MIRA INFORM REPORT

Report No. :	315576
Report Date :	10.04.2015

IDENTIFICATION DETAILS

Name :	AZELIS ESPAÑA SA
Registered Office :	PÇA. Pau (World Trade Center Almeda Park) Edif. 8 1ª Planta - Cornella De Llobregat - 08940 - Barcelona
Country :	Spain
Financials (as on) :	2013
Date of Incorporation :	31.07.1998
Legal Form :	Public Company
Line of Business :	Wholesale of special chemical products for different areas such as: - Animal nutrition - Chemical industry - Covering - Food And Health - Lubricants - Personal care - Pharma - Rubber and plastic additives, etc.
No. of Employee :	60 (2013)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

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

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Spain	A1	A1

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

EXECUTIVE SUMMARY

Name:	AZELIS ESPAÑA SA
NIF / Fiscal code:	A61744033
Status:	ACTIVE
Incorporation Date:	31/07/1998
Register Data	Register Section 8 Sheet 184039
Last Publication in BORME:	23/10/2013 [Appointments]
Last Published Account Deposit:	2013
Share Capital:	601.012,10
Localization:	Pça. Pau (World Trade Center Almeda Park) Edif. 8 1ª planta - CORNELLA DE LLOBREGAT - 08940 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 934 099 070 Email. azelis@azelis.es Website. www.azelis.es
Activity:
NACE:	4619 - Agents involved in the sale of a variety of goods
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	4 for a total cost of NaN
Subsidies:	1 for a total cost of 30054000
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :

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Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---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Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

AZELIS IBERICA HOLDING SL	100 %
Shares:	0
Other Links:	5
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios	2013	2012	Change
Nº of employees:	60

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees NO
INVESTIGATION SUMMARY
This is a firm created in 1998, engaged to the manufacture of special chemical products. It operates nationwide and worldwide. It is integrated into the so-called "Grupo Azelis", which is present worldwide and it has a portfolio of over 20,000 customers. In the consulted sources appears nothing against the company. That being said, we believe that it can still be related to risk operations according to its size.
Interviewed Person:

Enquiry Details

Identification
Social Denomination:	AZELIS ESPAÑA SA
NIF / Fiscal code:	A61744033
Corporate Status:	ACTIVE
Start of activity:	1998
Registered Office:	Pça. Pau (World Trade Center Almeda Park) Edif. 8 1ª planta
Locality:	CORNELLA DE LLOBREGAT
Province:	BARCELONA
Postal Code:	08940
Telephone:	934 099 070
Fax:	933 392 162
Website:	www.azelis.es
Email:	azelis@azelis.es
Interviewed Person:	This information was obtained through indirect sources due to the refusal of the responsible members of the company to provide any kind of collaboration for the preparation of this paper.

Branch Offices

Activity
NACE:	4619
Additional Information:	Wholesale of special chemical products for different areas such as: - Animal nutrition - Chemical industry - Covering - Food And Health - Lubricants - Personal care - Pharma - Rubber and plastic additives, etc... - Additional Address: The registered office and offices are placed at the header
Franchise:	No
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2013	60

The data of employees is from the latest available financial statements in Failing that, are estimates data calculated by statistical methods

Chronological Summary
	Year	Act
	1998	Appointments/ Re-elections (11) Company Formation (1) Other Concepts/ Events (1)
	1999	Accounts deposit (ejer. 1998) Appointments/ Re-elections (1)
	2000	Accounts deposit (ejer. 1999)
	2001	Accounts deposit (ejer. 2000) Appointments/ Re-elections (1)
	2002	Accounts deposit (ejer. 2001) Cessations/ Resignations/ Reversals (3)
	2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (4)
	2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)
	2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2006	Accounts deposit (ejer. 2005) Statutory Modifications (1)
	2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)
	2008	Accounts deposit (ejer. 2007) Change of Social address (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)
	2009	Accounts deposit (ejer. 2008) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2010	Accounts deposit (ejer. 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1)
	2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (4)
	2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (4)
	2014	Accounts deposit (ejer. 2013)

Breakdown of Owners' Equity
Registered Capital:	601.012,10
Paid up capital:	601.012,10

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
21/09/1998	Company Formation	601.012	601.012	601.012	601.012

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	SEWARD CORPORATION SL	17/12/2008	1
PRESIDENT	PEREZ GARCIA JAVIER	02/04/2013	10
MEMBER OF THE BOARD	HANS JOAQUIM MULLER	02/04/2013	3
	MARTIN WILHELM HOLLENHORST	02/04/2013	3
	BARIOS BONCOMPTE ANTONIO JUAN	02/04/2013	8
	PEREZ GARCIA JAVIER	02/04/2013	10
COMBINED CHIEF EXECUTIVE OFFICER	BARIOS BONCOMPTE ANTONIO JUAN	02/04/2013	8
	MARTIN WILHELM HOLLENHORST	02/04/2013	3
	HANS JOAQUIM MULLER	02/04/2013	3
PROXY	BARIOS BONCOMPTE ANTONIO JUAN	02/04/2013	8
	HANS JOAQUIM MULLER	02/04/2013	3
	MARTIN WILHELM HOLLENHORST	02/04/2013	3
	BARIOS BONCOMPTE ANTONIO	19/04/2012	7
	SALVADOR VALLS JORGE	14/01/2011	1
CHIEF EXECUTIVE OFFICER	PEREZ GARCIA JAVIER	02/04/2013	10
SECRETARY	BARIOS BONCOMPTE ANTONIO JUAN	02/04/2013	8
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	16/10/2013	3

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AGUILERA ARMENGOL FRANCISCO	MEMBER OF THE BOARD	03/12/2007	4
	MEMBER OF THE BOARD	15/03/2012
	PRESIDENT	15/03/2012
	PROXY	15/03/2012
ALESSANDRO MONDA	PROXY	02/04/2013	1
ASENSIO MEYA JOSE	PROXY	15/03/2012	2
	PROXY	14/01/2011
AZELIS QUIMICA SL	SINGLE PARTNER	17/12/2008	1
BARIOS BONCOMPTE ANTONIO	MEMBER OF THE BOARD	03/12/2007	7
	MEMBER OF THE BOARD	15/03/2012
	PROXY	14/03/2003
	PROXY	14/03/2003
	PROXY	20/01/2005
	PROXY	15/03/2012
BARIOS BONCOMPTE ANTONIO JUAN	MEMBER OF THE BOARD	02/04/2013	8
	PROXY	02/04/2013
	COMBINED CHIEF EXECUTIVE OFFICER	02/04/2013
	SECRETARY	02/04/2013
CARVAJAL RODRIGUEZ EMILIANO	PROXY	15/03/2012	1
CASADEMUNT ARROYOS JOAQUIN	PROXY	16/11/2007	1
COLL GALCERAN MIGUEL	PROXY	15/03/2012	1
COMELLAS PLAYA JUAN	PROXY	12/11/2002	1
CORBERA GUBERN JOSE ANTONIO	MEMBER OF THE BOARD	10/03/2003	2
	MEMBER OF THE BOARD	20/12/2004
CORPORACION RICORVI S L	SINGLE PARTNER	20/12/2004	1
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	16/10/2013	3
	ACCOUNTS' AUDITOR / HOLDER	22/02/2013
DOMENECH PUIG RAMON	PROXY	15/03/2012	1
GILABERT GARCIA MARIA PILAR	NON CONSELLOR SECRETARY	20/12/2004	3
	NON CONSELLOR SECRETARY	03/12/2007
	NON CONSELLOR SECRETARY	15/03/2012
GOMEZ MULA JORGE	PROXY	12/11/2002	1
GUNTHER REINHARD KRAUSSER	MEMBER OF THE BOARD	02/04/2013	3
	PROXY	02/04/2013
	COMBINED CHIEF EXECUTIVE OFFICER	02/04/2013
HANS UDO WENZEL	MEMBER OF THE BOARD	03/12/2007	2
	MEMBER OF THE BOARD	16/07/2010
JACOBUS PIETER VAN DEN AKKER	MEMBER OF THE BOARD	15/03/2012	1
JORIS COPPYE	MEMBER OF THE BOARD	16/07/2010	1
JORIS SYLVAIN ADELIN COPPYE	PRESIDENT	24/01/2013	4
	MEMBER OF THE BOARD	02/04/2013
	PROXY	02/04/2013
	COMBINED CHIEF EXECUTIVE OFFICER	02/04/2013
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	20/01/2009	2
	ACCOUNTS' AUDITOR / HOLDER	10/12/2009
LETAMENDIA OSTIATEGUI MARIA ESTIBALIZ	PROXY	15/03/2012	1
LORENZO CECCARELLI	COMBINED CHIEF EXECUTIVE OFFICER	27/08/2012	6
	PROXY	27/08/2012
	MEMBER OF THE BOARD	27/08/2012
	MEMBER OF THE BOARD	15/03/2012
	PROXY	15/03/2012
	PROXY	15/03/2012
PAOLINO BIDONE	MEMBER OF THE BOARD	10/03/2003	2
	MEMBER OF THE BOARD	20/12/2004
PEREZ GARCIA JAVIER	MEMBER OF THE BOARD	02/04/2013	10
	PROXY	27/08/2012
	PROXY	02/10/2012
	PROXY	02/04/2013
	PROXY	07/05/2013
	COMBINED CHIEF EXECUTIVE OFFICER	02/04/2013
	PRESIDENT	02/04/2013
PERIS CLAVERO ANTONIO	PROXY	20/01/2005	4
	PROXY	14/03/2003
	PROXY	14/03/2003
	PROXY	11/04/2011
PRICE WATERHOUSE AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	30/12/2005	1
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	30/12/2005	1
RIBOT BONET JUAN	MEMBER OF THE BOARD	10/03/2003	7
	MEMBER OF THE BOARD	20/12/2004
	MEMBER OF THE BOARD	03/12/2007
	PROXY	07/01/2009
	SECRETARY	10/03/2003
	PRESIDENT	20/12/2004
	PRESIDENT	03/12/2007
SAHUN GARCIA PABLO	PROXY	12/11/2002	1
SORRIBAS CABESTANY JOSE MARIA	MEMBER OF THE BOARD	10/03/2003	4
	PRESIDENT	10/03/2003
	SECRETARY	10/10/2003
	MEMBER OF THE BOARD	20/12/2004
VILA PAHI FRANCISCO JAVIER	MEMBER OF THE BOARD	10/03/2003	2
	MEMBER OF THE BOARD	20/12/2004

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		ANTONIO VARIOS BONCOMPTE
MANAGING DIRECTOR		FRANCISCO AGUILERA ARMENGOL

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

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

> Basis for scoring

Positive Factors

Adverse Factors

No irregular payment performance has been detected based on information obtained from credit bureaus. It is one of the major domestic companies in terms of sales volume. AZELIS ESPAÑA SA 's borrowing cost is appropriate according to its volume of external financing sources. Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2012 which means that the company's financial situation has improved. 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.

The development of the debt structure during the last two years indicates an increase of the debt with credit institutions and trade creditors in respect to all liabilities. The higher the level of debt, the greater the dependence on suppliers' capital and the more compromised will be its financial situation. Reduced level of liquidity. The company shows not enough capacity to meet its obligations with a maturity of less than one year with the available liquid assets. Solvency decrease. Its capacity to bear the cost derived form debts incurred with third parties has decreased significantly in its last fiscal year. No Company's subsidiaries or branches are known.

The information contained in the latest annual statements has led to a Scoring review for the company.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.696 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 461 Wholesale on a fee or contract basis
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 AZELIS ESPAÑA SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.696%.

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.

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

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

Guarantees

References

Link List

RESULTING FROM THE TOTAL SPIN-OFF:	1 Entities
IS RELATED WITH:	4 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	AZELIS IBERICA HOLDING SL	BARCELONA	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	AZELIS CROATIA
	AZELIS UNITED KINGDOM
	S&D CHEMICALS BG, S.A.
	AZELIS TURKEY
RESULTING FROM THE TOTAL SPIN-OFF	IMPEX QUIMICA SA	BARCELONA

Turnover
Total Sales 2013	68.054.356

The sales data is from the latest available financial statements in Failing that, are estimates data calculated by statistical methods.

Estimated Balance

Estimated figures year 2014 - Not current assets: 11.180.000 euros - Current assets: 17.600.000 euros - Net equity: 12.520.000 euros - Not current liabilities: 1.760.000 euros - Current liabilities: 14.500.000 euros - Total assets and liabilities: 28.780.000 euros - Sales 2014: 60.000.000 euros

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	August  2014
2012	Normales	August  2013
2011	Normales	September  2012
2010	Normales	August  2011
2009	Normales	August  2010
2008	Normales	July  2009
2007	Normales	July  2008
2006	Normales	August  2007
2005	Normales	September  2006
2004	Normales	August  2005
2003	Normales	August  2004
2002	Normales	September  2003
2001	Normales	August  2002
2000	Normales	August  2001
1999	Normales	August  2000
1998	Normales	August  1999

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 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009  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	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	12.676.092,00	10.455.045,00	10.052.091,00	5.719.109,00	2.514.827,00
I. Intangible fixed assets : 11100	100.862,00	131.063,00	161.264,00	191.464,00	11.322,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	4.985,00	9.970,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	100.862,00	126.078,00	151.294,00	191.464,00	11.322,00
6. Investigation: 11160	0,00	0,00	0,00	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	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	73.850,00	149.763,00	230.327,00	324.382,00	405.360,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	73.850,00	149.763,00	230.327,00	324.382,00	405.360,00
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	12.347.239,00	10.027.391,00	9.530.000,00	5.068.300,00	1.959.800,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	12.347.239,00	10.027.391,00	9.530.000,00	5.068.300,00	1.959.800,00
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	52.797,00	53.823,00	53.713,00	53.303,00	52.686,00
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	52.797,00	53.823,00	53.713,00	53.303,00	52.686,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	101.344,00	93.005,00	76.787,00	81.660,00	85.659,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	19.963.555,00	19.999.508,00	26.026.776,00	32.415.344,00	30.497.338,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	8.176.448,00	6.704.974,00	8.167.204,00	10.457.970,00	9.472.767,00
1. Commercial: 12210	8.176.448,00	6.703.763,00	8.163.026,00	10.336.175,00	8.833.404,00
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	1.211,00	4.178,00	121.795,00	639.363,00
III. Trade debtors and others receivable accounts: 12300	11.338.905,00	11.335.627,00	17.126.501,00	19.554.713,00	19.091.276,00
1. Trade debtors / accounts receivable: 12310	10.798.419,00	10.386.093,00	14.702.143,00	18.889.799,00	18.877.235,00
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	10.798.419,00	10.386.093,00	14.702.143,00	18.889.799,00	18.877.235,00
2. Customers, Group companies and associates : 12320	347.144,00	677.782,00	2.232.722,00	223.008,00	7.245,00
3. Other accounts receivable: 12330	75.528,00	134.868,00	135.959,00	228.283,00	124.634,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	1.500,00
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	117.814,00	136.884,00	55.677,00	213.623,00	80.662,00
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	22.444,00
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	22.444,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	0,00	2.068,00	42.991,00	111.934,00	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	2.068,00	42.991,00	111.934,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	649,00	623,00	25.955,00	2.762,00	0,00
VII. Cash and other equivalent liquid assets : 12700	447.553,00	1.956.216,00	664.125,00	2.287.965,00	1.910.851,00
1. Treasury: 12710	447.553,00	1.956.216,00	664.125,00	2.287.965,00	1.910.851,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	32.639.647,00	30.454.553,00	36.078.867,00	38.134.453,00	33.012.165,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	14.187.991,00	13.741.899,00	13.896.623,00	13.272.566,00	12.561.589,00
A-1) Shareholders' equity: 21000	14.187.991,00	13.741.899,00	13.896.623,00	13.272.566,00	12.561.589,00
I. Capital: 21100	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
1. Registered capital : 21110	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	8.904.064,00	8.904.064,00	8.904.064,00	8.904.064,00	8.904.064,00
III. Reserves: 21300	4.391.560,00	4.391.560,00	3.767.502,00	3.056.525,00	2.013.195,00
1. Legal y estatutarias: 21310	120.202,00	120.202,00	120.202,00	120.202,00	120.202,00
2. Other reserves: 21320	4.271.358,00	4.271.358,00	3.647.300,00	2.936.323,00	1.892.993,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	-154.725,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-154.725,00	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	446.092,00	-154.725,00	624.057,00	710.977,00	1.043.330,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	2.003.768,00	1.829.928,00	1.772.161,00	1.604.821,00	1.362.591,00
I. Long-term provisions: 31100	226.192,00	255.958,00	255.958,00	260.321,00	285.530,00
1. Long-term employee benefits liability: 31110	226.192,00	255.958,00	255.958,00	260.321,00	285.530,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	1.777.400,00	1.573.279,00	1.515.000,00	1.344.500,00	1.077.061,00
IV. Liabilities for deferred tax: 31400	176,00	691,00	1.203,00	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	16.447.888,00	14.882.726,00	20.410.083,00	23.257.066,00	19.087.985,00
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	4.023.789,00	2.607.924,00	4.636.000,00	5.097.142,00	3.312.159,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	3.984.415,00	2.579.151,00	4.632.639,00	5.073.602,00	3.271.080,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	39.374,00	28.773,00	3.361,00	23.540,00	41.079,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	320.423,00
V. Trade creditors and other accounts payable: 32500	12.424.099,00	12.274.802,00	15.774.083,00	18.159.924,00	15.455.403,00
1. Suppliers: 32510	9.038.074,00	10.077.215,00	11.203.576,00	14.756.136,00	13.042.507,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	9.038.074,00	10.077.215,00	11.203.576,00	14.756.136,00	13.042.507,00
2. Suppliers, Group companies and associates: 32520	1.841.922,00	395.142,00	2.552.213,00	1.248.738,00	494.483,00
3. Other creditors: 32530	571.096,00	720.667,00	1.045.212,00	1.145.307,00	932.826,00
4. Personnel (remuneration due): 32540	627.288,00	724.265,00	676.293,00	800.728,00	774.936,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	345.719,00	357.513,00	296.789,00	209.015,00	210.651,00
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	32.639.647,00	30.454.553,00	36.078.867,00	38.134.453,00	33.012.165,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	68.054.356,00	77.248.052,00	88.983.812,00	88.281.290,00	90.252.939,00
a) Sales: 40110	68.054.356,00	77.248.052,00	88.983.812,00	88.281.290,00	90.252.939,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	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	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	-57.566.900,00	-66.630.908,00	-76.656.185,00	-76.192.887,00	-77.166.056,00
a) Stock consumption: 40410	-57.534.221,00	-66.705.181,00	-76.634.619,00	-76.206.618,00	-77.256.198,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	-32.679,00	74.273,00	-21.566,00	13.731,00	90.142,00
5. Other operating income: 40500	546.429,00	1.229.471,00	1.088.047,00	991.100,00	426.712,00
a) Auxiliary income and other from current management: 40510	546.429,00	1.227.391,00	1.078.027,00	987.751,00	386.115,00
b) Operation subsidies included in the Period's result: 40520	0,00	2.080,00	10.020,00	3.349,00	40.597,00
6. Personnel costs: 40600	-4.299.538,00	-5.782.250,00	-5.028.354,00	-5.428.732,00	-5.615.470,00
a) Wages, salaries et al.: 40610	-3.539.331,00	-5.022.138,00	-4.214.403,00	-4.362.740,00	-4.586.893,00
b) Social security costs: 40620	-760.207,00	-760.112,00	-813.951,00	-1.073.592,00	-965.725,00
c) Provisions : 40630	0,00	0,00	0,00	7.600,00	-62.852,00
7. Other operating costs: 40700	-5.906.267,00	-5.972.694,00	-6.968.822,00	-6.350.309,00	-6.145.082,00
a) External services: 40710	-5.838.734,00	-5.782.099,00	-6.887.253,00	-6.337.727,00	-6.038.521,00
b) Taxes: 40720	-7.815,00	-10.129,00	-8.366,00	-8.573,00	6.833,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-59.718,00	-180.466,00	-73.203,00	-4.009,00	-113.394,00
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	-110.400,00	-115.890,00	-129.381,00	-121.806,00	-127.366,00
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	-2,00	10,00	1.695,00	2.155,00	517,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-2,00	10,00	1.695,00	2.155,00	517,00
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	13.907,00	174.470,00	-12.855,00	10.219,00	4.937,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	731.585,00	150.261,00	1.277.957,00	1.191.030,00	1.631.131,00
14. Financial income : 41400	255.366,00	120.905,00	146.920,00	45.910,00	70.053,00
a) Of shares in equity instruments : 41410	255.366,00	120.905,00	146.920,00	45.910,00	70.053,00
a 1) In Group companies and associates: 41411	246.251,00	120.905,00	134.320,00	40.500,00	59.478,00
a 2) In third parties: 41412	9.115,00	0,00	12.600,00	5.410,00	10.575,00
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	-306.119,00	-428.892,00	-484.364,00	-293.081,00	-333.438,00
a) Amounts owed to Group companies and associates : 41510	-46.609,00	-15.707,00	-22.160,00	-13.147,00	-17.202,00
b) For debts with third parties : 41520	-259.510,00	-413.185,00	-462.204,00	-279.934,00	-316.236,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	-43.553,00	-63.089,00	-48.451,00	66.835,00	102.428,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-94.306,00	-371.076,00	-385.895,00	-180.336,00	-160.957,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	637.279,00	-220.815,00	892.062,00	1.010.694,00	1.470.174,00
20. Income taxes: 41900	-191.187,00	66.090,00	-268.005,00	-299.717,00	-426.844,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	446.092,00	-154.725,00	624.057,00	710.977,00	1.043.330,00
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	446.092,00	-154.725,00	624.057,00	710.977,00	1.043.330,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  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, such criteria using its own methodology. To view details on the methodology 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	12.574.748,00	10.362.040,00	9.975.304,00	5.637.449,00	2.429.168,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	100.862,00	131.063,00	161.264,00	191.464,00	11.322,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	4.985,00	9.970,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	100.862,00	126.078,00	151.294,00	191.464,00	11.322,00
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:	73.850,00	149.763,00	230.327,00	324.382,00	405.360,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	8.262,00	16.754,00	25.767,00	36.290,00	45.349,00
3. Other installations, tools and furniture:	23.788,00	48.241,00	74.191,00	104.488,00	130.572,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	41.800,00	84.768,00	130.368,00	183.605,00	229.439,00
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:	12.400.036,00	10.081.214,00	9.583.713,00	5.121.603,00	2.012.486,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	12.347.239,00	10.027.391,00	9.530.000,00	5.068.300,00	1.959.800,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	52.797,00	53.823,00	53.713,00	53.303,00	52.686,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	20.064.899,00	20.090.445,00	26.060.572,00	32.385.070,00	30.560.553,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	8.176.448,00	6.704.974,00	8.167.204,00	10.457.970,00	9.472.767,00
1. Goods for resale:	8.176.448,00	6.703.763,00	8.163.026,00	10.336.175,00	8.833.404,00
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	1.211,00	4.178,00	121.795,00	639.363,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	11.440.249,00	11.428.632,00	17.203.288,00	19.636.373,00	19.176.935,00
1. Trade debtors / accounts receivable:	10.798.419,00	10.386.093,00	14.702.143,00	18.889.799,00	18.877.235,00
2. Accounts receivable, Group companies:	347.144,00	677.782,00	2.232.722,00	223.008,00	7.245,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	75.528,00	134.868,00	135.959,00	228.283,00	124.634,00
5. Staff:	0,00	0,00	0,00	0,00	1.500,00
6. Public bodies:	219.158,00	229.889,00	132.464,00	295.283,00	166.321,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	0,00	0,00	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:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	447.553,00	1.956.216,00	664.125,00	2.287.965,00	1.910.851,00
VII. Prepayments and accrued income:	649,00	623,00	25.955,00	2.762,00	0,00
GENERAL TOTAL (A + B + C + D):	32.639.647,00	30.452.485,00	36.035.876,00	38.022.519,00	32.989.721,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	14.227.365,00	13.768.604,00	13.856.993,00	13.184.172,00	12.580.224,00
I. Subscribed capital:	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
II. Share premium:	8.904.064,00	8.904.064,00	8.904.064,00	8.904.064,00	8.904.064,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	4.430.934,00	4.418.265,00	3.727.872,00	2.968.131,00	2.031.830,00
1. Legal reserve:	120.202,00	120.202,00	120.202,00	120.202,00	120.202,00
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:	4.309.341,00	4.296.663,00	3.606.488,00	2.847.006,00	1.911.027,00
Differences due to capital adjustement to euros:	1.391,00	1.400,00	1.182,00	923,00	601,00
V. Profit or loss brought forward:	-154.725,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-154.725,00	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:	446.092,00	-154.725,00	624.057,00	710.977,00	1.043.330,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	226.192,00	255.958,00	255.958,00	260.321,00	285.530,00
1. Provisions for pension fund and other similar obligations:	226.192,00	255.958,00	255.958,00	260.321,00	285.530,00
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:	1.777.576,00	1.573.970,00	1.516.203,00	1.344.500,00	1.077.061,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	1.777.400,00	1.573.279,00	1.515.000,00	1.344.500,00	1.077.061,00
1. Amounts owed to group companies:	1.777.400,00	1.573.279,00	1.515.000,00	1.344.500,00	1.077.061,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	176,00	691,00	1.203,00	0,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	176,00	691,00	1.203,00	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:	16.408.514,00	14.853.953,00	20.406.722,00	23.233.526,00	19.046.906,00
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:	3.984.415,00	2.579.151,00	4.632.639,00	5.073.602,00	3.271.080,00
1. Loans and other liabilities:	3.984.415,00	2.579.151,00	4.632.639,00	5.073.602,00	3.271.080,00
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:	1.841.922,00	395.142,00	2.552.213,00	1.248.738,00	814.906,00
1. Amounts owed to group companies:	1.841.922,00	395.142,00	2.552.213,00	1.248.738,00	814.906,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	9.609.170,00	10.797.882,00	12.248.788,00	15.901.443,00	13.975.333,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	9.609.170,00	10.797.882,00	12.248.788,00	15.901.443,00	13.975.333,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	973.007,00	1.081.778,00	973.082,00	1.009.743,00	985.587,00
1. Public bodies:	345.719,00	357.513,00	296.789,00	209.015,00	210.651,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	627.288,00	724.265,00	676.293,00	800.728,00	774.936,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	32.639.647,00	30.452.485,00	36.035.876,00	38.022.519,00	32.989.721,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	68.423.966,00	78.927.633,00	89.596.417,00	88.686.532,00	89.814.256,00
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:	57.534.221,00	66.705.181,00	76.634.619,00	76.206.618,00	77.256.198,00
a) Stock consumption:	57.534.221,00	66.705.181,00	76.634.619,00	76.206.618,00	77.256.198,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	4.299.538,00	5.782.250,00	5.028.354,00	5.428.732,00	5.615.470,00
a) Wages, salaries et al.:	3.539.331,00	5.022.138,00	4.214.403,00	4.355.140,00	4.649.745,00
b) Social security costs:	760.207,00	760.112,00	813.951,00	1.073.592,00	965.725,00
A.4. Depreciation expense:	110.400,00	115.890,00	129.381,00	121.806,00	127.366,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	92.397,00	106.193,00	94.769,00	-9.722,00	23.252,00
a) Stock provision variation:	32.679,00	-74.273,00	21.566,00	-13.731,00	-90.142,00
b) Variation in provision and bad debt losses:	59.718,00	180.466,00	73.203,00	4.009,00	113.394,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	5.846.549,00	5.792.228,00	6.895.619,00	6.346.300,00	6.031.688,00
a) External services:	5.838.734,00	5.782.099,00	6.887.253,00	6.337.727,00	6.038.521,00
b) Taxes:	7.815,00	10.129,00	8.366,00	8.573,00	-6.833,00
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):	717.680,00	0,00	1.289.117,00	1.178.656,00	1.625.677,00
A.7. Financial and similar charges:	306.119,00	428.892,00	484.364,00	293.081,00	333.438,00
a) Due to liabilities with companies of the group:	46.609,00	15.707,00	22.160,00	13.147,00	17.202,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	259.510,00	413.185,00	462.204,00	279.934,00	316.236,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	43.553,00	63.089,00	48.451,00	0,00	0,00
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):	623.374,00	0,00	903.222,00	998.320,00	1.464.720,00
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:	2,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	12.855,00	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):	13.905,00	174.480,00	0,00	12.374,00	5.454,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	637.279,00	0,00	892.062,00	1.010.694,00	1.470.174,00
A.15. Corporation tax:	191.187,00	-66.090,00	268.005,00	299.717,00	426.844,00
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):	446.092,00	0,00	624.057,00	710.977,00	1.043.330,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	68.870.058,00	78.772.908,00	90.220.474,00	89.397.509,00	90.857.586,00
B.1. Net total sales:	68.054.356,00	77.248.052,00	88.983.812,00	88.281.290,00	90.252.939,00
a) Sales:	68.172.831,00	77.382.532,00	89.138.723,00	88.434.978,00	90.410.059,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	-118.475,00	-134.480,00	-154.911,00	-153.688,00	-157.120,00
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:	546.429,00	1.229.471,00	1.088.047,00	991.100,00	426.712,00
a) Auxiliary income and other from current management:	546.429,00	1.227.391,00	1.078.027,00	987.751,00	386.115,00
b) Grants:	0,00	2.080,00	10.020,00	3.349,00	40.597,00
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	24.219,00	0,00	0,00	0,00
B.5. Income from equity investment:	255.366,00	120.905,00	146.920,00	45.910,00	70.053,00
a) In companies of the group:	246.251,00	120.905,00	134.320,00	40.500,00	59.478,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	9.115,00	0,00	12.600,00	5.410,00	10.575,00
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	0,00	66.835,00	102.428,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	94.306,00	371.076,00	385.895,00	180.336,00	160.957,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	395.295,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	10,00	1.695,00	2.155,00	517,00
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:	13.907,00	174.470,00	0,00	10.219,00	4.937,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	11.160,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	220.815,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	154.725,00	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.

	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.: 61100	637.279,00	-220.815,00	892.062,00	1.010.694,00	1.470.174,00
2. Results adjustments.: 61200	309.858,00	659.484,00	652.751,00	158.028,00	422.674,00
a) Fixed Assets Amortization (+).: 61201	110.400,00	115.890,00	129.381,00	121.806,00	127.366,00
b) Obsolescence Allowances (+/-). : 61202	92.397,00	106.193,00	94.769,00	-9.722,00	23.252,00
c) Variation in Provision (+/-). : 61203	0,00	0,00	-4.363,00	-25.209,00	62.852,00
e) Results on disposal of fixed assets (+/-). : 61205	86,00	-10,00	-1.695,00	-2.155,00	-517,00
g) Financial income (-).: 61207	-255.366,00	-120.905,00	-146.920,00	-45.909,00	-70.053,00
h) Financial Expenses (+). : 61208	306.119,00	428.892,00	484.364,00	293.081,00	363.567,00
i) Exchange differences (+/-). : 61209	43.553,00	63.089,00	48.451,00	-66.835,00	-102.428,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	12.669,00	66.335,00	48.764,00	-107.029,00	18.635,00
3. Changes in current capital equity.: 61300	-1.429.209,00	3.943.261,00	2.055.542,00	1.168.195,00	5.125.242,00
a) Stock (+/-).: 61301	-1.505.364,00	1.533.536,00	2.151.583,00	-220.504,00	1.350.245,00
d) Debtors and other accounts receivable (+/-). : 61302	-44.561,00	4.144.406,00	2.355.009,00	-398.374,00	5.235.354,00
c) Other current assets (+/-). : 61303	1.185,00	28.299,00	94.425,00	471.632,00	-581.006,00
d) Creditors and other accounts payable (+/-). : 61304	258.068,00	-1.871.676,00	-2.508.814,00	1.291.285,00	-847.634,00
e) Other current liabilities (+/-).: 61305	-138.537,00	108.696,00	-36.661,00	24.156,00	8.458,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	0,00	0,00	-40.175,00
4. Other cash flows for operating activities.: 61400	-278.280,00	-528.925,00	-431.453,00	-759.400,00	-719.837,00
a) Interest payments (-). : 61401	-332.872,00	-411.190,00	-476.077,00	-283.814,00	-396.743,00
c) Interest collection (+). : 61403	273.068,00	103.203,00	146.920,00	45.909,00	70.053,00
d) Income tax payment collection (payments) (+/-).: 61404	-218.476,00	-220.938,00	-102.296,00	-521.495,00	-393.147,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-760.352,00	3.853.005,00	3.168.902,00	1.577.517,00	6.298.253,00
6. Payments for investment (-).: 62100	-2.324.260,00	-502.626,00	-4.467.236,00	-3.330.087,00	-10.809,00
a) Companies of the group and affiliates. : 62101	-2.319.848,00	-497.391,00	-4.461.700,00	-3.108.500,00	0,00
b) Intangible fixed assets. : 62102	0,00	0,00	0,00	-196.449,00	0,00
c) Fixed assets. : 62103	-4.412,00	-5.125,00	-5.126,00	-24.521,00	-10.809,00
e) Other financial assets. : 62105	0,00	-110,00	-410,00	-617,00	0,00
7. Divestment payment collection (+). : 62200	1.066,00	10,00	1.695,00	2.155,00	934.032,00
a) Companies of the group and affiliates. : 62201	0,00	0,00	0,00	0,00	930.200,00
b) Intangible fixed assets. : 62202	0,00	0,00	0,00	0,00	517,00
c) Fixed assets. : 62203	40,00	10,00	1.695,00	2.155,00	0,00
e) Other financial assets. : 62205	1.026,00	0,00	0,00	0,00	3.315,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-2.323.194,00	-502.616,00	-4.465.541,00	-3.327.932,00	923.223,00
9. Payment collection and payments for equity instruments. : 63100	0,00	-1.995.209,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	1.618.436,00	-1.995.209,00	-278.749,00	2.060.693,00	-5.738.448,00
a) Issuance : 63201	1.618.436,00	58.279,00	170.500,00	2.060.693,00	0,00
2. Debts incurred with credit institutions (+). : 63203	1.414.315,00	0,00	0,00	1.793.254,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	204.121,00	58.279,00	170.500,00	267.439,00	0,00
b) Repayment and amortization of : 63207	0,00	-2.053.488,00	-449.249,00	0,00	-5.738.448,00
2. Debts incurred with credit institutions (-).: 63209	0,00	-2.053.488,00	-449.249,00	0,00	-6.051.448,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	0,00	0,00	313.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	1.618.436,00	-1.995.209,00	-278.749,00	2.060.693,00	-5.738.448,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-43.553,00	-63.089,00	-48.451,00	66.835,00	102.428,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-1.508.663,00	1.292.091,00	-1.623.839,00	377.113,00	1.585.456,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	1.956.216,00	664.125,00	2.287.964,00	1.910.851,00	325.395,00
Cash or equivalent assets as of end of the fiscal year.: 65200	447.553,00	1.856.216,00	664.125,00	2.287.964,00	1.910.851,00

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	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	-0,02 %	0,01 %	0,02 %	0,07 %	-232,53 %	-79,60 %
EBITDA over Sales:	1,22 %	11,40 %	0,12 %	9,19 %	925,35 %	24,12 %
Cash Flow Yield:	-0,05 %	0,01 %	0,04 %	0,03 %	-208,94 %	-79,77 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	3,55 %	6,97 %	-0,12 %	5,15 %	3.083,79 %	35,32 %
Total economic profitability:	2,89 %	3,84 %	0,68 %	2,46 %	323,04 %	55,83 %
Financial profitability:	3,14 %	4,44 %	-1,13 %	1,25 %	379,25 %	254,84 %
Margin:	1,05 %	6,76 %	-0,03 %	4,80 %	3.491,36 %	40,87 %
Mark-up:	0,91 %	4,62 %	-0,50 %	1,53 %	280,41 %	202,08 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,03	0,13	0,13	0,12	-79,30	14,47
Acid Test:	0,72	0,86	0,89	0,85	-19,78	0,85
Working Capital / Investment:	0,11	0,05	0,17	0,03	-35,89	92,66
Solvency:	1,22	1,18	1,35	1,17	-9,64	0,33

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,26	1,36	1,18	1,63	7,55	-16,65
Borrowing Composition:	0,11	0,98	0,11	1,02	2,19	-3,94
Repayment Ability:	-12,08	83,97	12,74	18,30	-194,85	358,85
Warranty:	1,79	1,75	1,85	1,62	-3,23	7,72
Generated resources / Total creditors:	0,03	0,08	-0,01	0,07	570,34	27,24

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,19	1,87	1,02	1,72	17,40	8,63
Turnover of Collection Rights :	6,05	5,08	6,92	4,79	-12,61	6,09
Turnover of Payment Entitlements:	5,11	3,68	5,91	3,52	-13,63	4,50
Stock rotation:	8,30	7,28	11,71	6,48	-29,09	12,44
Assets turnover:	3,39	1,03	3,85	1,07	-12,02	-3,94
Borrowing Cost:	1,68	2,84	2,61	2,95	-35,55	-3,96

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow	2013	2012	2011	2010	2009
Cash Flow over Sales:	-0,02 %	0,02 %	-0,02 %	0,43 %	1,76 %
EBITDA over Sales:	1,22 %	0,12 %	1,59 %	1,47 %	1,94 %
Cash Flow Yield:	-0,05 %	0,04 %	-0,05 %	0,99 %	4,80 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	3,55 %	-0,12 %	4,88 %	3,59 %	5,25 %
Total economic profitability:	2,89 %	0,68 %	3,82 %	3,42 %	5,46 %
Financial profitability:	3,14 %	-1,13 %	4,49 %	5,36 %	8,31 %
Margin:	1,05 %	-0,03 %	1,43 %	1,32 %	1,79 %
Mark-up:	0,91 %	-0,50 %	1,00 %	1,12 %	1,62 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,03	0,13	0,03	0,10	0,10
Acid Test:	0,72	0,89	0,87	0,94	1,10
Working Capital / Investment:	0,11	0,17	0,16	0,24	0,35
Solvency:	1,22	1,35	1,28	1,40	1,60

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	1,26	1,18	1,55	1,82	1,57
Borrowing Composition:	0,11	0,11	0,07	0,06	0,06
Repayment Ability:	-12,08	12,74	-13,50	21,05	10,65
Warranty:	1,79	1,85	1,65	1,55	1,64
Generated resources / Total creditors:	0,03	-0,01	0,04	0,03	0,05

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,19	1,02	1,28	1,24	1,31
Turnover of Collection Rights :	6,05	6,92	5,26	4,57	4,75
Turnover of Payment Entitlements:	5,11	5,91	5,30	4,55	5,39
Stock rotation:	8,30	11,71	10,87	8,42	9,40
Assets turnover:	3,39	3,85	3,41	2,71	2,93
Borrowing Cost:	1,68	2,61	2,21	1,19	1,65

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

Public Tenders and Works Won

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

Suministro de materias primas para la elaboración de medicamentos.

Date Awarded:

31/10/2011

Cost:

40.950,00 EURO.

Organisation that calls the tender:

CENTRO MILITAR DE FARMACIA DE LA DEFENSA

Objective of Tender:

PUBLICACION DE LA ADJUDICACION DEL SUMINISTRO DE SEIS LOTES DE MATERIA PRIMA PARA EL CENTRO MILITAR DE FARMACIA

Date Awarded:

07/05/2008

Cost:

Importe compartido entre distintos Contratistas

Organisation that calls the tender:

CENTRO MILITAR DE FARMACIA DE LA DEFENSA

Objective of Tender:

PRODUCTOS FARMACEUTICOS

Date Awarded:

14/11/2002

Cost:

275.432,73 EURO.

Organisation that calls the tender:

PARQUE CENTRAL DE RECURSOS SANITARIOS

Objective of Tender:

ADQUISICION DE EQUIPOS DE SANIDAD, MATERIALES SANITARIOS Y MATERIAS PRIMAS

Date Awarded:

25/10/2001

Cost:

11.440.710 PTS.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	30.054.000,00

Research Summary

This is a firm created in 1998, engaged to the manufacture of special chemical products. It operates nationwide and worldwide. It is integrated into the so-called "Grupo Azelis", which is present worldwide and it has a portfolio of over 20,000 customers. In the consulted sources appears nothing against the company. That being said, we believe that it can still be related to risk operations according to its size.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.26
UK Pound	1	Rs.92.49
Euro	1	Rs.66.99

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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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