MIRA INFORM REPORT

Report No. :	352670
Report Date :	09.12.2015

IDENTIFICATION DETAILS

Name :	ONA ELECTROEROSION SOCIEDAD ANÓNIMA
Registered Office :	C/ Eguskitza 1. - Durango - 48200 - Vizcaya
Country :	Spain
Financials (as on) :	2014
Year of Establishment :	1952
Legal Form :	Public Company
Line of Business :	Manufacture of metal forming machinery Manufacture, trading and service providing of technical assistance for electroerosion machines
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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:	ONA ELECTROEROSION SOCIEDAD ANÓNIMA
NIF / Fiscal code:	A48114318
Status:	ACTIVE
Incorporation Date:	15/12/1980
Register Data	Register Section 8 Sheet 5693
Last Publication in BORME:	11/11/2015 [Board Meeting]
Last Published Account Deposit:	2014
Share Capital:	2.520.464,46
Localization:	C/ EGUSKITZA 1. - DURANGO - 48200 - VIZCAYA
Telephone - Fax - Email - Website:	Telephone. 946 200 800 Email. ona@ona-electroerosion.com Website. www.ona-electroerosion.com
Number of Branches	3
Activity:
NACE:	2841 - Manufacture of metal forming machinery
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	15 for a total cost of 1.594.518,98
Subsidies:	28 for a total cost of 2113469.74
Quality Certificate:	No
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	2	0	---

Partners:

KARTERA 1 SOCIEDAD LIMITADA	16.17 %
SUZTAPEN FONDO DE CAPITAL RIESGO	11.95 %
ONA ELECTROEROSION SOCIEDAD ANONIMA	100 %
Shares:	7
Other Links:	2
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2014

2013

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
This company was constituted several years ago, and it''s quite experienced in its sector. Its turnover increased by 28.02% in 2014 vs the previous year. It meets payment commitments in an ordely manner.
Interviewed Person:

Enquiry Details
Business address regime:	Propiety

Identification
Social Denomination:	ONA ELECTROEROSION SOCIEDAD ANÓNIMA
NIF / Fiscal code:	A48114318
Corporate Status:	ACTIVE
Start of activity:	1952
Registered Office:	C/ EGUSKITZA 1.
Locality:	DURANGO
Province:	VIZCAYA
Postal Code:	48200
Telephone:	946 200 800
Fax:	946 818 548
Website:	www.ona-electroerosion.com
Email:	ona@ona-electroerosion.com
Interviewed Person:	Employee

Branch Offices

Address	Postal Code	City	Province
AVENIDA ARRAONA 4	08210	BARBERA DEL VALLES	BARCELONA
CALLE MILANOS 10 NV 48	28320	PINTO	MADRID
CALLE MASSAMAGRELL 32	46138	RAFELBUÑOL/RAFELBUNYOL	VALENCIA

Activity
NACE:	2841
Additional Information:	It''''''''s engaged in the manufacture, trading and service providing of technical assistance for electroerosion machines.
Additional Address:	Registered office and offices C/ EGUSKITZA 1. 48200 DURANGO (VIZCAYA)
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary
	Year	Act
	1991	Appointments/ Re-elections (1)
	1993	Accounts deposit (year 1991, 1992)
	1994	Accounts deposit (year 1993) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1995	Accounts deposit (year 1994) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (3) Issue of Securities/ Debentures (1) Other Concepts/ Events (1) Statutory Modifications (2)
	1996	Accounts deposit (year 1995) Appointments/ Re-elections (1) Statutory Modifications (1)
	1997	Accounts deposit (year 1996)
	1998	Accounts deposit (year 1997 consolidated, 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)
	1999	Accounts deposit (year 1998 consolidated, 1998) Appointments/ Re-elections (1) Other Concepts/ Events (1)
	2000	Accounts deposit (year 1999 consolidated, 1999) Appointments/ Re-elections (1) Take-over Merger (5)
	2001	Accounts deposit (year 2000 consolidated, 2000) Appointments/ Re-elections (1)
	2002	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2006	Accounts deposit (year 2001, 2002, 2003, 2004, 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
	2007	Accounts deposit (year 2006)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (2)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (2)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (1) Board Meeting (3) Cessations/ Resignations/ Reversals (1)
	2012	Accounts deposit (year 2011 consolidated, 2011) Appointments/ Re-elections (1) Board Meeting (1)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (5) Board Meeting (2) Cessations/ Resignations/ Reversals (2)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (1) Board Meeting (2)

Breakdown of Owners' Equity
Registered Capital:	2.520.464,46
Paid up capital:	2.520.464,46

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
23/01/1995	Increase of Capital	150.397	150.397	1.352.421	1.352.421
23/01/1995	Increase of Capital	225.596	225.596	1.578.017	1.578.017
27/11/1995	Increase of Capital	942.447	942.447	2.520.464	2.520.464

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	ONANDIA SALAZAR JOSEBA	13/09/2011	5
MEMBER OF THE BOARD	ONANDIA ALBERDI JON	13/09/2011	7
	ONANDIA OLEA NEREA	13/09/2011	1
	ONANDIA SALAZAR JOSEBA	13/09/2011	5
	ONANDIA ALBERDI KARMELE	13/11/2000	4
	GESTION CAPITAL RIESGO PAIS VASCO	27/11/1995	1
PROXY	BARRUTIA MUGUERZA IÑAKI	03/10/2014	1
	RUIZ DE LARREA ARANCETA SERGIO	02/10/2014	1
	GONZALEZ BARAJAS FRANCISCO JAVIER	02/10/2014	3
	HERRERO CORCHERO LUIS CARLOS	02/10/2014	3
	URGOITI ONANDIA JOSE LUIS	26/03/1996	1
	ONANDIA ALBIZURI JOSE MARIA	30/01/1995	8
	ONANDIA ALBERDI KARMEL	30/01/1995	7
CHIEF EXECUTIVE OFFICER	ONANDIA ALBERDI JON	02/10/2014	7
SECRETARY	ONANDIA ALBERDI JON	13/09/2011	7
ACCOUNTS' AUDITOR / HOLDER	KPMG AUDITORES SOCIEDAD LIMITADA	13/01/2015	3

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALBERDI RECALDE MARIA BEGOÑA	MEMBER	27/11/1995	2
	MEMBER OF THE BOARD	29/07/1998
ALBIZURI URTEAGA MARIA	MEMBER	23/05/1994	2
	MEMBER	27/11/1995
ANANDIA ALBIZURI JOSE MARIA	MEMBER	23/05/1994	1
ARRILUCE INVEST SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	14/02/2008	1
AUREN AUDITORES NORTE SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	08/01/2009	1
BOLEA ESPINOSA FRANCISCO	PROXY	29/02/2008	1
EKIZ EUSKO TALDEA SA	MEMBER	23/05/1994	1
FERNANDEZ QUINTANA JUAN	PROXY	29/02/2008	1
GASSO Y CIA AUDITORES SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	22/06/1999	2
	ACCOUNTS' AUDITOR / HOLDER	22/01/2001
GESTION DE CAPITAL RIESGO DEL PAIS VASCO SGECR S A	MEMBER OF THE BOARD	09/11/2002	3
	MEMBER OF THE BOARD	13/11/2000
	MEMBER OF THE BOARD	13/03/2006
GONZALEZ BARAJAS FRANCISCO JAVIER	PROXY	28/02/2008	3
	PROXY	02/10/2014
GRANT THORNTON CMP SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	14/02/2008	1
HERRERO CORCHERO LUIS CARLOS	PROXY	02/10/2014	3
	JOINT ATTORNEY	31/05/2013
KPMG AUDITORES SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	02/02/2012	3
	ACCOUNTS' AUDITOR / HOLDER	13/01/2015
MAIKIDE SA	MEMBER	23/05/1994	1
ONAINDIA ALBERDI CARMELO	PRESIDENT	23/05/1994	1
ONAINDIA ALBERDI JAVIER	MEMBER	23/05/1994	1
ONAINDIA ALBERDI JOSE RAMON	MEMBER	23/05/1994	1
ONAINDIA ALBIZURI JOSE MARIA	SECRETARY	23/05/1994	1
ONAINDIA ALBIZURI ROSARIO	MEMBER	23/05/1994	1
ONANDIA ALBERDI CARMELO	PRESIDENT	23/05/1994	4
	MEMBER OF THE BOARD	09/11/2002
	PRESIDENT	13/03/2006
	MEMBER OF THE BOARD	13/03/2006
ONANDIA ALBERDI JESUS	SECRETARY	23/05/1994	2
	MEMBER	23/05/1994
ONANDIA ALBERDI JON	MEMBER OF THE BOARD	09/11/2002	7
	MEMBER OF THE BOARD	13/11/2000
	MEMBER OF THE BOARD	13/09/2011
	MEMBER OF THE BOARD	13/03/2006
ONANDIA ALBERDI JOSE RAMON	MEMBER OF THE BOARD	13/09/2011	5
	MEMBER	27/11/1995
	MEMBER OF THE BOARD	13/11/2000
	MEMBER OF THE BOARD	13/03/2006
	MEMBER OF THE BOARD	09/11/2002
ONANDIA ALBERDI KARMEL	MEMBER OF THE BOARD	27/11/1995	7
	MEMBER OF THE BOARD	13/03/2006
	MEMBER OF THE BOARD	13/09/2011
	PRESIDENT	27/11/1995
	PRESIDENT	13/11/2000
	PRESIDENT	13/09/2011
ONANDIA ALBERDI KARMELE	MEMBER OF THE BOARD	13/11/2000	4
	PRESIDENT	13/11/2000
	PRESIDENT	09/11/2002
ONANDIA ALBERDI MARIA ICIAR	MEMBER	27/11/1995	1
ONANDIA ALBIZURI JOSE MARIA	MEMBER OF THE BOARD	13/11/2000	8
	MEMBER OF THE BOARD	09/11/2002
	MEMBER OF THE BOARD	13/03/2006
	SECRETARY	27/11/1995
	SECRETARY	13/11/2000
	SECRETARY	09/11/2002
	SECRETARY	13/03/2006
ONANDIA ALBIZURI ROSARIO	MEMBER	27/11/1995	7
	MEMBER OF THE BOARD	13/11/2000
	MEMBER OF THE BOARD	09/11/2002
	MEMBER OF THE BOARD	13/03/2006
	PROXY	07/05/2010
	SECRETARY	31/08/2010
	MEMBER OF THE BOARD	31/08/2010
ONANDIA OLEA KARMEL	MEMBER	23/05/1994	6
	MEMBER	27/11/1995
	MEMBER OF THE BOARD	31/08/2010
	MEMBER OF THE BOARD	13/03/2006
	MEMBER OF THE BOARD	13/11/2000
	MEMBER OF THE BOARD	09/11/2002
ONANDIA OLEA MAITE	MEMBER	23/05/1994	2
	MEMBER	27/11/1995
ONANDIA SALAZAR JOSEBA	MEMBER OF THE BOARD	31/08/2010	5
	MEMBER OF THE BOARD	13/09/2011
	SECRETARY	13/09/2011
PASCUAL OANNDIA JOSEBA IÑAKI	MEMBER	27/11/1995	1
PASCUAL ONAINDIA JOSEBA IÑAKI	MEMBER	23/05/1994	1
PASCUAL ONANDIA IÑAKI	MEMBER	23/05/1994	1
REQUERO UGALDE FRANCISCO JAVIER	PROXY	29/02/2008	1
ROVIRA VERA SERGIO	JOINT ATTORNEY	07/05/2010	1
VILLODRE MORENO VALERIANO	PROXY	29/02/2008	1

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		CARLOS HERRERO
MANAGING DIRECTOR		JAVIER GONZALEZ

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		2	---	17/09/2012	10/10/2012

> 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 34.15of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. ONA ELECTROEROSION SOCIEDAD ANONIMA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets. High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation. No Company's subsidiaries or branches are known.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.573 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

284 Manufacture of metal forming machinery and machine tools

Relative Position:

Credit quality is superior to that of other companies in the same sector.

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

The 99.00% of the companies of the sector ONA ELECTROEROSION SOCIEDAD ANONIMA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.573%.

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

recommends be awarded to or maintained with the company queried)

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	2 Legal Claims for a total cost of 269.889,98 E

Incidences Detailed

Proceedings before the Industrial Tribunal

 IN THE SOCIAL COURT Nº 7 DE BILBAO (VIZCAYA) - Date 10/10/2012

Last Published Stage:	SENTENCE NOTIFICATION
Record Number:	621/2011
Amount of the incidence:	205.820,90 E
Requested by:	VARIOS DEMANDANTES
Published domicile:	BILBAO (VIZCAYA)
Source:	BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº279, 2012 PAGINA 360 BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº233, 2012 PAGINA 185

 IN THE SOCIAL COURT Nº 7 DE BILBAO (VIZCAYA) - Date 17/09/2012

Last Published Stage:	SENTENCE NOTIFICATION
Record Number:	475/2011
Amount of the incidence:	64.069,08 E
Requested by:	JOSE ANGEL AZCORBEBEITIA AGUIRRE Y DON PEDRO MARIA
Published domicile:	BILBAO (VIZCAYA)
Source:	BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº251, 2012 PAGINA 208

Link List

ABSORBS TO:	1 Entities
IS RELATED WITH:	1 Entities
PARTICIPATES IN:	7 Entities
SHAREHOLDERS:	2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	KARTERA 1 SOCIEDAD LIMITADA	VIZCAYA	16.17
	SUZTAPEN FONDO DE CAPITAL RIESGO	VIZCAYA	11.95
SHAREHOLDERS	ONA ELECTROEROSION SOCIEDAD ANONIMA	VIZCAYA	100
	AGRUPACION EMPRESARIAL PARA EL DESARROLLO DE TECNICAS DE FABRICACION AERONAUTICA AVANZADA AGRUPACION DE INTERES ECONOMICO	VIZCAYA
PARTICIPATES IN	ONA ELECTROEROSIONE, SOCIEDAD LIMITADA, (ITALIA)		100
	ONA EDM USA		100
	ONA ELECTROEROSIONE SARL (FRANCIA)		100
	ONA ELECTROEROSION LTDA (PORTUGAL)		100
	ONA EDM MACHINE TOOL (SHENZEN) CO, SOCIEDAD ANONIMA, (CHINA)		100
	ONA EDM MACHINE TOOL (SHENZEN) CO, S.A.		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	BBK BIZKAIFONDO
ABSORBS TO	ONA E D M SOCIEDAD ANONIMA	VIZCAYA

Turnover
Total Sales 2014	22.330.305

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
2014	Normales	June  2015
2013	Normales	July  2014
2012	Normales	August  2013
2011	Consolidadas	July  2012
2011	Normales	September  2012
2010	Normales	October  2011
2009	Normales	October  2010
2008	Normales	July  2009
2007	Normales	October  2008
2006	Normales	July  2007
2005	Normales	July  2006
2004	Normales	February  2006
2003	Normales	February  2006
2002	Normales	February  2006
2001	Normales	February  2006
2000	Consolidadas	December  2001
2000	Normales	October  2001
1999	Consolidadas	July  2000
1999	Normales	July  2000
1998	Consolidadas	November  1999
1998	Normales	July  1999
1997	Consolidadas	July  1998
1997	Normales	July  1998
1996	Normales	July  1997
1995	Normales	July  1996
1994	Normales	July  1995
1993	Normales	July  1994
1992	Normales	July  1993
1991	Normales	August  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 31/12/2014

>  Normal format Balance in accordance with the New Accounting Plan 2007

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010  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	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	2.602.874,00	2.207.831,00	2.071.812,00	2.239.792,00	2.770.503,00
I. Intangible fixed assets : 11100	11.525,00	15.702,00	12.774,00	25.813,00	16.270,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	1.680,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	11.525,00	15.702,00	12.774,00	25.813,00	14.590,00
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	1.649.965,00	1.389.088,00	1.297.894,00	1.329.134,00	1.815.993,00
1. Land and buildings: 11210	786.181,00	786.181,00	786.181,00	952.867,00	1.350.610,00
2. Technical installations and other tangible fixed assets: 11220	863.784,00	602.907,00	511.713,00	376.267,00	465.383,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	686.702,00	581.702,00	516.202,00	516.202,00	516.202,00
1. Equity instruments: 11410	686.702,00	581.702,00	516.202,00	516.202,00	516.202,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	47.830,00	6.000,00	6.000,00	6.000,00	136.607,00
1. Equity instruments: 11510	47.830,00	6.000,00	6.000,00	6.000,00	6.607,00
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	130.000,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	206.852,00	215.339,00	238.942,00	362.643,00	285.431,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	15.252.211,00	11.703.796,00	11.668.128,00	12.762.800,00	10.567.025,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	4.245.229,00	2.954.998,00	2.739.238,00	2.730.238,00	2.311.155,00
1. Commercial: 12210	246.573,00	294.630,00	280.127,00	287.505,00	368.622,00
2. Primary material and other supplies: 12220	1.975.175,00	1.474.345,00	1.445.302,00	1.624.294,00	1.123.654,00
3. Work in progress: 12230	1.021.158,00	1.036.201,00	838.392,00	805.090,00	813.593,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	1.021.158,00	1.036.201,00	838.392,00	805.090,00	813.593,00
4. Finished goods: 12240	1.002.323,00	149.822,00	175.417,00	13.349,00	5.286,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	1.002.323,00	149.822,00	175.417,00	13.349,00	5.286,00
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	7.691.606,00	5.458.553,00	5.168.971,00	6.768.439,00	4.638.313,00
1. Trade debtors / accounts receivable: 12310	2.950.233,00	2.867.189,00	3.163.024,00	4.348.329,00	2.430.301,00
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	2.950.233,00	2.867.189,00	3.163.024,00	4.348.329,00	2.430.301,00
2. Customers, Group companies and associates : 12320	4.453.243,00	2.040.074,00	1.868.364,00	2.181.804,00	1.909.292,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	37,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	288.130,00	551.290,00	137.583,00	238.306,00	298.683,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	2.668.648,00	2.575.987,00	3.043.900,00	3.180.169,00	3.320.615,00
1. Equity instruments: 12510	2.283.927,00	2.210.355,00	2.735.236,00	2.973.200,00	2.864.998,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	108.170,00	108.131,00	101.943,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	276.551,00	257.501,00	206.721,00	206.969,00	455.617,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	52.280,00	37.096,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	646.728,00	661.978,00	678.923,00	83.954,00	296.942,00
1. Treasury: 12710	646.728,00	661.978,00	678.923,00	83.954,00	296.942,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	17.855.085,00	13.911.627,00	13.739.940,00	15.002.592,00	13.337.528,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	8.398.148,00	6.234.317,00	8.326.402,00	7.909.362,00	7.904.403,00
A-1) Shareholders' equity: 21000	8.194.398,00	6.037.579,00	8.210.559,00	7.855.184,00	7.775.125,00
I. Capital: 21100	2.520.414,00	2.520.414,00	2.520.414,00	2.520.414,00	2.520.414,00
1. Registered capital : 21110	2.520.414,00	2.520.414,00	2.520.414,00	2.520.414,00	2.520.414,00
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	3.469.065,00	3.069.331,00	5.334.756,00	5.254.705,00	5.346.169,00
1. Legal and statutory: 21310	1.969.410,00	1.969.410,00	1.969.410,00	1.969.410,00	1.969.410,00
2. Other reserves: 21320	1.499.655,00	1.099.921,00	3.365.346,00	3.285.295,00	3.376.759,00
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	2.204.919,00	447.834,00	355.389,00	80.065,00	-91.458,00
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	99.399,00	88.559,00	22.115,00	-35.646,00	11.594,00
I. Financial assets held for sale: 22100	99.399,00	88.559,00	22.115,00	-35.646,00	11.594,00
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	104.351,00	108.179,00	93.728,00	89.824,00	117.684,00
B) NON-CURRENT LIABILITIES: 31000	3.358.621,00	1.145.979,00	1.156.954,00	1.264.143,00	1.432.636,00
I. Long-term provisions: 31100	0,00	24.090,00	29.320,00	72.131,00	101.854,00
1. Long-term employee benefits liability: 31110	0,00	24.090,00	29.320,00	72.131,00	101.854,00
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	3.292.644,00	1.058.638,00	1.082.584,00	1.157.081,00	1.268.656,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	1.977.474,00	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	1.315.170,00	1.058.638,00	1.082.584,00	1.157.081,00	1.268.656,00
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	65.977,00	63.251,00	45.050,00	34.931,00	62.126,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	6.098.316,00	6.531.331,00	4.256.584,00	5.829.087,00	4.000.489,00
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	173.093,00	2.729.048,00	224.449,00	241.103,00	258.421,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	173.093,00	2.729.048,00	0,00	0,00	0,00
III. Short-term creditors : 32300	455.364,00	318.239,00	752.038,00	1.616.470,00	743.219,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	273.496,00	112.965,00	449.431,00	1.306.180,00	372.966,00
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	181.868,00	205.274,00	302.607,00	310.290,00	370.253,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	5.469.859,00	3.484.044,00	3.280.097,00	3.971.514,00	2.998.849,00
1. Suppliers: 32510	2.588.357,00	2.135.953,00	1.738.981,00	2.401.060,00	1.349.516,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.588.357,00	2.135.953,00	1.738.981,00	2.401.060,00	1.349.516,00
2. Suppliers, Group companies and associates: 32520	77.261,00	83.323,00	18.743,00	41.588,00	99.859,00
3. Other creditors: 32530	1.137.959,00	548.430,00	644.736,00	808.614,00	957.365,00
4. Personnel (remuneration due): 32540	546.252,00	354.019,00	329.228,00	195.074,00	157.432,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	736.507,00	224.688,00	204.291,00	186.616,00	170.412,00
7. Advances from clients: 32570	383.523,00	137.631,00	344.118,00	338.562,00	264.265,00
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	17.855.085,00	13.911.627,00	13.739.940,00	15.002.592,00	13.337.528,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	22.330.305,00	17.442.831,00	15.742.724,00	14.685.611,00	12.257.391,00
a) Sales: 40110	21.899.984,00	16.901.026,00	15.108.014,00	12.273.859,00	10.033.186,00
b) Rendering of services: 40120	430.321,00	541.805,00	634.710,00	2.411.752,00	2.224.205,00
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	826.792,00	241.630,00	195.370,00	-440,00	55.188,00
3. Works carried out by the company for its assets: 40300	134.963,00	198.253,00	118.020,00	72.598,00	125.790,00
4. Supplies : 40400	-12.199.062,00	-8.960.853,00	-8.145.122,00	-7.655.609,00	-6.280.274,00
a) Stock consumption: 40410	-6.316.665,00	-4.691.778,00	-4.427.624,00	-4.387.746,00	-3.288.442,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-4.991.875,00	-3.665.029,00	-3.324.341,00	-2.851.029,00	-2.155.391,00
c) Works carried out by other companies: 40430	-867.993,00	-670.434,00	-594.214,00	-783.457,00	-754.438,00
d) Impairment of stock, primary material and other supplies: 40440	-22.529,00	66.388,00	201.057,00	366.623,00	-82.003,00
5. Other operating income: 40500	210.866,00	260.536,00	219.645,00	307.717,00	728.224,00
a) Auxiliary income and other from current management: 40510	0,00	0,00	0,00	0,00	0,00
b) Operation subsidies included in the Period's result: 40520	210.866,00	260.536,00	219.645,00	307.717,00	728.224,00
6. Personnel costs: 40600	-5.729.349,00	-4.951.520,00	-4.648.067,00	-4.230.172,00	-4.240.290,00
a) Wages, salaries et al.: 40610	-4.398.430,00	-3.959.394,00	-3.771.956,00	-3.285.162,00	-3.297.842,00
b) Social security costs: 40620	-1.352.742,00	-1.047.326,00	-935.576,00	-930.121,00	-888.722,00
c) Provisions : 40630	21.823,00	55.200,00	59.465,00	-14.889,00	-53.726,00
7. Other operating costs: 40700	-3.454.498,00	-3.407.642,00	-2.778.136,00	-2.789.161,00	-3.185.852,00
a) External services: 40710	-3.165.979,00	-3.385.537,00	-2.726.974,00	-2.507.338,00	-2.721.579,00
b) Taxes: 40720	-36.877,00	-36.445,00	-35.943,00	-55.151,00	-57.167,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-251.642,00	14.340,00	-15.219,00	-226.672,00	-407.106,00
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	-157.778,00	-148.764,00	-272.915,00	-509.394,00	-521.980,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	15.010,00	12.940,00
10. Excess provisions : 41000	0,00	0,00	0,00	10.108,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	0,00	0,00	0,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	293.768,00	-1.017,00	23.351,00	31.842,00	66.032,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	2.256.007,00	673.454,00	454.870,00	-61.890,00	-982.831,00
14. Financial income : 41400	37.080,00	49.355,00	84.080,00	72.002,00	62.387,00
a) Of shares in equity instruments : 41410	0,00	0,00	14.591,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	14.591,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	4.438,00	5.584,00	25.359,00	20.796,00	15.657,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	4.438,00	5.584,00	25.359,00	20.796,00	15.657,00
c) Allocation of financial subsidies, donations and legacies : 41430	32.642,00	43.771,00	44.130,00	51.206,00	46.730,00
15. Financial expenditure: 41500	-123.973,00	-88.338,00	-85.397,00	-94.278,00	-85.623,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	-46.730,00
b) For debts with third parties : 41520	-123.973,00	-88.338,00	-85.397,00	-94.278,00	-38.893,00
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	-584,00	22.617,00	21.146,00	6.823,00
a) Trading book and other : 41610	0,00	-584,00	22.617,00	21.146,00	6.823,00
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	35.805,00	-147.169,00	-10.944,00	46.491,00	241.845,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	-4.434,00	0,00	26.896,00	535.639,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	-4.434,00	0,00	26.896,00	535.639,00
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	-51.088,00	-191.170,00	10.356,00	72.257,00	761.071,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	2.204.919,00	482.284,00	465.226,00	10.367,00	-221.760,00
20. Income taxes: 41900	0,00	-34.450,00	-109.837,00	69.698,00	130.302,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	2.204.919,00	447.834,00	355.389,00	80.065,00	-91.458,00
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	2.204.919,00	447.834,00	355.389,00	80.065,00	-91.458,00

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  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 2014 2013 2012 2011 2010  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2014	2013	2012	2011	2010
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	2.396.022,00	1.992.492,00	1.832.870,00	1.877.149,00	2.485.072,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	11.525,00	15.702,00	12.774,00	25.813,00	16.270,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	1.680,00
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:	11.525,00	15.702,00	12.774,00	25.813,00	14.590,00
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:	1.649.965,00	1.389.088,00	1.297.894,00	1.329.134,00	1.815.993,00
1. Land and construction:	786.181,00	786.181,00	786.181,00	952.867,00	1.350.610,00
2. Technical installations and machinery:	600.971,00	419.468,00	356.020,00	261.785,00	323.787,00
3. Other installations, tools and furniture:	81.793,00	57.090,00	48.455,00	35.629,00	44.068,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	181.019,00	126.349,00	107.237,00	78.853,00	97.528,00
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:	734.532,00	587.702,00	522.202,00	522.202,00	652.809,00
1. Equity investments in group companies:	686.702,00	581.702,00	516.202,00	516.202,00	516.202,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	47.830,00	6.000,00	6.000,00	6.000,00	136.607,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
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:	15.459.063,00	11.919.135,00	11.907.070,00	13.125.443,00	10.852.456,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	4.245.229,00	2.954.998,00	2.739.238,00	2.730.238,00	2.311.155,00
1. Goods for resale:	246.573,00	294.630,00	280.127,00	287.505,00	368.622,00
2. Raw materials and other consumables:	1.975.175,00	1.474.345,00	1.445.302,00	1.624.294,00	1.123.654,00
3. Goods in process and semifinished ones:	1.021.158,00	1.036.201,00	838.392,00	805.090,00	813.593,00
4. Finished products:	1.002.323,00	149.822,00	175.417,00	13.349,00	5.286,00
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:	7.898.458,00	5.673.892,00	5.407.913,00	7.131.082,00	4.923.744,00
1. Trade debtors / accounts receivable:	2.950.233,00	2.867.189,00	3.163.024,00	4.348.329,00	2.430.301,00
2. Accounts receivable, Group companies:	4.453.243,00	2.040.074,00	1.868.364,00	2.181.804,00	1.909.292,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	37,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	494.982,00	766.629,00	376.525,00	600.949,00	584.114,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	2.668.648,00	2.575.987,00	3.043.900,00	3.180.169,00	3.320.615,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	2.392.097,00	2.318.486,00	2.837.179,00	2.973.200,00	2.864.998,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	276.551,00	257.501,00	206.721,00	206.969,00	455.617,00
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:	646.728,00	661.978,00	678.923,00	83.954,00	296.942,00
VII. Prepayments and accrued income:	0,00	52.280,00	37.096,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	17.855.085,00	13.911.627,00	13.739.940,00	15.002.592,00	13.337.528,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	8.325.102,00	6.158.592,00	8.260.792,00	7.846.485,00	7.822.024,00
I. Subscribed capital:	2.520.414,00	2.520.414,00	2.520.414,00	2.520.414,00	2.520.414,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	101.463,00	82.606,00	256.515,00	249.750,00	260.269,00
IV. Reserves:	3.498.306,00	3.107.738,00	5.128.474,00	4.996.256,00	5.132.800,00
1. Legal reserve:	1.969.410,00	1.969.410,00	1.969.410,00	1.969.410,00	1.969.410,00
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:	1.528.896,00	1.138.328,00	3.159.064,00	3.026.846,00	3.163.390,00
6. Differences due to capital adjustment 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:	2.204.919,00	447.834,00	355.389,00	80.065,00	-91.458,00
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:	73.046,00	75.725,00	65.610,00	62.877,00	82.379,00
1. Capital grants:	73.046,00	75.725,00	65.610,00	62.877,00	82.379,00
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	24.090,00	29.320,00	72.131,00	101.854,00
1. Provisions for pension fund and other similar obligations:	0,00	24.090,00	29.320,00	72.131,00	101.854,00
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:	3.358.621,00	1.121.889,00	1.127.634,00	1.192.012,00	1.330.782,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	1.977.474,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	1.977.474,00	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:	1.381.147,00	1.121.889,00	1.127.634,00	1.192.012,00	1.330.782,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	1.315.170,00	1.058.638,00	1.082.584,00	1.157.081,00	1.268.656,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	65.977,00	63.251,00	45.050,00	34.931,00	62.126,00
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:	5.925.223,00	3.802.283,00	4.032.135,00	5.587.984,00	3.742.068,00
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:	273.496,00	112.965,00	449.431,00	1.306.180,00	372.966,00
1. Loans and other liabilities:	273.496,00	112.965,00	449.431,00	1.306.180,00	372.966,00
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:	77.261,00	83.323,00	18.743,00	41.588,00	99.859,00
1. Amounts owed to group companies:	77.261,00	83.323,00	18.743,00	41.588,00	99.859,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	4.109.839,00	2.822.014,00	2.727.835,00	3.548.236,00	2.571.146,00
1. Advanced payments from customers:	383.523,00	137.631,00	344.118,00	338.562,00	264.265,00
2. Amounts owed for purchases of goods or services:	3.726.316,00	2.684.383,00	2.383.717,00	3.209.674,00	2.306.881,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.464.627,00	783.981,00	836.126,00	691.980,00	698.097,00
1. Public bodies:	736.507,00	224.688,00	204.291,00	186.616,00	170.412,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	181.868,00	205.274,00	302.607,00	310.290,00	370.253,00
4. Wages and salaries payable:	546.252,00	354.019,00	329.228,00	195.074,00	157.432,00
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:	173.093,00	2.729.048,00	224.449,00	241.103,00	258.421,00
GENERAL TOTAL (A + B + C + D + E + F):	17.855.085,00	13.911.627,00	13.739.940,00	15.002.592,00	13.337.528,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	21.664.660,00	17.744.771,00	16.050.418,00	15.209.356,00	14.183.717,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	440,00	0,00
A.2. Supplies:	12.176.533,00	9.027.241,00	8.346.179,00	8.022.232,00	6.198.271,00
a) Stock consumption:	6.316.665,00	4.691.778,00	4.427.624,00	4.387.746,00	3.288.442,00
b) Consumption of raw materials and miscellaneous consumable ones:	4.991.875,00	3.665.029,00	3.324.341,00	2.851.029,00	2.155.391,00
c) Miscellaneous external expenditure:	867.993,00	670.434,00	594.214,00	783.457,00	754.438,00
A.3. Staff costs:	5.729.349,00	4.951.520,00	4.648.067,00	4.230.172,00	4.240.290,00
a) Wages, salaries et al.:	4.376.607,00	3.904.194,00	3.712.491,00	3.300.051,00	3.351.568,00
b) Social security costs:	1.352.742,00	1.047.326,00	935.576,00	930.121,00	888.722,00
A.4. Depreciation expense:	157.778,00	148.764,00	272.915,00	509.394,00	521.980,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	274.171,00	-80.728,00	-185.838,00	-139.951,00	489.109,00
a) Stock provision variation:	22.529,00	-66.388,00	-201.057,00	-366.623,00	82.003,00
b) Variation in provision and bad debt losses:	251.642,00	-14.340,00	15.219,00	226.672,00	407.106,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	3.202.856,00	3.421.982,00	2.762.917,00	2.562.489,00	2.778.746,00
a) External services:	3.165.979,00	3.385.537,00	2.726.974,00	2.507.338,00	2.721.579,00
b) Taxes:	36.877,00	36.445,00	35.943,00	55.151,00	57.167,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	1.962.239,00	674.471,00	431.519,00	0,00	0,00
A.7. Financial and similar charges:	123.973,00	92.772,00	85.397,00	94.278,00	85.623,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	46.730,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	123.973,00	88.338,00	85.397,00	94.278,00	38.893,00
d) Losses from financial investments:	0,00	4.434,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	584,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	147.169,00	10.944,00	0,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	21.051,00	714.341,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	1.878.509,00	439.530,00	397.745,00	0,00	0,00
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	1.017,00	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):	326.410,00	42.754,00	67.481,00	98.058,00	125.702,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	2.204.919,00	482.284,00	465.226,00	10.367,00	0,00
A.15. Corporation tax:	0,00	34.450,00	109.837,00	-69.698,00	-130.302,00
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):	2.204.919,00	447.834,00	355.389,00	80.065,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	23.869.579,00	18.192.605,00	16.405.807,00	15.289.421,00	14.092.259,00
B.1. Net total sales:	22.330.305,00	17.442.831,00	15.742.724,00	14.685.611,00	12.257.391,00
a) Sales:	21.899.984,00	16.901.026,00	15.108.014,00	12.273.859,00	10.033.186,00
b) Rendering of services:	430.321,00	541.805,00	634.710,00	2.411.752,00	2.224.205,00
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:	826.792,00	241.630,00	195.370,00	0,00	55.188,00
B.3. Works performed by the company for fixed assets:	134.963,00	198.253,00	118.020,00	72.598,00	125.790,00
B.4. Miscellaneous operating income:	210.866,00	260.536,00	219.645,00	317.825,00	728.224,00
a) Auxiliary income and other from current management:	0,00	0,00	0,00	0,00	0,00
b) Grants:	210.866,00	260.536,00	219.645,00	307.717,00	728.224,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	10.108,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	108.742,00	1.061.803,00
B.5. Income from equity investment:	0,00	0,00	14.591,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	14.591,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	4.438,00	5.584,00	25.359,00	20.796,00	15.657,00
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:	4.438,00	5.584,00	25.359,00	20.796,00	15.657,00
B.7. Miscellaneous interests or similar income:	0,00	0,00	22.617,00	48.042,00	542.462,00
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	22.617,00	48.042,00	542.462,00
B.8. Exchange positive differences:	35.805,00	0,00	0,00	46.491,00	241.845,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	83.730,00	234.941,00	33.774,00	0,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	87.691,00	347.462,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	32.642,00	43.771,00	44.130,00	66.216,00	59.670,00
B.12. Extraordinary income:	293.768,00	0,00	23.351,00	31.842,00	66.032,00
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):	0,00	0,00	0,00	0,00	221.760,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	91.458,00

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.

	2014	2013	2012	2011	2010
1. Fiscal year result before taxes.: 61100	2.204.919,00	482.284,00	465.226,00	10.367,00	-221.760,00
2. Results adjustments.: 61200	483.033,00	456.926,00	90.069,00	215.159,00	109.825,00
a) Fixed Assets Amortization (+).: 61201	157.778,00	148.764,00	272.915,00	509.394,00	521.980,00
b) Obsolescence Allowances (+/-). : 61202	274.171,00	116.992,00	-172.490,00	-139.151,00	433.921,00
c) Variation in Provision (+/-). : 61203	0,00	0,00	0,00	4.781,00	53.725,00
d) Allocation of grants (-).: 61204	-32.642,00	-43.771,00	-44.130,00	-66.216,00	-59.670,00
g) Financial income (-).: 61207	-4.438,00	-1.150,00	-39.950,00	-42.336,00	-551.296,00
h) Financial Expenses (+). : 61208	123.973,00	88.338,00	85.397,00	94.278,00	85.623,00
i) Exchange differences (+/-). : 61209	-35.809,00	147.169,00	10.944,00	-46.491,00	-241.845,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	584,00	-22.617,00	-26.502,00	-6.823,00
k) Other income and expense (-/+). : 61211	0,00	0,00	0,00	-72.598,00	-125.790,00
3. Changes in current capital equity.: 61300	-4.319.864,00	-600.261,00	973.965,00	-1.443.753,00	1.088.110,00
a) Stock (+/-).: 61301	-1.275.760,00	-301.009,00	188.638,00	-52.460,00	1.511.036,00
d) Debtors and other accounts receivable (+/-). : 61302	-2.448.887,00	-437.648,00	1.573.305,00	-2.312.136,00	13.427,00
c) Other current assets (+/-). : 61303	52.280,00	-15.184,00	-37.096,00	0,00	0,00
d) Creditors and other accounts payable (+/-). : 61304	1.444.451,00	203.947,00	-691.417,00	972.665,00	215.362,00
e) Other current liabilities (+/-).: 61305	-2.091.948,00	-50.367,00	-59.465,00	-51.822,00	-670.738,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	0,00	0,00	19.023,00
4. Other cash flows for operating activities.: 61400	-111.050,00	-82.754,00	-64.482,00	-78.838,00	-85.623,00
a) Interest payments (-). : 61401	-123.973,00	-88.338,00	-85.397,00	-94.278,00	-85.623,00
b) Dividend payment collection (+). : 61402	0,00	0,00	14.591,00	0,00	0,00
c) Interest collection (+). : 61403	4.438,00	5.584,00	6.343,00	15.440,00	0,00
e) Other payments (payment collection) (-/+) : 61405	8.485,00	0,00	-19,00	0,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-1.742.962,00	256.195,00	1.464.778,00	-1.297.065,00	890.552,00
6. Payments for investment (-).: 62100	-675.913,00	-1.266.969,00	-238.565,00	-1.592.566,00	-2.086.582,00
a) Companies of the group and affiliates. : 62101	-105.000,00	-78.000,00	0,00	0,00	0,00
b) Intangible fixed assets. : 62102	-3.194,00	-19.663,00	0,00	-24.261,00	-15.250,00
c) Fixed assets. : 62103	-448.284,00	-269.306,00	-238.565,00	-75.028,00	-40.290,00
e) Other financial assets. : 62105	-119.435,00	-900.000,00	0,00	-1.493.277,00	-2.031.042,00
7. Divestment payment collection (+). : 62200	0,00	1.458.810,00	258.133,00	1.887.445,00	2.293.667,00
c) Fixed assets. : 62203	0,00	0,00	0,00	139.809,00	8.250,00
e) Other financial assets. : 62205	0,00	1.458.810,00	258.133,00	1.747.642,00	2.285.417,00
h) Other assets. : 62208	0,00	0,00	0,00	-6,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-675.913,00	191.841,00	19.568,00	294.879,00	207.085,00
9. Payment collection and payments for equity instruments. : 63100	32.494,00	63.842,00	49.552,00	27.522,00	31.361,00
e) Grants, donations and bequests received (+). : 63105	32.494,00	63.842,00	49.552,00	27.522,00	31.361,00
10. Payment collection and payments for financial liabilities instruments.: 63200	2.371.131,00	-457.745,00	-938.929,00	761.676,00	-874.185,00
a) Issuance : 63201	2.672.289,00	175.703,00	-638.639,00	1.340.679,00	549.645,00
2. Debts incurred with credit institutions (+). : 63203	2.250.000,00	0,00	-856.749,00	1.141.964,00	164.216,00
5. Other debts (+). : 63206	422.289,00	175.703,00	218.110,00	198.715,00	385.429,00
b) Repayment and amortization of : 63207	-301.158,00	-633.448,00	-300.290,00	-579.003,00	-1.423.830,00
2. Debts incurred with credit institutions (-).: 63209	-111.995,00	-336.466,00	0,00	-208.750,00	-985.302,00
5. Other debts (-). : 63212	-189.163,00	-296.982,00	-300.290,00	-370.253,00	-438.528,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	-71.078,00	0,00	0,00	0,00
a) Dividends (-).: 63301	0,00	-71.078,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	2.403.625,00	-464.981,00	-889.377,00	789.198,00	-842.824,00
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	-15.250,00	-16.945,00	594.969,00	-212.988,00	254.813,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	661.978,00	678.923,00	83.954,00	296.942,00	42.129,00
Cash or equivalent assets as of end of the fiscal year.: 65200	646.728,00	661.978,00	678.923,00	83.954,00	296.942,00

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	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,00 %	0,01 %	0,00 %	0,01 %		-46,23 %
EBITDA over Sales:	9,49 %	11,85 %	4,72 %	11,53 %	101,16 %	2,81 %
Cash Flow Yield:	0,00 %	0,00 %	0,00 %	0,01 %		-38,98 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	13,58 %	8,63 %	6,28 %	7,03 %	116,37 %	22,66 %
Total economic profitability:	13,04 %	5,10 %	4,10 %	3,70 %	217,99 %	37,73 %
Financial profitability:	26,91 %	7,83 %	7,42 %	4,06 %	262,76 %	93,06 %
Margin:	8,65 %	7,38 %	3,77 %	6,87 %	129,67 %	7,44 %
Mark-up:	8,43 %	6,89 %	2,70 %	4,51 %	212,18 %	52,69 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,11	0,14	0,17	0,13	-37,31	7,18
Acid Test:	1,86	0,89	2,29	0,87	-18,78	2,65
Working Capital / Investment:	0,51	0,03	0,37	0,05	37,89	-36,25
Solvency:	2,61	1,22	3,13	1,18	-16,77	3,69

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,12	1,31	0,80	1,38	40,17	-5,46
Borrowing Composition:	0,57	1,11	0,30	1,00	92,11	10,46
Repayment Ability:	-608,78	158,30	-290,60	98,87	-109,49	60,11
Warranty:	1,92	1,77	2,83	1,73	-31,92	2,34
Generated resources / Total creditors:	0,26	0,09	0,11	0,08	136,63	7,90

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,37	1,98	1,17	1,86	17,47	6,41
Turnover of Collection Rights :	2,95	5,38	3,28	4,99	-10,10	7,98
Turnover of Payment Entitlements:	3,01	3,82	3,62	3,62	-16,76	5,45
Stock rotation:	4,88	8,41	5,83	7,32	-16,30	14,93
Assets turnover:	1,57	1,17	1,67	1,02	-5,79	14,17
Borrowing Cost:	1,34	2,88	1,79	2,88	-25,56	0,12

> Trend of indicators under the General Accounting Plan of 2007 (2014, 2013, 2012, 2011, 2010)

Cash Flow	2014	2013	2012	2011	2010
Cash Flow over Sales:	0,00 %	0,00 %	0,04 %	-0,01 %	0,02 %
EBITDA over Sales:	9,49 %	4,72 %	4,47 %	2,66 %	-4,40 %
Cash Flow Yield:	0,00 %	0,00 %	0,04 %	-0,01 %	0,02 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	13,58 %	6,28 %	4,24 %	-0,83 %	-11,20 %
Total economic profitability:	13,04 %	4,10 %	4,01 %	0,70 %	-1,02 %
Financial profitability:	26,91 %	7,42 %	4,33 %	1,02 %	-1,18 %
Margin:	8,65 %	3,77 %	2,68 %	-0,62 %	-8,00 %
Mark-up:	8,43 %	2,70 %	2,75 %	-0,14 %	-2,19 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,11	0,17	0,17	0,02	0,08
Acid Test:	1,86	2,29	2,21	1,80	2,21
Working Capital / Investment:	0,51	0,37	0,54	0,46	0,49
Solvency:	2,61	3,13	2,95	2,35	2,90

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	1,12	0,80	0,62	0,85	0,63
Borrowing Composition:	0,57	0,30	0,28	0,21	0,36
Repayment Ability:	-608,78	-290,60	8,67	-31,83	19,91
Warranty:	1,92	2,83	2,66	2,21	2,63
Generated resources / Total creditors:	0,26	0,11	0,08	0,03	0,00

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,37	1,17	1,15	1,09	0,87
Turnover of Collection Rights :	2,95	3,28	3,11	2,23	2,83
Turnover of Payment Entitlements:	3,01	3,62	3,39	2,63	3,17
Stock rotation:	4,88	5,83	5,71	5,56	6,13
Assets turnover:	1,57	1,67	1,58	1,33	1,40
Borrowing Cost:	1,34	1,79	1,66	1,39	1,69

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

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Companies related

Public Tenders and Works Won

Organisation that calls the tender:

CONSEJO SUPERIOR DE INVESTIGACIONES CIENTIFICAS CSIC

Objective of Tender:

suministro e instalación de máquina de electro-erosión por hilo, destinada a la Unidad de Desarrollo de Materiales Multifuncionales del Centro de Investigación en Nanomateriales y Nanotecnología. Cofinanciado con fondo Feder

Date Awarded:

02/10/2015

Cost:

153.549,00 EURO.

Organisation that calls the tender:

SERVICIO VALENCIANO DE EMPLEO Y FORMACION

Objective of Tender:

suministro de una máquina de electroerosión por hilo para el Centro Servef de Formación de Aldaia

Date Awarded:

12/03/2015

Cost:

130.304,90 EURO.

Organisation that calls the tender:

UNIVERSIDAD DE CADIZ

Objective of Tender:

Suministro e instalación de equipamiento para el Taller de Máquinas CNC (Máquinas de Control Numérico) de la Escuela Superior de Ingeniería de la Universidad de Cádiz ubicada en el Campus de Puerto Real, subvencionado por la Consejería de Economía, Innovación, Ciencia y Empleo de la Junta de Andalucía.

Date Awarded:

07/03/2014

Cost:

229.167,95 EURO.

Organisation that calls the tender:

UNIVERSIDAD DE CADIZ

Objective of Tender:

SUMINISTRO E INSTALACION DE EQUIPAMIENTO PARA EL TALLER DE MAQUINAS CNC MAQUINAS DE CONTROL NUMERICO DE LA ESCUELA SUPERIOR DE INGENIERIA DE LA UNIVERSIDAD DE CADIZ UBICADA EN EL CAMPUS DE PUERTO REAL, SUBVENCIONADO POR LA CONSEJERIA DE ECONOMIA, INNOVACION, CIENCIA Y EMPLEO DE LA JUNTA DE ANDALUCIA, DESGLOSADO EN LOS SIGUIENTES LOTES LOTE 1 EQUIPAMIENTO DE MAQUINAS HERRAMIENTA CNC Y EQUIPOS AUXILIARES Y LOTE 2 EQUIPAMIENTO DE MAQUINAS HERRAMIENTA CNC POR ELECTROEROSION Y EQUIPOS AUXILIARES

Date Awarded:

07/03/2014

Cost:

229.167,95 EURO.

Organisation that calls the tender:

CONSEJERIA DE EMPLEO Y FORMACION DE LA COMUNIDAD AUTONOMA DE LA REGION DE MURCIA

Objective of Tender:

ADQUISICION DE MAQUINAS DE ELECTROEROSION PARA EL CICLO FORMATIVO DE TECNICO EN MECANIZADO DE LA FAMILIA PROFESIONAL DE FABRICACION MECANICA

Date Awarded:

22/12/2008

Cost:

205.100,00 EURO.

Organisation that calls the tender:

SERVICIO VALENCIANO DE EMPLEO Y FORMACION

Objective of Tender:

Contratación del suministro y montaje de una dotación de CNC para el aula-taller del Centro Servef de For For-- mación de Catarroja

Date Awarded:

02/08/2007

Cost:

Importe compartido entre distintos Contratistas

Organisation that calls the tender:

DEPARTAMENTO DE EDUCACION UNIVERSIDADES E INVESTIGACION DE LA COMUNIDAD AUTONOMA DEL PAIS VASCO

Objective of Tender:

suministro, entrega e instalación de máquinas para equipamiento de ciclos formativos de «Madera y Mueble» del IES (ITS) Construcción de Vitoria-Gasteiz

Date Awarded:

17/07/2006

Cost:

221.273,57 EURO.

Organisation that calls the tender:

DEPARTAMENTO DE EDUCACION UNIVERSIDADES E INVESTIGACION DE LA COMUNIDAD AUTONOMA DEL PAIS VASCO

Objective of Tender:

suministro, entrega e instalación de una máquina de electroerosión para el IES Emilio Campuzano de Bilbao

Date Awarded:

13/03/2006

Cost:

70.284,00 EURO.

Organisation that calls the tender:

CENTRO DE INVESTIGACIONES ENERGETICAS MEDIOAMBIENTALES Y TECNOLOGICAS CIEMAT

Objective of Tender:

Suministro de un Centro de mecanizado por electro-erosión de penetración y máquina de corte de electro-erosión por hilo

Date Awarded:

24/08/2005

Cost:

148.500,00 EURO.

Organisation that calls the tender:

CONSEJERIA DE CULTURA, EDUCACION Y DEPORTE DE LA COMUNIDAD AUTONOMA DE VALENCIA

Objective of Tender:

ADQUISICION DE DIVERSOS LOTES QUE QUEDARON DESIERTOS EN CONCURSO

Date Awarded:

22/10/2004

Organisation that calls the tender:

UNIVERSIDAD DE ZARAGOZA

Objective of Tender:

ADQUISICION DE 1 MAQUINA DE ELECTRO EROSION DE CORTE POR HILO CON ENHEBRADOR AUTOMATICO,

Date Awarded:

09/06/2004

Cost:

69.600,00 EURO.

Organisation that calls the tender:

UNIVERSIDAD DEL PAIS VASCO

Objective of Tender:

SUMINISTRO DE MAQUINA DE ELECTROEROSION POR HILO PARA TRABAJO SUMERGIDO CON ACCESORIOS PARA LA E.T.S. DE INGENIEROS INDUSTRIALES Y TELECOMUNICACION DE BILBAO.

Date Awarded:

13/10/2003

Cost:

66.050,61 EURO.

Organisation that calls the tender:

DEPARTAMENTO DE EDUCACION UNIVERSIDADES E INVESTIGACION DE LA COMUNIDAD AUTONOMA DEL PAIS VASCO

Objective of Tender:

SUMINISTRO, ENTREGA E INSTALACION DE UNA MAQUINA DE ELECTROEROSION PARA EL IEFPS ELORRIETA-ERREKA MARI DE BILBAO

Date Awarded:

03/03/2003

Cost:

71.521,00 EURO.

Organisation that calls the tender:

UNIVERSIDAD POLITECNICA DE CATALUÑA

Objective of Tender:

SUBMINISTRAMENT D`UNA MAQUINA D`ELECTROEROSIO PER AL CENTRE CIM DE LA UPC

Date Awarded:

02/07/2001

Cost:

14.993.000 PTS.

Organisation that calls the tender:

DEPARTAMENTO DE EDUCACION UNIVERSIDADES E INVESTIGACION DE LA COMUNIDAD AUTONOMA DEL PAIS VASCO

Objective of Tender:

SUMINISTRO, ENTREGA E INSTALACION DE MAQUINARIA.

Date Awarded:

22/02/2001

Cost:

7.519.740 PTS.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación
Status	CONCEDIDA
Amount Granted	210.866,00

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	104.959,00
Notes	Subvención de tipo de interés.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIA Y GAITEK
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	30.011,00
Notes	Subvención de tipo de interés.

Entity	MINISTERIO DE INDUSTRIA Y ENERGIA
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	8.446,00
Notes	Subvención de tipo de interés.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	1.517,00
Notes	Subvención de tipo de interés.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Project	Financiación I + D
Amount Granted	85.113,00
Notes	Subvención de tipo de interés.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	22.310,00
Notes	Subvención de tipo de interés.

Entity	MINISTERIO DE INDUSTRIA Y ENERGIA
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	15.861,00
Notes	Subvención de tipo de interés.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	6.894,00
Notes	Subvención de tipo de interés.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Project	Financiación I + D
Amount Granted	45.561,00

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	41.176,00

Entity	MINISTERIO DE INDUSTRIA Y ENERGIA
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	20.868,00

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	17.150,00

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	65.300,00

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	31.669,00

Entity	MINISTERIO DE INDUSTRIA Y ENERGIA
Status	CONCEDIDA
Project	Financiación I + D
Amount Granted	27.030,00

Entity	GOBIERNO VASCO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	15.010,00

Entity	ORGANISMO NO ESPECIFICADA
Status	CONCEDIDA
Amount Granted	259.000,00

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	50.312,00

Entity	GOBIERNO VASCO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	27.950,00

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	128.666,00

Entity	MINISTERIO DE INDUSTRIA Y ENERGIA
Status	CONCEDIDA
Amount Granted	45.031,00

Entity	GOBIERNO VASCO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	40.890,00

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención a la explotación:
Status	CONCEDIDA
Amount Granted	643.000,00

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	12.940,00
Notes	El importe reflejado corresponde al traspasado a resultados del ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención a la explotación: I+D
Status	CONCEDIDA
Amount Granted	111.000,00

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención a la explotación: Exportación
Status	CONCEDIDA
Amount Granted	32.000,00

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	12.939,74
Notes	EL IMPORTE REFLEJADO CORRESPONDE A LA CANTIDAD LLEVADA A INGRESOS EN EL EJERCICIO.

Research Summary

This company was constituted several years ago, and it''s quite experienced in its sector. Its turnover increased by 28.02% in 2014 vs the previous year. It meets payment commitments in an ordely manner.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.80
UK Pound	1	Rs.100.49
Euro	1	Rs.72.52
EUR	1	Rs. 72.92

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAS
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.