MIRA INFORM REPORT

Report No. :	336825
Report Date :	20.08.2015

IDENTIFICATION DETAILS

Name :	JUSTESA IMAGEN SA
Registered Office :	Avda San Pablo (De) 27, Coslada, Madrid, 28820
Country :	Spain
Financials (as on) :	2013
Date of Incorporation :	20.05.1991
Legal Form :	Public Company
Line of Business :	Subject is manufacture of pharmaceutical preparations
No. of Employee :	74 (2015)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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 that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. 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. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment 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, but 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.

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. 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 the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections 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, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA

EXECUTIVE SUMMARY

Name:	JUSTESA IMAGEN SA
NIF / Fiscal code:	A80045271
Status:	ACTIVE
Incorporation Date:	20/05/1991
Register Data	Register Section 8 Sheet 29951
Last Publication in BORME:	05/08/2015 [Dismissal/Resignation]
Last Published Account Deposit:	2013
Share Capital:	6.397.344,50
Localization:	AVDA SAN PABLO (DE) 27 - COSLADA - 28820 - MADRID
Telephone - Fax - Email - Website:	Telephone. 916 711 500 Email. info@juste.net Website. www.juste.es
Activity:
NACE:	2120 - Manufacture of pharmaceutical preparations
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	3 for a total cost of 450000
Quality Certificate:	No
Payment Behaviour:	Currently fulfilled
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:

CENTRO DE INVESTIGACION TERAPEUTICA SA	100 %
JUSTE SOCIEDAD ANONIMA QUIMICO FARMACEUTICA	99.99 %
Shares:	3
Other Links:	4
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
The company was established in the middle of May of 1991. It is dedicated to the investigation, development, scaling and manufacturing of active pharmaceutical ingredients, above all those for diagnostic (contrasting agents for X rays, contrasting agents for RMI, etc.). Apart from that, the company has experience in other therapeutic areas. In charge of the owner, there are 74 employees. In light of the above, we consider that it is possible to maintain relations related to operations of habitual credit.
Interviewed Person:

Enquiry Details
Business address regime:	rent

Identification
Social Denomination:	JUSTESA IMAGEN SA
NIF / Fiscal code:	A80045271
Corporate Status:	ACTIVE
Start of activity:	1991
Registered Office:	AVDA SAN PABLO (DE) 27
Locality:	COSLADA
Province:	MADRID
Postal Code:	28820
Telephone:	916 711 500
Fax:	915 394 236
Website:	www.juste.es
Email:	info@juste.net
Interviewed Person:	Gestiones diversas, al encontrarse sus responsables en periodo vacacional.

Activity
NACE:	2120
CNAE Obtaining Source:	2120
Legal Form:	INVESTIGATION AND DEVELOPMENT OF NEW CHEMICAL PHARMACEUTICAL MOLECULES AND TECHNOLOGIES, ACQUISITION, MANUFACTURING AND SALE OF ALL KINDS OF CHEMICAL AND PHARMACEUTICAL PRODUCTS, ACQUISITION, EXPLOITATION AND STUDIES OF DEVELOPMENT.
Additional Information:	It is dedicated to the investigation, development, scaling and manufacturing of active pharmaceutical ingredients, above all those for diagnostic (contrasting agents for X rays, contrasting agents for RMI, etc.). Apart from that, the company has experience in other therapeutic areas.
Additional Address:	The property is located in a 12.578 square meters land. It has a constructed area of 5.112 square meters that includes offices, production plants, pilot plant, workshops, storehouses and laboratories (quality controls, I+D+i).
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2015	74

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
	1991	Appointments/ Re-elections (1) Company Formation (1)
	1993	Accounts deposit (year 1991, 1992) Appointments/ Re-elections (3) Statutory Modifications (1)
	1994	Accounts deposit (year 1993)
	1995	Accounts deposit (year 1994) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1996	Accounts deposit (year 1995)
	1997	Accounts deposit (year 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (3)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Take-over Merger (1)
	2000	Accounts deposit (year 1999) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Correction (1) Increase of Capital (1) Statutory Modifications (1) Take-over Merger (4)
	2001	Accounts deposit (year 2000) Appointments/ Re-elections (1)
	2002	Accounts deposit (year 2001) Appointments/ Re-elections (1)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (1)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2006	Accounts deposit (year 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2007	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	2008	Accounts deposit (year 2006, 2007) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (3)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2) Declaration of Sole Propietorship (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (2) Statutory Modifications (1)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3) Other Concepts/ Events (1)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (3) Other Concepts/ Events (1)
	2015	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	FABRICACION Y VENTA DE TODA CLASE DE PRODUCTOS QUIMICOS Y FARMACEUTICOS, Y LA A QUISICION Y EXPLOTACION DE ESTUDIOS, PATENTES, SERVICIOS Y PROPIEDADES DE PRODUCTOS QUIMICOS Y FARMACEUTICOS.	Company Formation	07/11/1991

Breakdown of Owners' Equity
Registered Capital:	6.397.344,50
Paid up capital:	6.397.344,50

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
22/10/1991	Company Formation	6.010.241	6.010.241	6.010.241	6.010.241
02/03/2000	Increase of Capital	387.224	387.224	6.397.345	6.397.345

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	CENTRO DE INVESTIGACION TERAPEUTICA SA	20/12/2010	1
PRESIDENT	JUSTE BELLOSILLO INES	29/03/2012	9
VICE CHAIRMAN	JUSTE BELLOSILLO FRANCISCO ASIS	24/03/2011	5
	OHNESORGE HANS JOACHIN	13/01/1993	3
MEMBER OF THE BOARD	JUSTE BELLOSILLO LUIS GONZAGA	13/01/2015	5
	JUSTE BELLOSILLO INES	22/07/2010	9
COMBINED PROXY	SANTAMARIA MONTEL	17/02/2005	1
PROXY	JUSTE BELLOSILLO LUIS GONZAGA	13/01/2015	5
	FLORES DELGADO ALVARO	13/01/2015	1
	GONZALEZ HERRADA FERNANDO	13/01/2015	1
NON CONSELLOR SECRETARY	ROQUE ESCUDE MAGDA	24/03/2011	1
VICE SECRETARY	JUSTE BELLOSILLO LUIS GONZAGA	13/01/2015	5
ACCOUNTS' AUDITOR / HOLDER	AUREN AUDITORES MAD SLP	04/02/2015	2
CONSOLIDATED ACCOUNTS' AUDITOR	AUREN AUDITORES MAD SLP	04/02/2015	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALZUGARAY BEITIA ANA	PROXY	29/11/2013	1
ANGULO GARCIA FRANCISCO JAVIER	PROXY	17/02/2005	3
	PROXY	01/06/2006
	PROXY	22/11/2007
BALDENWEG ANNETTE	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
BAÑON BERNARD ANTONIO LUIS	SECRETARY	24/03/2011	1
BDO AUDIBERIA AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	09/08/2006	9
	ACCOUNTS' AUDITOR / HOLDER	22/05/2008
	ACCOUNTS' AUDITOR / HOLDER	20/07/2005
	ACCOUNTS' AUDITOR / HOLDER	22/09/2004
	ACCOUNTS' AUDITOR / HOLDER	22/09/1999
	ACCOUNTS' AUDITOR / HOLDER	21/09/2000
	ACCOUNTS' AUDITOR / HOLDER	14/09/2001
	ACCOUNTS' AUDITOR / HOLDER	09/09/2002
	ACCOUNTS' AUDITOR / HOLDER	23/07/2003
BDO BINDER SA	ACCOUNTS' AUDITOR / HOLDER	04/12/1998	1
BELLON FERNANDEZ JAVIER	PROXY	20/11/2000	2
	PROXY	17/02/2005
BERCERUELO GONZALEZ JOSE LUIS	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
BERTRAM FRANK	MEMBER OF THE BOARD	18/06/2009	2
	VICE CHAIRMAN	18/06/2009
BOHN MICHAEL GUSTAV	SECRETARY	29/10/2007	3
	MEMBER OF THE BOARD	29/10/2007
	PROXY	22/11/2007
BRAUTIGAM MATTHIAS	MEMBER OF THE BOARD	09/08/2006	2
	MEMBER OF THE BOARD	20/07/2005
CALVO GARCIA JESUS	MEMBER OF THE BOARD	12/12/1995	3
	MEMBER OF THE BOARD	07/10/1997
	MEMBER OF THE BOARD	01/10/1998
CAMPOY BENEDICTO JAVIER	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
CAMPOY BENEDICTO JORGE	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
CASSIDY DENIS	COMBINED PROXY	22/09/1999	11
	MEMBER OF THE BOARD	22/09/1999
	MEMBER OF THE BOARD	27/10/2000
	PROXY	20/11/2000
	PROXY	22/09/1999
	PROXY	17/02/2005
	MEMBER OF THE BOARD	20/07/2005
	JOINT ATTORNEY/COMBINED PROXY	01/06/2006
	PROXY	22/11/2007
	MEMBER OF THE BOARD	22/05/2008
	JOINT ATTORNEY/COMBINED PROXY	09/06/2008
CODINA NESPLE AGUSTIN	JOINT ATTORNEY	01/07/2009	1
COMPANY MONTORY MONTSERRAT	JOINT ATTORNEY	01/07/2009	1
COSCULLUELA GIRAL BENJAMIN	JOINT ATTORNEY	01/07/2009	2
	JOINT ATTORNEY/COMBINED PROXY	01/07/2009
DE HARO NAVARRO ANTONIO	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
DELGADO FERNANDEZ ELIGIO	PROXY	17/02/2005	6
	PROXY	20/11/2000
	JOINT ATTORNEY	01/06/2006
	COMBINED PROXY	01/06/2006
	PROXY	22/11/2007
	JOINT ATTORNEY/COMBINED PROXY	01/07/2009
DURANTEZ GARCIA MANUEL	COMBINED PROXY	01/06/2006	3
	PROXY	20/11/2000
	PROXY	17/02/2005
FORCEN DEL NUEVO ELENA	PROXY	01/07/2009	4
	PROXY	13/01/2015
	PROXY	22/01/2015
	PROXY	18/01/2013
GALDINI BRUNO	JOINT ATTORNEY	01/07/2009	1
GARCIA LAHIGUERA CAMBRA FERNANDO	PROXY	13/01/2015	3
	PROXY	22/01/2015
	PROXY	29/05/2013
GARCIA MORENO YOLANDA	PROXY	18/01/2013	1
GARCIA REQUENA BEGOÑA	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	5
	PROXY	01/07/2009
	PROXY	18/01/2013
	PROXY	13/01/2015
	PROXY	22/01/2015
GIERLICHS OLIVER	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
GOMEZ CARRILLO CARRASCO FRANCISCO JAVIER	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	3
	PROXY	22/11/2007
	JOINT ATTORNEY	01/06/2006
GONZAGA JUSTE BELLOSILLO LUIS	PROXY	22/01/2015	3
	PROXY	18/01/2013
	PROXY	29/05/2013
GONZALEZ HERRADA FERNANDO JOSE	PROXY	18/01/2013	1
GONZALEZ SANCHEZ FRANCISCO JAVIER	PROXY	20/11/2000	1
GUILLEN JIMENEZ MARIA TERESA	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
HANS PETER FRIEDRICH GUSTAV BEISSNER	MEMBER OF THE BOARD	20/07/2005	5
	MEMBER OF THE BOARD	29/10/2007
	MEMBER OF THE BOARD	27/10/2000
	MEMBER OF THE BOARD	22/09/1999
	MEMBER OF THE BOARD	07/10/1997
HAUMESSER WINFRIED	MEMBER OF THE BOARD	22/09/1999	4
	MEMBER OF THE BOARD	27/10/2000
	MEMBER OF THE BOARD	18/06/2009
	MEMBER OF THE BOARD	20/07/2005
HERNANDEZ MARTINEZ MARIA ISABEL	JOINT ATTORNEY	01/07/2009	1
JIMENEZ FRAILE AGUSTIN	PROXY	03/04/1998	1
JUAN MONTEJO ANTONIO	PROXY	22/11/2007	2
	COMBINED PROXY	01/06/2006
JUSTE BELLOSILLO FRANCISCO	PROXY	18/01/2013	1
JUSTE BELLOSILLO FRANCISCO ASIS	MEMBER OF THE BOARD	22/07/2010	5
	PROXY	29/05/2013
	MEMBER OF THE BOARD	24/03/2011
	PROXY	22/01/2015
JUSTE BELLOSILLO FRANCISCO DE ASIS	PROXY	13/01/2015	6
	PROXY	18/01/2013
	PROXY	20/11/2000
	PROXY	17/02/2005
	PROXY	22/11/2007
	COMBINED PROXY	01/06/2006
JUSTE BELLOSILLO INES	MEMBER OF THE BOARD	22/07/2010	9
	MEMBER OF THE BOARD	18/06/2009
	JOINT ATTORNEY/COMBINED PROXY	01/07/2009
	PROXY	18/01/2013
	PROXY	29/05/2013
	PROXY	22/01/2015
	PROXY	13/01/2015
JUSTE BELLOSILLO LUIS	PROXY	18/01/2013	1
JUSTE BELLOSILLO LUIS GONZAGA	PROXY	13/01/2015	5
	NON CONSELLOR ASSISTANT SECRETARY	13/01/2015
JUSTE SESE RAFAEL	MEMBER OF THE BOARD	18/10/1993	25
	MEMBER OF THE BOARD	12/12/1995
	MEMBER OF THE BOARD	18/06/2009
	PROXY	22/09/1999
	MEMBER OF THE BOARD	20/07/2005
	PROXY	20/11/2000
	MEMBER OF THE BOARD	07/10/1997
	MEMBER OF THE BOARD	22/09/1999
	MEMBER OF THE BOARD	27/10/2000
	PROXY	03/04/1998
	PRESIDENT	29/03/2012
	PROXY	18/01/2013
	PRESIDENT	22/07/2010
	JOINT ATTORNEY/COMBINED PROXY	01/07/2009
	JOINT ATTORNEY/COMBINED PROXY	01/06/2006
	PROXY	22/11/2007
	PRESIDENT	09/08/2006
	PRESIDENT	18/06/2009
	PROXY	17/02/2005
	PRESIDENT	20/07/2005
	PRESIDENT	27/10/2000
	COMBINED PROXY	22/09/1999
	PRESIDENT	22/09/1999
	MEMBER OF THE BOARD	22/07/2010
	MEMBER OF THE BOARD	29/03/2012
JUSTE SESE ROSARIO	MEMBER OF THE BOARD	18/10/1993	7
	MEMBER OF THE BOARD	12/12/1995
	MEMBER OF THE BOARD	07/10/1997
	MEMBER OF THE BOARD	22/09/1999
	MEMBER OF THE BOARD	27/10/2000
	MEMBER OF THE BOARD	20/07/2005
	MEMBER OF THE BOARD	09/08/2006
JUSTE SOCIEDAD ANONIMA QUIMICO FARMACEUTICA	SINGLE PARTNER	20/12/2010	1
KALAU VOM HOFE KIRSTIN	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
KANTHAK RAIMUND	PROXY	22/11/2007	1
LACARRA BAYON CECILIA	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	2
	PROXY	22/11/2007
MARTIN GARCIA ANTONIO	MEMBER OF THE BOARD	22/07/2014	1
MARTIN PRADA ADOLFO	MEMBER OF THE BOARD	13/01/1993	18
	MEMBER OF THE BOARD	12/12/1995
	MEMBER OF THE BOARD	07/10/1997
	MEMBER OF THE BOARD	22/09/1999
	MEMBER OF THE BOARD	27/10/2000
	SECRETARY	22/09/1999
	PROXY	20/11/2000
	PROXY	03/04/1998
	PROXY	22/09/1999
	COMBINED PROXY	22/09/1999
	SECRETARY	27/10/2000
	MEMBER OF THE BOARD	27/10/2000
	SECRETARY	20/07/2005
	MEMBER OF THE BOARD	20/07/2005
	JOINT ATTORNEY/COMBINED PROXY	01/06/2006
	PROXY	17/02/2005
	MEMBER OF THE BOARD	09/08/2006
	SECRETARY	09/08/2006
MARTIN SANCHEZ GREGORIO	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
MONTANE DIAZ ESTHER	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
NADAL CUENCA PEDRO	MEMBER OF THE BOARD	13/01/1993	6
	MEMBER OF THE BOARD	03/04/1998
	PROXY	03/04/1998
	VICE SECRETARY	03/04/1998
	MEMBER OF THE BOARD	07/10/1997
	MEMBER OF THE BOARD	12/12/1995
NAVARRO ALVAREZ JUAN IGNACIO	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	2
	PROXY	22/11/2007
NEBOT ASCASO JUAN CARLOS	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
NOWAK CHRISTIAN	MEMBER OF THE BOARD	22/09/2004	1
OHNESORGE HANS JOACHIM	MEMBER OF THE BOARD	18/10/1993	16
	MEMBER OF THE BOARD	12/12/1995
	MEMBER OF THE BOARD	07/10/1997
	MEMBER OF THE BOARD	22/09/1999
	MEMBER OF THE BOARD	27/10/2000
	MEMBER OF THE BOARD	27/10/2000
	MEMBER OF THE BOARD	20/07/2005
	MEMBER OF THE BOARD	09/08/2006
	PROXY	20/11/2000
	PROXY	17/02/2005
	JOINT ATTORNEY	22/09/1999
	COMBINED PROXY	20/11/2000
	VICE CHAIRMAN	27/10/2000
	VICE CHAIRMAN	20/07/2005
	VICE CHAIRMAN	09/08/2006
	JOINT ATTORNEY/COMBINED PROXY	01/06/2006
OHNESORGE HANS JOACHIN	PROXY	03/04/1998	3
	PROXY	22/09/1999
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	22/12/2010	5
	CONSOLIDATED ACCOUNTS' AUDITOR	22/09/2014
	ACCOUNTS' AUDITOR / HOLDER	22/03/2012
	ACCOUNTS' AUDITOR / HOLDER	05/12/2012
	CONSOLIDATED ACCOUNTS' AUDITOR	05/12/2012
PRICEWATERHOUSECOOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	22/09/2014	4
	CONSOLIDATED ACCOUNTS' AUDITOR	22/09/2014
	CONSOLIDATED ACCOUNTS' AUDITOR	04/02/2015
	ACCOUNTS' AUDITOR / HOLDER	04/02/2015
PUIGBERT RIBES JOSE	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
RAHMEL WILLI	MEMBER OF THE BOARD	12/12/1995	2
	MEMBER OF THE BOARD	07/10/1997
RODRIGUEZ CARREIRAS JOAQUIN LUIS ROBERTO	MEMBER OF THE BOARD	05/12/2012	3
	PROXY	05/12/2012
	MEMBER OF THE BOARD	22/07/2010
ROMERO CASTILLO JOSE MIGUEL	PROXY	03/04/1998	1
SAEZ CASAS ANTONIO	MEMBER OF THE BOARD	18/06/2009	3
	SECRETARY	18/06/2009
	JOINT ATTORNEY/COMBINED PROXY	01/07/2009
SANTAMARIA MONTEL FRANCISCO JAVIER	COMBINED PROXY	01/06/2006	8
	SECRETARY	22/07/2010
	MEMBER OF THE BOARD	22/07/2010
	JOINT ATTORNEY/COMBINED PROXY	01/07/2009
	PROXY	22/11/2007
	PROXY	18/01/2013
	PROXY	09/05/2014
	MEMBER OF THE BOARD	09/05/2014
SCHMIDT JURGEN	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
SEEGER STEFAN	MEMBER OF THE BOARD	12/12/1995	1
SILES MARTIN LUIS	VICE SECRETARY	16/12/2013	1
SOLER ESTEVE ESPERANZA	JOINT ATTORNEY/COMBINED PROXY	01/07/2009	1
SORIANO AROSA FRANCISCO JAVIER	MEMBER OF THE BOARD	28/07/2015	1
VALDIVIELSO BUSTO ALBERTO	MEMBER OF THE BOARD	18/06/2009	1
VAN DER LOO THEODORUS	PROXY	22/11/2007	3
	MEMBER OF THE BOARD	29/10/2007
	VICE CHAIRMAN	29/10/2007
VIDAL MANGLANO LUIS	PROXY	18/01/2013	2
	PROXY	22/01/2015
VILALTA DE MIGUEL DANIEL	JOINT ATTORNEY	01/07/2009	2
	JOINT ATTORNEY/COMBINED PROXY	01/07/2009
WENDELBERGER VERENA	JOINT ATTORNEY	01/07/2009	1
ZUMBAUM ARNE	MEMBER OF THE BOARD	22/05/2008	1

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		BEGOÑA GARCIA
MANAGING DIRECTOR		JAVIER SANTAMARIA
MANAGING DIRECTOR		JAVIER SANTAMARIA MONTEL

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

No irregular payment performance has been detected based on information obtained from credit bureaus. Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure. The current debt represents a 27.79of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. JUSTESA IMAGEN SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets. High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

TREND OF SCORING

> Latest Scoring Changes :

Scoring	Evolution	Date	Event
	Neutral	05/08/15	Updating of relevant commercial information.
	Neutral	23/01/15	Updating of information related to subsidies or other public aid.
	Positive	24/11/14	Updating of financial statements.
	Positive	20/05/14	Updating of relevant commercial information.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.212 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 212 Manufacture of pharmaceutical preparations
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 95.00% of the companies of the sector JUSTESA IMAGEN 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 0.212%.

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

Link List

ABSORBS TO:	1 Entities
IS RELATED WITH:	3 Entities
PARTICIPATES IN:	3 Entities
SHAREHOLDERS:	2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	CENTRO DE INVESTIGACION TERAPEUTICA SA	MADRID	100
	JUSTE SOCIEDAD ANONIMA QUIMICO FARMACEUTICA	MADRID	99.99
PARTICIPATES IN	JUSTESA IMAGEN ARGENTINA, SOCIEDAD ANONIMA, (ARGENTINA)		99.99
	JUSTESA IMAGEM DO BRASIL, SOCIEDAD ANONIMA, (BRASIL)		99.99
	JUSTESA IMAGEN MEXICANA, SOCIEDAD ANONIMA, DE CV (MEXICO)		99.99

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	BRACCO IMAGING SPA
	JUSTESA IMAGEM DO BRASIL, SOCIEDAD ANONIMA, (BRASIL)
	JUSTESA IMAGEN MEXICANA, SOCIEDAD ANONIMA, DE CV (MEXICO)
ABSORBS TO	CENTRO DE INVESTIGACION JUSTESA IMAGEN, S.A.	MADRID

Turnover
Total Sales 2014	27.600.000

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

Estimated Balance

Prev. 2014 Non-current asset 12.200.000 Current asset 13.500.000 Net worth 16.800.000 Non-current liabilities 2.500.000 Current liabilities 6.400.000 Total liabilities and net assets 25.700.000 Sales 27.600.000

Financial Accounts and Balance Sheets

Financial Years Presented

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

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, 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	12.565.000,00	13.886.000,00	16.565.000,00	16.004.000,00	6.459.489,00
I. Intangible fixed assets : 11100	543.000,00	469.000,00	423.000,00	204.000,00	4.581,00
1. Development: 11110	456.000,00	383.000,00	338.000,00	201.000,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	8.000,00	7.000,00	10.000,00	3.000,00	4.581,00
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	79.000,00	79.000,00	75.000,00	0,00	0,00
II. Tangible fixed assets : 11200	4.236.000,00	4.260.000,00	3.649.000,00	3.119.000,00	3.559.969,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	1.114.030,00
2. Technical installations and other tangible fixed assets: 11220	3.713.000,00	3.695.000,00	3.261.000,00	2.170.000,00	2.379.256,00
3. Tangible asset in progress and advances: 11230	523.000,00	565.000,00	388.000,00	949.000,00	66.684,00
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	7.468.000,00	8.044.000,00	12.322.000,00	12.583.000,00	2.820.837,00
1. Equity instruments: 11410	0,00	0,00	3.664.000,00	3.386.000,00	2.820.837,00
2. Credits to businesses: 11420	7.468.000,00	8.044.000,00	8.658.000,00	9.197.000,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	81.000,00	79.000,00	79.000,00	4.000,00	3.629,00
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	81.000,00	79.000,00	79.000,00	4.000,00	3.629,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	237.000,00	1.034.000,00	92.000,00	94.000,00	70.472,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	12.949.000,00	11.547.000,00	17.043.000,00	18.008.000,00	20.453.729,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	4.425.000,00	3.784.000,00	4.605.000,00	4.572.000,00	9.036.636,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	1.336.000,00	1.655.000,00	936.000,00	1.734.000,00	3.833.121,00
3. Work in progress: 12230	390.000,00	332.000,00	313.000,00	3.000,00	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	390.000,00	332.000,00	313.000,00	3.000,00	0,00
4. Finished goods: 12240	2.699.000,00	1.792.000,00	3.356.000,00	2.835.000,00	5.203.515,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	2.699.000,00	1.792.000,00	3.356.000,00	2.835.000,00	5.203.515,00
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	5.000,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	5.052.000,00	5.542.000,00	8.417.000,00	8.547.000,00	9.350.295,00
1. Trade debtors / accounts receivable: 12310	4.413.000,00	4.751.000,00	3.080.000,00	4.765.000,00	4.631.807,00
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	4.413.000,00	4.751.000,00	3.080.000,00	4.765.000,00	4.631.807,00
2. Customers, Group companies and associates : 12320	0,00	0,00	2.793.000,00	2.621.000,00	1.843.993,00
3. Other accounts receivable: 12330	5.000,00	39.000,00	5.000,00	5.000,00	98.801,00
4. Personnel: 12340	9.000,00	10.000,00	19.000,00	36.000,00	35.906,00
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	625.000,00	742.000,00	2.520.000,00	1.120.000,00	2.739.789,00
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	1.447.000,00	1.422.000,00	3.526.000,00	4.502.000,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	1.447.000,00	1.422.000,00	3.526.000,00	4.502.000,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	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	68.000,00	33.000,00	37.000,00	37.000,00	38.388,00
VII. Cash and other equivalent liquid assets : 12700	1.957.000,00	766.000,00	458.000,00	350.000,00	2.028.410,00
1. Treasury: 12710	1.957.000,00	766.000,00	458.000,00	350.000,00	2.028.410,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	25.514.000,00	25.433.000,00	33.608.000,00	34.012.000,00	26.913.218,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	16.215.000,00	15.573.000,00	20.265.000,00	23.180.000,00	15.947.120,00
A-1) Shareholders' equity: 21000	16.035.000,00	15.402.000,00	20.035.000,00	23.180.000,00	15.704.557,00
I. Capital: 21100	6.397.000,00	6.397.000,00	6.397.000,00	6.397.000,00	6.397.345,00
1. Registered capital : 21110	6.397.000,00	6.397.000,00	6.397.000,00	6.397.000,00	6.397.345,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	461.000,00	461.000,00	461.000,00	461.000,00	460.503,00
III. Reserves: 21300	8.544.000,00	7.671.000,00	13.922.000,00	10.048.000,00	7.508.986,00
1. Legal and statutory: 21310	1.280.000,00	1.280.000,00	1.280.000,00	1.280.000,00	1.279.469,00
2. Other reserves: 21320	7.264.000,00	6.391.000,00	12.642.000,00	8.768.000,00	6.229.517,00
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	0,00	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	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	2.193.000,00	8.873.000,00	-745.000,00	7.274.000,00	1.337.724,00
VIII. (Interim dividend): 21800	-1.560.000,00	-8.000.000,00	0,00	-1.000.000,00	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	180.000,00	171.000,00	230.000,00	0,00	242.563,00
B) NON-CURRENT LIABILITIES: 31000	2.208.000,00	1.246.000,00	1.059.000,00	838.000,00	3.335.744,00
I. Long-term provisions: 31100	358.000,00	101.000,00	120.000,00	208.000,00	3.335.744,00
1. Long-term employee benefits liability: 31110	97.000,00	101.000,00	120.000,00	208.000,00	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	261.000,00	0,00	0,00	0,00	3.335.744,00
II Long-term creditors: 31200	1.773.000,00	1.072.000,00	840.000,00	630.000,00	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	1.773.000,00	1.072.000,00	840.000,00	630.000,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	77.000,00	73.000,00	99.000,00	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	7.091.000,00	8.614.000,00	12.284.000,00	9.994.000,00	7.630.353,00
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	171.000,00	3.078.000,00	2.037.000,00	1.238.000,00	1.225.638,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	171.000,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	1.019.000,00	781.000,00	23.000,00	34.000,00	0,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	1.011.000,00	582.000,00	0,00	0,00	0,00
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	8.000,00	199.000,00	23.000,00	34.000,00	0,00
IV. Short-term debts with Group companies and associates: 32400	930.000,00	871.000,00	5.339.000,00	3.719.000,00	1.126.992,00
V. Trade creditors and other accounts payable: 32500	4.970.000,00	3.881.000,00	4.879.000,00	4.990.000,00	5.277.724,00
1. Suppliers: 32510	4.106.000,00	2.876.000,00	4.044.000,00	2.913.000,00	3.061.680,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	4.106.000,00	2.876.000,00	4.044.000,00	2.913.000,00	3.061.680,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	97.000,00	322.354,00
3. Other creditors: 32530	0,00	0,00	0,00	0,00	955.449,00
4. Personnel (remuneration due): 32540	738.000,00	890.000,00	701.000,00	818.000,00	821.047,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	126.000,00	115.000,00	134.000,00	1.162.000,00	117.194,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	1.000,00	3.000,00	6.000,00	13.000,00	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	25.514.000,00	25.433.000,00	33.608.000,00	34.012.000,00	26.913.218,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	27.418.000,00	25.852.000,00	23.508.000,00	22.328.000,00	10.665.015,00
a) Sales: 40110	27.418.000,00	25.852.000,00	23.508.000,00	22.328.000,00	10.665.015,00
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	321.000,00	-1.643.000,00	1.060.000,00	-1.120.000,00	1.550.189,00
3. Works carried out by the company for its assets: 40300	173.000,00	121.000,00	177.000,00	201.000,00	0,00
4. Supplies : 40400	-14.125.000,00	-16.472.000,00	-15.838.000,00	-13.230.000,00	-6.879.200,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	-6.879.200,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-14.769.000,00	-16.570.000,00	-15.609.000,00	-12.928.000,00	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	644.000,00	98.000,00	-229.000,00	-302.000,00	0,00
5. Other operating income: 40500	960.000,00	328.000,00	245.000,00	148.000,00	0,00
a) Auxiliary income and other from current management: 40510	887.000,00	206.000,00	245.000,00	148.000,00	0,00
b) Operation subsidies included in the Period's result: 40520	73.000,00	122.000,00	0,00	0,00	0,00
6. Personnel costs: 40600	-4.209.000,00	-4.510.000,00	-4.190.000,00	-4.311.000,00	-1.871.408,00
a) Wages, salaries et al.: 40610	-3.249.000,00	-3.601.000,00	-3.263.000,00	-3.306.000,00	-1.500.493,00
b) Social security costs: 40620	-960.000,00	-909.000,00	-927.000,00	-1.005.000,00	-370.916,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-6.216.000,00	-5.269.000,00	-5.265.000,00	-3.986.000,00	-1.822.314,00
a) External services: 40710	-5.774.000,00	-4.674.000,00	-5.098.000,00	-3.885.000,00	0,00
b) Taxes: 40720	-169.000,00	-103.000,00	-160.000,00	-98.000,00	-13.583,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-11.000,00	-407.000,00	0,00	0,00	0,00
d) Other current management expenditure : 40740	-262.000,00	-85.000,00	-7.000,00	-3.000,00	-1.808.731,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-804.000,00	-678.000,00	-567.000,00	-562.000,00	-286.675,00
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	6.000,00	13.000,00	137.000,00	88.000,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-4.000,00	-57.000,00	0,00	8.851.000,00	0,00
a) Impairment and losses : 41110	-4.000,00	-57.000,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	0,00	0,00	8.851.000,00	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	-183.000,00	7.804.000,00	23.000,00	0,00	120.795,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	3.337.000,00	5.489.000,00	-710.000,00	8.407.000,00	1.476.402,00
14. Financial income : 41400	340.000,00	377.000,00	884.000,00	1.153.000,00	694.675,00
a) Of shares in equity instruments : 41410	340.000,00	377.000,00	884.000,00	1.153.000,00	694.675,00
a 1) In Group companies and associates: 41411	331.000,00	369.000,00	884.000,00	1.153.000,00	415.907,00
a 2) In third parties: 41412	9.000,00	8.000,00	0,00	0,00	278.769,00
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	-235.000,00	-212.000,00	-264.000,00	-98.000,00	-491.851,00
a) Amounts owed to Group companies and associates : 41510	-4.000,00	-42.000,00	-214.000,00	-74.000,00	-204.303,00
b) For debts with third parties : 41520	-231.000,00	-170.000,00	-50.000,00	-24.000,00	-287.548,00
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	-309.000,00	-266.000,00	-173.000,00	482.000,00	0,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	-260.000,00	44.000,00	276.550,00
a) Impairment and losses : 41810	0,00	0,00	-260.000,00	44.000,00	276.550,00
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	-204.000,00	-101.000,00	187.000,00	1.581.000,00	479.375,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	3.133.000,00	5.388.000,00	-523.000,00	9.988.000,00	1.955.777,00
20. Income taxes: 41900	-940.000,00	3.485.000,00	-222.000,00	-2.714.000,00	-618.053,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	2.193.000,00	8.873.000,00	-745.000,00	7.274.000,00	1.337.724,00
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	2.193.000,00	8.873.000,00	-745.000,00	7.274.000,00	1.337.724,00

 > 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, Axesor created 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:	12.328.000,00	12.852.000,00	16.473.000,00	15.910.000,00	6.389.017,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	543.000,00	469.000,00	423.000,00	204.000,00	4.581,00
1. Research and development costs:	456.000,00	383.000,00	338.000,00	201.000,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	8.000,00	7.000,00	10.000,00	3.000,00	4.581,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	79.000,00	79.000,00	75.000,00	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:	4.236.000,00	4.260.000,00	3.649.000,00	3.119.000,00	3.559.969,00
1. Land and construction:	0,00	0,00	0,00	0,00	1.114.030,00
2. Technical installations and machinery:	3.232.270,00	3.216.601,00	2.838.792,00	1.889.046,00	2.071.209,00
3. Other installations, tools and furniture:	464.931,00	462.677,00	408.333,00	271.721,00	297.923,00
4. Payments on account and tangible fixed assets under construction:	523.000,00	565.000,00	388.000,00	949.000,00	66.684,00
5. Other tangible assets:	15.799,00	15.722,00	13.875,00	9.233,00	10.124,00
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:	7.549.000,00	8.123.000,00	12.401.000,00	12.587.000,00	2.824.466,00
1. Equity investments in group companies:	0,00	0,00	3.664.000,00	3.386.000,00	2.820.837,00
2. Receivables from group companies:	7.468.000,00	8.044.000,00	8.658.000,00	9.197.000,00	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. 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:	81.000,00	79.000,00	79.000,00	4.000,00	3.629,00
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:	13.186.000,00	12.581.000,00	17.135.000,00	18.102.000,00	20.524.201,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	4.425.000,00	3.784.000,00	4.605.000,00	4.572.000,00	9.036.636,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	1.336.000,00	1.655.000,00	936.000,00	1.734.000,00	3.833.121,00
3. Goods in process and semifinished ones:	390.000,00	332.000,00	313.000,00	3.000,00	0,00
4. Finished products:	2.699.000,00	1.792.000,00	3.356.000,00	2.835.000,00	5.203.515,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	5.000,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	5.289.000,00	6.576.000,00	8.509.000,00	8.641.000,00	9.420.767,00
1. Trade debtors / accounts receivable:	4.413.000,00	4.751.000,00	3.080.000,00	4.765.000,00	4.631.807,00
2. Accounts receivable, Group companies:	0,00	0,00	2.693.497,00	2.527.624,00	1.778.299,00
3. Accounts receivable, associated companies:	0,00	0,00	99.503,00	93.376,00	65.694,00
4. Other debtors:	5.000,00	39.000,00	5.000,00	5.000,00	98.801,00
5. Staff:	9.000,00	10.000,00	19.000,00	36.000,00	35.906,00
6. Public bodies:	862.000,00	1.776.000,00	2.612.000,00	1.214.000,00	2.810.261,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	1.447.000,00	1.422.000,00	3.526.000,00	4.502.000,00	0,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	1.447.000,00	1.422.000,00	3.526.000,00	4.502.000,00	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:	1.957.000,00	766.000,00	458.000,00	350.000,00	2.028.410,00
VII. Prepayments and accrued income:	68.000,00	33.000,00	37.000,00	37.000,00	38.388,00
GENERAL TOTAL (A + B + C + D):	25.514.000,00	25.433.000,00	33.608.000,00	34.012.000,00	26.913.218,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	16.089.000,00	15.453.300,00	20.104.000,00	23.180.000,00	15.777.326,00
I. Subscribed capital:	6.397.000,00	6.397.000,00	6.397.000,00	6.397.000,00	6.397.345,00
II. Share premium:	461.000,00	461.000,00	461.000,00	461.000,00	460.503,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	8.598.000,00	7.722.300,00	13.991.000,00	10.048.000,00	7.581.755,00
1. Legal reserve:	1.280.000,00	1.280.000,00	1.280.000,00	1.280.000,00	1.279.469,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	7.318.000,00	6.442.300,00	12.711.000,00	8.768.000,00	6.302.286,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	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:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	2.193.000,00	8.873.000,00	-745.000,00	7.274.000,00	1.337.724,00
VII. Interim dividend paid:	-1.560.000,00	-8.000.000,00	0,00	-1.000.000,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	126.000,00	119.700,00	161.000,00	0,00	169.794,00
1. Capital grants:	126.000,00	119.700,00	161.000,00	0,00	169.794,00
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:	358.000,00	101.000,00	120.000,00	208.000,00	3.335.744,00
1. Provisions for pension fund and other similar obligations:	97.000,00	101.000,00	120.000,00	208.000,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	261.000,00	0,00	0,00	0,00	3.335.744,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	1.850.000,00	1.145.000,00	939.000,00	630.000,00	0,00
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:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	1.850.000,00	1.145.000,00	939.000,00	630.000,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	1.773.000,00	1.072.000,00	840.000,00	630.000,00	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:	77.000,00	73.000,00	99.000,00	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:	6.920.000,00	5.536.000,00	10.247.000,00	8.756.000,00	6.404.715,00
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:	1.011.000,00	582.000,00	0,00	0,00	0,00
1. Loans and other liabilities:	1.011.000,00	582.000,00	0,00	0,00	0,00
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:	930.000,00	871.000,00	5.339.000,00	3.816.000,00	1.449.346,00
1. Amounts owed to group companies:	930.000,00	871.000,00	5.339.000,00	3.816.000,00	1.449.346,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	4.106.000,00	2.876.000,00	4.044.000,00	2.913.000,00	4.017.129,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	4.106.000,00	2.876.000,00	4.044.000,00	2.913.000,00	4.017.129,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	872.000,00	1.204.000,00	858.000,00	2.014.000,00	938.241,00
1. Public bodies:	126.000,00	115.000,00	134.000,00	1.162.000,00	117.194,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	8.000,00	199.000,00	23.000,00	34.000,00	0,00
4. Wages and salaries payable:	738.000,00	890.000,00	701.000,00	818.000,00	821.047,00
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:	1.000,00	3.000,00	6.000,00	13.000,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	171.000,00	3.078.000,00	2.037.000,00	1.238.000,00	1.225.638,00
GENERAL TOTAL (A + B + C + D + E + F):	25.514.000,00	25.433.000,00	33.608.000,00	34.012.000,00	26.913.218,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	27.025.000,00	25.622.000,00	26.779.000,00	25.977.000,00	11.692.951,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	1.643.000,00	0,00	1.120.000,00	0,00
A.2. Supplies:	14.769.000,00	16.570.000,00	15.609.000,00	12.928.000,00	6.879.200,00
a) Stock consumption:	0,00	0,00	0,00	0,00	6.879.200,00
b) Consumption of raw materials and miscellaneous consumable ones:	14.769.000,00	16.570.000,00	15.609.000,00	12.928.000,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	4.209.000,00	4.510.000,00	4.190.000,00	4.311.000,00	1.871.408,00
a) Wages, salaries et al.:	3.249.000,00	3.601.000,00	3.263.000,00	3.306.000,00	1.500.493,00
b) Social security costs:	960.000,00	909.000,00	927.000,00	1.005.000,00	370.916,00
A.4. Depreciation expense:	804.000,00	678.000,00	567.000,00	562.000,00	286.675,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-633.000,00	309.000,00	229.000,00	302.000,00	0,00
a) Stock provision variation:	-644.000,00	-98.000,00	229.000,00	302.000,00	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:	11.000,00	407.000,00	0,00	0,00	0,00
A.6. Other operating charges:	6.205.000,00	4.862.000,00	5.265.000,00	3.986.000,00	1.822.314,00
a) External services:	5.774.000,00	4.674.000,00	5.098.000,00	3.885.000,00	0,00
b) Taxes:	169.000,00	103.000,00	160.000,00	98.000,00	13.583,00
c) Other operating expenses:	262.000,00	85.000,00	7.000,00	3.000,00	1.808.731,00
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):	3.524.000,00	0,00	0,00	0,00	1.355.606,00
A.7. Financial and similar charges:	235.000,00	212.000,00	264.000,00	98.000,00	491.851,00
a) Due to liabilities with companies of the group:	4.000,00	42.000,00	214.000,00	74.000,00	204.303,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	231.000,00	170.000,00	50.000,00	24.000,00	287.548,00
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	260.000,00	-44.000,00	-276.550,00
A.9. Exchange losses:	309.000,00	266.000,00	173.000,00	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	187.000,00	1.581.000,00	479.375,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	3.320.000,00	0,00	0,00	1.137.000,00	1.834.982,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	4.000,00	57.000,00	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:	183.000,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	7.747.000,00	23.000,00	8.851.000,00	120.795,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	3.133.000,00	5.388.000,00	0,00	9.988.000,00	1.955.777,00
A.15. Corporation tax:	940.000,00	-3.485.000,00	222.000,00	2.714.000,00	618.053,00
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):	2.193.000,00	8.873.000,00	0,00	7.274.000,00	1.337.724,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	29.218.000,00	34.495.000,00	26.034.000,00	33.251.000,00	13.030.675,00
B.1. Net total sales:	27.418.000,00	25.852.000,00	23.508.000,00	22.328.000,00	10.665.015,00
a) Sales:	28.050.485,00	26.448.360,00	24.050.289,00	22.843.068,00	10.911.039,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	-632.485,00	-596.360,00	-542.289,00	-515.068,00	-246.023,00
B.2. Stock increase of manufactured goods and products in process:	321.000,00	0,00	1.060.000,00	0,00	1.550.189,00
B.3. Works performed by the company for fixed assets:	173.000,00	121.000,00	177.000,00	201.000,00	0,00
B.4. Miscellaneous operating income:	966.000,00	341.000,00	382.000,00	236.000,00	0,00
a) Auxiliary income and other from current management:	887.000,00	206.000,00	245.000,00	148.000,00	0,00
b) Grants:	73.000,00	122.000,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	6.000,00	13.000,00	137.000,00	88.000,00	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	2.258.000,00	733.000,00	444.000,00	0,00
B.5. Income from equity investment:	340.000,00	377.000,00	884.000,00	1.153.000,00	694.675,00
a) In companies of the group:	331.000,00	369.000,00	884.000,00	1.153.000,00	415.907,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	9.000,00	8.000,00	0,00	0,00	278.769,00
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	482.000,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	204.000,00	101.000,00	0,00	0,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	2.359.000,00	546.000,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	8.851.000,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	7.804.000,00	23.000,00	0,00	120.795,00
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):	187.000,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	523.000,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	745.000,00	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	3.133.000,00	5.388.000,00	-523.000,00	9.988.000,00	1.955.777,00
2. Results adjustments.: 61200	-2.271.000,00	2.108.000,00	295.000,00	-9.878.000,00	1.748.233,00
a) Fixed Assets Amortization (+).: 61201	804.000,00	678.000,00	567.000,00	562.000,00	286.675,00
b) Obsolescence Allowances (+/-). : 61202	-633.000,00	309.000,00	489.000,00	258.000,00	0,00
c) Variation in Provision (+/-). : 61203	-2.650.000,00	1.022.000,00	-137.000,00	-88.000,00	1.664.382,00
d) Allocation of grants (-).: 61204	0,00	0,00	0,00	-8.872.000,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	4.000,00	57.000,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-340.000,00	-377.000,00	-884.000,00	-1.153.000,00	-694.675,00
h) Financial Expenses (+). : 61208	235.000,00	212.000,00	264.000,00	98.000,00	491.851,00
i) Exchange differences (+/-). : 61209	309.000,00	266.000,00	173.000,00	-482.000,00	0,00
k) Other income and expense (-/+). : 61211	0,00	-59.000,00	-177.000,00	-201.000,00	0,00
3. Changes in current capital equity.: 61300	1.303.000,00	1.167.000,00	728.000,00	-96.000,00	-1.304.648,00
a) Stock (+/-).: 61301	-1.285.000,00	723.000,00	-262.000,00	1.670.000,00	-2.808.636,00
d) Debtors and other accounts receivable (+/-). : 61302	479.000,00	2.468.000,00	130.000,00	473.000,00	-1.011.295,00
c) Other current assets (+/-). : 61303	752.000,00	-911.000,00	978.000,00	-3.489.000,00	848.612,00
d) Creditors and other accounts payable (+/-). : 61304	1.089.000,00	-938.000,00	-111.000,00	1.237.000,00	1.669.671,00
e) Other current liabilities (+/-).: 61305	268.000,00	-88.000,00	-7.000,00	13.000,00	-3.000,00
4. Other cash flows for operating activities.: 61400	105.000,00	165.000,00	-121.000,00	-2.364.000,00	202.825,00
a) Interest payments (-). : 61401	0,00	0,00	0,00	0,00	-491.851,00
b) Dividend payment collection (+). : 61402	0,00	377.000,00	0,00	358.000,00	0,00
c) Interest collection (+). : 61403	340.000,00	0,00	365.000,00	90.000,00	694.675,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	0,00	-222.000,00	-2.714.000,00	0,00
e) Other payments (payment collection) (-/+) : 61405	-235.000,00	-212.000,00	-264.000,00	-98.000,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	2.270.000,00	8.828.000,00	379.000,00	-2.350.000,00	2.602.186,00
6. Payments for investment (-).: 62100	-854.000,00	-3.158.000,00	-1.390.000,00	-1.408.000,00	-1.339.837,00
a) Companies of the group and affiliates. : 62101	0,00	0,00	0,00	0,00	-1.339.837,00
b) Intangible fixed assets. : 62102	-854.000,00	-1.336.000,00	-1.390.000,00	-1.408.000,00	0,00
g) Business Unit : 62107	0,00	-1.822.000,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	551.000,00	6.382.000,00	0,00	211.000,00	210.348,00
b) Intangible fixed assets. : 62202	0,00	0,00	0,00	211.000,00	419,00
c) Fixed assets. : 62203	0,00	0,00	0,00	0,00	180.031,00
e) Other financial assets. : 62205	0,00	6.382.000,00	0,00	0,00	371,00
h) Other assets. : 62208	551.000,00	0,00	0,00	0,00	29.528,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-303.000,00	3.224.000,00	-1.390.000,00	-1.197.000,00	-1.416.164,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	-2.643.604,00
b) Amortization of assets instruments (-). : 63102	0,00	0,00	0,00	0,00	-2.886.167,00
e) Grants, donations and bequests received (+). : 63105	0,00	0,00	0,00	0,00	242.563,00
10. Payment collection and payments for financial liabilities instruments.: 63200	785.000,00	-3.478.000,00	1.830.000,00	3.216.000,00	279.992,00
a) Issuance : 63201	939.000,00	990.000,00	1.830.000,00	3.216.000,00	-243.000,00
2. Debts incurred with credit institutions (+). : 63203	939.000,00	990.000,00	1.830.000,00	3.216.000,00	0,00
5. Other debts (+). : 63206	0,00	0,00	0,00	0,00	-243.000,00
b) Repayment and amortization of : 63207	-154.000,00	-4.468.000,00	0,00	0,00	522.992,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-154.000,00	-4.468.000,00	0,00	0,00	522.992,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-1.560.000,00	-8.000.000,00	-538.000,00	-924.000,00	2.890.000,00
a) Dividends (-).: 63301	-1.560.000,00	-8.000.000,00	0,00	0,00	2.890.000,00
b) Remuneration from other assets instruments (-).: 63302	0,00	0,00	-538.000,00	-924.000,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-775.000,00	-11.478.000,00	1.292.000,00	2.292.000,00	526.388,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-309.000,00	-266.000,00	-173.000,00	482.000,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	883.000,00	308.000,00	108.000,00	-773.000,00	1.712.410,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	766.000,00	458.000,00	350.000,00	1.123.000,00	316.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.957.000,00	766.000,00	458.000,00	350.000,00	2.028.410,00

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 %	264,60 %	109,55 %
EBITDA over Sales:	15,76 %	11,37 %	-6,16 %	9,02 %	355,82 %	26,04 %
Cash Flow Yield:	0,05 %	0,01 %	0,01 %	0,00 %	285,47 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	21,31 %	6,91 %	-14,57 %	4,94 %	246,25 %	39,81 %
Total economic profitability:	13,20 %	3,75 %	22,02 %	2,31 %	-40,05 %	62,51 %
Financial profitability:	13,68 %	4,23 %	57,61 %	0,82 %	-76,26 %	413,51 %
Margin:	12,33 %	6,73 %	-8,80 %	4,62 %	240,07 %	45,55 %
Mark-up:	11,61 %	4,48 %	-9,19 %	1,22 %	226,44 %	265,84 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,28	0,13	0,14	0,12	104,39	14,66
Acid Test:	1,22	0,87	1,40	0,85	-12,49	1,97
Working Capital / Investment:	0,23	0,05	0,12	0,03	99,09	86,34
Solvency:	1,91	1,18	2,27	1,17	-16,15	0,42

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,53	1,38	0,43	1,62	24,15	-14,91
Borrowing Composition:	0,27	1,00	0,21	1,02	29,26	-2,46
Repayment Ability:	7,36	91,21	21,69	198,82	-66,05	-54,13
Warranty:	2,91	1,73	3,81	1,62	-23,58	6,79
Generated resources / Total creditors:	0,27	0,08	1,41	0,07	-81,04	25,48

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,03	1,85	0,65	1,70	213,37	8,72
Turnover of Collection Rights :	5,65	5,00	4,75	4,78	19,08	4,60
Turnover of Payment Entitlements:	4,16	3,64	5,18	3,51	-19,72	3,56
Stock rotation:	5,66	7,34	7,55	6,48	-25,08	13,38
Assets turnover:	1,73	1,03	1,66	1,07	4,41	-3,95
Borrowing Cost:	2,68	2,86	3,17	2,95	-15,56	-3,02

> 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 %	0,00 %	-0,08 %	0,16 %
EBITDA over Sales:	15,76 %	-6,16 %	-1,29 %	0,13 %	15,40 %
Cash Flow Yield:	0,05 %	0,01 %	0,00 %	-0,05 %	0,06 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	21,31 %	-14,57 %	-4,15 %	49,68 %	5,63 %
Total economic profitability:	13,20 %	22,02 %	-0,77 %	29,65 %	9,09 %
Financial profitability:	13,68 %	57,61 %	-3,72 %	31,38 %	8,52 %
Margin:	12,33 %	-8,80 %	-3,06 %	37,07 %	12,71 %
Mark-up:	11,61 %	-9,19 %	-2,28 %	44,04 %	17,21 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,28	0,14	0,04	0,04	0,32
Acid Test:	1,22	1,40	1,21	1,53	1,78
Working Capital / Investment:	0,23	0,12	0,14	0,24	0,48
Solvency:	1,91	2,27	1,67	2,07	3,20

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	0,53	0,43	0,55	0,40	0,33
Borrowing Composition:	0,27	0,21	0,09	0,07	0,00
Repayment Ability:	7,36	21,69	103,57	-5,59	3,74
Warranty:	2,91	3,81	3,00	3,62	4,20
Generated resources / Total creditors:	0,27	1,41	0,03	0,86	0,21

Efficiency	2013	2012	2011	2010	2009
Productivity:	2,03	0,65	0,93	1,01	1,88
Turnover of Collection Rights :	5,65	4,75	2,84	2,65	1,14
Turnover of Payment Entitlements:	4,16	5,18	4,54	3,23	1,94
Stock rotation:	5,66	7,55	5,39	5,08	1,03
Assets turnover:	1,73	1,66	1,35	1,34	0,44
Borrowing Cost:	2,68	3,17	2,36	1,04	7,68

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvencion de capital.
Status	CONCEDIDA
Amount Granted	49.000,00
Notes	el importe reflejado corresponde al imputado a resultados

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvencion de capital.
Status	CONCEDIDA
Amount Granted	171.000,00
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	ORGANISMO NO ESPECIFICADA
Subsidy Concept	Subvencion de capital.
Status	CONCEDIDA
Amount Granted	230.000,00
Notes	El importe reflejado corresponde al saldo al cierre.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.25
UK Pound	1	Rs.102.25
Euro	1	Rs.72.20

INFORMATION DETAILS

Analysis Done by :	KAR
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%)

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.