MIRA INFORM REPORT

Report No. :	349782
Report Date :	25.11.2015

IDENTIFICATION DETAILS

Name :	COMERCIAL QUIMICA MASSO SA
Registered Office :	C/ Viladomat 321 5º Planta - Barcelona - 08029 - Barcelona
Country :	Spain
Financials (as on) :	2014
Date of Incorporation :	07.07.1958
Legal Form :	Public Company
Line of Business :	Wholesale of chemical products
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Spain	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SPAIN -ECONOMIC OVERVIEW

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:	COMERCIAL QUIMICA MASSO SA
NIF / Fiscal code:	A08109365
Status:	ACTIVE
Incorporation Date:	07/07/1958
Register Data	Register Section 8 Sheet 35094
Last Publication in BORME:	24/09/2015 [Appointments]
Last Published Account Deposit:	2014
Share Capital:	1.821.360
Localization:	C/ VILADOMAT 321 5º PLANTA - BARCELONA - 08029 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 934 952 500 Email. masso@cqm.es Website. www.cqm.es
Number of Branches	5
Activity:
NACE:	4675 - Wholesale of chemical products
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	6 for a total cost of 254.855,98
Subsidies:	0 for a total cost of 0
Quality Certificate:	No
Payment Behaviour:	According to the agreed terms
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:
DANIEL RALLUY GIL
ISIDRO MASSO TORELLO
JUAN MASSO TORELLO
Shares:	9
Other Links:	8
No. of Active Corporate Bodies:

Ratios

2014

2013

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees NO
INVESTIGATION SUMMARY
It is a corporation that was established many years ago. It has experience in the sector of activity it carries out. Its invoicing has increased with a percentage of 5,88 % in 2014 in comparison to the previous year. It complies regularly with its payment obligations.
Interviewed Person:

Enquiry Details
Business address regime:	Property

Identification
Social Denomination:	COMERCIAL QUIMICA MASSO SA
NIF / Fiscal code:	A08109365
Corporate Status:	ACTIVE
Start of activity:	1958
Registered Office:	C/ VILADOMAT 321 5º PLANTA
Locality:	BARCELONA
Province:	BARCELONA
Postal Code:	08029
Telephone:	934 952 500
Fax:	934 952 502
Website:	www.cqm.es
Email:	masso@cqm.es
Interviewed Person:	Empleado

Branch Offices

Address	Postal Code	City	Province
AVENIDA CADI 7	08799	OLERDOLA	BARCELONA
CALLE MONTSENY 1	08799	OLERDOLA	BARCELONA
CALLE BELCAIRE 1	12600	VALL D'UIXO (LA)	CASTELLON
CALLE BLANQUERS 9 POLIGONO IND	43800	VALLS	TARRAGONA
Los Centelles, 7	46006	VALENCIA	VALENCIA

Activity
NACE:	4675
Legal Form:	MANUFACTURING, COMMERCIAL ACTIVITIES, IMPORTATION, EXPORTATION AND DISTRIBUTION OF ALL KINDS OF CHEMICAL PRODUCTS AND TEXTILES, AS WELL AS ITS DERIVATE PRODUCTS AND COMPONENTS AND THE PRODUCTS THAT ARE RELATED DIRECTLY TO THEM. THE ACQUISITION ET . "A) THE MANUFACTURING, COMMERCIAL ACTIVITIES, IMPORTATION, EXPORTATION, DEPOSITING, STOREHOUSING, DISTRIBUTION OF CHILDREN-FOOD PRODUCTS AND NUTRITIVE FOOD. PURCHASE AND SALE AND DISTRIBUTION AS WELL AS THE IMPORTATION AND EXPORTATION OF ALL KINDS OF FOOD PRODUCTS AND BEVERAGES, INCLUDING ALCOHOLIC DRINKS.
Additional Information:	It is dedicated to the distribution of chemical specialized items. It was established originally in 1885 and initiated by Massó Marcer.
Additional Address:	C/ VILADOMAT 321 5º PLANTA 08029 BARCELONA, registered office and offices in property.
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary
	Year	Act
	1990	Accounts deposit (year 1989)
	1991	Accounts deposit (year 1990) Appointments/ Re-elections (2)
	1992	Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Increase of Capital (1) Take-over Merger (1)
	1993	Accounts deposit (year 1992) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (2) Take-over Merger (1)
	1994	Accounts deposit (year 1993)
	1995	Accounts deposit (year 1994) Appointments/ Re-elections (1)
	1996	Accounts deposit (year 1995) Appointments/ Re-elections (2) Increase of Capital (1)
	1997	Accounts deposit (year 1996) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (2) Board Meeting (2) Cessations/ Resignations/ Reversals (1)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (2) Board Meeting (1)
	2000	Appointments/ Re-elections (2) Board Meeting (1)
	2001	Accounts deposit (year 1999, 2000) Appointments/ Re-elections (1) Board Meeting (1)
	2002	Accounts deposit (year 2001) Appointments/ Re-elections (3) Board Meeting (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (3) Board Meeting (1)
	2004	Appointments/ Re-elections (1) Board Meeting (1)
	2005	Accounts deposit (year 2003 consolidated, 2004 consolidated, 2003, 2004) Appointments/ Re-elections (2) Board Meeting (1)
	2006	Accounts deposit (year 2005) Appointments/ Re-elections (1) Board Meeting (1)
	2007	Accounts deposit (year 2005 consolidated, 2006) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Take-over Merger (5)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (12) Board Meeting (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2009	Accounts deposit (year 2008 consolidated, 2008) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2010	Accounts deposit (year 2009 consolidated, 2009) Appointments/ Re-elections (2) Board Meeting (1) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1)
	2011	Accounts deposit (year 2010 consolidated, 2010) Appointments/ Re-elections (3) Board Meeting (1) Capital Reduction (3) Cessations/ Resignations/ Reversals (2) Change of Social Purpose (1) Statutory Modifications (1)
	2012	Accounts deposit (year 2011 consolidated, 2011) Appointments/ Re-elections (2) Board Meeting (1) Capital Reduction (2)
	2013	Accounts deposit (year 2012 consolidated, 2012) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Change of Social Purpose (2) Other Concepts/ Events (1) Statutory Modifications (1)
	2014	Accounts deposit (year 2013 consolidated, 2013) Appointments/ Re-elections (1)
	2015	Accounts deposit (year 2014 consolidated, 2014) Appointments/ Re-elections (2)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	LA IMPORTACION,EXPORTACION Y DISTRIBUCION DE PRODUCTOS PARA LA ALIMENTACION INFANTIL Y COMPLEMENTOS NUTRICIONALES INFANTILES		29/11/2011
	LA FABRICACION,ACTIVIDADES COMERCIALES,IMPORTACION,EXPORTACION Y DISTRIBUCION DE TODA CLASE DE PRODUCTOS QUIMICOS Y TEXTILES,SUS DERIVADOS Y COMPONENTES Y OTROS PRODUCTOS CON ELLOS DIRECTAMENTE RELACIONADOS.LA ADQUISICION..ET	Corporate Purpose Change	10/06/1992

Breakdown of Owners' Equity
Registered Capital:	1.821.360
Paid up capital:	1.821.360

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
21/05/1992	Increase of Capital	62.024	62.024	682.029	682.029
03/10/1996	Increase of Capital	820.502	820.502	1.502.530	1.502.530
13/09/2002	Increase of Capital	497.470	497.470	2.000.000	2.000.000
14/01/2011	Capital Reduction	-54.060	-54.060	1.945.940	1.945.940
16/11/2011	Capital Reduction	-67.880	-67.880	1.878.060	1.878.060
03/12/2012	Capital Reduction	-56.700	-56.700	1.821.360	1.821.360

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	MASSO TORELLO ISIDRO	16/11/2011	15
MEMBER OF THE BOARD	MASSO TORELLO JUAN	16/11/2011	5
	MASSO TORELLO ISIDRO	16/11/2011	15
	RALUY GIL DANIEL	16/11/2011	9
	MAÑAS RAMONEDA ANTONI	16/11/2011	1
JOINT ATTORNEY	ABAD CANTERO ESTER	31/03/2015	1
PROXY	MARMOLEJO ACEDO MARIA DEL CARMEN	21/12/2012	1
	VIRGILI OLIVE ALBERT	29/06/2011	1
	GARCIA FERNANDEZ JOSE MIGUEL	27/10/2010	1
	MAÑAS RAMONEDA ANTONIO	27/10/2010	2
	TICO FERRER CARLES	22/07/2008	2
	RODRIGUEZ FERNANDEZ RAUL	22/07/2008	1
	ORTEGA LLANSOLA MARTA	22/07/2008	1
	PRECIADO SAINZ CARMEN	22/07/2008	1
	FERRANDIZ ALEPUZ MONTSERRAT	23/05/2008	1
	TORRA FERREIRA MARTA	23/05/2008	1
	CADEFAU BALAGUER JOSE JOAQUIN	23/05/2008	1
	MORAL PEREZ MANUEL ALEJANDRO	23/05/2008	1
	TORRAS MERCADER HIGINIO	23/05/2008	1
	CAZORLA SANCHEZ ANTONIA	23/05/2008	1
SECRETARY	RALUY GIL DANIEL	16/11/2011	9
ACCOUNTS' AUDITOR / HOLDER	BDO AUDITORES SL	16/09/2015	12
CONSOLIDATED ACCOUNTS' AUDITOR	BDO AUDITORES SL	16/09/2015	12

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
BARCELO MONTELLS JUAN	PROXY	27/03/1992	1
BDO AUDIBERIA AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	31/07/2002	16
	ACCOUNTS' AUDITOR / HOLDER	08/08/2003
	ACCOUNTS' AUDITOR / HOLDER	20/11/2003
	CONSOLIDATED ACCOUNTS' AUDITOR	03/11/2004
	CONSOLIDATED ACCOUNTS' AUDITOR	19/08/2005
	ACCOUNTS' AUDITOR / HOLDER	19/08/2005
	ACCOUNTS' AUDITOR / HOLDER	07/08/2006
	CONSOLIDATED ACCOUNTS' AUDITOR	07/08/2006
	ACCOUNTS' AUDITOR / HOLDER	02/08/2007
	ACCOUNTS' AUDITOR / HOLDER	22/08/2008
	ACCOUNTS' AUDITOR / HOLDER	26/09/2008
	CONSOLIDATED ACCOUNTS' AUDITOR	23/10/2009
	CONSOLIDATED ACCOUNTS' AUDITOR	08/09/2010
	ACCOUNTS' AUDITOR / HOLDER	08/09/2010
	ACCOUNTS' AUDITOR / HOLDER	24/08/2000
	ACCOUNTS' AUDITOR / HOLDER	24/11/2001
BDO AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	17/09/2013	12
	CONSOLIDATED ACCOUNTS' AUDITOR	17/09/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	23/09/2014
	ACCOUNTS' AUDITOR / HOLDER	23/09/2014
	ACCOUNTS' AUDITOR / HOLDER	16/09/2015
	CONSOLIDATED ACCOUNTS' AUDITOR	16/09/2015
	ACCOUNTS' AUDITOR / HOLDER	16/11/2011
	CONSOLIDATED ACCOUNTS' AUDITOR	16/11/2011
	CONSOLIDATED ACCOUNTS' AUDITOR	24/08/2012
	ACCOUNTS' AUDITOR / HOLDER	24/08/2012
BDO BINDER SA	ACCOUNTS' AUDITOR / HOLDER	11/05/1996	1
BDO GC AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	27/02/1997	4
	ACCOUNTS' AUDITOR / HOLDER	15/10/1997
	ACCOUNTS' AUDITOR / HOLDER	12/12/1998
	ACCOUNTS' AUDITOR / HOLDER	10/01/2000
CASAS CASAJUANA FRANCISCO	MEMBER OF THE BOARD	09/11/1993	3
	MEMBER OF THE BOARD	15/10/1997
	MEMBER OF THE BOARD	18/06/2002
FRAMIS BACH ANDRES MARIA	PROXY	24/04/2002	2
	PROXY	06/02/2009
GARRIGA BLANCO MARIA LUISA	PROXY	31/05/2013	4
	PROXY	06/02/2009
	PROXY	23/05/2008
	PROXY	22/03/1993
GUAJARDO ARENAS VICENTE	PROXY	27/03/1992	3
	PROXY	22/03/1993
	PROXY	06/02/2009
JUVES TOLOS PERE	PROXY	06/02/2009	9
	MEMBER OF THE BOARD	29/07/2003
	MEMBER OF THE BOARD	02/08/2007
	PROXY	22/03/1993
	PROXY	22/03/1993
	PROXY	22/03/1993
	PROXY	27/03/1996
	MEMBER OF THE BOARD	24/08/1999
	MEMBER OF THE BOARD	16/11/2011
MASSO TARRUELLA JOSE LUIS	PROXY	27/03/1992	13
	PRESIDENT	07/05/2007
	PROXY	07/05/2007
	PRESIDENT	29/07/2003
	PRESIDENT	15/10/1997
	PROXY	22/03/1993
	PRESIDENT	09/11/1993
	MEMBER OF THE BOARD	15/10/1997
	PROXY	22/03/1993
	MEMBER OF THE BOARD	09/11/1993
	MEMBER OF THE BOARD	24/08/1999
	MEMBER OF THE BOARD	29/07/2003
	MEMBER OF THE BOARD	07/05/2007
MASSO TARRUELLA RAMON	MEMBER OF THE BOARD	15/10/1997	5
	MEMBER OF THE BOARD	24/10/1995
	MEMBER OF THE BOARD	24/08/1999
	MEMBER OF THE BOARD	29/07/2003
	MEMBER OF THE BOARD	02/08/2007
MASSO TORELLO ISIDRO	PROXY	22/03/1993	15
	PROXY	22/03/1993
	MEMBER OF THE BOARD	02/08/2007
	PROXY	22/07/2008
	PROXY	06/02/2009
	VICE CHAIRMAN	02/08/2007
	MEMBER OF THE BOARD	29/07/2003
	VICE CHAIRMAN	29/07/2003
	MEMBER OF THE BOARD	21/01/1999
	PROXY	22/03/1993
	PROXY	22/03/1993
	PRESIDENT	16/11/2011
	MEMBER OF THE BOARD	16/11/2011
MASSO TORELLO JUAN	MEMBER OF THE BOARD	16/11/2011	5
	PROXY	31/05/2013
	MEMBER OF THE BOARD	02/08/2007
	MEMBER OF THE BOARD	19/08/2005
MAÑAS RAMONEDA ANTONIO	PROXY	27/10/2010	2
MUÑOZ LOPEZ JUAN JOSE	PROXY	22/03/1993	4
	PROXY	22/03/1993
	PROXY	27/03/1992
	PROXY	21/04/1998
RALUY GIL DANIEL	PROXY	22/03/1993	9
	MEMBER OF THE BOARD	16/11/2011
	SECRETARY	16/11/2011
	PROXY	06/02/2009
	PROXY	23/05/2008
	PROXY	27/03/1992
	PROXY	27/03/1996
ROIG AMAT BARTOLOME	MEMBER OF THE BOARD	24/10/1995	2
	MEMBER OF THE BOARD	15/10/1997
ROS MASSO JOSE LUIS	MEMBER OF THE BOARD	15/10/1997	6
	MEMBER OF THE BOARD	21/04/1998
	PROXY	21/04/1998
	PROXY	27/03/1992
	PROXY	22/03/1993
	MEMBER OF THE BOARD	09/11/1993
SANLLORENTE BARRAGAN JAIME	PROXY	06/02/2009	1
SANLLORENTE BARRAGAN JAUME	PROXY	27/03/1992	1
SORO BAGARIA JOAN	PROXY	22/03/1993	1
SORO BAGARIA JUAN	PROXY	27/03/1992	2
	MEMBER OF THE BOARD	25/02/1993
SUES SUES JOSE	PROXY	29/06/2011	1
TICO FERRER CARLES	PROXY	22/07/2008	2
TORRAS LLAGOSTERA JOSE	MEMBER OF THE BOARD	09/11/1993	10
	NON CONSELLOR SECRETARY	09/11/1993
	SECRETARY	15/10/1997
	MEMBER OF THE BOARD	15/10/1997
	MEMBER OF THE BOARD	02/08/2007
	MEMBER OF THE BOARD	19/08/2005
	MEMBER OF THE BOARD	18/06/2002
	SECRETARY	18/06/2002
	SECRETARY	19/08/2005
	SECRETARY	02/08/2007

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		DANIEL RALUY GIL
MANAGING DIRECTOR		DANIEL RALUY GIL

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

 Chronological summary

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

 > Details

 > Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. 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. COMERCIAL QUIMICA MASSO SA 's borrowing cost is appropriate according to its volume of external financing sources.

The development of the debt structure during the last two years indicates an increase of the debt with credit institutions and trade creditors in respect to all liabilities. The higher the level of debt, the greater the dependence on suppliers' capital and the more compromised will be its financial situation.

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

Probability of default

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

> Latest Scoring Changes:

Sector in which comparison is carried out:

467 Other specialised wholesale

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 COMERCIAL QUIMICA MASSO 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

Link List

ABSORBS TO:	1 Entities
IS RELATED WITH:	7 Entities
PARTICIPATES IN:	9 Entities
SHAREHOLDERS:	3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	DANIEL RALLUY GIL
	ISIDRO MASSO TORELLO
	JUAN MASSO TORELLO
PARTICIPATES IN	CHEMITAL SA	BARCELONA	100
	SAEQUIM ESPECIALIDADES S.L	BARCELONA	100
	S Q FUTUR QUIMICA SL.	BARCELONA	100
	PETE ESPECIALITATS SL	BARCELONA	100
	COMERCIAL QUIMICA MASSO (TURKEY) KIMYA TIC, S.A.		100
	MASSO (GUANGZHOU) TRADING CO, S.A.		100
	COMERCIAL QUIMICA MASSO PERU SAC		99
	TIC, SOCIEDAD ANONIMA, SIRKETI		100
	QUIMICA MASSO SL	CASTELLON	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	COMERCIAL QUIMICA MASSO SAC
	QUMICA DEL ADITIVO, S.L.
	QUIMICA DEL ADITIVO SL	BARCELONA
	COMERCIAL QUIMICA MASSO, SOCIEDAD ANONIMA, C.
	COMERCIAL QUIMICA MASSO TURKEY
	KIMYA TIC, SOCIEDAD ANONIMA, SIRKETI
	TRADING CO, S.A.
ABSORBS TO	QUIMICA DEL ADITIVO SA	BARCELONA

Turnover
Total Sales 2014	134.293.400,48

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

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2014

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	31.217.731,00	32.072.303,00	27.460.921,00	28.421.936,00	27.264.289,00
I. Intangible fixed assets : 11100	622.149,00	768.309,00	615.229,00	365.344,00	276.506,00
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	87.621,00	39.393,00	11.669,00	19.026,00	29.162,00
4. Goodwill: 11140	0,00	136.230,00	136.230,00	136.230,00	136.230,00
5. IT applications: 11150	15.854,00	29.623,00	30.215,00	31.489,00	55.114,00
6. Investigation: 11160	518.674,00	563.063,00	437.115,00	178.599,00	56.000,00
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	17.960.622,00	18.516.275,00	19.299.101,00	20.318.609,00	20.641.654,00
1. Land and buildings: 11210	14.559.350,00	14.861.701,00	15.217.372,00	15.509.895,00	15.833.281,00
2. Technical installations and other tangible fixed assets: 11220	3.322.334,00	3.626.557,00	4.040.284,00	4.796.097,00	4.770.992,00
3. Tangible asset in progress and advances: 11230	78.938,00	28.017,00	41.446,00	12.617,00	37.381,00
III. Real estate investment: 11300	1.896.619,00	2.431.515,00	2.783.501,00	3.196.947,00	2.417.727,00
1. Land: 11310	1.896.619,00	2.431.515,00	2.783.501,00	3.196.947,00	2.417.727,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	9.845.475,00	9.563.813,00	4.197.416,00	3.871.381,00	3.453.632,00
1. Equity instruments: 11410	9.845.475,00	9.563.813,00	4.197.416,00	3.871.381,00	3.453.632,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	77.578,00	53.151,00	53.395,00	58.407,00	47.844,00
1. Equity instruments: 11510	16.634,00	993,00	1.236,00	4.410,00	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	60.945,00	52.158,00	52.158,00	53.997,00	47.844,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	815.287,00	739.241,00	512.280,00	611.249,00	426.927,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	76.307.326,00	68.236.942,00	66.591.787,00	61.558.950,00	69.619.061,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	30.417.684,00	29.697.766,00	28.756.045,00	27.372.942,00	28.591.963,00
1. Commercial: 12210	30.417.684,00	29.697.766,00	28.756.045,00	27.372.942,00	28.591.963,00
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	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	35.980.978,00	32.841.002,00	29.888.841,00	30.213.059,00	33.207.304,00
1. Trade debtors / accounts receivable: 12310	33.015.078,00	30.297.100,00	28.018.150,00	28.361.892,00	31.869.718,00
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	33.015.078,00	30.297.100,00	28.018.150,00	28.361.892,00	31.869.718,00
2. Customers, Group companies and associates : 12320	665.251,00	550.258,00	355.919,00	929.143,00	286.472,00
3. Other accounts receivable: 12330	1.563.469,00	1.183.653,00	59.161,00	161.190,00	40.486,00
4. Personnel: 12340	203.340,00	148.894,00	188.701,00	164.898,00	213.600,00
5. Assets for deferred tax: 12350	520.999,00	648.255,00	1.254.069,00	583.096,00	650.366,00
6. Other debtors, including tax and social security: 12360	12.841,00	12.841,00	12.841,00	12.841,00	146.661,00
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	951.954,00	35.029,00	240.377,00	320.056,00	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	320.056,00	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	951.954,00	35.029,00	240.377,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	187.225,00	500.000,00	2.203.750,00	1.046.324,00	1.439.335,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	3.750,00	0,00	1.206.238,00
3. Debt securities: 12530	0,00	0,00	2.200.000,00	1.000.000,00	0,00
4. Derivatives : 12540	187.225,00	0,00	0,00	46.324,00	33.097,00
5. Other financial assets : 12550	0,00	500.000,00	0,00	0,00	200.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	732.540,00	172.833,00	269.320,00	216.796,00	487.540,00
VII. Cash and other equivalent liquid assets : 12700	8.036.946,00	4.990.311,00	5.233.455,00	2.389.771,00	5.892.919,00
1. Treasury: 12710	8.036.946,00	4.990.311,00	5.233.455,00	2.389.771,00	5.892.919,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	107.525.057,00	100.309.245,00	94.052.708,00	89.980.885,00	96.883.350,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	71.516.134,00	69.504.194,00	68.395.708,00	68.099.261,00	66.771.480,00
A-1) Shareholders' equity: 21000	71.445.387,00	69.522.871,00	68.408.808,00	68.066.834,00	66.748.313,00
I. Capital: 21100	1.821.360,00	1.821.360,00	1.821.360,00	1.878.060,00	1.945.940,00
1. Registered capital : 21110	1.821.360,00	1.821.360,00	1.821.360,00	1.878.060,00	1.945.940,00
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	66.941.776,00	65.887.448,00	64.803.612,00	64.095.924,00	63.539.984,00
1. Legal and statutory: 21310	364.272,00	364.272,00	364.272,00	375.612,00	389.188,00
2. Other reserves: 21320	66.577.504,00	65.523.176,00	64.439.340,00	63.720.312,00	63.150.796,00
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	-727.000,00	-1.556.500,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	2.682.251,00	1.814.063,00	1.783.836,00	2.819.850,00	2.818.889,00
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	70.747,00	-18.677,00	-13.100,00	32.427,00	23.168,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	70.747,00	-18.677,00	-13.100,00	32.427,00	23.168,00
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	5.471.815,00	6.339.629,00	2.616.536,00	1.591.064,00	1.635.266,00
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	4.415.260,00	5.263.415,00	1.456.949,00	322.517,00	778.279,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	4.125.000,00	5.005.046,00	1.152.018,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	85.406,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	204.854,00	258.369,00	304.931,00	322.517,00	778.279,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	1.056.555,00	1.076.214,00	1.159.587,00	1.268.546,00	856.987,00
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	30.537.108,00	24.465.423,00	23.040.464,00	20.290.560,00	28.476.604,00
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	20.026,00	5.000,00	5.000,00	0,00	2.388,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	5.000,00	0,00	0,00	0,00
III. Short-term creditors : 32300	3.092.364,00	1.755.016,00	2.910.075,00	3.246.570,00	8.255.961,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	3.043.905,00	751.600,00	2.846.620,00	2.820.021,00	8.100.151,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	26.682,00	18.715,00	0,00	0,00
5. Other financial liabilities : 32350	48.459,00	976.735,00	44.739,00	426.549,00	155.809,00
IV. Short-term debts with Group companies and associates: 32400	1.944.203,00	1.339.316,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	25.480.516,00	21.366.090,00	20.125.390,00	17.043.990,00	20.218.256,00
1. Suppliers: 32510	15.861.897,00	13.013.074,00	12.697.818,00	9.614.929,00	12.959.510,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	15.861.897,00	13.013.074,00	12.697.818,00	9.614.929,00	12.959.510,00
2. Suppliers, Group companies and associates: 32520	179.141,00	73.161,00	91.547,00	97.987,00	10.808,00
3. Other creditors: 32530	244.887,00	217.064,00	248.068,00	224.498,00	214.080,00
4. Personnel (remuneration due): 32540	7.833.274,00	6.720.156,00	5.845.422,00	6.054.423,00	6.258.393,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	52.446,00	34.368,00
6. Other accounts payable to Public Administrations.: 32560	1.361.318,00	1.342.636,00	1.242.535,00	999.708,00	741.097,00
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	107.525.057,00	100.309.245,00	94.052.708,00	89.980.885,00	96.883.350,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	134.293.400,00	126.832.887,00	114.774.969,00	121.306.237,00	114.567.391,00
a) Sales: 40110	133.913.644,00	126.193.230,00	114.604.214,00	121.181.997,00	114.567.391,00
b) Rendering of services: 40120	379.756,00	639.656,00	170.755,00	124.240,00	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	-97.626.490,00	-92.008.120,00	-82.568.040,00	-88.554.924,00	-81.716.756,00
a) Stock consumption: 40410	-93.811.001,00	-88.093.609,00	-78.980.109,00	-84.216.998,00	-77.767.005,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-44.881,00	-14.783,00	-37.025,00	-46.261,00	-50.462,00
c) Works carried out by other companies: 40430	-3.053.896,00	-3.569.461,00	-3.026.675,00	-3.888.611,00	-3.517.247,00
d) Impairment of stock, primary material and other supplies: 40440	-716.711,00	-330.266,00	-524.231,00	-403.054,00	-382.042,00
5. Other operating income: 40500	2.155.765,00	1.629.822,00	1.532.405,00	2.022.706,00	1.393.481,00
a) Auxiliary income and other from current management: 40510	2.130.511,00	1.591.127,00	1.502.052,00	2.013.994,00	1.393.481,00
b) Operation subsidies included in the Period's result: 40520	25.254,00	38.694,00	30.353,00	8.713,00	0,00
6. Personnel costs: 40600	-18.151.459,00	-17.312.107,00	-15.985.187,00	-15.885.401,00	-15.627.461,00
a) Wages, salaries et al.: 40610	-14.827.385,00	-14.092.827,00	-12.995.983,00	-12.958.605,00	-12.863.565,00
b) Social security costs: 40620	-3.324.074,00	-3.219.279,00	-2.989.204,00	-2.926.796,00	-2.763.896,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-14.471.835,00	-14.774.878,00	-14.147.861,00	-13.917.129,00	-12.479.106,00
a) External services: 40710	-14.028.301,00	-14.078.573,00	-13.105.934,00	-13.226.321,00	-11.997.460,00
b) Taxes: 40720	-396.041,00	-400.994,00	-432.788,00	-410.195,00	-359.730,00
c) Losses, impairments and variation in provisions from trade operations : 40730	42.428,00	-251.567,00	-590.631,00	-182.119,00	-43.040,00
d) Other current management expenditure : 40740	-89.922,00	-43.743,00	-18.508,00	-98.494,00	-78.876,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-1.091.223,00	-1.236.781,00	-1.337.449,00	-1.358.453,00	-1.444.021,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	22.960,00
10. Excess provisions : 41000	0,00	0,00	0,00	5.331,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-709.207,00	-7.104,00	-24.504,00	-3.209,00	-1.641,00
a) Impairment and losses : 41110	-700.725,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-8.482,00	-7.104,00	-24.504,00	-3.209,00	-1.641,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	4.398.951,00	3.123.719,00	2.244.331,00	3.615.159,00	4.714.848,00
14. Financial income : 41400	136.217,00	103.315,00	453.272,00	1.226.487,00	147.067,00
a) Of shares in equity instruments : 41410	0,00	0,00	312.864,00	1.128.222,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	312.864,00	1.128.222,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	136.217,00	103.315,00	140.408,00	98.265,00	147.067,00
b 1) From Group companies and associates : 41421	58.286,00	20.449,00	13.640,00	2.541,00	0,00
b 2) From third parties : 41422	77.931,00	82.866,00	126.769,00	95.724,00	147.067,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-394.022,00	-312.433,00	-209.358,00	-514.413,00	-286.969,00
a) Amounts owed to Group companies and associates : 41510	-56.650,00	-12.714,00	-2.727,00	0,00	0,00
b) For debts with third parties : 41520	-337.372,00	-299.719,00	-206.631,00	-514.413,00	-286.969,00
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	-55.454,00	-26.274,00	-35.745,00	77.821,00	-12.723,00
18. Impairment and result for transfers of financial instruments: 41800	-163.375,00	-260.219,00	18.089,00	-713.125,00	-479.966,00
a) Impairment and losses : 41810	-163.375,00	-260.219,00	18.089,00	-713.125,00	-479.966,00
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	-476.635,00	-495.612,00	226.258,00	76.771,00	-632.591,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	3.922.316,00	2.628.108,00	2.470.589,00	3.691.930,00	4.082.257,00
20. Income taxes: 41900	-1.240.065,00	-814.045,00	-686.753,00	-872.080,00	-1.263.368,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	2.682.251,00	1.814.063,00	1.783.836,00	2.819.850,00	2.818.889,00
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	2.682.251,00	1.814.063,00	1.783.836,00	2.819.850,00	2.818.889,00

> 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:	30.402.443,00	31.333.062,00	26.948.641,00	28.537.687,00	28.393.862,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	622.149,00	768.309,00	615.229,00	365.344,00	276.506,00
1. Research and development costs:	518.674,00	563.063,00	437.115,00	178.599,00	56.000,00
2. Concessions, patents, licences, trademarks et al.:	87.621,00	39.393,00	11.669,00	19.026,00	29.162,00
3. Goodwill:	0,00	136.230,00	136.230,00	136.230,00	136.230,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	15.854,00	29.623,00	30.215,00	31.489,00	55.114,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	19.857.240,00	20.947.790,00	22.082.602,00	23.515.556,00	23.059.381,00
1. Land and construction:	16.455.969,00	17.293.216,00	18.000.873,00	18.706.842,00	18.251.007,00
2. Technical installations and machinery:	2.567.320,00	2.802.407,00	3.122.113,00	3.706.165,00	3.686.764,00
3. Other installations, tools and furniture:	355.376,00	387.917,00	432.172,00	513.018,00	510.332,00
4. Payments on account and tangible fixed assets under construction:	78.938,00	28.017,00	41.446,00	12.617,00	37.381,00
5. Other tangible assets:	399.638,00	436.233,00	485.999,00	576.915,00	573.895,00
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:	9.923.053,00	9.616.964,00	4.250.810,00	3.929.787,00	3.501.476,00
1. Equity investments in group companies:	9.845.475,00	9.563.813,00	4.197.416,00	3.871.381,00	3.453.632,00
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. Long-term securities portfolio:	16.634,00	993,00	1.236,00	4.410,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	60.945,00	52.158,00	52.158,00	53.997,00	47.844,00
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	727.000,00	1.556.500,00
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:	76.935.389,00	68.976.183,00	67.104.067,00	62.123.874,00	70.012.891,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	30.417.684,00	29.697.766,00	28.756.045,00	27.372.942,00	28.591.963,00
1. Goods for resale:	30.417.684,00	29.697.766,00	28.756.045,00	27.372.942,00	28.591.963,00
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	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	36.796.265,00	33.580.243,00	30.401.121,00	30.824.308,00	33.634.231,00
1. Trade debtors / accounts receivable:	33.015.078,00	30.297.100,00	28.018.150,00	28.361.892,00	31.869.718,00
2. Accounts receivable, Group companies:	665.251,00	550.258,00	355.919,00	929.143,00	286.472,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	1.563.469,00	1.183.653,00	59.161,00	161.190,00	40.486,00
5. Staff:	203.340,00	148.894,00	188.701,00	164.898,00	213.600,00
6. Public bodies:	1.349.127,00	1.400.337,00	1.779.190,00	1.207.185,00	1.223.954,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	951.954,00	535.029,00	2.444.127,00	1.320.056,00	1.406.238,00
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	320.056,00	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	2.200.000,00	1.000.000,00	0,00
6. Other receivables:	951.954,00	35.029,00	244.127,00	0,00	1.206.238,00
7. Shor term guarantees and deposits:	0,00	500.000,00	0,00	0,00	200.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	8.036.946,00	4.990.311,00	5.233.455,00	2.389.771,00	5.892.919,00
VII. Prepayments and accrued income:	732.540,00	172.833,00	269.320,00	216.796,00	487.540,00
GENERAL TOTAL (A + B + C + D):	107.337.832,00	100.309.245,00	94.052.708,00	90.661.561,00	98.406.753,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	71.414.316,00	69.530.876,00	68.414.423,00	68.779.937,00	68.294.883,00
I. Subscribed capital:	1.821.360,00	1.821.360,00	1.821.360,00	1.878.060,00	1.945.940,00
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:	66.910.704,00	65.895.453,00	64.809.227,00	64.082.027,00	63.530.055,00
1. Legal reserve:	364.272,00	364.272,00	364.272,00	375.612,00	389.188,00
2. Reserves for own shares:	66.609.848,00	65.563.017,00	64.484.140,00	63.750.705,00	63.170.983,00
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:	-63.416,00	-31.836,00	-39.185,00	-44.290,00	-30.116,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	2.682.251,00	1.814.063,00	1.783.836,00	2.819.850,00	2.818.889,00
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:	5.386.409,00	6.339.629,00	2.616.536,00	1.591.064,00	1.635.266,00
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:	4.125.000,00	5.005.046,00	1.152.018,00	0,00	0,00
1. Loans and other liabilities:	4.125.000,00	5.005.046,00	1.152.018,00	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:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	1.261.409,00	1.334.582,00	1.464.518,00	1.591.064,00	1.635.266,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	204.854,00	258.369,00	304.931,00	322.517,00	778.279,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	1.056.555,00	1.076.214,00	1.159.587,00	1.268.546,00	856.987,00
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:	30.517.082,00	24.433.741,00	23.016.749,00	20.290.560,00	28.476.604,00
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:	3.043.905,00	751.600,00	2.846.620,00	2.820.021,00	8.100.151,00
1. Loans and other liabilities:	3.043.905,00	751.600,00	2.846.620,00	2.820.021,00	8.100.151,00
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:	2.123.344,00	1.412.477,00	91.547,00	97.987,00	10.808,00
1. Amounts owed to group companies:	2.123.344,00	1.412.477,00	91.547,00	97.987,00	10.808,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	16.106.784,00	13.230.137,00	12.945.885,00	9.839.427,00	13.173.590,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	16.106.784,00	13.230.137,00	12.945.885,00	9.839.427,00	13.173.590,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	9.243.050,00	9.039.526,00	7.132.696,00	7.533.126,00	7.189.668,00
1. Public bodies:	1.361.318,00	1.342.636,00	1.242.535,00	1.052.154,00	775.465,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	48.459,00	976.735,00	44.739,00	426.549,00	155.809,00
4. Wages and salaries payable:	7.833.274,00	6.720.156,00	5.845.422,00	6.054.423,00	6.258.393,00
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	2.388,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	20.026,00	5.000,00	5.000,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	107.337.832,00	100.309.245,00	94.052.708,00	90.661.561,00	98.406.753,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	133.903.131,00	126.751.960,00	114.976.810,00	121.818.733,00	113.312.011,00
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:	96.909.778,00	91.677.854,00	82.043.809,00	88.151.870,00	81.334.714,00
a) Stock consumption:	93.811.001,00	88.093.609,00	78.980.109,00	84.216.998,00	77.767.005,00
b) Consumption of raw materials and miscellaneous consumable ones:	44.881,00	14.783,00	37.025,00	46.261,00	50.462,00
c) Miscellaneous external expenditure:	3.053.896,00	3.569.461,00	3.026.675,00	3.888.611,00	3.517.247,00
A.3. Staff costs:	18.151.459,00	17.312.107,00	15.985.187,00	15.885.401,00	15.627.461,00
a) Wages, salaries et al.:	14.827.385,00	14.092.827,00	12.995.983,00	12.958.605,00	12.863.565,00
b) Social security costs:	3.324.074,00	3.219.279,00	2.989.204,00	2.926.796,00	2.763.896,00
A.4. Depreciation expense:	1.091.223,00	1.236.781,00	1.337.449,00	1.358.453,00	1.444.021,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	674.283,00	581.833,00	1.114.862,00	585.173,00	425.082,00
a) Stock provision variation:	716.711,00	330.266,00	524.231,00	403.054,00	382.042,00
b) Variation in provision and bad debt losses:	-42.830,00	253.952,00	596.231,00	183.846,00	43.448,00
c) Variation of other trade provisions:	402,00	-2.385,00	-5.600,00	-1.727,00	-408,00
A.6. Other operating charges:	14.514.263,00	14.523.310,00	13.557.230,00	13.735.010,00	12.436.066,00
a) External services:	14.028.301,00	14.078.573,00	13.105.934,00	13.226.321,00	11.997.460,00
b) Taxes:	396.041,00	400.994,00	432.788,00	410.195,00	359.730,00
c) Other operating expenses:	89.922,00	43.743,00	18.508,00	98.494,00	78.876,00
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):	5.108.158,00	3.130.823,00	2.268.835,00	3.618.368,00	4.693.528,00
A.7. Financial and similar charges:	394.022,00	312.433,00	209.358,00	514.413,00	286.969,00
a) Due to liabilities with companies of the group:	56.650,00	12.714,00	2.727,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	337.372,00	299.719,00	206.631,00	514.413,00	286.969,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	163.375,00	260.219,00	-18.089,00	713.125,00	479.966,00
A.9. Exchange losses:	55.454,00	26.274,00	35.745,00	0,00	12.723,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	226.258,00	76.771,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	4.631.523,00	2.635.211,00	2.495.093,00	3.695.139,00	4.060.937,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	700.725,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	8.482,00	7.104,00	24.504,00	3.209,00	1.641,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	0,00	0,00	0,00	21.319,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	3.922.316,00	2.628.108,00	2.470.589,00	3.691.930,00	4.082.257,00
A.15. Corporation tax:	1.240.065,00	814.045,00	686.753,00	872.080,00	1.263.368,00
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):	2.682.251,00	1.814.063,00	1.783.836,00	2.819.850,00	2.818.889,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	136.585.382,00	128.566.023,00	116.760.646,00	124.638.583,00	116.130.899,00
B.1. Net total sales:	134.293.400,00	126.832.887,00	114.774.969,00	121.306.237,00	114.567.391,00
a) Sales:	135.374.079,00	127.569.468,00	115.854.064,00	122.503.583,00	115.816.840,00
b) Rendering of services:	379.756,00	639.656,00	170.755,00	124.240,00	0,00
Returns and Rappel on sales:	-1.460.435,00	-1.376.238,00	-1.249.850,00	-1.321.586,00	-1.249.449,00
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:	2.155.765,00	1.629.822,00	1.532.405,00	2.028.037,00	1.393.481,00
a) Auxiliary income and other from current management:	2.130.511,00	1.591.127,00	1.502.052,00	2.013.994,00	1.393.481,00
b) Grants:	25.254,00	38.694,00	30.353,00	8.713,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	5.331,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	0,00	0,00	312.864,00	1.128.222,00	0,00
a) In companies of the group:	0,00	0,00	312.864,00	1.128.222,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	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:	136.217,00	103.315,00	140.408,00	98.265,00	147.067,00
a) From companies of the group:	58.286,00	20.449,00	13.640,00	2.541,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	77.931,00	82.866,00	126.769,00	95.724,00	147.067,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	0,00	77.821,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	476.635,00	495.612,00	0,00	0,00	632.591,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	22.960,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	709.207,00	7.104,00	24.504,00	3.209,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

	2014	2013	2012	2011	2010
1. Fiscal year result before taxes.: 61100	3.922.316,00	2.628.108,00	2.470.589,00	3.691.930,00	4.082.257,00
2. Results adjustments.: 61200	2.910.919,00	2.295.055,00	2.211.217,00	1.947.885,00	2.023.369,00
a) Fixed Assets Amortization (+).: 61201	1.091.223,00	1.236.781,00	1.337.449,00	1.358.453,00	1.444.021,00
b) Obsolescence Allowances (+/-). : 61202	1.538.383,00	842.052,00	1.093.177,00	1.298.298,00	425.082,00
c) Variation in Provision (+/-). : 61203	15.026,00	0,00	0,00	0,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	8.482,00	7.104,00	24.504,00	3.209,00	1.641,00
g) Financial income (-).: 61207	-136.217,00	-103.315,00	-453.272,00	-1.226.487,00	-147.067,00
h) Financial Expenses (+). : 61208	394.022,00	312.433,00	209.358,00	514.413,00	286.969,00
i) Exchange differences (+/-). : 61209	0,00	0,00	0,00	0,00	12.723,00
3. Changes in current capital equity.: 61300	-1.168.861,00	-3.744.342,00	2.371.576,00	630.997,00	-6.602.607,00
a) Stock (+/-).: 61301	-1.088.697,00	-1.028.037,00	-1.177.866,00	927.505,00	-5.772.841,00
d) Debtors and other accounts receivable (+/-). : 61302	-3.557.068,00	-4.167.417,00	463.121,00	2.625.092,00	-2.704.457,00
c) Other current assets (+/-). : 61303	-559.707,00	96.487,00	-52.524,00	270.743,00	-107.621,00
d) Creditors and other accounts payable (+/-). : 61304	4.036.611,00	1.240.701,00	3.133.845,00	-3.192.343,00	1.982.313,00
e) Other current liabilities (+/-).: 61305	0,00	113.925,00	5.000,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	-1.440.594,00	-725.293,00	-1.160.124,00	162.342,00	-1.522.638,00
a) Interest payments (-). : 61401	-397.300,00	-312.433,00	-208.996,00	-498.296,00	-287.027,00
b) Dividend payment collection (+). : 61402	0,00	0,00	312.864,00	1.128.222,00	0,00
c) Interest collection (+). : 61403	136.217,00	103.315,00	136.658,00	98.265,00	147.067,00
d) Income tax payment collection (payments) (+/-).: 61404	-1.179.511,00	-516.176,00	-1.400.651,00	-563.462,00	-1.382.678,00
e) Other payments (payment collection) (-/+) : 61405	0,00	0,00	0,00	-2.388,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	4.223.781,00	453.528,00	5.893.257,00	6.433.154,00	-2.019.619,00
6. Payments for investment (-).: 62100	-2.002.827,00	-6.075.602,00	-2.416.702,00	-3.363.880,00	-2.448.629,00
a) Companies of the group and affiliates. : 62101	-1.377.630,00	-5.421.269,00	-224.670,00	-1.443.033,00	0,00
b) Intangible fixed assets. : 62102	-67.820,00	-184.740,00	-278.549,00	-137.544,00	-19.852,00
c) Fixed assets. : 62103	-527.779,00	-455.805,00	-337.538,00	-1.004.083,00	-2.428.778,00
d) Real estate investment. : 62104	-29.599,00	-13.788,00	-375.944,00	-779.220,00	0,00
e) Other financial assets. : 62105	0,00	0,00	-1.200.000,00	0,00	0,00
7. Divestment payment collection (+). : 62200	537.048,00	2.096.174,00	28.769,00	409.848,00	26.323,00
b) Intangible fixed assets. : 62202	45.000,00	0,00	0,00	0,00	0,00
c) Fixed assets. : 62203	16.475,00	26.406,00	23.757,00	14.173,00	26.323,00
d) Real estate investment. : 62204	0,00	365.774,00	0,00	0,00	0,00
e) Other financial assets. : 62205	475.572,00	1.703.994,00	5.012,00	395.675,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-1.465.779,00	-3.979.428,00	-2.387.933,00	-2.954.032,00	-2.422.306,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	-690.500,00	-751.000,00	-1.556.500,00
c) Acquisition of own equity instruments (-). : 63103	0,00	0,00	-690.500,00	-751.000,00	-1.556.500,00
10. Payment collection and payments for financial liabilities instruments.: 63200	1.038.633,00	3.982.757,00	778.859,00	-5.481.270,00	6.156.320,00
a) Issuance : 63201	2.020.423,00	3.982.757,00	1.178.255,00	155.506,00	6.156.320,00
2. Debts incurred with credit institutions (+). : 63203	1.415.537,00	1.758.007,00	1.178.255,00	8.956,00	6.156.320,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	604.887,00	1.339.316,00	0,00	0,00	0,00
5. Other debts (+). : 63206	0,00	885.433,00	0,00	146.550,00	0,00
b) Repayment and amortization of : 63207	-981.791,00	0,00	-399.397,00	-5.636.776,00	0,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	0,00	-5.305.205,00	0,00
5. Other debts (-). : 63212	-981.791,00	0,00	-399.397,00	-331.571,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-750.000,00	-700.000,00	-750.000,00	-750.000,00	-450.000,00
a) Dividends (-).: 63301	-750.000,00	-700.000,00	-750.000,00	-750.000,00	-450.000,00
12. Cash flows for financing activities (9+10+11).: 63400	288.633,00	3.282.757,00	-661.641,00	-6.982.270,00	4.149.820,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	3.046.635,00	-243.144,00	2.843.683,00	-3.503.148,00	-292.105,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	4.990.311,00	5.233.455,00	2.389.771,00	5.892.919,00	6.185.024,00
Cash or equivalent assets as of end of the fiscal year.: 65200	8.036.946,00	4.990.311,00	5.233.455,00	2.389.771,00	5.892.919,00

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:	0,02 %	0,04 %	0,00 %	0,01 %		236,05 %
EBITDA over Sales:	4,62 %	12,14 %	3,44 %	11,49 %	34,05 %	5,58 %
Cash Flow Yield:	0,03 %	0,02 %	0,00 %	0,01 %		270,04 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	4,56 %	8,65 %	3,46 %	7,00 %	31,62 %	23,59 %
Total economic profitability:	4,01 %	5,10 %	2,93 %	3,71 %	36,94 %	37,67 %
Financial profitability:	3,75 %	7,88 %	2,61 %	4,05 %	43,88 %	94,56 %
Margin:	3,22 %	7,55 %	2,43 %	6,84 %	32,58 %	10,31 %
Mark-up:	2,87 %	7,10 %	2,05 %	4,51 %	40,51 %	57,44 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,26	0,14	0,20	0,13	29,09	8,53
Acid Test:	1,48	0,89	1,57	0,87	-5,66	2,89
Working Capital / Investment:	0,43	0,03	0,44	0,05	-2,45	-36,33
Solvency:	2,53	1,22	2,82	1,18	-10,38	3,97

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,50	1,30	0,44	1,39	13,70	-5,97
Borrowing Composition:	0,18	1,13	0,26	1,00	-30,82	12,80
Repayment Ability:	11,81	25,37	-126,67	96,31	109,33	-73,66
Warranty:	2,99	1,78	3,26	1,73	-8,26	2,59
Generated resources / Total creditors:	0,13	0,09	0,12	0,08	9,37	7,42

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,34	2,00	1,25	1,86	7,13	7,55
Turnover of Collection Rights :	3,79	5,41	3,91	4,99	-3,05	8,47
Turnover of Payment Entitlements:	4,40	3,77	5,00	3,62	-11,97	4,01
Stock rotation:	4,32	8,26	4,22	7,32	2,31	12,88
Assets turnover:	1,41	1,15	1,42	1,02	-0,73	12,04
Borrowing Cost:	1,09	2,91	1,01	2,88	7,93	0,92

> 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:	0,02 %	0,00 %	0,02 %	-0,03 %	0,00 %
EBITDA over Sales:	4,62 %	3,44 %	3,14 %	4,10 %	5,36 %
Cash Flow Yield:	0,03 %	0,00 %	0,03 %	-0,04 %	0,00 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	4,56 %	3,46 %	2,57 %	4,27 %	5,13 %
Total economic profitability:	4,01 %	2,93 %	2,85 %	4,67 %	4,51 %
Financial profitability:	3,75 %	2,61 %	2,61 %	4,14 %	4,22 %
Margin:	3,22 %	2,43 %	1,93 %	2,93 %	4,07 %
Mark-up:	2,87 %	2,05 %	2,12 %	2,99 %	3,52 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,26	0,20	0,23	0,12	0,21
Acid Test:	1,48	1,57	1,63	1,67	1,42
Working Capital / Investment:	0,43	0,44	0,46	0,46	0,42
Solvency:	2,53	2,82	2,91	3,06	2,46

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	0,50	0,44	0,37	0,32	0,45
Borrowing Composition:	0,18	0,26	0,11	0,08	0,06
Repayment Ability:	11,81	-126,67	9,02	-6,25	-103,08
Warranty:	2,99	3,26	3,67	4,11	3,22
Generated resources / Total creditors:	0,13	0,12	0,14	0,24	0,17

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,34	1,25	1,23	1,31	1,39
Turnover of Collection Rights :	3,79	3,91	3,89	4,08	3,49
Turnover of Payment Entitlements:	4,40	5,00	4,81	6,01	4,66
Stock rotation:	4,32	4,22	3,97	4,37	3,89
Assets turnover:	1,41	1,42	1,33	1,46	1,26
Borrowing Cost:	1,09	1,01	0,82	2,35	0,95

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders and Works Won

Organisation that calls the tender:

FUERZA LOGISTICA OPERATIVA

Objective of Tender:

ADQUISICION DE PRODUCTOS DE USO VETERINARIO, DESINFECTANTES E INSECTICIDAS EN SPRAY, LACA, LACA IGR, GEL, TERMONEBULIZABLE Y MICROENCAPSULADO, EN EL AMBITO DE LAS OMP,S ROMEO ALFA AFGANISTAN , LIBRE HIDALGO LIBANO , EUGB Y NRF, DESTINADA A CUBRIR LAS NECESIDADES DE LA UNIDAD DE APOYO LOGISTICO SANITARIO

Date Awarded:

09/12/2014

Cost:

lote 3: 4681.49 euros lote 4: 4681.49 euros

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

ADQUISICION DE 3150 KG DE REPELENTE DEET DIETIL TOLUAMIDA PARA EL CENTRO MILITAR DE FARMACIA DE LA DEFENSA

Date Awarded:

10/10/2014

Cost:

40.622,40 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

ADQUISICION DE PRODUCTOS DDD, DESTINADA A CUBRIR LAS NECESIDADES DE LA UNIDAD DE APOYO LOGISTICO SANITARIO

Date Awarded:

09/12/2009

Cost:

19.140,00 EURO.

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

Productos DDD

Date Awarded:

12/03/2008

Cost:

45.093,58 EURO.

Organisation that calls the tender:

DIRECCION DE SANIDAD DEL EJERCITO DE TIERRA

Objective of Tender:

Productos ddd

Date Awarded:

05/08/2005

Cost:

según contratista, ver imagen

Organisation that calls the tender:

DIRECCION DE SANIDAD DEL EJERCITO DE TIERRA

Objective of Tender:

Insecticida laca, insecticida piretroide en spray descarga automática, insecticida Cebo/gel, bolsas rodenticida anticoagulante en bloque parafinado, bolsas rodenticida anticoagulante en pellets, cajas desinfectante, insecticida laca

Date Awarded:

12/07/2004

Cost:

150.000,00 EUROS, IMPORTE COMPARTIDO POR VARIOS ADJUDICATARIOS

Research Summary

It is a corporation that was established many years ago. It has experience in the sector of activity it carries out. Its invoicing has increased with a percentage of 5,88 % in 2014 in comparison to the previous year. It complies regularly with its payment obligations.

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.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.55

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	ASH

RATING EXPLANATIONS

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

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

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

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

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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.