MIRA INFORM REPORT

Report Date :

14.10.2014

IDENTIFICATION DETAILS

Name :	TECNICAS HIDRAULICAS SOCIEDAD ANONIMA
Registered Office :	C/ Aritz Bidea, 65 Barrio Atela. - Areatza - 48392 - Vizcaya
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	01.09.1992
Legal Form :	Public Company
Line of Business :	Manufacture and supply of equipment, solutions and services for industries of mining, fisheries and environment
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Spain	A2	A2

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

SPAIN - ECONOMIC OVERVIEW

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

Source : CIA

Company name and address

Name:	TECNICAS HIDRAULICAS SOCIEDAD ANONIMA
NIF / Fiscal code:	A48520134
Status:	ACTIVE
Incorporation Date:	01/09/1992
Register Data	Register Section 8 Sheet 2943
Last Publication in BORME:	30/07/2014 [Reelections]
Last Published Account Deposit:	2012
Share Capital:	2.665.416,56
Localization:	C/ ARITZ BIDEA, 65 BARRIO ATELA. - AREATZA - 48392 - VIZCAYA
Telephone - Fax - Email - Website:	Ph.:. 946704050
Activity:
NACE:	2829 - Manufacture of other general-purpose machinery n.e.c.
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	0 for a total cost of 0
Quality Certificate:	No

Defaults, Legal Claims and Insolvency Proceedings

		Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies		None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)		2	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

ACCIONES PROPIAS TECNICAS HIDRAULICAS, S.A.	15.35 %
Shares:	2
Other Links:	3
No. of Active Corporate Bodies:

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources NO, Guarantees NO
INVESTIGATION SUMMARY
It is a company constituted in the year 1992, although its beginnings date back to 1966, dedicated to the manufacture of supplies equipment, solutions and services for mining, fishing and the environment in general. It operates both nationally and internationally and it focuses on three business lines: -TH MARCO: it is dedicated to the supply of deck equipment and systems for the fishing and marine industries. They own the Framework technology, recognized worldwide in the tuna industry. -TH MINERALS: it offers a wide range of processes in the minerals industry, providing filtration equipment for mineral and tailings for mining and metallurgical industry, as well as complete systems of micronization and classification for the mineral industry. -TH ENVIRO: Technology serving the media environment that provides solutions to the problems caused by sewage in all types of industry. There is no evidence of anything against the company, according to the sources consulted. In light of the above, we consider it apt to continue normal risk operations.
Interviewed Person:

Identification
Social Denomination:	TECNICAS HIDRAULICAS SOCIEDAD ANONIMA
NIF / Fiscal code:	A48520134
Corporate Status:	ACTIVE
Start of activity:	1992
Registered Office:	C/ ARITZ BIDEA, 65 BARRIO ATELA.
Locality:	AREATZA
Province:	VIZCAYA
Postal Code:	48392
Telephone:	946704050
Fax:	946744910
Interviewed Person:	This information has been obtained through indirect sources, the company refused to provide any kind of collaboration for the preparation of this paper.

Activity
NACE:	2829
Additional Information:	Manufacture and supply of equipment, solutions and services for industries of mining, fisheries and environment
Additional Address:	The registered office, offices and central offices are located in the address provided.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary
	Year	Act
	1992	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Company Formation (1) Merger (1)
	1993	Accounts deposit (ejer. 1992) Capital Reduction (1) Statutory Modifications (1)
	1994	Accounts deposit (ejer. 1993)
	1995	Accounts deposit (ejer. 1994)
	1996	Accounts deposit (ejer. 1995)
	1997	Accounts deposit (ejer. 1996)
	1998	Accounts deposit (ejer. 1997) Appointments/ Re-elections (1) Capital Reduction (2) Cessations/ Resignations/ Reversals (1)
	1999	Accounts deposit (ejer. 1998) Appointments/ Re-elections (2) Board Meeting (1) Capital Reduction (2)
	2000	Accounts deposit (ejer. 1999) Appointments/ Re-elections (1) Capital Reduction (2) Increase of Capital (2)
	2001	Accounts deposit (ejer. 2000) Capital Reduction (2) Increase of Capital (2)
	2002	Accounts deposit (ejer. 2001) Capital Reduction (1) Increase of Capital (1)
	2003	Appointments/ Re-elections (2) Capital Reduction (1) Cessations/ Resignations/ Reversals (2) Increase of Capital (1)
	2004	Accounts deposit (ejer. 2002, 2003) Appointments/ Re-elections (3)
	2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (1) Board Meeting (1) Change of Social address (1) Other Concepts/ Events (1)
	2008	Accounts deposit (ejer. 2006, 2007) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3)
	2009	Appointments/ Re-elections (2)
	2010	Accounts deposit (ejer. 2008, 2009) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1)
	2011	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Take-over Merger (3)
	2012	Accounts deposit (ejer. 2010, 2011) Appointments/ Re-elections (2) Take-over Merger (1)
	2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (1)
	2014	Appointments/ Re-elections (1)

Breakdown of Owners' Equity
Registered Capital:	2.665.416,56
Paid up capital:	2.665.416,56

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
06/11/1992	Company Formation	3.104.997	3.104.997	3.104.997	3.104.997
16/11/1993	Capital Reduction	-439.580	-439.580	2.665.417	2.665.417
22/05/1998	Capital Reduction	-533.083	-533.083	2.132.333	2.132.333
10/05/1999	Capital Reduction	-533.083	-533.083	1.599.250	1.599.250
05/10/2000	Increase of Capital	1.865.792	1.865.792	3.465.042	3.465.042
05/10/2000	Capital Reduction	-799.625	-799.625	2.665.417	2.665.417
12/09/2001	Increase of Capital	533.083	533.083	3.198.500	3.198.500
12/09/2001	Capital Reduction	-533.083	-533.083	2.665.417	2.665.417
28/02/2003	Increase of Capital	266.542	266.542	2.931.958	2.931.958
28/02/2003	Capital Reduction	-266.542	-266.542	2.665.417	2.665.417

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	PRAT URREIZTIETA JAVIER	02/12/2010	4
VICE CHAIRMAN	SOROA SOMME RAFAEL	02/12/2010	11
MEMBER OF THE BOARD	DE OLEAGA PARAMO NAZARIO	19/07/2011	1
	BERGARECHE GROS FERNANDO	02/12/2010	4
	ECHEVARRIA SANCHEZ DEL POZO RAFAEL	02/12/2010	8
	VILALLONGA GAMBOA JAVIER	02/12/2010	1
	PRAT URREIZTIETA JAVIER	02/12/2010	4
	SOROA SOMME RAFAEL	02/12/2010	11
	EPALZA SOLANO JUAN MANUEL	02/12/2010	11
	SOMME PETERSEN KARI	02/12/2010	5
	RAMIREZ ESCUDERO PRADO PABLO	02/12/2010	1
COMBINED PROXY	GAGO ZUBIZARRETA MARIA MANUELA	30/05/2012	1
	CALLEJA LOPEZ ASIER	30/05/2012	2
PROXY	CARNICERO OLIVAR ANTONIO	15/02/2010	4
	PRAT SOROA GONZALO	04/01/2010	1
	PRAT URREIZTIETA FRANCISCO JAVIER	23/12/2005	9
SECRETARY	EPALZA SOLANO JUAN MANUEL	02/12/2010	11
VICE SECRETARY	ECHEVARRIA SANCHEZ DEL POZO RAFAEL	02/12/2010	8
ACCOUNTS' AUDITOR / HOLDER	ECHANIZ URCELAY JAVIER	23/07/2014	13
DEPUTY ACCOUNTS' AUDITOR	GARTEIZ-GOGEASCOA GANDARIAS ASIS	23/07/2014	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
BERGARECHE GROS FERNANDO	MEMBER OF THE BOARD	20/02/2008	4
	PROXY	15/04/2008
	MEMBER OF THE BOARD	02/12/2010
CALLEJA LOPEZ ASIER	PROXY	30/05/2012	2
CARNICERO OLIVAR ANTONIO	PROXY	26/11/1999	4
	COMBINED PROXY	23/12/2005
	PROXY	15/04/2008
ECHANIZ URCELAY JAVIER	ACCOUNTS' AUDITOR / HOLDER	26/09/2006	13
	ACCOUNTS' AUDITOR / HOLDER	20/02/2008
	ACCOUNTS' AUDITOR / HOLDER	20/04/2004
	ACCOUNTS' AUDITOR / HOLDER	20/04/2004
	ACCOUNTS' AUDITOR / HOLDER	16/07/2004
	ACCOUNTS' AUDITOR / HOLDER	02/06/2009
	ACCOUNTS' AUDITOR / HOLDER	06/11/2009
	ACCOUNTS' AUDITOR / HOLDER	26/11/2010
	ACCOUNTS' AUDITOR / HOLDER	23/12/2011
	ACCOUNTS' AUDITOR / HOLDER	27/07/2012
	ACCOUNTS' AUDITOR / HOLDER	19/08/2013
	ACCOUNTS' AUDITOR / HOLDER	23/07/2014
ECHEVARRIA SANCHEZ DEL POZO RAFAEL	MEMBER OF THE BOARD	24/07/2003	8
	MEMBER OF THE BOARD	20/02/2008
	SECRETARY	20/02/2008
	SECRETARY	29/10/2008
	MEMBER OF THE BOARD	29/10/2008
	VICE SECRETARY	02/12/2010
ECHEVARRIA URIBE RAFAEL	MEMBER OF THE BOARD	28/02/2003	2
	MEMBER OF THE BOARD	23/02/1998
EPALZA SOLANO JUAN MANUEL	MEMBER OF THE BOARD	23/02/1998	11
	VICE SECRETARY	23/02/1998
	VICE SECRETARY	28/02/2003
	MEMBER OF THE BOARD	28/02/2003
	VICE SECRETARY	29/10/2008
	MEMBER OF THE BOARD	29/10/2008
	SECRETARY	02/12/2010
	MEMBER OF THE BOARD	20/02/2008
	VICE SECRETARY	20/02/2008
GAMBOA EREÑO JASONE	MEMBER OF THE BOARD	23/02/1998	5
	MEMBER OF THE BOARD	28/02/2003
	MEMBER OF THE BOARD	19/07/2011
	MEMBER OF THE BOARD	02/12/2010
	MEMBER OF THE BOARD	20/02/2008
GARTEIZ GOGEASCOA GANDARIAS ASIS	DEPUTY ACCOUNTS' AUDITOR	20/04/2004	10
	DEPUTY ACCOUNTS' AUDITOR	16/07/2004
	DEPUTY ACCOUNTS' AUDITOR	26/09/2006
	DEPUTY ACCOUNTS' AUDITOR	20/02/2008
	DEPUTY ACCOUNTS' AUDITOR	02/06/2009
	DEPUTY ACCOUNTS' AUDITOR	06/11/2009
	DEPUTY ACCOUNTS' AUDITOR	26/11/2010
	DEPUTY ACCOUNTS' AUDITOR	23/12/2011
	DEPUTY ACCOUNTS' AUDITOR	27/07/2012
	DEPUTY ACCOUNTS' AUDITOR	19/08/2013
GARTEIZ GOGEASCOAGA GANDARIAS ASIS	ACCOUNTS' AUDITOR / HOLDER	20/04/2004	1
GARTEIZ-GOGEASCOA GANDARIAS ASIS	DEPUTY ACCOUNTS' AUDITOR	23/07/2014	2
GOITIA LAMARAIN JUAN IGNACIO	COMBINED PROXY	23/12/2005	1
HART CHARLES R	MEMBER	09/12/1992	1
PRAT URREIZTIETA FRANCISCO JAVIER	MEMBER OF THE BOARD	23/02/1998	9
	VICE CHAIRMAN	23/02/1998
	VICE CHAIRMAN	28/02/2003
	MEMBER OF THE BOARD	28/02/2003
	VICE CHAIRMAN	24/07/2003
	PRESIDENT	20/02/2008
	MEMBER OF THE BOARD	20/02/2008
	PROXY	23/12/2005
PRAT URREIZTIETA JAVIER	MEMBER OF THE BOARD	02/12/2010	4
	PRESIDENT	02/12/2010
RAMIREZ ESCUDERO VALDES ADOLFO	MEMBER OF THE BOARD	23/02/1998	4
	MEMBER OF THE BOARD	28/02/2003
	MEMBER OF THE BOARD	20/02/2008
	MEMBER OF THE BOARD	02/12/2010
RETOLAZA OLEAGOITIA CIRIACO	MEMBER OF THE BOARD	23/02/1998	2
	MEMBER OF THE BOARD	28/02/2003
SOMME PETERSEN KARI	MEMBER OF THE BOARD	23/02/1998	5
	MEMBER OF THE BOARD	28/02/2003
	MEMBER OF THE BOARD	20/02/2008
	MEMBER OF THE BOARD	02/12/2010
SOROA SOMME RAFAEL	MEMBER OF THE BOARD	23/02/1998	11
	SECRETARY	23/02/1998
	VICE CHAIRMAN	02/12/2010
	MEMBER OF THE BOARD	02/12/2010
	SECRETARY	28/02/2003
	MEMBER OF THE BOARD	28/02/2003
	MEMBER OF THE BOARD	24/07/2003
	SECRETARY	24/07/2003
	VICE CHAIRMAN	20/02/2008
VILALLONGA DE LA SOTA RAMON	MEMBER OF THE BOARD	23/02/1998	2
	PRESIDENT	23/02/1998
VILALLONGA Y DE LA SOTA RAMON	PRESIDENT	28/02/2003	5
	MEMBER OF THE BOARD	28/02/2003
	PRESIDENT	24/07/2003
	MEMBER OF THE BOARD	20/02/2008
	MEMBER OF THE BOARD	02/12/2010

Executive board

Post	NIF	Name
FINANCIAL MANAGER		MANUELA GAGO

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		2	---	03/11/2010	03/11/2010
Notices of defaults and enforcement		2	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

> Basis for rating

Positive Factors

Adverse Factors

No irregular payment performance has been detected based on information obtained from credit bureaus. 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 41.93of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. TECNICAS HIDRAULICAS SOCIEDAD ANONIMA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets. High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

Immediate solvency is significantly lower than that of the previous fiscal year. Debts assumed by the company based on the volume of its own resources have increased in the previous financial year. TECNICAS HIDRAULICAS SOCIEDAD ANONIMA presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale. No Company's subsidiaries or branches are known.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  0.573 %

> Latest Rating Changes :

Sector in which comparison is carried out : 282 Manufacture of other general-purpose machinery
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 TECNICAS HIDRAULICAS SOCIEDAD ANONIMA 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 0.573%.

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	2 Legal Claims for a total cost of 0,00 E
	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

Incidences Detailed

Incidences with the Tax Agency

 BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 03/11/2010

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	1099131881788
Amount of the incidence:	0,00 E
Requested by:	HACIENDA PUBLICA
Published domicile:	(DESCONOCIDA)
Source:	B.O.E. Nº271, 2010 PAGINA 123779

 BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 03/11/2010

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	1099131881797
Amount of the incidence:	0,00 E
Requested by:	HACIENDA PUBLICA
Published domicile:	(DESCONOCIDA)
Source:	B.O.E. Nº271, 2010 PAGINA 123779

Link List

ABSORBS TO:	1 Entities
IS RELATED WITH:	2 Entities
PARTICIPATES IN:	2 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	ACCIONES PROPIAS TECNICAS HIDRAULICAS, S.A.		15.35
PARTICIPATES IN	TRATAMIENTO DE MATERIAS PRIMAS SOCIEDAD ANONIMA	VIZCAYA	100
	SAVECK INGENIERIA SOCIEDAD LIMITADA	VIZCAYA	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	COMEX, S.L.
	ELKARGI SOCIEDAD DE GARANTIA RECIPROCA	GUIPUZCOA
ABSORBS TO	PRODUCTOS ASTECA SA	GUIPUZCOA

Turnover
Total Sales	19.718.725,72

Estimated Balance

ESTIMATED FIGURES YEAR 2013 NO CURRENT ASSETS.............................................. 4,400,000 Euro/s CURRENT ASSETS ............................................... ....22,700,000Euro/s EQUITY ............................................... ....................... 13,100,000 Euro/s NO CURRENT LIABILITIES ........................................2,600,000 Euro/s CURRENT LIABILITIES .............................................. 11,400,000Euro/s TOTAL ASSETS AND LIABILITIES .............................27,100,000Euro/s SALES (2,013) ............................................. ................22,000,000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

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

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	3.916.713,00	2.339.715,00	3.258.103,00	3.333.091,00	3.787.280,00
I. Intangible fixed assets : 11100	1.292.048,00	1.096.778,00	46.062,00	33.864,00	39.574,00
1. Development: 11110	446.460,00	257.148,00	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	10.622,00	10.712,00	10.950,00	14.325,00	17.700,00
4. Goodwill: 11140	101.552,00	101.552,00	0,00	0,00	0,00
5. IT applications: 11150	136.633,00	87.366,00	0,00	19.539,00	21.874,00
6. Investigation: 11160	512.000,00	640.000,00	35.112,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	84.781,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	2.621.776,00	1.241.013,00	704.998,00	792.545,00	841.872,00
1. Land and buildings: 11210	1.982.774,00	935.059,00	552.652,00	595.003,00	659.413,00
2. Technical installations and other tangible fixed assets: 11220	639.003,00	305.955,00	152.347,00	197.542,00	182.460,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	2.505.600,00	2.505.600,00	2.505.600,00
1. Equity instruments: 11410	0,00	0,00	2.505.600,00	2.505.600,00	2.505.600,00
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	2.888,00	1.923,00	1.442,00	1.082,00	400.234,00
1. Equity instruments: 11510	2.888,00	1.923,00	1.442,00	1.082,00	1.082,00
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	0,00	0,00	0,00	0,00	399.152,00
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	20.406.919,00	14.755.998,00	11.815.639,00	11.346.462,00	12.351.440,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	7.188.685,00	5.666.038,00	4.357.964,00	4.557.438,00	4.775.811,00
1. Commercial: 12210	0,00	406.143,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	1.178.087,00	949.067,00	914.563,00	860.473,00	903.099,00
3. Work in progress: 12230	2.722.416,00	1.429.958,00	557.958,00	961.975,00	1.105.048,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	2.722.416,00	1.429.958,00	557.958,00	961.975,00	1.105.048,00
4. Finished goods: 12240	3.262.689,00	2.880.870,00	2.885.444,00	2.432.190,00	2.696.144,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	3.262.689,00	2.880.870,00	2.885.444,00	2.432.190,00	2.696.144,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	302.802,00	0,00
6. Advances to suppliers: 12260	25.493,00	0,00	0,00	0,00	71.520,00
III. Trade debtors and others receivable accounts: 12300	11.542.241,00	6.491.427,00	5.116.781,00	4.006.712,00	5.562.890,00
1. Trade debtors / accounts receivable: 12310	10.067.980,00	5.564.608,00	4.953.747,00	3.788.598,00	5.536.406,00
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	10.067.980,00	5.564.608,00	4.953.747,00	3.788.598,00	5.536.406,00
2. Customers, Group companies and associates : 12320	0,00	0,00	0,00	0,00	0,00
3. Other accounts receivable: 12330	1.474.261,00	926.819,00	163.034,00	218.114,00	26.484,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	0,00	0,00	0,00	0,00	0,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	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	1.341,00	149.948,00	288.852,00	112.018,00	111.190,00
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	1.341,00	149.948,00	288.852,00	112.018,00	111.190,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	0,00	-131.051,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	1.674.653,00	2.448.584,00	2.183.092,00	2.670.294,00	1.901.549,00
1. Treasury: 12710	1.674.653,00	2.448.584,00	2.183.092,00	2.670.294,00	1.901.549,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	24.323.632,00	17.095.712,00	15.073.742,00	14.679.553,00	16.138.721,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	11.823.311,00	10.943.623,00	10.398.705,00	10.092.057,00	10.086.429,00
A-1) Shareholders' equity: 21000	11.823.311,00	10.943.623,00	10.398.705,00	10.092.057,00	10.086.429,00
I. Capital: 21100	2.665.417,00	2.665.417,00	2.665.417,00	2.665.417,00	2.665.417,00
1. Registered capital : 21110	2.665.417,00	2.665.417,00	2.665.417,00	2.665.417,00	2.665.417,00
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	7.961.524,00	7.387.008,00	7.317.702,00	6.977.525,00	6.387.674,00
1. Legal y estatutarias: 21310	533.083,00	533.083,00	533.083,00	533.083,00	533.083,00
2. Other reserves: 21320	7.428.441,00	6.853.925,00	6.784.619,00	6.444.442,00	5.854.591,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	-399.152,00	-399.152,00	-399.152,00	-399.152,00	0,00
V. Results from previous periods: 21500	0,00	110.785,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	110.785,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	1.521.206,00	1.147.323,00	877.447,00	910.977,00	1.096.048,00
VIII. (Interim dividend): 21800	-62.710,00	-62.709,00	-62.709,00	-62.709,00	-62.709,00
IX. Other net worth instruments: 21900	137.025,00	94.951,00	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	2.300.481,00	1.015.977,00	230.256,00	236.738,00	718.461,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	2.300.481,00	1.015.977,00	230.256,00	236.738,00	718.461,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	1.555.450,00	333.333,00	2.057,00	100.997,00	449.670,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	71.190,00	43.563,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	673.841,00	639.080,00	228.198,00	135.741,00	268.791,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	0,00	0,00	0,00	0,00	0,00
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	10.199.841,00	5.136.112,00	4.444.781,00	4.350.758,00	5.333.830,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	0,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	485.925,00	294.714,00	865.155,00	684.966,00	1.402.359,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	485.925,00	294.610,00	798.628,00	551.917,00	487.673,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	104,00	66.527,00	133.049,00	914.686,00
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	9.713.916,00	4.698.473,00	3.579.626,00	3.665.792,00	3.625.931,00
1. Suppliers: 32510	8.945.872,00	2.951.573,00	2.645.021,00	2.329.025,00	2.769.077,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	8.945.872,00	2.951.573,00	2.645.021,00	2.329.025,00	2.769.077,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	768.044,00	1.746.900,00	934.605,00	1.336.768,00	366.040,00
4. Personnel (remuneration due): 32540	0,00	0,00	0,00	0,00	120.313,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	370.502,00
6. Other accounts payable to Public Administrations.: 32560	0,00	0,00	0,00	0,00	0,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	142.926,00	0,00	0,00	305.540,00
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	24.323.632,00	17.095.712,00	15.073.742,00	14.679.553,00	16.138.721,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	19.718.726,00	14.152.792,00	11.771.764,00	10.731.108,00	15.034.756,00
a) Sales: 40110	19.718.726,00	14.152.792,00	11.760.390,00	10.728.833,00	15.034.756,00
b) Rendering of services: 40120	0,00	0,00	11.374,00	2.274,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	1.674.277,00	649.733,00	-253.564,00	-104.226,00	188.374,00
3. Works carried out by the company for its assets: 40300	800.418,00	400.196,00	362.161,00	587.263,00	473.530,00
4. Supplies : 40400	-12.280.858,00	-7.677.401,00	-5.227.897,00	-4.694.417,00	-7.413.518,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	-5.544.138,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-12.280.858,00	-7.677.401,00	-5.227.897,00	-4.694.417,00	0,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	-1.869.380,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	803.738,00	751.548,00	635.107,00	619.052,00	565.358,00
a) Auxiliary income and other from current management: 40510	0,00	0,00	0,00	342.343,00	429.060,00
b) Operation subsidies included in the Period's result: 40520	803.738,00	751.548,00	635.107,00	276.709,00	136.298,00
6. Personnel costs: 40600	-4.934.049,00	-4.428.985,00	-3.577.836,00	-3.618.927,00	-3.888.870,00
a) Wages, salaries et al.: 40610	-2.930.877,00	-2.841.332,00	-2.167.654,00	-2.198.801,00	-2.431.069,00
b) Social security costs: 40620	-2.003.172,00	-1.587.652,00	-1.410.182,00	-1.420.126,00	-1.457.801,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-3.190.286,00	-2.025.650,00	-2.158.848,00	-1.679.233,00	-3.165.768,00
a) External services: 40710	-3.190.286,00	-2.025.650,00	-2.158.848,00	-1.669.419,00	-2.263.303,00
b) Taxes: 40720	0,00	0,00	0,00	-9.814,00	-11.121,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	0,00	0,00	-891.344,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-903.774,00	-252.765,00	-498.946,00	-704.094,00	-598.114,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	-40,00	0,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	-40,00	0,00	0,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	1.688.191,00	1.569.429,00	1.051.940,00	1.136.525,00	1.195.748,00
14. Financial income : 41400	41.635,00	39.575,00	45.075,00	65.929,00	491.695,00
a) Of shares in equity instruments : 41410	41.635,00	39.575,00	45.075,00	65.929,00	491.695,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	400.000,00
a 2) In third parties: 41412	41.635,00	39.575,00	45.075,00	65.929,00	91.695,00
b) From negotiable securities and other financial instruments : 41420	0,00	0,00	0,00	0,00	0,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	0,00	0,00	0,00	0,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-125.051,00	-92.324,00	-61.901,00	-72.198,00	-157.561,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-125.051,00	-92.324,00	0,00	0,00	0,00
c) Stock renewal : 41530	0,00	0,00	-61.901,00	-72.198,00	-157.561,00
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	-2.078,00	-116.812,00	37.727,00	-129.092,00	-372.539,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	-35,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	-35,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-85.493,00	-169.596,00	20.901,00	-135.361,00	-38.404,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	1.602.698,00	1.399.833,00	1.072.841,00	1.001.164,00	1.157.344,00
20. Income taxes: 41900	-81.491,00	-252.510,00	-195.394,00	-90.187,00	-61.297,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	1.521.206,00	1.147.323,00	877.447,00	910.977,00	1.096.048,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	1.521.206,00	1.147.323,00	877.447,00	910.977,00	1.096.048,00

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

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

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2012	2011	2010	2009	2008
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	4.315.865,00	2.738.867,00	3.657.255,00	3.732.243,00	3.787.280,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	1.292.048,00	1.096.778,00	46.062,00	33.864,00	39.574,00
1. Research and development costs:	958.460,00	897.148,00	35.112,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	10.622,00	10.712,00	10.950,00	14.325,00	17.700,00
3. Goodwill:	101.552,00	101.552,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	136.633,00	87.366,00	0,00	19.539,00	21.874,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	84.781,00	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:	2.621.776,00	1.241.013,00	704.998,00	792.545,00	841.872,00
1. Land and construction:	1.982.774,00	935.059,00	552.652,00	595.003,00	659.413,00
2. Technical installations and machinery:	230.984,00	110.595,00	55.070,00	71.406,00	65.955,00
3. Other installations, tools and furniture:	367.948,00	176.173,00	87.724,00	113.747,00	105.063,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	40.071,00	19.186,00	9.554,00	12.388,00	11.442,00
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:	2.888,00	1.923,00	2.507.042,00	2.506.682,00	2.905.834,00
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	2.505.600,00	2.505.600,00	2.505.600,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	2.888,00	1.923,00	1.442,00	1.082,00	1.082,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	0,00	0,00	0,00	0,00	399.152,00
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:	399.152,00	399.152,00	399.152,00	399.152,00	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:	20.406.919,00	14.755.998,00	11.815.639,00	11.346.462,00	12.351.440,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	7.188.685,00	5.666.038,00	4.357.964,00	4.557.438,00	4.775.811,00
1. Goods for resale:	0,00	406.143,00	0,00	0,00	0,00
2. Raw materials and other consumables:	1.178.087,00	949.067,00	914.563,00	860.473,00	903.099,00
3. Goods in process and semifinished ones:	2.722.416,00	1.429.958,00	557.958,00	961.975,00	1.105.048,00
4. Finished products:	3.262.689,00	2.880.870,00	2.885.444,00	2.432.190,00	2.696.144,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	302.802,00	0,00
6. Payments on account:	25.493,00	0,00	0,00	0,00	71.520,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	11.542.241,00	6.491.427,00	5.116.781,00	4.006.712,00	5.562.890,00
1. Trade debtors / accounts receivable:	10.067.980,00	5.564.608,00	4.953.747,00	3.788.598,00	5.536.406,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	1.474.261,00	926.819,00	163.034,00	218.114,00	26.484,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	1.341,00	149.948,00	288.852,00	112.018,00	111.190,00
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:	1.341,00	149.948,00	288.852,00	112.018,00	111.190,00
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:	1.674.653,00	2.448.584,00	2.183.092,00	2.670.294,00	1.901.549,00
VII. Prepayments and accrued income:	0,00	0,00	-131.051,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	24.722.784,00	17.494.864,00	15.472.894,00	15.078.705,00	16.138.721,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	12.156.627,00	11.291.387,00	10.797.857,00	10.491.209,00	10.086.429,00
I. Subscribed capital:	2.665.417,00	2.665.417,00	2.665.417,00	2.665.417,00	2.665.417,00
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:	8.032.714,00	7.430.572,00	7.317.702,00	6.977.525,00	6.387.674,00
1. Legal reserve:	533.083,00	533.083,00	533.083,00	533.083,00	533.083,00
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:	7.499.631,00	6.897.489,00	6.784.619,00	6.444.442,00	5.854.591,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	110.785,00	0,00	0,00	0,00
1. Retained earnings:	0,00	110.785,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	1.521.206,00	1.147.323,00	877.447,00	910.977,00	1.096.048,00
VII. Interim dividend paid:	-62.710,00	-62.709,00	-62.709,00	-62.709,00	-62.709,00
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:	2.366.316,00	1.067.365,00	230.256,00	236.738,00	718.461,00
I. Issued debentures and other marketable securities:	137.025,00	94.951,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	137.025,00	94.951,00	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:	1.555.450,00	333.333,00	2.057,00	100.997,00	449.670,00
1. Loans and other liabilities:	1.555.450,00	333.333,00	2.057,00	100.997,00	449.670,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	673.841,00	639.080,00	228.198,00	135.741,00	268.791,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	673.841,00	639.080,00	228.198,00	135.741,00	268.791,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	0,00	0,00	0,00	0,00	0,00
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:	10.199.841,00	5.136.112,00	4.444.781,00	4.350.758,00	5.333.830,00
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:	485.925,00	294.610,00	798.628,00	551.917,00	487.673,00
1. Loans and other liabilities:	485.925,00	294.610,00	798.628,00	551.917,00	487.673,00
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:	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. Trade creditors:	9.713.916,00	4.698.473,00	3.579.626,00	3.665.792,00	3.135.116,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	9.713.916,00	4.698.473,00	3.579.626,00	3.665.792,00	3.135.116,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	0,00	104,00	66.527,00	133.049,00	1.405.500,00
1. Public bodies:	0,00	0,00	0,00	0,00	370.502,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	104,00	66.527,00	133.049,00	914.686,00
4. Wages and salaries payable:	0,00	0,00	0,00	0,00	120.313,00
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	142.926,00	0,00	0,00	305.540,00
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):	24.722.784,00	17.494.864,00	15.472.894,00	15.078.705,00	16.138.721,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	21.517.588,00	14.846.521,00	11.974.386,00	11.092.375,00	15.657.665,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	253.564,00	104.226,00	0,00
A.2. Supplies:	12.280.858,00	7.677.401,00	5.227.897,00	4.694.417,00	7.413.518,00
a) Stock consumption:	0,00	0,00	0,00	0,00	5.544.138,00
b) Consumption of raw materials and miscellaneous consumable ones:	12.280.858,00	7.677.401,00	5.227.897,00	4.694.417,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	1.869.380,00
A.3. Staff costs:	4.934.049,00	4.428.985,00	3.577.836,00	3.618.927,00	3.888.870,00
a) Wages, salaries et al.:	2.930.877,00	2.841.332,00	2.167.654,00	2.198.801,00	2.431.069,00
b) Social security costs:	2.003.172,00	1.587.652,00	1.410.182,00	1.420.126,00	1.457.801,00
A.4. Depreciation expense:	903.774,00	252.765,00	498.946,00	704.094,00	598.114,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	0,00	0,00	0,00	891.344,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	891.344,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	3.190.286,00	2.025.650,00	2.158.848,00	1.679.233,00	2.274.424,00
a) External services:	3.190.286,00	2.025.650,00	2.158.848,00	1.669.419,00	2.263.303,00
b) Taxes:	0,00	0,00	0,00	9.814,00	11.121,00
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):	1.688.191,00	1.569.469,00	1.051.940,00	1.136.525,00	1.195.748,00
A.7. Financial and similar charges:	125.051,00	92.359,00	61.901,00	72.198,00	157.561,00
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.:	125.051,00	92.324,00	61.901,00	72.198,00	157.561,00
d) Losses from financial investments:	0,00	35,00	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:	2.078,00	116.812,00	0,00	129.092,00	372.539,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	20.901,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	1.602.698,00	1.399.873,00	1.072.841,00	1.001.164,00	1.157.344,00
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	40,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	0,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	1.602.698,00	1.399.833,00	1.072.841,00	1.001.164,00	1.157.344,00
A.15. Corporation tax:	81.491,00	252.510,00	195.394,00	90.187,00	61.297,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	1.521.206,00	1.147.323,00	877.447,00	910.977,00	1.096.048,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	23.038.794,00	15.993.844,00	12.851.833,00	12.003.351,00	16.753.713,00
B.1. Net total sales:	19.718.726,00	14.152.792,00	11.771.764,00	10.731.108,00	15.034.756,00
a) Sales:	19.718.726,00	14.152.792,00	11.760.390,00	10.728.833,00	15.034.756,00
b) Rendering of services:	0,00	0,00	11.374,00	2.274,00	0,00
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:	1.674.277,00	649.733,00	0,00	0,00	188.374,00
B.3. Works performed by the company for fixed assets:	800.418,00	400.196,00	362.161,00	587.263,00	473.530,00
B.4. Miscellaneous operating income:	803.738,00	751.548,00	635.107,00	619.052,00	565.358,00
a) Auxiliary income and other from current management:	0,00	0,00	0,00	342.343,00	429.060,00
b) Grants:	803.738,00	751.548,00	635.107,00	276.709,00	136.298,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	41.635,00	39.575,00	45.075,00	65.929,00	491.695,00
a) In companies of the group:	0,00	0,00	0,00	0,00	400.000,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	41.635,00	39.575,00	45.075,00	65.929,00	91.695,00
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:	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) Miscellaneous interests:	0,00	0,00	0,00	0,00	0,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	37.727,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	85.493,00	169.596,00	0,00	135.361,00	38.404,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	40,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'	2012	2011	2010	2009	2008
1. Fiscal year result before taxes.: 61100	1.602.698,00	-1.399.833,00	-1.072.841,00	-1.001.164,00	-1.157.344,00
2. Results adjustments.: 61200	-812.381,00	-203.288,00	304.172,00	-9.921,00	-123.759,00
a) Fixed Assets Amortization (+).: 61201	-903.774,00	252.765,00	498.946,00	0,00	0,00
b) Obsolescence Allowances (+/-). : 61202	0,00	27.924,00	111.648,00	131.427,00	-25.865,00
c) Variation in Provision (+/-). : 61203	142.926,00	-134.253,00	-75.310,00	0,00	0,00
d) Allocation of grants (-).: 61204	-137.025,00	-285.664,00	-285.664,00	-276.709,00	-136.298,00
g) Financial income (-).: 61207	-41.635,00	-39.573,00	-45.075,00	-65.929,00	-491.695,00
h) Financial Expenses (+). : 61208	125.051,00	92.324,00	61.901,00	72.198,00	157.561,00
i) Exchange differences (+/-). : 61209	2.078,00	-116.812,00	37.727,00	129.092,00	372.539,00
3. Changes in current capital equity.: 61300	-1.975.689,00	320.577,00	922.318,00	2.742.206,00	1.155.245,00
a) Stock (+/-).: 61301	-1.674.277,00	-2.306.063,00	-199.474,00	218.373,00	-252.523,00
d) Debtors and other accounts receivable (+/-). : 61302	-5.050.814,00	1.376.555,00	1.100.154,00	1.434.942,00	268.620,00
d) Creditors and other accounts payable (+/-). : 61304	5.015.443,00	1.061.396,00	78.392,00	783.351,00	1.188.757,00
e) Other current liabilities (+/-).: 61305	-266.042,00	188.690,00	-56.754,00	305.540,00	-49.609,00
4. Other cash flows for operating activities.: 61400	-83.415,00	-52.751,00	-16.826,00	-6.269,00	334.134,00
a) Interest payments (-). : 61401	-125.051,00	-92.324,00	-61.901,00	-72.198,00	-157.561,00
b) Dividend payment collection (+). : 61402	41.635,00	0,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	0,00	39.573,00	45.075,00	65.929,00	491.695,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-1.268.787,00	-1.335.295,00	136.823,00	1.724.852,00	208.276,00
6. Payments for investment (-).: 62100	1.576.998,00	0,00	74.988,00	-642.761,00	-529.666,00
b) Intangible fixed assets. : 62102	195.270,00	0,00	-12.198,00	-574.807,00	-495.084,00
c) Fixed assets. : 62103	1.380.763,00	0,00	87.546,00	-67.954,00	-34.582,00
e) Other financial assets. : 62105	965,00	0,00	-360,00	0,00	0,00
7. Divestment payment collection (+). : 62200	0,00	1.586.771,00	0,00	0,00	0,00
b) Intangible fixed assets. : 62202	0,00	1.050.716,00	0,00	0,00	0,00
c) Fixed assets. : 62203	0,00	536.015,00	0,00	0,00	0,00
e) Other financial assets. : 62205	0,00	40,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	1.576.998,00	1.586.771,00	74.988,00	-642.761,00	-529.666,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	0,00	2.977,00
10. Payment collection and payments for financial liabilities instruments.: 63200	1.413.328,00	283.436,00	49.897,00	100.997,00	449.670,00
a) Issuance : 63201	1.413.328,00	283.436,00	49.897,00	100.997,00	449.670,00
2. Debts incurred with credit institutions (+). : 63203	1.413.328,00	283.436,00	49.897,00	100.997,00	449.670,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-949.685,00	-683.592,00	-506.197,00	-506.197,00	-506.197,00
a) Dividends (-).: 63301	-949.685,00	-683.592,00	-506.197,00	-506.197,00	-506.197,00
12. Cash flows for financing activities (9+10+11).: 63400	463.643,00	-400.156,00	-456.300,00	-405.200,00	-56.527,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	2.078,00	-116.812,00	37.727,00	129.092,00	372.539,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	773.931,00	-265.492,00	-206.762,00	805.982,00	-5.378,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	2.448.584,00	2.183.092,00	1.976.330,00	2.782.312,00	2.776.934,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.674.653,00	2.448.584,00	2.183.092,00	1.976.330,00	2.782.312,00

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:	-0,04 %	0,01 %	0,02 %	0,00 %	-309,23 %
EBITDA over Sales:	13,14 %	9,27 %	12,88 %	10,08 %	2,09 %	-8,05 %
Cash Flow Yield:	-0,03 %	0,00 %	0,02 %	0,00 %	-304,88 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	6,94 %	5,28 %	9,26 %	6,94 %	-25,06 %	-23,87 %
Total economic profitability:	7,10 %	2,53 %	8,73 %	4,14 %	-18,62 %	-38,87 %
Financial profitability:	12,87 %	1,40 %	10,48 %	5,81 %	22,72 %	-75,86 %
Margin:	7,92 %	4,88 %	10,25 %	6,37 %	-22,79 %	-23,36 %
Mark-up:	7,52 %	1,67 %	9,15 %	4,72 %	-17,82 %	-64,68 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,16	0,12	0,48	0,11	-65,56	10,13
Acid Test:	1,30	0,85	1,77	0,83	-26,78	2,61
Working Capital / Investment:	0,42	0,03	0,56	0,03	-25,43	6,71
Solvency:	2,00	1,18	2,87	1,16	-30,36	1,08

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,06	1,64	0,56	1,67	88,07	-2,21
Borrowing Composition:	0,23	1,03	0,20	1,06	14,02	-2,38
Repayment Ability:	-16,15	159,94	23,17	846,82	-169,70	-81,11
Warranty:	1,95	1,62	2,78	1,61	-29,98	0,88
Generated resources / Total creditors:	0,19	0,07	0,23	0,07	-14,76	-3,08

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,53	1,73	1,41	1,75	8,07	-1,35
Turnover of Collection Rights :	1,85	4,82	2,36	4,48	-21,64	7,48
Turnover of Payment Entitlements:	1,77	3,52	2,20	3,26	-19,90	7,90
Stock rotation:	2,73	6,60	2,42	6,04	12,67	9,21
Assets turnover:	0,88	1,08	0,90	1,09	-2,93	-0,67
Borrowing Cost:	1,00	2,95	1,50	2,92	-33,34	0,95

> 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:	-0,04 %	0,02 %	-0,04 %	7,51 %	-0,04 %
EBITDA over Sales:	13,14 %	12,88 %	13,17 %	17,15 %	11,93 %
Cash Flow Yield:	-0,03 %	0,02 %	-0,03 %	5,49 %	-0,03 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	6,94 %	9,26 %	8,57 %	9,42 %	9,11 %
Total economic profitability:	7,10 %	8,73 %	7,53 %	7,31 %	8,15 %
Financial profitability:	12,87 %	10,48 %	8,44 %	9,03 %	10,87 %
Margin:	7,92 %	10,25 %	8,24 %	9,52 %	7,44 %
Mark-up:	7,52 %	9,15 %	8,40 %	8,39 %	7,20 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,16	0,48	0,49	0,61	0,36
Acid Test:	1,30	1,77	1,71	1,56	1,42
Working Capital / Investment:	0,42	0,56	0,49	0,48	0,43
Solvency:	2,00	2,87	2,66	2,61	2,32

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	1,06	0,56	0,45	0,45	0,60
Borrowing Composition:	0,23	0,20	0,05	0,05	0,13
Repayment Ability:	-16,15	23,17	-9,60	-4,54	-4,72
Warranty:	1,95	2,78	3,22	3,20	2,67
Generated resources / Total creditors:	0,19	0,23	0,29	0,35	0,28

Efficiency	2012	2011	2010	2009	2008
Productivity:	1,53	1,41	1,43	1,51	1,46
Turnover of Collection Rights :	1,85	2,36	2,50	2,98	2,89
Turnover of Payment Entitlements:	1,77	2,20	1,99	1,71	2,97
Stock rotation:	2,73	2,42	2,69	2,37	3,12
Assets turnover:	0,88	0,90	1,04	0,99	1,22
Borrowing Cost:	1,00	1,50	1,32	1,57	2,60

COMPARATIVE SECTORIAL BALANCE

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

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'	Variación -
	Empresa	Sector

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'	Variación -
	Empresa	Sector

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'	Variación -
	Empresa	Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

It is a company constituted in the year 1992, although its beginnings date back to 1966, dedicated to the manufacture of supplies equipment, solutions and services for mining, fishing and the environment in general. It operates both nationally and internationally and it focuses on three business lines: -TH MARCO: it is dedicated to the supply of deck equipment and systems for the fishing and marine industries. They own the Framework technology, recognized worldwide in the tuna industry. -TH MINERALS: it offers a wide range of processes in the minerals industry, providing filtration equipment for mineral and tailings for mining and metallurgical industry, as well as complete systems of micronization and classification for the mineral industry. -TH ENVIRO: Technology serving the media environment that provides solutions to the problems caused by sewage in all types of industry. There is no evidence of anything against the company, according to the sources consulted. In light of the above, we consider it apt to continue normal risk 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.61.24
UK Pound	1	Rs.98.68
Euro	1	Rs.77.60

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

RATING EXPLANATIONS

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

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

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

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

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