MIRA INFORM REPORT

Report Date :

19.05.2014

IDENTIFICATION DETAILS

Name :	GUZMAN GLOBAL SL
Registered Office :	CL. Traginers, 9 - Valencia - 46014 - Valencia
Country :	Spain
Financials (as on) :	2012
Date of Incorporation :	23.12.1960
Legal Form :	Private Company
Line of Business :	Wholesale of other intermediate products
No. of Employees	90

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

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

SPAIN - ECONOMIC OVERVIEW

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

Source : CIA

EXECUTIVE SUMMARY

Name:	GUZMAN GLOBAL SL
NIF / Fiscal code:	B46001699
Status:	ACTIVE
Incorporation Date:	23/12/1960
Register Data	Register Section 8 Sheet 28366
Last Publication in BORME:	04/12/2012 [Statutory modifications]
Last Published Account Deposit:	2012
Share Capital:	9.232.680
Localization:	CL. TRAGINERS, 9 - VALENCIA - 46014 - VALENCIA
Telephone - Fax - Email - Website:	Ph.:. 964659450   Email. arenas@grupoguzman.com   Website. www.grupoguzman.com
Activity:
NACE:	4676 - Wholesale of other intermediate products
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	22 for a total cost of 2695828.3600000003
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:

GUZMAN SA	99.99 %
Shares:	3
Other Links:	6
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
The company was incorporated at the end of 1960. Guzmán Global is a global distributor of raw materials for the industry. From minerals to rubber, plastics, chemicals, green coffee beans, nuts, machines for plastics and construction materials among others. It has 90 employees. According to all this information, commercial relations can be envisaged in normal credit operations.
Interviewed Person:

Identification

Social Denomination:	GUZMAN GLOBAL SL
NIF / Fiscal code:	B46001699
Corporate Status:	ACTIVE
Registered Office:	CL. TRAGINERS, 9
Locality:	VALENCIA
Province:	VALENCIA
Postal Code:	46014
Telephone:	964659450
Fax:	964659460
Website:	www.grupoguzman.com
Email:	arenas@grupoguzman.com
Interviewed Person:	Administrative, insufficient information.

Activity

NACE:	4676
Additional Information:	Guzmán Global is a global distributor of raw materials for the industry. From minerals to rubber, plastics, chemicals, green coffee beans, nuts, machines for plastics and construction materials among others.
Additional Address:	CL. TRAGINERS, 9, 46014 VALENCIA, registered office, office and other premises.
Franchise:	No
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	90

Chronological Summary

Year	Act
1991	Accounts deposit (ejer. 1990) Appointments/ Re-elections (1)
1992	Accounts deposit (ejer. 1991) Capital Reduction (1)
1993	Accounts deposit (ejer. 1992) Adaptation to Law (1) Change of Social address (1)
1994	Accounts deposit (ejer. 1993) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Company Transformation (1) Increase of Capital (1)
1995	Accounts deposit (ejer. 1994)
1996	Accounts deposit (ejer. 1995)
1997	Adaptation to Law (1) Appointments/ Re-elections (1) Capital Reduction (1) Cessations/ Resignations/ Reversals (1)
1998	Accounts deposit (ejer. 1996, 1997) Change of Social Denomination (1) Change of Social Purpose (1) Closing of Page of Property Register (1) Increase of Capital (1)
1999	Accounts deposit (ejer. 1998) Appointments/ Re-elections (1) Increase of Capital (1)
2000	Accounts deposit (ejer. 1999) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
2001	Accounts deposit (ejer. 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1) Statutory Modifications (1)
2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Increase of Capital (1)
2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (2) Other Concepts/ Events (1)
2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Other Concepts/ Events (1) Take-over Merger (4)
2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (3)
2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (1)
2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (1)
2009	Accounts deposit (ejer. 2008) Cessations/ Resignations/ Reversals (1)
2010	Accounts deposit (ejer. 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Change of Social Purpose (1) Declaration of Sole Propietorship (1) Increase of Capital (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Take-over Merger (2)
2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Other Concepts/ Events (1)
2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
2013	Accounts deposit (ejer. 2012)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	COMPRAVENTA IMPORTACION EXPORTACION FABRICACION Y DISTRIBUCION DE MATERIAS PRIMAS PLASTICAS PARA TODA CLASE DE INDUSTRIAS.... COMPRAVENTA, ARRENDAMIENTO NO FINANCIERO Y EXPLOTACION DE BIENES INMUEBLES.	Corporate Purpose Change	01/03/1994

Breakdown of Owners' Equity
Registered Capital:	9.232.680
Paid up capital:	9.232.680

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
31/12/1992	Capital Reduction	-360.157	-360.157	150.704	150.704
14/02/1994	Increase of Capital	78.162	78.162	228.865	228.865
18/04/1997	Capital Reduction	-225.800	-225.800	3.065	3.065
11/11/1998	Increase of Capital	147.188	147.188	150.253	150.253
06/08/1999	Increase of Capital	1.649.750	1.649.750	1.800.000	1.800.000
28/06/2000	Increase of Capital	600.000	600.000	2.400.000	2.400.000
17/01/2002	Increase of Capital	2.055.750	2.055.750	4.455.750	4.455.750
31/08/2005	Increase of Capital	550.890	550.890	5.006.640	5.006.640
24/12/2010	Increase of Capital	4.226.040	4.226.040	9.232.680	9.232.680

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE ADMINISTRATOR	GUZMAN SA	23/11/2012	2
JOINT ATTORNEY/COMBINED PROXY	PENICHET GARCIA PABLO JOSE	10/10/2012	1
	ARTIGAS VERDE ALBERTO	10/10/2012	1
PROXY	GARCIA GUZMAN GARCIA PATRICIA	17/09/2008	6
	MARIN CALATAYUD ARTURO	05/08/2005	1
	ANDEREZ GONZALEZ CARLOS	05/06/2003	1
	BELEN GARCIA GUZMAN GARCIA	30/11/1999	1
	FOLGUERA SANTANDREU JUAN ANDRES	30/11/1999	1
	IRANZO GIMENEZ LUIS	30/11/1999	2
ACCOUNTS' AUDITOR / HOLDER	ACR AUDITORS GROUP SL	07/08/2007	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
1990 APGF AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	07/08/2007	1
ABAD PEREZ GONZALEZ FORTUÑO AUDITORES SRC	ACCOUNTS' AUDITOR / HOLDER	11/04/2002	1
ACR BGV AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	02/04/2004	1
ALACREU NOGUERA MANOLO	MEMBER OF THE BOARD	28/09/2006	2
	PRESIDENT	28/09/2006
ALACREU NOGUERA MANUEL	PROXY	11/10/2006	1
ALFONSO AGUSTI ANTONIO	PROXY	06/02/2001	1
ARNEDO CORTIJO MIGUEL	JOINT ATTORNEY	06/02/2001	1
CAMPOS TARAZON MANUEL	PROXY	06/02/2001	1
CARRUESCO SALANOVA MANUEL	PROXY	06/02/2001	1
CHIRIVELLA RAMON ANTONIO	MEMBER OF THE BOARD	28/09/2006	4
	PROXY	01/03/2004
	PROXY	17/09/2008
	PROXY	09/01/2009
GARCIA GUZMAN FIDEL	JOINT ATTORNEY	16/05/2002	1
GARCIA GUZMAN GARCIA BELEN	SECRETARY	23/11/2012	7
	SECRETARY	28/09/2006
	PROXY	17/09/2008
	PROXY	09/01/2009
	SECRETARY	05/04/2011
	MEMBER OF THE BOARD	05/04/2011
	MEMBER OF THE BOARD	23/11/2012
GARCIA GUZMAN GARCIA FIDEL	MEMBER OF THE BOARD	23/11/2012	7
	PRESIDENT	23/11/2012
	PRESIDENT	05/04/2011
	MEMBER OF THE BOARD	05/04/2011
	PROXY	17/09/2008
	PROXY	09/01/2009
	MEMBER OF THE BOARD	28/09/2006
GARCIA GUZMAN GARCIA PATRICIA	MEMBER OF THE BOARD	05/04/2011	6
	MEMBER OF THE BOARD	23/11/2012
	VICE SECRETARY	28/09/2006
	VICE SECRETARY	05/04/2011
	VICE SECRETARY	23/11/2012
GARCIA GUZMAN GARCIA SILVIA	MEMBER OF THE BOARD	05/04/2011	5
	PROXY	01/03/2004
	PROXY	17/09/2008
	PROXY	09/01/2009
	VICE CHAIRMAN	05/04/2011
GARCIA GUZMAN GARCIA SILVIA ALEJANDRA	PROXY	09/01/2009	1
GARCIA GUZMAN MARTINEZ MIGUEL	MEMBER OF THE BOARD	29/05/2002	2
	PROXY	01/03/2004
GARCIA GUZMAN MAÑES FIDEL	SINGLE ADMINISTRATOR	14/02/1994	3
	SINGLE ADMINISTRATOR	18/04/1997
	SINGLE ADMINISTRATOR	16/05/2001
GARCIA GUZMAN MAÑEZ FIDEL	SINGLE ADMINISTRATOR	16/05/2001	7
	MEMBER OF THE BOARD	21/06/2010
	MEMBER OF THE BOARD	23/11/2012
	PROXY	09/01/2009
	JOINT ATTORNEY	09/01/2009
	PRESIDENT	22/03/2004
	PRESIDENT	21/06/2010
GARCIA MARTINEZ MIGUEL	JOINT ATTORNEY	09/01/2009	1
GARCIA-GUZMAN GARCIA SILVIA	MEMBER OF THE BOARD	23/11/2012	2
	VICE CHAIRMAN	23/11/2012
GAS MARQUES SALVADOR	PROXY	27/07/2000	1
GINES LLORENS FERNANDO	PROXY	16/05/2002	1
GUZMAN SA	SINGLE PARTNER	24/12/2010	2
IRANZO GIMENEZ LUIS	MEMBER OF THE BOARD	22/03/2004	2
LAFUENTE SANCHEZ MARIA DOLORES	PROXY	11/10/2006	1
LLORENS CARRIO JUAN	MEMBER OF THE BOARD	28/09/2006	1
MARTINEZ CARBONELL GARCIA ALEJANDRO	PROXY	06/04/2005	1
MIGUEL MIGUEL MIGUEL	MEMBER OF THE BOARD	22/03/2004	2
	PROXY	30/06/2011
PALACIOS VILACHE MANUEL	PROXY	06/02/2001	1
ROS ANDRES MIGUEL	PROXY	06/02/2001	1
SANTACRUZ GARCIA MIGUEL ANGEL	PROXY	30/03/2006	1

Executive board

Post	NIF	Name
ADMINISTRATOR		GUZMAN S.A.
DIRECTOR/GENERAL MANAGER		ARTIGAS VERDE ALBERTO

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. It is one of the major domestic companies in terms of sales volume. {POSITIVO}Adequate level of financial autonomy. The financial autonomy of the entity represents the 39.32 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.{/POSITIVO} GUZMAN GLOBAL SL 's borrowing cost is appropriate according to its volume of external financing sources.{/POSITIVO}

It has no return from its main operating activity.This might deteriorate its financial situation. Moreover, this productivity has decreased in comparison with the previous financial year. Reduced level of liquidity. The company shows not enough capacity to meet its obligations with a maturity of less than one year with the available liquid assets. Among the companies with similar characteristics, GUZMAN GLOBAL SL 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:  0.434 %

> 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.

The 99.00% of the companies of the sector GUZMAN GLOBAL SL 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 0.434%.

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

Guarantees

  References

  Suppliers

Name	NIF	Telephone
HUNTSMAN
JSR
TOSOH
LG LIFE'S GOOD
ROBINSON BROTHERS
DORAL
OTAVI
S & B

Link List

ABSORBS TO:	4 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS ABSORBED BY:	1 Entities
PARTICIPATES IN:	3 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	GUZMAN SA	VALENCIA	99.99
PARTICIPATES IN	AUGUSTO GUIMARAES & IRMAO LDA (PORTUGAL)		50
	TECNO, SOCIEDAD LIMITADA, (ITALIA)		60
	AUGUSTO GUIMARAES & IRMAO LDA		50

> Other relationships

Relationship	Entity	Province	Shareholding stake
ABSORBS TO	GUZMAN DAXEL SOCIEDAD LIMITADA	VALENCIA
	GUZMAN MINERALES SOCIEDAD ANONIMA	VALENCIA
	GUZMAN CAUCHOS SOCIEDAD LIMITADA	VALENCIA
	GUZMAN POLIMEROS S.L	VALENCIA
IS ABSORBED BY	GUZMAN MINERALES SOCIEDAD LIMITADA	VALENCIA
HAS IN ITS ADMINISTRATION BOARD TO	GUZMAN SA	VALENCIA

Turnover
Total Sales 2013	118.000.000

Estimated Balance

Prev. 2013 Non-current assets 8.500.000 Current assets 42.000.000 Net equity 20.500.000 Non-current liabilities 5.000.000 Current liabilities 25.000.000 Total assets and liabilities 50.500.000 Sales 2013 118.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

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

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	8.647.671,00	9.040.735,00	8.473.952,00	6.728.766,00	6.647.896,00
I. Intangible fixed assets : 11100	656.105,00	759.480,00	9.928,00	0,00	0,00
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	101.558,00	134.024,00	9.928,00	0,00	0,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	554.547,00	625.456,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	5.262.218,00	5.592.913,00	5.911.431,00	6.187.890,00	6.234.659,00
1. Land and buildings: 11210	3.079.971,00	3.194.890,00	3.978.767,00	4.158.082,00	4.341.712,00
2. Technical installations and other tangible fixed assets: 11220	2.179.847,00	2.378.634,00	1.353.560,00	1.439.181,00	1.778.497,00
3. Tangible asset in progress and advances: 11230	2.400,00	19.389,00	579.104,00	590.627,00	114.450,00
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	1.867.233,00	1.829.733,00	1.829.733,00	204.110,00	400.110,00
1. Equity instruments: 11410	1.867.233,00	1.829.733,00	1.829.733,00	110,00	110,00
2. Credits to businesses: 11420	0,00	0,00	0,00	204.000,00	400.000,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	203.764,00	171.940,00	247.566,00	566,00	566,00
1. Equity instruments: 11510	240,00	240,00	240,00	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	203.524,00	171.700,00	247.326,00	566,00	566,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	658.352,00	686.670,00	475.294,00	336.200,00	12.561,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	44.432.994,00	67.973.781,00	66.200.165,00	20.422.837,00	31.650.329,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	17.369.517,00	35.186.753,00	20.309.942,00	6.714.602,00	16.259.692,00
1. Commercial: 12210	13.994.046,00	14.284.234,00	13.868.560,00	2.482.938,00	4.882.325,00
2. Primary material and other supplies: 12220	1.343.382,00	16.215.172,00	4.392.793,00	2.586.344,00	9.254.977,00
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	2.024.842,00	4.687.347,00	2.016.829,00	1.644.358,00	2.122.389,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	2.024.842,00	4.687.347,00	2.016.829,00	1.644.358,00	2.122.389,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	7.246,00	0,00	31.759,00	963,00	0,00
III. Trade debtors and others receivable accounts: 12300	25.148.287,00	32.193.018,00	40.677.680,00	13.456.435,00	13.852.268,00
1. Trade debtors / accounts receivable: 12310	24.586.154,00	30.928.680,00	39.236.036,00	13.078.284,00	13.381.798,00
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	24.586.154,00	30.928.680,00	39.236.036,00	13.078.284,00	13.381.798,00
2. Customers, Group companies and associates : 12320	40.018,00	38.672,00	75.585,00	49.327,00	84.478,00
3. Other accounts receivable: 12330	313.472,00	411.374,00	450.865,00	135.610,00	45.378,00
4. Personnel: 12340	1.974,00	1.674,00	0,00	0,00	961,00
5. Assets for deferred tax: 12350	196.891,00	548,00	0,00	1.921,00	407,00
6. Other debtors, including tax and social security: 12360	9.778,00	812.069,00	915.194,00	191.294,00	339.247,00
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	204.000,00	198.000,00	200.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	204.000,00	198.000,00	200.000,00
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	11.910,00
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	11.803,00
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	107,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	20.482,00	3.052,00	101.741,00	33.747,00	0,00
VII. Cash and other equivalent liquid assets : 12700	1.894.708,00	590.959,00	4.906.802,00	20.052,00	1.326.458,00
1. Treasury: 12710	1.894.708,00	590.959,00	4.906.802,00	20.052,00	1.326.458,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	53.080.665,00	77.014.517,00	74.674.116,00	27.151.602,00	38.298.225,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	20.924.797,00	21.077.890,00	17.040.753,00	7.931.733,00	8.703.135,00
A-1) Shareholders' equity: 21000	20.869.967,00	21.022.709,00	16.980.670,00	7.862.137,00	8.623.832,00
I. Capital: 21100	9.232.680,00	9.232.680,00	9.232.680,00	5.006.640,00	5.006.640,00
1. Registered capital : 21110	9.232.680,00	9.232.680,00	9.232.680,00	5.006.640,00	5.006.640,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	3.695.411,00	3.695.411,00	2.838.479,00	770.991,00	770.991,00
III. Reserves: 21300	2.344.964,00	1.782.257,00	1.499.756,00	1.499.756,00	1.499.756,00
1. Legal y estatutarias: 21310	1.846.536,00	1.283.829,00	1.001.328,00	1.001.328,00	1.001.328,00
2. Other reserves: 21320	498.428,00	498.428,00	498.428,00	498.428,00	498.428,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	4.949.489,00	2.270.323,00	584.749,00	1.346.445,00	1.376.282,00
1. Brought forward: 21510	4.949.489,00	2.270.323,00	1.376.282,00	1.376.282,00	1.376.282,00
2. (Negative results from previous periods): 21520	0,00	0,00	-791.532,00	-29.837,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	647.423,00	7.042.660,00	2.825.005,00	-761.695,00	-29.837,00
VIII. (Interim dividend): 21800	0,00	-3.000.621,00	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	54.830,00	55.181,00	60.083,00	69.596,00	79.303,00
B) NON-CURRENT LIABILITIES: 31000	5.595.960,00	5.997.554,00	5.561.610,00	3.542.554,00	1.572.568,00
I. Long-term provisions: 31100	318.017,00	285.437,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	318.017,00	285.437,00	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	1.263.756,00	704.910,00	1.035.861,00	1.512.727,00	1.538.581,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	463.756,00	704.910,00	935.861,00	1.312.727,00	1.538.181,00
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	800.000,00	0,00	100.000,00	200.000,00	400,00
III. Long-term debts with Group companies and associates: 31300	3.800.000,00	4.800.000,00	4.500.000,00	2.000.000,00	0,00
IV. Liabilities for deferred tax: 31400	214.187,00	207.207,00	25.750,00	29.827,00	33.987,00
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	26.559.908,00	49.939.073,00	52.071.753,00	15.677.316,00	28.022.523,00
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	273.000,00	0,00	0,00	0,00
III. Short-term creditors : 32300	13.344.762,00	36.019.573,00	34.182.284,00	11.460.203,00	14.212.718,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	13.120.461,00	32.634.237,00	34.084.901,00	11.360.203,00	14.057.566,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	64.625,00	55.982,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	159.675,00	3.329.354,00	97.383,00	100.000,00	155.151,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	14.843,00	0,00
V. Trade creditors and other accounts payable: 32500	13.215.146,00	13.646.500,00	17.889.469,00	4.202.269,00	13.809.805,00
1. Suppliers: 32510	10.508.000,00	12.198.846,00	16.170.332,00	3.663.504,00	8.440.036,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	10.508.000,00	12.198.846,00	16.170.332,00	3.663.504,00	8.440.036,00
2. Suppliers, Group companies and associates: 32520	289.083,00	178.931,00	4.807,00	4.403,00	4.825.379,00
3. Other creditors: 32530	1.761.806,00	392.630,00	928.179,00	479.701,00	409.282,00
4. Personnel (remuneration due): 32540	342.748,00	588.268,00	466.876,00	4.578,00	54.678,00
5. Liabilities for current tax: 32550	0,00	168,00	0,00	0,00	0,00
6. Otras deudas con las Administraciones Públicas. : 32560	313.510,00	186.696,00	319.274,00	49.783,00	80.128,00
7. Advances from clients: 32570	0,00	100.962,00	0,00	301,00	301,00
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	53.080.665,00	77.014.517,00	74.674.116,00	27.151.602,00	38.298.225,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	124.538.712,00	139.763.531,00	123.055.004,00	25.457.231,00	35.216.281,00
a) Sales: 40110	123.818.040,00	139.057.337,00	122.710.076,00	25.302.692,00	34.969.065,00
b) Rendering of services: 40120	720.672,00	706.194,00	344.928,00	154.538,00	247.216,00
2. Changes in stocks of finished goods and work in progress: 40200	-2.662.505,00	2.330.795,00	325.170,00	-478.032,00	-244.235,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-107.359.917,00	-115.093.915,00	-104.493.493,00	-20.298.481,00	-27.238.968,00
a) Stock consumption: 40410	-72.487.982,00	-91.059.255,00	-85.168.296,00	-7.865.455,00	-10.248.497,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-34.596.994,00	-23.792.447,00	-19.237.949,00	-12.394.870,00	-16.939.235,00
c) Works carried out by other companies: 40430	-252.718,00	-242.213,00	-87.248,00	-40.614,00	-62.393,00
d) Impairment of stock, primary material and other supplies: 40440	-22.223,00	0,00	0,00	2.459,00	11.156,00
5. Other operating income: 40500	114.897,00	140.393,00	120.638,00	55.930,00	95.172,00
a) Auxiliary income and other from current management: 40510	114.897,00	140.393,00	79.834,00	0,00	0,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	40.804,00	55.930,00	95.172,00
6. Personnel costs: 40600	-5.252.808,00	-6.605.634,00	-4.543.167,00	-1.496.719,00	-1.732.369,00
a) Wages, salaries et al.: 40610	-4.213.941,00	-5.349.485,00	-3.840.290,00	-1.164.399,00	-1.349.345,00
b) Social security costs: 40620	-1.006.287,00	-970.712,00	-702.877,00	-332.319,00	-383.024,00
c) Provisions : 40630	-32.580,00	-285.437,00	0,00	0,00	0,00
7. Other operating costs: 40700	-7.539.862,00	-9.632.172,00	-9.905.860,00	-3.304.541,00	-4.737.387,00
a) External services: 40710	-7.442.585,00	-9.037.158,00	-9.414.459,00	-3.139.757,00	-4.625.460,00
b) Taxes: 40720	-85.920,00	-91.631,00	-125.301,00	-88.735,00	-104.668,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-9.672,00	-503.383,00	-360.508,00	-76.050,00	-7.259,00
d) Other current management expenditure : 40740	-1.684,00	0,00	-5.593,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-751.079,00	-627.511,00	-534.478,00	-608.618,00	-607.006,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	501,00	7.003,00	13.590,00	13.867,00	22.710,00
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	2.000,00	-542,00	0,00	126,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	2.000,00	-542,00	0,00	126,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	1.102.084,00	-395,00	14.381,00	1.550,00	21.951,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	2.190.024,00	10.284.095,00	4.051.244,00	-657.812,00	796.276,00
14. Financial income : 41400	20.248,00	192.686,00	19.134,00	20.261,00	16.217,00
a) Of shares in equity instruments : 41410	0,00	150.001,00	0,00	0,00	98,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	98,00
a 2) In third parties: 41412	0,00	150.001,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	20.248,00	42.685,00	19.134,00	20.261,00	16.119,00
b 1) From Group companies and associates : 41421	0,00	6,00	150,00	0,00	11.803,00
b 2) From third parties : 41422	20.248,00	42.679,00	18.984,00	20.261,00	4.317,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-1.110.035,00	-1.239.038,00	-762.979,00	-461.881,00	-824.162,00
a) Amounts owed to Group companies and associates : 41510	-315.510,00	-181.327,00	-139.386,00	-23.206,00	0,00
b) For debts with third parties : 41520	-794.525,00	-1.057.712,00	-623.593,00	-438.675,00	-824.162,00
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	-87.311,00	323.348,00	-84.277,00	14.098,00	-28.450,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	20.156,00	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	20.156,00	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	-1.177.099,00	-723.005,00	-807.966,00	-427.522,00	-836.395,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	1.012.925,00	9.561.090,00	3.243.278,00	-1.085.334,00	-40.119,00
20. Income taxes: 41900	-365.502,00	-2.518.430,00	-418.273,00	323.639,00	10.281,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	647.423,00	7.042.660,00	2.825.005,00	-761.695,00	-29.837,00
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	647.423,00	7.042.660,00	2.825.005,00	-761.695,00	-29.837,00

> 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:	7.989.319,00	8.354.065,00	7.998.658,00	6.392.565,00	6.635.335,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	656.105,00	759.480,00	9.928,00	0,00	0,00
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:	101.558,00	134.024,00	9.928,00	0,00	0,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	554.547,00	625.456,00	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:	5.262.218,00	5.592.913,00	5.911.431,00	6.187.890,00	6.234.659,00
1. Land and construction:	3.079.971,00	3.194.890,00	3.978.767,00	4.158.082,00	4.341.712,00
2. Technical installations and machinery:	2.052.001,00	2.239.129,00	1.274.175,00	1.354.774,00	1.674.190,00
3. Other installations, tools and furniture:	102.867,00	112.247,00	63.874,00	67.915,00	83.927,00
4. Payments on account and tangible fixed assets under construction:	2.400,00	19.389,00	579.104,00	590.627,00	114.450,00
5. Other tangible assets:	24.980,00	27.258,00	15.511,00	16.492,00	20.380,00
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:	2.070.997,00	2.001.673,00	2.077.299,00	204.676,00	400.676,00
1. Equity investments in group companies:	1.867.233,00	1.829.733,00	1.829.733,00	110,00	110,00
2. Receivables from group companies:	0,00	0,00	0,00	204.000,00	400.000,00
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:	240,00	240,00	240,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	203.524,00	171.700,00	247.326,00	566,00	566,00
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:	45.091.346,00	68.660.451,00	66.675.458,00	20.759.037,00	31.662.891,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	17.369.517,00	35.186.753,00	20.309.942,00	6.714.602,00	16.259.692,00
1. Goods for resale:	13.994.046,00	14.284.234,00	13.868.560,00	2.482.938,00	4.882.325,00
2. Raw materials and other consumables:	1.343.382,00	16.215.172,00	4.392.793,00	2.586.344,00	9.254.977,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	2.024.842,00	4.687.347,00	2.016.829,00	1.644.358,00	2.122.389,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	7.246,00	0,00	31.759,00	963,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	25.806.639,00	32.879.688,00	41.152.973,00	13.792.636,00	13.864.830,00
1. Trade debtors / accounts receivable:	24.586.154,00	30.928.680,00	39.236.036,00	13.078.284,00	13.381.798,00
2. Accounts receivable, Group companies:	2.528,00	2.443,00	4.774,00	3.116,00	5.336,00
3. Accounts receivable, associated companies:	37.490,00	36.229,00	70.811,00	46.211,00	79.142,00
4. Other debtors:	313.472,00	411.374,00	450.865,00	135.610,00	45.378,00
5. Staff:	1.974,00	1.674,00	0,00	0,00	961,00
6. Public bodies:	865.021,00	1.499.288,00	1.390.488,00	529.415,00	352.215,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	0,00	204.000,00	198.000,00	211.910,00
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	204.000,00	198.000,00	200.000,00
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	0,00	0,00	11.803,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	107,00
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:	1.894.708,00	590.959,00	4.906.802,00	20.052,00	1.326.458,00
VII. Prepayments and accrued income:	20.482,00	3.052,00	101.741,00	33.747,00	0,00
GENERAL TOTAL (A + B + C + D):	53.080.665,00	77.014.517,00	74.674.116,00	27.151.602,00	38.298.225,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	20.951.041,00	21.095.246,00	16.998.695,00	7.883.015,00	8.647.623,00
I. Subscribed capital:	9.232.680,00	9.232.680,00	9.232.680,00	5.006.640,00	5.006.640,00
II. Share premium:	3.695.411,00	3.695.411,00	2.838.479,00	770.991,00	770.991,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	2.426.039,00	1.854.793,00	1.517.781,00	1.520.635,00	1.523.547,00
1. Legal reserve:	1.846.536,00	1.283.829,00	1.001.328,00	1.001.328,00	1.001.328,00
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:	579.500,00	570.962,00	516.450,00	519.304,00	522.216,00
Differences due to capital adjustement to euros:	2,00	3,00	3,00	3,00	3,00
V. Profit or loss brought forward:	4.949.489,00	2.270.323,00	584.749,00	1.346.445,00	1.376.282,00
1. Retained earnings:	4.949.489,00	2.270.323,00	1.376.282,00	1.376.282,00	1.376.282,00
2. Prior year losses:	0,00	0,00	-791.532,00	-29.837,00	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:	647.423,00	7.042.660,00	2.825.005,00	-761.695,00	-29.837,00
VII. Interim dividend paid:	0,00	-3.000.621,00	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:	38.381,00	38.627,00	42.058,00	48.717,00	55.512,00
1. Capital grants:	38.381,00	38.627,00	42.058,00	48.717,00	55.512,00
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:	318.017,00	285.437,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	318.017,00	285.437,00	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:	5.277.942,00	5.712.117,00	5.561.610,00	3.542.554,00	1.572.568,00
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:	463.756,00	704.910,00	935.861,00	1.312.727,00	1.538.181,00
1. Loans and other liabilities:	463.756,00	704.910,00	935.861,00	1.312.727,00	1.538.181,00
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:	3.800.000,00	4.800.000,00	4.500.000,00	2.000.000,00	0,00
1. Amounts owed to group companies:	3.800.000,00	4.800.000,00	4.500.000,00	2.000.000,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	1.014.187,00	207.207,00	125.750,00	229.827,00	34.387,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	800.000,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	100.000,00	200.000,00	400,00
4. Long term payables to public bodies:	214.187,00	207.207,00	25.750,00	29.827,00	33.987,00
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:	26.495.283,00	49.610.091,00	52.071.753,00	15.677.316,00	28.022.523,00
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:	13.120.461,00	32.634.237,00	34.084.901,00	11.360.203,00	14.057.566,00
1. Loans and other liabilities:	13.120.461,00	32.634.237,00	34.084.901,00	11.360.203,00	14.057.566,00
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:	289.083,00	178.931,00	4.807,00	19.247,00	4.825.379,00
1. Amounts owed to group companies:	289.083,00	178.931,00	4.807,00	19.247,00	4.825.379,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	12.269.805,00	12.692.438,00	17.098.511,00	4.143.506,00	8.849.619,00
1. Advanced payments from customers:	0,00	100.962,00	0,00	301,00	301,00
2. Amounts owed for purchases of goods or services:	12.269.805,00	12.591.476,00	17.098.511,00	4.143.204,00	8.849.318,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	815.933,00	4.104.485,00	883.533,00	154.360,00	289.958,00
1. Public bodies:	313.510,00	186.864,00	319.274,00	49.783,00	80.128,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	159.675,00	3.329.354,00	97.383,00	100.000,00	155.151,00
4. Wages and salaries payable:	342.748,00	588.268,00	466.876,00	4.578,00	54.678,00
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	273.000,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	53.080.665,00	77.014.517,00	74.674.116,00	27.151.602,00	38.298.225,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	125.129.019,00	135.717.096,00	120.743.068,00	26.324.632,00	35.402.295,00
A.1. Stock reduction of both manufactured goods and the ones in process:	2.662.505,00	0,00	0,00	478.032,00	244.235,00
A.2. Supplies:	107.337.694,00	115.093.915,00	104.493.493,00	20.300.940,00	27.250.125,00
a) Stock consumption:	72.487.982,00	91.059.255,00	85.168.296,00	7.865.455,00	10.248.497,00
b) Consumption of raw materials and miscellaneous consumable ones:	34.596.994,00	23.792.447,00	19.237.949,00	12.394.870,00	16.939.235,00
c) Miscellaneous external expenditure:	252.718,00	242.213,00	87.248,00	40.614,00	62.393,00
A.3. Staff costs:	5.252.808,00	6.605.634,00	4.543.167,00	1.496.719,00	1.732.369,00
a) Wages, salaries et al.:	4.246.521,00	5.634.922,00	3.840.290,00	1.164.399,00	1.349.345,00
b) Social security costs:	1.006.287,00	970.712,00	702.877,00	332.319,00	383.024,00
A.4. Depreciation expense:	721.938,00	603.164,00	513.741,00	585.004,00	583.455,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	31.895,00	503.383,00	360.508,00	73.591,00	-3.898,00
a) Stock provision variation:	22.223,00	0,00	0,00	-2.459,00	-11.156,00
b) Variation in provision and bad debt losses:	9.672,00	503.383,00	360.508,00	76.050,00	7.259,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	7.559.331,00	9.153.135,00	9.566.089,00	3.252.105,00	4.753.679,00
a) External services:	7.442.585,00	9.037.158,00	9.414.459,00	3.139.757,00	4.625.460,00
b) Taxes:	85.920,00	91.631,00	125.301,00	88.735,00	104.668,00
c) Other operating expenses:	1.684,00	0,00	5.593,00	0,00	0,00
d) Allocation to revision fund:	29.141,00	24.347,00	20.737,00	23.614,00	23.551,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	1.087.439,00	10.275.487,00	4.023.815,00	0,00	751.489,00
A.7. Financial and similar charges:	1.110.035,00	1.239.038,00	762.979,00	461.881,00	824.162,00
a) Due to liabilities with companies of the group:	315.510,00	181.327,00	139.386,00	23.206,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	794.525,00	1.057.712,00	623.593,00	438.675,00	824.162,00
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:	87.311,00	0,00	84.277,00	0,00	28.450,00
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):	0,00	9.552.482,00	3.215.849,00	0,00	0,00
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	542,00	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	395,00	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):	1.102.585,00	8.608,00	27.429,00	15.417,00	44.788,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	1.012.925,00	9.561.090,00	3.243.278,00	0,00	0,00
A.15. Corporation tax:	365.502,00	2.518.430,00	418.273,00	-323.639,00	-10.281,00
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):	647.423,00	7.042.660,00	2.825.005,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	125.776.442,00	142.759.756,00	123.568.073,00	25.562.937,00	35.372.458,00
B.1. Net total sales:	124.538.712,00	139.763.531,00	123.055.004,00	25.457.231,00	35.216.281,00
a) Sales:	124.810.965,00	140.172.469,00	123.694.115,00	25.505.600,00	35.249.489,00
b) Rendering of services:	720.672,00	706.194,00	344.928,00	154.538,00	247.216,00
Returns and Rappel on sales:	-992.924,00	-1.115.132,00	-984.039,00	-202.908,00	-280.425,00
B.2. Stock increase of manufactured goods and products in process:	0,00	2.330.795,00	325.170,00	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:	114.897,00	140.393,00	120.638,00	55.930,00	95.172,00
a) Auxiliary income and other from current management:	114.897,00	140.393,00	79.834,00	0,00	0,00
b) Grants:	0,00	0,00	40.804,00	55.930,00	95.172,00
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	673.229,00	0,00
B.5. Income from equity investment:	0,00	150.001,00	0,00	0,00	98,00
a) In companies of the group:	0,00	0,00	0,00	0,00	98,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	150.001,00	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:	20.248,00	42.685,00	39.290,00	20.261,00	16.119,00
a) From companies of the group:	0,00	6,00	150,00	0,00	11.803,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	20.248,00	42.679,00	18.984,00	20.261,00	4.317,00
d) Profit on financial investment:	0,00	0,00	20.156,00	0,00	0,00
B.8. Exchange positive differences:	0,00	323.348,00	0,00	14.098,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	1.177.099,00	723.005,00	807.966,00	427.522,00	836.395,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	89.660,00	0,00	0,00	1.100.751,00	84.906,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	2.000,00	0,00	0,00	126,00
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:	501,00	7.003,00	13.590,00	13.867,00	22.710,00
B.12. Extraordinary income:	1.102.084,00	0,00	14.381,00	1.550,00	21.951,00
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	1.085.334,00	40.119,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	761.695,00	29.837,00

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	1.012.925,00	9.561.090,00	3.243.278,00	-1.085.334,00	-40.119,00
2. Results adjustments.: 61200	2.131.719,00	3.017.680,00	1.644.868,00	1.098.039,00	1.384.743,00
a) Fixed Assets Amortization (+).: 61201	751.079,00	627.511,00	534.478,00	608.618,00	607.006,00
b) Obsolescence Allowances (+/-). : 61202	523.130,00	738.401,00	399.749,00	61.668,00	-7.371,00
c) Variation in Provision (+/-). : 61203	-240.420,00	558.437,00	0,00	0,00	0,00
d) Allocation of grants (-).: 61204	-501,00	-7.003,00	-13.590,00	-13.867,00	-22.710,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	-2.000,00	542,00	0,00	-126,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	0,00	-20.156,00	0,00	0,00
g) Financial income (-).: 61207	-20.248,00	-192.686,00	-19.134,00	-20.261,00	-16.217,00
h) Financial Expenses (+). : 61208	1.118.678,00	1.295.020,00	762.979,00	461.881,00	824.162,00
3. Changes in current capital equity.: 61300	4.616.727,00	-12.532.614,00	315.697,00	-2.484.645,00	-790.269,00
a) Stock (+/-).: 61301	17.297.082,00	-15.216.533,00	-792.759,00	9.547.549,00	-4.459.385,00
d) Debtors and other accounts receivable (+/-). : 61302	7.238.174,00	8.085.983,00	-10.390.437,00	335.141,00	323.476,00
c) Other current assets (+/-). : 61303	-17.433,00	98.689,00	19.067,00	-33.747,00	38.254,00
d) Creditors and other accounts payable (+/-). : 61304	-531.187,00	-4.143.136,00	-756.926,00	-9.607.535,00	3.307.387,00
e) Other current liabilities (+/-).: 61305	-19.369.909,00	-1.357.618,00	12.236.752,00	-2.726.052,00	0,00
4. Other cash flows for operating activities.: 61400	-1.656.403,00	-3.669.099,00	-1.066.050,00	-416.366,00	-818.226,00
a) Interest payments (-). : 61401	-1.150.010,00	-1.315.704,00	-762.979,00	-433.193,00	-824.162,00
b) Dividend payment collection (+). : 61402	0,00	150.001,00	0,00	0,00	98,00
c) Interest collection (+). : 61403	20.171,00	42.685,00	19.134,00	18.341,00	16.119,00
d) Income tax payment collection (payments) (+/-).: 61404	-526.564,00	-2.546.081,00	-322.206,00	-1.514,00	-10.281,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	6.104.969,00	-3.622.942,00	4.137.792,00	-2.888.306,00	-263.870,00
6. Payments for investment (-).: 62100	-388.900,00	-1.108.325,00	-409.879,00	-436.979,00	-404.182,00
a) Companies of the group and affiliates. : 62101	-37.500,00	0,00	0,00	0,00	0,00
b) Intangible fixed assets. : 62102	-18.122,00	-134.095,00	-10.430,00	0,00	0,00
c) Fixed assets. : 62103	-301.454,00	-974.231,00	-228.226,00	-436.979,00	-404.182,00
e) Other financial assets. : 62105	0,00	0,00	-171.223,00	0,00	0,00
h) Other assets. : 62108	-31.824,00	0,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	0,00	281.856,00	512.658,00	209.910,00	51.320,00
a) Companies of the group and affiliates. : 62201	0,00	204.000,00	218.265,00	198.000,00	1.405,00
c) Fixed assets. : 62203	0,00	2.231,00	11.823,00	0,00	51.544,00
e) Other financial assets. : 62205	0,00	75.626,00	0,00	11.910,00	-11.910,00
g) Business Unit : 62207	0,00	0,00	282.570,00	0,00	0,00
h) Other assets. : 62208	0,00	0,00	0,00	0,00	10.281,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-388.900,00	-826.469,00	102.779,00	-227.069,00	-352.862,00
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	6.293.528,00	0,00	796.324,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-3.612.158,00	133.569,00	646.178,00	1.808.968,00	1.850.553,00
a) Issuance : 63201	3.800.000,00	380.901,00	1.000.000,00	2.034.423,00	1.850.553,00
2. Debts incurred with credit institutions (+). : 63203	3.000.000,00	0,00	0,00	0,00	1.850.553,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	300.000,00	1.000.000,00	2.014.843,00	0,00
5. Other debts (+). : 63206	800.000,00	80.901,00	0,00	19.579,00	0,00
b) Repayment and amortization of : 63207	-7.412.158,00	-247.332,00	-353.822,00	-225.454,00	0,00
2. Debts incurred with credit institutions (-).: 63209	-345.046,00	-247.332,00	-231.505,00	-225.454,00	0,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-4.000.000,00	0,00	-25.582,00	0,00	0,00
5. Other debts (-). : 63212	-3.067.112,00	0,00	-96.735,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-800.166,00	0,00	0,00	0,00	0,00
a) Dividends (-).: 63301	-800.166,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-4.412.324,00	133.569,00	646.178,00	1.808.968,00	1.850.553,00
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	1.303.746,00	-4.315.842,00	4.886.749,00	-1.306.407,00	1.233.821,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	590.959,00	4.906.802,00	20.052,00	1.326.458,00	92.638,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.894.705,00	590.959,00	4.906.801,00	20.052,00	1.326.458,00

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 %	-0,03 %	0,00 %	133,90 %
EBITDA over Sales:	1,48 %	9,20 %	7,80 %	10,06 %	-81,08 %	-8,54 %
Cash Flow Yield:	0,02 %	0,00 %	-0,06 %	0,00 %	143,83 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	2,13 %	5,21 %	13,71 %	6,93 %	-84,44 %	-24,85 %
Total economic profitability:	4,00 %	2,52 %	14,02 %	4,14 %	-71,48 %	-39,19 %
Financial profitability:	3,10 %	1,43 %	33,50 %	5,79 %	-90,74 %	-75,31 %
Margin:	0,87 %	4,80 %	7,35 %	6,37 %	-88,13 %	-24,56 %
Mark-up:	-0,07 %	1,66 %	6,83 %	4,76 %	-101,05 %	-65,08 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,07	0,12	0,01	0,11	499,52	9,42
Acid Test:	1,02	0,87	0,66	0,84	54,25	3,13
Working Capital / Investment:	0,34	0,03	0,23	0,03	43,79	8,79
Solvency:	1,70	1,19	1,38	1,18	22,81	1,32

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,50	1,64	2,59	1,64	-42,18	-0,02

Borrowing Composition:	0,20	1,02	0,12	1,03	72,78	-0,50
Repayment Ability:	24,42	140,77	-12,83	512,41	290,32	-72,53
Warranty:	1,67	1,62	1,39	1,62	19,88	0,04
Generated resources / Total creditors:	0,04	0,07	0,14	0,07	-67,78	-3,93

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,35	1,72	2,65	1,75	-49,07	-1,62
Turnover of Collection Rights :	4,96	4,79	4,35	4,45	14,06	7,72
Turnover of Payment Entitlements:	8,49	3,53	9,31	3,26	-8,78	8,13
Stock rotation:	7,11	6,65	3,68	6,06	93,10	9,88
Assets turnover:	2,44	1,08	1,87	1,09	31,03	-0,39
Borrowing Cost:	3,49	2,94	2,24	2,92	55,83	0,51

> 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 %	-0,03 %	3,97 %	-5,13 %	3,50 %
EBITDA over Sales:	1,48 %	7,80 %	3,70 %	-0,25 %	3,86 %
Cash Flow Yield:	0,02 %	-0,06 %	6,54 %	-4,81 %	3,22 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	2,13 %	13,71 %	5,58 %	-2,47 %	2,05 %
Total economic profitability:	4,00 %	14,02 %	5,36 %	-2,30 %	2,05 %
Financial profitability:	3,10 %	33,50 %	16,64 %	-9,69 %	-0,35 %
Margin:	0,87 %	7,35 %	3,28 %	-2,58 %	2,19 %
Mark-up:	-0,07 %	6,83 %	2,62 %	-1,68 %	-2,43 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,07	0,01	0,09	0,00	0,05
Acid Test:	1,02	0,66	0,88	0,87	0,55
Working Capital / Investment:	0,34	0,23	0,19	0,19	0,10
Solvency:	1,70	1,38	1,28	1,32	1,13

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	1,50	2,59	3,38	2,42	3,40
Borrowing Composition:	0,20	0,12	0,11	0,23	0,06
Repayment Ability:	24,42	-12,83	11,79	9,29	-1.058,58
Warranty:	1,67	1,39	1,30	1,41	1,29
Generated resources / Total creditors:	0,04	0,14	0,06	-0,01	0,02

Efficiency	2012	2011	2010	2009	2008
Productivity:	1,35	2,65	2,00	0,96	1,78
Turnover of Collection Rights :	4,96	4,35	3,03	1,90	2,55
Turnover of Payment Entitlements:	8,49	9,31	6,41	5,50	2,30
Stock rotation:	7,11	3,68	5,87	3,90	2,13
Assets turnover:	2,44	1,87	1,70	0,95	0,94
Borrowing Cost:	3,49	2,24	1,32	2,40	2,78

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

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
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	249.462,89
Notes	El importe imputado a resultados en este ejercicio ha sido de 500,78 euros, quedando un saldo pendiente al cierre de 54.830,49 euros.

Entity	INSTITUTO DE CREDITO OFICIAL
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	63.089,11
Notes	El importe imputado a resultados en este ejercicio ha sido de 6.308,93 euros, quedando la subvención totalmente amortizada.

Entity	MINISTERIO ECONOMIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	249.462,89
Notes	El importe imputado a resultados en el ejercicio es de 972,19 euros, quedando un saldo pendiente de imputar de 79.524,23 euros.

Entity	INSTITUTO DE CREDITO OFICIAL
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	63.089,11
Notes	El importe imputado a resultados en el ejercicio es de 12.617,81 euros, quedando un saldo pendiente de imputar de 6.308,93 euros.

Entity	INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención de explotación
Status	CONCEDIDA
Amount Granted	40.804,00
Notes	El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity	MINISTERIO DE INDUSTRIA Y DE EDUCACION Y CIENCIA
Subsidy Concept	Subvención a la explotación.
Status	CONCEDIDA
Amount Granted	60.804,00
Notes	Por programas de investigación.

Entity	MINISTERIO DE INDUSTRIA Y DE EDUCACION Y CIENCIA
Subsidy Concept	Subvención a la explotación.
Status	CONCEDIDA
Amount Granted	60.804,00
Notes	Por programas de investigación.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	51.393,53
Notes	El importe es el pendiente de imputación al cierre del ejercicio. Procedente de Incentivos Regionales.

Entity	INSTITUTO DE LA MEDIANA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	34.368,00
Notes	Subvención por el desarrollo de nuevos productos cerámicos.

Entity	INSTITUTO DE LA MEDIANA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	34.368,00
Notes	Subvención por el desarrollo de nuevos productos cerámicos.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	27.909,25
Notes	El importe es el pendiente de imputación al cierre del ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	27.909,25
Notes	El importe es el pendiente de imputación al cierre del ejercicio. Procedente de Incentivos Regionales.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	22.710,17
Notes	El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente de 51.393,53 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	252.462,89
Notes	La cantidad pendiente de imputar a resultados al cierre del ejercicio es de 91.837,48 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	211.560,91
Notes	El importe pendiente de imputar a resultados al cierre del ejercicio es 44.162,38 euros

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	57.500,00
Notes	Subvención por el desarrollo de nuevos productos cerámicos.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	384.472,18
Notes	Subvenciones concedidas en años anteriores por incentivos regionales.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	133.865,53
Notes	La subvención fue concedida en el ejercicio 2001.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	75.727,47
Notes	La subvención fue concedida en el ejercicio 2003.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	384.472,18

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	133.865,53
Notes	La subvención fue concedida en 2001.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	75.727,47
Notes	La subvención fue concedida en el ejercicio 2001.

Research Summary

The company was incorporated at the end of 1960. Guzmán Global is a global distributor of raw materials for the industry. From minerals to rubber, plastics, chemicals, green coffee beans, nuts, machines for plastics and construction materials among others. It has 90 employees. According to all this information, commercial relations can be envisaged in normal credit operations.

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.58.86
UK Pound	1	Rs.98.82
Euro	1	Rs.80.71

INFORMATION DETAILS

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