MIRA INFORM REPORT

Report Date :

21.02.2014

IDENTIFICATION DETAILS

Name :	TEXTIL SANTANDERINA SA
Registered Office :	Cta Santander-Oviedo Km 43 Cabezon De La Sal Cantabria
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	05.12.1960
Legal Form :	Public Company
Line of Business :	Subject is engaged in manufacturing of all kind of textiles and fabrics
No. of Employees :	330

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 :	Slow but correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30, 2013

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

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

SPAIN - ECONOMIC OVERVIEW

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

Source : CIA

EXECUTIVE SUMMARY

Name:	TEXTIL SANTANDERINA SA
NIF / Fiscal code:	A39001219
Status:	ACTIVE
Incorporation Date:	05/12/1960
Register Data	Register Section 8 Sheet 3469
Last Publication in BORME:	07/10/2013 [Board Meeting]
Last Published Account Deposit:	2012
Share Capital:	6.484.800,40
Localization:	CTA SANTANDER-OVIEDO KM 43 - CABEZON DE LA SAL - 39500 - CANTABRIA
Telephone - Fax - Email - Website:	Ph.:. 942700125
Activity:
NACE:	1320 - Weaving of textiles
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	7 for a total cost of NaN
Subsidies:	19 for a total cost of 7927153.8
Quality Certificate:	No

Defaults, Legal Claims and Insolvency Proceedings

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:

CONRADO PARES BOJ	3.73 %
CRISTINA SERRA ROQUE	4.11 %
JUAN ANGEL PARES BOJ	6.9 %
JUAN MARIA PARES SERRA	21.41 %
NURIA SERRA ROQUE	3.72 %
GESTION DE BIENES Y SERVICIOS SA	15.49 %
PILAR BOJ VILALTA	5.1 %
SILVIA BENET SERRA	2.76 %
Shares:	8
Other Links:	2
No. of Active Corporate Bodies:

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees NO
INVESTIGATION SUMMARY
The subject was founded in 1960 and it is engaged in manufacturing of home textiles.

Identification

Social Denomination:	TEXTIL SANTANDERINA SA
NIF / Fiscal code:	A39001219
Corporate Status:	ACTIVE
Start of activity:	1949
Registered Office:	CTA SANTANDER-OVIEDO KM 43
Locality:	CABEZON DE LA SAL
Province:	CANTABRIA
Postal Code:	39500
Telephone:	942700125
Fax:	942701711

Activity
NACE:	1320
Additional Information:	The subject is engaged in manufacturing of all kind of textiles and fabrics for home.
Additional Address:	Registered office, offices, factory, warehouse and other premises in a owned shed, are located in Cta Santander Oviedo Km 43 Cabezón de la Sal (Cantabria).
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	330

Chronological Summary
	Year	Act
	1990	Appointments/ Re-elections (3)
	1991	Accounts deposit (ejer. 1989, 1990) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	1992	Accounts deposit (ejer. 1991)
	1993	Accounts deposit (ejer. 1992) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Other Concepts/ Events (1)
	1994	Accounts deposit (ejer. 1993) Appointments/ Re-elections (1)
	1995	Accounts deposit (ejer. 1994) Increase of Capital (1)
	1996	Accounts deposit (ejer. 1995) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Dividends Payment (1)
	1997	Accounts deposit (ejer. 1996) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Errata (1)
	1998	Accounts deposit (ejer. 1997) Board Meeting (1)
	1999	Board Meeting (1)
	2000	Accounts deposit (ejer. 1998) Appointments/ Re-elections (7) Board Meeting (1)
	2001	Accounts deposit (ejer. 1999) Appointments/ Re-elections (4) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (2)
	2002	Accounts deposit (ejer. 2000, 2001) Appointments/ Re-elections (1) Board Meeting (1) Increase of Capital (1)
	2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (1) Board Meeting (1)
	2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (2) Board Meeting (1) Other Concepts/ Events (1)
	2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (1) Board Meeting (1)
	2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (1) Board Meeting (1)
	2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1)
	2009	Accounts deposit (ejer. 2008 consolidated, 2008) Appointments/ Re-elections (2) Change of Social Purpose (1) Other Concepts/ Events (1)
	2010	Accounts deposit (ejer. 2009 consolidated, 2009) Appointments/ Re-elections (1) Capital Reduction (1) Cessations/ Resignations/ Reversals (1)
	2011	Accounts deposit (ejer. 2010 consolidated, 2010) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (1)
	2012	Accounts deposit (ejer. 2011 consolidated, 2011) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (6) Board Meeting (1)

Breakdown of Owners' Equity
Registered Capital:	6.484.800,40
Paid up capital:	6.484.800,40

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
15/03/1993	Increase of Capital	1.803.036	1.803.036	5.409.109	5.409.109
10/07/1995	Increase of Capital	601.012	150.253	6.010.121	5.559.362
07/10/1996	Capital call payment	---	450.759	6.010.121	6.010.121
30/11/2002	Increase of Capital	601.012	601.012	6.611.133	6.611.133
27/04/2010	Capital Reduction	-126.333	-126.333	6.484.800	6.484.800

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	PARES BOJ JUAN ANGEL	26/09/2011	15
MEMBER OF THE BOARD	SERRA ROQUE CRISTINA	26/09/2011	2
	PARES SERRA JUAN MARIA	26/09/2011	17
	BOJ VILALTA PILAR	26/09/2011	7
	PARES BOJ JUAN ANGEL	26/09/2011	15
	PARES BOJ CONRADO	26/09/2011	4
	SERRA ROQUE NURIA	26/09/2011	7
	BENET SERRA SYLVIA	26/09/2011	1
	CRISTINA SERRA ROQUE	26/08/2010	2
	CONRADO PARES BOJ	26/08/2010	3
JOINT CHIEF EXECUTIVE OFFICER	PARES BOJ CONRADO	22/10/2012	4
	PARES BOJ JUAN ANGEL	26/09/2011	15
COMBINED PROXY	PARES BOJ ISAAC RAMON	25/02/2013	1
	FRANCISCO JAVIER MARTINEZ RODRIGUEZ	25/02/2013	1
PROXY	MARTINEZ RODRIGUEZ VICENTE	29/04/2013	2
	FERNANDEZ GONZALEZ MARTA	29/04/2013	1
	EMILIO LOREN BLASCO	21/02/2000	1
	MAUGERI SALVATORE	11/11/1996	2
	SERIO MARIO	11/11/1996	2
	SERIO ANTONIO	11/11/1996	2
	LOREN BUTRAGUEÑO JUAN	09/05/1996	1
	PRADA VAQUERIN FRANCISCO JAVIER	24/12/1990	1
	MARTINEZ RODRIGUEZ FRANCISCO JAVIER	24/12/1990	1
	PARES BOJ JUAN ANGEL	24/12/1990	15
GENERAL MANAGER	PARES BOJ JUAN ANGEL	13/06/1994	15
SECRETARY	CONRADO PARES BOJ	26/08/2010	3
ACCOUNTS' AUDITOR / HOLDER	AUDIBERIA OSORIO NAVARRIO Y CIA S R C	08/02/2000	4
	AUDIBERIA OSORIO NAVARRIO Y CIA SRC	08/02/2000	2
	AUDIBERIA SA	30/04/1991	2
CONSOLIDATED ACCOUNTS' AUDITOR	BDO AUDITORES SL	18/07/2013	8

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AUDIBERIA AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	08/02/2000	2
	ACCOUNTS' AUDITOR / HOLDER	08/02/2000
AUDIBERIA OSORIO NAVARRIO Y CIA S R C	ACCOUNTS' AUDITOR / HOLDER	08/02/2000	4
	ACCOUNTS' AUDITOR / HOLDER	08/02/2000
	ACCOUNTS' AUDITOR / HOLDER	08/02/2000
AUDIBERIA OSORIO NAVARRIO Y CIA SRC	ACCOUNTS' AUDITOR / HOLDER	08/02/2000	2
AUDIBERIA SA	ACCOUNTS' AUDITOR / HOLDER	08/02/2000	2
BDO AUDIBERIA AUDITORES S L	ACCOUNTS' AUDITOR / HOLDER	30/07/2001	2
	ACCOUNTS' AUDITOR / HOLDER	15/10/2003
BDO AUDIBERIA AUDITORES SL	CONSOLIDATED ACCOUNTS' AUDITOR	27/01/2011	13
	ACCOUNTS' AUDITOR / HOLDER	28/03/2001
	ACCOUNTS' AUDITOR / HOLDER	30/07/2001
	ACCOUNTS' AUDITOR / HOLDER	17/07/2002
	ACCOUNTS' AUDITOR / HOLDER	15/10/2003
	ACCOUNTS' AUDITOR / HOLDER	27/07/2004
	ACCOUNTS' AUDITOR / HOLDER	05/08/2004
	ACCOUNTS' AUDITOR / HOLDER	03/11/2005
	ACCOUNTS' AUDITOR / HOLDER	24/07/2006
	ACCOUNTS' AUDITOR / HOLDER	18/09/2007
	ACCOUNTS' AUDITOR / HOLDER	21/07/2008
	ACCOUNTS' AUDITOR / HOLDER	01/12/2009
	ACCOUNTS' AUDITOR / HOLDER	01/12/2009
BDO AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	27/01/2011	8
	CONSOLIDATED ACCOUNTS' AUDITOR	26/07/2011
	ACCOUNTS' AUDITOR / HOLDER	26/07/2011
	CONSOLIDATED ACCOUNTS' AUDITOR	23/07/2012
	ACCOUNTS' AUDITOR / HOLDER	23/07/2012
	CONSOLIDATED ACCOUNTS' AUDITOR	18/07/2013
	ACCOUNTS' AUDITOR / HOLDER	18/07/2013
BENET CAMPS JORGE	MEMBER OF THE BOARD	10/03/1997	17
	MEMBER OF THE BOARD	19/12/2001
	MEMBER OF THE BOARD	22/02/2005
	MEMBER OF THE BOARD	26/08/2010
	MEMBER OF THE BOARD	26/09/2011
	JOINT CHIEF EXECUTIVE OFFICER	22/02/2005
	JOINT CHIEF EXECUTIVE OFFICER	26/08/2010
	JOINT CHIEF EXECUTIVE OFFICER	26/09/2011
	CHIEF EXECUTIVE OFFICER	15/03/1993
	CHIEF EXECUTIVE OFFICER	19/02/1996
	CHIEF EXECUTIVE OFFICER	19/12/2001
	SECRETARY	10/03/1997
	PRESIDENT	15/03/1993
	PRESIDENT	19/02/1996
	SECRETARY	22/02/2005
	SECRETARY	26/08/2010
	SECRETARY	19/12/2001
BOJ VILALTA PILAR	MEMBER	10/03/1997	7
	MEMBER	15/03/1993
	MEMBER OF THE BOARD	19/12/2001
	MEMBER OF THE BOARD	22/02/2005
	MEMBER OF THE BOARD	26/08/2010
	MEMBER OF THE BOARD	26/09/2011
CONRADO PARES BOJ	MEMBER OF THE BOARD	26/08/2010	3
CRISTINA SERRA ROQUE	MEMBER OF THE BOARD	26/08/2010	2
MARTINEZ RODRIGUEZ VICENTE	PROXY	29/04/2013	2
MAUGERI SALVATORE	PROXY	11/11/1996	2
PARES BOJ CONRADO	MEMBER OF THE BOARD	26/09/2011	4
	SECRETARY	26/09/2011
PARES BOJ JUAN ANGEL	MEMBER	15/03/1993	15
	PRESIDENT	26/09/2011
	JOINT CHIEF EXECUTIVE OFFICER	26/09/2011
	MEMBER OF THE BOARD	26/09/2011
	MEMBER OF THE BOARD	26/08/2010
	JOINT CHIEF EXECUTIVE OFFICER	26/08/2010
	PRESIDENT	26/08/2010
	MEMBER OF THE BOARD	22/02/2005
	MEMBER OF THE BOARD	19/12/2001
	MEMBER	10/03/1997
PARES SERRA JUAN MARIA	MEMBER OF THE BOARD	10/03/1997	17
	MEMBER OF THE BOARD	19/12/2001
	MEMBER OF THE BOARD	22/02/2005
	MEMBER OF THE BOARD	26/08/2010
	MEMBER OF THE BOARD	26/09/2011
	JOINT CHIEF EXECUTIVE OFFICER	22/02/2005
	JOINT CHIEF EXECUTIVE OFFICER	26/08/2010
	JOINT CHIEF EXECUTIVE OFFICER	26/09/2011
	JOINT CHIEF EXECUTIVE OFFICER	22/10/2012
	CHIEF EXECUTIVE OFFICER	10/03/1997
	CHIEF EXECUTIVE OFFICER	19/12/2001
	SECRETARY	19/02/1996
	PRESIDENT	10/03/1997
	PRESIDENT	19/12/2001
	PRESIDENT	22/02/2005
	PRESIDENT	13/06/2008
PARES SIERRA JUAN MARIA	SECRETARY	15/03/1993	3
	CHIEF EXECUTIVE OFFICER	15/03/1993
	CHIEF EXECUTIVE OFFICER	19/12/2001
RIERA COMELLA MANUEL	VICE CHAIRMAN	13/07/1991	1
ROQUE CASTELL ASUNCION	MEMBER	13/07/1991	1
ROQUE CASTELL DOLORES	MEMBER	15/03/1993	1
SALVIA CANUT EMILIO	MEMBER	19/02/1996	1
SERIO ANTONIO	PROXY	11/11/1996	2
SERIO MARIO	PROXY	11/11/1996	2
SERRA ROQUE CRISTINA	MEMBER OF THE BOARD	26/09/2011	2
SERRA ROQUE MARIA	MEMBER	15/03/1993	3
	MEMBER	10/03/1997
	MEMBER OF THE BOARD	19/12/2001
SERRA ROQUE NURIA	MEMBER	10/03/1997	7
	MEMBER	15/03/1993
	MEMBER OF THE BOARD	22/02/2005
	MEMBER OF THE BOARD	19/12/2001
	MEMBER OF THE BOARD	26/08/2010
	MEMBER OF THE BOARD	26/09/2011
SOLER ALONSO JOSE ANTONIO	PROXY	25/02/2008	1

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 ).

Chronological summary

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

> Basis for rating

Positive Factors

Adverse Factors

It has been found to have regular payment performance and has paid all of its debts in a timely manner. It is one of the major domestic companies in terms of sales volume. TEXTIL SANTANDERINA SA's borrowing cost is appropriate according to its volume of external financing sources. Positive Working Capital. The Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved. Adequate long-term solvency. As the Real Assets of the company exceed its total debts, it offers, in principle, real property guarantee for settlement of its long-term obligations to third parties.

Productivity decrease. The Company's salaried staff productivity has decreased with respect to the previous fiscal year. This productivity decrease is reflected in a decrease in its generated income, a fact that might hinder the Company's financial situation. In fiscal year 2012 , total debts incurred with credit institutions and trade creditors has increased with respect to the previous fiscal year. The greater the level of indebtedness, the greater the Company's reliance on capital suppliers and the more complicated its financial standing. It has no operating income return. The Company has no return on the investments necessary for its main activity with respect to its assets. It has no profits on its typical business activities in 2012 but it does in 2011 . During 2012 the company renewed its customer portfolio 3.60 times. This reflects an approximate average payment collection term of 120 días days. Average payment term to suppliers is longer than average payment term from customers.This means that the company pays to suppliers later than it receives payment from its customers. This benefits the company from a financial perspective, as it may increase its income; whereas it is risky for suppliers, who are, therefore, financing the company.

Sector in which comparison is carried out : 132 Weaving of textiles
Relative Position: Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 98.00% of the companies of the sector TEXTIL SANTANDERINA SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2.21%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

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

IS RELATED WITH:	2 Entities
PARTICIPATES IN:	8 Entities
SHAREHOLDERS:	8 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	CONRADO PARES BOJ		3.73
	CRISTINA SERRA ROQUE		4.11
	JUAN ANGEL PARES BOJ		6.9
	JUAN MARIA PARES SERRA		21.41
	NURIA SERRA ROQUE		3.72
	GESTION DE BIENES Y SERVICIOS SA	BARCELONA	15.49
	PILAR BOJ VILALTA		5.1
	SILVIA BENET SERRA		2.76
PARTICIPATES IN	ACABATS DEL BAGES SA	BARCELONA	47
	INADE SA	ZARAGOZA	25
	MONRETEX SA	BARCELONA	47.73
	FABRICA ESPAÑOLA DE CONFECCIONES SA	MADRID	11.96
	SANTEX (HANGZHOU) TEXTILE CO.M, S.A.		100
	TEXTIL SANTANDERINA USA		100
	ZATATEX SARL		100
	BELLISSIMA APPARELS, S.A.		55

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	ZATATEX SARL
	DESARROLLO Y COMERCIALIZACION DE ARTICULOS TEXTILES SL	MADRID

Turnover
Total Sales 2013	120.000.000

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Normales	October  2013
2011	Consolidadas	July  2012
2011	Normales	July  2012
2010	Consolidadas	October  2011
2010	Normales	August  2011
2009	Consolidadas	September  2010
2009	Normales	September  2010
2008	Consolidadas	August  2009
2008	Normales	August  2009
2007	Normales	July  2008
2006	Normales	September  2007
2005	Normales	July  2006
2004	Normales	July  2005
2003	Normales	July  2004
2002	Normales	October  2003
2001	Normales	July  2002
2000	Normales	December  2001
1999	Normales	March  2001
1998	Normales	February  2000
1997	Normales	August  1998
1996	Normales	October  1997
1995	Normales	July  1996
1994	Normales	July  1995
1993	Normales	August  1994
1992	Normales	July  1993
1991	Normales	July  1992
1990	Normales	August  1991
1989	Normales	August  1990

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

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, axesor created such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2012	2011	2010	2009	2008
A) NON-CURRENT ASSETS: 11000	17.923.556,00	25.938.415,00	26.042.044,00	26.369.117,00	18.927.673,00
I. Intangible fixed assets : 11100	66.879,00	52.192,00	21.196,00	11.366,00	931,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	66.879,00	52.192,00	21.196,00	11.366,00	931,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	0,00	0,00	0,00	0,00	0,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	7.787.152,00	8.094.758,00	8.862.854,00	9.003.662,00	9.508.691,00
1. Land and buildings: 11210	3.122.172,00	3.411.829,00	3.706.683,00	3.835.976,00	4.068.289,00
2. Technical installations and other tangible fixed assets: 11220	4.664.980,00	4.682.929,00	5.156.171,00	5.167.686,00	5.440.402,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	3.727.261,00	3.821.196,00	3.993.035,00	4.164.874,00	4.336.713,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	3.727.261,00	3.821.196,00	3.993.035,00	4.164.874,00	4.336.713,00
IV. Long-term investments in Group companies and associates : 11400	3.323.374,00	13.173.509,00	12.001.162,00	11.672.793,00	4.802.525,00
1. Equity instruments: 11410	2.756.088,00	4.392.275,00	4.122.793,00	4.122.793,00	4.802.525,00
2. Credits to businesses: 11420	567.286,00	8.781.234,00	7.878.369,00	7.550.000,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	2.042.006,00	796.759,00	1.163.797,00	1.516.422,00	278.814,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	2.041.106,00	615.556,00	978.513,00	1.328.438,00	90.150,00
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	900,00	181.204,00	185.284,00	187.984,00	188.664,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	976.884,00	0,00	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	76.956.793,00	64.440.898,00	64.324.908,00	56.225.840,00	62.141.877,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	35.782.726,00	34.517.987,00	32.157.454,00	25.908.283,00	24.707.956,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	2.764.181,00	3.315.536,00	3.707.585,00	2.312.053,00	2.046.127,00
3. Work in progress: 12230	18.532.989,00	15.263.622,00	12.395.590,00	10.835.824,00	10.003.929,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	18.532.989,00	15.263.622,00	12.395.590,00	10.835.824,00	10.003.929,00
4. Finished goods: 12240	14.464.278,00	15.663.697,00	16.028.596,00	12.741.140,00	12.634.086,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	14.464.278,00	15.663.697,00	16.028.596,00	12.741.140,00	12.634.086,00
5. By-products, residues and recycled materials: 12250	21.278,00	16.669,00	25.683,00	19.265,00	0,00
6. Advances to suppliers: 12260	0,00	258.463,00	0,00	0,00	23.814,00
III. Trade debtors and others receivable accounts: 12300	32.848.849,00	27.158.549,00	29.231.073,00	27.489.382,00	27.214.643,00
1. Trade debtors / accounts receivable: 12310	29.497.739,00	25.688.170,00	27.536.678,00	25.820.445,00	26.150.973,00
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	29.497.739,00	25.688.170,00	27.536.678,00	25.820.445,00	26.150.973,00
2. Customers, Group companies and associates : 12320	262.868,00	473.909,00	807.092,00	1.106.131,00	814.816,00
3. Other accounts receivable: 12330	123.478,00	279.621,00	192.463,00	153.253,00	124.285,00
4. Personnel: 12340	1.731,00	1.767,00	1.839,00	1.839,00	2.007,00
5. Assets for deferred tax: 12350	272.844,00	331.861,00	239.682,00	100.434,00	122.563,00
6. Other debtors, including tax and social security: 12360	2.690.189,00	383.222,00	453.319,00	307.280,00	0,00
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	169.622,00	432.825,00	32.825,00	208.992,00	6.656.909,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	169.622,00	432.825,00	32.825,00	208.992,00	6.656.909,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	7.775.989,00	1.341.112,00	1.087.756,00	1.771.656,00	2.763.786,00
1. Equity instruments: 12510	383.683,00	374.845,00	432.158,00	539.995,00	520.204,00
2. Credits to businesses: 12520	687.906,00	766.440,00	355.598,00	231.662,00	0,00
3. Debt securities: 12530	6.700.000,00	199.828,00	300.000,00	1.000.000,00	2.243.582,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	4.400,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	0,00	0,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	379.608,00	990.424,00	1.815.800,00	847.527,00	798.583,00
1. Treasury: 12710	379.608,00	990.424,00	1.815.800,00	847.527,00	798.583,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	94.880.349,00	90.379.313,00	90.366.952,00	82.594.957,00	81.069.550,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	60.627.771,00	63.046.044,00	62.528.882,00	61.296.397,00	63.963.054,00
A-1) Shareholders' equity: 21000	60.303.681,00	62.710.302,00	62.262.968,00	61.023.480,00	63.638.779,00
I. Capital: 21100	6.484.800,00	6.484.800,00	6.484.800,00	6.484.800,00	6.611.133,00
1. Registered capital : 21110	6.484.800,00	6.484.800,00	6.484.800,00	6.484.800,00	6.611.133,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	2.704.554,00	2.704.554,00	2.704.554,00	2.704.554,00	2.704.554,00
III. Reserves: 21300	5.124.239,00	5.124.239,00	5.124.239,00	5.124.239,00	57.466.187,00
1. Legal y estatutarias: 21310	1.296.960,00	1.296.960,00	1.296.960,00	1.296.960,00	1.322.227,00
2. Other reserves: 21320	3.827.279,00	3.827.279,00	3.827.279,00	3.827.279,00	56.143.960,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	-884.290,00
V. Results from previous periods: 21500	48.296.708,00	47.749.374,00	46.709.886,00	48.654.453,00	0,00
1. Brought forward: 21510	48.296.708,00	47.749.374,00	46.709.886,00	48.654.453,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	-2.306.621,00	647.334,00	1.239.488,00	-1.944.568,00	-2.258.805,00
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	324.089,00	335.742,00	265.914,00	272.918,00	324.275,00
B) NON-CURRENT LIABILITIES: 31000	1.557.777,00	2.420.015,00	3.968.122,00	2.970.390,00	3.278.292,00
I. Long-term provisions: 31100	0,00	0,00	177.100,00	106.766,00	851,00
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	177.100,00	106.766,00	851,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	1.447.544,00	2.298.493,00	3.686.143,00	2.746.660,00	3.138.500,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	1.447.544,00	2.298.493,00	3.686.143,00	2.746.660,00	3.138.500,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	110.233,00	121.522,00	104.879,00	116.965,00	138.941,00
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	32.694.801,00	24.913.254,00	23.869.948,00	18.328.169,00	13.828.204,00
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	12.028,00	86.425,00	0,00	0,00	0,00
III. Short-term creditors : 32300	10.735.073,00	9.143.698,00	7.317.875,00	3.932.995,00	2.272.318,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	10.735.073,00	9.143.698,00	6.851.642,00	3.700.570,00	2.033.897,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	466.234,00	232.425,00	238.421,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	21.947.700,00	15.683.131,00	16.552.072,00	14.395.174,00	11.555.886,00
1. Suppliers: 32510	19.803.039,00	12.759.155,00	14.781.831,00	12.823.337,00	8.848.917,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	19.803.039,00	12.759.155,00	14.781.831,00	12.823.337,00	8.848.917,00
2. Suppliers, Group companies and associates: 32520	932.242,00	1.035.940,00	319.422,00	358.420,00	1.112.648,00
3. Other creditors: 32530	316.185,00	928.275,00	525.489,00	385.833,00	638.557,00
4. Personnel (remuneration due): 32540	466.090,00	489.738,00	469.406,00	463.393,00	510.173,00
5. Liabilities for current tax: 32550	0,00	53.654,00	0,00	0,00	0,00
6. Otras deudas con las Administraciones Públicas. : 32560	430.144,00	416.368,00	455.924,00	364.190,00	440.491,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	5.100,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	94.880.349,00	90.379.313,00	90.366.952,00	82.594.957,00	81.069.550,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	118.003.505,00	107.854.933,00	93.927.936,00	75.524.878,00	73.135.095,00
a) Sales: 40110	117.999.951,00	107.849.952,00	93.924.581,00	75.522.722,00	73.135.095,00
b) Rendering of services: 40120	3.554,00	4.981,00	3.355,00	2.155,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	2.074.556,00	2.494.119,00	4.853.639,00	934.401,00	2.492.091,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-92.366.882,00	-82.412.475,00	-70.401.522,00	-54.267.662,00	-48.709.370,00
a) Stock consumption: 40410	0,00	0,00	0,00	-45.551.053,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-75.727.883,00	-69.394.705,00	-57.973.084,00	0,00	-40.431.816,00
c) Works carried out by other companies: 40430	-16.638.998,00	-13.017.771,00	-12.428.438,00	-8.716.609,00	-8.277.555,00
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	290.163,00	375.635,00	413.553,00	825.705,00	422.447,00
a) Auxiliary income and other from current management: 40510	220.628,00	210.820,00	333.111,00	230.112,00	253.630,00
b) Operation subsidies included in the Period's result: 40520	69.535,00	164.816,00	80.442,00	595.593,00	168.817,00
6. Personnel costs: 40600	-10.707.296,00	-10.434.631,00	-10.488.560,00	-10.080.624,00	-11.040.534,00
a) Wages, salaries et al.: 40610	-8.103.564,00	-7.970.096,00	-8.000.281,00	-7.842.559,00	-8.649.256,00
b) Social security costs: 40620	-2.432.376,00	-2.464.535,00	-2.488.279,00	-2.238.065,00	-2.391.277,00
c) Provisions : 40630	-171.356,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-18.502.442,00	-16.157.004,00	-15.704.185,00	-13.554.544,00	-14.736.159,00
a) External services: 40710	-16.952.769,00	-15.330.019,00	-14.843.704,00	-12.342.898,00	-14.318.023,00
b) Taxes: 40720	-165.263,00	-90.974,00	-172.348,00	-165.196,00	-133.573,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-1.205.079,00	-337.682,00	-300.613,00	-676.527,00	-282.878,00
d) Other current management expenditure : 40740	-179.331,00	-398.329,00	-387.520,00	-369.923,00	-1.685,00
8. Amortisation of fixed assets: 40800	-1.502.269,00	-1.582.084,00	-1.671.049,00	-1.653.654,00	-2.061.783,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	66.505,00	58.399,00	40.285,00	156.588,00	143.177,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	179.331,00	398.329,00	387.520,00	-76.676,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	179.331,00	398.329,00	387.520,00	-76.676,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	-8.931,00	-61.827,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	-2.473.759,00	533.393,00	1.357.617,00	-2.191.589,00	-355.035,00
14. Financial income : 41400	425.529,00	422.957,00	370.081,00	619.279,00	547.564,00
a) Of shares in equity instruments : 41410	14.626,00	0,00	17.786,00	36.949,00	18.594,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	17.278,00	18.594,00
a 2) In third parties: 41412	14.626,00	0,00	17.786,00	19.671,00	0,00
b) From negotiable securities and other financial instruments : 41420	410.903,00	422.957,00	352.295,00	582.330,00	528.970,00
b 1) From Group companies and associates : 41421	372.922,00	397.076,00	283.181,00	499.805,00	0,00
b 2) From third parties : 41422	37.981,00	25.882,00	69.114,00	82.525,00	528.970,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-313.435,00	-323.813,00	-162.802,00	-64.493,00	-142.787,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-313.435,00	-323.813,00	-162.802,00	-64.493,00	-142.787,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	13.461,00	-57.313,00	-107.837,00	182.627,00	-257.618,00
a) Trading book and other : 41610	13.461,00	-57.313,00	-107.837,00	182.627,00	-257.618,00
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	54.908,00	-143.719,00	-217.572,00	-451.358,00	-49.775,00
18. Impairment and result for transfers of financial instruments: 41800	-990.208,00	269.482,00	1,00	-39.034,00	-2.001.153,00
a) Impairment and losses : 41810	115.782,00	269.482,00	0,00	-656.139,00	-1.943.707,00
b) Results for transfers and other : 41820	-1.105.990,00	0,00	1,00	617.105,00	-57.446,00
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	-809.746,00	167.594,00	-118.129,00	247.021,00	-1.903.770,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-3.283.505,00	700.988,00	1.239.488,00	-1.944.568,00	-2.258.805,00
20. Income taxes: 41900	976.884,00	-53.654,00	0,00	0,00	0,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-2.306.621,00	647.334,00	1.239.488,00	-1.944.568,00	-2.258.805,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	-2.306.621,00	647.334,00	1.239.488,00	-1.944.568,00	-2.258.805,00

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, Axesor created such criteria using its own methodology. To view details on the methodology 2012 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2012	2011	2010	2009	2008
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	16.946.672,00	25.938.415,00	26.042.044,00	26.369.117,00	19.811.963,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	66.879,00	52.192,00	21.196,00	11.366,00	931,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	66.879,00	52.192,00	21.196,00	11.366,00	931,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	0,00	0,00	0,00	0,00	0,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	11.514.413,00	11.915.954,00	12.855.889,00	13.168.536,00	13.845.403,00
1. Land and construction:	6.849.433,00	7.233.025,00	7.699.719,00	8.000.850,00	8.405.001,00
2. Technical installations and machinery:	4.541.891,00	4.559.367,00	5.020.122,00	5.031.334,00	5.296.853,00
3. Other installations, tools and furniture:	36.830,00	36.972,00	40.708,00	40.799,00	42.952,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	86.258,00	86.590,00	95.341,00	95.554,00	100.596,00
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:	5.365.380,00	13.970.268,00	13.164.959,00	13.189.215,00	5.081.338,00
1. Equity investments in group companies:	24.440,00	38.949,00	36.559,00	36.559,00	42.587,00
2. Receivables from group companies:	567.286,00	8.781.234,00	7.878.369,00	7.550.000,00	0,00
3. Equity investment in associated companies:	2.731.648,00	4.353.326,00	4.086.233,00	4.086.233,00	4.759.938,00
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:	2.041.106,00	615.556,00	978.513,00	1.328.438,00	90.150,00
7. Long term guarantees and deposits:	900,00	181.204,00	185.284,00	187.984,00	188.664,00
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	884.290,00
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:	77.933.677,00	64.440.898,00	64.324.908,00	56.225.840,00	62.141.877,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	35.782.726,00	34.517.987,00	32.157.454,00	25.908.283,00	24.707.956,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	2.764.181,00	3.315.536,00	3.707.585,00	2.312.053,00	2.046.127,00
3. Goods in process and semifinished ones:	18.532.989,00	15.263.622,00	12.395.590,00	10.835.824,00	10.003.929,00
4. Finished products:	14.464.278,00	15.663.697,00	16.028.596,00	12.741.140,00	12.634.086,00
5. Byproducts, scrap and recovered materials:	21.278,00	16.669,00	25.683,00	19.265,00	0,00
6. Payments on account:	0,00	258.463,00	0,00	0,00	23.814,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	33.825.734,00	27.158.549,00	29.231.073,00	27.489.382,00	27.214.643,00
1. Trade debtors / accounts receivable:	29.497.739,00	25.688.170,00	27.536.678,00	25.820.445,00	26.150.973,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	262.868,00	473.909,00	807.092,00	1.106.131,00	814.816,00
4. Other debtors:	123.478,00	279.621,00	192.463,00	153.253,00	124.285,00
5. Staff:	1.731,00	1.767,00	1.839,00	1.839,00	2.007,00
6. Public bodies:	3.939.917,00	715.083,00	693.001,00	407.714,00	122.563,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	7.945.610,00	1.773.938,00	1.120.581,00	1.980.648,00	9.420.695,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	29.438,00	75.118,00	5.697,00	36.271,00	1.155.331,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	140.183,00	357.707,00	27.128,00	172.720,00	5.501.577,00
5. Short term securities portfolio:	7.083.683,00	574.672,00	732.158,00	1.539.995,00	2.763.786,00
6. Other receivables:	687.906,00	766.440,00	355.598,00	231.662,00	0,00
7. Shor term guarantees and deposits:	4.400,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	379.608,00	990.424,00	1.815.800,00	847.527,00	798.583,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	94.880.349,00	90.379.313,00	90.366.952,00	82.594.957,00	81.953.840,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	60.400.908,00	62.811.025,00	62.519.842,00	61.212.121,00	64.621.203,00
I. Subscribed capital:	6.484.800,00	6.484.800,00	6.484.800,00	6.484.800,00	6.611.133,00
II. Share premium:	2.704.554,00	2.704.554,00	2.704.554,00	2.704.554,00	2.704.554,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	5.221.466,00	5.224.962,00	5.381.113,00	5.312.880,00	57.564.320,00
1. Legal reserve:	1.296.960,00	1.296.960,00	1.296.960,00	1.296.960,00	1.322.227,00
2. Reserves for own shares:	52.385,00	53.764,00	57.372,00	60.200,00	884.642,00
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:	3.872.121,00	3.874.238,00	4.026.781,00	3.955.720,00	55.357.452,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	48.296.708,00	47.749.374,00	46.709.886,00	48.654.453,00	0,00
1. Retained earnings:	48.296.708,00	47.749.374,00	46.709.886,00	48.654.453,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	-2.306.621,00	647.334,00	1.239.488,00	-1.944.568,00	-2.258.805,00
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:	226.863,00	235.020,00	186.140,00	191.042,00	226.993,00
1. Capital grants:	226.863,00	235.020,00	186.140,00	191.042,00	226.993,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	1.557.777,00	2.420.015,00	3.791.022,00	2.863.625,00	3.277.441,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	1.447.544,00	2.298.493,00	3.686.143,00	2.746.660,00	3.138.500,00
1. Loans and other liabilities:	1.447.544,00	2.298.493,00	3.686.143,00	2.746.660,00	3.138.500,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	110.233,00	121.522,00	104.879,00	116.965,00	138.941,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	110.233,00	121.522,00	104.879,00	116.965,00	138.941,00
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:	32.682.773,00	24.826.829,00	23.869.948,00	18.328.169,00	13.828.204,00
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:	10.735.073,00	9.143.698,00	6.851.642,00	3.700.570,00	2.033.897,00
1. Loans and other liabilities:	10.735.073,00	9.143.698,00	6.851.642,00	3.700.570,00	2.033.897,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	932.242,00	1.035.940,00	319.422,00	358.420,00	1.112.648,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	932.242,00	1.035.940,00	319.422,00	358.420,00	1.112.648,00
IV. Trade creditors:	20.119.224,00	13.687.431,00	15.307.321,00	13.209.170,00	9.492.574,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	5.100,00
2. Amounts owed for purchases of goods or services:	20.119.224,00	13.687.431,00	15.307.321,00	13.209.170,00	9.487.474,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	896.234,00	959.760,00	1.391.564,00	1.060.008,00	1.189.085,00
1. Public bodies:	430.144,00	470.022,00	455.924,00	364.190,00	440.491,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	466.234,00	232.425,00	238.421,00
4. Wages and salaries payable:	466.090,00	489.738,00	469.406,00	463.393,00	510.173,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	12.028,00	86.425,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	94.880.349,00	90.379.313,00	90.366.952,00	82.594.957,00	81.953.840,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	123.414.579,00	110.957.038,00	98.753.528,00	80.805.151,00	78.999.178,00
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:	92.366.882,00	82.412.475,00	70.401.522,00	54.267.662,00	48.709.370,00
a) Stock consumption:	0,00	0,00	0,00	45.551.053,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	75.727.883,00	69.394.705,00	57.973.084,00	0,00	40.431.816,00
c) Miscellaneous external expenditure:	16.638.998,00	13.017.771,00	12.428.438,00	8.716.609,00	8.277.555,00
A.3. Staff costs:	10.707.296,00	10.434.631,00	10.488.560,00	10.080.624,00	11.040.534,00
a) Wages, salaries et al.:	8.274.920,00	7.970.096,00	8.000.281,00	7.842.559,00	8.649.256,00
b) Social security costs:	2.432.376,00	2.464.535,00	2.488.279,00	2.238.065,00	2.391.277,00
A.4. Depreciation expense:	1.502.269,00	1.582.084,00	1.671.049,00	1.653.654,00	2.061.783,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	1.205.079,00	337.682,00	300.613,00	676.527,00	282.878,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	1.205.079,00	337.682,00	300.613,00	676.527,00	282.878,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	17.297.364,00	15.819.322,00	15.403.572,00	12.878.017,00	14.453.281,00
a) External services:	16.952.769,00	15.330.019,00	14.843.704,00	12.342.898,00	14.318.023,00
b) Taxes:	165.263,00	90.974,00	172.348,00	165.196,00	133.573,00
c) Other operating expenses:	179.331,00	398.329,00	387.520,00	369.923,00	1.685,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	0,00	138.492,00	929.811,00	0,00	0,00
A.7. Financial and similar charges:	1.419.425,00	323.813,00	162.802,00	81.180,00	200.234,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	313.435,00	323.813,00	162.802,00	64.493,00	142.787,00
d) Losses from financial investments:	1.105.990,00	0,00	0,00	16.687,00	57.446,00
A.8. Changes in financial investment provisions:	-115.782,00	-212.169,00	107.837,00	444.463,00	1.530.075,00
A.9. Exchange losses:	0,00	143.719,00	217.572,00	451.358,00	49.775,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	167.594,00	0,00	442.009,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	0,00	306.087,00	811.683,00	0,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	194.988,00	671.250,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	76.676,00	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:	8.931,00	61.827,00	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):	236.905,00	394.901,00	427.805,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	700.988,00	1.239.488,00	0,00	0,00
A.15. Corporation tax:	-976.884,00	53.654,00	0,00	0,00	0,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	0,00	647.334,00	1.239.488,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	121.107.958,00	111.604.372,00	99.993.016,00	78.860.583,00	76.740.374,00
B.1. Net total sales:	118.003.505,00	107.854.933,00	93.927.936,00	75.524.878,00	73.135.095,00
a) Sales:	123.011.145,00	112.430.098,00	97.913.347,00	78.730.003,00	76.240.979,00
b) Rendering of services:	3.554,00	4.981,00	3.355,00	2.155,00	0,00
Returns and Rappel on sales:	-5.011.194,00	-4.580.146,00	-3.988.767,00	-3.207.281,00	-3.105.884,00
B.2. Stock increase of manufactured goods and products in process:	2.074.556,00	2.494.119,00	4.853.639,00	934.401,00	2.492.091,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	290.163,00	375.635,00	413.553,00	825.705,00	422.447,00
a) Auxiliary income and other from current management:	220.628,00	210.820,00	333.111,00	230.112,00	253.630,00
b) Grants:	69.535,00	164.816,00	80.442,00	595.593,00	168.817,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	2.710.665,00	0,00	0,00	2.271.501,00	498.212,00
B.5. Income from equity investment:	14.626,00	0,00	17.786,00	36.949,00	18.594,00
a) In companies of the group:	0,00	0,00	0,00	17.278,00	18.594,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	14.626,00	0,00	17.786,00	19.671,00	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:	424.364,00	422.957,00	352.296,00	1.382.062,00	528.970,00
a) From companies of the group:	372.922,00	397.076,00	283.181,00	499.805,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	37.981,00	25.882,00	69.114,00	82.525,00	528.970,00
d) Profit on financial investment:	13.461,00	0,00	1,00	799.732,00	0,00
B.8. Exchange positive differences:	54.908,00	0,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	809.746,00	0,00	118.129,00	0,00	1.232.520,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	3.520.410,00	0,00	0,00	1.829.492,00	1.730.732,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	179.331,00	398.329,00	387.520,00	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:	66.505,00	58.399,00	40.285,00	156.588,00	143.177,00
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	115.076,00	528.073,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	3.283.505,00	0,00	0,00	1.944.568,00	2.258.805,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	2.306.621,00	0,00	0,00	1.944.568,00	2.258.805,00

CASHFLOW STATEMENT

Model: Normal

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

	2012	2011	2010	2009	2008
1. Fiscal year result before taxes.: 61100	-3.283.505,00	700.988,00	1.239.488,00	-1.944.568,00	-2.258.805,00
2. Results adjustments.: 61200	3.667.795,00	1.628.287,00	2.027.500,00	798.687,00	3.772.600,00
a) Fixed Assets Amortization (+).: 61201	1.502.269,00	1.582.084,00	1.671.049,00	1.653.654,00	2.061.783,00
b) Obsolescence Allowances (+/-). : 61202	1.089.296,00	-68.200,00	300.613,00	656.139,00	1.943.707,00
c) Variation in Provision (+/-). : 61203	96.960,00	0,00	0,00	0,00	0,00
d) Allocation of grants (-).: 61204	-69.535,00	69.828,00	70.334,00	-156.588,00	-143.177,00
e) Results on disposal of fixed assets (+/-). : 61205	1.105.990,00	0,00	0,00	-617.105,00	57.446,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	0,00	-7.004,00	0,00	0,00
g) Financial income (-).: 61207	-425.529,00	-422.957,00	-370.081,00	-619.279,00	-547.564,00
h) Financial Expenses (+). : 61208	313.435,00	323.813,00	145.016,00	64.493,00	142.787,00
i) Exchange differences (+/-). : 61209	54.908,00	143.719,00	217.572,00	0,00	0,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	0,00	0,00	-182.627,00	257.618,00
3. Changes in current capital equity.: 61300	-2.063.875,00	-2.622.449,00	-5.462.762,00	1.364.222,00	-5.634.341,00
a) Stock (+/-).: 61301	-1.264.739,00	-2.360.532,00	-6.249.171,00	-1.200.327,00	-1.829.185,00
d) Debtors and other accounts receivable (+/-). : 61302	-6.895.378,00	1.755.849,00	-1.741.691,00	-274.739,00	-1.125.715,00
c) Other current assets (+/-). : 61303	0,00	0,00	683.900,00	0,00	0,00
d) Creditors and other accounts payable (+/-). : 61304	6.093.213,00	-782.516,00	1.856.285,00	2.839.287,00	-2.679.440,00
f) Other non-current assets and liabilities (+/-).: 61306	3.030,00	-1.235.250,00	-12.086,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	57.186,00	-98.228,00	7.493,00	237.608,00	122.725,00
a) Interest payments (-). : 61401	-313.435,00	-323.813,00	-162.802,00	118.134,00	-400.405,00
b) Dividend payment collection (+). : 61402	0,00	0,00	17.786,00	36.949,00	31.313,00
c) Interest collection (+). : 61403	425.529,00	422.957,00	370.081,00	82.525,00	516.251,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	-53.654,00	0,00	0,00	-24.433,00
e) Other payments (payment collection) (-/+) : 61405	-54.908,00	-143.719,00	-217.572,00	0,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-1.622.399,00	-391.403,00	-2.188.281,00	455.949,00	-3.997.820,00
6. Payments for investment (-).: 62100	-8.961.154,00	-693.341,00	-850.807,00	-2.138.153,00	-2.878.511,00
a) Companies of the group and affiliates. : 62101	0,00	0,00	0,00	-1.150.000,00	-286.045,00
b) Intangible fixed assets. : 62102	0,00	-51.192,00	-21.196,00	-11.366,00	-931,00
c) Fixed assets. : 62103	-1.022.825,00	-642.149,00	-1.358.402,00	-976.787,00	-2.591.535,00
d) Real estate investment. : 62104	-77.903,00	0,00	0,00	0,00	0,00
e) Other financial assets. : 62105	-7.860.426,00	0,00	528.792,00	0,00	0,00
7. Divestment payment collection (+). : 62200	9.303.435,00	21.196,00	-317.003,00	815.475,00	9.198.438,00
a) Companies of the group and affiliates. : 62201	9.123.131,00	0,00	-328.369,00	0,00	-16.703,00
b) Intangible fixed assets. : 62202	0,00	21.196,00	11.366,00	0,00	927,00
e) Other financial assets. : 62205	180.304,00	0,00	0,00	-176.655,00	-23.450,00
h) Other assets. : 62208	0,00	0,00	0,00	992.130,00	9.237.663,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	342.281,00	-672.145,00	-1.167.810,00	-1.322.678,00	6.319.927,00
9. Payment collection and payments for equity instruments. : 63100	28.876,00	0,00	0,00	263.656,00	308.950,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	0,00	2.379.236,00
e) Grants, donations and bequests received (+). : 63105	28.876,00	0,00	0,00	263.656,00	308.950,00
10. Payment collection and payments for financial liabilities instruments.: 63200	740.427,00	438.172,00	4.324.363,00	1.322.749,00	-3.357.625,00
a) Issuance : 63201	2.612.719,00	1.825.822,00	5.697.554,00	2.796.258,00	1.758.841,00
2. Debts incurred with credit institutions (+). : 63203	2.612.719,00	1.825.822,00	5.463.746,00	2.748.342,00	6.963.750,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	233.808,00	47.917,00	-5.204.909,00
b) Repayment and amortization of : 63207	-1.872.293,00	-1.387.651,00	-1.373.191,00	-1.473.509,00	-5.116.466,00
2. Debts incurred with credit institutions (-).: 63209	-1.872.293,00	-1.387.651,00	-1.373.191,00	-1.473.509,00	-5.116.466,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-100.000,00	-200.000,00	0,00	-670.732,00	-700.000,00
a) Dividends (-).: 63301	-100.000,00	-200.000,00	0,00	-670.732,00	-700.000,00
12. Cash flows for financing activities (9+10+11).: 63400	669.303,00	238.172,00	4.324.363,00	915.674,00	-3.748.675,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-610.816,00	-825.376,00	968.273,00	48.944,00	-1.426.569,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	990.424,00	1.815.800,00	847.527,00	798.583,00	2.225.152,00
Cash or equivalent assets as of end of the fiscal year.: 65200	379.608,00	990.424,00	1.815.800,00	847.527,00	798.583,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	-0,01 %	0,01 %	-0,01 %	0,00 %	32,37 %
EBITDA over Sales:	-1,02 %	9,61 %	1,60 %	10,07 %	-164,19 %	-4,54 %
Cash Flow Yield:	-0,01 %	0,01 %	-0,01 %	0,00 %	29,50 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-3,02 %	5,78 %	0,80 %	6,98 %	-478,90 %	-17,19 %
Total economic profitability:	-3,13 %	2,77 %	1,13 %	4,18 %	-376,07 %	-33,75 %
Financial profitability:	-3,83 %	1,86 %	1,03 %	5,88 %	-470,55 %	-68,36 %
Margin:	-2,08 %	5,24 %	0,55 %	6,36 %	-478,88 %	-17,68 %
Mark-up:	-2,77 %	2,01 %	0,70 %	4,74 %	-492,76 %	-57,54 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,01	0,13	0,04	0,11	-70,88	19,68
Acid Test:	1,26	0,88	1,21	0,83	4,53	6,01
Working Capital / Investment:	0,47	0,04	0,44	0,03	6,67	45,10
Solvency:	2,38	1,22	2,60	1,16	-8,13	5,23

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,56	1,56	0,43	1,65	30,68	-5,28
Borrowing Composition:	0,05	1,13	0,10	1,04	-51,10	8,38
Repayment Ability:	-56,06	116,52	-33,01	659,38	-69,81	-82,33
Warranty:	2,77	1,65	3,32	1,62	-16,46	2,15
Generated resources / Total creditors:	0,01	0,07	0,07	0,07	-92,45	1,50

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	0,89	1,76	1,16	1,75	-23,84	0,44
Turnover of Collection Rights :	3,60	4,88	3,99	4,49	-9,64	8,78
Turnover of Payment Entitlements:	5,15	3,53	6,44	3,27	-20,14	7,97
Stock rotation:	3,38	6,87	3,13	6,09	7,99	12,82
Assets turnover:	1,45	1,10	1,45	1,10	0,01	0,59
Borrowing Cost:	0,92	3,06	1,19	2,93	-22,98	4,60

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

Cash Flow	2012	2011	2010	2009	2008
Cash Flow over Sales:	-0,01 %	-0,01 %	1,03 %	0,06 %	-1,95 %
EBITDA over Sales:	-1,02 %	1,60 %	2,77 %	-0,82 %	2,14 %
Cash Flow Yield:	-0,01 %	-0,01 %	1,07 %	0,06 %	-1,76 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	-3,02 %	0,80 %	1,78 %	-3,25 %	-0,53 %
Total economic profitability:	-3,13 %	1,13 %	1,55 %	-2,28 %	-2,61 %
Financial profitability:	-3,83 %	1,03 %	1,99 %	-3,19 %	-3,55 %
Margin:	-2,08 %	0,55 %	1,44 %	-2,87 %	-0,48 %
Mark-up:	-2,77 %	0,70 %	1,31 %	-2,55 %	-2,59 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,01	0,04	0,08	0,05	0,06
Acid Test:	1,26	1,21	1,35	1,65	2,71
Working Capital / Investment:	0,47	0,44	0,45	0,46	0,60
Solvency:	2,38	2,60	2,69	3,07	4,49

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	0,56	0,43	0,44	0,35	0,27
Borrowing Composition:	0,05	0,10	0,16	0,16	0,24
Repayment Ability:	-56,06	-33,01	8,47	-18,49	2,97
Warranty:	2,77	3,32	3,27	3,90	4,74
Generated resources / Total creditors:	0,01	0,07	0,11	-0,01	0,11

Efficiency	2012	2011	2010	2009	2008
Productivity:	0,89	1,16	1,25	0,94	1,14
Turnover of Collection Rights :	3,60	3,99	3,23	2,78	2,70
Turnover of Payment Entitlements:	5,15	6,44	5,50	4,78	5,71

Stock rotation:	3,38	3,13	2,90	3,03	3,00
Assets turnover:	1,45	1,45	1,24	1,13	1,11
Borrowing Cost:	0,92	1,19	0,59	0,30	0,83

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

El Diario Montañés	16/01/2013
La empresa Textil Santanderina tendrá que pagar 600.000 euros por el 'céntimo verde' este año
Companies related
ABC	16/01/2013
El Gobierno apoya la innovación en Textil Santanderina con más de 220.000 ?
Companies related

Public Tenders and Works Won

Organisation that calls the tender:

DIRECCION DE ABASTECIMIENTO Y TRANSPORTES DE LA ARMADA

Objective of Tender:

ADQUISICION DE TEJIDO BLANCO

Date Awarded:

13/04/2005

Cost:

230.000,00 EURO.

Organisation that calls the tender:

DIRECCION DE ABASTECIMIENTO Y TRANSPORTES DE LA ARMADA

Objective of Tender:

ADQUISICION DE TEJIDO CAMPAÑA DESIERTO

Date Awarded:

31/08/2004

Cost:

132.000,00 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

LOTE 1: TEJIDOS VICUÑA LANA-POLIESTER LOTE 2: TEJIDO CAMPAÑA PARA DESIERTO.

Date Awarded:

17/02/2003

Cost:

72.841,86 EURO.

Organisation that calls the tender:

DIRECCION DE APROVISIONAMIENTO Y TRANSPORTES DE LA ARMADA

Objective of Tender:

SUMINISTRO DE TEJIDO DE VICUÑA LANA-POLIESTER Y TEJIDO DE CAMPAÑA PARA DESIERTO

Date Awarded:

17/02/2003

Cost:

84.496,58 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

TEJIDO SARGA AZUL IGNIFUGO, TEJIDO BLANCO ALGODON-POLIESTER, TEJIDO VICUÑA AUSTRALIA Y TEJIDO DE CAMPAÑA PARA DESIERTO

Date Awarded:

22/03/2002

Cost:

VER IMAGEN

Organisation that calls the tender:

DIRECCION DE APROVISIONAMIENTO Y TRANSPORTES DE LA ARMADA

Objective of Tender:

SUMINISTRO DE TEJIDOS.

Date Awarded:

22/03/2002

Cost:

LOTE 1, 300.248,64 EUROS; LOTE 2, 120.201,77 EUROS; LOTE 4, 117.192,04 EUROS

Organisation that calls the tender:

CUARTEL GENERAL DEL EJERCITO

Objective of Tender:

ADQUISICION DE TEJIDO PARA UNIFORME DE CAMPAÑA DE VERANO

Date Awarded:

22/06/2001

Cost:

12.759.043 PTS.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Project	Proyecto IRIS e IER para inversión en bienes de equipo.
Amount Granted	1.154.987,37

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Project	Proyecto IRIS e IER para inversión en bienes de equipo.
Amount Granted	847.727,58

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Project	Proyecto IER para inversión en bienes de equipo.
Amount Granted	827.130,89
Notes	Subvención del 2002.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Project	Proyecto IRIS para inversión en bienes de equipo.
Amount Granted	123.018,26
Notes	Subvención del 2008.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Project	Proyecto IRIS para inversión en bienes de equipo.
Amount Granted	114.662,16
Notes	Subvención del 2009.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Project	Inversión Industrial Gobierno de Cantabria.
Amount Granted	113.874,16
Notes	Subvención del 2011.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Project	Inversión Industrial Gobierno de Cantabria.
Amount Granted	28.876,00
Notes	Subvención del 2012.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Project	Proyecto GENERCAN para inversión en bienes de equipo.
Amount Granted	17.114,24
Notes	Subvención del 2008.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	717.307,95
Notes	Subvención concedida en el 2003.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	199.224,27
Notes	Subvención concedida en el 2005.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	84.898,38
Notes	Subvención concedida en el 2006.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	870.864,72
Notes	Subvención de incentivos para la renovación de la Inudstria y de los Servicios (Iris).

Entity	MINISTERIO DE ECONOMINA Y HACIENDA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Project	"Iris".
Amount Granted	827.130,89
Notes	Subvención recibida en el ejercicio 2002.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Project	"Iris".
Amount Granted	717.307,95
Notes	Subvención recibida en el ejercicio 2003.

Entity	GOBIERNO DE CANTABRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	687.680,75
Notes	Subvención correspondiente a los derechos de emisión de gases.

Entity	GOBIERNO DE CANTABRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	199.224,27
Notes	Subvención de incentivos para la renovación de la Industria y de los Servicios (Iris).

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	180.805,95
Notes	Subvención correspondiente a los derechos de emisión de gases.

Entity	GOBIERNO DE CANTABRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	130.419,63
Notes	Subvención para ayudas a empresas en el marco del Plan Ambiental Industrial.

Entity	GOBIERNO DE CANTABRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	84.898,38
Notes	Subvención recibida en el ejercicio 2006.

Research Summary

The subject was founded in 1960 and it is engaged in manufacturing of home textiles.

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.62.28
UK Pound	1	Rs.103.84
Euro	1	Rs.85.70

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

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

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

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

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

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