MIRA INFORM REPORT

Report No. :	348036
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	SALVA INDUSTRIAL SA
Registered Office :	Pol., 107 Crta. Gi-636, Km 6. - Lezo - 20100 - Guipuzcoa
Country :	Spain
Financials (as on) :	2014
Date of Incorporation :	25.07.1967
Legal Form :	Public Company
Line of Business :	Manufacture of Machinery For Food, Beverage and Tobacco Processing.
No. of Employees :	156

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

After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment strained 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, but 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.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms - aimed at supporting investor sentiment - have become overshadowed by political activity in 2015 in anticipation of the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA

EXECUTIVE SUMMARY

Name:	SALVA INDUSTRIAL SA
NIF / Fiscal code:	A20039426
Status:	ACTIVA
Incorporation Date:	25/07/1967
Register Data	Register Section 8 Sheet 1869
Last Publication in BORME:	07/10/2015 [Reelections]
Last Published Account Deposit:	2014
Share Capital:	3.000.000
Localization:	Pol. , 107 Crta. Gi-636, Km 6. - Lezo - 20100 - Guipuzcoa
Telephone - Fax - Email - Website:	Telephone. 943449300 Email. salva@salva.es Website. www.salva.es
Activity:
NACE:	2893 - Manufacture of machinery for food, beverage and tobacco processing
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	8 for a total cost of 707.121,19
Subsidies:	16 for a total cost of 2284000
Quality Certificate:	No
Payment Behaviour:	According to the agreed terms
Prospects:	Consolidation
Industry situation:	Maturity
Defaults, Legal Claims and Insolvency Proceedings :

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

Partners

INMASER SA	6.35 %
Shares:	3
Other Links:	5
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2014

2013

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
It is a corporation that has been established many years ago, which gives it sufficient experience in the sector of activities it carries out and it has a good reputation in general amongst consulted references. Its manufacturing has increases with a percentage of 3,20 % in 2014 in comparison to the previous year. Atiende con normalidad los compromisos de pago.
Interviewed Person:

Enquiry Details
Business address regime:	Property

Identification
Social Denomination:	SALVA INDUSTRIAL SA
NIF / Fiscal code:	A20039426
Corporate Status:	ACTIVA
Start of activity:	1967
Registered Office:	POL. , 107 CRTA. GI-636, KM 6.
Locality:	LEZO
Province:	GUIPUZCOA
Postal Code:	20100
Telephone:	943449300
Fax:	943449329
Website:	www.salva.es
Email:	salva@salva.es
Interviewed Person:	Empleado

Activity
NACE:	2893
Additional Information:	It is dedicated to the manufacture of products and provision of solutions for bakeries, patisserie and hotel industries. It is integrated in Grupo SALVA. It has 24.000m2 of manufacturing installations.
Additional Address:	POL. , 107 CRTA. GI-636, KM 6 20100 LEZO ( GUIPUZOCA ), registered office and offices, factory, storehouse, industrial plant in property.
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2015	156

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

Chronological Summary
	Year	Act
	1990	Accounts deposit (year 1989) Dividends Payment (1)
	1991	Accounts deposit (year 1990) Adaptation to Law (1) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	1992	Accounts deposit (year 1991)
	1993	Accounts deposit (year 1992)
	1994	Accounts deposit (year 1993) Appointments/ Re-elections (3) Increase of Capital (1) Statutory Modifications (1)
	1995	Accounts deposit (year 1994) Appointments/ Re-elections (4) Dividends Payment (1)
	1996	Accounts deposit (year 1995) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	1997	Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Dividends Payment (2) Increase of Capital (1)
	1998	Accounts deposit (year 1996, 1997) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (2)
	1999	Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2000	Accounts deposit (year 1998) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2001	Accounts deposit (year 2000 consolidated, 1999, 2000) Appointments/ Re-elections (5) Board Meeting (1) Cessations/ Resignations/ Reversals (4) Other Concepts/ Events (1)
	2002	Accounts deposit (year 2001 consolidated, 2001) Appointments/ Re-elections (4) Board Meeting (1) Cessations/ Resignations/ Reversals (6) Change of Social Denomination (1) Other Concepts/ Events (1)
	2003	Accounts deposit (year 2002 consolidated, 2002) Appointments/ Re-elections (4) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2004	Accounts deposit (year 2003 consolidated, 2003) Appointments/ Re-elections (3) Board Meeting (1)
	2005	Accounts deposit (year 2004 consolidated, 2004) Appointments/ Re-elections (8) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2006	Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (2)
	2007	Accounts deposit (year 2005 consolidated, 2006 consolidated, 2005, 2006) Appointments/ Re-elections (1) Board Meeting (1)
	2008	Accounts deposit (year 2007 consolidated, 2007) Appointments/ Re-elections (2) Board Meeting (1)
	2009	Accounts deposit (year 2008 consolidated, 2008) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2010	Accounts deposit (year 2009 consolidated, 2009) Board Meeting (1)
	2011	Accounts deposit (year 2010 consolidated, 2010) Appointments/ Re-elections (2) Board Meeting (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (1) Board Meeting (1) Other Concepts/ Events (1)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (1) Board Meeting (1)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (1) Board Meeting (1) Change of Social address (1) Other Concepts/ Events (2)

Breakdown of Owners' Equity
Registered Capital:	3.000.000
Paid up capital:	3.000.000

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
19/09/1990	Capital call payment	---	198.334	---	---
08/02/1994	Increase of Capital	317.334	158.667	1.904.006	1.745.339
05/01/1995	Capital call payment	---	158.667	1.904.006	1.904.006
09/04/1996	Increase of Capital	761.603	190.401	2.665.609	2.094.407
28/01/1997	Capital call payment	---	190.401	2.665.609	2.284.808
28/01/1997	Capital call payment	---	380.801	2.665.609	2.665.609
11/07/1997	Increase of Capital	216.364	216.364	2.881.973	2.881.973
13/10/1999	Increase of Capital	118.027	118.027	3.000.000	3.000.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	LLORDES IBAÑEZ JAIME	05/08/2013	14
CHIEF EXECUTIVE OFFICER	BAÑUELOS RODENAS ARTURO	14/04/2004	1
MEMBER OF THE BOARD	INMASER SA	30/09/2015	6
	LLORDES ARRATIBEL DAVID	05/08/2013	7
	LLORDES IBAÑEZ JAIME	05/08/2013	14
	TIMESHEETS SL	21/08/2012	5
	SOCIEDAD ANONIMA DE PROMOCION Y DESARROLLO TALDE	24/04/1997	1
PROXY	SOTO DEL RIO SILVIA	08/02/2006	1
	IRAETA MUÑOZ PATXI MIKEL	23/06/2005	1
	IBARGUREN MARTINEZ PELLO	23/06/2005	1
	EGUILEOR RAMIREZ MARCIAL	23/06/2005	1
	PRIOR MURILLO FELIPE	23/06/2005	1
	LLORDES USANDIZAGA IGOR	23/06/2005	1
	LLORDES ARRATIBEL DAVID	11/07/1995	7
	LLORDES CISTERO LUIS	14/06/1994	6
SECRETARY	TUDURI ESNAL FRANCISCO	06/11/1998	1
MEMBER	ALKAIN MARTICORENA JESUS	14/01/1994	1
REPRESENTATIVE	JULIA SALAVERRIA MONFORT	30/04/2001	1
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	23/09/2014	3

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALKAIN MARTIKORENA JESUS	MEMBER	13/12/1991	1
ALKAIN MARTIKORENA JESUS MARIA	MEMBER OF THE BOARD	13/12/1991	5
	MEMBER OF THE BOARD	09/04/1996
	MEMBER OF THE BOARD	27/09/1999
	MEMBER OF THE BOARD	23/08/2001
	MEMBER	09/04/1996
AMILIBIA ALARCIA VIRGINIA	PROXY	26/02/2002	1
AMILIBIA SODUPE MARIA PILAR	PROXY	14/06/1994	2
	PROXY	26/02/2002
AMILIBIA SODUPE PILAR	PROXY	04/07/1995	2
	PROXY	26/02/2002
COMAS AUDITORES CONSULTORES SL	ACCOUNTS' AUDITOR / HOLDER	03/02/1997	1
COMAS CIA AUDITORES SOC CIVIL CJC	ACCOUNTS' AUDITOR / HOLDER	05/07/1994	2
	ACCOUNTS' AUDITOR / HOLDER	03/02/1997
COOPERS AND LYBRAND SA	ACCOUNTS' AUDITOR / HOLDER	27/09/1999	1
COOPERS LYBRAND AUDITORIA Y CONSULTORIA SRL	ACCOUNTS' AUDITOR / HOLDER	18/08/2000	1
DE LAMA MIGUEL JUAN JOSE	MEMBER OF THE BOARD	26/02/2002	2
	VICE CHAIRMAN	26/02/2002
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	23/09/2014	3
	CONSOLIDATED ACCOUNTS' AUDITOR	23/09/2014
ECHAVARRIA GIMENEZ JESUS MARIA	PROXY	23/06/2005	1
INMASER SA	MEMBER OF THE BOARD	06/08/2003	6
	MEMBER OF THE BOARD	05/08/2002
	MEMBER OF THE BOARD	30/09/2015
	MEMBER OF THE BOARD	04/08/2011
	MEMBER OF THE BOARD	03/08/2007
JUAN LUIS BONAFUENTE AVELLANER	REPRESENTATIVE	30/04/2001	1
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	06/08/2008	4
	CONSOLIDATED ACCOUNTS' AUDITOR	06/08/2008
	ACCOUNTS' AUDITOR / HOLDER	04/08/2011
	CONSOLIDATED ACCOUNTS' AUDITOR	04/08/2011
LAMA MIGUEL JUAN JOSE	MEMBER OF THE BOARD	13/12/1991	5
	MEMBER OF THE BOARD	09/04/1996
	MEMBER OF THE BOARD	27/09/1999
	VICE CHAIRMAN	14/01/1994
	VICE CHAIRMAN	09/04/1996
LLAMA MIGUEL JUAN JOSE	VICE CHAIRMAN	13/12/1991	1
LLORDES ARRATIBEL DAVID	PROXY	06/06/1995	7
	PROXY	11/07/1995
	MEMBER OF THE BOARD	05/08/2013
	MEMBER OF THE BOARD	09/09/2009
	MEMBER OF THE BOARD	17/08/2005
LLORDES CISTERO JOSE	MEMBER OF THE BOARD	14/01/1994	6
	MEMBER OF THE BOARD	06/11/1998
	MEMBER OF THE BOARD	23/08/2001
	PROXY	14/03/2006
	SECRETARY	14/01/1994
	SECRETARY	06/11/1998
LLORDES CISTERO LUIS	MEMBER OF THE BOARD	09/04/1996	6
	MEMBER	14/01/1994
	MEMBER	09/04/1996
	MEMBER OF THE BOARD	27/09/1999
	MEMBER OF THE BOARD	26/02/2002
LLORDES CISTERO LUIS RAMON	PROXY	14/03/2006	1
LLORDES CREUS JUAN	PROXY	09/03/2009	1
LLORDES IBAÑEZ JAIME	MEMBER OF THE BOARD	14/01/1994	14
	MEMBER OF THE BOARD	06/11/1998
	MEMBER OF THE BOARD	23/08/2001
	MEMBER OF THE BOARD	17/08/2005
	MEMBER OF THE BOARD	09/09/2009
	MEMBER OF THE BOARD	05/08/2013
	PROXY	04/07/1995
	PROXY	09/03/2009
	PRESIDENT	14/01/1994
	PRESIDENT	23/08/2001
	PRESIDENT	09/09/2009
	PRESIDENT	05/08/2013
LOYOLA ZABALA ISAAC	PROXY	03/10/2003	1
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	23/08/2001	9
	CONSOLIDATED ACCOUNTS' AUDITOR	23/08/2001
	ACCOUNTS' AUDITOR / HOLDER	06/08/2003
	CONSOLIDATED ACCOUNTS' AUDITOR	06/08/2003
	CONSOLIDATED ACCOUNTS' AUDITOR	23/06/2005
	ACCOUNTS' AUDITOR / HOLDER	17/08/2004
	CONSOLIDATED ACCOUNTS' AUDITOR	17/08/2004
	ACCOUNTS' AUDITOR / HOLDER	12/09/2002
	CONSOLIDATED ACCOUNTS' AUDITOR	17/08/2005
SOCIEDAD ANONIMA PROMOCION DESARROLLO TALDE SA	MEMBER OF THE BOARD	25/02/2002	1
TALDE PROMOCION Y DESARROLLO S.C.R S.A	MEMBER OF THE BOARD	30/04/2001	1
TIMESHEETS SL	MEMBER OF THE BOARD	06/08/2008	5
	MEMBER OF THE BOARD	21/08/2012
	MEMBER OF THE BOARD	05/08/2002
	MEMBER OF THE BOARD	05/08/2004
VICENTE ALVARADO MARIA LUCIA	PROXY	08/02/2006	1

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		DAVID LLORDES ARRATIBEL
MANAGING DIRECTOR		ARTURO BAÑUELOS RODENAS

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

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

> Details

> Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure. The current debt represents a 41.04of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. It has financial profitability.. SALVA INDUSTRIAL SA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

Debts assumed by the company based on the volume of its own resources have increased in the previous financial year. Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation. 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.

The information contained in the latest annual statements has led to a Scoring review for the company.

Probability of default

> Estimated Probability of Default for the next 12 months:  1.281 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 289 Manufacture of other special-purpose machinery
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 89.00% of the companies of the sector SALVA INDUSTRIAL SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 1.281%.

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

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

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

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	INMASER SA	GUIPUZCOA	6.35
PARTICIPATES IN	DICOEL SL	BARCELONA	24
	SALVA FRANCE SAS (FRANCIA)		100
	SALVA MIDDLE EAST FZE		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	TALDE GESTION S.G.E.C.R. SOCIEDAD ANONIMA	VIZCAYA	13.5
	TIMESHEETS SL	GUIPUZCOA
HAS IN ITS ADMINISTRATION BOARD TO	TIMESHEETS SL	GUIPUZCOA
	INMASER SA	GUIPUZCOA
BELONGS TO THE ADMINISTRATION BOARD OF	CONSORCIO INTERNACIONAL DE CONSULTORIA INGENIERIA Y TECNOLOGIA SL	BARCELONA

Turnover
Total Sales 2014	28.744.613,45

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
2014	Normales	October  2015
2013	Normales	September  2014
2012	Normales	September  2013
2011	Normales	September  2012
2010	Consolidadas	October  2011
2010	Normales	October  2011
2009	Consolidadas	December  2010
2009	Normales	September  2010
2008	Consolidadas	November  2009
2008	Normales	November  2009
2007	Consolidadas	November  2008
2007	Normales	November  2008
2006	Consolidadas	September  2007
2006	Normales	September  2007
2005	Consolidadas	September  2007
2005	Normales	May  2007
2004	Consolidadas	December  2005
2004	Normales	October  2005
2003	Consolidadas	October  2004
2003	Normales	October  2004
2002	Consolidadas	October  2003
2002	Normales	October  2003
2001	Consolidadas	September  2002
2001	Normales	September  2002
2000	Consolidadas	November  2001
2000	Normales	November  2001
1999	Normales	December  2000
1998	Normales	December  1999
1997	Normales	November  1998
1996	Normales	November  1998
1995	Normales	October  1996
1994	Normales	October  1995
1993	Normales	October  1994
1992	Normales	July  1993
1991	Normales	July  1992
1990	Normales	July  1991
1989	Normales	September  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 31/12/2014

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010  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, such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	13.942.260,00	13.625.136,00	14.123.927,00	14.087.000,00	14.684.000,00
I. Intangible fixed assets : 11100	2.154.963,00	1.750.121,00	1.513.650,00	1.113.000,00	1.061.000,00
1. Development: 11110	2.153.697,00	1.746.471,00	1.505.733,00	1.099.000,00	1.045.000,00
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	1.267,00	3.650,00	7.917,00	14.000,00	16.000,00
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	6.072.844,00	6.462.316,00	6.991.319,00	7.568.000,00	7.962.000,00
1. Land and buildings: 11210	5.496.645,00	5.656.937,00	5.804.892,00	5.942.000,00	5.927.000,00
2. Technical installations and other tangible fixed assets: 11220	576.199,00	805.379,00	1.186.427,00	1.626.000,00	2.019.000,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	16.000,00
III. Real estate investment: 11300	50.450,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	50.450,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	536.106,00	536.106,00	514.106,00	514.000,00	514.000,00
1. Equity instruments: 11410	536.106,00	536.106,00	514.106,00	514.000,00	514.000,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	88.720,00	66.419,00	54.544,00	57.000,00	66.000,00
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	88.720,00	66.419,00	54.544,00	57.000,00	66.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	3.075.510,00	3.201.428,00	3.615.012,00	3.686.000,00	3.662.000,00
VII. Non-current trade debts : 11700	1.963.666,00	1.608.745,00	1.435.296,00	1.149.000,00	1.419.000,00
B) CURRENT ASSETS: 12000	15.575.090,00	14.767.886,00	14.351.735,00	15.168.000,00	15.112.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	6.632.020,00	6.743.951,00	6.868.943,00	7.128.000,00	7.143.000,00
1. Commercial: 12210	1.649.451,00	1.712.421,00	1.598.456,00	1.674.000,00	1.380.000,00
2. Primary material and other supplies: 12220	2.082.039,00	2.011.305,00	2.059.205,00	2.078.000,00	1.926.000,00
3. Work in progress: 12230	1.508.319,00	1.666.414,00	1.788.025,00	1.692.000,00	1.919.000,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	1.508.319,00	1.666.414,00	1.788.025,00	1.692.000,00	1.919.000,00
4. Finished goods: 12240	1.392.210,00	1.353.811,00	1.423.256,00	1.684.000,00	1.918.000,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	1.392.210,00	1.353.811,00	1.423.256,00	1.684.000,00	1.918.000,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	8.333.356,00	7.594.919,00	7.145.546,00	7.692.000,00	7.686.000,00
1. Trade debtors / accounts receivable: 12310	8.025.535,00	7.113.550,00	6.792.827,00	7.188.000,00	7.079.000,00
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	8.025.535,00	7.113.550,00	6.792.827,00	7.188.000,00	7.079.000,00
2. Customers, Group companies and associates : 12320	0,00	4.384,00	17.000,00	8.000,00	248.000,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
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	307.822,00	476.985,00	335.719,00	496.000,00	359.000,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	138.864,00	171.657,00	202.103,00	199.000,00	272.000,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	10.750,00	5.000,00	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	138.864,00	171.657,00	191.353,00	194.000,00	272.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	44.022,00	85.875,00	23.044,00	57.000,00	0,00
VII. Cash and other equivalent liquid assets : 12700	426.827,00	171.485,00	112.099,00	92.000,00	11.000,00
1. Treasury: 12710	426.827,00	171.485,00	112.099,00	92.000,00	11.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	29.517.349,00	28.393.022,00	28.475.662,00	29.255.000,00	29.796.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	13.400.518,00	13.628.872,00	13.218.512,00	13.970.000,00	14.216.000,00
A-1) Shareholders' equity: 21000	13.069.981,00	13.346.660,00	12.877.837,00	13.616.000,00	13.673.000,00
I. Capital: 21100	3.000.000,00	3.000.000,00	3.000.000,00	3.000.000,00	3.000.000,00
1. Registered capital : 21110	3.000.000,00	3.000.000,00	3.000.000,00	3.000.000,00	3.000.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	9.746.660,00	9.627.837,00	10.616.304,00	10.470.000,00	10.469.000,00
1. Legal and statutory: 21310	601.400,00	601.400,00	600.000,00	601.000,00	600.000,00
2. Other reserves: 21320	9.145.260,00	9.026.437,00	10.016.304,00	9.869.000,00	9.869.000,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	323.321,00	718.823,00	-738.467,00	146.000,00	204.000,00
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	330.537,00	282.212,00	340.675,00	354.000,00	543.000,00
B) NON-CURRENT LIABILITIES: 31000	4.002.717,00	4.006.070,00	3.935.284,00	3.031.000,00	3.852.000,00
I. Long-term provisions: 31100	50.121,00	108.781,00	95.323,00	77.000,00	248.000,00
1. Long-term employee benefits liability: 31110	50.121,00	108.781,00	95.323,00	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	77.000,00	248.000,00
II Long-term creditors: 31200	3.738.551,00	3.702.037,00	3.621.973,00	2.731.000,00	3.307.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	2.781.326,00	2.754.161,00	2.398.182,00	1.696.000,00	2.132.000,00
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	957.225,00	947.876,00	1.223.791,00	1.035.000,00	1.175.000,00
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	214.045,00	195.252,00	217.988,00	223.000,00	297.000,00
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	12.114.115,00	10.758.080,00	11.321.867,00	12.254.000,00	11.728.000,00
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	342.494,00	389.931,00	380.163,00	397.000,00	294.000,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	342.494,00	389.931,00	0,00	0,00	0,00
III. Short-term creditors : 32300	6.287.492,00	5.277.940,00	6.133.757,00	6.426.000,00	5.127.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	6.244.089,00	5.241.506,00	6.063.057,00	6.220.000,00	4.874.000,00
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	43.404,00	36.434,00	70.700,00	206.000,00	253.000,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	436.778,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	5.484.128,00	4.886.087,00	4.329.869,00	5.431.000,00	6.307.000,00
1. Suppliers: 32510	4.121.589,00	3.877.559,00	3.435.986,00	4.481.000,00	5.192.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	4.121.589,00	3.877.559,00	3.435.986,00	4.481.000,00	5.192.000,00
2. Suppliers, Group companies and associates: 32520	494.506,00	283.855,00	245.814,00	485.000,00	589.000,00
3. Other creditors: 32530	487.655,00	168.958,00	136.438,00	125.000,00	199.000,00
4. Personnel (remuneration due): 32540	49.140,00	226.281,00	81.249,00	47.000,00	60.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	331.238,00	329.435,00	430.381,00	293.000,00	267.000,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	204.122,00	41.300,00	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	29.517.349,00	28.393.022,00	28.475.662,00	29.255.000,00	29.796.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	28.744.613,00	27.853.621,00	25.202.485,00	26.129.000,00	25.129.000,00
a) Sales: 40110	28.316.721,00	27.409.915,00	24.826.152,00	25.782.000,00	24.851.000,00
b) Rendering of services: 40120	427.892,00	443.706,00	376.333,00	347.000,00	278.000,00
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	-155.134,00	-191.056,00	-165.477,00	-461.000,00	-1.033.000,00
3. Works carried out by the company for its assets: 40300	644.891,00	479.016,00	700.000,00	383.000,00	305.000,00
4. Supplies : 40400	-12.887.492,00	-11.773.391,00	-11.164.473,00	-11.202.000,00	-10.080.000,00
a) Stock consumption: 40410	-5.887.714,00	-5.095.545,00	-5.359.647,00	-5.143.000,00	-4.573.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-5.428.683,00	-5.338.790,00	-4.704.496,00	-4.843.000,00	-4.414.000,00
c) Works carried out by other companies: 40430	-1.571.094,00	-1.339.056,00	-1.100.330,00	-1.216.000,00	-1.093.000,00
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	371.199,00	377.808,00	293.382,00	825.000,00	825.000,00
a) Auxiliary income and other from current management: 40510	267.686,00	164.569,00	123.720,00	372.000,00	151.000,00
b) Operation subsidies included in the Period's result: 40520	103.513,00	213.240,00	169.662,00	453.000,00	674.000,00
6. Personnel costs: 40600	-8.043.580,00	-7.919.932,00	-7.522.279,00	-7.526.000,00	-7.751.000,00
a) Wages, salaries et al.: 40610	-5.778.615,00	-5.783.810,00	-5.592.074,00	-5.566.000,00	-5.418.000,00
b) Social security costs: 40620	-2.264.965,00	-2.136.121,00	-1.930.204,00	-1.960.000,00	-2.333.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-7.401.282,00	-7.116.912,00	-6.941.001,00	-7.053.000,00	-6.279.000,00
a) External services: 40710	-7.110.214,00	-6.594.653,00	-6.564.135,00	-6.629.000,00	-6.175.000,00
b) Taxes: 40720	-66.679,00	-58.509,00	-59.591,00	-47.000,00	-52.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-213.487,00	-459.110,00	-307.055,00	-329.000,00	-39.000,00
d) Other current management expenditure : 40740	-10.902,00	-4.640,00	-10.220,00	-48.000,00	-13.000,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-818.667,00	-879.348,00	-980.039,00	-1.133.000,00	-1.178.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	77.115,00	81.198,00	62.282,00	277.000,00	131.000,00
10. Excess provisions : 41000	14.435,00	0,00	0,00	0,00	16.000,00
11. Impairment and result of transfers of fixed assets: 41100	-21.182,00	0,00	-52.154,00	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	-21.182,00	0,00	-52.154,00	0,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	524.918,00	911.005,00	-567.273,00	239.000,00	85.000,00
14. Financial income : 41400	243.928,00	357.741,00	255.603,00	206.000,00	241.000,00
a) Of shares in equity instruments : 41410	76.478,00	74.800,00	6.944,00	25.000,00	0,00
a 1) In Group companies and associates: 41411	76.478,00	74.800,00	6.944,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	25.000,00	0,00
b) From negotiable securities and other financial instruments : 41420	167.450,00	282.941,00	248.659,00	181.000,00	241.000,00
b 1) From Group companies and associates : 41421	167.450,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	0,00	282.941,00	248.659,00	181.000,00	241.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-353.060,00	-365.447,00	-339.187,00	-273.000,00	-214.000,00
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	-353.060,00	-365.447,00	-339.187,00	-273.000,00	-214.000,00
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	33.453,00	-20.893,00	-15.943,00	-50.000,00	-18.000,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-75.679,00	-28.599,00	-99.526,00	-117.000,00	9.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	449.239,00	882.406,00	-666.799,00	122.000,00	94.000,00
20. Income taxes: 41900	-125.918,00	-163.584,00	-71.668,00	24.000,00	110.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	323.321,00	718.823,00	-738.467,00	146.000,00	204.000,00
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	323.321,00	718.823,00	-738.467,00	146.000,00	204.000,00

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  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, such criteria using its own methodology. To view details on the methodology 2014 2013 2012 2011 2010  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2014	2013	2012	2011	2010
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	10.866.750,00	10.423.708,00	10.508.915,00	10.401.000,00	11.022.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	2.154.963,00	1.750.121,00	1.513.650,00	1.113.000,00	1.061.000,00
1. Research and development costs:	2.153.697,00	1.746.471,00	1.505.733,00	1.099.000,00	1.045.000,00
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:	1.267,00	3.650,00	7.917,00	14.000,00	16.000,00
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:	6.123.294,00	6.462.316,00	6.991.319,00	7.568.000,00	7.962.000,00
1. Land and construction:	5.547.095,00	5.656.937,00	5.804.892,00	5.942.000,00	5.927.000,00
2. Technical installations and machinery:	322.181,00	450.327,00	663.390,00	909.177,00	1.128.923,00
3. Other installations, tools and furniture:	175.519,00	245.330,00	361.403,00	495.304,00	615.017,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	16.000,00
5. Other tangible assets:	78.499,00	109.721,00	161.633,00	221.519,00	275.059,00
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:	624.826,00	602.526,00	568.651,00	571.000,00	580.000,00
1. Equity investments in group companies:	495.036,00	495.036,00	474.721,00	474.623,00	474.623,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	41.070,00	41.070,00	39.385,00	39.377,00	39.377,00
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:	88.720,00	66.419,00	54.544,00	57.000,00	66.000,00
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:	1.963.666,00	1.608.745,00	1.435.296,00	1.149.000,00	1.419.000,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	18.650.599,00	17.969.314,00	17.966.747,00	18.854.000,00	18.774.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	6.632.020,00	6.743.951,00	6.868.943,00	7.128.000,00	7.143.000,00
1. Goods for resale:	1.649.451,00	1.712.421,00	1.598.456,00	1.674.000,00	1.380.000,00
2. Raw materials and other consumables:	2.082.039,00	2.011.305,00	2.059.205,00	2.078.000,00	1.926.000,00
3. Goods in process and semifinished ones:	1.508.319,00	1.666.414,00	1.788.025,00	1.692.000,00	1.919.000,00
4. Finished products:	1.392.210,00	1.353.811,00	1.423.256,00	1.684.000,00	1.918.000,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	11.408.866,00	10.796.347,00	10.760.558,00	11.378.000,00	11.348.000,00
1. Trade debtors / accounts receivable:	8.025.535,00	7.113.550,00	6.792.827,00	7.188.000,00	7.079.000,00
2. Accounts receivable, Group companies:	0,00	4.384,00	17.000,00	8.000,00	248.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	0,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	3.383.331,00	3.678.413,00	3.950.731,00	4.182.000,00	4.021.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	138.864,00	171.657,00	202.103,00	199.000,00	272.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	10.750,00	5.000,00	0,00
7. Shor term guarantees and deposits:	138.864,00	171.657,00	191.353,00	194.000,00	272.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	426.827,00	171.485,00	112.099,00	92.000,00	11.000,00
VII. Prepayments and accrued income:	44.022,00	85.875,00	23.044,00	57.000,00	0,00
GENERAL TOTAL (A + B + C + D):	29.517.349,00	28.393.022,00	28.475.662,00	29.255.000,00	29.796.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	13.169.142,00	13.431.323,00	12.980.039,00	13.722.200,00	13.835.900,00
I. Subscribed capital:	3.000.000,00	3.000.000,00	3.000.000,00	3.000.000,00	3.000.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	841.924,00	838.779,00	940.259,00	936.401,00	951.857,00
IV. Reserves:	9.003.897,00	8.873.722,00	9.778.247,00	9.639.799,00	9.680.043,00
1. Legal reserve:	601.400,00	601.400,00	600.000,00	601.000,00	600.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	8.402.497,00	8.272.322,00	9.178.247,00	9.038.799,00	9.080.043,00
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:	323.321,00	718.823,00	-738.467,00	146.000,00	204.000,00
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:	231.376,00	197.549,00	238.472,00	247.800,00	380.100,00
1. Capital grants:	231.376,00	197.549,00	238.472,00	247.800,00	380.100,00
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:	50.121,00	108.781,00	95.323,00	77.000,00	248.000,00
1. Provisions for pension fund and other similar obligations:	50.121,00	108.781,00	95.323,00	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	77.000,00	248.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	3.952.596,00	3.897.289,00	3.839.961,00	2.954.000,00	3.604.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	2.781.326,00	2.754.161,00	2.398.182,00	1.696.000,00	2.132.000,00
1. Loans and other liabilities:	2.781.326,00	2.754.161,00	2.398.182,00	1.696.000,00	2.132.000,00
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:	1.171.270,00	1.143.128,00	1.441.779,00	1.258.000,00	1.472.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	956.975,00	947.628,00	1.223.471,00	1.034.729,00	1.174.692,00
3. Long term guarantees and deposits received:	251,00	248,00	320,00	271,00	308,00
4. Long term payables to public bodies:	214.045,00	195.252,00	217.988,00	223.000,00	297.000,00
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:	12.114.115,00	10.758.080,00	11.321.867,00	12.254.000,00	11.728.000,00
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:	6.244.089,00	5.241.506,00	6.063.057,00	6.220.000,00	4.874.000,00
1. Loans and other liabilities:	6.244.089,00	5.241.506,00	6.063.057,00	6.220.000,00	4.874.000,00
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:	494.506,00	283.855,00	682.592,00	485.000,00	589.000,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	494.506,00	283.855,00	682.592,00	485.000,00	589.000,00
IV. Trade creditors:	4.609.244,00	4.046.517,00	3.572.424,00	4.606.000,00	5.391.000,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	4.609.244,00	4.046.517,00	3.572.424,00	4.606.000,00	5.391.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	423.782,00	592.150,00	582.330,00	546.000,00	580.000,00
1. Public bodies:	331.238,00	329.435,00	430.381,00	293.000,00	267.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	43.404,00	36.434,00	70.700,00	206.000,00	253.000,00
4. Wages and salaries payable:	49.140,00	226.281,00	81.249,00	47.000,00	60.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	342.494,00	389.931,00	380.163,00	397.000,00	294.000,00
VII. Prepayments and accrued income:	0,00	204.122,00	41.300,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	29.517.349,00	28.393.022,00	28.475.662,00	29.255.000,00	29.796.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	29.806.314,00	28.430.562,00	27.252.219,00	27.674.000,00	26.443.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	155.134,00	191.056,00	165.477,00	461.000,00	1.033.000,00
A.2. Supplies:	12.887.492,00	11.773.391,00	11.164.473,00	11.202.000,00	10.080.000,00
a) Stock consumption:	5.887.714,00	5.095.545,00	5.359.647,00	5.143.000,00	4.573.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	5.428.683,00	5.338.790,00	4.704.496,00	4.843.000,00	4.414.000,00
c) Miscellaneous external expenditure:	1.571.094,00	1.339.056,00	1.100.330,00	1.216.000,00	1.093.000,00
A.3. Staff costs:	8.043.580,00	7.919.932,00	7.522.279,00	7.526.000,00	7.751.000,00
a) Wages, salaries et al.:	5.778.615,00	5.783.810,00	5.592.074,00	5.566.000,00	5.418.000,00
b) Social security costs:	2.264.965,00	2.136.121,00	1.930.204,00	1.960.000,00	2.333.000,00
A.4. Depreciation expense:	818.667,00	879.348,00	980.039,00	1.133.000,00	1.178.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	213.487,00	459.110,00	307.055,00	329.000,00	39.000,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	203.344,00	437.297,00	292.466,00	313.368,00	37.147,00
c) Variation of other trade provisions:	10.144,00	21.814,00	14.589,00	15.632,00	1.853,00
A.6. Other operating charges:	7.187.795,00	6.657.801,00	6.633.946,00	6.724.000,00	6.240.000,00
a) External services:	7.110.214,00	6.594.653,00	6.564.135,00	6.629.000,00	6.175.000,00
b) Taxes:	66.679,00	58.509,00	59.591,00	47.000,00	52.000,00
c) Other operating expenses:	10.902,00	4.640,00	10.220,00	48.000,00	13.000,00
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):	468.985,00	829.808,00	0,00	0,00	0,00
A.7. Financial and similar charges:	353.060,00	365.447,00	339.187,00	273.000,00	214.000,00
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.:	353.060,00	365.447,00	339.187,00	273.000,00	214.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	20.893,00	15.943,00	50.000,00	18.000,00
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	9.000,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	393.307,00	801.209,00	0,00	0,00	0,00
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:	21.182,00	0,00	52.154,00	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):	55.933,00	81.198,00	10.128,00	277.000,00	131.000,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	449.239,00	882.406,00	0,00	122.000,00	94.000,00
A.15. Corporation tax:	125.918,00	163.584,00	71.668,00	-24.000,00	-110.000,00
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):	323.321,00	718.823,00	0,00	146.000,00	204.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	30.129.635,00	29.149.384,00	26.513.752,00	27.820.000,00	26.647.000,00
B.1. Net total sales:	28.744.613,00	27.853.621,00	25.202.485,00	26.129.000,00	25.129.000,00
a) Sales:	28.662.943,00	27.745.049,00	25.129.695,00	26.097.230,00	25.154.847,00
b) Rendering of services:	427.892,00	443.706,00	376.333,00	347.000,00	278.000,00
Returns and Rappel on sales:	-346.222,00	-335.134,00	-303.543,00	-315.230,00	-303.847,00
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:	644.891,00	479.016,00	700.000,00	383.000,00	305.000,00
B.4. Miscellaneous operating income:	385.635,00	377.808,00	293.382,00	825.000,00	841.000,00
a) Auxiliary income and other from current management:	267.686,00	164.569,00	123.720,00	372.000,00	151.000,00
b) Grants:	103.513,00	213.240,00	169.662,00	453.000,00	674.000,00
c) Liabilities and charges provisions surplus:	14.435,00	0,00	0,00	0,00	16.000,00
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	577.401,00	38.000,00	46.000,00
B.5. Income from equity investment:	76.478,00	74.800,00	6.944,00	25.000,00	0,00
a) In companies of the group:	76.478,00	74.800,00	6.944,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	25.000,00	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:	167.450,00	282.941,00	248.659,00	181.000,00	241.000,00
a) From companies of the group:	167.450,00	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:	0,00	282.941,00	248.659,00	181.000,00	241.000,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	33.453,00	0,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	75.679,00	28.599,00	99.526,00	117.000,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	676.927,00	155.000,00	37.000,00
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:	77.115,00	81.198,00	62.282,00	277.000,00	131.000,00
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):	0,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	666.799,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	738.467,00	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.

	2014	2013	2012	2011	2010
1. Fiscal year result before taxes.: 61100	449.000,00	883.000,00	-667.000,00	122.000,00	94.000,00
2. Results adjustments.: 61200	882.000,00	1.223.000,00	1.458.000,00	1.252.000,00	968.000,00
a) Fixed Assets Amortization (+).: 61201	819.000,00	880.000,00	980.000,00	1.133.000,00	1.178.000,00
b) Obsolescence Allowances (+/-). : 61202	220.000,00	373.000,00	388.000,00	397.000,00	-207.000,00
c) Variation in Provision (+/-). : 61203	0,00	23.000,00	1.000,00	-68.000,00	155.000,00
d) Allocation of grants (-).: 61204	-77.000,00	-81.000,00	-62.000,00	-277.000,00	-131.000,00
e) Results on disposal of fixed assets (+/-). : 61205	21.000,00	0,00	52.000,00	0,00	0,00
g) Financial income (-).: 61207	-420.000,00	-358.000,00	-256.000,00	-206.000,00	-241.000,00
h) Financial Expenses (+). : 61208	353.000,00	365.000,00	339.000,00	273.000,00	214.000,00
i) Exchange differences (+/-). : 61209	-34.000,00	21.000,00	16.000,00	0,00	0,00
3. Changes in current capital equity.: 61300	375.000,00	-828.000,00	-445.000,00	-820.000,00	1.496.000,00
a) Stock (+/-).: 61301	104.000,00	213.000,00	260.000,00	-53.000,00	1.138.000,00
d) Debtors and other accounts receivable (+/-). : 61302	-147.000,00	-1.570.000,00	164.000,00	-38.000,00	-824.000,00
d) Creditors and other accounts payable (+/-). : 61304	601.000,00	514.000,00	-849.000,00	-889.000,00	1.182.000,00
f) Other non-current assets and liabilities (+/-).: 61306	-183.000,00	15.000,00	-20.000,00	160.000,00	0,00
4. Other cash flows for operating activities.: 61400	-38.000,00	1.000,00	-68.000,00	-67.000,00	-16.000,00
a) Interest payments (-). : 61401	-353.000,00	-357.000,00	-325.000,00	-273.000,00	-206.000,00
b) Dividend payment collection (+). : 61402	76.000,00	75.000,00	7.000,00	25.000,00	0,00
c) Interest collection (+). : 61403	344.000,00	283.000,00	249.000,00	181.000,00	241.000,00
e) Other payments (payment collection) (-/+) : 61405	-105.000,00	0,00	1.000,00	0,00	-51.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	1.668.000,00	1.279.000,00	278.000,00	487.000,00	2.542.000,00
6. Payments for investment (-).: 62100	-866.000,00	-611.000,00	-859.000,00	-791.000,00	-474.000,00
a) Companies of the group and affiliates. : 62101	0,00	-22.000,00	0,00	0,00	0,00
b) Intangible fixed assets. : 62102	-645.000,00	-479.000,00	-706.000,00	-390.000,00	-322.000,00
c) Fixed assets. : 62103	-198.000,00	-110.000,00	-153.000,00	-401.000,00	-152.000,00
e) Other financial assets. : 62105	-23.000,00	0,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	33.000,00	0,00	2.000,00	0,00	512.000,00
e) Other financial assets. : 62205	33.000,00	0,00	2.000,00	0,00	512.000,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-833.000,00	-611.000,00	-857.000,00	-791.000,00	38.000,00
9. Payment collection and payments for equity instruments. : 63100	145.000,00	0,00	0,00	0,00	15.000,00
e) Grants, donations and bequests received (+). : 63105	145.000,00	0,00	0,00	0,00	15.000,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-162.000,00	-584.000,00	615.000,00	638.000,00	-2.593.000,00
a) Issuance : 63201	2.160.000,00	1.660.000,00	2.430.000,00	1.496.000,00	36.000,00
2. Debts incurred with credit institutions (+). : 63203	2.160.000,00	1.660.000,00	2.430.000,00	1.496.000,00	0,00
5. Other debts (+). : 63206	0,00	0,00	0,00	0,00	36.000,00
b) Repayment and amortization of : 63207	-2.322.000,00	-2.244.000,00	-1.815.000,00	-858.000,00	-2.629.000,00
2. Debts incurred with credit institutions (-).: 63209	-2.322.000,00	-1.807.000,00	-1.815.000,00	-586.000,00	-2.355.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	-437.000,00	0,00	0,00	0,00
5. Other debts (-). : 63212	0,00	0,00	0,00	-272.000,00	-274.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-600.000,00	0,00	0,00	-203.000,00	0,00
a) Dividends (-).: 63301	-600.000,00	0,00	0,00	-203.000,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-617.000,00	-584.000,00	615.000,00	435.000,00	-2.578.000,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	34.000,00	-21.000,00	-16.000,00	-50.000,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	252.000,00	63.000,00	20.000,00	81.000,00	2.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	175.000,00	112.000,00	92.000,00	11.000,00	9.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	427.000,00	175.000,00	112.000,00	92.000,00	11.000,00

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	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,01 %	0,04 %	0,00 %	0,01 %		240,41 %
EBITDA over Sales:	4,43 %	12,44 %	6,14 %	11,37 %	-27,82 %	9,48 %
Cash Flow Yield:	0,01 %	0,02 %	0,00 %	0,01 %		271,38 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	1,96 %	8,93 %	3,50 %	6,86 %	-44,06 %	30,12 %
Total economic profitability:	2,72 %	5,07 %	4,39 %	3,75 %	-38,15 %	35,01 %
Financial profitability:	2,47 %	7,78 %	5,39 %	4,24 %	-54,07 %	83,48 %
Margin:	1,76 %	7,76 %	3,17 %	6,71 %	-44,41 %	15,63 %
Mark-up:	1,51 %	6,97 %	3,07 %	4,49 %	-50,89 %	55,19 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,04	0,15	0,02	0,13	119,22	10,17
Acid Test:	0,76	0,89	0,77	0,87	-1,26	2,65
Working Capital / Investment:	0,12	0,03	0,14	0,05	-16,98	-44,57
Solvency:	1,58	1,21	1,73	1,18	-8,58	2,79

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,17	1,31	1,04	1,39	12,58	-6,01
Borrowing Composition:	0,34	1,17	0,38	1,01	-10,67	16,36
Repayment Ability:	61,58	24,87	240,22	94,77	-74,36	-73,75
Warranty:	1,88	1,77	1,99	1,73	-5,68	2,59
Generated resources / Total creditors:	0,07	0,09	0,11	0,08	-35,17	7,98

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,16	2,02	1,22	1,85	-4,73	9,47
Turnover of Collection Rights :	3,57	5,50	3,78	4,99	-5,53	10,35
Turnover of Payment Entitlements:	3,67	3,74	3,83	3,63	-4,07	3,03
Stock rotation:	4,42	8,82	4,13	7,34	6,89	20,14
Assets turnover:	1,11	1,15	1,10	1,02	0,64	12,53
Borrowing Cost:	2,25	2,93	2,56	2,87	-12,35	2,12

> Trend of indicators under the General Accounting Plan of 2007 (2014, 2013, 2012, 2011, 2010)

Cash Flow	2014	2013	2012	2011	2010
Cash Flow over Sales:	0,01 %	0,00 %	0,00 %	0,00 %	0,00 %
EBITDA over Sales:	4,43 %	6,14 %	1,60 %	4,19 %	4,44 %
Cash Flow Yield:	0,01 %	0,00 %	0,00 %	0,00 %	0,00 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	1,96 %	3,50 %	-2,16 %	0,87 %	0,31 %
Total economic profitability:	2,72 %	4,39 %	-1,15 %	1,35 %	1,03 %
Financial profitability:	2,47 %	5,39 %	-5,73 %	1,07 %	1,49 %
Margin:	1,76 %	3,17 %	-2,17 %	0,87 %	0,32 %
Mark-up:	1,51 %	3,07 %	-2,55 %	0,45 %	0,36 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,04	0,02	0,01	0,01	0,00
Acid Test:	0,76	0,77	0,68	0,67	0,70
Working Capital / Investment:	0,12	0,14	0,11	0,10	0,11
Solvency:	1,58	1,73	1,64	1,59	1,64

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	1,17	1,04	1,11	1,05	1,04
Borrowing Composition:	0,34	0,38	0,35	0,25	0,32
Repayment Ability:	61,58	240,22	735,43	182,85	-157,59
Warranty:	1,88	1,99	1,93	1,98	1,98
Generated resources / Total creditors:	0,07	0,11	0,02	0,09	0,09

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,16	1,22	1,05	1,15	1,14
Turnover of Collection Rights :	3,57	3,78	3,67	3,55	3,42
Turnover of Payment Entitlements:	3,67	3,83	4,14	3,28	2,43
Stock rotation:	4,42	4,13	3,90	3,84	3,68
Assets turnover:	1,11	1,10	1,00	1,00	0,95
Borrowing Cost:	2,25	2,56	2,29	1,84	1,42

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:

TRABAJO PENITENCIARIO Y FORMACION PARA EL EMPLEO

Objective of Tender:

ADQUISICION DE UN HORNO ELECTRICO ROTATIVO DE CONVECCION POR AIRE CALIENTE PARA LA PANADERIA DEL CENTRO PENITENCIARIO DE MADRID VI ARANJUEZ

Date Awarded:

16/10/2014

Cost:

20.607,51 EURO.

Organisation that calls the tender:

ORGANISMO AUTONOMO TRABAJO PENITENCIARIO Y FORMACION PARA EL EMPLEO

Objective of Tender:

Adquisición de seis carretillas elevadoras para talleres productivos de los Centros Penitenciarios de Alcalá de Guadaira (Sevilla), Córdoba, Daroca (Zaragoza), Madrid III, Madrid IV y Valladolid (Lote n.º 1)

Date Awarded:

22/07/2008

Cost:

260.353,21 EURO.

Organisation that calls the tender:

CONSTRUCCIONES E INFRAESTRUCTURAS EDUCATIVAS DE LA GENERALITAT VALENCIANA SA

Objective of Tender:

suministro para el equipamiento de centros docentes

Date Awarded:

01/08/2006

Cost:

Importe compartido entre distintos Contratistas

Organisation that calls the tender:

CONSTRUCCIONES E INFRAESTRUCTURAS EDUCATIVAS DE LA GENERALITAT VALENCIANA SA

Objective of Tender:

suministro para el equipamiento de centros docentes 3. Tramitación, procedimiento y forma de adjudicación a) Tramitación: ordinaria

Date Awarded:

01/08/2006

Cost:

Importe compartido entre distintos Contratistas

Organisation that calls the tender:

ORGANISMO AUTONOMO TRABAJO PENITENCIARIO Y FORMACION PARA EL EMPLEO

Objective of Tender:

Adquisición de equipamiento para los Talleres de Panadería de varios Centros Penitenciarios

Date Awarded:

01/08/2006

Cost:

136.304,15 EURO.

Organisation that calls the tender:

ORGANISMO AUTONOMO TRABAJO PENITENCIARIO Y FORMACION PARA EL EMPLEO

Objective of Tender:

Suministro para la adquisición de equipamiento para los talleres de artes gráficas de varios Centros Penitenciarios y la adquisición de maquinaria diversa para equipar un punto de cocción en el Centro Penitenciario de Ibiza.

Date Awarded:

18/05/2006

Cost:

Importe compartido entre distintos Contratistas

Organisation that calls the tender:

ORGANISMO AUTONOMO TRABAJO PENITENCIARIO Y FORMACION PARA EL EMPLEO

Objective of Tender:

Adquisición de hornos rotativos para equipar puntos de cocción de pan precocido congelado en diferentes Centros Penitenciarios

Date Awarded:

08/06/2005

Cost:

136.001,60 EURO.

Organisation that calls the tender:

ORGANISMO AUTONOMO TRABAJO PENITENCIARIO Y FORMACION PARA EL EMPLEO

Objective of Tender:

Adquisición de hornos de convención para equipar puntos de cocción de pan precocido congelados en diferentes Centros Penitenciarios

Date Awarded:

08/06/2005

Cost:

153.854,72 EURO.

Detail of Subsidies appearing in Balances Memories

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	74.000,00
Notes	El saldo al cierre es de 53.000 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	71.000,00
Notes	El saldo al cierre es de 51.000 euros.

Entity	MINISTERIO DE INDUSTRIA
Status	CONCEDIDA
Amount Granted	61.000,00
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 216.000 euros.

Entity	GOBIERNO VASCO
Status	CONCEDIDA
Amount Granted	10.000,00
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 7.000 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	3.000,00
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 5.000 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	3.000,00
Notes	El importe reflejado corresponde al traspasado a resultados, no quedando ningún saldo al cierre.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	11.000,00
Notes	El importe reflejado corresponde al traspasado a resultados.

Entity	MINISTERIO DE INDUSTRIA
Status	CONCEDIDA
Amount Granted	46.000,00
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 300.000 euros.

Entity	MINISTERIO DE INDUSTRIA
Status	CONCEDIDA
Amount Granted	2.000,00
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, no quedando ningún saldo al cierre.

Entity	GOBIERNO VASCO
Status	CONCEDIDA
Amount Granted	218.000,00
Notes	El importe reflejado corresponde al imputado a resultados en el ejercicio, no quedando ningún saldo pendiente de imputar.

Entity	MINISTERIO DE INDUSTRIA
Status	CONCEDIDA
Amount Granted	37.000,00
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 311.000 euros.

Entity	GOBIERNO VASCO
Status	CONCEDIDA
Amount Granted	18.000,00
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 30.000 euros.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	14.000,00
Notes	El saldo al cierre es de 11.000 euros.

Entity	MINISTERIO DE INDUSTRIA
Status	CONCEDIDA
Amount Granted	4.000,00
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 2.000 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación
Status	CONCEDIDA
Amount Granted	654.000,00

Entity	GOBIERNO VASCO
Status	CONCEDIDA
Project	PLAN EKIMEN
Amount Granted	1.058.000,00

Research Summary

It is a corporation that has been established many years ago, which gives it sufficient experience in the sector of activities it carries out and it has a good reputation in general amongst consulted references. Its manufacturing has increases with a percentage of 3,20 % in 2014 in comparison to the previous year. Atiende con normalidad los compromisos de pago.

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	TPT

RATING EXPLANATIONS

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

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

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

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

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