MIRA INFORM REPORT

Report No. :	348478
Report Date :	10.11.2015

IDENTIFICATION DETAILS

Name :	AZELIS ESPAÑA SA
Registered Office :	World Trade Center Almeda Park C/ DE La Pau S/N Edf 8 1ª Planta - Cornella De Llobregat - 08940 - Barcelona
Country :	Spain
Financials (as on) :	2014
Date of Incorporation :	31.07.1998
Legal Form :	Public Company
Line of Business :	Agents involved in the sale of a variety of goods
No. of Employees :	65

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:	AZELIS ESPAÑA SA
NIF / Fiscal code:	A61744033
Status:	ACTIVE
Incorporation Date:	31/07/1998
Register Data	Register Section 8 Sheet 184039
Last Publication in BORME:	23/10/2013 [Appointments]
Last Published Account Deposit:	2014
Share Capital:	601.012,10
Localization:	WORLD TRADE CENTER ALMEDA PARK C/ DE LA PAU S/N EDF 8 1ª PLANTA - CORNELLA DE LLOBREGAT - 08940 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 934 099 070 / 934 745 126 Email. azelis@azelis.com Website. www.azelis.com
Activity:
NACE:	4619 - Agents involved in the sale of a variety of goods
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	4 for a total cost of 316.382,73
Subsidies:	1 for a total cost of 30054000
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:

AZELIS IBERICA HOLDING SL	100 %
Shares:	0
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 NO
INVESTIGATION SUMMARY
This company was incorporated in 1998 and it''s engaged in chemical product distribution. Its turnover increased by 2,92% in 2014 vs the previous year.

Enquiry Details
Business address regime:	Alquiler

Identification
Social Denomination:	AZELIS ESPAÑA SA
NIF / Fiscal code:	A61744033
Corporate Status:	ACTIVE
Start of activity:	1998
Registered Office:	WORLD TRADE CENTER ALMEDA PARK C/ DE LA PAU S/N EDF 8 1ª PLANTA
Locality:	CORNELLA DE LLOBREGAT
Province:	BARCELONA
Postal Code:	08940
Telephone:	934 099 070 / 934 745 126
Fax:	933 392 162
Website:	www.azelis.com
Email:	azelis@azelis.com

Branch Offices

--

Activity
NACE:	4619
Legal Form:	IMPORT, EXPORT AND BUYING AND SELLING OF ALL TYPE OF CHEMICAL PRODUCTS, AS WELL AS PHARMACEUTICAL, COSTMETICS, VETERINARIAN, ALIMENTARY AND INDUSTRIAL PRODUCTS; VEGETAL, ANIMAL OR MINERAL ORIGIN PRODUCTS, OR EXTRACTED IN ITS NATURAL FORM.
Additional Information:	It''''''''s engaged in chemical product distribution. It''''''''s part of the group Azelis. It has more than 20,000 clients.
Additional Address:	Registered office and offices WORLD TRADE CENTER ALMEDA PARK C/ DE LA PAU S/N EDF 8 1ª PLANTA 08940 CORNELLA DE LLOBREGAT ( BARCELONA ),
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2015	65

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

Chronological Summary
	Year	Act
	1998	Appointments/ Re-elections (11) Company Formation (1) Other Concepts/ Events (1)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (1)
	2000	Accounts deposit (year 1999)
	2001	Accounts deposit (year 2000) Appointments/ Re-elections (1)
	2002	Accounts deposit (year 2001) Cessations/ Resignations/ Reversals (3)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (4)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2006	Accounts deposit (year 2005) Statutory Modifications (1)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)
	2008	Accounts deposit (year 2007) Change of Social address (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (4)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (4)
	2014	Accounts deposit (year 2013)
	2015	Accounts deposit (year 2014)

Breakdown of Owners' Equity
Registered Capital:	601.012,10
Paid up capital:	601.012,10

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
21/09/1998	Company Formation	601.012	601.012	601.012	601.012

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	SEWARD CORPORATION SL	17/12/2008	1
PRESIDENT	PEREZ GARCIA JAVIER	02/04/2013	10
MEMBER OF THE BOARD	HANS JOAQUIM MULLER	02/04/2013	3
	MARTIN WILHELM HOLLENHORST	02/04/2013	3
	BARIOS BONCOMPTE ANTONIO JUAN	02/04/2013	8
	PEREZ GARCIA JAVIER	02/04/2013	10
COMBINED CHIEF EXECUTIVE OFFICER	BARIOS BONCOMPTE ANTONIO JUAN	02/04/2013	8
	MARTIN WILHELM HOLLENHORST	02/04/2013	3
	HANS JOAQUIM MULLER	02/04/2013	3
PROXY	BARIOS BONCOMPTE ANTONIO JUAN	02/04/2013	8
	HANS JOAQUIM MULLER	02/04/2013	3
	MARTIN WILHELM HOLLENHORST	02/04/2013	3
	BARIOS BONCOMPTE ANTONIO	19/04/2012	7
	SALVADOR VALLS JORGE	14/01/2011	1
CHIEF EXECUTIVE OFFICER	PEREZ GARCIA JAVIER	02/04/2013	10
SECRETARY	BARIOS BONCOMPTE ANTONIO JUAN	02/04/2013	8
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	16/10/2013	3

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AGUILERA ARMENGOL FRANCISCO	MEMBER OF THE BOARD	03/12/2007	4
	MEMBER OF THE BOARD	15/03/2012
	PRESIDENT	15/03/2012
	PROXY	15/03/2012
ALESSANDRO MONDA	PROXY	02/04/2013	1
ASENSIO MEYA JOSE	PROXY	14/01/2011	2
	PROXY	15/03/2012
AZELIS QUIMICA SL	SINGLE PARTNER	17/12/2008	1
BARIOS BONCOMPTE ANTONIO	PROXY	20/01/2005	7
	MEMBER OF THE BOARD	15/03/2012
	PROXY	15/03/2012
	PROXY	14/03/2003
	PROXY	14/03/2003
	MEMBER OF THE BOARD	03/12/2007
BARIOS BONCOMPTE ANTONIO JUAN	MEMBER OF THE BOARD	02/04/2013	8
	PROXY	02/04/2013
	COMBINED CHIEF EXECUTIVE OFFICER	02/04/2013
	SECRETARY	02/04/2013
CARVAJAL RODRIGUEZ EMILIANO	PROXY	15/03/2012	1
CASADEMUNT ARROYOS JOAQUIN	PROXY	16/11/2007	1
COLL GALCERAN MIGUEL	PROXY	15/03/2012	1
COMELLAS PLAYA JUAN	PROXY	12/11/2002	1
CORBERA GUBERN JOSE ANTONIO	MEMBER OF THE BOARD	10/03/2003	2
	MEMBER OF THE BOARD	20/12/2004
CORPORACION RICORVI S L	SINGLE PARTNER	20/12/2004	1
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	22/02/2013	3
	ACCOUNTS' AUDITOR / HOLDER	16/10/2013
DOMENECH PUIG RAMON	PROXY	15/03/2012	1
GILABERT GARCIA MARIA PILAR	NON CONSELLOR SECRETARY	03/12/2007	3
	NON CONSELLOR SECRETARY	20/12/2004
	NON CONSELLOR SECRETARY	15/03/2012
GOMEZ MULA JORGE	PROXY	12/11/2002	1
GUNTHER REINHARD KRAUSSER	MEMBER OF THE BOARD	02/04/2013	3
	PROXY	02/04/2013
	COMBINED CHIEF EXECUTIVE OFFICER	02/04/2013
HANS UDO WENZEL	MEMBER OF THE BOARD	03/12/2007	2
	MEMBER OF THE BOARD	16/07/2010
JACOBUS PIETER VAN DEN AKKER	MEMBER OF THE BOARD	15/03/2012	1
JORIS COPPYE	MEMBER OF THE BOARD	16/07/2010	1
JORIS SYLVAIN ADELIN COPPYE	MEMBER OF THE BOARD	02/04/2013	4
	PROXY	02/04/2013
	COMBINED CHIEF EXECUTIVE OFFICER	02/04/2013
	PRESIDENT	24/01/2013
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	20/01/2009	2
	ACCOUNTS' AUDITOR / HOLDER	10/12/2009
LETAMENDIA OSTIATEGUI MARIA ESTIBALIZ	PROXY	15/03/2012	1
LORENZO CECCARELLI	PROXY	15/03/2012	6
	PROXY	15/03/2012
	MEMBER OF THE BOARD	27/08/2012
	COMBINED CHIEF EXECUTIVE OFFICER	27/08/2012
	PROXY	27/08/2012
	MEMBER OF THE BOARD	15/03/2012
PAOLINO BIDONE	MEMBER OF THE BOARD	10/03/2003	2
	MEMBER OF THE BOARD	20/12/2004
PEREZ GARCIA JAVIER	MEMBER OF THE BOARD	02/04/2013	10
	PROXY	27/08/2012
	PROXY	02/10/2012
	PROXY	02/04/2013
	COMBINED CHIEF EXECUTIVE OFFICER	02/04/2013
	PRESIDENT	02/04/2013
	PROXY	07/05/2013
PERIS CLAVERO ANTONIO	PROXY	14/03/2003	4
	PROXY	14/03/2003
	PROXY	20/01/2005
	PROXY	11/04/2011
PRICE WATERHOUSE AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	30/12/2005	1
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	30/12/2005	1
RIBOT BONET JUAN	MEMBER OF THE BOARD	10/03/2003	7
	MEMBER OF THE BOARD	20/12/2004
	MEMBER OF THE BOARD	03/12/2007
	PROXY	07/01/2009
	SECRETARY	10/03/2003
	PRESIDENT	20/12/2004
	PRESIDENT	03/12/2007
SAHUN GARCIA PABLO	PROXY	12/11/2002	1
SORRIBAS CABESTANY JOSE MARIA	MEMBER OF THE BOARD	10/03/2003	4
	PRESIDENT	10/03/2003
	SECRETARY	10/10/2003
	MEMBER OF THE BOARD	20/12/2004
VILA PAHI FRANCISCO JAVIER	MEMBER OF THE BOARD	10/03/2003	2
	MEMBER OF THE BOARD	20/12/2004

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		ANTONIO VARIOS BONCOMPTE
MANAGING DIRECTOR		FRANCISCO AGUILERA ARMENGOL

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 irregular payment performance has been detected based on information obtained from credit bureaus. It is one of the major domestic companies in terms of sales volume. Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure. AZELIS ESPAÑA SA 's borrowing cost is appropriate according to its volume of external financing sources. The development of the structure of the debt during the last two years indicates a decrease of the debt with credit institutions and trade creditors in respect to all liabilities. The lower the level of debt, the lower the dependence on suppliers capital and the more guarantee will have its financial situation.

Reduced level of liquidity. The company shows not enough capacity to meet its obligations with a maturity of less than one year with the available liquid assets. No Company's subsidiaries or branches are known.

Probability of default

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

> Latest Scoring Changes:

Sector in which comparison is carried out: 461 Wholesale on a fee or contract basis
Relative Position: Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector AZELIS ESPAÑA 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 0.434%.

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

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

LEGAL CLAIMS

Summary of Judicial Claims

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

Guarantees

References

Link List

RESULTING FROM THE TOTAL SPIN-OFF:	1 Entities
IS RELATED WITH:	4 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	AZELIS IBERICA HOLDING SL	BARCELONA	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	AZELIS TURKEY
	ATLAS HOLDING, SOCIEDAD ANONIMA, (LUXEMBURGO)
	AZELIS INITED KINGDON
	FINKOCHEM
RESULTING FROM THE TOTAL SPIN-OFF	IMPEX QUIMICA SA	BARCELONA

Turnover
Total Sales 2014	70.043.032

The sales data is from the latest available financial statements. 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	August  2015
2013	Normales	August  2014
2012	Normales	August  2013
2011	Normales	September  2012
2010	Normales	August  2011
2009	Normales	August  2010
2008	Normales	July  2009
2007	Normales	July  2008
2006	Normales	August  2007
2005	Normales	September  2006
2004	Normales	August  2005
2003	Normales	August  2004
2002	Normales	September  2003
2001	Normales	August  2002
2000	Normales	August  2001
1999	Normales	August  2000
1998	Normales	August  1999

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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	12.380.712,00	12.676.092,00	10.455.045,00	10.052.091,00	5.719.109,00
I. Intangible fixed assets : 11100	75.647,00	100.862,00	131.063,00	161.264,00	191.464,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	4.985,00	9.970,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	75.647,00	100.862,00	126.078,00	151.294,00	191.464,00
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	43.449,00	73.850,00	149.763,00	230.327,00	324.382,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	43.449,00	73.850,00	149.763,00	230.327,00	324.382,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	12.116.339,00	12.347.239,00	10.027.391,00	9.530.000,00	5.068.300,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	12.116.339,00	12.347.239,00	10.027.391,00	9.530.000,00	5.068.300,00
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	52.993,00	52.797,00	53.823,00	53.713,00	53.303,00
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	52.993,00	52.797,00	53.823,00	53.713,00	53.303,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	92.284,00	101.344,00	93.005,00	76.787,00	81.660,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	18.476.836,00	19.963.555,00	19.999.508,00	26.026.776,00	32.415.344,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	7.102.129,00	8.176.448,00	6.704.974,00	8.167.204,00	10.457.970,00
1. Commercial: 12210	7.102.129,00	8.176.448,00	6.703.763,00	8.163.026,00	10.336.175,00
2. Primary material and other supplies: 12220	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	1.211,00	4.178,00	121.795,00
III. Trade debtors and others receivable accounts: 12300	10.774.762,00	11.338.905,00	11.335.627,00	17.126.501,00	19.554.713,00
1. Trade debtors / accounts receivable: 12310	10.465.589,00	10.798.419,00	10.386.093,00	14.702.143,00	18.889.799,00
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	10.465.589,00	10.798.419,00	10.386.093,00	14.702.143,00	18.889.799,00
2. Customers, Group companies and associates : 12320	128.873,00	347.144,00	677.782,00	2.232.722,00	223.008,00
3. Other accounts receivable: 12330	63.664,00	75.528,00	134.868,00	135.959,00	228.283,00
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	116.636,00	117.814,00	136.884,00	55.677,00	213.623,00
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	141.786,00	0,00	2.068,00	42.991,00	111.934,00
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	141.786,00	0,00	2.068,00	42.991,00	111.934,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	84.026,00	649,00	623,00	25.955,00	2.762,00
VII. Cash and other equivalent liquid assets : 12700	374.133,00	447.553,00	1.956.216,00	664.125,00	2.287.965,00
1. Treasury: 12710	374.133,00	447.553,00	1.956.216,00	664.125,00	2.287.965,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	30.857.548,00	32.639.647,00	30.454.553,00	36.078.867,00	38.134.453,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	15.648.387,00	14.187.991,00	13.741.899,00	13.896.623,00	13.272.566,00
A-1) Shareholders' equity: 21000	15.648.387,00	14.187.991,00	13.741.899,00	13.896.623,00	13.272.566,00
I. Capital: 21100	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
1. Registered capital : 21110	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	8.904.064,00	8.904.064,00	8.904.064,00	8.904.064,00	8.904.064,00
III. Reserves: 21300	4.682.927,00	4.391.560,00	4.391.560,00	3.767.502,00	3.056.525,00
1. Legal and statutory: 21310	120.202,00	120.202,00	120.202,00	120.202,00	120.202,00
2. Other reserves: 21320	4.562.725,00	4.271.358,00	4.271.358,00	3.647.300,00	2.936.323,00
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	-154.725,00	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	-154.725,00	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	1.460.396,00	446.092,00	-154.725,00	624.057,00	710.977,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	1.840.644,00	2.003.768,00	1.829.928,00	1.772.161,00	1.604.821,00
I. Long-term provisions: 31100	209.844,00	226.192,00	255.958,00	255.958,00	260.321,00
1. Long-term employee benefits liability: 31110	209.844,00	226.192,00	255.958,00	255.958,00	260.321,00
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	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	1.630.800,00	1.777.400,00	1.573.279,00	1.515.000,00	1.344.500,00
IV. Liabilities for deferred tax: 31400	0,00	176,00	691,00	1.203,00	0,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	13.368.517,00	16.447.888,00	14.882.726,00	20.410.083,00	23.257.066,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	0,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	417.594,00	4.023.789,00	2.607.924,00	4.636.000,00	5.097.142,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	417.594,00	3.984.415,00	2.579.151,00	4.632.639,00	5.073.602,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	39.374,00	28.773,00	3.361,00	23.540,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	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	12.950.923,00	12.424.099,00	12.274.802,00	15.774.083,00	18.159.924,00
1. Suppliers: 32510	8.950.846,00	9.038.074,00	10.077.215,00	11.203.576,00	14.756.136,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	8.950.846,00	9.038.074,00	10.077.215,00	11.203.576,00	14.756.136,00
2. Suppliers, Group companies and associates: 32520	2.472.738,00	1.841.922,00	395.142,00	2.552.213,00	1.248.738,00
3. Other creditors: 32530	523.813,00	571.096,00	720.667,00	1.045.212,00	1.145.307,00
4. Personnel (remuneration due): 32540	683.991,00	627.288,00	724.265,00	676.293,00	800.728,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	319.535,00	345.719,00	357.513,00	296.789,00	209.015,00
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	30.857.548,00	32.639.647,00	30.454.553,00	36.078.867,00	38.134.453,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	70.043.032,00	68.054.356,00	77.248.052,00	88.983.812,00	88.281.290,00
a) Sales: 40110	70.043.032,00	68.054.356,00	77.248.052,00	88.983.812,00	88.281.290,00
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	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-59.387.832,00	-57.566.900,00	-66.630.908,00	-76.656.185,00	-76.192.887,00
a) Stock consumption: 40410	-59.392.776,00	-57.534.221,00	-66.705.181,00	-76.634.619,00	-76.206.618,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	4.944,00	-32.679,00	74.273,00	-21.566,00	13.731,00
5. Other operating income: 40500	570.545,00	546.429,00	1.229.471,00	1.088.047,00	991.100,00
a) Auxiliary income and other from current management: 40510	570.545,00	546.429,00	1.227.391,00	1.078.027,00	987.751,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	2.080,00	10.020,00	3.349,00
6. Personnel costs: 40600	-4.350.198,00	-4.299.538,00	-5.782.250,00	-5.028.354,00	-5.428.732,00
a) Wages, salaries et al.: 40610	-3.554.664,00	-3.539.331,00	-5.022.138,00	-4.214.403,00	-4.362.740,00
b) Social security costs: 40620	-795.534,00	-760.207,00	-760.112,00	-813.951,00	-1.073.592,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	7.600,00
7. Other operating costs: 40700	-5.243.193,00	-5.906.267,00	-5.972.694,00	-6.968.822,00	-6.350.309,00
a) External services: 40710	-5.307.357,00	-5.838.734,00	-5.782.099,00	-6.887.253,00	-6.337.727,00
b) Taxes: 40720	-7.815,00	-7.815,00	-10.129,00	-8.366,00	-8.573,00
c) Losses, impairments and variation in provisions from trade operations : 40730	71.979,00	-59.718,00	-180.466,00	-73.203,00	-4.009,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-58.366,00	-110.400,00	-115.890,00	-129.381,00	-121.806,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	-2,00	10,00	1.695,00	2.155,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	-2,00	10,00	1.695,00	2.155,00
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	257.994,00	13.907,00	174.470,00	-12.855,00	10.219,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	1.831.982,00	731.585,00	150.261,00	1.277.957,00	1.191.030,00
14. Financial income : 41400	194.292,00	255.366,00	120.905,00	146.920,00	45.910,00
a) Of shares in equity instruments : 41410	194.292,00	255.366,00	120.905,00	146.920,00	45.910,00
a 1) In Group companies and associates: 41411	190.919,00	246.251,00	120.905,00	134.320,00	40.500,00
a 2) In third parties: 41412	3.373,00	9.115,00	0,00	12.600,00	5.410,00
b) From negotiable securities and other financial instruments : 41420	0,00	0,00	0,00	0,00	0,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	0,00	0,00	0,00	0,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-125.101,00	-306.119,00	-428.892,00	-484.364,00	-293.081,00
a) Amounts owed to Group companies and associates : 41510	-44.814,00	-46.609,00	-15.707,00	-22.160,00	-13.147,00
b) For debts with third parties : 41520	-80.287,00	-259.510,00	-413.185,00	-462.204,00	-279.934,00
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	185.197,00	-43.553,00	-63.089,00	-48.451,00	66.835,00
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	254.388,00	-94.306,00	-371.076,00	-385.895,00	-180.336,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	2.086.370,00	637.279,00	-220.815,00	892.062,00	1.010.694,00
20. Income taxes: 41900	-625.974,00	-191.187,00	66.090,00	-268.005,00	-299.717,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	1.460.396,00	446.092,00	-154.725,00	624.057,00	710.977,00
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	1.460.396,00	446.092,00	-154.725,00	624.057,00	710.977,00

> 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. 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:	12.288.428,00	12.574.748,00	10.362.040,00	9.975.304,00	5.637.449,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	75.647,00	100.862,00	131.063,00	161.264,00	191.464,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	4.985,00	9.970,00	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:	75.647,00	100.862,00	126.078,00	151.294,00	191.464,00
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:	43.449,00	73.850,00	149.763,00	230.327,00	324.382,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	4.861,00	8.262,00	16.754,00	25.767,00	36.290,00
3. Other installations, tools and furniture:	13.996,00	23.788,00	48.241,00	74.191,00	104.488,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	24.593,00	41.800,00	84.768,00	130.368,00	183.605,00
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:	12.169.332,00	12.400.036,00	10.081.214,00	9.583.713,00	5.121.603,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	12.116.339,00	12.347.239,00	10.027.391,00	9.530.000,00	5.068.300,00
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:	52.993,00	52.797,00	53.823,00	53.713,00	53.303,00
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:	18.427.334,00	20.064.899,00	20.090.445,00	26.060.572,00	32.385.070,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	7.102.129,00	8.176.448,00	6.704.974,00	8.167.204,00	10.457.970,00
1. Goods for resale:	7.102.129,00	8.176.448,00	6.703.763,00	8.163.026,00	10.336.175,00
2. Raw materials and other consumables:	0,00	0,00	0,00	0,00	0,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	1.211,00	4.178,00	121.795,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	10.867.046,00	11.440.249,00	11.428.632,00	17.203.288,00	19.636.373,00
1. Trade debtors / accounts receivable:	10.465.589,00	10.798.419,00	10.386.093,00	14.702.143,00	18.889.799,00
2. Accounts receivable, Group companies:	128.873,00	347.144,00	677.782,00	2.232.722,00	223.008,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	63.664,00	75.528,00	134.868,00	135.959,00	228.283,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	208.920,00	219.158,00	229.889,00	132.464,00	295.283,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	0,00	0,00	0,00	0,00
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	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	374.133,00	447.553,00	1.956.216,00	664.125,00	2.287.965,00
VII. Prepayments and accrued income:	84.026,00	649,00	623,00	25.955,00	2.762,00
GENERAL TOTAL (A + B + C + D):	30.715.762,00	32.639.647,00	30.452.485,00	36.035.876,00	38.022.519,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	15.506.601,00	14.227.365,00	13.768.604,00	13.856.993,00	13.184.172,00
I. Subscribed capital:	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
II. Share premium:	8.904.064,00	8.904.064,00	8.904.064,00	8.904.064,00	8.904.064,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	4.541.141,00	4.430.934,00	4.418.265,00	3.727.872,00	2.968.131,00
1. Legal reserve:	120.202,00	120.202,00	120.202,00	120.202,00	120.202,00
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:	4.419.467,00	4.309.341,00	4.296.663,00	3.606.488,00	2.847.006,00
Differences due to capital adjustement to euros:	1.472,00	1.391,00	1.400,00	1.182,00	923,00
V. Profit or loss brought forward:	0,00	-154.725,00	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	-154.725,00	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:	1.460.396,00	446.092,00	-154.725,00	624.057,00	710.977,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	209.844,00	226.192,00	255.958,00	255.958,00	260.321,00
1. Provisions for pension fund and other similar obligations:	209.844,00	226.192,00	255.958,00	255.958,00	260.321,00
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:	1.630.800,00	1.777.576,00	1.573.970,00	1.516.203,00	1.344.500,00
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:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
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:	1.630.800,00	1.777.400,00	1.573.279,00	1.515.000,00	1.344.500,00
1. Amounts owed to group companies:	1.630.800,00	1.777.400,00	1.573.279,00	1.515.000,00	1.344.500,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	0,00	176,00	691,00	1.203,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	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:	0,00	176,00	691,00	1.203,00	0,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	13.368.517,00	16.408.514,00	14.853.953,00	20.406.722,00	23.233.526,00
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:	417.594,00	3.984.415,00	2.579.151,00	4.632.639,00	5.073.602,00
1. Loans and other liabilities:	417.594,00	3.984.415,00	2.579.151,00	4.632.639,00	5.073.602,00
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:	2.472.738,00	1.841.922,00	395.142,00	2.552.213,00	1.248.738,00
1. Amounts owed to group companies:	2.472.738,00	1.841.922,00	395.142,00	2.552.213,00	1.248.738,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	9.474.659,00	9.609.170,00	10.797.882,00	12.248.788,00	15.901.443,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	9.474.659,00	9.609.170,00	10.797.882,00	12.248.788,00	15.901.443,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.003.526,00	973.007,00	1.081.778,00	973.082,00	1.009.743,00
1. Public bodies:	319.535,00	345.719,00	357.513,00	296.789,00	209.015,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	683.991,00	627.288,00	724.265,00	676.293,00	800.728,00
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:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	30.715.762,00	32.639.647,00	30.452.485,00	36.035.876,00	38.022.519,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	69.790.664,00	68.423.966,00	78.927.633,00	89.596.417,00	88.686.532,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	59.392.776,00	57.534.221,00	66.705.181,00	76.634.619,00	76.206.618,00
a) Stock consumption:	59.392.776,00	57.534.221,00	66.705.181,00	76.634.619,00	76.206.618,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	4.350.198,00	4.299.538,00	5.782.250,00	5.028.354,00	5.428.732,00
a) Wages, salaries et al.:	3.554.664,00	3.539.331,00	5.022.138,00	4.214.403,00	4.355.140,00
b) Social security costs:	795.534,00	760.207,00	760.112,00	813.951,00	1.073.592,00
A.4. Depreciation expense:	58.366,00	110.400,00	115.890,00	129.381,00	121.806,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-76.923,00	92.397,00	106.193,00	94.769,00	-9.722,00
a) Stock provision variation:	-4.944,00	32.679,00	-74.273,00	21.566,00	-13.731,00
b) Variation in provision and bad debt losses:	-71.979,00	59.718,00	180.466,00	73.203,00	4.009,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	5.315.172,00	5.846.549,00	5.792.228,00	6.895.619,00	6.346.300,00
a) External services:	5.307.357,00	5.838.734,00	5.782.099,00	6.887.253,00	6.337.727,00
b) Taxes:	7.815,00	7.815,00	10.129,00	8.366,00	8.573,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	1.573.988,00	717.680,00	0,00	1.289.117,00	1.178.656,00
A.7. Financial and similar charges:	125.101,00	306.119,00	428.892,00	484.364,00	293.081,00
a) Due to liabilities with companies of the group:	44.814,00	46.609,00	15.707,00	22.160,00	13.147,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	80.287,00	259.510,00	413.185,00	462.204,00	279.934,00
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	43.553,00	63.089,00	48.451,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	254.388,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	1.828.376,00	623.374,00	0,00	903.222,00	998.320,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	2,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	12.855,00	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):	257.994,00	13.905,00	174.480,00	0,00	12.374,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	2.086.370,00	637.279,00	0,00	892.062,00	1.010.694,00
A.15. Corporation tax:	625.974,00	191.187,00	-66.090,00	268.005,00	299.717,00
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):	1.460.396,00	446.092,00	0,00	624.057,00	710.977,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	71.251.060,00	68.870.058,00	78.772.908,00	90.220.474,00	89.397.509,00
B.1. Net total sales:	70.043.032,00	68.054.356,00	77.248.052,00	88.983.812,00	88.281.290,00
a) Sales:	70.164.969,00	68.172.831,00	77.382.532,00	89.138.723,00	88.434.978,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	-121.937,00	-118.475,00	-134.480,00	-154.911,00	-153.688,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	570.545,00	546.429,00	1.229.471,00	1.088.047,00	991.100,00
a) Auxiliary income and other from current management:	570.545,00	546.429,00	1.227.391,00	1.078.027,00	987.751,00
b) Grants:	0,00	0,00	2.080,00	10.020,00	3.349,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	24.219,00	0,00	0,00
B.5. Income from equity investment:	194.292,00	255.366,00	120.905,00	146.920,00	45.910,00
a) In companies of the group:	190.919,00	246.251,00	120.905,00	134.320,00	40.500,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	3.373,00	9.115,00	0,00	12.600,00	5.410,00
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:	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) Miscellaneous interests:	0,00	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:	185.197,00	0,00	0,00	0,00	66.835,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	94.306,00	371.076,00	385.895,00	180.336,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	395.295,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	10,00	1.695,00	2.155,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	257.994,00	13.907,00	174.470,00	0,00	10.219,00
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	11.160,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	220.815,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	154.725,00	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	2.086.370,00	637.279,00	-220.815,00	892.062,00	1.010.694,00
2. Results adjustments.: 61200	-454.105,00	309.858,00	659.484,00	652.751,00	158.028,00
a) Fixed Assets Amortization (+).: 61201	58.366,00	110.400,00	115.890,00	129.381,00	121.806,00
b) Obsolescence Allowances (+/-). : 61202	-76.923,00	92.397,00	106.193,00	94.769,00	-9.722,00
c) Variation in Provision (+/-). : 61203	0,00	0,00	0,00	-4.363,00	-25.209,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	86,00	-10,00	-1.695,00	-2.155,00
g) Financial income (-).: 61207	-194.292,00	-255.366,00	-120.905,00	-146.920,00	-45.909,00
h) Financial Expenses (+). : 61208	125.101,00	306.119,00	428.892,00	484.364,00	293.081,00
i) Exchange differences (+/-). : 61209	-185.197,00	43.553,00	63.089,00	48.451,00	-66.835,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	-181.160,00	12.669,00	66.335,00	48.764,00	-107.029,00
3. Changes in current capital equity.: 61300	1.993.219,00	-1.429.209,00	3.943.261,00	2.055.542,00	1.168.195,00
a) Stock (+/-).: 61301	1.079.263,00	-1.505.364,00	1.533.536,00	2.151.583,00	-220.504,00
d) Debtors and other accounts receivable (+/-). : 61302	486.857,00	-44.561,00	4.144.406,00	2.355.009,00	-398.374,00
c) Other current assets (+/-). : 61303	-83.377,00	1.185,00	28.299,00	94.425,00	471.632,00
d) Creditors and other accounts payable (+/-). : 61304	496.305,00	258.068,00	-1.871.676,00	-2.508.814,00	1.291.285,00
e) Other current liabilities (+/-).: 61305	14.171,00	-138.537,00	108.696,00	-36.661,00	24.156,00
4. Other cash flows for operating activities.: 61400	-410.052,00	-278.280,00	-528.925,00	-431.453,00	-759.400,00
a) Interest payments (-). : 61401	-136.519,00	-332.872,00	-411.190,00	-476.077,00	-283.814,00
c) Interest collection (+). : 61403	194.292,00	273.068,00	103.203,00	146.920,00	45.909,00
d) Income tax payment collection (payments) (+/-).: 61404	-467.825,00	-218.476,00	-220.938,00	-102.296,00	-521.495,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	3.215.432,00	-760.352,00	3.853.005,00	3.168.902,00	1.577.517,00
6. Payments for investment (-).: 62100	-2.946,00	-2.324.260,00	-502.626,00	-4.467.236,00	-3.330.087,00
a) Companies of the group and affiliates. : 62101	0,00	-2.319.848,00	-497.391,00	-4.461.700,00	-3.108.500,00
b) Intangible fixed assets. : 62102	0,00	0,00	0,00	0,00	-196.449,00
c) Fixed assets. : 62103	-2.750,00	-4.412,00	-5.125,00	-5.126,00	-24.521,00
e) Other financial assets. : 62105	-196,00	0,00	-110,00	-410,00	-617,00
7. Divestment payment collection (+). : 62200	230.900,00	1.066,00	10,00	1.695,00	2.155,00
a) Companies of the group and affiliates. : 62201	230.900,00	0,00	0,00	0,00	0,00
c) Fixed assets. : 62203	0,00	40,00	10,00	1.695,00	2.155,00
e) Other financial assets. : 62205	0,00	1.026,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	227.954,00	-2.323.194,00	-502.616,00	-4.465.541,00	-3.327.932,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	-1.995.209,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-3.702.003,00	1.618.436,00	-1.995.209,00	-278.749,00	2.060.693,00
a) Issuance : 63201	0,00	1.618.436,00	58.279,00	170.500,00	2.060.693,00
2. Debts incurred with credit institutions (+). : 63203	0,00	1.414.315,00	0,00	0,00	1.793.254,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	204.121,00	58.279,00	170.500,00	267.439,00
b) Repayment and amortization of : 63207	-3.702.003,00	0,00	-2.053.488,00	-449.249,00	0,00
1. Debentures and other negotiable securities (-). : 63208	-3.555.403,00	0,00	0,00	0,00	0,00
2. Debts incurred with credit institutions (-).: 63209	-146.600,00	0,00	-2.053.488,00	-449.249,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-3.702.003,00	1.618.436,00	-1.995.209,00	-278.749,00	2.060.693,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	185.197,00	-43.553,00	-63.089,00	-48.451,00	66.835,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-73.420,00	-1.508.663,00	1.292.091,00	-1.623.839,00	377.113,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	447.553,00	1.956.216,00	664.125,00	2.287.964,00	1.910.851,00
Cash or equivalent assets as of end of the fiscal year.: 65200	374.133,00	447.553,00	1.856.216,00	664.125,00	2.287.964,00

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:	0,00 %	0,04 %	-0,02 %	0,01 %	95,27 %	238,16 %
EBITDA over Sales:	2,33 %	12,28 %	1,22 %	11,38 %	91,53 %	7,91 %
Cash Flow Yield:	0,00 %	0,02 %	-0,05 %	0,01 %	94,85 %	272,84 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	8,49 %	8,85 %	3,55 %	6,88 %	139,34 %	28,62 %
Total economic profitability:	7,17 %	5,24 %	2,89 %	3,71 %	147,95 %	41,40 %
Financial profitability:	9,33 %	8,19 %	3,14 %	4,12 %	196,82 %	98,88 %
Margin:	2,23 %	7,65 %	1,05 %	6,73 %	113,07 %	13,74 %
Mark-up:	2,59 %	7,26 %	0,91 %	4,41 %	184,94 %	64,76 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,03	0,15	0,03	0,13	2,85	10,78
Acid Test:	0,84	0,89	0,72	0,87	17,86	3,05
Working Capital / Investment:	0,17	0,03	0,11	0,05	53,69	-42,13
Solvency:	1,39	1,21	1,22	1,18	13,86	3,24

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,95	1,30	1,26	1,39	-25,20	-6,43
Borrowing Composition:	0,12	1,16	0,11	1,00	12,88	15,76
Repayment Ability:	-204,29	24,91	-12,08	95,45	-1.591,11	-73,91
Warranty:	2,06	1,78	1,79	1,73	14,87	2,80
Generated resources / Total creditors:	0,10	0,09	0,03	0,08	212,20	8,46

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,38	2,01	1,19	1,85	15,31	8,85
Turnover of Collection Rights :	6,55	5,49	6,05	4,98	8,32	10,09
Turnover of Payment Entitlements:	4,99	3,75	5,11	3,63	-2,32	3,32
Stock rotation:	9,72	8,80	8,30	7,33	17,09	19,99
Assets turnover:	3,81	1,16	3,39	1,02	12,33	13,08
Borrowing Cost:	0,83	2,92	1,68	2,87	-50,34	1,67

> 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:	0,00 %	-0,02 %	0,02 %	-0,02 %	0,00 %
EBITDA over Sales:	2,33 %	1,22 %	0,12 %	1,59 %	1,47 %
Cash Flow Yield:	0,00 %	-0,05 %	0,04 %	-0,05 %	0,01 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	8,49 %	3,55 %	-0,12 %	4,88 %	3,59 %
Total economic profitability:	7,17 %	2,89 %	0,68 %	3,82 %	3,42 %
Financial profitability:	9,33 %	3,14 %	-1,13 %	4,49 %	5,36 %
Margin:	2,23 %	1,05 %	-0,03 %	1,43 %	1,32 %
Mark-up:	2,59 %	0,91 %	-0,50 %	1,00 %	1,12 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,03	0,03	0,13	0,03	0,10
Acid Test:	0,84	0,72	0,89	0,87	0,94
Working Capital / Investment:	0,17	0,11	0,17	0,16	0,24
Solvency:	1,39	1,22	1,35	1,28	1,40

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	0,95	1,26	1,18	1,55	1,82
Borrowing Composition:	0,12	0,11	0,11	0,07	0,06
Repayment Ability:	-204,29	-12,08	12,74	-13,50	65,24
Warranty:	2,06	1,79	1,85	1,65	1,55
Generated resources / Total creditors:	0,10	0,03	-0,01	0,04	0,03

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,38	1,19	1,02	1,28	1,24
Turnover of Collection Rights :	6,55	6,05	6,92	5,26	4,57
Turnover of Payment Entitlements:	4,99	5,11	5,91	5,30	4,55
Stock rotation:	9,72	8,30	11,71	10,87	8,42
Assets turnover:	3,81	3,39	3,85	3,41	2,71
Borrowing Cost:	0,83	1,68	2,61	2,21	1,19

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

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Public Tenders and Works Won

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

Suministro de materias primas para la elaboración de medicamentos.

Date Awarded:

31/10/2011

Cost:

40.950,00 EURO.

Organisation that calls the tender:

CENTRO MILITAR DE FARMACIA DE LA DEFENSA

Objective of Tender:

PUBLICACION DE LA ADJUDICACION DEL SUMINISTRO DE SEIS LOTES DE MATERIA PRIMA PARA EL CENTRO MILITAR DE FARMACIA

Date Awarded:

07/05/2008

Cost:

Importe compartido entre distintos Contratistas

Organisation that calls the tender:

CENTRO MILITAR DE FARMACIA DE LA DEFENSA

Objective of Tender:

PRODUCTOS FARMACEUTICOS

Date Awarded:

14/11/2002

Cost:

275.432,73 EURO.

Organisation that calls the tender:

PARQUE CENTRAL DE RECURSOS SANITARIOS

Objective of Tender:

ADQUISICION DE EQUIPOS DE SANIDAD, MATERIALES SANITARIOS Y MATERIAS PRIMAS

Date Awarded:

25/10/2001

Cost:

11.440.710 PTS.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	30.054.000,00

Research Summary

This company was incorporated in 1998 and it''s engaged in chemical product distribution. Its turnover increased by 2,92% in 2014 vs the previous year.

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.66.34
UK Pound	1	Rs.100.03
Euro	1	Rs.71.45

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	TRU

RATING EXPLANATIONS

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

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

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

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

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