MIRA INFORM REPORT

Report Date :

22.05.2014

IDENTIFICATION DETAILS

Name :	EMCOR SA
Registered Office :	C/ Gonzalez Besada, 55 1º, Oviedo Asturias 33007
Country :	Spain
Financials (as on) :	2012
Date of Incorporation :	13.10.1978
Legal Form :	Public Company
Line of Business :	Wholesale of mining, construction and civil engineering machinery
No. of Employees	41

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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

NOTES :

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

ECGC Country Risk Classification List – 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 11.4% 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:	EMCOR SA
NIF / Fiscal code:	A28537108
Status:	ACTIVE
Incorporation Date:	13/10/1978
Register Data	Register Section 8 Sheet 6427
Last Publication in BORME:	20/12/2012 [Take-over Merger]
Last Published Account Deposit:	2012
Share Capital:	529.090,35
Localization:	C/ GONZALEZ BESADA, 55 1º - OVIEDO - 33007 - ASTURIAS
Telephone - Fax - Email - Website:	Ph.:. 985966212   Email. emcor@emcorsa.com   Website. www.emcorsa.com
Activity:
NACE:	4663 - Wholesale of mining, construction and civil engineering machinery
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	1 for a total cost of NaN
Subsidies:	3 for a total cost of 50400
Quality Certificate:	No

		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:

ACEDO INVERSIONES SOCIEDAD LIMITADA	39.75 %
INVERSIONES MARPEL SL	52.87 %
JOSE LUIS GONZALEZ CASTRO	7.38 %
Shares:	2
Other Links:	12
No. of Active Corporate Bodies:

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The holder was founded in the middle of the month of October 1978, provider of equipment and services for mining, civil engineering, environment and railways. There are 41 employees together with the holder. We consider that it can be related with normal lending operations.
Interviewed Person:

Identification

Social Denomination:	EMCOR SA
NIF / Fiscal code:	A28537108
Corporate Status:	ACTIVE
Start of activity:	1979
Registered Office:	C/ GONZALEZ BESADA, 55 1º
Locality:	OVIEDO
Province:	ASTURIAS
Postal Code:	33007
Telephone:	985966212
Fax:	985964123
Website:	www.emcorsa.com
Email:	emcor@emcorsa.com
Interviewed Person:	No facilitaron datos. Gestiones diversas.

Activity

NACE:	4663
Additional Information:	Plant, warehouse and offices located on
Additional Address:	.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	41

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

Breakdown of Owners' Equity
Registered Capital:	529.090,35
Paid up capital:	529.090,35

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
23/11/1999	Capital Reduction	-15.837	-15.837	62.295	62.295
08/11/2001	Increase of Capital	1.503	1.503	63.796	63.796
04/11/2002	Increase of Capital	537.204	537.204	601.000	601.000
11/01/2007	Capital Reduction	-57.185	-57.185	543.815	543.815
26/03/2010	Capital Reduction	-14.725	-14.725	529.090	529.090

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	INVERSIONES MARPEL SL	16/12/2009	16
MEMBER OF THE BOARD	ACEDO INVERSIONES SOCIEDAD LIMITADA	16/12/2009	7
	GONZALEZ CASTRO JOSE LUIS	16/12/2009	14
	INVERSIONES MARPEL SL	16/12/2009	16
COMBINED CHIEF EXECUTIVE OFFICER	GONZALEZ CASTRO JOSE LUIS	16/12/2009	14
	ACEDO INVERSIONES SOCIEDAD LIMITADA	16/12/2009	7
	INVERSIONES MARPEL SL	16/12/2009	16
COMBINED PROXY	GONZALEZ MADERA JUAN JOSE	08/10/1999	16
	GONZALEZ CASTRO JOSE LUIS	08/10/1999	14
SECRETARY	GONZALEZ CASTRO JOSE LUIS	16/12/2009	14
ACCOUNTS' AUDITOR / HOLDER	ABANTE NORTE AUDITORES SLP	28/12/2011	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ABANTE NORTE AUDITORES SLP	ACCOUNTS' AUDITOR / HOLDER	28/12/2011	2
ACEDO INVERSIONES SOCIEDAD LIMITADA	COMBINED CHIEF EXECUTIVE OFFICER	16/12/2009	7
	MEMBER OF THE BOARD	16/12/2009
	MEMBER OF THE BOARD	27/04/2005
	JOINT CHIEF EXECUTIVE OFFICER	27/04/2005
	COMBINED CHIEF EXECUTIVE OFFICER	20/09/2006
ALVAREZ ARTIME Y CIA AUDITORES SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	27/10/2004	7
	ACCOUNTS' AUDITOR / HOLDER	14/11/2007
	ACCOUNTS' AUDITOR / HOLDER	11/09/2008
	ACCOUNTS' AUDITOR / HOLDER	20/09/2006
	ACCOUNTS' AUDITOR / HOLDER	20/09/2006
	ACCOUNTS' AUDITOR / HOLDER	27/10/2004
	ACCOUNTS' AUDITOR / HOLDER	28/12/2011
ALVAREZ ARTIME Y CIA AUDITORES SRC	ACCOUNTS' AUDITOR / HOLDER	27/10/2004	5
	ACCOUNTS' AUDITOR / HOLDER	21/11/2001
	ACCOUNTS' AUDITOR / HOLDER	07/08/2002
	ACCOUNTS' AUDITOR / HOLDER	12/01/2000
	ACCOUNTS' AUDITOR / HOLDER	05/01/2001
AUDAREZ ARTIME CIA AUDITORES SRC	ACCOUNTS' AUDITOR / HOLDER	12/01/2000	1
GARCIA MARTINEZ AMALIO	MEMBER OF THE BOARD	15/12/1992	8
	MEMBER OF THE BOARD	25/05/1993
	MEMBER OF THE BOARD	30/09/1996
	JOINT CHIEF EXECUTIVE OFFICER	25/05/1993
	JOINT CHIEF EXECUTIVE OFFICER	30/09/1996
	PRESIDENT	15/12/1992
	PRESIDENT	25/05/1993
	PRESIDENT	30/09/1996
GARCIA MARTINEZ CESAR	MEMBER OF THE BOARD	09/07/1991	1
GONZALEZ CASTRO JOSE LUIS	MEMBER OF THE BOARD	30/09/1996	14
	COMBINED PROXY	08/10/1999
	MEMBER OF THE BOARD	15/12/1992
	MEMBER OF THE BOARD	18/09/2001
	MEMBER OF THE BOARD	26/03/2003
	MEMBER OF THE BOARD	27/04/2005
	COMBINED CHIEF EXECUTIVE OFFICER	20/09/2006
	COMBINED CHIEF EXECUTIVE OFFICER	16/12/2009
	SECRETARY	16/12/2009
	MEMBER OF THE BOARD	16/12/2009
GONZALEZ MADERA JUAN JOSE	COMBINED PROXY	08/10/1999	16
	SECRETARY	18/09/2001
	MEMBER OF THE BOARD	18/09/2001
	MEMBER OF THE BOARD	26/03/2003
	SECRETARY	26/03/2003
	SECRETARY	27/04/2005
	MEMBER OF THE BOARD	27/04/2005
	MEMBER OF THE BOARD	20/09/2006
	COMBINED CHIEF EXECUTIVE OFFICER	20/09/2006
	SECRETARY	15/12/1992
	SECRETARY	25/05/1993
	MEMBER OF THE BOARD	25/05/1993
	MEMBER OF THE BOARD	30/09/1996
	SECRETARY	30/09/1996
	MEMBER OF THE BOARD	15/12/1992
INVERSIONES MARPEL SL	MEMBER OF THE BOARD	18/09/2001	16
	PRESIDENT	26/03/2003
	JOINT CHIEF EXECUTIVE OFFICER	26/03/2003
	JOINT CHIEF EXECUTIVE OFFICER	18/09/2001
	PRESIDENT	18/09/2001
	MEMBER OF THE BOARD	26/03/2003
	MEMBER OF THE BOARD	16/12/2009
	COMBINED CHIEF EXECUTIVE OFFICER	16/12/2009
	PRESIDENT	16/12/2009
	JOINT CHIEF EXECUTIVE OFFICER	27/04/2005
	PRESIDENT	27/04/2005
	MEMBER OF THE BOARD	27/04/2005
	COMBINED CHIEF EXECUTIVE OFFICER	20/09/2006
POSADA FERRERO CESAR	MEMBER OF THE BOARD	15/12/1992	10
	JOINT CHIEF EXECUTIVE OFFICER	15/12/1992
	JOINT CHIEF EXECUTIVE OFFICER	25/05/1993
	MEMBER OF THE BOARD	25/05/1993
	MEMBER OF THE BOARD	30/09/1996
	JOINT CHIEF EXECUTIVE OFFICER	30/09/1996
	JOINT CHIEF EXECUTIVE OFFICER	18/09/2001
	MEMBER OF THE BOARD	18/09/2001
	MEMBER OF THE BOARD	26/03/2003
	JOINT CHIEF EXECUTIVE OFFICER	26/03/2003
PRADO MARTINEZ ROSA MARIA	MEMBER OF THE BOARD	15/12/1992	2
	MEMBER OF THE BOARD	25/05/1993
VALLINA SANCHEZ ANGEL	JOINT CHIEF EXECUTIVE OFFICER	15/12/1992	7
	MEMBER OF THE BOARD	15/12/1992
	JOINT CHIEF EXECUTIVE OFFICER	30/09/1996
	JOINT CHIEF EXECUTIVE OFFICER	12/03/1998
	MEMBER OF THE BOARD	12/03/1998
	MEMBER OF THE BOARD	25/05/1993
	MEMBER OF THE BOARD	30/09/1996

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		JOSE LUIS GONZALEZ CASTRO
MANAGING DIRECTOR		ARANZAZU POSADA
CHAIRMAN	B81012965	INVERSIONES MARPEL SL

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

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. The current debt represents a 42.71of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets. It does not have any financial profitability.. EMCOR SAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation. Debts assumed by the company based on the volume of its own resources have increased in the previous financial year. 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. Private consumption continues to have, in spite of some signs of improvement, very low rates , thus showing great weakness.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  3.713 %

> Latest Rating Changes :

Sector in which comparison is carried out : 466 Wholesale of other machinery, equipment and supplies
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 probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 3.713%.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Procedimientos ante Juzgados de lo Social	No se han publicado

Link List

ABSORBS TO:	1 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	2 Entities
IS RELATED WITH:	9 Entities
PARTICIPATES IN:	2 Entities
SHAREHOLDERS:	3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	ACEDO INVERSIONES SOCIEDAD LIMITADA	ASTURIAS	39.75
	INVERSIONES MARPEL SL	MADRID	52.87
	JOSE LUIS GONZALEZ CASTRO		7.38
	BULONES EXPANDIDOS S.A	ASTURIAS	100
PARTICIPATES IN	TALLERES CARRELO SL	ASTURIAS	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	CALSUMI SOCIEDAD LIMITADA	LEON
	DESARROLLOS GEOLOGICOS SA	ASTURIAS
	EMICO, S.A.
	MECANIZACIONES CARBONIFERAS Y SERVICIOS SA	ASTURIAS
	SOCIEDAD ANONIMA PARA TRABAJOS SUBTERRANEOS	ASTURIAS
	SISTEMAS ELECTROMECANICOS CERTIFICADOS SA	ASTURIAS
	EOSA 2002 SA	ASTURIAS
IS RELATED WITH	SOCIEDAD ANONIMA PARA TRABAJOS SUBTERRANEOS	ASTURIAS
	MECANIZACIONES CARBONIFERAS Y SERVICIOS SA	ASTURIAS
ABSORBS TO	TALLERES CARRELO SA	ASTURIAS
HAS IN ITS ADMINISTRATION BOARD TO	INVERSIONES MARPEL SL	MADRID
	ACEDO INVERSIONES SOCIEDAD LIMITADA	ASTURIAS

Turnover
Total Sales 2013	17.500.000

Estimated Balance

Prev. 2013 Non curren assets 4.500.000 Current assets 11.500.000 Equity 7.300.000 Non current liabilities 1.700.000 Current liabilities 7.000.000 Total assets and liabilities 16.000.000 Sales 2013 17.500.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Normales	August  2013
2011	Normales	November  2012
2010	Normales	February  2012
2009	Normales	August  2010
2008	Normales	August  2009
2007	Normales	August  2008
2006	Normales	August  2007
2005	Normales	September  2006
2004	Normales	November  2005
2003	Normales	October  2004
2002	Normales	August  2003
2001	Normales	August  2002
2000	Normales	August  2001
1999	Normales	September  2000
1998	Normales	October  1999
1997	Normales	September  1998
1996	Normales	July  1997
1995	Normales	September  1996
1994	Normales	September  1995
1993	Normales	September  1994
1991	Normales	August  1992
1990	Normales	August  1991
1989	Normales	November  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 Mixto 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	4.339.602,00	2.703.710,00	2.674.818,00	2.022.527,00	1.936.211,00
I. Intangible fixed assets : 11100	861,00	861,00	861,00	861,00	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	861,00	861,00	861,00	861,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	0,00	0,00	0,00	0,00	0,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	3.762.516,00	1.911.443,00	1.882.552,00	1.775.375,00	1.854.670,00
1. Land and buildings: 11210	2.793.490,00	1.488.649,00	1.507.677,00	1.527.875,00	1.548.073,00
2. Technical installations and other tangible fixed assets: 11220	969.026,00	422.794,00	374.875,00	247.500,00	306.597,00
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	566.544,00	774.140,00	774.140,00	232.053,00	67.303,00
1. Equity instruments: 11410	566.544,00	774.140,00	774.140,00	232.053,00	67.303,00
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	9.680,00	17.265,00	17.265,00	14.238,00	14.238,00
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	9.680,00	17.265,00	17.265,00	14.238,00	14.238,00
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	10.910.770,00	13.261.760,00	10.456.375,00	14.172.571,00	23.092.818,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	1.942.704,00	1.791.245,00	495.923,00	217.603,00	633.968,00
1. Commercial: 12210	1.942.704,00	1.791.245,00	495.923,00	217.603,00	633.968,00
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	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	8.547.639,00	11.064.116,00	9.107.668,00	13.122.224,00	21.822.236,00
1. Trade debtors / accounts receivable: 12310	7.927.887,00	10.681.611,00	8.983.750,00	13.122.224,00	21.742.870,00
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	7.927.887,00	10.681.611,00	8.983.750,00	13.122.224,00	21.742.870,00
2. Customers, Group companies and associates : 12320	435.708,00	382.505,00	112.406,00	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	184.044,00	0,00	11.512,00	0,00	79.366,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	314.322,00	314.322,00	314.322,00	0,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	314.322,00	314.322,00	314.322,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	12.931,00	14.233,00	9.734,00	9.430,00	72.661,00
VII. Cash and other equivalent liquid assets : 12700	93.174,00	77.844,00	528.728,00	823.314,00	563.953,00
1. Treasury: 12710	93.174,00	77.844,00	528.728,00	823.314,00	563.953,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	15.250.372,00	15.965.470,00	13.131.193,00	16.195.098,00	25.029.029,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	7.256.916,00	7.906.693,00	7.686.326,00	6.427.680,00	4.931.282,00
A-1) Shareholders' equity: 21000	7.256.916,00	7.906.693,00	7.686.326,00	6.427.680,00	4.931.282,00
I. Capital: 21100	529.090,00	529.090,00	529.090,00	529.090,00	543.815,00
1. Registered capital : 21110	529.090,00	529.090,00	529.090,00	529.090,00	543.815,00
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	552.621,00	192.111,00	192.111,00	192.111,00	177.386,00
1. Legal y estatutarias: 21310	120.200,00	120.200,00	120.200,00	120.200,00	120.200,00
2. Other reserves: 21320	432.421,00	71.911,00	71.911,00	71.911,00	57.186,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	-187.278,00
V. Results from previous periods: 21500	6.724.652,00	6.965.124,00	5.706.478,00	4.210.081,00	3.062.814,00
1. Brought forward: 21510	6.724.652,00	6.965.124,00	5.706.478,00	4.210.081,00	3.062.814,00
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	-119.934,00	220.367,00	1.258.646,00	1.496.398,00	1.334.544,00
VIII. (Interim dividend): 21800	-429.512,00	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	1.479.871,00	498.578,00	868.730,00	659.106,00	786.368,00
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	1.457.976,00	472.361,00	844.598,00	638.386,00	739.397,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	1.427.763,00	455.305,00	587.027,00	617.837,00	710.441,00
3. Creditors from financial leasing: 31230	30.213,00	17.055,00	24.746,00	20.549,00	28.956,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	232.825,00	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	21.895,00	26.217,00	24.132,00	20.721,00	46.971,00
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	6.513.584,00	7.560.199,00	4.576.138,00	9.108.313,00	19.311.379,00
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	316.829,00	436.829,00	510.799,00	645.368,00	645.368,00
III. Short-term creditors : 32300	3.312.617,00	4.506.458,00	927.012,00	2.236.799,00	11.094.755,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	3.290.624,00	4.265.909,00	440.516,00	2.219.815,00	11.010.209,00
3. Creditors from financial leasing: 32330	21.993,00	7.724,00	20.845,00	16.984,00	53.334,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	232.825,00	465.650,00	0,00	31.213,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	2.884.138,00	2.616.912,00	3.138.328,00	6.226.146,00	7.571.256,00
1. Suppliers: 32510	1.840.644,00	2.114.376,00	2.083.973,00	3.876.629,00	5.192.033,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	1.840.644,00	2.114.376,00	2.083.973,00	3.876.629,00	5.192.033,00
2. Suppliers, Group companies and associates: 32520	6.613,00	306.957,00	473.672,00	1.388.217,00	1.362.286,00
3. Other creditors: 32530	0,00	0,00	0,00	0,00	0,00
4. Personnel (remuneration due): 32540	118.121,00	46.500,00	52.406,00	35.500,00	63.690,00
5. Liabilities for current tax: 32550	1.730,00	61.091,00	475.889,00	614.850,00	483.426,00
6. Otras deudas con las Administraciones Públicas. : 32560	917.031,00	87.987,00	52.387,00	310.950,00	469.821,00
7. Advances from clients: 32570	0,00	0,00	0,00	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	15.250.372,00	15.965.470,00	13.131.193,00	16.195.098,00	25.029.029,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	18.064.581,00	19.521.201,00	21.329.498,00	29.244.106,00	32.227.974,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-15.500.376,00	-17.489.585,00	-17.802.454,00	-24.229.527,00	-26.896.100,00
5. Other operating income: 40500	242.401,00	147.372,00	209.487,00	119.913,00	212.516,00
6. Personnel costs: 40600	-1.663.353,00	-1.442.212,00	-1.605.226,00	-1.393.991,00	-1.601.489,00
7. Other operating costs: 40700	-709.336,00	-575.855,00	-228.918,00	-1.304.000,00	-1.428.978,00
8. Amortisation of fixed assets: 40800	-179.197,00	-91.981,00	-75.858,00	-94.254,00	-106.065,00
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	120.000,00	73.969,00	331.046,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	14.774,00	0,00	0,00	30,00	1.035,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	-120.059,00	246.094,00	-21.505,00	-9.062,00	-445,00
A) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	269.435,00	389.004,00	2.136.070,00	2.333.216,00	2.408.448,00
14. Financial income : 41400	1.408,00	13.352,00	19.167,00	5.881,00	24.042,00
a) Allocation of financial subsidies, donations and legacies: 41430	0,00	0,00	0,00	0,00	0,00
b) Other financial income: 41490	1.408,00	13.352,00	19.167,00	5.881,00	24.042,00
15. Financial expenditure: 41500	-263.222,00	-85.509,00	-89.836,00	-211.774,00	-530.849,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	-1.159,00	-2.037,00	116.621,00	10.188,00	-2.067,00
18. Impairment and result for transfers of financial instruments: 41800	-41.343,00	0,00	-389.212,00	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
B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19) : 49200	-304.316,00	-74.194,00	-343.261,00	-195.705,00	-508.874,00
C) NET RESULT BEFORE TAXES (A + B) : 49300	-34.881,00	314.810,00	1.792.809,00	2.137.511,00	1.899.574,00
20. Income taxes: 41900	-85.054,00	-94.443,00	-534.163,00	-641.113,00	-565.029,00
D) RESULT OF THE PERIOD (C + 20) : 49500	-119.934,00	220.367,00	1.258.646,00	1.496.398,00	1.334.544,00

> 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:	4.339.602,00	2.703.710,00	2.674.818,00	2.022.527,00	2.123.489,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	861,00	861,00	861,00	861,00	0,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	861,00	861,00	861,00	861,00	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:	0,00	0,00	0,00	0,00	0,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	3.762.516,00	1.911.443,00	1.882.552,00	1.775.375,00	1.854.670,00
1. Land and construction:	2.793.490,00	1.488.649,00	1.507.677,00	1.527.875,00	1.548.073,00
2. Technical installations and machinery:	593.690,00	259.032,00	229.673,00	151.635,00	187.842,00
3. Other installations, tools and furniture:	103.672,00	45.233,00	40.106,00	26.479,00	32.802,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	271.664,00	118.529,00	105.095,00	69.386,00	85.954,00
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:	576.224,00	791.405,00	791.405,00	246.291,00	81.541,00
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:	566.544,00	774.140,00	774.140,00	232.053,00	67.303,00
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:	9.680,00	17.265,00	17.265,00	14.238,00	14.238,00
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	187.278,00
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:	10.910.770,00	13.261.760,00	10.456.375,00	14.172.571,00	23.092.818,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	1.942.704,00	1.791.245,00	495.923,00	217.603,00	633.968,00
1. Goods for resale:	1.942.704,00	1.791.245,00	495.923,00	217.603,00	633.968,00
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:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	8.547.639,00	11.064.116,00	9.107.668,00	13.122.224,00	21.822.236,00
1. Trade debtors / accounts receivable:	7.927.887,00	10.681.611,00	8.983.750,00	13.122.224,00	21.742.870,00
2. Accounts receivable, Group companies:	435.708,00	382.505,00	112.406,00	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:	184.044,00	0,00	11.512,00	0,00	79.366,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	314.322,00	314.322,00	314.322,00	0,00	0,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	314.322,00	314.322,00	314.322,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	93.174,00	77.844,00	528.728,00	823.314,00	563.953,00
VII. Prepayments and accrued income:	12.931,00	14.233,00	9.734,00	9.430,00	72.661,00
GENERAL TOTAL (A + B + C + D):	15.250.372,00	15.965.470,00	13.131.193,00	16.195.098,00	25.216.307,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	7.256.916,00	7.906.693,00	7.686.326,00	6.427.680,00	5.118.560,00
I. Subscribed capital:	529.090,00	529.090,00	529.090,00	529.090,00	543.815,00
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:	552.621,00	192.111,00	192.111,00	192.111,00	177.386,00
1. Legal reserve:	120.200,00	120.200,00	120.200,00	120.200,00	120.200,00
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:	432.411,00	71.909,00	71.909,00	71.909,00	57.185,00
Differences due to capital adjustement to euros:	9,00	2,00	2,00	2,00	1,00
V. Profit or loss brought forward:	6.724.652,00	6.965.124,00	5.706.478,00	4.210.081,00	3.062.814,00
1. Retained earnings:	6.724.652,00	6.965.124,00	5.706.478,00	4.210.081,00	3.062.814,00
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:	-119.934,00	220.367,00	1.258.646,00	1.496.398,00	1.334.544,00
VII. Interim dividend paid:	-429.512,00	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:	1.479.871,00	498.578,00	868.730,00	659.106,00	786.368,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	1.457.976,00	472.361,00	611.773,00	638.386,00	739.397,00
1. Loans and other liabilities:	1.427.763,00	455.305,00	587.027,00	617.837,00	710.441,00
2. Long-term liabilities from capital leases:	30.213,00	17.055,00	24.746,00	20.549,00	28.956,00
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:	21.895,00	26.217,00	256.957,00	20.721,00	46.971,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	232.825,00	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:	21.895,00	26.217,00	24.132,00	20.721,00	46.971,00
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:	6.513.584,00	7.560.199,00	4.576.138,00	9.108.313,00	19.311.379,00
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:	3.312.617,00	4.273.633,00	461.362,00	2.236.799,00	11.063.542,00
1. Loans and other liabilities:	3.290.624,00	4.265.909,00	440.516,00	2.219.815,00	11.010.209,00
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:	21.993,00	7.724,00	20.845,00	16.984,00	53.334,00
III. Short-term amounts owed to group and associated companies:	6.613,00	306.957,00	473.672,00	1.388.217,00	1.362.286,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	6.613,00	306.957,00	473.672,00	1.388.217,00	1.362.286,00
IV. Trade creditors:	1.840.644,00	2.114.376,00	2.083.973,00	3.876.629,00	5.192.033,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	1.840.644,00	2.114.376,00	2.083.973,00	3.876.629,00	5.192.033,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.036.882,00	428.403,00	1.046.332,00	961.300,00	1.048.150,00
1. Public bodies:	918.761,00	149.078,00	528.276,00	925.800,00	953.247,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	232.825,00	465.650,00	0,00	31.213,00
4. Wages and salaries payable:	118.121,00	46.500,00	52.406,00	35.500,00	63.690,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	316.829,00	436.829,00	510.799,00	645.368,00	645.368,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	15.250.372,00	15.965.470,00	13.131.193,00	16.195.098,00	25.216.307,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	18.548.324,00	19.781.622,00	20.747.173,00	27.883.721,00	31.131.022,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	15.500.376,00	17.489.585,00	17.802.454,00	24.229.527,00	26.896.100,00
a) Stock consumption:	15.212.362,00	17.164.610,00	17.471.665,00	23.779.317,00	26.322.064,00
b) Consumption of raw materials and miscellaneous consumable ones:	288.013,00	324.975,00	330.789,00	450.210,00	574.036,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	1.663.353,00	1.442.212,00	1.605.226,00	1.393.991,00	1.601.489,00
a) Wages, salaries et al.:	1.225.948,00	1.062.959,00	1.183.106,00	1.027.419,00	1.228.383,00
b) Social security costs:	437.405,00	379.252,00	422.120,00	366.572,00	373.106,00
A.4. Depreciation expense:	179.197,00	91.981,00	75.858,00	94.254,00	106.065,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	311.596,00	252.961,00	100.559,00	572.819,00	604.887,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	234.906,00	190.702,00	75.809,00	431.838,00	456.013,00
c) Variation of other trade provisions:	76.689,00	62.258,00	24.749,00	140.981,00	148.874,00
A.6. Other operating charges:	397.740,00	322.894,00	128.359,00	731.181,00	824.091,00
a) External services:	389.343,00	316.078,00	125.649,00	715.744,00	808.856,00
b) Taxes:	8.397,00	6.817,00	2.710,00	15.437,00	15.236,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
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):	374.720,00	142.910,00	2.157.575,00	2.342.248,00	2.407.858,00
A.7. Financial and similar charges:	263.222,00	85.509,00	89.836,00	211.774,00	530.849,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	263.222,00	85.509,00	89.836,00	211.774,00	530.849,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	41.343,00	0,00	389.212,00	0,00	0,00
A.9. Exchange losses:	1.159,00	2.037,00	0,00	0,00	2.067,00
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):	70.404,00	68.716,00	1.814.314,00	2.146.543,00	1.898.983,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	-14.774,00	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:	120.059,00	0,00	21.505,00	9.062,00	445,00
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):	0,00	246.094,00	0,00	0,00	590,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	314.810,00	1.792.809,00	2.137.511,00	1.899.574,00
A.15. Corporation tax:	85.054,00	94.443,00	534.163,00	641.113,00	565.029,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	0,00	220.367,00	1.258.646,00	1.496.398,00	1.334.544,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	18.428.389,00	20.001.989,00	22.005.819,00	29.380.119,00	32.465.567,00
B.1. Net total sales:	18.064.581,00	19.521.201,00	21.329.498,00	29.244.106,00	32.227.974,00
a) Sales:	18.034.894,00	19.489.121,00	21.294.446,00	29.196.047,00	32.184.986,00
b) Rendering of services:	29.687,00	32.081,00	35.052,00	48.059,00	42.988,00
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	0,00	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:	362.401,00	221.341,00	540.533,00	119.913,00	212.516,00
a) Auxiliary income and other from current management:	242.401,00	147.372,00	209.487,00	119.913,00	212.516,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	120.000,00	73.969,00	331.046,00	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:	1.408,00	13.352,00	19.167,00	5.881,00	24.042,00
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) Miscellaneous interests:	1.408,00	13.352,00	19.167,00	5.881,00	24.042,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	116.621,00	10.188,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	304.316,00	74.194,00	343.261,00	195.705,00	508.874,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	30,00	1.035,00
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:	0,00	246.094,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	105.285,00	0,00	21.505,00	9.032,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	34.881,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	119.934,00	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	-34.881,00	314.810,00	1.792.809,00	2.137.511,00	1.899.574,00
2. Results adjustments.: 61200	655.494,00	94.585,00	-630.013,00	872.935,00	1.499.400,00
a) Fixed Assets Amortization (+).: 61201	179.197,00	91.981,00	75.858,00	94.254,00	106.065,00
b) Obsolescence Allowances (+/-). : 61202	41.343,00	2.380,00	-525.350,00	572.819,00	331.738,00
c) Variation in Provision (+/-). : 61203	-120.000,00	-73.969,00	-134.569,00	0,00	553.758,00
e) Results on disposal of fixed assets (+/-). : 61205	-14.774,00	0,00	0,00	-30,00	-1.035,00
g) Financial income (-).: 61207	-1.408,00	-13.352,00	-19.167,00	-5.881,00	-24.042,00
h) Financial Expenses (+). : 61208	263.222,00	85.509,00	89.836,00	211.774,00	532.916,00
i) Exchange differences (+/-). : 61209	0,00	2.037,00	-116.621,00	0,00	0,00
k) Other income and expense (-/+). : 61211	307.913,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	1.539.031,00	-3.598.972,00	1.387.314,00	7.099.043,00	-7.098.551,00
a) Stock (+/-).: 61301	-410.398,00	-1.295.322,00	-278.320,00	416.365,00	2.408.023,00
d) Debtors and other accounts receivable (+/-). : 61302	2.528.396,00	-1.964.207,00	4.929.118,00	8.127.194,00	-10.109.698,00
c) Other current assets (+/-). : 61303	7.320,00	0,00	-314.626,00	63.230,00	-19.743,00
d) Creditors and other accounts payable (+/-). : 61304	-353.462,00	-106.617,00	-2.948.858,00	-1.476.533,00	622.867,00
e) Other current liabilities (+/-).: 61305	-232.825,00	-232.825,00	0,00	-31.213,00	0,00
4. Other cash flows for operating activities.: 61400	-274.921,00	-580.470,00	-623.761,00	-741.833,00	-757.860,00
a) Interest payments (-). : 61401	-140.480,00	-85.509,00	-89.836,00	-211.774,00	-532.916,00
b) Dividend payment collection (+). : 61402	0,00	0,00	10.000,00	0,00	0,00
c) Interest collection (+). : 61403	1.408,00	13.352,00	9.167,00	5.881,00	24.042,00
d) Income tax payment collection (payments) (+/-).: 61404	-135.849,00	-506.276,00	-669.713,00	-535.940,00	-248.986,00
e) Other payments (payment collection) (-/+) : 61405	0,00	-2.037,00	116.621,00	0,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	1.884.722,00	-3.770.046,00	1.926.350,00	9.367.657,00	-4.457.438,00
6. Payments for investment (-).: 62100	-1.499.554,00	-353.697,00	-418.886,00	-180.570,00	-57.499,00
a) Companies of the group and affiliates. : 62101	0,00	-232.825,00	-232.825,00	-164.750,00	0,00
b) Intangible fixed assets. : 62102	0,00	0,00	0,00	-861,00	0,00
c) Fixed assets. : 62103	-1.499.554,00	-120.872,00	-183.035,00	-14.959,00	-57.499,00
e) Other financial assets. : 62105	0,00	0,00	-3.026,00	0,00	0,00
7. Divestment payment collection (+). : 62200	35.074,00	0,00	0,00	30,00	1.035,00
c) Fixed assets. : 62203	26.432,00	0,00	0,00	30,00	1.035,00
e) Other financial assets. : 62205	8.642,00	0,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-1.643.676,00	-445.678,00	-418.886,00	-180.540,00	-56.464,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	-187.278,00
c) Acquisition of own equity instruments (-). : 63103	0,00	0,00	0,00	0,00	-187.278,00
10. Payment collection and payments for financial liabilities instruments.: 63200	24.600,00	3.672.859,00	-1.802.050,00	-8.927.755,00	5.180.435,00
a) Issuance : 63201	1.414.421,00	5.141.245,00	444.722,00	9.146,00	5.308.409,00
2. Debts incurred with credit institutions (+). : 63203	1.414.421,00	5.141.245,00	444.722,00	9.146,00	5.308.409,00
b) Repayment and amortization of : 63207	-1.389.822,00	-1.468.386,00	-2.246.771,00	-8.936.901,00	-127.974,00
2. Debts incurred with credit institutions (-).: 63209	-1.389.822,00	-1.468.386,00	-2.246.771,00	-8.936.901,00	-127.974,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-429.512,00	0,00	0,00	0,00	0,00
a) Dividends (-).: 63301	-429.512,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-404.912,00	3.672.859,00	-1.802.050,00	-8.927.755,00	4.993.157,00
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	15.330,00	-450.885,00	-294.586,00	259.361,00	479.255,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	77.844,00	528.728,00	823.314,00	563.953,00	84.698,00
Cash or equivalent assets as of end of the fiscal year.: 65200	93.174,00	77.844,00	528.728,00	823.314,00	563.953,00

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:	0,00 %	0,00 %	-0,02 %	-0,29 %	103,68 %	99,65 %
EBITDA over Sales:	2,40 %	5,79 %	0,82 %	6,12 %	191,39 %	-5,40 %
Cash Flow Yield:	0,00 %	0,00 %	-0,03 %	-0,23 %	103,56 %	99,66 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	2,71 %	2,22 %	0,96 %	3,28 %	182,03 %	-32,20 %
Total economic profitability:	1,50 %	1,84 %	2,51 %	2,89 %	-40,29 %	-36,11 %
Financial profitability:	-1,65 %	-0,65 %	2,79 %	2,00 %	-159,30 %	-132,49 %
Margin:	2,13 %	1,95 %	0,73 %	3,05 %	192,82 %	-35,96 %
Mark-up:	0,47 %	0,22 %	0,35 %	1,33 %	33,18 %	-83,14 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,02	0,17	0,01	0,16	37,59	3,08
Acid Test:	1,45	1,01	1,61	1,03	-10,14	-2,06
Working Capital / Investment:	0,29	0,14	0,36	0,18	-19,26	-18,46
Solvency:	1,76	1,54	1,86	1,62	-5,43	-5,32

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,06	1,26	0,96	1,58	9,74	-19,94
Borrowing Composition:	0,24	0,84	0,07	0,94	241,20	-11,01
Repayment Ability:	500,75	-703,69	-16,90	-2,64	3.062,23	-26.580,62
Warranty:	1,99	1,79	2,09	1,63	-5,16	9,74
Generated resources / Total creditors:	0,01	0,05	0,04	0,06	-68,02	-21,59

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,26	1,32	1,11	1,35	13,43	-2,16
Turnover of Collection Rights :	2,14	4,32	1,78	4,05	20,48	6,57
Turnover of Payment Entitlements:	5,62	3,67	6,90	3,61	-18,59	1,60
Stock rotation:	9,29	5,54	10,94	4,85	-15,08	14,11
Assets turnover:	1,27	1,14	1,32	1,07	-3,68	5,87
Borrowing Cost:	3,43	2,87	1,12	2,76	205,64	4,00

> 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:	0,00 %	-0,02 %	-1,38 %	0,89 %	1,49 %
EBITDA over Sales:	2,40 %	0,82 %	9,85 %	8,33 %	7,80 %
Cash Flow Yield:	0,00 %	-0,03 %	-2,24 %	1,60 %	1,91 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	2,71 %	0,96 %	16,85 %	14,69 %	9,66 %
Total economic profitability:	1,50 %	2,51 %	14,34 %	14,51 %	9,71 %
Financial profitability:	-1,65 %	2,79 %	16,38 %	23,28 %	27,06 %
Margin:	2,13 %	0,73 %	9,46 %	7,98 %	7,43 %
Mark-up:	0,47 %	0,35 %	7,86 %	7,31 %	-1,57 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,02	0,01	0,13	0,10	0,03
Acid Test:	1,45	1,61	2,45	1,65	1,20
Working Capital / Investment:	0,29	0,36	0,45	0,31	0,18
Solvency:	1,76	1,86	2,57	1,67	1,24

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	1,06	0,96	0,64	1,42	3,94
Borrowing Composition:	0,24	0,07	0,21	0,08	0,04
Repayment Ability:	500,75	-16,90	4,24	3,03	3,07
Warranty:	1,99	2,09	2,66	1,78	1,29
Generated resources / Total creditors:	0,01	0,04	0,35	0,17	0,07

Efficiency	2012	2011	2010	2009	2008
Productivity:	1,26	1,11	2,31	2,75	2,57
Turnover of Collection Rights :	2,14	1,78	2,35	2,24	1,49
Turnover of Payment Entitlements:	5,62	6,90	5,71	4,10	3,74
Stock rotation:	9,29	10,94	39,08	124,18	47,37
Assets turnover:	1,27	1,32	1,78	1,84	1,30
Borrowing Cost:	3,43	1,12	1,82	2,32	2,73

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:

RED NACIONAL DE LOS FERROCARRILES ESPAÑOLES RENFE

Objective of Tender:

SUMINISTRO DE ANILLAS DE SUSPENSION, TENSORES DE ENGANCHE, COJINETES, CHAVETAS, TIRANTES Y GANCHOS DE TRACCION DE DIVERSOS TIPOS PARA VEHICULOS FERROVIARIOS

Date Awarded:

13/10/2003

Cost:

188.790,00 EURO.

Detail of Subsidies appearing in Balances Memories

Entity	INSTITUTO ASTURIANO DE PREVENCION DE RIESGOS LABORALES
Status	CONCEDIDA
Amount Granted	40.000,00

Entity	PRINCIPADO DE ASTURIAS
Subsidy Concept	SUBVENCIÓN DE EXPLOTACIÓN
Status	CONCEDIDA
Project	MANTENIMIENTO Y FOMENTO DE EMPLEO POR CUENTA AJENA
Amount Granted	5.400,00

Entity	PRINCIPADO DE ASTURIAS
Subsidy Concept	MANTENIMIENTO Y FOMENTO DE EMPLEO POR CUENTA AJENA
Status	CONCEDIDA
Amount Granted	5.000,00

Research Summary

The holder was founded in the middle of the month of October 1978, provider of equipment and services for mining, civil engineering, environment and railways. There are 41 employees together with the holder. We consider that it can be related with normal lending operations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.77
UK Pound	1	Rs.99.01
Euro	1	Rs.80.56

INFORMATION DETAILS

Analysis Done by :	DIV
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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