MIRA INFORM REPORT

Report Date :

03.02.2014

IDENTIFICATION DETAILS

Name :	QUIMICA SINTETICA SA
Registered Office :	Cl. Dulcinea - S/N - 28805   Alcala De Henares  (Madrid)
Country :	Spain
Financials (as on) :	2011
Date of Incorporation :	17.06.1950
Legal Form :	Private Company
Line of Business :	Engaged in investigation, development, manufacturing, sale & marketing of Active Pharmaceutical Ingredients and brand name drugs for human and animals. It belongs to the group CHEMO.
No. of Employees :	152 (2011)

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 :	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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Spain	A2	A2

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

Spain ECONOMIC OVERVIEW

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

Source : CIA

Company name

Quimica sintetica SA

Company address

Localization CL. DULCINEA - S/N - 28805   ALCALA DE HENARES  (MADRID)

Telephone	918890577
Fax	918890577

Company summary

Cif	A28008167
Easy Number	00000432375578
Registry Data	Register BARCELONA, Section 8, Sheet 52020
Incorporation Date	17/06/1950
Last Publication in BORME	22/01/2014 (Appointments)

Activity

CNAE	Engaged in investigation, development, manufacturing, sale & marketing of Active Pharmaceutical Ingredients and brand name drugs for human and animals. It belongs to the group CHEMO.
CNAE activity classification (ANNUAL ACCOUNTS):	2110  /  Manufacture of basic pharmaceutical products
Size	MEDIUM
Published Trademarks	No
Audited / Opinion:	Yes
Tenders Won:	No
Subsidies Granted:	3
Quality Certificate:	Yes

Defaults, Legal Claims and Insolvency Proceedings

	Number	Amount	Last Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	-	-
Legal and Administrative Proceedings	1	64.97 €	-
Notices of defaults and enforcement	Unpublished	0 €	-
Proceedings heard by the Labour Court	Unpublished	0 €	-

Key Financial Indicators in the award of credit:

Main Financial Data	2011	2010	Change 2011 - 2010
Net total sales	52.243.825	50.370.454	3,72%
Gross margin	12,64%	24,1%	-47,54%
Gross Operating Results	-708.367	145.802	-585,84%
Indebtedness	0,39	0,4	-4,24%
Financial Year Result	-1.684.204	-587.384	-186,73%
Equity	14.291.988	15.976.192	-10,54%
Cash Flow	-151.544	-1.055.121	85,64%
Working Capital	11.395.292	12.052.566	-5,45%
Financial profitability	-11,78%	-3,68%	-220,52%
Economic Rate of Return	-8,27%	-5,42%	-52,44%
Average payment term	120 days	120 days	0%
Average Payment Collection Term	90 days	90 days	0%
Number of Employees	152	162	-6,17%

ACTIVITY

NACE:	2110  /  Manufacture of basic pharmaceutical products
Main Activity:	Engaged in investigation, development, manufacturing, sale & marketing of Active Pharmaceutical Ingredients and brand name drugs for human and animals. It belongs to the group CHEMO.
CNAE Source:	ANNUAL ACCOUNTS
Company size:	MEDIUM

Staff

Financial Year	Permanent Employees	Temporary Employees
2011	152	0
2010	162	0
2009	162	0
2008	180	0
2007	170	1
2006	197	16
2005	201	18
2004	247	0
2003	187	41
2002	220	0
2000	172	26

Staff distribution

Associations	Number of Employees 2011	Number of Employees 2010
EXECUTIVES AND MANAGERS	1	2
PROFESSIONALS, TECHNICIANS AND SIMILAR	45	49
ADMNISTRATIVE SERVICES AND SIMILAR	6	6
THE REST OF THE STAFF	100	101
TOTAL	152	158

Sales Distribution

Geographic

Scope	Region	Sales
Country	SPAIN	46.711.629,00 Euros
Country	SWITZERLAND	4.834.390,00 Euros
Continent	EUROPA	598.095,00 Euros
Country	ANOTHER COUNTRY	99.711,00 Euros

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 Empresas and RAI).

Summary

Se ha publicado en Boletines Oficiales una incidencia con fecha 30/08/2008.

Chronological Summary

Proceedings and Stages	Number of Publications	Amount	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	-	-	-
Request/Declaration	0	-		-
Proceedings	0	-		-
Resolution	0	-		-
Legal and Administrative Proceedings	1	64.97 €	27/08/2008	27/08/2008
Notices of defaults and enforcement	0	0
Seizures	0	0
Auctions	0	0
Declarations of insolvency and bad debt	0	0
Proceedings heard by the Civil Court	Unpublished	0 €
Proceedings heard by the Labour Court	Unpublished	-

DETAILS

Incidences Detailed

Incidences with the Social Security

  BY THE SOCIAL SECURITY DE BARCELONA - Date 27/08/2008

Last Published Stage:	NOTIFICATION
Record Number:	02082008047884560
Amount of the incidence:	64,97 E
Requested by:	SEGURIDAD SOCIAL
Published domicile:	CL GRAN VIA CARLOS I; BARCELONA C.P.:08028
Source:	B.O.P. BARCELONA Nº209, 2008 PAGINA 35

ACCOUNTS AND BALANCE SHEET RESULTS

Financial Years Presented

Financial Year	Type of Annual Accounts
2011	Normal	December  2012
2010	Normal	August  2011
2009	Normal	December  2010
2008	Normal	November  2009
2007	Normal	August  2008
2006	Normal	August  2007
2005	Normal	December  2006
2004	Normal	December  2005
2003	Normal	October  2004
2002	Normal	October  2003
2001	Normal	October  2002
2000	Normal	August  2001
1999	Normal	December  2000
1998	Normal	February  2000
1997	Normal	December  1998
1996	Normal	September  1997
1995	Normal	July  1996
1994	Normal	November  1995
1993	Normal	September  1994
1992	Normal	July  1993
1992	Normal	August  1993
1991	Normal	June  1992
1990	Normal	July  1991
1989	Normal	December  1990

La información del último Depósito de Cuentas contenida en el informe procede del REGISTRO MERCANTIL correspondiente al domicilio de la sociedad obtenida a fecha 31/12/2011

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

Information corresponding to the fiscal year 2011  2010  2009  2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2011  2010  2009  2008  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology.

Assets	Code	2011	2010	2009	2008	2007
A) NON-CURRENT ASSETS	11000	21.354.983	22.167.611	18.596.357	20.195.427	15.919.965
I. Intangible fixed assets	11100	12.792	12.948	32.286	59.367	236.958
1. Development	11110	0	0	0	0	0
2. Concessions	11120	0	0	0	0	0
3. Patents, licencing, trade marks and similar	11130	0	1.244	10.525	20.009	162.721
4. Goodwill	11140	0	0	0	0	0
5. IT applications	11150	12.792	11.704	21.761	39.358	74.237
6. Investigation	11160	0	0	0	0	0
7. Other intangible fixed assets	11170	0	0	0	0	0
II. Tangible fixed assets	11200	9.679.741	10.097.054	11.592.283	14.366.702	14.461.273
1. Land and buildings	11210	5.154.978	5.351.445	5.905.048	6.510.054	2.021.627
2. Technical installations and other tangible fixed assets	11220	4.200.713	4.745.609	5.687.235	7.856.648	12.439.645
3. Tangible asset in progress and advances	11230	324.050	0	0	0	0
III. Real estate investment	11300	0	0	0	0	0
1. Land	11310	0	0	0	0	0
2. Buildings	11320	0	0	0	0	0
IV. Long-term investments in Group companies and associates	11400	9.370.390	8.928.576	4.355.863	3.191.803	0
1. Equity instruments	11410	0	0	0	0	0
2. Credits to businesses	11420	9.370.390	8.928.576	4.355.863	3.191.803	0
3. Debt securities	11430	0	0	0	0	0
4. Derivatives	11440	0	0	0	0	0
5. Other financial assets	11450	0	0	0	0	0
6. Other investments	11460	0	0	0	0	0
V. Long-term financial investments	11500	23.435	23.435	23.435	32.080	26.415
1. Equity instruments	11510	0	0	0	0	0
2. Credits to third parties	11520	0	0	0	0	0
3. Debt securities	11530	0	0	0	0	0
4. Derivatives	11540	0	0	0	0	0
5. Other financial assets	11550	23.435	23.435	23.435	32.080	26.415
6. Other investments	11560	0	0	0	0	0
VI. Assets for deferred tax	11600	2.268.625	3.105.598	2.592.490	2.545.475	1.195.319
VII. Non-current trade debts	11700	0	0	0	0	0
B) CURRENT ASSETS	12000	25.223.897	28.517.624	28.214.013	26.485.242	32.589.104
I. Non-current assets held for sale	12100	0	0	0	0	0
II. Stocks	12200	12.100.240	18.816.479	14.481.630	14.602.788	14.992.029
1. Commercial	12210	0	0	0	0	0
2. Primary material and other supplies	12220	3.545.946	6.227.024	2.879.426	3.871.549	5.971.000
3. Work in progress	12230	1.053.230	2.109.271	1.492.612	2.185.882	2.828.252
a) Of long-term production cycle	12231	0	0	0	0	0
b) Of short-term production cycle	12232	1.053.230	2.109.271	1.492.612	2.185.882	2.828.252
4. Finished goods	12240	5.930.496	9.266.958	8.812.155	8.228.672	6.192.777
a) Of long-term production cycle	12241	0	0	0	0	0
b) Of short-term production cycle	12242	5.930.496	9.266.958	8.812.155	8.228.672	6.192.777
5. By-products, residues and recycled materials	12250	0	0	0	0	0
6. Advances to suppliers	12260	1.570.568	1.213.226	1.297.437	316.685	0
III. Trade debtors and others receivable accounts	12300	12.592.658	8.983.140	10.890.722	11.271.930	17.472.137
1. Trade debtors / accounts receivable	12310	186.684	481.620	7.786	308.091	248.190
a) Long-term receivables from sales and services supplied	12311	0	0	0	0	0
b) Customers for sales and provisions of services	12312	186.684	481.620	7.786	308.091	248.190
2. Customers, Group companies and associates	12320	11.574.848	7.516.105	10.406.497	8.120.972	15.521.741
3. Other accounts receivable	12330	0	0	0	0	360.127
4. Personnel	12340	9.913	14.648	21.394	20.901	16.923
5. Assets for deferred tax	12350	0	0	0	0	0
6. Other debtors, including tax and social security	12360	821.213	970.767	455.045	2.821.966	1.325.156
7. Called up share capital	12370	0	0	0	0	0
IV. Short-term investments in Group companies and associates	12400	0	32.612	1.093.206	0	0
1. Equity instruments	12410	0	0	0	0	0
2. Credits to businesses	12420	0	32.612	1.093.206	0	0
3. Debt securities	12430	0	0	0	0	0
4. Derivatives	12440	0	0	0	0	0
5. Other financial assets	12450	0	0	0	0	0
6. Other investments	12460	0	0	0	0	0
V. Short-term financial investments	12500	350.100	350.100	350.100	355.665	0
1. Equity instruments	12510	0	0	0	0	0
2. Credits to businesses	12520	0	0	0	0	0
3. Debt securities	12530	0	0	0	0	0
4. Derivatives	12540	0	0	0	0	0
5. Other financial assets	12550	350.100	350.100	350.100	355.665	0
6. Other investments	12560	0	0	0	0	0
VI. Short-term accruals	12600	0	2.850	10.791	7.907	9.308
VII. Cash and other equivalent liquid assets	12700	180.899	332.443	1.387.564	246.952	115.630
1. Treasury	12710	180.899	32.443	1.387.564	246.952	115.630
2. Other equivalent liquid assets	12720	0	300.000	0	0	0
TOTAL ASSETS (A + B)	10000	46.578.880	50.685.235	46.810.370	46.680.669	48.509.069

Liabilities and Net Worth	Code	2011	2010	2009	2008	2007
A) NET WORTH	20000	14.291.988	15.976.192	16.563.576	22.065.996	19.910.240
A-1) Shareholders' equity	21000	14.291.988	15.976.192	16.563.576	22.065.996	19.910.240
I. Capital	21100	2.007.340	2.007.340	2.007.340	2.007.340	2.007.340
1. Registered capital	21110	2.007.340	2.007.340	2.007.340	2.007.340	2.007.340
2. (Uncalled capital)	21120	0	0	0	0	0
II. Share premium	21200	0	0	0	0	0
III. Reserves	21300	13.968.852	14.556.236	20.058.656	20.543.388	28.544.280
1. Legal and statutory	21310	401.476	401.476	401.476	401.476	401.476
2. Other reserves	21320	13.567.376	14.154.760	19.657.180	20.141.912	28.142.804
IV. (Common stock equity)	21400	0	0	0	0	0
V. Results from previous periods	21500	0	0	0	0	0
1. Brought forward	21510	0	0	0	0	0
2. (Negative results from previous periods)	21520	0	0	0	0	0
VI. Other shareholders' contributions	21600	0	0	0	0	0
VII. Result of the period	21700	-1.684.204	-587.384	-5.502.420	-484.732	-10.641.380
VIII. (Interim dividend)	21800	0	0	0	0	0
IX. Other net worth instruments	21900	0	0	0	0	0
A-2) Adjustments due to changes in value	22000	0	0	0	0	0
I. Financial assets held for sale	22100	0	0	0	0	0
II. Hedge operations	22200	0	0	0	0	0
III. Linked non-current assets and liabilities held for sale	22300	0	0	0	0	0
IV. Exchange rate difference	22400	0	0	0	0	0
V. Other	22500	0	0	0	0	0
A-3) Received subsidies, donations and legacies	23000	0	0	0	0	0
B) NON-CURRENT LIABILITIES	31000	18.458.287	18.243.985	17.905.052	11.746.397	13.696.759
I. Long-term provisions	31100	18.438.151	18.193.146	17.827.572	11.637.510	13.493.977
1. Long-term employee benefits liability	31110	0	0	0	0	0
2. Environmental actions	31120	0	0	0	0	0
3. Restructuring provisions	31130	12.775.705	12.619.605	12.238.706	5.837.856	0
4. Other provisions	31140	5.662.446	5.573.541	5.588.866	5.799.654	13.493.977
II Long-term creditors	31200	0	0	0	0	0
1. Liabilities and other securities	31210	0	0	0	0	0
2. Amounts owed to credit institutions	31220	0	0	0	0	0
3. Creditors from financial leasing	31230	0	0	0	0	0
4. Derivatives	31240	0	0	0	0	0
5. Other financial liabilities	31250	0	0	0	0	0
III. Long-term debts with Group companies and associates	31300	0	0	0	0	0
IV. Liabilities for deferred tax	31400	20.136	50.839	77.480	108.887	202.782
V. Long-term accruals	31500	0	0	0	0	0
VI. Non-current trade creditors	31600	0	0	0	0	0
VII. Special long-term debts	31700	0	0	0	0	0
C) CURRENT LIABILITIES	32000	13.828.605	16.465.058	12.341.742	12.868.276	14.902.070
I. Liabilities linked to non-current assets held for sale	32100	0	0	0	0	0
II. Short-term provisions	32200	1.223.152	2.751.755	1.232.118	2.647.059	0
III. Short-term creditors	32300	0	0	35.941	471.890	583.266
1. Liabilities and other securities	32310	0	0	0	0	0
2. Amounts owed to credit institutions	32320	0	0	35.941	471.890	212.484
3. Creditors from financial leasing	32330	0	0	0	0	82.758
4. Derivatives	32340	0	0	0	0	0
5. Other financial liabilities	32350	0	0	0	0	288.024
IV. Short-term debts with Group companies and associates	32400	0	0	0	0	0
V. Trade creditors and other accounts payable	32500	12.605.453	13.713.303	11.073.683	9.749.327	14.318.804
1. Suppliers	32510	7.349.051	7.663.100	6.627.681	6.928.114	5.258.647
a) Long-term debts	32511	0	0	0	0	0
b) Short-term debts	32512	7.349.051	7.663.100	6.627.681	6.928.114	5.258.647
2. Suppliers, Group companies and associates	32520	3.585.050	4.435.711	3.469.065	1.653.100	7.513.817
3. Other creditors	32530	616.453	0	42.578	189.630	143.935
4. Personnel (remuneration due)	32540	592.601	901.925	630.400	646.599	1.130.933
5. Liabilities for current tax	32550	0	0	0	0	0
6. Otras deudas con las Administraciones Públicas.	32560	462.298	712.567	303.959	331.884	271.472
7. Advances from clients	32570	0	0	0	0	0
VI. Short-term accruals	32600	0	0	0	0	0
VII. Special short-term debts	32700	0	0	0	0	0
TOTAL NET WORTH AND LIABILITIES (A + B + C)	30000	46.578.880	50.685.235	46.810.370	46.680.669	48.509.069

Profit and Loss	Code	2011	2010	2009	2008	2007
1. Net turnover	40100	52.243.825	50.370.454	43.546.343	49.485.843	55.130.007
a) Sales	40110	52.243.825	50.370.454	43.546.343	49.485.843	55.130.007
b) Rendering of services	40120	0	0	0	0	0
2. Changes in stocks of finished goods and work in progress	40200	-4.476.684	1.071.462	-109.787	1.393.525	-1.549.770
3. Works carried out by the company for its assets	40300	0	0	0	0	0
4. Supplies	40400	-28.689.240	-26.428.275	-23.126.259	-28.048.784	-30.551.228
a) Stock consumption	40410	-29.025.923	-26.428.275	-23.126.259	-28.048.784	0
b) Consumption of raw materials and miscellaneous consumable ones	40420	0	0	0	0	-30.551.228
c) Works carried out by other companies	40430	0	0	0	0	0
d) Impairment of stock, primary material and other supplies	40440	336.683	0	0	0	0
5. Other operating income	40500	1.527.647	331.012	1.082.403	1.345.472	1.547.588
a) Auxiliary income and other from current management	40510	1.527.647	189.262	1.082.403	1.345.472	1.547.588
b) Operation subsidies included in the Period's result	40520	0	141.750	0	0	0
6. Personnel costs	40600	-7.505.716	-12.072.017	-12.566.450	-8.949.890	-9.564.142
a) Wages, salaries et al.	40610	-5.583.717	-10.154.996	-10.693.246	-7.098.535	-7.496.219
b) Social security costs	40620	-1.921.999	-1.917.021	-1.873.204	-1.851.355	-2.067.923
c) Provisions	40630	0	0	0	0	0
7. Other operating costs	40700	-13.808.199	-13.126.834	-13.871.995	-13.724.096	-11.022.139
a) External services	40710	-13.520.820	-12.883.583	-13.533.204	-13.468.600	-10.779.120
b) Taxes	40720	-251.326	-243.251	-251.533	-255.496	-247.181
c) Losses, impairments and variation in provisions from trade operations	40730	-36.053	0	-87.258	0	4.162
d) Other current management expenditure	40740	0	0	0	0	0
8. Amortisation of fixed assets	40800	-2.337.785	-2.389.040	-3.464.769	-3.059.183	-3.126.871
9. Allocation of subsidies of non-financial fixed assets and other	40900	0	0	0	0	0
10. Excess provisions	41000	0	0	0	0	0
11. Impairment and result of transfers of fixed assets	41100	0	0	0	0	133
a) Impairment and losses	41110	0	0	0	0	0
b) Results for transfers and other	41120	0	0	0	0	133
12. Negative difference in combined businesses	41200	0	0	0	0	0
13. Other results	41300	141.202	315.758	0	0	-13.493.033
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	49100	-2.904.950	-1.927.480	-8.510.514	-1.557.113	-12.629.455
14. Financial income	41400	105.557	38.406	539	19.585	43.968
a) Of shares in equity instruments	41410	0	0	0	0	0
a 1) In Group companies and associates	41411	0	0	0	0	0
a 2) In third parties	41412	0	0	0	0	0
b) From negotiable securities and other financial instruments	41420	105.557	38.406	539	19.585	43.968
b 1) From Group companies and associates	41421	105.225	32.612	0	0	0
b 2) From third parties	41422	332	5.794	539	19.585	43.968
c) Allocation of financial subsidies, donations and legacies	41430	0	0	0	0	0
15. Financial expenditure	41500	-502.098	-400.859	-1.078.919	-296.178	-128.580
a) Amounts owed to Group companies and associates	41510	-32.976	0	0	0	-64.596
b) For debts with third parties	41520	-265	-9.313	-27.661	-20.769	-63.984
c) Stock renewal	41530	-468.857	-391.546	-1.051.258	-275.409	0
16. Changes in fair value of financial instruments	41600	0	0	0	0	0
a) Trading book and other	41610	0	0	0	0	0
b) Allocation of financial assets held for sale to the result for the period	41620	0	0	0	0	0
17. Exchange rate differences	41700	289.815	-154.407	202.047	-189.040	203.521
18. Impairment and result for transfers of financial instruments	41800	0	0	0	0	0
a) Impairment and losses	41810	0	0	0	0	0
b) Results for transfers and other	41820	0	0	0	0	0
19. Other financial income and expenditure	42100	0	0	0	0	0
a) Incorporation of financial expenditure to assets	42110	0	0	0	0	0
b) Financial income from arrangement with creditors	42120	0	0	0	0	0
c) Other income and expenditure	42130	0	0	0	0	0
A.2) FINANCIAL REVENUE (14+15+16+17+18+19)	49200	-106.726	-516.860	-876.333	-465.633	118.909
A.3) NET RESULT BEFORE TAXES (A.1+A.2)	49300	-3.011.676	-2.444.340	-9.386.847	-2.022.746	-12.510.546
20. Income taxes	41900	1.327.472	1.856.956	3.884.427	1.538.014	1.869.166
A.4) PROFIT AFTER TAXES (A.3+20)	49400	-1.684.204	-587.384	-5.502.420	-484.732	-10.641.380
21. Result of the year coming from interrupted operations	42000	0	0	0	0	0
A.5) RESULT OF THE PERIOD (A.4+21)	49500	-1.684.204	-587.384	-5.502.420	-484.732	-10.641.380

DIAGNOSTICO ECONOMICO-FINANCIERO

Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

Comparison within the Sector

Cash Flow	2011		2010		Change 2011 - 2010
	Company	Sector	Company	Sector	Company	Sector
Cash Flow over Sales	0,00 %	-0,01 %	-2,09 %	0,00 %	99,86 %
EBITDA over Sales	-1,36 %	15,42 %	0,29 %	12,00 %	-568,42 %	28,53 %
Cash Flow Yield	0,00 %	0,00 %	-2,08 %	0,00 %	99,84 %

Profitability	2011		2010		Change 2011 - 2010
	Company	Sector	Company	Sector	Company	Sector
Operating economic profitability	-8,27 %	15,93 %	-5,42 %	9,18 %	-52,44 %	73,61 %
Total economic profitability	-5,39 %	7,95 %	-4,03 %	4,88 %	-33,64 %	63,05 %
Financial profitability	-11,78 %	10,51 %	-3,68 %	5,36 %	-220,52 %	95,82 %
Margin	-5,66 %	11,66 %	-4,42 %	7,10 %	-28,04 %	64,24 %
Mark-up	-5,86 %	10,85 %	-5,44 %	5,88 %	-7,71 %	84,53 %

Solvency	2011		2010		Change 2011 - 2010
	Company	Sector	Company	Sector	Company	Sector
Liquidity	0,01	0,09	0,02	0,11	-40,80 %	-17,04 %
Acid Test	1,04	1,03	0,71	1,03	47,21 %	0,26 %
Working Capital / Investment	0,24	0,10	0,24	0,11	2,88 %	-6,24 %
Solvency	2,18	1,54	2,31	1,51	-5,42 %	1,73 %

Indebtedness	2011		2010		Change 2011 - 2010
	Company	Sector	Company	Sector	Company	Sector
Indebtedness level	0,39	0,58	0,40	0,66	-4,24 %	-11,46 %
Borrowing Composition	0,00	0,75	0,00	0,72		3,69 %
Repayment Ability	-83,31	-101,00	3,10	-240,24	-2.789,76 %	57,96 %
Warranty	3,69	2,72	3,68	2,52	0,19 %	7,90 %
Generated resources / Total creditors	0,03	0,24	0,13	0,14	-80,82 %	68,04 %

Efficiency	2011		2010		Change 2011 - 2010
	Company	Sector	Company	Sector	Company	Sector
Productivity	0,91	2,05	1,01	1,79	-10,52 %	14,52 %
Turnover of Collection Rights	4,27	4,04	5,64	3,84	-24,34 %	5,15 %
Turnover of Payment Entitlements	3,02	4,69	2,96	4,34	1,81 %	8,14 %
Stock rotation	4,70	5,96	2,81	6,03	66,88 %	-1,07 %
Assets turnover	1,46	1,37	1,23	1,29	19,06 %	5,71 %
Borrowing Cost	3,98	2,47	2,91	2,16	36,55 %	14,43 %

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

Cash Flow	2011	2010	2009	2008	2007
Cash Flow over Sales	0,00 %	-2,09 %	2,62 %	0,27 %	-1,32 %
EBITDA over Sales	-1,36 %	0,29 %	-11,59 %	3,04 %	7,23 %
Cash Flow Yield	0,00 %	-2,08 %	2,44 %	0,28 %	-1,50 %

Profitability	2011	2010	2009	2008	2007
Operating economic profitability	-8,27 %	-5,42 %	-20,76 %	-3,61 %	1,78 %
Total economic profitability	-5,39 %	-4,03 %	-17,75 %	-3,70 %	-25,53 %
Financial profitability	-11,78 %	-3,68 %	-33,22 %	-2,20 %	-54,38 %
Margin	-5,66 %	-4,42 %	-19,07 %	-3,06 %	1,52 %
Mark-up	-5,86 %	-5,44 %	-21,03 %	-0,92 %	1,73 %

Solvency	2011	2010	2009	2008	2007
Liquidity	0,01	0,02	0,12	0,02	0,01
Acid Test	1,04	0,71	1,24	1,16	1,25
Working Capital / Investment	0,24	0,24	0,42	0,40	0,39
Solvency	2,18	2,31	2,77	2,84	2,25

Indebtedness	2011	2010	2009	2008	2007
Indebtedness level	0,39	0,40	0,33	0,31	0,45
Borrowing Composition	0,00	0,00	0,01	0,01	0,01
Repayment Ability	-83,31	3,10	-32,83	6,11	8,28
Warranty	3,69	3,68	4,18	4,52	3,21
Generated resources / Total creditors	0,03	0,13	-0,18	0,25	-0,50

Efficiency	2011	2010	2009	2008	2007
Productivity	0,91	1,01	0,60	1,17	1,42
Turnover of Collection Rights	4,27	5,64	4,10	4,51	3,04
Turnover of Payment Entitlements	3,02	2,96	3,33	4,43	7,98
Stock rotation	4,70	2,81	3,67	3,59	3,72
Assets turnover	1,46	1,23	1,09	1,18	1,17
Borrowing Cost	3,98	2,91	9,64	2,87	0,85

SECTOR-BASED BALANCE COMPARISON

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

	2011		2010		Change 2011 - 2010
	Company	Sector	Company	Sector	Company	Sector
ASSETS	46.578.880	110.318.146	50.685.235	99.267.732	-8,10 %	11,13 %
NON-CURRENT ASSETS	21.354.983	75.556.735	22.167.611	65.440.872	-3,67 %	15,46 %
TANGIBLE FIXED ASSETS	9.679.741	17.979.129	10.097.054	18.014.525	-4,13 %	-0,20 %
Intangible Fixed Assets	12.792	3.147.948	12.948	2.608.935	-1,20 %	20,66 %
Other Non-current Asset	11.662.450	54.429.658	12.057.609	44.817.412	-3,28 %	21,45 %
CURRENT ASSETS	25.223.897	34.761.411	28.517.624	33.826.861	-11,55 %	2,76 %
Stock	12.100.240	10.742.560	18.816.479	10.186.417	-35,69 %	5,46 %
Debtors	12.592.658	17.934.052	8.983.140	17.387.792	40,18 %	3,14 %
Cash flow	180.899	2.129.814	332.443	2.531.028	-45,59 %	-15,85 %
Another Current Asset	350.100	3.954.985	385.562	3.721.623	-9,20 %	6,27 %

	2011		2010		Change 2011 - 2010
	Company	Sector	Company	Sector	Company	Sector
NET ASSETS AND LIABILITIES	46.578.880	110.318.146	50.685.235	99.267.732	-8,10 %	11,13 %
Net Worth	14.291.988	68.090.805	15.976.192	59.148.714	-10,54 %	15,12 %
Capital and Share Premiums	2.007.340	26.608.692	2.007.340	23.677.619	0,00 %	12,38 %
Reserves	13.968.852	34.875.555	14.556.236	31.082.265	-4,04 %	12,20 %
Other Net Assets	0	-528.043	0	1.208.538		-143,69 %
Financial Year Result	-1.684.204	7.134.588	-587.384	3.165.267	-186,73 %	125,40 %
NON-CURRENT LIABILITIES	18.458.287	18.536.277	18.243.985	16.916.875	1,17 %	9,57 %
Long-term debts incurred with companies of the group and affiliates	0	10.386.359	0	10.541.296		-1,47 %
Other Long-term Debts	18.458.287	8.149.918	18.243.985	6.375.578	1,17 %	27,83 %
CURRENT LIABILITIES	13.828.605	23.691.065	16.465.058	23.202.144	-16,01 %	2,11 %
Trade Creditors	12.605.453	10.998.921	13.713.303	11.406.967	-8,08 %	-3,58 %
Short-term debts incurred with companies of the group and affiliates	0	8.642.406	0	7.163.784		20,64 %
Deudas a Corto Plazo	1.223.152	4.049.738	2.751.755	4.631.393	-55,55 %	-12,56 %

	2011		2010		Change 2011 - 2010
	Company	Sector	Company	Sector	Company	Sector
Net total sales	52.243.825	71.272.936	50.370.454	66.168.567	3,72 %	7,71 %
+ Other Operating Income	1.527.647	1.129.671	331.012	592.847	361,51 %	90,55 %
= OPERATING INCOMES	53.771.472	72.402.608	50.701.466	66.761.414	6,06 %	8,45 %
- Miscellaneous operating expenses	-13.808.199	-14.421.344	-13.126.834	-13.104.364	-5,19 %	-10,05 %
- Operating consumption	-33.165.924	-36.503.442	-25.356.813	-35.647.711	-30,80 %	-2,40 %
= COMPANY ADDED VALUE	6.797.349	21.477.822	12.217.819	18.009.339	-44,37 %	19,26 %
- Staff costs	-7.505.716	-10.488.629	-12.072.017	-10.071.722	37,83 %	-4,14 %
= GROSS OPERATING RESULT	-708.367	10.989.193	145.802	7.937.617	-585,84 %	38,44 %
- Amortization of Fixed Assets	-2.337.785	-2.644.264	-2.389.040	-2.576.111	2,15 %	-2,65 %
- Turnover provisions variation	0	32.566	0	20.149		61,63 %
+ Obsolescence and Results from Disposal of Fixed Assets and Others	0	66.821	0	-640.580		110,43 %
+ Other Results	141.202	-82.941	315.758	67.225	-55,28 %	-223,38 %
= OPERATING RESULT	-2.904.950	8.361.672	-1.927.480	4.808.300	-50,71 %	73,90 %
+ Financial income	395.372	460.764	-116.001	39.977	440,84 %	1.052,56 %
- Financial expenditure	-502.098	-1.001.133	-400.859	-849.423	-25,26 %	-17,86 %
- Obsolescence and Variation of Financial Instruments	0	-47.732	0	-5.735		-732,28 %
= RESULT BEFORE TAXES	-3.011.676	7.773.571	-2.444.340	3.993.119	-23,21 %	94,67 %
- Corporation tax	1.327.472	-638.983	1.856.956	-860.302	-28,51 %	25,73 %
+Resultado del ejercicio procedente de operaciones interrumpidas neto de impuestos	0	0	0	32.450		-100,00 %
= FINANCIAL YEAR RESULT	-1.684.204	7.134.588	-587.384	3.165.267	-186,73 %	125,40 %

STATEMENT OF CHANGES IN NET WORTH

Trend of Net Worth

Total statement of changes in equity	2007	2008	2009	2010	2011
Authorized	2.007.340	2.007.340	2.007.340	2.007.340	2.007.340
Reserves	28.544.280	20.543.388	20.058.656	14.556.236	13.968.852
Financial Year Result	-10.641.380	-484.732	-5.502.420	-587.384	-1.684.204
Total	19.910.240	22.065.996	16.563.576	15.976.192	14.291.988

Profit and Loss Statement submitted in the fiscal year.

Data is taken from the annual Profit and Loss Statement submitted by the company in its Annual Accounts for the fiscal year [ejercicio del balances].

Profit and Loss Statement submitted in the fiscal year	2011	2010
A) RESULT IN PROFIT AND LOSS ACCOUNT	-1.684.204	-587.384
I. Due to valuation of financial instruments.	0	0
1. Financial assets available for sales	0	0
2. Other income/expense.	0	0
II. For coverage of cash flow.	0	0
III. Grants, donations and bequests received	0	141.750
IV. Due to actuarial profits and losses and other adjustments	0	0
V. Due to non-current assets and linked liabilities, held for sales	0	0
VI. Conversion differences.	0	0
VII. Tax effect	0	-42.525
B) Total income and expense directly allocated to net assets (I + II + III + IV + V + VI + VII)	0	99.225
VIII. Due to valuation of financial instruments.	0	0
1. Financial assets available for sales	0	0
2. Other income/expense.	0	0
IX. For coverage of cash flow.	0	0
X. Grants, donations and bequests received	0	-141.750
XI. Due to non-current assets and linked liabilities, held for sales	0	0
XII. Conversion differences.	0	0
XIII. Tax effect.	0	42.525
C) Total transfers made to profit and loss account (VIII + IX + X + XI + XII + XIII)	0	-99.225
TOTAL INCOME AND EXPENSE ACKNOWLEDGED (A + B + C)	-1.684.204	-587.384

Source of data

Data is taken from the annual Profit and Loss Statement submitted by the company in its Annual Accounts for the fiscal year [ejercicio del balances].

Total statement of changes in equity		Total	Total	Total	Total
A) BALANCE, AS OF END OF FISCAL YEAR 2009	511	2.007.340	20.058.656	-5.502.420	16.563.576
I. Adjustments due to criteria changes in fiscal year 2009 and previous ones	512	0	0	0	0
II. Adjustments due to errors in fiscal year 2009 and previous ones	513	0	0	0	0
B) ADJUSTED BALANCE, AS OF BEGINNING OF FISCAL YEAR 2010	514	2.007.340	20.058.656	-5.502.420	16.563.576
I. Total income and expense acknowledged	515	0	0	-587.384	-587.384
II. Transactions with partners or owners	516	0	0	0	0
1.- Capital increases	517	0	0	0	0
2.- (-) Capital reductions	518	0	0	0	0
3. Conversion of financial liabilities into net assets (conversion of debentures, debt relief).	519	0	0	0	0
4. ( - ) Distribution of dividends.	520	0	0	0	0
5. Transactions with own shares and participation (net).	521	0	0	0	0
6. Increase (decrease) of net assets resulting from a combination of businesses.	522	0	0	0	0
7. Other transactions with partners or owners.	523	0	0	0	0
III. Other net assets variations	524	0	-5.502.420	5.502.420	0
C) BALANCE, AS OF END OF FISCAL YEAR 2010	511	2.007.340	14.556.236	-587.384	15.976.192
I. Adjustments due to criteria changes in fiscal year 2010	512	0	0	0	0
II. Adjustments due to errors in fiscal year 2010	513	0	0	0	0
D) ADJUSTED BALANCE, AS OF BEGINNING OF FISCAL YEAR 2011	514	2.007.340	14.556.236	-587.384	15.976.192
I. Total income and expense acknowledged	515	0	0	-1.684.204	-1.684.204
II. Transactions with partners or owners	516	0	0	0	0
1.- Capital increases	517	0	0	0	0
2.- (-) Capital reductions	518	0	0	0	0
3. Conversion of financial liabilities into net assets (conversion of debentures, debt relief).	519	0	0	0	0
4. ( - ) Distribution of dividends.	520	0	0	0	0
5. Transactions with own shares and participation (net).	521	0	0	0	0
6. Increase (decrease) of net assets resulting from a combination of businesses.	522	0	0	0	0
7. Other transactions with partners or owners	523	0	0	0	0
III. Other net assets variations	524	0	-587.384	587.384	0
E) BALANCE, AS OF END OF FISCAL YEAR 2011	525	2.007.340	13.968.852	-1.684.204	14.291.988

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.

	Code	2011	2010	2009	2008	2007
1. Fiscal year result before taxes.	61100	-3.011.676	-2.444.340	-9.386.847	-2.022.746	-12.510.546
2. Results adjustments.	61200	2.002.679	6.888.097	9.046.112	3.734.563	16.497.777
a) Fixed Assets Amortization (+).	61201	2.337.785	2.389.040	3.464.769	3.059.183	3.126.871
b) Obsolescence Allowances (+/-).	61202	-300.630	0	0	0	0
c) Variation in Provision (+/-).	61203	327.655	3.982.197	4.705.010	485.156	13.489.815
g) Financial income (-).	61207	-105.557	-38.406	-539	-19.585	-1.130.896
h) Financial Expenses (+).	61208	33.241	400.859	1.078.919	20.769	1.011.987
i) Exchange differences (+/-).	61209	-289.815	154.407	-202.047	189.040	0
3. Changes in current capital equity.	61300	2.876.716	-1.214.731	875.152	-733.038	-1.705.358
a) Stock (+/-).	61301	7.052.922	-4.334.849	121.158	389.241	1.636.674
d) Debtors and other accounts receivable (+/-).	61302	-2.193.117	2.112.077	-1.380.845	7.974.380	-5.266.067
c) Other current assets (+/-).	61303	35.462	-1.627.880	2.681	-354.264	2.877
d) Creditors and other accounts payable (+/-).	61304	-1.576.737	2.662.562	5.153.773	-2.122.860	1.673.497
f) Other non-current assets and liabilities (+/-).	61306	-441.814	-26.641	-3.021.615	-6.619.535	247.661
4. Other cash flows for operating activities.	61400	-1.349.115	235.161	1.495.093	957.976	118.909
a) Interest payments (-).	61401	-33.241	-9.313	-27.661	-20.769	-1.011.987
b) Dividend payment collection (+).	61402	105.557	38.406	539	19.585	0
c) Interest collection (+).	61403	0	0	0	0	1.130.896
d) Income tax payment collection (payments) (+/-).	61404	189.822	2.694.600	628.326	959.160	0
e) Other payments (payment collection) (-/+)	61405	-1.611.253	-2.488.532	893.889	0	0
5. Operating activity cash flows (1 + 2 + 3 + 4)	61500	518.604	3.464.187	2.029.510	1.936.755	2.400.782
6. Payments for investment (-).	62100	-1.030.002	-4.324.473	-620.691	-1.616.393	0
a) Companies of the group and affiliates.	62101	529.975	-3.450.000	0	0	0
h) Other assets.	62108	-1.559.977	-874.473	-620.691	-1.616.393	0
7. Divestment payment collection (+).	62200	0	0	0	0	2.004.388
b) Intangible fixed assets.	62202	0	0	0	0	161.228
c) Fixed assets.	62203	0	0	0	0	1.843.160
8. Investment activity cash flows (6 + 7) minus Amortization	62300	-1.030.002	-4.324.473	-620.691	-1.616.393	-1.122.483
9. Payment collection and payments for equity instruments.	63100	0	0	0	0	0
a) Issuance of equity instruments (+).	63101	0	0	0	10.641.380	13.375.952
b) Amortization of assets instruments (-).	63102	0	0	0	0	-13.375.952
10. Payment collection and payments for financial liabilities instruments.	63200	0	-35.941	-435.949	0	-2.006.831
a) Issuance	63201	0	0	0	0	240.399
3. Debts incurred with companies of the group and affiliates (+).	63204	0	0	0	0	209.428
5. Other debts (+).	63206	0	0	0	0	30.971
b) Repayment and amortization of	63207	0	-35.941	-435.949	0	-2.247.230
2. Debts incurred with credit institutions (-).	63209	0	0	-435.949	0	-2.033.737
4. Special characteristic debts (-).	63211	0	0	0	0	-213.493
11. Payments from dividends and remunerations from other assets instruments.	63300	0	0	0	0	0
12. Cash flows for financing activities (9+10+11).	63400	0	-35.941	-435.949	0	-2.006.831
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO	64000	359.854	-158.894	167.742	-189.040	0
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D)	65000	-151.544	-1.055.121	1.140.612	131.322	-728.532
Cash or equivalent assets as of beginning of the fiscal year.	65100	332.443	1.387.564	246.952	115.630	844.162
Cash or equivalent assets as of end of the fiscal year.	65200	180.899	332.443	1.387.564	246.952	115.630

EVENTS AFTER CLOSURE

Financial Year 2011

Están en trámites todas las gestiones encaminadas a cumplir con los compromisos asumidos con todas las partes y en especial con los trabajadores según el ERE firmado.

Financial Year 2006

A fecha de formulación de las cuentas, los Administradores han iniciado conversaciones con el comité representante de los trabajadores con el fin de analizar y exponer posibles alternativas en relación con el compromiso adquirido por la Sociedad con el Ayuntamiento de Alcalá de Henares relativo a la planta de producción y el abandono de su ubicación actual.

Financial Year 2003

DURANTE EL MES DE FEBRERO DE 2004, LA SOCIEDAD HA VENDIDO EN LA BOLSA DE NUEVA YORK LA PARTICIPACION QUE OSTENTABA DE LA SOCIEDAD IVAX CORPORATION OBTENIENDO POR ELLO UNA PLUSVALIA QUE ASCIENDE A 1.6 MILLONES DE EUROS. PARA EL EJERCICIO 2004 LA SOCIEDAD PA

AUDITORIAS DE CUENTAS ANUALES

Financial Year	Auditor's Company	Audit Date	Result	Audit Cost	Other Services	Cost of other Services
2011	KPMG AUDITORES SL	02/04/2012		25.500
2010	KPMG AUDITORES SL	01/04/2011		25.500
2009	KPMG AUDITORES SL	01/04/2010		25.000
2008	KPMG AUDITORES SL	01/04/2009		35.000
2007	KPMG AUDITORES SL	18/04/2008		34.500
2006	KPMG AUDITORES SL	02/04/2007		33.000
2005	ERNST & YOUNG SL	07/04/2006		31.579
2004	ERNST & YOUNG SL	20/05/2005		24.000
2003	PRICEWATERHOUSECOOPERS AUDITORES SL	26/05/2004		27.128
2002	PRICEWATERHOUSECOOPERS AUDITORES SL	25/04/2003
2001	PRICEWATERHOUSECOOPERS AUDITORES SL	01/04/2002
2000	PRICEWATERHOUSECOOPERS AUDITORES SL	02/04/2001

FINANCING SOURCES

Bank

At Year End  2009

Financial Entity	NO ESPECIFICADA
Type of product	POLIZA DE CREDITO
Limit granted	6.400.000,00 Euros
Balance at closure	35.941,00 Euros
Source	Foot notes to the Balance 2009 of QUIMICA SINTETICA SA

At Year End  2007

Financial Entity	NO ESPECIFICADA
Type of product	POLIZA DE CREDITO
Short term amount	212.484,00 Euros
Limit granted	4.658.000,00 Euros
Balance at closure	212.484,00 Euros
Source	Foot notes to the Balance 2007 of QUIMICA SINTETICA SA

Financial Entity	NO ESPECIFICADA
Type of product	ARRENDAMIENTO FINANCIERO (LEASING)
Short term amount	82.758,00 Euros
Balance at closure	82.758,00 Euros
Source	Foot notes to the Balance 2007 of QUIMICA SINTETICA SA

At Year End  2006

Financial Entity	NO ESPECIFICADA
Type of product	POLIZA DE CREDITO
Short term amount	480.990,00 Euros
Limit granted	4.850.000,00 Euros
Balance at closure	480.990,00 Euros
Source	Foot notes to the Balance 2006 of QUIMICA SINTETICA SA

Financial Entity	NO ESPECIFICADA
Type of product	ARRENDAMIENTO FINANCIERO (LEASING)
Limit granted	755.000,00 Euros
Balance at closure	280.876,00 Euros
Notes	Contrato de leasing para la adquisición de máquinas. La duración del contrato es de 4,5 años y ya se han amortizado 38 cuotas. El valor de la opción de compra asciende a 16.270,00 euros.
Source	Foot notes to the Balance 2006 of QUIMICA SINTETICA SA

Financial Entity	NO ESPECIFICADA
Type of product	ARRENDAMIENTO FINANCIERO (LEASING)
Short term amount	15.375,00 Euros
Limit granted	117.422,00 Euros
Balance at closure	15.375,00 Euros
Notes	Contrato de leasing para la adquisición de mobiliario. La duración del contrato es de 4 años y ya se han amortizado 43 cuotas. El valor de la opción de compra asciende a 2.555,00 euros.
Source	Foot notes to the Balance 2006 of QUIMICA SINTETICA SA

Financial Entity	NO ESPECIFICADA
Type of product	PRESTAMO
Short term amount	420.026,00 Euros
Long term amount	420.026,00 Euros
Balance at closure	1.765.231,00 Euros
Notes	El vencimiento del préstamo está establecido en el año 2010.
Source	Foot notes to the Balance 2006 of QUIMICA SINTETICA SA

At Year End  2005

Financial Entity	NO ESPECIFICADA
Type of product	POLIZA DE CREDITO
Short term amount	3.566.904,00 Euros
Limit granted	6.200.000,00 Euros
Balance at closure	3.566.904,00 Euros
Source	Foot notes to the Balance 2005 of QUIMICA SINTETICA SA

Financial Entity	NO ESPECIFICADA
Type of product	PRESTAMO
Short term amount	479.747,00 Euros
Long term amount	479.747,00 Euros
Balance at closure	2.358.747,00 Euros
Source	Foot notes to the Balance 2005 of QUIMICA SINTETICA SA

Financial Entity	NO ESPECIFICADA
Type of product	ARRENDAMIENTO FINANCIERO (LEASING)
Short term amount	262.403,00 Euros
Long term amount	262.403,00 Euros
Balance at closure	601.466,00 Euros
Source	Foot notes to the Balance 2005 of QUIMICA SINTETICA SA

At Year End  2004

Financial Entity	NO ESPECIFICADA
Type of product	POLIZA DE CREDITO
Limit granted	4.102.024,00 Euros
Balance at closure	3.412.574,00 Euros
Source	Foot notes to the Balance 2004 of QUIMICA SINTETICA SA

Financial Entity	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Type of product	PRESTAMO
Short term amount	479.747,00 Euros
Long term amount	479.747,00 Euros
Balance at closure	2.838.493,00 Euros
Notes	INTERES DEL 3.25%
Source	Foot notes to the Balance 2004 of QUIMICA SINTETICA SA

Financial Entity	NO ESPECIFICADA
Type of product	ARRENDAMIENTO FINANCIERO (LEASING)
Short term amount	262.009,00 Euros
Long term amount	262.009,00 Euros
Balance at closure	862.936,00 Euros
Source	Foot notes to the Balance 2004 of QUIMICA SINTETICA SA

Non-bank

At Year End  2011

Name	CHEMO ESPAÑA SL
Type of product	SALDOS
Debit balance	13.973,00 Euros
Credit Balance	214.370,00 Euros
Source	Foot notes to the Balance 2011 of QUIMICA SINTETICA SA

Name	CHEMO ESPAÑA SL
Type of product	CUENTA CORRIENTE
Balance at closure	70.554,00 Euros
Source	Foot notes to the Balance 2011 of QUIMICA SINTETICA SA

GUARANTEES

At Year End  2011

Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	273.911,00 Euros
Source	Foot notes to the Balance 2011 of QUIMICA SINTETICA SA

At Year End  2010

Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	333.546,00 Euros
Notes	Avales bancarios y otras garantías como avales contingentes.
Source	Foot notes to the Balance 2010 of QUIMICA SINTETICA SA

At Year End  2004

Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	178.600,00 Euros
Notes	A FAVOR DE TERCEROS
Source	Foot notes to the Balance 2004 of QUIMICA SINTETICA SA

At Year End  2003

Guarantee Company	BANCO SANTANDER CENTRAL HISPANO SA
Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	528.891,00 Euros
Entity in charge of the management	BANCO SANTANDER CENTRAL HISPANO, S.A.
Notes	A FAVOR DE SU PROVEEDOR
Source	Foot notes to the Balance 2003 of QUIMICA SINTETICA SA

Guarantee Company	BANCO SANTANDER CENTRAL HISPANO SA
Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	92.820,00 Euros
Entity in charge of the management	BANCO SANTANDER CENTRAL HISPANO, S.A.
Notes	A FAVOR DE LA TESORERIA DE LA SEGURIDAD SOCIAL
Source	Foot notes to the Balance 2003 of QUIMICA SINTETICA SA

Guarantee Company	BANCO SANTANDER CENTRAL HISPANO SA
Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	89.931,00 Euros
Entity in charge of the management	BANCO SANTANDER CENTRAL HISPANO, S.A.
Notes	A FAVOR DE LA ADMINISTRACION A.T. BARCELONA
Source	Foot notes to the Balance 2003 of QUIMICA SINTETICA SA

Guarantee Company	BANCO SANTANDER CENTRAL HISPANO SA
Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	57.746,00 Euros
Entity in charge of the management	BANCO SANTANDER CENTRAL HISPANO, S.A.
Notes	A FAVOR DE HACIENDA
Source	Foot notes to the Balance 2003 of QUIMICA SINTETICA SA

Guarantee Company	BANCO SANTANDER CENTRAL HISPANO SA
Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	12.020,00 Euros
Entity in charge of the management	BANCO SANTANDER CENTRAL HISPANO, S.A.
Notes	A FAVOR DE HACIENDA
Source	Foot notes to the Balance 2003 of QUIMICA SINTETICA SA

Guarantee Company	BANCO SANTANDER CENTRAL HISPANO SA
Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	10.729,00 Euros
Entity in charge of the management	BANCO SANTANDER CENTRAL HISPANO, S.A.
Notes	A FAVOR DE HACIENDA
Source	Foot notes to the Balance 2003 of QUIMICA SINTETICA SA

Guarantee Company	BANCO SANTANDER CENTRAL HISPANO SA
Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	6.840,00 Euros
Entity in charge of the management	BANCO SANTANDER CENTRAL HISPANO, S.A.
Notes	A FAVOR DE SU PROVEEDOR
Source	Foot notes to the Balance 2003 of QUIMICA SINTETICA SA

Guarantee Company	BANCO SANTANDER CENTRAL HISPANO SA
Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	6.010,00 Euros
Entity in charge of the management	BANCO SANTANDER CENTRAL HISPANO, S.A.
Notes	A FAVOR DE HACIENDA
Source	Foot notes to the Balance 2003 of QUIMICA SINTETICA SA

Guarantee Company	BANCO SANTANDER CENTRAL HISPANO SA
Guaranteed Company	QUIMICA SINTETICA SA
Guarantee Amount	2.164,00 Euros
Entity in charge of the management	BANCO SANTANDER CENTRAL HISPANO, S.A.
Notes	A FAVOR DE HACIENDA
Source	Foot notes to the Balance 2003 of QUIMICA SINTETICA SA

REGISTRY DATA

Mercantile Registry:	BARCELONA
Register Data:	8 Hoja Registral: 52020
Date of formation:	17/06/1950
Corporate Purpose published in the Borme:	LA FABRICACION, COMPRA-VENTA, DISTRIBUCION Y TODA CLASE DE NEGOCIOS, INCLUSO DE IMPORT-EXPORT. RELACIONADOS CON PRODUCTOS QUIMICOS Y FARMACEUTICOS, TANTO EN SU ASPECTO INDUSTRIAL COMO COMERCIAL, Y EN TODAS SUS RAMAS.LA GESTION DE VALORES DE ENTIDADES NO RESIDENTES . FECHA DE PUBLICACION 07/03/2001
Registered Office:	C/ GRAN VIA DE CARLES III, 98 7.  -BARCELONA-
Auditor  / Auditing Firm  / Year:	BORJA GUINEA LOPEZ  /  KPMG AUDITORES SL  /  2011BORJA GUINEA LOPEZ  /  KPMG AUDITORES SL  /  2010BORJA GUINEA LOPEZ  /  KPMG AUDITORES SL  /  2009BORJA GUINEA LOPEZ  /  KPMG AUDITORES SL  /  2008BORJA GUINEA LOPEZ  /  KPMG AUDITORES SL  /  2007BORJA GUINEA LOPEZ  /  KPMG AUDITORES SL  /  2006MANUEL BACHILLER BAEZA  /  ERNST & YOUNG SL  /  2005MANUEL BACHILLER BAEZA  /  ERNST & YOUNG SL  /  2004JAVIER BERZOSA  /  PRICEWATERHOUSECOOPERS AUDITORES SL  /  2003MIGUEL MARTIN RABADAN  /  PRICEWATERHOUSECOOPERS AUDITORES SL  /  2002MIGUEL MARTIN RABADAN  /  PRICEWATERHOUSECOOPERS AUDITORES SL  /  2001MIGUEL MARTIN RABADAN  /  PRICEWATERHOUSECOOPERS AUDITORES SL  /  2000
Audit Opinion:	02/04/2012
Auditing Firm fees:	25.500,00 Euros

CHRONOLOGICAL SUMMARY

 Note:    Important       Very Important

1990	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Dividends Payment (1)
1991	Accounts deposit (ejer. 1989, 1990) Appointments/ Re-elections (2) Dividends Payment (1)
1992	Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1)
1993	Accounts deposit (ejer. 1992) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Modification of Powers (1) Statutory Modifications (1)
1994	Accounts deposit (ejer. 1993) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Errata (2)
1995	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1996	Accounts deposit (ejer. 1994, 1995) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Statutory Modifications (1)
1997	Accounts deposit (ejer. 1996) Appointments/ Re-elections (1) Take-over Merger (5)
1998	Appointments/ Re-elections (1)
1999	Accounts deposit (ejer. 1997) Appointments/ Re-elections (2) Capital Reduction (1) Increase of Capital (1) Take-over Merger (5)
2000	Accounts deposit (ejer. 1998) Appointments/ Re-elections (5) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Increase of Capital (1) Other Concepts/ Events (1) Take-over Merger (1)
2001	Accounts deposit (ejer. 1999, 2000) Appointments/ Re-elections (2) Change of Social Purpose (1)
2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Errata (1)
2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
2005	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Declaration of Sole Propietorship (1) Errata (2) Loss of the sole propietorship condition (1) Other Concepts/ Events (2)
2006	Accounts deposit (ejer. 2004) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (2)
2007	Accounts deposit (ejer. 2005, 2006) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3)
2009	Accounts deposit (ejer. 2008) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (5)
2010	Appointments/ Re-elections (2)
2011	Accounts deposit (ejer. 2009, 2010) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (6)
2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Other Concepts/ Events (1)
2013	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2014	Appointments/ Re-elections (1)

MAIN HISTORIC CHANGES

Concept	Publication	Act	Date
Corporate Purpose Changes:	LA FABRICACION, COMPRA-VENTA, DISTRIBUCION Y TODA CLASE DE NEGOCIOS, INCLUSO DE IMPORT-EXPORT., RELACIONADOS CON PRODUCTOS QUIMICOS Y FARMACEUTICOS, TANTO EN SU ASPECTO INDUSTRIAL COMO COMERCIAL, Y EN TODAS SUS RAMAS.	Corporate Purpose Change	31/05/1996

BREAKDOWN OF OWNERS EQUITY

Current Notarised Capital:	2.007.380,43   EUROS
Current Paid-up Capital:	2.007.380,43   EUROS
Nominal value:	48,08   EUROS
Shares:	41.751
Source:	BORME  /  2011

UPDATED EVOLUTION OF THE SUBSCRIBED AND PAID-IN CAPITAL

Inscription date	Type of Registration	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
09/05/2000	Increase of Capital	1.037.779,62€	1.037.779,62€	2.007.380,43€	2.007.380,43€
09/05/2000	Capital Reduction	-1.037.779,62€	-1.037.779,62€	969.600,81€	969.600,81€
08/06/1991	Capital call payment	- €	375.824,89€	- €	- €
31/07/1990	Capital call payment	- €	98.974,67€	- €	- €

ACTIVE SOCIAL BODIES

Órganos Sociales Activos - Total: 8

Cargo publicado	Nombre Órgano Social	Fecha Nombramiento	Otros Cargos en esta Sociedad
SINGLE PARTNER	CHEMO ESPAÑA SOCIEDAD LIMITADA	16/12/2005	1
PRESIDENT	MANUEL JESUS GREGORIO FERNANDEZ PALENCIA	21/10/2013	6
MEMBER OF THE BOARD	FRANCISCO JAVIER MORAN IMAZ	21/10/2013	16
MEMBER OF THE BOARD	IGNACIO PONCE GUTIERREZ	21/10/2013	3
MEMBER OF THE BOARD	MANUEL JESUS GREGORIO FERNANDEZ PALENCIA	21/10/2013	6
NON CONSELLOR SECRETARY	ISABEL ALCALDE GIRAUDO	21/10/2013	22
VICE SECRETARY	FRANCISCO JAVIER MORAN IMAZ	21/10/2013	16
ACCOUNTS' AUDITOR / HOLDER	KPMG AUDITORES SOCIEDAD LIMITADAS	14/01/2014	4

HISTORICAL SOCIAL BODIES

Formerly Active Governing Bodies - Total: 26

Social Body's Name	Post published	End Date	Other Positions in this Company
ATTILIO CALZOLARI	MEMBER OF THE BOARD	24/08/2007	15
	MEMBER OF THE BOARD	11/08/2008
	MEMBER OF THE BOARD	14/08/2009
	MEMBER OF THE BOARD	27/08/2010
	MEMBER OF THE BOARD	03/05/2011
CARLOS ALBERTO CAGNI GONZALEZ	MEMBER OF THE BOARD	31/08/1992	11
	MEMBER OF THE BOARD	16/06/1993
	MEMBER OF THE BOARD	18/10/1995
	NON CONSELLOR SECRETARY	02/10/1990
	SECRETARY	31/08/1992
	SECRETARY	16/06/1993
CARLOS LENS CABRERA	MEMBER OF THE BOARD	16/06/1993	5
	PRESIDENT	16/06/1993
CARLOS PICORNELL DARDER	MEMBER OF THE BOARD	18/10/1995	22
	MEMBER OF THE BOARD	29/08/1996
	MEMBER OF THE BOARD	04/09/1997
	MEMBER OF THE BOARD	03/09/1998
	MEMBER OF THE BOARD	28/07/1999
	MEMBER OF THE BOARD	09/09/2000
	MEMBER OF THE BOARD	17/09/2001
	MEMBER OF THE BOARD	05/09/2002
	PRESIDENT	18/10/1995
	PRESIDENT	29/08/1996
	PRESIDENT	04/09/1997
	PRESIDENT	03/09/1998
	PRESIDENT	28/07/1999
	PRESIDENT	09/09/2000
	PRESIDENT	17/09/2001
	PRESIDENT	05/09/2002
COOPERS LYBRAND SOCIEDAD ANONIMA	ACCOUNTS' AUDITOR / HOLDER	07/03/2000	1
DER KNAAP S BESLOTEN VENNOOTSCHAP	SINGLE PARTNER	16/12/2005	1
ERNST AND YOUNG SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	12/02/2007	1
EUGENIO PALLUCCA	MEMBER OF THE BOARD	01/10/2003	6
	MEMBER OF THE BOARD	27/08/2004
	MEMBER OF THE BOARD	28/11/2005
	MEMBER OF THE BOARD	01/06/2006
FRANCISCO JAVIER MORAN IMAZ	MEMBER OF THE BOARD	28/11/2005	16
	MEMBER OF THE BOARD	02/08/2006
	MEMBER OF THE BOARD	24/08/2007
	MEMBER OF THE BOARD	11/08/2008
	MEMBER OF THE BOARD	24/02/2009
	MEMBER OF THE BOARD	27/08/2010
	MEMBER OF THE BOARD	08/08/2011
	MEMBER OF THE BOARD	31/07/2012
	MEMBER OF THE BOARD	21/10/2013
	VICE SECRETARY	14/08/2009
	VICE SECRETARY	27/08/2010
	VICE SECRETARY	08/08/2011
	VICE SECRETARY	31/07/2012
	VICE SECRETARY	21/10/2013
FULVIO BENIGNI	MEMBER OF THE BOARD	31/08/1992	7
HUGO ARNOLDO SIGMAN POMERANT	MEMBER OF THE BOARD	02/10/1990	6
	MEMBER OF THE BOARD	31/08/1992
	CHIEF EXECUTIVE OFFICER	31/08/1992
	PRESIDENT	02/10/1990
	PRESIDENT	31/08/1992
IGNACIO MUT PASOS	MEMBER OF THE BOARD	02/01/2004	2
ISABEL ALCALDE GIRAUDO	NON CONSELLOR SECRETARY	29/08/1996	22
	NON CONSELLOR SECRETARY	04/09/1997
	NON CONSELLOR SECRETARY	03/09/1998
	NON CONSELLOR SECRETARY	28/07/1999
	NON CONSELLOR SECRETARY	09/09/2000
	NON CONSELLOR SECRETARY	17/09/2001
	NON CONSELLOR SECRETARY	05/09/2002
	NON CONSELLOR SECRETARY	01/10/2003
	NON CONSELLOR SECRETARY	27/08/2004
	NON CONSELLOR SECRETARY	28/11/2005
	NON CONSELLOR SECRETARY	02/08/2006
	NON CONSELLOR SECRETARY	24/08/2007
	NON CONSELLOR SECRETARY	11/08/2008
	NON CONSELLOR SECRETARY	14/08/2009
	NON CONSELLOR SECRETARY	27/08/2010
	NON CONSELLOR SECRETARY	08/08/2011
	NON CONSELLOR SECRETARY	31/07/2012
	NON CONSELLOR SECRETARY	21/10/2013
JOSE MARIA GELPI VINTRO	MEMBER OF THE BOARD	29/08/1996	17
	MEMBER OF THE BOARD	04/09/1997
	MEMBER OF THE BOARD	03/09/1998
	MEMBER OF THE BOARD	28/07/1999
	MEMBER OF THE BOARD	17/09/2001
	MEMBER OF THE BOARD	05/09/2002
	MEMBER OF THE BOARD	01/10/2003
	MEMBER OF THE BOARD	27/08/2004
	MEMBER OF THE BOARD	14/01/2005
	PRESIDENT	01/10/2003
	PRESIDENT	27/08/2004
	PRESIDENT	14/01/2005
JOSE MARIA GELPI VITRO	MEMBER OF THE BOARD	09/09/2000	1
KENNETH CAMERON	MEMBER OF THE BOARD	02/10/1990	3
	MEMBER OF THE BOARD	31/08/1992
	MEMBER OF THE BOARD	16/06/1993
KPMG AUDITORES SOCIEDAD LIMITADAS	ACCOUNTS' AUDITOR / HOLDER	22/12/2010	4
	ACCOUNTS' AUDITOR / HOLDER	03/02/2011
	ACCOUNTS' AUDITOR / HOLDER	14/01/2014
LUIS YAGUE GIL	MEMBER OF THE BOARD	02/10/1990	3
	CHIEF EXECUTIVE OFFICER	02/10/1990
MANUEL JESUS GREGORIO FERNANDEZ PALENCIA	MEMBER OF THE BOARD	08/08/2011	6
	MEMBER OF THE BOARD	31/07/2012
	MEMBER OF THE BOARD	21/10/2013
PAOLO OLIGERI	MEMBER OF THE BOARD	28/11/2005	13
	MEMBER OF THE BOARD	02/08/2006
	MEMBER OF THE BOARD	24/08/2007
	MEMBER OF THE BOARD	18/03/2008
	PRESIDENT	28/11/2005
	PRESIDENT	02/08/2006
	PRESIDENT	24/08/2007
	PRESIDENT	18/03/2008
PEDRO ANDRES REBOLLO	MEMBER OF THE BOARD	27/08/2004	25
	MEMBER OF THE BOARD	28/11/2005
	MEMBER OF THE BOARD	02/08/2006
	MEMBER OF THE BOARD	24/08/2007
	MEMBER OF THE BOARD	11/08/2008
	MEMBER OF THE BOARD	14/08/2009
	MEMBER OF THE BOARD	27/08/2010
	MEMBER OF THE BOARD	08/08/2011
	MEMBER OF THE BOARD	31/07/2012
	MEMBER OF THE BOARD	21/10/2013
	PRESIDENT	11/08/2008
	PRESIDENT	14/08/2009
	PRESIDENT	27/08/2010
	PRESIDENT	08/08/2011
	PRESIDENT	31/07/2012
	PRESIDENT	21/10/2013
PRICEWATERHAUSECOOPERS AUDITORES SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	17/09/2001	4
	ACCOUNTS' AUDITOR / HOLDER	05/09/2002
	ACCOUNTS' AUDITOR / HOLDER	20/01/2004
	ACCOUNTS' AUDITOR / HOLDER	03/02/2005
PRICEWATERHOUSECOOPERS SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	09/09/2000	1
ROBERTO CHARLES FELDER	MEMBER OF THE BOARD	01/10/2003	1
SANTIAGO MIGUEL CARSI ZEGRI	MEMBER OF THE BOARD	18/10/1995	16
	MEMBER OF THE BOARD	29/08/1996
	MEMBER OF THE BOARD	04/09/1997
	MEMBER OF THE BOARD	03/09/1998
	MEMBER OF THE BOARD	28/07/1999
	MEMBER OF THE BOARD	09/09/2000
	MEMBER OF THE BOARD	17/09/2001
	MEMBER OF THE BOARD	05/09/2002
	MEMBER OF THE BOARD	02/11/2002
	SECRETARY	18/10/1995
SILVIA GOLD TURJANSKY	MEMBER OF THE BOARD	02/10/1990	2
	VICE CHAIRMAN	02/10/1990

VINCULACIONES Y ANALISIS DE LA INFLUENCIA

Summary of business environment influence:

PROBABILITY OF DEFAULT

	TOTAL	Maximum	High	Moderate	Minimal	Unclassified
Shareholders	1					1
Companies it participates in	2					2
Companies' split-ups, takeovers and mergers	2	2
Companies with granted credits	1					1
Companies linked by corporate bodies	3		1		2
Other relations	1					1

Full description of business environment influence :

Shareholders

Entity	Capital share	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
CHEMO ESPAÑA SL	100 %	ACTIVE	LARGE	0.35	0.73	2.82

  Companies it participates in

Entity	Capital share	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
CHEMSOURCE CORPORATION (PUERTO RICO)	25.37 %
IVAX CORPORATION	0.16 %

  Companies' split-ups, takeovers and mergers

 Taken over companies

Entity	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
QS ALCALA INMOBILIARIA SL	TERMINATION					Máximo
INTEXIM SA	TERMINATION	SMALL	0.12	0.28	2.01	Máximo

Companies with granted credits

Entity	Status	Size	Credit Maturity Date	Balance at Loan End Date	Liquidity	Solvency	Indebtedness level	Probability of Default
CHEMO ESPAÑA SL	ACTIVE	LARGE	31/12/2018	9.235.000	0.35	0.73	2.82

Companies linked by corporate bodies

Correlations by corporate bodies and addresses

Entity	Capital share	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
UNIVERSAL FARMA SL		ACTIVE	SMALL	0.00	2.45	0.69	Elevado
LABORATORIOS LICONSA SA		ACTIVE	LARGE	0.00	1.44	0.89	Mínimo
CHEMO IBERICA SA		ACTIVE	MEDIUM	0.01	0.80	0.83	Mínimo

Other relations

Entity	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
KEVILMARE ESPAÑA SL	ACTIVE WITH PARTIAL DIVISION OF CAPITAL	LARGE	0.00	0.47	0.18

QUALITY AND ENVIRONMENTAL CERTIFICATIONS

Quality Certificate

Regulation	Certificate	Scope	Publication Source
UNE-EN ISO 9001:2000	ER-0217/1998	EL DISEÑO Y EL DESARROLLO DE RUTAS DE SÍNTESIS Y LA PRODUCCIÓN DE PRINCIPIOS ACTIVOS FARMACÉUTICOS.	AENOR

REMUNERATION

WAGES AND SALARIES EARNED BY MEMBERS OF THE BOARD OF DIRECTORS DURING THE FISCAL YEAR 2011 AMOUNT TO 0,00 EUROS OF REMUNERATION IN THE FORM OF WAGES AND PROFESSIONAL FEES.

DETALLE DE SUBVENCIONES APARECIDAS EN BOLETINES Y DIARIOS PUBLICOS OFICIALES

As Published  2010

Entity	CONSEJERÍA DE ECONOMÍA Y HACIENDA. INSTITUTO MADRILEÑO DE DESARROLLO (IMADE). COMUNIDAD AUTONOMA DE MADRID
	18/02/2010
	ORDEN DE 30 DE DICIEMBRE DE 2008, POR LA QUE SE MODIFICA LA ORDEN 360/2006, DE 17 DE ENERO, POR LA QUE SE REGULA EL PLAN DE INNOVACIÓN EMPRESARIAL DE LA COMUNIDAD DE MADRID (2006-2009) Y SE REALIZA LA CONVOCATORIA PARA EL AÑO 2009 (BOLETÍN OFICIAL DE LA COMUNIDAD DE MADRID DE 26 DE ENERO DE 2009).
	SUBSIDY AWARDED
	INVESTIGACIÓN Y DESARROLLO
	151.432,04 Euros
	0,00 Euros
	0,00 Euros

Entity	MINISTERIO DE INDUSTRIA, TURISMO Y COMERCIO
	19/04/2010
	RESOLUCIÓN DE 6 DE ABRIL DE 2010, DE LA OFICINA ESPAÑOLA DE PATENTES Y MARCAS,POR LA QUE SE PUBLICAN LAS AYUDAS CONCEDIDAS EN LA MODALIDAD DE SUBVENCIÓN PARA EL FOMENTO DE LAS SOLICITUDES DE PATENTES EN EL EXTERIOR.
	SUBSIDY AWARDED
	1.797,49 Euros
	0,00 Euros
	0,00 Euros
	IDENTIFICACION DEL PROYECTO:FPE-0525

As Published  2009

Entity	MINISTERIO DE INDUSTRIA, TURISMO Y COMERCIO
	06/04/2009
	RESOLUCIÓN DE 23 DE MARZO DE 2009, DE LA OFICINA ESPAÑOLA DE PATENTES Y MARCAS, POR LA QUE SE PUBLICAN LAS AYUDAS CONCEDIDAS EN LA MODALIDAD DE SUBVENCIÓN PARA EL FOMENTO DE LAS SOLICITUDES DE PATENTES EN EL EXTERIOR.
	SUBSIDY AWARDED
	6.226,72 Euros
	0,00 Euros
	0,00 Euros
	IDENTIFICACION DEL PROYECTO:FPE-0072

NEWS CLIPPINGS

News published in daily newspapers or magazines

la verdad	19/03/2013
Alcalá recalificará suelo industrial para evitar cierre de Química Sintética

SECTORS OF INTEREST THAT HAVE CONSULTED THIS ENTERPRISE

Sector	2003 (30)	2004 (36)	2005 (30)	2006 (41)	2007 (67)	2008 (44)	2009 (24)	2010 (32)	2011 (44)	2012 (37)	2013 (50)	2014 (5)
INSURANCE AND FINANCIAL SERVICES	5	7	6	23	50	30	16	10	15	10	11
MISCELLANEOUS SECTORS	10	7	6		6		2	4	3	3	1	4
ENERGY		3	2						6	8	12
LAWYERS		2	2	8	4		2				2
WHOLESALERS AND MIDDLEMEN	2		2						4	4	5	1
MARKETING/PUBLICITY AND PUBLIC RELATIONS							1	1	4	5	7
AUDITORS, ECONOMISTS AND CONSULTANTS		4	4		2				2	5
INDIVIDUALS				5		2	2		4		4
CHEMISTRY	4	6			2						2
AGENCIES AND CONSULTANCIES			2			1		2	4
BUILDING INDUSTRY / REAL ESTATE AND PUBLIC WORKS	5					2		2
FOOD SECTOR, BEVERAGES AND TOBACCO						5		2
PRESS, EDITORIAL AND NEWS AGENCIES		7
MANUFACTURE, REPAIR AND RENT OF CONSUMER GOODS			2	2				3
COMPUTER SCIENCE, OFFIMATIC AND ELECTRONIC	3					1		2
MANUFACTURE AND RENT OF MACHINERY, ELECTRIC MATERIAL AND PRECISSION EQUIPMENT						2					4
TELECOMMUNICATION								2			2
TRADE REPORTS	1			1	1	1
HEALTH			4
GRAPHIC ARTS, EDITION, REPRODUCTION								2
ASSOCIATIONS, ORGANISATIONS, POLITICAL PARTIES								2
VEHICLES, SPARE PARTS AND ACCESSORIES										2
INVESTIGATORS/BAD DEBTS CHARGE/SECURITY					2
HOTEL MANAGEMENT AND TOURISM									2
OTHER BUSINESS ACTIVITIES				2
PUBLIC ADMINISTRATION							1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.48
UK Pound	1	Rs.102.95
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

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

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.