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BALANCE SHEETS
STATEMENTS OF OPERATIONS
years 2011, 2012, 2013, 2014 and 2015 the failure to record
the relative depreciation generates a decrease in profits these
years and also that these assets are not properly classified as
part of property, plant and equipment.
Disclaimer of Opinion
10.
In our opinion, because of the importance of the effects
of the matters described in paragraphs five (5) to nine (9), the
financial statements dont show reasonably all important
information about the financial position of TELAS NACIONALES
ERSA, S.A. DE C.V. at December 31 2015 and 2014, and its
financial performance and its cash flows for the years ended on
those dates, in accordance with accounting principles generally
accepted.
Emphasis on important issue
11.
Without modifying our opinion, it is important to put
attention to Note 5 to the financial statements. TELAS
NACIONALES ERSA, S.A. DE C.V. is a member of a group of
related companies, and has transactions/relationships with
other members of the group. In consequence of these
relationships, it is possible that the terms of these transactions
are not the same as those that result from transactions
between companies totally unrelated.
Assets
Assets Current
Cash
Note
2015
$
Related parties
Inventories
Prepaid expenses
Total asset current
Property, plant and equipment, net
Other assets
$
Liabilities and stockholders' equity
Liabilities Current
Short-term debt
Documents debt
Account payable to stockholders
Account payable
Related Parties
Accrued Liabilities
Total liabilities current
Stockholders' equity
Common stock
Asset revaluation surplus
Accumulated deficit/ retained earnings
Legal reserve
1
7
3,241,372
29,931,64
9
20,178,40
0
38,810,25
5
125,014
92,286,69
0
37,952,45
3
432,649
130,671,7
92
17,816,44
8
6,208,593
16,953,04
1
76,260,03
3
7,692,574
124,930,6
89
15,156,00
0
7,262,584
(16,921,57
2)
244,091
2014
$
4,074,076
31,589,55
3
21,840,91
8
40,005,07
1
374,978
97,884,59
6
44,498,88
9
628,933
143,012,4
18
18,312,04
4
1,574,592
6,174,661
34,786,63
6
51,557,42
3
4,992,592
117,397,9
48
15,156,00
0
7,262,584
2,951,795
244,091
5,741,103
130,671,7
92
25,614,47
0
$
143,012,4
18
Note
2015
$
10
Gross loss
10
Operating loss
11
102,862,0
74
(121,554,5
64)
(18,692,49
0)
2014
$
105,605,51
4
(119,791,3
01)
(14,185,78
7)
(2,141,674
)
(20,834,16
4)
(10,829,05
7)
(25,014,84
4)
(2,838,045
)
3,798,872
960,797
(11,244,57
9)
41,947,244
30,702,665
(19,873,36
7)
(5,687,821)
Common
stock
Balance December
31, 2009
Disposal
of
fixed
assets revalued
contributions cancel
against
retained
earnings
Adjustment
Net profit
Balances
as
of
December 31, 2010
Net loss
$ 65,000,00
0
(49,844,0
00)
$ 15,156,00
0
$ 15,156,00
0
Asset
revaluation
surplus
40,569,49
5
(33,306,91
1)
7,262,584
7,262,584
Accumulate
d deficit
(103,700,01
9)
Legal
Reserve
244,009
85,144,000
15,819,993
5,687,821
2,951,795
(19,873,367
)
(16,921,572
)
Legalize
capital
pending
35,300,00
0
(35,300,0
00)
82
Total
37,413,485
(33,306,91
1)
244,091
15,820,075
5,687,821
25,614,470
244,091
(19,873,36
7)
5,741,103
(19,873,36
7)
Adjustments
Previous years adjustment
Profit/Loss in assets sales
116,748
7,641,892
1,657,904
5,372,141
Inventories
Prepaid expenses
Other assets
(increase) / decrease in liabilities
Accounts payable
Documents debt
Account payable to stockholders
Related companies
Accrued Liabilities
Net cash flows from operating activities
1,194,816
249,964
196,284
(17,833,59
5)
(1,574,592
)
33,932
24,702,61
0
2,699,982
4,584,719
5,687,821
15,820,07
5
(49,993,73
7)
10,343,04
4
7,191,424
(13,499,51
8)
9,757,944
170,435
(196,276)
(33,405,38
7)
1,574,592
6,174,661
13,868,13
7
(145,297)
(26,652,08
2)
Investment activities
Sales of fixed assets
120,000
(1,332,204
)
(1,212,204
)
Financing activities
Paid of debt
(495,596)
(495,596)
2,876,919
101,967,6
22
(519,333)
364,453
3,241,372
101,448,2
89
(74,742,31
5)
(74,742,31
5)
53,892
$
310,561
364,453
(85,144,00
0)
(33,306,91
1)
and that different items have a cost or value that can be reliably
measured.
If in the future such estimates and assumptions that are based on
management's best criterion of the date of the financial statements
are modified with respect to the current circumstances, the original
estimates and assumptions will be appropriately modified in the year
in which produce such changes.
Foreign currency transactions. Foreign currency transactions are
recorded at exchange rates prevailing on the date of the transaction
and related balances are adjusted to the exchange rate prevailing at
the date of closing; profit or losses resulting from these adjustments
are recorded in the current year's results.
Financial instruments. The financial instruments included in the
balance sheet are: cash, bank balances, accounts receivable, notes
payable, bank loans and accounts payable.
Credit risk. Financial assets that represent a potential credit risk to the
company are main of cash, bank deposits, notes and accounts
receivable, loans payable. All cash, bank deposits are deposited in
financial institutions of high credit quality.
Fair value. The fair value of bank deposits, accounts receivable, bank loans and
accounts payable in approaches to fair values owing to of the short term.
NOTE 3. CURRENCY
The company remains accounting records in pesos, which is the
official currency of Mexico, shown with the symbol "$" in the
appended financial statements. The exchange rate against the dollar
of the United States of America is determined by the Central Bank of
Mexico. At December 31, 2015 and 2014, average prices for buying
and selling for every dollar were $12.4160 and 12.6609, respectively.
Customers
2015
4,777,274 $
2014
6,852,122
Prepaid to suppliers
Shareholders
Officers and employees
Other receivables
Less provision of bad debts
$
94,336
18,354,244
25,008
6,737,428
29,988,290
(56,641)
29,931,649 $
46,066
17,953,673
138,884
6,655,449
31,646,194
(56,641)
31,589,553
Accounts receivables
Servicios Multiples, S.A.
2015
3,608,802 $
*
3,766,718
*
68,330
2014
8,835,188*
3,766,738*
22,669
12,285,65
5
75,250
12,483,297
373,645
373,645
20,178,40 $
0
69,004
25,550,541
Accounts payable
Productos Textiles del Centro,
S.A. de C.V.
$
Distribuidora Textiles, S.A.
C.V.
GA, S.A. de C.V.
Modas Textiles, S.A. de C.V.
Innovaciones Textiles, S.A.
de
44,089,23 $
2
3,694,879
*
5,861,778
2,951,282
19,129,77
4
19,995,399
3,077,535*
7,373,357
3,225,500
17,305,144
47,400
533,088
76,260,03 $
3
533,088
51,557,423
NOTE 6. INVENTORIES.
Inventories at December 31 were formed as follows: -
Finished goods
Work-in-process
Raw material
Spare parts
$
2015
5,486,061 $
13,726,90
2
14,359,59
8
5,237,694
38,810,25 $
5
2014
6,508,947
14,920,083
13,514,486
5,061,555
40,005,071
2015
2014
Finished goods
Work-in-Process
Raw material
Spare parts
2,633,309
6,588,913
6,892,607
2,514,093
18,628,92
2
2,603,579
5,968,033
5,405,794
2,024,622
16,002,028
2015
Book value at beginning
of year
(+) Asset investments
(-) Disposal of fixed
assets
(+)
Removal
of
depreciation
(-) Depreciation
Book value at end of
year
At December 31,
The cost
Revaluation
Accumulated
depreciation
Books value, net
5,470,595
machinery
and
equipmen
t and the
revaluatio
n
35,034,44
3
490,516
Furniture
and
equipmen
t
Constructi
on in
progress
32,489
3,944,977
16,385
44,498,889
365,326
(325,191)
259,261
(16,385)
1,115,103
(341,576)
Vehicles
Total
321,929
(1,494,13
1)
3,976,464
(5,376,68
1)
30,148,27
8
15,092,23
4
88,514,22
7
7,262,584
(65,628,5
33)
30,148,27
8
(11,115,7
70)
3,976,464
321,929
(771,080)
(7,641,892)
397,815
3,433,158
37,952,453
3,289,00
2
13,760,42
7
120,655,89
0
(2,894,44
9)
394,553
(10,327,2
69)
3,433,158
(89,966,021
)
37,952,453
3,248,86
7
13,501,16
6
(3,216,37
8)
32,489
(9,556,18
9)
3,944,977
2014
The cost
Revaluation
Accumulated
depreciation
Books value, net
15,092,23
4
(9,621,63
9)
5,470,595
88,023,71
1
7,262,584
(60,251,8
52)
35,034,44
3
16,385
16,385
119,882,36
3
7,262,584
(82,646,058
)
44,498,889
NOTE 9. SUPPLIERS.
Supplier Balances at December 31 are shown as follows: 2015
2014
In foreign currency (Dollars of the
United States of America)
$ 9,314,72 $ 17,184,986
0
Domestic currency
7,638,32
17,601,650
1
$ 16,953,0 $ 34,786,636
41
2015
121,554,564 $
1,001,870
423,287
2014
119,791,301
4,892,254
2,895,589
1,185,742
692,825
231,652
258,278
3,528
148,858
Fees
Materials and supplies
Export expenses
Total
Total of expenses
457,183
55,981
203,353
2,141,674
123,696,238 $
247,393
57,479
215,459
10,829,057
130,620,358