MIRA INFORM REPORT

Report No. :	334911
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	ASERPAL SA
Registered Office :	Ctra Nacional 634, Km 679,900 , Sesmonde - Vilasantar - 15807 - La Coruña
Country :	Spain
Financials (as on) :	2013
Date of Incorporation :	02.05.1989
Legal Form :	Public Company
Line of Business :	Manufacture of veneer sheets and wood-based panels
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

After experiencing a prolonged recession in the wake of the global financial crisis, in 2014 Spain marked the first full year of economic growth in seven years, with growth of 1.4%. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Credit contraction in the private sector, fiscal austerity, and high unemployment continue to weigh on domestic consumption and investment. Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, closing 2014 at 23.7%. This has strained 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 2010. Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, 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 more than 97% in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms, aimed at supporting investor sentiment, have become overshadowed by political activity in 2015 in anticipation of national parliamentary elections late in the year. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors, completing an EU-funded restructuring and recapitalization program in January 2014. Recently increased private consumption helped bring real GDP growth back into positive territory at 1.4% in 2014, and labor reforms prompted a modest reduction in the unemployment rate, from more than 26% in 2013 to 23.7% in 2014. Despite the uptic in economic activity, inflation dropped sharply, from 1.5% in 2013 to flat in 2014. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of national elections in November 2015 and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012.

Source : CIA

EXECUTIVE SUMMARY

Name:	ASERPAL SA
NIF / Fiscal code:	A15166630
Status:	ACTIVE
Incorporation Date:	02/05/1989
Register Data	Register Section 8 Sheet 8961
Last Publication in BORME:	03/06/2015 [Appointments]
Last Published Account Deposit:	2013
Share Capital:	2.406.000
Localization:	CTRA NACIONAL 634, KM 679,900 , SESMONDE - VILASANTAR - 15807 - LA CORUÑA
Telephone - Fax - Email - Website:	Telephone. 981 786 611 Email. losan@losan.es Website. www.losan.es
Activity:
NACE:	1621 - Manufacture of veneer sheets and wood-based panels
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	28 for a total cost of 1028247.8200000002
Quality Certificate:	No
Scoring and Risk:
Payment Behaviour:	According to the agreed terms
Prospects:	Consolidation
Industry situation:	Maturity
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:

INDUSTRIAS LOSAN SA
Shares:	5
Other Links:	6
No. of Active Corporate Bodies:

Ratios

2013

2012

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
This partnership was registered a few years ago, which provides it enough experience in its sector and whose activity enjoys great prestige among the information sources checked. The billing increased 9,14% in 2013 as compared to the previous year. It shows a negative working capital; therefore the partnership would not meet the short-term payment commitments.

Enquiry Details

Business address regime:

Propiedad

Identification

Social Denomination:	ASERPAL SA
NIF / Fiscal code:	A15166630
Corporate Status:	ACTIVE
Start of activity:	1989
Registered Office:	CTRA NACIONAL 634, KM 679,900 , SESMONDE
Locality:	VILASANTAR
Province:	LA CORUÑA
Postal Code:	15807
Telephone:	981 786 611
Fax:	981 786 600
Website:	www.losan.es
Email:	losan@losan.es

Branch Offices

Activity

NACE:	1621
Legal Form:	REPAIR, MAINTENANCE AND PRESERVATION OF EQUIPMENT AND FACILITIES OF CO-GENERATION, COMBINED CICLE AND BIOMASS POWER PLANTS.
Additional Information:	Engaged in cutting and joining sheet metal, sheet wood and dyed, is part of Grupo LOSAN
Additional Address:	CTRA NACIONAL 634, KM 679,900 , SESMONDE 15807 VILASANTAR ( LA CORUÑA ), Registered office and offices
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary

Year	Act
1990	Accounts deposit (year 1989)
1991	Accounts deposit (year 1990)
1992	Accounts deposit (year 1991) Appointments/ Re-elections (3) Dividends Payment (1) Statutory Modifications (1)
1993	Accounts deposit (year 1992) Adaptation to Law (1)
1994	Accounts deposit (year 1993) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
1995	Accounts deposit (year 1994) Appointments/ Re-elections (1) Dividends Payment (1) Statutory Modifications (1)
1996	Accounts deposit (year 1995)
1997	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)
1998	Accounts deposit (year 1996, 1997) Appointments/ Re-elections (1)
1999	Accounts deposit (year 1998) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2000	Accounts deposit (year 1999) Increase of Capital (1) Statutory Modifications (1)
2001	Accounts deposit (year 2000) Appointments/ Re-elections (1) Increase of Capital (2) Statutory Modifications (1)
2002	Accounts deposit (year 2001) Appointments/ Re-elections (1) Partial split (1)
2003	Accounts deposit (year 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1) Statutory Modifications (1)
2004	Accounts deposit (year 2003) Appointments/ Re-elections (1)
2005	Accounts deposit (year 2004) Appointments/ Re-elections (1)
2006	Accounts deposit (year 2005)
2007	Accounts deposit (year 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
2008	Accounts deposit (year 2007) Appointments/ Re-elections (2)
2009	Accounts deposit (year 2008) Change of Social address (1) Other Concepts/ Events (1)
2010	Accounts deposit (year 2009)
2011	Appointments/ Re-elections (1) Change of Social Purpose (1) Statutory Modifications (1)
2012	Accounts deposit (year 2010, 2011) Appointments/ Re-elections (2)
2013	Accounts deposit (year 2012) Appointments/ Re-elections (1)
2014	Accounts deposit (year 2013) Appointments/ Re-elections (3)
2015	Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:	2.406.000
Paid up capital:	2.406.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
28/04/1992	Capital call payment	---	45.076	180.304	90.152
17/10/1995	Capital call payment	---	90.152	180.304	180.304
13/02/1997	Increase of Capital	300.506	300.506	480.810	480.810
13/04/2000	Increase of Capital	353.996	353.996	834.806	834.806
13/10/2001	Increase of Capital	554.197	554.197	1.389.000	1.389.000
13/10/2001	Increase of Capital	1.017.000	1.017.000	2.406.000	2.406.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	LOPEZ SANCHEZ EMILIO	29/10/2014	10
VICE CHAIRMAN	LOPEZ SANCHEZ LUIS	29/10/2014	11
MEMBER OF THE BOARD	LOPEZ SANCHEZ EMILIO	29/10/2014	10
	LOPEZ SANCHEZ LUIS	29/10/2014	11
	LOPEZ FERNANDEZ MANUEL ESTEBAN	29/10/2014	6
	LOPEZ FERNANDEZ ESTEBAN	05/11/2007	2
COMBINED PROXY	MENDEZ LINARES SANTIAGO	10/04/2014	7
	IGLESIAS DIAZ MANUEL	10/04/2014	5
	IGLESIAS PEDREIRA MARIA JESUS	10/04/2014	1
	VAZQUEZ ESTRAVIZ CELESTINO	10/04/2014	10
	DE ARTAZA VARASA ALBERTO	10/04/2014	2
JOINT ATTORNEY	LOPEZ PENA ALFONSO MANUEL	26/05/2015	4
	LAZARO ALCANTARA JOSE LUIS	26/05/2015	1
	VAZQUEZ ESTRAVIZ CELESTINO	26/05/2015	10
PROXY	SILVA MUÑIZ IVAN	04/05/2012	1
	LOPEZ RICO LUIS	25/06/2002	1
	MENDEZ LINARES SANTIAGO	13/11/1999	7
	SANCHEZ CASTELO LUIS	05/11/1992	1
SECRETARY	PASCUAL DE MIGUEL JULIO	05/11/2007	2
VICE SECRETARY	LOPEZ FERNANDEZ MANUEL ESTEBAN	29/10/2014	6
	LOPEZ FERNANDEZ ESTEBAN	05/11/2007	2
ACCOUNTS' AUDITOR / HOLDER	AUDITORIA Y DIAGNOSTICO EMPRESARIAL SA	17/06/2014	5

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ARTAZA VARASA ALBERTO	PROXY	04/06/2012	1
AUDITORIA DIAGNOSTICO EMPRESARIAL SA	ACCOUNTS' AUDITOR / HOLDER	30/07/1997	2
	ACCOUNTS' AUDITOR / HOLDER	19/01/1998
AUDITORIA Y DIAGNOSTICO EMPRESARIAL SA	ACCOUNTS' AUDITOR / HOLDER	29/09/2008	5
	ACCOUNTS' AUDITOR / HOLDER	23/11/2011
	ACCOUNTS' AUDITOR / HOLDER	10/08/2004
	ACCOUNTS' AUDITOR / HOLDER	17/06/2014
AUREN AUDITORIA Y DIAGNOSTICO EMPRESARIAL SA	ACCOUNTS' AUDITOR / HOLDER	14/03/2001	2
	ACCOUNTS' AUDITOR / HOLDER	13/08/2003
AUREN AUDITORIA Y DIAGNOSTICO EMPRESARIAL SL	ACCOUNTS' AUDITOR / HOLDER	11/08/2005	1
DE ARTAZA VARASA ALBERTO	JOINT ATTORNEY/COMBINED PROXY	10/04/2014	2
IGLESIAS DIAZ MANUEL	JOINT ATTORNEY	13/11/1999	5
	COMBINED PROXY	21/10/1997
	PROXY	04/06/2012
	COMBINED PROXY	10/04/2014
LOPEZ FERNANDEZ MANUEL ESTEBAN	VICE SECRETARY	20/06/2013	6
	MEMBER OF THE BOARD	20/06/2013
	MEMBER OF THE BOARD	29/10/2014
	VICE SECRETARY	29/10/2014
LOPEZ PENA ALFONSO MANUEL	COMBINED PROXY	10/04/2014	4
	COMBINED PROXY	26/05/2015
	PROXY	04/06/2012
LOPEZ SANCHEZ EMILIO	VICE SECRETARY	05/11/2007	10
	JOINT MANAGER	25/06/1999
	JOINT MANAGER	13/08/2003
	ADMINISTRATOR	17/08/1994
	PRESIDENT	29/10/2014
	MEMBER OF THE BOARD	29/10/2014
	MEMBER OF THE BOARD	29/09/2008
	PRESIDENT	29/09/2008
LOPEZ SANCHEZ LUIS	MEMBER OF THE BOARD	29/10/2014	11
	ADMINISTRATOR	17/08/1994
	JOINT MANAGER	25/06/1999
	JOINT MANAGER	13/08/2003
	VICE CHAIRMAN	05/11/2007
	MEMBER OF THE BOARD	05/11/2007
	MEMBER OF THE BOARD	29/09/2008
	VICE CHAIRMAN	29/09/2008
	VICE CHAIRMAN	29/10/2014
LOPEZ SANCHEZ MANUEL	JOINT MANAGER	25/06/1999	5
	JOINT MANAGER	13/08/2003
	ADMINISTRATOR	17/08/1994
	MEMBER OF THE BOARD	05/11/2007
	PRESIDENT	05/11/2007
MEIJIDE RICO ANGEL	COMBINED PROXY	13/02/1995	6
	COMBINED PROXY	21/10/1997
	JOINT ATTORNEY	01/07/2003
	COMBINED PROXY	01/07/2003
	JOINT ATTORNEY/COMBINED PROXY	01/07/2003
	JOINT ATTORNEY	13/11/1999
MENDEZ LINARES SANTIAGO	COMBINED PROXY	21/10/1997	7
	COMBINED PROXY	13/02/1995
	JOINT ATTORNEY	13/11/1999
	COMBINED PROXY	04/06/2012
	COMBINED PROXY	10/04/2014
PASCUAL DE MIGUEL JULIO	SECRETARY	05/11/2007	2
VAZQUEZ ESTRAVIZ CELESTINO	JOINT ATTORNEY	13/02/1995	10
	COMBINED PROXY	13/02/1995
	COMBINED PROXY	21/10/1997
	JOINT ATTORNEY	21/10/1997
	JOINT ATTORNEY	26/05/2015
	COMBINED PROXY	10/04/2014
	PROXY	04/06/2012
	COMBINED PROXY	13/11/1999

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		DOLORES SANCHEZ

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

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

> Details

> Basis for scoring

Positive Factors

Adverse Factors

ASERPAL SA it presents an excessive indebtedness that may compromise their balance sheet. It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets. It does not have any financial profitability.. ASERPAL SAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation. ASERPAL SA 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient. ASERPAL SA 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.

Probability of default

> Estimated Probability of Default for the next 12 months:  9.005 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 162 Manufacture of products of wood, cork, straw and plaiting materials
Relative Position: Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 9.005%.

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

LEGAL CLAIMS

Summary of Judicial Claims

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

References

Link List

IS RELATED WITH:	6 Entities
PARTICIPATES IN:	5 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	INDUSTRIAS LOSAN SA	LA CORUÑA
PARTICIPATES IN	COMPAÑIA ENERGETICA PARA EL TABLERO SA	LA CORUÑA	0.5
	LOSAN ROMANIA, SOCIEDAD LIMITADA, (RUMANIA)		84.34
	INVERSIONES LOSAN CHILE LTDA		99
	ASERPAL LAMIANAS FAQUEADAS LTDA (BRASIL)		99.99
	OAK HILL VENEERS INC (EEUU)		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	COMETA SA	ZARAGOZA
	AGRONOVA SA	MADRID
	SOCIEDAD COLECTIVA AGROHIDROSISTEM
	PINA SA	LA CORUÑA
IS RELATED WITH	INDUSTRIAS LOSAN SA	LA CORUÑA
	LOSAN GESTION INTEGRAL SL	LA CORUÑA

Turnover

Total Sales 2014

12.995.000

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	October  2014
2012	Normales	June  2013
2011	Normales	November  2012
2010	Normales	February  2012
2009	Normales	November  2010
2008	Normales	October  2009
2007	Normales	October  2008
2006	Normales	September  2007
2005	Normales	September  2006
2004	Normales	August  2005
2003	Normales	August  2004
2002	Normales	August  2003
2001	Normales	August  2002
2000	Normales	August  2001
1999	Normales	July  2000
1998	Normales	July  1999
1997	Normales	July  1998
1996	Normales	July  1997
1995	Normales	July  1996
1994	Normales	July  1995
1993	Normales	September  1994
1992	Normales	July  1993
1991	Normales	July  1992
1990	Normales	July  1991
1989	Normales	July  1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2013

>  Normal format Balance in accordance with the New Accounting Plan 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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	33.498.377,00	29.223.100,00	29.405.643,00	31.446.574,00	30.458.732,00
I. Intangible fixed assets : 11100	2.513.980,00	2.660.834,00	3.268.649,00	3.219.472,00	1.918.905,00
1. Development: 11110	2.221.261,00	2.347.067,00	2.933.834,00	2.885.402,00	1.816.867,00
2. Concessions: 11120	250.038,00	250.038,00	250.038,00	250.038,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	42.681,00	63.729,00	84.776,00	84.032,00	102.038,00
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	5.178.075,00	5.165.805,00	4.861.862,00	4.783.571,00	5.481.482,00
1. Land and buildings: 11210	1.479.886,00	1.467.564,00	1.518.426,00	1.579.861,00	1.641.296,00
2. Technical installations and other tangible fixed assets: 11220	3.276.081,00	3.658.268,00	2.851.151,00	3.203.709,00	3.025.904,00
3. Tangible asset in progress and advances: 11230	422.109,00	39.973,00	492.285,00	0,00	814.282,00
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	24.551.947,00	20.207.189,00	20.233.020,00	22.498.265,00	22.335.375,00
1. Equity instruments: 11410	22.932.391,00	17.806.398,00	17.806.398,00	20.113.954,00	20.113.954,00
2. Credits to businesses: 11420	1.619.555,00	2.400.790,00	2.426.621,00	2.384.311,00	2.221.421,00
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	165.349,00	161.576,00	18.123,00	39.149,00	39.149,00
1. Equity instruments: 11510	10.925,00	7.152,00	13.699,00	34.725,00	34.725,00
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	154.424,00	154.424,00	4.424,00	4.424,00	4.424,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	1.089.026,00	1.027.696,00	1.023.990,00	906.118,00	683.821,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	10.891.649,00	18.653.114,00	16.724.471,00	17.432.371,00	10.815.645,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	4.960.595,00	4.802.443,00	3.030.746,00	4.420.758,00	4.149.852,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	1.741.876,00	1.774.061,00	892.200,00	2.524.360,00	2.320.579,00
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	3.218.718,00	3.028.382,00	2.138.546,00	1.896.398,00	1.829.274,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	3.218.718,00	3.028.382,00	2.138.546,00	1.896.398,00	1.829.274,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	2.627.774,00	4.063.987,00	3.888.869,00	5.357.144,00	3.838.243,00
1. Trade debtors / accounts receivable: 12310	618.340,00	356.185,00	405.381,00	1.120.153,00	840.053,00
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	618.340,00	356.185,00	405.381,00	1.120.153,00	840.053,00
2. Customers, Group companies and associates : 12320	2.002.925,00	3.634.296,00	3.126.966,00	4.023.755,00	2.522.741,00
3. Other accounts receivable: 12330	0,00	14.476,00	2.529,00	6.693,00	0,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	6.509,00	5.666,00	5.596,00	10.153,00	0,00
6. Other debtors, including tax and social security: 12360	0,00	53.364,00	348.397,00	196.391,00	475.450,00
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	1.760.098,00	8.682.024,00	8.772.409,00	5.962.398,00	925.392,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	1.760.098,00	8.682.024,00	8.772.409,00	5.962.398,00	925.392,00
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	859.542,00	882.658,00	657.601,00	0,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	859.542,00	832.658,00	657.601,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	50.000,00	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	10.132,00	3.494,00	3.741,00	3.885,00	7.285,00
VII. Cash and other equivalent liquid assets : 12700	673.509,00	218.508,00	371.106,00	1.688.186,00	1.894.873,00
1. Treasury: 12710	673.509,00	218.508,00	371.106,00	1.688.186,00	1.894.873,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	44.390.026,00	47.876.214,00	46.130.114,00	48.878.946,00	41.274.377,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	5.642.488,00	5.771.237,00	6.598.580,00	6.819.159,00	7.288.886,00
A-1) Shareholders' equity: 21000	5.496.116,00	5.763.754,00	6.408.549,00	6.658.261,00	7.097.143,00
I. Capital: 21100	2.406.000,00	2.406.000,00	2.406.000,00	2.406.000,00	2.406.000,00
1. Registered capital : 21110	2.406.000,00	2.406.000,00	2.406.000,00	2.406.000,00	2.406.000,00
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	4.691.143,00	4.691.143,00	4.691.143,00	4.691.143,00	3.922.463,00
1. Legal and statutory: 21310	481.200,00	481.200,00	481.200,00	481.200,00	479.628,00
2. Other reserves: 21320	4.209.943,00	4.209.943,00	4.209.943,00	4.209.943,00	3.442.835,00
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	-1.333.390,00	-688.594,00	-438.883,00	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	-1.333.390,00	-688.594,00	-438.883,00	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	-267.638,00	-644.796,00	-249.712,00	-438.883,00	768.680,00
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	-79.327,00	-170.714,00	-162.066,00	-151.609,00	-69.803,00
I. Financial assets held for sale: 22100	-1.942,00	-4.583,00	0,00	-13.031,00	-13.031,00
II. Hedge operations: 22200	-77.385,00	-166.131,00	-162.066,00	-138.578,00	-56.772,00
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	225.699,00	178.197,00	352.097,00	312.507,00	261.546,00
B) NON-CURRENT LIABILITIES: 31000	25.716.762,00	16.552.807,00	19.117.400,00	11.627.077,00	13.449.347,00
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	7.720.034,00	6.697.142,00	8.966.502,00	11.493.145,00	13.337.256,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	6.750.634,00	5.935.521,00	8.734.979,00	11.295.176,00	13.256.153,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	110.550,00	237.331,00	231.523,00	197.969,00	81.103,00
5. Other financial liabilities : 31250	858.850,00	524.290,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	17.900.000,00	9.779.294,00	10.000.000,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	96.728,00	76.370,00	150.899,00	133.932,00	112.091,00
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	13.030.777,00	25.552.170,00	20.414.134,00	30.432.710,00	20.536.143,00
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	2.278.187,00	4.910.732,00	5.721.059,00	6.112.865,00	3.877.871,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	2.247.909,00	4.711.792,00	5.178.697,00	6.075.363,00	3.436.894,00
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	30.278,00	198.940,00	542.362,00	37.502,00	440.977,00
IV. Short-term debts with Group companies and associates: 32400	8.009.712,00	17.336.920,00	12.474.909,00	19.854.389,00	6.641.775,00
V. Trade creditors and other accounts payable: 32500	2.742.878,00	3.304.517,00	2.218.166,00	4.465.456,00	10.016.497,00
1. Suppliers: 32510	1.571.991,00	2.270.406,00	1.051.981,00	1.515.992,00	1.146.985,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	1.571.991,00	2.270.406,00	1.051.981,00	1.515.992,00	1.146.985,00
2. Suppliers, Group companies and associates: 32520	260.429,00	421.607,00	262.529,00	1.908.138,00	7.884.101,00
3. Other creditors: 32530	342.456,00	3.775,00	703,00	2.163,00	10.882,00
4. Personnel (remuneration due): 32540	167.626,00	169.376,00	175.869,00	209.974,00	203.092,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	572,00
6. Other accounts payable to Public Administrations.: 32560	400.376,00	439.354,00	727.083,00	807.928,00	764.250,00
7. Advances from clients: 32570	0,00	0,00	0,00	21.261,00	6.614,00
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	44.390.026,00	47.876.214,00	46.130.114,00	48.878.946,00	41.274.377,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	12.837.352,00	11.761.835,00	9.666.315,00	15.427.503,00	13.617.061,00
a) Sales: 40110	12.113.218,00	11.131.066,00	8.870.291,00	15.427.503,00	13.539.857,00
b) Rendering of services: 40120	724.134,00	630.769,00	796.024,00	0,00	77.204,00
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	190.337,00	889.836,00	242.148,00	67.124,00	815.274,00
3. Works carried out by the company for its assets: 40300	460.960,00	99.655,00	48.432,00	1.068.535,00	1.058.670,00
4. Supplies : 40400	-7.449.116,00	-7.044.932,00	-8.286.371,00	-12.088.015,00	-9.732.222,00
a) Stock consumption: 40410	-12.952,00	-10.199,00	0,00	-2.888.787,00	-1.101.137,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-7.105.663,00	-6.830.942,00	-8.187.874,00	-8.770.054,00	-8.525.869,00
c) Works carried out by other companies: 40430	-330.501,00	-203.791,00	-98.496,00	-429.174,00	-105.216,00
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	0,00	56.742,00	123.371,00	426.365,00	573.790,00
a) Auxiliary income and other from current management: 40510	0,00	0,00	105.773,00	423.644,00	0,00
b) Operation subsidies included in the Period's result: 40520	0,00	56.742,00	17.598,00	2.721,00	573.790,00
6. Personnel costs: 40600	-2.706.319,00	-2.982.478,00	-2.595.417,00	-3.119.491,00	-3.152.372,00
a) Wages, salaries et al.: 40610	-2.073.199,00	-2.352.280,00	-1.914.245,00	-2.412.702,00	-2.334.683,00
b) Social security costs: 40620	-633.119,00	-630.199,00	-681.172,00	-706.789,00	-817.689,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-2.058.664,00	-1.729.403,00	-1.793.900,00	-1.432.743,00	-1.535.698,00
a) External services: 40710	-2.044.560,00	-1.714.355,00	-1.773.927,00	-1.416.185,00	-1.512.430,00
b) Taxes: 40720	-14.104,00	-15.049,00	-19.973,00	-16.558,00	-23.268,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	0,00	0,00	0,00
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	-1.116.618,00	-1.055.356,00	-480.427,00	-515.439,00	-473.733,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	72.185,00	74.944,00	15.067,00	6.615,00	6.615,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	32.917,00	180.831,00	29.240,00	236.819,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	32.917,00	180.831,00	29.240,00	236.819,00	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	2.993,00	51.107,00	416.619,00	-1.160,00	600,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	266.027,00	302.780,00	-2.614.923,00	76.113,00	1.177.986,00
14. Financial income : 41400	292.872,00	368.683,00	337.764,00	342.450,00	185.546,00
a) Of shares in equity instruments : 41410	0,00	422,00	18.476,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	422,00	18.476,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	292.872,00	368.261,00	319.289,00	342.450,00	185.546,00
b 1) From Group companies and associates : 41421	260.566,00	359.504,00	301.103,00	336.522,00	183.832,00
b 2) From third parties : 41422	32.306,00	8.757,00	18.185,00	5.928,00	1.714,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-515.439,00	-979.846,00	-842.306,00	-1.171.612,00	-1.028.173,00
a) Amounts owed to Group companies and associates : 41510	-138.153,00	-383.275,00	-238.024,00	-562.497,00	-461.579,00
b) For debts with third parties : 41520	-377.285,00	-596.571,00	-604.283,00	-609.115,00	-566.594,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	-114.779,00	-117.101,00	-130.943,00	-169.903,00	-42.351,00
a) Trading book and other : 41610	-114.779,00	-117.101,00	-130.943,00	-169.903,00	-42.351,00
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	-296.815,00	-214.838,00	367.158,00	296.832,00	-137.345,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	2.520.149,00	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	2.520.149,00	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	-634.161,00	-943.102,00	2.251.822,00	-702.233,00	-1.022.323,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-368.134,00	-640.322,00	-363.102,00	-626.120,00	155.662,00
20. Income taxes: 41900	100.496,00	-4.473,00	113.390,00	187.238,00	613.018,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-267.638,00	-644.796,00	-249.712,00	-438.883,00	768.680,00
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	-267.638,00	-644.796,00	-249.712,00	-438.883,00	768.680,00

> 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. 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:	32.409.351,00	28.195.404,00	28.381.653,00	30.540.456,00	29.774.911,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	2.513.980,00	2.660.834,00	3.268.649,00	3.219.472,00	1.918.905,00
1. Research and development costs:	2.221.261,00	2.347.067,00	2.933.834,00	2.885.402,00	1.816.867,00
2. Concessions, patents, licences, trademarks et al.:	250.038,00	250.038,00	250.038,00	250.038,00	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:	42.681,00	63.729,00	84.776,00	84.032,00	102.038,00
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:	5.178.075,00	5.165.805,00	4.861.862,00	4.783.571,00	5.481.482,00
1. Land and construction:	1.479.886,00	1.467.564,00	1.518.426,00	1.579.861,00	1.641.296,00
2. Technical installations and machinery:	3.193.758,00	3.566.341,00	2.779.505,00	3.123.205,00	2.949.867,00
3. Other installations, tools and furniture:	11.946,00	13.339,00	10.396,00	11.682,00	11.034,00
4. Payments on account and tangible fixed assets under construction:	422.109,00	39.973,00	492.285,00	0,00	814.282,00
5. Other tangible assets:	70.378,00	78.588,00	61.249,00	68.823,00	65.003,00
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:	24.717.296,00	20.368.765,00	20.251.142,00	22.537.414,00	22.374.523,00
1. Equity investments in group companies:	22.932.391,00	17.806.398,00	17.806.398,00	20.113.954,00	20.113.954,00
2. Receivables from group companies:	1.619.555,00	2.400.790,00	2.426.621,00	2.384.311,00	2.221.421,00
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:	10.925,00	7.152,00	13.699,00	34.725,00	34.725,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	154.424,00	154.424,00	4.424,00	4.424,00	4.424,00
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:	11.980.675,00	19.680.810,00	17.748.461,00	18.338.489,00	11.499.466,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	4.960.595,00	4.802.443,00	3.030.746,00	4.420.758,00	4.149.852,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	1.741.876,00	1.774.061,00	892.200,00	2.524.360,00	2.320.579,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	3.218.718,00	3.028.382,00	2.138.546,00	1.896.398,00	1.829.274,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	3.716.800,00	5.091.683,00	4.912.859,00	6.263.262,00	4.522.064,00
1. Trade debtors / accounts receivable:	618.340,00	356.185,00	405.381,00	1.120.153,00	840.053,00
2. Accounts receivable, Group companies:	2.002.925,00	3.634.296,00	3.126.966,00	4.023.755,00	2.522.741,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	14.476,00	2.529,00	6.693,00	0,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	1.095.535,00	1.086.726,00	1.377.983,00	1.112.662,00	1.159.271,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	2.619.639,00	9.564.681,00	9.430.010,00	5.962.398,00	925.392,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	1.760.098,00	8.682.024,00	8.772.409,00	5.962.398,00	925.392,00
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:	859.542,00	832.658,00	657.601,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	50.000,00	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:	673.509,00	218.508,00	371.106,00	1.688.186,00	1.894.873,00
VII. Prepayments and accrued income:	10.132,00	3.494,00	3.741,00	3.885,00	7.285,00
GENERAL TOTAL (A + B + C + D):	44.390.026,00	47.876.214,00	46.130.114,00	48.878.946,00	41.274.377,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	5.595.049,00	5.883.830,00	6.583.635,00	6.798.373,00	7.186.907,00
I. Subscribed capital:	2.406.000,00	2.406.000,00	2.406.000,00	2.406.000,00	2.406.000,00
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:	4.790.076,00	4.811.219,00	4.866.229,00	4.831.255,00	4.012.227,00
1. Legal reserve:	481.200,00	481.200,00	481.200,00	481.200,00	479.628,00
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:	4.308.876,00	4.330.019,00	4.385.029,00	4.350.055,00	3.532.599,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-1.333.390,00	-688.594,00	-438.883,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-1.333.390,00	-688.594,00	-438.883,00	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:	-267.638,00	-644.796,00	-249.712,00	-438.883,00	768.680,00
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:	157.989,00	124.738,00	246.468,00	218.755,00	183.082,00
1. Capital grants:	157.989,00	124.738,00	246.468,00	218.755,00	183.082,00
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:	25.606.212,00	16.315.476,00	18.885.878,00	11.429.108,00	13.368.244,00
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:	6.750.634,00	5.935.521,00	8.734.979,00	11.295.176,00	13.256.153,00
1. Loans and other liabilities:	6.750.634,00	5.935.521,00	8.734.979,00	11.295.176,00	13.256.153,00
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:	17.900.000,00	9.779.294,00	10.000.000,00	0,00	0,00
1. Amounts owed to group companies:	17.900.000,00	9.779.294,00	10.000.000,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	955.578,00	600.660,00	150.899,00	133.932,00	112.091,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	858.850,00	524.290,00	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:	96.728,00	76.370,00	150.899,00	133.932,00	112.091,00
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:	13.030.777,00	25.552.170,00	20.414.134,00	30.432.710,00	20.536.143,00
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:	2.247.909,00	4.711.792,00	5.178.697,00	6.075.363,00	3.436.894,00
1. Loans and other liabilities:	2.247.909,00	4.711.792,00	5.178.697,00	6.075.363,00	3.436.894,00
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:	8.270.141,00	17.758.528,00	12.737.438,00	21.762.527,00	14.525.876,00
1. Amounts owed to group companies:	8.270.141,00	17.758.528,00	12.737.438,00	21.762.527,00	14.525.876,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	1.914.446,00	2.274.180,00	1.052.685,00	1.539.416,00	1.164.482,00
1. Advanced payments from customers:	0,00	0,00	0,00	21.261,00	6.614,00
2. Amounts owed for purchases of goods or services:	1.914.446,00	2.274.180,00	1.052.685,00	1.518.155,00	1.157.868,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	598.280,00	807.670,00	1.445.314,00	1.055.404,00	1.408.891,00
1. Public bodies:	400.376,00	439.354,00	727.083,00	807.928,00	764.822,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	30.278,00	198.940,00	542.362,00	37.502,00	440.977,00
4. Wages and salaries payable:	167.626,00	169.376,00	175.869,00	209.974,00	203.092,00
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):	44.390.026,00	47.876.214,00	46.130.114,00	48.878.946,00	41.274.377,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	14.157.254,00	14.128.428,00	14.015.974,00	18.311.126,00	15.488.876,00
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:	7.449.116,00	7.044.932,00	8.286.371,00	12.088.015,00	9.732.222,00
a) Stock consumption:	12.952,00	10.199,00	0,00	2.888.787,00	1.101.137,00
b) Consumption of raw materials and miscellaneous consumable ones:	7.105.663,00	6.830.942,00	8.187.874,00	8.770.054,00	8.525.869,00
c) Miscellaneous external expenditure:	330.501,00	203.791,00	98.496,00	429.174,00	105.216,00
A.3. Staff costs:	2.706.319,00	2.982.478,00	2.595.417,00	3.119.491,00	3.152.372,00
a) Wages, salaries et al.:	2.073.199,00	2.352.280,00	1.914.245,00	2.412.702,00	2.334.683,00
b) Social security costs:	633.119,00	630.199,00	681.172,00	706.789,00	817.689,00
A.4. Depreciation expense:	1.116.618,00	1.055.356,00	480.427,00	515.439,00	473.733,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	0,00	0,00	0,00	0,00
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	0,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	2.058.664,00	1.729.403,00	1.793.900,00	1.432.743,00	1.535.698,00
a) External services:	2.044.560,00	1.714.355,00	1.773.927,00	1.416.185,00	1.512.430,00
b) Taxes:	14.104,00	15.049,00	19.973,00	16.558,00	23.268,00
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):	157.932,00	0,00	0,00	0,00	1.170.771,00
A.7. Financial and similar charges:	515.439,00	979.846,00	842.306,00	1.171.612,00	1.028.173,00
a) Due to liabilities with companies of the group:	138.153,00	383.275,00	238.024,00	562.497,00	461.579,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	377.285,00	596.571,00	604.283,00	609.115,00	566.594,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	114.779,00	117.101,00	130.943,00	169.903,00	42.351,00
A.9. Exchange losses:	296.815,00	214.838,00	0,00	0,00	137.345,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	2.251.822,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	0,00	0,00	0,00	0,00	148.448,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	1.160,00	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):	108.096,00	306.882,00	460.925,00	242.274,00	7.215,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	0,00	0,00	0,00	155.662,00
A.15. Corporation tax:	-100.496,00	4.473,00	-113.390,00	-187.238,00	-613.018,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	0,00	0,00	0,00	0,00	768.680,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	13.889.616,00	13.483.633,00	13.766.262,00	17.872.243,00	16.257.556,00
B.1. Net total sales:	12.837.352,00	11.761.835,00	9.666.315,00	15.427.503,00	13.617.061,00
a) Sales:	12.113.218,00	11.131.066,00	8.870.291,00	15.427.503,00	13.539.857,00
b) Rendering of services:	724.134,00	630.769,00	796.024,00	0,00	77.204,00
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:	190.337,00	889.836,00	242.148,00	67.124,00	815.274,00
B.3. Works performed by the company for fixed assets:	460.960,00	99.655,00	48.432,00	1.068.535,00	1.058.670,00
B.4. Miscellaneous operating income:	0,00	56.742,00	123.371,00	426.365,00	573.790,00
a) Auxiliary income and other from current management:	0,00	0,00	105.773,00	423.644,00	0,00
b) Grants:	0,00	56.742,00	17.598,00	2.721,00	573.790,00
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	4.102,00	3.075.849,00	166.161,00	0,00
B.5. Income from equity investment:	0,00	422,00	18.476,00	0,00	0,00
a) In companies of the group:	0,00	422,00	18.476,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	292.872,00	368.261,00	2.839.437,00	342.450,00	185.546,00
a) From companies of the group:	260.566,00	359.504,00	301.103,00	336.522,00	183.832,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	32.306,00	8.757,00	18.185,00	5.928,00	1.714,00
d) Profit on financial investment:	0,00	0,00	2.520.149,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	367.158,00	296.832,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	634.161,00	943.102,00	0,00	702.233,00	1.022.323,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	476.229,00	947.204,00	824.027,00	868.394,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	32.917,00	180.831,00	29.240,00	236.819,00	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:	72.185,00	74.944,00	15.067,00	6.615,00	6.615,00
B.12. Extraordinary income:	2.993,00	51.107,00	416.619,00	0,00	600,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	368.134,00	640.322,00	363.102,00	626.120,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	267.638,00	644.796,00	249.712,00	438.883,00	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	-368.134,00	-640.322,00	-363.102,00	-626.120,00	155.662,00
2. Results adjustments.: 61200	1.729.639,00	1.742.684,00	-1.840.800,00	974.238,00	1.489.442,00
a) Fixed Assets Amortization (+).: 61201	1.116.618,00	1.055.356,00	480.427,00	515.439,00	473.733,00
d) Allocation of grants (-).: 61204	-72.185,00	-74.944,00	-15.067,00	-6.615,00	-6.615,00
e) Results on disposal of fixed assets (+/-). : 61205	-32.917,00	-180.831,00	-29.240,00	-236.819,00	0,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	0,00	-2.520.149,00	0,00	0,00
g) Financial income (-).: 61207	-292.872,00	-368.683,00	-337.764,00	-342.450,00	-185.546,00
h) Financial Expenses (+). : 61208	515.439,00	979.846,00	842.306,00	1.171.612,00	1.070.525,00
i) Exchange differences (+/-). : 61209	296.815,00	214.838,00	-367.158,00	-296.832,00	137.345,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	114.779,00	117.101,00	130.943,00	169.903,00	0,00
k) Other income and expense (-/+). : 61211	83.962,00	0,00	-25.099,00	0,00	0,00
3. Changes in current capital equity.: 61300	1.943.665,00	3.258.669,00	3.641.586,00	7.530.093,00	-7.941.946,00
a) Stock (+/-).: 61301	-158.152,00	-1.771.697,00	1.390.012,00	-270.906,00	-1.492.006,00
d) Debtors and other accounts receivable (+/-). : 61302	766.922,00	-32.688,00	1.146.858,00	-1.002.777,00	1.407.642,00
c) Other current assets (+/-). : 61303	98.102,00	292.450,00	-2.313.597,00	3.400,00	137.271,00
d) Creditors and other accounts payable (+/-). : 61304	-1.253.053,00	892.083,00	3.418.313,00	9.180.304,00	-8.326.536,00
e) Other current liabilities (+/-).: 61305	2.489.845,00	3.878.521,00	0,00	-379.928,00	331.683,00
4. Other cash flows for operating activities.: 61400	-513.644,00	-733.460,00	-445.729,00	-925.506,00	-826.236,00
a) Interest payments (-). : 61401	-367.045,00	-614.275,00	-496.973,00	-750.806,00	-976.293,00
b) Dividend payment collection (+). : 61402	0,00	422,00	18.476,00	0,00	0,00
c) Interest collection (+). : 61403	1.621,00	8.757,00	163.628,00	5.928,00	109.410,00
d) Income tax payment collection (payments) (+/-).: 61404	-6.509,00	-11.262,00	83,00	-10.725,00	40.647,00
e) Other payments (payment collection) (-/+) : 61405	-141.711,00	-117.101,00	-130.943,00	-169.903,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	2.791.525,00	3.627.570,00	991.956,00	6.952.705,00	-7.123.078,00
6. Payments for investment (-).: 62100	-1.049.553,00	-1.411.457,00	-131.457,00	-6.508.513,00	-2.826.409,00
a) Companies of the group and affiliates. : 62101	0,00	0,00	0,00	-4.948.153,00	0,00
b) Intangible fixed assets. : 62102	-460.960,00	0,00	-68.704,00	-1.318.574,00	-1.058.671,00
c) Fixed assets. : 62103	-588.593,00	-1.211.457,00	-49.054,00	-241.786,00	-819.392,00
e) Other financial assets. : 62105	0,00	-200.000,00	-13.699,00	0,00	-948.347,00
7. Divestment payment collection (+). : 62200	76.000,00	251.964,00	52.497,00	679.085,00	1.550,00
a) Companies of the group and affiliates. : 62201	0,00	0,00	1.488,00	0,00	0,00
c) Fixed assets. : 62203	26.000,00	251.964,00	51.008,00	679.085,00	900,00
e) Other financial assets. : 62205	50.000,00	0,00	0,00	0,00	650,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-973.553,00	-1.159.493,00	-78.960,00	-5.829.428,00	-2.824.859,00
9. Payment collection and payments for equity instruments. : 63100	140.045,00	0,00	34.121,00	79.417,00	0,00
e) Grants, donations and bequests received (+). : 63105	140.045,00	0,00	34.121,00	79.417,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-1.503.016,00	-2.620.675,00	-2.264.197,00	-1.409.381,00	11.702.389,00
a) Issuance : 63201	51.778,00	0,00	0,00	211.289,00	21.598.297,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	0,00	211.289,00	14.956.522,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	0,00	0,00	6.641.775,00
5. Other debts (+). : 63206	51.778,00	0,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	-1.554.794,00	-2.620.675,00	-2.264.197,00	-1.620.669,00	-9.895.908,00
2. Debts incurred with credit institutions (-).: 63209	-1.509.375,00	-2.620.675,00	-2.264.197,00	-1.620.669,00	-9.895.908,00
5. Other debts (-). : 63212	-45.419,00	0,00	0,00	0,00	0,00
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	-1.362.972,00	-2.620.675,00	-2.230.076,00	-1.329.964,00	11.702.389,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	455.001,00	-152.598,00	-1.317.080,00	-206.687,00	1.754.452,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	218.508,00	371.106,00	1.688.186,00	1.894.873,00	140.421,00
Cash or equivalent assets as of end of the fiscal year.: 65200	673.509,00	218.508,00	371.106,00	1.688.186,00	1.894.873,00

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:	0,04 %	0,01 %	-0,01 %	0,01 %	373,19 %	109,67 %
EBITDA over Sales:	9,93 %	11,36 %	8,94 %	9,02 %	11,08 %	26,01 %
Cash Flow Yield:	0,01 %	0,01 %	0,00 %	0,00 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	1,54 %	6,91 %	1,40 %	4,94 %	9,97 %	39,79 %
Total economic profitability:	0,33 %	3,76 %	0,71 %	2,31 %	-53,21 %	62,70 %
Financial profitability:	-4,87 %	4,23 %	-11,19 %	0,82 %	56,47 %	413,12 %
Margin:	1,98 %	6,73 %	2,11 %	4,62 %	-6,33 %	45,51 %
Mark-up:	-2,79 %	4,49 %	-5,80 %	1,23 %	51,90 %	266,03 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,05	0,13	0,01	0,12	504,44	15,14
Acid Test:	0,45	0,87	0,54	0,85	-16,15	1,88
Working Capital / Investment:	-0,05	0,05	-0,14	0,03	66,56	86,68
Solvency:	0,92	1,18	0,77	1,17	19,37	0,47

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	6,77	1,37	7,09	1,62	-4,43	-15,35
Borrowing Composition:	1,97	1,00	0,65	1,02	204,65	-2,55
Repayment Ability:	85,16	90,25	-275,92	197,82	130,86	-54,38
Warranty:	1,15	1,74	1,14	1,62	0,75	7,03
Generated resources / Total creditors:	0,02	0,08	0,01	0,07	124,71	26,18

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,47	1,85	1,35	1,70	8,76	8,71
Turnover of Collection Rights :	5,06	5,00	2,93	4,78	72,56	4,60
Turnover of Payment Entitlements:	3,54	3,64	2,92	3,51	20,90	3,56
Stock rotation:	2,65	7,34	2,48	6,47	6,70	13,41
Assets turnover:	0,78	1,03	0,66	1,07	17,40	-3,93
Borrowing Cost:	1,33	2,86	2,33	2,95	-42,84	-3,04

> 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:	0,04 %	-0,01 %	-0,14 %	-0,01 %	0,13 %
EBITDA over Sales:	9,93 %	8,94 %	-26,85 %	2,26 %	12,08 %
Cash Flow Yield:	0,01 %	0,00 %	-0,03 %	0,00 %	0,04 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	1,54 %	1,40 %	-18,43 %	0,38 %	6,55 %
Total economic profitability:	0,33 %	0,71 %	1,04 %	1,12 %	2,87 %
Financial profitability:	-4,87 %	-11,19 %	-3,90 %	-6,59 %	10,83 %
Margin:	1,98 %	2,11 %	-30,81 %	0,46 %	7,72 %
Mark-up:	-2,79 %	-5,80 %	-7,93 %	-3,69 %	1,02 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,05	0,01	0,02	0,06	0,09
Acid Test:	0,45	0,54	0,67	0,43	0,32
Working Capital / Investment:	-0,05	-0,14	-0,08	-0,27	-0,24
Solvency:	0,92	0,77	0,87	0,60	0,56

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	6,77	7,09	5,85	6,03	4,62
Borrowing Composition:	1,97	0,65	0,94	0,38	0,65
Repayment Ability:	85,16	-275,92	-30,01	-203,49	19,37
Warranty:	1,15	1,14	1,17	1,16	1,21
Generated resources / Total creditors:	0,02	0,01	-0,06	0,00	0,04

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,47	1,35	0,00	1,11	1,52
Turnover of Collection Rights :	5,06	2,93	2,53	3,16	3,97
Turnover of Payment Entitlements:	3,54	2,92	4,65	3,04	1,21
Stock rotation:	2,65	2,48	4,26	3,87	3,39
Assets turnover:	0,78	0,66	0,60	0,83	0,85
Borrowing Cost:	1,33	2,33	2,13	2,79	3,03

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

--

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	79.391,20
Notes	saldo al 31/12/2013

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación
Status	CONCEDIDA
Amount Granted	72.185,22
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	28.840,00
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	12.149,86
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	9.290,85
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	9.258,69
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	8.235,82
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	no especificSubvención de capital
Status	CONCEDIDA
Amount Granted	4.410,00
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CONSELLERIA DE ECONOMIA E INDUSTRIA
Subsidy Concept	Subvención de explotación
Status	CONCEDIDA
Amount Granted	49.504,00
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CONSELLERIA DE ECONOMIA E INDUSTRIA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	7.237,50
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	no especificSubvención de capital
Status	CONCEDIDA
Amount Granted	6.615,00
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	111.222,30
Notes	El importe es el saldo al 31/12/2011.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	100.940,00
Notes	El importe es el saldo al 31/12/2011

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	42.734,18
Notes	El importe es el saldo al 31/12/2011

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	32.405,39
Notes	El importe es el saldo al 31/12/2011.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	23.884,55
Notes	El importe corresponde al saldo al 31/12/2011.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	17.598,00
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	8.451,54
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	6.615,00
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	39.108,79
Notes	El importe es el saldo al 31-12-2010

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	16.482,84
Notes	El importe es el saldo al 31-12-2010

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	192.986,79

Entity	MINISTERIO DE INDUSTRIA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	6.615,00
Notes	El importe es el traspaso a resultados.

Entity	MINISTERIO DE INDUSTRIA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	96.258,00

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	44.100,00

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	26,91

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	1.190,42

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	SUBVENCION A LA EXPLOTACION
Status	CONCEDIDA
Amount Granted	509,97

Research Summary

This partnership was registered a few years ago, which provides it enough experience in its sector and whose activity enjoys great prestige among the information sources checked. The billing increased 9,14% in 2013 as compared to the previous year. It shows a negative working capital; therefore the partnership would not meet the short-term payment commitments.

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.99.60
Euro	1	Rs.69.71

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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