MIRA INFORM REPORT

Report No. :	346057
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	TOMAS BODERO SA
Registered Office :	C/ Piedra De Silex, S/N - Pol. Ind. Los Pedernales - Villagonzalo Pedernales - 09195 - Burgos
Country :	Spain
Financials (as on) :	2013
Date of Incorporation :	13.11.1983
Legal Form :	Public Company
Line of Business :	Subject is engaged in design, manufacturing and sale of gloves for all kinds of technical applications.
No. of Employee :	56

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 :	Slow but correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

SPAIN - ECONOMIC OVERVIEW

After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to more than 97% in 2014.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms - aimed at supporting investor sentiment - have become overshadowed by political activity in 2015 in anticipation of the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA

EXECUTIVE SUMMARY

Name:	TOMAS BODERO SA
NIF / Fiscal code:	A09038977
Status:	ACTIVE
Incorporation Date:	13/11/1983
Register Data	Register Section 8 Sheet 1339
Last Publication in BORME:	02/06/2015 [Appointments]
Last Published Account Deposit:	2013
Share Capital:	159.268
Localization:	C/ PIEDRA DE SILEX, S/N - POL. IND. LOS PEDERNALES - VILLAGONZALO PEDERNALES - 09195 - BURGOS
Telephone - Fax - Email - Website:	Telephone. 947 474 227 / 947 474 226 / 902 446 622 Email. bodero@sarenet.es Website. www.tomasbodero.com
Activity:
NACE:	3299 - Other manufacturing
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	5 for a total cost of 799.072,86
Subsidies:	9 for a total cost of 114746.36
Quality Certificate:	No
Scoring and Risk:
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:

ACCIONES PROPIAS DE TOMAS BODERO, S.A.	6.5 %
ALEJANDRO BODERO CUESTA	25.26 %
ESPERANZA BODERO CUESTA	17.71 %
JULIA BODERO CUESTA	17.71 %
TOMAS BODERO CUESTA	29.57 %
TOMAS BODERO SAIZ	3.25 %
Shares:	0
Other Links:	2
No. of Active Corporate Bodies:

Ratios

2013

2012

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
It is a Business that has been established in 1983. It is dedicated to the manufacturing and sale of gloves for technical and industrial use. Its activity is carried our both nationally and internationally. In the consulted references, there is nothing against it. In light of the above, we consider that it is possible to maintain risk operational relations with it according to its size.
Interviewed Person:

Identification
Social Denomination:	TOMAS BODERO SA
NIF / Fiscal code:	A09038977
Corporate Status:	ACTIVE
Start of activity:	1973
Registered Office:	C/ PIEDRA DE SILEX, S/N - POL. IND. LOS PEDERNALES
Locality:	VILLAGONZALO PEDERNALES
Province:	BURGOS
Postal Code:	09195
Telephone:	947 474 227 / 947 474 226 / 902 446 622
Fax:	947 474 317
Website:	www.tomasbodero.com
Email:	bodero@sarenet.es
Interviewed Person:	Sra.: Carla

Activity
NACE:	3299
Legal Form:	THE ELABORATION OF COMMERCIALIZATION OF ALL KINDS OF EQUIPMENT FOR PERSONAL PROTECTION.
Additional Information:	Design, manufacturing and sale of gloves for all kinds of technical applications.
Additional Address:	Registered office and offices as well as other dependencies are located in: C/ PIEDRA DE SILEX, S/N - POL. IND. LOS PEDERNALES 09195 VILLAGONZALO PEDERNALES
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2015	56

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

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

Breakdown of Owners' Equity
Registered Capital:	159.268
Paid up capital:	159.268

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	BODERO CUESTA TOMAS	26/05/2015	17
MEMBER OF THE BOARD	BODERO CUESTA ESPERANZA	26/05/2015	5
	BODERO CUESTA TOMAS	26/05/2015	17
	BODERO CUESTA ALEJANDRO	26/05/2015	14
	HERNANZ BODERO JULIO	26/05/2015	1
COMBINED CHIEF EXECUTIVE OFFICER	BODERO CUESTA ALEJANDRO	26/05/2015	14
	BODERO CUESTA TOMAS	26/05/2015	17
COMBINED PROXY	BODERO VIELVA CRISTINA ISABEL	04/10/2011	2
	BENITO BODERO FRANCISCO JAVIER	04/10/2011	2
JOINT ATTORNEY	POZAS GONZALEZ DAVID JESUS	17/12/2014	2
	BODERO SAIZ TOMAS	04/10/2011	3
PROXY	BODERO CUESTA ALEJANDRO	12/06/2000	14
	BODERO CUESTA TOMAS	12/06/2000	17
SECRETARY	BODERO CUESTA ALEJANDRO	26/05/2015	14
ACCOUNTS' AUDITOR / HOLDER	CAPITAL AUDITORS AND CONSULTANTS SL	04/03/2014	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ADADE AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	01/02/2005	6
	ACCOUNTS' AUDITOR / HOLDER	11/01/2006
	ACCOUNTS' AUDITOR / HOLDER	08/01/2007
	ACCOUNTS' AUDITOR / HOLDER	07/03/2008
	ACCOUNTS' AUDITOR / HOLDER	03/02/2009
	ACCOUNTS' AUDITOR / HOLDER	10/03/2011
BENITO BODERO FRANCISCO JAVIER	COMBINED PROXY	04/10/2011	2
BODERO CUESTA ALEJANDRO	MEMBER OF THE BOARD	10/09/2001	14
	MEMBER OF THE BOARD	13/09/2006
	MEMBER OF THE BOARD	10/03/2011
	MEMBER OF THE BOARD	26/05/2015
	MEMBER	29/04/1992
	MEMBER	12/09/1995
	COMBINED CHIEF EXECUTIVE OFFICER	26/05/2015
	SECRETARY	26/05/2015
	COMBINED CHIEF EXECUTIVE OFFICER	13/09/2006
	COMBINED CHIEF EXECUTIVE OFFICER	10/03/2011
BODERO CUESTA ESPERANZA	MEMBER OF THE BOARD	13/09/2006	5
	MEMBER OF THE BOARD	10/03/2011
	MEMBER OF THE BOARD	26/05/2015
	MEMBER	29/04/1992
BODERO CUESTA JULIA	MEMBER OF THE BOARD	10/03/2011	3
	MEMBER OF THE BOARD	26/05/2015
	MEMBER OF THE BOARD	13/09/2006
BODERO CUESTA JULIO	MEMBER	29/04/1992	1
BODERO CUESTA TOMAS	VICE CHAIRMAN	29/04/1992	17
	VICE CHAIRMAN	12/09/1995
	PROXY	12/06/2000
	SECRETARY	10/09/2001
	SECRETARY	13/09/2006
	COMBINED CHIEF EXECUTIVE OFFICER	13/09/2006
	MEMBER OF THE BOARD	13/09/2006
	MEMBER OF THE BOARD	10/03/2011
	COMBINED CHIEF EXECUTIVE OFFICER	10/03/2011
	SECRETARY	10/03/2011
	PRESIDENT	26/05/2015
	COMBINED CHIEF EXECUTIVE OFFICER	26/05/2015
	MEMBER OF THE BOARD	26/05/2015
BODERO SAIZ TOMAS	COMBINED PROXY	04/10/2011	3
	COMBINED PROXY	04/10/2011
BODERO VALVERDE TOMAS	PRESIDENT	29/04/1992	9
	PRESIDENT	12/09/1995
	CHIEF EXECUTIVE OFFICER	12/09/1995
	CHIEF EXECUTIVE OFFICER	10/09/2001
	MEMBER OF THE BOARD	10/09/2001
	PRESIDENT	10/09/2001
	PRESIDENT	10/09/2001
	MEMBER OF THE BOARD	10/09/2001
	CHIEF EXECUTIVE OFFICER	10/09/2001
BODERO VIELVA CRISTINA ISABEL	COMBINED PROXY	04/10/2011	2
CAPITAL AUDITORS AND CONSULTANTS SL	ACCOUNTS' AUDITOR / HOLDER	04/03/2014	2
CUESTA RUIZ ESPERANZA	MEMBER OF THE BOARD	13/09/2006	4
	PRESIDENT	13/09/2006
	PRESIDENT	10/03/2011
	MEMBER OF THE BOARD	10/03/2011
LAFUENTE VERDE PILAR	SECRETARY	12/09/1995	1
POZAS GONZALEZ DAVID JESUS	PROXY	17/12/2014	2
VERDE LAFUENTE PILAR	SECRETARY	29/04/1992	1

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		TOMAS BODERO TOME

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

 Chronological summary

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

 > Details

 > Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure. The current debt represents a 32.48of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. TOMAS BODERO SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

Debts assumed by the company based on the volume of its own resources have increased in the previous financial year. Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation. No Company's subsidiaries or branches are known. Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs. In the past year the company has suffered terminations or resignations of corporate bodies . Instability in the management and administration of the company may affect the operational structure of the company disfavoring the long-term growth.

Probability of default

> Estimated Probability of Default for the next 12 months:  1.281 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 329 Manufacturing n.e.c.
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 89.00% of the companies of the sector TOMAS BODERO 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 1.281%.

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
SHAREHOLDERS:	6 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	ACCIONES PROPIAS DE TOMAS BODERO, S.A.		6.5
	ALEJANDRO BODERO CUESTA		25.26
	ESPERANZA BODERO CUESTA		17.71
	JULIA BODERO CUESTA		17.71
	TOMAS BODERO CUESTA		29.57
	TOMAS BODERO SAIZ		3.25

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	ESTAMBRIL SA	BARCELONA
	MOTOS BODERO SL	BURGOS

Turnover
Total Sales 2013	11.744.716,11

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

Estimated Balance

ESTIMATED FIGUERS YEAR 2014 -NON-CURRENT ASSET 5.451.000 Euro/s -CURRENT ASSET 7.510.000 Euro/s -NET WORTH 6.583.000 Euro/s -NON-CURRENT LIABILITIES 2.373.000 Euro/s -CURRENT LIABILITIES 4.210.000 Euro/s -TOTAL LIABILITIES AND NET ASSETS 12.961.000 Euro/s -SALES 11.000.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	August  2014
2012	Normales	September  2013
2011	Normales	October  2012
2010	Normales	February  2012
2009	Normales	March  2011
2008	Normales	November  2009
2007	Normales	September  2008
2006	Normales	August  2007
2005	Normales	October  2006
2004	Normales	November  2005
2003	Normales	July  2004
2002	Normales	October  2003
2001	Normales	October  2002
2000	Normales	May  2002
1999	Normales	September  2000
1998	Normales	September  1999
1997	Normales	October  1998
1996	Normales	October  1997
1995	Normales	August  1996
1994	Normales	August  1995
1993	Normales	September  1994
1992	Normales	September  1993
1991	Normales	August  1991
1991	Normales	August  1992
1989	Normales	September  1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2013

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

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

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	5.819.794,00	5.854.780,00	5.886.551,00	6.036.852,00	5.462.802,00
I. Intangible fixed assets : 11100	337.823,00	290.248,00	308.843,00	342.699,00	261.842,00
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	32.312,00	3.855,00	0,00	0,00	0,00
4. Goodwill: 11140	285.000,00	285.000,00	285.000,00	300.000,00	0,00
5. IT applications: 11150	20.511,00	1.393,00	23.843,00	42.699,00	16.842,00
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	245.000,00
II. Tangible fixed assets : 11200	5.459.502,00	5.542.790,00	5.561.207,00	5.679.236,00	5.153.777,00
1. Land and buildings: 11210	5.042.610,00	5.169.898,00	5.297.186,00	5.421.604,00	453.770,00
2. Technical installations and other tangible fixed assets: 11220	416.893,00	372.892,00	264.020,00	257.632,00	113.451,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	4.586.557,00
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	0,00	0,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	13.626,00	12.430,00	5.130,00	0,00	8.141,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	13.626,00	12.430,00	0,00	0,00	8.141,00
6. Other investments: 11560	0,00	0,00	5.130,00	0,00	0,00
VI. Assets for deferred tax : 11600	8.842,00	9.311,00	11.371,00	14.917,00	39.042,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	8.017.896,00	7.099.710,00	6.782.928,00	6.177.232,00	4.518.790,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	4.140.050,00	3.926.796,00	3.280.327,00	2.099.362,00	764.342,00
1. Commercial: 12210	4.121.660,00	3.923.918,00	3.123.510,00	2.096.487,00	761.467,00
2. Primary material and other supplies: 12220	18.390,00	2.875,00	2.875,00	2.875,00	2.875,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	3,00	153.942,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	3.510.699,00	2.831.820,00	3.002.877,00	3.970.861,00	3.695.396,00
1. Trade debtors / accounts receivable: 12310	3.510.699,00	2.825.700,00	2.874.173,00	3.917.231,00	3.507.897,00
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	3.510.699,00	2.825.700,00	2.874.173,00	3.917.231,00	3.507.897,00
2. Customers, Group companies and associates : 12320	0,00	0,00	0,00	0,00	0,00
3. Other accounts receivable: 12330	0,00	6.121,00	6.121,00	1.251,00	0,00
4. Personnel: 12340	0,00	0,00	1.500,00	1.500,00	600,00
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	0,00	0,00	121.083,00	50.879,00	186.899,00
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	19.775,00	24.953,00	0,00	0,00	0,00
1. Equity instruments: 12410	301,00	15.838,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	19.475,00	9.115,00	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	240.840,00	2.844,00	301,00
1. Equity instruments: 12510	0,00	0,00	15.840,00	301,00	301,00
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	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	225.000,00	2.544,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	58.705,00	21.752,00	0,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	288.666,00	294.389,00	258.885,00	104.165,00	58.752,00
1. Treasury: 12710	288.666,00	294.389,00	258.885,00	104.165,00	58.752,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	13.837.690,00	12.954.490,00	12.669.479,00	12.214.084,00	9.981.592,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	6.808.982,00	6.585.055,00	6.208.040,00	5.504.930,00	4.697.905,00
A-1) Shareholders' equity: 21000	6.808.982,00	6.585.055,00	6.208.040,00	5.504.930,00	4.697.905,00
I. Capital: 21100	159.268,00	159.268,00	159.268,00	159.268,00	159.268,00
1. Registered capital : 21110	159.268,00	159.268,00	159.268,00	159.268,00	159.268,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	6.402.384,00	6.070.479,00	5.405.796,00	4.661.797,00	3.165.107,00
1. Legal and statutory: 21310	31.854,00	73.296,00	73.296,00	73.296,00	31.854,00
2. Other reserves: 21320	6.370.530,00	5.997.182,00	5.332.499,00	4.588.500,00	3.133.253,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	-60.134,00	-60.134,00	-60.134,00	-60.134,00	-60.134,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	1.155.916,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	1.155.916,00
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	315.059,00	423.037,00	703.110,00	743.999,00	277.749,00
VIII. (Interim dividend): 21800	-7.595,00	-7.595,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	2.533.570,00	2.941.568,00	3.331.351,00	3.481.679,00	2.153.963,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	2.498.556,00	2.822.594,00	3.128.418,00	3.194.787,00	2.112.654,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	2.498.556,00	2.822.594,00	3.120.426,00	3.172.931,00	2.020.034,00
3. Creditors from financial leasing: 31230	0,00	0,00	7.992,00	21.857,00	12.620,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	80.000,00
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	35.015,00	42.124,00	49.233,00	56.342,00	41.309,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	76.850,00	153.700,00	230.550,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	4.495.137,00	3.427.867,00	3.130.088,00	3.227.475,00	3.129.724,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	0,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	2.810.997,00	1.779.123,00	1.413.167,00	1.854.333,00	1.088.032,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	2.799.133,00	1.772.040,00	1.400.129,00	1.831.421,00	1.077.881,00
3. Creditors from financial leasing: 32330	0,00	7.352,00	13.307,00	22.912,00	10.421,00
4. Derivatives : 32340	4.270,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	7.595,00	-269,00	-269,00	0,00	-269,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	1.684.140,00	1.648.744,00	1.716.921,00	1.373.142,00	2.041.692,00
1. Suppliers: 32510	1.394.187,00	1.355.233,00	1.303.112,00	1.222.258,00	1.935.181,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	1.394.187,00	1.355.233,00	1.303.112,00	1.222.258,00	1.935.181,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	85.206,00	92.752,00	249.920,00	0,00	0,00
4. Personnel (remuneration due): 32540	25.828,00	14.380,00	-233,00	75,00	28.886,00
5. Liabilities for current tax: 32550	79.317,00	103.989,00	131.434,00	119.810,00	47.397,00
6. Other accounts payable to Public Administrations.: 32560	99.602,00	82.390,00	32.688,00	30.999,00	30.228,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	13.837.690,00	12.954.490,00	12.669.479,00	12.214.084,00	9.981.592,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	11.744.716,00	9.464.790,00	9.374.551,00	9.821.345,00	9.160.232,00
a) Sales: 40110	11.712.490,00	9.405.521,00	9.356.790,00	9.803.821,00	9.142.355,00
b) Rendering of services: 40120	32.226,00	59.270,00	17.761,00	17.525,00	17.877,00
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	-8.709.544,00	-6.372.732,00	-6.186.707,00	-7.023.474,00	-6.908.136,00
a) Stock consumption: 40410	-8.896.686,00	-6.764.791,00	-5.830.619,00	-6.247.050,00	-6.856.670,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-45.351,00	-107.286,00	-107.774,00	-25.966,00	-45.156,00
c) Works carried out by other companies: 40430	0,00	0,00	-24.069,00	-29.154,00	-6.309,00
d) Impairment of stock, primary material and other supplies: 40440	232.493,00	499.346,00	-224.245,00	-721.304,00	0,00
5. Other operating income: 40500	4.800,00	22.999,00	29.367,00	5.948,00	34.956,00
a) Auxiliary income and other from current management: 40510	0,00	0,00	16.111,00	0,00	0,00
b) Operation subsidies included in the Period's result: 40520	4.800,00	22.999,00	13.257,00	5.948,00	34.956,00
6. Personnel costs: 40600	-1.023.863,00	-961.216,00	-671.449,00	-632.103,00	-651.556,00
a) Wages, salaries et al.: 40610	-784.227,00	-767.544,00	-539.746,00	-509.110,00	-532.306,00
b) Social security costs: 40620	-239.636,00	-193.672,00	-131.704,00	-122.992,00	-119.250,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-1.172.390,00	-1.187.310,00	-1.145.807,00	-1.342.838,00	-1.125.411,00
a) External services: 40710	-1.096.374,00	-1.079.660,00	-999.768,00	-1.100.685,00	-901.690,00
b) Taxes: 40720	-10.518,00	-10.254,00	-15.708,00	-17.593,00	-48.334,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-65.497,00	-97.396,00	-130.331,00	-224.305,00	-175.387,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	-255,00	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	-218.513,00	-219.746,00	-203.260,00	-91.164,00	-105.800,00
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	-7.720,00	-3.353,00	-15.000,00	426.568,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-7.720,00	-3.353,00	-15.000,00	426.568,00	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	3.203,00	-427,00	13.914,00	4.048,00	34.057,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	620.689,00	743.004,00	1.195.609,00	1.168.333,00	438.342,00
14. Financial income : 41400	88,00	1.718,00	872,00	42.769,00	15,00
a) Of shares in equity instruments : 41410	1,00	204,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	1,00	204,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	87,00	1.515,00	872,00	42.769,00	15,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	87,00	1.515,00	872,00	42.769,00	15,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-165.470,00	-191.535,00	-202.799,00	-210.915,00	-144.092,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-165.470,00	-191.535,00	-202.799,00	-210.915,00	-144.092,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	-7.516,00	-9.465,00	-3.385,00	0,00	0,00
a) Trading book and other : 41610	-4.326,00	-9.465,00	-3.385,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	-3.190,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	1.073,00	60.616,00	14.147,00	-5.318,00	102.519,00
18. Impairment and result for transfers of financial instruments: 41800	1.220,00	0,00	0,00	11.586,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	1.220,00	0,00	0,00	11.586,00	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	-170.604,00	-138.665,00	-191.166,00	-161.878,00	-41.559,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	450.085,00	604.339,00	1.004.443,00	1.006.454,00	396.784,00
20. Income taxes: 41900	-135.025,00	-181.302,00	-301.333,00	-262.455,00	-119.035,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	315.059,00	423.037,00	703.110,00	743.999,00	277.749,00
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	315.059,00	423.037,00	703.110,00	743.999,00	277.749,00

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

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

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	5.871.086,00	5.905.603,00	5.935.313,00	6.082.069,00	5.483.894,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	337.823,00	290.248,00	308.843,00	342.699,00	261.842,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	32.312,00	3.855,00	0,00	0,00	0,00
3. Goodwill:	285.000,00	285.000,00	285.000,00	300.000,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	20.511,00	1.393,00	23.843,00	42.699,00	16.842,00
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	245.000,00
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:	5.459.502,00	5.542.790,00	5.561.207,00	5.679.236,00	5.153.777,00
1. Land and construction:	5.042.610,00	5.169.898,00	5.297.186,00	5.421.604,00	453.770,00
2. Technical installations and machinery:	110.230,00	98.596,00	69.809,00	68.120,00	29.997,00
3. Other installations, tools and furniture:	211.397,00	189.085,00	133.879,00	130.640,00	57.528,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	4.586.557,00
5. Other tangible assets:	95.266,00	85.211,00	60.332,00	58.873,00	25.925,00
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:	13.626,00	12.430,00	5.130,00	0,00	8.141,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	5.130,00	0,00	0,00
7. Long term guarantees and deposits:	13.626,00	12.430,00	0,00	0,00	8.141,00
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:	60.134,00	60.134,00	60.134,00	60.134,00	60.134,00
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:	8.026.738,00	7.109.021,00	6.794.300,00	6.192.149,00	4.557.832,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	4.140.050,00	3.926.796,00	3.280.327,00	2.099.362,00	764.342,00
1. Goods for resale:	4.121.660,00	3.923.918,00	3.123.510,00	2.096.487,00	761.467,00
2. Raw materials and other consumables:	18.390,00	2.875,00	2.875,00	2.875,00	2.875,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	3,00	153.942,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	3.519.541,00	2.841.132,00	3.014.248,00	3.985.777,00	3.734.438,00
1. Trade debtors / accounts receivable:	3.510.699,00	2.825.700,00	2.874.173,00	3.917.231,00	3.507.897,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	6.121,00	6.121,00	1.251,00	0,00
5. Staff:	0,00	0,00	1.500,00	1.500,00	600,00
6. Public bodies:	8.842,00	9.311,00	132.454,00	65.795,00	225.941,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	19.775,00	24.953,00	240.840,00	2.844,00	301,00
1. Equity investments in group companies:	301,00	15.838,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	15.840,00	301,00	301,00
6. Other receivables:	19.475,00	9.115,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	225.000,00	2.544,00	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:	288.666,00	294.389,00	258.885,00	104.165,00	58.752,00
VII. Prepayments and accrued income:	58.705,00	21.752,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	13.897.824,00	13.014.624,00	12.729.613,00	12.274.218,00	10.041.726,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	6.873.386,00	6.645.190,00	6.268.174,00	5.565.064,00	4.758.039,00
I. Subscribed capital:	159.268,00	159.268,00	159.268,00	159.268,00	159.268,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	161.120,00	151.677,00	134.867,00	116.050,00	79.244,00
IV. Reserves:	6.245.534,00	5.918.802,00	5.270.929,00	4.545.747,00	3.085.862,00
1. Legal reserve:	31.854,00	73.296,00	73.296,00	73.296,00	31.854,00
2. Reserves for own shares:	122.052,00	114.899,00	102.164,00	87.910,00	60.029,00
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:	6.091.628,00	5.730.606,00	5.095.468,00	4.384.540,00	2.993.979,00
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	1.155.916,00
1. Retained earnings:	0,00	0,00	0,00	0,00	1.155.916,00
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:	315.059,00	423.037,00	703.110,00	743.999,00	277.749,00
VII. Interim dividend paid:	-7.595,00	-7.595,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	2.533.570,00	2.941.568,00	3.331.351,00	3.481.679,00	2.153.963,00
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:	2.498.556,00	2.822.594,00	3.128.418,00	3.194.787,00	2.032.654,00
1. Loans and other liabilities:	2.498.556,00	2.822.594,00	3.120.426,00	3.172.931,00	2.020.034,00
2. Long-term liabilities from capital leases:	0,00	0,00	7.992,00	21.857,00	12.620,00
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:	35.015,00	42.124,00	49.233,00	56.342,00	121.309,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	80.000,00
4. Long term payables to public bodies:	35.015,00	42.124,00	49.233,00	56.342,00	41.309,00
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	76.850,00	153.700,00	230.550,00	0,00
E) SHORT TERM CREDITORS:	4.490.867,00	3.427.867,00	3.130.088,00	3.227.475,00	3.129.724,00
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:	2.799.133,00	1.779.392,00	1.413.436,00	1.854.333,00	1.088.302,00
1. Loans and other liabilities:	2.799.133,00	1.772.040,00	1.400.129,00	1.831.421,00	1.077.881,00
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	7.352,00	13.307,00	22.912,00	10.421,00
III. Short-term amounts owed to group and associated companies:	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. Trade creditors:	1.479.394,00	1.447.986,00	1.553.032,00	1.222.258,00	1.935.181,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	1.479.394,00	1.447.986,00	1.553.032,00	1.222.258,00	1.935.181,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	212.341,00	200.489,00	163.620,00	150.884,00	106.241,00
1. Public bodies:	178.918,00	186.379,00	164.122,00	150.809,00	77.625,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	7.595,00	-269,00	-269,00	0,00	-269,00
4. Wages and salaries payable:	25.828,00	14.380,00	-233,00	75,00	28.886,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	13.897.824,00	13.014.624,00	12.729.613,00	12.274.218,00	10.041.726,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	11.440.041,00	9.127.086,00	8.729.740,00	9.568.266,00	9.054.030,00
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:	8.942.037,00	6.872.078,00	5.962.462,00	6.302.170,00	6.908.136,00
a) Stock consumption:	8.896.686,00	6.764.791,00	5.830.619,00	6.247.050,00	6.856.670,00
b) Consumption of raw materials and miscellaneous consumable ones:	45.351,00	107.286,00	107.774,00	25.966,00	45.156,00
c) Miscellaneous external expenditure:	0,00	0,00	24.069,00	29.154,00	6.309,00
A.3. Staff costs:	1.023.863,00	961.216,00	671.449,00	632.103,00	651.556,00
a) Wages, salaries et al.:	784.227,00	767.544,00	539.746,00	509.110,00	532.306,00
b) Social security costs:	239.636,00	193.672,00	131.704,00	122.992,00	119.250,00
A.4. Depreciation expense:	218.513,00	219.746,00	203.260,00	91.164,00	105.800,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-166.996,00	-401.950,00	354.576,00	945.608,00	175.387,00
a) Stock provision variation:	-232.493,00	-499.346,00	224.245,00	721.304,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	65.497,00	97.396,00	130.331,00	224.305,00	175.387,00
A.6. Other operating charges:	1.106.893,00	1.089.914,00	1.015.476,00	1.118.533,00	950.024,00
a) External services:	1.096.374,00	1.079.660,00	999.768,00	1.100.685,00	901.690,00
b) Taxes:	10.518,00	10.254,00	15.708,00	17.593,00	48.334,00
c) Other operating expenses:	0,00	0,00	0,00	255,00	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):	625.206,00	746.784,00	1.196.696,00	737.716,00	404.286,00
A.7. Financial and similar charges:	165.470,00	191.535,00	202.799,00	210.915,00	144.092,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	165.470,00	191.535,00	202.799,00	210.915,00	144.092,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	7.516,00	9.465,00	3.385,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	0,00	5.318,00	0,00
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):	454.602,00	608.119,00	1.005.530,00	575.838,00	362.727,00
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:	7.720,00	3.353,00	15.000,00	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	427,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	0,00	0,00	430.617,00	34.057,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	450.085,00	604.339,00	1.004.443,00	1.006.454,00	396.784,00
A.15. Corporation tax:	135.025,00	181.302,00	301.333,00	262.455,00	119.035,00
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):	315.059,00	423.037,00	703.110,00	743.999,00	277.749,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	11.755.101,00	9.550.123,00	9.432.851,00	10.312.265,00	9.331.779,00
B.1. Net total sales:	11.744.716,00	9.464.790,00	9.374.551,00	9.821.345,00	9.160.232,00
a) Sales:	11.712.490,00	9.405.521,00	9.356.790,00	9.803.821,00	9.142.355,00
b) Rendering of services:	32.226,00	59.270,00	17.761,00	17.525,00	17.877,00
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:	4.800,00	22.999,00	29.367,00	5.948,00	34.956,00
a) Auxiliary income and other from current management:	0,00	0,00	16.111,00	0,00	0,00
b) Grants:	4.800,00	22.999,00	13.257,00	5.948,00	34.956,00
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:	1,00	204,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	1,00	204,00	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:	1.308,00	1.515,00	872,00	54.355,00	15,00
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:	87,00	1.515,00	872,00	42.769,00	15,00
d) Profit on financial investment:	1.220,00	0,00	0,00	11.586,00	0,00
B.8. Exchange positive differences:	1.073,00	60.616,00	14.147,00	0,00	102.519,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	170.604,00	138.665,00	191.166,00	161.878,00	41.559,00
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	426.568,00	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:	3.203,00	0,00	13.914,00	4.048,00	34.057,00
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):	4.517,00	3.780,00	1.086,00	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.

	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.: 61100	450.085,00	604.339,00	1.004.443,00	1.006.454,00	396.784,00
2. Results adjustments.: 61200	229.842,00	-40.185,00	764.001,00	-360.377,00	147.359,00
a) Fixed Assets Amortization (+).: 61201	218.513,00	219.746,00	203.260,00	91.164,00	105.800,00
b) Obsolescence Allowances (+/-). : 61202	-166.996,00	-401.950,00	369.576,00	-721.304,00	0,00
c) Variation in Provision (+/-). : 61203	0,00	0,00	0,00	224.305,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	7.720,00	3.353,00	0,00	0,00	0,00
f) Results on disposal of financial instruments (+/-).: 61206	-1.220,00	0,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-88,00	-1.718,00	-872,00	-931,00	-15,00
h) Financial Expenses (+). : 61208	165.470,00	191.535,00	202.799,00	46.389,00	144.092,00
i) Exchange differences (+/-). : 61209	-1.073,00	-60.616,00	-14.147,00	0,00	-102.519,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	7.516,00	9.465,00	3.385,00	0,00	0,00
3. Changes in current capital equity.: 61300	-726.694,00	-163.392,00	-235.401,00	-1.504.302,00	2.098.927,00
a) Stock (+/-).: 61301	19.239,00	-147.123,00	-1.405.210,00	-613.716,00	1.585.165,00
d) Debtors and other accounts receivable (+/-). : 61302	-799.216,00	73.660,00	836.403,00	-498.519,00	685.606,00
c) Other current assets (+/-). : 61303	-36.953,00	-21.752,00	0,00	0,00	11.650,00
d) Creditors and other accounts payable (+/-). : 61304	90.235,00	-68.177,00	333.407,00	-439.251,00	-183.495,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	0,00	47.185,00	0,00
4. Other cash flows for operating activities.: 61400	-299.255,00	-233.189,00	-484.439,00	-307.914,00	-170.320,00
a) Interest payments (-). : 61401	-127.319,00	-143.576,00	-206.184,00	-46.389,00	-144.092,00
b) Dividend payment collection (+). : 61402	1,00	204,00	15.019,00	0,00	0,00
c) Interest collection (+). : 61403	0,00	25,00	0,00	931,00	15,00
d) Income tax payment collection (payments) (+/-).: 61404	-135.025,00	-103.989,00	-293.273,00	-262.455,00	-14.208,00
e) Other payments (payment collection) (-/+) : 61405	-36.912,00	14.147,00	0,00	0,00	-12.035,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-346.023,00	167.572,00	1.048.605,00	-1.166.139,00	2.472.749,00
6. Payments for investment (-).: 62100	-194.430,00	-200.218,00	-312.043,00	-1.137.429,00	-2.686.798,00
b) Intangible fixed assets. : 62102	-48.535,00	-4.030,00	-2.304,00	-41.806,00	-318.000,00
c) Fixed assets. : 62103	-145.895,00	-196.188,00	-64.069,00	-1.095.623,00	-2.368.058,00
e) Other financial assets. : 62105	0,00	0,00	-245.669,00	0,00	-741,00
7. Divestment payment collection (+). : 62200	9.580,00	91.976,00	0,00	503.090,00	5.259,00
b) Intangible fixed assets. : 62202	0,00	353,00	0,00	0,00	0,00
c) Fixed assets. : 62203	3.909,00	3.026,00	0,00	494.950,00	5.259,00
e) Other financial assets. : 62205	5.202,00	86.536,00	0,00	0,00	0,00
h) Other assets. : 62208	469,00	2.060,00	0,00	8.141,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-184.850,00	-108.242,00	-312.043,00	-634.339,00	-2.681.539,00
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	623.877,00	-23.827,00	-581.842,00	1.845.891,00	227.536,00
a) Issuance : 63201	703.054,00	74.079,00	0,00	1.845.891,00	237.741,00
2. Debts incurred with credit institutions (+). : 63203	703.054,00	74.079,00	0,00	1.845.891,00	237.741,00
b) Repayment and amortization of : 63207	-79.177,00	-97.907,00	-581.842,00	0,00	-10.204,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	-504.992,00	0,00	0,00
4. Special characteristic debts (-). : 63211	0,00	0,00	0,00	0,00	-10.204,00
5. Other debts (-). : 63212	-79.177,00	-97.907,00	-76.850,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-98.727,00	0,00	0,00	0,00	0,00
a) Dividends (-).: 63301	-98.727,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	525.150,00	-23.827,00	-581.842,00	1.845.891,00	227.536,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-5.722,00	35.503,00	154.721,00	45.413,00	18.746,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	294.389,00	258.885,00	104.165,00	58.752,00	40.006,00
Cash or equivalent assets as of end of the fiscal year.: 65200	288.666,00	294.389,00	258.885,00	104.165,00	58.752,00

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	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,00 %	0,01 %	0,00 %	0,01 %		106,74 %
EBITDA over Sales:	7,18 %	11,37 %	10,21 %	9,00 %	-29,65 %	26,32 %
Cash Flow Yield:	0,00 %	0,01 %	0,00 %	0,00 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	4,47 %	6,87 %	5,76 %	4,91 %	-22,28 %	39,70 %
Total economic profitability:	4,45 %	3,76 %	6,14 %	2,29 %	-27,59 %	63,93 %
Financial profitability:	4,63 %	4,25 %	6,42 %	0,78 %	-27,97 %	441,95 %
Margin:	5,26 %	6,72 %	7,84 %	4,60 %	-32,93 %	45,94 %
Mark-up:	3,80 %	4,50 %	6,37 %	1,20 %	-40,33 %	275,99 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,06	0,13	0,09	0,12	-25,23	14,38
Acid Test:	0,85	0,87	0,92	0,85	-7,58	2,16
Working Capital / Investment:	0,25	0,05	0,28	0,03	-10,18	86,21
Solvency:	1,79	1,18	2,07	1,17	-13,90	0,41

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,03	1,39	0,97	1,63	6,72	-14,46
Borrowing Composition:	0,56	1,01	0,86	1,03	-34,32	-2,06
Repayment Ability:	-1.228,29	94,00	179,40	200,47	-784,65	-53,11
Warranty:	1,97	1,73	2,03	1,62	-3,20	6,55
Generated resources / Total creditors:	0,04	0,08	0,02	0,06	89,44	24,64

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,82	1,85	2,01	1,70	-9,05	8,80
Turnover of Collection Rights :	3,35	4,99	3,35	4,78	-0,11	4,36
Turnover of Payment Entitlements:	5,87	3,63	4,59	3,51	27,97	3,34
Stock rotation:	2,69	7,34	2,23	6,48	20,71	13,26
Assets turnover:	0,85	1,02	0,73	1,07	15,88	-4,27
Borrowing Cost:	2,35	2,87	3,01	2,95	-21,71	-2,54

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow	2013	2012	2011	2010	2009
Cash Flow over Sales:	0,00 %	0,00 %	0,02 %	0,00 %	0,00 %
EBITDA over Sales:	7,18 %	10,21 %	14,93 %	8,44 %	5,57 %
Cash Flow Yield:	0,00 %	0,00 %	0,01 %	0,00 %	0,00 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	4,47 %	5,76 %	9,51 %	9,53 %	4,05 %
Total economic profitability:	4,45 %	6,14 %	9,53 %	9,97 %	5,42 %
Financial profitability:	4,63 %	6,42 %	11,33 %	13,52 %	5,91 %
Margin:	5,26 %	7,84 %	12,57 %	11,85 %	4,40 %
Mark-up:	3,80 %	6,37 %	10,53 %	10,20 %	3,94 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,06	0,09	0,08	0,03	0,02
Acid Test:	0,85	0,92	1,12	1,26	1,20
Working Capital / Investment:	0,25	0,28	0,29	0,24	0,14
Solvency:	1,79	2,07	2,17	1,92	1,46

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	1,03	0,97	1,04	1,22	1,12
Borrowing Composition:	0,56	0,86	1,06	1,08	0,69
Repayment Ability:	-1.228,29	179,40	41,76	147,74	281,86
Warranty:	1,97	2,03	1,96	1,82	1,89
Generated resources / Total creditors:	0,04	0,02	0,17	0,23	0,07

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,82	2,01	3,08	2,31	1,78
Turnover of Collection Rights :	3,35	3,35	3,13	2,47	2,49
Turnover of Payment Entitlements:	5,87	4,59	4,27	6,09	3,93
Stock rotation:	2,69	2,23	2,50	4,33	11,50
Assets turnover:	0,85	0,73	0,76	0,80	0,92
Borrowing Cost:	2,35	3,01	3,14	3,14	2,73

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders and Works Won

Organisation that calls the tender:

DIRECCION GENERAL DE LA POLICIA DEL MINISTERIO DE INTERIOR

Objective of Tender:

Adquisición de un mínimo de 5.375 pares de guantes de protección anticorte, con destino a funcionarios del Cuerpo Nacional de Policía.

Date Awarded:

30/07/2015

Cost:

149.569,74 EURO.

Organisation that calls the tender:

DIRECCION GENERAL DE LA POLICIA DEL MINISTERIO DE INTERIOR

Objective of Tender:

ADQUISICION DE UN MINIMO DE 5 375 PARES DE GUANTES DE PROTECCION ANTICORTE, CON DESTINO A FUNCIONARIOS DEL CUERPO NACIONAL DE POLICIA

Date Awarded:

30/07/2015

Cost:

149.569,74 EURO.

Organisation that calls the tender:

DIRECCION GENERAL DE LA POLICIA DEL MINISTERIO DE INTERIOR

Objective of Tender:

ADQUISICION DE UN MINIMO DE 3 500 PARES DE GUANTES ANTICORTE CON DESTINO AL CUERPO NACIONAL DE POLICIA

Date Awarded:

25/06/2014

Cost:

99.944,06 EURO.

Organisation that calls the tender:

DIRECCION GENERAL DE LA POLICIA DEL MINISTERIO DE INTERIOR

Objective of Tender:

Adquisición de Guantes anticorte, con destino al Cuerpo Nacional de Policía.

Date Awarded:

27/08/2012

Cost:

199.994,66 EURO.

Organisation that calls the tender:

DIRECCION GENERAL DE LA POLICIA DEL MINISTERIO DE INTERIOR

Objective of Tender:

ADQUISICION DE GUANTES ANTICORTE, CON DESTINO AL CUERPO NACIONAL DE POLICIA

Date Awarded:

27/08/2012

Cost:

199.994,66 EURO.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	4.800,00
Notes	Imputada en la cuenta de perdidas y ganancias.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	22.096,60
Notes	Imputada en la cuenta de perdidas y ganancias.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	-13.256,69
Notes	Imputada en la cuenta de perdidas y ganancias.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	34.956,39
Notes	El importe reflejado corresponde al importe traspasado a resultados durante el ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	5.915,52

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	12.513,35

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	11.831,06
Notes	El importe referido es el saldo al cierre del ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	31.698,83
Notes	EL IMPORTE CORRESPONDE AL SALDO AL CIERRE DEL EJERCICIO

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	SUBVENCION DE EXPLOTACION
Status	CONCEDIDA
Amount Granted	4.191,30

Research Summary

It is a Business that has been established in 1983. It is dedicated to the manufacturing and sale of gloves for technical and industrial use. Its activity is carried our both nationally and internationally. In the consulted references, there is nothing against it. In light of the above, we consider that it is possible to maintain risk operational relations with it according to its size.

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.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

RATING EXPLANATIONS

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

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

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

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

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