MIRA INFORM REPORT

Report No. :	351736
Report Date :	30.11.2015

IDENTIFICATION DETAILS

Name :	INDUKERN S.A.
Registered Office :	EDF Grupo Indukern , Parc Empresarial Mas Blau Ii C/ Alta Ribagorza, 6-8 - Prat De Llobregat (El) - 08820 - Barcelona
Country :	Spain
Financials (as on) :	31.12.2014
Date of Incorporation :	20.07.1962
Legal Form :	Public Company
Line of Business :	Wholesale of chemical products.
No. of Employee :	195

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:	INDUKERN S.A.
NIF / Fiscal code:	A08135055
Status:	ACTIVE WITH PARTIAL DIVISION OF CAPITAL
Incorporation Date:	20/07/1962
Register Data	Register Section 8 Sheet 86058
Last Publication in BORME:	29/10/2015 [Appointments]
Last Published Account Deposit:	2014
Share Capital:	5.500.495
Localization:	EDF GRUPO INDUKERN , PARC EMPRESARIAL MAS BLAU II C/ ALTA RIBAGORZA, 6-8 - PRAT DE LLOBREGAT (EL) - 08820 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 914 581 314 Email. indukern@indukern.com Website. www.indukern.es
Number of Branches	5
Activity:
NACE:	4675 - Wholesale of chemical products
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	8 for a total cost of 45.796,72
Subsidies:	3 for a total cost of 240245
Quality Certificate:	No
Payment Behaviour:	According to the agreed terms
Prospects:	Consolidation
Industry situation:	Maturity
Defaults, Legal Claims and Insolvency Proceedings :

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Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---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Proceedings heard by the Civil Court		Unpublished	0	---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

Partners:

CORPORACION DIVABE SL	70.07 %
ROSSER HOLDING AG	29.93 %
GRUPO INDUKERN SL
Shares:	20
Other Links:	13
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2014

2013

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
It presents a positive working fund, and for this reason, the company is capable of complying with its short time payment obligations.
Interviewed Person:

Enquiry Details
Business address regime:	Property

Identification
Social Denomination:	INDUKERN S.A.
NIF / Fiscal code:	A08135055
Corporate Status:	ACTIVE WITH PARTIAL DIVISION OF CAPITAL
Start of activity:	1962
Registered Office:	EDF GRUPO INDUKERN , PARC EMPRESARIAL MAS BLAU II C/ ALTA RIBAGORZA, 6-8
Locality:	PRAT DE LLOBREGAT (EL)
Province:	BARCELONA
Postal Code:	08820
Telephone:	914 581 314
Fax:	935 069 199
Website:	www.indukern.es
Email:	indukern@indukern.com
Interviewed Person:	Employee

Branch Offices

Address	Postal Code	City	Province
CALLE CAL MALET 58 ZAL	08820	PRAT DE LLOBREGAT (EL)	BARCELONA
CARRETERA POLINYA B 142	08181	SENTMENAT	BARCELONA
CALLE MATARROSA 32 I	28947	FUENLABRADA	MADRID
PASEO CASTELLANA 156	28046	MADRID	MADRID
CALLE CIUTAT DE BARCELONA 46	46980	PATERNA	VALENCIA

Activity
NACE:	4675
Additional Information:	It is dedicated to the distribution and commercialization of pharmaceutical and veterinary APIs, ingredients for animal food, ingredients for food, falvours and fragrances and chemical industries. Integrated in Grupo INDUKERN. It has quality certification: REACH, CLP, quality certification UNE-EN ISO 9001-2008 and FAMI-QS certificate.
Additional Address:	EDF GRUPO INDUKERN , PARC EMPRESARIAL MAS BLAU II C/ ALTA RIBAGORZA, 6-8 08820 EL PRAT DE LLOBREGAT ( BARCELONA ),registered office and offices as well as other dependencies in property.
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2015	195

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

Chronological Summary
	Year	Act
	1990	Appointments/ Re-elections (1)
	1991	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	1992	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (3)
	1993	Adaptation to Law (1) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Increase of Capital (2)
	1994	Accounts deposit (year 1991, 1992)
	1995	Accounts deposit (year 1993, 1994) Appointments/ Re-elections (1)
	1996	Accounts deposit (year 1995) Appointments/ Re-elections (2)
	1997	Accounts deposit (year 1996) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (3) Increase of Capital (1)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (2)
	2000	Accounts deposit (year 1999) Appointments/ Re-elections (1)
	2001	Accounts deposit (year 2000 consolidated, 2000) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2002	Accounts deposit (year 2001) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (2) Change of Social Denomination (1)
	2003	Accounts deposit (year 2002 consolidated, 2002) Appointments/ Re-elections (4) Change of Social address (1)
	2004	Accounts deposit (year 2003 consolidated, 2003) Appointments/ Re-elections (4)
	2005	Accounts deposit (year 2004 consolidated, 2004) Appointments/ Re-elections (1) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Partial split (4)
	2006	Accounts deposit (year 2005 consolidated, 2005) Appointments/ Re-elections (3) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Partial split (1)
	2007	Accounts deposit (year 2006 consolidated, 2006) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2009	Accounts deposit (year 2008 consolidated) Appointments/ Re-elections (4)
	2010	Accounts deposit (year 2009 consolidated, 2008, 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2011	Accounts deposit (year 2010 consolidated, 2010) Appointments/ Re-elections (2)
	2012	Accounts deposit (year 2011 consolidated, 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2013	Accounts deposit (year 2012 consolidated, 2012) Cessations/ Resignations/ Reversals (1) Take-over Merger (2)
	2014	Accounts deposit (year 2013 consolidated, 2013) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Take-over Merger (2)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (2)

Breakdown of Owners' Equity
Registered Capital:	5.500.495
Paid up capital:	5.500.495

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
18/03/1993	Increase of Capital	1.837.895	1.837.895	2.673.302	2.673.302
18/03/1993	Increase of Capital	331.759	331.759	3.005.061	3.005.061
18/08/1998	Increase of Capital	3.005.061	3.005.061	6.010.121	6.010.121
03/01/2006	Capital Reduction	-509.661	-509.661	5.500.495	5.500.495

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
MEMBER OF THE BOARD	DIAZ VARELA SOMOZA JOSE LUIS	12/08/2011	14
	DIAZ VARELA BERTSCHINGER RAUL	12/08/2011	9
	DIAZ VARELA BERTSCHINGER DANIEL	12/08/2011	7
	PETER BIENZ	05/01/2004	2
	DIAZ VARELA BERTCHINGER DANIEL	26/08/2002	2
	BERTSCHINGER BARBETTA ERNA	11/03/1991	1
COMBINED CHIEF EXECUTIVE OFFICER	VIDAL PACHECO ANTONIO	29/08/2002	8
JOINT ATTORNEY	PERIS ORTS WLADIMIRO	15/07/2014	1
	CASAS CANET EMILIO	15/07/2014	1
	IBARZ CASTRO MANOLO	15/07/2014	1
	SERGIO DANIEL ANIBALDI	05/03/2014	1
PROXY	VIÑAS PEREZ BERTA	21/06/2012	1
	BEJAR RAYA JORDI	30/12/2009	2
	DIAZ VARELA BERTSCHINGER TAMARA	04/02/2008	1
	MAJO CAPILLA FRANCESC	24/07/2007	1
	ESTEBAN CHACON RICARDO	10/11/2006	3
	CARMONA LOPEZ GLORIA	03/08/2005	3
	DIAZ VARELA BERTSCHINGER DANIEL	17/02/2004	7
	DIAZ VARELA BERTSCHINGER RAUL	17/02/2004	9
	ACOSTA RAMIREZ MIGUEL	24/07/2003	1
	ALVAREZ FERNANDEZ EVELIO	29/08/2002	4
	VIÑAS CAMPRUBI EUDALDO	11/12/2001	2
	DIAZ VARELA GALLEGO JACQUELINE	11/12/2001	2
	GARCIA DE VIEDMA GONZALO	11/12/2001	1
CHIEF EXECUTIVE OFFICER	VIDAL PACHECO ANTONIO	29/08/2002	8
SECRETARY	DIAZ VARELA BERTCHINGER DANIEL	26/08/2002	2
NON CONSELLOR SECRETARY	CARMONA LOPEZ GLORIA	03/03/2015	3
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	21/10/2015	12

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALVAREZ FERNANDEZ EVELIO	PROXY	29/07/2000	4
	PROXY	11/12/2001
	PROXY	29/08/2002
ARA SANZ HECTOR	PROXY	11/12/2001	1
ARAUJO TRUFERO MANUEL	PROXY	17/01/1992	1
ARTHUR ANDERSEN Y CIA S COM	CONSOLIDATED ACCOUNTS' AUDITOR	28/01/2002	6
	ACCOUNTS' AUDITOR / HOLDER	28/01/2002
	ACCOUNTS' AUDITOR / HOLDER	09/07/2002
	CONSOLIDATED ACCOUNTS' AUDITOR	09/07/2002
	ACCOUNTS' AUDITOR / HOLDER	24/10/2003
	CONSOLIDATED ACCOUNTS' AUDITOR	24/10/2003
ASTELL BABILONI ANTONIO	PROXY	11/12/2001	1
BEJAR RAYA JORDI	PROXY	30/12/2009	2
BERTSCHINGER ERNA	MEMBER OF THE BOARD	11/03/1991	1
BRACERO LUQUE PEDRO	PROXY	17/01/1992	2
	PROXY	11/12/2001
BRASE IBARZ JOSE MARIA	ACCOUNTS' AUDITOR / HOLDER	25/03/1996	5
	ACCOUNTS' AUDITOR / HOLDER	06/02/1997
	ACCOUNTS' AUDITOR / HOLDER	14/02/1998
	ACCOUNTS' AUDITOR / HOLDER	16/06/1998
	ACCOUNTS' AUDITOR / HOLDER	15/12/1999
CANTO MAYOR JAIME	PROXY	11/12/2001	1
CARMONA LOPEZ GLORIA	NON CONSELLOR SECRETARY	03/03/2015	3
CARRION ZAMUDIO FRANCISCO	DEPUTY ACCOUNTS' AUDITOR	05/11/1993	2
	DEPUTY ACCOUNTS' AUDITOR	06/02/1997
CASTILLO GARCIA ANTONIO	PROXY	11/12/2001	1
CLARES BLANCO EDUARDO JAVIER	DEPUTY ACCOUNTS' AUDITOR	14/02/1998	1
CROUS AGUILERA JANA	PROXY	03/08/2005	1
DELOITTE AND TOUCHE ESPAÑA SL	CONSOLIDATED ACCOUNTS' AUDITOR	09/06/2006	5
	ACCOUNTS' AUDITOR / HOLDER	09/06/2006
	ACCOUNTS' AUDITOR / HOLDER	20/12/2007
	ACCOUNTS' AUDITOR / HOLDER	23/09/2004
	CONSOLIDATED ACCOUNTS' AUDITOR	23/09/2004
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	24/01/2007	12
	ACCOUNTS' AUDITOR / HOLDER	21/12/2010
	ACCOUNTS' AUDITOR / HOLDER	21/10/2011
	CONSOLIDATED ACCOUNTS' AUDITOR	21/10/2011
	CONSOLIDATED ACCOUNTS' AUDITOR	10/10/2012
	ACCOUNTS' AUDITOR / HOLDER	10/10/2012
	CONSOLIDATED ACCOUNTS' AUDITOR	21/10/2015
	ACCOUNTS' AUDITOR / HOLDER	21/10/2015
	ACCOUNTS' AUDITOR / HOLDER	03/12/2008
	ACCOUNTS' AUDITOR / HOLDER	31/03/2009
	CONSOLIDATED ACCOUNTS' AUDITOR	17/09/2009
DIAZ VARELA BERTSCHINGER DANIEL	PROXY	29/08/2002	7
	PROXY	25/11/2003
	PROXY	29/05/2003
	PROXY	17/02/2004
	SECRETARY	12/03/2010
DIAZ VARELA BERTSCHINGER RAUL	MEMBER OF THE BOARD	12/08/2011	9
	PROXY	29/05/2003
	PROXY	17/02/2004
	PROXY	25/11/2003
	PROXY	29/08/2002
	PROXY	11/12/2001
	PROXY	09/07/1998
DIAZ VARELA GALLEGO JACQUELINE	PROXY	11/12/2001	2
DIAZ VARELA SOMOZA JOAQUIN	PROXY	11/12/2001	1
DIAZ VARELA SOMOZA JOSE LUIS	MEMBER OF THE BOARD	21/05/2001	14
	CHIEF EXECUTIVE OFFICER	21/05/2001
	CHIEF EXECUTIVE OFFICER	26/08/2002
	MEMBER OF THE BOARD	10/08/2006
	MEMBER OF THE BOARD	12/08/2011
	PRESIDENT	11/03/1991
	MEMBER OF THE BOARD	11/03/1991
	CHIEF EXECUTIVE OFFICER	11/03/1991
	PRESIDENT	10/08/2006
	CHIEF EXECUTIVE OFFICER	10/02/1996
	MEMBER OF THE BOARD	10/02/1996
	PRESIDENT	10/02/1996
	PRESIDENT	21/05/2001
DIAZ VARELA SOMOZA MANUEL	MEMBER OF THE BOARD	11/03/1991	10
	SECRETARY	11/03/1991
	MEMBER OF THE BOARD	21/05/2001
	SECRETARY	21/05/2001
	PROXY	11/12/2001
	MEMBER OF THE BOARD	26/08/2002
	SECRETARY	26/08/2002
	PROXY	29/08/2002
	SECRETARY	10/02/1996
	MEMBER OF THE BOARD	10/02/1996
DIAZ VARELA SOMOZA MIGUEL ANGEL	MEMBER OF THE BOARD	11/03/1991	5
	MEMBER OF THE BOARD	10/02/1996
	MEMBER OF THE BOARD	21/05/2001
	MEMBER OF THE BOARD	10/08/2006
	MEMBER OF THE BOARD	12/03/2010
ERNA BERTSCHINGER BARBETTA	MEMBER OF THE BOARD	10/08/2006	2
	MEMBER OF THE BOARD	21/05/2001
ESTEBAN CHACON RICARDO	PROXY	11/12/2001	3
	PROXY	10/11/2006
FERRER REIG JOSE LUIS	PROXY	11/12/2001	1
FUSTER ESCRICH IGNACIO	ACCOUNTS' AUDITOR / HOLDER	05/11/1993	1
GIBERT HUCH DANIEL	PROXY	11/12/2001	1
LEONHARDT WILLIAM S	MEMBER OF THE BOARD	11/03/1991	1
MELENDO SANZ JAIME	PROXY	11/12/2001	1
OLLE GARROCHO EMILIO	PROXY	14/04/1992	2
	PROXY	11/12/2001
OLLER CASTELLANO JUAN	PROXY	11/12/2001	1
PANYELLA COSTA OCTAVI	PROXY	21/06/2012	1
PEREZ HERRERO JOSE LUIS	PROXY	11/12/2001	2
	PROXY	11/07/2013
PEREZ JAREÑO PILAR	PROXY	11/12/2001	1
PETER BIENZ	MEMBER OF THE BOARD	05/01/2004	2
PUIG CALVERA ANA ISABEL	PROXY	11/07/2013	1
RAFART RABELL FRANCISCO	PROXY	29/08/2002	2
	PROXY	04/02/2008
RAFART RABELL FRANCISCO JAVIER	PROXY	11/12/2001	1
REIG FERRER ALBERTO	PROXY	11/07/2013	2
	PROXY	11/12/2001
RUCKSTUHL WIRZ AMANDUS	PROXY	29/05/2003	3
	PROXY	25/11/2003
	PROXY	24/07/2007
SANJUAN PRADES ALBERTO	PROXY	11/12/2001	1
VIDAL PACHECHO ANTONIO MIGUEL	CHIEF EXECUTIVE OFFICER	11/12/2001	1
VIDAL PACHECO ANTONIO	PROXY	12/03/2010	8
	PROXY	25/11/2003
	PROXY	17/02/2004
	PROXY	29/08/2002
	PROXY	29/05/2003
	MEMBER OF THE BOARD	11/03/1991
VIDAL PACHECO ANTONIO MIGUEL	MEMBER OF THE BOARD	10/08/2006	8
	CHIEF EXECUTIVE OFFICER	04/09/2006
	CHIEF EXECUTIVE OFFICER	12/03/2010
	MEMBER OF THE BOARD	12/08/2011
	MEMBER OF THE BOARD	24/01/2014
	PROXY	11/12/2001
	MEMBER OF THE BOARD	10/02/1996
	MEMBER OF THE BOARD	21/05/2001
VIÑAS CAMPRUBI EUDALD	PROXY	11/07/2013	1
VIÑAS CAMPRUBI EUDALDO	PROXY	11/12/2001	2

Executive board

Post	NIF	Name
MANAGING DIRECTOR		ANTONIO VIDAL PACHECO
MANAGING DIRECTOR		JOSE LUIS DIAZ VARELA

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		1	---	22/12/2011	22/12/2011

> Basis for scoring

Positive Factors

Adverse Factors

No irregular payment performance has been detected based on information obtained from credit bureaus. It is one of the major domestic companies in terms of sales volume. The cost of debt of INDUKERN SA, depending on the volume of external financing sources posing, is considered medium level in relation to the reference companies. Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2013 which means that the company's financial situation has improved. Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

INDUKERN SA it presents an excessive indebtedness that may compromise their balance sheet. The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency. 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. 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. Private consumption continues to have, in spite of some signs of improvement, very low rates , thus showing great weakness.

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	1 Incidence for a total cost of 0,00 E

Link List

PARTICIPATES IN:	20 Entities
SHAREHOLDERS:	3 Entities
ABSORBS TO:	2 Entities
IS RELATED WITH:	10 Entities
SE ESCINDE PARCIALMENTE EN:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	CORPORACION DIVABE SL	BARCELONA	70.07
	ROSSER HOLDING AG		29.93
	GRUPO INDUKERN SL	BARCELONA
PARTICIPATES IN	INMOBILIARIA LEMOS SL	BARCELONA	100
	AMIGOPHONE SL	BARCELONA	100
	IKM SERVICIOS, SOCIEDAD ANONIMA, DE CV (MEXICO)		70
	INDUKERN CHEMIE, SOCIEDAD ANONIMA, (ALEMANIA)
	INDUKERN DE MEXICO, SOCIEDAD ANONIMA, DE CV (MEXICO)		70
	PREMEZCLAS DE MEXICO, SOCIEDAD ANONIMA, DE CV (MEXICO)		70
	INVERSIONES DIVABE SA	BARCELONA	94.8
	INDUKERN DO BRASIL QUIMICA LTDA (BRASIL)		99.98
	INDUKERN HONG KONG, S.A.
	INDUKERN PORTUGAL MP PARA INDUSTRIA LDA		100
	INDUKERN ISTAMBUL KIMYA TLS
	INDUKERNRUS LLC
	COMPASS LOGISTIC CENTER, SOCIEDAD ANONIMA, DE CV (MEXIXO)
	INDUKERN DE COLOMBIA SAS		100
	INDUKERN CHEMIE AG		100
	ALONARAN SL	BARCELONA	100
	INDUKERN DO BRASIL LTDA		99
	LOGISBER FORWARDING SL	BARCELONA	33
	INDUKERN LUXEMBOURG, SOCIEDAD ANONIMA, R.L.		100
	GAMMAPHARM AG

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	LVD BIOTECH, S.L.
	LLC INDUKERN RUS
	PREMEZCLAS DE MEXICO, SOCIEDAD ANONIMA, DE CV
	GAMMAPHARM AG
	GRUPO INDUKERN DOMINICANA, S.L.
	INDUKERN DE MEXICO, SOCIEDAD ANONIMA, DE CV
	ALONARAN SL	BARCELONA
	LOGISBER FORWARDING SL	BARCELONA
IS RELATED WITH	CORPORACION DIVABE SL	BARCELONA
	IDIFARMA DESARROLLO FARMACEUTICO SL	NAVARRA
ABSORBS TO	INDUKERN LUXEMBURGO SL	BARCELONA
	ALONARAN SL	BARCELONA
SE ESCINDE PARCIALMENTE EN	LABORATORIOS CALIER SA	BARCELONA

Turnover
Total Sales 2014	238.897.000

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2014	Normales	August  2015
2013	Consolidadas	October  2014
2013	Normales	August  2014
2012	Consolidadas	August  2013
2012	Normales	August  2013
2011	Consolidadas	December  2012
2011	Normales	December  2012
2010	Consolidadas	August  2011
2010	Normales	August  2011
2009	Consolidadas	October  2010
2009	Normales	October  2010
2008	Consolidadas	October  2009
2008	Normales	January  2010
2007	Normales	September  2008
2006	Consolidadas	October  2007
2006	Normales	October  2007
2005	Consolidadas	August  2006
2005	Normales	August  2006
2004	Consolidadas	September  2005
2004	Normales	September  2005
2003	Consolidadas	August  2004
2003	Normales	August  2004
2002	Consolidadas	August  2003
2002	Normales	August  2003
2001	Normales	August  2002
2001	Normales	August  2002
2001	Normales	August  2002
2001	Normales	August  2002
2000	Consolidadas	August  2001
2000	Normales	August  2001
1999	Normales	September  2000
1998	Normales	August  1999
1997	Normales	June  1998
1996	Normales	July  1997
1995	Normales	August  1996
1994	Normales	September  1995
1993	Normales	December  1994
1992	Normales	November  1994
1991	Normales	November  1994

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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	32.190.000,00	35.451.000,00	35.956.000,00	29.733.000,00	29.365.000,00
I. Intangible fixed assets : 11100	829.000,00	772.000,00	744.000,00	793.000,00	716.000,00
1. Development: 11110	3.000,00	12.000,00	27.000,00	45.000,00	69.000,00
2. Concessions: 11120	0,00	0,00	3.000,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	16.000,00	26.000,00	26.000,00	38.000,00	53.000,00
4. Goodwill: 11140	370.000,00	371.000,00	370.000,00	371.000,00	371.000,00
5. IT applications: 11150	440.000,00	363.000,00	318.000,00	339.000,00	223.000,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	8.029.000,00	5.757.000,00	5.077.000,00	5.158.000,00	5.139.000,00
1. Land and buildings: 11210	5.589.000,00	3.571.000,00	2.698.000,00	2.591.000,00	2.389.000,00
2. Technical installations and other tangible fixed assets: 11220	2.440.000,00	2.186.000,00	2.379.000,00	2.567.000,00	2.750.000,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	19.068.000,00	26.165.000,00	27.753.000,00	21.675.000,00	22.119.000,00
1. Equity instruments: 11410	18.228.000,00	21.230.000,00	22.134.000,00	21.640.000,00	22.094.000,00
2. Credits to businesses: 11420	0,00	4.935.000,00	5.619.000,00	35.000,00	25.000,00
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	840.000,00	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	750.000,00	750.000,00	887.000,00	866.000,00	738.000,00
1. Equity instruments: 11510	586.000,00	558.000,00	657.000,00	164.000,00	164.000,00
2. Credits to third parties : 11520	0,00	0,00	0,00	95.000,00	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	164.000,00	0,00	0,00	0,00	0,00
6. Other investments: 11560	0,00	192.000,00	230.000,00	607.000,00	574.000,00
VI. Assets for deferred tax : 11600	3.514.000,00	2.007.000,00	1.495.000,00	1.241.000,00	653.000,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	110.799.000,00	109.018.000,00	104.673.000,00	115.496.000,00	98.418.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	33.959.000,00	33.232.000,00	32.437.000,00	36.123.000,00	27.904.000,00
1. Commercial: 12210	32.266.000,00	29.781.000,00	31.492.000,00	1.220.000,00	987.000,00
2. Primary material and other supplies: 12220	0,00	0,00	-535.000,00	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	30.282.000,00	23.806.000,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	30.282.000,00	23.806.000,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	1.693.000,00	3.451.000,00	1.480.000,00	4.621.000,00	3.111.000,00
III. Trade debtors and others receivable accounts: 12300	65.093.000,00	70.357.000,00	69.034.000,00	75.025.000,00	69.176.000,00
1. Trade debtors / accounts receivable: 12310	39.704.000,00	36.640.000,00	45.088.000,00	47.493.000,00	49.216.000,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	39.704.000,00	36.640.000,00	45.088.000,00	47.493.000,00	49.216.000,00
2. Customers, Group companies and associates : 12320	24.153.000,00	31.191.000,00	22.382.000,00	26.801.000,00	16.257.000,00
3. Other accounts receivable: 12330	964.000,00	556.000,00	507.000,00	553.000,00	3.335.000,00
4. Personnel: 12340	39.000,00	853.000,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	204.000,00	1.117.000,00	1.057.000,00	178.000,00	368.000,00
6. Other debtors, including tax and social security: 12360	29.000,00	0,00	0,00	0,00	0,00
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	9.071.000,00	1.502.000,00	473.000,00	3.056.000,00	926.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	9.071.000,00	1.502.000,00	473.000,00	3.056.000,00	926.000,00
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	0,00	0,00	95.000,00	71.000,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	95.000,00	71.000,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	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	89.000,00	75.000,00	104.000,00	53.000,00	15.000,00
VII. Cash and other equivalent liquid assets : 12700	2.587.000,00	3.852.000,00	2.530.000,00	1.168.000,00	397.000,00
1. Treasury: 12710	2.587.000,00	3.852.000,00	2.530.000,00	1.168.000,00	397.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	142.989.000,00	144.469.000,00	140.629.000,00	145.229.000,00	127.783.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	33.340.000,00	32.734.000,00	30.803.000,00	27.065.000,00	25.953.000,00
A-1) Shareholders' equity: 21000	33.819.000,00	33.435.000,00	32.024.000,00	28.086.000,00	26.243.000,00
I. Capital: 21100	5.500.000,00	5.500.000,00	5.500.000,00	5.500.000,00	5.500.000,00
1. Registered capital : 21110	5.500.000,00	5.500.000,00	5.500.000,00	5.500.000,00	5.500.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	269.000,00	269.000,00	269.000,00	269.000,00	269.000,00
III. Reserves: 21300	23.957.000,00	25.277.000,00	21.317.000,00	19.579.000,00	18.624.000,00
1. Legal and statutory: 21310	1.202.000,00	1.202.000,00	1.202.000,00	1.202.000,00	1.202.000,00
2. Other reserves: 21320	22.755.000,00	24.075.000,00	20.115.000,00	18.377.000,00	17.422.000,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	4.093.000,00	2.389.000,00	4.938.000,00	2.738.000,00	1.850.000,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	-479.000,00	-701.000,00	-1.272.000,00	-1.072.000,00	-341.000,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	-479.000,00	-701.000,00	-1.272.000,00	-1.072.000,00	-341.000,00
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	51.000,00	51.000,00	51.000,00
B) NON-CURRENT LIABILITIES: 31000	12.457.000,00	16.308.000,00	17.199.000,00	7.348.000,00	9.179.000,00
I. Long-term provisions: 31100	653.000,00	445.000,00	445.000,00	445.000,00	445.000,00
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	653.000,00	445.000,00	445.000,00	445.000,00	445.000,00
II Long-term creditors: 31200	10.863.000,00	14.760.000,00	16.185.000,00	6.247.000,00	8.228.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	10.084.000,00	13.695.000,00	14.190.000,00	6.247.000,00	7.645.000,00
3. Creditors from financial leasing: 31230	0,00	47.000,00	0,00	0,00	62.000,00
4. Derivatives : 31240	0,00	1.018.000,00	1.913.000,00	0,00	521.000,00
5. Other financial liabilities : 31250	779.000,00	0,00	82.000,00	0,00	0,00
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	941.000,00	1.103.000,00	569.000,00	656.000,00	506.000,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	97.192.000,00	95.427.000,00	92.627.000,00	110.816.000,00	92.651.000,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	180.000,00	0,00	0,00	0,00	9.000,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	180.000,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	51.482.000,00	47.859.000,00	47.762.000,00	68.127.000,00	53.913.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	51.458.000,00	47.859.000,00	47.762.000,00	68.127.000,00	53.705.000,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	53.000,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	24.000,00	0,00	0,00	0,00	155.000,00
IV. Short-term debts with Group companies and associates: 32400	0,00	3.100.000,00	3.800.000,00	5.100.000,00	0,00
V. Trade creditors and other accounts payable: 32500	45.523.000,00	44.386.000,00	41.027.000,00	37.562.000,00	38.597.000,00
1. Suppliers: 32510	41.297.000,00	41.022.000,00	37.298.000,00	33.651.000,00	35.916.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	41.297.000,00	41.022.000,00	37.298.000,00	33.651.000,00	35.916.000,00
2. Suppliers, Group companies and associates: 32520	188.000,00	211.000,00	307.000,00	682.000,00	285.000,00
3. Other creditors: 32530	0,00	1.339.000,00	1.592.000,00	1.282.000,00	1.066.000,00
4. Personnel (remuneration due): 32540	1.579.000,00	1.344.000,00	1.353.000,00	1.254.000,00	997.000,00
5. Liabilities for current tax: 32550	172.000,00	470.000,00	477.000,00	693.000,00	333.000,00
6. Other accounts payable to Public Administrations.: 32560	726.000,00	0,00	0,00	0,00	0,00
7. Advances from clients: 32570	1.561.000,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	7.000,00	82.000,00	38.000,00	27.000,00	132.000,00
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	142.989.000,00	144.469.000,00	140.629.000,00	145.229.000,00	127.783.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	238.897.000,00	235.933.000,00	262.801.000,00	232.799.000,00	197.809.000,00
a) Sales: 40110	238.897.000,00	235.933.000,00	262.801.000,00	232.799.000,00	197.809.000,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-205.191.000,00	-206.448.000,00	-228.121.000,00	-203.507.000,00	-172.693.000,00
a) Stock consumption: 40410	-204.036.000,00	-206.448.000,00	-228.005.000,00	-203.447.000,00	-172.270.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	-1.155.000,00	0,00	-116.000,00	-60.000,00	-423.000,00
5. Other operating income: 40500	683.000,00	666.000,00	460.000,00	734.000,00	845.000,00
a) Auxiliary income and other from current management: 40510	670.000,00	666.000,00	442.000,00	734.000,00	845.000,00
b) Operation subsidies included in the Period's result: 40520	13.000,00	0,00	18.000,00	0,00	0,00
6. Personnel costs: 40600	-10.754.000,00	-10.275.000,00	-9.646.000,00	-9.200.000,00	-8.303.000,00
a) Wages, salaries et al.: 40610	-8.607.000,00	-8.365.000,00	-7.955.000,00	-7.764.000,00	-7.003.000,00
b) Social security costs: 40620	-2.147.000,00	-1.910.000,00	-1.691.000,00	-1.436.000,00	-1.300.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-13.679.000,00	-12.324.000,00	-14.356.000,00	-13.884.000,00	-13.460.000,00
a) External services: 40710	-13.216.000,00	-12.224.000,00	-13.270.000,00	-13.322.000,00	-12.889.000,00
b) Taxes: 40720	-128.000,00	-100.000,00	-80.000,00	-82.000,00	-118.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-335.000,00	0,00	-1.006.000,00	-480.000,00	-453.000,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-900.000,00	-876.000,00	-820.000,00	-770.000,00	-613.000,00
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	8.000,00	2.000,00	-17.000,00	-14.000,00	-204.000,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	8.000,00	2.000,00	-17.000,00	-14.000,00	-204.000,00
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	9.064.000,00	6.678.000,00	10.301.000,00	6.158.000,00	3.381.000,00
14. Financial income : 41400	447.000,00	525.000,00	586.000,00	339.000,00	236.000,00
a) Of shares in equity instruments : 41410	12.000,00	35.000,00	19.000,00	17.000,00	44.000,00
a 1) In Group companies and associates: 41411	12.000,00	35.000,00	19.000,00	17.000,00	44.000,00
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	435.000,00	490.000,00	567.000,00	322.000,00	192.000,00
b 1) From Group companies and associates : 41421	70.000,00	31.000,00	240.000,00	303.000,00	148.000,00
b 2) From third parties : 41422	365.000,00	459.000,00	327.000,00	19.000,00	44.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-4.249.000,00	-4.276.000,00	-4.492.000,00	-2.707.000,00	-1.322.000,00
a) Amounts owed to Group companies and associates : 41510	-4.249.000,00	-199.000,00	-1.713.000,00	-205.000,00	0,00
b) For debts with third parties : 41520	0,00	-4.077.000,00	-2.779.000,00	-2.502.000,00	-1.322.000,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	29.000,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	29.000,00	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	-13.000,00	278.000,00	348.000,00	-1.000,00	-50.000,00
18. Impairment and result for transfers of financial instruments: 41800	-42.000,00	-199.000,00	-1.713.000,00	-216.000,00	232.000,00
a) Impairment and losses : 41810	-42.000,00	-199.000,00	-1.713.000,00	-216.000,00	232.000,00
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	-3.857.000,00	-3.643.000,00	-5.271.000,00	-2.585.000,00	-904.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	5.207.000,00	3.035.000,00	5.030.000,00	3.573.000,00	2.477.000,00
20. Income taxes: 41900	-1.114.000,00	-646.000,00	-92.000,00	-835.000,00	-627.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	4.093.000,00	2.389.000,00	4.938.000,00	2.738.000,00	1.850.000,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	4.093.000,00	2.389.000,00	4.938.000,00	2.738.000,00	1.850.000,00

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. 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:	28.676.000,00	33.444.000,00	34.461.000,00	28.492.000,00	28.712.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	829.000,00	772.000,00	744.000,00	793.000,00	716.000,00
1. Research and development costs:	3.000,00	12.000,00	27.000,00	45.000,00	69.000,00
2. Concessions, patents, licences, trademarks et al.:	16.000,00	26.000,00	29.000,00	38.000,00	53.000,00
3. Goodwill:	370.000,00	371.000,00	370.000,00	371.000,00	371.000,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	440.000,00	363.000,00	318.000,00	339.000,00	223.000,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	8.029.000,00	5.757.000,00	5.077.000,00	5.158.000,00	5.139.000,00
1. Land and construction:	5.589.000,00	3.571.000,00	2.698.000,00	2.591.000,00	2.389.000,00
2. Technical installations and machinery:	2.129.159,00	1.907.517,00	2.075.930,00	2.239.980,00	2.399.667,00
3. Other installations, tools and furniture:	67.576,00	60.542,00	65.887,00	71.094,00	76.162,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	243.265,00	217.941,00	237.183,00	255.926,00	274.171,00
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:	19.818.000,00	26.915.000,00	28.640.000,00	22.541.000,00	22.857.000,00
1. Equity investments in group companies:	18.239.340,00	21.243.208,00	22.147.770,00	21.653.463,00	22.107.745,00
2. Receivables from group companies:	0,00	4.935.000,00	5.619.000,00	35.000,00	25.000,00
3. Equity investment in associated companies:	-11.340,00	-13.208,00	-13.770,00	-13.463,00	-13.745,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	586.000,00	558.000,00	657.000,00	164.000,00	164.000,00
6. Other receivables:	0,00	192.000,00	230.000,00	702.000,00	574.000,00
7. Long term guarantees and deposits:	1.004.000,00	0,00	0,00	0,00	0,00
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:	114.313.000,00	111.025.000,00	106.168.000,00	116.737.000,00	99.071.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	33.959.000,00	33.232.000,00	32.437.000,00	36.123.000,00	27.904.000,00
1. Goods for resale:	32.266.000,00	29.781.000,00	31.492.000,00	1.220.000,00	987.000,00
2. Raw materials and other consumables:	0,00	0,00	-535.000,00	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	30.282.000,00	23.806.000,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	1.693.000,00	3.451.000,00	1.480.000,00	4.621.000,00	3.111.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	68.607.000,00	72.364.000,00	70.529.000,00	76.266.000,00	69.829.000,00
1. Trade debtors / accounts receivable:	39.704.000,00	36.640.000,00	45.088.000,00	47.493.000,00	49.216.000,00
2. Accounts receivable, Group companies:	24.153.000,00	31.191.000,00	22.382.000,00	26.801.000,00	16.257.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	964.000,00	556.000,00	507.000,00	553.000,00	3.335.000,00
5. Staff:	39.000,00	853.000,00	0,00	0,00	0,00
6. Public bodies:	3.747.000,00	3.124.000,00	2.552.000,00	1.419.000,00	1.021.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	9.071.000,00	1.502.000,00	568.000,00	3.127.000,00	926.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	9.071.000,00	1.502.000,00	473.000,00	3.056.000,00	926.000,00
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:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	95.000,00	71.000,00	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:	2.587.000,00	3.852.000,00	2.530.000,00	1.168.000,00	397.000,00
VII. Prepayments and accrued income:	89.000,00	75.000,00	104.000,00	53.000,00	15.000,00
GENERAL TOTAL (A + B + C + D):	142.989.000,00	144.469.000,00	140.629.000,00	145.229.000,00	127.783.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	33.340.000,00	33.752.000,00	32.680.300,00	27.029.300,00	26.438.300,00
I. Subscribed capital:	5.500.000,00	5.500.000,00	5.500.000,00	5.500.000,00	5.500.000,00
II. Share premium:	269.000,00	269.000,00	269.000,00	269.000,00	269.000,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	23.478.000,00	25.594.000,00	21.973.300,00	18.522.300,00	18.819.300,00
1. Legal reserve:	1.202.000,00	1.202.000,00	1.202.000,00	1.202.000,00	1.202.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	22.276.000,00	24.392.000,00	20.771.300,00	17.320.300,00	17.617.300,00
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:	4.093.000,00	2.389.000,00	4.938.000,00	2.738.000,00	1.850.000,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	35.700,00	35.700,00	35.700,00
1. Capital grants:	0,00	0,00	35.700,00	35.700,00	35.700,00
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:	653.000,00	445.000,00	445.000,00	445.000,00	445.000,00
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:	653.000,00	445.000,00	445.000,00	445.000,00	445.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	11.804.000,00	14.845.000,00	14.841.000,00	6.903.000,00	8.213.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	10.084.000,00	13.742.000,00	14.190.000,00	6.247.000,00	7.707.000,00
1. Loans and other liabilities:	10.084.000,00	13.695.000,00	14.190.000,00	6.247.000,00	7.645.000,00
2. Long-term liabilities from capital leases:	0,00	47.000,00	0,00	0,00	62.000,00
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:	1.720.000,00	1.103.000,00	651.000,00	656.000,00	506.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	779.000,00	0,00	82.000,00	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:	941.000,00	1.103.000,00	569.000,00	656.000,00	506.000,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	97.012.000,00	95.427.000,00	92.627.000,00	110.816.000,00	92.642.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	51.458.000,00	47.859.000,00	47.762.000,00	68.127.000,00	53.758.000,00
1. Loans and other liabilities:	51.458.000,00	47.859.000,00	47.762.000,00	68.127.000,00	53.705.000,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	53.000,00
III. Short-term amounts owed to group and associated companies:	188.000,00	3.311.000,00	4.107.000,00	5.782.000,00	285.000,00
1. Amounts owed to group companies:	188.000,00	3.311.000,00	4.107.000,00	5.782.000,00	285.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	42.858.000,00	42.361.000,00	38.890.000,00	34.933.000,00	36.982.000,00
1. Advanced payments from customers:	1.561.000,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	41.297.000,00	42.361.000,00	38.890.000,00	34.933.000,00	36.982.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	2.501.000,00	1.814.000,00	1.830.000,00	1.947.000,00	1.485.000,00
1. Public bodies:	898.000,00	470.000,00	477.000,00	693.000,00	333.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	24.000,00	0,00	0,00	0,00	155.000,00
4. Wages and salaries payable:	1.579.000,00	1.344.000,00	1.353.000,00	1.254.000,00	997.000,00
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:	7.000,00	82.000,00	38.000,00	27.000,00	132.000,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	180.000,00	0,00	0,00	0,00	9.000,00
GENERAL TOTAL (A + B + C + D + E + F):	142.989.000,00	144.469.000,00	140.629.000,00	145.229.000,00	127.783.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	235.942.000,00	235.044.000,00	259.257.000,00	231.134.000,00	197.040.000,00
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:	204.036.000,00	206.448.000,00	228.005.000,00	203.447.000,00	172.270.000,00
a) Stock consumption:	204.036.000,00	206.448.000,00	228.005.000,00	203.447.000,00	172.270.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	10.754.000,00	10.275.000,00	9.646.000,00	9.200.000,00	8.303.000,00
a) Wages, salaries et al.:	8.607.000,00	8.365.000,00	7.955.000,00	7.764.000,00	7.003.000,00
b) Social security costs:	2.147.000,00	1.910.000,00	1.691.000,00	1.436.000,00	1.300.000,00
A.4. Depreciation expense:	900.000,00	876.000,00	820.000,00	770.000,00	613.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	1.490.000,00	0,00	1.122.000,00	540.000,00	876.000,00
a) Stock provision variation:	1.155.000,00	0,00	116.000,00	60.000,00	423.000,00
b) Variation in provision and bad debt losses:	0,00	0,00	1.006.000,00	480.000,00	453.000,00
c) Variation of other trade provisions:	335.000,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	13.344.000,00	12.324.000,00	13.350.000,00	13.404.000,00	13.007.000,00
a) External services:	13.216.000,00	12.224.000,00	13.270.000,00	13.322.000,00	12.889.000,00
b) Taxes:	128.000,00	100.000,00	80.000,00	82.000,00	118.000,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	9.056.000,00	6.676.000,00	10.318.000,00	6.172.000,00	3.585.000,00
A.7. Financial and similar charges:	4.249.000,00	4.276.000,00	4.492.000,00	2.707.000,00	1.322.000,00
a) Due to liabilities with companies of the group:	4.249.000,00	199.000,00	1.713.000,00	205.000,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	0,00	4.077.000,00	2.779.000,00	2.502.000,00	1.322.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	42.000,00	199.000,00	1.713.000,00	216.000,00	-232.000,00
A.9. Exchange losses:	13.000,00	0,00	0,00	1.000,00	50.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	5.199.000,00	3.033.000,00	5.047.000,00	3.587.000,00	2.681.000,00
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	17.000,00	14.000,00	204.000,00
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):	8.000,00	2.000,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	5.207.000,00	3.035.000,00	5.030.000,00	3.573.000,00	2.477.000,00
A.15. Corporation tax:	1.114.000,00	646.000,00	92.000,00	835.000,00	627.000,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	4.093.000,00	2.389.000,00	4.938.000,00	2.738.000,00	1.850.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	240.035.000,00	237.433.000,00	264.195.000,00	233.872.000,00	198.890.000,00
B.1. Net total sales:	238.897.000,00	235.933.000,00	262.801.000,00	232.799.000,00	197.809.000,00
a) Sales:	238.897.000,00	235.933.000,00	262.801.000,00	232.799.000,00	197.809.000,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	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:	683.000,00	666.000,00	460.000,00	734.000,00	845.000,00
a) Auxiliary income and other from current management:	670.000,00	666.000,00	442.000,00	734.000,00	845.000,00
b) Grants:	13.000,00	0,00	18.000,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	12.000,00	35.000,00	19.000,00	17.000,00	44.000,00
a) In companies of the group:	12.000,00	35.000,00	19.000,00	17.000,00	44.000,00
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:	435.000,00	519.000,00	567.000,00	322.000,00	192.000,00
a) From companies of the group:	70.000,00	31.000,00	240.000,00	303.000,00	148.000,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	365.000,00	459.000,00	327.000,00	19.000,00	44.000,00
d) Profit on financial investment:	0,00	29.000,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	278.000,00	348.000,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	3.857.000,00	3.643.000,00	5.271.000,00	2.585.000,00	904.000,00
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:	8.000,00	2.000,00	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	0,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	17.000,00	14.000,00	204.000,00
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	5.183.000,00	3.034.000,00	5.030.000,00	3.573.000,00	2.477.000,00
2. Results adjustments.: 61200	6.729.000,00	5.667.000,00	7.868.000,00	3.358.000,00	1.952.000,00
a) Fixed Assets Amortization (+).: 61201	900.000,00	876.000,00	820.000,00	770.000,00	613.000,00
b) Obsolescence Allowances (+/-). : 61202	1.605.000,00	843.000,00	1.412.000,00	818.000,00	876.000,00
c) Variation in Provision (+/-). : 61203	388.000,00	0,00	0,00	-9.000,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	-8.000,00	-2.000,00	17.000,00	14.000,00	204.000,00
f) Results on disposal of financial instruments (+/-).: 61206	42.000,00	199.000,00	1.713.000,00	216.000,00	-232.000,00
g) Financial income (-).: 61207	-447.000,00	-525.000,00	-586.000,00	-339.000,00	-236.000,00
h) Financial Expenses (+). : 61208	4.249.000,00	4.276.000,00	4.492.000,00	2.707.000,00	1.322.000,00
k) Other income and expense (-/+). : 61211	0,00	0,00	0,00	-819.000,00	-595.000,00
3. Changes in current capital equity.: 61300	1.555.000,00	1.672.000,00	8.077.000,00	-16.358.000,00	-24.259.000,00
a) Stock (+/-).: 61301	-1.997.000,00	-1.538.000,00	3.280.000,00	-8.557.000,00	-17.076.000,00
d) Debtors and other accounts receivable (+/-). : 61302	3.041.000,00	-974.000,00	1.060.000,00	-6.623.000,00	-12.009.000,00
c) Other current assets (+/-). : 61303	-61.000,00	-249.000,00	-51.000,00	-38.000,00	-6.000,00
d) Creditors and other accounts payable (+/-). : 61304	447.000,00	4.389.000,00	3.777.000,00	-1.035.000,00	4.714.000,00
e) Other current liabilities (+/-).: 61305	125.000,00	44.000,00	11.000,00	-105.000,00	118.000,00
4. Other cash flows for operating activities.: 61400	-4.341.000,00	-4.324.000,00	-640.000,00	-2.193.000,00	-449.000,00
a) Interest payments (-). : 61401	-4.034.000,00	-4.276.000,00	-4.492.000,00	-2.707.000,00	-1.179.000,00
b) Dividend payment collection (+). : 61402	1.888.000,00	6.000,00	19.000,00	17.000,00	41.000,00
c) Interest collection (+). : 61403	447.000,00	449.000,00	567.000,00	322.000,00	196.000,00
d) Income tax payment collection (payments) (+/-).: 61404	-2.642.000,00	-1.017.000,00	-1.562.000,00	-644.000,00	-102.000,00
e) Other payments (payment collection) (-/+) : 61405	0,00	514.000,00	4.828.000,00	819.000,00	595.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	9.126.000,00	6.049.000,00	20.335.000,00	-11.620.000,00	-20.279.000,00
6. Payments for investment (-).: 62100	-11.810.000,00	-2.398.000,00	-5.963.000,00	-3.148.000,00	-2.758.000,00
a) Companies of the group and affiliates. : 62101	-9.855.000,00	-266.000,00	-5.208.000,00	-2.230.000,00	0,00
b) Intangible fixed assets. : 62102	-306.000,00	-1.316.000,00	-165.000,00	-277.000,00	-235.000,00
c) Fixed assets. : 62103	-1.649.000,00	-816.000,00	-545.000,00	-608.000,00	-1.663.000,00
e) Other financial assets. : 62105	0,00	0,00	-45.000,00	-33.000,00	-35.000,00
h) Other assets. : 62108	0,00	0,00	0,00	0,00	-825.000,00
7. Divestment payment collection (+). : 62200	6.350.000,00	240.000,00	3.000,00	166.000,00	1.860.000,00
a) Companies of the group and affiliates. : 62201	6.342.000,00	103.000,00	3.000,00	161.000,00	0,00
c) Fixed assets. : 62203	8.000,00	0,00	0,00	5.000,00	174.000,00
e) Other financial assets. : 62205	0,00	137.000,00	0,00	0,00	208.000,00
h) Other assets. : 62208	0,00	0,00	0,00	0,00	1.478.000,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-5.460.000,00	-2.158.000,00	-5.960.000,00	-2.982.000,00	-898.000,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-3.243.000,00	-2.028.000,00	-12.013.000,00	16.268.000,00	21.860.000,00
a) Issuance : 63201	16.570.000,00	46.434.000,00	57.414.000,00	73.227.000,00	61.453.000,00
2. Debts incurred with credit institutions (+). : 63203	16.570.000,00	46.434.000,00	57.414.000,00	68.127.000,00	61.453.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	0,00	5.100.000,00	0,00
b) Repayment and amortization of : 63207	-19.813.000,00	-48.462.000,00	-69.427.000,00	-56.959.000,00	-39.593.000,00
2. Debts incurred with credit institutions (-).: 63209	-16.713.000,00	-47.762.000,00	-68.127.000,00	-56.959.000,00	-39.593.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-3.100.000,00	-700.000,00	-1.300.000,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-414.000,00	-1.187.000,00	-1.000.000,00	-895.000,00	-563.000,00
a) Dividends (-).: 63301	-414.000,00	-700.000,00	-1.000.000,00	-895.000,00	-563.000,00
b) Remuneration from other assets instruments (-).: 63302	0,00	-487.000,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-3.657.000,00	-3.215.000,00	-13.013.000,00	15.373.000,00	21.297.000,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-1.274.000,00	646.000,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-1.265.000,00	1.322.000,00	1.362.000,00	771.000,00	120.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	3.852.000,00	2.530.000,00	1.168.000,00	397.000,00	277.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	2.587.000,00	3.852.000,00	2.530.000,00	1.168.000,00	397.000,00

FINANCIAL DIAGNOSIS

 > Economic-Financial Comparative Analysis

 Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	-0,01 %	0,04 %	0,01 %	0,01 %	-194,50 %	228,56 %
EBITDA over Sales:	4,17 %	11,93 %	3,20 %	11,52 %	30,20 %	3,49 %
Cash Flow Yield:	-0,01 %	0,02 %	0,01 %	0,01 %	-196,68 %	271,21 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	7,94 %	8,68 %	5,75 %	7,04 %	38,05 %	23,38 %
Total economic profitability:	6,61 %	5,12 %	5,06 %	3,70 %	30,68 %	38,14 %
Financial profitability:	12,10 %	7,87 %	7,15 %	4,06 %	69,38 %	93,91 %
Margin:	3,78 %	7,44 %	2,82 %	6,87 %	34,04 %	8,24 %
Mark-up:	2,17 %	6,96 %	1,28 %	4,52 %	69,43 %	54,08 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,03	0,14	0,04	0,13	-33,94	7,37
Acid Test:	0,79	0,89	0,79	0,87	-0,28	2,79
Working Capital / Investment:	0,10	0,03	0,09	0,05	1,15	-35,62
Solvency:	1,18	1,22	1,16	1,18	1,28	3,88

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	3,16	1,31	3,28	1,38	-3,90	-5,60
Borrowing Composition:	0,12	1,12	0,17	1,00	-26,80	11,44
Repayment Ability:	-86,02	26,02	84,18	98,92	-202,18	-73,70
Warranty:	1,31	1,77	1,30	1,73	1,23	2,41
Generated resources / Total creditors:	0,06	0,09	0,03	0,08	82,76	8,07

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,93	1,99	1,73	1,86	11,00	6,93
Turnover of Collection Rights :	3,68	5,40	3,36	4,99	9,45	8,28
Turnover of Payment Entitlements:	4,81	3,82	4,93	3,62	-2,45	5,54
Stock rotation:	6,79	8,39	6,92	7,32	-1,89	14,58
Assets turnover:	2,10	1,17	2,04	1,02	2,99	13,99
Borrowing Cost:	3,90	2,89	3,84	2,88	1,63	0,25

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

Cash Flow	2014	2013	2012	2011	2010
Cash Flow over Sales:	-0,01 %	0,01 %	0,01 %	0,00 %	0,00 %
EBITDA over Sales:	4,17 %	3,20 %	4,24 %	2,98 %	2,12 %
Cash Flow Yield:	-0,01 %	0,01 %	0,01 %	0,01 %	0,00 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	7,94 %	5,75 %	9,25 %	5,15 %	3,25 %
Total economic profitability:	6,61 %	5,06 %	6,77 %	4,32 %	2,97 %
Financial profitability:	12,10 %	7,15 %	15,42 %	9,75 %	7,05 %
Margin:	3,78 %	2,82 %	3,91 %	2,64 %	1,70 %
Mark-up:	2,17 %	1,28 %	1,91 %	1,53 %	1,25 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,03	0,04	0,03	0,01	0,00
Acid Test:	0,79	0,79	0,78	0,72	0,76
Working Capital / Investment:	0,10	0,09	0,09	0,03	0,05
Solvency:	1,18	1,16	1,15	1,05	1,07

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	3,16	3,28	3,36	4,12	3,79
Borrowing Composition:	0,12	0,17	0,18	0,06	0,09
Repayment Ability:	-86,02	84,18	80,31	152,68	844,80
Warranty:	1,31	1,30	1,29	1,23	1,26
Generated resources / Total creditors:	0,06	0,03	0,07	0,03	0,03

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,93	1,73	2,15	1,75	1,51
Turnover of Collection Rights :	3,68	3,36	3,81	3,11	2,87
Turnover of Payment Entitlements:	4,81	4,93	5,91	5,79	4,82
Stock rotation:	6,79	6,92	7,80	6,29	6,99
Assets turnover:	2,10	2,04	2,36	1,95	1,91
Borrowing Cost:	3,90	3,84	4,11	2,30	1,30

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

Levante-emv.com	02/07/2015
El Grupo Indukern invierte 1,4 millones en comprar el suelo de su planta en Paterna
Companies related

Public Tenders and Works Won

Organisation that calls the tender:

INSPECCION GENERAL DE SANIDAD DEL MINISTERIO DE DEFENSA

Objective of Tender:

Suministro de productos químicos, principios activos y excipientes para la elaboración de productos farmacéuticos.

Date Awarded:

18/10/2011

Cost:

13.277,68 EURO.

Organisation that calls the tender:

CENTRO MILITAR DE FARMACIA DE LA DEFENSA

Objective of Tender:

ADQUISICION DE 5 325 KG FOSFATO DICALCICO DIHIDRATADO, 4 100 KG PARACETAMOL POLVO DENSO, 7 000 KG GLICERINA BIDESTILADA, 575 KG REPELENTE 3535, 3 264 KG SORBITOL 70 LIQUIDO

Date Awarded:

18/07/2010

Cost:

11.519,04 EURO.

Organisation that calls the tender:

DIRECCION GENERAL DE SOSTENIBILIDAD DE LA COSTA Y DEL MAR DEL MINISTERIO DE MEDIO AMBIENTE Y MEDIO RURAL Y MARINO

Objective of Tender:

12 800 000 U CAPSULAS GELATINA N 0 GRANATE

Date Awarded:

24/07/2009

Cost:

21.000,00 EURO.

Organisation that calls the tender:

EMPRESA METROPOLITANA DE SANEJAMENT SA

Objective of Tender:

Suministro de hidróxido sódico (solución) para diferentes instalaciones de aguas residuales en el área metropolitana de Barcelona

Date Awarded:

02/07/2007

Cost:

Importe compartido entre distintos Contratistas

Organisation that calls the tender:

EMPRESA METROPOLITANA DE SANEJAMENT SA

Objective of Tender:

Suministros de hipoclorito sódico para depuradoras de aguas residuales en el área metropolitana de Barcelona (Concurso Hipoclorito Sódico de Septiembre de 2005)

Date Awarded:

22/12/2005

Organisation that calls the tender:

EMPRESA METROPOLITANA DE SANEJAMENT SA

Objective of Tender:

SUMINISTRO DE HIPOCLORITO SODICO PARA DEPURADORAS DE AGUAS RESIDUALES EN EL AREA METROPOLITANA DE BARCELONA

Date Awarded:

22/12/2005

Cost:

Abierto dependiendo de los suministros efectuados.

Organisation that calls the tender:

EMPRESA METROPOLITANA DE SANEJAMENT SA

Objective of Tender:

Suministros de hipoclorito sódico para depuradoras de aguas residuales en el área metropolitana de Barcelona (concurso hipoclorito sódico de marzo de 2004).

Date Awarded:

22/07/2004

Organisation that calls the tender:

EMPRESA METROPOLITANA DE SANEJAMENT SA

Objective of Tender:

HIPOCLORITO SODICO, CLORURO FERRICO, HIDROXIDO SODICO, NITRATO CALCICO Y POLIELECTROLITO

Date Awarded:

22/07/2004

Cost:

ver importe de adjudicacion segun lote en la imagen.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	51.000,00
Notes	Corresponde a una serie de subvenciones de diferentes organismos oficiales, las cuales forman parte del Patrimonio Neto.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	72.787,00
Notes	Subvenciones por inversiones efectuadas en suelo industrial.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	116.458,00

Research Summary

It presents a positive working fund, and for this reason, the company is capable of complying with its short time payment obligations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.75
UK Pound	1	Rs.100.68
Euro	1	Rs.70.88
EUR	1	Rs.70.69

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	ANK

RATING EXPLANATIONS

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

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

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

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

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

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