MIRA INFORM REPORT

Report No. :	345444
Report Date :	19.10.2015

IDENTIFICATION DETAILS

Name :	UNION QUIMICO FARMACEUTICA SA
Registered Office :	Mallorca, 262 - Barcelona - 08008 - Barcelona
Country :	Spain
Financials (as on) :	2014
Date of Incorporation :	26.12.1966
Legal Form :	Public Company
Line of Business :	Manufacture, Buying and Selling, Supply and Distribution of Chemical Products, As Well As Pharmaceutical, Veterinarian and Animal Feeding.
No. of Employees :	300

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:	UNION QUIMICO FARMACEUTICA SA
NIF / Fiscal code:	A08036774
Status:	ACTIVE
Incorporation Date:	26/12/1966
Register Data	Register Section 8 Sheet 61992
Last Publication in BORME:	31/07/2015 [Appointments]
Last Published Account Deposit:	2014
Share Capital:	3.068.695,56
Localization:	Mallorca, 262 - Barcelona - 08008 - Barcelona
Telephone - Fax - Email - Website:	Telephone. 932 153 148 Email. jmdesvalls@uquifa.com Website. www.uquifa.com
Activity:
NACE:	2110 - Manufacture of basic pharmaceutical products
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	1 for a total cost of 11000
Quality Certificate:	No
Payment Behaviour:	According to the agreed terms
Prospects:	Consolidation
Industry situation:	Maturity
Defaults, Legal Claims and Insolvency Proceedings :

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Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---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Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners

VIVIMED LABS SPAIN SL	100 %
Shares:	2
Other Links:	2
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
This company was incorporated many years ago, which provides it a lot of experience in the sector of the activity it carries out. It enjoys a good reputation among the sources consulted. It meets payment commitments on a normal basis.

Enquiry Details
Business address regime:	Alquiler

Identification
Social Denomination:	UNION QUIMICO FARMACEUTICA SA
NIF / Fiscal code:	A08036774
Corporate Status:	ACTIVE
Start of activity:	1936
Registered Office:	MALLORCA, 262
Locality:	BARCELONA
Province:	BARCELONA
Postal Code:	08008
Telephone:	932 153 148
Fax:	934 880 491
Website:	www.uquifa.com
Email:	jmdesvalls@uquifa.com

Activity
NACE:	2110
CNAE Obtaining Source:	2110
Legal Form:	MANUFACTURE, BUYING AND SELLING, SUPPLY AND DISTRIBUTION OF CHEMICAL PRODUCTS, AS WELL AS PHARMACEUTICAL, VETERINARIAN AND ANIMAL FEEDING.
Additional Information:	It''s engaged in the manufacture and distribution of chemical, veterinarian and pharmaceutical products. Uquifa is a manufacturer of active pharmaceutical ingredients (API) and intermediate products for the pharmaceutical industry. It has 3 production plants. 2 in Spain and one in Mexico, which operate under cGMP''s terms; they have been under inspection and approved by the main pharmaceutical companies and the regulatory authorities, USA included. FDA.
Additional Address:	Registered office and offices C/ MALLORCA, 262 08008 BARCELONA ,
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2015	300

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 (2) Cessations/ Resignations/ Reversals (1)
	1991	Accounts deposit (year 1989) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (4)
	1992	Accounts deposit (year 1990, 1991) Adaptation to Law (1) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)
	1993	Accounts deposit (year 1992) Appointments/ Re-elections (1) Take-over Merger (1)
	1994	Accounts deposit (year 1993) Cessations/ Resignations/ Reversals (1) Take-over Merger (1)
	1995	Accounts deposit (year 1994) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	1996	Accounts deposit (year 1995) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)
	1997	Accounts deposit (year 1996) Appointments/ Re-elections (1) Board Meeting (2) Cessations/ Resignations/ Reversals (1)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (3) Board Meeting (2) Cessations/ Resignations/ Reversals (1)
	1999	Accounts deposit (year 1998) Board Meeting (1)
	2000	Appointments/ Re-elections (4) Board Meeting (2) Cessations/ Resignations/ Reversals (2)
	2001	Accounts deposit (year 1999, 2000) Appointments/ Re-elections (3) Change of Social Purpose (1) Other Concepts/ Events (1)
	2002	Accounts deposit (year 2001) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (2) Loss of the sole propietorship condition (2) Other Concepts/ Events (2)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (1)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
	2006	Accounts deposit (year 2005) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Correction (2)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (2)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (2)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (1)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (2) Statutory Modifications (1)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (1)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)

Breakdown of Owners' Equity
Registered Capital:	3.068.695,56
Paid up capital:	3.068.695,56

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
09/10/1992	Increase of Capital	504.850	504.850	2.608.393	2.608.393
01/02/1996	Increase of Capital	460.303	460.303	3.068.696	3.068.696

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	VIVIMED LABS SPAIN SL	28/12/2011	1
PRESIDENT	SANTOSH VARALWAR	28/12/2011	2
VICE CHAIRMAN	MARK IAN ROBBINS	06/10/2005	20
MEMBER OF THE BOARD	MARK IAN ROBBINS	24/07/2015	20
	SAURABH GURNURKAR	18/03/2014	1
	SUBRAMAYAN VISHAR VASUDEVA	20/02/2012	1
	SANDEEP VARALWAR	28/12/2011	1
	SANTOSH VARALWAR	28/12/2011	2
	PEAGRAM MICHAEL JOHN	12/12/1991	3
	HARNETT JOHN ARTHUR	12/12/1991	1
	ROBBINS MARK IAN	12/12/1991	1
COMBINED PROXY	RENE MAHADEVA MORROS	02/03/2015	1
	MAHADEVA MORROS RENE	02/03/2015	1
PROXY	MARK IAN ROBBINS	20/03/2002	20
	VALLE PARDEIRO PILAR	20/03/2002	2
	CASTRILLO SANCHEZ MARIA ISABEL	20/03/2002	3
CHIEF EXECUTIVE OFFICER	MARK IAN ROBBINS	24/07/2015	20
NON CONSELLOR SECRETARY	RODRIGUEZ SANCHEZ SUSANA	03/06/2015	1
NON CONSELLOR ASSISTANT SECRETARY	RODRIGUEZ TITOS DIEGO	03/06/2015	1
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	18/11/2013	8
	ARTHUR ANDERSEN SL	31/07/2003	3
	ARTHUR ANDERSEN Y CIA S COM	04/10/2001	5

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AGUILAR CANOSA SANTIAGO	MEMBER OF THE BOARD	19/09/1998	2
	MEMBER OF THE BOARD	20/03/2000
ALEXANDER WALKER	MEMBER OF THE BOARD	08/10/2003	4
	PRESIDENT	08/10/2003
	PRESIDENT	10/11/2006
	MEMBER OF THE BOARD	10/11/2006
ALISTAIR SWANSON	PROXY	02/03/2015	1
ALLISTER PATRICK MCLEISH	MEMBER OF THE BOARD	02/09/2000	1
ALSINA ALVAREZ JOSE LUIS	PROXY	17/05/1990	7
	PROXY	22/07/1997
	PROXY	14/05/2001
	PROXY	20/03/2002
	PROXY	10/10/2003
	PROXY	02/03/2015
	NON CONSELLOR ASSISTANT SECRETARY	03/06/2015
ANDREW DAVID BURNETT	MEMBER OF THE BOARD	08/10/2003	3
	MEMBER OF THE BOARD	30/07/2008
	MEMBER OF THE BOARD	28/12/2011
ARTHUR ANDERSEN SL	ACCOUNTS' AUDITOR / HOLDER	16/09/2004	3
	ACCOUNTS' AUDITOR / HOLDER	31/07/2003
ARTHUR ANDERSEN Y CIA S COM	ACCOUNTS' AUDITOR / HOLDER	07/08/2002	5
	ACCOUNTS' AUDITOR / HOLDER	30/10/2000
	ACCOUNTS' AUDITOR / HOLDER	21/08/2000
	ACCOUNTS' AUDITOR / HOLDER	04/10/2001
CARRERAS SERRA NARCISO	MEMBER OF THE BOARD	12/12/1991	1
CASTRILLO SANCHEZ ISABEL	PROXY	17/05/1990	1
CASTRILLO SANCHEZ MARIA ISABEL	PROXY	14/05/2001	3
	PROXY	20/03/2002
COLLADO ARMENGOL ALBERTO	NON CONSELLOR SECRETARY	05/01/1995	1
DE QUEROL PEDROL ENRIQUE MANUEL	PROXY	17/06/1991	4
	PROXY	17/05/1990
	PROXY	20/03/2002
	PROXY	14/05/2001
DELOITTE AND TOUCHE ESPAÑA SL	ACCOUNTS' AUDITOR / HOLDER	06/10/2005	1
DELOITTE S L	ACCOUNTS' AUDITOR / HOLDER	23/08/2007	1
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	22/08/2006	8
	ACCOUNTS' AUDITOR / HOLDER	14/08/2008
	ACCOUNTS' AUDITOR / HOLDER	03/01/2013
	ACCOUNTS' AUDITOR / HOLDER	18/11/2013
	ACCOUNTS' AUDITOR / HOLDER	15/09/2009
	ACCOUNTS' AUDITOR / HOLDER	21/09/2010
	ACCOUNTS' AUDITOR / HOLDER	09/09/2011
DESVALLS PINEDA JUAN MANUEL	PROXY	27/02/2009	3
	PROXY	10/10/2003
	PROXY	20/03/2002
DORIA TOLLE CLAUDIO	VICE SECRETARY	05/01/1995	1
ESCALZA GOMEZ AGUSTIN	MEMBER OF THE BOARD	12/12/1991	2
	SECRETARY	12/12/1991
GRAHAM HOWARD WALKER	MEMBER OF THE BOARD	10/11/1998	1
JOHN ARTHUR HARNETT	MEMBER OF THE BOARD	11/11/1996	1
LOPEZ MOLINA ISIDRO	MEMBER OF THE BOARD	12/12/1991	3
	PROXY	02/03/1994
	PRESIDENT	12/12/1991
MARK IAN ROBBINS	MEMBER OF THE BOARD	27/04/2001	20
	MEMBER OF THE BOARD	25/07/2005
	MEMBER OF THE BOARD	24/07/2015
	PROXY	20/03/2002
	CHIEF EXECUTIVE OFFICER	04/10/1995
	VICE CHAIRMAN	04/10/1995
	VICE CHAIRMAN	10/11/1998
	VICE CHAIRMAN	27/04/2001
	CHIEF EXECUTIVE OFFICER	27/04/2001
	CHIEF EXECUTIVE OFFICER	24/07/2015
	CHIEF EXECUTIVE OFFICER	25/07/2005
	VICE CHAIRMAN	25/07/2005
	VICE SECRETARY	10/11/2006
	CHIEF EXECUTIVE OFFICER	07/09/2010
	PRESIDENT	07/09/2010
	PRESIDENT	28/12/2011
MICHAEL JOHN PEAGRAM	MEMBER OF THE BOARD	10/11/1998	3
	PRESIDENT	10/11/1998
	MEMBER OF THE BOARD	04/10/1995
MURIO PUJOL MERCEDES	PROXY	20/03/2002	5
	PROXY	14/05/2001
	PROXY	10/10/2003
	PROXY	03/06/2015
	NON CONSELLOR SECRETARY	03/06/2015
PANDO LOPEZ MIGUEL ANGEL	NON CONSELLOR SECRETARY	09/10/1992	1
PEAGRAM MICHAEL JOHN	MEMBER OF THE BOARD	12/12/1991	3
	PRESIDENT	04/10/1995
RICHARD ATKINSON	MEMBER OF THE BOARD	25/07/2005	3
	MEMBER OF THE BOARD	28/12/2011
	MEMBER OF THE BOARD	07/09/2010
SANCHEZ IZQUIERDO JOSE LUIS	MEMBER OF THE BOARD	12/12/1991	1
SEAN VINCENT CUMMINS	MEMBER OF THE BOARD	25/07/2005	2
	MEMBER OF THE BOARD	05/06/2007
TEMPLEFIELDS 510	SINGLE PARTNER	27/02/2003	1
VALLE PARDEIRO PILAR	PROXY	20/03/2002	2
YULE CATTO -SPAIN- SL	SINGLE PARTNER	28/12/2011	1
YULE CATTO INTERNATIONAL LTD	SINGLE PARTNER	10/03/2003	1
YULE CATTO NEDELAND	SINGLE PARTNER	27/02/2003	1

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

Positive Factors

Adverse Factors

No irregular payment performance has been detected based on information obtained from credit bureaus. It is one of the major domestic companies in terms of sales volume. Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure. UNION QUIMICO FARMACEUTICA SA 's borrowing cost is appropriate according to its volume of external financing sources. 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.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.245 %

Sector in which comparison is carried out: 211 Manufacture of basic pharmaceutical products
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 96.00% of the companies of the sector UNION QUIMICO FARMACEUTICA 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 0.245%.

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.

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

IS RELATED WITH:	2 Entities
PARTICIPATES IN:	2 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	VIVIMED LABS SPAIN SL	BARCELONA	100
	QSYNTH AG		51
PARTICIPATES IN	UQUIFA INC		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	FINOSO PHARMA PRIVETE, S.A.
	VIVIMED LABS USA INC

Turnover
Total Sales 2014	63.788.000

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	January  2015
2013	Normales	March  2014
2012	Normales	September  2013
2011	Normales	August  2012
2010	Normales	August  2011
2009	Normales	July  2010
2008	Normales	August  2009
2007	Normales	August  2008
2006	Normales	August  2007
2005	Normales	August  2006
2004	Normales	October  2005
2003	Normales	July  2004
2002	Normales	August  2003
2001	Normales	October  2002
2000	Normales	October  2001
1999	Normales	November  2000
1998	Normales	July  1999
1997	Normales	September  1998
1996	Normales	October  1997
1995	Normales	November  1996
1994	Normales	September  1995
1993	Normales	May  1994
1992	Normales	September  1993
1991	Normales	September  1992
1990	Normales	January  1992
1989	Normales	October  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 31/03/2014

>  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, created such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	14.177.000,00	13.943.000,00	14.033.000,00	13.805.000,00	21.312.000,00
I. Intangible fixed assets : 11100	36.000,00	71.000,00	72.000,00	124.000,00	102.000,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	36.000,00	71.000,00	72.000,00	124.000,00	102.000,00
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	13.702.000,00	13.826.000,00	13.915.000,00	13.593.000,00	12.824.000,00
1. Land and buildings: 11210	5.726.000,00	5.666.000,00	5.689.000,00	5.692.000,00	5.366.000,00
2. Technical installations and other tangible fixed assets: 11220	6.743.000,00	7.085.000,00	7.404.000,00	7.293.000,00	6.177.000,00
3. Tangible asset in progress and advances: 11230	1.233.000,00	1.075.000,00	822.000,00	608.000,00	1.281.000,00
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	0,00	0,00	0,00	42.000,00	8.340.000,00
1. Equity instruments: 11410	0,00	0,00	0,00	42.000,00	40.000,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	8.300.000,00
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	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	46.000,00	46.000,00	46.000,00	46.000,00	46.000,00
1. Equity instruments: 11510	20.000,00	20.000,00	20.000,00	20.000,00	21.000,00
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	26.000,00	26.000,00	26.000,00	26.000,00	25.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	393.000,00	0,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	36.729.000,00	28.971.000,00	27.127.000,00	26.258.000,00	27.307.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	17.510.000,00	13.510.000,00	13.101.000,00	11.787.000,00	9.882.000,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	5.766.000,00	3.422.000,00	3.097.000,00	2.023.000,00	2.496.000,00
3. Work in progress: 12230	4.852.000,00	3.497.000,00	3.395.000,00	3.305.000,00	2.200.000,00
a) Of long-term production cycle : 12231	4.852.000,00	3.497.000,00	3.395.000,00	3.305.000,00	2.200.000,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	6.892.000,00	6.591.000,00	6.609.000,00	6.459.000,00	5.186.000,00
a) Of long-term production cycle : 12241	6.892.000,00	6.591.000,00	6.609.000,00	6.459.000,00	5.186.000,00
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	14.683.000,00	13.147.000,00	12.082.000,00	12.683.000,00	14.429.000,00
1. Trade debtors / accounts receivable: 12310	11.250.000,00	10.873.000,00	9.949.000,00	10.819.000,00	12.905.000,00
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	11.250.000,00	10.873.000,00	9.949.000,00	10.819.000,00	12.905.000,00
2. Customers, Group companies and associates : 12320	852.000,00	173.000,00	325.000,00	114.000,00	113.000,00
3. Other accounts receivable: 12330	692.000,00	117.000,00	0,00	26.000,00	19.000,00
4. Personnel: 12340	2.000,00	2.000,00	1.000,00	3.000,00	27.000,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	1.887.000,00	1.982.000,00	1.807.000,00	1.721.000,00	1.365.000,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	2.318.000,00	1.391.000,00	1.013.000,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	2.318.000,00	1.391.000,00	1.013.000,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	25.000,00	11.000,00	26.000,00	15.000,00	65.000,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	14.000,00	0,00	0,00	0,00	50.000,00
5. Other financial assets : 12550	11.000,00	11.000,00	26.000,00	15.000,00	15.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	438.000,00	433.000,00	182.000,00	166.000,00	362.000,00
VII. Cash and other equivalent liquid assets : 12700	1.755.000,00	479.000,00	723.000,00	1.607.000,00	2.569.000,00
1. Treasury: 12710	1.755.000,00	479.000,00	723.000,00	1.607.000,00	2.569.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	50.906.000,00	42.914.000,00	41.160.000,00	40.063.000,00	48.619.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	25.251.000,00	23.371.000,00	22.250.000,00	24.467.000,00	30.668.000,00
A-1) Shareholders' equity: 21000	25.151.000,00	23.247.000,00	22.122.000,00	24.326.000,00	30.541.000,00
I. Capital: 21100	3.069.000,00	3.069.000,00	3.069.000,00	3.069.000,00	3.069.000,00
1. Registered capital : 21110	3.069.000,00	3.069.000,00	3.069.000,00	3.069.000,00	3.069.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	4.485.000,00	4.485.000,00	4.485.000,00	4.485.000,00	4.485.000,00
III. Reserves: 21300	14.397.000,00	14.568.000,00	13.272.000,00	13.387.000,00	19.539.000,00
1. Legal and statutory: 21310	614.000,00	614.000,00	614.000,00	614.000,00	614.000,00
2. Other reserves: 21320	13.783.000,00	13.954.000,00	12.658.000,00	12.773.000,00	18.925.000,00
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	3.200.000,00	1.125.000,00	1.296.000,00	3.385.000,00	3.448.000,00
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	7.000,00	7.000,00	7.000,00	7.000,00	7.000,00
I. Financial assets held for sale: 22100	7.000,00	7.000,00	7.000,00	7.000,00	7.000,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	93.000,00	117.000,00	121.000,00	134.000,00	120.000,00
B) NON-CURRENT LIABILITIES: 31000	2.779.000,00	1.967.000,00	1.945.000,00	1.333.000,00	408.000,00
I. Long-term provisions: 31100	18.000,00	18.000,00	18.000,00	18.000,00	18.000,00
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	18.000,00	18.000,00	18.000,00	18.000,00	18.000,00
II Long-term creditors: 31200	2.595.000,00	1.839.000,00	1.822.000,00	376.000,00	390.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	2.595.000,00	1.839.000,00	1.822.000,00	376.000,00	390.000,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	166.000,00	110.000,00	105.000,00	939.000,00	0,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	22.876.000,00	17.576.000,00	16.965.000,00	14.263.000,00	17.543.000,00
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	104.000,00	0,00	136.000,00	277.000,00	0,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	104.000,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	7.179.000,00	4.879.000,00	4.522.000,00	1.846.000,00	2.605.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	6.770.000,00	3.737.000,00	3.965.000,00	1.414.000,00	2.571.000,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	85.000,00	0,00	132.000,00	8.000,00
5. Other financial liabilities : 32350	409.000,00	1.057.000,00	557.000,00	300.000,00	26.000,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	1.433.000,00
V. Trade creditors and other accounts payable: 32500	15.535.000,00	12.596.000,00	12.250.000,00	12.113.000,00	13.442.000,00
1. Suppliers: 32510	8.979.000,00	6.630.000,00	5.681.000,00	6.113.000,00	7.676.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	8.979.000,00	6.630.000,00	5.681.000,00	6.113.000,00	7.676.000,00
2. Suppliers, Group companies and associates: 32520	811.000,00	460.000,00	408.000,00	55.000,00	127.000,00
3. Other creditors: 32530	3.275.000,00	2.904.000,00	3.555.000,00	2.913.000,00	3.017.000,00
4. Personnel (remuneration due): 32540	1.828.000,00	1.530.000,00	1.383.000,00	1.676.000,00	1.641.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	642.000,00	1.072.000,00	1.223.000,00	1.356.000,00	981.000,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	58.000,00	101.000,00	57.000,00	27.000,00	63.000,00
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	50.906.000,00	42.914.000,00	41.160.000,00	40.063.000,00	48.619.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	63.788.000,00	15.783.000,00	52.275.000,00	55.269.000,00	54.608.000,00
a) Sales: 40110	63.299.000,00	15.666.000,00	51.822.000,00	55.157.000,00	54.523.000,00
b) Rendering of services: 40120	489.000,00	117.000,00	453.000,00	112.000,00	85.000,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	2.008.000,00	-9.000,00	1.059.000,00	2.634.000,00	377.000,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-32.759.000,00	-6.925.000,00	-25.653.000,00	-26.751.000,00	-25.303.000,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-29.851.000,00	-6.501.000,00	-22.761.000,00	-24.256.000,00	-22.872.000,00
c) Works carried out by other companies: 40430	-2.535.000,00	-530.000,00	-2.073.000,00	-2.171.000,00	-2.298.000,00
d) Impairment of stock, primary material and other supplies: 40440	-373.000,00	106.000,00	-819.000,00	-324.000,00	-133.000,00
5. Other operating income: 40500	51.000,00	3.000,00	120.000,00	150.000,00	594.000,00
a) Auxiliary income and other from current management: 40510	51.000,00	3.000,00	107.000,00	132.000,00	535.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	13.000,00	18.000,00	59.000,00
6. Personnel costs: 40600	-15.176.000,00	-3.860.000,00	-13.517.000,00	-12.661.000,00	-11.974.000,00
a) Wages, salaries et al.: 40610	-12.119.000,00	-3.103.000,00	-10.911.000,00	-9.756.000,00	-9.519.000,00
b) Social security costs: 40620	-3.057.000,00	-757.000,00	-2.606.000,00	-2.905.000,00	-2.455.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-11.468.000,00	-2.809.000,00	-10.593.000,00	-11.140.000,00	-10.746.000,00
a) External services: 40710	-10.900.000,00	-2.715.000,00	-9.926.000,00	-10.630.000,00	-10.299.000,00
b) Taxes: 40720	-544.000,00	-119.000,00	-470.000,00	-457.000,00	-402.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	5.000,00	0,00	-15.000,00	-51.000,00	-1.000,00
d) Other current management expenditure : 40740	-29.000,00	25.000,00	-182.000,00	-2.000,00	-44.000,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-3.018.000,00	-778.000,00	-3.029.000,00	-3.040.000,00	-3.470.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	425.000,00	4.000,00	615.000,00	11.000,00	5.000,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	0,00	-103.000,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	0,00	-103.000,00	0,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	3.851.000,00	1.409.000,00	1.174.000,00	4.472.000,00	4.091.000,00
14. Financial income : 41400	120.000,00	19.000,00	125.000,00	175.000,00	308.000,00
a) Of shares in equity instruments : 41410	120.000,00	19.000,00	125.000,00	175.000,00	308.000,00
a 1) In Group companies and associates: 41411	120.000,00	19.000,00	124.000,00	160.000,00	305.000,00
a 2) In third parties: 41412	0,00	0,00	1.000,00	15.000,00	3.000,00
b) From negotiable securities and other financial instruments : 41420	0,00	0,00	0,00	0,00	0,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	0,00	0,00	0,00	0,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-332.000,00	-67.000,00	-132.000,00	-74.000,00	-144.000,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	-41.000,00
b) For debts with third parties : 41520	-270.000,00	-50.000,00	-96.000,00	-63.000,00	-98.000,00
c) Stock renewal : 41530	-62.000,00	-17.000,00	-36.000,00	-11.000,00	-5.000,00
16. Changes in fair value of financial instruments : 41600	101.000,00	-100.000,00	147.000,00	-174.000,00	129.000,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	-3.000,00
b) Allocation of financial assets held for sale to the result for the period: 41620	101.000,00	-100.000,00	147.000,00	-174.000,00	132.000,00
17. Exchange rate differences : 41700	-174.000,00	67.000,00	-267.000,00	132.000,00	-315.000,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	-42.000,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	-42.000,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-285.000,00	-81.000,00	-169.000,00	59.000,00	-22.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	3.566.000,00	1.328.000,00	1.005.000,00	4.531.000,00	4.069.000,00
20. Income taxes: 41900	-366.000,00	-203.000,00	291.000,00	-1.146.000,00	-621.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	3.200.000,00	1.125.000,00	1.296.000,00	3.385.000,00	3.448.000,00
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	3.200.000,00	1.125.000,00	1.296.000,00	3.385.000,00	3.448.000,00

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

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

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2014	2013	2012	2011	2010
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	13.784.000,00	13.943.000,00	14.033.000,00	13.805.000,00	21.312.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	36.000,00	71.000,00	72.000,00	124.000,00	102.000,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	36.000,00	71.000,00	72.000,00	124.000,00	102.000,00
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:	13.702.000,00	13.826.000,00	13.915.000,00	13.593.000,00	12.824.000,00
1. Land and construction:	5.726.000,00	5.666.000,00	5.689.000,00	5.692.000,00	5.366.000,00
2. Technical installations and machinery:	3.325.066,00	3.493.711,00	3.651.014,00	3.596.278,00	3.045.964,00
3. Other installations, tools and furniture:	3.210.525,00	3.373.361,00	3.525.246,00	3.472.395,00	2.941.038,00
4. Payments on account and tangible fixed assets under construction:	1.233.000,00	1.075.000,00	822.000,00	608.000,00	1.281.000,00
5. Other tangible assets:	207.409,00	217.928,00	227.740,00	224.326,00	189.999,00
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:	46.000,00	46.000,00	46.000,00	88.000,00	8.386.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	42.000,00	40.000,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	8.300.000,00
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. Long-term securities portfolio:	20.000,00	20.000,00	20.000,00	20.000,00	21.000,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	26.000,00	26.000,00	26.000,00	26.000,00	25.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	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:	37.108.000,00	28.971.000,00	27.127.000,00	26.258.000,00	27.257.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	17.510.000,00	13.510.000,00	13.101.000,00	11.787.000,00	9.882.000,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	5.766.000,00	3.422.000,00	3.097.000,00	2.023.000,00	2.496.000,00
3. Goods in process and semifinished ones:	4.852.000,00	3.497.000,00	3.395.000,00	3.305.000,00	2.200.000,00
4. Finished products:	6.892.000,00	6.591.000,00	6.609.000,00	6.459.000,00	5.186.000,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	15.076.000,00	13.147.000,00	12.082.000,00	12.683.000,00	14.429.000,00
1. Trade debtors / accounts receivable:	11.250.000,00	10.873.000,00	9.949.000,00	10.819.000,00	12.905.000,00
2. Accounts receivable, Group companies:	852.000,00	173.000,00	325.000,00	114.000,00	113.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	692.000,00	117.000,00	0,00	26.000,00	19.000,00
5. Staff:	2.000,00	2.000,00	1.000,00	3.000,00	27.000,00
6. Public bodies:	2.280.000,00	1.982.000,00	1.807.000,00	1.721.000,00	1.365.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	2.329.000,00	1.402.000,00	1.039.000,00	15.000,00	15.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	2.318.000,00	1.391.000,00	1.013.000,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	11.000,00	11.000,00	26.000,00	15.000,00	15.000,00
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:	1.755.000,00	479.000,00	723.000,00	1.607.000,00	2.569.000,00
VII. Prepayments and accrued income:	438.000,00	433.000,00	182.000,00	166.000,00	362.000,00
GENERAL TOTAL (A + B + C + D):	50.892.000,00	42.914.000,00	41.160.000,00	40.063.000,00	48.569.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	25.171.900,00	23.374.100,00	22.165.300,00	24.505.200,00	30.542.000,00
I. Subscribed capital:	3.069.000,00	3.069.000,00	3.069.000,00	3.069.000,00	3.069.000,00
II. Share premium:	4.485.000,00	4.485.000,00	4.485.000,00	4.485.000,00	4.485.000,00
III. Revaluation reserves:	756.286,00	772.643,00	703.280,00	719.626,00	1.066.283,00
IV. Reserves:	13.661.614,00	13.922.457,00	12.612.020,00	12.846.574,00	18.473.717,00
1. Legal reserve:	612.006,00	612.006,00	612.006,00	612.006,00	612.006,00
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:	1.994,00	1.994,00	1.994,00	1.994,00	1.994,00
5. Miscellaneous reserves:	13.047.614,00	13.308.457,00	11.998.020,00	12.232.574,00	17.859.717,00
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:	3.200.000,00	1.125.000,00	1.296.000,00	3.385.000,00	3.448.000,00
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:	65.100,00	81.900,00	84.700,00	93.800,00	84.000,00
1. Capital grants:	65.100,00	81.900,00	84.700,00	93.800,00	84.000,00
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:	18.000,00	18.000,00	18.000,00	18.000,00	18.000,00
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:	18.000,00	18.000,00	18.000,00	18.000,00	18.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	2.761.000,00	1.949.000,00	1.927.000,00	1.315.000,00	390.000,00
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:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	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:	2.761.000,00	1.949.000,00	1.927.000,00	1.315.000,00	390.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	2.595.000,00	1.839.000,00	1.822.000,00	376.000,00	390.000,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	166.000,00	110.000,00	105.000,00	939.000,00	0,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	22.772.000,00	17.491.000,00	16.829.000,00	13.854.000,00	17.535.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	6.770.000,00	3.737.000,00	3.965.000,00	1.414.000,00	2.571.000,00
1. Loans and other liabilities:	6.770.000,00	3.737.000,00	3.965.000,00	1.414.000,00	2.571.000,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	811.000,00	460.000,00	408.000,00	55.000,00	1.560.000,00
1. Amounts owed to group companies:	811.000,00	460.000,00	408.000,00	55.000,00	1.560.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	12.254.000,00	9.534.000,00	9.236.000,00	9.026.000,00	10.693.000,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	12.254.000,00	9.534.000,00	9.236.000,00	9.026.000,00	10.693.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	2.879.000,00	3.659.000,00	3.163.000,00	3.332.000,00	2.648.000,00
1. Public bodies:	642.000,00	1.072.000,00	1.223.000,00	1.356.000,00	981.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	409.000,00	1.057.000,00	557.000,00	300.000,00	26.000,00
4. Wages and salaries payable:	1.828.000,00	1.530.000,00	1.383.000,00	1.676.000,00	1.641.000,00
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:	58.000,00	101.000,00	57.000,00	27.000,00	63.000,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	104.000,00	0,00	136.000,00	277.000,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	50.892.000,00	42.914.000,00	41.160.000,00	40.063.000,00	48.569.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	63.293.000,00	14.751.000,00	53.045.000,00	54.986.000,00	52.576.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	9.000,00	0,00	0,00	0,00
A.2. Supplies:	32.386.000,00	7.031.000,00	24.834.000,00	26.427.000,00	25.170.000,00
a) Stock consumption:	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	29.851.000,00	6.501.000,00	22.761.000,00	24.256.000,00	22.872.000,00
c) Miscellaneous external expenditure:	2.535.000,00	530.000,00	2.073.000,00	2.171.000,00	2.298.000,00
A.3. Staff costs:	15.176.000,00	3.860.000,00	13.517.000,00	12.661.000,00	11.974.000,00
a) Wages, salaries et al.:	12.119.000,00	3.103.000,00	10.911.000,00	9.756.000,00	9.519.000,00
b) Social security costs:	3.057.000,00	757.000,00	2.606.000,00	2.905.000,00	2.455.000,00
A.4. Depreciation expense:	3.018.000,00	778.000,00	3.029.000,00	3.040.000,00	3.470.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	368.000,00	-106.000,00	834.000,00	375.000,00	134.000,00
a) Stock provision variation:	373.000,00	-106.000,00	819.000,00	324.000,00	133.000,00
b) Variation in provision and bad debt losses:	0,00	0,00	15.000,00	51.000,00	1.000,00
c) Variation of other trade provisions:	-5.000,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	11.473.000,00	2.809.000,00	10.578.000,00	11.089.000,00	10.745.000,00
a) External services:	10.900.000,00	2.715.000,00	9.926.000,00	10.630.000,00	10.299.000,00
b) Taxes:	544.000,00	119.000,00	470.000,00	457.000,00	402.000,00
c) Other operating expenses:	29.000,00	-25.000,00	182.000,00	2.000,00	44.000,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	3.426.000,00	1.405.000,00	662.000,00	4.461.000,00	4.086.000,00
A.7. Financial and similar charges:	332.000,00	67.000,00	132.000,00	74.000,00	144.000,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	41.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	332.000,00	67.000,00	132.000,00	74.000,00	103.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	100.000,00	42.000,00	174.000,00	3.000,00
A.9. Exchange losses:	174.000,00	0,00	267.000,00	0,00	315.000,00
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	59.000,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	3.141.000,00	1.324.000,00	493.000,00	4.520.000,00	4.061.000,00
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	103.000,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	425.000,00	4.000,00	512.000,00	11.000,00	5.000,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	3.566.000,00	1.328.000,00	1.005.000,00	4.531.000,00	4.066.000,00
A.15. Corporation tax:	366.000,00	203.000,00	-291.000,00	1.146.000,00	621.000,00
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):	3.200.000,00	1.125.000,00	1.296.000,00	3.385.000,00	3.445.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	66.493.000,00	15.876.000,00	54.341.000,00	58.371.000,00	56.021.000,00
B.1. Net total sales:	63.788.000,00	15.783.000,00	52.275.000,00	55.269.000,00	54.608.000,00
a) Sales:	63.299.000,00	15.666.000,00	51.822.000,00	55.157.000,00	54.523.000,00
b) Rendering of services:	489.000,00	117.000,00	453.000,00	112.000,00	85.000,00
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:	2.008.000,00	0,00	1.059.000,00	2.634.000,00	377.000,00
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:	51.000,00	3.000,00	120.000,00	150.000,00	594.000,00
a) Auxiliary income and other from current management:	51.000,00	3.000,00	107.000,00	132.000,00	535.000,00
b) Grants:	0,00	0,00	13.000,00	18.000,00	59.000,00
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:	120.000,00	19.000,00	125.000,00	175.000,00	308.000,00
a) In companies of the group:	120.000,00	19.000,00	124.000,00	160.000,00	305.000,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	1.000,00	15.000,00	3.000,00
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:	101.000,00	0,00	147.000,00	0,00	129.000,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	0,00	0,00	0,00	0,00	0,00
d) Profit on financial investment:	101.000,00	0,00	147.000,00	0,00	129.000,00
B.8. Exchange positive differences:	0,00	67.000,00	0,00	132.000,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	285.000,00	81.000,00	169.000,00	0,00	25.000,00
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:	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:	425.000,00	4.000,00	615.000,00	11.000,00	5.000,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	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	3.566.000,00	1.328.000,00	1.005.000,00	4.531.000,00	4.069.000,00
2. Results adjustments.: 61200	3.352.000,00	630.000,00	3.379.000,00	3.763.000,00	3.188.000,00
a) Fixed Assets Amortization (+).: 61201	3.018.000,00	778.000,00	3.029.000,00	3.040.000,00	3.470.000,00
c) Variation in Provision (+/-). : 61203	472.000,00	-242.000,00	735.000,00	652.000,00	0,00
d) Allocation of grants (-).: 61204	-425.000,00	-4.000,00	-615.000,00	0,00	0,00
g) Financial income (-).: 61207	-120.000,00	-19.000,00	-125.000,00	-175.000,00	-308.000,00
h) Financial Expenses (+). : 61208	270.000,00	67.000,00	132.000,00	74.000,00	144.000,00
i) Exchange differences (+/-). : 61209	174.000,00	-67.000,00	267.000,00	0,00	0,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	-99.000,00	100.000,00	-147.000,00	174.000,00	-129.000,00
k) Other income and expense (-/+). : 61211	62.000,00	17.000,00	103.000,00	-2.000,00	11.000,00
3. Changes in current capital equity.: 61300	-3.013.000,00	-1.240.000,00	-2.195.000,00	-2.180.000,00	5.962.000,00
a) Stock (+/-).: 61301	-4.373.000,00	-303.000,00	-2.133.000,00	-2.229.000,00	-951.000,00
d) Debtors and other accounts receivable (+/-). : 61302	-1.531.000,00	-998.000,00	-515.000,00	1.695.000,00	-634.000,00
c) Other current assets (+/-). : 61303	-5.000,00	-251.000,00	-12.000,00	246.000,00	4.902.000,00
d) Creditors and other accounts payable (+/-). : 61304	2.939.000,00	268.000,00	435.000,00	-1.859.000,00	2.645.000,00
e) Other current liabilities (+/-).: 61305	-43.000,00	44.000,00	30.000,00	-33.000,00	0,00
4. Other cash flows for operating activities.: 61400	-721.000,00	-168.000,00	22.000,00	-1.045.000,00	-457.000,00
a) Interest payments (-). : 61401	-270.000,00	-67.000,00	-96.000,00	-74.000,00	-144.000,00
c) Interest collection (+). : 61403	120.000,00	19.000,00	125.000,00	175.000,00	308.000,00
d) Income tax payment collection (payments) (+/-).: 61404	-571.000,00	-120.000,00	-7.000,00	-1.146.000,00	-621.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	3.184.000,00	550.000,00	2.211.000,00	5.069.000,00	12.762.000,00
6. Payments for investment (-).: 62100	-3.918.000,00	-1.066.000,00	-4.415.000,00	-3.831.000,00	-2.135.000,00
a) Companies of the group and affiliates. : 62101	-1.059.000,00	-378.000,00	-1.013.000,00	0,00	-36.000,00
b) Intangible fixed assets. : 62102	-6.000,00	-10.000,00	-8.000,00	-87.000,00	-34.000,00
c) Fixed assets. : 62103	-2.853.000,00	-678.000,00	-3.394.000,00	-3.744.000,00	-2.065.000,00
7. Divestment payment collection (+). : 62200	0,00	0,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-3.918.000,00	-1.066.000,00	-4.415.000,00	-3.831.000,00	-2.135.000,00
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	3.480.000,00	272.000,00	4.820.000,00	-900.000,00	-4.190.000,00
a) Issuance : 63201	3.737.000,00	500.000,00	4.820.000,00	300.000,00	510.000,00
2. Debts incurred with credit institutions (+). : 63203	3.033.000,00	0,00	2.551.000,00	0,00	0,00
5. Other debts (+). : 63206	704.000,00	500.000,00	2.269.000,00	300.000,00	510.000,00
b) Repayment and amortization of : 63207	-257.000,00	-228.000,00	0,00	-1.200.000,00	-4.700.000,00
2. Debts incurred with credit institutions (-).: 63209	0,00	-228.000,00	0,00	-1.200.000,00	-1.200.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	0,00	0,00	-3.500.000,00
5. Other debts (-). : 63212	-257.000,00	0,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-1.296.000,00	0,00	-3.500.000,00	-1.300.000,00	-5.000.000,00
a) Dividends (-).: 63301	-1.296.000,00	0,00	-3.500.000,00	-1.300.000,00	-5.000.000,00
12. Cash flows for financing activities (9+10+11).: 63400	2.184.000,00	272.000,00	1.320.000,00	-2.200.000,00	-9.190.000,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-174.000,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	1.276.000,00	-244.000,00	-884.000,00	-962.000,00	1.437.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	479.000,00	723.000,00	1.607.000,00	2.569.000,00	1.132.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.755.000,00	479.000,00	723.000,00	1.607.000,00	2.569.000,00

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:	0,02 %	0,01 %	-0,02 %	0,01 %	229,39 %	0,90 %
EBITDA over Sales:	10,10 %	12,64 %	13,83 %	11,37 %	-26,96 %	11,16 %
Cash Flow Yield:	0,03 %	0,01 %	-0,01 %	0,01 %	540,84 %	9,47 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	7,94 %	9,12 %	3,40 %	6,88 %	133,59 %	32,69 %
Total economic profitability:	7,66 %	5,11 %	3,25 %	3,76 %	135,56 %	35,78 %
Financial profitability:	12,72 %	7,84 %	4,84 %	4,25 %	162,91 %	84,54 %
Margin:	6,03 %	7,88 %	8,93 %	6,72 %	-32,42 %	17,25 %
Mark-up:	5,59 %	7,07 %	8,41 %	4,50 %	-33,60 %	56,94 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,08	0,15	0,03	0,13	182,79	11,07
Acid Test:	0,82	0,89	0,86	0,87	-3,54	2,78
Working Capital / Investment:	0,27	0,03	0,27	0,05	2,48	-48,89
Solvency:	1,63	1,21	1,65	1,18	-1,10	2,47

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,01	1,31	0,84	1,39	21,04	-6,13
Borrowing Composition:	0,12	1,20	0,11	1,01	9,34	19,21
Repayment Ability:	20,01	83,72	-80,02	94,07	125,01	-11,00
Warranty:	1,99	1,77	2,20	1,73	-9,29	2,65
Generated resources / Total creditors:	0,26	0,09	0,09	0,08	180,47	8,01

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,42	2,05	1,57	1,85	-9,00	10,80
Turnover of Collection Rights :	4,35	5,59	1,20	5,00	262,10	11,81
Turnover of Payment Entitlements:	2,98	3,76	0,77	3,63	285,48	3,65
Stock rotation:	3,45	9,16	1,06	7,34	224,12	24,84
Assets turnover:	1,32	1,16	0,38	1,02	245,63	13,17
Borrowing Cost:	1,30	2,97	0,34	2,87	278,92	3,21

> 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 %	-0,02 %	-0,02 %	-0,02 %	0,03 %
EBITDA over Sales:	10,10 %	13,83 %	7,06 %	13,57 %	13,84 %
Cash Flow Yield:	0,03 %	-0,01 %	-0,02 %	-0,02 %	0,03 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	7,94 %	3,40 %	2,93 %	11,19 %	10,18 %
Total economic profitability:	7,66 %	3,25 %	2,76 %	11,49 %	8,67 %
Financial profitability:	12,72 %	4,84 %	5,86 %	13,92 %	11,29 %
Margin:	6,03 %	8,93 %	2,24 %	8,07 %	7,41 %
Mark-up:	5,59 %	8,41 %	1,92 %	8,18 %	7,37 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,08	0,03	0,04	0,11	0,15
Acid Test:	0,82	0,86	0,82	1,02	0,97
Working Capital / Investment:	0,27	0,27	0,25	0,30	0,20
Solvency:	1,63	1,65	1,61	1,88	1,56

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	1,01	0,84	0,84	0,63	0,58
Borrowing Composition:	0,12	0,11	0,11	0,09	0,02
Repayment Ability:	20,01	-80,02	-21,22	-15,91	12,48
Warranty:	1,99	2,20	2,19	2,62	2,71
Generated resources / Total creditors:	0,26	0,09	0,28	0,44	0,39

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,42	1,57	1,27	1,59	1,63
Turnover of Collection Rights :	4,35	1,20	4,34	4,37	3,83
Turnover of Payment Entitlements:	2,98	0,77	3,05	3,35	2,71
Stock rotation:	3,45	1,06	3,95	4,32	5,17
Assets turnover:	1,32	0,38	1,31	1,39	1,37
Borrowing Cost:	1,30	0,34	0,70	0,48	0,80

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

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	GENERALITAT DE CATALUNYA
Status	CONCEDIDA
Amount Granted	11.000,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio, quedando a fecha de cierre pendiente de imputar 5.000,00 euros.

Research Summary

This company was incorporated many years ago, which provides it a lot of experience in the sector of the activity it carries out. It enjoys a good reputation among the sources consulted. It meets payment commitments on a normal basis.

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.64.97
UK Pound	1	Rs.100.55
Euro	1	Rs.73.99

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

RATING EXPLANATIONS

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

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

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

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

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