MIRA INFORM REPORT

Report Date :

02.12.2013

IDENTIFICATION DETAILS

Name :	BERLIMED SA
Registered Office :	Calle Francisco Alonso, 7 .P.I. Santa Rosa- - Alcala De Henares - 28806 - Madrid
Country :	Spain
Financials (as on) :	2011
Date of Incorporation :	06.10.1995
Legal Form :	Private Company
Line of Business :	· Manufacturer of pharmaceutical preparations producer of soft gelatin capsules. Liquid dosage forms, including drops, therapeutic and ionic and non-ionic contrast means therapeutic
No. of Employees :	295

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Spain	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Spain ECONOMIC OVERVIEW

After almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.

Source : CIA

EXECUTIVE SUMMARY

Name:	BERLIMED SA
NIF / Fiscal code:	A81254765
Status:	ACTIVE
Incorporation Date:	06/10/1995
Register Data	Register Section 8 Sheet 158384
Last Publication in BORME:	11/10/2013 [Reelections]
Last Published Account Deposit:	2012
Share Capital:	17.489.452,24
Localization:	CALLE FRANCISCO ALONSO, 7 .p.i. Santa Rosa- - ALCALA DE HENARES - 28806 - MADRID
Telephone - Fax - Email - Website:	Ph.:. 918871400   Email. info@juste.net    Website. www.berlimed.es
Operating Address	Avda. Baix Llobregat, 3 y 5 08970 Sant Joan Despí (Barcelona) Spain phone: +34 93 2284000 fax: +34 93 2174149 http://www.bayer.es
Activity:
NACE:	2120 - Manufacture of pharmaceutical preparations
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	0 for a total cost of 0
Quality Certificate:	No
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)		1	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

BAYER HISPANIA SL	100 %
JUSTE SAQF	49 %
SCHERING ESPAÑA SA	51 %
Shares:	0
Other Links:	18
No. of Active Corporate Bodies:

Ratios

2011

2010

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The company was incorporated in October, 1995. It is engaged in the production of soft gelatin capsules. Liquid dosage forms, including drops, therapeutic and ionic and non-ionic contrast means therapeutic. It has 295 employees. According to all this information, commercial relations can be envisaged in normal credit operations. The last balance sheet for this company is not yet available. An updated report will be sent as soon as we get the latest financial information.
Interviewed Person:	---

Enquiry details

Identification
Social Denomination:	BERLIMED SA
NIF / Fiscal code:	A81254765
Corporate Status:	ACTIVE
Start of activity:	1995
Registered Office:	CALLE FRANCISCO ALONSO, 7 .p.i. Santa Rosa-
Locality:	ALCALA DE HENARES
Province:	MADRID
Postal Code:	28806
Telephone:	918871400
Fax:	918871401
Website:	www.berlimed.es
Email:	info@juste.net
Interviewed Person:	Administración

Activity
NACE:	2120
Additional Information:	It produces soft gelatin capsules. Liquid dosage forms, including drops, therapeutic and ionic and non-ionic contrast means therapeutic.
Additional Address:	CALLE FRANCISCO ALONSO, 7 .p.i. Santa Rosa-28806 ALCALA DE HENARES, MADRID, registered address, office and other premises, with more than 13000 square metres built.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2013	295

Chronological Summary
	Year	Act
	1995	Appointments/ Re-elections (2) Company Formation (1)
	1996	Accounts deposit (ejer. 1995) Change of Social Purpose (1) Dividends Payment (1) Increase of Capital (1) Statutory Modifications (1)
	1997	Accounts deposit (ejer. 1996) Increase of Capital (2)
	1998	Accounts deposit (ejer. 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Increase of Capital (4) Statutory Modifications (1)
	1999	Accounts deposit (ejer. 1998) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	2000	Accounts deposit (ejer. 1999 consolidated) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Change of Social address (1)
	2001	Accounts deposit (ejer. 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2002	Accounts deposit (ejer. 2001)
	2003	Accounts deposit (ejer. 2002)
	2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (1)
	2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (4)
	2009	Accounts deposit (ejer. 2008) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1)
	2010	Accounts deposit (ejer. 2009) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (2) Declaration of Sole Propietorship (1)
	2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
	2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	LA FABRICACION,VENTA Y DISTRIBUCION DE PRODUCTOS QUIMICOS Y FARMACEUTICOS.	Company Formation	26/10/1995

Breakdown of Owners' Equity
Registered Capital:	17.489.452,24
Paid up capital:	17.489.452,24

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
06/10/1995	Company Formation	60.101	15.025	60.101	15.025
10/05/1996	Capital call payment	---	45.076	60.101	45.076
22/10/1996	Increase of Capital	3.005.061	3.005.061	3.065.162	3.065.162
27/01/1997	Increase of Capital	1.202.024	1.202.024	4.267.186	4.267.186
24/10/1997	Increase of Capital	2.404.048	2.404.048	6.671.234	6.671.234
02/02/1998	Increase of Capital	3.005.061	3.005.061	9.676.295	9.676.295
25/04/1998	Increase of Capital	3.005.061	3.005.061	12.681.355	12.681.355
25/06/1998	Increase of Capital	3.606.073	3.606.073	16.287.428	16.287.428
28/12/1998	Increase of Capital	1.202.024	1.202.024	17.489.452	17.489.452

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	BAYER HISPANIA SL	18/05/2011	1
PRESIDENT	KRAUSE RAINER ERICH	30/01/2012	3
VICE CHAIRMAN	WOZNIEWSKI THOMAS	30/01/2012	3
MEMBER OF THE BOARD	SAEZ CASAS ANTONIO	30/01/2012	6
	KRAUSE RAINER ERICH	21/12/2010	3
COMBINED PROXY	MARTINEZ JORGE MANUEL	18/04/2013	2
JOINT ATTORNEY	MARTINEZ JORGE MANUEL	18/04/2013	2
	FERNANDEZ BERROCAL CRISTINA	14/06/2011	1
	LOPEZ SIERRA ABEL	14/06/2011	1
	GARCIA CORCOBADO JOSE LUIS	14/06/2011	1
	MARQUEZ PERDIGON ESTHER	14/06/2011	1
	SIMON GUERRERO FERNANDO	03/01/2011	1
JOINT ATTORNEY/COMBINED PROXY	SCHMIDT SIMON ALEXANDER	14/06/2011	1
	DALIBARD PASCAL ROGER	30/08/2010	1
	KLOCKEWITZ KATJA TINA	30/08/2010	1
	GODDE JOACHIM HEINRICH	30/08/2010	1
	SCHMITZ STEFAN KARL	30/08/2010	1
	TRAPPMANN NINA	30/08/2010	1
PROXY	ORTEGA SANCHEZ-TOBOSO PEDRO ANTONIO	30/05/2013	1
	NIETO SATOCA JESUS	30/05/2013	1
	ZEA CABRERA LUZ MARIA	30/05/2013	1
	CASTELLANOS RODRIGUEZ ALBERTO	10/01/2013	1
	DELGADO FERNANDEZ ELIGIO	22/09/2012	9
	CURTO CAPDEVILA MISERICORDIA	22/09/2012	1
	CAMPOY MARTINEZ BERTA	22/09/2012	1
	MONTERO DIAZ MIGUEL ANGEL	22/09/2012	1
	LANGNER MANFRED HELMUT	22/09/2012	1
	OEHL MICHAEL HEINRICH	22/09/2012	1
	STEINHANSES SABINE	22/09/2012	1
	SOARES DA CRUZ RICARDO	25/05/2012	1
	ALMIÑANA CAMPABADAL ANA MARIA	25/05/2012	1
	MANSERGAS SELLENS SERGIO	25/05/2012	1
	ROSS CHRISTINA	25/05/2012	1
	LEON CARRERAS FRANCESC	25/05/2012	3
	JORDAN ONCINS MARIA PILAR	07/02/2011	1
	ARBOIX DE LA TORRE MARIA ROSA	07/02/2011	1
	MEDINA PAREDES MARTA	07/02/2011	1
	ENGUIX ANDUCAS MARTA	07/02/2011	1
	FORSTER GRIT	21/09/2009	1
	LUTZ SEEGER FRANK	01/09/2009	2
	CABRERA FORNEIRO LUISA	01/09/2009	2
	VOM HOFE KIRSTIN KALAU	27/11/2008	1
	MANRIQUE MORA MARIA DEL ROCIO	17/08/2007	1
	NEBOT ASCASO JUAN CARLOS	17/08/2007	1
	COSCULLUELA GIRAL BENJAMIN	17/08/2007	1
	BALDENWEG ANNETTE	17/08/2007	1
	COMPANY MONTORY MONTSERRAT	17/08/2007	1
	CAMPOY BENEDICTO JAVIER	17/08/2007	1
	SOLER ESTEVE ESPERANZA	17/08/2007	1
	JIMENEZ GUILLEN MARIA TERESA	17/08/2007	1
	SCHMIDT JURGEN	17/08/2007	1
	SAEZ CASAS ANTONIO	17/08/2007	6
	MARTIN SANCHEZ GREGORIO	17/08/2007	1
	HERNANDEZ MARTINEZ MARIA ISABEL	17/08/2007	1
	KALAU VOM HOFE KIRSTIN	17/08/2007	1
	PUIGBERT RIBES JOSE	17/08/2007	1
	JUSTE BELLOSILLO FRANCISCO	22/09/1999	1
SECRETARY	SAEZ CASAS ANTONIO	30/01/2012	6
ACCOUNTS' AUDITOR / HOLDER	PRICE WATERHOUSE COOPERS AUDITORES SL	02/10/2013	5

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ANGULO GARCIA FRANCISCO JAVIER	PROXY	08/05/2001	4
	PROXY	15/02/2005
	JOINT ATTORNEY	21/07/2006
	PROXY	17/08/2007
AYALA GARCES SANTIAGO	PROXY	12/04/2000	4
	PROXY	27/01/1998
	MEMBER OF THE BOARD	22/09/1999
	PROXY	22/09/1999
BACH JOACHIM	JOINT ATTORNEY/COMBINED PROXY	14/06/2011	1
BAJA ADRIAN JOSEF	JOINT ATTORNEY/COMBINED PROXY	14/06/2011	1
BDO AUDIBERIA AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	28/01/2008	4
	ACCOUNTS' AUDITOR / HOLDER	22/09/2004
	ACCOUNTS' AUDITOR / HOLDER	18/07/2005
	ACCOUNTS' AUDITOR / HOLDER	09/08/2006
BELLON FERNANDEZ JAVIER	PROXY	12/04/2000	4
	PROXY	20/11/2000
	PROXY	15/02/2005
	PROXY	08/05/2001
BERCERUELO GONZALEZ JOSE LUIS	PROXY	10/01/2013	1
BERTRAM FRANK	MEMBER OF THE BOARD	30/01/2012	2
	PRESIDENT	30/01/2012
BOHN MICHAEL GUSTAV	MEMBER OF THE BOARD	17/08/2007	2
	SECRETARY	17/08/2007
BRACKMANN NICK BENJAMIN	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
CABRERA FORNEIRO LUISA	PROXY	01/09/2009	2
CAMPOY BENEDICTO JORGE	PROXY	14/06/2011	1
CASSIDY DENIS	PROXY	01/08/2008	11
	PROXY	17/08/2007
	PROXY	15/02/2005
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
	MEMBER OF THE BOARD	22/05/2008
	PROXY	22/09/1999
	PROXY	12/04/2000
	PROXY	20/11/2000
	PROXY	08/05/2001
	MEMBER OF THE BOARD	18/07/2005
	MEMBER OF THE BOARD	25/09/2000
CODINA NESPLE AGUSTIN	PROXY	14/06/2011	1
DE HARO NAVARRO ANTONIO	PROXY	27/11/2008	1
DEHELLY CHRISTELLE	PROXY	10/01/2013	1
DELGADO FERNANDEZ ELIGIO	JOINT ATTORNEY/COMBINED PROXY	21/07/2006	9
	PROXY	15/02/2005
	PROXY	17/08/2007
	PROXY	22/09/2012
	PROXY	12/04/2000
	PROXY	20/11/2000
	PROXY	27/01/1998
	PROXY	08/05/2001
DURANTEZ GARCIA MANUEL	PROXY	20/11/2000	6
	PROXY	12/04/2000
	PROXY	17/08/2007
	PROXY	15/02/2005
	PROXY	08/05/2001
	COMBINED PROXY	21/07/2006
ENGEL BETTINA ELFRIEDE	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
ESSER WINFRIED	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
GALDINI BRUNO	PROXY	27/11/2008	2
	JOINT ATTORNEY/COMBINED PROXY	10/01/2013
GARRIDO FUENTES SERGIO	PROXY	14/06/2011	1
GIERLICHS OLIVER	PROXY	03/01/2011	1
GIL GREGORIO JAIME	PROXY	27/11/2008	1
GOMEZ CARRILLO CARRASCO FRANCISCO JAVIER	PROXY	20/11/2000	6
	PROXY	27/11/2008
	JOINT ATTORNEY	21/07/2006
	PROXY	15/02/2005
	PROXY	08/05/2001
	PROXY	17/08/2007
GONZALEZ SANCHEZ FRANCISCO JAVIER	PROXY	12/04/2000	2
	PROXY	20/11/2000
GRUNROSENBERGER HEIDEMARIE	JOINT ATTORNEY/COMBINED PROXY	14/06/2011	1
HAUMESSER WINFRIED	MEMBER OF THE BOARD	25/09/2000	3
	MEMBER OF THE BOARD	18/07/2005
	MEMBER OF THE BOARD	17/08/2007
JUAN MONTEJO ANTONIO	COMBINED PROXY	21/07/2006	2
	PROXY	17/08/2007
JUAN MONTEL ANTONIO	COMBINED PROXY	21/07/2006	1
JUSTE BELLOSILLO FRANCISCO DE ASIS	PROXY	20/11/2000	6
	PROXY	12/04/2000
	PROXY	17/08/2007
	PROXY	08/05/2001
	PROXY	15/02/2005
	COMBINED PROXY	21/07/2006
JUSTE BELLOSILLO INES	MEMBER OF THE BOARD	27/07/2009	1
JUSTE SESE RAFAEL	MEMBER OF THE BOARD	27/07/2009	15
	VICE CHAIRMAN	27/07/2009
	PROXY	01/09/2009
	PROXY	15/02/2005
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
	MEMBER OF THE BOARD	18/07/2005
	VICE CHAIRMAN	18/07/2005
	VICE CHAIRMAN	09/08/2006
	PROXY	17/08/2007
	PROXY	20/11/2000
	PROXY	08/05/2001
	MEMBER OF THE BOARD	20/11/1995
	PROXY	27/01/1998
	PROXY	22/09/1999
	PROXY	12/04/2000
KANTHAK RAIMUND	JOINT ATTORNEY/COMBINED PROXY	21/07/2006	3
	PROXY	15/02/2005
	PROXY	17/08/2007
KRAUSE RAINER ERICH	VICE CHAIRMAN	30/01/2012	3
LEON CARRERAS FRANCESC	JOINT ATTORNEY/COMBINED PROXY	23/12/2011	3
	JOINT ATTORNEY/COMBINED PROXY	25/05/2012
LOTZE ANDREAS	JOINT ATTORNEY/COMBINED PROXY	30/05/2013	1
LUTZ SEEGER FRANK	JOINT ATTORNEY/COMBINED PROXY	01/09/2009	2
MARTIN PRADA ADOLFO	MEMBER OF THE BOARD	09/08/2006	12
	SECRETARY	09/08/2006
	PROXY	20/11/2000
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
	MEMBER OF THE BOARD	18/07/2005
	PROXY	08/05/2001
	PROXY	15/02/2005
	SECRETARY	18/07/2005
	PROXY	12/04/2000
	MEMBER OF THE BOARD	20/11/1995
	PROXY	27/01/1998
	PROXY	22/09/1999
MICHAEL GUSTAV BOHN	PROXY	17/08/2007	1
MONTANE DIAZ ESTHER	PROXY	22/09/2012	1
NADAL CUENCA PEDRO	MEMBER OF THE BOARD	27/01/1998	2
	PROXY	27/01/1998
OHNESORGE HANS JOACHIM	MEMBER OF THE BOARD	25/09/2000	12
	MEMBER OF THE BOARD	18/07/2005
	MEMBER OF THE BOARD	09/08/2006
	PROXY	27/01/1998
	PROXY	22/09/1999
	PROXY	12/04/2000
	PROXY	20/11/2000
	PROXY	08/05/2001
	PROXY	15/02/2005
	PRESIDENT	18/07/2005
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
	PRESIDENT	09/08/2006
PERERA MANZANEDO FERNANDO	PROXY	14/06/2011	2
	PROXY	01/09/2009
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	06/09/2010	5
	ACCOUNTS' AUDITOR / HOLDER	15/09/2011
	ACCOUNTS' AUDITOR / HOLDER	17/09/2012
	ACCOUNTS' AUDITOR / HOLDER	02/10/2013
ROMERO CASTILLO JOSE MIGUEL	PROXY	27/01/1998	1
RUBENSDOERFER CLAUS	PROXY	18/04/2013	1
RUBENSDOERFER KLAUS	PROXY	17/08/2007	1
SAEZ CASAS ANTONIO	MEMBER OF THE BOARD	27/07/2009	6
	SECRETARY	27/07/2009
	SECRETARY	30/01/2012
SANPERE DIAZ ANA	PROXY	25/05/2012	1
SCHRODER FRANCK	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
SCHULZE UTE DOROTHEE	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
SCHWARK DIETMAR	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
VALDIVIELSO BUSTO ALBERTO	MEMBER OF THE BOARD	27/07/2009	1
VAN DEL LOO THEODORUS CLEMENS MARIA	MEMBER OF THE BOARD	21/12/2010	2
	VICE CHAIRMAN	21/12/2010
VAN DER LOO THEODORUS	PROXY	17/08/2007	3
	MEMBER OF THE BOARD	17/08/2007
	PRESIDENT	17/08/2007
VILALTA DE MIGUEL DANIEL	PROXY	14/06/2011	1
WENDELBERGER VERENA	PROXY	21/09/2009	1
WIEGOLD ANDREAS	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
WINKLER KLAUS HERBERT	PROXY	20/11/2000	4
	PROXY	08/05/2001
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
	PROXY	15/02/2005
WOZNIEWSKI THOMAS	MEMBER OF THE BOARD	30/01/2012	3
	MEMBER OF THE BOARD	05/09/2011
WUSSOW-MESSOW GABY	JOINT ATTORNEY/COMBINED PROXY	14/06/2011	1
ZUMBAUM ARNE	MEMBER OF THE BOARD	22/05/2008	1

Executive board

Post	NIF	Name
CHAIRMAN		KRAUSE RAINER ERICH
VICE CHAIRMAN		WOZNIEWSKI THOMAS

Defaults, Legal Claims and Insolvency Proceedings

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

Summary

Chronological summary

		Number of Publications	Amount (_)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		1	---	21/03/2012	21/03/2012
Notices of defaults and enforcement		1	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

Basis for rating

Positive Factors

Adverse Factors

It has been found to have regular payment performance and has paid all of its debts in a timely manner. Productivity increase. Its salaried staff productivity has increased with respect to the previous fiscal year. ROE amplifying effect. Total Economic Rate of Return in 2011 is higher than the Borrowing Cost; therefore, the leverage is higher than the unit and has a ROE amplifying effect. This, in principle, indicates that the company's ROI is higher than its investment financing cost. Adequate long-term solvency. As Real Assets exceed total debts, it offers, in principle, real property guarantee for settlement of long-term obligations to third parties. It has operating income return. It has return on the investments necessary for performance of its main activity with respect to its assets. This yield is lower than that of fiscal year 2011.

BERLIMED SA 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient. Financial Cost Increase. Its average financial expense in 2011 with respect to its operating gross result is 7.58%. As this value is higher than that of the previous fiscal year, the financial situation may be deteriorated. Solvency decrease. Its capacity to bear the cost derived form debts incurred with third parties has decreased significantly in its last fiscal year.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  3.8 %

> Latest Rating Changes :

Sector in which comparison is carried out : 212 Manufacture of pharmaceutical preparations
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 54.00% of the companies of the sector BERLIMED 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 3.77%.

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)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	1 Incidence for a total cost of 0,00 E
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Procedimientos ante Juzgados de lo Social	No se han publicado

Incidences Detailed

Incidences with the Local Administration

 PROCESSED BY THE LOCAL GOVERNMENT DE MADRID - Date 21/03/2012

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	12073015010
Amount of the incidence:	0,00 E
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	BOLETIN OFICIAL DEL AYUNTAMIENTO DE MADRID Nº6650, 2012 PAGINA 217

Guarantees

  References

  Clients

Name	NIF	Telephone
GRUPO BAYER

Link List

IS RELATED WITH:	18 Entities
SHAREHOLDERS:	3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	BAYER HISPANIA SL	BARCELONA	100
SHAREHOLDERS	JUSTE SAQF		49
	SCHERING ESPAÑA SA	MADRID	51

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	INTENDIS, S.A.
	BAYER SPA
	BAYER BUSSINES SERVICES, S.A.
	BAYER CONSUMER CARE AG
	BAYER DIRECT SERVICES, S.A.
	BAYER HEALTCARE AG
	BAYER MATERIALSCIENCE SL	BARCELONA
	BCH MANUFACTURING, S.L.
	INTENDIS SPA
	BAYER HEALTHCARE LLC
	BAYER, S.A.
	BAYER PHARMA AKTIENGESELLSCHAFT
	BAYER SANTE FAMILIALE SAS
	DYNEVO, S.A.
	GP GRENZACH PRODUKTIONS, S.A.
	BAYER AG	desconocida
	B O D ARQUITECTURA E INGENIERIA S.A	MADRID
IS RELATED WITH	JUSTE SOCIEDAD ANONIMA QUIMICO FARMACEUTICA	MADRID

Turnover
Total Sales 2012	39.000.000

Estimated Balance

2012 Non current assets 25.500.000 Current assets 16.500.000 Net equity 24.800.000 Non current liabilities 300.000 Current liabilities 16.900.000 Total assets- liabilities 42.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Normales	September  2013
2011	Normales	July  2012
2010	Normales	September  2011
2009	Normales	July  2010
2008	Normales	November  2009
2007	Normales	October  2008
2006	Normales	November  2007
2005	Normales	August  2006
2004	Normales	July  2005
2003	Normales	December  2004
2002	Normales	August  2003
2001	Normales	September  2002
2000	Normales	September  2001
1999	Consolidadas	August  2000
1999	Normales	No publicado en BORME
1998	Normales	September  1999
1997	Normales	October  1998
1996	Normales	October  1997
1995	Normales	August  1996

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 31/12/2011

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

Information corresponding to the fiscal year 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2011 2010 2009 2008  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Assets	2011	2010	2009	2008	2007
A) NON-CURRENT ASSETS: 11000	25.215.000,00	25.949.000,00	23.775.000,00	21.980.000,00	21.961.429,00
I. Intangible fixed assets : 11100	1.538.000,00	2.236.000,00	27.000,00	31.000,00	27.000,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	1.538.000,00	2.236.000,00	27.000,00	31.000,00	27.000,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	23.407.000,00	23.419.000,00	23.571.000,00	21.730.000,00	21.581.000,00
1. Land and buildings: 11210	11.037.000,00	9.529.000,00	9.636.000,00	9.519.000,00	5.418.045,00
2. Technical installations and other tangible fixed assets: 11220	11.929.000,00	11.827.000,00	11.257.000,00	9.399.000,00	13.778.955,00
3. Tangible asset in progress and advances: 11230	441.000,00	2.063.000,00	2.678.000,00	2.812.000,00	2.384.000,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	164.000,00	182.000,00	21.000,00	21.000,00	21.000,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	164.000,00	182.000,00	21.000,00	21.000,00	21.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	106.000,00	112.000,00	156.000,00	198.000,00	332.429,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	18.866.000,00	21.654.000,00	18.195.000,00	19.903.000,00	23.158.571,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	10.361.000,00	10.955.000,00	9.095.000,00	7.999.000,00	7.266.000,00
1. Commercial: 12210	0,00	0,00	0,00	4.691.000,00	5.083.000,00
2. Primary material and other supplies: 12220	7.330.000,00	7.293.000,00	5.245.000,00	0,00	1.678.000,00
3. Work in progress: 12230	1.771.000,00	2.375.000,00	2.800.000,00	2.213.000,00	505.000,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	1.771.000,00	2.375.000,00	2.800.000,00	2.213.000,00	505.000,00
4. Finished goods: 12240	1.260.000,00	1.287.000,00	1.050.000,00	1.095.000,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	1.260.000,00	1.287.000,00	1.050.000,00	1.095.000,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	8.476.000,00	10.662.000,00	9.091.000,00	11.877.000,00	9.076.571,00
1. Trade debtors / accounts receivable: 12310	4.673.000,00	4.227.000,00	3.637.000,00	7.042.000,00	136.000,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	4.673.000,00	4.227.000,00	3.637.000,00	7.042.000,00	136.000,00
2. Customers, Group companies and associates : 12320	3.625.000,00	6.261.000,00	4.484.000,00	4.450.000,00	8.405.000,00
3. Other accounts receivable: 12330	110.000,00	5.000,00	38.000,00	9.000,00	0,00
4. Personnel: 12340	30.000,00	43.000,00	177.000,00	85.000,00	47.000,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	38.000,00	126.000,00	755.000,00	291.000,00	488.571,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	0,00	6.467.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	6.467.000,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	27.000,00	35.000,00	0,00	22.000,00	0,00
VII. Cash and other equivalent liquid assets : 12700	2.000,00	2.000,00	9.000,00	5.000,00	349.000,00
1. Treasury: 12710	0,00	2.000,00	9.000,00	5.000,00	349.000,00
2. Other equivalent liquid assets: 12720	2.000,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	44.081.000,00	47.603.000,00	41.970.000,00	41.883.000,00	45.120.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Liabilities and Net Worth	2011	2010	2009	2008	2007
A) NET WORTH: 20000	24.654.000,00	24.264.000,00	23.397.000,00	22.808.000,00	21.941.000,00
A-1) Shareholders' equity: 21000	24.654.000,00	24.264.000,00	23.397.000,00	22.808.000,00	21.941.000,00
I. Capital: 21100	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00
1. Registered capital : 21110	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	6.775.000,00	5.908.000,00	5.319.000,00	4.452.000,00	2.508.000,00
1. Legal and statutory: 21310	709.000,00	622.000,00	563.000,00	276.000,00	276.000,00
2. Other reserves: 21320	6.066.000,00	5.286.000,00	4.756.000,00	4.176.000,00	2.232.000,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	-4.239.000,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	-4.239.000,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	4.178.000,00
VII. Result of the period: 21700	390.000,00	867.000,00	589.000,00	867.000,00	2.005.000,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	375.000,00	395.000,00	385.000,00	294.000,00	0,00
I. Long-term provisions: 31100	375.000,00	395.000,00	385.000,00	294.000,00	0,00
1. Long-term employee benefits liability: 31110	375.000,00	395.000,00	385.000,00	294.000,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	0,00	0,00	0,00	0,00	0,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	19.052.000,00	22.944.000,00	18.188.000,00	18.781.000,00	23.179.000,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	4.000,00	34.000,00	69.000,00	0,00	0,00
III. Short-term creditors : 32300	0,00	0,00	0,00	11.000,00	616.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	0,00	0,00	0,00	1.000,00	0,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	10.000,00	616.000,00
IV. Short-term debts with Group companies and associates: 32400	14.026.000,00	14.921.000,00	11.361.000,00	13.395.000,00	17.604.234,00
V. Trade creditors and other accounts payable: 32500	5.007.000,00	7.950.000,00	6.758.000,00	5.375.000,00	4.958.766,00
1. Suppliers: 32510	2.090.000,00	4.042.000,00	3.708.000,00	2.112.000,00	2.101.763,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.090.000,00	4.042.000,00	3.708.000,00	2.112.000,00	2.101.763,00
2. Suppliers, Group companies and associates: 32520	546.000,00	1.206.000,00	330.000,00	728.000,00	956.766,00
3. Other creditors: 32530	359.000,00	707.000,00	820.000,00	570.000,00	567.237,00
4. Personnel (remuneration due): 32540	1.637.000,00	1.652.000,00	1.494.000,00	1.290.000,00	729.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	307.000,00	274.708,00
6. Otras deudas con las Administraciones Públicas. : 32560	375.000,00	343.000,00	406.000,00	368.000,00	329.292,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	15.000,00	39.000,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	44.081.000,00	47.603.000,00	41.970.000,00	41.883.000,00	45.120.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Profit and Loss	2011	2010	2009	2008	2007
1. Net turnover: 40100	38.946.000,00	36.562.000,00	36.714.000,00	35.037.000,00	32.302.000,00
a) Sales: 40110	35.628.000,00	36.562.000,00	36.714.000,00	35.037.000,00	32.302.000,00
b) Rendering of services: 40120	3.318.000,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	-632.000,00	-180.000,00	557.000,00	1.158.000,00	-303.000,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-14.584.000,00	-15.795.000,00	-17.417.000,00	-17.339.000,00	-15.283.000,00
a) Stock consumption: 40410	0,00	-16.113.000,00	-17.316.000,00	-17.475.000,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-14.658.000,00	0,00	0,00	0,00	-15.280.000,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	-3.000,00
d) Impairment of stock, primary material and other supplies: 40440	74.000,00	318.000,00	-101.000,00	136.000,00	0,00
5. Other operating income: 40500	225.000,00	4.055.000,00	1.196.000,00	2.113.000,00	2.349.000,00
a) Auxiliary income and other from current management: 40510	225.000,00	4.055.000,00	1.196.000,00	2.093.000,00	2.349.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	20.000,00	0,00
6. Personnel costs: 40600	-12.962.000,00	-13.838.000,00	-12.149.000,00	-11.708.000,00	-11.759.000,00
a) Wages, salaries et al.: 40610	-9.556.000,00	-10.410.000,00	-9.102.000,00	-8.700.000,00	-8.788.000,00
b) Social security costs: 40620	-3.373.000,00	-3.412.000,00	-2.977.000,00	-3.008.000,00	-2.971.000,00
c) Provisions : 40630	-33.000,00	-16.000,00	-70.000,00	0,00	0,00
7. Other operating costs: 40700	-6.905.000,00	-7.315.000,00	-5.827.000,00	-5.054.000,00	-4.325.000,00
a) External services: 40710	-6.772.000,00	-7.052.000,00	-5.664.000,00	-4.933.000,00	-4.065.000,00
b) Taxes: 40720	-99.000,00	-131.000,00	-136.000,00	-120.000,00	-125.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	0,00	0,00	0,00
d) Other current management expenditure : 40740	-34.000,00	-132.000,00	-27.000,00	-1.000,00	-135.000,00
8. Amortisation of fixed assets: 40800	-3.468.000,00	-2.485.000,00	-2.307.000,00	-2.377.000,00	-2.654.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	35.000,00	0,00	1.948.000,00
11. Impairment and result of transfers of fixed assets: 41100	1.000,00	0,00	-14.000,00	0,00	-107.000,00
a) Impairment and losses : 41110	1.000,00	0,00	-14.000,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	0,00	0,00	0,00	-107.000,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	621.000,00	1.004.000,00	788.000,00	1.830.000,00	2.168.000,00
14. Financial income : 41400	161.000,00	202.000,00	111.000,00	151.000,00	77.000,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	161.000,00	202.000,00	111.000,00	151.000,00	77.000,00
b 1) From Group companies and associates : 41421	6.000,00	1.000,00	3.000,00	73.000,00	0,00
b 2) From third parties : 41422	155.000,00	201.000,00	108.000,00	78.000,00	77.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-310.000,00	-149.000,00	-207.000,00	-719.000,00	-320.000,00
a) Amounts owed to Group companies and associates : 41510	-268.000,00	-130.000,00	-201.000,00	-702.000,00	0,00
b) For debts with third parties : 41520	-24.000,00	-19.000,00	-6.000,00	-17.000,00	-320.000,00
c) Stock renewal : 41530	-18.000,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	-10.000,00	-9.000,00	-3.000,00	-3.000,00	-1.000,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-159.000,00	44.000,00	-99.000,00	-571.000,00	-244.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	462.000,00	1.048.000,00	689.000,00	1.259.000,00	1.924.000,00
20. Income taxes: 41900	-72.000,00	-181.000,00	-100.000,00	-392.000,00	81.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	390.000,00	867.000,00	589.000,00	867.000,00	2.005.000,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	390.000,00	867.000,00	589.000,00	867.000,00	2.005.000,00

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

Information corresponding to the fiscal year 2011 2010 2009 2008  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
ASSETS	2011	2010	2009	2008	2007
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	25.109.000,00	25.837.000,00	23.619.000,00	21.782.000,00	21.629.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	1.538.000,00	2.236.000,00	27.000,00	31.000,00	27.000,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	1.538.000,00	2.236.000,00	27.000,00	31.000,00	213.000,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	-186.000,00
III. Tangible fixed assets:	23.407.000,00	23.419.000,00	23.571.000,00	21.730.000,00	21.581.000,00
1. Land and construction:	11.037.000,00	9.529.000,00	9.636.000,00	9.519.000,00	10.855.000,00
2. Technical installations and machinery:	7.195.599,00	7.134.072,00	6.790.247,00	5.669.498,00	16.652.000,00
3. Other installations, tools and furniture:	4.070.535,00	4.035.729,00	3.841.228,00	3.207.222,00	9.420.000,00
4. Payments on account and tangible fixed assets under construction:	441.000,00	2.063.000,00	2.678.000,00	2.812.000,00	2.384.000,00
5. Other tangible assets:	662.866,00	657.198,00	625.525,00	522.280,00	1.534.000,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	-19.264.000,00
IV. Financial investments:	164.000,00	182.000,00	21.000,00	21.000,00	21.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	164.000,00	182.000,00	21.000,00	21.000,00	21.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	18.972.000,00	21.766.000,00	18.351.000,00	20.101.000,00	23.491.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	10.361.000,00	10.955.000,00	9.095.000,00	7.999.000,00	7.266.000,00
1. Goods for resale:	0,00	0,00	0,00	4.691.000,00	5.575.000,00
2. Raw materials and other consumables:	7.330.000,00	7.293.000,00	5.245.000,00	0,00	1.678.000,00
3. Goods in process and semifinished ones:	1.771.000,00	2.375.000,00	2.800.000,00	2.213.000,00	505.000,00
4. Finished products:	1.260.000,00	1.287.000,00	1.050.000,00	1.095.000,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	-492.000,00
III. Debtors:	8.582.000,00	10.774.000,00	9.247.000,00	12.075.000,00	9.409.000,00
1. Trade debtors / accounts receivable:	4.673.000,00	4.227.000,00	3.637.000,00	7.042.000,00	136.000,00
2. Accounts receivable, Group companies:	2.583.001,00	4.461.288,00	3.195.083,00	3.170.857,00	5.989.000,00
3. Accounts receivable, associated companies:	1.041.999,00	1.799.712,00	1.288.917,00	1.279.143,00	2.416.000,00
4. Other debtors:	110.000,00	5.000,00	38.000,00	9.000,00	0,00
5. Staff:	30.000,00	43.000,00	177.000,00	85.000,00	47.000,00
6. Public bodies:	144.000,00	238.000,00	911.000,00	489.000,00	821.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	2.000,00	0,00	0,00	0,00	6.467.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	6.467.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	2.000,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	0,00	2.000,00	9.000,00	5.000,00	349.000,00
VII. Prepayments and accrued income:	27.000,00	35.000,00	0,00	22.000,00	0,00
GENERAL TOTAL (A + B + C + D):	44.081.000,00	47.603.000,00	41.970.000,00	41.883.000,00	45.120.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
LIABILITIES	2011	2010	2009	2008	2007
A) EQUITY:	24.654.000,00	24.264.000,00	23.397.000,00	22.808.000,00	21.941.000,00
I. Subscribed capital:	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	6.775.000,00	5.908.000,00	5.319.000,00	4.452.000,00	2.508.000,00
1. Legal reserve:	709.000,00	622.000,00	563.000,00	276.000,00	276.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	6.066.000,00	5.286.000,00	4.756.000,00	4.176.000,00	2.232.000,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	-61.000,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	-4.239.000,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	4.178.000,00
VI. Profit or loss for the financial year:	390.000,00	867.000,00	589.000,00	867.000,00	2.005.000,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	375.000,00	395.000,00	385.000,00	294.000,00	0,00
1. Provisions for pension fund and other similar obligations:	375.000,00	395.000,00	385.000,00	294.000,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	0,00	0,00	0,00	0,00	0,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	0,00	0,00	0,00	0,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	0,00	0,00	0,00	0,00	0,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	19.048.000,00	22.910.000,00	18.119.000,00	18.781.000,00	23.179.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	1.000,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	1.000,00	0,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	14.572.000,00	16.127.000,00	11.691.000,00	14.123.000,00	18.561.000,00
1. Amounts owed to group companies:	14.572.000,00	16.127.000,00	11.691.000,00	14.123.000,00	18.561.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	2.449.000,00	4.749.000,00	4.528.000,00	2.682.000,00	2.669.000,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	2.449.000,00	4.749.000,00	4.528.000,00	2.682.000,00	2.669.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	2.012.000,00	1.995.000,00	1.900.000,00	1.975.000,00	1.949.000,00
1. Public bodies:	375.000,00	343.000,00	406.000,00	675.000,00	604.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	10.000,00	616.000,00
4. Wages and salaries payable:	1.637.000,00	1.652.000,00	1.494.000,00	1.290.000,00	729.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	15.000,00	39.000,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	4.000,00	34.000,00	69.000,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	44.081.000,00	47.603.000,00	41.970.000,00	41.883.000,00	45.120.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
DEBIT	2011	2010	2009	2008	2007
A) CHARGES (A.1 to A.15):	38.942.000,00	39.952.000,00	38.024.000,00	37.592.000,00	34.671.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	632.000,00	180.000,00	0,00	0,00	80.000,00
A.2. Supplies:	14.658.000,00	16.113.000,00	17.316.000,00	17.475.000,00	15.283.000,00
a) Stock consumption:	0,00	16.113.000,00	17.316.000,00	17.475.000,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	14.658.000,00	0,00	0,00	0,00	15.280.000,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	3.000,00
A.3. Staff costs:	12.962.000,00	13.838.000,00	12.149.000,00	11.708.000,00	11.759.000,00
a) Wages, salaries et al.:	9.589.000,00	10.426.000,00	9.172.000,00	8.700.000,00	8.788.000,00
b) Social security costs:	3.373.000,00	3.412.000,00	2.977.000,00	3.008.000,00	2.971.000,00
A.4. Depreciation expense:	3.468.000,00	2.485.000,00	2.307.000,00	2.377.000,00	2.654.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-74.000,00	-318.000,00	101.000,00	-136.000,00	223.000,00
a) Stock provision variation:	-74.000,00	-318.000,00	101.000,00	-136.000,00	223.000,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	6.905.000,00	7.315.000,00	5.827.000,00	5.054.000,00	4.325.000,00
a) External services:	6.772.000,00	7.052.000,00	5.664.000,00	4.933.000,00	4.065.000,00
b) Taxes:	99.000,00	131.000,00	136.000,00	120.000,00	125.000,00
c) Other operating expenses:	34.000,00	132.000,00	27.000,00	1.000,00	135.000,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	620.000,00	1.004.000,00	802.000,00	1.830.000,00	2.275.000,00
A.7. Financial and similar charges:	310.000,00	149.000,00	207.000,00	719.000,00	320.000,00
a) Due to liabilities with companies of the group:	268.000,00	130.000,00	201.000,00	702.000,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	42.000,00	19.000,00	6.000,00	17.000,00	320.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	10.000,00	9.000,00	3.000,00	3.000,00	1.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	44.000,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	461.000,00	1.048.000,00	703.000,00	1.259.000,00	2.031.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	-1.000,00	0,00	14.000,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	107.000,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	1.000,00	0,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	462.000,00	1.048.000,00	689.000,00	1.259.000,00	1.924.000,00
A.15. Corporation tax:	72.000,00	181.000,00	100.000,00	392.000,00	-81.000,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	390.000,00	867.000,00	589.000,00	867.000,00	2.005.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
CREDIT	2011	2010	2009	2008	2007
B) INCOME ( B.1 to B.13):	39.332.000,00	40.819.000,00	38.613.000,00	38.459.000,00	36.676.000,00
B.1. Net total sales:	38.946.000,00	36.562.000,00	36.714.000,00	35.037.000,00	32.302.000,00
a) Sales:	35.628.000,00	36.562.000,00	36.714.000,00	35.037.000,00	32.302.000,00
b) Rendering of services:	3.318.000,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	557.000,00	1.158.000,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	225.000,00	4.055.000,00	1.231.000,00	2.113.000,00	4.297.000,00
a) Auxiliary income and other from current management:	225.000,00	4.055.000,00	1.196.000,00	2.093.000,00	2.349.000,00
b) Grants:	0,00	0,00	0,00	20.000,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	35.000,00	0,00	1.948.000,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	161.000,00	202.000,00	111.000,00	151.000,00	77.000,00
a) From companies of the group:	6.000,00	1.000,00	3.000,00	73.000,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	155.000,00	201.000,00	108.000,00	78.000,00	77.000,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	159.000,00	0,00	99.000,00	571.000,00	244.000,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	14.000,00	0,00	107.000,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASH FLOW 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.

	2011	2010	2009	2008	2007
1. Fiscal year result before taxes.: 61100	462.000,00	1.048.000,00	689.000,00	1.259.000,00	1.924.000,00
2. Results adjustments.: 61200	3.676.000,00	2.089.000,00	2.686.000,00	3.379.000,00	1.172.859,00
a) Fixed Assets Amortization (+).: 61201	3.468.000,00	2.485.000,00	2.307.000,00	2.377.000,00	2.654.000,00
b) Obsolescence Allowances (+/-). : 61202	79.000,00	-318.000,00	101.000,00	136.000,00	0,00
c) Variation in Provision (+/-). : 61203	-30.000,00	-25.000,00	160.000,00	294.000,00	-1.725.141,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	0,00	22.000,00	1.000,00	0,00
g) Financial income (-).: 61207	-161.000,00	-202.000,00	-111.000,00	-151.000,00	-77.000,00
h) Financial Expenses (+). : 61208	310.000,00	149.000,00	207.000,00	719.000,00	321.000,00
i) Exchange differences (+/-). : 61209	10.000,00	0,00	0,00	3.000,00	0,00
3. Changes in current capital equity.: 61300	-270.000,00	-1.917.000,00	3.313.000,00	-2.791.000,00	-11.344.770,00
a) Stock (+/-).: 61301	515.000,00	-1.542.000,00	-1.197.000,00	-869.000,00	-567.351,00
d) Debtors and other accounts receivable (+/-). : 61302	2.176.000,00	-1.571.000,00	2.930.000,00	-2.679.000,00	-3.748.308,00
c) Other current assets (+/-). : 61303	8.000,00	-35.000,00	22.000,00	0,00	-6.446.817,00
d) Creditors and other accounts payable (+/-). : 61304	-2.943.000,00	1.192.000,00	1.558.000,00	125.000,00	-577.991,00
e) Other current liabilities (+/-).: 61305	-24.000,00	39.000,00	0,00	632.000,00	-4.303,00
f) Other non-current assets and liabilities (+/-).: 61306	-2.000,00	0,00	0,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	-215.000,00	-84.000,00	-491.000,00	-972.000,00	-244.000,00
a) Interest payments (-). : 61401	-310.000,00	-149.000,00	-207.000,00	-716.000,00	-321.000,00
c) Interest collection (+). : 61403	161.000,00	202.000,00	111.000,00	73.000,00	77.000,00
d) Income tax payment collection (payments) (+/-).: 61404	-66.000,00	-109.000,00	-395.000,00	85.000,00	0,00
e) Other payments (payment collection) (-/+) : 61405	0,00	-28.000,00	0,00	-414.000,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	3.653.000,00	1.136.000,00	6.197.000,00	875.000,00	-8.491.911,00
6. Payments for investment (-).: 62100	-2.758.000,00	-4.978.000,00	-4.168.000,00	-2.531.000,00	-191.401,00
b) Intangible fixed assets. : 62102	-54.000,00	-11.000,00	0,00	0,00	0,00
c) Fixed assets. : 62103	-2.704.000,00	-4.806.000,00	-4.168.000,00	-2.531.000,00	-191.401,00
e) Other financial assets. : 62105	0,00	-161.000,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	0,00	275.000,00	20.000,00	6.467.000,00	11.754,00
b) Intangible fixed assets. : 62202	0,00	1.000,00	0,00	0,00	11.684,00
c) Fixed assets. : 62203	0,00	274.000,00	20.000,00	0,00	0,00
e) Other financial assets. : 62205	0,00	0,00	0,00	6.467.000,00	70,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-2.758.000,00	-4.703.000,00	-4.148.000,00	3.936.000,00	-2.833.647,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	-259,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	1.138.000,00	60.851,00
b) Amortization of assets instruments (-). : 63102	0,00	0,00	0,00	0,00	-61.110,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-895.000,00	3.560.000,00	-2.045.000,00	-5.155.000,00	10.898.813,00
a) Issuance : 63201	0,00	0,00	0,00	11.000,00	11.461.366,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	0,00	1.000,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	0,00	0,00	11.461.366,00
5. Other debts (+). : 63206	0,00	0,00	0,00	10.000,00	0,00
b) Repayment and amortization of : 63207	-895.000,00	3.560.000,00	-2.045.000,00	-5.166.000,00	-562.554,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	0,00	0,00	-562.554,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-895.000,00	3.560.000,00	-2.034.000,00	-5.166.000,00	0,00
5. Other debts (-). : 63212	0,00	0,00	-10.000,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-895.000,00	3.560.000,00	-2.045.000,00	-5.155.000,00	10.898.554,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	0,00	-7.000,00	4.000,00	-344.000,00	-427.004,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	0,00	9.000,00	5.000,00	349.000,00	776.004,00
Cash or equivalent assets as of end of the fiscal year.: 65200	0,00	2.000,00	9.000,00	5.000,00	349.000,00

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	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,00 %	0,00 %	0,00 %	0,00 %
EBITDA over Sales:	10,50 %	10,07 %	9,54 %	10,85 %	10,00 %	-7,21 %
Cash Flow Yield:	0,00 %	0,00 %	0,00 %	0,00 %

Profitability	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	1,41 %	6,99 %	2,12 %	7,88 %	-33,21 %	-11,24 %
Total economic profitability:	1,75 %	4,21 %	2,51 %	4,47 %	-30,35 %	-5,95 %
Financial profitability:	1,58 %	5,93 %	3,57 %	6,73 %	-55,73 %	-11,94 %
Margin:	1,59 %	6,35 %	2,47 %	7,33 %	-35,86 %	-13,45 %
Mark-up:	1,18 %	4,75 %	2,58 %	5,91 %	-54,29 %	-19,57 %

Solvency	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,00	0,11	0,00	0,11		-3,69
Acid Test:	0,45	0,83	0,47	0,85	-4,38	-2,80
Working Capital / Investment:	0,00	0,03	-0,03	0,04	84,43	-33,74
Solvency:	1,00	1,16	0,95	1,19	4,84	-2,25

Indebtedness	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,76	1,60	0,93	1,61	-18,09	-0,63
Borrowing Composition:	0,00	1,01	0,00	1,01		0,31
Repayment Ability:		487,90	-3.272,86	261.711,03		-99,81
Warranty:	2,31	1,63	2,08	1,63	11,38	0,15
Generated resources / Total creditors:	0,20	0,07	0,13	0,08	50,01	-5,21

Efficiency	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,32	1,72	1,25	1,78	5,05	-3,13
Turnover of Collection Rights :	4,62	4,49	3,81	4,25	21,31	5,58
Turnover of Payment Entitlements:	4,17	3,26	2,88	2,95	44,42	10,58
Stock rotation:	3,72	6,15	3,62	5,59	2,90	9,97
Assets turnover:	0,89	1,10	0,86	1,07	4,13	2,54
Borrowing Cost:	1,63	2,91	0,65	2,63	150,24	10,85

> Trend of indicators under the General Accounting Plan of 2007 (2011, 2010, 2009, 2008, 2007)

Cash Flow	2011	2010	2009	2008	2007
Cash Flow over Sales:	0,00 %	0,00 %	0,01 %	-0,98 %	-1,32 %
EBITDA over Sales:	10,50 %	9,54 %	8,37 %	12,01 %	15,95 %
Cash Flow Yield:	0,00 %	0,00 %	0,01 %	-0,82 %	-0,95 %

Profitability	2011	2010	2009	2008	2007
Operating economic profitability:	1,41 %	2,12 %	1,88 %	4,37 %	5,89 %
Total economic profitability:	1,75 %	2,51 %	2,13 %	4,72 %	4,97 %
Financial profitability:	1,58 %	3,57 %	2,52 %	3,80 %	9,14 %
Margin:	1,59 %	2,47 %	2,08 %	4,93 %	6,22 %
Mark-up:	1,18 %	2,58 %	1,82 %	-1,54 %	5,55 %

Solvency	2011	2010	2009	2008	2007
Liquidity:	0,00	0,00	0,00	0,00	0,02
Acid Test:	0,45	0,47	0,50	0,63	0,70
Working Capital / Investment:	0,00	-0,03	0,01	0,03	0,01
Solvency:	1,00	0,95	1,01	1,07	1,01

Indebtedness	2011	2010	2009	2008	2007
Indebtedness level:	0,76	0,93	0,76	0,81	1,06
Borrowing Composition:	0,00	0,00	0,00	0,00	0,00
Repayment Ability:		-3.272,86	5,37	10,32	2,09
Warranty:	2,31	2,08	2,32	2,23	1,95
Generated resources / Total creditors:	0,20	0,13	0,17	0,17	0,21

Efficiency	2011	2010	2009	2008	2007
Productivity:	1,32	1,25	1,25	1,36	1,44
Turnover of Collection Rights :	4,62	3,81	4,17	3,13	3,89
Turnover of Payment Entitlements:	4,17	2,88	3,52	4,38	7,38
Stock rotation:	3,72	3,62	4,08	4,42	4,69
Assets turnover:	0,89	0,86	0,90	0,89	0,95
Borrowing Cost:	1,63	0,65	1,14	3,83	1,38

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The company was incorporated in October, 1995. It is engaged in the production of soft gelatin capsules. Liquid dosage forms, including drops, therapeutic and ionic and non-ionic contrast means therapeutic. It has 295 employees. According to all this information, commercial relations can be envisaged in normal credit operations. The last balance sheet for this company is not yet available. An updated report will be sent as soon as we get the latest financial information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.98

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.