MIRA INFORM REPORT

Report No. :	353781
Report Date :	24.12.2015

IDENTIFICATION DETAILS

Name :	BERLIMED SA
Registered Office :	C/ Francisco Alonso, 7 Pol Ind Santa Rosa - Alcala De Henares - 28806 – Madrid
Country :	Spain
Financials (as on) :	2014
Date of Incorporation :	06.10.1995
Legal Form :	Public Company
Line of Business :	Wholesale of pharmaceutical goods
No. of Employee :	318

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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:	BERLIMED SA
NIF / Fiscal code:	A81254765
Status:	ACTIVE
Incorporation Date:	06/10/1995
Register Data	Register Section 8 Sheet 158384
Last Publication in BORME:	19/11/2015 [Reelections]
Last Published Account Deposit:	2014
Share Capital:	17.489.452,24
Localization:	C/ FRANCISCO ALONSO, 7 POL IND SANTA ROSA - ALCALA DE HENARES - 28806 - MADRID
Telephone - Fax - Email - Website:	Telephone. 918 871 400 Website. www.bayer.es
Activity:
NACE:	4646 - Wholesale of pharmaceutical goods
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	0 for a total cost of 0
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)	1	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

BAYER HISPANIA SL	100 %
JUSTE SAQF	49 %
SCHERING ESPAÑA SA	51 %
Shares:	0
Other Links:	3
No. of Active Corporate Bodies:

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 2,18% 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:	BERLIMED SA
NIF / Fiscal code:	A81254765
Corporate Status:	ACTIVE
Start of activity:	1995
Registered Office:	C/ FRANCISCO ALONSO, 7 POL IND SANTA ROSA
Locality:	ALCALA DE HENARES
Province:	MADRID
Postal Code:	28806
Telephone:	918 871 400
Fax:	918 871 401
Website:	www.bayer.es
Interviewed Person:	Empleada

Branch Offices

--

Activity
NACE:	4646
CNAE Obtaining Source:	4646
Corporate Purpose:	PURCHASE, MANUFACTURE AND SALE OF ALL KIND OF CHEMICAL AND PHARMACEUTICAL PRODUCTS, AS WELL AS THE ACQUISITION AND EXPLOITATION OF STUDIES, PATENTS, SERVICES AND CHEMICAL AND PHARMACEUTICAL PRODUCT PROPERTIES, ETC.
Additional Information:	It''s engaged in the fabrication and commercialisation of pharmaceutical specialties. It''s part of the group BAYER.
Additional Address:	Registered office and offices C/ FRANCISCO ALONSO, 7 POL IND SANTA ROSA 28806 ALCALA DE HENARES (MADRID)
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2015	318

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

Chronological Summary
	Year	Act
	1995	Appointments/ Re-elections (2) Company Formation (1)
	1996	Accounts deposit (year 1995) Change of Social Purpose (1) Dividends Payment (1) Increase of Capital (1) Statutory Modifications (1)
	1997	Accounts deposit (year 1996) Increase of Capital (2)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Increase of Capital (4) Statutory Modifications (1)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	2000	Accounts deposit (year 1999 consolidated) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Change of Social address (1)
	2001	Accounts deposit (year 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2002	Accounts deposit (year 2001)
	2003	Accounts deposit (year 2002)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (1)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2006	Accounts deposit (year 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (4)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (2) Declaration of Sole Propietorship (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (2)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	LA FABRICACION,VENTA Y DISTRIBUCION DE PRODUCTOS QUIMICOS Y FARMACEUTICOS.	Company Formation	26/10/1995

Breakdown of Owners' Equity
Registered Capital:	17.489.452,24
Paid up capital:	17.489.452,24

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	BAYER HISPANIA SL	18/05/2011	1
PRESIDENT	KRAUSE RAINER ERICH	30/01/2012	3
VICE CHAIRMAN	SPOOR RICHARD LAWRENCE	03/09/2014	2
MEMBER OF THE BOARD	SPOOR RICHARD LAWRENCE	03/09/2014	2
	SAEZ CASAS ANTONIO	30/01/2012	6
	KRAUSE RAINER ERICH	21/12/2010	3
COMBINED PROXY	MARTINEZ JORGE MANUEL	18/04/2013	2
JOINT ATTORNEY	MARTINEZ JORGE MANUEL	18/04/2013	2
	FERNANDEZ BERROCAL CRISTINA	14/06/2011	1
	LOPEZ SIERRA ABEL	14/06/2011	1
	GARCIA CORCOBADO JOSE LUIS	14/06/2011	1
	MARQUEZ PERDIGON ESTHER	14/06/2011	1
	SIMON GUERRERO FERNANDO	03/01/2011	1
JOINT ATTORNEY/COMBINED PROXY	GONZALEZ VAZQUEZ DANIEL	03/11/2015	1
	MONTALBAN CONESA SALVADOR	30/10/2015	1
	ZEA CABRERA LUZ MARIA	30/10/2015	2
	FERNANDEZ CATALAN BLANCA	29/10/2015	1
	TABUEÑA LASHERAS MONTSERRAT	07/04/2015	1
	BARON LORITE CRISTINA	07/04/2015	1
	SCHMITZ STEFAN KARL	30/08/2010	1
	TRAPPMANN NINA	30/08/2010	1
	DALIBARD PASCAL ROGER	30/08/2010	1
	KLOCKEWITZ KATJA TINA	30/08/2010	1
PROXY	ENGEL BETTINA ELFRIEDE	14/07/2014	2
	NIETO SATOCA JESUS	30/05/2013	1
	ORTEGA SANCHEZ-TOBOSO PEDRO ANTONIO	30/05/2013	1
	DELGADO FERNANDEZ ELIGIO	22/09/2012	9
	CURTO CAPDEVILA MISERICORDIA	22/09/2012	1
	CAMPOY MARTINEZ BERTA	22/09/2012	1
	MONTERO DIAZ MIGUEL ANGEL	22/09/2012	1
	OEHL MICHAEL HEINRICH	22/09/2012	1
	STEINHANSES SABINE	22/09/2012	1
	MANSERGAS SELLENS SERGIO	25/05/2012	1
	ROSS CHRISTINA	25/05/2012	1
	SOARES DA CRUZ RICARDO	25/05/2012	1
	ALMIÑANA CAMPABADAL ANA MARIA	25/05/2012	1
	LEON CARRERAS FRANCESC	25/05/2012	3
	JORDAN ONCINS MARIA PILAR	07/02/2011	1
	ENGUIX ANDUCAS MARTA	07/02/2011	1
	ARBOIX DE LA TORRE MARIA ROSA	07/02/2011	1
	MEDINA PAREDES MARTA	07/02/2011	1
	FORSTER GRIT	21/09/2009	1
	CABRERA FORNEIRO LUISA	01/09/2009	2
	VOM HOFE KIRSTIN KALAU	27/11/2008	1
	BALDENWEG ANNETTE	17/08/2007	1
	NEBOT ASCASO JUAN CARLOS	17/08/2007	1
	COSCULLUELA GIRAL BENJAMIN	17/08/2007	1
	SCHMIDT JURGEN	17/08/2007	1
	COMPANY MONTORY MONTSERRAT	17/08/2007	1
	CAMPOY BENEDICTO JAVIER	17/08/2007	1
	SOLER ESTEVE ESPERANZA	17/08/2007	1
	JIMENEZ GUILLEN MARIA TERESA	17/08/2007	1
	PUIGBERT RIBES JOSE	17/08/2007	1
	SAEZ CASAS ANTONIO	17/08/2007	6
	MARTIN SANCHEZ GREGORIO	17/08/2007	1
	HERNANDEZ MARTINEZ MARIA ISABEL	17/08/2007	1
	KALAU VOM HOFE KIRSTIN	17/08/2007	1
	MANRIQUE MORA MARIA DEL ROCIO	17/08/2007	1
	JUSTE BELLOSILLO FRANCISCO	22/09/1999	1
SECRETARY	SAEZ CASAS ANTONIO	30/01/2012	6
ACCOUNTS' AUDITOR / HOLDER	PRICEWATERHOUSECOOPERS AUDITORES SL	11/11/2015	3

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ANGULO GARCIA FRANCISCO JAVIER	PROXY	08/05/2001	4
	PROXY	15/02/2005
	PROXY	17/08/2007
	JOINT ATTORNEY	21/07/2006
AYALA GARCES SANTIAGO	PROXY	27/01/1998	4
	MEMBER OF THE BOARD	22/09/1999
	PROXY	22/09/1999
	PROXY	12/04/2000
BACH JOACHIM	JOINT ATTORNEY/COMBINED PROXY	14/06/2011	1
BAJA ADRIAN JOSEF	JOINT ATTORNEY/COMBINED PROXY	14/06/2011	1
BDO AUDIBERIA AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	22/09/2004	4
	ACCOUNTS' AUDITOR / HOLDER	18/07/2005
	ACCOUNTS' AUDITOR / HOLDER	28/01/2008
	ACCOUNTS' AUDITOR / HOLDER	09/08/2006
BELLON FERNANDEZ JAVIER	PROXY	15/02/2005	4
	PROXY	08/05/2001
	PROXY	20/11/2000
	PROXY	12/04/2000
BERCERUELO GONZALEZ JOSE LUIS	PROXY	10/01/2013	1
BERTRAM FRANK	MEMBER OF THE BOARD	30/01/2012	2
	PRESIDENT	30/01/2012
BOHN MICHAEL GUSTAV	MEMBER OF THE BOARD	17/08/2007	2
	SECRETARY	17/08/2007
BRACKMANN NICK BENJAMIN	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
CABRERA FORNEIRO LUISA	PROXY	01/09/2009	2
CAMPOY BENEDICTO JORGE	PROXY	14/06/2011	1
CASSIDY DENIS	MEMBER OF THE BOARD	25/09/2000	11
	MEMBER OF THE BOARD	18/07/2005
	MEMBER OF THE BOARD	22/05/2008
	PROXY	22/09/1999
	PROXY	12/04/2000
	PROXY	20/11/2000
	PROXY	08/05/2001
	PROXY	15/02/2005
	PROXY	17/08/2007
	PROXY	01/08/2008
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
CASTELLANOS RODRIGUEZ ALBERTO	PROXY	29/10/2015	1
CODINA NESPLE AGUSTIN	PROXY	14/06/2011	1
DE HARO NAVARRO ANTONIO	PROXY	27/11/2008	1
DEHELLY CHRISTELLE	PROXY	10/01/2013	1
DELGADO FERNANDEZ ELIGIO	PROXY	27/01/1998	9
	PROXY	12/04/2000
	PROXY	20/11/2000
	PROXY	08/05/2001
	PROXY	15/02/2005
	PROXY	17/08/2007
	PROXY	22/09/2012
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
DURANTEZ GARCIA MANUEL	PROXY	08/05/2001	6
	PROXY	15/02/2005
	PROXY	12/04/2000
	PROXY	20/11/2000
	PROXY	17/08/2007
	COMBINED PROXY	21/07/2006
ENGEL BETTINA ELFRIEDE	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	2
ESSER WINFRIED	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
GALDINI BRUNO	JOINT ATTORNEY/COMBINED PROXY	10/01/2013	2
	PROXY	27/11/2008
GARRIDO FUENTES SERGIO	PROXY	14/06/2011	1
GIERLICHS OLIVER	PROXY	03/01/2011	1
GIL GREGORIO JAIME	PROXY	27/11/2008	1
GODDE JOACHIM HEINRICH	JOINT ATTORNEY/COMBINED PROXY	07/04/2015	1
GOMEZ CARRILLO CARRASCO FRANCISCO JAVIER	PROXY	20/11/2000	6
	JOINT ATTORNEY	21/07/2006
	PROXY	15/02/2005
	PROXY	08/05/2001
	PROXY	27/11/2008
	PROXY	17/08/2007
GONZALEZ SANCHEZ FRANCISCO JAVIER	PROXY	12/04/2000	2
	PROXY	20/11/2000
GRUNROSENBERGER HEIDEMARIE	JOINT ATTORNEY/COMBINED PROXY	14/06/2011	1
HAUMESSER WINFRIED	MEMBER OF THE BOARD	25/09/2000	3
	MEMBER OF THE BOARD	18/07/2005
	MEMBER OF THE BOARD	17/08/2007
JUAN MONTEJO ANTONIO	COMBINED PROXY	21/07/2006	2
	PROXY	17/08/2007
JUAN MONTEL ANTONIO	COMBINED PROXY	21/07/2006	1
JUSTE BELLOSILLO FRANCISCO DE ASIS	PROXY	20/11/2000	6
	PROXY	12/04/2000
	COMBINED PROXY	21/07/2006
	PROXY	15/02/2005
	PROXY	08/05/2001
	PROXY	17/08/2007
JUSTE BELLOSILLO INES	MEMBER OF THE BOARD	27/07/2009	1
JUSTE SESE RAFAEL	MEMBER OF THE BOARD	20/11/1995	15
	MEMBER OF THE BOARD	18/07/2005
	MEMBER OF THE BOARD	27/07/2009
	PROXY	27/01/1998
	PROXY	22/09/1999
	PROXY	12/04/2000
	PROXY	20/11/2000
	PROXY	08/05/2001
	PROXY	15/02/2005
	PROXY	17/08/2007
	PROXY	01/09/2009
	VICE CHAIRMAN	18/07/2005
	VICE CHAIRMAN	09/08/2006
	VICE CHAIRMAN	27/07/2009
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
KANTHAK RAIMUND	PROXY	15/02/2005	3
	PROXY	17/08/2007
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
KRAUSE RAINER ERICH	VICE CHAIRMAN	30/01/2012	3
LANGNER MANFRED HELMUT	PROXY	07/04/2015	1
LEON CARRERAS FRANCESC	JOINT ATTORNEY/COMBINED PROXY	25/05/2012	3
	JOINT ATTORNEY/COMBINED PROXY	23/12/2011
LOTZE ANDREAS	JOINT ATTORNEY/COMBINED PROXY	30/05/2013	1
LUTZ SEEGER FRANK	JOINT ATTORNEY/COMBINED PROXY	01/09/2009	2
	PROXY	29/10/2015
MARTIN PRADA ADOLFO	MEMBER OF THE BOARD	20/11/1995	12
	MEMBER OF THE BOARD	18/07/2005
	MEMBER OF THE BOARD	09/08/2006
	PROXY	27/01/1998
	PROXY	22/09/1999
	PROXY	12/04/2000
	PROXY	20/11/2000
	PROXY	08/05/2001
	PROXY	15/02/2005
	SECRETARY	18/07/2005
	SECRETARY	09/08/2006
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
MICHAEL GUSTAV BOHN	PROXY	17/08/2007	1
MONTANE DIAZ ESTHER	PROXY	22/09/2012	1
NADAL CUENCA PEDRO	MEMBER OF THE BOARD	27/01/1998	2
	PROXY	27/01/1998
OHNESORGE HANS JOACHIM	MEMBER OF THE BOARD	25/09/2000	12
	MEMBER OF THE BOARD	18/07/2005
	MEMBER OF THE BOARD	09/08/2006
	PROXY	27/01/1998
	PROXY	22/09/1999
	PROXY	12/04/2000
	PROXY	20/11/2000
	PROXY	08/05/2001
	PROXY	15/02/2005
	PRESIDENT	18/07/2005
	PRESIDENT	09/08/2006
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
PERERA MANZANEDO FERNANDO	PROXY	14/06/2011	2
	PROXY	01/09/2009
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	06/09/2010	4
	ACCOUNTS' AUDITOR / HOLDER	15/09/2011
	ACCOUNTS' AUDITOR / HOLDER	17/09/2012
	ACCOUNTS' AUDITOR / HOLDER	02/10/2013
PRICEWATERHOUSECOOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	09/09/2014	3
	ACCOUNTS' AUDITOR / HOLDER	11/11/2015
ROMERO CASTILLO JOSE MIGUEL	PROXY	27/01/1998	1
RUBENSDOERFER CLAUS	PROXY	18/04/2013	1
RUBENSDOERFER KLAUS	PROXY	17/08/2007	1
SAEZ CASAS ANTONIO	MEMBER OF THE BOARD	27/07/2009	6
	SECRETARY	27/07/2009
	SECRETARY	30/01/2012
SANPERE DIAZ ANA	PROXY	25/05/2012	1
SCHMIDT SIMON ALEXANDER	JOINT ATTORNEY/COMBINED PROXY	14/07/2014	1
SCHRODER FRANCK	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
SCHULZE UTE DOROTHEE	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
SCHWARK DIETMAR	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
VALDIVIELSO BUSTO ALBERTO	MEMBER OF THE BOARD	27/07/2009	1
VAN DEL LOO THEODORUS CLEMENS MARIA	MEMBER OF THE BOARD	21/12/2010	2
	VICE CHAIRMAN	21/12/2010
VAN DER LOO THEODORUS	PROXY	17/08/2007	3
	MEMBER OF THE BOARD	17/08/2007
	PRESIDENT	17/08/2007
VILALTA DE MIGUEL DANIEL	PROXY	14/06/2011	1
WENDELBERGER VERENA	PROXY	21/09/2009	1
WIEGOLD ANDREAS	JOINT ATTORNEY/COMBINED PROXY	22/09/2012	1
WINKLER KLAUS HERBERT	PROXY	15/02/2005	4
	PROXY	20/11/2000
	PROXY	08/05/2001
	JOINT ATTORNEY/COMBINED PROXY	21/07/2006
WOZNIEWSKI THOMAS	MEMBER OF THE BOARD	30/01/2012	4
	MEMBER OF THE BOARD	05/09/2011
	MEMBER OF THE BOARD	03/09/2014
	VICE CHAIRMAN	03/09/2014
WUSSOW-MESSOW GABY	JOINT ATTORNEY/COMBINED PROXY	14/06/2011	1
ZEA CABRERA LUZ MARIA	PROXY	29/10/2015	2
ZUMBAUM ARNE	MEMBER OF THE BOARD	22/05/2008	1

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		1	---	21/03/2012	21/03/2012
Notices of defaults and enforcement		1	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

> Details

Basis for scoring

Positive Factors

Adverse Factors

No irregular payment performance has been detected based on information obtained from credit bureaus. It is one of the major domestic companies in terms of sales volume. BERLIMED SA 's borrowing cost is appropriate according to its volume of external financing sources. The development of the structure of the debt during the last two years indicates a decrease of the debt with credit institutions and trade creditors in respect to all liabilities. The lower the level of debt, the lower the dependence on suppliers capital and the more guarantee will have its financial situation. Significant operating income. The Company has the necessary return on the investments for its main activity with respect to its assets. This return is lower than that of the financial year 2013 .

Probability of default

> Estimated Probability of Default for the next 12 months:  0.245 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

464 Wholesale of household goods

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 BERLIMED SA belongs to show a higher probability of non-compliance.

 The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.245%.

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	1 Incidence the amount of which has not been 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

Incidences Detailed

Incidences with the Local Administration

 PROCESSED BY THE LOCAL GOVERNMENT DE MADRID - Date 21/03/2012

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	12073015010
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	BOLETIN OFICIAL DEL AYUNTAMIENTO DE MADRID Nº6650, 2012 PAGINA 217

Guarantees

References

Link List

IS RELATED WITH:	3 Entities
SHAREHOLDERS:	3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	BAYER HISPANIA SL	BARCELONA	100
SHAREHOLDERS	JUSTE SAQF		49
	SCHERING ESPAÑA SA	MADRID	51

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	BAYER AG (ALEMANIA)
	BAYER HEALTHCARE AG
	BAYER TECHNOLOGY SERVICES, S.A.

Turnover
Total Sales 2014	52.884.000

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2014	Normales	December  2015
2013	Normales	August  2014
2012	Normales	September  2013
2011	Normales	July  2012
2010	Normales	September  2011
2009	Normales	July  2010
2008	Normales	November  2009
2007	Normales	October  2008
2006	Normales	November  2007
2005	Normales	August  2006
2004	Normales	July  2005
2003	Normales	December  2004
2002	Normales	August  2003
2001	Normales	September  2002
2000	Normales	September  2001
1999	Consolidadas	August  2000
1999	Normales	No publicado en BORME
1998	Normales	September  1999
1997	Normales	October  1998
1996	Normales	October  1997
1995	Normales	August  1996

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	25.608.000,00	22.840.000,00	23.175.000,00	25.215.000,00	25.949.000,00
I. Intangible fixed assets : 11100	43.000,00	69.000,00	846.000,00	1.538.000,00	2.236.000,00
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	43.000,00	69.000,00	846.000,00	1.538.000,00	2.236.000,00
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	24.899.000,00	22.262.000,00	22.214.000,00	23.407.000,00	23.419.000,00
1. Land and buildings: 11210	13.156.000,00	12.907.000,00	13.273.000,00	11.037.000,00	9.529.000,00
2. Technical installations and other tangible fixed assets: 11220	7.997.000,00	8.188.000,00	8.418.000,00	11.929.000,00	11.827.000,00
3. Tangible asset in progress and advances: 11230	3.746.000,00	1.167.000,00	523.000,00	441.000,00	2.063.000,00
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	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	63.000,00	90.000,00	115.000,00	164.000,00	182.000,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	63.000,00	90.000,00	115.000,00	164.000,00	182.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	603.000,00	419.000,00	0,00	106.000,00	112.000,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	29.482.000,00	25.438.000,00	19.015.000,00	18.866.000,00	21.654.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	22.894.000,00	18.547.000,00	13.231.000,00	10.361.000,00	10.955.000,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	16.796.000,00	13.662.000,00	9.181.000,00	7.330.000,00	7.293.000,00
3. Work in progress: 12230	2.621.000,00	1.882.000,00	1.835.000,00	1.771.000,00	2.375.000,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	2.621.000,00	1.882.000,00	1.835.000,00	1.771.000,00	2.375.000,00
4. Finished goods: 12240	3.477.000,00	3.003.000,00	2.215.000,00	1.260.000,00	1.287.000,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	3.477.000,00	3.003.000,00	2.215.000,00	1.260.000,00	1.287.000,00
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	6.538.000,00	6.858.000,00	5.743.000,00	8.476.000,00	10.662.000,00
1. Trade debtors / accounts receivable: 12310	234.000,00	2.271.000,00	1.962.000,00	4.673.000,00	4.227.000,00
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	234.000,00	2.271.000,00	1.962.000,00	4.673.000,00	4.227.000,00
2. Customers, Group companies and associates : 12320	5.903.000,00	4.504.000,00	3.483.000,00	3.625.000,00	6.261.000,00
3. Other accounts receivable: 12330	186.000,00	79.000,00	141.000,00	110.000,00	5.000,00
4. Personnel: 12340	2.000,00	2.000,00	18.000,00	30.000,00	43.000,00
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	213.000,00	2.000,00	139.000,00	38.000,00	126.000,00
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	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	50.000,00	33.000,00	41.000,00	27.000,00	35.000,00
VII. Cash and other equivalent liquid assets : 12700	0,00	0,00	0,00	2.000,00	2.000,00
1. Treasury: 12710	0,00	0,00	0,00	0,00	2.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	2.000,00	0,00
TOTAL ASSETS (A + B) : 10000	55.090.000,00	48.278.000,00	42.190.000,00	44.081.000,00	47.603.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	26.911.000,00	27.524.000,00	25.927.000,00	24.654.000,00	24.264.000,00
A-1) Shareholders' equity: 21000	26.911.000,00	27.524.000,00	25.927.000,00	24.654.000,00	24.264.000,00
I. Capital: 21100	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00
1. Registered capital : 21110	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00
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	8.235.000,00	8.196.000,00	7.165.000,00	6.775.000,00	5.908.000,00
1. Legal and statutory: 21310	1.059.000,00	875.000,00	748.000,00	709.000,00	622.000,00
2. Other reserves: 21320	6.418.000,00	7.321.000,00	6.417.000,00	6.066.000,00	5.286.000,00
3. Revaluation reserves: 21330	758.000,00	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	1.187.000,00	1.839.000,00	1.273.000,00	390.000,00	867.000,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	37.000,00	57.000,00	38.000,00	375.000,00	395.000,00
I. Long-term provisions: 31100	37.000,00	57.000,00	38.000,00	375.000,00	395.000,00
1. Long-term employee benefits liability: 31110	37.000,00	57.000,00	38.000,00	375.000,00	395.000,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	0,00	0,00	0,00	0,00	0,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	28.142.000,00	20.697.000,00	16.225.000,00	19.052.000,00	22.944.000,00
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	21.000,00	55.000,00	39.000,00	4.000,00	34.000,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	21.000,00	55.000,00	0,00	0,00	0,00
III. Short-term creditors : 32300	0,00	0,00	2.000,00	0,00	0,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	0,00	0,00	2.000,00	0,00	0,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	19.547.000,00	13.129.000,00	7.297.000,00	14.026.000,00	14.921.000,00
V. Trade creditors and other accounts payable: 32500	8.574.000,00	7.513.000,00	8.887.000,00	5.007.000,00	7.950.000,00
1. Suppliers: 32510	4.916.000,00	3.932.000,00	5.684.000,00	2.090.000,00	4.042.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	4.916.000,00	3.932.000,00	5.684.000,00	2.090.000,00	4.042.000,00
2. Suppliers, Group companies and associates: 32520	513.000,00	494.000,00	1.068.000,00	546.000,00	1.206.000,00
3. Other creditors: 32530	1.157.000,00	1.098.000,00	261.000,00	359.000,00	707.000,00
4. Personnel (remuneration due): 32540	1.549.000,00	1.494.000,00	1.478.000,00	1.637.000,00	1.652.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	439.000,00	495.000,00	396.000,00	375.000,00	343.000,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	15.000,00	39.000,00
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	55.090.000,00	48.278.000,00	42.190.000,00	44.081.000,00	47.603.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	52.884.000,00	51.757.000,00	43.021.000,00	38.946.000,00	36.562.000,00
a) Sales: 40110	50.580.000,00	48.795.000,00	40.527.000,00	35.628.000,00	36.562.000,00
b) Rendering of services: 40120	2.304.000,00	2.962.000,00	2.494.000,00	3.318.000,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	1.213.000,00	835.000,00	1.019.000,00	-632.000,00	-180.000,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-28.870.000,00	-26.645.000,00	-19.919.000,00	-14.584.000,00	-15.795.000,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	-16.113.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-29.091.000,00	-26.371.000,00	-19.892.000,00	-14.658.000,00	0,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	221.000,00	-274.000,00	-27.000,00	74.000,00	318.000,00
5. Other operating income: 40500	117.000,00	126.000,00	55.000,00	225.000,00	4.055.000,00
a) Auxiliary income and other from current management: 40510	117.000,00	126.000,00	55.000,00	225.000,00	4.055.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-13.923.000,00	-13.397.000,00	-12.436.000,00	-12.962.000,00	-13.838.000,00
a) Wages, salaries et al.: 40610	-10.480.000,00	-10.046.000,00	-9.302.000,00	-9.556.000,00	-10.410.000,00
b) Social security costs: 40620	-3.434.000,00	-3.321.000,00	-3.101.000,00	-3.373.000,00	-3.412.000,00
c) Provisions : 40630	-9.000,00	-30.000,00	-33.000,00	-33.000,00	-16.000,00
7. Other operating costs: 40700	-7.084.000,00	-6.982.000,00	-6.787.000,00	-6.905.000,00	-7.315.000,00
a) External services: 40710	-6.936.000,00	-6.770.000,00	-6.674.000,00	-6.772.000,00	-7.052.000,00
b) Taxes: 40720	-140.000,00	-138.000,00	-105.000,00	-99.000,00	-131.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	-39.000,00	0,00	0,00	0,00
d) Other current management expenditure : 40740	-8.000,00	-35.000,00	-8.000,00	-34.000,00	-132.000,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-2.854.000,00	-3.795.000,00	-3.466.000,00	-3.468.000,00	-2.485.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	44.000,00	0,00	0,00	1.000,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	1.000,00	0,00
b) Results for transfers and other : 41120	44.000,00	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	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	1.527.000,00	1.899.000,00	1.487.000,00	621.000,00	1.004.000,00
14. Financial income : 41400	1.000,00	31.000,00	331.000,00	161.000,00	202.000,00
a) Of shares in equity instruments : 41410	0,00	0,00	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	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	1.000,00	31.000,00	331.000,00	161.000,00	202.000,00
b 1) From Group companies and associates : 41421	0,00	0,00	2.000,00	6.000,00	1.000,00
b 2) From third parties : 41422	1.000,00	31.000,00	329.000,00	155.000,00	201.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-87.000,00	-74.000,00	-251.000,00	-310.000,00	-149.000,00
a) Amounts owed to Group companies and associates : 41510	-87.000,00	-74.000,00	-251.000,00	-268.000,00	-130.000,00
b) For debts with third parties : 41520	0,00	0,00	0,00	-24.000,00	-19.000,00
c) Stock renewal : 41530	0,00	0,00	0,00	-18.000,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	-93.000,00	66.000,00	-8.000,00	-10.000,00	-9.000,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-179.000,00	23.000,00	72.000,00	-159.000,00	44.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	1.348.000,00	1.922.000,00	1.559.000,00	462.000,00	1.048.000,00
20. Income taxes: 41900	-161.000,00	-83.000,00	-286.000,00	-72.000,00	-181.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	1.187.000,00	1.839.000,00	1.273.000,00	390.000,00	867.000,00
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	1.187.000,00	1.839.000,00	1.273.000,00	390.000,00	867.000,00

> 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:	25.005.000,00	22.421.000,00	23.175.000,00	25.109.000,00	25.837.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	43.000,00	69.000,00	846.000,00	1.538.000,00	2.236.000,00
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:	43.000,00	69.000,00	846.000,00	1.538.000,00	2.236.000,00
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:	24.899.000,00	22.262.000,00	22.214.000,00	23.407.000,00	23.419.000,00
1. Land and construction:	13.156.000,00	12.907.000,00	13.273.000,00	11.037.000,00	9.529.000,00
2. Technical installations and machinery:	4.823.808,00	4.939.020,00	5.077.756,00	7.195.599,00	7.134.072,00
3. Other installations, tools and furniture:	2.728.818,00	2.793.993,00	2.872.476,00	4.070.535,00	4.035.729,00
4. Payments on account and tangible fixed assets under construction:	3.746.000,00	1.167.000,00	523.000,00	441.000,00	2.063.000,00
5. Other tangible assets:	444.374,00	454.988,00	467.768,00	662.866,00	657.198,00
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:	63.000,00	90.000,00	115.000,00	164.000,00	182.000,00
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:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	63.000,00	90.000,00	115.000,00	164.000,00	182.000,00
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:	30.085.000,00	25.857.000,00	19.015.000,00	18.972.000,00	21.766.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	22.894.000,00	18.547.000,00	13.231.000,00	10.361.000,00	10.955.000,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	16.796.000,00	13.662.000,00	9.181.000,00	7.330.000,00	7.293.000,00
3. Goods in process and semifinished ones:	2.621.000,00	1.882.000,00	1.835.000,00	1.771.000,00	2.375.000,00
4. Finished products:	3.477.000,00	3.003.000,00	2.215.000,00	1.260.000,00	1.287.000,00
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:	7.141.000,00	7.277.000,00	5.743.000,00	8.582.000,00	10.774.000,00
1. Trade debtors / accounts receivable:	234.000,00	2.271.000,00	1.962.000,00	4.673.000,00	4.227.000,00
2. Accounts receivable, Group companies:	4.206.195,00	3.209.334,00	2.481.819,00	2.583.001,00	4.461.288,00
3. Accounts receivable, associated companies:	1.696.805,00	1.294.666,00	1.001.181,00	1.041.999,00	1.799.712,00
4. Other debtors:	186.000,00	79.000,00	141.000,00	110.000,00	5.000,00
5. Staff:	2.000,00	2.000,00	18.000,00	30.000,00	43.000,00
6. Public bodies:	816.000,00	421.000,00	139.000,00	144.000,00	238.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	0,00	0,00	2.000,00	0,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	2.000,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	0,00	0,00	0,00	0,00	2.000,00
VII. Prepayments and accrued income:	50.000,00	33.000,00	41.000,00	27.000,00	35.000,00
GENERAL TOTAL (A + B + C + D):	55.090.000,00	48.278.000,00	42.190.000,00	44.081.000,00	47.603.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	26.153.000,00	27.524.000,00	25.927.000,00	24.654.000,00	24.264.000,00
I. Subscribed capital:	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00	17.489.000,00
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:	7.477.000,00	8.196.000,00	7.165.000,00	6.775.000,00	5.908.000,00
1. Legal reserve:	1.059.000,00	875.000,00	748.000,00	709.000,00	622.000,00
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:	6.418.000,00	7.321.000,00	6.417.000,00	6.066.000,00	5.286.000,00
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:	1.187.000,00	1.839.000,00	1.273.000,00	390.000,00	867.000,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	37.000,00	57.000,00	38.000,00	375.000,00	395.000,00
1. Provisions for pension fund and other similar obligations:	37.000,00	57.000,00	38.000,00	375.000,00	395.000,00
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:	0,00	0,00	0,00	0,00	0,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	0,00	0,00	0,00	0,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	0,00	0,00	0,00	0,00	0,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	28.121.000,00	20.642.000,00	16.186.000,00	19.048.000,00	22.910.000,00
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:	0,00	0,00	2.000,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	2.000,00	0,00	0,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	20.060.000,00	13.623.000,00	8.365.000,00	14.572.000,00	16.127.000,00
1. Amounts owed to group companies:	20.060.000,00	13.623.000,00	8.365.000,00	14.572.000,00	16.127.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	6.073.000,00	5.030.000,00	5.945.000,00	2.449.000,00	4.749.000,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	6.073.000,00	5.030.000,00	5.945.000,00	2.449.000,00	4.749.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.988.000,00	1.989.000,00	1.874.000,00	2.012.000,00	1.995.000,00
1. Public bodies:	439.000,00	495.000,00	396.000,00	375.000,00	343.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	1.549.000,00	1.494.000,00	1.478.000,00	1.637.000,00	1.652.000,00
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	15.000,00	39.000,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	21.000,00	55.000,00	39.000,00	4.000,00	34.000,00
GENERAL TOTAL (A + B + C + D + E + F):	54.332.000,00	48.278.000,00	42.190.000,00	44.081.000,00	47.603.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	53.072.000,00	50.976.000,00	43.153.000,00	38.942.000,00	39.952.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	632.000,00	180.000,00
A.2. Supplies:	29.091.000,00	26.371.000,00	19.892.000,00	14.658.000,00	16.113.000,00
a) Stock consumption:	0,00	0,00	0,00	0,00	16.113.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	29.091.000,00	26.371.000,00	19.892.000,00	14.658.000,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	13.923.000,00	13.397.000,00	12.436.000,00	12.962.000,00	13.838.000,00
a) Wages, salaries et al.:	10.489.000,00	10.076.000,00	9.335.000,00	9.589.000,00	10.426.000,00
b) Social security costs:	3.434.000,00	3.321.000,00	3.101.000,00	3.373.000,00	3.412.000,00
A.4. Depreciation expense:	2.854.000,00	3.795.000,00	3.466.000,00	3.468.000,00	2.485.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-221.000,00	313.000,00	27.000,00	-74.000,00	-318.000,00
a) Stock provision variation:	-221.000,00	274.000,00	27.000,00	-74.000,00	-318.000,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	0,00	39.000,00	0,00	0,00	0,00
A.6. Other operating charges:	7.084.000,00	6.943.000,00	6.787.000,00	6.905.000,00	7.315.000,00
a) External services:	6.936.000,00	6.770.000,00	6.674.000,00	6.772.000,00	7.052.000,00
b) Taxes:	140.000,00	138.000,00	105.000,00	99.000,00	131.000,00
c) Other operating expenses:	8.000,00	35.000,00	8.000,00	34.000,00	132.000,00
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):	1.483.000,00	1.899.000,00	1.487.000,00	620.000,00	1.004.000,00
A.7. Financial and similar charges:	87.000,00	74.000,00	251.000,00	310.000,00	149.000,00
a) Due to liabilities with companies of the group:	87.000,00	74.000,00	251.000,00	268.000,00	130.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	0,00	0,00	0,00	42.000,00	19.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	93.000,00	0,00	8.000,00	10.000,00	9.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	23.000,00	72.000,00	0,00	44.000,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	1.304.000,00	1.922.000,00	1.559.000,00	461.000,00	1.048.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	-1.000,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	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):	44.000,00	0,00	0,00	1.000,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	1.348.000,00	1.922.000,00	1.559.000,00	462.000,00	1.048.000,00
A.15. Corporation tax:	161.000,00	83.000,00	286.000,00	72.000,00	181.000,00
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):	1.187.000,00	1.839.000,00	1.273.000,00	390.000,00	867.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	54.259.000,00	52.815.000,00	44.426.000,00	39.332.000,00	40.819.000,00
B.1. Net total sales:	52.884.000,00	51.757.000,00	43.021.000,00	38.946.000,00	36.562.000,00
a) Sales:	50.580.000,00	48.795.000,00	40.527.000,00	35.628.000,00	36.562.000,00
b) Rendering of services:	2.304.000,00	2.962.000,00	2.494.000,00	3.318.000,00	0,00
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:	1.213.000,00	835.000,00	1.019.000,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	117.000,00	126.000,00	55.000,00	225.000,00	4.055.000,00
a) Auxiliary income and other from current management:	117.000,00	126.000,00	55.000,00	225.000,00	4.055.000,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
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	0,00	0,00
B.5. Income from equity investment:	0,00	0,00	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:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	1.000,00	31.000,00	331.000,00	161.000,00	202.000,00
a) From companies of the group:	0,00	0,00	2.000,00	6.000,00	1.000,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	1.000,00	31.000,00	329.000,00	155.000,00	201.000,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	66.000,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	179.000,00	0,00	0,00	159.000,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	44.000,00	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:	0,00	0,00	0,00	0,00	0,00
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):	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	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

	2014	2013	2012	2011	2010
1. Fiscal year result before taxes.: 61100	1.348.000,00	1.922.000,00	1.559.000,00	462.000,00	1.048.000,00
2. Results adjustments.: 61200	2.663.000,00	4.114.000,00	3.402.000,00	3.676.000,00	2.089.000,00
a) Fixed Assets Amortization (+).: 61201	2.854.000,00	3.795.000,00	3.466.000,00	3.468.000,00	2.485.000,00
b) Obsolescence Allowances (+/-). : 61202	-272.000,00	326.000,00	-27.000,00	79.000,00	-318.000,00
c) Variation in Provision (+/-). : 61203	-54.000,00	16.000,00	35.000,00	-30.000,00	-25.000,00
e) Results on disposal of fixed assets (+/-). : 61205	-44.000,00	0,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-1.000,00	-31.000,00	-331.000,00	-161.000,00	-202.000,00
h) Financial Expenses (+). : 61208	87.000,00	74.000,00	251.000,00	310.000,00	149.000,00
i) Exchange differences (+/-). : 61209	93.000,00	-66.000,00	8.000,00	10.000,00	0,00
3. Changes in current capital equity.: 61300	-2.988.000,00	-8.497.000,00	3.445.000,00	-270.000,00	-1.917.000,00
a) Stock (+/-).: 61301	-4.075.000,00	-5.603.000,00	-2.843.000,00	515.000,00	-1.542.000,00
d) Debtors and other accounts receivable (+/-). : 61302	227.000,00	-1.088.000,00	2.725.000,00	2.176.000,00	-1.571.000,00
c) Other current assets (+/-). : 61303	-17.000,00	8.000,00	-14.000,00	8.000,00	-35.000,00
d) Creditors and other accounts payable (+/-). : 61304	1.061.000,00	-1.374.000,00	3.880.000,00	-2.943.000,00	1.192.000,00
e) Other current liabilities (+/-).: 61305	0,00	0,00	-15.000,00	-24.000,00	39.000,00
f) Other non-current assets and liabilities (+/-).: 61306	-184.000,00	-440.000,00	-288.000,00	-2.000,00	0,00
4. Other cash flows for operating activities.: 61400	-500.000,00	-636.000,00	-100.000,00	-215.000,00	-84.000,00
a) Interest payments (-). : 61401	-87.000,00	-74.000,00	-251.000,00	-310.000,00	-149.000,00
c) Interest collection (+). : 61403	1.000,00	31.000,00	331.000,00	161.000,00	202.000,00
d) Income tax payment collection (payments) (+/-).: 61404	-414.000,00	-593.000,00	-180.000,00	-66.000,00	-109.000,00
e) Other payments (payment collection) (-/+) : 61405	0,00	0,00	0,00	0,00	-28.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	523.000,00	-3.097.000,00	8.306.000,00	3.653.000,00	1.136.000,00
6. Payments for investment (-).: 62100	-5.494.000,00	-2.297.000,00	-1.582.000,00	-2.758.000,00	-4.978.000,00
b) Intangible fixed assets. : 62102	-23.000,00	-14.000,00	-79.000,00	-54.000,00	-11.000,00
c) Fixed assets. : 62103	-5.470.000,00	-2.263.000,00	-1.503.000,00	-2.704.000,00	-4.806.000,00
e) Other financial assets. : 62105	-1.000,00	-20.000,00	0,00	0,00	-161.000,00
7. Divestment payment collection (+). : 62200	100.000,00	54.000,00	1.000,00	0,00	275.000,00
b) Intangible fixed assets. : 62202	0,00	0,00	0,00	0,00	1.000,00
c) Fixed assets. : 62203	72.000,00	9.000,00	1.000,00	0,00	274.000,00
e) Other financial assets. : 62205	28.000,00	45.000,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-5.394.000,00	-2.243.000,00	-1.581.000,00	-2.758.000,00	-4.703.000,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	6.671.000,00	6.340.000,00	-6.727.000,00	-895.000,00	3.560.000,00
a) Issuance : 63201	6.671.000,00	6.340.000,00	2.000,00	0,00	0,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	2.000,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	6.671.000,00	6.340.000,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	0,00	0,00	-6.729.000,00	-895.000,00	3.560.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	-6.729.000,00	-895.000,00	3.560.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-1.800.000,00	-1.000.000,00	0,00	0,00	0,00
a) Dividends (-).: 63301	-1.800.000,00	-1.000.000,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	4.871.000,00	5.340.000,00	-6.727.000,00	-895.000,00	3.560.000,00
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	0,00	0,00	-2.000,00	0,00	-7.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	0,00	0,00	2.000,00	0,00	9.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	0,00	0,00	0,00	0,00	2.000,00

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:	8,20 %	11,84 %	11,00 %	11,54 %	-25,46 %	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:	2,78 %	8,58 %	3,94 %	7,06 %	-29,58 %	21,60 %
Total economic profitability:	2,60 %	5,08 %	4,13 %	3,71 %	-37,00 %	36,72 %
Financial profitability:	4,41 %	7,77 %	6,68 %	4,08 %	-33,98 %	90,47 %
Margin:	2,88 %	7,43 %	3,66 %	6,89 %	-21,29 %	7,83 %
Mark-up:	2,54 %	6,84 %	3,70 %	4,53 %	-31,34 %	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:	0,23	0,89	0,33	0,87	-30,02	1,93
Working Capital / Investment:	0,02	0,03	0,10	0,05	-75,23	-39,01
Solvency:	1,07	1,21	1,25	1,18	-14,59	2,96

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,04	1,33	0,75	1,38	39,43	-3,89
Borrowing Composition:	0,00	1,11	0,00	1,00		10,49
Repayment Ability:		154,26		100,21		53,95
Warranty:	1,96	1,76	2,34	1,73	-16,24	1,61
Generated resources / Total creditors:	0,14	0,09	0,29	0,08	-52,54	6,36

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,31	1,97	1,43	1,86	-7,97	5,93
Turnover of Collection Rights :	8,11	5,31	7,57	4,99	7,15	6,51
Turnover of Payment Entitlements:	4,33	3,72	4,59	3,62	-5,50	2,66
Stock rotation:	2,25	8,30	2,69	7,32	-16,50	13,34
Assets turnover:	0,96	1,15	1,08	1,02	-10,54	12,77
Borrowing Cost:	0,31	2,89	0,36	2,88	-13,70	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:	8,20 %	11,00 %	11,51 %	10,50 %	9,54 %
Cash Flow Yield:	0,00 %	0,00 %	0,00 %	0,00 %	0,00 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	2,78 %	3,94 %	3,53 %	1,41 %	2,12 %
Total economic profitability:	2,60 %	4,13 %	4,29 %	1,75 %	2,51 %
Financial profitability:	4,41 %	6,68 %	4,91 %	1,58 %	3,57 %
Margin:	2,88 %	3,66 %	3,45 %	1,59 %	2,47 %
Mark-up:	2,54 %	3,70 %	3,62 %	1,18 %	2,58 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,00	0,00	0,00	0,00	0,00
Acid Test:	0,23	0,33	0,35	0,45	0,47
Working Capital / Investment:	0,02	0,10	0,07	0,00	-0,03
Solvency:	1,07	1,25	1,17	1,00	0,95

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	1,04	0,75	0,62	0,76	0,93
Borrowing Composition:	0,00	0,00	0,00	0,00	0,00
Repayment Ability:			-8.093,00		-3.272,86
Warranty:	1,96	2,34	2,61	2,31	2,08
Generated resources / Total creditors:	0,14	0,29	0,29	0,20	0,13

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,31	1,43	1,40	1,32	1,25
Turnover of Collection Rights :	8,11	7,57	7,50	4,62	3,81
Turnover of Payment Entitlements:	4,33	4,59	3,12	4,17	2,88
Stock rotation:	2,25	2,69	3,14	3,72	3,62
Assets turnover:	0,96	1,08	1,02	0,89	0,86
Borrowing Cost:	0,31	0,36	1,55	1,63	0,65

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

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 2,18% 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.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
EUR	1	Rs.72.40

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

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	TRU

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.