MIRA INFORM REPORT

Report No. :	328413
Report Date :	24.06.2015

IDENTIFICATION DETAILS

Name :	PMS INTERNATIONAL SL
Registered Office :	Avs Esplugues, 77. - Barcelona - 08034 – Barcelona
Country :	Spain
Financials (as on) :	31.12.2013
Date of Incorporation :	04.12.2000
Legal Form :	Private company
Line of Business :	Subject is engaged in the distribution of chemical products: Detergents and cosmetics, paints, lubricants, food, plastic and rubber, water treatment, glass and ceramics, pharmaceuticals, products for drilling / exploitation of oil wells, animal food, textile and leather, plant protection products.
No. of Employee :	Not Available

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 – 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:	PMS INTERNATIONAL SL
NIF / Fiscal code:	B62426168
Status:	ACTIVE
Incorporation Date:	04/12/2000
Register Data	Register Section 8 Sheet 224018
Last Publication in BORME:	15/04/2015 [Revocations]
Last Published Account Deposit:	2013
Share Capital:	1.433.839,38
Localization:	AVS ESPLUGUES, 77. - BARCELONA - 08034 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 932 051 011 Website. www.pms.es
Activity:
NACE:	4619 - Agents involved in the sale of a variety of goods
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	0 for a total cost of 0
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :

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Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---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Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

PMS SA	86 %
TAUNAN SL
Shares:	4
Other Links:	4
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios

2013

2012

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The company was incorporated in 2001, engaged in the distribution of chemical products. Its turnover has been increased by 9,65 % in 2013 compared to 2012. It has a scope for action with positive values that allows the company to comply with its payment obligations in the short term.

Enquiry Details

Identification
Social Denomination:	PMS INTERNATIONAL SL
NIF / Fiscal code:	B62426168
Corporate Status:	ACTIVE
Start of activity:	2001
Registered Office:	AVS ESPLUGUES, 77.
Locality:	BARCELONA
Province:	BARCELONA
Postal Code:	08034
Telephone:	932 051 011
Website:	www.pms.es

Branch Offices

--

Activity
NACE:	4619
Legal Form:	NATIONAL AND INTERNATIONAL WHOLESALE OF ALL KIND OF PRODUCTS AND GOODS, ALWAYS SUBJECT TO THE LAW, SELLING AND PURCHASING ON THEIR OWN BEHALF OR AS INTERMEDIARIES
Additional Information:	It is engaged in the distribution of chemical products: Detergents and cosmetics, paints, lubricants, food, plastic and rubber, water treatment, glass and ceramics, pharmaceuticals, products for drilling / exploitation of oil wells, animal food, textile and leather, plant protection products.
Additional Address:	AVS ESPLUGUES, 77. 08034 BARCELONA, registered office, offices, warehouse and premises, rented.
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary
	Year	Act
	2001	Accounts deposit (year 2000) Appointments/ Re-elections (2) Company Formation (1) Increase of Capital (2) Statutory Modifications (1)
	2002	Accounts deposit (year 2001) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2) Change of Social Denomination (1) Increase of Capital (1) Other Concepts/ Events (2) Statutory Modifications (2)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (1)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (2)
	2006	Accounts deposit (year 2005) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (3)
	2007	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2008	Accounts deposit (year 2006, 2007) Appointments/ Re-elections (1)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (1)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (1)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (1)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (2)
	2015	Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity
Registered Capital:	1.433.839,38
Paid up capital:	1.433.839,38

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
15/01/2001	Company Formation	3.150	3.150	3.150	3.150
19/07/2001	Increase of Capital	329.929	329.929	333.079	333.079
23/11/2001	Increase of Capital	857.007	857.007	1.190.086	1.190.086
19/02/2002	Increase of Capital	243.753	243.753	1.433.839	1.433.839

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE ADMINISTRATOR	PMS SA	18/03/2009	2
PROXY	PERO TOMAS JOB AGUSTIN	06/06/2012	1
	PERO SILVA JUAN IGNACIO	18/03/2009	4
	GONZALEZ GIRALT JAVIER	07/06/2005	3
	CAMPS ANAYA MIGUEL ANGEL	15/05/2001	3
REPRESENTATIVE	PERO SILVA JUAN IGNACIO	18/03/2009	4
ACCOUNTS' AUDITOR / HOLDER	GRANT THORNTON SLP	07/11/2014	4

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AUDIHISPANA GRANT THORNTON SL	ACCOUNTS' AUDITOR / HOLDER	14/10/2008	2
	ACCOUNTS' AUDITOR / HOLDER	13/11/2009
AUDIHISPANA GRANT THORNTON SLP	ACCOUNTS' AUDITOR / HOLDER	15/10/2010	2
	ACCOUNTS' AUDITOR / HOLDER	13/12/2011
AUDIHISPANA S A	ACCOUNTS' AUDITOR / HOLDER	23/10/2006	1
AUDIHISPANA SA	ACCOUNTS' AUDITOR / HOLDER	01/12/2004	3
	ACCOUNTS' AUDITOR / HOLDER	16/08/2005
	ACCOUNTS' AUDITOR / HOLDER	09/10/2007
BARTI CATALA JOAN	MEMBER OF THE BOARD	17/03/2006	1
BONUSIA SL	MEMBER OF THE BOARD	18/03/2009	1
CALZADA NAVAR XAVIER EDUARD	NON CONSELLOR SECRETARY	17/03/2006	1
CAMPS ANAYA MIGUEL ANGEL	CHIEF EXECUTIVE OFFICER	25/10/2007	3
	MEMBER OF THE BOARD	18/03/2009
CANYELLES GRAU JOSEP	MEMBER OF THE BOARD	18/03/2009	2
	PROXY	08/04/2015
DIEZ GONZALEZ CARLOS FIDEL	NON CONSELLOR SECRETARY	18/03/2009	1
GARCIA ARNAU LORENZO	NON CONSELLOR ASSISTANT SECRETARY	18/03/2009	1
GONZALEZ GIRALT JAVIER	PROXY	07/06/2005	3
	MEMBER OF THE BOARD	18/03/2009
GRANT THORNTON SLP	ACCOUNTS' AUDITOR / HOLDER	27/05/2013	4
	ACCOUNTS' AUDITOR / HOLDER	10/01/2014
	ACCOUNTS' AUDITOR / HOLDER	07/11/2014
GRAÑA ESPERT JOSE ANTONIO	PROXY	27/03/2006	1
MAHDI BELHADJ	MEMBER OF THE BOARD	18/03/2009	1
MORILLO PEREÑA FERNANDO	MEMBER OF THE BOARD	30/01/2003	1
PERO SILVA JUAN IGNACIO	REPRESENTATIVE	19/02/2002	4
	REPRESENTATIVE	18/03/2009
PERO SILVA RAFAEL	REPRESENTATIVE	18/03/2009	1
PMS SA	SINGLE PARTNER	19/02/2002	2
TAUNAN SL	ADMINISTRATOR	19/02/2002	4
	MEMBER OF THE BOARD	18/03/2009
	CHIEF EXECUTIVE OFFICER	18/03/2009
	PRESIDENT	18/03/2009
VILAPLANA BURGES ANTONIO	MEMBER OF THE BOARD	18/03/2009	2
	PROXY	27/03/2006

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	---

> 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. PMS INTERNATIONAL SL obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets. High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year. Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

PMS INTERNATIONAL SL it presents an excessive indebtedness that may compromise their balance sheet. The current debt represents a 70.53% 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. Debts assumed by the company based on the volume of its own resources have increased in the previous financial year. No Company's subsidiaries or branches are known.

LEGAL CLAIMS

Summary of Judicial Claims

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

Link List

HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	3 Entities
PARTICIPATES IN:	4 Entities
SHAREHOLDERS:	2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	PMS SA	BARCELONA	86
	TAUNAN SL	BARCELONA
PARTICIPATES IN	DISTRIM SPA		99.87
	DEISA ALGERIE SPA		50
	ENVEX SPA		5
	PROCHIMAG SARL		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	MC EQUIPO PROFESIONAL S.L	BARCELONA
	TAUNAN SL	BARCELONA
	DECTOGRAF SL	BARCELONA
HAS IN ITS ADMINISTRATION BOARD TO	PMS SA	BARCELONA

Turnover
Total Sales 2014	22.900.000

The sales data is from the latest available financial statements in axesor. 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	September  2014
2012	Normales	July  2013
2011	Normales	November  2012
2010	Normales	August  2011
2009	Normales	July  2010
2008	Normales	July  2009
2007	Normales	August  2008
2006	Normales	December  2007
2005	Normales	July  2006
2004	Normales	August  2005
2003	Normales	September  2004
2002	Normales	October  2003
2001	Normales	August  2002
2000	Normales	July  2001

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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	3.827.304,00	4.014.161,00	3.798.568,00	2.902.807,00	2.933.179,00
I. Intangible fixed assets : 11100	8.668,00	15.120,00	23.699,00	32.051,00	23.864,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	8.668,00	15.120,00	23.699,00	32.051,00	23.864,00
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	19.490,00	26.243,00	23.822,00	18.412,00	7.453,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	19.490,00	26.243,00	23.822,00	18.412,00	7.453,00
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	3.326.207,00	3.472.075,00	3.407.575,00	2.765.299,00	2.796.938,00
1. Equity instruments: 11410	2.744.735,00	2.744.735,00	2.744.735,00	2.744.735,00	2.660.938,00
2. Credits to businesses: 11420	581.472,00	727.340,00	662.840,00	0,00	136.000,00
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	0,00	0,00	0,00	20.564,00	20.564,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	471.117,00	500.723,00	343.472,00	87.045,00	104.924,00
1. Equity instruments: 11510	5.051,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	427.978,00	478.209,00	322.908,00	87.045,00	84.360,00
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	38.088,00	22.514,00	20.564,00	0,00	0,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	1.822,00	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	13.949.614,00	9.670.047,00	14.005.699,00	17.434.471,00	13.234.612,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	67.406,00	11.635,00	73.594,00	38.164,00	8.369,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
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	67.406,00	11.635,00	73.594,00	38.164,00	8.369,00
III. Trade debtors and others receivable accounts: 12300	10.074.400,00	7.245.863,00	9.057.462,00	10.837.238,00	8.639.629,00
1. Trade debtors / accounts receivable: 12310	8.834.419,00	5.365.758,00	6.097.856,00	6.891.616,00	5.841.627,00
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	8.834.419,00	0,00	0,00	6.891.616,00	5.841.627,00
2. Customers, Group companies and associates : 12320	658.816,00	1.617.508,00	2.655.506,00	3.729.218,00	2.648.682,00
3. Other accounts receivable: 12330	0,00	0,00	67.378,00	16.173,00	5.220,00
4. Personnel: 12340	105.085,00	0,00	0,00	0,00	9.713,00
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	476.080,00	262.597,00	236.722,00	200.231,00	134.387,00
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	613.893,00	217.634,00	206.995,00	322.051,00	336.051,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	381.982,00	217.634,00	206.995,00	322.051,00	336.051,00
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	231.911,00	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	131.082,00	109.197,00	88.201,00	38.491,00	982.176,00
1. Equity instruments: 12510	0,00	5.051,00	5.020,00	0,00	0,00
2. Credits to businesses: 12520	131.082,00	104.146,00	83.181,00	38.491,00	32.176,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	950.000,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	39.773,00	36.509,00	36.494,00	35.354,00	26.022,00
VII. Cash and other equivalent liquid assets : 12700	3.023.060,00	2.049.209,00	4.542.953,00	6.163.173,00	3.242.365,00
1. Treasury: 12710	3.023.060,00	2.049.209,00	4.542.953,00	6.163.173,00	3.242.365,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	17.776.918,00	13.684.208,00	17.804.267,00	20.337.278,00	16.167.791,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	4.886.025,00	4.365.379,00	4.076.658,00	4.046.428,00	4.672.207,00
A-1) Shareholders' equity: 21000	4.886.025,00	4.365.379,00	4.076.658,00	4.046.428,00	4.672.207,00
I. Capital: 21100	1.433.839,00	1.433.839,00	1.433.839,00	1.433.839,00	1.433.839,00
1. Registered capital : 21110	1.433.839,00	1.433.839,00	1.433.839,00	1.433.839,00	1.433.839,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	68.303,00	68.303,00	68.303,00	68.303,00	68.303,00
III. Reserves: 21300	2.688.237,00	2.598.935,00	2.187.143,00	1.837.293,00	2.574.915,00
1. Legal and statutory: 21310	286.767,00	286.767,00	286.768,00	286.767,00	286.768,00
2. Other reserves: 21320	2.401.470,00	2.312.168,00	1.900.375,00	1.550.526,00	2.288.147,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	-242.856,00	-242.856,00	-317.228,00
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	695.646,00	264.302,00	630.229,00	949.849,00	912.378,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	352.667,00	536.667,00	731.661,00	1.062.171,00	1.438.162,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	352.667,00	536.667,00	731.661,00	1.062.171,00	1.438.162,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	352.667,00	536.667,00	731.661,00	962.171,00	988.162,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	100.000,00	450.000,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	0,00	0,00	0,00	0,00	0,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	12.538.226,00	8.782.162,00	12.995.948,00	15.228.679,00	10.057.422,00
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	368.812,00	194.994,00	679.325,00	543.574,00	398.550,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	368.812,00	194.994,00	579.325,00	197.983,00	48.550,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	100.000,00	345.591,00	350.000,00
IV. Short-term debts with Group companies and associates: 32400	303.088,00	230.878,00	136.399,00	0,00	10.371,00
V. Trade creditors and other accounts payable: 32500	11.866.326,00	8.356.290,00	12.180.224,00	14.685.289,00	9.649.576,00
1. Suppliers: 32510	10.933.248,00	7.684.820,00	10.378.452,00	12.377.615,00	7.426.413,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	10.933.248,00	0,00	0,00	12.377.615,00	7.426.413,00
2. Suppliers, Group companies and associates: 32520	86.873,00	130.104,00	335.812,00	21.435,00	209.517,00
3. Other creditors: 32530	273.337,00	406.973,00	657.287,00	876.311,00	479.856,00
4. Personnel (remuneration due): 32540	463.745,00	45.000,00	716.413,00	467.668,00	453.154,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	255.170,00	207.754,00
6. Other accounts payable to Public Administrations.: 32560	105.123,00	76.348,00	91.594,00	94.510,00	83.975,00
7. Advances from clients: 32570	4.000,00	13.045,00	666,00	592.580,00	788.907,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	-184,00	-1.075,00
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	17.776.918,00	13.684.208,00	17.804.267,00	20.337.278,00	16.167.791,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	22.309.965,00	20.346.618,00	25.014.939,00	26.610.170,00	23.664.411,00
a) Sales: 40110	18.568.833,00	18.355.110,00	21.538.942,00	24.640.531,00	21.843.627,00
b) Rendering of services: 40120	3.741.132,00	1.991.508,00	3.475.997,00	1.969.639,00	1.820.784,00
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	-15.058.718,00	-14.895.745,00	-17.562.455,00	-18.452.018,00	-16.385.516,00
a) Stock consumption: 40410	-15.058.718,00	-14.895.745,00	-17.562.455,00	-18.452.018,00	-16.385.516,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	6.747,00	16.797,00	12.362,00	8.332,00	19.079,00
a) Auxiliary income and other from current management: 40510	6.747,00	16.797,00	12.362,00	3.284,00	17.322,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	5.048,00	1.757,00
6. Personnel costs: 40600	-2.344.338,00	-2.077.244,00	-2.236.521,00	-2.272.599,00	-2.066.841,00
a) Wages, salaries et al.: 40610	-1.971.349,00	-1.686.790,00	-1.900.038,00	-1.941.963,00	-1.745.245,00
b) Social security costs: 40620	-372.989,00	-390.454,00	-336.483,00	-330.636,00	-321.596,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-3.904.328,00	-3.042.119,00	-4.409.828,00	-4.642.343,00	-4.073.320,00
a) External services: 40710	-3.889.585,00	-3.028.092,00	-4.405.456,00	-4.656.741,00	-3.973.901,00
b) Taxes: 40720	-2.517,00	-4.676,00	-4.372,00	-5.991,00	-3.748,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	-1.326,00	0,00	20.389,00	-95.671,00
d) Other current management expenditure : 40740	-12.226,00	-8.025,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-20.247,00	-25.319,00	-24.448,00	-18.214,00	-11.552,00
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	0,00	-685,00	0,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	-685,00	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	8.735,00	26.291,00	-2.784,00	-4.960,00	-1,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	997.816,00	348.594,00	791.265,00	1.228.368,00	1.146.260,00
14. Financial income : 41400	43.659,00	71.422,00	166.552,00	133.560,00	80.964,00
a) Of shares in equity instruments : 41410	3.089,00	314,00	89.491,00	88.518,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	89.486,00	88.518,00	0,00
a 2) In third parties: 41412	3.089,00	314,00	5,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	40.570,00	71.108,00	77.061,00	45.042,00	80.964,00
b 1) From Group companies and associates : 41421	10.597,00	19.108,00	11.000,00	3.962,00	2.051,00
b 2) From third parties : 41422	29.973,00	52.000,00	66.061,00	41.080,00	78.913,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-46.471,00	-63.046,00	-70.919,00	-56.832,00	-19.036,00
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	-46.471,00	-63.046,00	-70.919,00	-56.832,00	-19.036,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	2.048,00	20.697,00	-12.305,00	12.986,00	-17.315,00
18. Impairment and result for transfers of financial instruments: 41800	-140,00	0,00	0,00	0,00	4.750,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	-140,00	0,00	0,00	0,00	4.750,00
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	-904,00	29.073,00	83.328,00	89.714,00	49.363,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	996.912,00	377.667,00	874.593,00	1.318.082,00	1.195.623,00
20. Income taxes: 41900	-301.266,00	-113.365,00	-244.364,00	-368.233,00	-283.245,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	695.646,00	264.302,00	630.229,00	949.849,00	912.378,00
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	695.646,00	264.302,00	630.229,00	949.849,00	912.378,00

 > 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. 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:	3.825.482,00	4.014.161,00	4.041.424,00	3.145.663,00	3.250.407,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	8.668,00	15.120,00	23.699,00	32.051,00	23.864,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	8.668,00	15.120,00	23.699,00	32.051,00	23.864,00
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:	19.490,00	26.243,00	23.822,00	18.412,00	7.453,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	0,00	0,00	0,00	0,00	0,00
3. Other installations, tools and furniture:	3.678,00	4.953,00	4.496,00	3.475,00	1.407,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	15.812,00	21.290,00	19.326,00	14.937,00	6.046,00
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:	3.797.324,00	3.972.798,00	3.751.047,00	2.852.344,00	2.901.862,00
1. Equity investments in group companies:	2.744.735,00	2.744.735,00	2.744.735,00	2.744.735,00	2.660.938,00
2. Receivables from group companies:	581.472,00	727.340,00	662.840,00	0,00	136.000,00
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:	5.051,00	0,00	0,00	0,00	0,00
6. Other receivables:	427.978,00	478.209,00	322.908,00	87.045,00	84.360,00
7. Long term guarantees and deposits:	38.088,00	22.514,00	20.564,00	20.564,00	20.564,00
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	242.856,00	242.856,00	317.228,00
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:	13.951.436,00	9.670.047,00	14.005.699,00	17.434.471,00	13.234.612,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	67.406,00	11.635,00	73.594,00	38.164,00	8.369,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
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:	67.406,00	11.635,00	73.594,00	38.164,00	8.369,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	10.076.222,00	7.245.863,00	9.057.462,00	10.837.238,00	8.639.629,00
1. Trade debtors / accounts receivable:	8.834.419,00	5.365.758,00	6.097.856,00	6.891.616,00	5.841.627,00
2. Accounts receivable, Group companies:	658.816,00	1.617.508,00	2.655.506,00	3.729.218,00	2.648.682,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	67.378,00	16.173,00	5.220,00
5. Staff:	105.085,00	0,00	0,00	0,00	9.713,00
6. Public bodies:	477.902,00	262.597,00	236.722,00	200.231,00	134.387,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	744.975,00	326.831,00	295.196,00	360.542,00	1.318.227,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	381.982,00	217.634,00	206.995,00	322.051,00	336.051,00
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	5.051,00	5.020,00	0,00	950.000,00
6. Other receivables:	362.993,00	104.146,00	83.181,00	38.491,00	32.176,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	3.023.060,00	2.049.209,00	4.542.953,00	6.163.173,00	3.242.365,00
VII. Prepayments and accrued income:	39.773,00	36.509,00	36.494,00	35.354,00	26.022,00
GENERAL TOTAL (A + B + C + D):	17.776.918,00	13.684.208,00	18.047.123,00	20.580.134,00	16.485.019,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	4.886.025,00	4.365.379,00	4.319.514,00	4.289.284,00	4.989.435,00
I. Subscribed capital:	1.433.839,00	1.433.839,00	1.433.839,00	1.433.839,00	1.433.839,00
II. Share premium:	68.303,00	68.303,00	68.303,00	68.303,00	68.303,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	2.688.237,00	2.598.935,00	2.187.143,00	1.837.293,00	2.574.915,00
1. Legal reserve:	286.767,00	286.767,00	286.768,00	286.767,00	286.768,00
2. Reserves for own shares:	855.483,00	823.670,00	676.976,00	552.348,00	815.113,00
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:	1.545.987,00	1.488.498,00	1.223.399,00	998.178,00	1.473.034,00
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:	695.646,00	264.302,00	630.229,00	949.849,00	912.378,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	352.667,00	536.667,00	731.661,00	1.062.171,00	1.438.162,00
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:	352.667,00	536.667,00	731.661,00	962.171,00	988.162,00
1. Loans and other liabilities:	352.667,00	536.667,00	731.661,00	962.171,00	988.162,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	0,00	0,00	0,00	100.000,00	450.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	100.000,00	450.000,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	0,00	0,00	0,00	0,00	0,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	12.538.226,00	8.782.162,00	12.995.948,00	15.228.679,00	10.057.422,00
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:	368.812,00	194.994,00	579.325,00	197.983,00	48.550,00
1. Loans and other liabilities:	368.812,00	194.994,00	579.325,00	197.983,00	48.550,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	389.961,00	360.982,00	472.211,00	21.435,00	219.888,00
1. Amounts owed to group companies:	389.961,00	360.982,00	472.211,00	21.435,00	219.888,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	11.210.585,00	8.104.838,00	11.036.405,00	13.846.506,00	8.695.176,00
1. Advanced payments from customers:	4.000,00	13.045,00	666,00	592.580,00	788.907,00
2. Amounts owed for purchases of goods or services:	11.206.585,00	8.091.793,00	11.035.739,00	13.253.926,00	7.906.269,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	568.868,00	121.348,00	908.007,00	1.162.939,00	1.094.883,00
1. Public bodies:	105.123,00	76.348,00	91.594,00	349.680,00	291.729,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	100.000,00	345.591,00	350.000,00
4. Wages and salaries payable:	463.745,00	45.000,00	716.413,00	467.668,00	453.154,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	-184,00	-1.075,00
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):	17.776.918,00	13.684.208,00	18.047.123,00	20.580.134,00	16.485.019,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	21.675.508,00	20.217.523,00	24.563.624,00	25.815.199,00	22.856.826,00
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:	15.058.718,00	14.895.745,00	17.562.455,00	18.452.018,00	16.385.516,00
a) Stock consumption:	15.058.718,00	14.895.745,00	17.562.455,00	18.452.018,00	16.385.516,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	2.344.338,00	2.077.244,00	2.236.521,00	2.272.599,00	2.066.841,00
a) Wages, salaries et al.:	1.971.349,00	1.686.790,00	1.900.038,00	1.941.963,00	1.745.245,00
b) Social security costs:	372.989,00	390.454,00	336.483,00	330.636,00	321.596,00
A.4. Depreciation expense:	20.247,00	25.319,00	24.448,00	18.214,00	11.552,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	1.326,00	0,00	-20.389,00	95.671,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	-20.389,00	95.671,00
c) Variation of other trade provisions:	0,00	1.326,00	0,00	0,00	0,00
A.6. Other operating charges:	3.904.328,00	3.040.793,00	4.409.828,00	4.662.732,00	3.977.649,00
a) External services:	3.889.585,00	3.028.092,00	4.405.456,00	4.656.741,00	3.973.901,00
b) Taxes:	2.517,00	4.676,00	4.372,00	5.991,00	3.748,00
c) Other operating expenses:	12.226,00	8.025,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	989.081,00	322.988,00	794.049,00	1.233.328,00	1.146.261,00
A.7. Financial and similar charges:	46.611,00	63.046,00	70.919,00	56.832,00	19.036,00
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.:	46.471,00	63.046,00	70.919,00	56.832,00	19.036,00
d) Losses from financial investments:	140,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	12.305,00	0,00	17.315,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	29.073,00	83.328,00	89.714,00	49.363,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	988.177,00	352.061,00	877.377,00	1.323.042,00	1.195.624,00
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	685,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	2.784,00	4.960,00	1,00
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):	8.735,00	25.606,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	996.912,00	377.667,00	874.593,00	1.318.082,00	1.195.623,00
A.15. Corporation tax:	301.266,00	113.365,00	244.364,00	368.233,00	283.245,00
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):	695.646,00	264.302,00	630.229,00	949.849,00	912.378,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	22.371.154,00	20.481.825,00	25.193.853,00	26.765.048,00	23.769.204,00
B.1. Net total sales:	22.309.965,00	20.346.618,00	25.014.939,00	26.610.170,00	23.664.411,00
a) Sales:	18.568.833,00	18.355.110,00	21.538.942,00	24.640.531,00	21.843.627,00
b) Rendering of services:	3.741.132,00	1.991.508,00	3.475.997,00	1.969.639,00	1.820.784,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	6.747,00	16.797,00	12.362,00	8.332,00	19.079,00
a) Auxiliary income and other from current management:	6.747,00	16.797,00	12.362,00	3.284,00	17.322,00
b) Grants:	0,00	0,00	0,00	5.048,00	1.757,00
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:	3.089,00	314,00	89.491,00	88.518,00	0,00
a) In companies of the group:	0,00	0,00	89.486,00	88.518,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	3.089,00	314,00	5,00	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:	40.570,00	71.108,00	77.061,00	45.042,00	85.714,00
a) From companies of the group:	10.597,00	19.108,00	11.000,00	3.962,00	2.051,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	29.973,00	52.000,00	66.061,00	41.080,00	78.913,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	4.750,00
B.8. Exchange positive differences:	2.048,00	20.697,00	0,00	12.986,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	904,00	0,00	0,00	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:	8.735,00	26.291,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	2.784,00	4.960,00	1,00
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	996.912,00	377.667,00	874.593,00	1.318.082,00	1.195.623,00
2. Results adjustments.: 61200	21.150,00	39.315,00	18.186,00	-91.889,00	57.860,00
a) Fixed Assets Amortization (+).: 61201	20.246,00	25.319,00	24.448,00	18.214,00	11.552,00
b) Obsolescence Allowances (+/-). : 61202	0,00	0,00	0,00	0,00	-4.750,00
c) Variation in Provision (+/-). : 61203	0,00	1.326,00	0,00	-20.389,00	95.671,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	685,00	0,00	0,00	0,00
f) Results on disposal of financial instruments (+/-).: 61206	140,00	0,00	0,00	0,00	0,00
g) Financial income (-).: 61207	0,00	-71.108,00	-89.486,00	-133.560,00	-80.964,00
h) Financial Expenses (+). : 61208	46.471,00	63.046,00	70.919,00	56.832,00	19.036,00
i) Exchange differences (+/-). : 61209	-2.048,00	20.047,00	12.305,00	-12.986,00	17.315,00
3. Changes in current capital equity.: 61300	799.514,00	-1.952.051,00	-506.504,00	2.785.827,00	611.570,00
a) Stock (+/-).: 61301	-55.771,00	61.959,00	-35.430,00	-29.795,00	-7.033,00
d) Debtors and other accounts receivable (+/-). : 61302	-2.651.488,00	1.809.939,00	1.779.777,00	-2.164.234,00	-1.418.783,00
c) Other current assets (+/-). : 61303	-3.264,00	-15,00	-1.140,00	-9.332,00	-26.022,00
d) Creditors and other accounts payable (+/-). : 61304	3.510.037,00	-3.823.934,00	-2.249.895,00	4.988.297,00	2.064.483,00
e) Other current liabilities (+/-).: 61305	0,00	0,00	184,00	891,00	-1.075,00
4. Other cash flows for operating activities.: 61400	0,00	8.062,00	-249.335,00	-244.089,00	-166.307,00
a) Interest payments (-). : 61401	0,00	-63.046,00	40.038,00	-56.832,00	-19.036,00
b) Dividend payment collection (+). : 61402	0,00	0,00	89.486,00	88.518,00	0,00
c) Interest collection (+). : 61403	0,00	71.108,00	0,00	45.042,00	80.964,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	0,00	-378.859,00	-320.817,00	-228.235,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	1.817.576,00	-1.527.007,00	136.940,00	3.767.931,00	1.698.746,00
6. Payments for investment (-).: 62100	-443.822,00	-15.560,00	-657.491,00	-37.360,00	-946.552,00
a) Companies of the group and affiliates. : 62101	-386.247,00	105.100,00	-662.840,00	0,00	-922.051,00
b) Intangible fixed assets. : 62102	-4.106,00	-5.850,00	-8.437,00	-22.265,00	-18.577,00
c) Fixed assets. : 62103	-2.936,00	-14.079,00	-13.069,00	-15.095,00	-5.924,00
e) Other financial assets. : 62105	-50.533,00	-100.731,00	26.855,00	0,00	0,00
7. Divestment payment collection (+). : 62200	239.758,00	-42.848,00	-197.372,00	1.091.000,00	917.761,00
a) Companies of the group and affiliates. : 62201	145.868,00	44.890,00	0,00	150.000,00	0,00
c) Fixed assets. : 62203	0,00	417,00	0,00	0,00	0,00
e) Other financial assets. : 62205	93.890,00	-88.155,00	-197.372,00	941.000,00	917.761,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-204.064,00	-58.408,00	-854.863,00	1.053.640,00	-28.791,00
9. Payment collection and payments for equity instruments. : 63100	0,00	209.929,00	0,00	0,00	0,00
d) Disposal of own equity instruments (+). : 63104	0,00	209.929,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-464.661,00	-698.211,00	-289.992,00	-325.135,00	650.618,00
a) Issuance : 63201	127.347,00	94.569,00	15.724,00	123.442,00	650.618,00
2. Debts incurred with credit institutions (+). : 63203	127.347,00	0,00	0,00	123.442,00	650.618,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	94.569,00	15.724,00	0,00	0,00
b) Repayment and amortization of : 63207	-592.008,00	-792.780,00	-305.716,00	-448.577,00	0,00
2. Debts incurred with credit institutions (-).: 63209	-184.000,00	-679.325,00	-305.716,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-408.008,00	-113.455,00	0,00	-10.371,00	0,00
5. Other debts (-). : 63212	0,00	0,00	0,00	-438.206,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-175.000,00	-400.000,00	-600.000,00	-1.575.628,00	-637.978,00
a) Dividends (-).: 63301	-175.000,00	-400.000,00	-600.000,00	-1.650.000,00	-637.978,00
b) Remuneration from other assets instruments (-).: 63302	0,00	0,00	0,00	74.372,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-639.661,00	-888.282,00	-889.992,00	-1.900.763,00	12.640,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	-20.047,00	-12.305,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	973.851,00	-2.493.744,00	-1.620.220,00	2.920.808,00	1.682.595,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	2.049.209,00	4.542.953,00	6.163.173,00	3.242.365,00	103,00
Cash or equivalent assets as of end of the fiscal year.: 65200	3.023.060,00	2.049.209,00	4.542.953,00	6.163.173,00	0,00

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:	0,04 %	0,01 %	-0,12 %	0,01 %	135,62 %	100,29 %
EBITDA over Sales:	4,52 %	11,38 %	1,71 %	9,03 %	164,28 %	26,06 %
Cash Flow Yield:	0,05 %	0,01 %	-0,18 %	0,00 %	130,06 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	7,47 %	6,94 %	3,43 %	4,97 %	117,61 %	39,77 %
Total economic profitability:	5,87 %	3,82 %	3,22 %	2,32 %	82,24 %	64,66 %
Financial profitability:	14,24 %	4,40 %	6,05 %	0,85 %	135,15 %	418,52 %
Margin:	4,43 %	6,74 %	1,58 %	4,64 %	180,02 %	45,26 %
Mark-up:	4,43 %	4,58 %	1,73 %	1,24 %	156,62 %	268,23 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,24	0,13	0,23	0,12	3,33	13,60
Acid Test:	1,10	0,86	1,10	0,85	0,77	1,03
Working Capital / Investment:	0,08	0,05	0,06	0,03	22,36	83,18
Solvency:	1,11	1,18	1,10	1,18	1,05	0,06

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	2,64	1,38	2,13	1,63	23,59	-15,08
Borrowing Composition:	0,03	1,00	0,06	1,02	-53,97	-2,49
Repayment Ability:	13,24	92,98	-3,74	196,01	454,23	-52,56
Warranty:	1,38	1,73	1,47	1,62	-6,09	6,88
Generated resources / Total creditors:	0,06	0,08	0,03	0,07	78,73	27,24

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,43	1,87	1,17	1,71	22,51	9,49
Turnover of Collection Rights :	2,22	5,05	2,81	4,78	-21,18	5,71
Turnover of Payment Entitlements:	1,60	3,66	2,15	3,51	-25,56	4,38
Stock rotation:	316,41	7,33	1.722,43	6,47	-81,63	13,14
Assets turnover:	1,69	1,03	2,17	1,07	-22,29	-3,78
Borrowing Cost:	0,36	2,86	0,68	2,95	-46,72	-3,25

> 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:	0,04 %	-0,12 %	-0,06 %	10,98 %	7,11 %
EBITDA over Sales:	4,52 %	1,71 %	3,27 %	4,70 %	4,89 %
Cash Flow Yield:	0,05 %	-0,18 %	-0,09 %	14,36 %	10,41 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	7,47 %	3,43 %	5,77 %	7,20 %	9,59 %
Total economic profitability:	5,87 %	3,22 %	5,31 %	6,76 %	7,51 %
Financial profitability:	14,24 %	6,05 %	15,46 %	23,47 %	19,53 %
Margin:	4,43 %	1,58 %	3,17 %	4,63 %	4,84 %
Mark-up:	4,43 %	1,73 %	3,51 %	4,97 %	5,05 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,24	0,23	0,35	0,40	0,32
Acid Test:	1,10	1,10	1,07	1,14	1,31
Working Capital / Investment:	0,08	0,06	0,06	0,11	0,20
Solvency:	1,11	1,10	1,08	1,14	1,32

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	2,64	2,13	3,37	4,03	2,46
Borrowing Composition:	0,03	0,06	0,06	0,07	0,14
Repayment Ability:	13,24	-3,74	-8,47	13,29	9,17
Warranty:	1,38	1,47	1,30	1,25	1,41
Generated resources / Total creditors:	0,06	0,03	0,05	0,06	0,08

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,43	1,17	1,37	1,55	1,56
Turnover of Collection Rights :	2,22	2,81	2,76	2,46	2,74
Turnover of Payment Entitlements:	1,60	2,15	1,80	1,57	2,12
Stock rotation:	316,41	1.722,43	329,28	665,16	2.692,94
Assets turnover:	1,69	2,17	1,82	1,55	1,98
Borrowing Cost:	0,36	0,68	0,52	0,35	0,17

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The company was incorporated in 2001, engaged in the distribution of chemical products. Its turnover has been increased by 9,65 % in 2013 compared to 2012. It has a scope for action with positive values that allows the company to comply with its payment obligations in the short term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.64
UK Pound	1	Rs.100.41
Euro	1	Rs.71.63

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

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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