MIRA INFORM REPORT

Report No. :	348191
Report Date :	31.10.2015

IDENTIFICATION DETAILS

Name :	WINOA IBERICA SOCIEDAD ANONIMA
Registered Office :	Ps. De La Magdalena, 28 - Balmaseda - 48800 - Vizcaya
Country :	Spain
Financials (as on) :	31.12.2014
Date of Incorporation :	09.09.1972
Legal Form :	Public Company
Line of Business :	Casting of steel
No. of Employees :	88 (2014)

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

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed briefly in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining 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. 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. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in January 2014. Recently increased private consumption helped bring real GDP growth back into positive territory at 1.3% in 2014, and labor reforms prompted a modest reduction in the unemployment rate, from more than 26% in 2013 to 24% in 2014. Despite the uptic in economic activity, inflation dropped sharply, from 1.5% in 2013 to flat in 2014. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of national elections in November 2015 and leaves untouched the country’s value-added tax (VAT) regime, which generates significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012.

Source : CIA

EXECUTIVE SUMMARY

Name:	WINOA IBERICA SOCIEDAD ANONIMA
NIF / Fiscal code:	A48063812
Trade Name	TALLERES FABIO MURGA
Status:	ACTIVE
Incorporation Date:	09/09/1972
Register Data	Register Section 8 Sheet 2053
Last Publication in BORME:	22/06/2015 [Reelections]
Last Published Account Deposit:	2014
Share Capital:	374.989,48
Localization:	PS. DE LA MAGDALENA, 28 - BALMASEDA - 48800 - VIZCAYA
Telephone - Fax - Email - Website:	Telephone. 946 102 444 Email. nacional@fabiomurga.com Website. www.winoa.com
Activity:
NACE:	2452 - Casting of steel
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	0 for a total cost of 0
Quality Certificate:	No

Default Risk:	0.917%
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:

WINOA, SOCIEDAD ANONIMA, (FRANCIA)	100 %
Shares:	8
Other Links:	7
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios	2014	2013	Change
Nº of employees:	88

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing/ Guarantee Sources :	Sources YES, Guarantees NO

INVESTIGATION SUMMARY

It is a firm founded in 1972, dedicated to the casting of steel. It operates nationally and internationally. In the sources consulted appears nothing against him. Given the above, we believe that is possible to continue operations relating with its size.

Identification

Social Denomination:	WINOA IBERICA SOCIEDAD ANONIMA
Trade Name:	TALLERES FABIO MURGA
NIF / Fiscal code:	A48063812
Corporate Status:	ACTIVE
Start of activity:	1965
Registered Office:	PS. DE LA MAGDALENA, 28
Locality:	BALMASEDA
Province:	VIZCAYA
Postal Code:	48800
Telephone:	946 102 444
Fax:	946 102 054
Website:	www.winoa.com
Email:	nacional@fabiomurga.com
Interviewed Person:	This information was obtained through indirect sources, the refusal by the company responsible for paying any collaboration for the preparation of this paper.

Activity

NACE:	2452
Legal Form:	Steel smelting.
Additional Information:	Steel smelting, with a production capacity of 70,000 tons annually.
Additional Address:	Registered office, offices and departments are located in the head address. It has 37.000 m2, whose 15.000 m2 are covered.
Franchise:	No
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	88

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

Chronological Summary

Year	Act
1991	Appointments/ Re-elections (2) Statutory Modifications (1)
1992	Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1993	Appointments/ Re-elections (1) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
1994	Appointments/ Re-elections (1)
1996	Appointments/ Re-elections (1)
1998	Accounts deposit (year 1995, 1996, 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1999	Accounts deposit (year 1998) Appointments/ Re-elections (3) Other Concepts/ Events (1)
2000	Accounts deposit (year 1999) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2001	Accounts deposit (year 2000) Appointments/ Re-elections (1)
2002	Accounts deposit (year 2001) Appointments/ Re-elections (1)
2003	Accounts deposit (year 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2004	Accounts deposit (year 2003) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)
2005	Accounts deposit (year 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (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 (4) Cessations/ Resignations/ Reversals (3)
2009	Accounts deposit (year 2008) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2010	Accounts deposit (year 2009) Appointments/ Re-elections (3)
2011	Accounts deposit (year 2010) Appointments/ Re-elections (4)
2012	Accounts deposit (year 2011) Appointments/ Re-elections (1)
2013	Accounts deposit (year 2012) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
2014	Accounts deposit (year 2013) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2) Change of Social Denomination (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (4)
2015	Accounts deposit (year 2014) Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:	374.989,48
Paid up capital:	374.989,48

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
16/07/1993	Capital Reduction	-272.902	-272.902	374.989	374.989

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	WINOA SA	02/06/2014	1
PRESIDENT	ESCOLIER PIERRE JEAN FRANCOIS	09/05/2014	3
MEMBER OF THE BOARD	ARNAUD PATRICK RENE JOSEPH	30/05/2013	5
	ESCOLIER PIERRE JEAN FRANCOIS	03/10/2011	3
	RESUSTA URRUTICOECHEA LUIS FRANCISCO	24/05/2010	8
	FAYARD PIERRE YVES DENIS LOUIS	24/05/2010	1
PROXY	OTEO GUTIERREZ JOSE MARIA	17/12/2014	7
	RESUSTA URRUTICOECHEA LUIS FRANCISCO	17/12/2014	8
	OROZ IRIGORAS IDOIA	17/12/2014	1
	ACASUSO ALONSO IGNACIO MARTIN	17/12/2014	1
CHIEF EXECUTIVE OFFICER	ESCOLIER PIERRE JEAN-FRANCOIS	09/05/2014	1
SECRETARY	OTEO GUTIERREZ JOSE MARIA	30/05/2013	7
MEMBER	HAUSER ROBER	16/09/1991	1
ACCOUNTS' AUDITOR / HOLDER	MOORE STEPHENS AMS SOCIEDAD LIMITADA	12/06/2015	15

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AMANN MURGA FABIO	SECRETARY	16/07/1993	1
AMANN MURGA JOSE ANTONIO	MEMBER	16/07/1993	1
AMANN MURGA PABLO	MEMBER	16/07/1993	1
ARNAUD PATRICK RENE JOSEPH	MEMBER OF THE BOARD	15/12/1998	5
	MEMBER OF THE BOARD	28/04/2003
	MEMBER OF THE BOARD	25/06/2008
	MEMBER OF THE BOARD	30/05/2013
BAYLOT REMI PIERRE	MEMBER OF THE BOARD	15/12/1998	4
	MEMBER OF THE BOARD	28/04/2003
	MEMBER OF THE BOARD	25/06/2008
	MEMBER OF THE BOARD	29/05/2009
BERNARD JEAN MARIE	MEMBER OF THE BOARD	28/04/2003	4
	MEMBER OF THE BOARD	10/05/2004
	MEMBER OF THE BOARD	15/12/1998
	MEMBER OF THE BOARD	16/07/1993
BERNARD JEAN PIERRE GAUTIER	MEMBER OF THE BOARD	04/11/2005	1
EPG AUDITORES SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	25/04/2000	4
	ACCOUNTS' AUDITOR / HOLDER	10/05/2001
	ACCOUNTS' AUDITOR / HOLDER	11/05/1999
	ACCOUNTS' AUDITOR / HOLDER	04/06/2002
ESCOLIER PIERRE JEAN FRANCOIS	MEMBER OF THE BOARD	03/10/2011	3
ESPINOSA EGUIZABAL GAGO ASOCIADOS SRC	ACCOUNTS' AUDITOR / HOLDER	11/05/1999	1
FAYET ARNAUD PHILIPPE	MEMBER OF THE BOARD	24/05/2005	2
	MEMBER OF THE BOARD	04/11/2005
FERNANDEZ GETINO JOSE LUIS	PROXY	06/10/2003	1
HARTENSTEIN EUGENE	MEMBER	23/07/1992	1
HAUSER ROBERT	MEMBER OF THE BOARD	15/12/1998	2
	MEMBER OF THE BOARD	07/06/2000
LARREA SAGARMINAGA JUAN JOSE	MEMBER OF THE BOARD	15/12/1998	12
	MEMBER OF THE BOARD	28/04/2003
	MEMBER OF THE BOARD	19/01/2004
	PROXY	29/02/2008
	CHIEF EXECUTIVE OFFICER	29/02/2008
	CHIEF EXECUTIVE OFFICER	15/12/1998
	CHIEF EXECUTIVE OFFICER	28/04/2003
	CHIEF EXECUTIVE OFFICER	19/01/2004
	PRESIDENT	15/12/1998
	PRESIDENT	28/04/2003
	PRESIDENT	19/01/2004
	MEMBER	16/07/1993
LOPEZ CASAMAYOR MARIA LUISA	PRESIDENT	16/07/1993	1
MOORE STEPHENS AMS SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	04/06/2002	15
	ACCOUNTS' AUDITOR / HOLDER	04/05/2005
	ACCOUNTS' AUDITOR / HOLDER	06/05/2004
	ACCOUNTS' AUDITOR / HOLDER	29/04/2003
	ACCOUNTS' AUDITOR / HOLDER	28/05/2012
	ACCOUNTS' AUDITOR / HOLDER	03/08/2009
	ACCOUNTS' AUDITOR / HOLDER	02/06/2010
	ACCOUNTS' AUDITOR / HOLDER	18/04/2011
	ACCOUNTS' AUDITOR / HOLDER	03/05/2006
	ACCOUNTS' AUDITOR / HOLDER	10/05/2007
	ACCOUNTS' AUDITOR / HOLDER	13/06/2013
	ACCOUNTS' AUDITOR / HOLDER	12/05/2014
	ACCOUNTS' AUDITOR / HOLDER	12/06/2015
	ACCOUNTS' AUDITOR / HOLDER	02/10/2008
MURGA LOPEZ MARIA CARMEN	CHIEF EXECUTIVE OFFICER	16/07/1993	2
	MEMBER	16/07/1993
OTEO GUTIERREZ JOSE MARIA	JOINT ATTORNEY/COMBINED PROXY	17/12/2014	7
	PROXY	17/12/2014
	PROXY	17/12/2014
	PROXY	26/07/2011
	SECRETARY	30/05/2013
RENARD BERNARD	MEMBER	16/07/1993	4
	MEMBER OF THE BOARD	15/12/1998
	MEMBER OF THE BOARD	28/04/2003
	MEMBER OF THE BOARD	04/11/2005
RESUSTA URRUTICOECHEA LUIS FRANCISCO	PROXY	01/04/2004	8
	MEMBER OF THE BOARD	24/05/2005
	PROXY	26/07/2011
	MEMBER OF THE BOARD	24/05/2010
	PROXY	17/12/2014
	PROXY	17/12/2014
SAS TRIOLET INVESTISSEMENT	MEMBER OF THE BOARD	09/05/2014	3
	CHIEF EXECUTIVE OFFICER	09/05/2014
	PRESIDENT	09/05/2014
SIERRA HIDALGO JUAN MARIA	SECRETARY	28/04/2003	4
	SECRETARY	15/12/1998
	PROXY	17/04/2008
	SECRETARY	25/06/2008
SONGHE MARK LI	MEMBER OF THE BOARD	09/05/2014	1
WHEELABRATOR ALLEVARD SOCIEDAD ANONIMA	SINGLE PARTNER	02/06/2014	1
YVES GEORGES MICHEL BARRAQUAND	MEMBER OF THE BOARD	25/06/2008	6
	CHIEF EXECUTIVE OFFICER	25/06/2008
	PRESIDENT	25/06/2008
	PRESIDENT	30/05/2013
	CHIEF EXECUTIVE OFFICER	30/05/2013
	MEMBER OF THE BOARD	30/05/2013

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		AMAIA GARCIA
MANAGING DIRECTOR		LUIS RESUSTA URRUTICOECHEA

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. The current debt represents a 18.27of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. WINOA IBERICA SOCIEDAD ANONIMA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets. High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

WINOA IBERICA SOCIEDAD ANONIMA it presents an excessive indebtedness that may compromise their balance sheet. 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. Audit qualifications . The company has submitted the audit with a qualified opinion, indicating that the financial statements may not reflect the true picture because of the existence of circumstances that may be significant.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.917 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 245 Casting of metals
Relative Position: Credit quality is superior to that of other companies in the same sector.

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 93.00% of the companies of the sector WINOA IBERICA SOCIEDAD ANONIMA 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 0.917%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	No se han publicado

Guarantees

Link List

IS RELATED WITH:	7 Entities
PARTICIPATES IN:	8 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	WINOA, SOCIEDAD ANONIMA, (FRANCIA)		100
PARTICIPATES IN	IKK DO BRASIL INDUSTRIAS E COMERCIO LTDA (BRASIL)		100
	SEOUL SHOT INDUSTRY CO, SOCIEDAD ANONIMA, (COREA DEL SUR)		100
	SHANGHAI MURGA STEEL ABRASIVE CO, SOCIEDAD ANONIMA, (CHINA)		96.76
	THOMAS ABRASIVES, SOCIEDAD ANONIMA, (SUDAFRICA)		100
	THOR FOUNDRY, SOCIEDAD ANONIMA, (SUDAFRICA)		100
	IKK SHOT, SOCIEDAD ANONIMA, (JAPON)		13.65
	SIAM IKK CO, SOCIEDAD ANONIMA, (TAILANDIA)		80.3
	WINOA TAIWAN CO, S.A.		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH
	ABRASIV MUTA DOO
	KOVOBRASIV MINISEK SPOL SRO, S.A.
	TRIOLET INVESTISSEMENTS
	WINOA USA INC
	MILGRANDI
	AZPIEGITURAK SOCIEDAD ANONIMA	VIZCAYA
IS RELATED WITH	AZPIEGITURAK SOCIEDAD ANONIMA	VIZCAYA

Turnover

Total Sales 2014

40.334.000

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2014	Normales	June  2015
2013	Normales	May  2014
2012	Normales	June  2013
2011	Normales	May  2012
2010	Normales	March  2011
2009	Normales	July  2010
2008	Normales	June  2009
2007	Normales	March  2008
2006	Normales	March  2007
2005	Normales	March  2006
2004	Normales	April  2005
2003	Normales	April  2004
2002	Normales	April  2003
2001	Normales	May  2002
2000	Normales	June  2001
1999	Normales	April  2000
1998	Normales	June  1999
1997	Normales	December  1998
1996	Normales	December  1998
1995	Normales	December  1998

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

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

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

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	51.293.000,00	48.548.000,00	42.149.000,00	42.770.000,00	43.880.000,00
I. Intangible fixed assets : 11100	0,00	0,00	0,00	0,00	0,00
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	0,00	0,00	0,00	0,00	0,00
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	1.911.000,00	1.584.000,00	1.116.000,00	1.259.000,00	1.068.000,00
1. Land and buildings: 11210	374.000,00	366.000,00	10.000,00	10.000,00	10.000,00
2. Technical installations and other tangible fixed assets: 11220	533.000,00	588.000,00	712.000,00	863.000,00	695.000,00
3. Tangible asset in progress and advances: 11230	1.004.000,00	630.000,00	394.000,00	386.000,00	363.000,00
III. Real estate investment: 11300	110.000,00	110.000,00	110.000,00	110.000,00	110.000,00
1. Land: 11310	110.000,00	110.000,00	110.000,00	110.000,00	110.000,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	45.036.000,00	42.127.000,00	35.941.000,00	36.329.000,00	37.823.000,00
1. Equity instruments: 11410	45.036.000,00	42.127.000,00	35.641.000,00	35.829.000,00	37.323.000,00
2. Credits to businesses: 11420	0,00	0,00	0,00	500.000,00	500.000,00
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	300.000,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	4.236.000,00	4.727.000,00	4.982.000,00	5.072.000,00	4.879.000,00
1. Equity instruments: 11510	3.000,00	3.000,00	3.000,00	3.000,00	3.000,00
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	4.233.000,00	4.724.000,00	4.979.000,00	5.069.000,00	4.876.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	0,00	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	16.233.000,00	15.468.000,00	13.945.000,00	14.885.000,00	24.482.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	3.375.000,00	4.008.000,00	4.642.000,00	4.139.000,00	4.389.000,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	718.000,00	821.000,00	860.000,00	800.000,00	976.000,00
3. Work in progress: 12230	1.350.000,00	1.735.000,00	1.841.000,00	1.578.000,00	1.946.000,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	1.350.000,00	1.735.000,00	1.841.000,00	1.578.000,00	1.946.000,00
4. Finished goods: 12240	1.307.000,00	1.452.000,00	1.941.000,00	1.761.000,00	1.467.000,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	1.307.000,00	1.452.000,00	1.941.000,00	1.761.000,00	1.467.000,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	6.426.000,00	7.832.000,00	7.747.000,00	8.665.000,00	9.105.000,00
1. Trade debtors / accounts receivable: 12310	3.694.000,00	4.809.000,00	5.095.000,00	6.179.000,00	6.576.000,00
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	3.694.000,00	4.809.000,00	5.095.000,00	6.179.000,00	6.576.000,00
2. Customers, Group companies and associates : 12320	2.724.000,00	3.015.000,00	2.644.000,00	2.478.000,00	2.521.000,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	8.000,00	8.000,00	8.000,00	8.000,00	8.000,00
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	5.400.000,00	1.950.000,00	94.000,00	0,00	1.350.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	5.400.000,00	1.950.000,00	0,00	0,00	1.350.000,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	94.000,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	10.000,00	26.000,00	39.000,00	58.000,00	7.925.000,00
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	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	10.000,00	26.000,00	39.000,00	58.000,00	7.925.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	0,00	190.000,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	1.022.000,00	1.652.000,00	1.233.000,00	2.023.000,00	1.713.000,00
1. Treasury: 12710	1.022.000,00	1.652.000,00	1.233.000,00	2.023.000,00	1.713.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	67.526.000,00	64.016.000,00	56.094.000,00	57.655.000,00	68.362.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	9.827.000,00	5.932.000,00	5.779.000,00	5.886.000,00	12.903.000,00
A-1) Shareholders' equity: 21000	9.764.000,00	5.853.000,00	5.703.000,00	5.843.000,00	12.883.000,00
I. Capital: 21100	375.000,00	375.000,00	375.000,00	375.000,00	375.000,00
1. Registered capital : 21110	375.000,00	375.000,00	375.000,00	375.000,00	375.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	2.528.000,00	2.528.000,00	2.518.000,00	2.508.000,00	1.104.000,00
1. Legal and statutory: 21310	130.000,00	130.000,00	130.000,00	130.000,00	130.000,00
2. Other reserves: 21320	2.398.000,00	2.398.000,00	2.388.000,00	2.378.000,00	974.000,00
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	6.861.000,00	2.950.000,00	2.810.000,00	2.960.000,00	11.404.000,00
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	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	63.000,00	79.000,00	76.000,00	43.000,00	20.000,00
B) NON-CURRENT LIABILITIES: 31000	45.363.000,00	35.452.000,00	21.339.000,00	23.795.000,00	29.059.000,00
I. Long-term provisions: 31100	55.000,00	73.000,00	67.000,00	63.000,00	57.000,00
1. Long-term employee benefits liability: 31110	55.000,00	73.000,00	67.000,00	63.000,00	57.000,00
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	31.367.000,00	31.209.000,00	18.320.000,00	16.376.000,00	20.446.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	31.089.000,00	31.209.000,00	18.320.000,00	16.376.000,00	19.765.000,00
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	278.000,00	0,00	0,00	0,00	681.000,00
III. Long-term debts with Group companies and associates: 31300	9.000.000,00	0,00	0,00	4.900.000,00	7.300.000,00
IV. Liabilities for deferred tax: 31400	4.941.000,00	4.170.000,00	2.952.000,00	2.456.000,00	1.256.000,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	12.336.000,00	22.632.000,00	28.976.000,00	27.974.000,00	26.400.000,00
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	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	846.000,00	170.000,00	5.889.000,00	4.590.000,00	4.357.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	846.000,00	159.000,00	182.000,00	3.767.000,00	3.646.000,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	11.000,00	5.707.000,00	823.000,00	711.000,00
IV. Short-term debts with Group companies and associates: 32400	4.599.000,00	13.609.000,00	14.461.000,00	14.991.000,00	14.673.000,00
V. Trade creditors and other accounts payable: 32500	6.891.000,00	8.853.000,00	8.626.000,00	8.393.000,00	7.370.000,00
1. Suppliers: 32510	5.260.000,00	7.462.000,00	7.618.000,00	7.211.000,00	6.161.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	5.260.000,00	7.462.000,00	7.618.000,00	7.211.000,00	6.161.000,00
2. Suppliers, Group companies and associates: 32520	423.000,00	618.000,00	249.000,00	192.000,00	338.000,00
3. Other creditors: 32530	0,00	0,00	0,00	0,00	0,00
4. Personnel (remuneration due): 32540	148.000,00	340.000,00	343.000,00	348.000,00	363.000,00
5. Liabilities for current tax: 32550	656.000,00	93.000,00	13.000,00	306.000,00	37.000,00
6. Other accounts payable to Public Administrations.: 32560	356.000,00	340.000,00	403.000,00	336.000,00	471.000,00
7. Advances from clients: 32570	48.000,00	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	67.526.000,00	64.016.000,00	56.094.000,00	57.655.000,00	68.362.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	40.334.000,00	43.398.000,00	44.872.000,00	44.728.000,00	40.715.000,00
a) Sales: 40110	39.865.000,00	42.852.000,00	44.148.000,00	44.025.000,00	40.078.000,00
b) Rendering of services: 40120	469.000,00	546.000,00	724.000,00	703.000,00	637.000,00
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	-529.000,00	-595.000,00	443.000,00	-74.000,00	361.000,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-17.917.000,00	-19.863.000,00	-22.522.000,00	-22.457.000,00	-19.819.000,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-17.917.000,00	-19.853.000,00	-22.522.000,00	-22.457.000,00	-19.794.000,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	-10.000,00	0,00	0,00	-25.000,00
5. Other operating income: 40500	80.000,00	0,00	0,00	0,00	0,00
a) Auxiliary income and other from current management: 40510	0,00	0,00	0,00	0,00	0,00
b) Operation subsidies included in the Period's result: 40520	80.000,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-5.213.000,00	-5.605.000,00	-5.329.000,00	-5.300.000,00	-5.072.000,00
a) Wages, salaries et al.: 40610	-4.010.000,00	-4.352.000,00	-4.191.000,00	-4.048.000,00	-3.806.000,00
b) Social security costs: 40620	-1.221.000,00	-1.247.000,00	-1.134.000,00	-1.246.000,00	-1.260.000,00
c) Provisions : 40630	18.000,00	-6.000,00	-4.000,00	-6.000,00	-6.000,00
7. Other operating costs: 40700	-10.599.000,00	-11.074.000,00	-11.374.000,00	-10.130.000,00	-10.267.000,00
a) External services: 40710	-10.315.000,00	-10.601.000,00	-10.624.000,00	-9.387.000,00	-9.733.000,00
b) Taxes: 40720	-161.000,00	-163.000,00	-143.000,00	-147.000,00	-149.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-38.000,00	-20.000,00	-317.000,00	-306.000,00	-113.000,00
d) Other current management expenditure : 40740	-85.000,00	-290.000,00	-290.000,00	-290.000,00	-272.000,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-183.000,00	-223.000,00	-290.000,00	-322.000,00	-527.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	16.000,00	16.000,00	8.000,00	5.000,00	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	2.587.000,00	0,00	0,00	-87.000,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	2.587.000,00	0,00	0,00	-87.000,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	-1.000,00	-4.000,00	-15.000,00	161.000,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	5.988.000,00	8.637.000,00	5.793.000,00	6.611.000,00	5.309.000,00
14. Financial income : 41400	1.635.000,00	3.252.000,00	4.684.000,00	3.610.000,00	5.303.000,00
a) Of shares in equity instruments : 41410	1.296.000,00	3.037.000,00	4.661.000,00	3.367.000,00	4.793.000,00
a 1) In Group companies and associates: 41411	1.296.000,00	3.034.000,00	4.661.000,00	3.367.000,00	4.793.000,00
a 2) In third parties: 41412	0,00	3.000,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	339.000,00	215.000,00	23.000,00	243.000,00	510.000,00
b 1) From Group companies and associates : 41421	270.000,00	68.000,00	17.000,00	73.000,00	25.000,00
b 2) From third parties : 41422	69.000,00	147.000,00	6.000,00	170.000,00	485.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-2.243.000,00	-2.196.000,00	-2.023.000,00	-2.438.000,00	-2.707.000,00
a) Amounts owed to Group companies and associates : 41510	-776.000,00	-953.000,00	-1.041.000,00	-1.186.000,00	-1.471.000,00
b) For debts with third parties : 41520	-1.467.000,00	-1.243.000,00	-982.000,00	-1.252.000,00	-1.236.000,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	-16.000,00	858.000,00	536.000,00	-375.000,00	-228.000,00
18. Impairment and result for transfers of financial instruments: 41800	2.909.000,00	-6.223.000,00	-5.597.000,00	-2.844.000,00	5.192.000,00
a) Impairment and losses : 41810	2.909.000,00	-6.223.000,00	-5.597.000,00	-2.844.000,00	5.224.000,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	-32.000,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	2.285.000,00	-4.309.000,00	-2.400.000,00	-2.047.000,00	7.560.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	8.273.000,00	4.328.000,00	3.393.000,00	4.564.000,00	12.869.000,00
20. Income taxes: 41900	-1.412.000,00	-1.378.000,00	-583.000,00	-1.604.000,00	-1.465.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	6.861.000,00	2.950.000,00	2.810.000,00	2.960.000,00	11.404.000,00
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	6.861.000,00	2.950.000,00	2.810.000,00	2.960.000,00	11.404.000,00

> 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. 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:	51.293.000,00	48.548.000,00	42.149.000,00	42.770.000,00	43.880.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	0,00	0,00	0,00	0,00	0,00
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:	0,00	0,00	0,00	0,00	0,00
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:	2.021.000,00	1.694.000,00	1.226.000,00	1.369.000,00	1.178.000,00
1. Land and construction:	484.000,00	476.000,00	120.000,00	120.000,00	120.000,00
2. Technical installations and machinery:	502.820,00	554.706,00	671.684,00	814.134,00	655.647,00
3. Other installations, tools and furniture:	10.972,00	12.104,00	14.657,00	17.766,00	14.307,00
4. Payments on account and tangible fixed assets under construction:	1.004.000,00	630.000,00	394.000,00	386.000,00	363.000,00
5. Other tangible assets:	19.208,00	21.190,00	25.658,00	31.100,00	25.046,00
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:	49.272.000,00	46.854.000,00	40.923.000,00	41.401.000,00	42.702.000,00
1. Equity investments in group companies:	45.036.000,00	42.127.000,00	35.641.000,00	35.829.000,00	37.323.000,00
2. Receivables from group companies:	0,00	0,00	0,00	500.000,00	500.000,00
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:	3.000,00	3.000,00	3.000,00	3.000,00	3.000,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	4.233.000,00	4.724.000,00	5.279.000,00	5.069.000,00	4.876.000,00
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:	16.233.000,00	15.468.000,00	13.945.000,00	14.885.000,00	24.482.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	3.375.000,00	4.008.000,00	4.642.000,00	4.139.000,00	4.389.000,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	718.000,00	821.000,00	860.000,00	800.000,00	976.000,00
3. Goods in process and semifinished ones:	1.350.000,00	1.735.000,00	1.841.000,00	1.578.000,00	1.946.000,00
4. Finished products:	1.307.000,00	1.452.000,00	1.941.000,00	1.761.000,00	1.467.000,00
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:	6.426.000,00	7.832.000,00	7.747.000,00	8.665.000,00	9.105.000,00
1. Trade debtors / accounts receivable:	3.694.000,00	4.809.000,00	5.095.000,00	6.179.000,00	6.576.000,00
2. Accounts receivable, Group companies:	2.724.000,00	3.015.000,00	2.644.000,00	2.478.000,00	2.521.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	0,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	8.000,00	8.000,00	8.000,00	8.000,00	8.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	5.410.000,00	1.976.000,00	133.000,00	58.000,00	9.275.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	5.400.000,00	1.950.000,00	0,00	0,00	1.350.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	94.000,00	0,00	0,00
7. Shor term guarantees and deposits:	10.000,00	26.000,00	39.000,00	58.000,00	7.925.000,00
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:	1.022.000,00	1.652.000,00	1.233.000,00	2.023.000,00	1.713.000,00
VII. Prepayments and accrued income:	0,00	0,00	190.000,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	67.526.000,00	64.016.000,00	56.094.000,00	57.655.000,00	68.362.000,00

MERCANTILE REGISTRY

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	9.782.900,00	5.876.700,00	5.725.800,00	5.855.900,00	12.889.000,00
I. Subscribed capital:	375.000,00	375.000,00	375.000,00	375.000,00	375.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	239.365,00	241.730,00	243.021,00	243.316,00	100.273,00
IV. Reserves:	2.307.535,00	2.309.970,00	2.297.779,00	2.277.584,00	1.009.727,00
1. Legal reserve:	130.000,00	130.000,00	130.000,00	130.000,00	130.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	2.177.535,00	2.179.970,00	2.167.779,00	2.147.584,00	879.727,00
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:	6.861.000,00	2.950.000,00	2.810.000,00	2.960.000,00	11.404.000,00
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:	44.100,00	55.300,00	53.200,00	30.100,00	14.000,00
1. Capital grants:	44.100,00	55.300,00	53.200,00	30.100,00	14.000,00
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:	55.000,00	73.000,00	67.000,00	63.000,00	57.000,00
1. Provisions for pension fund and other similar obligations:	55.000,00	73.000,00	67.000,00	63.000,00	57.000,00
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:	45.308.000,00	35.379.000,00	21.272.000,00	23.732.000,00	29.002.000,00
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:	31.089.000,00	31.209.000,00	18.320.000,00	16.376.000,00	19.765.000,00
1. Loans and other liabilities:	31.089.000,00	31.209.000,00	18.320.000,00	16.376.000,00	19.765.000,00
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:	9.000.000,00	0,00	0,00	4.900.000,00	7.300.000,00
1. Amounts owed to group companies:	9.000.000,00	0,00	0,00	4.900.000,00	7.300.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	5.219.000,00	4.170.000,00	2.952.000,00	2.456.000,00	1.937.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	278.000,00	0,00	0,00	0,00	681.000,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	4.941.000,00	4.170.000,00	2.952.000,00	2.456.000,00	1.256.000,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	12.336.000,00	22.632.000,00	28.976.000,00	27.974.000,00	26.400.000,00
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:	846.000,00	159.000,00	182.000,00	3.767.000,00	3.646.000,00
1. Loans and other liabilities:	846.000,00	159.000,00	182.000,00	3.767.000,00	3.646.000,00
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:	5.022.000,00	14.227.000,00	14.710.000,00	15.183.000,00	15.011.000,00
1. Amounts owed to group companies:	5.022.000,00	14.227.000,00	14.710.000,00	15.183.000,00	15.011.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	5.308.000,00	7.462.000,00	7.618.000,00	7.211.000,00	6.161.000,00
1. Advanced payments from customers:	48.000,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	5.260.000,00	7.462.000,00	7.618.000,00	7.211.000,00	6.161.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.160.000,00	784.000,00	6.466.000,00	1.813.000,00	1.582.000,00
1. Public bodies:	1.012.000,00	433.000,00	416.000,00	642.000,00	508.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	11.000,00	5.707.000,00	823.000,00	711.000,00
4. Wages and salaries payable:	148.000,00	340.000,00	343.000,00	348.000,00	363.000,00
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:	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):	67.526.000,00	64.016.000,00	56.094.000,00	57.655.000,00	68.362.000,00

MERCANTILE REGISTRY

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	35.204.000,00	47.161.000,00	47.733.000,00	45.544.000,00	34.980.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	529.000,00	595.000,00	0,00	74.000,00	0,00
A.2. Supplies:	17.917.000,00	19.853.000,00	22.522.000,00	22.457.000,00	19.794.000,00
a) Stock consumption:	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	17.917.000,00	19.853.000,00	22.522.000,00	22.457.000,00	19.794.000,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	5.213.000,00	5.605.000,00	5.329.000,00	5.300.000,00	5.072.000,00
a) Wages, salaries et al.:	3.992.000,00	4.358.000,00	4.195.000,00	4.054.000,00	3.812.000,00
b) Social security costs:	1.221.000,00	1.247.000,00	1.134.000,00	1.246.000,00	1.260.000,00
A.4. Depreciation expense:	183.000,00	223.000,00	290.000,00	322.000,00	527.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	38.000,00	30.000,00	317.000,00	306.000,00	138.000,00
a) Stock provision variation:	0,00	10.000,00	0,00	0,00	25.000,00
b) Variation in provision and bad debt losses:	196.883,00	103.623,00	1.642.421,00	1.585.428,00	585.469,00
c) Variation of other trade provisions:	-158.883,00	-83.623,00	-1.325.421,00	-1.279.428,00	-472.469,00
A.6. Other operating charges:	10.561.000,00	11.054.000,00	11.057.000,00	9.824.000,00	10.154.000,00
a) External services:	10.315.000,00	10.601.000,00	10.624.000,00	9.387.000,00	9.733.000,00
b) Taxes:	161.000,00	163.000,00	143.000,00	147.000,00	149.000,00
c) Other operating expenses:	85.000,00	290.000,00	290.000,00	290.000,00	272.000,00
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):	5.973.000,00	6.038.000,00	5.800.000,00	6.445.000,00	5.391.000,00
A.7. Financial and similar charges:	2.260.929,00	2.157.646,00	1.988.504,00	2.420.471,00	2.739.000,00
a) Due to liabilities with companies of the group:	776.000,00	953.000,00	1.041.000,00	1.186.000,00	1.471.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	1.467.000,00	1.243.000,00	982.000,00	1.252.000,00	1.236.000,00
d) Losses from financial investments:	17.929,00	-38.354,00	-34.496,00	-17.529,00	32.000,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	16.000,00	0,00	0,00	375.000,00	228.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	1.952.354,00	3.231.496,00	814.529,00	2.336.000,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	5.331.071,00	7.990.354,00	9.031.496,00	7.259.529,00	7.727.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	-2.926.929,00	6.261.354,00	5.631.496,00	2.861.529,00	-5.224.000,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	87.000,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	1.000,00	4.000,00	15.000,00	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):	2.941.929,00	0,00	0,00	0,00	5.142.000,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	8.273.000,00	4.328.000,00	3.393.000,00	4.564.000,00	12.869.000,00
A.15. Corporation tax:	1.412.000,00	1.378.000,00	583.000,00	1.604.000,00	1.465.000,00
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):	6.861.000,00	2.950.000,00	2.810.000,00	2.960.000,00	11.404.000,00

MERCANTILE REGISTRY

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	42.065.000,00	50.111.000,00	50.543.000,00	48.504.000,00	46.384.000,00
B.1. Net total sales:	40.334.000,00	43.398.000,00	44.872.000,00	44.728.000,00	40.715.000,00
a) Sales:	40.932.848,00	43.999.860,00	45.330.575,00	45.204.280,00	41.151.554,00
b) Rendering of services:	469.000,00	546.000,00	724.000,00	703.000,00	637.000,00
Returns and Rappel on sales:	-1.067.848,00	-1.147.860,00	-1.182.575,00	-1.179.280,00	-1.073.554,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	443.000,00	0,00	361.000,00
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:	80.000,00	0,00	0,00	0,00	0,00
a) Auxiliary income and other from current management:	0,00	0,00	0,00	0,00	0,00
b) Grants:	80.000,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	1.296.000,00	3.037.000,00	4.661.000,00	3.367.000,00	4.793.000,00
a) In companies of the group:	1.296.000,00	3.034.000,00	4.661.000,00	3.367.000,00	4.793.000,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	3.000,00	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:	339.000,00	215.000,00	23.000,00	243.000,00	510.000,00
a) From companies of the group:	270.000,00	68.000,00	17.000,00	73.000,00	25.000,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	69.000,00	147.000,00	6.000,00	170.000,00	485.000,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	858.000,00	536.000,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	641.929,00	0,00	0,00	0,00	0,00
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	2.587.000,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	16.000,00	16.000,00	8.000,00	5.000,00	5.000,00
B.12. Extraordinary income:	0,00	0,00	0,00	161.000,00	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	3.662.354,00	5.638.496,00	2.695.529,00	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	8.273.000,00	4.328.000,00	3.393.000,00	4.564.000,00	12.869.000,00
2. Results adjustments.: 61200	-2.770.000,00	-827.000,00	3.541.000,00	2.301.000,00	-7.122.000,00
a) Fixed Assets Amortization (+).: 61201	183.000,00	223.000,00	290.000,00	322.000,00	527.000,00
b) Obsolescence Allowances (+/-). : 61202	-2.909.000,00	0,00	5.914.000,00	3.150.000,00	-5.086.000,00
c) Variation in Provision (+/-). : 61203	-18.000,00	6.000,00	6.000,00	6.000,00	6.000,00
d) Allocation of grants (-).: 61204	-16.000,00	0,00	-8.000,00	-5.000,00	-5.000,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	0,00	0,00	0,00	32.000,00
g) Financial income (-).: 61207	0,00	-3.252.000,00	-4.684.000,00	-3.610.000,00	-5.303.000,00
h) Financial Expenses (+). : 61208	0,00	2.196.000,00	2.023.000,00	2.438.000,00	2.707.000,00
i) Exchange differences (+/-). : 61209	-10.000,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	460.000,00	-2.255.000,00	-384.000,00	438.000,00	-2.357.000,00
a) Stock (+/-).: 61301	633.000,00	634.000,00	-503.000,00	250.000,00	-645.000,00
d) Debtors and other accounts receivable (+/-). : 61302	2.141.000,00	-85.000,00	601.000,00	134.000,00	-1.149.000,00
c) Other current assets (+/-). : 61303	0,00	-1.653.000,00	-190.000,00	0,00	0,00
d) Creditors and other accounts payable (+/-). : 61304	-2.303.000,00	-1.151.000,00	526.000,00	54.000,00	-563.000,00
e) Other current liabilities (+/-).: 61305	-11.000,00	0,00	-816.000,00	0,00	0,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	-2.000,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	-78.000,00	1.056.000,00	2.281.000,00	1.076.000,00	2.695.000,00
a) Interest payments (-). : 61401	0,00	-2.196.000,00	-2.023.000,00	-2.399.000,00	-2.330.000,00
b) Dividend payment collection (+). : 61402	0,00	0,00	4.661.000,00	3.367.000,00	4.793.000,00
c) Interest collection (+). : 61403	0,00	3.252.000,00	23.000,00	243.000,00	510.000,00
d) Income tax payment collection (payments) (+/-).: 61404	-78.000,00	0,00	-380.000,00	-135.000,00	-278.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	5.885.000,00	2.302.000,00	8.831.000,00	8.379.000,00	6.085.000,00
6. Payments for investment (-).: 62100	-3.952.000,00	-6.654.000,00	-669.000,00	-421.000,00	-1.500.000,00
a) Companies of the group and affiliates. : 62101	0,00	-6.186.000,00	-128.000,00	0,00	0,00
c) Fixed assets. : 62103	-502.000,00	-468.000,00	-147.000,00	-421.000,00	-150.000,00
e) Other financial assets. : 62105	-3.450.000,00	0,00	-394.000,00	0,00	-1.350.000,00
7. Divestment payment collection (+). : 62200	507.000,00	255.000,00	1.028.000,00	7.674.000,00	6.962.000,00
a) Companies of the group and affiliates. : 62201	0,00	0,00	0,00	0,00	76.000,00
e) Other financial assets. : 62205	507.000,00	255.000,00	1.028.000,00	7.674.000,00	6.886.000,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-3.445.000,00	-6.622.000,00	359.000,00	7.253.000,00	5.462.000,00
9. Payment collection and payments for equity instruments. : 63100	0,00	-2.797.000,00	41.000,00	28.000,00	21.000,00
b) Amortization of assets instruments (-). : 63102	0,00	-2.800.000,00	0,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	0,00	3.000,00	41.000,00	28.000,00	21.000,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-120.000,00	7.536.000,00	-7.071.000,00	-5.350.000,00	2.487.000,00
a) Issuance : 63201	0,00	-6.571.000,00	0,00	318.000,00	15.045.000,00
2. Debts incurred with credit institutions (+). : 63203	0,00	-23.000,00	0,00	0,00	372.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	-852.000,00	0,00	318.000,00	14.673.000,00
5. Other debts (+). : 63206	0,00	-5.696.000,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	-120.000,00	14.107.000,00	-7.071.000,00	-5.668.000,00	-12.558.000,00
2. Debts incurred with credit institutions (-).: 63209	-120.000,00	12.889.000,00	-1.641.000,00	-3.268.000,00	-2.458.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	-5.430.000,00	-2.400.000,00	-10.100.000,00
5. Other debts (-). : 63212	0,00	1.218.000,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-2.950.000,00	0,00	-2.950.000,00	-10.000.000,00	-13.000.000,00
a) Dividends (-).: 63301	-2.950.000,00	0,00	-2.950.000,00	-10.000.000,00	-13.000.000,00
12. Cash flows for financing activities (9+10+11).: 63400	-3.070.000,00	4.739.000,00	-9.980.000,00	-15.322.000,00	-10.492.000,00
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	-630.000,00	419.000,00	-790.000,00	310.000,00	1.055.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	1.652.000,00	1.233.000,00	2.023.000,00	1.713.000,00	658.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.022.000,00	1.652.000,00	1.233.000,00	2.023.000,00	1.713.000,00

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 %	0,09 %	0,01 %	0,01 %	-261,78 %	622,58 %
EBITDA over Sales:	15,26 %	15,12 %	14,43 %	11,38 %	5,79 %	32,82 %
Cash Flow Yield:	-0,01 %	0,04 %	0,01 %	0,01 %	-242,55 %	536,37 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	46,63 %	9,91 %	56,90 %	6,94 %	-18,05 %	42,72 %
Total economic profitability:	15,57 %	4,51 %	10,19 %	3,82 %	52,81 %	18,25 %
Financial profitability:	70,27 %	5,69 %	50,40 %	4,40 %	39,42 %	29,22 %
Margin:	14,82 %	9,69 %	19,91 %	6,75 %	-25,57 %	43,60 %
Mark-up:	20,47 %	7,72 %	9,98 %	4,58 %	105,10 %	68,50 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,08	0,19	0,07	0,13	13,50	45,61
Acid Test:	1,04	0,82	0,51	0,86	105,84	-4,27
Working Capital / Investment:	0,06	0,00	-0,11	0,05	151,57	-106,91
Solvency:	1,32	1,13	0,68	1,18	92,54	-3,89

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	5,83	1,25	9,66	1,38	-39,62	-9,21
Borrowing Composition:	3,67	1,59	1,56	1,00	134,95	59,35
Repayment Ability:	-91,50	14,09	138,45	93,15	-166,09	-84,87
Warranty:	1,17	1,80	1,10	1,73	6,15	3,89
Generated resources / Total creditors:	0,07	0,08	0,16	0,08	-55,76	-2,47

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,18	2,32	2,12	1,87	3,02	24,18
Turnover of Collection Rights :	6,29	6,31	5,54	5,05	13,50	24,89
Turnover of Payment Entitlements:	4,06	3,59	3,43	3,66	18,50	-2,02
Stock rotation:	10,20	11,88	9,32	7,32	9,48	62,19
Assets turnover:	3,15	1,02	2,86	1,03	10,10	-0,61
Borrowing Cost:	3,89	3,23	3,79	2,86	2,79	13,16

> 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 %	0,01 %	-0,02 %	0,01 %	0,03 %
EBITDA over Sales:	15,26 %	14,43 %	13,57 %	15,13 %	14,54 %
Cash Flow Yield:	-0,01 %	0,01 %	-0,01 %	0,01 %	0,02 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	46,63 %	56,90 %	38,62 %	39,82 %	32,40 %
Total economic profitability:	15,57 %	10,19 %	9,66 %	12,14 %	22,78 %
Financial profitability:	70,27 %	50,40 %	49,27 %	50,66 %	88,52 %
Margin:	14,82 %	19,91 %	12,94 %	14,42 %	13,04 %
Mark-up:	20,47 %	9,98 %	7,59 %	9,84 %	31,61 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,08	0,07	0,04	0,07	0,06
Acid Test:	1,04	0,51	0,31	0,38	0,76
Working Capital / Investment:	0,06	-0,11	-0,27	-0,23	-0,03
Solvency:	1,32	0,68	0,48	0,53	0,93

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	5,83	9,66	8,60	8,69	4,27
Borrowing Composition:	3,67	1,56	0,73	0,85	1,10
Repayment Ability:	-91,50	138,45	-63,61	166,79	52,51
Warranty:	1,17	1,10	1,12	1,12	1,23
Generated resources / Total creditors:	0,07	0,16	0,17	0,12	0,12

Efficiency	2014	2013	2012	2011	2010
Productivity:	2,18	2,12	2,14	2,28	2,17
Turnover of Collection Rights :	6,29	5,54	5,79	5,16	4,47
Turnover of Payment Entitlements:	4,06	3,43	3,98	3,87	4,13
Stock rotation:	10,20	9,32	8,42	9,25	8,05
Assets turnover:	3,15	2,86	2,98	2,76	2,48
Borrowing Cost:	3,89	3,79	4,03	4,72	4,89

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

ABC	07/02/2014
Empresa Fabio Murga coloca la primera piedra de su nueva planta en Balmaseda
Companies related
Europa Press	05/02/2014
Talleres Fabio Murga pondrá este viernes la primera piedra de sus nuevas instalaciones en el polígono Arla de Balmaseda
Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

It is a firm founded in 1972, dedicated to the casting of steel. It operates nationally and internationally. In the sources consulted appears nothing against him. Given the above, we believe that is possible to continue operations relating with 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.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.67

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIT

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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