MIRA INFORM REPORT

Report No. :	305731
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	QUIMICA SINTETICA SA
Registered Office :	Cl. Dulcinea - S/N - Alcala De Henares - 28805 – Madrid
Country :	Spain
Financials (as on) :	2012
Date of Incorporation :	17.06.1950
Legal Form :	Private Company
Line of Business :	Engaged in Research, Development, Manufacturing, Sales and Marketing of Active Pharmaceutical Ingredients (APIs), Finished Dosage Forms (FDFs) and Branded Pharmaceuticals, for Human and Animal Care. It belongs to the Group CHEMO.
No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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 :	Slow but Correct
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Spain	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Spain ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining 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 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, 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 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA
EXECUTIVE SUMMARY

Name:	QUIMICA SINTETICA SA
NIF / Fiscal code:	A28008167
Status:	ACTIVE
Incorporation Date:	17/06/1950
Register Data	Register Section 8 Sheet 52020
Last Publication in BORME:	09/01/2015 [Miscellaneous Concepts]
Last Published Account Deposit:	2012
Share Capital:	2.007.380,43
Localization:	CL. DULCINEA - S/N - ALCALA DE HENARES - 28805 - MADRID
Telephone - Fax - Email - Website:	Ph.:. 918890577 Email. qsintetica@chemogroup.com Website. www.chemogroup.com
Activity:
NACE:	Engaged in Research, Development, Manufacturing, Sales and Marketing of Active Pharmaceutical Ingredients (APIs), Finished Dosage Forms (FDFs) and Branded Pharmaceuticals, for Human and Animal Care.
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	0 for a total cost of 0
Quality Certificate:	No

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:

CHEMO HOLDING SL	100 %
Shares:	2
Other Links:	3
No. of Active Corporate Bodies:

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES

INVESTIGATION SUMMARY

The company was set up many years ago, which provide it with enough experience in its sector of activity. It has a good commercial reputation among the sources of information. The company complies with its payment obligations.

Identification

Social Denomination:	QUIMICA SINTETICA SA
NIF / Fiscal code:	A28008167
Corporate Status:	ACTIVE
Start of activity:	1966
Registered Office:	CL. DULCINEA - S/N
Locality:	ALCALA DE HENARES
Province:	MADRID
Postal Code:	28805
Telephone:	918890577
Fax:	918802086
Website:	www.chemogroup.com
Email:	qsintetica@chemogroup.com

Activity

NACE:	2110
CNAE Obtaining Source:	2110
Additional Information:	Engaged in Research, Development, Manufacturing, Sales and Marketing of Active Pharmaceutical Ingredients (APIs), Finished Dosage Forms (FDFs) and Branded Pharmaceuticals, for Human and Animal Care. It belongs to the Group CHEMO.
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary

Year	Act
1990	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Dividends Payment (1)
1991	Accounts deposit (ejer. 1989, 1990) Appointments/ Re-elections (2) Dividends Payment (1)
1992	Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1)
1993	Accounts deposit (ejer. 1992) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Modification of Powers (1) Statutory Modifications (1)
1994	Accounts deposit (ejer. 1993) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Errata (2)
1995	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1996	Accounts deposit (ejer. 1994, 1995) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Statutory Modifications (1)
1997	Accounts deposit (ejer. 1996) Appointments/ Re-elections (1) Take-over Merger (5)
1998	Appointments/ Re-elections (1)
1999	Accounts deposit (ejer. 1997) Appointments/ Re-elections (2) Capital Reduction (1) Increase of Capital (1) Take-over Merger (5)
2000	Accounts deposit (ejer. 1998) Appointments/ Re-elections (5) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Increase of Capital (1) Other Concepts/ Events (1) Take-over Merger (1)
2001	Accounts deposit (ejer. 1999, 2000) Appointments/ Re-elections (2) Change of Social Purpose (1)
2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Errata (1)
2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
2005	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Declaration of Sole Propietorship (1) Errata (2) Loss of the sole propietorship condition (1) Other Concepts/ Events (2)
2006	Accounts deposit (ejer. 2004) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (2)
2007	Accounts deposit (ejer. 2005, 2006) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3)
2009	Accounts deposit (ejer. 2008) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (5)
2010	Appointments/ Re-elections (2)
2011	Accounts deposit (ejer. 2009, 2010) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (6)
2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Other Concepts/ Events (1)
2013	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2014	Accounts deposit (ejer. 2012) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)

Main Historic Changes

Concept	Publication	Act	Date
Corporate Purpose Changes:	LA FABRICACION, COMPRA-VENTA, DISTRIBUCION Y TODA CLASE DE NEGOCIOS, INCLUSO DE IMPORT-EXPORT., RELACIONADOS CON PRODUCTOS QUIMICOS Y FARMACEUTICOS, TANTO EN SU ASPECTO INDUSTRIAL COMO COMERCIAL, Y EN TODAS SUS RAMAS.	Corporate Purpose Change	31/05/1996

Breakdown of Owners' Equity

Registered Capital:	2.007.380,43
Paid up capital:	2.007.380,43

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
31/07/1990	Capital call payment	---	98.975	---	---
08/06/1991	Capital call payment	---	375.825	---	---
09/05/2000	Capital Reduction	-1.037.780	-1.037.780	969.601	969.601
09/05/2000	Increase of Capital	1.037.780	1.037.780	2.007.380	2.007.380

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	CHEMO HOLDING SL	30/12/2014	1
PRESIDENT	GUSTAVO DANIEL LORENZO PELIZZARI	26/08/2014	13
VICE CHAIRMAN	FERNANDEZ DE PALENCIA MANUEL JESUS GREGORIO	26/08/2014	3
MEMBER OF THE BOARD	FERNANDEZ DE PALENCIA MANUEL JESUS GREGORIO	26/08/2014	3
	DIAZ MARTINEZ GASTON	26/08/2014	1
	GUSTAVO DANIEL LORENZO PELIZZARI	26/08/2014	13
NON CONSELLOR SECRETARY	MARTIN MORAN SANDRA	26/08/2014	1
NON CONSELLOR ASSISTANT SECRETARY	GARCIA MARINA LAURA	26/08/2014	2
ACCOUNTS' AUDITOR / HOLDER	KPMG AUDITORES SL	14/01/2014	4

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALCALDE GIRAUDO ISABEL	NON CONSELLOR SECRETARY	29/08/1996	22
	NON CONSELLOR SECRETARY	04/09/1997
	NON CONSELLOR SECRETARY	03/09/1998
	NON CONSELLOR SECRETARY	28/07/1999
	NON CONSELLOR SECRETARY	09/09/2000
	NON CONSELLOR SECRETARY	17/09/2001
	NON CONSELLOR SECRETARY	05/09/2002
	NON CONSELLOR SECRETARY	01/10/2003
	NON CONSELLOR SECRETARY	27/08/2004
	NON CONSELLOR SECRETARY	28/11/2005
	NON CONSELLOR SECRETARY	02/08/2006
	NON CONSELLOR SECRETARY	24/08/2007
	NON CONSELLOR SECRETARY	11/08/2008
	NON CONSELLOR SECRETARY	21/10/2013
	NON CONSELLOR SECRETARY	26/08/2014
	NON CONSELLOR SECRETARY	14/08/2009
	NON CONSELLOR SECRETARY	27/08/2010
	NON CONSELLOR SECRETARY	08/08/2011
	NON CONSELLOR SECRETARY	31/07/2012
ATTILIO CALZOLARI	MEMBER OF THE BOARD	24/08/2007	15
	MEMBER OF THE BOARD	11/08/2008
	MEMBER OF THE BOARD	14/08/2009
	MEMBER OF THE BOARD	27/08/2010
	MEMBER OF THE BOARD	03/05/2011
BENIGNI FULVIO	MEMBER OF THE BOARD	31/08/1992	2
CAGNI GONZALEZ CARLOS ALBERTO	MEMBER OF THE BOARD	31/08/1992	11
	MEMBER OF THE BOARD	16/06/1993
	MEMBER OF THE BOARD	18/10/1995
	NON CONSELLOR SECRETARY	02/10/1990
	SECRETARY	31/08/1992
	SECRETARY	16/06/1993
CAMERON KENNETH	MEMBER OF THE BOARD	02/10/1990	2
	MEMBER OF THE BOARD	31/08/1992
CARSI ZEGRI SANTIAGO MIGUEL	MEMBER OF THE BOARD	28/07/1999	16
	MEMBER OF THE BOARD	09/09/2000
	MEMBER OF THE BOARD	18/10/1995
	SECRETARY	18/10/1995
	MEMBER OF THE BOARD	29/08/1996
	MEMBER OF THE BOARD	04/09/1997
	MEMBER OF THE BOARD	03/09/1998
	MEMBER OF THE BOARD	02/11/2002
	MEMBER OF THE BOARD	17/09/2001
	MEMBER OF THE BOARD	05/09/2002
CHARLES FELDER ROBERT	MEMBER OF THE BOARD	01/10/2003	1
CHEMO ESPAÑA SL	SINGLE PARTNER	30/12/2014	1
COOPERS AND LYBRAND SA	ACCOUNTS' AUDITOR / HOLDER	07/03/2000	1
DE ANDRES REBOLLO PEDRO	PRESIDENT	27/08/2010	25
	PRESIDENT	11/08/2008
	MEMBER OF THE BOARD	27/08/2004
	MEMBER OF THE BOARD	28/11/2005
	MEMBER OF THE BOARD	11/08/2008
	MEMBER OF THE BOARD	14/08/2009
	MEMBER OF THE BOARD	02/08/2006
	MEMBER OF THE BOARD	24/08/2007
	MEMBER OF THE BOARD	31/07/2012
	MEMBER OF THE BOARD	27/08/2010
	MEMBER OF THE BOARD	08/08/2011
	PRESIDENT	14/08/2009
	PRESIDENT	08/08/2011
	PRESIDENT	31/07/2012
	PRESIDENT	21/10/2013
	MEMBER OF THE BOARD	21/10/2013
ERNST & YOUNG SL	ACCOUNTS' AUDITOR / HOLDER	12/02/2007	1
EUGENIO PALLUCCA	MEMBER OF THE BOARD	01/06/2006	5
	MEMBER OF THE BOARD	28/11/2005
	MEMBER OF THE BOARD	01/10/2003
	MEMBER OF THE BOARD	27/08/2004
FERNANDEZ DE PALENCIA MANUEL JESUS GREGORIO	MEMBER OF THE BOARD	08/08/2011	3
GELPI VINTRO JOSE MARIA	PRESIDENT	27/08/2004	17
	MEMBER OF THE BOARD	27/08/2004
	MEMBER OF THE BOARD	14/01/2005
	PRESIDENT	14/01/2005
	MEMBER OF THE BOARD	01/10/2003
	PRESIDENT	01/10/2003
	MEMBER OF THE BOARD	05/09/2002
	MEMBER OF THE BOARD	17/09/2001
	MEMBER OF THE BOARD	29/08/1996
	MEMBER OF THE BOARD	04/09/1997
	MEMBER OF THE BOARD	03/09/1998
	MEMBER OF THE BOARD	28/07/1999
GELPI VITRO JOSE MARIA	MEMBER OF THE BOARD	09/09/2000	1
GOLD TURJANSKY SILVIA	MEMBER OF THE BOARD	02/10/1990	2
	VICE CHAIRMAN	02/10/1990
GREGORIO FERNANDEZ DE PALENCIA MANUEL JESUS	MEMBER OF THE BOARD	31/07/2012	5
	MEMBER OF THE BOARD	21/10/2013
	MEMBER OF THE BOARD	26/08/2014
	PRESIDENT	26/08/2014
KENNETH CAMERON	MEMBER OF THE BOARD	16/06/1993	1
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	14/01/2014	4
	ACCOUNTS' AUDITOR / HOLDER	22/12/2010
	ACCOUNTS' AUDITOR / HOLDER	03/02/2011
LENS CABRERA CARLOS	MEMBER OF THE BOARD	16/06/1993	5
	PRESIDENT	16/06/1993
MORAN IMAZ FRANCISCO JAVIER	MEMBER OF THE BOARD	28/11/2005	16
	MEMBER OF THE BOARD	11/08/2008
	MEMBER OF THE BOARD	02/08/2006
	MEMBER OF THE BOARD	24/08/2007
	MEMBER OF THE BOARD	24/02/2009
	VICE SECRETARY	14/08/2009
	VICE SECRETARY	27/08/2010
	MEMBER OF THE BOARD	27/08/2010
	MEMBER OF THE BOARD	21/10/2013
	VICE SECRETARY	21/10/2013
	VICE SECRETARY	31/07/2012
	MEMBER OF THE BOARD	31/07/2012
	MEMBER OF THE BOARD	08/08/2011
	VICE SECRETARY	08/08/2011
	VICE SECRETARY	26/08/2014
	MEMBER OF THE BOARD	26/08/2014
MUT PASOS IGNACIO	MEMBER OF THE BOARD	02/01/2004	2
PAOLO OLIGERI	MEMBER OF THE BOARD	24/08/2007	13
	PRESIDENT	24/08/2007
	PRESIDENT	18/03/2008
	MEMBER OF THE BOARD	18/03/2008
	MEMBER OF THE BOARD	28/11/2005
	PRESIDENT	28/11/2005
	PRESIDENT	02/08/2006
	MEMBER OF THE BOARD	02/08/2006
PICORNELL DARDER CARLOS	PRESIDENT	03/09/1998	22
	PRESIDENT	28/07/1999
	PRESIDENT	09/09/2000
	PRESIDENT	17/09/2001
	MEMBER OF THE BOARD	18/10/1995
	PRESIDENT	18/10/1995
	PRESIDENT	29/08/1996
	MEMBER OF THE BOARD	29/08/1996
	MEMBER OF THE BOARD	04/09/1997
	PRESIDENT	04/09/1997
	MEMBER OF THE BOARD	03/09/1998
	MEMBER OF THE BOARD	28/07/1999
	MEMBER OF THE BOARD	09/09/2000
	MEMBER OF THE BOARD	17/09/2001
	MEMBER OF THE BOARD	05/09/2002
	PRESIDENT	05/09/2002
PONCE GUTIERREZ IGNACIO	MEMBER OF THE BOARD	26/08/2014	4
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	17/09/2001	4
	ACCOUNTS' AUDITOR / HOLDER	20/01/2004
	ACCOUNTS' AUDITOR / HOLDER	05/09/2002
	ACCOUNTS' AUDITOR / HOLDER	03/02/2005
PRICE WATERHOUSE COOPERS SL	ACCOUNTS' AUDITOR / HOLDER	09/09/2000	1
SIGMAN POMERANTZ HUGO ARNOLDO	MEMBER OF THE BOARD	02/10/1990	6
	MEMBER OF THE BOARD	31/08/1992
	CHIEF EXECUTIVE OFFICER	31/08/1992
	PRESIDENT	31/08/1992
	PRESIDENT	02/10/1990
VAN DER KNAAP'S BV	SINGLE PARTNER	16/12/2005	1
YAGUE GIL LUIS	MEMBER OF THE BOARD	02/10/1990	3
	CHIEF EXECUTIVE OFFICER	02/10/1990

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	---

Probability of default

> Estimated Probability of Default for the next 12 months:  0.517 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 211 Manufacture of basic pharmaceutical products
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 94.00% of the companies of the sector QUIMICA SINTETICA 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 0.517%.

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)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Procedimientos ante Juzgados de lo Social	No se han publicado

Link lists

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

Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	CHEMO HOLDING SL	MADRID	100
	IVAX CORPORATION		0.16
PARTICIPATES IN	CHEMSOURCE CORPORATION (PUERTO RICO)		25.37

Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	KEVILMARE ESPAÑA SL	MADRID
ABSORBS TO	QS ALCALA INMOBILIARIA SL	BARCELONA
	INTEXIM SA	MADRID

Turnover

Total Sales 2014

44.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Normales	February  2014
2011	Normales	December  2012
2010	Normales	August  2011
2009	Normales	December  2010
2008	Normales	November  2009
2007	Normales	August  2008
2006	Normales	August  2007
2005	Normales	December  2006
2004	Normales	December  2005
2003	Normales	October  2004
2002	Normales	October  2003
2001	Normales	October  2002
2000	Normales	August  2001
1999	Normales	December  2000
1998	Normales	February  2000
1997	Normales	December  1998
1996	Normales	September  1997
1995	Normales	July  1996
1994	Normales	November  1995
1993	Normales	September  1994
1992	Normales	July  1993
1992	Normales	August  1993
1991	Normales	June  1992
1990	Normales	July  1991
1989	Normales	December  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 31/12/2012

>  Balance en formato Normal de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2012 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008  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.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2012	2011	2010	2009	2008
A) NON-CURRENT ASSETS: 11000	27.822.917,00	21.354.983,00	22.167.611,00	18.596.357,00	20.195.427,00
I. Intangible fixed assets : 11100	8.928,00	12.792,00	12.948,00	32.286,00	59.367,00
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	1.244,00	10.525,00	20.009,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	8.928,00	12.792,00	11.704,00	21.761,00	39.358,00
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	10.509.646,00	9.679.741,00	10.097.054,00	11.592.283,00	14.366.702,00
1. Land and buildings: 11210	4.695.036,00	5.154.978,00	5.351.445,00	5.905.048,00	6.510.054,00
2. Technical installations and other tangible fixed assets: 11220	4.771.182,00	4.200.713,00	4.745.609,00	5.687.235,00	7.856.648,00
3. Tangible asset in progress and advances: 11230	1.043.428,00	324.050,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	15.472.325,00	9.370.390,00	8.928.576,00	4.355.863,00	3.191.803,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	15.472.325,00	9.370.390,00	8.928.576,00	4.355.863,00	3.191.803,00
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	0,00	23.435,00	23.435,00	23.435,00	32.080,00
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	0,00	23.435,00	23.435,00	23.435,00	32.080,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	1.832.018,00	2.268.625,00	3.105.598,00	2.592.490,00	2.545.475,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	17.138.182,00	25.223.897,00	28.517.624,00	28.214.013,00	26.485.242,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	9.172.782,00	12.100.240,00	18.816.479,00	14.481.630,00	14.602.788,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	2.494.710,00	3.545.946,00	6.227.024,00	2.879.426,00	3.871.549,00
3. Work in progress: 12230	1.360.973,00	1.053.230,00	2.109.271,00	1.492.612,00	2.185.882,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	1.360.973,00	1.053.230,00	2.109.271,00	1.492.612,00	2.185.882,00
4. Finished goods: 12240	4.861.410,00	5.930.496,00	9.266.958,00	8.812.155,00	8.228.672,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	4.861.410,00	5.930.496,00	9.266.958,00	8.812.155,00	8.228.672,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	455.689,00	1.570.568,00	1.213.226,00	1.297.437,00	316.685,00
III. Trade debtors and others receivable accounts: 12300	7.459.620,00	12.592.658,00	8.983.140,00	10.890.722,00	11.271.930,00
1. Trade debtors / accounts receivable: 12310	106.507,00	186.684,00	481.620,00	7.786,00	308.091,00
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	106.507,00	186.684,00	481.620,00	7.786,00	308.091,00
2. Customers, Group companies and associates : 12320	6.060.908,00	11.574.848,00	7.516.105,00	10.406.497,00	8.120.972,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
4. Personnel: 12340	7.775,00	9.913,00	14.648,00	21.394,00	20.901,00
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	1.284.430,00	821.213,00	970.767,00	455.045,00	2.821.966,00
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	32.612,00	1.093.206,00	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	32.612,00	1.093.206,00	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	350.100,00	350.100,00	350.100,00	350.100,00	355.665,00
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	350.100,00	350.100,00	350.100,00	350.100,00	355.665,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	0,00	2.850,00	10.791,00	7.907,00
VII. Cash and other equivalent liquid assets : 12700	155.680,00	180.899,00	332.443,00	1.387.564,00	246.952,00
1. Treasury: 12710	155.680,00	180.899,00	32.443,00	1.387.564,00	246.952,00
2. Other equivalent liquid assets: 12720	0,00	0,00	300.000,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	44.961.099,00	46.578.880,00	50.685.235,00	46.810.370,00	46.680.669,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	18.328.247,00	14.291.988,00	15.976.192,00	16.563.576,00	22.065.996,00
A-1) Shareholders' equity: 21000	18.328.247,00	14.291.988,00	15.976.192,00	16.563.576,00	22.065.996,00
I. Capital: 21100	2.007.340,00	2.007.340,00	2.007.340,00	2.007.340,00	2.007.340,00
1. Registered capital : 21110	2.007.340,00	2.007.340,00	2.007.340,00	2.007.340,00	2.007.340,00
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	12.284.648,00	13.968.852,00	14.556.236,00	20.058.656,00	20.543.388,00
1. Legal y estatutarias: 21310	401.476,00	401.476,00	401.476,00	401.476,00	401.476,00
2. Other reserves: 21320	11.883.172,00	13.567.376,00	14.154.760,00	19.657.180,00	20.141.912,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	4.036.259,00	-1.684.204,00	-587.384,00	-5.502.420,00	-484.732,00
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	14.383.823,00	18.458.287,00	18.243.985,00	17.905.052,00	11.746.397,00
I. Long-term provisions: 31100	14.243.152,00	18.438.151,00	18.193.146,00	17.827.572,00	11.637.510,00
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	12.245.314,00	12.775.705,00	12.619.605,00	12.238.706,00	5.837.856,00
4. Other provisions: 31140	1.997.838,00	5.662.446,00	5.573.541,00	5.588.866,00	5.799.654,00
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	140.671,00	20.136,00	50.839,00	77.480,00	108.887,00
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	12.249.029,00	13.828.605,00	16.465.058,00	12.341.742,00	12.868.276,00
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	928.596,00	1.223.152,00	2.751.755,00	1.232.118,00	2.647.059,00
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	0,00	0,00	0,00	35.941,00	471.890,00
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	0,00	35.941,00	471.890,00
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	1.383.563,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	9.936.870,00	12.605.453,00	13.713.303,00	11.073.683,00	9.749.327,00
1. Suppliers: 32510	6.579.763,00	7.349.051,00	7.663.100,00	6.627.681,00	6.928.114,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	6.579.763,00	7.349.051,00	7.663.100,00	6.627.681,00	6.928.114,00
2. Suppliers, Group companies and associates: 32520	1.638.520,00	3.585.050,00	4.435.711,00	3.469.065,00	1.653.100,00
3. Other creditors: 32530	680.637,00	616.453,00	0,00	42.578,00	189.630,00
4. Personnel (remuneration due): 32540	589.085,00	592.601,00	901.925,00	630.400,00	646.599,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	448.865,00	462.298,00	712.567,00	303.959,00	331.884,00
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	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	44.961.099,00	46.578.880,00	50.685.235,00	46.810.370,00	46.680.669,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	46.426.267,00	52.243.825,00	50.370.454,00	43.546.343,00	49.485.843,00
a) Sales: 40110	46.426.267,00	52.243.825,00	50.370.454,00	43.546.343,00	49.485.843,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	-953.235,00	-4.476.684,00	1.071.462,00	-109.787,00	1.393.525,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-23.040.097,00	-28.689.240,00	-26.428.275,00	-23.126.259,00	-28.048.784,00
a) Stock consumption: 40410	-23.275.822,00	-29.025.923,00	-26.428.275,00	-23.126.259,00	-28.048.784,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	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	235.725,00	336.683,00	0,00	0,00	0,00
5. Other operating income: 40500	677.850,00	1.527.647,00	331.012,00	1.082.403,00	1.345.472,00
a) Auxiliary income and other from current management: 40510	677.850,00	1.527.647,00	189.262,00	1.082.403,00	1.345.472,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	141.750,00	0,00	0,00
6. Personnel costs: 40600	-7.712.578,00	-7.505.716,00	-12.072.017,00	-12.566.450,00	-8.949.890,00
a) Wages, salaries et al.: 40610	-5.987.356,00	-5.583.717,00	-10.154.996,00	-10.693.246,00	-7.098.535,00
b) Social security costs: 40620	-1.725.222,00	-1.921.999,00	-1.917.021,00	-1.873.204,00	-1.851.355,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-13.045.993,00	-13.808.199,00	-13.126.834,00	-13.871.995,00	-13.724.096,00
a) External services: 40710	-12.693.977,00	-13.520.820,00	-12.883.583,00	-13.533.204,00	-13.468.600,00
b) Taxes: 40720	-355.696,00	-251.326,00	-243.251,00	-251.533,00	-255.496,00
c) Losses, impairments and variation in provisions from trade operations : 40730	3.680,00	-36.053,00	0,00	-87.258,00	0,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-1.236.004,00	-2.337.785,00	-2.389.040,00	-3.464.769,00	-3.059.183,00
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	-15.456,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-15.456,00	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	3.704.608,00	141.202,00	315.758,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	4.805.362,00	-2.904.950,00	-1.927.480,00	-8.510.514,00	-1.557.113,00
14. Financial income : 41400	201.366,00	105.557,00	38.406,00	539,00	19.585,00
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	201.366,00	105.557,00	38.406,00	539,00	19.585,00
b 1) From Group companies and associates : 41421	201.366,00	105.225,00	32.612,00	0,00	0,00
b 2) From third parties : 41422	0,00	332,00	5.794,00	539,00	19.585,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-261.146,00	-502.098,00	-400.859,00	-1.078.919,00	-296.178,00
a) Amounts owed to Group companies and associates : 41510	0,00	-32.976,00	0,00	0,00	0,00
b) For debts with third parties : 41520	0,00	-265,00	-9.313,00	-27.661,00	-20.769,00
c) Stock renewal : 41530	-261.146,00	-468.857,00	-391.546,00	-1.051.258,00	-275.409,00
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	-125.356,00	289.815,00	-154.407,00	202.047,00	-189.040,00
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	-185.136,00	-106.726,00	-516.860,00	-876.333,00	-465.633,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	4.620.226,00	-3.011.676,00	-2.444.340,00	-9.386.847,00	-2.022.746,00
20. Income taxes: 41900	-583.967,00	1.327.472,00	1.856.956,00	3.884.427,00	1.538.014,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	4.036.259,00	-1.684.204,00	-587.384,00	-5.502.420,00	-484.732,00
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	4.036.259,00	-1.684.204,00	-587.384,00	-5.502.420,00	-484.732,00

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008  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

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2012	2011	2010	2009	2008
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	25.990.899,00	19.086.358,00	19.062.013,00	16.003.867,00	17.649.952,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	8.928,00	12.792,00	12.948,00	32.286,00	59.367,00
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	1.244,00	10.525,00	20.009,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	8.928,00	12.792,00	11.704,00	21.761,00	39.358,00
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:	10.509.646,00	9.679.741,00	10.097.054,00	11.592.283,00	14.366.702,00
1. Land and construction:	4.695.036,00	5.154.978,00	5.351.445,00	5.905.048,00	6.510.054,00
2. Technical installations and machinery:	4.656.610,00	4.099.840,00	4.631.651,00	5.550.665,00	7.667.984,00
3. Other installations, tools and furniture:	62.663,00	55.170,00	62.327,00	74.694,00	103.186,00
4. Payments on account and tangible fixed assets under construction:	1.043.428,00	324.050,00	0,00	0,00	0,00
5. Other tangible assets:	51.909,00	45.703,00	51.631,00	61.876,00	85.478,00
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:	15.472.325,00	9.393.825,00	8.952.011,00	4.379.298,00	3.223.883,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	15.472.325,00	9.370.390,00	8.928.576,00	4.355.863,00	3.191.803,00
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:	0,00	23.435,00	23.435,00	23.435,00	32.080,00
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:	18.970.200,00	27.492.522,00	31.623.222,00	30.806.503,00	29.030.717,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	9.172.782,00	12.100.240,00	18.816.479,00	14.481.630,00	14.602.788,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	2.494.710,00	3.545.946,00	6.227.024,00	2.879.426,00	3.871.549,00
3. Goods in process and semifinished ones:	1.360.973,00	1.053.230,00	2.109.271,00	1.492.612,00	2.185.882,00
4. Finished products:	4.861.410,00	5.930.496,00	9.266.958,00	8.812.155,00	8.228.672,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	455.689,00	1.570.568,00	1.213.226,00	1.297.437,00	316.685,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	9.291.638,00	14.861.283,00	12.088.738,00	13.483.212,00	13.817.405,00
1. Trade debtors / accounts receivable:	106.507,00	186.684,00	481.620,00	7.786,00	308.091,00
2. Accounts receivable, Group companies:	6.060.908,00	11.574.848,00	7.516.105,00	10.406.497,00	8.120.972,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	0,00
5. Staff:	7.775,00	9.913,00	14.648,00	21.394,00	20.901,00
6. Public bodies:	3.116.448,00	3.089.838,00	4.076.365,00	3.047.535,00	5.367.441,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	350.100,00	350.100,00	682.712,00	1.443.306,00	355.665,00
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	32.612,00	1.093.206,00	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	300.000,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	350.100,00	350.100,00	350.100,00	350.100,00	355.665,00
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:	155.680,00	180.899,00	32.443,00	1.387.564,00	246.952,00
VII. Prepayments and accrued income:	0,00	0,00	2.850,00	10.791,00	7.907,00
GENERAL TOTAL (A + B + C + D):	44.961.099,00	46.578.880,00	50.685.235,00	46.810.370,00	46.680.669,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	30.573.561,00	27.067.693,00	28.595.797,00	28.802.282,00	27.903.852,00
I. Subscribed capital:	2.007.340,00	2.007.340,00	2.007.340,00	2.007.340,00	2.007.340,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	25.363,00	56.226,00	110.959,00	250.032,00	330.453,00
IV. Reserves:	24.504.599,00	26.688.331,00	27.064.882,00	32.047.330,00	26.050.791,00
1. Legal reserve:	401.476,00	401.476,00	401.476,00	401.476,00	401.476,00
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:	24.103.123,00	26.286.855,00	26.663.406,00	31.645.854,00	25.649.315,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	4.036.259,00	-1.684.204,00	-587.384,00	-5.502.420,00	-484.732,00
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:	1.997.838,00	5.662.446,00	5.573.541,00	5.588.866,00	5.799.654,00
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:	1.997.838,00	5.662.446,00	5.573.541,00	5.588.866,00	5.799.654,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	140.671,00	20.136,00	50.839,00	77.480,00	108.887,00
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:	140.671,00	20.136,00	50.839,00	77.480,00	108.887,00
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:	140.671,00	20.136,00	50.839,00	77.480,00	108.887,00
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:	11.320.433,00	12.605.453,00	13.713.303,00	11.109.624,00	10.221.217,00
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	0,00	35.941,00	471.890,00
1. Loans and other liabilities:	0,00	0,00	0,00	35.941,00	471.890,00
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:	3.022.083,00	3.585.050,00	4.435.711,00	3.469.065,00	1.653.100,00
1. Amounts owed to group companies:	3.022.083,00	3.585.050,00	4.435.711,00	3.469.065,00	1.653.100,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	7.260.400,00	7.965.504,00	7.663.100,00	6.670.259,00	7.117.744,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	7.260.400,00	7.965.504,00	7.663.100,00	6.670.259,00	7.117.744,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.037.950,00	1.054.899,00	1.614.492,00	934.359,00	978.483,00
1. Public bodies:	448.865,00	462.298,00	712.567,00	303.959,00	331.884,00
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:	589.085,00	592.601,00	901.925,00	630.400,00	646.599,00
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:	928.596,00	1.223.152,00	2.751.755,00	1.232.118,00	2.647.059,00
GENERAL TOTAL (A + B + C + D + E + F):	44.961.099,00	46.578.880,00	50.685.235,00	46.810.370,00	46.680.669,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	46.973.832,00	55.992.250,00	52.714.476,00	50.333.752,00	52.729.157,00
A.1. Stock reduction of both manufactured goods and the ones in process:	953.235,00	4.476.684,00	0,00	109.787,00	0,00
A.2. Supplies:	23.275.822,00	29.025.923,00	26.428.275,00	23.126.259,00	28.048.784,00
a) Stock consumption:	23.275.822,00	29.025.923,00	26.428.275,00	23.126.259,00	28.048.784,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	7.712.578,00	7.505.716,00	12.072.017,00	12.566.450,00	8.949.890,00
a) Wages, salaries et al.:	5.987.356,00	5.583.717,00	10.154.996,00	10.693.246,00	7.098.535,00
b) Social security costs:	1.725.222,00	1.921.999,00	1.917.021,00	1.873.204,00	1.851.355,00
A.4. Depreciation expense:	1.236.004,00	2.337.785,00	2.389.040,00	3.464.769,00	3.059.183,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-239.405,00	-300.630,00	0,00	87.258,00	0,00
a) Stock provision variation:	-235.725,00	-336.683,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	-3.680,00	36.053,00	0,00	87.258,00	0,00
A.6. Other operating charges:	13.049.673,00	13.772.146,00	13.126.834,00	13.784.737,00	13.724.096,00
a) External services:	12.693.977,00	13.520.820,00	12.883.583,00	13.533.204,00	13.468.600,00
b) Taxes:	355.696,00	251.326,00	243.251,00	251.533,00	255.496,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	1.116.210,00	0,00	0,00	0,00	0,00
A.7. Financial and similar charges:	261.146,00	502.098,00	400.859,00	1.078.919,00	296.178,00
a) Due to liabilities with companies of the group:	0,00	32.976,00	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.:	261.146,00	469.122,00	400.859,00	1.078.919,00	296.178,00
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:	125.356,00	0,00	154.407,00	0,00	189.040,00
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):	931.074,00	0,00	0,00	0,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	15.456,00	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):	3.689.152,00	141.202,00	315.758,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	4.620.226,00	0,00	0,00	0,00	0,00
A.15. Corporation tax:	583.967,00	-1.327.472,00	-1.856.956,00	-3.884.427,00	-1.538.014,00
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):	4.036.259,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	51.010.091,00	54.308.046,00	52.127.092,00	44.831.332,00	52.244.425,00
B.1. Net total sales:	46.426.267,00	52.243.825,00	50.370.454,00	43.546.343,00	49.485.843,00
a) Sales:	46.426.267,00	52.243.825,00	50.370.454,00	43.546.343,00	49.485.843,00
b) Rendering of services:	0,00	0,00	0,00	0,00	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:	0,00	0,00	1.071.462,00	0,00	1.393.525,00
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:	677.850,00	1.527.647,00	331.012,00	1.082.403,00	1.345.472,00
a) Auxiliary income and other from current management:	677.850,00	1.527.647,00	189.262,00	1.082.403,00	1.345.472,00
b) Grants:	0,00	0,00	141.750,00	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	3.046.152,00	2.243.238,00	8.510.514,00	1.557.113,00
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:	201.366,00	105.557,00	38.406,00	539,00	19.585,00
a) From companies of the group:	201.366,00	105.225,00	32.612,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	0,00	332,00	5.794,00	539,00	19.585,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	289.815,00	0,00	202.047,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	185.136,00	106.726,00	516.860,00	876.333,00	465.633,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	3.152.878,00	2.760.098,00	9.386.847,00	2.022.746,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	3.704.608,00	141.202,00	315.758,00	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	3.011.676,00	2.444.340,00	9.386.847,00	2.022.746,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	1.684.204,00	587.384,00	5.502.420,00	484.732,00

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.

	2012	2011	2010	2009	2008
1. Fiscal year result before taxes.: 61100	4.620.226,00	-3.011.676,00	-2.444.340,00	-9.386.847,00	-2.022.746,00
2. Results adjustments.: 61200	-2.327.134,00	2.002.679,00	6.888.097,00	9.046.112,00	3.734.563,00
a) Fixed Assets Amortization (+).: 61201	1.236.004,00	2.337.785,00	2.389.040,00	3.464.769,00	3.059.183,00
b) Obsolescence Allowances (+/-). : 61202	-239.405,00	-300.630,00	0,00	0,00	0,00
c) Variation in Provision (+/-). : 61203	-3.263.179,00	327.655,00	3.982.197,00	4.705.010,00	485.156,00
g) Financial income (-).: 61207	-201.366,00	-105.557,00	-38.406,00	-539,00	-19.585,00
h) Financial Expenses (+). : 61208	0,00	33.241,00	400.859,00	1.078.919,00	20.769,00
i) Exchange differences (+/-). : 61209	125.356,00	-289.815,00	154.407,00	-202.047,00	189.040,00
k) Other income and expense (-/+). : 61211	15.456,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	4.410.054,00	2.876.716,00	-1.214.731,00	875.152,00	-733.038,00
a) Stock (+/-).: 61301	3.163.183,00	7.052.922,00	-4.334.849,00	121.158,00	389.241,00
d) Debtors and other accounts receivable (+/-). : 61302	3.877.066,00	-2.193.117,00	2.112.077,00	-1.380.845,00	7.974.380,00
c) Other current assets (+/-). : 61303	0,00	35.462,00	-1.627.880,00	2.681,00	-354.264,00
d) Creditors and other accounts payable (+/-). : 61304	-2.893.837,00	-1.576.737,00	2.662.562,00	5.153.773,00	-2.122.860,00
f) Other non-current assets and liabilities (+/-).: 61306	263.642,00	-441.814,00	-26.641,00	-3.021.615,00	-6.619.535,00
4. Other cash flows for operating activities.: 61400	221.719,00	-1.349.115,00	235.161,00	1.495.093,00	957.976,00
a) Interest payments (-). : 61401	0,00	-33.241,00	-9.313,00	-27.661,00	-20.769,00
b) Dividend payment collection (+). : 61402	201.366,00	105.557,00	38.406,00	539,00	19.585,00
d) Income tax payment collection (payments) (+/-).: 61404	1.246.729,00	189.822,00	2.694.600,00	628.326,00	959.160,00
e) Other payments (payment collection) (-/+) : 61405	-1.226.376,00	-1.611.253,00	-2.488.532,00	893.889,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	6.924.865,00	518.604,00	3.464.187,00	2.029.510,00	1.936.755,00
6. Payments for investment (-).: 62100	0,00	-1.030.002,00	-4.324.473,00	-620.691,00	-1.616.393,00
a) Companies of the group and affiliates. : 62101	0,00	529.975,00	-3.450.000,00	0,00	0,00
h) Other assets. : 62108	0,00	-1.559.977,00	-874.473,00	-620.691,00	-1.616.393,00
7. Divestment payment collection (+). : 62200	-8.179.279,00	0,00	0,00	0,00	0,00
a) Companies of the group and affiliates. : 62201	-5.785.000,00	0,00	0,00	0,00	0,00
h) Other assets. : 62208	-2.394.279,00	0,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-8.179.279,00	-1.030.002,00	-4.324.473,00	-620.691,00	-1.616.393,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	0,00	10.641.380,00
10. Payment collection and payments for financial liabilities instruments.: 63200	1.383.563,00	0,00	-35.941,00	-435.949,00	0,00
a) Issuance : 63201	1.383.563,00	0,00	0,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	1.383.563,00	0,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	0,00	0,00	-35.941,00	-435.949,00	0,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	0,00	-435.949,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	1.383.563,00	0,00	-35.941,00	-435.949,00	0,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-154.368,00	359.854,00	-158.894,00	167.742,00	-189.040,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-25.219,00	-151.544,00	-1.055.121,00	1.140.612,00	131.322,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	180.899,00	332.443,00	1.387.564,00	246.952,00	115.630,00
Cash or equivalent assets as of end of the fiscal year.: 65200	155.680,00	180.899,00	332.443,00	1.387.564,00	246.952,00

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	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,00 %	0,01 %	0,00 %	0,00 %
EBITDA over Sales:	5,07 %	9,23 %	-1,36 %	10,08 %	473,67 %	-8,41 %
Cash Flow Yield:	0,00 %	0,00 %	0,00 %	0,00 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	3,78 %	5,22 %	-8,27 %	6,91 %	145,68 %	-24,47 %
Total economic profitability:	10,86 %	2,49 %	-5,39 %	4,13 %	301,51 %	-39,65 %
Financial profitability:	22,02 %	1,33 %	-11,78 %	5,80 %	286,88 %	-77,14 %
Margin:	2,34 %	4,85 %	-5,66 %	6,36 %	141,25 %	-23,84 %
Mark-up:	1,94 %	1,60 %	-5,86 %	4,72 %	133,15 %	-66,22 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,01	0,12	0,01	0,11	-4,17	8,93
Acid Test:	0,70	0,85	1,04	0,83	-32,42	2,27
Working Capital / Investment:	0,11	0,03	0,24	0,03	-55,55	3,89
Solvency:	1,68	1,17	2,18	1,16	-23,17	0,84

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,35	1,63	0,39	1,67	-8,78	-2,20
Borrowing Composition:	0,01	1,02	0,00	1,05		-2,76
Repayment Ability:	-454,46	187,20	-83,31	867,92	-445,49	-78,43
Warranty:	3,92	1,62	3,69	1,61	6,33	0,86
Generated resources / Total creditors:	0,44	0,07	0,03	0,07	1.650,78	-3,55

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,30	1,72	0,91	1,75	44,10	-1,46
Turnover of Collection Rights :	6,31	4,79	4,27	4,45	47,88	7,57
Turnover of Payment Entitlements:	3,54	3,52	3,02	3,26	17,22	7,95
Stock rotation:	5,01	6,51	4,70	6,00	6,77	8,41
Assets turnover:	1,62	1,08	1,46	1,09	10,74	-0,83
Borrowing Cost:	2,28	2,95	3,98	2,92	-42,70	1,16

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow	2012	2011	2010	2009	2008
Cash Flow over Sales:	0,00 %	0,00 %	-2,09 %	2,62 %	0,27 %
EBITDA over Sales:	5,07 %	-1,36 %	0,29 %	-11,59 %	3,04 %
Cash Flow Yield:	0,00 %	0,00 %	-2,08 %	2,44 %	0,28 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	3,78 %	-8,27 %	-5,42 %	-20,76 %	-3,61 %
Total economic profitability:	10,86 %	-5,39 %	-4,03 %	-17,75 %	-3,70 %
Financial profitability:	22,02 %	-11,78 %	-3,68 %	-33,22 %	-2,20 %
Margin:	2,34 %	-5,66 %	-4,42 %	-19,07 %	-3,06 %
Mark-up:	1,94 %	-5,86 %	-5,44 %	-21,03 %	-0,92 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,01	0,01	0,02	0,12	0,02
Acid Test:	0,70	1,04	0,71	1,24	1,16
Working Capital / Investment:	0,11	0,24	0,24	0,42	0,40
Solvency:	1,68	2,18	2,31	2,77	2,84

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	0,35	0,39	0,40	0,33	0,31
Borrowing Composition:	0,01	0,00	0,00	0,01	0,01
Repayment Ability:	-454,46	-83,31	3,10	-32,83	6,11
Warranty:	3,92	3,69	3,68	4,18	4,52
Generated resources / Total creditors:	0,44	0,03	0,13	-0,18	0,25

Efficiency	2012	2011	2010	2009	2008
Productivity:	1,30	0,91	1,01	0,60	1,17
Turnover of Collection Rights :	6,31	4,27	5,64	4,10	4,51
Turnover of Payment Entitlements:	3,54	3,02	2,96	3,33	4,43
Stock rotation:	5,01	4,70	2,81	3,67	3,59
Assets turnover:	1,62	1,46	1,23	1,09	1,18
Borrowing Cost:	2,28	3,98	2,91	9,64	2,87

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

Finanzas.com	16/07/2014
Química Sintética confirma su compromiso de mantener la plantilla en Alcalá
Companies related
la verdad	19/03/2013
Alcalá recalificará suelo industrial para evitar cierre de Química Sintética
Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The company was set up many years ago, which provide it with enough experience in its sector of activity. It has a good commercial reputation among the sources of information. The company complies with its payment obligations.

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.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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

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