MIRA INFORM REPORT

Report No. :	309312
Report Date :	10.03.2015

IDENTIFICATION DETAILS

Name :	LABORATORIOS LESVI SL
Registered Office :	AV.Barcelona, 69, Sant Joan Despi, Barcelona-08970
Country :	Spain
Financials (as on) :	201
Date of Incorporation :	02.01.1967
Legal Form :	Private Company
Line of Business :	Subject is manufacture of pharmaceutical preparations
No. of Employee :	250

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:	LABORATORIOS LESVI SL
NIF / Fiscal code:	B08165789
Trade Name	LESVI
Status:	ACTIVE WITH PARTIAL DIVISION OF CAPITAL
Incorporation Date:	02/01/1967
Register Data	Register Section 8 Sheet 24474
Last Publication in BORME:	15/10/2014 [Appointments]
Last Published Account Deposit:	2013
Share Capital:	10.149.928,40
Localization:	AV.BARCELONA, 69 - SANT JOAN DESPI - 08970 - BARCELONA
Telephone - Fax - Email - Website:	Ph.:. 934 759 600 Email. info@invent-farma.com Website. www.lesvi.com
Activity:
NACE:	2120 - Manufacture of pharmaceutical preparations
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	5 for a total cost of 0
Subsidies:	6 for a total cost of 190037
Main products / services:	Principios activos farmacéuticos (API) Especialidades farmacéuticas
Quality Certificate:	No

		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:

INVENT FARMA SL	100 %
Shares:	2
Other Links:	6
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios	2013	2012	Change
Nº of employees:	250

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
Company founded in 1967 engaged in the manufacture and commercialisation of active pharmaceutical ingredients and pharmaceutical specialities. National and international business scope. Nothing appears against it in the sources consulted an although the latest figures presented in the trade register (31-12-2013), we note that drags a loss carryforwards of 1,763,395 Euro / s, we believe that the can follow normal operations relating to risk, although it would be necessary to monitor their evolution
Interviewed Person:

Identification
Social Denomination:	LABORATORIOS LESVI SL
Trade Name:	LESVI
NIF / Fiscal code:	B08165789
Corporate Status:	ACTIVE WITH PARTIAL DIVISION OF CAPITAL
Start of activity:	1974
Registered Office:	AV.BARCELONA, 69
Locality:	SANT JOAN DESPI
Province:	BARCELONA
Postal Code:	08970
Telephone:	934 759 600
Fax:	933 733 020
Website:	www.lesvi.com
Email:	info@invent-farma.com
Interviewed Person:	This information was obtained through indirect sources, due to the refusal by the responsible members of society to provide any collaboration for the preparation of this document..

Activity
NACE:	2120
Additional Information:	Manufacture and commercialisation of active pharmaceutical ingredients and pharmaceutical specialities. Additional Address: The registered office, offices and branches are indicated in the headline of this document.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation

Main products / services

Product	% Over Sales
Principios activos farmacéuticos (API)
Especialidades farmacéuticas

Number of Employees

Year	No. of employees	Established	Incidentals
2013	250

Chronological Summary
	Year	Act
	1990	Accounts deposit (ejer. 1989) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1991	Accounts deposit (ejer. 1990) Appointments/ Re-elections (2)
	1992	Accounts deposit (ejer. 1991) Adaptation to Law (1) Change of Social Purpose (1)
	1993	Appointments/ Re-elections (1)
	1994	Accounts deposit (ejer. 1992, 1993)
	1995	Accounts deposit (ejer. 1994) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	1996	Accounts deposit (ejer. 1995) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Modification of Powers (1)
	1997	Accounts deposit (ejer. 1996) Appointments/ Re-elections (9) Cessations/ Resignations/ Reversals (4) Statutory Modifications (1)
	1998	Accounts deposit (ejer. 1997) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (3)
	1999	Accounts deposit (ejer. 1998)
	2000	Accounts deposit (ejer. 1999) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3)
	2001	Accounts deposit (ejer. 2000) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Modification of Powers (2)
	2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (4) Change of Social address (1) Modification of Powers (1)
	2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Company Transformation (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)
	2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (10) Cessations/ Resignations/ Reversals (5) Declaration of Sole Propietorship (1) Errata (1) Increase of Capital (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)
	2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (4) Declaration of Sole Propietorship (1) Errata (1) Increase of Capital (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (3) Statutory Modifications (2)
	2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (1) Capital Reduction (3) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Partial split (6)
	2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2009	Appointments/ Re-elections (1)
	2010	Accounts deposit (ejer. 2008, 2009)
	2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (1)
	2012	Accounts deposit (ejer. 2011)
	2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	2014	Accounts deposit (ejer. 2013) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity
Registered Capital:	10.149.928,40
Paid up capital:	10.149.928,40

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
08/06/2004	Increase of Capital	2.218.321	2.218.321	2.295.249	2.295.249
13/06/2005	Increase of Capital	2.388.945	2.388.945	4.684.194	4.684.194
16/01/2006	Increase of Capital	5.618.989	5.618.989	10.303.183	10.303.183
23/11/2006	Capital Reduction	-153.255	-153.255	10.149.928	10.149.928

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	INVEST FARMA SL	12/09/2005	1
SINGLE ADMINISTRATOR	INVENT FARMA SL	13/06/2005	1
JOINT ATTORNEY	MARIN SERRET PABLO	08/10/2014	1
JOINT ATTORNEY/COMBINED PROXY	FERNANDEZ GONZALEZ JOSE RAMON	08/10/2014	1
PROXY	OLIVA SEGU JOAN	09/06/2009	3
	MARIMON PAGES ANTONIO	05/07/2006	5
	FUENTES MONTIEL MARIA JOSE	31/05/2005	3
	CABRE VACAS FRANCESC	29/12/2004	1
	THORSTEN JAURSCH	29/12/2004	2
	SAPERAS PLANA JOSEP	29/12/2004	1
	VEGA RODRIGUEZ CARMEN	29/12/2004	1
	VALLES RODOREDA ENRIC	02/07/1996	6
REPRESENTATIVE	FRIDRIK STEINN KRISTJANSSON	27/12/2013	1
ACCOUNTS' AUDITOR / HOLDER	PRICEWATERHOUSECOOPERS AUDITORES SL	07/08/2014	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AZUARA DANIS PEDRO MANUEL	NON CONSELLOR SECRETARY	10/01/1998	1
BALLANO ALBERT EVA	REPRESENTATIVE	20/01/1997	3
	MEMBER OF THE BOARD	23/08/2002
	MEMBER OF THE BOARD	14/08/2003
BIEL ANDRES ALEJANDRO	GENERAL MANAGER	04/12/1997	3
	PROXY	04/12/1997
	PROXY	31/05/2005
BRACONS CLAPES JUAN MARIA	PROXY	29/12/2004	1
CANOVAS SOLER PEDRO	PROXY	29/12/2004	1
CC AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	16/08/1993	5
	ACCOUNTS' AUDITOR / HOLDER	08/10/1996
	ACCOUNTS' AUDITOR / HOLDER	13/09/1997
	ACCOUNTS' AUDITOR / HOLDER	31/07/1998
	ACCOUNTS' AUDITOR / HOLDER	15/03/2000
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	17/12/2008	1
FUENTES MONTIEL MARIA JOSE	PROXY	31/05/2005	3
	PROXY	29/12/2004
GINER ARTIGAS ANTONIO	PROXY	21/02/2003	2
	PROXY	15/04/1998
LABORATORIOS VITA SA	SINGLE ADMINISTRATOR	11/08/2004	2
	SINGLE PARTNER	11/08/2004
MALAGARRIGA GUERRERO JOSE LUIS	PROXY	28/06/2002	7
	REPRESENTATIVE	11/08/2004
	PROXY	29/12/2004
	SINGLE ADMINISTRATOR	13/06/2005
	SINGLE PARTNER	13/06/2005
	REPRESENTATIVE	27/12/2013
	PROXY	27/12/2013
MARIMON PAGES ANTONIO	PROXY	29/12/2004	5
	PROXY	26/02/1998
	PROXY	31/05/2005
	PROXY	05/07/2006
MARTI GRAU ANTONIO	MEMBER OF THE BOARD	23/08/2002	6
	MEMBER OF THE BOARD	14/08/2003
	VICE CHAIRMAN	12/09/2000
	MEMBER OF THE BOARD	18/02/1998
	GENERAL MANAGER	18/02/1998
	MEMBER OF THE BOARD	02/07/1996
MAÑE NAVARRO JOSE MARIA	PROXY	02/02/2000	3
	PROXY	15/05/2000
	PROXY	15/05/2000
MERCADE MEROLA FRANCISCO JAVIER	PROXY	26/09/2001	4
	PROXY	26/09/2001
	PROXY	29/12/2004
	PROXY	31/05/2005
MIMBRERA DOMINGO MARIA CRUZ	PROXY	29/12/2004	2
	PROXY	15/05/2000
NIETO RODRIGUEZ PEDRO JOSE	PROXY	18/02/1998	2
	PROXY	03/09/2001
OLIVA SEGU JOAN	PROXY	29/12/2004	3
	PROXY	09/06/2009
ORIOL BOSCH JOSE	PROXY	29/12/2004	2
	NON CONSELLOR SECRETARY	14/08/2003
PLANELLA BORI SANTIAGO	REPRESENTATIVE	14/08/2003	4
	GENERAL MANAGER	29/12/2004
	PROXY	29/12/2004
	REPRESENTATIVE	23/08/2002
PLANELLA ROS SANTIAGO	MEMBER OF THE BOARD	12/11/1990	7
	MEMBER OF THE BOARD	12/09/2000
	PRESIDENT	12/09/2000
	PRESIDENT	14/08/2003
	MEMBER OF THE BOARD	14/08/2003
	PRESIDENT	07/09/1995
	MEMBER OF THE BOARD	07/09/1995
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	17/01/2007	4
	ACCOUNTS' AUDITOR / HOLDER	23/11/2011
	ACCOUNTS' AUDITOR / HOLDER	21/01/2013
	ACCOUNTS' AUDITOR / HOLDER	08/01/2014
PRICEWATERHOUSECOOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	07/08/2014	2
PROMOCIONES PB SL	MEMBER OF THE BOARD	14/08/2003	3
	MEMBER OF THE BOARD	13/09/2001
	MEMBER OF THE BOARD	23/08/2002
SEGOL SL	VICE CHAIRMAN	23/08/2002	10
	MEMBER OF THE BOARD	23/08/2002
	MEMBER OF THE BOARD	14/08/2003
	VICE CHAIRMAN	14/08/2003
	GENERAL MANAGER	29/12/2004
	PROXY	29/12/2004
	VICE CHAIRMAN	13/09/2001
	VICE CHAIRMAN	18/02/1998
	MEMBER OF THE BOARD	20/01/1997
	PROXY	20/01/1997
THORSTEN JAURSCH	PROXY	29/12/2004	2
VALLES RODOREDA ENRIC	MEMBER OF THE BOARD	20/01/1997	6
	REPRESENTATIVE	23/08/2002
	REPRESENTATIVE	14/08/2003
	VICE CHAIRMAN	20/01/1997
	GENERAL MANAGER	20/01/1997
VALLES SACASAS MARTIN	MEMBER OF THE BOARD	12/11/1990	5
	MEMBER OF THE BOARD	07/09/1995
	MEMBER OF THE BOARD	02/07/1996
	VICE CHAIRMAN	07/09/1995
	VICE CHAIRMAN	11/10/1995
WOLFGANG JOHANNES STORF	JOINT ATTORNEY	22/05/2014	1

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.	Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.
No irregular payment performance has been detected based on information obtained from credit bureaus.	Audit qualifications . The company has submitted the audit with a qualified opinion, indicating that the financial statements may not reflect the true picture because of the existence of circumstances that may be significant.
Adequate level of financial autonomy. The financial autonomy of the entity represents the 34.39 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.	Among the companies with similar characteristics, LABORATORIOS LESVI SL is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.
The current debt represents a 13.01of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.
LABORATORIOS LESVI SL obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.917 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 212 Manufacture of pharmaceutical preparations
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 78.00% of the companies of the sector LABORATORIOS LESVI SL 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 0.917%.

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

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

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

Link List

HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	4 Entities
PARTICIPATES IN:	2 Entities
SE ESCINDE PARCIALMENTE EN:	1 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	INVENT FARMA SL	BARCELONA	100
PARTICIPATES IN	QUALIGEN SL	BARCELONA	91.46
	LABORATORIOS DOMAC SL	BARCELONA	30.28

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	LESVI SL	MADRID
	INVENT FARMA SL	BARCELONA	100
	DOMAC, S.L.
	INVENT FARMA PVT
SE ESCINDE PARCIALMENTE EN	INVENT FARMA SL	BARCELONA
HAS IN ITS ADMINISTRATION BOARD TO	INVENT FARMA SL	BARCELONA

Turnover
Total Sales 2013	43.705.028

The last accounts deposit which appears in the trade register corresponds to the close of its financial year to date of 31-12-2013 and we state that in spite of its profit of 4.353.249 Euros, the company had loss of previous financial years of -1.763.395 Euros. Given the above, we can not include the usual figures, due to the fact we do not know the commercial evaluaton indicator of its last financial year.

Financial Accounts and Balance Sheets

Financial Years Presented

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

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

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

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	50.414.625,00	46.822.431,00	37.537.192,00	41.702.327,00	46.292.541,00
I. Intangible fixed assets : 11100	10.841.075,00	9.460.315,00	16.097.409,00	19.339.661,00	20.669.546,00
1. Development: 11110	0,00	9.460.315,00	16.097.409,00	3.435.154,00	1.758.785,00
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	15.827.867,00	18.831.798,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	0,00	0,00	0,00	76.640,00	78.963,00
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	5.519.374,00	5.118.514,00	4.615.437,00	5.100.490,00	4.369.736,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	0,00	5.118.514,00	4.615.437,00	3.380.327,00	4.211.864,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	1.720.163,00	157.872,00
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	19.420.220,00	18.273.369,00	2.190.903,00	2.548.352,00	7.915.322,00
1. Equity instruments: 11410	1.220.220,00	2.976.297,00	2.190.903,00	2.548.352,00	4.132.131,00
2. Credits to businesses: 11420	18.200.000,00	15.297.072,00	0,00	0,00	3.783.191,00
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	334.673,00	372.718,00	468.785,00	2.069.673,00	2.074.673,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	334.673,00	372.718,00	468.785,00	2.069.673,00	2.074.673,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	14.299.283,00	13.597.515,00	14.164.658,00	12.644.151,00	11.263.264,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	18.799.804,00	19.909.439,00	19.114.162,00	15.271.345,00	13.369.278,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	6.265.022,00	6.355.217,00	7.589.106,00	6.347.905,00	4.850.135,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	3.718.631,00	6.355.217,00	7.589.106,00	2.690.015,00	2.170.896,00
3. Work in progress: 12230	2.100.566,00	0,00	0,00	1.865.401,00	1.127.532,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	2.100.566,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	403.645,00	0,00	0,00	1.646.043,00	1.545.320,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	403.645,00	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	42.180,00	0,00	0,00	146.446,00	6.387,00
III. Trade debtors and others receivable accounts: 12300	9.813.185,00	11.940.781,00	11.317.288,00	7.937.500,00	8.386.070,00
1. Trade debtors / accounts receivable: 12310	7.968.770,00	7.739.146,00	8.292.367,00	701.945,00	643.558,00
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	0,00	0,00	8.292.367,00	701.945,00	643.558,00
2. Customers, Group companies and associates : 12320	660.922,00	2.548.497,00	1.851.624,00	371.872,00	847.996,00
3. Other accounts receivable: 12330	252.922,00	956.050,00	756.848,00	6.540.712,00	6.651.655,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	0,00
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	930.571,00	697.088,00	416.449,00	322.971,00	242.861,00
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	936.676,00	0,00	85.000,00	113.730,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	936.676,00	0,00	85.000,00	113.730,00	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	650,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	650,00	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	128.144,00	0,00	0,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	1.656.127,00	1.613.441,00	122.768,00	872.210,00	133.073,00
1. Treasury: 12710	0,00	0,00	0,00	872.210,00	133.073,00
2. Other equivalent liquid assets: 12720	0,00	1.613.441,00	122.768,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	69.214.429,00	66.731.870,00	56.651.354,00	56.973.672,00	59.661.819,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	23.862.724,00	23.048.492,00	19.459.083,00	15.102.276,00	14.493.405,00
A-1) Shareholders' equity: 21000	23.804.663,00	22.981.414,00	19.382.986,00	14.793.223,00	14.120.857,00
I. Capital: 21100	10.149.928,00	10.149.928,00	10.149.928,00	10.149.928,00	10.149.928,00
1. Registered capital : 21110	10.149.928,00	0,00	10.149.928,00	10.149.928,00	10.149.928,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	5.371.306,00	8.871.306,00	8.871.306,00	8.871.306,00	8.871.306,00
III. Reserves: 21300	5.723.575,00	5.363.732,00	4.904.756,00	4.837.519,00	4.837.519,00
1. Legal y estatutarias: 21310	901.442,00	0,00	0,00	15.386,00	15.386,00
2. Other reserves: 21320	4.822.133,00	0,00	4.904.756,00	4.822.133,00	4.822.133,00
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	-1.763.395,00	-5.001.980,00	-9.132.767,00	-9.737.896,00	-9.020.389,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	-5.001.980,00	-9.132.767,00	-9.737.896,00	-9.020.389,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	4.323.249,00	3.598.428,00	4.589.763,00	672.366,00	-717.507,00
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	58.061,00	67.078,00	76.097,00	309.053,00	372.548,00
B) NON-CURRENT LIABILITIES: 31000	36.348.689,00	37.289.339,00	27.386.198,00	27.969.124,00	30.300.061,00
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	34.425.925,00	34.756.972,00	19.580.882,00	22.813.138,00	28.579.039,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	34.267.951,00	34.440.783,00	19.119.883,00	22.181.000,00	28.579.039,00
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	157.974,00	316.189,00	460.999,00	632.138,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	4.956.716,00	3.300.000,00	0,00
IV. Liabilities for deferred tax: 31400	597.207,00	740.868,00	742.183,00	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	1.791.499,00	2.106.417,00	1.855.986,00	1.721.022,00
VII. Special long-term debts : 31700	1.325.557,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	9.003.016,00	6.394.039,00	9.806.073,00	13.902.272,00	14.868.353,00
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	6.333,00	52.266,00	73.895,00	103.965,00	415.039,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	6.333,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	388.842,00	388.470,00	2.133.070,00	6.836.220,00	5.028.774,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	230.868,00	230.735,00	1.962.170,00	6.678.485,00	5.028.774,00
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	157.974,00	157.735,00	170.900,00	157.735,00	0,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	8.607.841,00	5.953.303,00	7.599.108,00	6.962.087,00	9.424.540,00
1. Suppliers: 32510	2.911.753,00	2.276.914,00	3.174.825,00	2.539.090,00	1.322.635,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.911.753,00	0,00	3.174.825,00	2.539.090,00	1.322.635,00
2. Suppliers, Group companies and associates: 32520	1.917.629,00	625.132,00	1.834.861,00	1.279.674,00	6.106.750,00
3. Other creditors: 32530	2.556.217,00	1.806.164,00	1.070.660,00	1.639.127,00	826.175,00
4. Personnel (remuneration due): 32540	713.540,00	767.909,00	1.073.776,00	1.044.214,00	771.028,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	508.702,00	477.184,00	444.986,00	459.982,00	397.952,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	69.214.429,00	66.731.870,00	56.651.354,00	56.973.672,00	59.661.819,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	43.705.028,00	42.325.977,00	47.887.453,00	35.929.656,00	35.135.604,00
a) Sales: 40110	43.705.028,00	42.325.977,00	47.887.453,00	35.929.656,00	35.135.604,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	-983.224,00	148.662,00	217.370,00	740.610,00	-946.031,00
3. Works carried out by the company for its assets: 40300	3.263.701,00	1.906.187,00	2.288.235,00	1.915.663,00	842.806,00
4. Supplies : 40400	-14.211.280,00	-13.371.251,00	-15.909.190,00	-10.941.220,00	-8.946.188,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-14.175.296,00	-13.380.903,00	-15.899.852,00	-10.935.720,00	-8.946.188,00
c) Works carried out by other companies: 40430	1.119,00	-8.252,00	0,00	-539,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	-37.103,00	17.904,00	-9.338,00	-4.961,00	0,00
5. Other operating income: 40500	2.060.245,00	2.667.654,00	2.155.735,00	1.800.581,00	2.360.885,00
a) Auxiliary income and other from current management: 40510	2.031.733,00	2.654.770,00	2.115.964,00	1.740.186,00	2.217.313,00
b) Operation subsidies included in the Period's result: 40520	28.512,00	12.884,00	39.771,00	60.395,00	143.572,00
6. Personnel costs: 40600	-12.328.605,00	-11.844.478,00	-12.054.416,00	-11.152.806,00	-10.693.139,00
a) Wages, salaries et al.: 40610	-9.316.991,00	-9.075.573,00	-9.283.150,00	-8.666.670,00	-8.223.639,00
b) Social security costs: 40620	-3.011.614,00	-2.768.905,00	-2.771.266,00	-2.486.136,00	-2.469.500,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-11.171.385,00	-12.114.816,00	-13.214.498,00	-12.164.597,00	-9.952.108,00
a) External services: 40710	-10.314.442,00	-11.197.848,00	-12.707.710,00	-11.272.631,00	-9.395.588,00
b) Taxes: 40720	-333.939,00	-493.536,00	-310.237,00	-427.171,00	-336.752,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-126.880,00	-64.891,00	-90.658,00	-8.220,00	38.093,00
d) Other current management expenditure : 40740	-396.124,00	-358.541,00	-105.893,00	-456.575,00	-257.861,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-2.423.852,00	-4.562.593,00	-5.478.869,00	-5.477.471,00	-5.771.878,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	12.881,00	40.400,00	43.687,00	63.495,00	0,00
10. Excess provisions : 41000	0,00	336.696,00	252.702,00	236.017,00	507.943,00
11. Impairment and result of transfers of fixed assets: 41100	-1.093.264,00	-16.570,00	-511.008,00	1.375.843,00	141.549,00
a) Impairment and losses : 41110	-423.243,00	281.338,00	-466.186,00	1.375.203,00	139.860,00
b) Results for transfers and other : 41120	-670.021,00	-297.908,00	-44.822,00	640,00	1.689,00
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	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	6.830.245,00	5.515.868,00	5.677.201,00	2.325.771,00	2.679.443,00
14. Financial income : 41400	811.296,00	248.708,00	27.122,00	33.318,00	233.255,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	33.318,00	233.255,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	732,00	153.206,00
a 2) In third parties: 41412	0,00	0,00	0,00	32.586,00	80.049,00
b) From negotiable securities and other financial instruments : 41420	811.296,00	0,00	0,00	0,00	0,00
b 1) From Group companies and associates : 41421	709.466,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	101.830,00	0,00	0,00	0,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	248.708,00	27.122,00	0,00	0,00
15. Financial expenditure: 41500	-1.540.752,00	-1.733.125,00	-1.446.849,00	-1.319.140,00	-1.938.224,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	-72.663,00	0,00
b) For debts with third parties : 41520	-1.540.752,00	-1.733.125,00	-1.446.849,00	-1.246.477,00	-1.938.224,00
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	8.280,00	44.853,00	4.894,00	-29.174,00	-4.017,00
18. Impairment and result for transfers of financial instruments: 41800	-1.756.077,00	-1.214.606,00	-357.449,00	-1.835.529,00	-3.058.972,00
a) Impairment and losses : 41810	-1.756.077,00	0,00	0,00	-1.835.529,00	-3.058.972,00
b) Results for transfers and other : 41820	0,00	-1.214.606,00	-357.449,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-2.477.253,00	-2.654.170,00	-1.772.282,00	-3.150.525,00	-4.767.958,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	4.352.992,00	2.861.698,00	3.904.919,00	-824.754,00	-2.088.515,00
20. Income taxes: 41900	-29.743,00	736.730,00	684.844,00	1.497.120,00	1.371.008,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	4.323.249,00	3.598.428,00	4.589.763,00	672.366,00	-717.507,00
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	4.323.249,00	3.598.428,00	4.589.763,00	672.366,00	-717.507,00

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

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

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	36.115.342,00	33.224.916,00	23.372.534,00	29.058.176,00	35.029.277,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	10.841.075,00	9.460.315,00	16.097.409,00	19.339.661,00	20.669.546,00
1. Research and development costs:	0,00	9.460.315,00	16.097.409,00	3.435.154,00	1.758.785,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	15.827.867,00	18.831.798,00
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:	10.841.075,00	0,00	0,00	76.640,00	78.963,00
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:	5.519.374,00	5.118.514,00	4.615.437,00	5.100.490,00	4.369.736,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	0,00	4.375.647,00	3.945.583,00	2.889.729,00	3.600.582,00
3. Other installations, tools and furniture:	0,00	536.470,00	483.743,00	354.291,00	441.445,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	1.720.163,00	157.872,00
5. Other tangible assets:	5.519.374,00	206.397,00	186.111,00	136.307,00	169.837,00
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:	19.754.893,00	18.646.087,00	2.659.688,00	4.618.025,00	9.989.995,00
1. Equity investments in group companies:	1.220.220,00	2.976.297,00	2.190.903,00	2.548.352,00	4.132.131,00
2. Receivables from group companies:	18.200.000,00	15.297.072,00	0,00	0,00	3.783.191,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	334.673,00	372.718,00	468.785,00	2.069.673,00	2.074.673,00
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:	33.099.087,00	33.506.954,00	33.278.820,00	27.915.496,00	24.632.542,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	6.265.022,00	6.355.217,00	7.589.106,00	6.347.905,00	4.850.135,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	3.718.631,00	6.355.217,00	7.589.106,00	2.690.015,00	2.170.896,00
3. Goods in process and semifinished ones:	2.100.566,00	0,00	0,00	1.865.401,00	1.127.532,00
4. Finished products:	403.645,00	0,00	0,00	1.646.043,00	1.545.320,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	42.180,00	0,00	0,00	146.446,00	6.387,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	24.112.468,00	25.538.296,00	25.481.946,00	20.581.651,00	19.649.334,00
1. Trade debtors / accounts receivable:	7.968.770,00	7.739.146,00	8.292.367,00	701.945,00	643.558,00
2. Accounts receivable, Group companies:	660.922,00	2.548.497,00	1.851.624,00	371.872,00	847.996,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	252.922,00	956.050,00	756.848,00	6.540.712,00	6.651.655,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	15.229.854,00	14.294.603,00	14.581.107,00	12.967.122,00	11.506.125,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	937.326,00	1.613.441,00	207.768,00	113.730,00	0,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	936.676,00	0,00	85.000,00	113.730,00	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	1.613.441,00	122.768,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	650,00	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:	1.656.127,00	0,00	0,00	872.210,00	133.073,00
VII. Prepayments and accrued income:	128.144,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	69.214.429,00	66.731.870,00	56.651.354,00	56.973.672,00	59.661.819,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	23.822.081,00	23.001.537,00	19.405.815,00	14.885.939,00	14.232.621,00
I. Subscribed capital:	10.149.928,00	10.149.928,00	10.149.928,00	10.149.928,00	10.149.928,00
II. Share premium:	5.371.306,00	8.871.306,00	8.871.306,00	8.871.306,00	8.871.306,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	5.740.993,00	5.383.855,00	4.927.585,00	4.930.235,00	4.949.283,00
1. Legal reserve:	901.442,00	5.363.732,00	0,00	15.386,00	15.386,00
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:	4.839.551,00	20.123,00	4.927.585,00	4.914.849,00	4.933.897,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-1.763.395,00	-5.001.980,00	-9.132.767,00	-9.737.896,00	-9.020.389,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-1.763.395,00	-5.001.980,00	-9.132.767,00	-9.737.896,00	-9.020.389,00
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:	4.323.249,00	3.598.428,00	4.589.763,00	672.366,00	-717.507,00
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:	40.643,00	46.955,00	53.268,00	216.337,00	260.784,00
1. Capital grants:	40.643,00	46.955,00	53.268,00	216.337,00	260.784,00
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:	36.348.689,00	37.289.339,00	27.386.198,00	27.969.124,00	30.300.061,00
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:	34.267.951,00	34.440.783,00	19.119.883,00	22.181.000,00	28.579.039,00
1. Loans and other liabilities:	34.267.951,00	34.440.783,00	19.119.883,00	22.181.000,00	28.579.039,00
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	4.956.716,00	3.300.000,00	0,00
1. Amounts owed to group companies:	0,00	0,00	4.956.716,00	3.300.000,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	2.080.738,00	1.057.057,00	1.203.182,00	632.138,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	1.483.531,00	316.189,00	460.999,00	632.138,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	597.207,00	740.868,00	742.183,00	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	1.791.499,00	2.106.417,00	1.855.986,00	1.721.022,00
E) SHORT TERM CREDITORS:	8.996.683,00	6.341.773,00	9.732.178,00	13.798.307,00	14.453.314,00
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:	230.868,00	230.735,00	1.962.170,00	6.678.485,00	5.028.774,00
1. Loans and other liabilities:	230.868,00	230.735,00	1.962.170,00	6.678.485,00	5.028.774,00
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:	1.917.629,00	625.132,00	1.834.861,00	1.279.674,00	6.106.750,00
1. Amounts owed to group companies:	1.917.629,00	625.132,00	1.834.861,00	1.279.674,00	6.106.750,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	5.467.970,00	4.083.078,00	4.245.485,00	4.178.217,00	2.148.810,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	5.467.970,00	4.083.078,00	4.245.485,00	4.178.217,00	2.148.810,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.380.216,00	1.402.828,00	1.689.662,00	1.661.931,00	1.168.980,00
1. Public bodies:	508.702,00	477.184,00	444.986,00	459.982,00	397.952,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	157.974,00	157.735,00	170.900,00	157.735,00	0,00
4. Wages and salaries payable:	713.540,00	767.909,00	1.073.776,00	1.044.214,00	771.028,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	6.333,00	52.266,00	73.895,00	103.965,00	415.039,00
GENERAL TOTAL (A + B + C + D + E + F):	69.214.429,00	66.731.870,00	56.651.354,00	56.973.672,00	59.661.819,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	45.538.182,00	44.120.709,00	48.287.435,00	40.047.614,00	39.799.689,00
A.1. Stock reduction of both manufactured goods and the ones in process:	983.224,00	0,00	0,00	0,00	946.031,00
A.2. Supplies:	14.174.177,00	13.389.155,00	15.899.852,00	10.936.259,00	8.946.188,00
a) Stock consumption:	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	14.175.296,00	13.380.903,00	15.899.852,00	10.935.720,00	8.946.188,00
c) Miscellaneous external expenditure:	-1.119,00	8.252,00	0,00	539,00	0,00
A.3. Staff costs:	12.328.605,00	11.844.478,00	12.054.416,00	11.152.806,00	10.693.139,00
a) Wages, salaries et al.:	9.316.991,00	9.075.573,00	9.283.150,00	8.666.670,00	8.223.639,00
b) Social security costs:	3.011.614,00	2.768.905,00	2.771.266,00	2.486.136,00	2.469.500,00
A.4. Depreciation expense:	2.423.852,00	4.562.593,00	5.478.869,00	5.477.471,00	5.771.878,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	163.983,00	46.987,00	99.996,00	13.181,00	-38.093,00
a) Stock provision variation:	37.103,00	-17.904,00	9.338,00	4.961,00	0,00
b) Variation in provision and bad debt losses:	-43.613,00	-22.305,00	-31.162,00	-2.825,00	13.094,00
c) Variation of other trade provisions:	170.493,00	87.196,00	121.820,00	11.045,00	-51.187,00
A.6. Other operating charges:	11.044.505,00	12.049.925,00	13.123.840,00	12.156.377,00	9.990.201,00
a) External services:	10.314.442,00	11.197.848,00	12.707.710,00	11.272.631,00	9.395.588,00
b) Taxes:	333.939,00	493.536,00	310.237,00	427.171,00	336.752,00
c) Other operating expenses:	396.124,00	358.541,00	105.893,00	456.575,00	257.861,00
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):	7.910.628,00	5.492.038,00	6.144.522,00	886.433,00	2.537.894,00
A.7. Financial and similar charges:	3.826.207,00	2.947.731,00	1.804.298,00	10.436.538,00	16.437.970,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	72.663,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	1.540.752,00	1.733.125,00	1.446.849,00	1.246.477,00	1.938.224,00
d) Losses from financial investments:	2.285.455,00	1.214.606,00	357.449,00	9.117.398,00	14.499.746,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	0,00	29.174,00	4.017,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	4.903.997,00	2.589.160,00	4.345.118,00	0,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	-106.135,00	-281.338,00	466.186,00	-8.657.072,00	-11.580.634,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	670.021,00	297.908,00	44.822,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	272.538,00	0,00	8.721.207,00	11.582.323,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	4.352.992,00	2.861.698,00	3.904.919,00	0,00	0,00
A.15. Corporation tax:	29.743,00	-736.730,00	-684.844,00	-1.497.120,00	-1.371.008,00
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):	4.323.249,00	3.598.428,00	4.589.763,00	672.366,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	49.861.431,00	47.719.137,00	52.877.198,00	40.719.980,00	39.082.182,00
B.1. Net total sales:	43.705.028,00	42.325.977,00	47.887.453,00	35.929.656,00	35.135.604,00
a) Sales:	43.705.028,00	42.325.977,00	47.887.453,00	35.929.656,00	35.135.604,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	148.662,00	217.370,00	740.610,00	0,00
B.3. Works performed by the company for fixed assets:	3.263.701,00	1.906.187,00	2.288.235,00	1.915.663,00	842.806,00
B.4. Miscellaneous operating income:	2.060.245,00	3.004.350,00	2.408.437,00	2.036.598,00	2.868.828,00
a) Auxiliary income and other from current management:	2.031.733,00	2.654.770,00	2.115.964,00	1.740.186,00	2.217.313,00
b) Grants:	28.512,00	12.884,00	39.771,00	60.395,00	143.572,00
c) Liabilities and charges provisions surplus:	0,00	336.696,00	252.702,00	236.017,00	507.943,00
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:	0,00	0,00	0,00	33.318,00	233.255,00
a) In companies of the group:	0,00	0,00	0,00	732,00	153.206,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	32.586,00	80.049,00
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:	811.296,00	0,00	0,00	0,00	0,00
a) From companies of the group:	709.466,00	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:	101.830,00	0,00	0,00	0,00	0,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	8.280,00	44.853,00	4.894,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	3.006.631,00	2.902.878,00	1.799.404,00	10.432.394,00	16.208.732,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	9.545.961,00	13.670.838,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	640,00	1.689,00
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:	12.881,00	289.108,00	70.809,00	63.495,00	0,00
B.12. Extraordinary income:	0,00	0,00	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):	551.005,00	0,00	440.199,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	824.754,00	2.088.515,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	717.507,00

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	4.352.992,00	2.861.698,00	3.904.919,00	-824.754,00	-2.088.515,00
2. Results adjustments.: 61200	6.192.706,00	7.536.237,00	7.823.362,00	7.099.629,00	10.566.470,00
a) Fixed Assets Amortization (+).: 61201	2.423.852,00	4.562.593,00	5.478.869,00	5.477.471,00	5.771.878,00
b) Obsolescence Allowances (+/-). : 61202	240.591,00	-238.076,00	566.182,00	400.471,00	2.919.113,00
c) Variation in Provision (+/-). : 61203	-45.993,00	0,00	0,00	0,00	0,00
d) Allocation of grants (-).: 61204	-12.881,00	-12.884,00	-43.687,00	-63.495,00	-61.056,00
e) Results on disposal of fixed assets (+/-). : 61205	1.093.264,00	298.369,00	44.822,00	-640,00	-1.689,00
f) Results on disposal of financial instruments (+/-).: 61206	1.756.077,00	1.214.606,00	357.449,00	0,00	0,00
g) Financial income (-).: 61207	-811.296,00	-21.496,00	-27.122,00	-33.318,00	0,00
h) Financial Expenses (+). : 61208	1.540.752,00	1.733.125,00	1.446.849,00	1.319.140,00	0,00
i) Exchange differences (+/-). : 61209	8.280,00	0,00	0,00	0,00	0,00
k) Other income and expense (-/+). : 61211	0,00	0,00	0,00	0,00	1.938.224,00
3. Changes in current capital equity.: 61300	2.930.203,00	680.372,00	-3.857.244,00	-3.607.361,00	6.076.222,00
a) Stock (+/-).: 61301	-23.516,00	1.255.518,00	-1.250.539,00	-1.429.695,00	910.733,00
d) Debtors and other accounts receivable (+/-). : 61302	1.773.505,00	1.060.917,00	-3.464.087,00	440.350,00	630.599,00
c) Other current assets (+/-). : 61303	0,00	0,00	0,00	0,00	543.349,00
d) Creditors and other accounts payable (+/-). : 61304	1.774.950,00	-1.904.049,00	637.021,00	-2.441.906,00	3.033.058,00
e) Other current liabilities (+/-).: 61305	-128.794,00	86.848,00	-30.070,00	-311.074,00	138.787,00
f) Other non-current assets and liabilities (+/-).: 61306	-465.942,00	181.138,00	250.431,00	134.964,00	819.696,00
4. Other cash flows for operating activities.: 61400	-1.438.788,00	-1.740.814,00	-1.535.260,00	-1.243.194,00	-1.872.860,00
a) Interest payments (-). : 61401	-1.540.619,00	-1.762.310,00	-1.562.382,00	-1.276.512,00	-1.718.448,00
c) Interest collection (+). : 61403	101.831,00	21.496,00	27.122,00	33.318,00	-154.412,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	12.037.113,00	9.337.493,00	6.335.777,00	1.424.320,00	12.681.317,00
6. Payments for investment (-).: 62100	-9.064.241,00	-12.810.982,00	-3.841.487,00	-3.623.368,00	-6.024.185,00
a) Companies of the group and affiliates. : 62101	-2.902.928,00	-8.360.000,00	-85.000,00	0,00	-4.108.191,00
b) Intangible fixed assets. : 62102	-4.267.240,00	-2.689.359,00	-2.669.278,00	-2.189.836,00	-1.578.439,00
c) Fixed assets. : 62103	-1.894.073,00	-1.761.623,00	-1.087.209,00	-1.433.532,00	-337.555,00
7. Divestment payment collection (+). : 62200	742.651,00	181.067,00	3.208.533,00	4.447.185,00	1.173.924,00
a) Companies of the group and affiliates. : 62201	0,00	85.000,00	113.730,00	3.531.441,00	100.000,00
b) Intangible fixed assets. : 62202	696.894,00	0,00	1.493.915,00	910.744,00	1.070.240,00
c) Fixed assets. : 62203	7.712,00	0,00	0,00	0,00	3.684,00
e) Other financial assets. : 62205	38.045,00	96.067,00	1.600.888,00	5.000,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-8.321.590,00	-12.629.915,00	-632.954,00	823.817,00	-4.850.261,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-172.837,00	4.783.095,00	-6.452.265,00	-1.509.000,00	-8.113.396,00
a) Issuance : 63201	0,00	10.000.000,00	1.656.716,00	3.300.000,00	0,00
2. Debts incurred with credit institutions (+). : 63203	0,00	10.000.000,00	0,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	1.656.716,00	3.300.000,00	0,00
b) Repayment and amortization of : 63207	-172.837,00	-5.216.905,00	-8.108.981,00	-4.809.000,00	-8.113.396,00
2. Debts incurred with credit institutions (-).: 63209	-172.837,00	-2.119.905,00	-8.108.981,00	-4.809.000,00	-8.113.396,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	-3.097.000,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-3.500.000,00	0,00	0,00	0,00	0,00
a) Dividends (-).: 63301	-3.500.000,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-3.672.837,00	4.783.095,00	-6.452.265,00	-1.509.000,00	-8.113.396,00
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	42.686,00	1.490.673,00	-749.442,00	739.137,00	-282.340,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	1.613.441,00	122.768,00	872.210,00	133.073,00	415.413,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.656.127,00	1.613.441,00	122.768,00	872.210,00	133.073,00

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:	0,00 %	0,02 %	0,04 %	0,01 %	-97,23 %	132,27 %
EBITDA over Sales:	23,65 %	11,48 %	22,96 %	9,23 %	2,99 %	24,40 %
Cash Flow Yield:	0,00 %	0,01 %	0,02 %	0,00 %	-97,24 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	14,08 %	7,14 %	11,47 %	5,22 %	22,72 %	36,87 %
Total economic profitability:	8,52 %	3,93 %	6,89 %	2,49 %	23,67 %	57,87 %
Financial profitability:	18,16 %	4,65 %	15,66 %	1,31 %	15,99 %	254,49 %
Margin:	13,93 %	6,88 %	11,76 %	4,85 %	18,45 %	41,95 %
Mark-up:	8,88 %	4,79 %	6,10 %	1,58 %	45,51 %	202,88 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,18	0,13	0,25	0,12	-27,65	15,71
Acid Test:	1,38	0,86	2,14	0,85	-35,48	1,64
Working Capital / Investment:	0,14	0,05	0,20	0,03	-30,11	100,02
Solvency:	3,68	1,18	5,28	1,17	-30,37	0,76

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,90	1,35	1,89	1,63	0,38	-17,16
Borrowing Composition:	4,04	0,99	5,88	1,02	-31,29	-3,79
Repayment Ability:	1.062,30	76,56	29,27	191,23	3.529,39	-59,97
Warranty:	1,53	1,75	1,53	1,62	-0,20	8,02
Generated resources / Total creditors:	0,19	0,09	0,21	0,07	-12,19	29,71

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,84	1,88	1,82	1,73	0,98	8,81
Turnover of Collection Rights :	5,00	5,10	3,93	4,79	27,21	6,37
Turnover of Payment Entitlements:	2,83	3,69	4,31	3,52	-34,17	4,91
Stock rotation:	6,56	7,43	6,57	6,49	-0,08	14,43
Assets turnover:	1,01	1,04	0,98	1,08	3,60	-3,58
Borrowing Cost:	3,40	2,84	3,97	2,95	-14,46	-3,95

> 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:	0,00 %	0,04 %	-0,02 %	0,02 %	-0,01 %
EBITDA over Sales:	23,65 %	22,96 %	23,74 %	17,06 %	22,20 %
Cash Flow Yield:	0,00 %	0,02 %	-0,01 %	0,01 %	0,00 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	14,08 %	11,47 %	10,53 %	4,45 %	5,39 %
Total economic profitability:	8,52 %	6,89 %	9,45 %	0,87 %	-0,25 %
Financial profitability:	18,16 %	15,66 %	23,68 %	4,55 %	-5,08 %
Margin:	13,93 %	11,76 %	10,85 %	5,87 %	6,99 %
Mark-up:	8,88 %	6,10 %	7,46 %	-2,08 %	-5,45 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,18	0,25	0,01	0,06	0,01
Acid Test:	1,38	2,14	1,18	0,65	0,59
Working Capital / Investment:	0,14	0,20	0,16	0,02	-0,03
Solvency:	3,68	5,28	3,42	2,02	1,70

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	1,90	1,89	1,91	2,77	3,09
Borrowing Composition:	4,04	5,88	2,81	2,03	2,10
Repayment Ability:	1.062,30	29,27	-49,53	56,51	-158,51
Warranty:	1,53	1,53	1,53	1,36	1,33
Generated resources / Total creditors:	0,19	0,21	0,28	0,19	0,18

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,84	1,82	1,94	1,55	1,73
Turnover of Collection Rights :	5,00	3,93	4,62	4,99	4,57
Turnover of Payment Entitlements:	2,83	4,31	3,86	3,43	1,90
Stock rotation:	6,56	6,57	6,12	6,14	7,49
Assets turnover:	1,01	0,98	0,97	0,76	0,77
Borrowing Cost:	3,40	3,97	3,90	3,16	4,33

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders and Works Won

Organisation that calls the tender:

CONSEJERIA DE SANIDAD DE LA COMUNIDAD AUTONOMA DE VALENCIA

Objective of Tender:

Adopción del tipo de producto y selección de proveedores para el suministro de principios activos, formas farmacéuticas y dosis, medicamentos

Date Awarded:

06/02/2006

Cost:

indeterminado

Organisation that calls the tender:

CONSEJERIA DE SANIDAD DE LA COMUNIDAD AUTONOMA DE VALENCIA

Objective of Tender:

suministro de principios activos, formas farmacéuticas y dosis - medicamentos II.

Date Awarded:

06/02/2006

Cost:

Indeterminado

Organisation that calls the tender:

CLINICA PUERTA DE HIERRO-HOSPITAL UNIVERSITARIO DE MADRID

Objective of Tender:

Suministro de medicamentos para el Hospital Universitario Puerta de Hierro

Date Awarded:

21/10/2005

Cost:

2.169.343,42 euros, IMPORTE COMPARTIDO POR VARIOS CONTRATISTAS

Organisation that calls the tender:

HOSPITAL COMARCAL DEL NOROESTE DE LA REGION DE MURCIA

Objective of Tender:

Contratación suministro medicamentos uso hospitalario

Date Awarded:

14/10/2005

Cost:

ver importe de adjudicacion segun lote en la imagen.

Organisation that calls the tender:

INSTITUTO MADRILEÑO DE SALUD

Objective of Tender:

Adquisición de medicamentos

Date Awarded:

28/02/2005

Cost:

SEGUN CONTRATISTA, VER IMAGEN

Detail of Subsidies appearing in Balances Memories

Entity	MINISTERIO DE INDUSTRIA, TURIMO Y COMERCIO
Subsidy Concept	subvencion de capital
Status	CONCEDIDA
Amount Granted	9.017,00
Notes	El saldo reflejado se corresponde al imputado a resultados

Entity	MINISTERIO DE INDUSTRIA, TURIMOS Y COMERCIO
Status	CONCEDIDA
Amount Granted	9.019,00
Notes	El saldo reflejado se corresponde al imputado a resultados durante el ejercicio y existe un saldo al cierre del ejercicio de 67.078 euros.

Entity	MINISTERIO DE INDUSTRIA, TURIMOS Y COMERCIO
Subsidy Concept	Subvención del tipo de interés derivada de los préstamos concedidos a tipo de interés cero.
Status	CONCEDIDA
Amount Granted	30.581,00
Notes	El saldo reflejado se corresponde al imputado a resultados durante el ejercicio y existe un saldo al cierre del ejercicio de 76097 euros.

Entity	MINISTERIO DE INDUSTRIA, TURIMOS Y COMERCIO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	63.495,00
Notes	El saldo reflejado se corresponde al imputado a resultados durante el ejercicio y existe un saldo al cierre del ejercicio de 309.053 euros.

Entity	PROGRAMA DE FOMENTO DE INVESTIGACION TECNICA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	50.000,00
Notes	Para la ayuda en la investigación y desarrollo.

Entity	MINISTERIO DE INDUSTRIA, TURIMOS Y COMERCIO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	27.925,00
Notes	El saldo reflejado se corresponde al imputado a resultados durante el ejercicio.

Research Summary

Company founded in 1967 engaged in the manufacture and commercialisation of active pharmaceutical ingredients and pharmaceutical specialities. National and international business scope. Nothing appears against it in the sources consulted an although the latest figures presented in the trade register (31-12-2013), we note that drags a loss carryforwards of 1,763,395 Euro / s, we believe that the can follow normal operations relating to risk, although it would be necessary to monitor their evolution

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.61
UK Pound	1	Rs.94.39
Euro	1	Rs.67.96

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

RATING EXPLANATIONS

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

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

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

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

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

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