MIRA INFORM REPORT

Report No. :	355914
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	GAMA DECOR SA
Registered Office :	Crta. Vila-Real-Puebla De Arenoso Cv, 20. KM 1,7 P.I. TR - Villarreal/Vila-Real - 12540 - Castellon
Country :	Spain
Financials (as on) :	2014
Date of Incorporation :	02.04.1987
Legal Form :	Public Company
Line of Business :	Manufacture of kitchen furniture
No. of Employee :	168

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:	GAMA DECOR SA
NIF / Fiscal code:	A12081790
Status:	ACTIVE
Incorporation Date:	02/04/1987
Register Data	Register Section 8 Sheet 3624
Last Publication in BORME:	24/11/2015 [Appointments]
Last Published Account Deposit:	2014
Share Capital:	764.000
Localization:	CRTA. VILA-REAL-PUEBLA DE ARENOSO CV, 20 . KM 1,7 P.I. TR - VILLARREAL/VILA-REAL - 12540 - CASTELLON
Telephone - Fax - Email - Website:	Telephone. 964 506 850 Email. gama-decor@gama-decor.com Website. www.gama-decor.com
Activity:
NACE:	3102 - Manufacture of kitchen furniture
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	33 for a total cost of 711355.54
Quality Certificate:	No
Scoring and Risk:
Payment Behaviour:	No Complaints
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:

MOSEL INTERNATIONAL S.L	21.7 %
SORMAN SOCIEDAD ANONIMA	22.49 %
ERMITA 61 SOCIEDAD LIMITADA	21.7 %
Shares:	2
Other Links:	22
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 2

Ratios

2014

2013

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
This company was incorporated several years ago, which provides it enough experience in its sector, and enjoys a good concept among the sources consulted. Its turnover increased by 1,23% in 2014 vs the previous year. It meets payment commitments in an orderly manner.
Interviewed Person:

Enquiry Details
Business address regime:	Propiedad

Identification
Social Denomination:	GAMA DECOR SA
NIF / Fiscal code:	A12081790
Corporate Status:	ACTIVE
Start of activity:	1987
Registered Office:	CRTA. VILA-REAL-PUEBLA DE ARENOSO CV, 20 . KM 1,7 P.I. TR
Locality:	VILLARREAL/VILA-REAL
Province:	CASTELLON
Postal Code:	12540
Telephone:	964 506 850
Fax:	964 506 596
Website:	www.gama-decor.com
Email:	gama-decor@gama-decor.com
Interviewed Person:	Empleada

Activity
NACE:	3102
Corporate Purpose:	MANUFACTURE, COMMERCIALISATION OF WOOD ITEMS AND COMPONENT FOR BATHROOMS, KITCHENS, OFFICES AND SHOWROOMS. EXPLOITATION OF LICENSES, PATENTS, MARKS, TRADE NAMES (IN RELATION TO ITS CORPORATE PURPOSE).
Additional Information:	It''s engaged in the design and manufacture of kitchen and bathroom furniture. It''s part of the group Porcelanosa.
Additional Address:	Registered office and offices CRTA. VILA-REAL-PUEBLA DE ARENOSO CV, 20 . KM 1,7 P.I. TR 12540 VILA-REAL ( CASTELLON )
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2015	168

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

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

Breakdown of Owners' Equity
Registered Capital:	764.000
Paid up capital:	764.000

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
22/03/1991	Increase of Capital	10.818	10.818	497.638	497.638
24/02/1997	Increase of Capital	43.273	43.273	540.911	540.911
28/09/2000	Increase of Capital	359.100	359.100	900.000	900.000
26/09/2005	Capital Reduction	-136.000	-136.000	764.000	764.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	SORMAN SOCIEDAD ANONIMA	14/09/2010	6
MEMBER OF THE BOARD	BELTRAN ARNAL AURELIO	14/09/2010	6
	OTERO OTERO JOSE	14/09/2010	9
	SORMAN SOCIEDAD ANONIMA	14/09/2010	6
PROXY	COLONQUES GARCIA PLANAS ANA	16/11/2015	1
	MEZQUITA RENAU MANUEL MIGUEL	01/02/2011	1
	HERRERIAS BALLESTER JOSE	16/11/2010	1
	ALMELA LLOP SALVADOR	19/09/2008	1
	MESEGUER BASIERO JOSE	12/02/2008	1
	RAMOS USO JUAN FRANCISCO	25/10/2006	1
	COLONQUES MORENO HECTOR	15/01/2002	2
	GOMEZ CHABRERA VICENTE	12/11/1996	1
CHIEF EXECUTIVE OFFICER	COLONQUES MORENO MANUEL MIGUEL	14/09/2010	6
	COLONQUES MORENO MANUEL	26/09/2005	3
SECRETARY	COLONQUES MORENO MANUEL MIGUEL	14/09/2010	6
ACCOUNTS' AUDITOR / HOLDER	DINAMIC AUDITORS SA	07/02/2014	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
BASIERO VALIENTE JUAN BAUTISTA	MEMBER OF THE BOARD	13/03/1997	10
	MEMBER OF THE BOARD	01/02/2001
	MEMBER OF THE BOARD	26/09/2005
	PROXY	18/10/2002
	JOINT CHIEF EXECUTIVE OFFICER	01/02/2001
	JOINT CHIEF EXECUTIVE OFFICER	26/09/2005
	CHIEF EXECUTIVE OFFICER	13/03/1997
	SECRETARY	13/03/1997
	SECRETARY	01/02/2001
	SECRETARY	26/09/2005
BELTRAN ARNAL AURELIO	MEMBER OF THE BOARD	13/03/1997	6
	MEMBER OF THE BOARD	01/02/2001
	MEMBER OF THE BOARD	26/09/2005
	MEMBER OF THE BOARD	14/09/2010
	CHIEF EXECUTIVE OFFICER	01/10/1992
CAPELLAS CABANES JUAN FRANCISCO	SECRETARY	01/10/1992	2
	MEMBER	01/10/1992
COLONQUES MORENO HECTOR	CHIEF EXECUTIVE OFFICER	01/10/1992	2
COLONQUES MORENO HECTOR MARIA	MEMBER OF THE BOARD	13/03/1997	2
	CHIEF EXECUTIVE OFFICER	13/03/1997
COLONQUES MORENO MANUEL	MEMBER OF THE BOARD	26/09/2005	3
	SECRETARY	14/09/2010
COLONQUES MORENO MANUEL MIGUEL	MEMBER OF THE BOARD	14/09/2010	6
	MEMBER OF THE BOARD	14/09/2010
	CHIEF EXECUTIVE OFFICER	14/09/2010
	SECRETARY	14/09/2010
CONSULTORES AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	21/01/2000	1
CONSULTORES Y AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	22/12/2011	3
	ACCOUNTS' AUDITOR / HOLDER	11/01/2013
	ACCOUNTS' AUDITOR / HOLDER	07/02/2014
DIAGO GARCIA MANUEL	PROXY	16/11/2015	1
FERRIOLS FERRANDO LUIS	PROXY	04/06/2002	1
GASCO ANTONI JUAN	MEMBER OF THE BOARD	13/03/1997	4
	MEMBER OF THE BOARD	01/02/2001
	MEMBER OF THE BOARD	15/07/2005
	MEMBER	01/10/1992
GIL MIRALLES MANUEL PABLO	PROXY	16/11/2010	1
LAWYERS SL	ACCOUNTS' AUDITOR / HOLDER	16/12/2008	1
MOSEL INTERNATIONAL SOCIEDAD ANONIMA	MEMBER OF THE BOARD	01/02/2001	4
	MEMBER OF THE BOARD	26/09/2005
	JOINT CHIEF EXECUTIVE OFFICER	01/02/2001
	JOINT CHIEF EXECUTIVE OFFICER	26/09/2005
OTERO OTERO JOSE	MEMBER OF THE BOARD	13/03/1997	9
	MEMBER OF THE BOARD	01/02/2001
	MEMBER OF THE BOARD	26/09/2005
	MEMBER OF THE BOARD	14/09/2010
	PRESIDENT	01/10/1992
	PRESIDENT	13/03/1997
	PRESIDENT	01/02/2001
	PRESIDENT	26/09/2005
SORIANO RAMOS JOSE	MEMBER OF THE BOARD	13/03/1997	2
	MEMBER	01/10/1992
SORMAN SOCIEDAD ANONIMA	MEMBER OF THE BOARD	01/02/2001	6
	MEMBER OF THE BOARD	26/09/2005
	MEMBER OF THE BOARD	14/09/2010
	PRESIDENT	14/09/2010

Executive board

Post	NIF	Name
CHIEF BUYER		RAFAEL ULECIA PASCUAL
COMMERCIAL MANAGER		RAFAEL ULECIA PASCUAL
FINANCIAL DIRECTOR		VICENTE GOMEZ
MANAGING DIRECTOR		JOSE HERRERIAS
MANAGING DIRECTOR		MANUEL GIL MIRALLES
OPERATION MANAGER		VICENTE GOMEZ CHABRERA

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 judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. Adequate level of financial autonomy. The financial autonomy of the entity represents the 39.14 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets. The current debt represents a 13.82of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. GAMA DECOR SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

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. Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.

Probability of default

> Estimated Probability of Default for the next 12 months:  1.281 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

310 Manufacture of furniture

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 GAMA DECOR 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 1.281%.

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

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	Not published
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	Not published
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	Not published
	Incidences with the Social Security	Not published
	Incidences with the Autonomous Administration	Not published
	Incidences with the Local Administration	Not published
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	Not published
	Proceedings by the old Civil Procedural Law 1.881	Not published
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	Not published

Link List

HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	21 Entities
PARTICIPATES IN:	2 Entities
SHAREHOLDERS:	3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	MOSEL INTERNATIONAL S.L	CASTELLON	21.7
	SORMAN SOCIEDAD ANONIMA	CASTELLON	22.49
	ERMITA 61 SOCIEDAD LIMITADA	CASTELLON	21.7
PARTICIPATES IN	PORSAFIN GRUPO AIE	CASTELLON	11.95
	PORCELANOSA GRUPO A.I.E	CASTELLON	12.5

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	PORCELANOSA COLOMBIA SAS
	PORCELANOSA NEW YORK INC
	PORCELANOSA TEXAS CORPORATION
	URBAN INCENTIVES SOCIEDAD LIMITADA	CASTELLON
	AUSTRAL-3 SL	CASTELLON
	PORTOME SA	TERUEL
	MOSEL INTERNATIONAL S.L	CASTELLON
	PORCELANOSA ALGARVE COM MAT SONTS S
	PORCELANOSA CHILE SPA
	PORCELANOSA EAST, S.A.
	PORCELANOSA FLORIDA INC
	PORCELANOSA GITAL CONSORZIO
	PORCELANOSA LISBOA COMERCIO MAT CON
	PORCELANOSA PARIS SAC
	PORCELANOSA PORTO MAT CONST, S.A.
	FRANCISCO INC PORCELANOSA SAN
	PORCELANOSA TOULOUSE SAS
	PORVEN REAL ESTATE INC
	SANITARIOS JOSE OTERO, S.A.
	VENISPOR ITALIA SPA
IS RELATED WITH	URBAN MEETING SOCIEDAD LIMITADA	CASTELLON
HAS IN ITS ADMINISTRATION BOARD TO	SORMAN SOCIEDAD ANONIMA	CASTELLON

Turnover
Total Sales 2014	27.784.765,55

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	July  2015
2013	Normales	August  2014
2012	Normales	August  2013
2011	Normales	May  2013
2010	Normales	September  2011
2009	Normales	July  2010
2008	Normales	August  2009
2007	Normales	August  2008
2006	Normales	September  2007
2005	Normales	October  2006
2004	Normales	August  2005
2003	Normales	August  2004
2002	Normales	July  2003
2001	Normales	August  2002
2000	Normales	August  2001
1999	Normales	August  2000
1998	Normales	August  1999
1997	Normales	August  1998
1996	Normales	July  1997
1995	Normales	August  1996
1994	Normales	July  1995
1993	Normales	July  1994
1992	Normales	July  1993
1991	Normales	July  1992
1990	Normales	July  1991
1989	Normales	July  1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2014

>  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	33.918.229,00	33.523.376,00	31.406.705,00	28.716.687,00	27.344.993,00
I. Intangible fixed assets : 11100	60.500,00	91.371,00	156.441,00	287.184,00	444.396,00
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	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	60.500,00	91.371,00	156.441,00	287.184,00	444.396,00
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	32.592.724,00	32.269.938,00	30.194.225,00	27.073.300,00	25.344.242,00
1. Land and buildings: 11210	22.582.136,00	22.188.081,00	20.552.191,00	18.718.604,00	16.934.456,00
2. Technical installations and other tangible fixed assets: 11220	9.997.088,00	9.914.394,00	9.210.300,00	8.083.870,00	8.405.786,00
3. Tangible asset in progress and advances: 11230	13.500,00	167.463,00	431.734,00	270.826,00	4.000,00
III. Real estate investment: 11300	1.014.706,00	1.029.021,00	1.043.337,00	1.057.652,00	1.071.968,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	1.014.706,00	1.029.021,00	1.043.337,00	1.057.652,00	1.071.968,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
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	17.303,00	17.303,00	12.703,00	259.849,00	479.133,00
1. Equity instruments: 11510	10.755,00	10.755,00	10.755,00	228.540,00	411.294,00
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	29.361,00	50.252,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	6.548,00	6.548,00	1.948,00	1.948,00	17.588,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	232.997,00	115.743,00	0,00	38.702,00	5.254,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	14.427.972,00	14.045.423,00	16.049.840,00	15.077.939,00	14.847.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	6.006.576,00	5.939.811,00	6.575.722,00	6.679.344,00	6.617.695,00
1. Commercial: 12210	1.692.406,00	1.575.089,00	1.897.813,00	2.371.133,00	1.990.120,00
2. Primary material and other supplies: 12220	2.566.252,00	2.691.688,00	2.765.472,00	2.758.969,00	2.817.262,00
3. Work in progress: 12230	423.080,00	401.718,00	477.637,00	365.736,00	549.802,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	423.080,00	401.718,00	477.637,00	365.736,00	549.802,00
4. Finished goods: 12240	1.305.861,00	1.250.013,00	1.400.428,00	1.152.119,00	1.229.125,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	1.305.861,00	1.250.013,00	1.400.428,00	1.152.119,00	1.229.125,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	18.977,00	21.304,00	34.372,00	31.387,00	31.387,00
III. Trade debtors and others receivable accounts: 12300	8.403.338,00	8.031.737,00	9.292.388,00	8.121.641,00	8.031.736,00
1. Trade debtors / accounts receivable: 12310	7.681.958,00	7.254.191,00	8.104.873,00	7.355.716,00	7.740.017,00
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	7.681.958,00	7.254.191,00	8.104.873,00	7.355.716,00	7.740.017,00
2. Customers, Group companies and associates : 12320	0,00	0,00	0,00	0,00	0,00
3. Other accounts receivable: 12330	0,00	0,00	9.875,00	0,00	0,00
4. Personnel: 12340	7.107,00	9.375,00	12.454,00	11.200,00	3.983,00
5. Assets for deferred tax: 12350	50.328,00	131.508,00	272.882,00	182.094,00	45.807,00
6. Other debtors, including tax and social security: 12360	663.945,00	636.662,00	892.304,00	572.631,00	241.929,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	1.395,00	65.870,00	143.258,00	208.340,00	192.474,00
1. Equity instruments: 12510	0,00	15.478,00	10.065,00	0,00	0,00
2. Credits to businesses: 12520	324,00	35.612,00	123.149,00	208.340,00	185.303,00
3. Debt securities: 12530	0,00	14.780,00	10.044,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	7.171,00
5. Other financial assets : 12550	1.071,00	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	13.500,00	4.156,00	33.560,00	62.877,00	11,00
VII. Cash and other equivalent liquid assets : 12700	3.163,00	3.849,00	4.912,00	5.736,00	5.085,00
1. Treasury: 12710	3.163,00	3.849,00	4.912,00	5.736,00	5.085,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	48.346.202,00	47.568.799,00	47.456.545,00	43.794.626,00	42.191.994,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	18.961.865,00	17.626.606,00	17.162.330,00	16.904.321,00	17.958.387,00
A-1) Shareholders' equity: 21000	18.921.452,00	17.583.849,00	17.117.231,00	16.856.879,00	17.908.603,00
I. Capital: 21100	764.000,00	764.000,00	764.000,00	764.000,00	764.000,00
1. Registered capital : 21110	764.000,00	764.000,00	764.000,00	764.000,00	764.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	20.175.661,00	20.175.661,00	20.175.661,00	20.175.661,00	20.175.661,00
1. Legal and statutory: 21310	152.800,00	152.800,00	152.800,00	152.800,00	152.800,00
2. Other reserves: 21320	20.022.861,00	20.022.861,00	20.022.861,00	20.022.861,00	20.022.861,00
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	-3.355.812,00	-3.822.430,00	-4.082.782,00	-3.031.059,00	-2.358.538,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-3.355.812,00	-3.822.430,00	-4.082.782,00	-3.031.059,00	-2.358.538,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	1.337.602,00	466.618,00	260.352,00	-1.051.723,00	-672.521,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	40.414,00	42.756,00	45.099,00	47.442,00	49.785,00
B) NON-CURRENT LIABILITIES: 31000	22.704.142,00	22.910.980,00	22.392.988,00	19.708.677,00	17.400.554,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	69.395,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	69.395,00
II Long-term creditors: 31200	22.551.453,00	22.752.019,00	22.282.409,00	19.594.657,00	17.213.698,00
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	174.832,00
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	22.551.453,00	22.752.019,00	22.282.409,00	19.594.657,00	17.038.866,00
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	152.689,00	158.962,00	110.579,00	114.020,00	117.461,00
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	6.680.194,00	7.031.213,00	7.901.227,00	7.181.628,00	6.833.052,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	0,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	1.216.038,00	1.651.400,00	1.620.943,00	1.136.105,00	1.190.086,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	958.302,00	1.098.217,00	477.974,00	427.820,00	706.269,00
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	257.736,00	553.183,00	1.142.969,00	708.285,00	483.818,00
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	5.464.156,00	5.379.813,00	6.280.284,00	6.045.523,00	5.642.966,00
1. Suppliers: 32510	2.198.432,00	2.473.800,00	2.785.971,00	3.308.364,00	3.608.646,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.198.432,00	2.473.800,00	2.785.971,00	3.308.364,00	3.608.646,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	1.913.929,00	1.245.959,00	2.073.905,00	1.815.439,00	1.063.796,00
4. Personnel (remuneration due): 32540	737.830,00	719.205,00	689.848,00	641.298,00	688.893,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	341.419,00	329.939,00	322.500,00	280.421,00	281.393,00
7. Advances from clients: 32570	272.547,00	610.910,00	408.058,00	0,00	237,00
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	48.346.202,00	47.568.799,00	47.456.545,00	43.794.626,00	42.191.994,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	27.784.766,00	27.445.914,00	26.124.486,00	23.061.052,00	23.037.342,00
a) Sales: 40110	27.440.264,00	27.062.601,00	25.795.579,00	22.717.230,00	22.170.563,00
b) Rendering of services: 40120	344.501,00	383.313,00	328.907,00	343.822,00	866.779,00
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	77.210,00	-226.334,00	360.210,00	-261.071,00	-613.746,00
3. Works carried out by the company for its assets: 40300	8.205,00	26.898,00	15.367,00	87.966,00	21.825,00
4. Supplies : 40400	-12.531.612,00	-13.309.511,00	-12.711.080,00	-11.624.388,00	-9.852.830,00
a) Stock consumption: 40410	-5.494.380,00	-6.421.594,00	-6.271.543,00	-6.123.548,00	-3.488.192,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-6.061.635,00	-6.058.952,00	-5.631.807,00	-4.936.614,00	-5.858.709,00
c) Works carried out by other companies: 40430	-903.764,00	-1.009.023,00	-733.652,00	-400.009,00	-453.566,00
d) Impairment of stock, primary material and other supplies: 40440	-71.833,00	180.058,00	-74.078,00	-164.217,00	-52.363,00
5. Other operating income: 40500	405.341,00	481.551,00	628.710,00	633.563,00	703.616,00
a) Auxiliary income and other from current management: 40510	389.796,00	455.564,00	586.916,00	571.673,00	658.908,00
b) Operation subsidies included in the Period's result: 40520	15.544,00	25.987,00	41.794,00	61.890,00	44.708,00
6. Personnel costs: 40600	-6.879.040,00	-6.788.182,00	-6.507.990,00	-6.363.135,00	-6.857.581,00
a) Wages, salaries et al.: 40610	-5.220.127,00	-5.112.904,00	-4.929.637,00	-4.822.969,00	-5.291.070,00
b) Social security costs: 40620	-1.658.913,00	-1.675.278,00	-1.578.352,00	-1.540.166,00	-1.566.511,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-5.602.714,00	-4.768.168,00	-5.139.831,00	-4.782.697,00	-5.303.333,00
a) External services: 40710	-4.867.368,00	-4.465.787,00	-4.765.212,00	-4.358.245,00	-5.023.121,00
b) Taxes: 40720	-163.154,00	-145.613,00	-280.370,00	-193.650,00	-163.093,00
c) Losses, impairments and variation in provisions from trade operations : 40730	61.982,00	-156.492,00	-93.919,00	-7.696,00	-116.968,00
d) Other current management expenditure : 40740	-634.174,00	-277,00	-329,00	-223.107,00	-150,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-1.303.120,00	-1.289.380,00	-1.284.027,00	-1.259.535,00	-1.319.728,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	3.347,00	3.347,00	3.347,00	3.347,00	13.330,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-128.267,00	-25.955,00	24.362,00	-28.910,00	-152.613,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-128.267,00	-25.955,00	24.362,00	-28.910,00	-152.613,00
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	-30.711,00	-16.143,00	-14.953,00	-1.158,00	-4.546,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	1.803.405,00	1.534.037,00	1.498.602,00	-534.967,00	-328.264,00
14. Financial income : 41400	18.865,00	7.202,00	2.658,00	2.771,00	4.327,00
a) Of shares in equity instruments : 41410	4,00	870,00	0,00	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	4,00	870,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	18.861,00	6.332,00	2.658,00	2.771,00	4.327,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	18.861,00	6.332,00	2.658,00	2.771,00	4.327,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-718.232,00	-930.056,00	-934.452,00	-675.253,00	-413.999,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-718.232,00	-930.056,00	-934.452,00	-675.253,00	-413.999,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	9.059,00	9.284,00	-9.251,00	-1.639,00	13.231,00
a) Trading book and other : 41610	9.059,00	9.284,00	-9.251,00	-1.639,00	13.231,00
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	307.005,00	-115.961,00	-21.883,00	122.139,00	53.863,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	-38.200,00	-217.785,00	-182.753,00	-17.438,00
a) Impairment and losses : 41810	0,00	-38.200,00	-217.785,00	-182.753,00	-17.438,00
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	-383.304,00	-1.067.731,00	-1.180.714,00	-734.736,00	-360.017,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	1.420.101,00	466.306,00	317.888,00	-1.269.703,00	-688.282,00
20. Income taxes: 41900	-82.499,00	312,00	-57.536,00	217.979,00	15.761,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	1.337.602,00	466.618,00	260.352,00	-1.051.723,00	-672.521,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	1.337.602,00	466.618,00	260.352,00	-1.051.723,00	-672.521,00

 > 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:	33.685.233,00	33.407.633,00	31.406.705,00	28.677.985,00	27.339.740,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	60.500,00	91.371,00	156.441,00	287.184,00	444.396,00
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	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:	60.500,00	91.371,00	156.441,00	287.184,00	444.396,00
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:	33.607.430,00	33.298.960,00	31.237.561,00	28.130.953,00	26.416.210,00
1. Land and construction:	23.596.842,00	23.217.103,00	21.595.528,00	19.776.256,00	18.006.424,00
2. Technical installations and machinery:	5.178.005,00	5.135.173,00	4.770.487,00	4.187.051,00	4.353.788,00
3. Other installations, tools and furniture:	4.008.568,00	3.975.411,00	3.693.087,00	3.241.419,00	3.370.499,00
4. Payments on account and tangible fixed assets under construction:	13.500,00	167.463,00	431.734,00	270.826,00	4.000,00
5. Other tangible assets:	810.515,00	803.810,00	746.726,00	655.401,00	681.500,00
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:	17.303,00	17.303,00	12.703,00	259.849,00	479.133,00
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. Long-term securities portfolio:	10.755,00	10.755,00	10.755,00	257.901,00	461.546,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	6.548,00	6.548,00	1.948,00	1.948,00	17.588,00
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:	14.660.969,00	14.161.166,00	16.049.840,00	15.116.641,00	14.845.083,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	6.006.576,00	5.939.811,00	6.575.722,00	6.679.344,00	6.617.695,00
1. Goods for resale:	1.692.406,00	1.575.089,00	1.897.813,00	2.371.133,00	1.990.120,00
2. Raw materials and other consumables:	2.566.252,00	2.691.688,00	2.765.472,00	2.758.969,00	2.817.262,00
3. Goods in process and semifinished ones:	423.080,00	401.718,00	477.637,00	365.736,00	549.802,00
4. Finished products:	1.305.861,00	1.250.013,00	1.400.428,00	1.152.119,00	1.229.125,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	18.977,00	21.304,00	34.372,00	31.387,00	31.387,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	8.636.334,00	8.147.480,00	9.292.388,00	8.160.343,00	8.036.990,00
1. Trade debtors / accounts receivable:	7.681.958,00	7.254.191,00	8.104.873,00	7.355.716,00	7.740.017,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	9.875,00	0,00	0,00
5. Staff:	7.107,00	9.375,00	12.454,00	11.200,00	3.983,00
6. Public bodies:	947.270,00	883.914,00	1.165.186,00	793.427,00	292.990,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	1.395,00	65.870,00	143.258,00	208.340,00	185.303,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	30.258,00	20.109,00	0,00	0,00
6. Other receivables:	324,00	35.612,00	123.149,00	208.340,00	185.303,00
7. Shor term guarantees and deposits:	1.071,00	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:	3.163,00	3.849,00	4.912,00	5.736,00	5.085,00
VII. Prepayments and accrued income:	13.500,00	4.156,00	33.560,00	62.877,00	11,00
GENERAL TOTAL (A + B + C + D):	48.346.202,00	47.568.799,00	47.456.545,00	43.794.626,00	42.184.823,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	18.933.576,00	17.596.676,00	17.130.761,00	16.871.112,00	17.916.367,00
I. Subscribed capital:	764.000,00	764.000,00	764.000,00	764.000,00	764.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	20.187.785,00	20.188.488,00	20.189.191,00	20.189.894,00	20.183.426,00
1. Legal reserve:	152.800,00	152.800,00	152.800,00	152.800,00	152.800,00
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:	20.034.974,00	20.035.677,00	20.036.380,00	20.037.082,00	20.030.614,00
6. Differences due to capital adjustment to euros:	11,00	11,00	11,00	11,00	11,00
V. Profit or loss brought forward:	-3.355.812,00	-3.822.430,00	-4.082.782,00	-3.031.059,00	-2.358.538,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-3.355.812,00	-3.822.430,00	-4.082.782,00	-3.031.059,00	-2.358.538,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	1.337.602,00	466.618,00	260.352,00	-1.051.723,00	-672.521,00
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:	28.289,00	29.929,00	31.569,00	33.209,00	34.849,00
1. Capital grants:	28.289,00	29.929,00	31.569,00	33.209,00	34.849,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	69.395,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	69.395,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	22.704.142,00	22.910.980,00	22.392.988,00	19.708.677,00	17.331.159,00
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	174.832,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	174.832,00
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:	22.704.142,00	22.910.980,00	22.392.988,00	19.708.677,00	17.156.327,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	22.551.453,00	22.752.019,00	22.282.409,00	19.594.657,00	17.038.866,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	152.689,00	158.962,00	110.579,00	114.020,00	117.461,00
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:	6.680.194,00	7.031.213,00	7.901.227,00	7.181.628,00	6.833.052,00
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:	958.302,00	1.098.217,00	477.974,00	427.820,00	706.269,00
1. Loans and other liabilities:	958.302,00	1.098.217,00	477.974,00	427.820,00	706.269,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	4.384.908,00	4.330.670,00	5.267.935,00	5.123.804,00	4.672.680,00
1. Advanced payments from customers:	272.547,00	610.910,00	408.058,00	0,00	237,00
2. Amounts owed for purchases of goods or services:	4.112.360,00	3.719.759,00	4.859.877,00	5.123.804,00	4.672.443,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.336.985,00	1.602.327,00	2.155.318,00	1.630.004,00	1.454.104,00
1. Public bodies:	341.419,00	329.939,00	322.500,00	280.421,00	281.393,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	257.736,00	553.183,00	1.142.969,00	708.285,00	483.818,00
4. Wages and salaries payable:	737.830,00	719.205,00	689.848,00	641.298,00	688.893,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	48.346.202,00	47.568.799,00	47.456.545,00	43.794.626,00	42.184.823,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	27.276.195,00	27.507.578,00	26.898.788,00	24.962.561,00	24.520.052,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	226.334,00	0,00	261.071,00	613.746,00
A.2. Supplies:	12.459.779,00	13.489.569,00	12.637.002,00	11.460.171,00	9.800.467,00
a) Stock consumption:	5.494.380,00	6.421.594,00	6.271.543,00	6.123.548,00	3.488.192,00
b) Consumption of raw materials and miscellaneous consumable ones:	6.061.635,00	6.058.952,00	5.631.807,00	4.936.614,00	5.858.709,00
c) Miscellaneous external expenditure:	903.764,00	1.009.023,00	733.652,00	400.009,00	453.566,00
A.3. Staff costs:	6.879.040,00	6.788.182,00	6.507.990,00	6.363.135,00	6.857.581,00
a) Wages, salaries et al.:	5.220.127,00	5.112.904,00	4.929.637,00	4.822.969,00	5.291.070,00
b) Social security costs:	1.658.913,00	1.675.278,00	1.578.352,00	1.540.166,00	1.566.511,00
A.4. Depreciation expense:	1.303.120,00	1.289.380,00	1.284.027,00	1.259.535,00	1.319.728,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	9.851,00	-23.566,00	167.997,00	171.913,00	169.331,00
a) Stock provision variation:	71.833,00	-180.058,00	74.078,00	164.217,00	52.363,00
b) Variation in provision and bad debt losses:	-61.982,00	156.492,00	93.919,00	7.696,00	116.968,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	5.664.696,00	4.611.676,00	5.045.912,00	4.775.002,00	5.186.364,00
a) External services:	4.867.368,00	4.465.787,00	4.765.212,00	4.358.245,00	5.023.121,00
b) Taxes:	163.154,00	145.613,00	280.370,00	193.650,00	163.093,00
c) Other operating expenses:	634.174,00	277,00	329,00	223.107,00	150,00
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):	1.959.035,00	1.572.789,00	1.485.846,00	0,00	0,00
A.7. Financial and similar charges:	718.232,00	930.056,00	934.452,00	675.253,00	413.999,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	718.232,00	930.056,00	934.452,00	675.253,00	413.999,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	4.659,00	27.692,00	15.613,00	1.333,00
A.9. Exchange losses:	0,00	115.961,00	21.883,00	0,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	1.575.732,00	538.598,00	504.477,00	0,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	33.541,00	199.345,00	168.780,00	16.105,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	128.267,00	25.955,00	0,00	28.910,00	152.613,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	30.711,00	16.143,00	14.953,00	1.158,00	4.546,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	0,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	1.420.101,00	466.306,00	317.888,00	0,00	0,00
A.15. Corporation tax:	82.499,00	-312,00	57.536,00	-217.979,00	-15.761,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	1.337.602,00	466.618,00	260.352,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	28.613.797,00	27.974.196,00	27.159.140,00	23.910.838,00	23.847.532,00
B.1. Net total sales:	27.784.766,00	27.445.914,00	26.124.486,00	23.061.052,00	23.037.342,00
a) Sales:	27.587.002,00	27.207.319,00	25.933.522,00	22.838.711,00	22.289.121,00
b) Rendering of services:	344.501,00	383.313,00	328.907,00	343.822,00	866.779,00
Returns and Rappel on sales:	-146.738,00	-144.718,00	-137.943,00	-121.481,00	-118.558,00
B.2. Stock increase of manufactured goods and products in process:	77.210,00	0,00	360.210,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	8.205,00	26.898,00	15.367,00	87.966,00	21.825,00
B.4. Miscellaneous operating income:	405.341,00	481.551,00	628.710,00	633.563,00	703.616,00
a) Auxiliary income and other from current management:	389.796,00	455.564,00	586.916,00	571.673,00	658.908,00
b) Grants:	15.544,00	25.987,00	41.794,00	61.890,00	44.708,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	508.245,00	184.436,00
B.5. Income from equity investment:	4,00	870,00	0,00	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:	4,00	870,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	27.920,00	15.616,00	2.658,00	2.771,00	17.557,00
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:	18.861,00	6.332,00	2.658,00	2.771,00	4.327,00
d) Profit on financial investment:	9.059,00	9.284,00	0,00	0,00	13.231,00
B.8. Exchange positive differences:	307.005,00	0,00	0,00	122.139,00	53.863,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	383.304,00	1.034.190,00	981.369,00	565.957,00	343.912,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	1.074.202,00	528.348,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	24.362,00	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:	3.347,00	3.347,00	3.347,00	3.347,00	13.330,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	155.631,00	72.292,00	186.589,00	195.501,00	159.934,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	1.269.703,00	688.282,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	1.051.723,00	672.521,00

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	1.420.101,00	466.306,00	317.888,00	-1.269.703,00	-688.282,00
2. Results adjustments.: 61200	2.199.241,00	2.103.584,00	2.457.326,00	2.251.498,00	1.922.347,00
a) Fixed Assets Amortization (+).: 61201	1.303.120,00	1.289.380,00	1.284.027,00	1.259.535,00	1.319.728,00
b) Obsolescence Allowances (+/-). : 61202	0,00	38.200,00	217.785,00	182.753,00	17.438,00
c) Variation in Provision (+/-). : 61203	71.833,00	-180.058,00	74.078,00	164.217,00	52.363,00
d) Allocation of grants (-).: 61204	-3.347,00	-3.347,00	-3.347,00	-3.347,00	-13.330,00
e) Results on disposal of fixed assets (+/-). : 61205	128.267,00	25.955,00	-24.362,00	28.910,00	152.613,00
g) Financial income (-).: 61207	-18.865,00	-7.202,00	-2.658,00	-2.771,00	-4.327,00
h) Financial Expenses (+). : 61208	718.232,00	930.056,00	934.452,00	675.253,00	413.999,00
i) Exchange differences (+/-). : 61209	0,00	19.883,00	-31.901,00	-54.693,00	-8.966,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	-9.284,00	9.251,00	1.639,00	-7.171,00
3. Changes in current capital equity.: 61300	-808.940,00	1.135.086,00	-572.342,00	220.622,00	1.662.441,00
a) Stock (+/-).: 61301	-138.598,00	815.969,00	29.545,00	-225.867,00	294.737,00
d) Debtors and other accounts receivable (+/-). : 61302	-481.334,00	1.188.532,00	-864.960,00	101.542,00	-506.735,00
c) Other current assets (+/-). : 61303	-9.344,00	29.405,00	29.317,00	-55.695,00	2.180,00
d) Creditors and other accounts payable (+/-). : 61304	84.343,00	-832.463,00	198.496,00	439.171,00	1.874.064,00
e) Other current liabilities (+/-).: 61305	-295.447,00	0,00	0,00	-1.639,00	0,00
f) Other non-current assets and liabilities (+/-).: 61306	31.441,00	-66.356,00	35.261,00	-36.889,00	-1.805,00
4. Other cash flows for operating activities.: 61400	-700.685,00	-843.855,00	-1.045.306,00	-665.879,00	-452.234,00
a) Interest payments (-). : 61401	-718.232,00	-922.270,00	-935.888,00	-644.870,00	-424.301,00
c) Interest collection (+). : 61403	18.865,00	7.202,00	2.658,00	2.771,00	3.726,00
d) Income tax payment collection (payments) (+/-).: 61404	-1.318,00	75.329,00	-112.076,00	45.616,00	-31.659,00
e) Other payments (payment collection) (-/+) : 61405	0,00	-4.116,00	0,00	-69.395,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	2.109.716,00	2.861.120,00	1.157.567,00	536.538,00	2.444.273,00
6. Payments for investment (-).: 62100	-1.885.611,00	-3.332.987,00	-4.626.292,00	-2.928.828,00	-1.368.715,00
b) Intangible fixed assets. : 62102	-9.759,00	-20.627,00	-39.398,00	-8.447,00	-33.437,00
c) Fixed assets. : 62103	-1.874.781,00	-3.307.760,00	-4.501.702,00	-2.865.034,00	-749.786,00
e) Other financial assets. : 62105	-1.071,00	-4.600,00	-85.191,00	-55.348,00	-585.493,00
7. Divestment payment collection (+). : 62200	87.136,00	16.724,00	293.875,00	96.347,00	157.177,00
c) Fixed assets. : 62203	21.590,00	16.724,00	293.875,00	27.505,00	151.135,00
e) Other financial assets. : 62205	30.258,00	0,00	0,00	68.842,00	6.042,00
h) Other assets. : 62208	35.288,00	0,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-1.798.475,00	-3.316.263,00	-4.332.417,00	-2.832.481,00	-1.211.538,00
9. Payment collection and payments for equity instruments. : 63100	28.553,00	0,00	0,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	28.553,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-340.481,00	454.080,00	3.174.025,00	2.296.595,00	-1.232.328,00
a) Issuance : 63201	0,00	1.089.852,00	3.467.158,00	2.783.585,00	712.472,00
2. Debts incurred with credit institutions (+). : 63203	0,00	620.243,00	50.154,00	0,00	507.981,00
5. Other debts (+). : 63206	0,00	469.609,00	3.417.004,00	2.783.585,00	204.491,00
b) Repayment and amortization of : 63207	-340.481,00	-635.772,00	-293.133,00	-486.990,00	-1.944.800,00
2. Debts incurred with credit institutions (-).: 63209	-139.915,00	0,00	0,00	-453.281,00	-14.668,00
5. Other debts (-). : 63212	-200.566,00	-635.772,00	-293.133,00	-33.709,00	-1.930.133,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-311.928,00	454.080,00	3.174.025,00	2.296.595,00	-1.232.328,00
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	-686,00	-1.062,00	-825,00	652,00	407,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	3.849,00	4.912,00	5.736,00	5.085,00	4.678,00
Cash or equivalent assets as of end of the fiscal year.: 65200	3.163,00	3.849,00	4.912,00	5.736,00	5.085,00

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 %		-43,26 %
EBITDA over Sales:	11,74 %	11,84 %	10,43 %	11,54 %	12,59 %	2,60 %
Cash Flow Yield:	0,00 %	0,00 %	0,00 %	0,01 %		-36,08 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	3,80 %	8,58 %	3,26 %	7,06 %	16,26 %	21,60 %
Total economic profitability:	4,42 %	5,08 %	2,94 %	3,71 %	50,67 %	36,72 %
Financial profitability:	7,07 %	7,77 %	2,65 %	4,08 %	166,39 %	90,47 %
Margin:	6,50 %	7,43 %	5,55 %	6,89 %	17,29 %	7,83 %
Mark-up:	5,15 %	6,84 %	1,73 %	4,53 %	198,12 %	51,00 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,00	0,14	0,00	0,13		8,72
Acid Test:	1,26	0,89	1,15	0,87	9,24	1,93
Working Capital / Investment:	0,16	0,03	0,15	0,05	8,68	-39,01
Solvency:	2,19	1,21	2,01	1,18	8,97	2,96

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,55	1,33	1,70	1,38	-8,77	-3,89
Borrowing Composition:	3,40	1,11	3,26	1,00	4,30	10,49
Repayment Ability:	-42.814,96	154,26	-28.183,01	100,21	-51,92	53,95
Warranty:	1,65	1,76	1,59	1,73	3,56	1,61
Generated resources / Total creditors:	0,09	0,09	0,05	0,08	71,24	6,36

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,47	1,97	1,42	1,86	3,70	5,93
Turnover of Collection Rights :	3,36	5,31	3,48	4,99	-3,59	6,51
Turnover of Payment Entitlements:	3,33	3,72	3,32	3,62	0,44	2,66
Stock rotation:	4,37	8,30	4,44	7,32	-1,64	13,34
Assets turnover:	0,58	1,15	0,59	1,02	-0,88	12,77
Borrowing Cost:	2,44	2,89	3,11	2,88	-21,31	0,42

> 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 %	0,00 %	0,00 %	0,00 %
EBITDA over Sales:	11,74 %	10,43 %	10,60 %	3,26 %	4,93 %
Cash Flow Yield:	0,00 %	0,00 %	0,00 %	0,00 %	0,00 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	3,80 %	3,26 %	3,20 %	-1,23 %	-0,78 %
Total economic profitability:	4,42 %	2,94 %	2,64 %	-1,36 %	-0,65 %
Financial profitability:	7,07 %	2,65 %	1,52 %	-6,24 %	-3,76 %
Margin:	6,50 %	5,55 %	5,65 %	-2,24 %	-1,36 %
Mark-up:	5,15 %	1,73 %	1,24 %	-5,33 %	-2,88 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,00	0,00	0,00	0,00	0,00
Acid Test:	1,26	1,15	1,19	1,16	1,20
Working Capital / Investment:	0,16	0,15	0,17	0,18	0,19
Solvency:	2,19	2,01	2,03	2,10	2,17

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	1,55	1,70	1,77	1,59	1,34
Borrowing Composition:	3,40	3,26	2,83	2,74	2,54
Repayment Ability:	-42.814,96	-28.183,01	-36.742,08	41.249,76	59.438,71
Warranty:	1,65	1,59	1,57	1,63	1,75
Generated resources / Total creditors:	0,09	0,05	0,06	0,02	0,03

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,47	1,42	1,43	1,12	1,17
Turnover of Collection Rights :	3,36	3,48	2,88	2,93	2,96
Turnover of Payment Entitlements:	3,33	3,32	2,90	2,67	2,58
Stock rotation:	4,37	4,44	3,84	3,64	3,62
Assets turnover:	0,58	0,59	0,57	0,55	0,57
Borrowing Cost:	2,44	3,11	3,08	2,51	1,71

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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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ICEX
Subsidy Concept	subvención de explotación
Amount Granted	10.685,16

Entity	INEM - FORCEM
Subsidy Concept	Subvención a la explotación.
Status	CONCEDIDA
Amount Granted	4.859,19

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	3.346,89

Entity	INSTITUTO DE LA MEDIANA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención a la explotación.
Status	CONCEDIDA
Amount Granted	21.735,00

Entity	AIMME
Subsidy Concept	Subvención a la explotación.
Status	CONCEDIDA
Amount Granted	9.874,72

Entity	INEM - FORCEM
Subsidy Concept	Subvención a la explotación.
Status	CONCEDIDA
Amount Granted	6.184,03

Entity	INSTITUTO DE LA MEDIANA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención a la explotación.
Status	CONCEDIDA
Amount Granted	4.000,00

Entity	INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR
Subsidy Concept	subvencion de explotacion
Status	CONCEDIDA
Amount Granted	57.010,90

Entity	FUNDACION PARA LA FORMACION CONTINUA DE EMPLEO - INEM
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	3.379,36

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capita
Status	CONCEDIDA
Amount Granted	3.346,89
Notes	El importe reflejado corresponde al traspasado al resultado.

Entity	AIMME
Subsidy Concept	subvencion de explotacion
Status	CONCEDIDA
Amount Granted	1.500,00

Entity	INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención de explotación
Amount Granted	37.970,78

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capita
Status	CONCEDIDA
Amount Granted	13.329,74
Notes	El importe reflejado corresponde al traspasado al resultado.

Entity	FUNDACION PARA LA FORMACION CONTINUA DE EMPLEO - INEM
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	6.736,89

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capita
Status	CONCEDIDA
Amount Granted	59.115,69
Notes	El importe reflejado es el saldo al final del ejercicio

Entity	FUNDACION PARA LA FORMACION CONTINUA DE EMPLEO - INEM
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	6.054,38

Entity	MINISTERIO DE ECONOMIA
Status	CONCEDIDA
Amount Granted	179.692,85
Notes	El importe reflejado corresponde al imputado a resultados.

Entity	INEM - FORCEM
Status	CONCEDIDA
Amount Granted	14.105,73
Notes	El importe reflejado corresponde al imputado a resultados.

Entity	MINISTERIO DE ECONOMIA
Status	CONCEDIDA
Amount Granted	7.236,53
Notes	El importe reflejado corresponde al imputado a resultados.

Entity	AMEC
Status	CONCEDIDA
Amount Granted	2.860,00
Notes	El importe reflejado corresponde al imputado a resultados.

Entity	INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR
Status	CONCEDIDA
Amount Granted	1.190,21
Notes	El importe reflejado corresponde al imputado a resultados.

Entity	INSTITUTO DE LA MEDIANA Y PEQUEÑA INDUSTRIA VALENCIANA
Status	CONCEDIDA
Amount Granted	24.999,00
Notes	Subvención concedida por la asistencia a ferias internacionales.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	8.903,52
Notes	Subvención concedida por incentivos regionales, destinadas a la inversión en activos fijos y bienes equipo. El importe reflejado corresponde al traspasado a resultados del ejercicio.

Entity	INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR
Status	CONCEDIDA
Amount Granted	7.898,51
Notes	Subvención concedida por la asistencia a ferias internacionales.

Entity	INSTITUTO NACIONAL DE EMPLEO - FUNDACION DE FORMACION CONTINUA
Status	CONCEDIDA
Amount Granted	5.873,18
Notes	Subvención concedida para la formación profesional continuada.

Entity	INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR
Status	CONCEDIDA
Amount Granted	29.758,62
Notes	Subvención concedida por la asistencia a ferias internacionales.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	11.284,94
Notes	Subvención concedida por incentivos regionales, destinadas a la inversión en activos fijos y bienes equipo. El importe reflejado corresponde al traspasado a resultados del ejercicio.

Entity	INSTITUTO NACIONAL DE EMPLEO - FUNDACION DE FORMACION CONTINUA
Status	CONCEDIDA
Amount Granted	7.572,30
Notes	Subvención concedida para la formación profesional continuada.

Entity	INSTITUTO DE LA MEDIANA Y PEQUEÑA INDUSTRIA VALENCIANA
Status	CONCEDIDA
Amount Granted	800,00
Notes	Subvención concedida por la asistencia a ferias internacionales.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	INCENTIVOS REGIONALES, INVERSION ACTIVOS FIJOS Y BIENES EQUIPO.
Status	CONCEDIDA
Amount Granted	146.494,21
Notes	EL SALDO ES LA IMPUTACION A RESULTADOS, QUEDANDO AL CIERRE 8.313,15 EUROS.

Entity	INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR
Subsidy Concept	PROMOCION COMERCIAL - ASISTENCIA A FERIAS INTERNACIONALES.
Status	CONCEDIDA
Amount Granted	13.611,02
Notes	EL SALDO ES AL CIERRE DEL EJERCICIO.

Entity	INSTITUTO NACIONAL DE EMPLEO
Subsidy Concept	FORMACION PROFESIONAL CONTINUADA
Status	CONCEDIDA
Amount Granted	552,00
Notes	EL SALDO ES AL CIERRE DEL EJERCICIO.

Entity	INSTITUTO NACIONAL DE EMPLEO
Subsidy Concept	FORMACION PROFESIONAL DEVOLUCION POR INCUMPLIMIENTO CONDICIONES.
Status	CONCEDIDA
Amount Granted	-606,70
Notes	EL IMPORTE ES AL CIERRE DEL EJERCICIO.

Research Summary

This company was incorporated several years ago, which provides it enough experience in its sector, and enjoys a good concept among the sources consulted. Its turnover increased by 1,23% in 2014 vs the previous year. It meets payment commitments in an orderly manner.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.30
UK Pound	1	Rs.98.71
Euro	1	Rs.72.33
EURO	1	Rs. 72.24

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

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	ASH

RATING EXPLANATIONS

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

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

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

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

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