MIRA INFORM REPORT

Report No. :	340865
Report Date :	18.09.2015

IDENTIFICATION DETAILS

Name :	JUBA PERSONAL PROTECTIVE EQUIPMENT SL
Registered Office :	Ctra Logroño, S/N - Santo Domingo De La Calzada - 26250 - La Rioja
Country :	Spain
Financials (as on) :	31.12.2013
Date of Incorporation :	06.08.1992
Legal Form :	Private Company
Line of Business :	Wholesale of Textiles.
No. of Employees :	40 (2013)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

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

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

SPAIN - ECONOMIC OVERVIEW

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

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

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

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

Source : CIA

EXECUTIVE SUMMARY

Name:	JUBA PERSONAL PROTECTIVE EQUIPMENT SL
NIF / Fiscal code:	B26185900
Trade Name	JUBA
Status:	ACTIVE
Incorporation Date:	06/08/1992
Register Data	Register Section 8 Sheet 2115
Last Publication in BORME:	03/03/2015 [Dismissal/Resignation]
Last Published Account Deposit:	2013
Share Capital:	114.192,30
Localization:	CTRA LOGROÑO, S/N - SANTO DOMINGO DE LA CALZADA - 26250 - LA RIOJA
Telephone - Fax - Email - Website:	Telephone. 941 340 885 Email. info@juba.es Website. www.juba.es
Activity:
NACE:	4641 - Wholesale of textiles
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	23 for a total cost of 511167.8399999999
Quality Certificate:	No

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

BUNZL DISTRIBUTION SPAIN SOCIEDAD ANONIMA
LOVILIA SPAIN SL	100 %
Shares:	1
Other Links:	8
No. of Active Corporate Bodies:

Ratios	2013	2012	Change
Nº of employees:	40

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing/ Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
This company was incorporated in 1992. It''s engaged in manufacturing of gloves and clothing for special jobs. It develops its activity at a national and international level. Nothing against registered among the sources consulted. For all these reasons, we consider the company to keep being related in risk operations, according to its size.

Identification

Social Denomination:	JUBA PERSONAL PROTECTIVE EQUIPMENT SL
Trade Name:	JUBA
NIF / Fiscal code:	B26185900
Corporate Status:	ACTIVE
Start of activity:	1992
Registered Office:	CTRA LOGROÑO, S/N
Locality:	SANTO DOMINGO DE LA CALZADA
Province:	LA RIOJA
Postal Code:	26250
Telephone:	941 340 885
Fax:	941 340 776
Website:	www.juba.es
Email:	info@juba.es
Interviewed Person:	La presente información ha sido obtenida a través de fuentes indirectas, ante la negativa por parte de los responsables de la titular de prestar cualquier tipo de colaboración para la confección del presente trabajo.

Activity

NACE:	4641
Legal Form:	TRADE OPERATIONS OF ALL KIND OF PRODUCT
Additional Information:	MANUFACTURING OF GLOVES AND CLOTHING FOR SPECIAL JOBS.
Additional Address:	Registered in office and offices CTRA LOGROÑO, S/N 26250 SANTO DOMINGO DE LA CALZADA LA RIOJA
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2013	40

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

Chronological Summary

Year	Act
1992	Appointments/ Re-elections (1) Company Formation (1)
1993	Accounts deposit (year 1992)
1994	Accounts deposit (year 1993)
1995	Accounts deposit (year 1994) Appointments/ Re-elections (1) Change of Social address (1) Increase of Capital (2)
1996	Accounts deposit (year 1995) Increase of Capital (1)
1997	Accounts deposit (year 1996) Adaptation to Law (1) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
1998	Accounts deposit (year 1997)
1999	Accounts deposit (year 1998)
2000	Accounts deposit (year 1999)
2001	Accounts deposit (year 2000)
2002	Accounts deposit (year 2001)
2003	Accounts deposit (year 2002) Appointments/ Re-elections (1)
2004	Accounts deposit (year 2003) Change of Social Denomination (1) Correction (1)
2005	Accounts deposit (year 2004)
2006	Accounts deposit (year 2005)
2007	Accounts deposit (year 2006)
2008	Accounts deposit (year 2007)
2010	Accounts deposit (year 2008, 2009) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2) Declaration of Sole Propietorship (1) Statutory Modifications (1)
2011	Accounts deposit (year 2010) Appointments/ Re-elections (1)
2013	Accounts deposit (year 2011) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
2014	Accounts deposit (year 2012) Appointments/ Re-elections (1)
2015	Accounts deposit (year 2013) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:	114.192,30
Paid up capital:	114.192,30

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
19/09/1992	Company Formation	6.010	6.010	6.010	6.010
09/03/1995	Increase of Capital	48.081	48.081	54.091	54.091
30/10/1995	Increase of Capital	36.061	36.061	90.152	90.152
27/11/1996	Increase of Capital	24.040	24.040	114.192	114.192

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	LOVILIA SPAIN SL	19/07/2010	1
JOINT ADMINISTRATOR	GRAU GARCIA-TERAN ALBERTO	20/12/2013	2
	BARRIOS URIARTE JUAN PEDRO	19/07/2010	4
COMBINED PROXY	ESPIGA DIEZ ELENA	15/07/2011	1
	SACRISTAN PEREZ CAROLINA	15/07/2011	1
	BARRIOS URIARTE JUAN PEDRO	19/07/2010	4
	BARRIOS URIARTE MARIA CONCEPCION	19/07/2010	4
	BALLARIN RALUY MARIO	19/07/2010	3
JOINT ATTORNEY	BARRIOS URIARTE MARIA CONCEPCION	19/07/2010	4
	BARRIOS URIARTE JUAN PEDRO	19/07/2010	4
	BARRIOS URIARTE DAVID	19/07/2010	3
PROXY	GURRUCHAGA MUÑOZ IGNACIO	20/12/2013	1
	GRAU GARCIA-TERAN ALBERTO	20/12/2013	2
	DELAGO GONZALEZ IVAN	19/07/2010	1
	COBO BERBERANA CLARA	19/07/2010	1
	REYNA SANTOS CARMEN	19/07/2010	1
	MARQUES DA GAMA PEDRO	19/07/2010	1
ACCOUNTS' AUDITOR / HOLDER	PRICEWATERHOUSECOOPERS AUDITORES SL	10/11/2014	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
BALLARIN RALUY MARIO	JOINT ADMINISTRATOR	20/12/2013	3
	JOINT ATTORNEY	20/12/2013
BARRIOS URIARTE DAVID	PROXY	19/07/2010	3
	COMBINED PROXY	15/03/2013
BARRIOS URIARTE JUAN PEDRO	PROXY	19/07/2010	4
BARRIOS URIARTE MARIA CONCEPCION	SINGLE ADMINISTRATOR	10/03/1997	4
	SINGLE ADMINISTRATOR	19/07/2010
KPMG AUDITORES SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	20/12/2013	2
	ACCOUNTS' AUDITOR / HOLDER	10/11/2014
LAVINIA AUDITORIA & CONSULTORIA SL	ACCOUNTS' AUDITOR / HOLDER	11/03/2010	3
	ACCOUNTS' AUDITOR / HOLDER	11/03/2010
	ACCOUNTS' AUDITOR / HOLDER	19/07/2010
MASCARENHAS RODRIGO	JOINT ADMINISTRATOR	24/02/2015	1

Executive board

Post	NIF	Name
ADMINISTRATOR		ALBERTO GRAU GARCIA TERAN
ADMINISTRATOR		JUAN PEDRO BARRIOS URIARTE
CHIEF BUYER		SUSANA BARRIOS URIARTE
COMMERCIAL MANAGER		DAVID BARRIOS URIARTE
FINANCIAL DIRECTOR		DAVID BARRIOS URIARTE
MANAGING DIRECTOR		JUAN PEDRO BARRIOS URIARTE
MARKETING DIRECTOR		CONCEPCION BARRIOS URIARTE
SALES MANAGER		ÍÑIGO DE ARGUMOSA
FINANCIAL MANAGER		CAROLINA SACRISTAN

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	---

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. Adequate level of financial autonomy. The financial autonomy of the entity represents the 30.44 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets. JUBA PERSONAL PROTECTIVE EQUIPMENT SL 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.

The current debt represents a 69.48% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency. 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. 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:  0.573 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 464 Wholesale of household goods
Relative Position: Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector JUBA PERSONAL PROTECTIVE EQUIPMENT SL 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 0.573%.

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:	8 Entities
PARTICIPATES IN:	1 Entities
SHAREHOLDERS:	2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	BUNZL DISTRIBUTION SPAIN SOCIEDAD ANONIMA	BARCELONA
	LOVILIA SPAIN SL	TARRAGONA	100
PARTICIPATES IN	RADJA INDUSTRIES EXPORT, SOCIEDAD ANONIMA, (INDIA)		10

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	BUNZI PLC (LONDRES)
	BUNZL DISTRIBUTION SPAIN SOCIEDAD ANONIMA	BARCELONA
	BUNZL FINANCE PLC (LONDRES)
	MARCA PROTECCION LABORAL SL	MURCIA
	KING ESPAÑA COMPLEMENTOS SL EN LIQUIDACION	BARCELONA
	MARVEL PROTECCION LABORAL SL	MURCIA
IS RELATED WITH	MARCA PROTECCION LABORAL SL	MURCIA
	SUMINISTRO DETERGENTE EN COLECTIVIDAD SL	BARCELONA

Turnover

Total Sales 2013

25.326.703

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

Estimated Balance

ESTIMATED FIGURES YEAR 2.014 -NON CURRENT ASSETS 648.000 Euro/s -CURRENT ASSETS 17.456.000 Euro/s -NET WORTH 5.521.000 Euro/s -NON CURRENT LIABILITIES 13 Euro/s -CURRENT LIABILITIES 12.579.000 Euro/s -TOTAL ASSETS AND LIAB. 18.104.000 Euro/s -SALES 25.500.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

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

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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	644.056,00	747.954,00	795.073,00	769.701,00	3.416.368,00
I. Intangible fixed assets : 11100	10.315,00	17.400,00	13.510,00	11.570,00	2.410,00
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	10.315,00	17.400,00	13.510,00	11.570,00	2.410,00
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	165.939,00	213.299,00	284.070,00	350.085,00	3.316.964,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	2.469.414,00
2. Technical installations and other tangible fixed assets: 11220	165.939,00	213.299,00	284.070,00	350.085,00	847.551,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	61.489,00	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	61.489,00	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	60.510,00	0,00	61.790,00	61.280,00	96.993,00
1. Equity instruments: 11510	0,00	0,00	301,00	301,00	96.993,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	60.510,00	0,00	61.489,00	60.979,00	0,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	407.292,00	455.766,00	435.703,00	346.766,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	17.338.397,00	17.068.443,00	19.586.296,00	17.330.703,00	15.902.715,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	9.509.474,00	8.746.652,00	10.892.686,00	7.654.271,00	8.047.575,00
1. Commercial: 12210	9.483.531,00	8.724.012,00	10.876.321,00	7.626.385,00	7.992.850,00
2. Primary material and other supplies: 12220	25.943,00	22.640,00	16.365,00	27.886,00	54.725,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	7.183.929,00	7.382.010,00	7.884.972,00	8.663.776,00	7.624.152,00
1. Trade debtors / accounts receivable: 12310	7.166.185,00	7.348.072,00	7.879.942,00	8.609.532,00	7.614.493,00
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	0,00	7.348.072,00	7.879.942,00	8.609.532,00	7.614.493,00
2. Customers, Group companies and associates : 12320	16.744,00	33.938,00	4.702,00	23.009,00	0,00
3. Other accounts receivable: 12330	0,00	0,00	328,00	28.277,00	12.779,00
4. Personnel: 12340	1.000,00	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	0,00	0,00	0,00	2.958,00	-3.121,00
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	1.500,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	1.500,00	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	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	0,00	0,00	0,00	0,00	33.834,00
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	33.834,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	31.186,00	5.485,00	27.138,00	5.932,00	0,00
VII. Cash and other equivalent liquid assets : 12700	612.308,00	934.296,00	781.500,00	1.006.724,00	197.154,00
1. Treasury: 12710	612.308,00	934.296,00	781.500,00	1.006.724,00	197.154,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	17.982.453,00	17.816.397,00	20.381.369,00	18.100.404,00	19.319.083,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	5.473.170,00	4.926.519,00	5.932.199,00	12.532.297,00	11.372.866,00
A-1) Shareholders' equity: 21000	5.473.170,00	4.926.519,00	5.932.199,00	12.532.297,00	11.285.868,00
I. Capital: 21100	114.190,00	114.190,00	114.190,00	114.190,00	114.190,00
1. Registered capital : 21110	114.190,00	114.190,00	114.190,00	114.190,00	114.190,00
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	3.871.677,00	3.871.677,00	3.871.677,00	11.171.677,00	9.880.490,00
1. Legal and statutory: 21310	22.838,00	22.838,00	22.838,00	22.838,00	22.838,00
2. Other reserves: 21320	3.848.839,00	3.848.839,00	3.848.839,00	11.148.839,00	9.857.652,00
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	1.487.303,00	940.652,00	1.946.332,00	1.246.430,00	1.291.187,00
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	0,00	0,00	0,00	0,00	86.998,00
B) NON-CURRENT LIABILITIES: 31000	15.365,00	29.325,00	23.843,00	36.464,00	1.119.204,00
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	0,00	0,00	0,00	17.900,00	1.063.804,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	1.022.473,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	17.900,00	41.332,00
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	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	15.365,00	29.325,00	23.843,00	18.564,00	55.399,00
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	12.493.918,00	12.860.553,00	14.425.327,00	5.531.643,00	6.827.013,00
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	0,00	0,00	17.573,00	23.423,00	4.602.058,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	0,00	0,00	0,00	0,00	4.564.259,00
3. Creditors from financial leasing: 32330	0,00	0,00	17.573,00	23.423,00	32.838,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	4.962,00
IV. Short-term debts with Group companies and associates: 32400	9.075.144,00	9.905.051,00	10.940.378,00	1.269.220,00	0,00
V. Trade creditors and other accounts payable: 32500	3.418.774,00	2.955.502,00	3.467.376,00	4.239.000,00	2.224.955,00
1. Suppliers: 32510	1.979.509,00	2.025.030,00	2.354.274,00	2.115.263,00	1.087.650,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	1.979.509,00	2.025.030,00	2.354.274,00	2.115.263,00	1.087.650,00
2. Suppliers, Group companies and associates: 32520	143.845,00	34.179,00	45.473,00	694.842,00	0,00
3. Other creditors: 32530	743.799,00	541.056,00	686.958,00	718.623,00	619.499,00
4. Personnel (remuneration due): 32540	259.697,00	83.005,00	144.545,00	70.040,00	1.345,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	331.106,00	313.128,00
6. Other accounts payable to Public Administrations.: 32560	291.924,00	272.232,00	236.126,00	309.126,00	203.333,00
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	17.982.453,00	17.816.397,00	20.381.369,00	18.100.404,00	19.319.083,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	25.326.703,00	23.090.855,00	25.202.934,00	23.958.380,00	21.885.043,00
a) Sales: 40110	25.326.703,00	23.090.855,00	25.202.934,00	23.958.380,00	21.885.043,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-17.873.352,00	-16.895.458,00	-18.152.860,00	-18.366.006,00	-16.096.070,00
a) Stock consumption: 40410	-17.819.661,00	-16.602.415,00	-17.606.019,00	-16.967.595,00	-15.973.341,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-198.589,00	-176.798,00	-206.715,00	-207.537,00	-66.809,00
c) Works carried out by other companies: 40430	-39.497,00	-43.111,00	-54.980,00	-52.226,00	-55.920,00
d) Impairment of stock, primary material and other supplies: 40440	184.395,00	-73.134,00	-285.146,00	-1.138.648,00	0,00
5. Other operating income: 40500	9.418,00	16.480,00	20.825,00	19.231,00	25.821,00
a) Auxiliary income and other from current management: 40510	6.000,00	5.000,00	13.000,00	12.000,00	0,00
b) Operation subsidies included in the Period's result: 40520	3.418,00	11.480,00	7.825,00	7.231,00	25.821,00
6. Personnel costs: 40600	-1.939.009,00	-1.549.630,00	-1.497.191,00	-1.374.905,00	-1.244.155,00
a) Wages, salaries et al.: 40610	-1.594.077,00	-1.240.560,00	-1.225.751,00	-1.130.420,00	-995.150,00
b) Social security costs: 40620	-344.932,00	-309.070,00	-271.440,00	-244.485,00	-249.005,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-3.054.569,00	-2.905.971,00	-2.760.676,00	-2.689.505,00	-2.240.636,00
a) External services: 40710	-2.962.543,00	-2.752.512,00	-2.717.498,00	-2.589.817,00	-2.222.604,00
b) Taxes: 40720	-1.746,00	-386,00	-1.097,00	-28.811,00	-3.643,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-89.637,00	-152.608,00	-40.896,00	-70.166,00	-13.978,00
d) Other current management expenditure : 40740	-643,00	-465,00	-1.185,00	-711,00	-412,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-81.636,00	-93.277,00	-93.047,00	-152.760,00	-226.893,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	4.858,00	13.353,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-578,00	-4.261,00	0,00	391.117,00	-17.293,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-578,00	-4.261,00	0,00	391.117,00	-17.293,00
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	10.490,00	-987,00	-2,00	-2.605,00	377,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	2.397.467,00	1.657.751,00	2.719.983,00	1.787.805,00	2.099.548,00
14. Financial income : 41400	1,00	324,00	14,00	348,00	4.037,00
a) Of shares in equity instruments : 41410	0,00	324,00	0,00	0,00	1.840,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	1.840,00
a 2) In third parties: 41412	0,00	324,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	1,00	0,00	14,00	348,00	2.197,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	2.095,00
b 2) From third parties : 41422	1,00	0,00	14,00	348,00	101,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-262.226,00	-309.845,00	-80.160,00	-61.483,00	-318.630,00
a) Amounts owed to Group companies and associates : 41510	-261.699,00	-309.624,00	-78.995,00	-16.399,00	0,00
b) For debts with third parties : 41520	-527,00	-221,00	-1.165,00	-45.084,00	-318.630,00
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	-8.846,00	-1.469,00	9.174,00	56.050,00	54.170,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	-693,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	-693,00	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	-271.071,00	-310.990,00	-70.972,00	-5.778,00	-260.424,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	2.126.396,00	1.346.761,00	2.649.011,00	1.782.027,00	1.839.125,00
20. Income taxes: 41900	-639.093,00	-406.109,00	-702.679,00	-535.597,00	-547.937,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	1.487.303,00	940.652,00	1.946.332,00	1.246.430,00	1.291.187,00
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	1.487.303,00	940.652,00	1.946.332,00	1.246.430,00	1.291.187,00

> 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:	236.764,00	292.188,00	359.370,00	422.935,00	3.416.368,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	10.315,00	17.400,00	13.510,00	11.570,00	2.410,00
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:	10.315,00	17.400,00	13.510,00	11.570,00	2.410,00
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:	165.939,00	213.299,00	284.070,00	350.085,00	3.316.964,00
1. Land and construction:	0,00	0,00	0,00	0,00	2.469.414,00
2. Technical installations and machinery:	24.598,00	31.619,00	42.110,00	51.896,00	125.638,00
3. Other installations, tools and furniture:	94.738,00	121.776,00	162.181,00	199.870,00	483.882,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	46.603,00	59.904,00	79.780,00	98.320,00	238.030,00
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:	60.510,00	61.489,00	61.790,00	61.280,00	96.993,00
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	301,00	301,00	96.993,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	60.510,00	61.489,00	61.489,00	60.979,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	17.745.689,00	17.524.209,00	20.021.999,00	17.677.469,00	15.902.715,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	9.509.474,00	8.746.652,00	10.892.686,00	7.654.271,00	8.047.575,00
1. Goods for resale:	9.483.531,00	8.724.012,00	10.876.321,00	7.626.385,00	7.992.850,00
2. Raw materials and other consumables:	25.943,00	22.640,00	16.365,00	27.886,00	54.725,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	7.591.221,00	7.837.776,00	8.320.675,00	9.010.542,00	7.624.152,00
1. Trade debtors / accounts receivable:	7.166.185,00	7.348.072,00	7.879.942,00	8.609.532,00	7.614.493,00
2. Accounts receivable, Group companies:	16.744,00	33.938,00	4.702,00	23.009,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	328,00	28.277,00	12.779,00
5. Staff:	1.000,00	0,00	0,00	0,00	0,00
6. Public bodies:	407.292,00	455.766,00	435.703,00	349.724,00	-3.121,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	1.500,00	0,00	0,00	0,00	33.834,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	1.500,00	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	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	33.834,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	612.308,00	934.296,00	781.500,00	1.006.724,00	197.154,00
VII. Prepayments and accrued income:	31.186,00	5.485,00	27.138,00	5.932,00	0,00
GENERAL TOTAL (A + B + C + D):	17.982.453,00	17.816.397,00	20.381.369,00	18.100.404,00	19.319.083,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	5.473.170,00	4.926.519,00	5.932.199,00	12.532.297,00	11.311.967,00
I. Subscribed capital:	114.190,00	114.190,00	114.190,00	114.190,00	114.190,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	3.871.677,00	3.871.677,00	3.871.677,00	11.171.677,00	9.906.590,00
1. Legal reserve:	22.838,00	22.838,00	22.838,00	22.838,00	22.838,00
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:	3.848.838,00	3.848.838,00	3.848.838,00	11.148.835,00	9.883.748,00
Differences due to capital adjustement to euros:	1,00	1,00	1,00	4,00	3,00
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:	1.487.303,00	940.652,00	1.946.332,00	1.246.430,00	1.291.187,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	60.899,00
1. Capital grants:	0,00	0,00	0,00	0,00	60.899,00
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:	15.365,00	29.325,00	23.843,00	36.464,00	1.119.204,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	17.900,00	1.063.804,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	1.022.473,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	17.900,00	41.332,00
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:	15.365,00	29.325,00	23.843,00	18.564,00	55.399,00
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	0,00
4. Long term payables to public bodies:	15.365,00	29.325,00	23.843,00	18.564,00	55.399,00
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:	12.493.918,00	12.860.553,00	14.425.327,00	5.531.643,00	6.827.013,00
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:	0,00	0,00	17.573,00	23.423,00	4.597.096,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	4.564.259,00
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	17.573,00	23.423,00	32.838,00
III. Short-term amounts owed to group and associated companies:	9.218.989,00	9.939.230,00	10.985.851,00	1.964.062,00	0,00
1. Amounts owed to group companies:	9.218.989,00	9.939.230,00	10.985.851,00	1.964.062,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	2.723.308,00	2.566.086,00	3.041.232,00	2.833.886,00	1.707.149,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	2.723.308,00	2.566.086,00	3.041.232,00	2.833.886,00	1.707.149,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	551.621,00	355.237,00	380.671,00	710.272,00	522.769,00
1. Public bodies:	291.924,00	272.232,00	236.126,00	640.232,00	516.462,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	4.962,00
4. Wages and salaries payable:	259.697,00	83.005,00	144.545,00	70.040,00	1.345,00
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):	17.982.453,00	17.816.397,00	20.381.369,00	18.100.404,00	19.319.083,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	23.859.309,00	22.167.007,00	23.286.615,00	23.183.554,00	20.691.614,00
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:	18.057.747,00	16.822.324,00	17.867.714,00	17.227.358,00	16.096.070,00
a) Stock consumption:	17.819.661,00	16.602.415,00	17.606.019,00	16.967.595,00	15.973.341,00
b) Consumption of raw materials and miscellaneous consumable ones:	198.589,00	176.798,00	206.715,00	207.537,00	66.809,00
c) Miscellaneous external expenditure:	39.497,00	43.111,00	54.980,00	52.226,00	55.920,00
A.3. Staff costs:	1.939.009,00	1.549.630,00	1.497.191,00	1.374.905,00	1.244.155,00
a) Wages, salaries et al.:	1.594.077,00	1.240.560,00	1.225.751,00	1.130.420,00	995.150,00
b) Social security costs:	344.932,00	309.070,00	271.440,00	244.485,00	249.005,00
A.4. Depreciation expense:	81.636,00	93.277,00	93.047,00	152.760,00	226.893,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-94.758,00	225.742,00	326.042,00	1.208.814,00	13.978,00
a) Stock provision variation:	-184.395,00	73.134,00	285.146,00	1.138.648,00	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:	89.637,00	152.608,00	40.896,00	70.166,00	13.978,00
A.6. Other operating charges:	2.964.932,00	2.753.363,00	2.719.780,00	2.619.339,00	2.226.658,00
a) External services:	2.962.543,00	2.752.512,00	2.717.498,00	2.589.817,00	2.222.604,00
b) Taxes:	1.746,00	386,00	1.097,00	28.811,00	3.643,00
c) Other operating expenses:	643,00	465,00	1.185,00	711,00	412,00
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):	2.387.555,00	1.662.999,00	2.719.985,00	1.394.435,00	2.103.111,00
A.7. Financial and similar charges:	262.226,00	309.845,00	80.160,00	62.176,00	318.630,00
a) Due to liabilities with companies of the group:	261.699,00	309.624,00	78.995,00	16.399,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	527,00	221,00	1.165,00	45.084,00	318.630,00
d) Losses from financial investments:	0,00	0,00	0,00	693,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	8.846,00	1.469,00	0,00	0,00	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):	2.116.484,00	1.352.009,00	2.649.013,00	1.388.657,00	1.842.687,00
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:	578,00	4.261,00	0,00	0,00	17.293,00
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	987,00	2,00	2.605,00	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):	9.912,00	0,00	0,00	393.370,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	2.126.396,00	1.346.761,00	2.649.011,00	1.782.027,00	1.839.125,00
A.15. Corporation tax:	639.093,00	406.109,00	702.679,00	535.597,00	547.937,00
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):	1.487.303,00	940.652,00	1.946.332,00	1.246.430,00	1.291.187,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	25.346.612,00	23.107.659,00	25.232.947,00	24.429.984,00	21.982.801,00
B.1. Net total sales:	25.326.703,00	23.090.855,00	25.202.934,00	23.958.380,00	21.885.043,00
a) Sales:	25.681.000,00	23.413.874,00	25.555.499,00	24.293.535,00	22.191.194,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	-354.297,00	-323.019,00	-352.565,00	-335.155,00	-306.151,00
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:	9.418,00	16.480,00	20.825,00	19.231,00	25.821,00
a) Auxiliary income and other from current management:	6.000,00	5.000,00	13.000,00	12.000,00	0,00
b) Grants:	3.418,00	11.480,00	7.825,00	7.231,00	25.821,00
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:	0,00	324,00	0,00	0,00	1.840,00
a) In companies of the group:	0,00	0,00	0,00	0,00	1.840,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	324,00	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:	1,00	0,00	14,00	348,00	2.197,00
a) From companies of the group:	0,00	0,00	0,00	0,00	2.095,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	1,00	0,00	14,00	348,00	101,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	9.174,00	56.050,00	54.170,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	271.071,00	310.990,00	70.972,00	5.778,00	260.424,00
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	391.117,00	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	4.858,00	13.353,00
B.12. Extraordinary income:	10.490,00	0,00	0,00	0,00	377,00
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	5.248,00	2,00	0,00	3.563,00
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	2.126.396,00	1.346.761,00	2.649.011,00	1.782.027,00	1.839.125,00
2. Results adjustments.: 61200	258.528,00	632.801,00	490.061,00	969.176,00	505.234,00
a) Fixed Assets Amortization (+).: 61201	81.637,00	93.277,00	93.047,00	152.780,00	226.893,00
b) Obsolescence Allowances (+/-). : 61202	-94.758,00	225.742,00	326.042,00	1.208.814,00	13.978,00
d) Allocation of grants (-).: 61204	0,00	0,00	0,00	-125.667,00	-13.353,00
e) Results on disposal of fixed assets (+/-). : 61205	578,00	4.261,00	0,00	-269.975,00	17.293,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	0,00	0,00	-693,00	0,00
g) Financial income (-).: 61207	-1,00	-324,00	-14,00	-348,00	-4.037,00
h) Financial Expenses (+). : 61208	262.226,00	309.845,00	80.160,00	61.483,00	318.630,00
i) Exchange differences (+/-). : 61209	8.846,00	0,00	-9.174,00	-56.050,00	-54.170,00
k) Other income and expense (-/+). : 61211	0,00	0,00	0,00	-1.168,00	0,00
3. Changes in current capital equity.: 61300	-32.412,00	1.933.033,00	-3.247.377,00	169.673,00	-1.377.247,00
a) Stock (+/-).: 61301	-578.427,00	2.072.900,00	-3.523.561,00	-745.344,00	1.833.701,00
d) Debtors and other accounts receivable (+/-). : 61302	108.444,00	350.354,00	737.908,00	-1.108.952,00	-1.359.791,00
c) Other current assets (+/-). : 61303	-25.701,00	21.653,00	-21.206,00	27.902,00	0,00
d) Creditors and other accounts payable (+/-). : 61304	463.272,00	-511.874,00	-440.518,00	1.996.067,00	-1.851.156,00
4. Other cash flows for operating activities.: 61400	-893.953,00	-836.937,00	-1.064.047,00	-865.938,00	-749.228,00
a) Interest payments (-). : 61401	-271.733,00	-309.845,00	-80.160,00	-61.483,00	-318.630,00
b) Dividend payment collection (+). : 61402	0,00	0,00	14,00	0,00	0,00
c) Interest collection (+). : 61403	1,00	324,00	0,00	-286,00	4.037,00
d) Income tax payment collection (payments) (+/-).: 61404	-622.221,00	-527.416,00	-993.075,00	-862.219,00	-434.634,00
e) Other payments (payment collection) (-/+) : 61405	0,00	0,00	9.174,00	58.050,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	1.458.559,00	3.075.658,00	-1.172.352,00	2.054.938,00	217.884,00
6. Payments for investment (-).: 62100	-29.269,00	-38.920,00	-31.219,00	-76.728,00	-75.114,00
b) Intangible fixed assets. : 62102	0,00	-9.512,00	-6.646,00	-12.260,00	0,00
c) Fixed assets. : 62103	-27.769,00	-29.408,00	-24.063,00	-3.490,00	-75.114,00
e) Other financial assets. : 62105	-1.500,00	0,00	-510,00	-60.978,00	0,00
7. Divestment payment collection (+). : 62200	978,00	8.564,00	1.737,00	2.066.401,00	54.085,00
c) Fixed assets. : 62203	0,00	8.263,00	1.737,00	1.970.401,00	54.085,00
e) Other financial assets. : 62205	978,00	301,00	0,00	96.000,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-28.291,00	-30.356,00	-29.482,00	1.989.673,00	-21.029,00
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	-802.758,00	-946.174,00	9.523.040,00	-3.235.041,00	97.585,00
a) Issuance : 63201	0,00	0,00	12.161.790,00	1.269.220,00	672.504,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	0,00	0,00	606.338,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	12.161.790,00	1.269.220,00	0,00
5. Other debts (+). : 63206	0,00	0,00	0,00	0,00	66.166,00
b) Repayment and amortization of : 63207	-802.758,00	-946.174,00	-2.638.750,00	-4.504.261,00	-574.919,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	-23.750,00	-4.471.414,00	-574.919,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-802.758,00	-928.601,00	-2.615.000,00	0,00	0,00
5. Other debts (-). : 63212	0,00	0,00	0,00	-32.847,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-940.652,00	-1.946.332,00	-8.546.430,00	0,00	-490.000,00
a) Dividends (-).: 63301	-940.652,00	-1.946.332,00	-8.546.430,00	0,00	-490.000,00
12. Cash flows for financing activities (9+10+11).: 63400	-1.743.410,00	-2.892.506,00	976.610,00	-3.235.041,00	-392.415,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-8.846,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-321.988,00	152.796,00	-225.224,00	809.570,00	-195.560,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	934.296,00	781.500,00	106.724,00	197.154,00	392.715,00
Cash or equivalent assets as of end of the fiscal year.: 65200	612.308,00	934.296,00	781.500,00	1.006.724,00	197.154,00

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:	-0,01 %	0,01 %	0,01 %	0,01 %	-292,13 %	107,68 %
EBITDA over Sales:	9,75 %	11,36 %	7,61 %	9,02 %	28,18 %	26,00 %
Cash Flow Yield:	-0,02 %	0,01 %	0,01 %	0,00 %	-308,79 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	13,32 %	6,88 %	9,34 %	4,94 %	42,57 %	39,25 %
Total economic profitability:	13,28 %	3,74 %	9,30 %	2,31 %	42,86 %	62,05 %
Financial profitability:	27,17 %	4,20 %	19,09 %	0,82 %	42,32 %	410,70 %
Margin:	9,42 %	6,71 %	7,18 %	4,62 %	31,24 %	45,33 %
Mark-up:	8,35 %	4,46 %	5,83 %	1,22 %	43,19 %	264,51 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,05	0,13	0,07	0,12	-32,54	14,65
Acid Test:	0,62	0,87	0,65	0,85	-3,48	1,97
Working Capital / Investment:	0,27	0,05	0,24	0,03	14,07	87,38
Solvency:	1,42	1,18	1,36	1,17	4,24	0,51

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	2,29	1,38	2,62	1,62	-12,65	-14,87
Borrowing Composition:	0,00	1,00	0,00	1,02		-2,22
Repayment Ability:	-38,85	92,79	84,36	200,20	-146,05	-53,65
Warranty:	1,44	1,73	1,38	1,62	4,00	6,77
Generated resources / Total creditors:	0,11	0,08	0,09	0,07	28,87	25,21

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,27	1,85	2,13	1,70	6,57	8,72
Turnover of Collection Rights :	3,53	5,00	3,13	4,78	12,67	4,58
Turnover of Payment Entitlements:	6,12	3,64	6,70	3,51	-8,63	3,69
Stock rotation:	2,41	7,31	2,45	6,48	-1,57	12,81
Assets turnover:	1,41	1,02	1,30	1,07	8,63	-4,18
Borrowing Cost:	2,10	2,86	2,40	2,95	-12,79	-3,08

> 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:	-0,01 %	0,01 %	-0,01 %	0,03 %	-0,01 %
EBITDA over Sales:	9,75 %	7,61 %	11,16 %	6,46 %	10,65 %
Cash Flow Yield:	-0,02 %	0,01 %	-0,01 %	0,04 %	-0,01 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	13,32 %	9,34 %	13,39 %	9,93 %	10,94 %
Total economic profitability:	13,28 %	9,30 %	13,39 %	10,18 %	11,17 %
Financial profitability:	27,17 %	19,09 %	32,81 %	9,95 %	11,44 %
Margin:	9,42 %	7,18 %	10,78 %	7,47 %	9,58 %
Mark-up:	8,35 %	5,83 %	10,50 %	7,44 %	8,39 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,05	0,07	0,05	0,18	0,03
Acid Test:	0,62	0,65	0,60	1,75	1,15
Working Capital / Investment:	0,27	0,24	0,25	0,65	0,47
Solvency:	1,42	1,36	1,39	3,20	2,33

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	2,29	2,62	2,44	0,44	0,70
Borrowing Composition:	0,00	0,00	0,00	0,01	0,16
Repayment Ability:	-38,85	84,36	-64,15	6,88	-40,63
Warranty:	1,44	1,38	1,41	3,25	2,43
Generated resources / Total creditors:	0,11	0,09	0,16	0,46	0,19

Efficiency	2013	2012	2011	2010	2009
Productivity:	2,27	2,13	2,88	2,13	2,87
Turnover of Collection Rights :	3,53	3,13	3,20	2,77	2,87
Turnover of Payment Entitlements:	6,12	6,70	6,03	4,97	8,24
Stock rotation:	2,41	2,45	2,07	2,95	2,46
Assets turnover:	1,41	1,30	1,24	1,33	1,14
Borrowing Cost:	2,10	2,40	0,55	1,10	4,01

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	125.667,00

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	106.037,13

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	37.593,07

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	25.269,16

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	11.107,73

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	9.322,03

Entity	ST ANDREWS
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	870,00

Entity	FEDERACION DE EMPRESARIOS DE LA RIOJA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	429,00

Entity	OVERLINE
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	297,00

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	20.245,88

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	12.813,46

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	2.454,00

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	1.260,00

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	1.021,11

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	378,00

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención a la explotación
Status	CONCEDIDA
Amount Granted	240,00

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	37.593,07
Notes	Subvención concedida en 2.004. El importe traspasado a resultados es de 3.759,31 euros, quedando así un saldo a fecha de cierre del ejercicio de 33.833,76 euros.

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	25.269,16
Notes	Subvención concedida en 2.004. Se imputarán a resultados del ejercicio cuando se tramitan los terrenos subvencionados o se den de baja en inmovilizado.

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	11.107,73
Notes	Subvención concedida en 2.000. El importe traspasado a resultados es de 1.110,77 euros, quedando así un saldo a fecha de cierre del ejercicio de 5.553,66 euros.

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	SUBVENCION DE EXPLOTACION
Status	CONCEDIDA
Project	REFORMA ESTRUCTURAS COMERCIALES
Amount Granted	37.593,07

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	SUBVENCION DE EXPLOTACION
Status	CONCEDIDA
Project	ADQUISICION SUELO
Amount Granted	25.269,16

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	11.107,73

Entity	AGENCIA DE DESARROLLO ECONOMICO DE LA RIOJA
Subsidy Concept	SUBVENCION DE EXPLOTACION
Status	CONCEDIDA
Project	DISEÑO Y PUBLICIDAD.
Amount Granted	8.223,35

Research Summary

This company was incorporated in 1992. It''s engaged in manufacturing of gloves and clothing for special jobs. It develops its activity at a national and international level. Nothing against registered among the sources consulted. For all these reasons, we consider the company to keep being related in risk operations, 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.66.50
UK Pound	1	Rs.101.99
Euro	1	Rs.75.03

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