MIRA INFORM REPORT

Report Date :

12.05.2014

IDENTIFICATION DETAILS

Name :	CRYSTAL PHARMA, SA
Registered Office :	Parque Tecnologico, Parcela 113 - Boecillo - 47151 - Valladolid
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	01.02.1996
Legal Form :	Public Company
Line of Business :	Manufacture of basic pharmaceutical products
No. of Employees :	178

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 :	Good
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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Spain	A2	A2

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

SPAIN ECONOMIC OVERVIEW

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

Source : CIA

Company name and address

Name:	CRYSTAL PHARMA, SA
NIF / Fiscal code:	A40147753
Status:	ACTIVE
Incorporation Date:	01/02/1996
Register Data	Register Section 8 Sheet 7941
Last Publication in BORME:	14/01/2014 [Appointments]
Last Published Account Deposit:	2012
Share Capital:	2.000.000
Localization:	PARQUE TECNOLOGICO, PARCELA 113 - BOECILLO - 47151 - VALLADOLID
Telephone - Fax - Email - Website:	Ph.:. 983548072   Website. www.gadea.com/crystalpharma
Activity:
NACE:	2110 - Manufacture of basic pharmaceutical products
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	36 for a total cost of 6133006
Quality Certificate:	No

Defaults, Legal Claims and Insolvency Proceedings

	Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies	None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	None	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners

GADEA GRUPO FARMACEUTICO SL	100 %
Shares:	1
Other Links:	7
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
It is a company constituted several years ago, which provides sufficient experience in the sector of activity that it develops. It enjoys a good concept in general among the sources of information. Its turnover increased a 19.31% in 2012, compared to the previous year. The company complies with its payments obligations.

Identification
Social Denomination:	CRYSTAL PHARMA, SA
NIF / Fiscal code:	A40147753
Corporate Status:	ACTIVE
Start of activity:	1996
Registered Office:	PARQUE TECNOLOGICO, PARCELA 113
Locality:	BOECILLO
Province:	VALLADOLID
Postal Code:	47151
Telephone:	983548072
Fax:	983548113
Website:	www.gadea.com/crystalpharma

Activity
NACE:	2110
Additional Information:	It is dedicated to the marketing of active pharmaceutical ingredients. It belongs to group GADEA FARMACEÚTICO
Additional Address:	REGISTERED OFFICE LOCATED IN PARQUE TECNOLOGICO, PARCELA 113 47151 BOECILLO ( VALLADOLID )
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	178

Chronological Summary
	Year	Act
	1996	Appointments/ Re-elections (1) Change of Social address (1) Company Formation (1) Increase of Capital (1) Statutory Modifications (1)
	1997	Accounts deposit (ejer. 1996)
	1998	Accounts deposit (ejer. 1997)
	1999	Accounts deposit (ejer. 1998)
	2000	Accounts deposit (ejer. 1999) Increase of Capital (2)
	2001	Accounts deposit (ejer. 2000) Appointments/ Re-elections (2)
	2002	Accounts deposit (ejer. 2001)
	2003	Accounts deposit (ejer. 2002) Increase of Capital (1)
	2004	Accounts deposit (ejer. 2003) Increase of Capital (2)
	2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2006	Accounts deposit (ejer. 2005)
	2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Statutory Modifications (1)
	2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (2)
	2009	Accounts deposit (ejer. 2008)
	2010	Accounts deposit (ejer. 2009) Cessations/ Resignations/ Reversals (1)
	2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (1) Take-over Merger (2)
	2012	Accounts deposit (ejer. 2011) Change of Social Purpose (1) Statutory Modifications (1) Take-over Merger (1)
	2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (2)
	2014	Appointments/ Re-elections (1)

Breakdown of Owners' Equity
Registered Capital:	2.000.000
Paid up capital:	2.000.000

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
10/04/1996	Company Formation	60.101	60.101	60.101	60.101
12/12/1996	Increase of Capital	540.911	540.911	601.012	601.012
28/09/2000	Increase of Capital	210.354	210.354	811.366	811.366
30/12/2000	Increase of Capital	23.439	23.439	834.806	834.806
12/02/2003	Increase of Capital	465.200	465.200	1.300.000	1.300.000
10/02/2004	Increase of Capital	300.000	300.000	1.600.000	1.600.000
10/02/2004	Increase of Capital	400.000	400.000	2.000.000	2.000.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	GADEA PHARMACEUTICAL GROUP SL	25/05/2007	2
SINGLE ADMINISTRATOR	GADEA GRUPO FARMACEUTICO SL	07/05/2013	2
PROXY	GALLO NIETO FRANCISCO JAVIER	07/07/2008	1
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	07/01/2014	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
3-GUTINVER SL	MEMBER OF THE BOARD	25/05/2007	2
	CHIEF EXECUTIVE OFFICER	25/05/2007
ERNST & YOUNG SL	ACCOUNTS' AUDITOR / HOLDER	30/03/2011	3
	ACCOUNTS' AUDITOR / HOLDER	28/01/2013
	ACCOUNTS' AUDITOR / HOLDER	07/01/2014
GADEA GRUPO FARMACEUTICO SL	SINGLE ADMINISTRATOR	07/05/2013	2
GADEA PHARMACEUTICAL GROUP SL	SINGLE ADMINISTRATOR	07/05/2013	2
GALVEZ HERNANDEZ LUIS	MEMBER OF THE BOARD	27/02/2001	6
	MEMBER OF THE BOARD	25/01/2005
	SECRETARY	27/02/2001
	SECRETARY	25/01/2005
	SECRETARY	25/05/2007
	MEMBER OF THE BOARD	25/05/2007
GBB PHARMINVEST 99 SL	MEMBER OF THE BOARD	25/05/2007	2
	PRESIDENT	25/05/2007
GUTIERREZ FUENTES LUIS GERARDO	MEMBER OF THE BOARD	27/02/2001	4
	CHIEF EXECUTIVE OFFICER	27/02/2001
	CHIEF EXECUTIVE OFFICER	25/01/2005
	MEMBER OF THE BOARD	25/01/2005
MARTIN JUAREZ JORGE	MEMBER OF THE BOARD	27/02/2001	5
	MEMBER OF THE BOARD	25/01/2005
	PRESIDENT	27/02/2001
	PRESIDENT	25/01/2005
	PROXY	02/06/2010
MELENDO BAÑOS JAIME	MEMBER OF THE BOARD	27/02/2001	3
	MEMBER OF THE BOARD	25/01/2005
	MEMBER OF THE BOARD	25/05/2007

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

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

> Basis for rating

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Company's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. It has been found to have regular payment performance and has paid all of its debts in a timely manner. It is one of the major domestic companies in terms of sales volume. Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure. CRYSTAL PHARMA, SA 's borrowing cost is appropriate according to its volume of external financing sources.{/POSITIVO}

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  0.199 %

> Latest Rating Changes :

Sector in which comparison is carried out :

211 Manufacture of basic pharmaceutical products

Relative Position:

Credit quality is superior to that of other companies in the same sector.

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

The 99.00% of the companies of the sector CRYSTAL PHARMA, 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 0.199%.

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

ABSORBS TO:	1 Entities
BELONGS TO THE ADMINISTRATION BOARD OF:	1 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	4 Entities
PARTICIPATES IN:	1 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	GADEA GRUPO FARMACEUTICO SL	VALLADOLID	100
PARTICIPATES IN	SOLEA PHARMA, S.A.		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	CYNDEA PHARMA SL	SORIA
	CRYSTAL PHARMA, S.A.
	GADEA BIOPHARMA SL	LEON
IS RELATED WITH	GADEA BIOPHARMA SL	LEON
ABSORBS TO	RAGACTIVES SL	VALLADOLID
HAS IN ITS ADMINISTRATION BOARD TO	GADEA GRUPO FARMACEUTICO SL	VALLADOLID
BELONGS TO THE ADMINISTRATION BOARD OF	CYNDEA PHARMA SL	SORIA

Turnover
Total Sales 2013	60.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Normales	September  2013
2011	Normales	September  2012
2010	Normales	September  2011
2009	Normales	September  2010
2008	Normales	October  2009
2007	Normales	November  2008
2006	Normales	December  2007
2005	Normales	November  2006
2004	Normales	September  2005
2003	Normales	September  2004
2002	Normales	September  2003
2001	Normales	July  2002
2000	Normales	July  2001
1999	Normales	September  2000
1998	Normales	July  1999
1997	Normales	July  1998
1996	Normales	July  1997

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	14.004.000,00	13.323.000,00	9.265.480,00	11.008.838,00	12.177.035,00
I. Intangible fixed assets : 11100	1.907.000,00	3.150.000,00	987.256,00	1.537.343,00	1.314.735,00
1. Development: 11110	310.000,00	630.000,00	987.256,00	1.536.825,00	1.310.272,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	896.000,00	1.820.000,00	0,00	0,00	0,00
4. Goodwill: 11140	699.000,00	699.000,00	0,00	0,00	0,00
5. IT applications: 11150	2.000,00	1.000,00	0,00	517,00	4.463,00
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	8.372.000,00	9.983.000,00	8.098.781,00	8.268.989,00	9.558.179,00
1. Land and buildings: 11210	3.907.000,00	3.986.000,00	3.072.614,00	2.805.346,00	2.881.419,00
2. Technical installations and other tangible fixed assets: 11220	4.431.000,00	5.872.000,00	4.746.870,00	5.243.282,00	6.676.760,00
3. Tangible asset in progress and advances: 11230	34.000,00	125.000,00	279.298,00	220.361,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	3.610.000,00	0,00	0,00	777.537,00	800.000,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	22.463,00
2. Credits to businesses: 11420	3.610.000,00	0,00	0,00	777.537,00	777.537,00
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	19.000,00	19.000,00	11.360,00	10.114,00	8.817,00
1. Equity instruments: 11510	10.000,00	10.000,00	5.730,00	5.730,00	5.730,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	9.000,00	9.000,00	5.630,00	4.384,00	3.087,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	96.000,00	171.000,00	168.084,00	414.856,00	495.305,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	36.464.000,00	31.405.000,00	22.997.076,00	16.215.068,00	13.482.336,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	15.047.000,00	15.559.000,00	10.350.520,00	8.261.684,00	7.853.171,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	3.471.000,00	3.968.000,00	2.972.693,00	1.972.894,00	2.829.214,00
3. Work in progress: 12230	5.622.000,00	3.480.000,00	2.183.866,00	2.859.094,00	2.893.116,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	5.622.000,00	3.480.000,00	2.183.866,00	2.859.094,00	2.893.116,00
4. Finished goods: 12240	5.885.000,00	8.110.000,00	5.186.500,00	3.429.696,00	2.111.127,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	5.885.000,00	8.110.000,00	5.186.500,00	3.429.696,00	2.111.127,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	69.000,00	1.000,00	7.461,00	0,00	19.715,00
III. Trade debtors and others receivable accounts: 12300	15.456.000,00	13.402.000,00	10.136.238,00	6.627.834,00	4.728.435,00
1. Trade debtors / accounts receivable: 12310	12.439.000,00	10.598.000,00	9.212.908,00	4.504.213,00	4.126.022,00
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	12.439.000,00	10.598.000,00	9.212.908,00	4.504.213,00	4.126.022,00
2. Customers, Group companies and associates : 12320	1.647.000,00	1.516.000,00	411.571,00	976.192,00	369.442,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
4. Personnel: 12340	6.000,00	0,00	0,00	37.648,00	34.648,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	1.364.000,00	1.288.000,00	511.759,00	1.109.781,00	198.323,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	0,00	0,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	5.961.000,00	2.444.000,00	2.510.318,00	1.325.550,00	900.730,00
1. Treasury: 12710	3.161.000,00	2.444.000,00	2.500.318,00	1.325.550,00	900.730,00
2. Other equivalent liquid assets: 12720	2.800.000,00	0,00	10.000,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	50.468.000,00	44.728.000,00	32.262.556,00	27.223.906,00	25.659.372,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	30.005.000,00	26.180.000,00	13.160.443,00	13.195.162,00	10.349.269,00
A-1) Shareholders' equity: 21000	29.458.000,00	25.394.000,00	12.247.317,00	12.099.388,00	10.214.839,00
I. Capital: 21100	2.000.000,00	2.000.000,00	2.000.000,00	2.000.000,00	2.000.000,00
1. Registered capital : 21110	2.000.000,00	2.000.000,00	2.000.000,00	2.000.000,00	2.000.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	20.993.000,00	16.266.000,00	7.349.388,00	7.934.839,00	7.199.431,00
1. Legal y estatutarias: 21310	400.000,00	400.000,00	400.000,00	400.000,00	400.000,00
2. Other reserves: 21320	20.593.000,00	15.866.000,00	6.949.388,00	7.534.839,00	6.799.431,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	6.465.000,00	7.128.000,00	2.897.929,00	2.164.549,00	1.015.408,00
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	-45.000,00	-50.000,00	-42.195,00	-35.071,00	-22.195,00
I. Financial assets held for sale: 22100	-45.000,00	-50.000,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	-42.195,00	-35.071,00	-22.195,00
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	592.000,00	836.000,00	955.321,00	1.130.845,00	156.626,00
B) NON-CURRENT LIABILITIES: 31000	3.437.000,00	3.331.000,00	9.105.589,00	1.455.952,00	3.356.955,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	2.611.000,00	1.968.000,00	3.062.273,00	892.018,00	3.283.012,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	2.235.000,00	1.324.000,00	2.110.430,00	769.153,00	3.120.933,00
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	376.000,00	644.000,00	951.843,00	122.865,00	162.079,00
III. Long-term debts with Group companies and associates: 31300	0,00	242.000,00	5.574.433,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	826.000,00	1.121.000,00	468.883,00	563.934,00	73.943,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	17.026.000,00	15.217.000,00	9.996.524,00	12.572.792,00	11.953.147,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	6.360.000,00	3.586.000,00	1.968.362,00	2.997.840,00	6.265.606,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	5.985.000,00	3.191.000,00	1.584.028,00	2.908.525,00	6.193.310,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	65.000,00	71.000,00	60.279,00	50.101,00	31.707,00
5. Other financial liabilities : 32350	310.000,00	324.000,00	324.054,00	39.214,00	40.589,00
IV. Short-term debts with Group companies and associates: 32400	2.219.000,00	2.517.000,00	819.186,00	4.575.437,00	2.216.138,00
V. Trade creditors and other accounts payable: 32500	8.447.000,00	9.114.000,00	7.208.976,00	4.999.515,00	3.471.404,00
1. Suppliers: 32510	5.619.000,00	6.592.000,00	4.448.591,00	1.875.316,00	2.037.926,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	5.619.000,00	6.592.000,00	4.448.591,00	1.875.316,00	2.037.926,00
2. Suppliers, Group companies and associates: 32520	306.000,00	517.000,00	739.443,00	1.933.174,00	276.050,00
3. Other creditors: 32530	1.544.000,00	1.307.000,00	1.406.838,00	697.965,00	864.069,00
4. Personnel (remuneration due): 32540	517.000,00	436.000,00	310.352,00	276.103,00	150.671,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	43.285,00
6. Otras deudas con las Administraciones Públicas. : 32560	309.000,00	262.000,00	204.629,00	166.433,00	85.646,00
7. Advances from clients: 32570	152.000,00	0,00	99.122,00	50.525,00	13.757,00
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	50.468.000,00	44.728.000,00	32.262.556,00	27.223.906,00	25.659.372,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	58.580.000,00	49.097.000,00	33.367.837,00	22.716.871,00	19.457.982,00
a) Sales: 40110	58.453.000,00	49.029.000,00	32.900.587,00	22.492.865,00	19.452.379,00
b) Rendering of services: 40120	127.000,00	68.000,00	467.250,00	224.006,00	5.603,00
2. Changes in stocks of finished goods and work in progress: 40200	-84.000,00	2.872.000,00	1.081.575,00	1.284.548,00	-415.836,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	573.491,00	369.325,00
4. Supplies : 40400	-34.761.000,00	-26.847.000,00	-20.842.429,00	-14.029.246,00	-10.066.938,00
a) Stock consumption: 40410	-2.571.000,00	-2.757.000,00	-2.221.387,00	-1.494.504,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-28.834.000,00	-20.251.000,00	-17.193.455,00	-11.635.881,00	-9.434.682,00
c) Works carried out by other companies: 40430	-3.356.000,00	-3.839.000,00	-1.427.587,00	-898.861,00	-632.256,00
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	81.000,00	754.000,00	357.948,00	673.460,00	554.967,00
a) Auxiliary income and other from current management: 40510	79.000,00	152.000,00	146.275,00	468.404,00	314.066,00
b) Operation subsidies included in the Period's result: 40520	2.000,00	602.000,00	211.673,00	205.057,00	240.901,00
6. Personnel costs: 40600	-6.476.000,00	-4.918.000,00	-3.509.813,00	-3.427.413,00	-3.010.560,00
a) Wages, salaries et al.: 40610	-4.901.000,00	-3.691.000,00	-2.634.583,00	-2.531.002,00	-2.282.639,00
b) Social security costs: 40620	-1.575.000,00	-1.227.000,00	-875.230,00	-896.411,00	-727.921,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-5.626.000,00	-7.080.000,00	-4.452.477,00	-3.047.446,00	-3.028.974,00
a) External services: 40710	-5.410.000,00	-7.028.000,00	-4.176.193,00	-3.025.546,00	-3.025.247,00
b) Taxes: 40720	-43.000,00	-32.000,00	-16.199,00	-17.270,00	-17.833,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	-20.000,00	-3.592,00	-1.110,00	0,00
d) Other current management expenditure : 40740	-173.000,00	0,00	-256.493,00	-3.520,00	14.106,00
8. Amortisation of fixed assets: 40800	-3.108.000,00	-4.455.000,00	-2.112.272,00	-1.929.221,00	-1.835.828,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	348.000,00	353.000,00	403.147,00	344.587,00	70.374,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	-4.000,00	-895,00	-25.689,00	-633,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	-4.000,00	-895,00	-25.689,00	-633,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	8.954.000,00	9.772.000,00	4.292.621,00	3.133.942,00	2.093.879,00
14. Financial income : 41400	71.000,00	47.000,00	60.598,00	3.139,00	19.727,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	71.000,00	47.000,00	60.598,00	3.139,00	19.727,00
b 1) From Group companies and associates : 41421	42.000,00	42.000,00	15.551,00	0,00	0,00
b 2) From third parties : 41422	29.000,00	5.000,00	45.047,00	3.139,00	19.727,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-278.000,00	-343.000,00	-372.290,00	-254.500,00	-585.524,00
a) Amounts owed to Group companies and associates : 41510	0,00	-148.000,00	-102.264,00	0,00	0,00
b) For debts with third parties : 41520	-278.000,00	-195.000,00	-270.026,00	-254.500,00	-585.524,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	-251.000,00	-7.000,00	96.664,00	-42.147,00	-288.947,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-458.000,00	-303.000,00	-215.028,00	-293.508,00	-854.744,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	8.496.000,00	9.469.000,00	4.077.593,00	2.840.433,00	1.239.136,00
20. Income taxes: 41900	-2.031.000,00	-2.341.000,00	-1.179.663,00	-675.884,00	-223.728,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	6.465.000,00	7.128.000,00	2.897.929,00	2.164.549,00	1.015.408,00
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	6.465.000,00	7.128.000,00	2.897.929,00	2.164.549,00	1.015.408,00

> 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:	13.908.000,00	13.152.000,00	9.097.397,00	10.593.983,00	11.681.731,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	1.907.000,00	3.150.000,00	987.256,00	1.537.343,00	1.314.735,00
1. Research and development costs:	310.000,00	630.000,00	987.256,00	1.536.825,00	1.310.272,00
2. Concessions, patents, licences, trademarks et al.:	896.000,00	1.820.000,00	0,00	0,00	0,00
3. Goodwill:	699.000,00	699.000,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	2.000,00	1.000,00	0,00	517,00	4.463,00
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:	8.372.000,00	9.983.000,00	8.098.781,00	8.268.989,00	9.558.179,00
1. Land and construction:	3.907.000,00	3.986.000,00	3.072.614,00	2.805.346,00	2.881.419,00
2. Technical installations and machinery:	4.026.992,00	5.336.605,00	4.314.062,00	4.765.212,00	6.067.989,00
3. Other installations, tools and furniture:	88.226,00	116.918,00	94.515,00	104.399,00	132.942,00
4. Payments on account and tangible fixed assets under construction:	34.000,00	125.000,00	279.298,00	220.361,00	0,00
5. Other tangible assets:	315.782,00	418.477,00	338.293,00	373.671,00	475.830,00
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:	3.629.000,00	19.000,00	11.360,00	787.651,00	808.817,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	22.463,00
2. Receivables from group companies:	3.610.000,00	0,00	0,00	777.537,00	777.537,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	10.000,00	10.000,00	5.730,00	5.730,00	5.730,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	9.000,00	9.000,00	5.630,00	4.384,00	3.087,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	36.560.000,00	31.576.000,00	23.165.159,00	16.629.923,00	13.977.641,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	15.047.000,00	15.559.000,00	10.350.520,00	8.261.684,00	7.853.171,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	3.471.000,00	3.968.000,00	2.972.693,00	1.972.894,00	2.829.214,00
3. Goods in process and semifinished ones:	5.622.000,00	3.480.000,00	2.183.866,00	2.859.094,00	2.893.116,00
4. Finished products:	5.885.000,00	8.110.000,00	5.186.500,00	3.429.696,00	2.111.127,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	69.000,00	1.000,00	7.461,00	0,00	19.715,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	15.552.000,00	13.573.000,00	10.304.321,00	7.042.689,00	5.223.740,00
1. Trade debtors / accounts receivable:	12.439.000,00	10.598.000,00	9.212.908,00	4.504.213,00	4.126.022,00
2. Accounts receivable, Group companies:	1.647.000,00	1.516.000,00	411.571,00	976.192,00	369.442,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	0,00
5. Staff:	6.000,00	0,00	0,00	37.648,00	34.648,00
6. Public bodies:	1.460.000,00	1.459.000,00	679.843,00	1.524.636,00	693.628,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	2.800.000,00	0,00	10.000,00	0,00	0,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	2.800.000,00	0,00	10.000,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	3.161.000,00	2.444.000,00	2.500.318,00	1.325.550,00	900.730,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	50.468.000,00	44.728.000,00	32.262.556,00	27.223.906,00	25.659.372,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	29.655.600,00	25.665.800,00	12.551.997,00	12.453.672,00	10.271.339,00
I. Subscribed capital:	2.000.000,00	2.000.000,00	2.000.000,00	2.000.000,00	2.000.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	21.190.600,00	16.537.800,00	7.654.068,00	8.289.123,00	7.255.931,00
1. Legal reserve:	400.000,00	400.000,00	400.000,00	400.000,00	400.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	20.790.600,00	16.137.800,00	7.254.068,00	7.889.123,00	6.855.931,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	6.465.000,00	7.128.000,00	2.897.929,00	2.164.549,00	1.015.408,00
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:	414.400,00	585.200,00	668.725,00	791.592,00	109.638,00
1. Capital grants:	414.400,00	585.200,00	668.725,00	791.592,00	109.638,00
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:	3.437.000,00	3.331.000,00	9.105.589,00	1.455.952,00	3.356.955,00
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:	2.235.000,00	1.324.000,00	2.110.430,00	769.153,00	3.120.933,00
1. Loans and other liabilities:	2.235.000,00	1.324.000,00	2.110.430,00	769.153,00	3.120.933,00
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	242.000,00	5.574.433,00	0,00	0,00
1. Amounts owed to group companies:	0,00	242.000,00	5.574.433,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	1.202.000,00	1.765.000,00	1.420.726,00	686.798,00	236.022,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	376.000,00	644.000,00	951.843,00	122.865,00	162.079,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	826.000,00	1.121.000,00	468.883,00	563.934,00	73.943,00
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:	16.961.000,00	15.146.000,00	9.936.245,00	12.522.691,00	11.921.440,00
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:	5.985.000,00	3.191.000,00	1.584.028,00	2.908.525,00	6.193.310,00
1. Loans and other liabilities:	5.985.000,00	3.191.000,00	1.584.028,00	2.908.525,00	6.193.310,00
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:	2.525.000,00	3.034.000,00	1.558.629,00	6.508.611,00	2.492.188,00
1. Amounts owed to group companies:	2.525.000,00	3.034.000,00	1.558.629,00	6.508.611,00	2.492.188,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	7.315.000,00	7.899.000,00	5.954.552,00	2.623.806,00	2.915.752,00
1. Advanced payments from customers:	152.000,00	0,00	99.122,00	50.525,00	13.757,00
2. Amounts owed for purchases of goods or services:	7.163.000,00	7.899.000,00	5.855.430,00	2.573.281,00	2.901.995,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.136.000,00	1.022.000,00	839.035,00	481.750,00	320.191,00
1. Public bodies:	309.000,00	262.000,00	204.629,00	166.433,00	128.930,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	310.000,00	324.000,00	324.054,00	39.214,00	40.589,00
4. Wages and salaries payable:	517.000,00	436.000,00	310.352,00	276.103,00	150.671,00
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:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	50.468.000,00	44.728.000,00	32.262.556,00	27.223.906,00	25.659.372,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	52.615.000,00	45.995.000,00	32.469.839,00	23.431.547,00	19.456.967,00
A.1. Stock reduction of both manufactured goods and the ones in process:	84.000,00	0,00	0,00	0,00	415.836,00
A.2. Supplies:	34.761.000,00	26.847.000,00	20.842.429,00	14.029.246,00	10.066.938,00
a) Stock consumption:	2.571.000,00	2.757.000,00	2.221.387,00	1.494.504,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	28.834.000,00	20.251.000,00	17.193.455,00	11.635.881,00	9.434.682,00
c) Miscellaneous external expenditure:	3.356.000,00	3.839.000,00	1.427.587,00	898.861,00	632.256,00
A.3. Staff costs:	6.476.000,00	4.918.000,00	3.509.813,00	3.427.413,00	3.010.560,00
a) Wages, salaries et al.:	4.901.000,00	3.691.000,00	2.634.583,00	2.531.002,00	2.282.639,00
b) Social security costs:	1.575.000,00	1.227.000,00	875.230,00	896.411,00	727.921,00
A.4. Depreciation expense:	3.108.000,00	4.455.000,00	2.112.272,00	1.929.221,00	1.835.828,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	20.000,00	3.592,00	1.110,00	0,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	0,00	20.000,00	3.592,00	1.110,00	0,00
A.6. Other operating charges:	5.626.000,00	7.060.000,00	4.448.885,00	3.046.336,00	3.028.974,00
a) External services:	5.410.000,00	7.028.000,00	4.176.193,00	3.025.546,00	3.025.247,00
b) Taxes:	43.000,00	32.000,00	16.199,00	17.270,00	17.833,00
c) Other operating expenses:	173.000,00	0,00	256.493,00	3.520,00	-14.106,00
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):	8.606.000,00	9.423.000,00	3.890.369,00	2.815.044,00	2.024.138,00
A.7. Financial and similar charges:	278.000,00	343.000,00	372.290,00	254.500,00	585.524,00
a) Due to liabilities with companies of the group:	0,00	148.000,00	102.264,00	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.:	278.000,00	195.000,00	270.026,00	254.500,00	585.524,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	251.000,00	7.000,00	0,00	42.147,00	288.947,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	8.148.000,00	9.120.000,00	3.675.341,00	2.521.535,00	1.169.394,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	4.000,00	895,00	25.689,00	633,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	348.000,00	349.000,00	402.252,00	318.898,00	69.741,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	8.496.000,00	9.469.000,00	4.077.593,00	2.840.433,00	1.239.136,00
A.15. Corporation tax:	2.031.000,00	2.341.000,00	1.179.663,00	675.884,00	223.728,00
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):	6.465.000,00	7.128.000,00	2.897.929,00	2.164.549,00	1.015.408,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	59.080.000,00	53.123.000,00	35.367.769,00	25.596.096,00	20.472.375,00
B.1. Net total sales:	58.580.000,00	49.097.000,00	33.367.837,00	22.716.871,00	19.457.982,00
a) Sales:	58.453.000,00	49.029.000,00	32.900.587,00	22.492.865,00	19.452.379,00
b) Rendering of services:	127.000,00	68.000,00	467.250,00	224.006,00	5.603,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	2.872.000,00	1.081.575,00	1.284.548,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	573.491,00	369.325,00
B.4. Miscellaneous operating income:	81.000,00	754.000,00	357.948,00	673.460,00	554.967,00
a) Auxiliary income and other from current management:	79.000,00	152.000,00	146.275,00	468.404,00	314.066,00
b) Grants:	2.000,00	602.000,00	211.673,00	205.057,00	240.901,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	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:	71.000,00	47.000,00	60.598,00	3.139,00	19.727,00
a) From companies of the group:	42.000,00	42.000,00	15.551,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	29.000,00	5.000,00	45.047,00	3.139,00	19.727,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	96.664,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	458.000,00	303.000,00	215.028,00	293.508,00	854.744,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	348.000,00	353.000,00	403.147,00	344.587,00	70.374,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

	2012	2011	2010	2009	2008
1. Fiscal year result before taxes.: 61100	8.496.000,00	9.469.000,00	4.077.593,00	2.840.433,00	1.239.136,00
2. Results adjustments.: 61200	3.218.000,00	4.405.000,00	1.925.048,00	1.899.832,00	2.619.565,00
a) Fixed Assets Amortization (+).: 61201	3.108.000,00	4.455.000,00	2.112.272,00	1.929.221,00	1.835.828,00
d) Allocation of grants (-).: 61204	-348.000,00	-353.000,00	-403.147,00	-344.587,00	-70.374,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	0,00	895,00	25.689,00	-633,00
g) Financial income (-).: 61207	-71.000,00	-47.000,00	-60.598,00	-3.139,00	-19.727,00
h) Financial Expenses (+). : 61208	278.000,00	343.000,00	372.290,00	254.500,00	585.524,00
i) Exchange differences (+/-). : 61209	251.000,00	7.000,00	-96.664,00	42.147,00	288.947,00
k) Other income and expense (-/+). : 61211	0,00	0,00	0,00	-4.000,00	0,00
3. Changes in current capital equity.: 61300	-2.349.000,00	-2.454.000,00	-3.744.668,00	-75.000,00	467.980,00
a) Stock (+/-).: 61301	512.000,00	-3.084.000,00	-2.088.836,00	-408.513,00	-880.648,00
d) Debtors and other accounts receivable (+/-). : 61302	-1.972.000,00	287.000,00	-3.508.404,00	-1.142.000,00	709.171,00
d) Creditors and other accounts payable (+/-). : 61304	-889.000,00	343.000,00	1.852.572,00	1.475.513,00	639.456,00
4. Other cash flows for operating activities.: 61400	-2.717.000,00	-2.980.000,00	-829.128,00	-294.361,00	-1.178.320,00
a) Interest payments (-). : 61401	-271.000,00	-343.000,00	-372.290,00	-254.500,00	-874.470,00
b) Dividend payment collection (+). : 61402	71.000,00	0,00	0,00	3.139,00	0,00
c) Interest collection (+). : 61403	0,00	47.000,00	60.598,00	0,00	19.727,00
d) Income tax payment collection (payments) (+/-).: 61404	-2.517.000,00	-2.684.000,00	-517.437,00	-43.000,00	-323.577,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	6.648.000,00	8.440.000,00	1.428.845,00	4.370.904,00	3.148.360,00
6. Payments for investment (-).: 62100	-3.864.000,00	-776.000,00	-1.394.118,00	-890.000,00	-765.898,00
a) Companies of the group and affiliates. : 62101	-3.610.000,00	0,00	0,00	0,00	0,00
b) Intangible fixed assets. : 62102	-2.000,00	-1.000,00	0,00	-573.000,00	-195.065,00
c) Fixed assets. : 62103	-252.000,00	-775.000,00	-1.392.872,00	-316.000,00	-569.671,00
e) Other financial assets. : 62105	0,00	0,00	-1.246,00	0,00	0,00
h) Other assets. : 62108	0,00	0,00	0,00	-1.000,00	-1.162,00
7. Divestment payment collection (+). : 62200	0,00	0,00	777.537,00	33.000,00	367.824,00
a) Companies of the group and affiliates. : 62201	0,00	0,00	777.537,00	0,00	0,00
b) Intangible fixed assets. : 62202	0,00	0,00	0,00	0,00	55.863,00
c) Fixed assets. : 62203	0,00	0,00	0,00	9.000,00	13.234,00
e) Other financial assets. : 62205	0,00	0,00	0,00	24.000,00	0,00
f) Non-current assets kept for sale. : 62206	0,00	0,00	0,00	0,00	298.727,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-3.864.000,00	-776.000,00	-616.581,00	-857.000,00	-398.074,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	152.399,00	1.055.000,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	0,00	850.222,00
e) Grants, donations and bequests received (+). : 63105	0,00	0,00	152.399,00	1.055.000,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	3.133.000,00	-6.695.000,00	2.894.290,00	-3.770.000,00	-1.689.000,00
a) Issuance : 63201	4.487.000,00	2.403.000,00	5.996.583,00	1.905.000,00	2.153.000,00
2. Debts incurred with credit institutions (+). : 63203	4.487.000,00	0,00	2.500.000,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	1.818.183,00	1.905.000,00	2.153.000,00
5. Other debts (+). : 63206	0,00	2.403.000,00	1.678.400,00	0,00	0,00
b) Repayment and amortization of : 63207	-1.354.000,00	-9.098.000,00	-3.102.292,00	-5.675.000,00	-3.842.000,00
2. Debts incurred with credit institutions (-).: 63209	-788.000,00	-1.763.000,00	-2.493.398,00	-5.636.000,00	0,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-242.000,00	-6.078.000,00	0,00	0,00	-3.184.000,00
5. Other debts (-). : 63212	-324.000,00	-1.257.000,00	-608.894,00	-39.000,00	-658.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-2.400.000,00	-1.500.000,00	-2.750.000,00	-280.000,00	-219.835,00
a) Dividends (-).: 63301	-2.400.000,00	-1.500.000,00	-2.750.000,00	-280.000,00	-219.835,00
12. Cash flows for financing activities (9+10+11).: 63400	733.000,00	-8.195.000,00	296.689,00	-2.995.000,00	-1.908.835,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	0,00	-42.000,00	75.815,00	-94.084,00	-145.799,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	3.517.000,00	-573.000,00	1.184.768,00	424.820,00	695.652,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	2.444.000,00	3.017.000,00	1.325.550,00	900.730,00	205.078,00
Cash or equivalent assets as of end of the fiscal year.: 65200	5.961.000,00	2.444.000,00	2.510.318,00	1.325.550,00	900.730,00

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:	0,06 %	0,01 %	0,00 %	0,00 %
EBITDA over Sales:	20,00 %	9,24 %	28,27 %	10,07 %	-29,26 %	-8,27 %
Cash Flow Yield:	0,07 %	0,00 %	0,00 %	0,00 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	19,12 %	5,27 %	21,86 %	6,95 %	-12,54 %	-24,07 %
Total economic profitability:	17,39 %	2,53 %	21,94 %	4,16 %	-20,75 %	-39,13 %
Financial profitability:	21,95 %	1,45 %	28,07 %	5,84 %	-21,81 %	-75,17 %
Margin:	15,26 %	4,84 %	19,60 %	6,36 %	-22,13 %	-23,90 %
Mark-up:	14,48 %	1,65 %	18,99 %	4,72 %	-23,75 %	-65,05 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,35	0,12	0,16	0,11	117,99	9,16
Acid Test:	1,26	0,86	1,04	0,83	20,80	3,41
Working Capital / Investment:	0,39	0,03	0,36	0,03	6,42	11,90
Solvency:	2,15	1,18	2,08	1,16	3,48	1,51

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,68	1,65	0,71	1,65	-3,70	-0,04
Borrowing Composition:	0,20	1,03	0,22	1,04	-7,78	-0,42
Repayment Ability:	5,82	145,00	-279,68	813,78	102,08	-82,18
Warranty:	2,47	1,62	2,41	1,61	2,27	0,04
Generated resources / Total creditors:	0,47	0,07	0,62	0,07	-25,09	-3,81

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,81	1,73	3,82	1,75	-26,51	-1,47
Turnover of Collection Rights :	3,80	4,84	3,72	4,48	2,03	7,95
Turnover of Payment Entitlements:	4,77	3,53	4,04	3,27	18,17	8,15
Stock rotation:	3,33	6,65	2,60	6,06	28,03	9,78
Assets turnover:	1,25	1,09	1,12	1,09	12,32	-0,23
Borrowing Cost:	1,36	2,94	1,85	2,92	-26,54	0,68

> 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:	0,06 %	0,00 %	3,55 %	1,87 %	3,58 %
EBITDA over Sales:	20,00 %	28,27 %	17,99 %	20,88 %	19,84 %
Cash Flow Yield:	0,07 %	0,00 %	3,67 %	1,56 %	2,71 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	19,12 %	21,86 %	13,31 %	11,85 %	8,43 %
Total economic profitability:	17,39 %	21,94 %	13,79 %	11,37 %	7,11 %
Financial profitability:	21,95 %	28,07 %	23,66 %	17,89 %	9,94 %
Margin:	15,26 %	19,60 %	12,73 %	13,08 %	10,27 %
Mark-up:	14,48 %	18,99 %	12,09 %	11,85 %	-4,19 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,35	0,16	0,25	0,11	0,08
Acid Test:	1,26	1,04	1,27	0,63	0,47
Working Capital / Investment:	0,39	0,36	0,40	0,13	0,08
Solvency:	2,15	2,08	2,32	1,32	1,17

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	0,68	0,71	1,45	1,06	1,48
Borrowing Composition:	0,20	0,22	0,91	0,12	0,28
Repayment Ability:	5,82	-279,68	3,18	2,96	-9,30
Warranty:	2,47	2,41	1,69	1,94	1,68
Generated resources / Total creditors:	0,47	0,62	0,26	0,29	0,19

Efficiency	2012	2011	2010	2009	2008
Productivity:	2,81	3,82	2,71	2,38	2,28
Turnover of Collection Rights :	3,80	3,72	3,33	3,62	4,31
Turnover of Payment Entitlements:	4,77	4,04	3,66	3,67	3,65
Stock rotation:	3,33	2,60	2,88	2,56	2,34
Assets turnover:	1,25	1,12	1,05	0,91	0,82
Borrowing Cost:	1,36	1,85	1,95	1,81	3,82

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	868.000,00

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	868.000,00

Entity	JUNTA DE CASTILLA Y LEON
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	503.000,00

Entity	MINISTERIO DE CONOMIA Y HACIENDA
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	155.000,00

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	152.000,00

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	137.000,00

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	123.000,00

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	122.000,00

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	117.000,00

Entity	AGENCIA DE DESARROLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	62.000,00

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	53.000,00

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	35.000,00

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvencion de explotacion.
Status	CONCEDIDA
Amount Granted	2.000,00

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvencion de explotacion.
Status	CONCEDIDA
Amount Granted	404.000,00
Notes	Siendo la mas importante las recibidas de la ADE por un total de 393 miles de euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	305.000,00
Notes	saldo al cierre del ejrcicio.

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	305.000,00

Entity	MINISTERIO DE CONOMIA Y HACIENDA
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	49.000,00
Notes	saldo al cierre del ejrcicio.

Entity	JUNTA DE CASTILLA Y LEON-
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	41.000,00
Notes	saldo al cierre del ejrcicio.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	32.000,00
Notes	saldo al cierre del ejrcicio.

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	20.000,00
Notes	saldo al cierre del ejrcicio.

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	18.000,00
Notes	saldo al cierre del ejrcicio.

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	16.000,00
Notes	saldo al cierre del ejrcicio.

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	10.000,00

Entity	AGENCIA DE DESARROLLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	4.000,00
Notes	saldo al cierre del ejrcicio.

Entity	AGENCIA DE DESARROLO ECONOMICO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	2.000,00
Notes	saldo al cierre del ejrcicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	403.000,00
Notes	El importe corresponde a imputado a resultado.

Entity	JUNTA DE CASTILLA Y LEON
Subsidy Concept	Subvención de Capital. Inversiones.
Amount Granted	502.602,00
Notes	Subvención concedida en el año 1997. Importe pendiente a imputar a resultados es de 113.122 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación.
Amount Granted	162.298,00
Notes	Importe traspasado a resultados del ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Amount Granted	152.657,00
Notes	Subvención concedida en el año 2005. Importe pendiente a imputar a resultados es de 152.657 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de Capital. Ampliación de empresa.
Amount Granted	123.159,00
Notes	Subvención concedida en el año 2001. Importe pendiente a imputar a resultados es de 23.304 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Amount Granted	117.026,00
Notes	Subvención concedida en el año 2004. Importe pendiente a imputar a resultados es de 99.536 euros.

Entity	MINISTERIO DE EDUCACION Y CIENCIAS
Subsidy Concept	Subvención de capital.
Amount Granted	72.735,00
Notes	Subvención concedida en el año 2004. Importe pendiente a imputar a resultados es de 61.930 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de Capital.
Amount Granted	68.828,00
Notes	Subvención concedida en el año 2001. Importe pendiente a imputar a resultados es de 23.128 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Amount Granted	62.537,00
Notes	Subvención concedida en el año 2002. Importe pendiente a imputar a resultados es de 31.269 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Amount Granted	53.824,00
Notes	Subvención concedida en varios años. Importe pendiente a imputar a resultados es de 10.157 euros.

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Subsidy Concept	Subvención de capital.
Amount Granted	11.340,00
Notes	Subvención concedida en el año 2001. Importe pendiente a imputar a resultados es de 4.393 euros.

Research Summary

It is a company constituted several years ago, which provides sufficient experience in the sector of activity that it develops. It enjoys a good concept in general among the sources of information. Its turnover increased a 19.31% in 2012, compared to the previous year. The company complies with its payments obligations.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Analysis Done by :	DIV
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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