MIRA INFORM REPORT

Report Date :

25.08.2014

IDENTIFICATION DETAILS

Name :	UNIVAR IBERIA SOCIEDAD ANONIMA
Registered Office :	CL. Goya, 115 6ª Planta, Madrid 28009
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	29.09.1977
Legal Form :	Public Company
Line of Business :	Subject is engaged in the distribution of chemical products for all industrial sectors, pharmaceutical, food, coatings and chemical products production.
No of Employees :	Not Available

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 :	Slow but correct
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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Spain	A2	A2

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

SPAIN - ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:	UNIVAR IBERIA SOCIEDAD ANONIMA
NIF / Fiscal code:	A08473563
Status:	ACTIVE
Incorporation Date:	29/09/1977
Register Data	Register Section 8 Sheet 245346
Last Publication in BORME:	11/03/2014 [Reelections]
Last Published Account Deposit:	2012
Share Capital:	4.567.691,98
Localization:	CL. GOYA, 115 6ª PLANTA - MADRID - 28009 - MADRID
Telephone - Fax - Email - Website:	Ph.:. 913096363   Email. univariberia@univareurope.com   Website. www.univarcorp.com
Number of Branches	5
Activity:
NACE:	461 - Wholesale on a fee or contract basis
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)		None	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

UNIVAR FRANCE SNC	99.52 %
Shares:	1
Other Links:	7
No. of Active Corporate Bodies:

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES

INVESTIGATION SUMMARY

The company was established several years ago, which provides it with sufficient experience in the developped activity sector. It is well considered among consulted information sources, although its turnover dicreased 51,31 % in 2012, comparing to the previous year. It presents a positive working capital. Therefore, the society would be able to meet its short term payment commitments. Atiende con normalidad los compromisos de pago.

Enquiry Details

Identification
Social Denomination:	UNIVAR IBERIA SOCIEDAD ANONIMA
NIF / Fiscal code:	A08473563
Corporate Status:	ACTIVE
Start of activity:	1977
Registered Office:	CL. GOYA, 115 6ª PLANTA
Locality:	MADRID
Province:	MADRID
Postal Code:	28009
Telephone:	913096363
Fax:	913096340
Website:	www.univarcorp.com
Email:	univariberia@univareurope.com

Branch Offices

Address	Postal Code	City	Province
Tarragona, 141-157	08014	BARCELONA	BARCELONA
Watt, 1	08210	BARBERA DEL VALLES	BARCELONA
Puerta Nueva, 22	30008	MURCIA	MURCIA
Cronista Carreres, 9	46003	VALENCIA	VALENCIA
Rodríguez Arias, 25	48011	BILBAO	VIZCAYA

Activity

NACE:	461
CNAE Obtaining Source:	461
Additional Information:	Engaged in the distribution of chemical products for all industrial sectors, pharmaceutical, food, coatings and chemical products production. Integrated in the U.S. business group Univar, with its headquarters in Eattle (United States).
Additional Address:	CL. GOYA, 115 6ª PLANTA 28009 MADRID , registered office, central offices , rented. With offices in: Avda. Gran Vía nº 16-20 3ª planta 08902 L''''Hospitalet de Llobregat (T) 34 93 229 10 05 (F) 34 93 229 03 35 Pol. Ind. "La Pahilla" C/ La Nevera, parcelas 39 y 40 46370 - Chiva,Valencia (T) 34 90 243 04 30 (F) 34 96 252 23 42 Pol. Ind. "Can Humet de Dalt" Cl. Rusinyol, 15-17 08213-POLINYÀ (BARCELONA) (T) 34 937 132 823 (F) 4 937 131 417
Import / export:	EXPORTS
Future Perspective:	Face recession
Industry situation:	Maturity

Chronological Summary
	Year	Act
	1990	Accounts deposit (ejer. 1989) Adaptation to Law (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	1991	Appointments/ Re-elections (1)
	1992	Appointments/ Re-elections (1)
	1993	Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1) Take-over Merger (2)
	1994	Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (4) Change of Social Denomination (1) Increase of Capital (2) Statutory Modifications (1) Take-over Merger (1)
	1995	Accounts deposit (ejer. 1993) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Errata (2) Increase of Capital (1) Modification of Powers (1) Statutory Modifications (1)
	1996	Accounts deposit (ejer. 1994) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Change of Social address (1) Other Concepts/ Events (1)
	1997	Accounts deposit (ejer. 1995, 1996) Cessations/ Resignations/ Reversals (1)
	1998	Accounts deposit (ejer. 1997)
	1999	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Errata (2) Increase of Capital (1) Take-over Merger (5)
	2000	Accounts deposit (ejer. 1998, 1999) Appointments/ Re-elections (1) Change of Social address (1)
	2001	Appointments/ Re-elections (1)
	2002	Accounts deposit (ejer. 2000, 2001) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2) Change of Social Denomination (1) Statutory Modifications (1) Take-over Merger (6)
	2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Increase of Capital (1)
	2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (1)
	2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (1) Take-over Merger (6)
	2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2009	Accounts deposit (ejer. 2008) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
	2010	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (4)
	2011	Accounts deposit (ejer. 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2012	Accounts deposit (ejer. 2010, 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2013	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2014	Accounts deposit (ejer. 2012) Appointments/ Re-elections (1)

Breakdown of Owners' Equity
Registered Capital:	4.567.691,98
Paid up capital:	4.567.691,98

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
17/12/1990	Increase of Capital	90.152	90.152	180.304	180.304
18/01/1994	Increase of Capital	540.911	540.911	721.215	721.215
18/01/1994	Increase of Capital	180.304	180.304	901.518	901.518
28/02/1995	Increase of Capital	1.442.429	1.442.429	2.343.947	2.343.947
27/10/1999	Increase of Capital	22.298	22.298	2.366.245	2.366.245
13/02/2003	Increase of Capital	2.201.447	2.201.447	4.567.692	4.567.692

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	DUYFJES SABINE	14/09/2010	3
MEMBER OF THE BOARD	LEHMANN NICOLAS ALEXIS	30/10/2012	2
	DUYFJES SABINE	14/09/2010	3
	JUKES DAVID CHARLES	14/09/2010	1
	ELLEMEET BONIFACIUS DE JONGE VAN	18/07/2002	2
	GUY MONTEIL	13/07/1999	1
	PIERRE YVES DIVET	13/07/1999	3
JOINT ATTORNEY/COMBINED PROXY	TEJERA ELEJABEITIA AGUSTIN	20/09/2013	10
	JUKES DAVID	20/09/2013	1
	GRUESO CARRILLO MARIA JOSE	20/09/2013	9
	SANTIDRIAN GARCIA ANGEL	20/09/2013	2
	ROYUELA MARTINEZ JESUS	20/09/2013	2
	RUBIO BERNAL BARBARA	20/09/2013	2
	BATALLA GARCIA ANA	20/09/2013	2
	VALDERRAMA PEULA GEMMA	20/09/2013	2
	DURAN BLASCO MONICA	20/09/2013	2
	DUMONT GILLES	20/09/2013	2
	CALVO PASTOR PEDRO	20/09/2013	2
	LEHMANN NICOLAS ALEXIS	20/09/2013	2
	POLETTI MAURIZIO	20/09/2013	1
	PALLI JUSCAFRESCA ROSA	20/09/2013	1
	FERNANDEZ IGLESIAS MARGARITA ESPERANZA	20/09/2013	1
	LEIGHTON PAUL	20/09/2013	1
	CARTER ANDREW	20/09/2013	1
	DUYFJES SABINE	20/09/2013	3
PROXY	PETRONIN CHRISTIAN ANDRE	03/11/2010	3
	ELLEMEET BONIFACIUS DE JONGE VAN	18/07/2002	2
	GERARD ESSINK	13/07/1999	1
	PAUL BURGERS	13/07/1999	1
	GILLES RICHAR DUMONT	28/10/1994	1
	PIERRE YVES DIVET	31/01/1994	3
SECRETARY	AVILES HERRERA DAVID	24/01/2011	1
ACCOUNTS' AUDITOR / HOLDER	ERNST & YOUNG SL	03/03/2014	9
LAWYER (ADVISER)	MARTINEZ ANDREO JOSE LUIS	28/10/1994	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ABADES POUS RAMON	PROXY	22/05/1990	1
ARCHIBALD D FYFE	SECRETARY	31/01/1994	2
	MEMBER OF THE BOARD	28/10/1994
ARCHIBALD DICKIE FYFE	PROXY	28/10/1994	1
ARTIACH VILA SAN JUAN JAIME	PROXY	20/09/2013	1
ARTIACH VILA SANJUAN JAIME	JOINT ATTORNEY/COMBINED PROXY	20/08/2008	5
	PROXY	29/12/2009
	JOINT ATTORNEY/COMBINED PROXY	31/03/2010
	JOINT ATTORNEY	03/11/2010
	COMBINED PROXY	03/11/2010
BATALLA GARCIA ANA	PROXY	20/09/2013	2
BECARES FERNANDEZ JOSE CARLOS	PROXY	31/01/1994	1
BENTLEY STEPHEN GRAHAM	PROXY	13/07/1999	1
BERNARD HALLIEZ	MEMBER OF THE BOARD	03/12/1996	1
BLETTON FRANCOISE GABRIELLE	MEMBER OF THE BOARD	23/09/2003	2
	PROXY	01/03/2004
BURGER PAUL	PROXY	18/07/2002	2
	PROXY	01/03/2004
BURGERS PAUL	PROXY	17/04/2007	1
CABALLERO CROWLEY HELEN	JOINT ATTORNEY/COMBINED PROXY	31/03/2010	4
	PROXY	20/09/2013
	JOINT ATTORNEY	03/11/2010
	COMBINED PROXY	03/11/2010
CALVO PASTOR PEDRO	PROXY	20/09/2013	2
CORTES PALLEROLA JUAN	PROXY	28/10/1994	1
COUTINHO RODRIGUES DE SOUSA JORGE AMERICO	PROXY	29/12/2009	4
	JOINT ATTORNEY/COMBINED PROXY	20/08/2008
	PROXY	01/03/2004
	PROXY	17/04/2007
DELCOR GARRIDO JORGE	PROXY	13/07/1999	1
DIEZ DE LA LASTRA BIELSA JUAN JOSE	MEMBER OF THE BOARD	17/04/1999	2
	PROXY	13/07/1999
DIEZ DE LA LASTRA Y BIELSA JUAN JOSE	PROXY	18/07/2002	8
	PROXY	01/03/2004
	PROXY	01/09/1995
	NON CONSELLOR SECRETARY	31/03/2010
	JOINT ATTORNEY/COMBINED PROXY	31/03/2010
	PROXY	29/12/2009
	JOINT ATTORNEY/COMBINED PROXY	20/08/2008
	PROXY	17/04/2007
DIVET PIERRE YVES	MEMBER OF THE BOARD	18/07/2002	2
	PROXY	18/07/2002
DUMONT GILLES	PROXY	20/09/2013	2
DURAN BLASCO MONICA	PROXY	20/09/2013	2
ERNST & YOUNG SL	ACCOUNTS' AUDITOR / HOLDER	23/07/2007	9
	ACCOUNTS' AUDITOR / HOLDER	18/10/2007
	ACCOUNTS' AUDITOR / HOLDER	03/11/2008
	ACCOUNTS' AUDITOR / HOLDER	12/11/2009
	ACCOUNTS' AUDITOR / HOLDER	13/12/2010
	ACCOUNTS' AUDITOR / HOLDER	25/10/2011
	ACCOUNTS' AUDITOR / HOLDER	29/11/2012
	ACCOUNTS' AUDITOR / HOLDER	03/03/2014
ESSINK GERARD	PROXY	18/07/2002	5
	PROXY	01/03/2004
	PROXY	17/04/2007
	JOINT ATTORNEY/COMBINED PROXY	20/08/2008
	PROXY	29/12/2009
ETCHART CARDENAL RODOLFO	PROXY	01/09/1995	2
	PROXY	13/07/1999
GIL DE BIEDMA VEGA DE SEOANE JAVIER	MEMBER OF THE BOARD	13/07/1999	2
	PROXY	18/07/2002
GIL DE BIEDMA VILLALONGA JAVIER	MEMBER OF THE BOARD	28/02/1995	1
GIL DE BIEDMA Y VEGA DE SEOANE JAVIER	MEMBER OF THE BOARD	18/07/2002	2
	PRESIDENT	18/07/2002
GILLES DUMONT	PROXY	13/07/1999	1
GRUESO CARRILLO MARIA JOSE	PROXY	17/04/2007	9
	JOINT ATTORNEY/COMBINED PROXY	20/08/2008
	PROXY	01/03/2004
	PROXY	29/12/2009
	JOINT ATTORNEY/COMBINED PROXY	31/03/2010
	JOINT ATTORNEY	03/11/2010
	COMBINED PROXY	03/11/2010
	PROXY	20/09/2013
HAYES RICHARD NIGEL	PROXY	20/09/2013	1
HEINZ PETER D	MEMBER OF THE BOARD	14/09/2010	6
	JOINT ATTORNEY/COMBINED PROXY	31/03/2010
	PROXY	29/12/2009
	MEMBER OF THE BOARD	03/11/2008
	PROXY	17/04/2007
	JOINT ATTORNEY/COMBINED PROXY	20/08/2008
HEINZ PETER DANSER	JOINT ATTORNEY	03/11/2010	1
HENRI BOUZIANE	MEMBER OF THE BOARD	25/05/1996	1
HENRY FRANÇOIS BOUZIANE	PROXY	01/09/1995	2
	PROXY	25/05/1996
HERREROS ABAD JUAN PEDRO	PROXY	31/01/1994	1
ICETA OLAIZOLA JOSE MARIA	PROXY	31/01/1994	1
JENSEN CLAUS FOLKE	JOINT ATTORNEY/COMBINED PROXY	31/03/2010	1
JIMENEZ SANZ JOSE MARIA	SECRETARY	24/01/2011	1
JOHN PHILLPOTTS	MEMBER OF THE BOARD	28/02/1995	1
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	02/11/2000	4
	ACCOUNTS' AUDITOR / HOLDER	06/11/2001
	ACCOUNTS' AUDITOR / HOLDER	05/12/2002
	ACCOUNTS' AUDITOR / HOLDER	17/10/2003
KPMG PEAT MARWICK SA Y CIA AUDITORES SRC	ACCOUNTS' AUDITOR / HOLDER	19/08/1999	1
LOPEZ DE PABLO RAFAEL	MEMBER OF THE BOARD	18/01/1994	1
LOPEZ DE PABLO RAFAEL FERNANDO	CHIEF EXECUTIVE OFFICER	18/01/1994	2
	PRESIDENT	18/01/1994
MARTIAL JEUSSE CHRISTOPHE	MEMBER OF THE BOARD	30/10/2012	1
MCNAMARA BERNARD	MEMBER OF THE BOARD	12/05/2009	1
MONTEIL GUY	PROXY	29/12/2009	11
	JOINT ATTORNEY/COMBINED PROXY	31/03/2010
	MEMBER OF THE BOARD	14/09/2010
	PRESIDENT	14/09/2010
	JOINT ATTORNEY	03/11/2010
	COMBINED PROXY	03/11/2010
	JOINT ATTORNEY/COMBINED PROXY	20/08/2008
	PROXY	17/04/2007
	PRESIDENT	30/08/2004
	MEMBER OF THE BOARD	30/08/2004
	PROXY	01/03/2004
MORLEY CHRISTOPHER JOHN	PROXY	17/04/2007	5
	JOINT ATTORNEY/COMBINED PROXY	20/08/2008
	PROXY	29/12/2009
	MEMBER OF THE BOARD	03/11/2008
	MEMBER OF THE BOARD	02/02/2009
MUÑOZ MUÑOZ FRANCISCO SALVADOR	JOINT ATTORNEY/COMBINED PROXY	17/04/2007	2
	JOINT ATTORNEY/COMBINED PROXY	20/08/2008
NIGEL HAYES RICHARD	JOINT ATTORNEY	03/11/2010	2
	COMBINED PROXY	03/11/2010
PALLI JUSCAFRESA ROSA	PROXY	20/09/2013	1
PERIS OLIVER ANTONIO	PROXY	01/09/1995	2
	PROXY	13/07/1999
PETRONIN CHRISTIAN ANDRE	JOINT ATTORNEY	03/11/2010	3
	COMBINED PROXY	03/11/2010
PETRONIN CHRISTIAN-ANDRE	PROXY	20/09/2013	1
PHILLPOTS JOHN NICHOLAS	PROXY	13/07/1999	1
PIERRE EMMANUEL BUTTIN	PROXY	28/08/1997	1
PIERRE YVES DIVET	MEMBER OF THE BOARD	13/07/1999	3
POVEDA CORRAL JOSE LUIS	PROXY	31/01/1994	1
PRICE WATERHOUSE AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	03/12/1996	1
PUIG PAGES JUAN	MEMBER OF THE BOARD	18/01/1994	4
	PROXY	31/01/1994
	CHIEF EXECUTIVE OFFICER	18/01/1994
	VICE CHAIRMAN	18/01/1994
ROYO BAQUES ANGELINA	PROXY	31/01/1994	1
ROYUELA MARTINEZ JESUS	PROXY	20/09/2013	2
RUBIO BERNAL BARBARA	PROXY	20/09/2013	2
SALAS BRAVO ENRIQUE	MEMBER OF THE BOARD	28/06/1993	2
	PROXY	31/01/1994
SANTIDRIAN GARCIA ANGEL	PROXY	20/09/2013	2
SODEMKAMP ENRICO	PROXY	20/08/2008	1
TEJERA ELEJABEITIA AGUSTIN	PROXY	18/07/2002	10
	PROXY	01/03/2004
	PROXY	17/04/2007
	JOINT ATTORNEY/COMBINED PROXY	20/08/2008
	PROXY	29/12/2009
	JOINT ATTORNEY/COMBINED PROXY	31/03/2010
	JOINT ATTORNEY	03/11/2010
	COMBINED PROXY	03/11/2010
	PROXY	20/09/2013
VALDERRAMA PEULA GEMMA	PROXY	20/09/2013	2
VALLEJO MOVELLAN CARLOS	PROXY	18/07/2002	7
	PROXY	01/03/2004
	PROXY	17/04/2007
	PROXY	29/12/2009
	JOINT ATTORNEY/COMBINED PROXY	20/08/2008
	JOINT ATTORNEY	03/11/2010
	COMBINED PROXY	03/11/2010
VALLS ANTON JAIME	PROXY	13/07/1999	3
	PROXY	01/09/1995
	PROXY	31/01/1994
VAN ELLEMEET BONIFACIUS DE JONGE	MEMBER OF THE BOARD	28/05/2003	2
	PROXY	01/03/2004
VELLEJO MOVELLAN CARLOS	PROXY	13/07/1999	2
	PROXY	01/09/1995
VENTIMILLA MUÑOZ MANUEL	JOINT ATTORNEY/COMBINED PROXY	20/08/2008	2
	JOINT ATTORNEY/COMBINED PROXY	17/04/2007
VIMEUX FREDERIC PAUL	JOINT ATTORNEY/COMBINED PROXY	31/03/2010	4
	MEMBER OF THE BOARD	14/09/2010
	JOINT ATTORNEY	03/11/2010
	COMBINED PROXY	03/11/2010

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		CRISTIAN PETRONIL

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 Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure. The current debt represents a 16.64of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets. It does not have any financial profitability.. UNIVAR IBERIA SOCIEDAD ANONIMAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation. No Company's subsidiaries or branches are known. Among the companies with similar characteristics, UNIVAR IBERIA SOCIEDAD ANONIMA is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  0.573 %

> Latest Rating Changes :

Sector in which comparison is carried out : 461 Wholesale on a fee or contract basis
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 99.00% of the companies of the sector UNIVAR IBERIA SOCIEDAD ANONIMA 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 0.573%.

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.

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

Link List

ABSORBS TO:	3 Entities
IS RELATED WITH:	4 Entities
PARTICIPATES IN:	1 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	UNIVAR FRANCE SNC		99.52
PARTICIPATES IN	UNIVAR IBERIA, SOCIEDAD ANONIMA, (PORTUGAL)		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	UNIVAR AB
	UNIVAR BLANDAIN NV
	UNIVAR NV
	UNIVAR BV (HOLANDA)
ABSORBS TO	TRANSOL QUIMICA IBERICA, S.A.	BARCELONA
	HISPANA DE PRODUCTOS QUIMICOS SA	BARCELONA
	J S M CHEMICAL SOCIEDAD ANONIMA	VALENCIA

Turnover
Total Sales 2013	41.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Normales	March  2014
2011	Normales	November  2012
2010	Normales	January  2012
2009	Normales	January  2011
2008	Normales	September  2009
2007	Normales	September  2008
2006	Normales	October  2007
2005	Normales	September  2006
2004	Normales	September  2005
2003	Normales	September  2004
2002	Normales	December  2003
2001	Normales	August  2002
2000	Normales	September  2001
1999	Normales	October  2000
1998	Normales	October  2000
1997	Normales	August  1998
1996	Normales	June  1997
1995	Normales	December  1996
1994	Normales	May  1996
1993	Normales	October  1995
1989	Normales	September  1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2012

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 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	ORIGINAL	ORIGINAL
Assets	2012	2011	2010	2009	2008
A) NON-CURRENT ASSETS: 11000	4.768.000,00	6.846.000,00	6.531.000,00	5.800.000,00	6.750.000,00
I. Intangible fixed assets : 11100	75.000,00	105.000,00	135.000,00	62.000,00	64.000,00
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	15.000,00	25.000,00	35.000,00	62.000,00	64.000,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	60.000,00	80.000,00	100.000,00	0,00	0,00
II. Tangible fixed assets : 11200	3.875.000,00	4.520.000,00	4.390.000,00	4.427.000,00	4.469.000,00
1. Land and buildings: 11210	1.508.000,00	1.576.000,00	1.632.000,00	1.689.000,00	1.746.000,00
2. Technical installations and other tangible fixed assets: 11220	2.367.000,00	2.944.000,00	2.751.000,00	2.659.000,00	2.644.000,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	7.000,00	79.000,00	79.000,00
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	730.000,00	1.268.000,00	1.249.000,00	770.000,00	2.217.000,00
1. Equity instruments: 11410	730.000,00	1.268.000,00	1.249.000,00	770.000,00	2.094.000,00
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	123.000,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	88.000,00	140.000,00	123.000,00	123.000,00	0,00
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	88.000,00	140.000,00	123.000,00	123.000,00	0,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	0,00	813.000,00	634.000,00	418.000,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	7.290.000,00	26.575.000,00	26.534.000,00	28.244.000,00	32.053.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	46.000,00	4.833.000,00	4.794.000,00	5.051.000,00	6.457.000,00
1. Commercial: 12210	0,00	0,00	0,00	5.051.000,00	0,00
2. Primary material and other supplies: 12220	0,00	4.833.000,00	4.794.000,00	0,00	6.457.000,00
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	0,00	0,00	0,00	0,00	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	0,00	0,00	0,00	0,00	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	46.000,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	2.127.000,00	21.736.000,00	21.737.000,00	23.187.000,00	25.592.000,00
1. Trade debtors / accounts receivable: 12310	648.000,00	21.335.000,00	20.810.000,00	22.548.000,00	24.438.000,00
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	0,00	21.335.000,00	0,00	22.548.000,00	24.438.000,00
2. Customers, Group companies and associates : 12320	1.450.000,00	335.000,00	889.000,00	611.000,00	1.127.000,00
3. Other accounts receivable: 12330	10.000,00	0,00	0,00	0,00	0,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	9.000,00	9.000,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	10.000,00	57.000,00	38.000,00	28.000,00	27.000,00
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	0,00
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	0,00
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	43.000,00	0,00	0,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	5.074.000,00	6.000,00	3.000,00	6.000,00	4.000,00
1. Treasury: 12710	5.074.000,00	6.000,00	3.000,00	6.000,00	4.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	12.058.000,00	33.421.000,00	33.065.000,00	34.044.000,00	38.803.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	6.052.000,00	8.727.000,00	9.250.000,00	9.656.000,00	10.872.000,00
A-1) Shareholders' equity: 21000	6.052.000,00	8.727.000,00	9.250.000,00	9.656.000,00	10.872.000,00
I. Capital: 21100	4.568.000,00	4.568.000,00	4.568.000,00	4.568.000,00	4.568.000,00
1. Registered capital : 21110	4.568.000,00	4.568.000,00	4.568.000,00	4.568.000,00	4.568.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	3.398.000,00	3.398.000,00	3.398.000,00	3.398.000,00	3.398.000,00
III. Reserves: 21300	2.906.000,00	2.906.000,00	2.906.000,00	2.906.000,00	2.893.000,00
1. Legal y estatutarias: 21310	2.906.000,00	2.906.000,00	2.906.000,00	2.906.000,00	2.893.000,00
2. Other reserves: 21320	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	-2.145.000,00	-1.622.000,00	-1.216.000,00	0,00	-330.000,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-2.145.000,00	-1.622.000,00	-1.216.000,00	0,00	-330.000,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	-2.675.000,00	-523.000,00	-406.000,00	-1.216.000,00	343.000,00
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	4.000.000,00	4.000.000,00	4.000.000,00	4.000.000,00	13.902.000,00
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	0,00	0,00	0,00	0,00	4.902.000,00
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	4.902.000,00
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	4.000.000,00	4.000.000,00	4.000.000,00	4.000.000,00	9.000.000,00
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	2.006.000,00	20.694.000,00	19.815.000,00	20.388.000,00	14.029.000,00
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	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	3.000,00	8.055.000,00	6.822.000,00	5.040.000,00	0,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	3.000,00	8.055.000,00	6.822.000,00	5.040.000,00	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	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	628.000,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	1.371.000,00	12.639.000,00	12.993.000,00	15.348.000,00	14.029.000,00
1. Suppliers: 32510	431.000,00	9.864.000,00	10.603.000,00	12.620.000,00	11.390.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	0,00	9.864.000,00	0,00	12.620.000,00	11.390.000,00
2. Suppliers, Group companies and associates: 32520	83.000,00	632.000,00	1.046.000,00	1.493.000,00	1.188.000,00
3. Other creditors: 32530	0,00	678.000,00	178.000,00	218.000,00	237.000,00
4. Personnel (remuneration due): 32540	400.000,00	797.000,00	484.000,00	445.000,00	408.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	36.000,00
6. Otras deudas con las Administraciones Públicas. : 32560	457.000,00	487.000,00	472.000,00	371.000,00	522.000,00
7. Advances from clients: 32570	0,00	181.000,00	210.000,00	201.000,00	248.000,00
VI. Short-term accruals: 32600	4.000,00	0,00	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	12.058.000,00	33.421.000,00	33.065.000,00	34.044.000,00	38.803.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	42.750.000,00	87.809.000,00	82.261.000,00	79.413.000,00	99.621.000,00
a) Sales: 40110	36.915.000,00	87.728.000,00	82.137.000,00	79.166.000,00	99.484.000,00
b) Rendering of services: 40120	5.835.000,00	81.000,00	124.000,00	247.000,00	137.000,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-30.748.000,00	-73.430.000,00	-67.376.000,00	-64.558.000,00	-82.229.000,00
a) Stock consumption: 40410	-30.748.000,00	-73.290.000,00	-67.172.000,00	-64.136.000,00	-82.065.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	-140.000,00	-204.000,00	-422.000,00	-164.000,00
5. Other operating income: 40500	494.000,00	398.000,00	119.000,00	47.000,00	178.000,00
a) Auxiliary income and other from current management: 40510	494.000,00	398.000,00	119.000,00	47.000,00	178.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-6.492.000,00	-7.530.000,00	-6.677.000,00	-6.880.000,00	-6.524.000,00
a) Wages, salaries et al.: 40610	-4.984.000,00	-6.011.000,00	-5.209.000,00	-5.476.000,00	-5.071.000,00
b) Social security costs: 40620	-1.508.000,00	-1.519.000,00	-1.468.000,00	-1.404.000,00	-1.453.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-6.575.000,00	-6.751.000,00	-7.412.000,00	-7.394.000,00	-8.309.000,00
a) External services: 40710	-6.166.000,00	-6.340.000,00	-7.037.000,00	-6.912.000,00	-7.912.000,00
b) Taxes: 40720	-43.000,00	-54.000,00	-45.000,00	-58.000,00	-49.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-366.000,00	-355.000,00	-328.000,00	-408.000,00	-348.000,00
d) Other current management expenditure : 40740	0,00	-2.000,00	-2.000,00	-16.000,00	0,00
8. Amortisation of fixed assets: 40800	-587.000,00	-656.000,00	-659.000,00	-591.000,00	-786.000,00
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	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	12.000,00	8.000,00	-1.000,00	-4.000,00	-83.000,00
a) Impairment and losses : 41110	12.000,00	8.000,00	-1.000,00	-4.000,00	-83.000,00
b) Results for transfers and other : 41120	0,00	0,00	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	0,00	-213.000,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	-1.146.000,00	-365.000,00	255.000,00	33.000,00	1.868.000,00
14. Financial income : 41400	1.000,00	0,00	0,00	0,00	2.000,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	2.000,00
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	2.000,00
b) From negotiable securities and other financial instruments : 41420	0,00	0,00	0,00	0,00	0,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	0,00	0,00	0,00	0,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-190.000,00	-401.000,00	-320.000,00	-351.000,00	-1.010.000,00
a) Amounts owed to Group companies and associates : 41510	-88.000,00	-115.000,00	-83.000,00	-172.000,00	-763.000,00
b) For debts with third parties : 41520	-102.000,00	-286.000,00	-237.000,00	-179.000,00	-247.000,00
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	0,00	45.000,00	-36.000,00	8.000,00	22.000,00
18. Impairment and result for transfers of financial instruments: 41800	-536.000,00	19.000,00	-521.000,00	-1.324.000,00	-410.000,00
a) Impairment and losses : 41810	-536.000,00	0,00	0,00	0,00	-410.000,00
b) Results for transfers and other : 41820	0,00	19.000,00	-521.000,00	-1.324.000,00	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	-725.000,00	-337.000,00	-877.000,00	-1.667.000,00	-1.396.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-1.871.000,00	-702.000,00	-622.000,00	-1.634.000,00	472.000,00
20. Income taxes: 41900	-804.000,00	179.000,00	216.000,00	418.000,00	-129.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-2.675.000,00	-523.000,00	-406.000,00	-1.216.000,00	343.000,00
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	-2.675.000,00	-523.000,00	-406.000,00	-1.216.000,00	343.000,00

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

Information corresponding to the fiscal year 2012 2011 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 2012 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2012	2011	2010	2009	2008
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	4.768.000,00	6.033.000,00	5.897.000,00	5.382.000,00	6.750.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	75.000,00	105.000,00	135.000,00	62.000,00	64.000,00
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:	15.000,00	25.000,00	35.000,00	62.000,00	64.000,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	60.000,00	80.000,00	100.000,00	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	0,00
III. Tangible fixed assets:	3.875.000,00	4.520.000,00	4.390.000,00	4.427.000,00	4.469.000,00
1. Land and construction:	1.508.000,00	1.576.000,00	1.632.000,00	1.689.000,00	1.746.000,00
2. Technical installations and machinery:	1.601.489,00	1.991.882,00	1.861.300,00	1.799.053,00	1.788.905,00
3. Other installations, tools and furniture:	547.949,00	681.521,00	636.843,00	615.545,00	612.073,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	7.000,00	79.000,00	79.000,00
5. Other tangible assets:	217.562,00	270.597,00	252.857,00	244.401,00	243.023,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	818.000,00	1.408.000,00	1.372.000,00	893.000,00	2.217.000,00
1. Equity investments in group companies:	730.000,00	1.268.000,00	1.249.000,00	770.000,00	2.094.000,00
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:	88.000,00	140.000,00	123.000,00	123.000,00	123.000,00
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:	7.290.000,00	27.388.000,00	27.168.000,00	28.662.000,00	32.053.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	46.000,00	4.833.000,00	4.794.000,00	5.051.000,00	6.457.000,00
1. Goods for resale:	0,00	0,00	0,00	5.051.000,00	0,00
2. Raw materials and other consumables:	0,00	4.833.000,00	4.794.000,00	0,00	6.457.000,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	46.000,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	2.127.000,00	22.549.000,00	22.371.000,00	23.605.000,00	25.592.000,00
1. Trade debtors / accounts receivable:	648.000,00	21.335.000,00	20.810.000,00	22.548.000,00	24.438.000,00
2. Accounts receivable, Group companies:	1.450.000,00	335.000,00	889.000,00	611.000,00	1.127.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	10.000,00	0,00	0,00	0,00	0,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	19.000,00	879.000,00	672.000,00	446.000,00	27.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	0,00	0,00	0,00	0,00
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. Short 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. 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:	5.074.000,00	6.000,00	3.000,00	6.000,00	4.000,00
VII. Prepayments and accrued income:	43.000,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	12.058.000,00	33.421.000,00	33.065.000,00	34.044.000,00	38.803.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	6.052.000,00	8.727.000,00	9.250.000,00	9.656.000,00	10.872.000,00
I. Subscribed capital:	4.568.000,00	4.568.000,00	4.568.000,00	4.568.000,00	4.568.000,00
II. Share premium:	3.398.000,00	3.398.000,00	3.398.000,00	3.398.000,00	3.398.000,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	2.906.000,00	2.906.000,00	2.906.000,00	2.906.000,00	2.893.000,00
1. Legal reserve:	2.906.000,00	2.906.000,00	2.906.000,00	2.906.000,00	2.893.000,00
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:	0,00	0,00	0,00	0,00	0,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-2.145.000,00	-1.622.000,00	-1.216.000,00	0,00	-330.000,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-2.145.000,00	-1.622.000,00	-1.216.000,00	0,00	-330.000,00
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:	-2.675.000,00	-523.000,00	-406.000,00	-1.216.000,00	343.000,00
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:	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:	4.000.000,00	4.000.000,00	4.000.000,00	4.000.000,00	13.902.000,00
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
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	4.902.000,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	4.902.000,00
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:	4.000.000,00	4.000.000,00	4.000.000,00	4.000.000,00	9.000.000,00
1. Amounts owed to group companies:	4.000.000,00	4.000.000,00	4.000.000,00	4.000.000,00	9.000.000,00
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:	2.006.000,00	20.694.000,00	19.815.000,00	20.388.000,00	14.029.000,00
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:	3.000,00	8.055.000,00	6.822.000,00	5.040.000,00	0,00
1. Loans and other liabilities:	3.000,00	8.055.000,00	6.822.000,00	5.040.000,00	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:	711.000,00	632.000,00	1.046.000,00	1.493.000,00	1.188.000,00
1. Amounts owed to group companies:	711.000,00	632.000,00	1.046.000,00	1.493.000,00	1.188.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	431.000,00	10.723.000,00	10.991.000,00	13.039.000,00	11.875.000,00
1. Advanced payments from customers:	0,00	181.000,00	210.000,00	201.000,00	248.000,00
2. Amounts owed for purchases of goods or services:	431.000,00	10.542.000,00	10.781.000,00	12.838.000,00	11.627.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	857.000,00	1.284.000,00	956.000,00	816.000,00	966.000,00
1. Public bodies:	457.000,00	487.000,00	472.000,00	371.000,00	558.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	400.000,00	797.000,00	484.000,00	445.000,00	408.000,00
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:	4.000,00	0,00	0,00	0,00	0,00
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):	12.058.000,00	33.421.000,00	33.065.000,00	34.044.000,00	38.803.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	45.920.000,00	88.794.000,00	82.786.000,00	80.684.000,00	99.480.000,00
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:	30.748.000,00	73.290.000,00	67.172.000,00	64.136.000,00	82.065.000,00
a) Stock consumption:	30.748.000,00	73.290.000,00	67.172.000,00	64.136.000,00	82.065.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	6.492.000,00	7.530.000,00	6.677.000,00	6.880.000,00	6.524.000,00
a) Wages, salaries et al.:	4.984.000,00	6.011.000,00	5.209.000,00	5.476.000,00	5.071.000,00
b) Social security costs:	1.508.000,00	1.519.000,00	1.468.000,00	1.404.000,00	1.453.000,00
A.4. Depreciation expense:	587.000,00	656.000,00	659.000,00	591.000,00	786.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	366.000,00	495.000,00	532.000,00	830.000,00	512.000,00
a) Stock provision variation:	0,00	140.000,00	204.000,00	422.000,00	164.000,00
b) Variation in provision and bad debt losses:	366.000,00	355.000,00	328.000,00	408.000,00	348.000,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	6.209.000,00	6.396.000,00	7.084.000,00	6.986.000,00	7.961.000,00
a) External services:	6.166.000,00	6.340.000,00	7.037.000,00	6.912.000,00	7.912.000,00
b) Taxes:	43.000,00	54.000,00	45.000,00	58.000,00	49.000,00
c) Other operating expenses:	0,00	2.000,00	2.000,00	16.000,00	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):	0,00	0,00	256.000,00	37.000,00	1.951.000,00
A.7. Financial and similar charges:	190.000,00	401.000,00	841.000,00	1.675.000,00	1.010.000,00
a) Due to liabilities with companies of the group:	88.000,00	115.000,00	83.000,00	172.000,00	763.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	102.000,00	286.000,00	237.000,00	179.000,00	247.000,00
d) Losses from financial investments:	0,00	0,00	521.000,00	1.324.000,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	410.000,00
A.9. Exchange losses:	0,00	0,00	36.000,00	0,00	0,00
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):	0,00	0,00	0,00	0,00	555.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	524.000,00	-8.000,00	1.000,00	4.000,00	83.000,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	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	213.000,00	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):	0,00	0,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	0,00	0,00	0,00	472.000,00
A.15. Corporation tax:	804.000,00	-179.000,00	-216.000,00	-418.000,00	129.000,00
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):	0,00	0,00	0,00	0,00	343.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	43.245.000,00	88.271.000,00	82.380.000,00	79.468.000,00	99.823.000,00
B.1. Net total sales:	42.750.000,00	87.809.000,00	82.261.000,00	79.413.000,00	99.621.000,00
a) Sales:	36.915.000,00	87.728.000,00	82.137.000,00	79.166.000,00	99.484.000,00
b) Rendering of services:	5.835.000,00	81.000,00	124.000,00	247.000,00	137.000,00
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	0,00	0,00	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:	494.000,00	398.000,00	119.000,00	47.000,00	178.000,00
a) Auxiliary income and other from current management:	494.000,00	398.000,00	119.000,00	47.000,00	178.000,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
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):	1.158.000,00	160.000,00	0,00	0,00	0,00
B.5. Income from equity investment:	1.000,00	0,00	0,00	0,00	2.000,00
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	2.000,00
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:	0,00	19.000,00	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) Miscellaneous interests:	0,00	0,00	0,00	0,00	0,00
d) Profit on financial investment:	0,00	19.000,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	45.000,00	0,00	8.000,00	22.000,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	189.000,00	337.000,00	877.000,00	1.667.000,00	1.396.000,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	1.347.000,00	497.000,00	621.000,00	1.630.000,00	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):	524.000,00	205.000,00	1.000,00	4.000,00	83.000,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	1.871.000,00	702.000,00	622.000,00	1.634.000,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	2.675.000,00	523.000,00	406.000,00	1.216.000,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

	2012	2011	2010	2009	2008
1. Fiscal year result before taxes.: 61100	-1.871.000,00	-702.000,00	-622.000,00	-1.634.000,00	472.000,00
2. Results adjustments.: 61200	1.700.000,00	1.492.000,00	2.069.000,00	3.092.000,00	3.113.000,00
a) Fixed Assets Amortization (+).: 61201	621.000,00	658.000,00	659.000,00	591.000,00	786.000,00
b) Obsolescence Allowances (+/-). : 61202	536.000,00	121.000,00	725.000,00	1.746.000,00	500.000,00
c) Variation in Provision (+/-). : 61203	365.000,00	355.000,00	328.000,00	408.000,00	348.000,00
e) Results on disposal of fixed assets (+/-). : 61205	-12.000,00	0,00	1.000,00	4.000,00	83.000,00
g) Financial income (-).: 61207	0,00	0,00	0,00	0,00	-2.000,00
h) Financial Expenses (+). : 61208	190.000,00	401.000,00	320.000,00	351.000,00	1.420.000,00
i) Exchange differences (+/-). : 61209	0,00	-43.000,00	36.000,00	-8.000,00	-22.000,00
3. Changes in current capital equity.: 61300	12.419.000,00	-895.000,00	-455.000,00	3.444.000,00	-270.000,00
a) Stock (+/-).: 61301	4.788.000,00	-179.000,00	53.000,00	984.000,00	2.598.000,00
d) Debtors and other accounts receivable (+/-). : 61302	19.160.000,00	-345.000,00	1.400.000,00	1.481.000,00	8.339.000,00
c) Other current assets (+/-). : 61303	-40.000,00	0,00	0,00	0,00	93.000,00
d) Creditors and other accounts payable (+/-). : 61304	-11.541.000,00	-354.000,00	-1.908.000,00	979.000,00	-11.300.000,00
f) Other non-current assets and liabilities (+/-).: 61306	52.000,00	-17.000,00	0,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	-199.000,00	-410.000,00	-320.000,00	-315.000,00	-1.359.000,00
a) Interest payments (-). : 61401	-190.000,00	-401.000,00	-320.000,00	-351.000,00	-1.420.000,00
c) Interest collection (+). : 61403	0,00	0,00	0,00	0,00	2.000,00
d) Income tax payment collection (payments) (+/-).: 61404	-9.000,00	-9.000,00	0,00	36.000,00	59.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	12.049.000,00	-515.000,00	672.000,00	4.587.000,00	1.956.000,00
6. Payments for investment (-).: 62100	-131.000,00	-758.000,00	-1.696.000,00	-551.000,00	-996.000,00
a) Companies of the group and affiliates. : 62101	0,00	0,00	-1.000.000,00	0,00	0,00
b) Intangible fixed assets. : 62102	0,00	0,00	-153.000,00	-20.000,00	-32.000,00
c) Fixed assets. : 62103	-131.000,00	-758.000,00	-543.000,00	-531.000,00	-964.000,00
7. Divestment payment collection (+). : 62200	197.000,00	0,00	0,00	0,00	246.000,00
c) Fixed assets. : 62203	197.000,00	0,00	0,00	0,00	246.000,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	66.000,00	-758.000,00	-1.696.000,00	-551.000,00	-750.000,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-7.047.000,00	1.233.000,00	1.057.000,00	-4.042.000,00	-1.313.000,00
a) Issuance : 63201	-7.047.000,00	1.233.000,00	1.057.000,00	138.000,00	-1.313.000,00
2. Debts incurred with credit institutions (+). : 63203	-8.052.000,00	1.233.000,00	1.782.000,00	138.000,00	-4.303.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	1.005.000,00	0,00	-725.000,00	0,00	2.990.000,00
b) Repayment and amortization of : 63207	0,00	0,00	0,00	-4.180.000,00	0,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	0,00	-4.180.000,00	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	-7.047.000,00	1.233.000,00	1.057.000,00	-4.042.000,00	-1.313.000,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	0,00	43.000,00	-36.000,00	8.000,00	22.000,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	5.068.000,00	3.000,00	-3.000,00	2.000,00	-85.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	6.000,00	3.000,00	6.000,00	4.000,00	0,00
Cash or equivalent assets as of end of the fiscal year.: 65200	5.074.000,00	6.000,00	3.000,00	6.000,00	4.000,00

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	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,12 %	0,01 %	0,00 %	0,00 %
EBITDA over Sales:	-1,34 %	9,23 %	0,56 %	10,07 %	-336,46 %	-8,36 %
Cash Flow Yield:	0,42 %	0,00 %	0,00 %	0,00 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-10,20 %	5,25 %	-0,47 %	6,93 %	-2.047,34 %	-24,26 %
Total economic profitability:	-13,94 %	2,51 %	-0,90 %	4,15 %	-1.447,91 %	-39,50 %
Financial profitability:	-44,20 %	1,34 %	-5,99 %	5,83 %	-637,54 %	-76,94 %
Margin:	-2,65 %	4,84 %	-0,17 %	6,36 %	-1.437,86 %	-23,85 %
Mark-up:	-4,33 %	1,63 %	-0,55 %	4,71 %	-680,44 %	-65,38 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	2,53	0,12	0,00	0,11		9,39
Acid Test:	3,59	0,85	1,05	0,83	241,67	2,80
Working Capital / Investment:	0,44	0,03	0,18	0,03	149,03	7,31
Solvency:	3,63	1,18	1,32	1,16	174,59	1,24

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,99	1,63	2,83	1,66	-64,93	-1,71
Borrowing Composition:	1,99	1,03	0,19	1,04	931,60	-1,03
Repayment Ability:	1,19	164,26	8.231,33	811,15	-99,99	-79,75
Warranty:	2,01	1,62	1,35	1,61	48,34	0,69
Generated resources / Total creditors:	-0,26	0,07	0,01	0,07	-2.612,23	-3,99

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	0,91	1,72	1,07	1,75	-14,43	-1,60
Turnover of Collection Rights :	20,33	4,82	4,06	4,48	401,00	7,55
Turnover of Payment Entitlements:	27,22	3,52	6,34	3,26	329,12	7,89
Stock rotation:	965,26	6,61	18,28	6,04	5.179,24	9,48
Assets turnover:	3,85	1,08	2,76	1,09	39,63	-0,54
Borrowing Cost:	3,16	2,94	1,62	2,93	94,81	0,57

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow	2012	2011	2010	2009	2008
Cash Flow over Sales:	0,12 %	0,00 %	0,00 %	0,00 %	-0,09 %
EBITDA over Sales:	-1,34 %	0,56 %	1,11 %	0,79 %	2,75 %
Cash Flow Yield:	0,42 %	0,00 %	0,00 %	0,01 %	-0,22 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	-10,20 %	-0,47 %	0,80 %	0,10 %	5,11 %
Total economic profitability:	-13,94 %	-0,90 %	-0,91 %	-3,77 %	3,82 %
Financial profitability:	-44,20 %	-5,99 %	-4,39 %	-12,59 %	3,15 %
Margin:	-2,65 %	-0,17 %	0,31 %	0,04 %	1,87 %
Mark-up:	-4,33 %	-0,55 %	-0,76 %	-2,06 %	-1,40 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	2,53	0,00	0,00	0,00	0,00
Acid Test:	3,59	1,05	1,10	1,14	1,82
Working Capital / Investment:	0,44	0,18	0,20	0,24	0,46
Solvency:	3,63	1,32	1,37	1,41	2,28

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	0,99	2,83	2,57	2,53	2,57
Borrowing Composition:	1,99	0,19	0,20	0,20	0,99
Repayment Ability:	1,19	8.231,33	-7.938,33	16,73	-25,65
Warranty:	2,01	1,35	1,39	1,40	1,39
Generated resources / Total creditors:	-0,26	0,01	0,04	0,05	0,06

Efficiency	2012	2011	2010	2009	2008
Productivity:	0,91	1,07	1,14	1,09	1,42
Turnover of Collection Rights :	20,33	4,06	3,79	3,43	3,90
Turnover of Payment Entitlements:	27,22	6,34	5,76	4,69	6,45
Stock rotation:	965,26	18,28	17,13	15,72	15,15
Assets turnover:	3,85	2,76	2,60	2,40	2,73
Borrowing Cost:	3,16	1,62	1,34	1,44	3,62

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

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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The company was established several years ago, which provides it with sufficient experience in the developped activity sector. It is well considered among consulted information sources, although its turnover dicreased 51,31 % in 2012, comparing to the previous year. It presents a positive working capital. Therefore, the society would be able to meet its short term payment commitments. Atiende con normalidad los compromisos de pago.

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.60.44
UK Pound	1	Rs.100.24
Euro	1	Rs.80.35

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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%)

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