MIRA INFORM REPORT

Report Date :

18.11.2013

IDENTIFICATION DETAILS

Name :	FOMESA FRUITECH SL
Registered Office :	CI. Raco, S/N Beniparrell Valencia 46469
Country :	Spain
Financials (as on) :	2010
Date of Incorporation :	26.04.2002
Legal Form :	Private Limited Company
Line of Business :	Manufacturing and marketing of fungicides, detergents, disinfectants and other post-harvest treatment of fruits and vegetables
No. of Employees :	30

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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:	FOMESA FRUITECH SL
NIF / Fiscal code:	B97211015
Trade Name	FOMESA FRUITECH
Status:	ACTIVE
Incorporation Date:	26/04/2002
Register Data	Register Section 8 Sheet 83699
Last Publication in BORME:	09/05/2013 [Miscellaneous Concepts]
Last Published Account Deposit:	2010
Share Capital:	2.703.006
Localization:	CI. RACO, S/N - BENIPARRELL - 46469 - VALENCIA
Telephone - Fax - Email - Website:	Ph.:. 963165400
Activity:
NACE:	103 - Processing and preserving of fruit and vegetables
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	5 for a total cost of 269544
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)		None	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

FOOD MACHINERY ESPAÑOLA SOCIEDAD ANONIMA	100 %
Shares:	6
Other Links:	12
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios

2010

2009

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The subject was founded in Valencia in 2002 and it is engaged in manufacturing and marketing of fungicides, detergents, disinfectants and other post-harvest treatment of fruits and vegetables. Last accounts filed by the company are those of 2010.

 Enquiry Details

Identification
Social Denomination:	FOMESA FRUITECH SL
Trade Name:	FOMESA FRUITECH
NIF / Fiscal code:	B97211015
Corporate Status:	ACTIVE
Start of activity:	2002
Registered Office:	CI. RACO, S/N
Locality:	BENIPARRELL
Province:	VALENCIA
Postal Code:	46469
Telephone:	963165400

Activity

NACE:	103
Additional Information:	The subject is engaged in manufacturing and marketing of fungicides, detergents, disinfectants and other post-harvest treatment of fruits and vegetables. It also manufactures and installs equipment for degreening chambers, equipment for control and automatic dosage of gases. Its trade name is Fomesa and it belongs to the group with the same name. It has the ISO 9001:2008 Quality Certification
Additional Address:	Registered office, administrative offices, factory, warehouse and other premises, all rented by the company, are located in Camí del Racó sn. Plind Norte, 46469 Beniparrell (Valencia).
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2013	30

 Chronological Summary

Year	Act
2002	Appointments/ Re-elections (2) Company Formation (1) Declaration of Sole Propietorship (1) Increase of Capital (1) Statutory Modifications (1)
2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (2) Take-over Merger (3)
2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (1) Take-over Merger (2)
2005	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2006	Accounts deposit (ejer. 2004, 2005)
2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (1)
2009	Accounts deposit (ejer. 2008)
2010	Accounts deposit (ejer. 2009)
2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (1) Other Concepts/ Events (1)
2012	Appointments/ Re-elections (1)
2013	Other Concepts/ Events (1)

Breakdown of Owners' Equity
Registered Capital:	2.703.006
Paid up capital:	2.703.006

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
10/06/2002	Company Formation	3.006	3.006	3.006	3.006
23/09/2002	Increase of Capital	2.700.000	2.700.000	2.703.006	2.703.006

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	FOOD MACHINERY ESPAÑOLA SOCIEDAD ANONIMA	10/06/2002	2
SINGLE ADMINISTRATOR	FOOD MACHINERY ESPAÑOLA SOCIEDAD ANONIMA	10/06/2002	2
PROXY	SALVADOR AVIÑO ELIAS	04/01/2007	2
	SANCHEZ DE LEON PUIGMOLTO JUAN ANTONIO	04/01/2007	4
	CARLES ANDREO JOSE LORENZO	04/01/2007	1
	PUIG GOMEZ JORGE	04/01/2007	5
	SANCHEZ DE LEON PUIGMOLTO PATRICIA	04/01/2007	5
	ASUNCION TEN ISMAEL	14/08/2002	1
REPRESENTATIVE	SEGURA RAMON GABRIEL RAFAEL	25/11/2011	1
ACCOUNTS' AUDITOR / HOLDER	JESUS MEDAL Y ASOCIADOS AUDITORES CONSULTORES SOCI	24/10/2012	3

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
JESUS MEDAL Y ASOCIADOS AUDITORES CONSULTORES SOCI	ACCOUNTS' AUDITOR / HOLDER	28/10/2008	3
	ACCOUNTS' AUDITOR / HOLDER	24/10/2012
JUNCOSA COLOMER FRANCISCO	PROXY	18/10/2005	2
	PROXY	04/01/2007
PUIG GOMEZ JORGE	PROXY	19/11/2004	5
	PROXY	18/10/2005
	PROXY	25/08/2003
	PROXY	04/01/2007
SALVADOR AVIÑO ELIAS	PROXY	04/01/2007	2
SANCHEZ DE LEON PUIGMOLTO JUAN ANTONIO	PROXY	19/11/2004	4
	PROXY	18/10/2005
	PROXY	04/01/2007
SANCHEZ DE LEON PUIGMOLTO PATRICIA	PROXY	18/10/2005	5
	JOINT ATTORNEY	04/01/2007
	PROXY	25/08/2003
	PROXY	19/11/2004

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		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 rating

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Company's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. 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. Positive Working Capital. Its Working Capital quality is significant, i.e. much of its 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. Financial Cost Reduction. Its average financial expense in 2010 with respect to its operating gross result is 5.94%. As this value is lower than that of the previous fiscal year, the financial situation is deemed, in principle, to have improved.

During 2010 the company renewed its customer portfolio 2.14 times. This reflects an approximate average payment collection term of 180 días days. Average payment term to suppliers is longer than average payment term from customers.This means that the company pays to suppliers later than it receives payment from its customers. This benefits the company from a financial perspective, as it may increase its income; whereas it is risky for suppliers, who are, therefore, financing the company. Related companies with judicial claims. Some type of judicial / administrative claim or serious action by any of the companies related to FOMESA FRUITECH SL has been published in BORME. Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  13 %

> Latest Rating Changes :

Sector in which comparison is carried out : 103 Processing and preserving of fruit and vegetables
Relative Position: Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 91% of the companies of the sector FOMESA FRUITECH SL belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 12.97%.

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.

Recommended commercial credit

(Guideline value of outstanding commercial balance that axesor recommends be awarded to or maintained with the company queried)

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	No se han publicado
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

ABSORBS TO:	1 Entities
BELONGS TO THE ADMINISTRATION BOARD OF:	2 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	8 Entities
PARTICIPATES IN:	6 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	FOOD MACHINERY ESPAÑOLA SOCIEDAD ANONIMA	VALENCIA	100
PARTICIPATES IN	BRILLOCERA SUDAMERICANA, SOCIEDAD ANONIMA, (URUGUAY)		40
	AGRUPACION ESPAÑOLA DE SERVICIOS Y PROCESOS POST COSECHA AIE	VALENCIA	39
	COMPAÑIA IBERICA BROGDEX SA	VALENCIA	100
	TECNICERA SA	VALENCIA	100
	FRUITGARD SARL (MARRUECOS)		99.99
	FOOD MACHINERY ESPAÑOLA DE DE MEXICO SACV		30

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	FOMESA HELLAS, S.A.
	FOMESA BRASIL
	FOMESA INGENIERIA SOCIEDAD LIMITADA	VALENCIA
	FOMESA AGROINDUSTRIAL SL	VALENCIA
	BROGDEX IBERICA
	FOMESA MEXICO
	FOMESA INGENIERIA SOCIEDAD LIMITADA	VALENCIA
IS RELATED WITH	FOMESA AGROINDUSTRIAL SL	VALENCIA
ABSORBS TO	BRILLOCERA SA	VALENCIA
HAS IN ITS ADMINISTRATION BOARD TO	FOOD MACHINERY ESPAÑOLA SOCIEDAD ANONIMA	VALENCIA
BELONGS TO THE ADMINISTRATION BOARD OF	COMPAÑIA IBERICA BROGDEX SA	VALENCIA
	TECNICERA SA	VALENCIA

Turnover
Total Sales 2012	10.000.000

Estimated Balance

Estimated balance sheet in 2012. Thousand euros. ASSET: Non-current asset: 7.500,00 Current asset: 8.000,00 LIABILITIES: Capital stock: 2.703,01 Current liability: 7.300,00 ESTIMATED TOTAL ASSETS-LIABILITIES: 16.000,00 thousand euros.

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2010	Normales	September  2011
2009	Normales	November  2010
2008	Normales	November  2009
2007	Normales	September  2008
2006	Normales	September  2007
2005	Normales	September  2006
2004	Normales	December  2005
2003	Normales	August  2004
2002	Normales	August  2003

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 31/12/2010

Information corresponding to the fiscal year 2010 2009 2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2010 2009 2008  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, axesor created such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA	EQUIVALENCIA
Assets	2010	2009	2008	2007	2006
A) NON-CURRENT ASSETS: 11000	8.004.675,00	9.264.877,00	8.996.229,00	8.148.194,00	9.374.497,00
I. Intangible fixed assets : 11100	648.888,00	570.514,00	333.165,00	8.810,00	9.268,00
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	0,00	0,00	528,00	8.810,00	9.268,00
6. Investigation: 11160	648.888,00	570.514,00	332.637,00	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	2.510.080,00	2.444.989,00	2.491.403,00	2.273.273,00	1.789.330,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	2.510.080,00	2.444.989,00	2.491.403,00	2.273.273,00	1.783.279,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	6.051,00
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	4.372.657,00	4.372.657,00	4.372.657,00	4.373.799,00	5.856.065,00
1. Equity instruments: 11410	4.372.657,00	4.372.657,00	4.372.657,00	4.373.799,00	4.372.657,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	1.483.408,00
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	115.801,00	1.592.438,00	1.600.174,00	1.482.832,00	1.640.886,00
1. Equity instruments: 11510	20.400,00	1.434.800,00	1.434.800,00	1.434.800,00	1.434.800,00
2. Credits to third parties : 11520	91.855,00	153.738,00	159.729,00	45.510,00	202.525,00
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	3.546,00	3.900,00	5.646,00	2.521,00	3.561,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	357.249,00	284.279,00	198.830,00	9.479,00	78.949,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	7.516.299,00	6.604.154,00	7.386.003,00	7.886.609,00	8.299.783,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	1.321.336,00	1.121.030,00	1.361.678,00	1.312.925,00	1.293.014,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	680.135,00	518.384,00	707.559,00	896.028,00	866.609,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	639.367,00	600.816,00	633.316,00	398.297,00	407.806,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	639.367,00	600.816,00	0,00	398.297,00	407.806,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	1.835,00	1.829,00	20.803,00	18.599,00	18.599,00
III. Trade debtors and others receivable accounts: 12300	5.794.760,00	5.314.387,00	5.828.089,00	6.292.142,00	6.527.857,00
1. Trade debtors / accounts receivable: 12310	4.849.839,00	4.360.485,00	4.418.328,00	4.593.743,00	6.154.118,00
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	4.849.839,00	0,00	0,00	4.593.743,00	6.154.118,00
2. Customers, Group companies and associates : 12320	870.509,00	764.287,00	1.320.553,00	1.687.459,00	325.735,00
3. Other accounts receivable: 12330	0,00	0,00	1.158,00	0,00	0,00
4. Personnel: 12340	4.053,00	3.779,00	4.416,00	6.954,00	14.796,00
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	70.359,00	185.835,00	83.634,00	3.987,00	33.208,00
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	67.318,00	93.690,00	140.328,00
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	59.632,00	61.135,00
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	67.318,00	34.058,00	79.193,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	63.826,00	61.385,00	60.150,00	30.432,00	70.761,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	63.826,00	61.385,00	60.150,00	30.432,00	70.761,00
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	6.248,00	9.497,00	10.256,00	3.966,00	1.499,00
VII. Cash and other equivalent liquid assets : 12700	330.128,00	97.856,00	58.513,00	153.454,00	266.323,00
1. Treasury: 12710	330.128,00	97.856,00	58.513,00	153.454,00	266.323,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	15.520.974,00	15.869.031,00	16.382.232,00	16.034.803,00	17.674.280,00

	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA	EQUIVALENCIA
Liabilities and Net Worth	2010	2009	2008	2007	2006
A) NET WORTH: 20000	4.814.718,00	4.130.484,00	6.155.756,00	5.766.894,00	5.410.506,00
A-1) Shareholders' equity: 21000	4.734.564,00	4.083.552,00	6.155.756,00	5.766.894,00	5.410.506,00
I. Capital: 21100	2.703.006,00	2.703.006,00	2.703.006,00	2.703.006,00	2.703.006,00
1. Registered capital : 21110	2.703.006,00	2.703.006,00	2.703.006,00	2.703.006,00	2.703.006,00
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	1.380.546,00	815.026,00	2.717.302,00	2.374.754,00	1.753.012,00
1. Legal and statutory: 21310	540.601,00	540.601,00	540.601,00	540.601,00	540.600,00
2. Other reserves: 21320	839.945,00	274.425,00	2.176.701,00	1.834.153,00	1.212.412,00
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	0,00
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	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	651.012,00	1.265.520,00	735.448,00	689.134,00	954.488,00
VIII. (Interim dividend): 21800	0,00	-700.000,00	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	80.154,00	46.932,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	3.574.117,00	4.563.142,00	3.503.400,00	4.477.400,00	6.985.076,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	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	1.261.902,00	2.266.881,00	3.494.792,00	4.467.178,00	6.975.678,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	1.223.607,00	2.212.927,00	3.488.607,00	4.451.869,00	6.964.084,00
3. Creditors from financial leasing: 31230	38.295,00	53.953,00	6.185,00	15.309,00	11.594,00
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	2.270.000,00	2.270.000,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	42.215,00	26.261,00	8.608,00	10.223,00	9.397,00
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	7.132.138,00	7.175.406,00	6.723.076,00	5.790.868,00	5.278.698,00
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	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	2.042.254,00	3.056.656,00	2.876.835,00	2.375.383,00	1.533.864,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	2.026.644,00	3.037.460,00	2.868.376,00	2.362.567,00	1.525.398,00
3. Creditors from financial leasing: 32330	15.611,00	19.196,00	8.459,00	12.816,00	7.729,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	737,00
IV. Short-term debts with Group companies and associates: 32400	1.856.391,00	1.146.931,00	278.268,00	218.942,00	460.906,00
V. Trade creditors and other accounts payable: 32500	3.233.493,00	2.971.819,00	3.567.974,00	3.189.775,00	3.272.640,00
1. Suppliers: 32510	2.934.848,00	2.680.409,00	3.269.855,00	0,00	0,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.934.848,00	0,00	0,00	0,00	0,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	174.935,00	121.576,00	180.357,00	3.032.030,00	3.041.479,00
4. Personnel (remuneration due): 32540	24.320,00	17.622,00	22.727,00	45.201,00	102.272,00
5. Liabilities for current tax: 32550	0,00	2.845,00	2.774,00	3.295,00	3.029,00
6. Otras deudas con las Administraciones Públicas. : 32560	82.772,00	83.451,00	72.838,00	86.501,00	79.516,00
7. Advances from clients: 32570	16.618,00	65.918,00	19.424,00	22.749,00	46.345,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	6.768,00	11.289,00
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	15.520.974,00	15.869.031,00	16.382.232,00	16.035.163,00	17.674.280,00

	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA	EQUIVALENCIA
Profit and Loss	2010	2009	2008	2007	2006
1. Net turnover: 40100	11.580.754,00	11.650.297,00	11.710.386,00	12.463.996,00	11.296.930,00
a) Sales: 40110	11.473.684,00	11.626.588,00	11.707.565,00	12.318.315,00	11.157.463,00
b) Rendering of services: 40120	107.070,00	23.709,00	2.821,00	145.681,00	139.467,00
2. Changes in stocks of finished goods and work in progress: 40200	8.533,00	19.451,00	235.019,00	99.692,00	88.504,00
3. Works carried out by the company for its assets: 40300	663.936,00	655.003,00	795.583,00	203.551,00	90.173,00
4. Supplies : 40400	-6.428.662,00	-6.298.462,00	-7.037.970,00	-7.045.688,00	-5.878.815,00
a) Stock consumption: 40410	0,00	0,00	110.399,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-6.277.217,00	-6.097.022,00	-6.925.211,00	-6.831.741,00	-5.746.333,00
c) Works carried out by other companies: 40430	-151.445,00	-201.440,00	-223.157,00	-213.946,00	-132.482,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	150.109,00	28.305,00	227.598,00	47.412,00	122.585,00
a) Auxiliary income and other from current management: 40510	150.109,00	28.305,00	171.539,00	45.592,00	73.995,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	56.059,00	1.820,00	48.590,00
6. Personnel costs: 40600	-1.727.895,00	-2.230.287,00	-2.430.169,00	-1.924.965,00	-1.885.867,00
a) Wages, salaries et al.: 40610	-1.375.851,00	-1.383.248,00	-1.523.610,00	-1.556.402,00	-1.525.730,00
b) Social security costs: 40620	-352.044,00	-847.039,00	-906.559,00	-368.563,00	-360.137,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-2.368.008,00	-1.545.820,00	-1.943.010,00	-2.335.202,00	-2.085.365,00
a) External services: 40710	-2.041.956,00	-1.534.957,00	-1.714.974,00	-1.996.081,00	-2.014.086,00
b) Taxes: 40720	-25.568,00	-20.307,00	-18.640,00	-16.415,00	-12.167,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-300.483,00	12.900,00	-209.397,00	-322.705,00	-59.111,00
d) Other current management expenditure : 40740	0,00	-3.455,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-538.043,00	-481.106,00	-415.146,00	-359.955,00	-325.110,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	13.009,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	3.544,00	-10.964,00	0,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	3.544,00	-10.964,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	458,00	-7.644,00	12.636,00	-57.194,00	-545,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	1.357.736,00	1.778.772,00	1.154.926,00	1.091.649,00	1.422.491,00
14. Financial income : 41400	26.376,00	152.889,00	57.757,00	106.309,00	150.280,00
a) Of shares in equity instruments : 41410	17.608,00	144.252,00	46.062,00	88.725,00	81.519,00
a 1) In Group companies and associates: 41411	17.608,00	144.252,00	46.062,00	12.466,00	81.519,00
a 2) In third parties: 41412	0,00	0,00	0,00	76.258,00	0,00
b) From negotiable securities and other financial instruments : 41420	8.768,00	8.637,00	11.695,00	17.584,00	68.761,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	8.768,00	8.637,00	11.695,00	17.584,00	68.761,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-111.588,00	-230.127,00	-402.528,00	-356.603,00	-288.754,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-111.588,00	-230.127,00	-402.528,00	-356.603,00	-288.754,00
c) Stock renewal : 41530	0,00	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	-216,00	-3.177,00	6.283,00	-8.449,00	14.593,00
18. Impairment and result for transfers of financial instruments: 41800	-350.021,00	-51.560,00	2.963,00	6.316,00	48.417,00
a) Impairment and losses : 41810	0,00	0,00	-1.143,00	0,00	0,00
b) Results for transfers and other : 41820	-350.021,00	-51.560,00	4.106,00	6.316,00	48.417,00
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	-435.449,00	-131.975,00	-335.525,00	-252.428,00	-75.463,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	922.288,00	1.646.797,00	819.402,00	839.221,00	1.347.028,00
20. Income taxes: 41900	-271.276,00	-381.277,00	-83.954,00	-150.088,00	-392.540,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	651.012,00	1.265.520,00	735.448,00	689.134,00	954.488,00
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	651.012,00	1.265.520,00	735.448,00	689.134,00	954.488,00

Information corresponding to the fiscal year 2010 2009 2008  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, Axesor created such criteria using its own methodology. To view details on the methodology 2010 2009 2008  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL
ASSETS	2010	2009	2008	2007	2006
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	7.647.426,00	8.980.599,00	8.797.399,00	8.138.714,00	9.295.548,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	648.888,00	570.514,00	333.165,00	38.521,00	25.996,00
1. Research and development costs:	648.888,00	570.514,00	332.637,00	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:	0,00	0,00	528,00	12.000,00	12.000,00
6. Assets under capital leases:	0,00	0,00	0,00	40.468,00	21.660,00
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	-13.947,00	-7.664,00
III. Tangible fixed assets:	2.510.080,00	2.444.989,00	2.491.403,00	2.243.562,00	1.772.602,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	50.042,00	48.744,00	49.670,00	102.368,00	93.032,00
3. Other installations, tools and furniture:	353.926,00	344.748,00	351.292,00	724.006,00	293.321,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	6.051,00
5. Other tangible assets:	2.106.113,00	2.051.497,00	2.090.441,00	4.308.356,00	3.922.768,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	-2.891.168,00	-2.542.570,00
IV. Financial investments:	4.488.457,00	5.965.095,00	5.972.831,00	5.856.631,00	7.496.951,00
1. Equity investments in group companies:	4.329.395,00	4.329.395,00	4.329.395,00	4.330.526,00	4.329.384,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	1.483.408,00
3. Equity investment in associated companies:	43.262,00	43.262,00	43.262,00	43.273,00	43.273,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	20.400,00	1.434.800,00	1.434.800,00	1.434.800,00	1.434.800,00
6. Other receivables:	91.855,00	153.738,00	159.729,00	45.510,00	202.525,00
7. Long term guarantees and deposits:	3.546,00	3.900,00	5.646,00	2.521,00	3.561,00
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	32.029,00	62.541,00
D) CURRENT ASSETS:	7.873.549,00	6.888.433,00	7.584.834,00	7.896.448,00	8.378.731,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	1.321.336,00	1.121.030,00	1.361.678,00	1.312.925,00	1.293.014,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	680.135,00	518.384,00	707.559,00	896.028,00	866.609,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	639.367,00	600.816,00	633.316,00	398.297,00	407.806,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	1.835,00	1.829,00	20.803,00	18.599,00	18.599,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	6.152.010,00	5.598.666,00	6.026.920,00	6.301.621,00	6.606.806,00
1. Trade debtors / accounts receivable:	4.849.839,00	4.360.485,00	4.418.328,00	5.072.369,00	6.570.360,00
2. Accounts receivable, Group companies:	870.509,00	764.287,00	1.320.553,00	1.863.277,00	347.767,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	1.158,00	0,00	0,00
5. Staff:	4.053,00	3.779,00	4.416,00	6.954,00	14.796,00
6. Public bodies:	427.609,00	470.114,00	282.465,00	13.466,00	112.157,00
7. Provisions:	0,00	0,00	0,00	-654.444,00	-438.273,00
IV. Short-term investments:	63.826,00	61.385,00	127.467,00	124.482,00	211.089,00
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	59.632,00	61.135,00
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:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	63.826,00	61.385,00	127.467,00	64.490,00	149.954,00
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:	330.128,00	97.856,00	58.513,00	153.454,00	266.323,00
VII. Prepayments and accrued income:	6.248,00	9.497,00	10.256,00	3.966,00	1.499,00
GENERAL TOTAL (A + B + C + D):	15.520.974,00	15.869.031,00	16.382.232,00	16.067.192,00	17.736.820,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL
LIABILITIES	2010	2009	2008	2007	2006
A) EQUITY:	4.758.610,00	4.097.631,00	6.155.756,00	5.782.127,00	5.432.388,00
I. Subscribed capital:	2.703.006,00	2.703.006,00	2.703.006,00	2.703.006,00	2.703.006,00
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:	1.404.592,00	829.106,00	2.717.302,00	2.389.987,00	1.774.894,00
1. Legal reserve:	540.601,00	540.601,00	540.601,00	540.601,00	540.600,00
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:	863.991,00	288.504,00	2.176.701,00	1.849.386,00	1.234.294,00
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	0,00
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	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	651.012,00	1.265.520,00	735.448,00	689.134,00	954.488,00
VII. Interim dividend paid:	0,00	-700.000,00	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:	56.108,00	32.852,00	0,00	16.796,00	40.659,00
1. Capital grants:	56.108,00	32.852,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	2.466,00	1.477,00
3. Other deferred income:	0,00	0,00	0,00	14.331,00	39.181,00
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:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	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:	3.574.117,00	4.563.142,00	3.503.400,00	4.467.178,00	6.975.678,00
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:	1.261.902,00	2.266.881,00	3.494.792,00	4.467.178,00	6.975.678,00
1. Loans and other liabilities:	1.223.607,00	2.212.927,00	3.488.607,00	4.451.869,00	6.964.084,00
2. Long-term liabilities from capital leases:	38.295,00	53.953,00	6.185,00	15.309,00	11.594,00
III. Debts with companies of the group and affiliated ones:	2.270.000,00	2.270.000,00	0,00	0,00	0,00
1. Amounts owed to group companies:	2.270.000,00	2.270.000,00	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:	42.215,00	26.261,00	8.608,00	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:	42.215,00	26.261,00	8.608,00	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:	7.132.138,00	7.175.406,00	6.723.076,00	5.801.091,00	5.288.095,00
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:	2.042.254,00	3.056.656,00	2.876.835,00	2.375.383,00	1.533.127,00
1. Loans and other liabilities:	2.026.644,00	3.037.460,00	2.868.376,00	2.358.924,00	1.525.272,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	3.643,00	125,00
3. Short-term liabilities from capital leases:	15.611,00	19.196,00	8.459,00	12.816,00	7.729,00
III. Short-term amounts owed to group and associated companies:	1.856.391,00	1.146.931,00	278.268,00	218.942,00	460.906,00
1. Amounts owed to group companies:	1.856.391,00	1.146.931,00	278.268,00	218.942,00	460.906,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	3.126.401,00	2.867.903,00	3.469.635,00	3.054.778,00	3.087.823,00
1. Advanced payments from customers:	16.618,00	65.918,00	19.424,00	22.749,00	46.345,00
2. Amounts owed for purchases of goods or services:	3.109.783,00	2.801.985,00	3.450.211,00	3.032.030,00	3.041.479,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	107.092,00	103.917,00	98.339,00	145.219,00	194.950,00
1. Public bodies:	82.772,00	86.295,00	75.612,00	100.018,00	91.941,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	737,00
4. Wages and salaries payable:	24.320,00	17.622,00	22.727,00	45.201,00	102.272,00
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:	0,00	0,00	0,00	6.768,00	11.289,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	15.520.974,00	15.869.031,00	16.382.232,00	16.067.192,00	17.736.820,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL
DEBIT	2010	2009	2008	2007	2006
A) CHARGES (A.1 to A.15):	11.795.708,00	11.240.425,00	12.313.920,00	12.288.248,00	10.868.106,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	6.428.662,00	6.298.462,00	7.037.970,00	7.045.688,00	5.878.815,00
a) Stock consumption:	0,00	0,00	-110.399,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	6.277.217,00	6.097.022,00	6.925.211,00	6.831.741,00	5.746.333,00
c) Miscellaneous external expenditure:	151.445,00	201.440,00	223.157,00	213.946,00	132.482,00
A.3. Staff costs:	1.727.895,00	2.230.287,00	2.430.169,00	1.924.965,00	1.885.867,00
a) Wages, salaries et al.:	1.375.851,00	1.383.248,00	1.523.610,00	1.556.402,00	1.525.730,00
b) Social security costs:	352.044,00	847.039,00	906.559,00	368.563,00	360.137,00
A.4. Depreciation expense:	538.043,00	481.106,00	415.146,00	359.955,00	325.110,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	300.483,00	-12.900,00	209.397,00	322.705,00	59.111,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	300.483,00	-12.900,00	209.397,00	322.705,00	59.111,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	2.067.524,00	1.558.720,00	1.733.614,00	2.012.497,00	2.026.253,00
a) External services:	2.041.956,00	1.534.957,00	1.714.974,00	1.996.081,00	2.014.086,00
b) Taxes:	25.568,00	20.307,00	18.640,00	16.415,00	12.167,00
c) Other operating expenses:	0,00	3.455,00	0,00	0,00	0,00
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):	1.340.725,00	1.797.381,00	1.142.290,00	1.148.843,00	1.423.036,00
A.7. Financial and similar charges:	461.609,00	281.687,00	402.528,00	356.603,00	288.754,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	111.588,00	230.127,00	402.528,00	356.603,00	262.061,00
d) Losses from financial investments:	350.021,00	51.560,00	0,00	0,00	26.693,00
A.8. Changes in financial investment provisions:	0,00	0,00	1.143,00	0,00	0,00
A.9. Exchange losses:	216,00	3.177,00	0,00	11.525,00	10.947,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	905.276,00	1.665.406,00	806.766,00	892.437,00	1.325.849,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	10.964,00	0,00	0,00	0,00
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	7.644,00	0,00	7.322,00	709,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	96.901,00	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):	17.011,00	0,00	12.636,00	0,00	21.179,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	922.288,00	1.646.797,00	819.402,00	839.221,00	1.347.028,00
A.15. Corporation tax:	271.276,00	381.277,00	83.954,00	150.088,00	392.540,00
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):	651.012,00	1.265.520,00	735.448,00	689.134,00	954.488,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL
CREDIT	2010	2009	2008	2007	2006
B) INCOME ( B.1 to B.13):	12.446.720,00	12.505.945,00	13.049.368,00	12.977.381,00	11.822.594,00
B.1. Net total sales:	11.580.754,00	11.650.297,00	11.710.386,00	12.463.996,00	11.296.930,00
a) Sales:	11.473.684,00	11.626.588,00	11.707.565,00	12.318.315,00	11.165.547,00
b) Rendering of services:	107.070,00	23.709,00	2.821,00	145.681,00	139.467,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	-8.084,00
B.2. Stock increase of manufactured goods and products in process:	8.533,00	19.451,00	235.019,00	99.692,00	88.504,00
B.3. Works performed by the company for fixed assets:	663.936,00	655.003,00	795.583,00	203.551,00	90.173,00
B.4. Miscellaneous operating income:	150.109,00	28.305,00	227.598,00	47.412,00	122.585,00
a) Auxiliary income and other from current management:	150.109,00	28.305,00	171.539,00	45.592,00	73.995,00
b) Grants:	0,00	0,00	56.059,00	1.820,00	48.590,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	17.608,00	144.252,00	46.062,00	88.725,00	81.519,00
a) In companies of the group:	0,00	0,00	0,00	0,00	81.519,00
b) In associated companies:	17.608,00	144.252,00	46.062,00	12.466,00	0,00
c) Third parties:	0,00	0,00	0,00	76.258,00	0,00
B.6. Income from other marketable securities and long-term receivables:	2.823,00	2.781,00	3.765,00	5.661,00	56.073,00
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:	2.823,00	2.781,00	3.765,00	5.661,00	56.073,00
B.7. Miscellaneous interests or similar income:	5.945,00	5.857,00	12.036,00	14.262,00	39.381,00
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) Miscellaneous interests:	5.945,00	5.857,00	7.930,00	11.923,00	12.688,00
d) Profit on financial investment:	0,00	0,00	4.106,00	2.338,00	26.693,00
B.8. Exchange positive differences:	0,00	0,00	6.283,00	3.076,00	25.540,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	435.449,00	131.975,00	335.525,00	256.405,00	97.188,00
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:	3.544,00	0,00	0,00	3.978,00	21.724,00
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:	13.009,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	458,00	0,00	12.636,00	47.030,00	164,00
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	18.609,00	0,00	53.216,00	0,00
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

 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.

	2010	2009	2008	2007	2006
1. Fiscal year result before taxes.: 61100	922.288,00	1.646.797,00	819.402,00	839.221,00	1.347.028,00
2. Results adjustments.: 61200	1.113.495,00	556.409,00	970.456,00	832.531,00	481.409,00
a) Fixed Assets Amortization (+).: 61201	538.043,00	481.106,00	415.146,00	359.955,00	325.110,00
b) Obsolescence Allowances (+/-). : 61202	0,00	0,00	1.143,00	0,00	0,00
c) Variation in Provision (+/-). : 61203	340.902,00	-12.900,00	209.397,00	216.171,00	59.111,00
d) Allocation of grants (-).: 61204	-13.009,00	0,00	0,00	0,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	-3.544,00	10.964,00	0,00	0,00	0,00
f) Results on disposal of financial instruments (+/-).: 61206	259.800,00	0,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-17.608,00	-152.889,00	-57.757,00	-111.723,00	-202.514,00
h) Financial Expenses (+). : 61208	8.695,00	230.127,00	402.528,00	368.128,00	299.701,00
i) Exchange differences (+/-). : 61209	216,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-329.477,00	198.033,00	624.848,00	-77.491,00	-1.274.658,00
a) Stock (+/-).: 61301	-200.307,00	240.648,00	-48.753,00	-19.910,00	-284.184,00
d) Debtors and other accounts receivable (+/-). : 61302	-760.806,00	-60.866,00	235.773,00	89.014,00	-415.391,00
c) Other current assets (+/-). : 61303	3.248,00	-476,00	-939,00	84.140,00	-153.818,00
d) Creditors and other accounts payable (+/-). : 61304	628.387,00	18.727,00	438.807,00	-232.864,00	-397.156,00
e) Other current liabilities (+/-).: 61305	0,00	0,00	0,00	-4.521,00	289,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	0,00	6.650,00	-24.397,00
4. Other cash flows for operating activities.: 61400	67.597,00	-270.812,00	-626.174,00	-256.405,00	-97.188,00
a) Interest payments (-). : 61401	-8.695,00	-230.127,00	-402.528,00	-368.128,00	-299.701,00
b) Dividend payment collection (+). : 61402	17.608,00	144.252,00	46.062,00	0,00	0,00
c) Interest collection (+). : 61403	0,00	8.637,00	11.695,00	111.723,00	202.514,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	-193.574,00	-285.682,00	0,00	0,00
e) Other payments (payment collection) (-/+) : 61405	58.684,00	0,00	4.278,00	0,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	1.773.903,00	2.130.427,00	1.788.532,00	1.337.856,00	456.591,00
6. Payments for investment (-).: 62100	-701.907,00	-721.486,00	-1.074.973,00	-484.629,00	-1.815.226,00
a) Companies of the group and affiliates. : 62101	0,00	0,00	0,00	-1.143,00	0,00
b) Intangible fixed assets. : 62102	-205.985,00	-304.587,00	-332.637,00	-12.525,00	-17.868,00
c) Fixed assets. : 62103	-475.522,00	-416.899,00	-624.993,00	-470.961,00	-244.207,00
e) Other financial assets. : 62105	-20.400,00	0,00	-117.343,00	0,00	-1.553.151,00
7. Divestment payment collection (+). : 62200	1.179.656,00	46.216,00	0,00	1.641.463,00	487.208,00
a) Companies of the group and affiliates. : 62201	0,00	0,00	0,00	1.483.408,00	487.208,00
c) Fixed assets. : 62203	3.544,00	38.479,00	0,00	0,00	0,00
e) Other financial assets. : 62205	1.176.112,00	0,00	0,00	158.054,00	0,00
h) Other assets. : 62208	0,00	7.736,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	477.749,00	-675.270,00	-1.074.973,00	796.879,00	-1.653.128,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	-339.395,00	-339.395,00
b) Amortization of assets instruments (-). : 63102	0,00	0,00	0,00	-339.395,00	-339.395,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-2.019.380,00	-1.048.090,00	-469.106,00	-1.908.208,00	1.658.828,00
a) Issuance : 63201	260.000,00	122.143,00	0,00	845.970,00	1.658.828,00
2. Debts incurred with credit institutions (+). : 63203	260.000,00	122.143,00	0,00	837.169,00	1.484.812,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	0,00	0,00	154.692,00
4. Special characteristic debts (+). : 63205	0,00	0,00	0,00	8.801,00	19.324,00
b) Repayment and amortization of : 63207	-2.279.380,00	-1.170.233,00	-469.106,00	-2.754.178,00	0,00
2. Debts incurred with credit institutions (-).: 63209	-2.279.380,00	-1.170.233,00	-469.106,00	-2.512.215,00	0,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	0,00	-241.963,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	-367.724,00	-339.395,00	0,00	0,00
a) Dividends (-).: 63301	0,00	-367.724,00	-339.395,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-2.019.380,00	-1.415.814,00	-469.106,00	-2.247.604,00	1.319.433,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	-216,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	232.272,00	39.343,00	244.454,00	-112.868,00	122.896,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	97.856,00	9.920,00	153.454,00	266.323,00	143.427,00
Cash or equivalent assets as of end of the fiscal year.: 65200	330.128,00	978.559,00	58.513,00	153.454,00	266.323,00

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	2010		2009		Variación 2010 - 2009
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,02 %	0,00 %	0,34 %	0,02 %	-94,06 %	-100,28 %
EBITDA over Sales:	16,22 %	10,83 %	19,56 %	10,96 %	-17,05 %	-1,18 %
Cash Flow Yield:	0,01 %	0,00 %	0,25 %	0,01 %	-93,96 %	-100,27 %

Profitability	2010		2009		Variación 2010 - 2009
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	12,37 %	7,86 %	18,15 %	6,87 %	-31,82 %	14,37 %
Total economic profitability:	6,66 %	4,47 %	11,83 %	4,63 %	-43,68 %	-3,52 %
Financial profitability:	13,75 %	6,71 %	30,99 %	7,56 %	-55,63 %	-11,22 %
Margin:	10,95 %	7,31 %	14,48 %	7,24 %	-24,40 %	0,99 %
Mark-up:	7,44 %	5,89 %	13,41 %	5,35 %	-44,56 %	10,12 %

Solvency	2010		2009		Variación 2010 - 2009
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,05	0,11	0,01	0,13	239,40	-13,57
Acid Test:	0,87	0,85	0,76	0,84	13,75	2,17
Working Capital / Investment:	0,02	0,04	-0,02	0,04	236,87	-8,13
Solvency:	1,10	1,19	0,96	1,21	14,99	-1,39

Indebtedness	2010		2009		Variación 2010 - 2009
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	2,22	1,62	2,84	1,74	-21,76	-7,08
Borrowing Composition:	0,50	1,01	0,64	1,02	-21,20	-1,36
Repayment Ability:	46,09	-30.955,73	5,33	82,87	765,13	-37.454,66
Warranty:	1,45	1,63	1,35	1,61	7,24	1,34
Generated resources / Total creditors:	0,14	0,08	0,15	0,08	-6,16	-3,12

Efficiency	2010		2009		Variación 2010 - 2009
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,09	1,78	2,02	1,78	3,25	-0,23
Turnover of Collection Rights :	2,14	4,25	2,32	4,19	-7,83	1,31
Turnover of Payment Entitlements:	2,72	2,95	2,65	2,81	2,91	5,10
Stock rotation:	8,37	5,59	9,40	5,09	-10,99	9,75
Assets turnover:	1,13	1,07	1,25	0,95	-9,82	13,25
Borrowing Cost:	1,04	2,63	1,96	2,99	-46,83	-12,20

> Trend of indicators under the General Accounting Plan of 2007 (2010, 2009, 2008, 2007, 2006)

Cash Flow	2010	2009	2008	2007	2006
Cash Flow over Sales:	0,02 %	0,34 %	2,09 %	-0,90 %	1,09 %
EBITDA over Sales:	16,22 %	19,56 %	13,30 %	14,69 %	16,00 %
Cash Flow Yield:	0,01 %	0,25 %	1,49 %	-0,70 %	0,70 %

Profitability	2010	2009	2008	2007	2006
Operating economic profitability:	12,37 %	18,15 %	11,11 %	11,43 %	14,28 %
Total economic profitability:	6,66 %	11,83 %	7,46 %	7,46 %	9,26 %
Financial profitability:	13,75 %	30,99 %	11,95 %	11,92 %	17,57 %
Margin:	10,95 %	14,48 %	8,97 %	8,97 %	12,27 %
Mark-up:	7,44 %	13,41 %	-2,73 %	6,96 %	11,43 %

Solvency	2010	2009	2008	2007	2006
Liquidity:	0,05	0,01	0,01	0,03	0,05
Acid Test:	0,87	0,76	0,89	1,13	1,34
Working Capital / Investment:	0,02	-0,02	0,05	0,13	0,17
Solvency:	1,10	0,96	1,13	1,36	1,58

Indebtedness	2010	2009	2008	2007	2006
Indebtedness level:	2,22	2,84	1,66	1,77	2,24
Borrowing Composition:	0,50	0,64	0,52	0,77	1,32
Repayment Ability:	46,09	5,33	-8,17	-57,28	10,42
Warranty:	1,45	1,35	1,60	1,56	1,44
Generated resources / Total creditors:	0,14	0,15	0,11	0,13	0,11

Efficiency	2010	2009	2008	2007	2006
Productivity:	2,09	2,02	1,64	1,95	1,96
Turnover of Collection Rights :	2,14	2,32	2,18	2,03	1,76
Turnover of Payment Entitlements:	2,72	2,65	2,58	2,97	2,56
Stock rotation:	8,37	9,40	8,51	8,64	7,82
Assets turnover:	1,13	1,25	1,24	1,27	1,16
Borrowing Cost:	1,04	1,96	3,94	3,47	2,35

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	60.470,00

Entity	INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	67.045,00

Entity	AINIA
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	1.820,00

Entity	INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	48.590,00

Entity	INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	91.619,00

Research Summary

The subject was founded in Valencia in 2002 and it is engaged in manufacturing and marketing of fungicides, detergents, disinfectants and other post-harvest treatment of fruits and vegetables. Last accounts filed by the company are those of 2010.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.06
UK Pound	1	Rs.101.15
Euro	1	Rs.84.95

INFORMATION DETAILS

Report Prepared by :

NIS

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.