MIRA INFORM REPORT

Report No. :	326323
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	ANDRES PINTALUBA SOCIEDAD ANONIMA
Registered Office :	C/ Prudenci Bertrana, 5 - POL. IND. Agro Reus - Reus - 43206 - Tarragona
Country :	Spain
Financials (as on) :	31.12.2013
Date of Incorporation :	19.01.1979
Legal Form :	Public Limited Company
Line of Business :	Wholesale of chemical products
No. of Employees :	97 (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 :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Spain	A2	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:	ANDRES PINTALUBA SOCIEDAD ANONIMA
NIF / Fiscal code:	A43030378
Status:	ACTIVE WITH PARTIAL DIVISION OF CAPITAL
Incorporation Date:	19/01/1979
Register Data	Register Section 8 Sheet 1786
Last Publication in BORME:	04/05/2015 [Miscellaneous Concepts]
Last Published Account Deposit:	2013
Share Capital:	6.000.000
Localization:	C/ PRUDENCI BERTRANA, 5 - POL. IND. AGRO REUS - REUS - 43206 - TARRAGONA
Telephone - Fax - Email - Website:	Telephone. 977 317 111 Email. pintaluba@pintaluba.com Website. www.pintaluba.com
Number of Branches	5
Activity:
NACE:	4675 - Wholesale of chemical products
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	29 for a total cost of 4753598.149999999
Main products / services:	Vitamins-hillsmedicationsacids
Quality Certificate:	No

Payment Behaviour:	According to the agreed terms
Prospects:	Consolidation
Industry situation:	Maturity

Defaults, Legal Claims and Insolvency Proceedings :

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Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	---	---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Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

ANDRES PINTALUBA ESPORRIN
ANGLOXELL VALORES Y PARTICIPACIONES SOCIEDAD LIMITADA	99.99 %
MARIA GLORIA MITJA SASTRE
Shares:	15
Other Links:	9
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios	2013	2012	Change
Nº of employees:	97

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
It is a founded in 1979, dedicated to the manufacture and sale of additives and chemicals for the manufacture of feed materials. It operates nationally and internationally. In the sources consulted appears nothing against him. In light of the above we believe that is possible to continue operations relating to risk, commensurate with their importance.

Interviewed Person:

Identification

Social Denomination:	ANDRES PINTALUBA SOCIEDAD ANONIMA
NIF / Fiscal code:	A43030378
Corporate Status:	ACTIVE WITH PARTIAL DIVISION OF CAPITAL
Start of activity:	1991
Registered Office:	C/ PRUDENCI BERTRANA, 5 - POL. IND. AGRO REUS
Locality:	REUS
Province:	TARRAGONA
Postal Code:	43206
Telephone:	977 317 111
Fax:	977 323 188
Website:	www.pintaluba.com
Email:	pintaluba@pintaluba.com
Interviewed Person:	Data obtained through indirect sources.

Branch Offices

Address	Postal Code	City	Province
Joaquin Turina, 2	28224	POZUELO DE ALARCON	MADRID
Ctra. Alcolea del Pinar, S/N	43206	REUS	TARRAGONA
Sagrat Cor (Pol. Ind. Sabater), 61	43529	ROQUETES	TARRAGONA
Avda. Europa 34 D, 3º A-2	28023	MADRID	MADRID
Rovira i Virgili, 37-41	43206	REUS	TARRAGONA

Activity

NACE:	4675
Legal Form:	Manufacturing, marketing, REPRESENTATION OF CHEMICAL ADDITIVES AND CHEMICAL PRODUCTS FOR FEED.
Additional Information:	Manufacturing and sale of adittives and chemical productos for the manufacturing of feed.
Additional Address:	Registered office and offices in the head address. It has some facilities which will be explained.
Franchise:	NO
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Main products / services

Product	% Over Sales
Vitamins-hills
medications
acids
coccidiostats
flavoring
protein
antioxidants
amino acids
minerals
Comp. nutritional
dyes
Hygiene Prod.
sweeteners

Number of Employees

Year	No. of employees	Established	Incidentals
2013	97

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

Chronological Summary

Year	Act
1991	Accounts deposit (year 1989, 1990) Adaptation to Law (1) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Increase of Capital (1)
1992	Accounts deposit (year 1991)
1993	Accounts deposit (year 1992)
1994	Accounts deposit (year 1993) Appointments/ Re-elections (1) Increase of Capital (2) Statutory Modifications (1)
1995	Accounts deposit (year 1994) Appointments/ Re-elections (2) Statutory Modifications (1)
1996	Accounts deposit (year 1995) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Correction (2)
1997	Accounts deposit (year 1996 consolidated, 1996) Appointments/ Re-elections (2) Other Concepts/ Events (1)
1998	Accounts deposit (year 1997 consolidated, 1997)
1999	Accounts deposit (year 1998) Appointments/ Re-elections (3) Capital Reduction (1) Cessations/ Resignations/ Reversals (3) Increase of Capital (1) Partial split (4) Statutory Modifications (1)
2000	Accounts deposit (year 1998 consolidated, 1999) Partial split (1)
2001	Accounts deposit (year 2000) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
2002	Accounts deposit (year 2001 consolidated, 2001) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2003	Accounts deposit (year 2002 consolidated, 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2004	Accounts deposit (year 2003) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2005	Accounts deposit (year 2004 consolidated, 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2006	Accounts deposit (year 2005 consolidated, 2005) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2007	Accounts deposit (year 2006 consolidated, 2006) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
2008	Accounts deposit (year 2007 consolidated, 2007) Appointments/ Re-elections (1)
2009	Accounts deposit (year 2008 consolidated, 2008) Appointments/ Re-elections (2)
2010	Accounts deposit (year 2009 consolidated, 2009)
2011	Accounts deposit (year 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
2012	Accounts deposit (year 2010 consolidated, 2011 consolidated, 2011)
2013	Accounts deposit (year 2012 consolidated, 2012) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2014	Accounts deposit (year 2013)
2015	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1)

Breakdown of Owners' Equity

Registered Capital:	6.000.000
Paid up capital:	6.000.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
11/10/1991	Increase of Capital	601.012	601.012	1.202.024	1.202.024
11/02/1994	Increase of Capital	300.506	300.506	1.502.530	1.502.530
20/10/1994	Increase of Capital	300.506	300.506	1.803.036	1.803.036
02/11/1999	Capital Reduction	-3.036	-3.036	1.800.000	1.800.000
02/11/1999	Increase of Capital	4.200.000	4.200.000	6.000.000	6.000.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	PINTALUBA ESPORRIN ANDRES	23/08/2011	16
MEMBER OF THE BOARD	PINTALUBA ESPORRIN ANDRES	23/08/2011	16
	PINTALUBA MITJA ANDRES	23/08/2011	8
	PINTALUBA MITJA MERITXELL	23/08/2011	3
	PINTALUBA MITJA MARIA GLORIA	23/08/2011	3
PROXY	CABRE LLABERIA JOAQUIM	13/12/2007	1
	ALARCON RUIZ ANDRES MIGUEL	17/03/2003	1
	MITJA SASTRE MARIA GLORIA	28/01/1999	4
	MITJA MARTI JOSE MARIA	29/01/1997	8
	PINTALUBA MITJA ANDRES	29/09/1995	8
CHIEF EXECUTIVE OFFICER	PINTALUBA ESPORRIN ANDRES	23/08/2011	16
SECRETARY	PINTALUBA MITJA ANDRES	23/08/2011	8
REPRESENTATIVE	JOSE MARIANO HERRAIZ PUCHOL	11/03/2002	1
ACCOUNTS' AUDITOR / HOLDER	AUDIT CONCEPT SL	24/04/2015	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AUDIT CONCEPT SOCIEDAD LIMITADA PROFESIONAL	ACCOUNTS' AUDITOR / HOLDER	24/03/2015	1
AUDITORES CONSULTORES BALAÑA EGUIA SA	ACCOUNTS' AUDITOR / HOLDER	23/08/1996	1
AUDITORES CONSULTORES BALAÑA EGUIA SL	ACCOUNTS' AUDITOR / HOLDER	26/10/1999	1
AUDITORES Y CONSULTORES BALAÑA & EGUIA SL	ACCOUNTS' AUDITOR / HOLDER	23/01/2008	8
	CONSOLIDATED ACCOUNTS' AUDITOR	23/01/2008
	CONSOLIDATED ACCOUNTS' AUDITOR	23/02/2009
	ACCOUNTS' AUDITOR / HOLDER	23/02/2009
	ACCOUNTS' AUDITOR / HOLDER	23/02/2009
	ACCOUNTS' AUDITOR / HOLDER	23/08/2011
	ACCOUNTS' AUDITOR / HOLDER	21/11/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	21/11/2013
AUDITORES Y CONSULTORES BALAÑA EGUIA SL	ACCOUNTS' AUDITOR / HOLDER	11/03/2002	11
	ACCOUNTS' AUDITOR / HOLDER	02/01/2003
	ACCOUNTS' AUDITOR / HOLDER	13/01/2004
	ACCOUNTS' AUDITOR / HOLDER	11/01/2005
	ACCOUNTS' AUDITOR / HOLDER	03/01/2007
	CONSOLIDATED ACCOUNTS' AUDITOR	03/01/2007
	CONSOLIDATED ACCOUNTS' AUDITOR	03/01/2007
	CONSOLIDATED ACCOUNTS' AUDITOR	22/03/2001
	CONSOLIDATED ACCOUNTS' AUDITOR	11/03/2002
	CONSOLIDATED ACCOUNTS' AUDITOR	02/01/2003
	CONSOLIDATED ACCOUNTS' AUDITOR	12/12/2005
AUDITORES Y CONSULTORES BALAÑA EGUIA SLP	ACCOUNTS' AUDITOR / HOLDER	24/03/2015	2
	ACCOUNTS' AUDITOR / HOLDER	24/04/2015
MITJA MARTI JOSE MARIA	MEMBER OF THE BOARD	23/08/2011	8
	PROXY	09/07/1996
	CHIEF EXECUTIVE OFFICER	07/07/2006
	PRESIDENT	09/07/1996
	PRESIDENT	13/09/2001
	PRESIDENT	07/07/2006
	PRESIDENT	23/08/2011
MITJA SASTRE JOSE MARIA	PRESIDENT	13/09/2001	1
MITJA SASTRE MARIA GLORIA	PROXY	28/01/1999	4
	SECRETARY	09/07/1996
	SECRETARY	28/01/1999
PINTALUBA ESPORRIN ANDRES	SINGLE ADMINISTRATOR	11/10/1991	16
	MEMBER OF THE BOARD	07/07/2006
	MEMBER OF THE BOARD	23/08/2011
	CHIEF EXECUTIVE OFFICER	09/07/1996
	CHIEF EXECUTIVE OFFICER	28/01/1999
	CHIEF EXECUTIVE OFFICER	13/09/2001
	CHIEF EXECUTIVE OFFICER	07/07/2006
	CHIEF EXECUTIVE OFFICER	23/08/2011
	SECRETARY	13/09/2001
	SECRETARY	07/07/2006
	SECRETARY	23/08/2011
	MEMBER	09/07/1996
	MEMBER	13/09/2001
PINTALUBA MITJA ANDRES	MEMBER	09/07/1996	8
	MEMBER OF THE BOARD	23/08/2011
	MEMBER OF THE BOARD	07/07/2006
	MEMBER OF THE BOARD	13/09/2001
	MEMBER	28/01/1999
PINTALUBA MITJA MARIA GLORIA	MEMBER	09/07/1996	3
	MEMBER	28/01/1999
PINTALUBA MITJA MERITXELL	MEMBER	09/07/1996	3
	MEMBER	28/01/1999

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		JOAQUIN CABRE LLABERIA
MANAGING DIRECTOR		ANDRES PINTALUBA MITJA

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. It is one of the major domestic companies in terms of sales volume. ANDRES PINTALUBA SOCIEDAD ANONIMA 's borrowing cost is appropriate according to its volume of external financing sources. Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2012 which means that the company's financial situation has improved.

The development of the debt structure during the last two years indicates an increase of the debt with credit institutions and trade creditors in respect to all liabilities. The higher the level of debt, the greater the dependence on suppliers' capital and the more compromised will be its financial situation. Reduced level of liquidity. The company shows not enough capacity to meet its obligations with a maturity of less than one year with the available liquid assets. In the previous 3 financial years, the company presented modified audit reports.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.434 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 467 Other specialised wholesale
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 ANDRES PINTALUBA SOCIEDAD ANONIMA 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 0.434%.

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

Guarantees

References

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:	1 Entities
IS RELATED WITH:	6 Entities
PARTICIPATES IN:	15 Entities
SE ESCINDE PARCIALMENTE EN:	2 Entities
SHAREHOLDERS:	3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	ANDRES PINTALUBA ESPORRIN
	ANGLOXELL VALORES Y PARTICIPACIONES SOCIEDAD LIMITADA	TARRAGONA	99.99
	MARIA GLORIA MITJA SASTRE
PARTICIPATES IN	POLICHEM SOCIEDAD LIMITADA	TARRAGONA	100
	ADIVETER SOCIEDAD LIMITADA	TARRAGONA	75.06
	LABORATORIOS APSA SOCIEDAD LIMITADA	TARRAGONA	98
	APSA LOGISTICS SOCIEDAD LIMITADA	TARRAGONA	99.99
	APSA INTERNACIONAL, SOCIEDAD ANONIMA, (ARGENTINA)		69
	VETALMEX ADITIVOS QUIMICOS LDA (PORTUGAL)		99.98
	MATERIAS Y ACTIVIDADES SOCIEDAD DE RESPONSABILIDAD LIMITADA	TARRAGONA	99.81
	APSA LAB SOCIEDAD LIMITADA	TARRAGONA	75
	PINTALUBA IMPORTAÇAO E COMERCIO DE PRODUCTOS AGROPECUARIOS LTDA (BRASIL)		100
	VETALMEX ADITIVOS QUIMICOS LDA		99.98
	APSA INTERNACIONAL, S.A.		69
	APSA TECH 2003 SOCIEDAD LIMITADA	TARRAGONA
	ADIVETER ARGENTINA, S.A.
	ADIVETER INTERNACIONAL SOCIEDAD LIMITADA	TARRAGONA
	PRODUCTOS AGROPECUARIOS LPDA (BRASIL)		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	ADIVETER INTERNACIONAL SOCIEDAD LIMITADA	TARRAGONA
	ADIVETER ARGENTINA, S.A.
	POLICHEM LIBIA DE FABRICACION Y PRODUCCION DE MEDICAMENTOS DE USO VETERINARIO Y COMPUESTOS DE PIENSO
	POLICHEM LYBIA, S.A.
	IBERDROLA INGENIERIA Y CONSTRUCCION SOCIEDAD ANONIMA	VIZCAYA
	ANGLOXELL VALORES Y PARTICIPACIONES SOCIEDAD LIMITADA	TARRAGONA
SE ESCINDE PARCIALMENTE EN	ANGLOXELL INMOBILIARIA, S.L.	TARRAGONA
	| |
BELONGS TO THE ADMINISTRATION BOARD OF	APSA LAB SOCIEDAD LIMITADA	TARRAGONA

Turnover

Total Sales 2013

133.891.653,67

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

Estimated Balance

ESTIMED FIGURES FOR 2.014 -NOT CURRENT ASSETS.....................................................10.777.000 Euro/s -CURRENT ASSETS...........................................................60.852.000 Euro/s -NET EQUITY.............................................................29.851.000 Euro/s -NOT CURRENT LIABILITIES.......................................................3.960.000 Euro/s -CURRENT LIABILITIES...........................................................37.818.000 Euro/s -TOTAL ................................................71.629.000 Euro/s -SALES (2.014)...............................................................130.000.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	October  2014
2012	Consolidadas	August  2013
2012	Normales	October  2013
2011	Consolidadas	September  2012
2011	Normales	September  2012
2010	Consolidadas	July  2012
2010	Normales	December  2011
2009	Consolidadas	December  2010
2009	Normales	September  2000
2008	Consolidadas	October  2009
2008	Normales	October  2009
2007	Consolidadas	October  2008
2007	Normales	October  2008
2006	Consolidadas	November  2007
2006	Normales	October  2007
2005	Consolidadas	November  2006
2005	Normales	November  2006
2004	Consolidadas	October  2005
2004	Normales	October  2005
2003	Normales	August  2004
2003	Normales	August  2004
2002	Consolidadas	November  2003
2002	Normales	November  2003
2001	Consolidadas	October  2002
2001	Normales	October  2002
2000	Normales	October  2001
2000	Normales	December  2001
1999	Normales	September  2000
1998	Consolidadas	January  2000
1998	Normales	October  1999
1997	Consolidadas	October  1998
1997	Normales	October  1998
1996	Consolidadas	September  1997
1996	Normales	September  1997
1995	Normales	September  1996
1994	Normales	August  1995
1993	Normales	August  1994
1992	Normales	August  1993
1991	Normales	August  1992
1990	Normales	July  1991
1989	Normales	July  1990

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

>  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	11.099.697,00	11.325.992,00	12.081.092,00	11.967.284,00	12.956.632,00
I. Intangible fixed assets : 11100	3.248.475,00	2.693.778,00	2.501.347,00	2.247.229,00	2.081.411,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	910.536,00	695.852,00	190.809,00
3. Patents, licencing, trade marks and similar: 11130	601.631,00	900.906,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	26.356,00	32.023,00	31.243,00	17.292,00	17.779,00
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	2.620.489,00	1.760.849,00	1.559.567,00	1.534.085,00	1.872.824,00
II. Tangible fixed assets : 11200	3.452.528,00	4.082.771,00	4.770.792,00	4.908.960,00	5.658.011,00
1. Land and buildings: 11210	1.112.949,00	1.168.326,00	1.223.703,00	1.279.768,00	1.378.774,00
2. Technical installations and other tangible fixed assets: 11220	2.315.359,00	2.914.446,00	3.185.237,00	3.328.768,00	3.978.813,00
3. Tangible asset in progress and advances: 11230	24.220,00	0,00	361.853,00	300.424,00	300.424,00
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	4.051.706,00	4.348.050,00	4.604.464,00	4.594.384,00	4.933.423,00
1. Equity instruments: 11410	3.789.191,00	4.085.535,00	4.341.949,00	4.331.869,00	4.287.908,00
2. Credits to businesses: 11420	262.515,00	262.515,00	262.515,00	262.515,00	645.515,00
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	242.981,00	201.393,00	204.489,00	216.712,00	283.787,00
1. Equity instruments: 11510	157.858,00	130.159,00	135.263,00	151.376,00	224.451,00
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	85.123,00	71.234,00	69.225,00	65.335,00	59.335,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	104.007,00	0,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	62.674.010,00	58.688.079,00	52.231.797,00	52.069.115,00	43.484.628,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	10.956.780,00	11.045.488,00	12.515.337,00	10.271.100,00	7.537.440,00
1. Commercial: 12210	8.960.466,00	9.180.479,00	10.516.612,00	8.786.959,00	6.388.095,00
2. Primary material and other supplies: 12220	253.959,00	228.715,00	239.013,00	234.196,00	133.186,00
3. Work in progress: 12230	94.085,00	9.475,00	16.732,00	15.280,00	7.039,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	94.085,00	9.475,00	16.732,00	15.280,00	7.039,00
4. Finished goods: 12240	1.638.734,00	1.620.450,00	1.751.487,00	1.234.533,00	1.009.119,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	1.638.734,00	1.620.450,00	1.751.487,00	1.234.533,00	1.009.119,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	9.536,00	6.369,00	-8.507,00	131,00	0,00
III. Trade debtors and others receivable accounts: 12300	41.833.940,00	42.237.624,00	38.692.597,00	38.114.624,00	32.748.344,00
1. Trade debtors / accounts receivable: 12310	35.409.719,00	34.778.003,00	31.476.831,00	31.268.460,00	27.119.478,00
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	35.409.719,00	34.778.003,00	31.476.831,00	31.268.460,00	27.119.478,00
2. Customers, Group companies and associates : 12320	6.195.397,00	6.747.091,00	6.603.701,00	6.376.497,00	5.164.831,00
3. Other accounts receivable: 12330	202.666,00	678.100,00	347.996,00	392.629,00	274.388,00
4. Personnel: 12340	26.159,00	34.430,00	38.575,00	36.418,00	53.343,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	0,00	0,00	225.493,00	40.621,00	136.303,00
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	454.210,00	-628.419,00	2.714.829,00	0,00
1. Equity instruments: 12410	0,00	454.210,00	-628.419,00	2.714.829,00	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	5.335.711,00	3.500.860,00	0,00	0,00	2.335.387,00
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	1.490.860,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	5.335.711,00	2.010.000,00	0,00	0,00	2.335.387,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	155.633,00	47.001,00	44.799,00	25.416,00	53.304,00
VII. Cash and other equivalent liquid assets : 12700	4.391.946,00	1.402.895,00	1.607.482,00	943.146,00	810.153,00
1. Treasury: 12710	4.391.946,00	1.402.895,00	1.607.482,00	943.146,00	810.153,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	73.773.707,00	70.014.071,00	64.312.888,00	64.036.399,00	56.441.260,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	30.744.349,00	28.489.134,00	25.882.751,00	24.321.983,00	22.095.162,00
A-1) Shareholders' equity: 21000	30.290.150,00	28.168.053,00	25.641.374,00	24.014.104,00	21.682.219,00
I. Capital: 21100	6.000.000,00	6.000.000,00	6.000.000,00	6.000.000,00	6.000.000,00
1. Registered capital : 21110	6.000.000,00	6.000.000,00	6.000.000,00	6.000.000,00	6.000.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	19.418.053,00	18.291.374,00	16.114.104,00	14.402.219,00	13.386.167,00
1. Legal and statutory: 21310	1.200.000,00	1.200.000,00	1.200.000,00	1.200.000,00	1.200.000,00
2. Other reserves: 21320	18.218.053,00	17.091.374,00	14.914.104,00	13.202.219,00	12.186.167,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	4.872.097,00	3.876.678,00	3.527.271,00	3.611.885,00	2.296.052,00
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	47.709,00	28.319,00	31.892,00	43.172,00	94.324,00
I. Financial assets held for sale: 22100	47.709,00	28.319,00	31.892,00	43.172,00	94.324,00
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	406.491,00	292.762,00	209.484,00	264.708,00	318.619,00
B) NON-CURRENT LIABILITIES: 31000	4.079.050,00	5.526.554,00	2.508.335,00	3.139.837,00	4.504.103,00
I. Long-term provisions: 31100	304.562,00	248.911,00	207.687,00	82.346,00	308.820,00
1. Long-term employee benefits liability: 31110	221.205,00	165.553,00	124.330,00	82.346,00	40.537,00
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	83.358,00	83.358,00	83.358,00	0,00	268.283,00
II Long-term creditors: 31200	3.576.375,00	5.136.341,00	2.193.264,00	2.512.217,00	3.182.403,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	2.219.168,00	3.317.504,00	602.641,00	0,00	2.257.761,00
3. Creditors from financial leasing: 31230	56.577,00	109.396,00	149.940,00	0,00	381.754,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	1.300.630,00	1.709.441,00	1.440.683,00	2.512.217,00	542.887,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	400.000,00	800.000,00
IV. Liabilities for deferred tax: 31400	198.112,00	141.302,00	107.384,00	145.274,00	212.880,00
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	38.950.308,00	35.998.382,00	35.921.802,00	36.574.579,00	29.841.994,00
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	16.677.678,00	11.712.538,00	11.457.196,00	13.594.310,00	9.105.052,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	16.281.019,00	11.398.404,00	10.989.028,00	12.384.522,00	8.711.963,00
3. Creditors from financial leasing: 32330	41.257,00	40.011,00	198.947,00	258.777,00	309.721,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	355.402,00	274.123,00	269.221,00	951.011,00	83.367,00
IV. Short-term debts with Group companies and associates: 32400	71.775,00	0,00	560.634,00	475.798,00	475.798,00
V. Trade creditors and other accounts payable: 32500	21.108.099,00	22.921.043,00	22.412.213,00	21.329.644,00	19.040.515,00
1. Suppliers: 32510	15.801.312,00	17.265.298,00	17.539.157,00	16.954.131,00	15.369.971,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	15.801.312,00	17.265.298,00	17.539.157,00	16.954.131,00	15.369.971,00
2. Suppliers, Group companies and associates: 32520	2.145.352,00	2.085.613,00	1.758.934,00	1.907.094,00	1.532.674,00
3. Other creditors: 32530	2.391.156,00	2.940.125,00	2.575.334,00	1.934.567,00	1.633.571,00
4. Personnel (remuneration due): 32540	439.369,00	439.734,00	385.082,00	366.800,00	300.708,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	330.911,00	190.273,00	153.706,00	167.052,00	203.590,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	1.092.756,00	1.364.801,00	1.491.759,00	1.174.828,00	1.220.630,00
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	73.773.707,00	70.014.071,00	64.312.888,00	64.036.399,00	56.441.260,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	133.891.654,00	135.192.903,00	126.707.739,00	120.270.770,00	102.839.573,00
a) Sales: 40110	131.679.158,00	133.124.675,00	124.984.954,00	118.658.976,00	101.133.605,00
b) Rendering of services: 40120	2.212.496,00	2.068.229,00	1.722.785,00	1.611.794,00	1.705.968,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	1.144.556,00	923.038,00	621.516,00	306.972,00	82.145,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	10.686,00	18.824,00	0,00
4. Supplies : 40400	-115.572.808,00	-118.014.435,00	-110.572.236,00	-104.110.281,00	-87.515.297,00
a) Stock consumption: 40410	-111.857.406,00	-114.797.437,00	-106.739.720,00	-100.767.626,00	-85.483.148,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-3.566.425,00	-2.958.100,00	-3.654.961,00	-3.174.856,00	-2.236.359,00
c) Works carried out by other companies: 40430	-148.978,00	-146.743,00	-177.555,00	-167.798,00	-110.314,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	-112.155,00	0,00	0,00	314.524,00
5. Other operating income: 40500	443.973,00	483.420,00	720.487,00	569.049,00	751.979,00
a) Auxiliary income and other from current management: 40510	438.397,00	483.292,00	549.621,00	428.805,00	732.029,00
b) Operation subsidies included in the Period's result: 40520	5.576,00	129,00	170.866,00	140.244,00	19.950,00
6. Personnel costs: 40600	-4.343.896,00	-4.406.507,00	-3.777.225,00	-3.631.187,00	-3.375.731,00
a) Wages, salaries et al.: 40610	-3.464.425,00	-3.549.709,00	-3.011.936,00	-2.853.493,00	-2.677.688,00
b) Social security costs: 40620	-879.471,00	-856.798,00	-765.289,00	-777.694,00	-698.042,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-9.222.266,00	-9.165.135,00	-8.614.587,00	-8.427.683,00	-8.842.445,00
a) External services: 40710	-8.832.578,00	-8.551.897,00	-8.205.722,00	-8.006.266,00	-8.429.544,00
b) Taxes: 40720	-75.339,00	-51.777,00	-68.470,00	-79.535,00	-41.956,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-314.510,00	-567.458,00	-341.508,00	-344.938,00	-325.148,00
d) Other current management expenditure : 40740	161,00	5.996,00	1.113,00	3.055,00	-45.797,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-1.155.638,00	-1.206.272,00	-1.119.693,00	-1.127.674,00	-1.002.863,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	87.156,00	113.574,00	0,00	0,00	171.735,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	-126.641,00	-3.231,00	457.007,00	224.888,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	-126.641,00	-3.231,00	457.007,00	224.888,00
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	-20.752,00	323.565,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	5.272.731,00	3.793.946,00	3.952.704,00	4.649.363,00	3.333.984,00
14. Financial income : 41400	1.524.576,00	1.339.520,00	585.748,00	388.854,00	390.443,00
a) Of shares in equity instruments : 41410	1.418.017,00	1.307.495,00	576.831,00	348.000,00	348.000,00
a 1) In Group companies and associates: 41411	1.418.017,00	1.307.495,00	576.831,00	348.000,00	348.000,00
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	106.559,00	32.025,00	8.917,00	40.854,00	42.443,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	106.559,00	32.025,00	8.917,00	40.854,00	42.443,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-435.080,00	-397.856,00	-388.197,00	-128.946,00	-443.971,00
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	-435.080,00	-397.856,00	-388.197,00	-128.946,00	-443.971,00
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	1.897,00	-6.037,00	-195.595,00	0,00
a) Trading book and other : 41610	0,00	1.897,00	-6.037,00	3.485,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	-199.080,00	0,00
17. Exchange rate differences : 41700	-524.989,00	-88.881,00	91.757,00	-19.884,00	-144.488,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	-251.840,00	10.080,00	-554.992,00	0,00
a) Impairment and losses : 41810	0,00	-251.840,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	10.080,00	-554.992,00	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	564.508,00	602.841,00	293.352,00	-510.563,00	-198.017,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	5.837.239,00	4.396.786,00	4.246.056,00	4.138.800,00	3.135.967,00
20. Income taxes: 41900	-965.142,00	-520.108,00	-718.785,00	-526.915,00	-839.915,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	4.872.097,00	3.876.678,00	3.527.271,00	3.611.885,00	2.296.052,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	4.872.097,00	3.876.678,00	3.527.271,00	3.611.885,00	2.296.052,00

> 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:	10.995.690,00	11.325.992,00	12.081.092,00	11.967.284,00	12.956.632,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	3.248.475,00	2.693.778,00	2.501.347,00	2.247.229,00	2.081.411,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	601.631,00	900.906,00	910.536,00	695.852,00	190.809,00
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:	26.356,00	32.023,00	31.243,00	17.292,00	17.779,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	2.620.489,00	1.760.849,00	1.559.567,00	1.534.085,00	1.872.824,00
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:	3.452.528,00	4.082.771,00	4.770.792,00	4.908.960,00	5.658.011,00
1. Land and construction:	1.112.949,00	1.168.326,00	1.223.703,00	1.279.768,00	1.378.774,00
2. Technical installations and machinery:	1.113.018,00	1.401.005,00	1.531.177,00	1.600.174,00	1.912.657,00
3. Other installations, tools and furniture:	1.045.469,00	1.315.979,00	1.438.251,00	1.503.060,00	1.796.579,00
4. Payments on account and tangible fixed assets under construction:	24.220,00	0,00	361.853,00	300.424,00	300.424,00
5. Other tangible assets:	156.872,00	197.462,00	215.809,00	225.534,00	269.576,00
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:	4.294.687,00	4.549.442,00	4.808.953,00	4.811.096,00	5.217.210,00
1. Equity investments in group companies:	3.789.191,00	4.085.535,00	4.341.949,00	4.331.869,00	4.287.908,00
2. Receivables from group companies:	262.515,00	262.515,00	262.515,00	262.515,00	645.515,00
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:	157.858,00	130.159,00	135.263,00	151.376,00	224.451,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	85.123,00	71.234,00	69.225,00	65.335,00	59.335,00
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:	62.778.017,00	58.688.079,00	52.231.797,00	52.069.115,00	43.484.628,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	10.956.780,00	11.045.488,00	12.515.337,00	10.271.100,00	7.537.440,00
1. Goods for resale:	8.960.466,00	9.180.479,00	10.516.612,00	8.786.959,00	6.388.095,00
2. Raw materials and other consumables:	253.959,00	228.715,00	239.013,00	234.196,00	133.186,00
3. Goods in process and semifinished ones:	94.085,00	9.475,00	16.732,00	15.280,00	7.039,00
4. Finished products:	1.638.734,00	1.620.450,00	1.751.487,00	1.234.533,00	1.009.119,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	9.536,00	6.369,00	-8.507,00	131,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	41.937.948,00	42.237.624,00	38.692.597,00	38.114.624,00	32.748.344,00
1. Trade debtors / accounts receivable:	35.409.719,00	34.778.003,00	31.476.831,00	31.268.460,00	27.119.478,00
2. Accounts receivable, Group companies:	6.195.397,00	6.747.091,00	6.603.701,00	6.376.497,00	5.164.831,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	202.666,00	678.100,00	347.996,00	392.629,00	274.388,00
5. Staff:	26.159,00	34.430,00	38.575,00	36.418,00	53.343,00
6. Public bodies:	104.007,00	0,00	225.493,00	40.621,00	136.303,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	5.335.711,00	3.955.070,00	-628.419,00	2.714.829,00	2.335.387,00
1. Equity investments in group companies:	0,00	454.210,00	-628.419,00	2.714.829,00	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	1.490.860,00	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:	5.335.711,00	2.010.000,00	0,00	0,00	2.335.387,00
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:	4.391.946,00	1.402.895,00	1.607.482,00	943.146,00	810.153,00
VII. Prepayments and accrued income:	155.633,00	47.001,00	44.799,00	25.416,00	53.304,00
GENERAL TOTAL (A + B + C + D):	73.773.707,00	70.014.071,00	64.312.888,00	64.036.399,00	56.441.260,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	30.459.806,00	28.284.201,00	25.736.112,00	24.136.688,00	21.872.129,00
I. Subscribed capital:	6.000.000,00	6.000.000,00	6.000.000,00	6.000.000,00	6.000.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	19.587.709,00	18.407.522,00	16.208.841,00	14.524.803,00	13.576.077,00
1. Legal reserve:	1.200.000,00	1.200.000,00	1.200.000,00	1.200.000,00	1.200.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	18.387.709,00	17.207.522,00	15.008.841,00	13.324.803,00	12.376.077,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	4.872.097,00	3.876.678,00	3.527.271,00	3.611.885,00	2.296.052,00
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:	284.543,00	204.933,00	146.639,00	185.296,00	223.034,00
1. Capital grants:	284.543,00	204.933,00	146.639,00	185.296,00	223.034,00
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:	304.562,00	248.911,00	207.687,00	82.346,00	308.820,00
1. Provisions for pension fund and other similar obligations:	221.205,00	165.553,00	124.330,00	82.346,00	40.537,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	268.283,00
3. Other provisions:	83.358,00	83.358,00	83.358,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	3.774.487,00	5.277.644,00	2.300.647,00	3.057.491,00	4.195.283,00
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:	2.275.745,00	3.426.900,00	752.580,00	0,00	2.639.516,00
1. Loans and other liabilities:	2.219.168,00	3.317.504,00	602.641,00	0,00	2.257.761,00
2. Long-term liabilities from capital leases:	56.577,00	109.396,00	149.940,00	0,00	381.754,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	400.000,00	800.000,00
1. Amounts owed to group companies:	0,00	0,00	0,00	400.000,00	800.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	1.498.742,00	1.850.743,00	1.548.067,00	2.657.491,00	755.767,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	1.300.630,00	1.709.441,00	1.440.683,00	2.512.217,00	542.887,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	198.112,00	141.302,00	107.384,00	145.274,00	212.880,00
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:	38.950.308,00	35.998.382,00	35.921.802,00	36.574.579,00	29.841.994,00
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:	16.322.276,00	11.438.416,00	11.187.975,00	12.643.299,00	9.021.684,00
1. Loans and other liabilities:	16.281.019,00	11.398.404,00	10.989.028,00	12.384.522,00	8.711.963,00
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:	41.257,00	40.011,00	198.947,00	258.777,00	309.721,00
III. Short-term amounts owed to group and associated companies:	2.217.126,00	2.085.613,00	2.319.568,00	2.382.891,00	2.008.472,00
1. Amounts owed to group companies:	2.217.126,00	2.085.613,00	2.319.568,00	2.382.891,00	2.008.472,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	18.192.468,00	20.205.423,00	20.114.491,00	18.888.698,00	17.003.542,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	18.192.468,00	20.205.423,00	20.114.491,00	18.888.698,00	17.003.542,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.125.682,00	904.130,00	808.009,00	1.484.863,00	587.665,00
1. Public bodies:	330.911,00	190.273,00	153.706,00	167.052,00	203.590,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	355.402,00	274.123,00	269.221,00	951.011,00	83.367,00
4. Wages and salaries payable:	439.369,00	439.734,00	385.082,00	366.800,00	300.708,00
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:	1.092.756,00	1.364.801,00	1.491.759,00	1.174.828,00	1.220.630,00
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):	73.773.707,00	70.014.071,00	64.312.888,00	64.036.399,00	56.441.260,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	132.219.818,00	134.177.674,00	125.220.743,00	118.726.642,00	102.164.711,00
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:	115.572.808,00	117.902.279,00	110.572.236,00	104.110.281,00	87.829.821,00
a) Stock consumption:	111.857.406,00	114.797.437,00	106.739.720,00	100.767.626,00	85.483.148,00
b) Consumption of raw materials and miscellaneous consumable ones:	3.566.425,00	2.958.100,00	3.654.961,00	3.174.856,00	2.236.359,00
c) Miscellaneous external expenditure:	148.978,00	146.743,00	177.555,00	167.798,00	110.314,00
A.3. Staff costs:	4.343.896,00	4.406.507,00	3.777.225,00	3.631.187,00	3.375.731,00
a) Wages, salaries et al.:	3.464.425,00	3.549.709,00	3.011.936,00	2.853.493,00	2.677.688,00
b) Social security costs:	879.471,00	856.798,00	765.289,00	777.694,00	698.042,00
A.4. Depreciation expense:	1.155.638,00	1.206.272,00	1.119.693,00	1.127.674,00	1.002.863,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	314.510,00	679.613,00	341.508,00	344.938,00	10.624,00
a) Stock provision variation:	0,00	112.155,00	0,00	0,00	-314.524,00
b) Variation in provision and bad debt losses:	314.510,00	567.458,00	341.508,00	344.938,00	325.148,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	8.907.756,00	8.597.678,00	8.273.079,00	8.082.746,00	8.517.297,00
a) External services:	8.832.578,00	8.551.897,00	8.205.722,00	8.006.266,00	8.429.544,00
b) Taxes:	75.339,00	51.777,00	68.470,00	79.535,00	41.956,00
c) Other operating expenses:	-161,00	-5.996,00	-1.113,00	-3.055,00	45.797,00
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):	5.185.576,00	3.807.013,00	3.976.688,00	3.868.790,00	2.937.361,00
A.7. Financial and similar charges:	435.080,00	397.856,00	388.197,00	683.938,00	443.971,00
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.:	435.080,00	397.856,00	388.197,00	128.946,00	443.971,00
d) Losses from financial investments:	0,00	0,00	0,00	554.992,00	0,00
A.8. Changes in financial investment provisions:	0,00	251.840,00	6.037,00	199.080,00	0,00
A.9. Exchange losses:	524.989,00	88.881,00	0,00	19.884,00	144.488,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	564.508,00	602.841,00	293.352,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	5.750.083,00	4.409.854,00	4.270.039,00	3.354.743,00	2.739.344,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	126.641,00	3.231,00	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	20.752,00	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):	87.156,00	0,00	0,00	780.572,00	396.623,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	5.837.239,00	4.396.786,00	4.246.056,00	4.135.315,00	3.135.967,00
A.15. Corporation tax:	965.142,00	520.108,00	718.785,00	526.915,00	839.915,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	4.872.097,00	3.876.678,00	3.527.271,00	3.608.400,00	2.296.052,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	137.091.915,00	138.054.353,00	128.748.014,00	122.335.042,00	104.460.763,00
B.1. Net total sales:	133.891.654,00	135.192.903,00	126.707.739,00	120.270.770,00	102.839.573,00
a) Sales:	132.735.649,00	134.192.764,00	125.987.737,00	119.611.004,00	101.945.023,00
b) Rendering of services:	2.212.496,00	2.068.229,00	1.722.785,00	1.611.794,00	1.705.968,00
Returns and Rappel on sales:	-1.056.492,00	-1.068.089,00	-1.002.782,00	-952.028,00	-811.418,00
B.2. Stock increase of manufactured goods and products in process:	1.144.556,00	923.038,00	621.516,00	306.972,00	82.145,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	10.686,00	18.824,00	0,00
B.4. Miscellaneous operating income:	443.973,00	483.420,00	720.487,00	569.049,00	751.979,00
a) Auxiliary income and other from current management:	438.397,00	483.292,00	549.621,00	428.805,00	732.029,00
b) Grants:	5.576,00	129,00	170.866,00	140.244,00	19.950,00
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:	1.418.017,00	1.307.495,00	576.831,00	348.000,00	348.000,00
a) In companies of the group:	1.418.017,00	1.307.495,00	576.831,00	348.000,00	348.000,00
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:	106.559,00	33.922,00	18.997,00	40.854,00	42.443,00
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:	106.559,00	32.025,00	8.917,00	40.854,00	42.443,00
d) Profit on financial investment:	0,00	1.897,00	10.080,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	91.757,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	514.047,00	198.017,00
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	457.007,00	224.888,00
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:	87.156,00	113.574,00	0,00	0,00	171.735,00
B.12. Extraordinary income:	0,00	0,00	0,00	323.565,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	13.067,00	23.983,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.: 61100	5.837.239,00	4.396.786,00	4.246.056,00	4.138.800,00	3.135.967,00
2. Results adjustments.: 61200	-28.149,00	933.089,00	1.451.221,00	1.234.054,00	472.522,00
a) Fixed Assets Amortization (+).: 61201	1.155.638,00	1.206.272,00	1.119.693,00	1.127.674,00	1.002.863,00
b) Obsolescence Allowances (+/-). : 61202	-62.787,00	614.191,00	545.616,00	368.691,00	-227.784,00
c) Variation in Provision (+/-). : 61203	55.652,00	41.223,00	125.342,00	-226.474,00	40.537,00
d) Allocation of grants (-).: 61204	-87.156,00	-113.574,00	-170.866,00	-120.294,00	-171.735,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	126.641,00	22.951,00	-337.188,00	-224.888,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	0,00	0,00	485.958,00	0,00
g) Financial income (-).: 61207	-1.524.576,00	-1.339.520,00	-579.712,00	-392.339,00	-390.443,00
h) Financial Expenses (+). : 61208	435.080,00	397.856,00	388.197,00	328.026,00	443.971,00
3. Changes in current capital equity.: 61300	948.442,00	-7.466.988,00	-1.424.913,00	-2.810.935,00	-1.167.229,00
a) Stock (+/-).: 61301	347.314,00	1.668.178,00	-2.448.969,00	-2.910.148,00	2.175.529,00
d) Debtors and other accounts receivable (+/-). : 61302	207.864,00	-4.105.707,00	-918.858,00	-5.688.402,00	2.260.918,00
c) Other current assets (+/-). : 61303	-1.380.640,00	-4.583.489,00	3.343.248,00	-379.442,00	-1.990.996,00
d) Creditors and other accounts payable (+/-). : 61304	-3.263.010,00	-140.679,00	651.944,00	1.677.799,00	-1.483.291,00
e) Other current liabilities (+/-).: 61305	5.036.914,00	-305.291,00	-2.052.277,00	4.489.258,00	-2.129.390,00
4. Other cash flows for operating activities.: 61400	1.089.496,00	941.664,00	191.514,00	64.313,00	-53.528,00
a) Interest payments (-). : 61401	-435.080,00	-397.856,00	-388.197,00	-328.026,00	-443.971,00
c) Interest collection (+). : 61403	1.524.576,00	1.339.520,00	579.711,00	392.339,00	390.443,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	7.847.028,00	-1.195.449,00	4.463.879,00	2.626.232,00	2.387.731,00
6. Payments for investment (-).: 62100	-1.139.837,00	-847.789,00	-1.279.259,00	-670.875,00	-976.030,00
b) Intangible fixed assets. : 62102	-920.221,00	-663.888,00	-544.774,00	-500.896,00	-565.085,00
c) Fixed assets. : 62103	-205.727,00	-181.892,00	-720.515,00	-146.978,00	-410.945,00
e) Other financial assets. : 62105	-13.889,00	-2.009,00	-13.970,00	-23.000,00	0,00
7. Divestment payment collection (+). : 62200	342.200,00	13.031,00	6.695,00	504.914,00	294.539,00
a) Companies of the group and affiliates. : 62201	296.344,00	4.575,00	0,00	0,00	27.539,00
b) Intangible fixed assets. : 62202	45.856,00	0,00	0,00	0,00	0,00
c) Fixed assets. : 62203	0,00	8.456,00	6.695,00	504.914,00	267.000,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-797.637,00	-834.757,00	-1.272.564,00	-165.961,00	-681.491,00
9. Payment collection and payments for equity instruments. : 63100	249.625,00	232.542,00	91.975,00	22.908,00	124.205,00
e) Grants, donations and bequests received (+). : 63105	249.625,00	232.542,00	91.975,00	22.908,00	124.205,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-1.559.966,00	2.943.078,00	-718.953,00	-1.070.186,00	-1.360.337,00
a) Issuance : 63201	0,00	2.943.078,00	0,00	0,00	0,00
2. Debts incurred with credit institutions (+). : 63203	-268.758,00	2.674.320,00	0,00	0,00	0,00
5. Other debts (+). : 63206	268.758,00	268.758,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	-1.559.966,00	0,00	-718.953,00	-1.070.186,00	-1.360.337,00
5. Other debts (-). : 63212	-1.559.966,00	0,00	-718.953,00	-1.070.186,00	-1.360.337,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-2.750.000,00	-1.350.000,00	-1.900.000,00	-1.280.000,00	-1.000.000,00
a) Dividends (-).: 63301	-2.750.000,00	-1.350.000,00	-1.900.000,00	-1.280.000,00	-1.000.000,00
12. Cash flows for financing activities (9+10+11).: 63400	-4.060.341,00	1.825.619,00	-2.526.978,00	-2.327.278,00	-2.236.133,00
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	2.989.050,00	-204.587,00	664.336,00	132.993,00	-529.892,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	1.402.895,00	1.607.482,00	943.146,00	810.153,00	1.340.045,00
Cash or equivalent assets as of end of the fiscal year.: 65200	4.391.946,00	1.402.895,00	1.607.482,00	943.146,00	810.153,00

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:	0,02 %	0,01 %	0,00 %	0,01 %		47,33 %
EBITDA over Sales:	4,74 %	11,49 %	3,71 %	9,02 %	27,72 %	27,32 %
Cash Flow Yield:	0,04 %	0,00 %	0,00 %	0,00 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	8,22 %	6,99 %	6,17 %	4,97 %	33,27 %	40,74 %
Total economic profitability:	8,50 %	3,85 %	6,85 %	2,39 %	24,15 %	61,24 %
Financial profitability:	16,08 %	4,47 %	13,76 %	1,03 %	16,87 %	332,24 %
Margin:	3,93 %	6,82 %	2,80 %	4,64 %	40,36 %	47,18 %
Mark-up:	4,35 %	4,65 %	3,24 %	1,38 %	34,09 %	238,03 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,11	0,13	0,04	0,12	189,34	13,91
Acid Test:	1,32	0,86	1,32	0,85	0,12	1,21
Working Capital / Investment:	0,32	0,05	0,32	0,03	-0,77	89,61
Solvency:	1,61	1,18	1,63	1,17	-1,14	0,16

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,38	1,38	1,44	1,63	-4,14	-15,15
Borrowing Composition:	0,10	1,00	0,15	1,03	-33,90	-2,06
Repayment Ability:	14,29	132,89	-201,75	205,36	107,08	-35,29
Warranty:	1,73	1,73	1,70	1,62	1,80	6,90
Generated resources / Total creditors:	0,14	0,08	0,13	0,07	6,91	27,91

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,46	1,88	2,14	1,70	15,07	10,10
Turnover of Collection Rights :	3,21	5,05	3,21	4,78	-0,03	5,53
Turnover of Payment Entitlements:	5,97	3,66	5,59	3,51	6,76	4,31
Stock rotation:	11,79	7,33	11,94	6,48	-1,27	13,04
Assets turnover:	2,09	1,03	2,21	1,07	-5,05	-4,38
Borrowing Cost:	1,02	2,85	0,96	2,95	5,65	-3,33

> 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:	0,02 %	0,00 %	0,01 %	0,00 %	-0,52 %
EBITDA over Sales:	4,74 %	3,71 %	4,02 %	4,15 %	3,83 %
Cash Flow Yield:	0,04 %	0,00 %	0,01 %	0,00 %	-0,94 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	8,22 %	6,17 %	6,61 %	7,65 %	6,82 %
Total economic profitability:	8,50 %	6,85 %	7,21 %	6,66 %	6,34 %
Financial profitability:	16,08 %	13,76 %	13,76 %	15,04 %	10,59 %
Margin:	3,93 %	2,80 %	3,12 %	3,58 %	3,22 %
Mark-up:	4,35 %	3,24 %	3,35 %	3,16 %	3,03 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,11	0,04	0,04	0,03	0,03
Acid Test:	1,32	1,32	1,10	1,14	1,20
Working Capital / Investment:	0,32	0,32	0,25	0,24	0,24
Solvency:	1,61	1,63	1,45	1,42	1,46

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	1,38	1,44	1,47	1,63	1,53
Borrowing Composition:	0,10	0,15	0,06	0,08	0,14
Repayment Ability:	14,29	-201,75	57,53	298,00	9,43
Warranty:	1,73	1,70	1,68	1,62	1,66
Generated resources / Total creditors:	0,14	0,13	0,12	0,13	0,09

Efficiency	2013	2012	2011	2010	2009
Productivity:	2,46	2,14	2,35	2,38	2,17
Turnover of Collection Rights :	3,21	3,21	3,29	3,17	3,16
Turnover of Payment Entitlements:	5,97	5,59	5,35	5,29	5,06
Stock rotation:	11,79	11,94	9,86	11,39	13,35
Assets turnover:	2,09	2,21	2,12	2,14	2,12
Borrowing Cost:	1,02	0,96	1,02	0,33	1,30

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

 --

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	IBERDROLA INGENIERIA Y CONSTRUCCION SOCIEDAD ANONIMA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	275.740,00
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	186.899,60
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	DIRECCION GENERAL DEL TESORO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	61.117,38
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	56.943,89
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	157.138,08
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	IBERDROLA INGENIERIA Y CONSTRUCCION SOCIEDAD ANONIMA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	126.166,00
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	DIRECCION GENERAL DEL TESORO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	69.848,44
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	65.078,73
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	IRGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación
Status	CONCEDIDA
Amount Granted	128,69

Entity	DIRECCION GENERAL DEL TESORO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	78.579,50
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	73.213,57
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	122.515,58
Notes	Saldo al 31/12/2010.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	834.118,26

Entity	DIRECCION GENERAL DEL TESORO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	30.000,00

Entity	ADM
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	834.118,26
Notes	Subvención para la adecuación de las instalaciones de los clientes de la sociedad, para que estos puedan consumir los productos que suministra dicho proveedor y que previamente ha financiado la sociedad. El importe traspasado a resultados es 207.058,74 euros, quedando pendiente al cierre 388.746,32 euros

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Status	CONCEDIDA
Amount Granted	326.000,00
Notes	Subvención reembolsable para el Programa Nacional de Biomedicina (acción profarma) concedida el 14/10/2003 El importe pendiente de imputar es de 254.847,28 euros

Entity	FEDER - CDTI
Status	CONCEDIDA
Amount Granted	219.000,00
Notes	Subvención reembolsable concedida en 2004 por la colaboración en el desarrollo del proyecto de desarrollo tecnológico denominado "premezclas medicamentosas y polvos orales de uso veterinario" . El importe pendiente de imputar es de 326.800 euros

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Status	CONCEDIDA
Amount Granted	136.524,22
Notes	Subvención reembolsable para el Programa Nacional de Biomedicina (acción profarma) concedida el 09/01/2003. El importe pendiente de imputar es de 97.247,10 euros

Entity	FEDER - CDTI
Status	CONCEDIDA
Amount Granted	126.200,00
Notes	Subvención reembolsable por la colaboración en el desarrollo del proyecto de desarrollo tecnológico denominado "Proyecto de promoción tecnológica; promoción tecnológica internacional de premezclas medicamentosas para sanidad animal" El importe pendiente de imputar es de 113.038,20 euros

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Status	CONCEDIDA
Amount Granted	120.202,42
Notes	Subvención reembolsable para el Programa Nacional de Biomedicina (acción profarma) concedida el 19/01/2002. El importe pendiente de imputar es de 68.687,70 euros

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	101.280,00
Notes	Subvención reembolsable para Colaboración en el Proyecto de Promoción Tecnológica denominado PROMOCIÓN TECNOLÓGICA DE PREMEZCLAS MEDICAMENTOSAS PARA INCORPORACIÓN A PIENSOS concedida el 01/07/2003. El importe pendiente de imputar es de 69.938,18 euros

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Status	CONCEDIDA
Amount Granted	60.000,00
Notes	Subvención COATING fue concedida en 2002. El saldo pendiente de imputar es 136.128,42 euros

Entity	MINISTERIO DE TURISMO Y COMERCIO
Status	CONCEDIDA
Amount Granted	30.000,00
Notes	Subvención de la Dirección General del tesoro fue concedida el 18/12/2007 para el desarrollo de nueva metodología de recubrimiento de la Bacitrian. El saldo pendiente de imputar es 30.000 euros

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	25.065,00
Notes	Subvención fue concedida el 24/12/2007 como ayuda prefinanciación. El saldo reflejado es el pendiente de imputar

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	219.000,00

Entity	ADM
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	211.699,23
Notes	El importe reflejado es el imputado a resultados.

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Status	CONCEDIDA
Amount Granted	101.280,00

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Status	CONCEDIDA
Amount Granted	45.741,30
Notes	El importe reflejado corresponde al saldo al cierre.

Entity	MINISTERIO DE CIENCIA Y TECNOLOGIA
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Project	ADECUACION DE LAS INSTALACIONES DE LOS CLIENTES DE LA SOCIEDAD
Amount Granted	60.000,00

Research Summary

It is a founded in 1979, dedicated to the manufacture and sale of additives and chemicals for the manufacture of feed materials. It operates nationally and internationally. In the sources consulted appears nothing against him. In light of the above we believe that is possible to continue operations relating to risk, commensurate with their importance.

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.63.94
UK Pound	1	Rs.98.27
Euro	1	Rs.72.37

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	VNT

RATING EXPLANATIONS

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

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

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

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

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