MIRA INFORM REPORT

Report Date :

29.12.2014

IDENTIFICATION DETAILS

Name :	MOEHS IBERICA SL
Registered Office :	Pol. Ind. Cova Solera, C/ Roma, 8-12 de Rubí - Rubi - 08191 - Barcelona
Country :	Spain
Financials (as on) :	2013
Date of Incorporation :	15.07.1999
Legal Form :	Private Company
Line of Business :	Activities of Holding Companies.
No. of Employee :	95

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

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:	MOEHS IBERICA SL
NIF / Fiscal code:	B62020326
Status:	ACTIVE
Incorporation Date:	15/07/1999
Register Data	Register Section 8 Sheet 201383
Last Publication in BORME:	27/08/2014 [Appointments]
Last Published Account Deposit:	2013
Share Capital:	14.959.200
Localization:	Pol. Ind. Cova Solera, C/ Roma, 8-12 de Rubí - RUBI - 08191 - BARCELONA
Telephone - Fax - Email - Website:	Ph.:. +34 93 586 05 20 Email. moehs@moehs.es Website. www.moehs.es
Number of Branches	1
Activity:
NACE:	6420 - Activities of holding companies
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	21 for a total cost of 1773442.99
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:

PMC EUROPE SARL	100 %
Shares:	12
Other Links:	2
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 3

Ratios

2013

2012

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The firm was established in 1999. It develops activities of a holding company, for some companies of the group. There is no evidence of any defaults. In the light of the foregoing we consider the company apt to keep being related to risk operations in accordance with its size.
Interviewed Person:

Identification
Social Denomination:	MOEHS IBERICA SL
NIF / Fiscal code:	B62020326
Corporate Status:	ACTIVE
Start of activity:	1999
Registered Office:	Pol. Ind. Cova Solera, C/ Roma, 8-12 de Rubí
Locality:	RUBI
Province:	BARCELONA
Postal Code:	08191
Telephone:	+34 93 586 05 20
Fax:	+34 93 588 85 13
Website:	www.moehs.es
Email:	moehs@moehs.es
Interviewed Person:	Sr.Jaume Badia

Branch Offices

Address	Postal Code	City	Province
Cesar Martinell i Brunet, 12 A	08191	Rubí	Barcelona

Activity
NACE:	6420
Additional Information:	Company holding of the following companies: -BENECHIMS PRL from Belgium -CHEMISCHE FABRIK BERG GMBH from Germany -NORCHIM SAS from France -MOEHS CÁNTABRA, S.L. -MOEHS CATALANA, S.L. -MOEHS BCN, S.L.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	95

Chronological Summary
	Year	Act
	1999	Appointments/ Re-elections (1) Company Formation (1) Other Concepts/ Events (1)
	2000	Accounts deposit (ejer. 1999) Appointments/ Re-elections (1)
	2001	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2002	Accounts deposit (ejer. 2000 consolidated, 2001 consolidated, 2000)
	2003	Accounts deposit (ejer. 2002 consolidated, 2001, 2002) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)
	2004	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)
	2005	Accounts deposit (ejer. 2003 consolidated, 2003) Appointments/ Re-elections (1)
	2006	Accounts deposit (ejer. 2004) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3)
	2007	Accounts deposit (ejer. 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Increase of Capital (1) Other Concepts/ Events (1)
	2008	Accounts deposit (ejer. 2006) Appointments/ Re-elections (2) Change of Social Purpose (1)
	2009	Accounts deposit (ejer. 2007, 2008) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Take-over Merger (5)
	2010	Accounts deposit (ejer. 2009)
	2011	Appointments/ Re-elections (1)
	2012	Accounts deposit (ejer. 2009 consolidated, 2010, 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2013	Accounts deposit (ejer. 2010 consolidated, 2011 consolidated, 2012) Appointments/ Re-elections (1)
	2014	Accounts deposit (ejer. 2012 consolidated, 2013) Appointments/ Re-elections (1) Declaration of Sole Propietorship (1) Increase of Capital (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	LA FABRICACION Y VENTA DE PRODUCTOS QUIMICOS Y LA ADQUISICION, Y/O EXPLOTACION DE SOCIEDADES QUE TENGAN POR OBJETO LA FABRICACION Y VENTA DE PRODUCTOS QUIMICOS	Company Formation	26/11/1999

Breakdown of Owners' Equity
Registered Capital:	14.959.200
Paid up capital:	14.959.200

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
08/11/1999	Company Formation	14.959.000	14.959.000	14.959.000	14.959.000
15/01/2007	Increase of Capital	100	100	14.959.100	14.959.100
27/01/2014	Increase of Capital	100	100	14.959.200	14.959.200

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	PMC EUROPE SARL	27/01/2014	1
PRESIDENT	PHILIP E KAMINS	08/11/1999	3
CHIEF EXECUTIVE OFFICER	CASTELLSAGUE CASALS FRANCISCO JAVIER	14/03/2006	3
	CAMPS QUINTANA PEDRO	22/01/2001	5
MEMBER OF THE BOARD	GARY ETHAN KAMINS	21/06/2007	2
	THIAN CHOY CHEONG	08/11/1999	2
	PHILIP E KAMINS	08/11/1999	3
JOINT ATTORNEY	ESCRIBANO CORTADA FRANCISCO	19/08/2014	4
PROXY	BADIA QUER JAIME	16/02/2012	3
	ANDUJAR HIDALGO PASTORA	16/02/2012	2
	ROLDAN EXPOSITO JOSE ANTONIO	16/02/2012	1
	GARY ETHAN KAMINS	02/07/2007	2
	PIÑOL YUSTE AMADEO	14/05/2004	1
	THIAN CHOY CHEONG	08/11/1999	2
CHIEF EXECUTIVE OFFICER	PHILIP E KAMINS	08/11/1999	3
NON CONSELLOR SECRETARY	JULIA INSENSER JOSEP MARIA	08/11/1999	1
ACCOUNTS' AUDITOR / HOLDER	RSM GASSO AUDITORES SLP	17/12/2013	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ANDUJAR HIDALGO PASTORA	PROXY	16/02/2012	2
BADIA QUER JAIME	PROXY	14/05/2004	3
	PROXY	16/02/2012
BDO AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	17/12/2013	1
BENET BATISTA ALENTORN JOAQUIN	PROXY	14/05/2004	1
CAMPS QUINTANA PEDRO	PROXY	22/01/2001	5
	PROXY	14/05/2004
	PROXY	19/09/2006
	PROXY	16/02/2012
CASTELLAGUE CASALS FRANCISCO JAVIER	PROXY	16/02/2012	1
CASTELLSAGUE CASALS FRANCISCO JAVIER	PROXY	14/05/2004	3
	PROXY	05/12/2007
ESCRIBANO CORTADA FRANCISCO	PROXY	16/02/2012	4
	PROXY	16/02/2012
	PROXY	19/08/2014
GLOBAL PHARMACEUTICAL LEADERS INC	SINGLE PARTNER	15/07/2004	1
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	12/01/2004	3
	ACCOUNTS' AUDITOR / HOLDER	15/03/2005
	ACCOUNTS' AUDITOR / HOLDER	13/01/2011
LORI M JOHNSON	MEMBER OF THE BOARD	19/05/2006	2
	PROXY	30/05/2006
PMC EUROPE & PARTNERS SCN	SINGLE PARTNER	15/07/2004	1
PMC EUROPE ETVE SLU	SINGLE PARTNER	05/06/2009	1
PMC EUROPE INVESTMENTS SL	SINGLE PARTNER	27/01/2014	1
PMCL SARL	SINGLE PARTNER	15/07/2004	1
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	28/11/2008	1
QUERALT BRUNA FRANCISCO DE ASIS	PROXY	22/01/2001	2
	CHIEF EXECUTIVE OFFICER	22/01/2001
SPECIALTY LEADERS IN CHEMICALS INC	SINGLE PARTNER	20/03/2003	1
SUSAN ANNE HOYLE	MEMBER OF THE BOARD	21/06/2007	2
	PROXY	02/07/2007

Executive board

Post	NIF	Name
MANAGING DIRECTOR		FRANCISCO JAVIER CASTELLSAGUE CASALS
MANAGING DIRECTOR		PEDRO CAMPS QUINTANA

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	---

> Details

> Basis for scoring

Positive Factors

Adverse Factors

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	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:	1 Entities
IS RELATED WITH:	1 Entities
PARTICIPATES IN:	12 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	PMC EUROPE SARL		100
	MOEHS CATALANA SL	BARCELONA
	CHEMIRESEARCH SL	BARCELONA	100
PARTICIPATES IN	MOEHS CANTABRA SL	CANTABRIA	100
	COMERCIO DE PRIMERAS MATERIAS SL	BARCELONA	100
	SAS NORCHIM ACQUISITION COMPANY		100
	PROTEOS BIOTECH SOCIEDAD LIMITADA	ALBACETE	50
	BENECHIM SPRL (BELGICA)		100
	CHEMISCHE FABRIK BERG (ALEMANIA)
	SAS NORCHIM
	LEE PHARMA, S.A.		42.5
	MOEHS BCN SL	BARCELONA	100
	PALISADES LLC		99.99

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	PMC GLOBAL INC (EEUU)
ABSORBS TO	PMC EUROPE INVESTMENTS SL	BARCELONA

Turnover
Total Sales 2013	25.915.336,28

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	October  2014
2012	Consolidadas	May  2014
2012	Normales	October  2013
2011	Consolidadas	February  2013
2011	Normales	September  2012
2010	Consolidadas	February  2013
2010	Normales	February  2012
2009	Consolidadas	September  2012
2009	Normales	November  2010
2008	Normales	October  2009
2007	Normales	March  2009
2006	Normales	December  2007
2005	Normales	March  2007
2004	Normales	November  2005
2003	Consolidadas	November  2004
2003	Normales	November  2004
2002	Consolidadas	October  2003
2002	Normales	May  2003
2001	Consolidadas	November  2002
2001	Normales	December  2002
2000	Consolidadas	May  2002
2000	Normales	January  2002
1999	Normales	August  2000

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 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009  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, such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	111.607.682,00	110.857.574,00	91.035.387,00	71.855.236,00	64.417.692,00
I. Intangible fixed assets : 11100	15.768.919,00	15.493.453,00	15.502.389,00	15.464.614,00	15.418.147,00
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	15.377.402,00	15.377.402,00	15.377.402,00	15.377.402,00	15.377.402,00
5. IT applications: 11150	391.517,00	116.051,00	21.006,00	87.212,00	40.745,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	103.981,00	0,00	0,00
II. Tangible fixed assets : 11200	3.158.608,00	6.981.511,00	2.875.307,00	2.478.706,00	3.754.009,00
1. Land and buildings: 11210	2.235.524,00	5.976.449,00	1.853.736,00	1.345.660,00	2.824.000,00
2. Technical installations and other tangible fixed assets: 11220	923.084,00	1.005.062,00	1.021.572,00	1.133.046,00	930.009,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	7.656.184,00	4.047.092,00	1.340.804,00	1.396.380,00	0,00
1. Land: 11310	3.693.960,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	3.962.224,00	4.047.092,00	1.340.804,00	1.396.380,00	0,00
IV. Long-term investments in Group companies and associates : 11400	72.622.630,00	72.964.606,00	66.376.104,00	52.115.090,00	43.695.090,00
1. Equity instruments: 11410	57.325.761,00	41.056.611,00	41.053.611,00	39.905.090,00	39.905.090,00
2. Credits to businesses: 11420	15.296.868,00	31.907.996,00	25.322.493,00	12.210.000,00	3.790.000,00
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	11.244.065,00	10.599.138,00	4.940.784,00	400.446,00	1.550.446,00
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	11.244.065,00	10.599.138,00	4.940.784,00	400.446,00	1.550.446,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	1.157.278,00	771.774,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	41.570.737,00	21.744.474,00	25.452.465,00	32.049.887,00	25.442.128,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	0,00	0,00	0,00	0,00	0,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	0,00	0,00	0,00	0,00	0,00
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	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	1.802.879,00	2.761.333,00	4.973.912,00	694.690,00	1.852.405,00
1. Trade debtors / accounts receivable: 12310	47.887,00	260.981,00	0,00	0,00	0,00
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	47.887,00	260.981,00	0,00	0,00	0,00
2. Customers, Group companies and associates : 12320	1.620.471,00	438.734,00	2.940.288,00	663.173,00	1.002.992,00
3. Other accounts receivable: 12330	179,00	167,00	167,00	167,00	168,00
4. Personnel: 12340	2.299,00	5.875,00	0,00	361,00	361,00
5. Assets for deferred tax: 12350	114.679,00	2.050.186,00	1.932.567,00	0,00	792.183,00
6. Other debtors, including tax and social security: 12360	17.364,00	5.390,00	100.890,00	30.989,00	56.701,00
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	39.436.072,00	18.848.524,00	20.005.061,00	21.240.342,00	15.623.978,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	7.354.326,00	8.789.584,00	11.900.176,00	16.154.124,00	9.189.314,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	4.371,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	32.081.746,00	10.058.940,00	8.104.886,00	5.086.218,00	6.430.293,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	0,00	0,00	130.322,00	5.336.333,00	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	130.322,00	130.000,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	3.427.550,00	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	1.778.783,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	31.651,00	11.396,00	32.048,00	12.453,00	9.638,00
VII. Cash and other equivalent liquid assets : 12700	300.136,00	123.221,00	311.121,00	4.766.068,00	7.956.107,00
1. Treasury: 12710	300.136,00	123.221,00	311.121,00	4.766.068,00	4.956.107,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	3.000.000,00
TOTAL ASSETS (A + B) : 10000	153.178.419,00	132.602.048,00	116.487.852,00	103.905.123,00	89.859.820,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	117.235.695,00	26.280.182,00	21.361.333,00	13.858.066,00	4.467.548,00
A-1) Shareholders' equity: 21000	116.774.422,00	26.010.985,00	20.985.373,00	13.516.902,00	4.423.946,00
I. Capital: 21100	14.959.200,00	14.959.100,00	14.959.100,00	14.959.100,00	14.959.100,00
1. Registered capital : 21110	14.959.200,00	14.959.100,00	14.959.100,00	14.959.100,00	14.959.100,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	86.126.326,00	6.572.909,00	6.572.909,00	6.572.909,00	6.572.909,00
III. Reserves: 21300	4.478.976,00	3.675.634,00	-8.015.107,00	-17.108.063,00	3.675.634,00
1. Legal y estatutarias: 21310	3.675.634,00	3.675.634,00	3.675.634,00	3.675.634,00	3.675.634,00
2. Other reserves: 21320	803.343,00	0,00	-11.690.740,00	-20.783.697,00	0,00
3. Revaluation reserves: 21330	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	0,00	-4.222.270,00	0,00	0,00	-27.172.706,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	-4.222.270,00	0,00	0,00	-27.172.706,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	11.209.921,00	5.025.612,00	7.468.471,00	9.092.957,00	6.389.009,00
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	461.273,00	269.196,00	375.960,00	341.163,00	43.602,00
B) NON-CURRENT LIABILITIES: 31000	17.980.453,00	72.979.533,00	68.877.578,00	65.144.754,00	63.729.241,00
I. Long-term provisions: 31100	0,00	0,00	82.655,00	431.000,00	1.125.000,00
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	82.655,00	431.000,00	1.125.000,00
II Long-term creditors: 31200	8.225.715,00	5.446.142,00	2.788.361,00	2.455.056,00	473.069,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	4.743.558,00	3.000.000,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	31.531,00	76.632,00	122.591,00	163.820,00	209.634,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	3.450.627,00	2.369.511,00	2.665.770,00	2.291.236,00	263.435,00
III. Long-term debts with Group companies and associates: 31300	9.357.931,00	67.209.334,00	65.612.485,00	62.112.485,00	62.112.485,00
IV. Liabilities for deferred tax: 31400	396.806,00	324.057,00	394.077,00	146.213,00	18.687,00
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	17.962.271,00	33.342.333,00	26.248.941,00	24.902.303,00	21.663.031,00
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
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	3.058.205,00	4.172.710,00	412.223,00	369.813,00	114.609,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	2.435.406,00	3.698.067,00	12.043,00	14.410,00	15.970,00
3. Creditors from financial leasing: 32330	41.779,00	42.637,00	41.204,00	45.826,00	56.274,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	581.020,00	432.006,00	358.976,00	309.577,00	42.365,00
IV. Short-term debts with Group companies and associates: 32400	7.564.954,00	22.536.705,00	21.070.409,00	21.842.845,00	18.560.646,00
V. Trade creditors and other accounts payable: 32500	7.336.203,00	6.625.199,00	4.766.215,00	2.688.423,00	2.985.519,00
1. Suppliers: 32510	0,00	0,00	0,00	0,00	0,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	0,00	0,00	0,00	0,00	0,00
2. Suppliers, Group companies and associates: 32520	2.054.086,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	459.389,00	2.768.746,00	2.183.844,00	583.153,00	841.783,00
4. Personnel (remuneration due): 32540	4.277.565,00	3.566.442,00	2.103.478,00	1.642.414,00	1.661.672,00
5. Liabilities for current tax: 32550	173.645,00	0,00	0,00	233.202,00	267.518,00
6. Other accounts payable to Public Administrations.: 32560	371.518,00	290.011,00	478.893,00	229.655,00	214.546,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	2.909,00	7.719,00	94,00	1.222,00	2.257,00
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	153.178.419,00	132.602.048,00	116.487.852,00	103.905.123,00	89.859.820,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	25.915.336,00	21.182.540,00	19.729.236,00	18.731.379,00	9.284.036,00
a) Sales: 40110	0,00	0,00	0,00	0,00	0,00
b) Rendering of services: 40120	25.915.336,00	21.182.540,00	19.729.236,00	18.731.379,00	9.284.036,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
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	417.458,00	594.229,00	0,00	0,00	0,00
4. Supplies : 40400	-51.406,00	0,00	0,00	0,00	0,00
a) Stock consumption: 40410	-51.406,00	0,00	0,00	0,00	0,00
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	0,00	0,00	0,00	0,00
5. Other operating income: 40500	203.849,00	86.626,00	62.916,00	41.974,00	93.793,00
a) Auxiliary income and other from current management: 40510	202.599,00	70.105,00	44.112,00	39.245,00	85.107,00
b) Operation subsidies included in the Period's result: 40520	1.250,00	16.521,00	18.804,00	2.729,00	8.686,00
6. Personnel costs: 40600	-7.708.956,00	-8.499.159,00	-7.840.232,00	-6.560.808,00	-6.355.120,00
a) Wages, salaries et al.: 40610	-6.290.968,00	-6.951.920,00	-6.509.140,00	-5.335.170,00	-5.203.282,00
b) Social security costs: 40620	-1.417.987,00	-1.547.240,00	-1.331.092,00	-1.225.638,00	-1.151.838,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-4.685.844,00	-5.219.711,00	-4.298.426,00	-2.610.904,00	-2.727.570,00
a) External services: 40710	-4.541.028,00	-5.143.181,00	-4.257.387,00	-2.532.029,00	-2.696.574,00
b) Taxes: 40720	-144.816,00	-76.530,00	-41.039,00	-74.119,00	-30.996,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	0,00	0,00	0,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	-4.756,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-757.632,00	-993.040,00	-385.231,00	-280.913,00	-218.339,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	10.624,00

10. Excess provisions : 41000	0,00	82.655,00	348.345,00	694.000,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	438,00	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	0,00	438,00	0,00	0,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	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	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	13.332.805,00	7.234.577,00	7.616.608,00	10.014.727,00	87.424,00
14. Financial income : 41400	2.059.581,00	1.599.694,00	1.247.102,00	807.047,00	9.292.245,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	8.814.684,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	8.814.684,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	1.944.578,00	1.439.827,00	1.108.958,00	685.480,00	462.384,00
b 1) From Group companies and associates : 41421	1.933.022,00	1.439.490,00	1.077.718,00	417.477,00	319.737,00
b 2) From third parties : 41422	11.556,00	337,00	31.240,00	268.004,00	142.647,00
c) Allocation of financial subsidies, donations and legacies : 41430	115.003,00	159.867,00	138.144,00	121.567,00	15.177,00
15. Financial expenditure: 41500	-4.057.463,00	-4.693.467,00	-3.691.547,00	-3.681.741,00	-4.482.530,00
a) Amounts owed to Group companies and associates : 41510	-3.581.018,00	-4.314.702,00	-3.528.604,00	-3.539.436,00	-4.449.994,00
b) For debts with third parties : 41520	-476.445,00	-378.766,00	-162.944,00	-142.305,00	-32.536,00
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	-123.095,00	-151.015,00	738.345,00	393.414,00	-429.657,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-2.120.977,00	-3.244.789,00	-1.706.101,00	-2.481.281,00	4.380.058,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	11.211.827,00	3.989.788,00	5.910.507,00	7.533.447,00	4.467.482,00
20. Income taxes: 41900	-1.907,00	1.035.824,00	1.557.964,00	1.559.510,00	1.921.527,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	11.209.921,00	5.025.612,00	7.468.471,00	9.092.957,00	6.389.009,00
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	11.209.921,00	5.025.612,00	7.468.471,00	9.092.957,00	6.389.009,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  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, such criteria using its own methodology. To view details on the methodology 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	110.450.404,00	110.085.800,00	91.035.387,00	71.855.236,00	64.417.692,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	15.768.919,00	15.493.453,00	15.502.389,00	15.464.614,00	15.418.147,00
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:	15.377.402,00	15.377.402,00	15.377.402,00	15.377.402,00	15.377.402,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	391.517,00	116.051,00	21.006,00	87.212,00	40.745,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	103.981,00	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:	10.814.791,00	11.028.602,00	4.216.111,00	3.875.086,00	3.754.009,00
1. Land and construction:	9.891.707,00	10.023.540,00	3.194.540,00	2.742.040,00	2.824.000,00
2. Technical installations and machinery:	715.565,00	779.114,00	791.912,00	878.325,00	720.933,00
3. Other installations, tools and furniture:	33.781,00	36.781,00	37.385,00	41.465,00	34.035,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	173.738,00	189.167,00	192.274,00	213.255,00	175.041,00
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:	83.866.694,00	83.563.745,00	71.316.887,00	52.515.536,00	45.245.536,00
1. Equity investments in group companies:	51.345.277,00	36.773.398,00	36.770.711,00	35.742.009,00	35.742.009,00
2. Receivables from group companies:	15.296.868,00	31.907.996,00	25.322.493,00	12.210.000,00	3.790.000,00
3. Equity investment in associated companies:	5.980.485,00	4.283.213,00	4.282.900,00	4.163.081,00	4.163.081,00
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:	11.244.065,00	10.599.138,00	4.940.784,00	400.446,00	1.550.446,00
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:	42.728.015,00	22.516.248,00	25.452.465,00	32.049.887,00	25.442.128,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	0,00	0,00	0,00	0,00	0,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	0,00	0,00	0,00	0,00	0,00
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:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	2.960.157,00	3.533.107,00	4.973.912,00	694.690,00	1.852.405,00
1. Trade debtors / accounts receivable:	47.887,00	260.981,00	0,00	0,00	0,00
2. Accounts receivable, Group companies:	1.620.471,00	438.734,00	2.940.288,00	663.173,00	1.002.992,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	179,00	167,00	167,00	167,00	168,00
5. Staff:	2.299,00	5.875,00	0,00	361,00	361,00
6. Public bodies:	1.289.321,00	2.827.350,00	2.033.457,00	30.989,00	848.884,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	39.436.072,00	18.848.524,00	20.135.383,00	26.576.675,00	18.623.978,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	7.354.326,00	8.789.584,00	11.900.176,00	16.154.124,00	9.193.685,00
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	3.427.550,00	3.000.000,00
6. Other receivables:	32.081.746,00	10.058.940,00	8.235.208,00	5.216.218,00	6.430.293,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	1.778.783,00	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:	300.136,00	123.221,00	311.121,00	4.766.068,00	4.956.107,00
VII. Prepayments and accrued income:	31.651,00	11.396,00	32.048,00	12.453,00	9.638,00
GENERAL TOTAL (A + B + C + D):	153.178.419,00	132.602.048,00	116.487.852,00	103.905.123,00	89.859.820,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	116.912.804,00	26.091.744,00	21.098.161,00	13.619.251,00	4.437.027,00
I. Subscribed capital:	14.959.200,00	14.959.100,00	14.959.100,00	14.959.100,00	14.959.100,00
II. Share premium:	86.126.326,00	6.572.909,00	6.572.909,00	6.572.909,00	6.572.909,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	4.617.358,00	3.756.393,00	-7.902.319,00	-17.005.714,00	3.688.715,00
1. Legal reserve:	3.675.634,00	3.675.634,00	3.675.634,00	3.675.634,00	3.675.634,00
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:	941.724,00	80.759,00	-11.577.952,00	-20.681.348,00	13.081,00
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	-4.222.270,00	0,00	0,00	-27.172.706,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	-4.222.270,00	0,00	0,00	-27.172.706,00
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:	11.209.921,00	5.025.612,00	7.468.471,00	9.092.957,00	6.389.009,00
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:	322.891,00	188.438,00	263.172,00	238.814,00	30.521,00
1. Capital grants:	322.891,00	188.438,00	263.172,00	238.814,00	30.521,00
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	82.655,00	431.000,00	1.125.000,00
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	82.655,00	431.000,00	1.125.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	17.980.453,00	72.979.533,00	68.794.923,00	64.713.754,00	62.604.241,00
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:	4.775.088,00	3.076.632,00	122.591,00	163.820,00	209.634,00
1. Loans and other liabilities:	4.743.558,00	3.000.000,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	31.531,00	76.632,00	122.591,00	163.820,00	209.634,00
III. Debts with companies of the group and affiliated ones:	9.357.931,00	67.209.334,00	65.612.485,00	62.112.485,00	62.112.485,00
1. Amounts owed to group companies:	9.357.931,00	67.209.334,00	65.612.485,00	62.112.485,00	62.112.485,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	3.847.433,00	2.693.567,00	3.059.847,00	2.437.449,00	282.122,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	3.450.627,00	2.369.511,00	2.665.770,00	2.291.236,00	263.435,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	396.806,00	324.057,00	394.077,00	146.213,00	18.687,00
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:	17.962.271,00	33.342.333,00	26.248.941,00	24.902.303,00	21.663.031,00
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:	2.477.185,00	3.740.704,00	53.247,00	60.236,00	72.244,00
1. Loans and other liabilities:	2.435.406,00	3.698.067,00	12.043,00	14.410,00	15.970,00
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:	41.779,00	42.637,00	41.204,00	45.826,00	56.274,00
III. Short-term amounts owed to group and associated companies:	9.619.039,00	22.536.705,00	21.070.409,00	21.842.845,00	18.560.646,00
1. Amounts owed to group companies:	9.619.039,00	22.536.705,00	21.070.409,00	21.842.845,00	18.560.646,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	459.389,00	2.768.746,00	2.183.844,00	583.153,00	841.783,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	459.389,00	2.768.746,00	2.183.844,00	583.153,00	841.783,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	5.403.748,00	4.288.459,00	2.941.347,00	2.414.847,00	2.186.101,00
1. Public bodies:	545.164,00	290.011,00	478.893,00	462.857,00	482.064,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	581.020,00	432.006,00	358.976,00	309.577,00	42.365,00
4. Wages and salaries payable:	4.277.565,00	3.566.442,00	2.103.478,00	1.642.414,00	1.661.672,00
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:	2.909,00	7.719,00	94,00	1.222,00	2.257,00
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):	153.178.419,00	132.602.048,00	116.487.852,00	103.905.123,00	89.859.820,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	17.386.304,00	18.520.569,00	14.657.474,00	11.574.857,00	12.291.689,00
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:	51.406,00	0,00	0,00	0,00	0,00
a) Stock consumption:	51.406,00	0,00	0,00	0,00	0,00
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:	7.708.956,00	8.499.159,00	7.840.232,00	6.560.808,00	6.355.120,00
a) Wages, salaries et al.:	6.290.968,00	6.951.920,00	6.509.140,00	5.335.170,00	5.203.282,00
b) Social security costs:	1.417.987,00	1.547.240,00	1.331.092,00	1.225.638,00	1.151.838,00
A.4. Depreciation expense:	757.632,00	993.040,00	385.231,00	280.913,00	218.339,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	0,00	0,00	0,00	0,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	4.685.844,00	5.219.711,00	4.298.426,00	2.610.904,00	2.727.570,00
a) External services:	4.541.028,00	5.143.181,00	4.257.387,00	2.532.029,00	2.696.574,00
b) Taxes:	144.816,00	76.530,00	41.039,00	74.119,00	30.996,00
c) Other operating expenses:	0,00	0,00	0,00	4.756,00	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):	13.332.805,00	7.234.139,00	7.616.608,00	10.014.727,00	76.800,00
A.7. Financial and similar charges:	4.057.463,00	4.693.467,00	3.691.547,00	3.681.741,00	4.482.530,00
a) Due to liabilities with companies of the group:	3.581.018,00	4.314.702,00	3.528.604,00	3.539.436,00	4.449.994,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	476.445,00	378.766,00	162.944,00	142.305,00	32.536,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	123.095,00	151.015,00	0,00	0,00	429.657,00
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	4.364.881,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	11.096.824,00	3.829.483,00	5.772.363,00	7.411.880,00	4.441.681,00
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	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	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	115.003,00	160.305,00	138.144,00	121.567,00	25.801,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	11.211.827,00	3.989.788,00	5.910.507,00	7.533.447,00	4.467.482,00
A.15. Corporation tax:	1.907,00	-1.035.824,00	-1.557.964,00	-1.559.510,00	-1.921.527,00
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):	11.209.921,00	5.025.612,00	7.468.471,00	9.092.957,00	6.389.009,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	28.596.224,00	23.546.181,00	22.125.944,00	20.667.813,00	18.680.698,00
B.1. Net total sales:	25.915.336,00	21.182.540,00	19.729.236,00	18.731.379,00	9.284.036,00
a) Sales:	0,00	0,00	0,00	0,00	0,00
b) Rendering of services:	25.915.336,00	21.182.540,00	19.729.236,00	18.731.379,00	9.284.036,00
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:	417.458,00	594.229,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	203.849,00	169.281,00	411.261,00	735.974,00	93.793,00
a) Auxiliary income and other from current management:	202.599,00	70.105,00	44.112,00	39.245,00	85.107,00
b) Grants:	1.250,00	16.521,00	18.804,00	2.729,00	8.686,00
c) Liabilities and charges provisions surplus:	0,00	82.655,00	348.345,00	694.000,00	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:	0,00	0,00	0,00	0,00	8.814.684,00
a) In companies of the group:	0,00	0,00	0,00	0,00	8.814.684,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	1.944.578,00	1.439.827,00	1.108.958,00	685.480,00	462.384,00
a) From companies of the group:	1.933.022,00	1.439.490,00	1.077.718,00	417.477,00	319.737,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	11.556,00	337,00	31.240,00	268.004,00	142.647,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	738.345,00	393.414,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	2.235.980,00	3.404.656,00	1.844.245,00	2.602.847,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	438,00	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:	115.003,00	159.867,00	138.144,00	121.567,00	25.801,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	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

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.

	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.: 61100	11.211.827,00	3.989.788,00	5.910.507,00	7.533.447,00	4.467.482,00
2. Results adjustments.: 61200	2.763.607,00	4.155.173,00	1.742.987,00	3.846.878,00	-4.196.207,00
a) Fixed Assets Amortization (+).: 61201	757.632,00	993.040,00	385.231,00	280.913,00	218.339,00
c) Variation in Provision (+/-). : 61203	0,00	-82.655,00	-348.345,00	694.000,00	0,00
d) Allocation of grants (-).: 61204	-115.003,00	-159.867,00	-138.144,00	-2.729,00	-34.487,00
g) Financial income (-).: 61207	-2.059.581,00	-1.439.827,00	-1.108.958,00	-807.047,00	-9.292.246,00
h) Financial Expenses (+). : 61208	4.057.463,00	4.693.467,00	3.691.547,00	3.681.741,00	4.482.530,00
i) Exchange differences (+/-). : 61209	123.095,00	151.015,00	-738.345,00	0,00	429.657,00
3. Changes in current capital equity.: 61300	-466.293,00	4.121.159,00	-56.570,00	-9.404.239,00	3.498.787,00
a) Stock (+/-).: 61301	0,00	0,00	0,00	-10.260,00	0,00
d) Debtors and other accounts receivable (+/-). : 61302	-977.053,00	2.236.439,00	-2.346.655,00	1.157.715,00	4.926.589,00
c) Other current assets (+/-). : 61303	-20.255,00	20.652,00	-19.594,00	-10.787.677,00	11.567,00
d) Creditors and other accounts payable (+/-). : 61304	537.372,00	1.856.442,00	2.310.808,00	-19.318,00	-1.439.369,00
e) Other current liabilities (+/-).: 61305	-6.358,00	7.625,00	-1.128,00	255.301,00	0,00
4. Other cash flows for operating activities.: 61400	8.690.744,00	4.525.511,00	6.196.428,00	7.891.815,00	5.511.183,00
a) Interest payments (-). : 61401	-3.909.101,00	-470.296,00	-221.371,00	-233.185,00	-1.585.476,00
b) Dividend payment collection (+). : 61402	13.524.596,00	9.688.454,00	8.744.196,00	7.782.816,00	8.814.684,00
c) Interest collection (+). : 61403	2.059.581,00	1.428.289,00	955.948,00	609.702,00	192.518,00
d) Income tax payment collection (payments) (+/-).: 61404	-2.984.332,00	-6.120.936,00	-3.282.345,00	-267.519,00	-1.910.543,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	22.199.885,00	16.791.632,00	13.793.352,00	9.867.901,00	9.281.245,00
6. Payments for investment (-).: 62100	-31.204.656,00	-28.303.645,00	-31.012.605,00	-8.998.458,00	-10.641.528,00
a) Companies of the group and affiliates. : 62101	-29.340.442,00	-15.075.318,00	-28.615.725,00	-8.550.000,00	-8.587.045,00
b) Intangible fixed assets. : 62102	-612.765,00	-662.686,00	-53.986,00	-61.970,00	0,00
c) Fixed assets. : 62103	-206.522,00	-4.279.469,00	-710.046,00	-386.487,00	-504.483,00
d) Real estate investment. : 62104	0,00	-2.758.140,00	0,00	0,00	0,00
e) Other financial assets. : 62105	-1.044.926,00	-5.528.032,00	-1.632.848,00	0,00	-1.550.000,00
7. Divestment payment collection (+). : 62200	637.476,00	0,00	13.427.550,00	1.150.000,00	4.769.372,00
a) Companies of the group and affiliates. : 62201	237.476,00	0,00	10.000.000,00	0,00	4.649.108,00
e) Other financial assets. : 62205	400.000,00	0,00	3.427.550,00	1.150.000,00	120.264,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-30.567.179,00	-28.303.645,00	-17.585.054,00	-7.848.458,00	-5.872.156,00
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	8.384.996,00	11.508.693,00	-179.040,00	-5.209.482,00	-11.605,00
a) Issuance : 63201	21.151.573,00	11.936.316,00	4.375.460,00	2.619.245,00	0,00
2. Debts incurred with credit institutions (+). : 63203	5.136.187,00	0,00	0,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	13.896.156,00	6.686.024,00	3.500.000,00	166.357,00	0,00
5. Other debts (+). : 63206	2.119.231,00	5.250.291,00	875.460,00	2.452.888,00	0,00
b) Repayment and amortization of : 63207	-12.766.577,00	-427.623,00	-4.554.500,00	-7.828.727,00	-11.605,00
2. Debts incurred with credit institutions (-).: 63209	-4.725.513,00	-44.526,00	-48.218,00	-45.911,00	-11.605,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-7.433.706,00	0,00	-4.242.612,00	-7.782.816,00	0,00
5. Other debts (-). : 63212	-607.359,00	-383.097,00	-263.671,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	8.384.996,00	11.508.693,00	-179.040,00	-5.209.482,00	-11.605,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	159.213,00	-184.579,00	-484.205,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	176.915,00	-187.900,00	-4.454.947,00	-3.190.039,00	3.397.484,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	123.221,00	311.121,00	4.766.068,00	7.956.107,00	4.558.623,00
Cash or equivalent assets as of end of the fiscal year.: 65200	300.136,00	123.221,00	311.121,00	4.766.068,00	7.956.107,00

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	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,01 %	0,02 %	-0,01 %	0,01 %	176,96 %	192,58 %
EBITDA over Sales:	54,37 %	10,33 %	38,45 %	9,25 %	41,41 %	11,68 %
Cash Flow Yield:	0,00 %	0,01 %	0,00 %	0,00 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	44,63 %	6,69 %	23,96 %	5,25 %	86,23 %	27,33 %
Total economic profitability:	9,97 %	3,62 %	6,55 %	2,50 %	52,23 %	45,16 %
Financial profitability:	9,60 %	4,34 %	19,32 %	1,32 %	-50,32 %	228,52 %
Margin:	50,24 %	6,10 %	33,09 %	4,87 %	51,84 %	25,15 %
Mark-up:	42,25 %	4,07 %	18,25 %	1,59 %	131,53 %	155,69 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,02	0,14	0,00	0,12		20,27
Acid Test:	2,31	0,85	0,65	0,85	254,79	0,46
Working Capital / Investment:	0,15	0,02	-0,09	0,03	276,21	-21,55
Solvency:	2,38	1,17	0,68	1,17	252,25	-0,76

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,31	1,42	4,05	1,63	-92,42	-12,71
Borrowing Composition:	1,00	1,02	2,19	1,03	-54,27	-1,15
Repayment Ability:	203,16	55,13	-565,84	175,08	135,90	-68,51
Warranty:	4,26	1,71	1,25	1,62	241,71	5,72
Generated resources / Total creditors:	0,33	0,08	0,06	0,07	488,19	23,25

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,83	1,84	1,96	1,73	44,40	6,48
Turnover of Collection Rights :	14,72	5,15	7,92	4,81	85,90	7,02
Turnover of Payment Entitlements:	0,65	3,71	0,79	3,52	-18,04	5,42
Stock rotation:		7,85		6,54		20,03
Assets turnover:	0,89	1,10	0,72	1,08	22,65	1,74
Borrowing Cost:	11,29	2,85	4,41	2,95	155,72	-3,49

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow	2013	2012	2011	2010	2009
Cash Flow over Sales:	0,01 %	-0,01 %	-0,23 %	-0,17 %	36,59 %
EBITDA over Sales:	54,37 %	38,45 %	38,79 %	51,26 %	3,18 %
Cash Flow Yield:	0,00 %	0,00 %	-0,04 %	-0,03 %	3,78 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	44,63 %	23,96 %	30,42 %	40,36 %	0,30 %
Total economic profitability:	9,97 %	6,55 %	8,24 %	10,79 %	9,96 %
Financial profitability:	9,60 %	19,32 %	35,59 %	67,27 %	144,42 %
Margin:	50,24 %	33,09 %	38,48 %	53,35 %	0,93 %
Mark-up:	42,25 %	18,25 %	29,86 %	40,13 %	47,64 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,02	0,00	0,01	0,19	0,37
Acid Test:	2,31	0,65	0,97	1,29	1,17
Working Capital / Investment:	0,15	-0,09	-0,01	0,07	0,04
Solvency:	2,38	0,68	0,97	1,29	1,17

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	0,31	4,05	4,43	6,27	15,07
Borrowing Composition:	1,00	2,19	2,62	2,60	2,89
Repayment Ability:	203,16	-565,84	-21,33	-28,09	310,63
Warranty:	4,26	1,25	1,23	1,16	1,07
Generated resources / Total creditors:	0,33	0,06	0,08	0,10	0,08

Efficiency	2013	2012	2011	2010	2009
Productivity:	2,83	1,96	1,98	2,46	1,05
Turnover of Collection Rights :	14,72	7,92	3,98	27,02	5,06
Turnover of Payment Entitlements:	0,65	0,79	0,90	0,97	0,91
Assets turnover:	0,89	0,72	0,79	0,76	0,32
Borrowing Cost:	11,29	4,41	3,88	4,11	5,32

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	262.991,15
Notes	El importe imputado a resultados es de 11.800,36 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	247.652,61
Notes	El importe imputado a resultados es de 38.336,29 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	228.422,73
Notes	El importe imputado a resultados es de 18.535,30 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	187.989,24
Notes	El importe imputado a resultados es de 7.444,40 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	131.954,45
Notes	El importe imputado a resultados es de 20.514,55 euros.

Entity	MINISTERIO DE INDUSTRIA
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	91.820,46
Notes	El importe imputado a resultados es de 9.071,41 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	41.523,12
Notes	El importe imputado a resultados es de 6.595,05 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	30.720,05
Notes	El importe imputado a resultados es de 2.705,52 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	167.046,49
Notes	El importe imputado a resultados es de 38.265,50 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	84.101,29
Notes	El importe imputado a resultados es de 16.321,34 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	82.932,54
Notes	El importe imputado a resultados es de 7.227,77 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	55.983,64
Notes	El importe imputado a resultados es de 47.514,26 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación de gastos de I+D.
Amount Granted	50.501,25
Notes	El importe imputado a resultados es de 15.055,93 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	18.758,88
Notes	El monto corresponde al traspasado a resultados.

Entity	MINISTERIO DE INDUSTRIA
Status	CONCEDIDA
Amount Granted	13.285,00
Notes	El monto corresponde al traspasado a resultados.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	7.227,54
Notes	El monto corresponde al traspasado a resultados.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	6.071,00
Notes	El monto corresponde al traspasado a resultados.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	5.931,82
Notes	El monto corresponde al traspasado a resultados.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	23.667,35
Notes	El monto corresponde al traspasado a resultados.

Entity	MINISTERIO DE INDUSTRIA
Status	CONCEDIDA
Amount Granted	15.552,38
Notes	El monto corresponde al traspasado a resultados.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	19.310,00

Research Summary

The firm was established in 1999. It develops activities of a holding company, for some companies of the group. There is no evidence of any defaults. In the light of the foregoing we consider the company apt to keep being related to risk operations in accordance with its size.

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.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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.