MIRA INFORM REPORT

Report Date :

15.05.2014

IDENTIFICATION DETAILS

Name :	SIEMSGLUSS IBERICA SA
Registered Office :	Pol. Ind. Sant Antoni, Parc. 6, Nave , 2, Sant Vicenç Dels Horts, Barcelona
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	02.01.1985
Legal Form :	Public Limited Company
Line of Business :	Subject is engaged in marketing of raw material and intermediate goods for pharmaceutical, food, cosmetics and vet industries.
No. of Employees :	13

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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 11.1% of GDP in 2009. Spain gradually reduced the deficit to 6.8% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially - from 70.4% in 2010 to 93.7% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:	SIEMSGLUSS IBERICA SA
NIF / Fiscal code:	A08931198
Status:	ACTIVE
Incorporation Date:	02/01/1985
Register Data	Register Section 8 Sheet 37780
Last Publication in BORME:	18/02/2013 [Appointments]
Last Published Account Deposit:	2012
Share Capital:	533.278,04
Localization:	POL. IND. SANT ANTONI, PARC. 6, NAVE , 2 - SANT VICENÇ DELS HORTS - 08620 - BARCELONA
Telephone - Fax - Email - Website:	Ph.:. 936768787   Email. siemsgluss@siemsgluss.com   Website. www.siemsgluss.com
Activity:
NACE:	4675 - Wholesale of chemical products
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	6 for a total cost of NaN
Subsidies:	0 for a total cost of 0
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :

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

Partners:

BIESTERFELD SIEMSGLUSS INTERNATIONAL, SOCIEDAD ANONIMA, (ALMENIA)	50 %
Shares:	0
Other Links:	2
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

SIEMSGLUSS IBÉRICA, S.A, was created in Barcelona in 1985 to be engaged in giving raw materials and intermediate goods to pharmaceutical, vet, food and cosmetics industries. The subject is a company founded many years ago which provide it with enough experience in its sector of activity and has a good concept in general among the sources consulted. Its turnover increased a 4,57% in 2012 compared with the previous year. The subject meets normally its payment commitments.

Answer to additional question:

The subject has not filed until now the deposit accounts of 2013.

Identification

Social Denomination:	SIEMSGLUSS IBERICA SA
NIF / Fiscal code:	A08931198
Corporate Status:	ACTIVE
Start of activity:	1984
Registered Office:	POL. IND. SANT ANTONI, PARC. 6, NAVE , 2
Locality:	SANT VICENÇ DELS HORTS
Province:	BARCELONA
Postal Code:	08620
Telephone:	936768787
Fax:	936360874
Website:	www.siemsgluss.com
Email:	siemsgluss@siemsgluss.com

Activity

NACE:	4675
Additional Information:	The subject is engaged in marketing of raw material and intermediate goods for pharmaceutical, food, cosmetics and vet industries. The company has created a quality management system, taking as a reference the standard UNE EN - ISO 9001:2008 having the certificate in May 2011.
Additional Address:	Registered office, offices, warehouse, shed, owned by the company, are located in POL. IND. SANT ANTONI, PARC. 6, NAVE , 2 08620 SANT VICENÇ DELS HORTS ( BARCELONA ).
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	13

Chronological Summary

Year	Act
1990	Accounts deposit (ejer. 1989)
1991	Accounts deposit (ejer. 1990) Change of Social address (1)
1992	Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
1993	Appointments/ Re-elections (1)
1994	Accounts deposit (ejer. 1992, 1993) Change of Social address (1) Errata (2)
1995	Accounts deposit (ejer. 1994) Increase of Capital (1)
1996	Accounts deposit (ejer. 1995) Appointments/ Re-elections (1)
1997	Appointments/ Re-elections (2)
1998	Accounts deposit (ejer. 1996)
1999	Accounts deposit (ejer. 1997, 1998) Appointments/ Re-elections (1)
2000	Appointments/ Re-elections (1)
2001	Accounts deposit (ejer. 1999, 2000) Appointments/ Re-elections (1)
2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
2003	Accounts deposit (ejer. 2002)
2004	Appointments/ Re-elections (2)
2005	Accounts deposit (ejer. 2003, 2004)
2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (2)
2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
2008	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2009	Accounts deposit (ejer. 2007, 2008) Appointments/ Re-elections (2)
2010	Accounts deposit (ejer. 2009)
2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (1)
2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (2)

Breakdown of Owners' Equity

Registered Capital:	533.278,04
Paid up capital:	533.278,04

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
14/11/1995	Increase of Capital	473.177	473.177	533.278	533.278

 Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE ADMINISTRATOR	SALDANHA ALBURQUERQUE JERONIMO FABIAN	15/06/2012	5
PROXY	ROZAS IBAÑEZ ANA MARIA	27/04/2007	1
	SALDANHA MCCORMACK FABIAN JAIME	05/10/2006	1
DEPUTY ACCOUNTS' AUDITOR	PASCUAL GIRME MARC	08/02/2013	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALDEGUER VIDAL EVA MARIA	ACCOUNTS' AUDITOR / HOLDER	08/02/2013	1
ALVAREZ CONTRERAS & CIA AUDITORES Y CONSULTORES SL	ACCOUNTS' AUDITOR / HOLDER	08/01/2000	1
ALVAREZ CONTRERAS AND CIA AUDITORES Y CONSULTORES	ACCOUNTS' AUDITOR / HOLDER	01/03/2001	3
	ACCOUNTS' AUDITOR / HOLDER	09/01/2002
	ACCOUNTS' AUDITOR / HOLDER	03/12/2002
ALVAREZ CONTRERAS Y CIA AUDITORES ASOCIADOS SRC	ACCOUNTS' AUDITOR / HOLDER	12/01/2004	2
	ACCOUNTS' AUDITOR / HOLDER	21/12/2004
ALVAREZ MOLINERO Y CIA AUDITORES ASOCIADOS SRC	ACCOUNTS' AUDITOR / HOLDER	10/12/1996	3
	ACCOUNTS' AUDITOR / HOLDER	27/12/1997
	ACCOUNTS' AUDITOR / HOLDER	09/02/1999
BERNAT BARRIGA PERE JOAN	PROXY	28/02/2008	1
ISUS MONTANER SEVERO	PROXY	15/06/2012	1
MORISON AC S.L	ACCOUNTS' AUDITOR / HOLDER	10/01/2007	1
MORISON AC SL	ACCOUNTS' AUDITOR / HOLDER	09/01/2006	5
	ACCOUNTS' AUDITOR / HOLDER	28/02/2008
	ACCOUNTS' AUDITOR / HOLDER	30/03/2009
	ACCOUNTS' AUDITOR / HOLDER	31/12/2009
	ACCOUNTS' AUDITOR / HOLDER	12/01/2011
MORISON AC SLP	ACCOUNTS' AUDITOR / HOLDER	11/01/2012	2
	ACCOUNTS' AUDITOR / HOLDER	18/01/2013
SALDANHA ALBURQUERQUE	ADMINISTRATOR	19/06/1992	1
SALDANHA ALBURQUERQUE JERONIMO FABIAN	SINGLE ADMINISTRATOR	15/06/2012	5
	ADMINISTRATOR	07/08/1997
	ADMINISTRATOR	29/05/2002
	ADMINISTRATOR	16/05/2007

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		ANA ROZAS
MANAGING DIRECTOR		JERON SALDANHA
MANAGING DIRECTOR		JERONIMO FABIAN SALDANHA ALBURQUERQUE

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

 Chronological summary

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

 > Details

> Basis for 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. Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure. SIEMSGLUSS IBERICA SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets. High operating income return. The values of the Company's gross return from its main activity performed using its equity are high. This income return has decreased in comparison with the previous financial year.

La deuda corriente representa un 45.29 % de la estructura financiera. En principio, un aumento en el valor de este ratio será indicativo de un empeoramiento de la situación financiera a corto plazo. Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation. No Company's subsidiaries or branches are known. Private consumption continues to have, in spite of some signs of improvement, very low rates , thus showing great weakness. Among the companies with similar characteristics, SIEMSGLUSS IBERICA SA is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  1.530 %

> Latest Rating Changes :

Sector in which comparison is carried out :

467 Other specialised wholesale

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.

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
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	BIESTERFELD SIEMSGLUSS INTERNATIONAL, SOCIEDAD ANONIMA, (ALMENIA)		50

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	PATRIMONIAL JERSA SL	BARCELONA
IS RELATED WITH	SPANCHEM SL	BARCELONA

Turnover

Total Sales 2013

31.300.000

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	October  2010
2008	Normales	October  2009
2007	Normales	March  2009
2006	Normales	September  2007
2005	Normales	September  2006
2004	Normales	September  2005
2003	Normales	September  2005
2002	Normales	September  2003
2001	Normales	August  2002
2000	Normales	September  2001
1999	Normales	December  2000
1998	Normales	August  1999
1997	Normales	February  1999
1996	Normales	November  1997
1995	Normales	September  1996
1994	Normales	September  1995
1993	Normales	August  1994
1992	Normales	January  1994
1991	Normales	July  1992
1990	Normales	August  1991
1989	Normales	September  1990

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

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, 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	51.819,00	93.192,00	115.956,00	82.575,00	98.536,00
I. Intangible fixed assets : 11100	895,00	2.898,00	4.901,00	2.118,00	8.341,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	895,00	2.898,00	4.901,00	2.118,00	8.341,00
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	49.287,00	65.799,00	86.560,00	78.819,00	88.557,00
1. Land and buildings: 11210	7.483,00	8.260,00	9.037,00	9.814,00	10.591,00
2. Technical installations and other tangible fixed assets: 11220	41.803,00	57.539,00	77.523,00	69.005,00	77.966,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	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	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	1.638,00	24.495,00	24.495,00	1.638,00	1.638,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	1.638,00	24.495,00	24.495,00	1.638,00	1.638,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	0,00	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	12.851.037,00	14.286.831,00	15.190.194,00	10.651.967,00	9.906.083,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	4.561.055,00	5.767.876,00	5.487.082,00	2.983.761,00	2.039.352,00
1. Commercial: 12210	4.472.068,00	5.762.078,00	5.455.660,00	2.851.005,00	1.990.966,00
2. Primary material and other supplies: 12220	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	88.987,00	5.799,00	31.422,00	132.756,00	48.386,00
III. Trade debtors and others receivable accounts: 12300	7.349.799,00	7.870.066,00	9.124.638,00	7.187.021,00	7.347.887,00
1. Trade debtors / accounts receivable: 12310	7.349.799,00	7.870.066,00	8.783.797,00	7.158.451,00	7.347.887,00
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	7.349.799,00	7.870.066,00	8.783.797,00	7.158.451,00	7.347.887,00
2. Customers, Group companies and associates : 12320	0,00	0,00	322.699,00	0,00	0,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	0,00	0,00	18.142,00	28.571,00	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	0,00	0,00	1.487,00	0,00	544,00
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	1.487,00	0,00	544,00
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	544,00	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	544,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	11.670,00	9.325,00	10.620,00	14.113,00	7.996,00
VII. Cash and other equivalent liquid assets : 12700	928.513,00	639.564,00	566.368,00	466.528,00	510.304,00
1. Treasury: 12710	928.513,00	639.564,00	566.368,00	466.528,00	510.304,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	12.902.856,00	14.380.023,00	15.306.150,00	10.734.542,00	10.004.619,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	7.058.778,00	5.804.227,00	4.483.242,00	3.401.810,00	2.423.312,00
A-1) Shareholders' equity: 21000	7.058.778,00	5.804.227,00	4.483.242,00	3.401.810,00	2.423.312,00
I. Capital: 21100	533.267,00	533.267,00	533.267,00	533.267,00	533.267,00
1. Registered capital : 21110	533.267,00	533.267,00	533.267,00	533.267,00	533.267,00
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	5.270.960,00	3.949.975,00	2.868.543,00	1.890.045,00	763.407,00
1. Legal y estatutarias: 21310	106.666,00	106.666,00	106.666,00	106.666,00	106.656,00
2. Other reserves: 21320	5.164.293,00	3.843.308,00	2.761.877,00	1.783.379,00	656.751,00
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	1.254.551,00	1.320.985,00	1.081.432,00	978.498,00	1.126.638,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	0,00	0,00	0,00	0,00	4.254,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	0,00	0,00	0,00	0,00	3.554,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	3.554,00
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	0,00	0,00	0,00	0,00	700,00
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	5.844.078,00	8.575.796,00	10.822.908,00	7.332.732,00	7.577.053,00
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	22.857,00	22.857,00	0,00	0,00
III. Short-term creditors : 32300	1.786.704,00	2.760.003,00	3.875.661,00	2.940.827,00	3.664.335,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	1.366.898,00	2.760.003,00	3.875.661,00	2.938.345,00	3.658.534,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	2.482,00	5.798,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	419.806,00	0,00	0,00	0,00	3,00
IV. Short-term debts with Group companies and associates: 32400	0,00	658.266,00	298.986,00	405.680,00	0,00
V. Trade creditors and other accounts payable: 32500	4.057.375,00	5.134.670,00	6.625.403,00	3.986.225,00	3.912.719,00
1. Suppliers: 32510	3.483.855,00	4.227.061,00	5.727.381,00	3.248.811,00	2.807.937,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	3.483.855,00	4.227.061,00	5.727.381,00	3.248.811,00	2.807.937,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	31.052,00	100.586,00
3. Other creditors: 32530	359.964,00	440.074,00	462.831,00	348.168,00	489.991,00
4. Personnel (remuneration due): 32540	52.307,00	49.577,00	56.192,00	63.464,00	67.972,00
5. Liabilities for current tax: 32550	95.992,00	361.067,00	340.198,00	254.161,00	0,00
6. Otras deudas con las Administraciones Públicas. : 32560	65.257,00	56.890,00	33.341,00	40.569,00	446.234,00
7. Advances from clients: 32570	0,00	0,00	5.460,00	0,00	0,00
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	12.902.856,00	14.380.023,00	15.306.150,00	10.734.542,00	10.004.619,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	31.066.236,00	29.707.254,00	28.434.382,00	25.499.018,00	27.798.625,00
a) Sales: 40110	31.060.295,00	29.697.776,00	28.415.625,00	25.464.761,00	27.743.628,00
b) Rendering of services: 40120	5.941,00	9.478,00	18.757,00	34.257,00	54.998,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	1.105.522,00	0,00	0,00	-328.418,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-26.639.983,00	-26.468.120,00	-24.284.705,00	-22.116.970,00	-23.093.391,00
a) Stock consumption: 40410	-26.482.106,00	-26.157.622,00	-24.284.705,00	-22.116.970,00	-23.093.391,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	-157.877,00	-310.498,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	21.830,00	0,00	0,00	11.170,00	0,00
a) Auxiliary income and other from current management: 40510	21.830,00	0,00	0,00	11.170,00	0,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-722.032,00	-687.351,00	-682.990,00	-675.052,00	-625.826,00
a) Wages, salaries et al.: 40610	-631.828,00	-596.379,00	-593.429,00	-596.727,00	-614.082,00
b) Social security costs: 40620	-90.204,00	-90.972,00	-89.561,00	-78.325,00	-11.744,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-1.780.292,00	-1.839.637,00	-1.683.936,00	-1.282.676,00	-1.722.724,00
a) External services: 40710	-1.730.464,00	-1.818.381,00	-1.666.180,00	-1.267.957,00	-1.655.626,00
b) Taxes: 40720	-6.292,00	-5.233,00	-4.886,00	-5.082,00	-6.045,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-43.535,00	-16.023,00	-12.869,00	-9.637,00	-60.500,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	-1,00	-554,00
8. Amortisation of fixed assets: 40800	-23.144,00	-27.123,00	-28.203,00	-29.615,00	-31.623,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	3.140,00	0,00	0,00	0,00	100,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	3.140,00	0,00	0,00	0,00	100,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	23.245,00	14.173,00	15.620,00	0,00	4.271,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	1.949.001,00	1.804.718,00	1.770.168,00	1.405.874,00	2.001.014,00
14. Financial income : 41400	1.416,00	864,00	1.968,00	2.753,00	13.628,00
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	1.416,00	864,00	1.968,00	2.753,00	13.628,00
b 1) From Group companies and associates : 41421	578,00	544,00	1.320,00	0,00	0,00
b 2) From third parties : 41422	838,00	320,00	648,00	2.753,00	13.628,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-75.254,00	-121.955,00	-131.172,00	-106.509,00	-250.448,00
a) Amounts owed to Group companies and associates : 41510	-46.211,00	-79.086,00	-129.373,00	-1.173,00	-250.448,00
b) For debts with third parties : 41520	-29.043,00	-42.869,00	-1.799,00	-105.336,00	0,00
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	-82.258,00	203.680,00	-86.085,00	96.000,00	-154.553,00
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	-156.096,00	82.589,00	-215.289,00	-7.756,00	-391.373,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	1.792.905,00	1.887.307,00	1.554.879,00	1.398.118,00	1.609.641,00
20. Income taxes: 41900	-538.354,00	-566.323,00	-473.447,00	-419.621,00	-483.003,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	1.254.551,00	1.320.985,00	1.081.432,00	978.498,00	1.126.638,00
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	1.254.551,00	1.320.985,00	1.081.432,00	978.498,00	1.126.638,00

 > 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, 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:	51.819,00	93.192,00	115.956,00	82.575,00	98.536,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	895,00	2.898,00	4.901,00	2.118,00	8.341,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	895,00	2.898,00	4.901,00	2.118,00	8.341,00
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:	49.287,00	65.799,00	86.560,00	78.819,00	88.557,00
1. Land and construction:	7.483,00	8.260,00	9.037,00	9.814,00	10.591,00
2. Technical installations and machinery:	5.656,00	7.785,00	10.489,00	9.337,00	10.549,00
3. Other installations, tools and furniture:	17.878,00	24.607,00	33.153,00	29.511,00	33.343,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	18.270,00	25.147,00	33.880,00	30.158,00	34.074,00
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:	1.638,00	24.495,00	24.495,00	1.638,00	1.638,00
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. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	1.638,00	24.495,00	24.495,00	1.638,00	1.638,00
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:	12.851.037,00	14.286.831,00	15.190.194,00	10.651.967,00	9.906.083,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	4.561.055,00	5.767.876,00	5.487.082,00	2.983.761,00	2.039.352,00
1. Goods for resale:	4.472.068,00	5.762.078,00	5.455.660,00	2.851.005,00	1.990.966,00
2. Raw materials and other consumables:	0,00	0,00	0,00	0,00	0,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	88.987,00	5.799,00	31.422,00	132.756,00	48.386,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	7.349.799,00	7.870.066,00	9.124.638,00	7.187.021,00	7.347.887,00
1. Trade debtors / accounts receivable:	7.349.799,00	7.870.066,00	8.783.797,00	7.158.451,00	7.347.887,00
2. Accounts receivable, Group companies:	0,00	0,00	322.699,00	0,00	0,00
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:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	0,00	0,00	18.142,00	28.571,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	0,00	1.487,00	544,00	544,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	1.487,00	0,00	544,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	544,00	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:	928.513,00	639.564,00	566.368,00	466.528,00	510.304,00
VII. Prepayments and accrued income:	11.670,00	9.325,00	10.620,00	14.113,00	7.996,00
GENERAL TOTAL (A + B + C + D):	12.902.856,00	14.380.023,00	15.306.150,00	10.734.542,00	10.004.619,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	7.058.778,00	5.804.227,00	4.483.242,00	3.401.810,00	2.423.312,00
I. Subscribed capital:	533.267,00	533.267,00	533.267,00	533.267,00	533.267,00
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:	5.270.960,00	3.949.975,00	2.868.543,00	1.890.045,00	763.407,00
1. Legal reserve:	106.666,00	106.666,00	106.666,00	106.666,00	106.656,00
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:	5.164.293,00	3.843.308,00	2.761.877,00	1.783.379,00	656.751,00
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:	1.254.551,00	1.320.985,00	1.081.432,00	978.498,00	1.126.638,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	0,00	0,00	0,00	0,00	4.254,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	3.554,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	3.554,00
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:	0,00	0,00	0,00	0,00	700,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	0,00	0,00	0,00	0,00	700,00
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:	5.844.078,00	8.552.939,00	10.800.051,00	7.332.732,00	7.577.053,00
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:	1.366.898,00	2.760.003,00	3.875.661,00	2.940.827,00	3.664.332,00
1. Loans and other liabilities:	1.366.898,00	2.760.003,00	3.875.661,00	2.938.345,00	3.658.534,00
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	2.482,00	5.798,00
III. Short-term amounts owed to group and associated companies:	0,00	658.266,00	298.986,00	436.732,00	100.586,00
1. Amounts owed to group companies:	0,00	658.266,00	298.986,00	436.732,00	100.586,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	3.843.818,00	4.667.136,00	6.195.673,00	3.596.978,00	3.297.927,00
1. Advanced payments from customers:	0,00	0,00	5.460,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	3.843.818,00	4.667.136,00	6.190.212,00	3.596.978,00	3.297.927,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	633.362,00	467.534,00	429.731,00	358.194,00	514.209,00
1. Public bodies:	161.249,00	417.957,00	373.539,00	294.730,00	446.234,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	419.806,00	0,00	0,00	0,00	3,00
4. Wages and salaries payable:	52.307,00	49.577,00	56.192,00	63.464,00	67.972,00
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	22.857,00	22.857,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	12.902.856,00	14.380.023,00	15.306.150,00	10.734.542,00	10.004.619,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	29.861.316,00	29.710.509,00	27.370.539,00	24.630.443,00	26.689.987,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	328.418,00
A.2. Supplies:	26.639.983,00	26.468.120,00	24.284.705,00	22.116.970,00	23.093.391,00
a) Stock consumption:	26.482.106,00	26.157.622,00	24.284.705,00	22.116.970,00	23.093.391,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	157.877,00	310.498,00	0,00	0,00	0,00
A.3. Staff costs:	722.032,00	687.351,00	682.990,00	675.052,00	625.826,00
a) Wages, salaries et al.:	631.828,00	596.379,00	593.429,00	596.727,00	614.082,00
b) Social security costs:	90.204,00	90.972,00	89.561,00	78.325,00	11.744,00
A.4. Depreciation expense:	23.144,00	27.123,00	28.203,00	29.615,00	31.623,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	43.535,00	16.023,00	12.869,00	9.637,00	60.500,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	43.535,00	16.023,00	12.869,00	9.637,00	60.500,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	1.736.756,00	1.823.614,00	1.671.067,00	1.273.039,00	1.662.224,00
a) External services:	1.730.464,00	1.818.381,00	1.666.180,00	1.267.957,00	1.655.626,00
b) Taxes:	6.292,00	5.233,00	4.886,00	5.082,00	6.045,00
c) Other operating expenses:	0,00	0,00	0,00	1,00	554,00
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):	1.922.615,00	1.790.545,00	1.754.548,00	1.405.874,00	1.996.643,00
A.7. Financial and similar charges:	75.254,00	121.955,00	131.172,00	106.509,00	250.448,00
a) Due to liabilities with companies of the group:	46.211,00	79.086,00	129.373,00	1.173,00	250.448,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	29.043,00	42.869,00	1.799,00	105.336,00	0,00
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:	82.258,00	0,00	86.085,00	0,00	154.553,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	82.589,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	1.766.519,00	1.873.134,00	1.539.259,00	1.398.118,00	1.605.270,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	26.386,00	14.173,00	15.620,00	0,00	4.371,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	1.792.905,00	1.887.307,00	1.554.879,00	1.398.118,00	1.609.641,00
A.15. Corporation tax:	538.354,00	566.323,00	473.447,00	419.621,00	483.003,00
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):	1.254.551,00	1.320.985,00	1.081.432,00	978.498,00	1.126.638,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	31.115.867,00	31.031.494,00	28.451.970,00	25.608.940,00	27.816.624,00
B.1. Net total sales:	31.066.236,00	29.707.254,00	28.434.382,00	25.499.018,00	27.798.625,00
a) Sales:	31.060.295,00	29.697.776,00	28.415.625,00	25.464.761,00	27.743.628,00
b) Rendering of services:	5.941,00	9.478,00	18.757,00	34.257,00	54.998,00
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	1.105.522,00	0,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	21.830,00	0,00	0,00	11.170,00	0,00
a) Auxiliary income and other from current management:	21.830,00	0,00	0,00	11.170,00	0,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	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:	1.416,00	864,00	1.968,00	2.753,00	13.628,00
a) From companies of the group:	578,00	544,00	1.320,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	838,00	320,00	648,00	2.753,00	13.628,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	203.680,00	0,00	96.000,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	156.096,00	0,00	215.289,00	7.756,00	391.373,00
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:	3.140,00	0,00	0,00	0,00	100,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	23.245,00	14.173,00	15.620,00	0,00	4.271,00
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	1.792.905,00	1.887.367,00	1.554.879,00	1.398.118,00	1.609.641,00
2. Results adjustments.: 61200	158.328,00	-52.312,00	243.492,00	37.371,00	361.128,00
a) Fixed Assets Amortization (+).: 61201	23.144,00	27.123,00	28.203,00	29.615,00	7.165,00
b) Obsolescence Allowances (+/-). : 61202	0,00	3.154,00	0,00	0,00	0,00
c) Variation in Provision (+/-). : 61203	-22.857,00	0,00	0,00	0,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	1.944,00	0,00	0,00	0,00	-37.390,00
g) Financial income (-).: 61207	-1.416,00	-864,00	-1.968,00	-2.753,00	-13.628,00
h) Financial Expenses (+). : 61208	75.254,00	121.955,00	131.172,00	106.509,00	250.448,00
i) Exchange differences (+/-). : 61209	82.258,00	-203.680,00	86.085,00	-96.000,00	154.533,00
3. Changes in current capital equity.: 61300	912.524,00	-724.371,00	-1.995.638,00	-736.191,00	-717.766,00
a) Stock (+/-).: 61301	1.206.822,00	-280.794,00	-2.503.321,00	-944.409,00	237.313,00
d) Debtors and other accounts receivable (+/-). : 61302	520.266,00	1.254.200,00	-1.937.617,00	189.437,00	-837.663,00
c) Other current assets (+/-). : 61303	-2.345,00	0,00	2.551,00	-34.688,00	27.418,00
d) Creditors and other accounts payable (+/-). : 61304	-812.220,00	-1.170.411,00	2.419.892,00	54.168,00	-145.534,00
e) Other current liabilities (+/-).: 61305	0,00	-527.366,00	22.857,00	0,00	0,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	0,00	-700,00	700,00
4. Other cash flows for operating activities.: 61400	-959.525,00	82.589,00	-469.450,00	-408.039,00	-581.993,00
a) Interest payments (-). : 61401	-157.512,00	81.726,00	-217.257,00	-10.509,00	-404.981,00
b) Dividend payment collection (+). : 61402	1.416,00	0,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	0,00	864,00	1.968,00	2.753,00	13.628,00
d) Income tax payment collection (payments) (+/-).: 61404	-803.429,00	0,00	-254.161,00	-400.283,00	-190.640,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	1.904.231,00	1.193.273,00	-666.717,00	291.259,00	671.009,00
6. Payments for investment (-).: 62100	-6.574,00	-4.359,00	-61.584,00	-13.654,00	-625,00
b) Intangible fixed assets. : 62102	0,00	0,00	-6.069,00	0,00	-625,00
c) Fixed assets. : 62103	-6.574,00	-4.359,00	-32.658,00	-13.654,00	0,00
e) Other financial assets. : 62105	0,00	0,00	-22.857,00	0,00	0,00
7. Divestment payment collection (+). : 62200	22.857,00	0,00	0,00	0,00	29.757,00
c) Fixed assets. : 62203	0,00	0,00	0,00	0,00	29.757,00
e) Other financial assets. : 62205	22.857,00	0,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	16.283,00	-4.359,00	-61.584,00	-13.654,00	29.132,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	1,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-1.631.566,00	-1.115.658,00	828.140,00	-321.382,00	-547.998,00
a) Issuance : 63201	0,00	0,00	934.834,00	405.680,00	33.580,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	934.834,00	0,00	3.554,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	0,00	405.680,00	30.026,00
b) Repayment and amortization of : 63207	-1.631.566,00	-1.115.658,00	-106.693,00	-727.061,00	-581.579,00
2. Debts incurred with credit institutions (-).: 63209	-1.393.105,00	-1.115.658,00	0,00	-727.061,00	-576.404,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-238.460,00	0,00	-106.693,00	0,00	0,00
5. Other debts (-). : 63212	0,00	0,00	0,00	0,00	-5.174,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	-209.134,00
a) Dividends (-).: 63301	0,00	0,00	0,00	0,00	-209.134,00
12. Cash flows for financing activities (9+10+11).: 63400	-1.631.566,00	-1.115.658,00	828.140,00	-321.382,00	-757.133,00
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	288.949,00	73.257,00	99.839,00	-43.776,00	-56.992,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	639.564,00	566.368,00	466.528,00	510.305,00	567.296,00
Cash or equivalent assets as of end of the fiscal year.: 65200	928.513,00	639.564,00	566.368,00	466.528,00	510.304,00

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 %	0,00 %	0,00 %
EBITDA over Sales:	6,26 %	9,32 %	6,12 %	10,07 %	2,36 %	-7,40 %
Cash Flow Yield:	0,02 %	0,00 %	0,01 %	0,00 %	339,96 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	14,93 %	5,39 %	12,47 %	6,97 %	19,68 %	-22,76 %
Total economic profitability:	14,48 %	2,54 %	13,97 %	4,17 %	3,62 %	-39,12 %
Financial profitability:	17,77 %	1,45 %	22,76 %	5,86 %	-21,91 %	-75,29 %
Margin:	6,19 %	4,91 %	6,03 %	6,36 %	2,77 %	-22,79 %
Mark-up:	5,69 %	1,65 %	6,31 %	4,73 %	-9,72 %	-65,20 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,16	0,12	0,07	0,11	112,47	10,82
Acid Test:	1,42	0,87	0,99	0,83	42,37	4,49
Working Capital / Investment:	0,54	0,03	0,40	0,03	36,74	25,03
Solvency:	2,20	1,19	1,67	1,16	31,64	2,66

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,83	1,63	1,47	1,65	-43,82	-1,13
Borrowing Composition:	0,00	1,05	0,00	1,04		0,59
Repayment Ability:	20,23	130,96	116,85	740,11	-82,69	-82,30
Warranty:	2,21	1,62	1,68	1,61	31,32	0,46
Generated resources / Total creditors:	0,22	0,07	0,16	0,07	38,71	-3,02

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	3,69	1,74	3,64	1,75	1,38	-0,86
Turnover of Collection Rights :	4,23	4,86	3,77	4,49	12,06	8,40
Turnover of Payment Entitlements:	7,00	3,54	5,73	3,27	22,28	8,48
Stock rotation:	6,39	6,71	4,84	6,08	32,12	10,28
Assets turnover:	2,41	1,10	2,07	1,10	16,44	0,04
Borrowing Cost:	1,29	2,97	1,43	2,93	-9,69	1,42

> 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 %	0,00 %	0,00 %	-0,17 %	-0,21 %
EBITDA over Sales:	6,26 %	6,12 %	6,27 %	5,63 %	7,30 %
Cash Flow Yield:	0,02 %	0,01 %	0,01 %	-0,41 %	-0,57 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	14,93 %	12,47 %	11,48 %	13,10 %	19,96 %
Total economic profitability:	14,48 %	13,97 %	11,02 %	14,02 %	18,59 %
Financial profitability:	17,77 %	22,76 %	24,12 %	28,76 %	46,49 %
Margin:	6,19 %	6,03 %	6,17 %	5,51 %	7,18 %
Mark-up:	5,69 %	6,31 %	5,41 %	5,48 %	-1,42 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,16	0,07	0,05	0,06	0,07
Acid Test:	1,42	0,99	0,90	1,04	1,04
Working Capital / Investment:	0,54	0,40	0,29	0,31	0,23
Solvency:	2,20	1,67	1,41	1,45	1,31

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	0,83	1,47	2,41	2,16	3,13
Borrowing Composition:	0,00	0,00	0,00	0,00	0,00
Repayment Ability:	20,23	116,85	108,17	5,11	55,84
Warranty:	2,21	1,68	1,42	1,46	1,32
Generated resources / Total creditors:	0,22	0,16	0,10	0,14	0,15

Efficiency	2012	2011	2010	2009	2008
Productivity:	3,69	3,64	3,61	3,13	4,24
Turnover of Collection Rights :	4,23	3,77	3,12	3,55	3,78
Turnover of Payment Entitlements:	7,00	5,73	3,92	5,87	6,26
Stock rotation:	6,39	4,84	4,86	8,08	12,65
Assets turnover:	2,41	2,07	1,86	2,38	2,78
Borrowing Cost:	1,29	1,43	1,21	1,45	3,30

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

Organisation that calls the tender:

INSPECCION GENERAL DEL MINISTERIO DE DEFENSA

Objective of Tender:

SUMINISTRO DE 3 000 KGRS DE CELULOSA MICROCRISTALINA TIPO PH 102

Date Awarded:

13/12/2012

Cost:

44.140,80 EURO.

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

SUMINISTRO DE 300 KGRS DE FENILPROPANOLAMINA HIDROCLORURO

Date Awarded:

13/12/2012

Cost:

27.128,40 EURO.

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

Suministro de excipientes para la elaboración de medicamentos.

Date Awarded:

03/11/2011

Cost:

60.840,00 EURO.

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

Suministro de materias primas para la elaboración de medicamentos.

Date Awarded:

31/10/2011

Cost:

Importe compartido entre distintos Contratistas

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

Suministro de productos químicos, principios activos y excipientes para la elaboración de productos farmacéuticos.

Date Awarded:

18/10/2011

Cost:

8.794,50 EURO.

Organisation that calls the tender:

CENTRO MILITAR DE FARMACIA DE LA DEFENSA

Objective of Tender:

ADQUISICION DE FENILPROPANOLAMINA HIDROCLORURO, HIDRATO DE TERPINA, OXIDO DE ZINC, VASELINA FILANTE

Date Awarded:

10/07/2010

Cost:

22.666,28 EURO.

Research Summary

SIEMSGLUSS IBÉRICA, S.A, was created in Barcelona in 1985 to be engaged in giving raw materials and intermediate goods to pharmaceutical, vet, food and cosmetics industries. The subject is a company founded many years ago which provide it with enough experience in its sector of activity and has a good concept in general among the sources consulted. Its turnover increased a 4,57% in 2012 compared with the previous year. The subject meets normally its payment commitments.

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.59.87
UK Pound	1	Rs.100.98
Euro	1	Rs.82.40

INFORMATION DETAILS

Report Prepared by :

PDT

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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