MIRA INFORM REPORT

Report No. :	331229
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	ECOVERITAS SA
Registered Office :	Diputació, 239-247 - Barcelona - 08007 - Barcelona
Country :	Spain
Financials (as on) :	2013
Date of Incorporation :	17.01.2002
Legal Form :	Public Company
Line of Business :	The exploitation of public retail shops for the commercialisation of ecological, biological and organic products, as well as food supplements, orthomolecular, phytotherapeutic and extract products.
No. of Employee :	191 (2013)

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.

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 briefly 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 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 2010. 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. 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 January 2014. Recently increased private consumption helped bring real GDP growth back into positive territory at 1.3% in 2014, and labor reforms prompted a modest reduction in the unemployment rate, from more than 26% in 2013 to 24% in 2014. Despite the uptic in economic activity, inflation dropped sharply, from 1.5% in 2013 to flat in 2014. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of national elections in November 2015 and leaves untouched the country’s value-added tax (VAT) regime, which generates significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012.

Source : CIA

EXECUTIVE SUMMARY

Name:	ECOVERITAS SA
NIF / Fiscal code:	A62772629
Status:	ACTIVE
Incorporation Date:	17/01/2002
Register Data	Register Section 8 Sheet 245540
Last Publication in BORME:	12/01/2015 [Appointments]
Last Published Account Deposit:	2013
Share Capital:	6.668.723,75
Localization:	Diputació, 239-247 - BARCELONA - 08007 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 934 342 990 Email. info@ecoveritas.es Website. www.ecoveritas.es
Activity:
NACE:	4729 - Other retail sale of food in specialised stores
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	2 for a total cost of 70666
Quality Certificate:	No
Scoring and Risk:
Payment Behaviour:	According to the agreed terms
Prospects:	Consolidation
Industry situation:	Maturity
Defaults, Legal Claims and Insolvency Proceedings :

	Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies	None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	None	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

SANDRIGHAM SL	20.77 %
Shares:	1
Other Links:	7
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios	2013	2012	Change
Nº of employees:	191

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
Company founded in 2002 engaged in the exploitation of a supermarket chain of organic food. Nothing appears against the company in the information sources consulted. In view of the last figures listed in the Trade Register, we recommend follow regularly its commercial development.
Interviewed Person:

Identification
Social Denomination:	ECOVERITAS SA
NIF / Fiscal code:	A62772629
Corporate Status:	ACTIVE
Start of activity:	2002
Registered Office:	Diputació, 239-247
Locality:	BARCELONA
Province:	BARCELONA
Postal Code:	08007
Telephone:	934 342 990
Fax:	934 342 991
Website:	www.ecoveritas.es
Email:	info@ecoveritas.es
Interviewed Person:	The present information has been obtained through indirect information sources, due to the fact of the refusal of the members of the company to provide any information for the preparation of this work.

Activity
NACE:	4729
Legal Form:	THE EXPLOITATION OF PUBLIC RETAIL SHOPS FOR THE COMMERCIALISATION OF ECOLOGICAL, BIOLOGICAL AND ORGANIC PRODUCTS, AS WELL AS FOOD SUPPLEMENTS, ORTHOMOLECULAR, PHYTOTHERAPEUTIC AND EXTRACT PRODUCTS.
Additional Information:	Exploitation of a channel of supermarkets of organic food.
Additional Address:	The head offices are indicated in the headline of the document.
Franchise:	No
Import / export:	DOES NOT IMPORT / DOES NOT EXPORT
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2013	191

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

Chronological Summary
	Year	Act
	2002	Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (1) Company Formation (1) Dividends Payment (1)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Dividends Payment (2) Increase of Capital (2)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (3)
	2005	Increase of Capital (1)
	2006	Accounts deposit (year 2004, 2005) Appointments/ Re-elections (1) Capital Reduction (2) Increase of Capital (2) Take-over Merger (5)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (2) Capital Reduction (2) Cessations/ Resignations/ Reversals (2) Increase of Capital (3)
	2008	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2009	Accounts deposit (year 2007, 2008) Appointments/ Re-elections (1) Increase of Capital (3) Statutory Modifications (1)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (1) Increase of Capital (1)
	2011	Accounts deposit (year 2010)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	2015	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity
Registered Capital:	6.668.723,75
Paid up capital:	6.668.723,75

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
03/04/2002	Company Formation	500.000	125.000	500.000	125.000
09/05/2002	Capital call payment	---	250.000	500.000	375.000
07/02/2003	Capital call payment	---	125.000	500.000	500.000
07/02/2003	Increase of Capital	300.000	75.090	800.000	575.000
07/02/2003	Capital call payment	---	225.000	800.000	800.000
28/02/2003	Increase of Capital	400.000	400.000	1.200.000	1.200.000
12/01/2004	Increase of Capital	400.000	400.000	1.600.000	1.600.000
02/08/2004	Increase of Capital	160.000	160.000	1.760.000	1.760.000
02/08/2004	Increase of Capital	320.000	320.000	2.080.000	2.080.000
28/01/2005	Increase of Capital	1.400.000	1.400.000	3.480.000	3.480.000
05/01/2006	Increase of Capital	1.340.000	1.340.000	4.820.000	4.820.000
09/02/2006	Capital Reduction	-3.133.000	-3.133.000	1.687.000	1.687.000
28/07/2006	Increase of Capital	1.199.986	1.199.986	2.886.986	2.886.986
13/02/2007	Increase of Capital	550.001	550.001	3.436.986	3.436.986
22/05/2007	Increase of Capital	626.451	626.451	4.063.437	4.063.437
16/08/2007	Capital Reduction	-2.612.210	-2.612.210	1.451.228	1.451.228
19/11/2007	Increase of Capital	699.996	699.996	2.151.224	2.151.224
29/05/2008	Increase of Capital	600.000	600.000	2.751.224	2.751.224
05/02/2009	Increase of Capital	900.000	900.000	3.651.224	3.651.224
25/05/2009	Increase of Capital	858.750	858.750	4.509.974	4.509.974
11/12/2009	Increase of Capital	858.750	858.750	5.368.724	5.368.724
25/08/2010	Increase of Capital	1.000.000	1.000.000	6.368.724	6.368.724
21/02/2012	Increase of Capital	300.000	300.000	6.668.724	6.668.724

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	SANDRIGHAM SL	02/04/2014	4
CHIEF EXECUTIVE OFFICER	ELIAS DE GISPERT SILVIO	15/10/2002	5
MEMBER OF THE BOARD	TORRECILLA GUMBAU CARLOS	13/09/2013	3
	ELIAS DE GISPERT SILVIO	20/03/2012	5
	PLUVISILVA SL	20/03/2012	5
	SANDRIGHAM SL	20/03/2012	4
	DIVERSIFICACION ESTRATEGICA EMPRESARIAL SL	20/03/2012	3
PROXY	PONT AMENOS JOSE	22/11/2002	5
	ELIAS MARIMON SILVIO	22/11/2002	6
	TORRECILLA GUMBAU CARLES	22/11/2002	6
	ELIAS DE GISPERT SILVIO	22/11/2002	5
NON CONSELLOR SECRETARY	RIERA GORDILLO JOSE MARIA	03/04/2002	1
REPRESENTATIVE	PONT MARTIN JAVIER	02/01/2015	1
	BOSCH ROMEU MARIA TERESA	22/04/2014	1
	ELIAS MARIMON SILVIO	07/02/2003	6
ACCOUNTS' AUDITOR / HOLDER	IZUZQUIZA LEDO I ORIOLS AUDITORS SLP	20/03/2012	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
DIVERSIFICACION ESTRATEGICA EMPRESARIAL SL	MEMBER OF THE BOARD	03/10/2007	3
	MEMBER OF THE BOARD	20/03/2012
ELIAS DE GISPERT SILVIO	MEMBER OF THE BOARD	22/05/2007	5
	MEMBER OF THE BOARD	20/03/2012
ELIAS MARIMON SILVIO	MEMBER OF THE BOARD	07/02/2003	6
	PROXY	03/05/2002
	PROXY	22/11/2002
	PRESIDENT	07/10/2002
IZUZQUIZA LEDO I ORIOLS AUDITORS SLP	ACCOUNTS' AUDITOR / HOLDER	20/03/2012	2
M BORSO & IZUZQUIZA AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	16/02/2009	2
	ACCOUNTS' AUDITOR / HOLDER	05/01/2010
MARTI BARTOLI JUAN	PROXY	03/05/2002	4
	PROXY	22/11/2002
	PROXY	02/04/2014
	REPRESENTATIVE	22/04/2014
PLUVISILVA S.L	PRESIDENT	22/05/2007	1
PLUVISILVA SL	MEMBER OF THE BOARD	22/05/2007	5
	MEMBER OF THE BOARD	20/03/2012
	PRESIDENT	20/03/2012
	PRESIDENT	02/04/2014
PONT AMENOS JOSE	MEMBER OF THE BOARD	07/02/2003	5
	PROXY	03/05/2002
	PROXY	22/11/2002
	REPRESENTATIVE	02/01/2015
SANDRIGHAM SL	MEMBER OF THE BOARD	03/10/2007	4
	MEMBER OF THE BOARD	20/03/2012
TORRECILLA GUMBAU CARLES	MEMBER OF THE BOARD	07/02/2003	6
	MEMBER OF THE BOARD	29/05/2008
	PROXY	03/05/2002
	PROXY	22/11/2002
	REPRESENTATIVE	15/01/2004
TORRECILLA GUMBAU CARLOS	MEMBER OF THE BOARD	29/05/2008	3
	MEMBER OF THE BOARD	13/09/2013
TORRINVEST DEL VALLES SL	MEMBER OF THE BOARD	15/01/2004	1

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		ANGEL MELGAR LESMES
MANAGING DIRECTOR		SILVIO ELIAS GISPERT

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

  Chronological summary

		Number of Publications	Amount (_)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		Unpublished	---
Notices of defaults and enforcement		---	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

> Details

 > Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. Adequate level of financial autonomy. The financial autonomy of the entity represents the 37.14 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets. The current debt represents a 33.36of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. ECOVERITAS SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

Although it is in a new stage of Consolidationit is part of a group distinguished by a downturn in the market.

TREND OF SCORING

> Latest Scoring Changes :

According to a business research conducted by , this company has been found to have regular payment performance and has paid all of its debts timely.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.386 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 472 Retail sale of food, beverages and tobacco in specialised stores
Relative Position: Credit quality is superior to that of other companies in the same sector.

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

The 99.00% of the companies of the sector ECOVERITAS 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 0.386%.

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

LEGAL CLAIMS

Summary of Judicial Claims

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

Link List

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

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	SANDRIGHAM SL	BARCELONA	20.77
PARTICIPATES IN	ALIMENTS BIOLOGICS LAIETANA SA	BARCELONA	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	DIVERSIFICACION ESTRATEGICA EMPRESARIAL SL	LLEIDA
	PLUVISILVA SL	BARCELONA
	SANDRIGHAM SL	BARCELONA
ABSORBS TO	ALIMENTS BIOLOGICS LAIETANA SA	BARCELONA
HAS IN ITS ADMINISTRATION BOARD TO	PLUVISILVA SL	BARCELONA
	SANDRIGHAM SA	BARCELONA
	DIVERSIFICACION ESTRATEGICA EMPRESARIAL SL	LLEIDA

Turnover
Total Sales 2013	24.941.965,39

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

Estimated Balance

The last figures listed in the Trade Register (31/12/2013) show a closure of the financial year with benefits of -318.613 Euro/s, but the company had losses of previous financial years of -3.376.919 Euro/s. Given the above, and not having the last financial year, we do not know in which this situation could have changed. Consecuently, we can not include the usual figures commonly showed in this kind of works.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	November  2014
2012	Normales	October  2013
2011	Normales	July  2012
2010	Normales	August  2011
2009	Normales	November  2010
2008	Normales	November  2009
2007	Normales	January  2009
2006	Normales	September  2007
2005	Normales	September  2006
2004	Normales	November  2005
2003	Normales	September  2004
2002	Normales	September  2003

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	14.963.420,00	14.013.454,00	13.556.275,00	12.959.139,00	9.850.919,00
I. Intangible fixed assets : 11100	376.735,00	78.384,00	83.340,00	74.312,00	56.198,00
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	376.735,00	78.384,00	83.340,00	74.312,00	56.198,00
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	11.914.955,00	11.214.676,00	10.645.621,00	9.952.728,00	9.678.819,00
1. Land and buildings: 11210	9.082.395,00	8.234.590,00	7.978.614,00	7.539.384,00	7.390.643,00
2. Technical installations and other tangible fixed assets: 11220	2.832.560,00	2.980.086,00	2.667.007,00	2.413.344,00	2.288.176,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	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	165.252,00	162.726,00	143.059,00	125.266,00	115.903,00
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	165.252,00	162.726,00	143.059,00	125.266,00	115.903,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	2.506.479,00	2.557.668,00	2.684.255,00	2.806.833,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	5.240.296,00	3.622.946,00	2.861.438,00	2.155.762,00	2.222.501,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	1.771.142,00	1.813.488,00	1.552.368,00	1.397.508,00	1.352.909,00
1. Commercial: 12210	1.771.142,00	1.813.488,00	1.552.368,00	1.397.508,00	1.352.909,00
2. Primary material and other supplies: 12220	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
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	648.958,00	664.574,00	400.511,00	352.849,00	412.685,00
1. Trade debtors / accounts receivable: 12310	424.030,00	268.691,00	225.705,00	250.693,00	296.620,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	89.433,00	143.043,00	187.787,00
b) Customers for sales and provisions of services : 12312	424.030,00	268.691,00	136.272,00	107.650,00	108.833,00
2. Customers, Group companies and associates : 12320	0,00	0,00	0,00	0,00	0,00
3. Other accounts receivable: 12330	207.035,00	256.369,00	117.602,00	54.133,00	47.505,00
4. Personnel: 12340	567,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	17.327,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	0,00	139.514,00	57.204,00	48.023,00	68.561,00
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	138.287,00	138.287,00	130.488,00	210.807,00	144.168,00
VII. Cash and other equivalent liquid assets : 12700	2.681.909,00	1.006.597,00	778.072,00	194.597,00	312.739,00
1. Treasury: 12710	2.681.909,00	1.006.597,00	778.072,00	194.597,00	312.739,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	20.203.716,00	17.636.401,00	16.417.713,00	15.114.901,00	12.073.420,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	7.502.745,00	7.250.859,00	7.037.208,00	6.451.193,00	2.657.867,00
A-1) Shareholders' equity: 21000	7.502.745,00	7.250.859,00	7.037.208,00	6.451.193,00	2.657.867,00
I. Capital: 21100	6.668.724,00	6.668.724,00	6.668.724,00	6.368.724,00	5.368.724,00
1. Registered capital : 21110	6.668.724,00	6.668.724,00	6.668.724,00	6.368.724,00	5.368.724,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	1.282.500,00	1.282.500,00	1.282.500,00	1.282.500,00	1.282.500,00
III. Reserves: 21300	2.609.827,00	2.580.291,00	2.551.689,00	2.551.689,00	-147.073,00
1. Legal and statutory: 21310	58.138,00	28.601,00	0,00	0,00	0,00
2. Other reserves: 21320	2.551.689,00	2.551.689,00	2.551.689,00	2.551.689,00	-147.073,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	-3.376.919,00	-3.576.025,00	-3.751.719,00	-3.846.284,00	-3.657.372,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-3.376.919,00	-3.576.025,00	-3.751.719,00	-3.846.284,00	-3.657.372,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	318.613,00	295.369,00	286.015,00	94.565,00	-188.912,00
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	5.960.752,00	4.951.921,00	4.834.008,00	4.661.788,00	5.003.416,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	5.960.752,00	4.951.921,00	4.834.008,00	4.661.788,00	5.003.416,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	3.752.662,00	2.694.879,00	2.468.008,00	2.295.788,00	2.637.416,00
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	2.208.090,00	2.257.042,00	2.366.000,00	2.366.000,00	2.366.000,00
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	6.740.219,00	5.433.621,00	4.546.498,00	4.001.920,00	4.412.137,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	0,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	955.872,00	446.072,00	350.354,00	438.066,00	645.761,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	635.514,00	414.163,00	292.065,00	388.941,00	602.747,00
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	320.358,00	31.909,00	58.290,00	49.126,00	43.015,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	5.784.347,00	4.987.549,00	4.196.143,00	3.563.853,00	3.766.376,00
1. Suppliers: 32510	2.318.983,00	1.844.993,00	1.767.145,00	1.700.858,00	1.378.293,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.318.983,00	1.844.993,00	1.767.145,00	1.700.858,00	1.378.293,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	3.215.894,00	2.935.002,00	2.256.333,00	1.749.673,00	2.287.836,00
4. Personnel (remuneration due): 32540	0,00	2.011,00	2.634,00	4.218,00	0,00
5. Liabilities for current tax: 32550	41.767,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	207.703,00	205.544,00	170.032,00	109.105,00	100.246,00
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	20.203.716,00	17.636.401,00	16.417.713,00	15.114.901,00	12.073.420,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	24.941.965,00	21.005.605,00	19.434.145,00	17.324.315,00	15.608.379,00
a) Sales: 40110	24.941.965,00	21.005.605,00	19.434.145,00	17.324.089,00	15.608.121,00
b) Rendering of services: 40120	0,00	0,00	0,00	226,00	259,00
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	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-13.730.059,00	-11.381.924,00	-10.315.337,00	-9.483.825,00	-8.784.431,00
a) Stock consumption: 40410	-13.730.059,00	-11.378.521,00	-10.308.092,00	-9.475.295,00	-8.777.935,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	-3.403,00	-7.245,00	-8.531,00	-6.495,00
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	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	133.202,00	195.248,00	227.869,00	101.955,00	97.344,00
a) Auxiliary income and other from current management: 40510	133.202,00	157.582,00	194.869,00	101.955,00	97.344,00
b) Operation subsidies included in the Period's result: 40520	0,00	37.666,00	33.000,00	0,00	0,00
6. Personnel costs: 40600	-4.737.212,00	-4.485.385,00	-4.202.193,00	-3.902.273,00	-3.483.298,00
a) Wages, salaries et al.: 40610	-3.614.319,00	-3.462.701,00	-3.312.374,00	-3.038.511,00	-2.710.015,00
b) Social security costs: 40620	-1.122.892,00	-1.022.684,00	-889.819,00	-863.761,00	-773.283,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-4.770.228,00	-4.533.561,00	-4.279.221,00	-3.625.882,00	-3.278.379,00
a) External services: 40710	-4.615.353,00	-4.432.937,00	-4.087.626,00	-3.548.287,00	-3.195.748,00
b) Taxes: 40720	-146.159,00	-133.651,00	-139.004,00	-69.965,00	-72.905,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	43.064,00	-43.064,00	0,00	0,00
d) Other current management expenditure : 40740	-8.715,00	-10.036,00	-9.527,00	-7.629,00	-9.726,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-379.656,00	-345.064,00	-326.524,00	-295.932,00	-262.963,00
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	-941.305,00	2.323,00	-3.065,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	-3.065,00	0,00	0,00
b) Results for transfers and other : 41120	-941.305,00	2.323,00	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	30.227,00	66.536,00	-2.794,00	85.128,00	72.860,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	546.935,00	523.778,00	532.879,00	203.486,00	-30.487,00
14. Financial income : 41400	11.742,00	7.373,00	12.782,00	7.428,00	11.101,00
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	11.742,00	7.373,00	12.782,00	7.428,00	11.101,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	11.742,00	7.373,00	12.782,00	7.428,00	11.101,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-103.515,00	-109.195,00	-137.069,00	-116.350,00	-169.526,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-103.515,00	-109.195,00	-137.069,00	-116.350,00	-169.526,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	0,00	0,00	0,00	0,00	0,00
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	-91.774,00	-101.822,00	-124.287,00	-108.921,00	-158.425,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	455.161,00	421.956,00	408.592,00	94.565,00	-188.912,00
20. Income taxes: 41900	-136.548,00	-126.587,00	-122.578,00	0,00	0,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	318.613,00	295.369,00	286.015,00	94.565,00	-188.912,00
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	318.613,00	295.369,00	286.015,00	94.565,00	-188.912,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	12.456.942,00	11.455.786,00	10.872.020,00	10.152.307,00	9.850.919,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	376.735,00	78.384,00	83.340,00	74.312,00	56.198,00
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:	376.735,00	78.384,00	83.340,00	74.312,00	56.198,00
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:	11.914.955,00	11.214.676,00	10.645.621,00	9.952.728,00	9.678.819,00
1. Land and construction:	9.082.395,00	8.234.590,00	7.978.614,00	7.539.384,00	7.390.643,00
2. Technical installations and machinery:	1.350.084,00	1.420.400,00	1.271.177,00	1.150.273,00	1.090.614,00
3. Other installations, tools and furniture:	1.106.549,00	1.164.180,00	1.041.875,00	942.781,00	893.883,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	375.927,00	395.506,00	353.955,00	320.290,00	303.678,00
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:	165.252,00	162.726,00	143.059,00	125.266,00	115.903,00
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:	165.252,00	162.726,00	143.059,00	125.266,00	115.903,00
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:	7.746.774,00	6.180.614,00	5.545.693,00	4.962.595,00	2.222.501,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	1.771.142,00	1.813.488,00	1.552.368,00	1.397.508,00	1.352.909,00
1. Goods for resale:	1.771.142,00	1.813.488,00	1.552.368,00	1.397.508,00	1.352.909,00
2. Raw materials and other consumables:	0,00	0,00	0,00	0,00	0,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
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:	3.155.437,00	3.222.242,00	3.084.766,00	3.159.682,00	412.685,00
1. Trade debtors / accounts receivable:	424.030,00	268.691,00	225.705,00	250.693,00	296.620,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	207.035,00	256.369,00	117.602,00	54.133,00	47.505,00
5. Staff:	567,00	0,00	0,00	0,00	0,00
6. Public bodies:	2.523.805,00	2.697.182,00	2.741.459,00	2.854.856,00	68.561,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	0,00	0,00	0,00	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	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	2.681.909,00	1.006.597,00	778.072,00	194.597,00	312.739,00
VII. Prepayments and accrued income:	138.287,00	138.287,00	130.488,00	210.807,00	144.168,00
GENERAL TOTAL (A + B + C + D):	20.203.716,00	17.636.401,00	16.417.713,00	15.114.901,00	12.073.420,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	7.502.745,00	7.250.859,00	7.037.208,00	6.451.193,00	2.657.867,00
I. Subscribed capital:	6.668.724,00	6.668.724,00	6.668.724,00	6.368.724,00	5.368.724,00
II. Share premium:	1.282.500,00	1.282.500,00	1.282.500,00	1.282.500,00	1.282.500,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	2.609.827,00	2.580.291,00	2.551.689,00	2.551.689,00	-147.073,00
1. Legal reserve:	58.138,00	28.601,00	0,00	0,00	0,00
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:	2.551.689,00	2.551.689,00	2.551.689,00	2.551.689,00	-147.073,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-3.376.919,00	-3.576.025,00	-3.751.719,00	-3.846.284,00	-3.657.372,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-3.376.919,00	-3.576.025,00	-3.751.719,00	-3.846.284,00	-3.657.372,00
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:	318.613,00	295.369,00	286.015,00	94.565,00	-188.912,00
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:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	5.960.752,00	4.951.921,00	4.834.008,00	4.661.788,00	5.003.416,00
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:	3.752.662,00	2.694.879,00	2.468.008,00	2.295.788,00	2.637.416,00
1. Loans and other liabilities:	3.752.662,00	2.694.879,00	2.468.008,00	2.295.788,00	2.637.416,00
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:	2.208.090,00	2.257.042,00	2.366.000,00	2.366.000,00	2.366.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	2.208.090,00	2.257.042,00	2.366.000,00	2.366.000,00	2.366.000,00
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:	6.740.219,00	5.433.621,00	4.546.498,00	4.001.920,00	4.412.137,00
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:	635.514,00	414.163,00	292.065,00	388.941,00	602.747,00
1. Loans and other liabilities:	635.514,00	414.163,00	292.065,00	388.941,00	602.747,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	5.534.877,00	4.779.995,00	4.023.477,00	3.450.531,00	3.666.130,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	5.534.877,00	4.779.995,00	4.023.477,00	3.450.531,00	3.666.130,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	569.828,00	239.464,00	230.956,00	162.449,00	143.261,00
1. Public bodies:	249.470,00	205.544,00	170.032,00	109.105,00	100.246,00
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:	0,00	2.011,00	2.634,00	4.218,00	0,00
5. Guarantees and deposits received at short term:	320.358,00	31.909,00	58.290,00	49.126,00	43.015,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	20.203.716,00	17.636.401,00	16.417.713,00	15.114.901,00	12.073.420,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	24.798.523,00	20.981.716,00	19.388.781,00	17.424.261,00	15.978.597,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	13.730.059,00	11.381.924,00	10.315.337,00	9.483.825,00	8.784.431,00
a) Stock consumption:	13.730.059,00	11.378.521,00	10.308.092,00	9.475.295,00	8.777.935,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	3.403,00	7.245,00	8.531,00	6.495,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	4.737.212,00	4.485.385,00	4.202.193,00	3.902.273,00	3.483.298,00
a) Wages, salaries et al.:	3.614.319,00	3.462.701,00	3.312.374,00	3.038.511,00	2.710.015,00
b) Social security costs:	1.122.892,00	1.022.684,00	889.819,00	863.761,00	773.283,00
A.4. Depreciation expense:	379.656,00	345.064,00	326.524,00	295.932,00	262.963,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	-43.064,00	43.064,00	0,00	0,00
a) Stock provision variation:	0,00	0,00	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:	0,00	-43.064,00	43.064,00	0,00	0,00
A.6. Other operating charges:	4.770.228,00	4.576.625,00	4.236.157,00	3.625.882,00	3.278.379,00
a) External services:	4.615.353,00	4.432.937,00	4.087.626,00	3.548.287,00	3.195.748,00
b) Taxes:	146.159,00	133.651,00	139.004,00	69.965,00	72.905,00
c) Other operating expenses:	8.715,00	10.036,00	9.527,00	7.629,00	9.726,00
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):	1.458.012,00	454.919,00	538.739,00	118.358,00	0,00
A.7. Financial and similar charges:	103.515,00	109.195,00	137.069,00	116.350,00	169.526,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	103.515,00	109.195,00	137.069,00	116.350,00	169.526,00
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:	0,00	0,00	0,00	0,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	1.366.239,00	353.097,00	414.452,00	9.437,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	3.065,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	941.305,00	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	2.794,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	68.859,00	0,00	85.128,00	72.860,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	455.161,00	421.956,00	408.592,00	94.565,00	0,00
A.15. Corporation tax:	136.548,00	126.587,00	122.578,00	0,00	0,00
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):	318.613,00	295.369,00	286.015,00	94.565,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	25.117.136,00	21.277.085,00	19.674.795,00	17.518.826,00	15.789.685,00
B.1. Net total sales:	24.941.965,00	21.005.605,00	19.434.145,00	17.324.315,00	15.608.379,00
a) Sales:	24.941.965,00	21.005.605,00	19.434.145,00	17.324.089,00	15.608.121,00
b) Rendering of services:	0,00	0,00	0,00	226,00	259,00
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	0,00	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:	133.202,00	195.248,00	227.869,00	101.955,00	97.344,00
a) Auxiliary income and other from current management:	133.202,00	157.582,00	194.869,00	101.955,00	97.344,00
b) Grants:	0,00	37.666,00	33.000,00	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	103.347,00
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:	11.742,00	7.373,00	12.782,00	7.428,00	11.101,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	11.742,00	7.373,00	12.782,00	7.428,00	11.101,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	91.774,00	101.822,00	124.287,00	108.921,00	158.425,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	261.773,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	2.323,00	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:	30.227,00	66.536,00	0,00	85.128,00	72.860,00
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):	911.078,00	0,00	5.859,00	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	188.912,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	188.912,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.: 61100	455.161,00	421.956,00	408.592,00	94.565,00	-188.912,00
2. Results adjustments.: 61200	1.391.031,00	401.500,00	503.030,00	404.853,00	421.388,00
a) Fixed Assets Amortization (+).: 61201	357.952,00	345.064,00	326.524,00	295.932,00	262.963,00
b) Obsolescence Allowances (+/-). : 61202	0,00	-43.064,00	43.064,00	0,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	941.305,00	-2.323,00	3.065,00	0,00	0,00
g) Financial income (-).: 61207	-11.742,00	-7.373,00	-12.782,00	-7.428,00	-11.101,00
h) Financial Expenses (+). : 61208	103.515,00	109.195,00	143.159,00	116.350,00	169.526,00
3. Changes in current capital equity.: 61300	769.402,00	301.487,00	467.024,00	-348.664,00	401.336,00
a) Stock (+/-).: 61301	42.347,00	-261.121,00	-154.860,00	-44.599,00	-140.113,00
d) Debtors and other accounts receivable (+/-). : 61302	15.616,00	-220.999,00	-90.726,00	62.321,00	171.164,00
c) Other current assets (+/-). : 61303	0,00	-7.799,00	80.320,00	-68.102,00	0,00
d) Creditors and other accounts payable (+/-). : 61304	796.798,00	791.406,00	632.290,00	-298.284,00	370.284,00
f) Other non-current assets and liabilities (+/-).: 61306	-85.359,00	0,00	0,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	-91.774,00	-101.822,00	-124.287,00	-115.033,00	-213.231,00
a) Interest payments (-). : 61401	-103.515,00	-109.195,00	-137.069,00	-122.461,00	-224.332,00
c) Interest collection (+). : 61403	11.742,00	7.373,00	12.782,00	7.428,00	11.101,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	2.523.819,00	1.023.120,00	1.254.360,00	35.721,00	420.580,00
6. Payments for investment (-).: 62100	-2.300.412,00	-931.307,00	-1.046.237,00	-598.342,00	-4.130.915,00
b) Intangible fixed assets. : 62102	-303.686,00	-18.134,00	-30.505,00	-36.345,00	-36.130,00
c) Fixed assets. : 62103	-1.994.200,00	-893.507,00	-997.940,00	-551.611,00	-4.066.848,00
e) Other financial assets. : 62105	-2.526,00	-19.666,00	-17.793,00	-10.386,00	-27.937,00
7. Divestment payment collection (+). : 62200	0,00	4.800,00	0,00	0,00	0,00
c) Fixed assets. : 62203	0,00	4.800,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-2.300.412,00	-926.507,00	-1.046.237,00	-598.342,00	-4.130.915,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	300.000,00	1.000.000,00	3.000.000,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	300.000,00	1.000.000,00	3.000.000,00
10. Payment collection and payments for financial liabilities instruments.: 63200	1.518.631,00	213.631,00	75.352,00	-555.521,00	814.590,00
a) Issuance : 63201	2.123.120,00	679.132,00	500.009,00	58.481,00	1.956.000,00
1. Debentures and other negotiable securities (+). : 63202	0,00	679.132,00	0,00	0,00	0,00
2. Debts incurred with credit institutions (+). : 63203	1.792.000,00	0,00	500.000,00	58.481,00	1.956.000,00
5. Other debts (+). : 63206	331.120,00	0,00	9,00	0,00	0,00
b) Repayment and amortization of : 63207	-604.489,00	-465.501,00	-424.657,00	-614.002,00	-1.141.410,00
2. Debts incurred with credit institutions (-).: 63209	-515.521,00	-330.162,00	-424.657,00	-614.002,00	-841.410,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	0,00	0,00	-300.000,00
5. Other debts (-). : 63212	-88.968,00	-135.339,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-66.726,00	-81.718,00	0,00	0,00	0,00
a) Dividends (-).: 63301	-66.726,00	-81.718,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	1.451.905,00	131.912,00	375.352,00	444.479,00	3.814.590,00
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	1.675.312,00	228.525,00	583.474,00	-118.141,00	104.256,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	1.006.597,00	778.072,00	194.597,00	312.739,00	208.483,00
Cash or equivalent assets as of end of the fiscal year.: 65200	2.681.909,00	1.006.597,00	778.072,00	194.597,00	312.739,00

FINANCIAL DIAGNOSIS

 > Economic-Financial Comparative Analysis

  Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,07 %	0,01 %	0,01 %	0,01 %	517,41 %	98,00 %
EBITDA over Sales:	7,37 %	11,37 %	3,81 %	9,03 %	93,46 %	25,99 %
Cash Flow Yield:	0,08 %	0,01 %	0,01 %	0,00 %	539,92 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	2,58 %	6,92 %	2,62 %	4,95 %	-1,46 %	39,91 %
Total economic profitability:	2,77 %	3,81 %	3,01 %	2,31 %	-8,18 %	64,76 %
Financial profitability:	4,25 %	4,38 %	4,07 %	0,83 %	4,25 %	428,37 %
Margin:	2,06 %	6,73 %	2,16 %	4,63 %	-4,45 %	45,40 %
Mark-up:	1,69 %	4,56 %	1,68 %	1,23 %	1,09 %	270,93 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,40	0,13	0,19	0,12	114,79	13,57
Acid Test:	0,49	0,86	0,31	0,85	60,68	1,03
Working Capital / Investment:	-0,07	0,05	-0,10	0,03	27,69	83,27
Solvency:	1,15	1,18	1,14	1,17	1,04	0,04

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,69	1,38	1,43	1,62	18,19	-14,99
Borrowing Composition:	0,88	1,00	0,91	1,03	-2,96	-2,52
Repayment Ability:	7,58	94,13	45,45	196,10	-83,32	-52,00
Warranty:	1,59	1,73	1,70	1,62	-6,33	6,84
Generated resources / Total creditors:	0,05	0,08	0,06	0,07	-10,85	27,06

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,39	1,87	1,18	1,70	17,78	9,45
Turnover of Collection Rights :	38,64	5,04	31,90	4,78	21,12	5,54
Turnover of Payment Entitlements:	3,20	3,66	3,19	3,51	0,23	4,35
Stock rotation:	13,33	7,33	11,44	6,48	16,56	13,20
Assets turnover:	1,25	1,03	1,21	1,07	3,14	-3,78
Borrowing Cost:	0,82	2,85	1,05	2,95	-22,48	-3,30

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow	2013	2012	2011	2010	2009
Cash Flow over Sales:	0,07 %	0,01 %	0,03 %	-0,01 %	0,67 %
EBITDA over Sales:	7,37 %	3,81 %	4,45 %	2,39 %	1,02 %
Cash Flow Yield:	0,08 %	0,01 %	0,04 %	-0,01 %	0,86 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	2,58 %	2,62 %	3,29 %	0,79 %	-0,86 %
Total economic profitability:	2,77 %	3,01 %	3,32 %	1,40 %	-0,16 %
Financial profitability:	4,25 %	4,07 %	4,06 %	1,47 %	-7,11 %
Margin:	2,06 %	2,16 %	2,72 %	0,68 %	-0,66 %
Mark-up:	1,69 %	1,68 %	2,09 %	0,05 %	-1,67 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,40	0,19	0,17	0,05	0,07
Acid Test:	0,49	0,31	0,26	0,14	0,16
Working Capital / Investment:	-0,07	-0,10	-0,10	-0,12	-0,18
Solvency:	1,15	1,14	1,22	1,24	0,50

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	1,69	1,43	1,33	1,34	3,54
Borrowing Composition:	0,88	0,91	1,06	1,16	1,13
Repayment Ability:	7,58	45,45	16,08	-73,33	40,50
Warranty:	1,59	1,70	1,75	1,74	1,28
Generated resources / Total creditors:	0,05	0,06	0,07	0,05	0,01

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,39	1,18	1,21	1,11	1,05
Turnover of Collection Rights :	38,64	31,90	49,09	49,39	38,06
Turnover of Payment Entitlements:	3,20	3,19	3,48	3,68	3,20
Stock rotation:	13,33	11,44	12,32	12,38	11,69
Assets turnover:	1,25	1,21	1,21	1,16	1,31
Borrowing Cost:	0,82	1,05	1,46	1,34	1,80

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	37.666,00

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	33.000,00

Research Summary

Company founded in 2002 engaged in the exploitation of a supermarket chain of organic food. Nothing appears against the company in the information sources consulted. In view of the last figures listed in the Trade Register, we recommend follow regularly its commercial development.

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.63.38
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

RATING EXPLANATIONS

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

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

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

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

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