MIRA INFORM REPORT

Report No. :	489569
Report Date :	07.02.2018

IDENTIFICATION DETAILS

Name :	BYG SA
Registered Office :	C/ El Pla, 45 (P. I. El Plá) - Molins De Rei - 08750 - Barcelona
Country :	Spain
Financials (as on) :	2015
Date of Incorporation :	16.10.1967
Legal Form :	Public company
Line of Business :	Wholesale of other machinery and equipment
No. of Employees :	132 [2016]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Spain	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SPAIN - ECONOMIC OVERVIEW

After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2017 Spain marked the fourth full year of positive economic growth in ten years, largely due to increased private consumption. At the onset of the 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 that year, 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 for its financial sector.

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 17% in 2017. High unemployment has 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 about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

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 through 2016. 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.

Political gridlock after the national elections in December 2015 and June 2016 and ensuing government formation process constrained the caretaker government’s ability to implement needed labor, pension, health care, tax, and education reforms— in 2016. The European Commission criticized Spain’s 2016 budget for easing austerity measures and for its alleged overly optimistic growth and deficit projections. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and with the recent uptick in economic activity, inflation has reappeared, at 2% per year.

Source : CIA

EXECUTIVE SUMMARY

Name:	BYG SA
NIF / Fiscal code:	A08220014
Status:	ACTIVE
Incorporation Date:	16/10/1967
Register Data	Register Section 8 Sheet 35930
Last Publication in BORME:	16/11/2017 [Appointments]
Last Published Account Deposit:	2015
Share Capital:	1.365.984
Localization:	C/ EL PLA, 45 (P. I. EL PLÁ) - MOLINS DE REI - 08750 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 936 804 900 Email. ventas@byg.es Website. www.byg.es
Number of Branches	6
Activity:
NACE:	4669 - Wholesale of other machinery and equipment
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	1 for a total cost of 0,00
Subsidies:	0 for a total cost of 0
Main products / services:	ScrewsWearReplacement
Quality Certificate:	No
Payment Behaviour:	Slow
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:

CRISTINA BARTOLOME RODRIGUEZ	24.49 %
JAVIER BARTOLOME RODRIGUEZ	24.49 %
USCO SPA (ITALIA)	51.02 %
Shares:	8
Other Links:	13
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios

2015

2014

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The Company was incorporated in 1967, engaged in the manufacture and sale of wear-resistance products manufactured with steel alloys and combined resistance with a high performance design. Specialized in the production of Ripper arms in one piece. Its commercial scope is national and international. There are no bad comments in the consulted sources and since it was not possible to verify its financial evolution, we recommend a close follow up of company's evolution.
Interviewed Person:

Enquiry Details

Identification
Social Denomination:	BYG SA
NIF / Fiscal code:	A08220014
Corporate Status:	ACTIVE
Start of activity:	1968
Registered Office:	C/ EL PLA, 45 (P. I. EL PLÁ)
Locality:	MOLINS DE REI
Province:	BARCELONA
Postal Code:	08750
Telephone:	936 804 900
Fax:	934 150 202
Website:	www.byg.es
Email:	ventas@byg.es
Interviewed Person:	The present information has been obtained through indirect sources, given the refusal on the part of those responsible for the subject to provide any type of information.

Branch Offices

Address	Postal Code	City	Province
CALLE PLA 45	08750	MOLINS DE REI	BARCELONA
CALLE HAMBURGO 15 NAV 9	24400	PONFERRADA	LEON
CALLE DE VALPORTILLO SEGUNDA 11 3	28108	ALCOBENDAS	MADRID
CALLE PELAYA (DE LA) 2	28110	ALGETE	MADRID
CALLE JAUME I 12	46560	MASSALFASSAR	VALENCIA
CALLE NORTE 37 PQ TECNOL PINSEQUE	50298	PINSEQUE	ZARAGOZA

Activity
NACE:	4669
CNAE Obtaining Source:	4669
Corporate Purpose:	THE SUBJECT IS ENGAGED IN THE PURCHASE-SALE, IMPORT, EXPORT, AND MANUFACTURE OF SPARE PARTS FOR ALL KINDS OF INDUSTRIAL, AGRICULTURAL AND VEHICLES MACHINERY. MANUFACTURE OF MACHINERY.
Additional Information:	Manufacture and marketing of wear-resistance products, manufactured with alloy steel and combined resistance with a high performance design. Specialized in the production of Ripper arms in one piece.
Additional Address:	Registered office, offices and premises located at the heading address. They also have several branches, some of which will be detailed in the corresponding section of this report.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Main products / services

Product	% Over Sales
Screws
Wear
Replacement
Filming
Pointers
Spades
Lubricants
Tires
Various

Number of Employees

Year	No. of employees	Established	Incidentals
2016	132

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

Chronological Summary
	Year	Act
	1990	Accounts deposit (year 1989) Appointments/ Re-elections (1)
	1991	Accounts deposit (year 1990)
	1992	Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	1993	Accounts deposit (year 1992)
	1994	Accounts deposit (year 1993)
	1995	Accounts deposit (year 1994) Appointments/ Re-elections (1)
	1999	Accounts deposit (year 1995, 1996, 1997, 1998) Appointments/ Re-elections (5) Capital Reduction (2) Cessations/ Resignations/ Reversals (4) Change of Social address (1) Increase of Capital (1)
	2001	Accounts deposit (year 1999, 2000)
	2003	Accounts deposit (year 2001, 2002) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (1)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (2)
	2006	Accounts deposit (year 2005) Appointments/ Re-elections (2)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (2) Increase of Capital (3)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Take-over Merger (5)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (3)
	2010	Appointments/ Re-elections (3) Correction (2)
	2011	Accounts deposit (year 2008 consolidated, 2009 consolidated, 2009) Appointments/ Re-elections (1)
	2012	Accounts deposit (year 2010 consolidated, 2011 consolidated, 2010, 2011) Appointments/ Re-elections (2)
	2013	Accounts deposit (year 2012 consolidated, 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (2)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (3)
	2016	Accounts deposit (year 2015) Change of Social Purpose (1) Statutory Modifications (1)
	2017	Appointments/ Re-elections (3) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)

Breakdown of Owners' Equity
Registered Capital:	1.365.984
Paid up capital:	1.365.984

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
08/09/1999	Increase of Capital	82.338	82.338	563.532	563.532
08/09/1999	Capital Reduction	-16.307	-16.307	547.225	547.225
18/10/2007	Increase of Capital	66.875	66.875	614.100	614.100
18/10/2007	Increase of Capital	600	600	614.700	614.700
20/11/2007	Increase of Capital	300	300	615.000	615.000
29/01/2013	Increase of Capital	375.150	375.150	990.150	990.150
15/04/2014	Increase of Capital	125.050	125.050	1.115.200	1.115.200
05/08/2014	Increase of Capital	250.784	250.784	1.365.984	1.365.984

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	USCO SPA	15/09/2017	1
SINGLE ADMINISTRATOR	BARTOLOME RODRIGUEZ JAVIER	25/07/2013	4
JOINT ATTORNEY	MASSIMO GALASSINI	24/07/2017	1
	GRACIA LORES LORDA JUAN	28/09/2015	3
	FERNANDEZ URBAN JOSE MANUEL	28/09/2015	5
	LORES LORDA JUAN GRACIA	09/06/2015	2
	BARTOLOME RODRIGUEZ CRISTINA	09/06/2015	3
PROXY	BLASCO VILLEGAS JAVIER	12/04/2006	1
	BARTOLOME RODRIGUEZ JAVIER	20/10/2005	4
	SCHEER HEINZ MARCEL ALEXANDER	06/04/1990	1
ACCOUNTS' AUDITOR / HOLDER	BDO AUDITORES SL	06/11/2017	3

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALEXANDER SHEER HEINZ	PROXY	18/09/1999	1
BARTOLOME PASCUAL AUREO	ADMINISTRATOR	02/06/1992	3
	ADMINISTRATOR	23/03/1999
	ADMINISTRATOR	23/03/1999
BARTOLOME RODRIGUEZ AGUSTIN	PROXY	18/09/1999	1
BARTOLOME RODRIGUEZ CRISTINA	PROXY	20/10/2005	3
	PROXY	09/06/2015
BARTOLOME RODRIGUEZ FERNANDO	PROXY	12/11/2014	1
BARTOLOME RODRIGUEZ JAVIER	SINGLE ADMINISTRATOR	25/07/2013	4
	PROXY	20/10/2005
BARTOLOME RODRIGUEZ JOSE MARIA	SINGLE ADMINISTRATOR	30/07/2008	4
	ADMINISTRATOR	05/06/2003
	PROXY	12/01/2009
	PROXY	12/11/2014
BDO AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	20/10/2017	3
	ACCOUNTS' AUDITOR / HOLDER	06/11/2017
CARO ROMERO RODRIGO	PROXY	12/11/2014	1
FERNANDEZ URBAN JOSE MANUEL	PROXY	25/10/2007	5
	PROXY	20/02/2012
	PROXY	31/12/2014
	JOINT ATTORNEY	28/09/2015
GMTR AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	14/01/2003	1
GRACIA LORES LORDA JUAN	PROXY	20/02/2012	3
	PROXY	28/09/2015
LORES LORDA JUAN GRACIA	JOINT ATTORNEY	09/06/2015	2
MAZARS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	05/06/2003	7
	ACCOUNTS' AUDITOR / HOLDER	22/07/2004
	ACCOUNTS' AUDITOR / HOLDER	25/07/2005
	ACCOUNTS' AUDITOR / HOLDER	24/07/2006
	ACCOUNTS' AUDITOR / HOLDER	26/06/2007
	ACCOUNTS' AUDITOR / HOLDER	17/07/2008
	ACCOUNTS' AUDITOR / HOLDER	20/08/2009
MAZARS AUDITORES SLP	ACCOUNTS' AUDITOR / HOLDER	19/07/2010	10
	ACCOUNTS' AUDITOR / HOLDER	20/05/2011
	ACCOUNTS' AUDITOR / HOLDER	20/02/2012
	ACCOUNTS' AUDITOR / HOLDER	10/10/2013
	ACCOUNTS' AUDITOR / HOLDER	10/07/2014
	CONSOLIDATED ACCOUNTS' AUDITOR	19/07/2010
	CONSOLIDATED ACCOUNTS' AUDITOR	20/05/2011
	CONSOLIDATED ACCOUNTS' AUDITOR	20/02/2012
	CONSOLIDATED ACCOUNTS' AUDITOR	10/10/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	10/07/2014
PALLARES BAÑULS JUAN	PROXY	12/11/2014	1
SANTIAS PEREZ DIONISIO	ACCOUNTS' AUDITOR / HOLDER	08/09/1999	2
	ACCOUNTS' AUDITOR / HOLDER	08/09/1999
URQUIOLA PASCUAL MARIA ITZIAR	PROXY	12/11/2014	1

Executive board

Post	NIF	Name
ADMINISTRATOR		JAVIER BARTOLOME RODRIGUEZ
FINANCIAL DIRECTOR		JOSE MANUEL FERNANDEZ URBAN
MANAGING DIRECTOR		JAVIER BARTOLOME RODRIGUEZ

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 ).

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	---

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. It has financial profitability.. BYG SA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation. Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved. Generates cash and cash equivalents through operating income. An increase in this ratio would indicate an improvement in the Company´s financial situation.

BYG SA has a tight level of Financial Autonomy. The Internal Funds of the entity represent the 25.10% of the total amount of funding sources. The current debt represents a 62.90 % of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. Private consumption continues to have, in spite of some signs of improvement, very low rates , thus showing great weakness.

Probability of default

> Estimated Probability of Default for the next 12 months:  2.635 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 466 Wholesale of other machinery, equipment and supplies
Relative Position: Credit quality is inferior 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 54.00% of the companies of the sector BYG SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2,635%.

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)	Not published
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	Not published
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	Not published
	Incidences with the Social Security	Not published
	Incidences with the Autonomous Administration	Not published
	Incidences with the Local Administration	Not published
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	Not published
	Proceedings by the old Civil Procedural Law 1.881	Not published
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	Not published

Guarantees

References

Link List

ABSORBS TO:	2 Entities
IS RELATED WITH:	11 Entities
PARTICIPATES IN:	8 Entities
SHAREHOLDERS:	3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	CRISTINA BARTOLOME RODRIGUEZ		24.49
	JAVIER BARTOLOME RODRIGUEZ		24.49
	USCO SPA (ITALIA)		51.02
PARTICIPATES IN	BYGSUR SA	BARCELONA	99.66
	BYG CORPORATION (ESTADOS UNIDOS)		100
	BYG WEAR PARTS CANADA HOLDING INC(CANADA)		100
	B REPUESTOS NAVARRA SL	NAVARRA	55
	B REPUESTOS ARAGON SOCIEDAD LIMITADA	ZARAGOZA	100
	B REPUESTOS ANDALUCIA SOCIEDAD LIMITADA	SEVILLA	100
	NINGBO BYG MACHINERY TRADE CO, S.A.		100
	BYG ENGINEERING MACHINERY NINGBO		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	NINGBO BYG MACHINERY TRADE CO, S.A.
	B REPUESTOS NAVARRA SL	NAVARRA
	ITR PACIFIC, S.A.
	KOREA UNDERCARRIAGE TRACK CO, S.A.
	TRACK ONE, S.L.
	BARTROPAS INVERSIONES, S.L.
	BYG ENGINEERING MACHINERY (NINGBO)
	ITR AMERICA LLC
	ITR BENELUX BV
	ITR HYDRAULIC DIVISION, S.L.
	ITR MIDDLE EAST FZCO
ABSORBS TO	B M C MAQUINARIA O P SL	BARCELONA
	BYG TRACTO CENTRO SA	BARCELONA

Turnover
Total Sales 2015	36.343.560,49

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

Estimated Balance

The last figures of the Mercantile Registry are those ending on 31-12-2015, so since we don't have the accounts for the last two years, and not knowing their accounting developments in this last year, we cannot include these figures in the report.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2015	Normales	August  2016
2014	Normales	November  2015
2013	Normales	July  2014
2012	Consolidadas	October  2013
2012	Normales	October  2013
2011	Consolidadas	September  2012
2011	Normales	September  2012
2010	Consolidadas	June  2012
2010	Normales	February  2012
2009	Consolidadas	March  2011
2009	Normales	March  2011
2008	Consolidadas	March  2011
2008	Normales	September  2009
2007	Normales	November  2008
2006	Normales	September  2007
2005	Normales	August  2006
2004	Normales	August  2005
2003	Normales	September  2004
2002	Normales	September  2003
2001	Normales	January  2003
2000	Normales	November  2001
1999	Normales	November  2001
1998	Normales	September  1999
1997	Normales	March  1999
1996	Normales	March  1999
1995	Normales	March  1999
1994	Normales	July  1995
1993	Normales	August  1994
1992	Normales	September  1993
1991	Normales	July  1992
1990	Normales	October  1991
1989	Normales	September  1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2015

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

Information corresponding to the fiscal year 2015 2014 2013 2012 2011  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2015 2014 2013 2012 2011  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	2015	2014	2013	2012	2011
A) NON-CURRENT ASSETS: 11000	9.383.731,00	7.766.330,00	8.190.676,00	8.874.744,00	8.695.007,00
I. Intangible fixed assets : 11100	323.636,00	366.478,00	210.972,00	256.619,00	206.563,00
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	97.829,00	93.612,00	122.980,00	126.858,00	95.958,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	225.807,00	272.866,00	87.991,00	129.761,00	110.605,00
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	5.144.763,00	4.864.897,00	4.349.058,00	4.403.564,00	4.250.978,00
1. Land and buildings: 11210	1.663.414,00	1.702.514,00	1.738.607,00	1.760.589,00	1.796.271,00
2. Technical installations and other tangible fixed assets: 11220	3.481.349,00	3.162.383,00	2.610.451,00	2.581.257,00	2.111.309,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	61.718,00	343.398,00
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	1.429.016,00	1.274.244,00	2.372.979,00	3.221.498,00	3.158.809,00
1. Equity instruments: 11410	1.429.016,00	1.274.244,00	149.098,00	1.374.879,00	1.545.818,00
2. Credits to businesses: 11420	0,00	0,00	2.223.881,00	1.846.619,00	1.612.991,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	1.543.703,00	149.815,00	68.052,00	157.364,00	126.054,00
1. Equity instruments: 11510	36.071,00	11.964,00	26.964,00	89.442,00	58.903,00
2. Credits to third parties : 11520	1.463.376,00	98.273,00	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	44.257,00	39.578,00	41.088,00	67.922,00	67.151,00
6. Other investments: 11560	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
VI. Assets for deferred tax : 11600	942.612,00	1.110.896,00	1.189.615,00	835.699,00	952.603,00
B) CURRENT ASSETS: 12000	28.335.978,00	27.487.038,00	21.427.779,00	20.696.516,00	21.377.592,00
I. Non-current assets held for sale : 12100	0,00	0,00	1.128.203,00	0,00	0,00
II. Stocks: 12200	13.995.625,00	12.958.995,00	9.821.623,00	9.409.683,00	9.558.714,00
1. Commercial: 12210	11.777.702,00	10.960.494,00	8.445.346,00	7.700.688,00	7.170.310,00
2. Primary material and other supplies: 12220	1.894.903,00	1.816.326,00	1.255.026,00	1.498.980,00	1.599.161,00
a) Long-term primary material and other supplies: 12221	0,00	0,00	0,00	0,00	0,00
b) Short-term primary material and other supplies: 12222	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	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	323.020,00	182.175,00	121.251,00	210.015,00	789.243,00
III. Trade debtors and others receivable accounts: 12300	11.857.106,00	11.291.489,00	9.568.049,00	10.407.670,00	10.714.522,00
1. Trade debtors / accounts receivable: 12310	9.284.244,00	9.254.821,00	7.787.498,00	9.047.458,00	9.150.491,00
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	9.284.244,00	9.254.821,00	7.787.498,00	9.047.458,00	9.150.491,00
2. Customers, Group companies and associates : 12320	2.505.328,00	1.946.224,00	1.630.785,00	852.642,00	1.359.957,00
3. Other accounts receivable: 12330	45.962,00	15.141,00	15.445,00	23.939,00	13.945,00
4. Personnel: 12340	45,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	0,00	0,00	4.562,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	21.527,00	75.303,00	129.759,00	483.631,00	190.129,00
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	675.346,00	1.785.680,00	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	675.346,00	1.785.680,00	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	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	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	109.341,00	84.712,00	184.331,00	60.704,00	44.379,00
VII. Cash and other equivalent liquid assets : 12700	1.698.561,00	1.366.162,00	725.573,00	818.459,00	1.059.977,00
1. Treasury: 12710	1.698.561,00	1.366.162,00	725.573,00	818.459,00	989.977,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	70.000,00
TOTAL ASSETS (A + B) : 10000	37.719.708,00	35.253.368,00	29.618.455,00	29.571.260,00	30.072.599,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2015	2014	2013	2012	2011
A) NET WORTH: 20000	9.467.844,00	9.423.471,00	7.962.092,00	7.897.124,00	7.105.088,00
A-1) Shareholders' equity: 21000	9.467.844,00	9.423.471,00	7.962.092,00	7.897.124,00	7.139.700,00
I. Capital: 21100	1.365.984,00	1.365.984,00	1.115.200,00	990.150,00	615.000,00
1. Registered capital : 21110	1.365.984,00	1.365.984,00	1.115.200,00	990.150,00	615.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	2.011.439,00	2.011.439,00	1.012.223,00	1.012.223,00	1.012.223,00
III. Reserves: 21300	7.615.172,00	7.609.099,00	7.603.182,00	7.690.006,00	7.690.006,00
1. Legal and statutory: 21310	173.797,00	167.724,00	161.228,00	123.000,00	123.000,00
2. Other reserves: 21320	7.441.375,00	7.441.375,00	7.441.955,00	7.567.006,00	7.567.006,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
2. Capitalisation Reserves: 21350	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	-1.720.356,00	-1.775.010,00	-1.833.481,00	-2.177.531,00	-2.429.607,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-1.720.356,00	-1.775.010,00	-1.833.481,00	-2.177.531,00	-2.429.607,00
VI. Other shareholders' contributions: 21600	0,00	151.233,00	0,00	0,00	0,00
VII. Result of the period: 21700	195.606,00	60.726,00	64.968,00	382.276,00	252.078,00
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	-34.612,00
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	-34.612,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	4.526.129,00	3.039.853,00	3.989.971,00	5.186.597,00	7.136.553,00
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	3.244.608,00	2.950.007,00	3.727.333,00	5.028.160,00	6.338.041,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	2.965.642,00	2.867.607,00	3.720.283,00	4.996.720,00	6.296.315,00
3. Creditors from financial leasing: 31230	270.444,00	81.439,00	6.090,00	30.480,00	41.516,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	8.522,00	960,00	960,00	960,00	210,00
III. Long-term debts with Group companies and associates: 31300	1.277.275,00	77.275,00	234.588,00	153.311,00	757.454,00
IV. Liabilities for deferred tax: 31400	4.246,00	12.571,00	28.050,00	5.126,00	41.058,00
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	23.725.736,00	22.790.044,00	17.666.393,00	16.487.539,00	15.830.958,00
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	14.372.176,00	11.164.276,00	8.547.428,00	8.270.822,00	6.860.063,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	14.137.558,00	11.108.980,00	8.523.797,00	8.218.043,00	6.755.420,00
3. Creditors from financial leasing: 32330	143.878,00	55.296,00	23.631,00	52.779,00	55.197,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	49.446,00
5. Other financial liabilities : 32350	90.739,00	0,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	0,00	700.000,00	0,00	0,00	19.121,00
V. Trade creditors and other accounts payable: 32500	9.307.781,00	10.892.178,00	9.118.965,00	8.216.717,00	8.878.631,00
1. Suppliers: 32510	5.338.579,00	7.485.705,00	8.092.678,00	7.668.536,00	6.098.140,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	5.338.579,00	7.485.705,00	8.092.678,00	7.668.536,00	6.098.140,00
2. Suppliers, Group companies and associates: 32520	3.496.526,00	2.404.318,00	146.334,00	97.010,00	795.175,00
3. Other creditors: 32530	16.665,00	647.411,00	328.585,00	71.833,00	579.930,00
4. Personnel (remuneration due): 32540	23.910,00	101.309,00	23.910,00	22.834,00	42.648,00
5. Liabilities for current tax: 32550	6.629,00	45.339,00	36.796,00	23.677,00	0,00
6. Other accounts payable to Public Administrations.: 32560	306.430,00	153.933,00	142.418,00	156.290,00	152.314,00
7. Advances from clients: 32570	119.043,00	54.163,00	348.244,00	176.537,00	1.210.424,00
VI. Short-term accruals: 32600	45.778,00	33.591,00	0,00	0,00	73.143,00
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	37.719.708,00	35.253.368,00	29.618.455,00	29.571.260,00	30.072.599,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2015	2014	2013	2012	2011
1. Net turnover: 40100	36.343.560,00	31.544.731,00	31.097.784,00	37.044.160,00	35.395.193,00
a) Sales: 40110	36.263.839,00	31.432.712,00	30.860.336,00	37.034.714,00	35.227.755,00
b) Rendering of services: 40120	79.721,00	112.019,00	237.448,00	9.446,00	167.438,00
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	381.685,00	335.734,00	244.558,00	279.534,00	241.720,00
4. Supplies : 40400	-24.840.287,00	-21.513.744,00	-20.668.369,00	-26.203.690,00	-24.758.921,00
a) Stock consumption: 40410	-22.432.049,00	-19.853.215,00	-18.071.705,00	-23.473.379,00	-22.026.635,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-2.394.720,00	-1.802.414,00	-2.651.158,00	-2.920.942,00	-2.603.980,00
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	-13.518,00	141.886,00	54.494,00	190.631,00	-128.306,00
5. Other operating income: 40500	258.977,00	407.430,00	433.704,00	485.077,00	246.804,00
a) Auxiliary income and other from current management: 40510	253.299,00	401.925,00	418.561,00	458.678,00	245.224,00
b) Operation subsidies included in the Period's result: 40520	5.678,00	5.504,00	15.143,00	26.399,00	1.580,00
6. Personnel costs: 40600	-5.236.638,00	-4.892.226,00	-4.706.825,00	-4.953.625,00	-4.897.270,00
a) Wages, salaries et al.: 40610	-4.066.707,00	-3.801.203,00	-3.669.855,00	-3.943.114,00	-3.902.487,00
b) Social security costs: 40620	-1.169.932,00	-1.091.024,00	-1.036.970,00	-1.010.511,00	-994.783,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-4.731.262,00	-4.413.764,00	-4.639.321,00	-4.412.822,00	-4.670.352,00
a) External services: 40710	-4.341.986,00	-4.041.557,00	-4.233.519,00	-4.048.346,00	-4.334.136,00
b) Taxes: 40720	-112.084,00	-78.798,00	-95.360,00	-77.857,00	-79.833,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-277.193,00	-293.409,00	-310.442,00	-286.619,00	-256.383,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-971.429,00	-793.460,00	-831.573,00	-754.064,00	-794.605,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	2.200,00	-12.148,00	-1.607,00	1.383,00	4.803,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	2.200,00	-12.148,00	-1.607,00	1.383,00	4.803,00
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	14.593,00	19.371,00	0,00	82.853,00	150.244,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	1.221.400,00	681.924,00	928.351,00	1.568.806,00	917.616,00
14. Financial income : 41400	15,00	2.889,00	25.694,00	1.924,00	2.944,00
a) Of shares in equity instruments : 41410	15,00	2.832,00	25.428,00	1.253,00	2.865,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	1.253,00	2.865,00
a 2) In third parties: 41412	15,00	2.832,00	25.428,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	0,00	57,00	267,00	671,00	79,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	0,00	57,00	267,00	671,00	79,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-786.413,00	-732.216,00	-660.422,00	-920.416,00	-896.825,00
a) Amounts owed to Group companies and associates : 41510	-80.035,00	0,00	0,00	0,00	-14.714,00
b) For debts with third parties : 41520	-706.377,00	-732.216,00	-660.422,00	-920.416,00	-882.111,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	-25.726,00	0,00	0,00	8.150,00	828,00
a) Trading book and other : 41610	-25.726,00	0,00	0,00	8.150,00	828,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	-13.672,00	221.413,00	-228.011,00	-128.527,00	320.293,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	-104,00	0,00	0,00	-1.256,00
a) Impairment and losses : 41810	0,00	-104,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	-1.256,00
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	-825.795,00	-508.018,00	-862.738,00	-1.038.869,00	-574.016,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	395.605,00	173.906,00	65.613,00	529.937,00	343.600,00
20. Income taxes: 41900	-200.000,00	-113.179,00	-645,00	-147.661,00	-91.522,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	195.606,00	60.726,00	64.968,00	382.276,00	252.078,00
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	195.606,00	60.726,00	64.968,00	382.276,00	252.078,00

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

Information corresponding to the fiscal year 2015 2014 2013 2012 2011  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 2015 2014 2013 2012 2011  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2015	2014	2013	2012	2011
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	8.441.119,00	6.655.434,00	8.129.265,00	8.039.045,00	7.742.404,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	323.636,00	366.478,00	210.972,00	256.619,00	206.563,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	97.829,00	93.612,00	122.980,00	126.858,00	95.958,00
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:	225.807,00	272.866,00	87.991,00	129.761,00	110.605,00
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:	5.144.763,00	4.864.897,00	5.477.262,00	4.403.564,00	4.250.978,00
1. Land and construction:	1.663.414,00	1.702.514,00	2.866.811,00	1.760.589,00	1.796.271,00
2. Technical installations and machinery:	1.920.934,00	1.744.935,00	1.440.391,00	1.424.282,00	1.164.975,00
3. Other installations, tools and furniture:	646.261,00	587.050,00	484.592,00	479.172,00	391.933,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	61.718,00	343.398,00
5. Other tangible assets:	914.155,00	830.398,00	685.469,00	677.803,00	554.401,00
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:	2.972.720,00	1.424.059,00	2.441.031,00	3.378.862,00	3.284.863,00
1. Equity investments in group companies:	1.429.016,00	1.274.244,00	149.098,00	1.374.879,00	1.545.818,00
2. Receivables from group companies:	0,00	0,00	2.223.881,00	1.846.619,00	1.612.991,00
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:	36.071,00	11.964,00	26.964,00	89.442,00	58.903,00
6. Other receivables:	1.463.376,00	98.273,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	44.257,00	39.578,00	41.088,00	67.922,00	67.151,00
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:	29.278.590,00	28.597.934,00	21.489.191,00	21.532.215,00	22.330.195,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	13.995.625,00	12.958.995,00	9.821.623,00	9.409.683,00	9.558.714,00
1. Goods for resale:	11.777.702,00	10.960.494,00	8.445.346,00	7.700.688,00	7.170.310,00
2. Raw materials and other consumables:	1.894.903,00	1.816.326,00	1.255.026,00	1.498.980,00	1.599.161,00
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:	323.020,00	182.175,00	121.251,00	210.015,00	789.243,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	12.799.718,00	12.402.385,00	10.757.664,00	11.243.369,00	11.667.125,00
1. Trade debtors / accounts receivable:	9.284.244,00	9.254.821,00	7.787.498,00	9.047.458,00	9.150.491,00
2. Accounts receivable, Group companies:	2.505.328,00	1.946.224,00	1.630.785,00	852.642,00	1.359.957,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	45.962,00	15.141,00	15.445,00	23.939,00	13.945,00
5. Staff:	45,00	0,00	0,00	0,00	0,00
6. Public bodies:	964.139,00	1.186.199,00	1.323.936,00	1.319.330,00	1.142.732,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	675.346,00	1.785.680,00	0,00	0,00	70.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	675.346,00	1.785.680,00	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	70.000,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	1.698.561,00	1.366.162,00	725.573,00	818.459,00	989.977,00
VII. Prepayments and accrued income:	109.341,00	84.712,00	184.331,00	60.704,00	44.379,00
GENERAL TOTAL (A + B + C + D):	37.719.708,00	35.253.368,00	29.618.455,00	29.571.260,00	30.072.599,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2015	2014	2013	2012	2011
A) EQUITY:	9.467.844,00	9.423.471,00	7.962.092,00	7.897.124,00	7.154.534,00
I. Subscribed capital:	1.365.984,00	1.365.984,00	1.115.200,00	990.150,00	615.000,00
II. Share premium:	2.011.439,00	2.011.439,00	1.012.223,00	1.012.223,00	1.012.223,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	7.615.172,00	7.609.099,00	7.603.182,00	7.690.006,00	7.704.840,00
1. Legal reserve:	173.797,00	167.724,00	161.228,00	123.000,00	123.000,00
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:	7.441.375,00	7.441.375,00	7.441.955,00	7.567.006,00	7.581.840,00
6. Differences due to capital adjustment to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-1.720.356,00	-1.623.778,00	-1.833.481,00	-2.177.531,00	-2.429.607,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-1.720.356,00	-1.775.010,00	-1.833.481,00	-2.177.531,00	-2.429.607,00
3. Partners' contributions so as to compensate losses:	0,00	151.233,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	195.606,00	60.726,00	64.968,00	382.276,00	252.078,00
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	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	4.526.129,00	3.039.853,00	3.989.971,00	5.186.597,00	7.136.553,00
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:	3.236.085,00	2.949.047,00	3.726.373,00	5.027.200,00	6.337.831,00
1. Loans and other liabilities:	2.965.642,00	2.867.607,00	3.720.283,00	4.996.720,00	6.296.315,00
2. Long-term liabilities from capital leases:	270.444,00	81.439,00	6.090,00	30.480,00	41.516,00
III. Debts with companies of the group and affiliated ones:	1.277.275,00	77.275,00	234.588,00	153.311,00	757.454,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	1.277.275,00	77.275,00	234.588,00	153.311,00	757.454,00
IV. Other creditors:	12.768,00	13.532,00	29.010,00	6.086,00	41.268,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	8.522,00	960,00	960,00	960,00	210,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	4.246,00	12.571,00	28.050,00	5.126,00	41.058,00
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:	23.725.736,00	22.790.044,00	17.666.393,00	16.487.539,00	15.781.512,00
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:	14.281.437,00	11.164.276,00	8.547.428,00	8.270.822,00	6.810.617,00
1. Loans and other liabilities:	14.137.558,00	11.108.980,00	8.523.797,00	8.218.043,00	6.755.420,00
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:	143.878,00	55.296,00	23.631,00	52.779,00	55.197,00
III. Short-term amounts owed to group and associated companies:	3.496.526,00	3.104.318,00	146.334,00	97.010,00	814.296,00
1. Amounts owed to group companies:	3.496.526,00	3.104.318,00	146.334,00	97.010,00	814.296,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	5.474.287,00	8.187.278,00	8.769.507,00	7.916.906,00	7.888.494,00
1. Advanced payments from customers:	119.043,00	54.163,00	348.244,00	176.537,00	1.210.424,00
2. Amounts owed for purchases of goods or services:	5.355.243,00	8.133.116,00	8.421.264,00	7.740.369,00	6.678.070,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	427.708,00	300.581,00	203.124,00	202.801,00	194.962,00
1. Public bodies:	313.058,00	199.272,00	179.213,00	179.967,00	152.314,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	90.739,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	23.910,00	101.309,00	23.910,00	22.834,00	42.648,00
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:	45.778,00	33.591,00	0,00	0,00	73.143,00
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):	37.719.708,00	35.253.368,00	29.618.455,00	29.571.260,00	30.072.599,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2015	2014	2013	2012	2011
A) CHARGES (A.1 to A.15):	36.805.425,00	32.470.840,00	31.736.772,00	37.520.805,00	36.110.751,00
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:	24.826.769,00	21.655.630,00	20.722.863,00	26.394.321,00	24.630.615,00
a) Stock consumption:	22.432.049,00	19.853.215,00	18.071.705,00	23.473.379,00	22.026.635,00
b) Consumption of raw materials and miscellaneous consumable ones:	2.394.720,00	1.802.414,00	2.651.158,00	2.920.942,00	2.603.980,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	5.236.638,00	4.892.226,00	4.706.825,00	4.953.625,00	4.897.270,00
a) Wages, salaries et al.:	4.066.707,00	3.801.203,00	3.669.855,00	3.943.114,00	3.902.487,00
b) Social security costs:	1.169.932,00	1.091.024,00	1.036.970,00	1.010.511,00	994.783,00
A.4. Depreciation expense:	971.429,00	793.460,00	831.573,00	754.064,00	794.605,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	290.710,00	151.523,00	255.948,00	95.988,00	384.689,00
a) Stock provision variation:	13.518,00	-141.886,00	-54.494,00	-190.631,00	128.306,00
b) Variation in provision and bad debt losses:	277.193,00	293.409,00	310.442,00	286.619,00	256.383,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	4.454.069,00	4.120.355,00	4.328.879,00	4.126.203,00	4.413.969,00
a) External services:	4.341.986,00	4.041.557,00	4.233.519,00	4.048.346,00	4.334.136,00
b) Taxes:	112.084,00	78.798,00	95.360,00	77.857,00	79.833,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	1.204.607,00	674.700,00	929.958,00	1.484.570,00	762.569,00
A.7. Financial and similar charges:	786.413,00	732.216,00	660.422,00	920.416,00	898.081,00
a) Due to liabilities with companies of the group:	80.035,00	0,00	0,00	0,00	14.714,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	706.377,00	732.216,00	660.422,00	920.416,00	882.111,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	1.256,00
A.8. Changes in financial investment provisions:	25.726,00	104,00	0,00	0,00	0,00
A.9. Exchange losses:	13.672,00	0,00	228.011,00	128.527,00	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):	378.812,00	166.682,00	67.220,00	445.701,00	188.553,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	12.148,00	1.607,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	16.793,00	7.223,00	0,00	84.236,00	155.047,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	395.605,00	173.906,00	65.613,00	529.937,00	343.600,00
A.15. Corporation tax:	200.000,00	113.179,00	645,00	147.661,00	91.522,00
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):	195.606,00	60.726,00	64.968,00	382.276,00	252.078,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2015	2014	2013	2012	2011
B) INCOME ( B.1 to B.13):	37.001.031,00	32.531.567,00	31.801.740,00	37.903.081,00	36.362.829,00
B.1. Net total sales:	36.343.560,00	31.544.731,00	31.097.784,00	37.044.160,00	35.395.193,00
a) Sales:	36.286.497,00	31.452.351,00	30.879.618,00	37.057.854,00	35.249.766,00
b) Rendering of services:	79.721,00	112.019,00	237.448,00	9.446,00	167.438,00
Returns and Rappel on sales:	-22.658,00	-19.639,00	-19.282,00	-23.140,00	-22.011,00
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:	381.685,00	335.734,00	244.558,00	279.534,00	241.720,00
B.4. Miscellaneous operating income:	258.977,00	407.430,00	433.704,00	485.077,00	246.804,00
a) Auxiliary income and other from current management:	253.299,00	401.925,00	418.561,00	458.678,00	245.224,00
b) Grants:	5.678,00	5.504,00	15.143,00	26.399,00	1.580,00
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:	15,00	2.832,00	25.428,00	1.253,00	2.865,00
a) In companies of the group:	0,00	0,00	0,00	1.253,00	2.865,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	15,00	2.832,00	25.428,00	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:	0,00	57,00	267,00	8.821,00	907,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	0,00	57,00	267,00	671,00	79,00
d) Profit on financial investment:	0,00	0,00	0,00	8.150,00	828,00
B.8. Exchange positive differences:	0,00	221.413,00	0,00	0,00	320.293,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	825.795,00	508.018,00	862.738,00	1.038.869,00	574.016,00
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:	2.200,00	0,00	0,00	1.383,00	4.803,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	14.593,00	19.371,00	0,00	82.853,00	150.244,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	1.607,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

Net Rights Granted	2015	2014	2013	2012	2011
1. Fiscal year result before taxes.: 61100	395.605,00	173.906,00	65.613,00	529.937,00	343.600,00
2. Results adjustments.: 61200	2.085.734,00	1.465.149,00	1.936.707,00	1.411.185,00	1.720.045,00
a) Fixed Assets Amortization (+).: 61201	971.429,00	793.460,00	831.557,00	754.064,00	794.605,00
b) Obsolescence Allowances (+/-). : 61202	290.710,00	151.627,00	255.948,00	-381.740,00	351.773,00
d) Allocation of grants (-).: 61204	0,00	0,00	-15.143,00	0,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	-2.200,00	12.148,00	1.607,00	0,00	0,00
g) Financial income (-).: 61207	-15,00	-2.889,00	-25.694,00	-1.924,00	-2.865,00
h) Financial Expenses (+). : 61208	786.413,00	732.216,00	660.422,00	912.258,00	896.825,00
i) Exchange differences (+/-). : 61209	13.672,00	-221.413,00	228.011,00	128.527,00	-320.293,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	25.726,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-3.602.419,00	-3.119.019,00	951.590,00	-375.629,00	-1.829.883,00
a) Stock (+/-).: 61301	-1.220.153,00	-2.995.486,00	-332.600,00	339.648,00	-857.276,00
d) Debtors and other accounts receivable (+/-). : 61302	-842.810,00	-2.021.411,00	505.494,00	39.527,00	1.034.168,00
c) Other current assets (+/-). : 61303	-24.629,00	99.619,00	-123.626,00	-16.325,00	15.942,00
d) Creditors and other accounts payable (+/-). : 61304	-1.540.687,00	1.798.260,00	902.322,00	-738.479,00	-2.095.895,00
e) Other current liabilities (+/-).: 61305	25.859,00	0,00	0,00	0,00	73.142,00
4. Cash Flows from Other Operating Activities: 61400	-865.149,00	-766.160,00	-957.808,00	-777.147,00	-917.235,00
a) Interest payments (-). : 61401	-786.413,00	-732.216,00	-660.422,00	-836.822,00	-896.825,00
c) Interest collection (+). : 61403	15,00	2.889,00	25.694,00	1.924,00	0,00
d) Income tax payment collection (payments) (+/-).: 61404	-78.751,00	-36.833,00	-323.081,00	-57.751,00	-20.410,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	-1.986.229,00	-2.246.124,00	1.996.103,00	788.346,00	-683.473,00
6. Payments for investment (-).: 62100	-1.540.486,00	-1.209.219,00	-1.017.492,00	-1.168.725,00	-798.222,00
a) Companies of the group and affiliates. : 62101	-218.241,00	-68.441,00	-278.800,00	-180.709,00	0,00
b) Intangible fixed assets. : 62102	-47.413,00	-248.967,00	-18.281,00	-89.109,00	-35.549,00
c) Fixed assets. : 62103	-1.009.068,00	-891.811,00	-720.410,00	-867.597,00	-718.965,00
e) Other financial assets. : 62105	-265.764,00	0,00	0,00	-31.310,00	-43.708,00
7. Divestment payment collection (+). : 62200	19.953,00	97.908,00	244.160,00	170.939,00	247.729,00
a) Companies of the group and affiliates. : 62201	17.698,00	71.498,00	150.348,00	170.939,00	247.729,00
c) Fixed assets. : 62203	0,00	26.410,00	4.500,00	0,00	0,00
e) Other financial assets. : 62205	2.255,00	0,00	89.312,00	0,00	0,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	-1.520.533,00	-1.111.310,00	-773.332,00	-997.786,00	-550.493,00
9. Payment collection and payments for equity instruments. : 63100	0,00	1.401.233,00	0,00	375.150,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	1.401.233,00	0,00	375.150,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	3.852.831,00	2.375.378,00	-1.087.645,00	-278.701,00	-191.009,00
a) Issuance : 63201	5.207.893,00	3.677.643,00	0,00	913.872,00	294.896,00
2. Debts incurred with credit institutions (+). : 63203	4.707.893,00	2.977.643,00	0,00	913.872,00	90.941,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	500.000,00	700.000,00	0,00	0,00	187.393,00
5. Other debts (+). : 63206	0,00	0,00	0,00	0,00	16.562,00
b) Repayment and amortization of : 63207	-1.355.062,00	-1.302.265,00	-1.087.645,00	-1.192.573,00	-485.905,00
2. Debts incurred with credit institutions (-).: 63209	-1.302.130,00	-1.144.952,00	-1.017.690,00	-888.430,00	-350.699,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	-157.313,00	-69.955,00	-304.143,00	-30.000,00
5. Other debts (-). : 63212	-52.931,00	0,00	0,00	0,00	-105.206,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash Flows from Financing Activities (9+10+11): 63400	3.852.831,00	3.776.611,00	-1.087.645,00	96.449,00	-191.009,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-13.672,00	221.413,00	-228.011,00	-128.527,00	320.293,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	332.398,00	640.589,00	-92.886,00	-241.518,00	-1.104.682,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	1.366.162,00	725.573,00	818.459,00	1.059.977,00	2.164.659,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.698.561,00	1.366.162,00	725.573,00	818.459,00	1.059.977,00

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	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,01 %	0,06 %	0,02 %	0,00 %	-54,96 %
Net Financial Debt:	7,32	2,84	8,68	13,85	-15,75	-79,50
Cash Flow Yield:	0,01 %	0,03 %	0,02 %	0,00 %	-51,51 %
EBITDA over Sales:	5,99 %	10,44 %	4,65 %	2,25 %	28,64 %	364,75 %

Profitability	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	3,54 %	6,94 %	2,07 %	-2,01 %	71,30 %	444,79 %
Total economic profitability:	3,13 %	3,20 %	2,57 %	0,16 %	21,92 %	1.859,16 %
Financial profitability:	2,07 %	4,16 %	0,64 %	-4,58 %	220,60 %	190,76 %
Margin:	3,26 %	6,34 %	2,05 %	-1,84 %	59,02 %	445,08 %
Mark-up:	1,03 %	3,79 %	0,48 %	-2,67 %	115,25 %	241,93 %

Solvency	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,07	0,14	0,06	0,14	19,43	1,90
Acid Test:	0,60	0,87	0,63	0,86	-5,36	0,86
Working Capital / Investment:	0,12	0,03	0,13	0,02	-8,26	24,18
Solvency:	1,23	1,19	1,25	1,17	-1,66	1,33

Indebtedness	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	2,98	1,31	2,74	1,37	8,86	-4,64
Borrowing Composition:	0,19	1,04	0,13	1,04	43,02	-0,01
Repayment Ability:	12,98	11,04	17,59	52,66	-26,20	-79,02
Warranty:	1,34	1,78	1,36	1,74	-2,18	2,67
Generated resources / Total creditors:	0,04	0,08	0,03	0,00	51,51

Efficiency	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,42	1,80	1,30	1,10	8,88	62,65
Turnover of Collection Rights :	3,12	5,23	2,86	5,13	9,08	1,82
Turnover of Payment Entitlements:	3,18	3,69	2,38	3,50	33,47	5,35
Stock rotation:	2,56	7,79	2,44	8,34	4,80	-6,49
Assets turnover:	1,09	1,09	1,01	1,10	7,73	-0,09
Borrowing Cost:	2,78	2,45	2,83	2,81	-1,81	-12,90

> Trend of indicators under the General Accounting Plan of 2007 (2015, 2014, 2013, 2012, 2011)

Cash Flow	2015	2014	2013	2012	2011
Cash Flow over Sales:	0,01 %	0,02 %	0,00 %	-0,01 %	-0,03 %
Net Financial Debt:	7,32	8,68	6,56	5,58	7,79
Cash Flow Yield:	0,01 %	0,02 %	0,00 %	-0,01 %	-0,04 %
EBITDA over Sales:	5,99 %	4,65 %	5,66 %	6,04 %	4,40 %

Profitability	2015	2014	2013	2012	2011
Operating economic profitability:	3,54 %	2,07 %	3,42 %	5,67 %	2,86 %
Total economic profitability:	3,13 %	2,57 %	2,45 %	4,90 %	4,12 %
Financial profitability:	2,07 %	0,64 %	0,82 %	4,84 %	3,53 %
Margin:	3,26 %	2,05 %	2,92 %	3,93 %	2,14 %
Mark-up:	1,03 %	0,48 %	0,21 %	1,18 %	0,54 %

Solvency	2015	2014	2013	2012	2011
Liquidity:	0,07	0,06	0,04	0,05	0,07
Acid Test:	0,60	0,63	0,58	0,68	0,74
Working Capital / Investment:	0,12	0,13	0,13	0,14	0,18
Solvency:	1,23	1,25	1,22	1,31	1,41

Indebtedness	2015	2014	2013	2012	2011
Indebtedness level:	2,98	2,74	2,72	2,74	3,22
Borrowing Composition:	0,19	0,13	0,23	0,31	0,45
Repayment Ability:	12,98	17,59	12,29	9,68	14,75
Warranty:	1,34	1,36	1,37	1,36	1,31
Generated resources / Total creditors:	0,04	0,03	0,04	0,04	0,05

Efficiency	2015	2014	2013	2012	2011
Productivity:	1,42	1,30	1,37	1,45	1,32
Turnover of Collection Rights :	3,12	2,86	3,32	3,63	3,35
Turnover of Payment Entitlements:	3,18	2,38	2,78	3,73	3,31
Stock rotation:	2,56	2,44	3,14	3,86	3,67
Assets turnover:	1,09	1,01	1,17	1,44	1,34
Borrowing Cost:	2,78	2,83	3,05	4,25	3,90

COMPARATIVE SECTORIAL BALANCE

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

Net Rights Granted	Variación -
	Empresa	Sector

Net Rights Granted	Variación -
	Empresa	Sector

Net Rights Granted	Variación -
	Empresa	Sector

News

--

Public Tenders and Works Won

Organisation that calls the tender:

EMPRESA DE TRANSFORMACION AGRARIA SA

Objective of Tender:

CONTRATACION DEL SUMINISTRO DE REPUESTOS FUNGIBLES DE MANTENIMIENTO, NECESARIOS PARA EL FUNCIONAMIENTO DEL PARQUE DE MAQUINARIA DE TRAGSA

Date Awarded:

21/08/2014

Cost:

segun lote

Research Summary

The Company was incorporated in 1967, engaged in the manufacture and sale of wear-resistance products manufactured with steel alloys and combined resistance with a high performance design. Specialized in the production of Ripper arms in one piece. Its commercial scope is national and international. There are no bad comments in the consulted sources and since it was not possible to verify its financial evolution, we recommend a close follow up of company's evolution.

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.27
UK Pound	1	INR 89.72
Euro	1	INR 79.52
Euro	1	INR 79.48

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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