MIRA INFORM REPORT

Report No. :	334042
Report Date :	31.07.2015

IDENTIFICATION DETAILS

Name :	SUAN FARMA SA
Registered Office :	C/ Einstein, 8. - Alcobendas - 28108 - Madrid
Country :	Spain
Financials (as on) :	31.12.2013
Date of Incorporation :	01.06.1993
Legal Form :	Public Company
Line of Business :	Wholesale of pharmaceutical goods
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	215.000 Euro
Status :	Moderate
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Spain	A1	A1

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

SPAIN - ECONOMIC OVERVIEW

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:	SUAN FARMA SA
NIF / Fiscal code:	A80624067
Status:	ACTIVE WITH PARTIAL DIVISIONS OF CAPITAL
Incorporation Date:	01/06/1993
Register Data	Register Section 8 Sheet 106308
Last Publication in BORME:	03/03/2015 [Revocations]
Last Published Account Deposit:	2013
Share Capital:	897.081,64
Localization:	C/ EINSTEIN, 8. - ALCOBENDAS - 28108 - MADRID
Telephone - Fax - Email - Website:	Telephone. 913 589 153/913 446 890 Email. info@suanfarma.com Website. www.suanfarma.com
Number of Branches	1
Activity:
NACE:	4646 - Wholesale of pharmaceutical goods
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	3 for a total cost of 58091
Quality Certificate:	No
Default Risk:	2.635%
Maximum recommended commercial credit:	215.000
Payment Behaviour:	Slow but correct
Prospects:	Face recession
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:

GRUPO SUAN FARMA SL	100 %
Shares:	15
Other Links:	13
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2013

2012

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees NO
INVESTIGATION SUMMARY
It is a company with some years of activity, hence the experience it has in its sector and the good reputation expressed by the sources consulted. Its turnover were down a 9,91 % in 2013, with respect to the last year. It has a negative working capital, so the compony would be not able to face its short term obligations.

Enquiry Details

Business address regime:

Property

Identification

Social Denomination:	SUAN FARMA SA
NIF / Fiscal code:	A80624067
Corporate Status:	ACTIVE WITH PARTIAL DIVISIONS OF CAPITAL
Start of activity:	1993
Registered Office:	C/ EINSTEIN, 8.
Locality:	ALCOBENDAS
Province:	MADRID
Postal Code:	28108
Telephone:	913 589 153/913 446 890
Fax:	913 446 894
Website:	www.suanfarma.com
Email:	info@suanfarma.com

Branch Offices

Address	Postal Code	City	Province
Isabel Colbrand, S/N	28050	MADRID	MADRID

Activity

NACE:	4646
Legal Form:	IMPORT, EXPORT, PURCHASE AND WHOLE SALE AND RETAIL SALE OF CHEMICAL PRODUCTS, PHARMACEUTICAL, SPECIALLY FOR HUMAN AND VETERINARY USES.
Additional Information:	It is engaged in the development, productions, and commercialization of raw material and finished goods for the pharmaceutial, veterinary, nutritional and cosmetic sectos. Integrated in SUANFARMA group.
Additional Address:	C/ EINSTEIN, 8 28108 ALCOBENDAS ( MADRID ), registered office, development center, laboratories, building in property.
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Face recession
Industry situation:	Maturity

Chronological Summary

Year	Act
1993	Appointments/ Re-elections (1) Company Formation (1)
1995	Accounts deposit (year 1993) Appointments/ Re-elections (1)
1996	Accounts deposit (year 1994) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)
1997	Accounts deposit (year 1995, 1996) Other Concepts/ Events (1) Statutory Modifications (1)
1998	Accounts deposit (year 1997) Appointments/ Re-elections (1)
1999	Cessations/ Resignations/ Reversals (1)
2000	Accounts deposit (year 1998, 1999) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1)
2001	Accounts deposit (year 2000)
2002	Accounts deposit (year 2001)
2003	Accounts deposit (year 2002)
2004	Accounts deposit (year 2003) Appointments/ Re-elections (1)
2006	Accounts deposit (year 2004 consolidated, 2004, 2005) Appointments/ Re-elections (2)
2007	Accounts deposit (year 2005 consolidated, 2006) Appointments/ Re-elections (2) Increase of Capital (2)
2008	Accounts deposit (year 2006 consolidated, 2007)
2009	Accounts deposit (year 2007 consolidated, 2008 consolidated, 2008)
2010	Accounts deposit (year 2009 consolidated, 2009) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Change of Social address (2)
2011	Accounts deposit (year 2010) Appointments/ Re-elections (3) Capital Reduction (2) Cessations/ Resignations/ Reversals (4) Declaration of Sole Propietorship (1) Other Concepts/ Events (2) Partial split (3)
2012	Accounts deposit (year 2010 consolidated, 2011) Other Concepts/ Events (1) Partial split (3)
2013	Accounts deposit (year 2011 consolidated, 2012) Capital Reduction (1) Partial split (1)
2014	Accounts deposit (year 2013) Appointments/ Re-elections (2)
2015	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:	897.081,64
Paid up capital:	897.081,64

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
06/07/1993	Company Formation	159.869	159.869	159.869	159.869
30/10/2007	Increase of Capital	23	23	159.893	159.893
30/10/2007	Increase of Capital	840.157	840.157	1.000.050	1.000.050
29/11/2011	Capital Reduction	-99.963	-99.963	900.087	900.087
29/01/2013	Capital Reduction	-3.006	-3.006	897.082	897.082

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	GRUPO SUAN FARMA SL	28/11/2011	1
PRESIDENT	ARA SANZ HECTOR	29/11/2010	15
MEMBER OF THE BOARD	ARA ZAMORA HECTOR	10/11/2011	1
	FERNANDEZ FUSTER MANUEL	29/11/2010	9
	ARA SANZ HECTOR	29/11/2010	15
JOINT ATTORNEY/COMBINED PROXY	ORTEGA LECHON ANTONIA SONIA	23/02/2015	1
PROXY	FERNANDEZ SANIGER FRANCISCO JOSE	05/04/2010	1
CHIEF EXECUTIVE OFFICER	ARA SANZ HECTOR	29/11/2010	15
SECRETARY	VAZQUEZ CALO MARIA TERESA	10/11/2011	1
ACCOUNTS' AUDITOR / HOLDER	PRICEWATERHOUSECOOPERS AUDITORES SL	20/11/2014	3

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ARA PARGA MIGUEL	PROXY	28/10/1998	11
	PROXY	10/05/2004
	SECRETARY	10/01/2006
	MEMBER OF THE BOARD	10/01/2006
	PROXY	28/10/2010
	SECRETARY	29/11/2010
	MEMBER OF THE BOARD	29/11/2010
	PROXY	05/04/2011
	SECRETARY	10/11/2011
	JOINT ATTORNEY/COMBINED PROXY	10/11/2011
	MEMBER OF THE BOARD	10/11/2011
ARA SANZ HECTOR	MEMBER OF THE BOARD	18/10/1996	15
	MEMBER OF THE BOARD	26/04/2000
	MEMBER OF THE BOARD	10/01/2006
	MEMBER OF THE BOARD	29/11/2010
	CHIEF EXECUTIVE OFFICER	10/01/2006
	CHIEF EXECUTIVE OFFICER	29/11/2010
	SOLE CHIEF EXECUTIVE OFFICER	18/10/1996
	SOLE CHIEF EXECUTIVE OFFICER	26/04/2000
	SECRETARY	18/10/1996
	PRESIDENT	10/01/2006
	PRESIDENT	29/11/2010
	VICE CHAIRMAN	26/04/2000
ATTEST SERVICIOS EMPRESARIALES SLP	ACCOUNTS' AUDITOR / HOLDER	17/03/2011	1
BENITEZ FERNANDEZ JOAQUIN LUIS	MEMBER OF THE BOARD	18/10/1996	2
	VICE CHAIRMAN	18/10/1996
CASTRO MONTENEGRO EMILIO	MEMBER OF THE BOARD	18/10/1996	1
CONSULTORES DE TECNICAS EMPRESARIALES S A	ACCOUNTS' AUDITOR / HOLDER	13/03/2006	2
	ACCOUNTS' AUDITOR / HOLDER	25/10/2007
CONSULTORES DE TECNICAS EMPRESARIALES SL	ACCOUNTS' AUDITOR / HOLDER	25/10/2007	3
	ACCOUNTS' AUDITOR / HOLDER	26/10/2007
	ACCOUNTS' AUDITOR / HOLDER	02/02/2010
CONTESA AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	13/03/2006	1
FERNANDEZ FUSTER MANUEL	MEMBER OF THE BOARD	18/10/1996	9
	VICE CHAIRMAN	10/11/2011
	VICE CHAIRMAN	29/11/2010
	MEMBER OF THE BOARD	29/11/2010
	MEMBER OF THE BOARD	10/01/2006
	VICE CHAIRMAN	10/01/2006
	MEMBER OF THE BOARD	26/04/2000
	SECRETARY	26/04/2000
ORTIZ ALVAREZ MONICA	PROXY	05/04/2011	1
PRICE WATERHOUSE COOPERS AUDITORES SL	CONSOLIDATED ACCOUNTS' AUDITOR	07/02/2014	1
PRICEWATERHOUSECOOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	07/02/2014	3
	ACCOUNTS' AUDITOR / HOLDER	20/11/2014
RODRIGUEZ RODRIGUEZ LUIS VIDAL	PROXY	23/02/2015	1
SANCHEZ OCAÑA URIARTE PEDRO IGNACIO	PROXY	05/04/2011	1
WEITHASE GERD HERBERT	MEMBER OF THE BOARD	18/10/1996	4
	PRESIDENT	18/10/1996
	PRESIDENT	17/09/1999
	MEMBER OF THE BOARD	26/04/2000

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

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. It has financial profitability.. SUAN FARMA SA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation. Debts assumed by the company based on the volume of its own resources have decreased in the previous financial year. Adequate turnover of the current assets. The company shows an efficient use of current assets by having good capacity to generate incomes based on the dedicated assets available for sale.

SUAN FARMA SA it presents an excessive indebtedness that may compromise their balance sheet. The current debt represents a 70.39% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency. SUAN FARMA SA 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient. Immediate solvency is significantly lower than that of the previous fiscal year.

Probability of default

> Estimated Probability of Default for the next 12 months:  2.635 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 464 Wholesale of household goods
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 61.00% of the companies of the sector SUAN FARMA 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 2.635%.

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
	Proceedings before the Industrial Tribunal	No se han publicado

Guarantees

References

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:	2 Entities
IS RELATED WITH:	8 Entities
PARTICIPATES IN:	15 Entities
SE ESCINDE PARCIALMENTE EN:	3 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	GRUPO SUAN FARMA SL	MADRID	100
	SUANFARMA BIOTECH S.G.E.C.R. SA.	MADRID	100
PARTICIPATES IN	PLANTAS MEDICINALES DE CATALUÑA SA	BARCELONA	80
	TORREFARMA SL	MADRID	100
	SUAN FARMA CA (VENEZUELA)		80
	LABOSUAN INVESTIGACION Y DESARROLLO SL	MADRID	100
	INMUEBLES SUANFARMA SL	MADRID	100
	SUAN FARMA INC (ESTADOS UNIDOS)		80
	SUAN FARMA DE COLOMBIA SAS		80
	SERVICIOS GIROSUAN, SOCIEDAD LIMITADA, DE C.V. (MEXICO)		65
	SALUPHARMA BIOSIMILARS, SOCIEDAD ANONIMA, UNIPERSONAL	MADRID	100
	SUAN FARMA MIDDEL EAST FZ LLC		100
	SUAN FARMA SUIZA, S.A.		100
	CIDQO 2012 SL	BARCELONA	35
	SUAN FARMA MEXICO, SOCIEDAD ANONIMA, DE CV		64.97
	ALBERTO GIRONELLA, SOCIEDAD ANONIMA, DE CV (MEXICO)		64.97

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	ACRUSPULO SL	MADRID
	ALBERTO GIRONELLA, SOCIEDAD ANONIMA, DE CV (MEXICO)
	ANGEL BIOTHECNOLOGY
	PUELVA
	CABASI INVERSIONES SL	MADRID
	CIDQO 2012 SL	BARCELONA
IS RELATED WITH	LABOSUAN INVESTIGACION Y DESARROLLO SL	MADRID
	GRUPO SUAN FARMA SL	MADRID
SE ESCINDE PARCIALMENTE EN	LABOSUAN INVESTIGACION Y DESARROLLO SLU
	LABOSUAN INVESTIGACION Y DESARROLLO SL	MADRID
	GRUPO SUAN FARMA SL	MADRID
	PLANTAS MEDICINALES DE CATALUÑA SA	BARCELONA
BELONGS TO THE ADMINISTRATION BOARD OF	LABOSUAN INVESTIGACION Y DESARROLLO SL	MADRID

Turnover

Total Sales 2014

27.000.000

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	August  2014
2012	Normales	August  2013
2011	Consolidadas	April  2013
2011	Normales	October  2012
2010	Consolidadas	October  2012
2010	Normales	September  2011
2009	Consolidadas	November  2010
2009	Normales	November  2010
2008	Consolidadas	November  2009
2008	Normales	October  2009
2007	Consolidadas	September  2009
2007	Normales	September  2008
2006	Consolidadas	April  2008
2006	Normales	October  2007
2005	Consolidadas	December  2006
2005	Normales	September  2006
2004	Consolidadas	June  2006
2004	Normales	January  2006
2003	Normales	September  2004
2003	Normales	February  2005
2002	Normales	September  2003
2001	Normales	September  2002
2000	Normales	October  2001
1999	Normales	August  2000
1998	Normales	December  1999
1997	Normales	October  1998
1996	Normales	August  1997
1995	Normales	January  1997
1994	Normales	May  1996
1993	Normales	June  1995

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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	9.983.867,00	9.343.572,00	8.729.325,00	8.541.775,00	8.675.293,00
I. Intangible fixed assets : 11100	514,00	0,00	0,00	97.840,00	0,00
1. Development: 11110	0,00	0,00	0,00	97.840,00	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	514,00	0,00	0,00	0,00	0,00
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	4.447.009,00	4.623.491,00	4.898.421,00	5.067.339,00	5.086.405,00
1. Land and buildings: 11210	4.152.400,00	4.224.142,00	4.401.878,00	4.461.954,00	4.840.960,00
2. Technical installations and other tangible fixed assets: 11220	294.609,00	399.349,00	496.543,00	605.385,00	245.445,00
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	4.272.614,00	3.517.786,00	2.593.385,00	2.230.205,00	2.383.507,00
1. Equity instruments: 11410	2.526.899,00	2.507.011,00	2.268.385,00	1.805.147,00	1.808.507,00
2. Credits to businesses: 11420	942.440,00	723.692,00	325.000,00	425.058,00	575.000,00
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	803.275,00	287.083,00	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	1.090.367,00	1.020.634,00	1.043.865,00	1.118.694,00	1.177.684,00
1. Equity instruments: 11510	923.617,00	918.816,00	910.850,00	978.193,00	1.039.468,00
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	17.806,00	11.517,00	16.945,00	24.431,00	22.146,00
6. Other investments: 11560	148.944,00	90.301,00	116.070,00	116.070,00	116.070,00
VI. Assets for deferred tax : 11600	173.363,00	181.661,00	193.654,00	27.697,00	27.697,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	11.220.685,00	12.257.720,00	16.192.358,00	14.869.337,00	14.278.852,00
I. Non-current assets held for sale : 12100	112.177,00	112.177,00	0,00	0,00	0,00
II. Stocks: 12200	2.712.768,00	3.015.754,00	4.289.027,00	3.294.821,00	4.202.462,00
1. Commercial: 12210	2.426.723,00	2.784.593,00	4.195.040,00	2.998.173,00	4.201.521,00
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	286.045,00	231.161,00	93.987,00	296.648,00	941,00
III. Trade debtors and others receivable accounts: 12300	8.098.411,00	8.547.693,00	11.352.159,00	11.259.073,00	9.708.629,00
1. Trade debtors / accounts receivable: 12310	7.497.525,00	7.991.699,00	10.761.494,00	10.303.655,00	8.939.654,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	7.497.525,00	7.991.699,00	10.761.494,00	10.303.655,00	8.939.654,00
2. Customers, Group companies and associates : 12320	224.901,00	275.906,00	141.677,00	133.570,00	114.928,00
3. Other accounts receivable: 12330	11.621,00	12.025,00	65.574,00	38.719,00	225.282,00
4. Personnel: 12340	0,00	0,00	0,00	3.131,00	3.131,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	54.838,00
6. Other debtors, including tax and social security: 12360	364.364,00	268.063,00	383.414,00	779.998,00	370.796,00
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	29.461,00	27.642,00	171.488,00	0,00	0,00
1. Equity instruments: 12410	29.461,00	27.642,00	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	171.488,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	360,00	11.040,00	82.344,00	37.662,00	42.000,00
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	360,00	11.040,00	82.344,00	37.662,00	42.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	71.941,00	90.176,00	35.767,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	195.567,00	453.238,00	261.573,00	277.781,00	325.761,00
1. Treasury: 12710	195.567,00	453.238,00	261.573,00	277.781,00	325.761,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	21.204.552,00	21.601.292,00	24.921.683,00	23.411.112,00	22.954.145,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	3.098.259,00	2.960.269,00	2.169.951,00	3.827.908,00	3.383.852,00
A-1) Shareholders' equity: 21000	3.093.458,00	2.941.433,00	2.123.908,00	3.827.908,00	3.383.852,00
I. Capital: 21100	897.081,00	897.081,00	900.087,00	1.000.050,00	1.000.050,00
1. Registered capital : 21110	897.081,00	897.081,00	900.087,00	1.000.050,00	1.000.050,00
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	2.044.352,00	1.238.360,00	686.025,00	2.383.802,00	2.216.871,00
1. Legal and statutory: 21310	200.010,00	179.416,00	200.010,00	200.010,00	200.010,00
2. Other reserves: 21320	1.844.342,00	1.058.944,00	486.015,00	2.183.792,00	2.016.861,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	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	152.025,00	805.992,00	537.796,00	708.871,00	366.931,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	-264.815,00	-200.000,00
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	4.801,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	4.801,00	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	18.836,00	46.043,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	3.179.996,00	3.953.431,00	4.878.103,00	4.701.105,00	4.943.622,00
I. Long-term provisions: 31100	148.944,00	90.301,00	116.070,00	116.070,00	306.070,00
1. Long-term employee benefits liability: 31110	148.944,00	90.301,00	116.070,00	116.070,00	116.070,00
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	190.000,00
II Long-term creditors: 31200	2.438.431,00	3.270.509,00	4.270.539,00	4.150.468,00	4.545.499,00
1. Liabilities and other securities: 31210	0,00	125.298,00	469.866,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	2.431.775,00	3.022.886,00	3.570.278,00	3.818.379,00	4.433.775,00
3. Creditors from financial leasing: 31230	6.656,00	122.325,00	225.565,00	324.293,00	111.724,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	4.830,00	7.796,00	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	592.621,00	592.621,00	491.494,00	434.567,00	92.053,00
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	14.926.297,00	14.687.592,00	17.873.629,00	14.882.099,00	14.626.671,00
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	138.501,00	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	8.212.434,00	8.615.956,00	9.502.454,00	7.294.818,00	6.420.505,00
1. Liabilities and other securities: 32310	161.368,00	375.893,00	375.893,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	7.948.072,00	8.137.003,00	9.027.209,00	7.200.183,00	6.382.768,00
3. Creditors from financial leasing: 32330	102.994,00	103.060,00	99.352,00	94.405,00	27.187,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	230,00	10.550,00
IV. Short-term debts with Group companies and associates: 32400	309.956,00	522.067,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	6.388.675,00	5.549.569,00	8.371.175,00	7.448.780,00	8.206.166,00
1. Suppliers: 32510	5.030.749,00	4.517.478,00	6.840.988,00	5.995.301,00	6.108.100,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	5.030.749,00	4.517.478,00	6.840.988,00	5.995.301,00	6.108.100,00
2. Suppliers, Group companies and associates: 32520	39.862,00	27.369,00	49.229,00	146.325,00	430.901,00
3. Other creditors: 32530	827.240,00	717.048,00	1.006.149,00	657.226,00	1.295.933,00
4. Personnel (remuneration due): 32540	231.671,00	190.439,00	383.092,00	497.061,00	276.993,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	182.001,00	91.631,00	91.717,00	152.466,00	93.838,00
7. Advances from clients: 32570	77.152,00	5.604,00	0,00	401,00	401,00
VI. Short-term accruals: 32600	15.232,00	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	21.204.552,00	21.601.292,00	24.921.683,00	23.411.112,00	22.954.145,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	27.132.345,00	30.115.880,00	33.961.116,00	35.242.614,00	36.236.485,00
a) Sales: 40110	27.021.331,00	29.896.605,00	33.634.079,00	35.096.921,00	35.751.710,00
b) Rendering of services: 40120	111.014,00	219.275,00	327.037,00	145.693,00	484.775,00
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	-22.433.074,00	-24.535.764,00	-27.571.549,00	-28.679.390,00	-29.759.805,00
a) Stock consumption: 40410	-22.379.199,00	-24.457.321,00	-27.507.637,00	-28.639.122,00	-29.663.676,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-7.744,00	-43.918,00	-19.241,00	-14.711,00	-9.855,00
c) Works carried out by other companies: 40430	-80.871,00	-9.637,00	-26.931,00	-24.019,00	-93.034,00
d) Impairment of stock, primary material and other supplies: 40440	34.740,00	-24.888,00	-17.740,00	-1.538,00	6.760,00
5. Other operating income: 40500	262.146,00	203.540,00	147.379,00	142.211,00	75.042,00
a) Auxiliary income and other from current management: 40510	251.793,00	100.305,00	104.592,00	37.756,00	14.018,00
b) Operation subsidies included in the Period's result: 40520	10.353,00	103.235,00	42.787,00	104.455,00	61.024,00
6. Personnel costs: 40600	-2.057.350,00	-1.832.816,00	-1.981.471,00	-2.564.195,00	-2.408.632,00
a) Wages, salaries et al.: 40610	-1.776.500,00	-1.496.878,00	-1.707.637,00	-2.119.334,00	-1.968.080,00
b) Social security costs: 40620	-280.850,00	-335.938,00	-273.834,00	-444.861,00	-440.552,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-2.375.552,00	-2.579.486,00	-3.164.887,00	-2.937.878,00	-3.619.862,00
a) External services: 40710	-2.324.500,00	-2.552.103,00	-3.149.422,00	-2.886.312,00	-3.596.080,00
b) Taxes: 40720	-36.880,00	-67.607,00	-13.993,00	-15.155,00	-19.130,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-14.172,00	40.224,00	-1.472,00	0,00	-4.652,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	-36.411,00	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	-174.193,00	-177.269,00	-175.686,00	-157.659,00	-21.953,00
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	-4.683,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41110	-4.683,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	0,00	0,00	0,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	-40.378,00	9.854,00	-161.428,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	349.639,00	1.194.085,00	1.174.524,00	1.055.557,00	339.847,00
14. Financial income : 41400	219.293,00	203.454,00	4.989,00	6.378,00	7.382,00
a) Of shares in equity instruments : 41410	148.107,00	161.200,00	0,00	0,00	7.382,00
a 1) In Group companies and associates: 41411	148.107,00	161.200,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	7.382,00
b) From negotiable securities and other financial instruments : 41420	71.186,00	42.254,00	4.989,00	6.378,00	0,00
b 1) From Group companies and associates : 41421	19.041,00	17.119,00	0,00	0,00	0,00
b 2) From third parties : 41422	52.145,00	25.135,00	4.989,00	6.378,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-459.538,00	-445.486,00	-302.015,00	-247.800,00	-103.895,00
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	-459.538,00	-445.486,00	-302.015,00	-247.800,00	-103.895,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	4.669,00	-169.030,00	-67.343,00	51.865,00	60.014,00
a) Trading book and other : 41610	4.669,00	-169.030,00	-67.343,00	51.865,00	60.014,00
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	37.720,00	200.688,00	-354.781,00	161.956,00	160.580,00
18. Impairment and result for transfers of financial instruments: 41800	-4.069,00	103.211,00	-26.609,00	84.911,00	-15.864,00
a) Impairment and losses : 41810	-4.069,00	103.211,00	-26.609,00	6.934,00	-15.864,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	77.977,00	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	-201.925,00	-107.163,00	-745.759,00	57.310,00	108.217,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	147.714,00	1.086.922,00	428.765,00	1.112.867,00	448.064,00
20. Income taxes: 41900	4.311,00	-280.930,00	109.031,00	-403.996,00	-81.133,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	152.025,00	805.992,00	537.796,00	708.871,00	366.931,00
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	152.025,00	805.992,00	537.796,00	708.871,00	366.931,00

> 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. 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:	9.922.681,00	9.274.088,00	8.535.671,00	8.514.078,00	8.647.596,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	514,00	0,00	0,00	97.840,00	0,00
1. Research and development costs:	0,00	0,00	0,00	97.840,00	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:	514,00	0,00	0,00	0,00	0,00
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:	4.559.186,00	4.735.668,00	4.898.421,00	5.067.339,00	5.086.405,00
1. Land and construction:	4.264.577,00	4.336.319,00	4.401.878,00	4.461.954,00	4.840.960,00
2. Technical installations and machinery:	61.241,00	83.013,00	103.217,00	125.843,00	51.021,00
3. Other installations, tools and furniture:	80.047,00	108.505,00	134.913,00	164.486,00	66.689,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	153.321,00	207.830,00	258.412,00	315.056,00	127.735,00
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:	5.362.981,00	4.538.420,00	3.637.250,00	3.348.899,00	3.561.191,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	942.440,00	723.692,00	325.000,00	425.058,00	575.000,00
3. Equity investment in associated companies:	2.526.899,00	2.507.011,00	2.268.385,00	1.805.147,00	1.808.507,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	923.617,00	918.816,00	910.850,00	978.193,00	1.039.468,00
6. Other receivables:	148.944,00	90.301,00	116.070,00	116.070,00	116.070,00
7. Long term guarantees and deposits:	821.081,00	298.600,00	16.945,00	24.431,00	22.146,00
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:	11.281.871,00	12.327.204,00	16.386.012,00	14.897.034,00	14.306.549,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	2.712.768,00	3.015.754,00	4.289.027,00	3.294.821,00	4.202.462,00
1. Goods for resale:	2.426.723,00	2.784.593,00	4.195.040,00	2.998.173,00	4.201.521,00
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:	286.045,00	231.161,00	93.987,00	296.648,00	941,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	8.271.774,00	8.729.354,00	11.545.813,00	11.286.770,00	9.736.326,00
1. Trade debtors / accounts receivable:	7.497.525,00	7.991.699,00	10.761.494,00	10.303.655,00	8.939.654,00
2. Accounts receivable, Group companies:	224.901,00	275.906,00	141.677,00	133.570,00	114.928,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	11.621,00	12.025,00	65.574,00	38.719,00	225.282,00
5. Staff:	0,00	0,00	0,00	3.131,00	3.131,00
6. Public bodies:	537.727,00	449.724,00	577.068,00	807.695,00	453.331,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	29.821,00	38.682,00	253.832,00	37.662,00	42.000,00
1. Equity investments in group companies:	29.461,00	27.642,00	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	171.488,00	0,00	0,00
7. Shor term guarantees and deposits:	360,00	11.040,00	82.344,00	37.662,00	42.000,00
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:	195.567,00	453.238,00	261.573,00	277.781,00	325.761,00
VII. Prepayments and accrued income:	71.941,00	90.176,00	35.767,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	21.204.552,00	21.601.292,00	24.921.683,00	23.411.112,00	22.954.145,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	3.098.259,00	2.947.084,00	2.137.721,00	3.827.908,00	3.383.852,00
I. Subscribed capital:	897.081,00	897.081,00	900.087,00	1.000.050,00	1.000.050,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	2.049.153,00	1.244.011,00	699.838,00	2.383.802,00	2.216.871,00
1. Legal reserve:	200.010,00	179.416,00	200.010,00	200.010,00	200.010,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	1.849.143,00	1.064.595,00	499.828,00	2.183.792,00	2.016.861,00
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:	152.025,00	805.992,00	537.796,00	708.871,00	366.931,00
VII. Interim dividend paid:	0,00	0,00	0,00	-264.815,00	-200.000,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	13.185,00	32.230,00	0,00	0,00
1. Capital grants:	0,00	13.185,00	32.230,00	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:	148.944,00	90.301,00	116.070,00	116.070,00	306.070,00
1. Provisions for pension fund and other similar obligations:	148.944,00	90.301,00	116.070,00	116.070,00	116.070,00
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	190.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	3.031.052,00	3.863.130,00	4.762.033,00	4.585.035,00	4.637.552,00
I. Issued debentures and other marketable securities:	0,00	125.298,00	469.866,00	0,00	0,00
1. Non-convertible debentures:	0,00	125.298,00	469.866,00	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:	2.438.431,00	3.145.211,00	3.795.843,00	4.142.672,00	4.545.499,00
1. Loans and other liabilities:	2.431.775,00	3.022.886,00	3.570.278,00	3.818.379,00	4.433.775,00
2. Long-term liabilities from capital leases:	6.656,00	122.325,00	225.565,00	324.293,00	111.724,00
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:	592.621,00	592.621,00	496.324,00	442.363,00	92.053,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	4.830,00	7.796,00	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:	592.621,00	592.621,00	491.494,00	434.567,00	92.053,00
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:	14.926.297,00	14.687.592,00	17.873.629,00	14.743.598,00	14.626.671,00
I. Issued debentures and other marketable securities:	161.368,00	375.893,00	375.893,00	0,00	0,00
1. Non-convertible debentures:	161.368,00	375.893,00	375.893,00	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:	8.051.066,00	8.240.063,00	9.126.561,00	7.294.588,00	6.409.955,00
1. Loans and other liabilities:	7.948.072,00	8.137.003,00	9.027.209,00	7.200.183,00	6.382.768,00
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:	102.994,00	103.060,00	99.352,00	94.405,00	27.187,00
III. Short-term amounts owed to group and associated companies:	349.818,00	549.436,00	49.229,00	146.325,00	430.901,00
1. Amounts owed to group companies:	349.818,00	549.436,00	49.229,00	146.325,00	430.901,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	5.935.141,00	5.240.130,00	7.847.137,00	6.652.928,00	7.404.434,00
1. Advanced payments from customers:	77.152,00	5.604,00	0,00	401,00	401,00
2. Amounts owed for purchases of goods or services:	5.857.989,00	5.234.526,00	7.847.137,00	6.652.527,00	7.404.033,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	413.672,00	282.070,00	474.809,00	649.757,00	381.381,00
1. Public bodies:	182.001,00	91.631,00	91.717,00	152.466,00	93.838,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	230,00	10.550,00
4. Wages and salaries payable:	231.671,00	190.439,00	383.092,00	497.061,00	276.993,00
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:	15.232,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	138.501,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	21.204.552,00	21.601.292,00	24.921.683,00	23.411.112,00	22.954.145,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	27.504.148,00	29.917.570,00	33.575.688,00	34.983.984,00	36.172.572,00
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:	22.467.814,00	24.510.876,00	27.553.809,00	28.677.852,00	29.766.565,00
a) Stock consumption:	22.379.199,00	24.457.321,00	27.507.637,00	28.639.122,00	29.663.676,00
b) Consumption of raw materials and miscellaneous consumable ones:	7.744,00	43.918,00	19.241,00	14.711,00	9.855,00
c) Miscellaneous external expenditure:	80.871,00	9.637,00	26.931,00	24.019,00	93.034,00
A.3. Staff costs:	2.057.350,00	1.832.816,00	1.981.471,00	2.564.195,00	2.408.632,00
a) Wages, salaries et al.:	1.776.500,00	1.496.878,00	1.707.637,00	2.119.334,00	1.968.080,00
b) Social security costs:	280.850,00	335.938,00	273.834,00	444.861,00	440.552,00
A.4. Depreciation expense:	174.193,00	177.269,00	175.686,00	157.659,00	21.953,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-20.568,00	-15.336,00	19.212,00	1.538,00	-2.108,00
a) Stock provision variation:	-34.740,00	24.888,00	17.740,00	1.538,00	-6.760,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	4.652,00
c) Variation of other trade provisions:	14.172,00	-40.224,00	1.472,00	0,00	0,00
A.6. Other operating charges:	2.361.380,00	2.619.710,00	3.163.415,00	2.937.878,00	3.615.210,00
a) External services:	2.324.500,00	2.552.103,00	3.149.422,00	2.886.312,00	3.596.080,00
b) Taxes:	36.880,00	67.607,00	13.993,00	15.155,00	19.130,00
c) Other operating expenses:	0,00	0,00	0,00	36.411,00	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):	354.322,00	1.194.085,00	1.214.902,00	1.045.703,00	501.275,00
A.7. Financial and similar charges:	459.538,00	445.486,00	302.015,00	247.800,00	103.895,00
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.:	459.538,00	445.486,00	302.015,00	247.800,00	103.895,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	5.876,00	95.050,00	67.343,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	354.781,00	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	50.376,00	124.081,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	150.590,00	1.057.691,00	495.752,00	1.096.079,00	625.356,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	2.876,00	-29.231,00	26.609,00	-6.934,00	15.864,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	40.378,00	0,00	161.428,00
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	29.231,00	0,00	16.788,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	147.714,00	1.086.922,00	428.765,00	1.112.867,00	448.064,00
A.15. Corporation tax:	-4.311,00	280.930,00	-109.031,00	403.996,00	81.133,00
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):	152.025,00	805.992,00	537.796,00	708.871,00	366.931,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	27.656.173,00	30.723.562,00	34.113.484,00	35.692.855,00	36.539.503,00
B.1. Net total sales:	27.132.345,00	30.115.880,00	33.961.116,00	35.242.614,00	36.236.485,00
a) Sales:	27.202.318,00	30.096.851,00	33.859.358,00	35.331.998,00	35.991.173,00
b) Rendering of services:	111.014,00	219.275,00	327.037,00	145.693,00	484.775,00
Returns and Rappel on sales:	-180.987,00	-200.246,00	-225.279,00	-235.077,00	-239.463,00
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:	262.146,00	203.540,00	147.379,00	142.211,00	75.042,00
a) Auxiliary income and other from current management:	251.793,00	100.305,00	104.592,00	37.756,00	14.018,00
b) Grants:	10.353,00	103.235,00	42.787,00	104.455,00	61.024,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	148.107,00	161.200,00	0,00	0,00	7.382,00
a) In companies of the group:	148.107,00	161.200,00	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	7.382,00
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:	75.855,00	42.254,00	4.989,00	136.220,00	60.014,00
a) From companies of the group:	19.041,00	17.119,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	52.145,00	25.135,00	4.989,00	6.378,00	0,00
d) Profit on financial investment:	4.669,00	0,00	0,00	129.842,00	60.014,00
B.8. Exchange positive differences:	37.720,00	200.688,00	0,00	161.956,00	160.580,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	203.732,00	136.394,00	719.150,00	0,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
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:	0,00	0,00	0,00	9.854,00	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):	2.876,00	0,00	66.987,00	0,00	177.292,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.: 61100	147.714,00	1.086.922,00	428.765,00	1.112.867,00	448.064,00
2. Results adjustments.: 61200	558.741,00	231.896,00	802.156,00	-450.946,00	257.556,00
a) Fixed Assets Amortization (+).: 61201	174.193,00	177.269,00	175.686,00	-157.659,00	21.953,00
b) Obsolescence Allowances (+/-). : 61202	9.359,00	-15.336,00	19.212,00	0,00	9.104,00
c) Variation in Provision (+/-). : 61203	0,00	-25.769,00	-138.501,00	0,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	4.683,00	0,00	0,00	0,00	0,00
f) Results on disposal of financial instruments (+/-).: 61206	4.069,00	-103.210,00	26.609,00	0,00	0,00
g) Financial income (-).: 61207	-219.293,00	-203.454,00	-4.989,00	6.378,00	-7.382,00
h) Financial Expenses (+). : 61208	459.538,00	445.486,00	302.015,00	-247.800,00	103.895,00
i) Exchange differences (+/-). : 61209	-37.720,00	-200.688,00	354.781,00	0,00	0,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	163.912,00	169.030,00	67.343,00	-51.865,00	-60.014,00
k) Other income and expense (-/+). : 61211	0,00	-11.432,00	0,00	0,00	190.000,00
3. Changes in current capital equity.: 61300	-52.770,00	1.182.361,00	-1.045.522,00	111.081,00	-728.902,00
a) Stock (+/-).: 61301	302.986,00	1.273.273,00	-1.011.946,00	907.640,00	-1.150.359,00
d) Debtors and other accounts receivable (+/-). : 61302	508.561,00	2.785.103,00	-547.435,00	-1.550.682,00	330.097,00
c) Other current assets (+/-). : 61303	18.235,00	-54.409,00	-80.449,00	-3.028,00	-42.000,00
d) Creditors and other accounts payable (+/-). : 61304	-941.195,00	-2.821.606,00	594.308,00	757.151,00	-605.810,00
e) Other current liabilities (+/-).: 61305	58.643,00	0,00	0,00	0,00	739.170,00
4. Other cash flows for operating activities.: 61400	-259.925,00	-234.787,00	-297.026,00	322.555,00	-84.179,00
a) Interest payments (-). : 61401	-459.538,00	-438.241,00	-302.015,00	247.800,00	-91.561,00
b) Dividend payment collection (+). : 61402	0,00	203.454,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	219.293,00	0,00	4.989,00	-6.378,00	7.382,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	0,00	0,00	81.133,00	0,00
e) Other payments (payment collection) (-/+) : 61405	-19.680,00	0,00	0,00	0,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	393.760,00	2.266.392,00	-111.627,00	1.095.557,00	-107.461,00
6. Payments for investment (-).: 62100	17.629,00	-802.489,00	-793.745,00	-19.839,00	-3.410.651,00
a) Companies of the group and affiliates. : 62101	19.888,00	-787.973,00	-400.142,00	0,00	0,00
b) Intangible fixed assets. : 62102	0,00	0,00	-377.000,00	-97.840,00	0,00
c) Fixed assets. : 62103	-2.259,00	-14.516,00	-14.853,00	19.068,00	-3.360.171,00
e) Other financial assets. : 62105	0,00	0,00	-1.750,00	58.933,00	-50.480,00
7. Divestment payment collection (+). : 62200	0,00	215.150,00	316.289,00	0,00	270.000,00
a) Companies of the group and affiliates. : 62201	0,00	215.150,00	300.058,00	0,00	0,00
c) Fixed assets. : 62203	0,00	0,00	6.995,00	0,00	0,00
e) Other financial assets. : 62205	0,00	0,00	9.236,00	0,00	270.000,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	17.629,00	-587.339,00	-477.456,00	-19.839,00	-3.140.651,00
9. Payment collection and payments for equity instruments. : 63100	0,00	-371.776,00	-480.508,00	0,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	-526.551,00	0,00	0,00
d) Disposal of own equity instruments (+). : 63104	0,00	-344.569,00	0,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	0,00	-27.207,00	46.043,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-706.780,00	-1.016.948,00	1.481.948,00	-858.883,00	3.298.089,00
a) Issuance : 63201	-591.111,00	-655.760,00	1.578.925,00	0,00	3.699.941,00
2. Debts incurred with credit institutions (+). : 63203	-591.111,00	-655.760,00	1.578.925,00	0,00	3.699.941,00
b) Repayment and amortization of : 63207	-115.669,00	-361.188,00	-96.977,00	-858.883,00	-401.852,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	0,00	-858.883,00	-401.852,00
5. Other debts (-). : 63212	-115.669,00	-361.188,00	-96.977,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	-98.664,00	-428.565,00	-264.815,00	-300.000,00
a) Dividends (-).: 63301	0,00	-98.664,00	-428.565,00	-264.815,00	-300.000,00
12. Cash flows for financing activities (9+10+11).: 63400	-706.780,00	-1.487.388,00	572.875,00	-1.123.698,00	2.998.089,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	37.720,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-257.671,00	191.665,00	-16.208,00	-47.980,00	-250.023,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	453.238,00	261.573,00	277.781,00	325.761,00	575.784,00
Cash or equivalent assets as of end of the fiscal year.: 65200	195.567,00	453.238,00	261.573,00	277.781,00	325.761,00

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:	-0,01 %	0,01 %	0,01 %	0,01 %	-249,23 %	110,75 %
EBITDA over Sales:	1,95 %	11,36 %	4,55 %	9,02 %	-57,22 %	26,02 %
Cash Flow Yield:	-0,01 %	0,01 %	0,01 %	0,00 %	-236,95 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	2,21 %	6,91 %	7,01 %	4,94 %	-68,47 %	39,79 %
Total economic profitability:	2,86 %	3,76 %	7,09 %	2,31 %	-59,63 %	62,70 %
Financial profitability:	4,91 %	4,23 %	27,40 %	0,82 %	-82,07 %	413,10 %
Margin:	1,28 %	6,73 %	3,94 %	4,62 %	-67,59 %	45,52 %
Mark-up:	0,54 %	4,49 %	3,58 %	1,23 %	-84,96 %	266,07 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,01	0,13	0,03	0,12	-57,54	15,15
Acid Test:	0,56	0,87	0,62	0,85	-9,39	1,87
Working Capital / Investment:	-0,17	0,05	-0,11	0,03	-55,36	86,65
Solvency:	0,76	1,18	0,84	1,17	-9,94	0,47

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	5,54	1,38	6,08	1,62	-8,93	-15,35
Borrowing Composition:	0,20	1,00	0,26	1,02	-22,79	-2,55
Repayment Ability:	-69,69	89,81	96,79	197,82	-172,00	-54,60
Warranty:	1,18	1,74	1,16	1,62	1,41	7,03
Generated resources / Total creditors:	0,02	0,08	0,05	0,07	-66,26	26,16

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,26	1,85	1,75	1,70	-28,10	8,73
Turnover of Collection Rights :	3,38	5,00	3,55	4,78	-4,63	4,61
Turnover of Payment Entitlements:	3,88	3,64	4,89	3,51	-20,52	3,55
Stock rotation:	9,97	7,34	9,66	6,47	3,21	13,39
Assets turnover:	1,73	1,03	1,78	1,07	-2,72	-3,93
Borrowing Cost:	2,56	2,86	2,40	2,95	6,56	-3,03

> 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:	-0,01 %	0,01 %	0,00 %	0,00 %	-0,01 %
EBITDA over Sales:	1,95 %	4,55 %	4,09 %	3,41 %	1,44 %
Cash Flow Yield:	-0,01 %	0,01 %	0,00 %	0,00 %	-0,01 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	2,21 %	7,01 %	5,78 %	5,22 %	2,59 %
Total economic profitability:	2,86 %	7,09 %	2,93 %	5,81 %	2,40 %
Financial profitability:	4,91 %	27,40 %	25,32 %	18,52 %	10,84 %
Margin:	1,28 %	3,94 %	3,56 %	2,96 %	1,38 %
Mark-up:	0,54 %	3,58 %	1,38 %	3,12 %	1,68 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,01	0,03	0,01	0,02	0,02
Acid Test:	0,56	0,62	0,66	0,79	0,69
Working Capital / Investment:	-0,17	-0,11	-0,07	0,00	-0,02
Solvency:	0,76	0,84	0,92	1,01	0,98

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	5,54	6,08	9,90	4,90	5,22
Borrowing Composition:	0,20	0,26	0,27	0,31	0,32
Repayment Ability:	-69,69	96,79	-1.396,57	-402,85	-77,05
Warranty:	1,18	1,16	1,10	1,21	1,19
Generated resources / Total creditors:	0,02	0,05	0,03	0,04	0,02

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,26	1,75	1,70	1,47	1,22
Turnover of Collection Rights :	3,38	3,55	3,00	3,14	3,74
Turnover of Payment Entitlements:	3,88	4,89	3,67	4,24	4,07
Stock rotation:	9,97	9,66	7,67	10,42	8,52
Assets turnover:	1,73	1,78	1,62	1,77	1,88
Borrowing Cost:	2,56	2,40	1,33	1,28	0,54

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	CAMARA DE COMERCIO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	8.030,00
Notes	Subvención por la participación en varios viajes comerciales y asistencia a ferias.

Entity	CAMARA DE COMERCIO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	31.295,00
Notes	Subvención por la participación en varios viajes comerciales y asistencia a ferias.

Entity	CAMARA DE COMERCIO
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	18.766,00
Notes	SUBVENCION COMO FINANCIACION PARCIAL DE VARIOS VIAJES COMERCIALES Y PARTICIPACIONES EN FERIAS.

Research Summary

It is a company with some years of activity, hence the experience it has in its sector and the good reputation expressed by the sources consulted. Its turnover were down a 9,91 % in 2013, with respect to the last year. It has a negative working capital, so the compony would be not able to face its short term obligations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.01
UK Pound	1	Rs.99.83
Euro	1	Rs.70.07

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TRU

RATING EXPLANATIONS

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

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

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

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

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