales

June 2015

2013

Normales

June 2014

2012

Normales

August 2013

2011

Normales

July 2012

2010

Normales

July 2011

2009

Normales

July 2010

2008

Normales

July 2009

2007

Normales

July 2008

2006

Normales

July 2007

2005

Normales

August 2006

2004

Normales

July 2005

2003

Normales

July 2004

2002

Normales

July 2003

2001

Normales

July 2002

2000

Normales

January 2002

1999

Normales

July 2000

1998

Normales

August 1999

1997

Normales

September 1998

1996

Normales

July 1997

1995

Normales

July 1996

1994

Normales

July 1995

1993

Normales

July 1994

1992

Normales

July 1993

1991

Normales

July 1992

1990

Normales

July 1991

1989

Normales

July 1990

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

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2016 2015 2014 2013 2012 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology.

ORIGINAL

Assets

2016

2015

2014

2013

2012

A) NON-CURRENT ASSETS: 11000

4.164.278,00

4.143.431,00

4.088.683,00

4.064.878,00

3.898.052,00

I. Intangible fixed assets : 11100

1.701,00

1.366,00

6.886,00

11.377,00

15.472,00

II. Tangible fixed assets : 11200

3.763.805,00

3.745.489,00

3.738.305,00

3.734.063,00

3.745.096,00

III. Real estate investment: 11300

0,00

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

229.619,00

235.021,00

198.334,00

176.562,00

0,00

V. Long-term financial investments: 11500

5.207,00

VI. Assets for deferred tax : 11600

163.946,00

156.348,00

139.953,00

137.669,00

132.278,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

4.052.587,00

3.877.123,00

3.966.628,00

3.914.552,00

4.213.248,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.252.337,00

2.104.471,00

2.148.684,00

1.956.473,00

2.106.688,00

III. Trade debtors and others receivable accounts: 12300

1.769.451,00

1.718.207,00

1.753.982,00

1.929.995,00

1.930.257,00

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

1.758.084,00

1.718.207,00

1.753.982,00

1.929.995,00

1.930.257,00

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

0,00

b) Customers for sales and provisions of services : 12382

1.758.084,00

1.718.207,00

1.753.982,00

1.929.995,00

1.930.257,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

11.366,00

0,00

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

0,00

50.882,00

V. Short-term financial investments : 12500

0,00

VI. Short-term accruals: 12600

0,00

16.397,00

0,00

VII. Cash and other equivalent liquid assets : 12700

30.799,00

54.445,00

63.962,00

11.686,00

125.421,00

TOTAL ASSETS (A + B) : 10000

8.216.865,00

8.020.554,00

8.055.311,00

7.979.430,00

8.111.300,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

3.961.690,00

3.986.625,00

4.016.411,00

4.041.813,00

4.067.126,00

A1) Shareholders' equity : 21000

3.961.690,00

3.986.625,00

4.016.411,00

4.041.813,00

4.067.126,00

I. Capital: 21100

841.417,00

1.- Registered capital: 21110

841.417,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

3.256.112,00

1. Capitalisation Reserves: 21350

168.283,00

0,00

2. Otras Reservas: 21360

3.087.828,00

0,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-110.903,00

-81.117,00

-55.715,00

-30.402,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-24.935,00

-29.786,00

-25.402,00

-25.313,00

-30.402,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

1.630.770,00

1.544.884,00

1.486.024,00

1.412.770,00

1.385.614,00

I. Long-term provisions: 31100

28.260,00

25.092,00

21.955,00

18.825,00

15.845,00

II. Long-term creditors : 31200

1.602.510,00

1.519.792,00

1.464.069,00

1.393.945,00

1.369.769,00

1.- Amounts owed to credit institutions: 31220

607.716,00

731.713,00

733.483,00

737.972,00

738.937,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

994.794,00

788.079,00

730.586,00

655.972,00

630.832,00

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

2.624.404,00

2.489.045,00

2.552.876,00

2.524.847,00

2.658.560,00

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

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

279.421,00

141.042,00

249.299,00

129.536,00

248.878,00

1.- Amounts owed to credit institutions: 32320

279.421,00

141.042,00

249.299,00

129.536,00

248.878,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

2.344.983,00

2.348.004,00

2.303.578,00

2.395.311,00

2.409.683,00

1.- Suppliers: 32580

49.316,00

34.543,00

37.244,00

85.736,00

88.899,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

49.316,00

34.543,00

37.244,00

85.736,00

88.899,00

2.- Other creditors : 32590

2.295.667,00

2.313.461,00

2.266.334,00

2.309.575,00

2.320.784,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

8.216.865,00

8.020.554,00

8.055.311,00

7.979.430,00

8.111.300,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

1.236.175,00

1.410.322,00

1.368.457,00

1.398.924,00

1.468.480,00

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

17.601,00

7.349,00

7.648,00

7.757,00

17.710,00

4. Supplies : 40400

-751.030,00

-906.378,00

-820.354,00

-853.913,00

-863.661,00

5. Other operating income: 40500

34.601,00

32.338,00

17.487,00

10.852,00

9.806,00

6. Personnel costs: 40600

-268.610,00

-263.801,00

-263.886,00

-245.043,00

-290.473,00

7. Other operating costs: 40700

-243.845,00

-234.222,00

-270.069,00

-305.592,00

-356.108,00

8. Amortisation of fixed assets: 40800

-1.689,00

-8.086,00

-12.429,00

-28.403,00

-41.595,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

32.355,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-12.562,00

-42.321,00

-118,00

25.639,00

2.763,00

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

10.641,00

-4.799,00

26.735,00

10.221,00

-20.724,00

14. Financial income : 41400

0,00

367,00

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

0,00

b) Other financial income: 41490

0,00

367,00

15. Financial expenditure: 41500

-27.078,00

-18.031,00

-25.024,00

-29.104,00

-37.255,00

16. Changes in fair value of financial instruments : 41600

-8.788,00

-9.179,00

-8.447,00

-8.840,00

11.459,00

17. Exchange rate differences : 41700

-7.585,00

-9.884,00

-2.269,00

4.074,00

5.102,00

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

-43.451,00

-37.094,00

-35.740,00

-33.870,00

-20.325,00

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

-32.810,00

-41.894,00

-9.005,00

-23.649,00

-41.049,00

20. Income taxes: 41900

7.874,00

12.108,00

-16.397,00

-1.664,00

10.647,00

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

-24.935,00

-29.786,00

-25.402,00

-25.313,00

-30.402,00

> 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:

4.000.332,00

3.987.083,00

3.948.730,00

3.927.209,00

3.765.774,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

1.701,00

1.366,00

6.886,00

11.377,00

15.472,00

III. Tangible fixed assets:

3.763.805,00

3.745.489,00

3.738.305,00

3.734.063,00

3.745.096,00

IV. Financial investments:

234.826,00

240.228,00

203.540,00

181.768,00

5.207,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

4.216.533,00

4.033.471,00

4.106.581,00

4.052.221,00

4.345.526,00

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

0,00

II. Stocks:

2.252.337,00

2.104.471,00

2.148.684,00

1.956.473,00

2.106.688,00

III. Debtors:

1.933.397,00

1.874.556,00

1.893.935,00

2.067.665,00

2.062.535,00

IV. Short-term investments:

0,00

50.882,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

30.799,00

54.445,00

63.962,00

11.686,00

125.421,00

VII. Prepayments and accrued income:

0,00

16.397,00

0,00

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

8.216.865,00

8.020.554,00

8.055.311,00

7.979.430,00

8.111.300,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

3.961.690,00

3.986.625,00

4.016.411,00

4.041.813,00

4.067.126,00

I. Subscribed capital:

841.417,00

II. Share premium:

0,00

III. Revaluation reserves:

18.946,00

IV. Reserves:

3.237.165,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

3.237.165,00

V. Profit or loss brought forward:

-110.903,00

-81.117,00

-55.715,00

-30.402,00

0,00

VI. Profit or loss for the financial year:

-24.935,00

-29.786,00

-25.402,00

-25.313,00

-30.402,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

28.260,00

25.092,00

21.955,00

18.825,00

15.845,00

D) LONG TERM LIABILITIES:

1.602.510,00

1.519.792,00

1.464.069,00

1.393.945,00

1.369.769,00

E) SHORT TERM CREDITORS:

2.624.404,00

2.489.045,00

2.552.876,00

2.524.847,00

2.658.560,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

8.216.865,00

8.020.554,00

8.055.311,00

7.979.430,00

8.111.300,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

1.313.312,00

1.479.795,00

1.418.994,00

1.472.559,00

1.578.445,00

A.1. Operating consumption:

751.030,00

906.378,00

820.354,00

853.913,00

863.661,00

A.2. Staff Costs:

268.610,00

263.801,00

263.886,00

245.043,00

290.473,00

a) Wages, salaries et al.:

229.726,00

225.614,00

225.687,00

209.571,00

248.425,00

b) Social security costs:

38.883,00

38.187,00

38.200,00

35.472,00

42.048,00

A.3. Depreciation expense:

1.689,00

8.086,00

12.429,00

28.403,00

41.595,00

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

0,00

A.5. Other operating charges:

243.845,00

234.222,00

270.069,00

305.592,00

356.108,00

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

23.203,00

37.522,00

26.854,00

0,00

A.6. Financial and similar charges:

27.078,00

18.031,00

25.024,00

29.104,00

37.255,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

27.078,00

18.031,00

25.024,00

29.104,00

37.255,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

8.788,00

9.179,00

8.447,00

8.840,00

0,00

A.8. Exchange losses:

7.585,00

9.884,00

2.269,00

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):

0,00

428,00

0,00

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

0,00

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

0,00

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

0,00

A.12. Extraordinary expenses:

12.562,00

42.321,00

118,00

0,00

A.13. Prior year expenses and losses:

0,00

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

0,00

25.639,00

35.119,00

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

0,00

A.14. Corporation Tax:

-7.874,00

-12.108,00

16.397,00

1.664,00

-10.647,00

A.15. Miscellaneous taxes:

0,00

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

0,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

1.288.376,00

1.450.009,00

1.393.592,00

1.447.246,00

1.548.043,00

B.1. Operating income:

1.288.376,00

1.450.009,00

1.393.592,00

1.417.533,00

1.495.995,00

a) Net total sales:

1.236.175,00

1.410.322,00

1.368.457,00

1.398.924,00

1.468.480,00

b) Miscellaneous operating income:

52.202,00

39.687,00

25.135,00

18.609,00

27.515,00

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

0,00

15.418,00

55.843,00

B.2. Financial income:

0,00

11.827,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

11.827,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

4.074,00

5.102,00

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

43.451,00

37.094,00

35.740,00

33.870,00

20.325,00

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

20.247,00

0,00

8.886,00

49.288,00

76.168,00

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

0,00

32.355,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

25.639,00

2.763,00

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):

12.562,00

42.321,00

118,00

0,00

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

32.810,00

41.894,00

9.005,00

23.649,00

41.049,00

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

24.935,00

29.786,00

25.402,00

25.313,00

30.402,00

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

-32.810,00

-41.894,00

-9.005,00

-23.649,00

-41.049,00

2. Results adjustments.: 61200

31.935,00

29.254,00

40.582,00

60.488,00

81.321,00

a) Fixed Assets Amortization (+).: 61201

1.689,00

8.086,00

12.429,00

28.403,00

41.595,00

c) Variation in Provision (+/-). : 61203

3.168,00

3.137,00

3.129,00

2.980,00

2.838,00

g) Financial income (-).: 61207

0,00

-367,00

h) Financial Expenses (+). : 61208

27.078,00

18.031,00

25.024,00

29.104,00

37.255,00

3. Changes in current capital equity.: 61300

-194.256,00

136.522,00

-107.931,00

168.926,00

421.259,00

a) Stock (+/-).: 61301

-147.867,00

44.213,00

-192.211,00

150.215,00

47.569,00

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

-51.243,00

35.775,00

176.013,00

261,00

318.543,00

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

0,00

16.397,00

34.485,00

49.118,00

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

4.854,00

56.534,00

-108.130,00

-16.035,00

6.030,00

4. Cash Flows from Other Operating Activities: 61400

-27.078,00

-18.031,00

-25.024,00

-29.104,00

-36.887,00

a) Interest payments (-). : 61401

-27.078,00

-18.031,00

-25.024,00

-29.104,00

-37.255,00

c) Interest collection (+). : 61403

0,00

367,00

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

-222.208,00

105.851,00

-101.378,00

176.660,00

424.644,00

6. Payments for investment (-).: 62100

-26.249,00

-60.268,00

-28.297,00

-181.953,00

-30.803,00

a) Companies of the group and affiliates. : 62101

0,00

-36.688,00

-21.772,00

-176.562,00

0,00

b) Intangible fixed assets. : 62102

-335,00

0,00

-15.159,00

c) Fixed assets. : 62103

-18.315,00

-7.185,00

-4.241,00

0,00

e) Other financial assets. : 62105

0,00

-4.606,00

h) Other assets. : 62108

-7.598,00

-16.395,00

-2.284,00

-5.391,00

-11.039,00

7. Divestment payment collection (+). : 62200

5.402,00

5.520,00

4.492,00

15.127,00

16.924,00

a) Companies of the group and affiliates. : 62201

5.402,00

0,00

b) Intangible fixed assets. : 62202

0,00

5.520,00

4.492,00

4.094,00

0,00

c) Fixed assets. : 62203

0,00

11.033,00

16.924,00

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

-22.535,00

-62.834,00

-36.234,00

-195.229,00

-55.474,00

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

0,00

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

221.097,00

-52.534,00

189.887,00

-95.166,00

-331.501,00

a) Issuance : 63201

345.094,00

57.493,00

194.376,00

25.141,00

36.224,00

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

138.379,00

0,00

119.763,00

0,00

5. Other debts (+). : 63206

206.715,00

57.493,00

74.614,00

25.141,00

36.224,00

b) Repayment and amortization of : 63207

-123.997,00

-110.027,00

-4.489,00

-120.307,00

-367.725,00

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

-123.997,00

-110.027,00

-4.489,00

-120.307,00

-367.725,00

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

0,00

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

221.097,00

-52.534,00

189.887,00

-95.166,00

-331.501,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-23.646,00

-9.517,00

52.276,00

-113.735,00

37.669,00

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

54.445,00

63.962,00

11.686,00

125.421,00

87.752,00

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

30.799,00

54.445,00

63.962,00

11.686,00

125.421,00

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:

-0,02 %

0,01 %

-0,01 %

0,02 %

-183,48 %

-35,64 %

Net Financial Debt:

74,37

3,19

35,22

3,74

111,14

-14,72

Cash Flow Yield:

0,00 %

0,01 %

-35,04 %

EBITDA over Sales:

2,01 %

11,01 %

3,23 %

11,51 %

-37,73 %

-4,31 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

0,29 %

3,88 %

0,48 %

4,58 %

-39,72 %

-15,38 %

Total economic profitability:

-0,07 %

3,39 %

-0,30 %

3,84 %

76,55 %

-11,68 %

Financial profitability:

-0,63 %

3,70 %

-0,75 %

4,67 %

15,76 %

-20,76 %

Margin:

1,80 %

6,08 %

2,59 %

7,44 %

-30,40 %

-18,26 %

Mark-up:

-1,57 %

7,26 %

0,03 %

8,66 %

-5.429,27 %

-16,22 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,01

0,27

0,02

0,23

-46,35

16,21

Acid Test:

0,69

1,07

0,71

0,97

-3,68

9,52

Working Capital / Investment:

0,17

0,12

0,17

0,10

0,43

25,84

Solvency:

1,61

1,66

1,62

1,48

-0,85

12,04

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,06

0,81

1,00

0,88

6,02

-7,96

Borrowing Composition:

0,61

1,13

0,61

1,09

0,00

3,69

Repayment Ability:

169,81

13,96

87,90

14,14

93,19

-1,30

Warranty:

1,94

2,24

2,00

2,14

-2,84

4,90

Generated resources / Total creditors:

-0,01

0,07

-0,01

0,10

-1,61

-23,86

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,09

1,52

1,17

1,57

-6,84

-3,19

Turnover of Collection Rights :

0,73

4,21

0,84

3,80

-13,72

10,88

Turnover of Payment Entitlements:

0,42

2,77

0,49

2,72

-12,66

1,95

Stock rotation:

0,56

2,63

0,67

2,90

-16,31

-9,37

Assets turnover:

0,16

0,64

0,19

0,62

-13,39

3,53

Borrowing Cost:

0,64

2,30

0,45

2,40

42,42

-4,15

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

Cash Flow

2016

2015

2014

2013

2012

Cash Flow over Sales:

-0,02 %

-0,01 %

0,04 %

-0,08 %

0,03 %

Net Financial Debt:

74,37

35,22

41,99

116,42

-104,81

Cash Flow Yield:

0,00 %

0,01 %

-0,01 %

0,00 %

EBITDA over Sales:

2,01 %

3,23 %

2,87 %

0,93 %

-0,97 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

0,29 %

0,48 %

0,34 %

-0,20 %

-0,29 %

Total economic profitability:

-0,07 %

-0,30 %

0,20 %

0,07 %

-0,05 %

Financial profitability:

-0,63 %

-0,75 %

-0,63 %

-0,75 %

Margin:

1,80 %

2,59 %

1,93 %

-1,09 %

-1,57 %

Mark-up:

-1,57 %

0,03 %

-0,64 %

-3,48 %

-2,93 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,01

0,02

0,03

0,00

0,05

Acid Test:

0,69

0,71

0,77

0,79

Working Capital / Investment:

0,17

0,18

0,17

0,19

Solvency:

1,61

1,62

1,61

1,60

1,63

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

1,06

1,00

0,99

0,97

0,99

Borrowing Composition:

0,61

0,57

0,55

0,52

Repayment Ability:

169,81

87,90

102,26

301,78

-282,75

Warranty:

1,94

2,00

2,01

2,04

2,01

Generated resources / Total creditors:

-0,01

0,00

Efficiency

2016

2015

2014

2013

2012

Productivity:

1,09

1,17

1,15

1,05

0,95

Turnover of Collection Rights :

0,73

0,84

0,79

0,73

0,78

Turnover of Payment Entitlements:

0,42

0,49

0,47

0,48

0,51

Stock rotation:

0,56

0,67

0,64

0,73

0,74

Assets turnover:

0,16

0,19

0,18

0,19

Borrowing Cost:

0,64

0,45

0,62

0,74

0,92

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

CAMARA DE COMERCIO DE BILBAO

Status

CONCEDIDA

Amount Granted

3.764,00

Entity

INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR

Status

CONCEDIDA

Amount Granted

1.361,00

Entity

CAMARA DE COMERCIO DE BILBAO

Status

CONCEDIDA

Project

PROFEX

Amount Granted

2.700,00

Entity

SOCIEDAD PARA LA PROMOCION Y RECONVERSION INDUSTRIAL

Status

CONCEDIDA

Amount Granted

3.998,00

Entity

CAMARA DE COMERCIO DE BIZKAIA

Status

CONCEDIDA

Amount Granted

900,00

Research Summary

The subject was incorporated in September 1986 with a Shareholder Equitythat amounted to Euro 841,416 Wholesale trade of work clothes, footwear and others.

Answer to additional question

The subject imports and markets work clothes, footwear and complements. It imports mainly from Asia and European countries. It markets through intermediaries and commercial agents. The current premises were inaugurated in 1995, having a storehouse of 1650 square metres and an additional hall of 1,100 square metres. It has 21 branches in Spain, one in France and others in Portugal and Central America.

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 67.82
UK Pound	1	INR 90.17
Euro	1	INR 78.70
Euro	1	INR 78.16

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	SYL

RATING EXPLANATIONS

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

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Founding Partners

Active Social Bodies

Historical Social Bodies

Executive board

Chronological summary

Basis for scoring

Probability of default

LEGAL CLAIMS

References

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

Answer to additional question

Sources

Unit