MIRA INFORM REPORT

Report No. :	348814
Report Date :	16.11.2015

IDENTIFICATION DETAILS

Name :	ACEROS BERGARA SA
Registered Office :	Amilaga Kalea, 24 (Apdo Correos 107) - Bergara - 20570 - Guipuzcoa
Country :	Spain
Financials (as on) :	2014
Date of Incorporation :	01.01.1983
Legal Form :	Public Company
Line of Business :	Wholesale of metals and metal ores
No. of Employees :	120 (2014)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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

NOTES:

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

ECGC Country Risk Classification List – 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:	ACEROS BERGARA SA
NIF / Fiscal code:	A20079794
Status:	ACTIVE
Incorporation Date:	01/01/1983
Register Data	Register Section 8 Sheet 1227
Last Publication in BORME:	25/02/2015 [Reelections]
Last Published Account Deposit:	2014
Share Capital:	5.000.000
Localization:	AMILAGA KALEA, 24 (APDO CORREOS 107) - BERGARA - 20570 - GUIPUZCOA
Telephone - Fax - Email - Website:	Telephone. 943 761 144 Email. bergara@irestal.com Website. www.irestalñ.com
Number of Branches	5
Activity:
NACE:	4672 - Wholesale of metals and metal ores
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	2 for a total cost of 180000
Quality Certificate:	No
Payment Behavior	Slow but correct
Prospects:	Consolidation
Industry situation:	Maturity
Defaults, Legal Claims and Insolvency Proceedings :

	Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	1	---	---
Defaults on debt with Financial Institutions and Large Companies	None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	2	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

BOMER SA	15 %
IRESTAL INTERNATIONAL APS (DINAMARCA)	85 %
Shares:	3
Other Links:	3
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios	2014	2013	Change
Nº of employees:	120

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
This company was incorporated in 1983 and it's engaged in stainless steel supply. It develops its activity at a national and international level. It's part of the group "Grupo Irestal", which is currently present in the 5 continents with more than 35 warehouses and around 600 employees. There is nothing against registered among the sources consulted, but in light of the last figures in the trade registry, we recommend closely following its commercial evolutions.
Interviewed Person:

Enquiry Details

Identification
Social Denomination:	ACEROS BERGARA SA
NIF / Fiscal code:	A20079794
Corporate Status:	ACTIVE
Start of activity:	1983
Registered Office:	AMILAGA KALEA, 24 (APDO CORREOS 107)
Locality:	BERGARA
Province:	GUIPUZCOA
Postal Code:	20570
Telephone:	943 761 144
Fax:	943 762 778
Website:	www.irestalñ.com
Email:	bergara@irestal.com
Interviewed Person:	La presente información ha sido obtenida a través de fuentes indirectas, ante la negativa por parte de los responsables de la titular de prestar cualquier tipo de colaboración para la confección del presente trabajo.

Branch Offices

Address	Postal Code	City	Province
RONDA MONESTIR S/N POLIGONO INDUSTRIAL CAN TRULL	17820	BANYOLES	GIRONA
CALLE JOSE CREMADES 13 POLIGONO INDUSTRIAL EL TAPIADO	30500	MOLINA DE SEGURA	MURCIA
CALLE ALBARICOQUE PG INDUSTRIAL TAPIADO	30500	MOLINA DE SEGURA	MURCIA
CALLE VILA DE MADRID 28	46980	PATERNA	VALENCIA
CALLE VELAZQUEZ 112 PROALCA	50420	CADRETE	ZARAGOZA

Activity
NACE:	4672
CNAE Obtaining Source:	4672
Legal Form:	Distribution and sale of stainless steel.
Additional Information:	Distribution and sale of stainless steel.
Additional Address:	Registered office and offices. AMILAGA KALEA, 24 (APDO CORREOS 107), 20570, BERGARA, GUIPUZCOA. Ctra. Reial, 130 de Sant Just D''''''''Esvern (Barcelona).
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	120

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

Chronological Summary
	Year	Act
	1990	Appointments/ Re-elections (1)
	1991	Accounts deposit (year 1989) Adaptation to Law (1) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	1993	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)
	1994	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1995	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	1996	Accounts deposit (year 1994)
	1997	Accounts deposit (year 1993, 1995)
	1998	Accounts deposit (year 1996, 1997) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3)
	1999	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2000	Accounts deposit (year 1998, 1999) Appointments/ Re-elections (1)
	2001	Accounts deposit (year 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (2) Other Concepts/ Events (2) Statutory Modifications (1)
	2002	Accounts deposit (year 2001) Increase of Capital (1)
	2003	Increase of Capital (1)
	2004	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2005	Accounts deposit (year 2002, 2003, 2004) Appointments/ Re-elections (2)
	2006	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2007	Accounts deposit (year 2005) Appointments/ Re-elections (2)
	2008	Accounts deposit (year 2006) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2009	Accounts deposit (year 2007) Appointments/ Re-elections (1)
	2010	Accounts deposit (year 2008) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	2011	Accounts deposit (year 2009) Appointments/ Re-elections (1) Dividends Payment (1) Increase of Capital (1) Loss of the sole propietorship condition (1)
	2012	Accounts deposit (year 2010, 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2013	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)
	2014	Accounts deposit (year 2012) Appointments/ Re-elections (1) Capital Reduction (2) Cessations/ Resignations/ Reversals (1)
	2015	Accounts deposit (year 2013, 2014) Appointments/ Re-elections (1)

Breakdown of Owners' Equity
Registered Capital:	5.000.000
Paid up capital:	5.000.000

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
02/05/2001	Increase of Capital	1.412.378	1.412.378	1.622.733	1.622.733
02/05/2001	Increase of Capital	3.485.870	3.485.870	5.108.603	5.108.603
06/03/2002	Increase of Capital	4.891.397	4.891.397	10.000.000	10.000.000
05/02/2003	Increase of Capital	1.500.000	1.500.000	11.500.000	11.500.000
03/05/2011	Increase of Capital	2.000.000	2.000.000	13.500.000	13.500.000
18/07/2011	Capital call payment	---	1.500.000	13.500.000	15.000.000
19/06/2014	Capital Reduction	-8.500.000	-8.500.000	5.000.000	5.000.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE ADMINISTRATOR	BARATA DAMIANS JOSE MARIA	21/02/2013	5
COMBINED PROXY	IRAEGUI SANTAMARIA ARANTZA	12/05/1998	1
	SEBASTIAN SERRANO JOSE MARIA	05/01/1995	2
JOINT ATTORNEY	RODRIGUEZ MARCOS JOSE JAVIER	12/05/1998	1
PROXY	BUSQUETS QUIÑONERO JAVIER	21/02/2013	2
	BUSQUETS QUIÑONERO XAVIER	29/11/2010	8
	DE HARO NAVARRO EVA	18/04/2007	1
	HERNANDEZ ROLLAN ANGEL	15/11/2005	1
	MIQUEL ROCA RAFAEL	05/01/1995	1
	SEBASTIAN SERRANO JOSE MARIA	05/01/1995	2
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	06/02/2015	9

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALBERDI ACHOTEGUI JESUS	SINGLE ADMINISTRATOR	23/05/1991	2
	PRESIDENT	30/12/1993
ARTHUR ANDERSEN Y CIA S COM	ACCOUNTS' AUDITOR / HOLDER	11/11/2004	1
BARATA DAMIANS JOSE MARIA	SINGLE ADMINISTRATOR	20/08/1999	5
	SINGLE ADMINISTRATOR	02/05/2001
	MEMBER OF THE BOARD	21/02/2013
	PRESIDENT	21/02/2013
BUSQUETS QUIÑONERO JAVIER	PROXY	06/03/2008	2
BUSQUETS QUIÑONERO XAVIER	MEMBER OF THE BOARD	21/02/2013	8
	CHIEF EXECUTIVE OFFICER	21/02/2013
	MEMBER OF THE BOARD	14/01/2006
	CHIEF EXECUTIVE OFFICER	14/01/2006
	CHIEF EXECUTIVE OFFICER	29/11/2010
	MEMBER OF THE BOARD	29/11/2010
	PROXY	29/11/2010
DELOITTE & TOUCHE ESPAÑA SL	ACCOUNTS' AUDITOR / HOLDER	11/11/2004	4
	ACCOUNTS' AUDITOR / HOLDER	03/12/2005
	ACCOUNTS' AUDITOR / HOLDER	01/03/2007
	ACCOUNTS' AUDITOR / HOLDER	27/03/2008
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	27/03/2008	9
	ACCOUNTS' AUDITOR / HOLDER	13/03/2009
	ACCOUNTS' AUDITOR / HOLDER	07/04/2010
	ACCOUNTS' AUDITOR / HOLDER	18/02/2011
	ACCOUNTS' AUDITOR / HOLDER	06/03/2012
	ACCOUNTS' AUDITOR / HOLDER	04/03/2013
	ACCOUNTS' AUDITOR / HOLDER	24/03/2014
	ACCOUNTS' AUDITOR / HOLDER	06/02/2015
FONT ROSES XAVIER	PRESIDENT	23/01/2012	6
	PRESIDENT	29/11/2010
	MEMBER OF THE BOARD	29/11/2010
	MEMBER OF THE BOARD	23/01/2012
	MEMBER OF THE BOARD	14/01/2006
	PRESIDENT	14/01/2006
HERRANZ SEGURA ANDRES	PROXY	06/03/2008	1
HORWATH P L M AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	18/03/2004	2
	ACCOUNTS' AUDITOR / HOLDER	18/03/2004
KOWERDOWICZ BIBILIONI ALEJANDRO	ADMINISTRATOR	28/06/1994	1
LARRAÑAGA LERSUNDI MANUEL	PROXY	12/05/1998	2
	SECRETARY	30/12/1993
LUC 101 APS	SINGLE PARTNER	03/05/2011	1
MCH PRIVATE EQUITY GESTION SL	MEMBER OF THE BOARD	14/01/2006	4
	SECRETARY	14/01/2006
	SECRETARY	29/11/2010
	MEMBER OF THE BOARD	29/11/2010
PLM AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	18/03/2004	4
	ACCOUNTS' AUDITOR / HOLDER	28/01/1998
	ACCOUNTS' AUDITOR / HOLDER	24/09/1998
	ACCOUNTS' AUDITOR / HOLDER	31/01/2000
ROMERO DIAZ ERNESTO	JOINT ATTORNEY	26/05/2014	2
	COMBINED PROXY	26/05/2014
TORT NICOLAU FRANCISCO	PROXY	30/12/1993	2
	MEMBER	30/12/1993
UNIAUDIT JRP SL	ACCOUNTS' AUDITOR / HOLDER	07/02/1995	1
WHITLEY SL	SECRETARY	30/01/2013	2
	MEMBER OF THE BOARD	21/02/2013

Executive board

Post	NIF	Name
ADMINISTRATOR		JOSE MARIA BARATA DAMIANS
FINANCIAL DIRECTOR		JAVIER BUSQUETS QUIÑONERO
MANAGING DIRECTOR		JOAQUIN BOIXEREU

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		1	---	---	---
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		2	---	18/03/2010	15/04/2010
Notices of defaults and enforcement		2	---		---
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

La sociedad ha presentado un Acuerdo de Refinanciación al objeto de permitir la viabilidad en su actividad así como satisfacer sus deudas. ACEROS BERGARA SA it presents an excessive indebtedness that may compromise their balance sheet. It presents an inefficient resources management. Resources and variable costs management associated with the activity itself are not productive, since operating expenses exceed income. ACEROS BERGARA SA 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient. 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.

Probability of default

> Estimated Probability of Default for the next 12 months:  9.400 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 467 Other specialised wholesale
Relative Position: Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 11.00% of the companies of the sector ACEROS BERGARA SA belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 9.400%.

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)	1 Incidence for a total cost of 0,00 E
	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	2 Legal Claims for a total cost of 141,06 E
	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

Incidences Detailed

Incidences with the Social Security

 BY THE SOCIAL SECURITY DE OVIEDO (ASTURIAS) - Date 15/04/2010

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	03332009019928106
Amount of the incidence:	21,58 E
Requested by:	SEGURIDAD SOCIAL
Published domicile:	PG PROMOSA, NAVE 21; GIJON C.P.:33211 (ASTURIAS)
Source:	BOLETIN OFICIAL DEL PRINCIPADO DE ASTURIAS Nº93, 2010 PAGINA 304

 BY THE SOCIAL SECURITY DE OVIEDO (ASTURIAS) - Date 18/03/2010

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	03332009019928510
Amount of the incidence:	119,48 E
Requested by:	SEGURIDAD SOCIAL
Published domicile:	PG PROMOSA, NAVE 21; GIJON C.P.:33211 (ASTURIAS)
Source:	BOLETIN OFICIAL DEL PRINCIPADO DE ASTURIAS Nº74, 2010 PAGINA 82

Legal Proceedings (Bankruptcy Law 22/2003)

 BEFORE THE MERCANTILE COURT Nº 9 DE BARCELONA - Date 28/07/2015

Amount of the incidence:	0,00 E
Published domicile:	AMILAGA KALEA, 24,; BERGARA (GUIPUZCOA)
Source:	B.O.E. Nº237, 2015 PAGINA 41132

Guarantees

References

Link List

IS RELATED WITH:	3 Entities
PARTICIPATES IN:	3 Entities
SHAREHOLDERS:	2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	BOMER SA	BARCELONA	15
	IRESTAL INTERNATIONAL APS (DINAMARCA)		85
PARTICIPATES IN	IRESTAL SERVICE CENTER SP ZOO (POLONIA)		100
	IRESTAL POLSKA SP ZOO		100
	IRESTAL POLSKA SP ZOO		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	AÇOS BOIXAREU LDA
	STAINLESS STEEL SERVICES SP ZOO (POLONIA)
IS RELATED WITH	IRESTAL SERVEIS SL	BARCELONA

Turnover
Total Sales 2014	60.857.643

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	October  2015
2013	Normales	January  2015
2012	Normales	March  2014
2011	Normales	December  2012
2010	Normales	March  2012
2009	Normales	February  2011
2008	Normales	January  2010
2007	Normales	January  2009
2006	Normales	January  2008
2005	Normales	February  2007
2004	Normales	November  2005
2003	Normales	November  2005
2002	Normales	November  2005
2001	Normales	October  2002
2000	Normales	November  2001
1999	Normales	October  2000
1998	Normales	December  1999
1997	Normales	September  1998
1996	Normales	November  1997
1995	Normales	November  1996
1994	Normales	March  1996
1993	Normales	November  1996
1989	Normales	November  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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	31.993.596,00	33.035.115,00	35.255.896,00	32.507.071,00	26.206.930,00
I. Intangible fixed assets : 11100	110.766,00	98.466,00	85.654,00	75.906,00	77.689,00
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	1.503,00	1.503,00	1.503,00	1.503,00	1.503,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	109.263,00	96.963,00	84.151,00	74.403,00	76.186,00
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	6.839.131,00	7.327.347,00	7.929.523,00	6.295.067,00	5.071.845,00
1. Land and buildings: 11210	1.933.020,00	1.989.755,00	2.046.490,00	2.103.225,00	237.536,00
2. Technical installations and other tangible fixed assets: 11220	4.906.111,00	5.337.592,00	5.883.033,00	4.191.842,00	4.643.809,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	190.500,00
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	17.994.246,00	17.216.407,00	21.212.517,00	21.193.227,00	17.655.776,00
1. Equity instruments: 11410	4.240.842,00	3.815.289,00	12.475.280,00	11.493.564,00	7.800.404,00
2. Credits to businesses: 11420	13.753.404,00	13.401.118,00	8.737.237,00	9.699.663,00	9.855.372,00
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	1.969.982,00	2.349.404,00	1.495.844,00	1.377.552,00	753.605,00
1. Equity instruments: 11510	23.419,00	23.419,00	17.419,00	17.419,00	8.884,00
2. Credits to third parties : 11520	1.170.000,00	2.170.000,00	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	776.563,00	155.985,00	1.478.425,00	1.360.133,00	744.721,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	5.079.471,00	6.043.491,00	4.532.358,00	3.565.319,00	2.648.015,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	29.994.910,00	30.896.054,00	37.548.162,00	41.365.979,00	54.778.823,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	10.514.558,00	9.000.554,00	12.406.391,00	14.837.019,00	22.704.062,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	3.734.927,00	3.306.580,00	5.344.398,00	6.114.689,00	10.936.311,00
3. Work in progress: 12230	0,00	0,00	85.225,00	117.727,00	269.597,00
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	85.225,00	117.727,00	0,00
4. Finished goods: 12240	6.779.631,00	5.693.974,00	6.976.768,00	8.604.603,00	11.498.154,00
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	5.693.974,00	0,00	8.604.603,00	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	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	17.647.170,00	19.269.387,00	23.349.251,00	24.716.694,00	31.075.978,00
1. Trade debtors / accounts receivable: 12310	5.868.323,00	7.216.966,00	8.810.783,00	10.133.688,00	14.461.151,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	0,00	7.216.966,00	8.810.783,00	10.133.688,00	0,00
2. Customers, Group companies and associates : 12320	9.599.256,00	9.361.773,00	13.132.592,00	14.119.531,00	16.148.342,00
3. Other accounts receivable: 12330	1.891.991,00	1.536.720,00	793.950,00	424.752,00	438.844,00
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	287.600,00	1.153.928,00	611.926,00	38.723,00	27.641,00
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	1.019.040,00	0,00	755.168,00	1.050.126,00	240.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	1.019.040,00	0,00	755.168,00	1.050.126,00	240.000,00
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	250.000,00	0,00	25.000,00	110.000,00	405.000,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	250.000,00	0,00	25.000,00	110.000,00	405.000,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	52.699,00	17.624,00	40.246,00	70.273,00	78.779,00
VII. Cash and other equivalent liquid assets : 12700	511.443,00	2.608.489,00	972.106,00	581.867,00	275.004,00
1. Treasury: 12710	511.443,00	2.608.489,00	972.106,00	581.867,00	275.004,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	61.988.506,00	63.931.169,00	72.804.058,00	73.873.050,00	80.985.753,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	9.713.399,00	9.006.767,00	15.114.435,00	15.961.403,00	9.568.976,00
A-1) Shareholders' equity: 21000	9.713.399,00	9.006.767,00	15.114.435,00	15.961.403,00	9.568.976,00
I. Capital: 21100	5.000.000,00	13.500.000,00	13.500.000,00	13.500.000,00	11.500.000,00
1. Registered capital : 21110	5.000.000,00	13.500.000,00	13.500.000,00	13.500.000,00	11.500.000,00
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	12.430.709,00	3.930.709,00	3.930.709,00	4.085.431,00	4.085.431,00
1. Legal and statutory: 21310	1.113.552,00	1.113.552,00	1.113.552,00	674.309,00	674.309,00
2. Other reserves: 21320	11.317.157,00	2.817.157,00	2.817.157,00	3.411.122,00	3.411.122,00
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	-8.423.942,00	-6.009.668,00	-2.063.271,00	-6.016.455,00	-6.566.120,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-8.423.942,00	-6.009.668,00	-2.063.271,00	-6.016.455,00	-6.566.120,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	706.632,00	-2.414.274,00	-253.003,00	4.392.427,00	549.665,00
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	18.433.213,00	21.239.682,00	16.245.600,00	18.204.985,00	13.470.082,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	15.671.507,00	19.096.503,00	15.996.732,00	17.956.117,00	11.241.214,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	15.671.507,00	19.096.503,00	15.996.732,00	17.820.968,00	11.106.065,00
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	135.149,00	135.149,00
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	2.629.000,00	1.980.000,00	0,00	0,00	1.980.000,00
IV. Liabilities for deferred tax: 31400	132.706,00	163.179,00	248.868,00	248.868,00	248.868,00
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	33.841.894,00	33.684.720,00	41.444.023,00	39.706.662,00	57.946.695,00
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	11.551.841,00	12.534.749,00	17.157.330,00	16.169.087,00	24.329.675,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	11.551.841,00	12.534.749,00	17.157.330,00	16.169.087,00	24.329.675,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	100.523,00	50.609,00	743.971,00	0,00	531.544,00
V. Trade creditors and other accounts payable: 32500	22.189.530,00	21.099.362,00	23.542.722,00	23.537.575,00	33.085.476,00
1. Suppliers: 32510	18.735.263,00	17.959.135,00	20.308.982,00	19.005.597,00	29.071.099,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	0,00	17.959.135,00	20.308.982,00	19.005.597,00	0,00
2. Suppliers, Group companies and associates: 32520	2.286.460,00	1.921.792,00	2.305.714,00	3.313.435,00	2.565.504,00
3. Other creditors: 32530	893.589,00	918.440,00	597.008,00	703.169,00	855.147,00
4. Personnel (remuneration due): 32540	182.523,00	202.950,00	204.711,00	199.871,00	184.698,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	91.695,00	97.045,00	126.307,00	315.503,00	409.028,00
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	61.988.506,00	63.931.169,00	72.804.058,00	73.873.050,00	80.985.753,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	60.857.643,00	72.275.184,00	91.920.133,00	110.987.462,00	107.487.645,00
a) Sales: 40110	59.405.035,00	71.318.905,00	90.701.409,00	109.612.813,00	105.469.919,00
b) Rendering of services: 40120	1.452.608,00	956.279,00	1.218.724,00	1.374.649,00	2.017.726,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	1.628.360,00	-2.073.607,00	-1.660.337,00	-3.045.421,00	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	-52.791.081,00	-61.093.767,00	-80.312.738,00	-97.610.776,00	-93.632.211,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-52.783.276,00	-61.079.271,00	-80.307.791,00	-97.606.564,00	-93.626.715,00
c) Works carried out by other companies: 40430	-7.805,00	-14.496,00	-4.947,00	-4.212,00	-5.496,00
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	2.201,00	8.910,00	23.562,00	0,00	77.793,00
a) Auxiliary income and other from current management: 40510	0,00	2.756,00	0,00	0,00	90.543,00
b) Operation subsidies included in the Period's result: 40520	2.201,00	6.154,00	23.562,00	0,00	-12.750,00
6. Personnel costs: 40600	-3.866.350,00	-4.163.714,00	-4.201.160,00	-4.119.726,00	-3.895.883,00
a) Wages, salaries et al.: 40610	-3.030.615,00	-3.181.665,00	-3.237.973,00	-3.180.390,00	-2.994.487,00
b) Social security costs: 40620	-835.735,00	-982.049,00	-963.187,00	-939.336,00	-901.396,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-5.994.672,00	-6.369.509,00	-7.031.870,00	-6.932.755,00	-7.053.803,00
a) External services: 40710	-5.130.343,00	-5.476.536,00	-5.949.001,00	-5.802.111,00	-5.945.088,00
b) Taxes: 40720	-36.752,00	-54.340,00	-52.457,00	-65.046,00	-114.713,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-244.878,00	-162.486,00	-178.922,00	-148.648,00	-166.811,00
d) Other current management expenditure : 40740	-582.699,00	-676.147,00	-851.490,00	-916.950,00	-827.191,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-547.552,00	-645.029,00	-530.979,00	-554.559,00	-679.809,00
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	1.614,00	2.026.836,00	1.872.675,00	22.506,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	1.614,00	0,00	0,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	41.951,00	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	-669.500,00	-2.059.918,00	233.447,00	596.900,00	2.326.238,00
14. Financial income : 41400	3.521.472,00	341.057,00	359.861,00	5.098.472,00	368.824,00
a) Of shares in equity instruments : 41410	3.521.472,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	256.974,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	3.264.498,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	0,00	341.057,00	359.861,00	5.098.472,00	368.824,00
b 1) From Group companies and associates : 41421	0,00	284.655,00	269.556,00	5.018.172,00	296.567,00
b 2) From third parties : 41422	0,00	56.402,00	90.305,00	80.300,00	72.257,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-1.206.783,00	-1.679.934,00	-1.803.130,00	-2.181.053,00	-1.797.179,00
a) Amounts owed to Group companies and associates : 41510	-46.035,00	-50.609,00	-40.432,00	-68.251,00	-59.539,00
b) For debts with third parties : 41520	-1.160.748,00	-1.629.325,00	-1.762.698,00	-2.112.802,00	-1.737.640,00
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	-5.010,00	3.629,00	-10.220,00	-39.196,00	19.519,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	-615.931,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	-615.931,00	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	2.309.679,00	-1.951.179,00	-1.453.489,00	2.878.223,00	-1.408.836,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	1.640.179,00	-4.011.097,00	-1.220.042,00	3.475.123,00	917.402,00
20. Income taxes: 41900	-933.547,00	1.596.823,00	967.039,00	917.304,00	-367.737,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	706.632,00	-2.414.274,00	-253.003,00	4.392.427,00	549.665,00
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	706.632,00	-2.414.274,00	-253.003,00	4.392.427,00	549.665,00

> 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:	26.914.125,00	26.991.624,00	30.723.538,00	28.941.752,00	23.558.915,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	110.766,00	98.466,00	85.654,00	75.906,00	77.689,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	1.503,00	1.503,00	1.503,00	1.503,00	1.503,00
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:	109.263,00	96.963,00	84.151,00	74.403,00	76.186,00
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:	6.839.131,00	7.327.347,00	7.929.523,00	6.295.067,00	5.071.845,00
1. Land and construction:	1.933.020,00	1.989.755,00	2.046.490,00	2.103.225,00	237.536,00
2. Technical installations and machinery:	3.586.151,00	3.901.545,00	4.300.239,00	3.064.052,00	3.394.420,00
3. Other installations, tools and furniture:	856.201,00	931.502,00	1.026.691,00	731.549,00	810.425,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	190.500,00
5. Other tangible assets:	463.759,00	504.545,00	556.104,00	396.241,00	438.964,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	19.964.228,00	19.565.811,00	22.708.361,00	22.570.779,00	18.409.381,00
1. Equity investments in group companies:	4.240.842,00	3.815.289,00	12.475.280,00	11.493.564,00	7.800.404,00
2. Receivables from group companies:	13.753.404,00	13.401.118,00	8.737.237,00	9.699.663,00	9.855.372,00
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:	23.419,00	23.419,00	17.419,00	17.419,00	8.884,00
6. Other receivables:	1.170.000,00	2.170.000,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	776.563,00	155.985,00	1.478.425,00	1.360.133,00	744.721,00
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:	35.074.381,00	36.939.545,00	42.080.520,00	44.931.298,00	57.426.838,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	10.514.558,00	9.000.554,00	12.406.391,00	14.837.019,00	22.704.062,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	3.734.927,00	3.306.580,00	5.344.398,00	6.114.689,00	10.936.311,00
3. Goods in process and semifinished ones:	0,00	0,00	85.225,00	117.727,00	269.597,00
4. Finished products:	6.779.631,00	5.693.974,00	6.976.768,00	8.604.603,00	11.498.154,00
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:	22.726.641,00	25.312.878,00	27.881.609,00	28.282.013,00	33.723.993,00
1. Trade debtors / accounts receivable:	5.868.323,00	7.216.966,00	8.810.783,00	10.133.688,00	14.461.151,00
2. Accounts receivable, Group companies:	9.599.256,00	9.361.773,00	13.132.592,00	14.119.531,00	16.148.342,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	1.891.991,00	1.536.720,00	793.950,00	424.752,00	438.844,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	5.367.071,00	7.197.419,00	5.144.284,00	3.604.042,00	2.675.656,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	1.269.040,00	0,00	780.168,00	1.160.126,00	645.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	1.019.040,00	0,00	755.168,00	1.050.126,00	240.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	250.000,00	0,00	25.000,00	110.000,00	405.000,00
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:	511.443,00	2.608.489,00	972.106,00	581.867,00	275.004,00
VII. Prepayments and accrued income:	52.699,00	17.624,00	40.246,00	70.273,00	78.779,00
GENERAL TOTAL (A + B + C + D):	61.988.506,00	63.931.169,00	72.804.058,00	73.873.050,00	80.985.753,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	9.713.399,00	9.006.767,00	15.114.435,00	16.096.552,00	9.704.125,00
I. Subscribed capital:	5.000.000,00	13.500.000,00	13.500.000,00	13.500.000,00	11.500.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	12.430.709,00	3.930.709,00	3.930.709,00	4.220.580,00	4.220.580,00
1. Legal reserve:	1.113.552,00	1.113.552,00	1.113.552,00	674.309,00	674.309,00
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:	11.317.157,00	2.817.157,00	2.817.157,00	3.546.271,00	3.546.271,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-8.423.942,00	-6.009.668,00	-2.063.271,00	-6.016.455,00	-6.566.120,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-8.423.942,00	-6.009.668,00	-2.063.271,00	-6.016.455,00	-6.566.120,00
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:	706.632,00	-2.414.274,00	-253.003,00	4.392.427,00	549.665,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	18.433.213,00	21.239.682,00	16.245.600,00	18.069.836,00	13.334.933,00
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:	15.671.507,00	19.096.503,00	15.996.732,00	17.820.968,00	11.106.065,00
1. Loans and other liabilities:	15.671.507,00	19.096.503,00	15.996.732,00	17.820.968,00	11.106.065,00
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:	2.629.000,00	1.980.000,00	0,00	0,00	1.980.000,00
1. Amounts owed to group companies:	2.629.000,00	1.980.000,00	0,00	0,00	1.980.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	132.706,00	163.179,00	248.868,00	248.868,00	248.868,00
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:	132.706,00	163.179,00	248.868,00	248.868,00	248.868,00
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:	33.841.894,00	33.684.720,00	41.444.023,00	39.706.662,00	57.946.695,00
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:	11.551.841,00	12.534.749,00	17.157.330,00	16.169.087,00	24.329.675,00
1. Loans and other liabilities:	11.551.841,00	12.534.749,00	17.157.330,00	16.169.087,00	24.329.675,00
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:	2.386.983,00	1.972.401,00	3.049.685,00	3.313.435,00	3.097.048,00
1. Amounts owed to group companies:	2.386.983,00	1.972.401,00	3.049.685,00	3.313.435,00	3.097.048,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	19.628.852,00	18.877.575,00	20.905.990,00	19.708.766,00	29.926.246,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	19.628.852,00	18.877.575,00	20.905.990,00	19.708.766,00	29.926.246,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	274.218,00	299.995,00	331.018,00	515.374,00	593.726,00
1. Public bodies:	91.695,00	97.045,00	126.307,00	315.503,00	409.028,00
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:	182.523,00	202.950,00	204.711,00	199.871,00	184.698,00
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):	61.988.506,00	63.931.169,00	72.804.058,00	73.873.050,00	80.985.753,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	65.344.995,00	75.044.668,00	94.583.395,00	113.566.182,00	107.426.622,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	2.073.607,00	1.660.337,00	3.045.421,00	0,00
A.2. Supplies:	52.791.081,00	61.093.767,00	80.312.738,00	97.610.776,00	93.632.211,00
a) Stock consumption:	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	52.783.276,00	61.079.271,00	80.307.791,00	97.606.564,00	93.626.715,00
c) Miscellaneous external expenditure:	7.805,00	14.496,00	4.947,00	4.212,00	5.496,00
A.3. Staff costs:	3.866.350,00	4.163.714,00	4.201.160,00	4.119.726,00	3.895.883,00
a) Wages, salaries et al.:	3.030.615,00	3.181.665,00	3.237.973,00	3.180.390,00	2.994.487,00
b) Social security costs:	835.735,00	982.049,00	963.187,00	939.336,00	901.396,00
A.4. Depreciation expense:	547.552,00	645.029,00	530.979,00	554.559,00	679.809,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	244.878,00	162.486,00	178.922,00	148.648,00	166.811,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	244.878,00	162.486,00	178.922,00	148.648,00	166.811,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	5.749.794,00	6.207.023,00	6.852.948,00	6.784.107,00	6.886.992,00
a) External services:	5.130.343,00	5.476.536,00	5.949.001,00	5.802.111,00	5.945.088,00
b) Taxes:	36.752,00	54.340,00	52.457,00	65.046,00	114.713,00
c) Other operating expenses:	582.699,00	676.147,00	851.490,00	916.950,00	827.191,00
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):	0,00	0,00	0,00	0,00	2.303.732,00
A.7. Financial and similar charges:	1.206.783,00	1.679.934,00	1.803.130,00	2.181.053,00	1.797.179,00
a) Due to liabilities with companies of the group:	46.035,00	50.609,00	40.432,00	68.251,00	59.539,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	1.160.748,00	1.629.325,00	1.762.698,00	2.112.802,00	1.737.640,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	615.931,00	0,00	0,00	0,00
A.9. Exchange losses:	5.010,00	0,00	10.220,00	39.196,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	2.309.679,00	0,00	0,00	2.878.223,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	1.598.228,00	0,00	0,00	1.602.448,00	894.896,00
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	0,00	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	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):	41.951,00	1.614,00	2.026.836,00	1.872.675,00	22.506,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	1.640.179,00	0,00	0,00	3.475.123,00	917.402,00
A.15. Corporation tax:	933.547,00	-1.596.823,00	-967.039,00	-917.304,00	367.737,00
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):	706.632,00	0,00	0,00	4.392.427,00	549.665,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	66.051.627,00	72.630.394,00	94.330.392,00	117.958.609,00	107.976.287,00
B.1. Net total sales:	60.857.643,00	72.275.184,00	91.920.133,00	110.987.462,00	107.487.645,00
a) Sales:	59.833.763,00	71.833.616,00	91.356.004,00	110.403.892,00	106.231.099,00
b) Rendering of services:	1.452.608,00	956.279,00	1.218.724,00	1.374.649,00	2.017.726,00
Returns and Rappel on sales:	-428.728,00	-514.711,00	-654.595,00	-791.079,00	-761.180,00
B.2. Stock increase of manufactured goods and products in process:	1.628.360,00	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:	2.201,00	8.910,00	23.562,00	0,00	77.793,00
a) Auxiliary income and other from current management:	0,00	2.756,00	0,00	0,00	90.543,00
b) Grants:	2.201,00	6.154,00	23.562,00	0,00	-12.750,00
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):	711.451,00	2.061.532,00	1.793.389,00	1.275.775,00	0,00
B.5. Income from equity investment:	3.521.472,00	0,00	0,00	0,00	0,00
a) In companies of the group:	256.974,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	3.264.498,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	0,00	341.057,00	359.861,00	5.098.472,00	368.824,00
a) From companies of the group:	0,00	284.655,00	269.556,00	5.018.172,00	296.567,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	0,00	56.402,00	90.305,00	80.300,00	72.257,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	3.629,00	0,00	0,00	19.519,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	1.951.179,00	1.453.489,00	0,00	1.408.836,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	4.012.711,00	3.246.878,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	1.614,00	2.026.836,00	1.872.675,00	22.506,00
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:	41.951,00	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	4.011.097,00	1.220.042,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	2.414.274,00	253.003,00	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	1.640.179,00	-4.011.097,00	-1.220.042,00	3.475.123,00	917.402,00
2. Results adjustments.: 61200	-1.517.249,00	2.757.080,00	-221.290,00	-3.857.191,00	2.232.950,00
a) Fixed Assets Amortization (+).: 61201	547.552,00	645.029,00	530.979,00	554.559,00	679.809,00
c) Variation in Provision (+/-). : 61203	244.878,00	162.486,00	-178.922,00	146.648,00	166.811,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	-1.614,00	-2.026.836,00	-1.682.175,00	-22.506,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	615.931,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-3.521.472,00	-341.057,00	-359.861,00	-5.096.472,00	-368.824,00
h) Financial Expenses (+). : 61208	1.206.783,00	1.679.934,00	1.803.130,00	2.181.053,00	1.797.179,00
i) Exchange differences (+/-). : 61209	5.010,00	-3.629,00	10.220,00	39.196,00	-19.519,00
3. Changes in current capital equity.: 61300	1.918.428,00	7.135.208,00	3.839.062,00	4.538.284,00	578.955,00
a) Stock (+/-).: 61301	-1.514.004,00	3.405.837,00	2.609.550,00	7.867.043,00	-5.981.940,00
d) Debtors and other accounts receivable (+/-). : 61302	1.377.339,00	3.006.057,00	1.783.556,00	6.210.636,00	-2.240.180,00
c) Other current assets (+/-). : 61303	-35.075,00	22.622,00	-573.203,00	8.506,00	-34.007,00
d) Creditors and other accounts payable (+/-). : 61304	2.090.168,00	-1.469.308,00	194.343,00	-9.547.901,00	8.765.723,00
e) Other current liabilities (+/-).: 61305	0,00	0,00	-175.184,00	0,00	69.359,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	2.170.000,00	0,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	-1.154.764,00	-1.469.748,00	-841.215,00	-1.735.080,00	-1.755.782,00
a) Interest payments (-). : 61401	-1.206.783,00	-1.526.150,00	-1.803.130,00	-2.181.053,00	-1.636.266,00
b) Dividend payment collection (+). : 61402	52.019,00	0,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	0,00	56.402,00	961.915,00	445.973,00	72.257,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	0,00	0,00	0,00	-191.773,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	886.594,00	4.411.443,00	1.556.515,00	2.421.136,00	1.973.525,00
6. Payments for investment (-).: 62100	-1.766.229,00	-2.608.073,00	-300.773,00	-121.299,00	-2.970.780,00
a) Companies of the group and affiliates. : 62101	-1.444.593,00	-2.552.408,00	0,00	596.471,00	-2.017.682,00
b) Intangible fixed assets. : 62102	-20.180,00	-19.107,00	-16.252,00	-7.336,00	-5.058,00
c) Fixed assets. : 62103	-51.456,00	-36.558,00	-116.080,00	-86.487,00	-132.979,00
e) Other financial assets. : 62105	0,00	0,00	-168.441,00	-623.947,00	-815.061,00
h) Other assets. : 62108	-250.000,00	0,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	379.422,00	2.096.165,00	489.844,00	852.479,00	144.827,00
a) Companies of the group and affiliates. : 62201	0,00	753.111,00	489.844,00	557.479,00	74.677,00
c) Fixed assets. : 62203	0,00	1.614,00	0,00	0,00	70.150,00
e) Other financial assets. : 62205	379.422,00	1.341.440,00	0,00	0,00	0,00
h) Other assets. : 62208	0,00	0,00	0,00	295.000,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-1.386.807,00	-511.908,00	189.071,00	731.180,00	-2.825.953,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	2.000.000,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	2.000.000,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-1.591.823,00	-2.266.781,00	-1.345.127,00	-4.806.257,00	-807.103,00
a) Issuance : 63201	411.812,00	0,00	479.109,00	-1.365.993,00	6.329.708,00
2. Debts incurred with credit institutions (+). : 63203	90.056,00	0,00	988.243,00	-1.365.993,00	6.075.370,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	321.756,00	0,00	-509.134,00	0,00	254.338,00
b) Repayment and amortization of : 63207	-2.003.635,00	-2.266.781,00	-1.824.236,00	-3.440.264,00	-7.136.811,00
2. Debts incurred with credit institutions (-).: 63209	-636.478,00	-1.522.810,00	-1.824.236,00	-118.594,00	-7.136.811,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-1.367.157,00	-743.971,00	0,00	-3.321.670,00	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	-1.591.823,00	-2.266.781,00	-1.345.127,00	-2.806.257,00	-807.103,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-5.010,00	3.629,00	-10.220,00	-39.196,00	19.519,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-2.097.046,00	1.636.383,00	390.239,00	306.863,00	-1.640.012,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	2.608.489,00	972.106,00	581.867,00	275.004,00	1.915.016,00
Cash or equivalent assets as of end of the fiscal year.: 65200	511.443,00	2.608.489,00	972.106,00	581.867,00	275.004,00

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:	-0,03 %	0,04 %	0,02 %	0,01 %	-252,19 %	240,13 %
EBITDA over Sales:	-0,27 %	12,27 %	-1,96 %	11,38 %	86,26 %	7,83 %
Cash Flow Yield:	-0,03 %	0,02 %	0,03 %	0,01 %	-232,17 %	275,09 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-1,75 %	8,82 %	-4,64 %	6,88 %	62,40 %	28,29 %
Total economic profitability:	4,59 %	5,23 %	-3,65 %	3,71 %	225,95 %	41,06 %
Financial profitability:	7,27 %	8,15 %	-26,81 %	4,11 %	127,14 %	98,17 %
Margin:	-1,17 %	7,63 %	-2,85 %	6,73 %	58,98 %	13,48 %
Mark-up:	2,63 %	7,23 %	-5,55 %	4,40 %	147,32 %	64,06 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,02	0,15	0,08	0,13	-80,48	11,21
Acid Test:	0,57	0,89	0,65	0,87	-11,61	3,12
Working Capital / Investment:	-0,06	0,03	-0,04	0,05	-42,27	-41,49
Solvency:	1,04	1,22	1,10	1,18	-5,49	3,30

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	5,38	1,30	6,10	1,39	-11,75	-6,54
Borrowing Composition:	0,54	1,16	0,63	1,00	-13,62	15,52
Repayment Ability:	-24,93	24,81	33,56	95,70	-174,27	-74,08
Warranty:	1,19	1,78	1,16	1,73	1,88	2,85
Generated resources / Total creditors:	0,02	0,09	-0,02	0,08	214,26	8,38

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	0,96	2,01	0,66	1,85	45,14	8,48
Turnover of Collection Rights :	3,45	5,48	3,75	4,98	-8,07	9,97
Turnover of Payment Entitlements:	2,72	3,74	3,10	3,62	-12,15	3,24
Stock rotation:	5,86	8,78	8,26	7,32	-29,11	19,86
Assets turnover:	1,49	1,16	1,63	1,02	-8,35	13,05
Borrowing Cost:	2,31	2,92	3,06	2,87	-24,52	1,66

> 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:	-0,03 %	0,02 %	0,00 %	0,00 %	-0,02 %
EBITDA over Sales:	-0,27 %	-1,96 %	-1,37 %	-0,65 %	2,78 %
Cash Flow Yield:	-0,03 %	0,03 %	0,01 %	0,00 %	-0,02 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	-1,75 %	-4,64 %	0,47 %	1,19 %	3,76 %
Total economic profitability:	4,59 %	-3,65 %	0,80 %	7,66 %	3,35 %
Financial profitability:	7,27 %	-26,81 %	-1,67 %	27,52 %	5,74 %
Margin:	-1,17 %	-2,85 %	0,25 %	0,54 %	2,16 %
Mark-up:	2,63 %	-5,55 %	-1,33 %	3,13 %	0,85 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,02	0,08	0,02	0,01	0,00
Acid Test:	0,57	0,65	0,61	0,67	0,55
Working Capital / Investment:	-0,06	-0,04	-0,05	0,02	-0,04
Solvency:	1,04	1,10	1,02	1,13	0,99

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	5,38	6,10	3,82	3,63	7,46
Borrowing Composition:	0,54	0,63	0,39	0,46	0,23
Repayment Ability:	-24,93	33,56	147,83	188,72	-43,55
Warranty:	1,19	1,16	1,26	1,28	1,13
Generated resources / Total creditors:	0,02	-0,02	0,00	0,09	0,02

Efficiency	2014	2013	2012	2011	2010
Productivity:	0,96	0,66	0,70	0,82	1,77
Turnover of Collection Rights :	3,45	3,75	3,94	4,49	3,46
Turnover of Payment Entitlements:	2,72	3,10	3,64	4,31	3,04
Stock rotation:	5,86	8,26	7,56	7,57	4,64
Assets turnover:	1,49	1,63	1,86	2,21	1,74
Borrowing Cost:	2,31	3,06	3,13	3,77	2,52

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

 --

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	120.000,00

Entity	INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	60.000,00

Research Summary

This company was incorporated in 1983 and it's engaged in stainless steel supply. It develops its activity at a national and international level. It's part of the group "Grupo Irestal", which is currently present in the 5 continents with more than 35 warehouses and around 600 employees. There is nothing against registered among the sources consulted, but in light of the last figures in the trade registry, we recommend closely following its commercial evolutions.

Sources

-relevant equivalence criteria,

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.14
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Analysis Done by :	DIV
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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