MIRA INFORM REPORT

Report No. :	489155
Report Date :	08.02.2018

IDENTIFICATION DETAILS

Name :	SOCIEDAD TEXTIL LONIA SA.
Registered Office :	Pque. Empresarial Pereiro De Aguiar, S/N - Ourense - 32792 - Orense
Country :	Spain
Financials (as on) :	2017
Date of Incorporation :	24.06.1997
Legal Form :	Public accompany
Line of Business :	Wholesale of clothing and footwear
No. of Employees :	Not available

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
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:	SOCIEDAD TEXTIL LONIA SA.
NIF / Fiscal code:	A32226003
Status:	ACTIVE
Incorporation Date:	24/06/1997
Register Data	Register Section 8 Sheet 5680
Last Publication in BORME:	10/07/2017 [Miscellaneous Concepts]
Last Published Account Deposit:	2017
Share Capital:	18.030.000
Localization:	PQUE. EMPRESARIAL PEREIRO DE AGUIAR, S/N - OURENSE - 32792 - ORENSE
Telephone - Fax - Email - Website:	Telephone. 988259646 Email. atencionclientepg@stlonia.com Website. www.stlonia.com/es
Number of Branches	69
Activity:
NACE:	4642 - Wholesale of clothing and footwear
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	45 for a total cost of 40380792
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)	2	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

OTROS ACCIONISTAS DE SOCIEDAD TEXTIL LONIA, S.A.	75 %
PUIG SL	25 %
Shares:	16
Other Links:	5
No. of Active Corporate Bodies:

Ratios

2017

2016

Change

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

Enquiry Details

Identification
Social Denomination:	SOCIEDAD TEXTIL LONIA SA.
NIF / Fiscal code:	A32226003
Corporate Status:	ACTIVE
Start of activity:	1997
Registered Office:	PQUE. EMPRESARIAL PEREIRO DE AGUIAR, S/N
Locality:	OURENSE
Province:	ORENSE
Postal Code:	32792
Telephone:	988259646
Fax:	988519494
Website:	www.stlonia.com/es
Email:	atencionclientepg@stlonia.com

Branch Offices

Address	Postal Code	City	Province
CALLE MARQUES DE MOLINS 6	02001	ALBACETE	ALBACETE
CALLE TESIFONTE GALLEGO 1	02002	ALBACETE	ALBACETE
PLAZA CALVO SOTELO 13	03001	ALICANTE/ALACANT	ALICANTE
PASSEIG BORN 2	07012	PALMA DE MALLORCA	BALEARES
CALLE JAUME SANTACILIA 8	07012	PALMA DE MALLORCA	BALEARES
CALLE GRACIA 87 BJ	08008	BARCELONA	BARCELONA
CALLE PROVENÇA 292	08008	BARCELONA	BARCELONA
CALLE VITORIA 19	09004	BURGOS	BURGOS
PLAZA SAN ANTONIO 10	11001	CADIZ	CADIZ
CALLE ENMEDIO 20	12001	CASTELLON DE LA PLANA/CASTELLO DE LA PLANA	CASTELLON
CALLE JOSE CRUZ CONDE 30	14001	CORDOBA	CORDOBA
AVENIDA ALFEREZ PROVISIONAL 3	15006	CORUÑA (A)	LA CORUÑA
CALLE FONSECA 7	15004	CORUÑA (A)	LA CORUÑA
PLAZA LUGO 10 BJ	15004	CORUÑA (A)	LA CORUÑA
RUA XENERAL PARDIÑAS (DO) 1	15701	SANTIAGO DE COMPOSTELA	LA CORUÑA
PASEO AREA CENTRAL (DE) 30	15707	SANTIAGO DE COMPOSTELA	LA CORUÑA
CALLE ARGENTERIA 9	17004	GIRONA	GIRONA
CALLE ALHONDIGA 9 BJ	18001	GRANADA	GRANADA
CALLE SALAMANCA 1	18001	GRANADA	GRANADA
AVENIDA EDUARDO GUITIAN	19002	GUADALAJARA	GUADALAJARA
CALLE BERGARA 8	20005	DONOSTIA-SAN SEBASTIAN	GUIPUZCOA
PLAZA AYUNTAMIENTO	23700	LINARES	JAEN
CALLE DOCTORES CASTROVIEJO 15 3	26003	LOGROÑO	LA RIOJA
AVENIDA EUROPA (DE) 10 18	28108	ALCOBENDAS	MADRID
CALLE NACIONAL V	28939	ARROYOMOLINOS	MADRID
CALLE ARTURO SORIA 126	28043	MADRID	MADRID
CALLE BARBARA DE BRAGANZA 2	28004	MADRID	MADRID
CALLE CLAUDIO COELLO 95	28006	MADRID	MADRID
CALLE SERRANO 28	28001	MADRID	MADRID
CALLE SEXTA 50	28016	MADRID	MADRID
AVENIDA SUR DEL AEROPUERTO DE BARAJAS 2 1	28042	MADRID	MADRID
CALLE AEROPUERTO ADOLFO SUAREZ BARAJAS MADRID T 4	28042	MADRID	MADRID
CALLE MODA SHOPPING CTRO CIAL 4	28020	MADRID	MADRID
CALLE ADOLFO BIOY CC LA GAVIA 2	28051	MADRID	MADRID
CALLE EUROPA CC ZIELO POZUELO 263 45	28224	POZUELO DE ALARCON	MADRID
CALLE JUAN RAMON JIMENEZ 3 41	28232	ROZAS DE MADRID (LAS)	MADRID
CALLE MESON DE VELEZ 1	29005	MALAGA	MALAGA
CALLE CENTRO COMERCIAL LA CAADA 213	29660	MARBELLA	MALAGA
CALLE MUELLE DE RIBERA 5 5	29660	MARBELLA	MALAGA
CALLE PLATERIA (MURCIA) 14	30004	MURCIA	MURCIA
CALLE NORIA OUTLET SHOPPING 4	30830	MURCIA	MURCIA
CALLE COMERCIAL LA ORA SALI A 7 29	30830	MURCIA	MURCIA
AVENIDA BAJA NAVARRA / NAFARROA BEHEREKO ETORBIDEA 9	31002	PAMPLONA/IRUÑA	NAVARRA
CALLE GARCIA CASTAÑON / GARCIA CASTAÑON KALEA 8	31002	PAMPLONA/IRUÑA	NAVARRA
RUA PASEO (DO) 34 BJ	32003	OURENSE	ORENSE
RUA PARQUE DE SAN LAZARO 7	32003	OURENSE	ORENSE
PARQUE EMPRESARIAL PEREIRO DE AGUIAR	32710	PEREIRO DE AGUIAR (O)	ORENSE
CALLE CORRIDA 45 BJ	33206	GIJON	ASTURIAS
CALLE ARTURO ALVAREZ-BUYLLA 2 29	33005	OVIEDO	ASTURIAS
AVENIDA GRAN VIA 6	36203	VIGO	PONTEVEDRA
CALLE ARCO 7	37002	SALAMANCA	SALAMANCA
CALLE BIENTOCADAS 7 BJ	37002	SALAMANCA	SALAMANCA
AVENIDA TRES DE MAYO 7	38003	SANTA CRUZ DE TENERIFE	SANTA CRUZ DE TENERIFE
CALLE CALVO SOTELO 11	39002	SANTANDER	CANTABRIA
CALLE PEREDA (LA) 6 B	39004	SANTANDER	CANTABRIA
. FINCA LOS ESPARTALES 29	41309	RINCONADA (LA)	SEVILLA
CALLE NUEVA 8 A	41001	SEVILLA	SEVILLA
CALLE TOLEDO CORTE INGLES 1	45600	TALAVERA DE LA REINA	TOLEDO
CALLE COLON 17	46004	VALENCIA	VALENCIA
CALLE JORGE JUAN 10	46004	VALENCIA	VALENCIA
CALLE MENORCA 19 C C AQUA 14	46023	VALENCIA	VALENCIA
CALLE PAZ 5	46003	VALENCIA	VALENCIA
CALLE MARIA DE MOLINA 5	47001	VALLADOLID	VALLADOLID
CALLE VP CENTRO COMERCIAL MEGAPARK 7 31	48902	BARAKALDO	VIZCAYA
GRAN VIA LOPEZ DE HARO D DIEGO 46 U PB 1I	48011	BILBAO	VIZCAYA
CALLE RODRIGUEZ ARIAS 27 PB 1D	48011	BILBAO	VIZCAYA
PARQUE VP COMERCIAL ARTEA 33 PE RU RI	48940	LEIOA	VIZCAYA
PASEO LA CONSTITUCION 21 LC	50001	ZARAGOZA	ZARAGOZA
CALLE JERONIMA ZAPORTA 7 LC	50001	ZARAGOZA	ZARAGOZA

Activity
NACE:	4642
Corporate Purpose:	EL DISEÑO, FABRICACION, COMPRA Y VENTA Y COMERCIALIZACION EN TERRITORIO NACIONAL Y EN EL EXTRANJERO DE TODO TIPO DE PRODUCTOS TEXTILES Y COMPLEMENTOS DE VESTIR, PRENDAS, PERFUMES, COLONIAS Y ARTICULOS DE USO PERSONAL, ETC. CN
Additional Information:	Plant, warehouse and offices located on
Import / export:	EXPORTS

Chronological Summary
	Year	Act
	1997	Appointments/ Re-elections (1) Change of Social Denomination (1) Company Formation (1) Statutory Modifications (1)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Increase of Capital (3) Other Concepts/ Events (1) Statutory Modifications (1)
	1999	Increase of Capital (1)
	2000	Accounts deposit (year 1998, 1999) Appointments/ Re-elections (1) Increase of Capital (2)
	2001	Accounts deposit (year 2000) Increase of Capital (1)
	2002	Accounts deposit (year 2001) Appointments/ Re-elections (1)
	2003	Accounts deposit (year 2002 consolidated, 2002) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Other Concepts/ Events (1)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (1) Capital Reduction (1)
	2005	Accounts deposit (year 2004 consolidated, 2004) Appointments/ Re-elections (2) Capital Reduction (1) Cessations/ Resignations/ Reversals (1)
	2006	Accounts deposit (year 2005 consolidated, 2005) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	2007	Accounts deposit (year 2006 consolidated, 2006) Appointments/ Re-elections (2)
	2008	Accounts deposit (year 2007 consolidated, 2007) Appointments/ Re-elections (5)
	2009	Appointments/ Re-elections (1)
	2010	Accounts deposit (year 2008 consolidated, 2009 consolidated, 2008, 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2012	Accounts deposit (year 2010)
	2013	Accounts deposit (year 2010 consolidated, 2011 consolidated, 2011, 2012) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (1) Board Meeting (1)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2016	Accounts deposit (year 2015 consolidated, 2015)
	2017	Accounts deposit (year 2016 consolidated, 2016, 2017) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
	2018	Accounts deposit (year 2017 consolidated)

Breakdown of Owners' Equity
Registered Capital:	18.030.000
Paid up capital:	18.030.000

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
06/08/1997	Company Formation	450.759	450.759	450.759	450.759
30/01/1998	Increase of Capital	225.380	225.380	676.139	676.139
19/02/1998	Increase of Capital	6.085.248	6.085.248	6.761.386	6.761.386
19/08/1998	Increase of Capital	2.253.795	2.253.795	9.015.182	9.015.182
10/06/1999	Increase of Capital	36.061	36.061	9.051.242	9.051.242
11/03/2000	Increase of Capital	36.061	36.061	9.087.303	9.087.303
27/09/2000	Increase of Capital	9.051.242	9.051.242	18.138.545	18.138.545
09/11/2001	Increase of Capital	36.061	36.061	18.174.606	18.174.606
08/01/2003	Increase of Capital	36.060	36.060	18.210.300	18.210.300
15/01/2005	Capital Reduction	-180.300	-180.300	18.030.000	18.030.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	VER IV PROYECTOS SL	30/06/2017	3
MEMBER OF THE BOARD	TAPRU SOCIEDAD LIMITADA	30/06/2017	2
	ALTAGRACIA PROYECTOS SL	30/06/2017	3
	VER IV PROYECTOS SL	30/06/2017	3
	DOMINGUEZ RODRIGUEZ MARIA	19/01/2015	6
	PUIG GUASH MARC	19/01/2015	1
	PUIG ROCHA MANUEL	19/01/2015	1
	RAMOS MENDEZ MANUEL	19/01/2015	11
	DOMINGUEZ FERNANDEZ FRANCISCO JAVIER	19/01/2015	12
JOINT CHIEF EXECUTIVE OFFICER	TAPRU SOCIEDAD LIMITADA	30/06/2017	2
	VER IV PROYECTOS SL	30/06/2017	3
	ALTAGRACIA PROYECTOS SL	30/06/2017	3
	DOMINGUEZ FERNANDEZ FRANCISCO JAVIER	19/01/2015	12
PROXY	CASTRO PEREZ OSCAR	27/08/2008	2
	FERNANDEZ DOVAL SUSANA	22/02/2008	2
	CARBALLO MOURE SERAFINA	28/10/1998	1
SECRETARY	ALTAGRACIA PROYECTOS SL	30/06/2017	3
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	01/03/2017	22
CONSOLIDATED ACCOUNTS' AUDITOR	DELOITTE SL	01/03/2017	22

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ARTHUR ANDERSEN Y CIA S COM	ACCOUNTS' AUDITOR / HOLDER	22/02/2002	2
	ACCOUNTS' AUDITOR / HOLDER	27/09/2003
BABECKI CAMPUZANO JULIO	MEMBER OF THE BOARD	21/08/2013	2
	MEMBER OF THE BOARD	19/01/2015
BORGEOT VINCENT	MEMBER OF THE BOARD	21/08/2008	2
	MEMBER OF THE BOARD	09/07/2010
CASTRO PEREZ OSCAR	PROXY	27/08/2008	2
DELOITTE & TOUCHE ESPAÑA SL	ACCOUNTS' AUDITOR / HOLDER	02/12/2004	6
	ACCOUNTS' AUDITOR / HOLDER	02/11/2005
	ACCOUNTS' AUDITOR / HOLDER	23/10/2006
	CONSOLIDATED ACCOUNTS' AUDITOR	02/12/2004
	CONSOLIDATED ACCOUNTS' AUDITOR	02/11/2005
	CONSOLIDATED ACCOUNTS' AUDITOR	23/10/2006
DELOITTE S L	ACCOUNTS' AUDITOR / HOLDER	14/12/2007	4
	ACCOUNTS' AUDITOR / HOLDER	21/08/2008
	CONSOLIDATED ACCOUNTS' AUDITOR	14/12/2007
	CONSOLIDATED ACCOUNTS' AUDITOR	21/08/2008
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	14/12/2007	22
	ACCOUNTS' AUDITOR / HOLDER	21/08/2008
	ACCOUNTS' AUDITOR / HOLDER	19/10/2009
	ACCOUNTS' AUDITOR / HOLDER	02/12/2010
	ACCOUNTS' AUDITOR / HOLDER	25/01/2013
	ACCOUNTS' AUDITOR / HOLDER	15/03/2013
	ACCOUNTS' AUDITOR / HOLDER	29/12/2014
	ACCOUNTS' AUDITOR / HOLDER	19/01/2015
	ACCOUNTS' AUDITOR / HOLDER	28/12/2015
	ACCOUNTS' AUDITOR / HOLDER	01/03/2017
	CONSOLIDATED ACCOUNTS' AUDITOR	14/12/2007
	CONSOLIDATED ACCOUNTS' AUDITOR	21/08/2008
	CONSOLIDATED ACCOUNTS' AUDITOR	19/10/2009
	CONSOLIDATED ACCOUNTS' AUDITOR	02/12/2010
	CONSOLIDATED ACCOUNTS' AUDITOR	25/01/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	15/03/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	29/12/2014
	CONSOLIDATED ACCOUNTS' AUDITOR	19/01/2015
	CONSOLIDATED ACCOUNTS' AUDITOR	28/12/2015
	CONSOLIDATED ACCOUNTS' AUDITOR	01/03/2017
DOMINGUEZ FERNANDEZ FRANCISCO JAVIER	MEMBER OF THE BOARD	21/08/2013	12
	MEMBER OF THE BOARD	19/01/2015
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2008
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	JOINT CHIEF EXECUTIVE OFFICER	19/01/2015
	MEMBER OF THE BOARD	19/08/1998
	MEMBER OF THE BOARD	27/09/2003
	MEMBER OF THE BOARD	21/08/2008
DOMINGUEZ FERNANDEZ JESUS	MEMBER OF THE BOARD	19/08/1998	6
	MEMBER OF THE BOARD	27/09/2003
	MEMBER OF THE BOARD	16/03/2006
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	JOINT CHIEF EXECUTIVE OFFICER	16/03/2006
DOMINGUEZ FERNANDEZ JOSEFINA	MEMBER OF THE BOARD	27/09/2003	17
	MEMBER OF THE BOARD	21/08/2008
	MEMBER OF THE BOARD	21/08/2013
	MEMBER OF THE BOARD	19/01/2015
	MEMBER OF THE BOARD	30/06/2017
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2008
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	JOINT CHIEF EXECUTIVE OFFICER	19/01/2015
	JOINT CHIEF EXECUTIVE OFFICER	30/06/2017
	PRESIDENT	27/09/2003
	PRESIDENT	21/08/2008
	PRESIDENT	21/08/2013
	PRESIDENT	19/01/2015
	PRESIDENT	30/06/2017
	MEMBER OF THE BOARD	19/08/1998
DOMINGUEZ RODRIGUEZ MARIA	MEMBER OF THE BOARD	21/08/2008	6
	MEMBER OF THE BOARD	21/08/2013
	MEMBER OF THE BOARD	19/01/2015
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	JOINT CHIEF EXECUTIVE OFFICER	19/01/2015
FERNANDEZ DOVAL SUSANA	PROXY	22/02/2008	2
GIROUD BERNARD	MEMBER OF THE BOARD	21/07/2005	1
GREEF FREDDY DE	MEMBER OF THE BOARD	27/09/2003	1
HOUEL PATRICK	MEMBER OF THE BOARD	21/08/2008	3
	MEMBER OF THE BOARD	21/08/2013
	MEMBER OF THE BOARD	19/01/2015
RAMOS MENDEZ MANUEL	MEMBER OF THE BOARD	19/08/1998	11
	MEMBER OF THE BOARD	27/09/2003
	MEMBER OF THE BOARD	21/08/2008
	MEMBER OF THE BOARD	21/08/2013
	MEMBER OF THE BOARD	19/01/2015
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2008
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	JOINT CHIEF EXECUTIVE OFFICER	19/01/2015
RODRIGUEZ PRIETO MARIA DEL CARMEN	MEMBER OF THE BOARD	19/08/1998	18
	MEMBER OF THE BOARD	27/09/2003
	MEMBER OF THE BOARD	21/08/2008
	MEMBER OF THE BOARD	21/08/2013
	MEMBER OF THE BOARD	19/01/2015
	MEMBER OF THE BOARD	30/06/2017
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2008
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	JOINT CHIEF EXECUTIVE OFFICER	19/01/2015
	JOINT CHIEF EXECUTIVE OFFICER	30/06/2017
	SECRETARY	19/08/1998
	SECRETARY	27/09/2003
	SECRETARY	21/08/2008
	SECRETARY	21/08/2013
	SECRETARY	19/01/2015
	SECRETARY	30/06/2017
RODRIGUEZ VAZQUEZ HERMESINDA	MEMBER OF THE BOARD	19/08/1998	13
	MEMBER OF THE BOARD	27/09/2003
	MEMBER OF THE BOARD	21/08/2008
	MEMBER OF THE BOARD	21/08/2013
	MEMBER OF THE BOARD	19/01/2015
	MEMBER OF THE BOARD	30/06/2017
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2008
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	JOINT CHIEF EXECUTIVE OFFICER	19/01/2015
	JOINT CHIEF EXECUTIVE OFFICER	30/06/2017
	PRESIDENT	19/08/1998
WESTLEY INTERNATIONAL SA	MEMBER OF THE BOARD	27/09/2003	1

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		ALFONSO EIRIN

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		2	---	02/01/2014	09/01/2015
Notices of defaults and enforcement		2	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

> Details

Basis for scoring

Positive Factors

Adverse Factors

No irregular payment performance has been detected based on information obtained from credit bureaus. At domestic level, it is one of the companies with high turnover volume. SOCIEDAD TEXTIL LONIA SA. 's borrowing cost is appropriate according to its volume of external financing sources. Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2016 which means that the company's financial situation has improved. It presents a significant efficient productivity. EBITDA shows adequate company costs management as income exceed operating expenses.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.155 %

> 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 SOCIEDAD TEXTIL LONIA SA. belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0,155%.

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	2 Legal Claims whose amounts have not been 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

Incidences Detailed

Incidences with the Local Administration

 PROCESSED BY THE LOCAL GOVERNMENT DE SALAMANCA - Date 09/01/2015

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	1400749974
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	B.O.P. SALAMANCA Nº12, 2015 PAGINA 36

 PROCESSED BY THE LOCAL GOVERNMENT DE SALAMANCA - Date 02/01/2014

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	1300598217
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	B.O.P. SALAMANCA Nº12, 2014 PAGINA 40

Guarantees

References

Link List

HAS IN ITS ADMINISTRATION BOARD TO:	3 Entities
IS RELATED WITH:	2 Entities
PARTICIPATES IN:	16 Entities
SHAREHOLDERS:	2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	OTROS ACCIONISTAS DE SOCIEDAD TEXTIL LONIA, S.A.		75
	PUIG SL	BARCELONA	25
PARTICIPATES IN	SOCIEDAD TEXTIL LONIA, SOCIEDAD ANONIMA, (INGLATERRA)		100
	MONTEALEGRE CLUB DE GOLF SOCIEDAD ANONIMA	ORENSE	3
	SOCIEDAD TEXTIL LONIA CHILE LTDA		100
	SOCIEDAD TEXTIL LONIA, SOCIEDAD ANONIMA, DE CV (MEXICO)		100
	ST LONIATEXTIL LDA (PORTUGAL)		100
	SOCIEDAD TEXTIL LONIA SINGAPORE LTDA (SINGAPUR)		100
	TEXTIL LONIA TRADING (SHANGHAI), SOCIEDAD ANONIMA, (CHINA)		100
	SOCIEDAD TEXTIL LONIA SAS (FRANCIA)		100
	TEXTIL LONIA MALAYSIA SDN BHD (MALASIA)		100
	SOCIEDAD TEXTIL LONIA CORP (ESTADOS UNIDOS)		100
	SOCIEDAD TEXTIL LONIA JAPAN KK (JAPON)		100
	SOCIEDAD TEXTIL LONIA KOREA, SOCIEDAD ANONIMA, (COREA DEL SUR)		100
	SOCIEDAD TEXTIL LONIA CHILE, SOCIEDAD ANONIMA, (CHILE)		100
	SOCIEDAD TEXTIL LONIA SINGAPORE, SOCIEDAD ANONIMA, (SINGAPUR)		100
	ST LONIA TEXTIL UNIPPESOAL LDA (PORTUGAL)		100
	TEXTIL LONIA TRADING, SOCIEDAD ANONIMA, (CHINA)		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	ANTONIO PUIG SA	BARCELONA
	BIMBA & LOLA S.L	PONTEVEDRA
HAS IN ITS ADMINISTRATION BOARD TO	ALTAGRACIA PROYECTOS SL	ORENSE
	TAPRU SOCIEDAD LIMITADA	ORENSE
	VER IV PROYECTOS SL	ORENSE

Turnover
Total Sales	257.088.071

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2017	Consolidadas	January  2018
2017	Normales	October  2017
2016	Consolidadas	January  2017
2016	Normales	January  2017
2015	Consolidadas	September  2016
2015	Normales	January  2016
2014	Consolidadas	No publicado en BORME
2014	Normales	January  2015
2013	Normales	April  2014
2012	Consolidadas	No publicado en BORME
2012	Normales	February  2013
2011	Consolidadas	January  2013
2011	Normales	February  2013
2010	Consolidadas	January  2013
2010	Normales	February  2012
2009	Consolidadas	October  2010
2009	Normales	October  2010
2008	Consolidadas	July  2010
2008	Normales	June  2010
2007	Consolidadas	October  2008
2007	Normales	October  2008
2006	Consolidadas	September  2007
2006	Normales	September  2007
2005	Consolidadas	September  2006
2005	Normales	September  2006
2004	Consolidadas	September  2005
2004	Normales	September  2005
2003	Normales	October  2004
2003	Normales	October  2004
2002	Consolidadas	October  2003
2002	Normales	October  2003
2001	Normales	September  2002
2000	Normales	October  2001
1999	Normales	September  2000
1998	Normales	January  2000
1997	Normales	August  1998

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 28/02/2017

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

Information corresponding to the fiscal year 2017 2016 2015 2014 2013  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2017 2016 2015 2014 2013  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	2017	2016	2015	2014	2013
A) NON-CURRENT ASSETS: 11000	62.401.373,00	58.713.321,00	63.564.516,00	70.852.345,00	63.470.300,00
I. Intangible fixed assets : 11100	7.241.147,00	3.626.468,00	2.333.196,00	2.239.393,00	2.018.039,00
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	408.607,00	496.421,00	486.680,00	422.596,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	6.688.821,00	2.895.745,00	1.521.383,00	1.401.082,00	1.287.021,00
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	143.719,00	234.302,00	325.132,00	415.715,00	731.018,00
II. Tangible fixed assets : 11200	25.086.721,00	28.167.128,00	33.447.211,00	39.375.717,00	41.333.243,00
1. Land and buildings: 11210	8.192.351,00	8.452.455,00	8.712.867,00	8.972.569,00	9.232.917,00
2. Technical installations and other tangible fixed assets: 11220	13.321.810,00	19.714.673,00	24.734.344,00	29.394.485,00	32.100.326,00
3. Tangible asset in progress and advances: 11230	3.572.560,00	0,00	0,00	1.008.663,00	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	26.495.312,00	22.896.697,00	23.530.349,00	20.985.523,00	15.965.770,00
1. Equity instruments: 11410	9.833.931,00	12.576.141,00	13.512.444,00	12.485.523,00	9.965.770,00
2. Credits to businesses: 11420	16.661.381,00	10.320.556,00	10.017.905,00	8.500.000,00	6.000.000,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	1.717.708,00	1.931.849,00	1.916.889,00	1.917.442,00	1.879.959,00
1. Equity instruments: 11510	60.102,00	60.102,00	60.102,00	60.102,00	60.102,00
2. Credits to third parties : 11520	42.232,00	0,00	16.000,00	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	1.615.374,00	1.871.747,00	1.840.786,00	1.857.340,00	1.819.857,00
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	1.860.485,00	2.091.179,00	2.336.871,00	6.334.269,00	2.273.289,00
B) CURRENT ASSETS: 12000	216.417.112,00	209.105.235,00	189.053.510,00	170.728.209,00	173.757.968,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	72.401.149,00	71.314.853,00	69.714.993,00	66.405.562,00	82.268.561,00
1. Commercial: 12210	72.401.149,00	22.994.244,00	25.801.888,00	26.160.092,00	32.038.935,00
2. Primary material and other supplies: 12220	0,00	11.470.288,00	13.162.122,00	8.516.891,00	9.474.813,00
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	546.351,00	729.802,00	2.337.561,00	4.395.952,00
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	546.351,00	729.802,00	2.337.561,00	4.395.952,00
4. Finished goods: 12240	0,00	35.378.850,00	29.305.512,00	29.391.019,00	36.358.862,00
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	35.378.850,00	29.305.512,00	29.391.019,00	36.358.862,00
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	925.120,00	715.670,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	92.316.041,00	95.294.630,00	100.574.493,00	87.121.596,00	75.090.409,00
1. Trade debtors / accounts receivable: 12310	32.480.697,00	19.058.206,00	35.022.463,00	34.327.613,00	37.982.977,00
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	32.480.697,00	19.058.206,00	35.022.463,00	34.327.613,00	37.982.977,00
2. Customers, Group companies and associates : 12320	59.090.390,00	76.003.677,00	65.298.181,00	52.671.791,00	37.015.519,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
4. Personnel: 12340	19.163,00	22.623,00	356,00	101.989,00	91.913,00
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	725.791,00	210.124,00	253.494,00	20.203,00	0,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	2.684.605,00	3.308.666,00	554.725,00	1.915.028,00	1.969.541,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	2.684.605,00	3.308.666,00	554.725,00	1.915.028,00	1.969.541,00
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	88.439,00	8.057.089,00	6.159.858,00	6.163.439,00	8.448.106,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	49.647,00	16.000,00	48.000,00	0,00	216.750,00
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	38.792,00	8.041.089,00	6.111.858,00	6.163.439,00	8.231.356,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	419.288,00	683.031,00	188.994,00	441.008,00	1.228.956,00
VII. Cash and other equivalent liquid assets : 12700	48.507.590,00	30.446.966,00	11.860.446,00	8.681.576,00	4.752.395,00
1. Treasury: 12710	48.507.590,00	30.446.966,00	11.860.446,00	8.681.576,00	4.752.395,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	278.818.485,00	267.818.556,00	252.618.026,00	241.580.554,00	237.228.268,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2017	2016	2015	2014	2013
A) NET WORTH: 20000	217.869.932,00	208.233.467,00	184.540.061,00	174.727.246,00	164.479.030,00
A-1) Shareholders' equity: 21000	217.290.575,00	207.560.591,00	183.757.847,00	173.845.565,00	163.448.816,00
I. Capital: 21100	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00
1. Registered capital : 21110	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	300.506,00	300.506,00	300.506,00	300.506,00	300.506,00
III. Reserves: 21300	169.230.085,00	162.336.320,00	134.090.985,00	125.118.312,00	108.580.096,00
1. Legal and statutory: 21310	3.606.000,00	3.606.000,00	3.606.000,00	3.606.000,00	3.606.000,00
2. Other reserves: 21320	165.624.085,00	158.730.320,00	130.484.985,00	121.512.312,00	104.974.096,00
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	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	29.729.984,00	26.893.765,00	31.336.356,00	30.396.747,00	36.538.215,00
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	579.357,00	672.876,00	782.214,00	881.682,00	1.030.213,00
B) NON-CURRENT LIABILITIES: 31000	16.666.263,00	16.348.502,00	13.306.242,00	14.869.194,00	11.598.825,00
I. Long-term provisions: 31100	16.452.633,00	12.374.829,00	8.336.350,00	6.704.242,00	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	16.452.633,00	12.374.829,00	8.336.350,00	6.704.242,00	0,00
II Long-term creditors: 31200	20.509,00	3.734.327,00	4.658.334,00	7.706.921,00	11.030.230,00
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	1.704.167,00	4.658.334,00	7.612.501,00	10.566.668,00
3. Creditors from financial leasing: 31230	20.509,00	0,00	0,00	0,00	7.160,00
4. Derivatives : 31240	0,00	2.030.160,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	94.420,00	456.401,00
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	193.121,00	224.294,00	266.397,00	377.864,00	441.520,00
V. Long-term accruals: 31500	0,00	15.052,00	45.161,00	80.168,00	127.075,00
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	44.282.290,00	43.236.587,00	54.771.723,00	51.984.114,00	61.150.414,00
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	5.858.402,00	5.691.403,00	12.436.450,00	10.908.882,00	14.632.363,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	1.705.065,00	2.961.905,00	2.999.716,00	5.978.416,00	11.185.497,00
3. Creditors from financial leasing: 32330	9.466,00	0,00	0,00	7.160,00	9.547,00
4. Derivatives : 32340	2.030.160,00	1.496.678,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	2.113.711,00	1.232.820,00	9.436.734,00	4.923.306,00	3.437.320,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	38.423.888,00	37.545.184,00	42.335.273,00	41.075.231,00	46.518.051,00
1. Suppliers: 32510	26.367.861,00	27.086.422,00	29.460.924,00	24.630.162,00	27.961.089,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	26.367.861,00	27.086.422,00	29.460.924,00	24.630.162,00	27.961.089,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	4.249.447,00	4.245.258,00	3.690.910,00	2.838.553,00	4.733.322,00
4. Personnel (remuneration due): 32540	2.808.256,00	2.688.752,00	2.531.768,00	2.332.488,00	2.257.680,00
5. Liabilities for current tax: 32550	3.261.278,00	1.777.903,00	4.858.739,00	9.166.990,00	9.261.369,00
6. Other accounts payable to Public Administrations.: 32560	1.737.046,00	1.746.849,00	1.792.932,00	2.107.038,00	2.304.590,00
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	278.818.485,00	267.818.556,00	252.618.026,00	241.580.554,00	237.228.268,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2017	2016	2015	2014	2013
1. Net turnover: 40100	257.088.071,00	260.164.644,00	253.514.766,00	251.858.623,00	253.930.404,00
a) Sales: 40110	257.088.071,00	260.114.644,00	253.514.766,00	251.858.623,00	253.930.404,00
b) Rendering of services: 40120	0,00	50.000,00	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	3.392.883,00	5.889.887,00	-1.693.266,00	-9.026.234,00	12.186.172,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-101.995.354,00	-111.151.754,00	-98.997.208,00	-89.846.509,00	-110.053.345,00
a) Stock consumption: 40410	-54.690.237,00	-59.914.492,00	-56.665.797,00	-53.215.663,00	-66.874.972,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-36.426.529,00	-39.910.468,00	-35.168.785,00	-28.682.898,00	-34.123.519,00
c) Works carried out by other companies: 40430	-10.878.588,00	-11.326.794,00	-7.162.626,00	-7.947.948,00	-9.054.855,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	985.423,00	1.796.158,00	1.147.002,00	1.337.110,00	1.994.382,00
a) Auxiliary income and other from current management: 40510	894.913,00	1.689.393,00	988.316,00	1.278.324,00	1.914.212,00
b) Operation subsidies included in the Period's result: 40520	90.510,00	106.765,00	158.685,00	58.786,00	80.170,00
6. Personnel costs: 40600	-54.809.789,00	-53.917.637,00	-52.411.330,00	-50.846.491,00	-50.128.841,00
a) Wages, salaries et al.: 40610	-44.125.700,00	-43.401.375,00	-41.912.135,00	-40.764.780,00	-40.098.433,00
b) Social security costs: 40620	-10.684.089,00	-10.516.262,00	-10.499.195,00	-10.081.711,00	-10.030.407,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-53.425.239,00	-54.218.646,00	-49.940.331,00	-46.878.890,00	-44.350.881,00
a) External services: 40710	-52.998.116,00	-53.085.332,00	-49.594.172,00	-46.622.451,00	-43.783.711,00
b) Taxes: 40720	-294.125,00	-289.394,00	-316.661,00	-234.321,00	-280.356,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-132.998,00	-843.920,00	-29.499,00	-22.119,00	-32.128,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	-254.686,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-8.279.719,00	-9.307.968,00	-9.529.533,00	-9.543.252,00	-11.378.390,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	129.486,00	151.442,00	210.934,00	212.188,00	214.697,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-351.686,00	-190.831,00	-89.275,00	505.652,00	-101.714,00
a) Impairment and losses : 41110	-169.108,00	-160.083,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-182.578,00	-30.748,00	-89.275,00	505.652,00	-101.714,00
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	-8.593,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	42.725.483,00	39.215.295,00	42.211.758,00	47.772.198,00	52.312.485,00
14. Financial income : 41400	2.736.336,00	2.559.431,00	2.513.471,00	1.860.471,00	1.578.541,00
a) Of shares in equity instruments : 41410	2.736.336,00	2.559.431,00	2.513.471,00	1.860.471,00	1.578.541,00
a 1) In Group companies and associates: 41411	2.683.489,00	2.471.995,00	2.341.593,00	1.643.365,00	1.090.458,00
a 2) In third parties: 41412	52.847,00	87.436,00	171.878,00	217.107,00	488.083,00
b) From negotiable securities and other financial instruments : 41420	0,00	0,00	0,00	0,00	0,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	0,00	0,00	0,00	0,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-27.343,00	-64.492,00	-448.247,00	-496.064,00	-651.298,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-27.343,00	-64.492,00	-448.247,00	-496.064,00	-651.298,00
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	-42.727,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	-42.727,00	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	175.024,00	91.363,00	2.541.164,00	-405.779,00	35.765,00
18. Impairment and result for transfers of financial instruments: 41800	-6.820.014,00	-5.094.618,00	-1.605.187,00	-5.867.992,00	-2.236.330,00
a) Impairment and losses : 41810	-6.820.014,00	-5.094.618,00	-1.605.187,00	-5.867.992,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	-2.236.330,00
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	-3.935.997,00	-2.551.043,00	3.001.201,00	-4.909.364,00	-1.273.322,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	38.789.486,00	36.664.252,00	45.212.960,00	42.862.833,00	51.039.162,00
20. Income taxes: 41900	-9.059.502,00	-9.770.487,00	-13.876.604,00	-12.466.087,00	-14.500.948,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	29.729.984,00	26.893.765,00	31.336.356,00	30.396.747,00	36.538.215,00
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	29.729.984,00	26.893.765,00	31.336.356,00	30.396.747,00	36.538.215,00

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

Information corresponding to the fiscal year 2017 2016 2015 2014 2013  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 criteriaTo view details on the methodology 2017 2016 2015 2014 2013  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2017	2016	2015	2014	2013
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	60.540.888,00	56.622.142,00	61.227.645,00	64.518.076,00	61.197.011,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	7.241.147,00	3.626.468,00	2.333.196,00	2.239.393,00	2.018.039,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	408.607,00	496.421,00	486.680,00	422.596,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	143.719,00	234.302,00	325.132,00	415.715,00	731.018,00
5. Software:	6.688.821,00	2.895.745,00	1.521.383,00	1.401.082,00	1.287.021,00
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:	25.086.721,00	28.167.128,00	33.447.211,00	39.375.717,00	41.333.243,00
1. Land and construction:	8.192.351,00	8.452.455,00	8.712.867,00	8.972.569,00	9.232.917,00
2. Technical installations and machinery:	11.351.972,00	16.799.551,00	21.076.985,00	25.048.051,00	27.353.791,00
3. Other installations, tools and furniture:	990.474,00	1.465.782,00	1.838.993,00	2.185.474,00	2.386.653,00
4. Payments on account and tangible fixed assets under construction:	3.572.560,00	0,00	0,00	1.008.663,00	0,00
5. Other tangible assets:	979.364,00	1.449.340,00	1.818.366,00	2.160.960,00	2.359.882,00
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:	28.213.020,00	24.828.546,00	25.447.238,00	22.902.966,00	17.845.729,00
1. Equity investments in group companies:	9.833.931,00	12.576.141,00	13.512.444,00	12.485.523,00	9.965.770,00
2. Receivables from group companies:	16.661.381,00	10.320.556,00	10.017.905,00	8.500.000,00	6.000.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	60.102,00	60.102,00	60.102,00	60.102,00	60.102,00
6. Other receivables:	42.232,00	0,00	16.000,00	0,00	0,00
7. Long term guarantees and deposits:	1.615.374,00	1.871.747,00	1.840.786,00	1.857.340,00	1.819.857,00
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:	218.277.597,00	211.196.414,00	191.390.381,00	177.062.478,00	176.031.257,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	72.401.149,00	71.314.853,00	69.714.993,00	66.405.562,00	82.268.561,00
1. Goods for resale:	72.401.149,00	22.994.244,00	25.801.888,00	26.160.092,00	32.038.935,00
2. Raw materials and other consumables:	0,00	11.470.288,00	13.162.122,00	8.516.891,00	9.474.813,00
3. Goods in process and semifinished ones:	0,00	546.351,00	729.802,00	2.337.561,00	4.395.952,00
4. Finished products:	0,00	35.378.850,00	29.305.512,00	29.391.019,00	36.358.862,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	925.120,00	715.670,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	94.176.526,00	97.385.809,00	102.911.364,00	93.455.865,00	77.363.698,00
1. Trade debtors / accounts receivable:	32.480.697,00	19.058.206,00	35.022.463,00	34.327.613,00	37.982.977,00
2. Accounts receivable, Group companies:	59.090.390,00	76.003.677,00	65.298.181,00	52.671.791,00	37.015.519,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	0,00
5. Staff:	19.163,00	22.623,00	356,00	101.989,00	91.913,00
6. Public bodies:	2.586.276,00	2.301.303,00	2.590.365,00	6.354.472,00	2.273.289,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	2.773.044,00	11.365.755,00	6.714.583,00	8.078.467,00	10.417.646,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	2.684.605,00	3.308.666,00	554.725,00	1.915.028,00	1.969.541,00
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:	49.647,00	16.000,00	48.000,00	0,00	216.750,00
7. Shor term guarantees and deposits:	38.792,00	8.041.089,00	6.111.858,00	6.163.439,00	8.231.356,00
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:	48.507.590,00	30.446.966,00	11.860.446,00	8.681.576,00	4.752.395,00
VII. Prepayments and accrued income:	419.288,00	683.031,00	188.994,00	441.008,00	1.228.956,00
GENERAL TOTAL (A + B + C + D):	278.818.485,00	267.818.556,00	252.618.026,00	241.580.554,00	237.228.268,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2017	2016	2015	2014	2013
A) EQUITY:	219.494.542,00	211.289.292,00	183.992.511,00	174.110.069,00	163.757.880,00
I. Subscribed capital:	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00
II. Share premium:	300.506,00	300.506,00	300.506,00	300.506,00	300.506,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	171.434.052,00	166.065.021,00	134.325.649,00	125.382.816,00	108.889.160,00
1. Legal reserve:	3.606.000,00	3.606.000,00	3.606.000,00	3.606.000,00	3.606.000,00
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:	167.828.052,00	162.459.021,00	130.719.649,00	121.776.816,00	105.283.160,00
6. Differences due to capital adjustment to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	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:	29.729.984,00	26.893.765,00	31.336.356,00	30.396.747,00	36.538.215,00
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:	405.550,00	471.013,00	547.550,00	617.177,00	721.149,00
1. Capital grants:	405.550,00	471.013,00	547.550,00	617.177,00	721.149,00
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:	16.452.633,00	12.374.829,00	8.336.350,00	6.704.242,00	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:	16.452.633,00	12.374.829,00	8.336.350,00	6.704.242,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	213.630,00	1.928.461,00	4.924.731,00	8.084.784,00	11.471.750,00
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:	20.509,00	1.704.167,00	4.658.334,00	7.612.501,00	10.573.828,00
1. Loans and other liabilities:	0,00	1.704.167,00	4.658.334,00	7.612.501,00	10.566.668,00
2. Long-term liabilities from capital leases:	20.509,00	0,00	0,00	0,00	7.160,00
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:	193.121,00	224.294,00	266.397,00	472.283,00	897.921,00
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	94.420,00	456.401,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	193.121,00	224.294,00	266.397,00	377.864,00	441.520,00
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:	42.252.130,00	41.754.961,00	54.816.884,00	52.064.282,00	61.277.489,00
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:	1.714.531,00	2.961.905,00	2.999.716,00	5.985.576,00	11.195.044,00
1. Loans and other liabilities:	1.705.065,00	2.961.905,00	2.999.716,00	5.978.416,00	11.185.497,00
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:	9.466,00	0,00	0,00	7.160,00	9.547,00
III. Short-term amounts owed to group and associated companies:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	30.617.308,00	31.331.680,00	33.151.834,00	27.468.715,00	32.694.411,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	30.617.308,00	31.331.680,00	33.151.834,00	27.468.715,00	32.694.411,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	9.920.291,00	7.446.324,00	18.620.173,00	18.529.822,00	17.260.959,00
1. Public bodies:	4.998.324,00	3.524.752,00	6.651.671,00	11.274.028,00	11.565.959,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	2.113.711,00	1.232.820,00	9.436.734,00	4.923.306,00	3.437.320,00
4. Wages and salaries payable:	2.808.256,00	2.688.752,00	2.531.768,00	2.332.488,00	2.257.680,00
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	15.052,00	45.161,00	80.168,00	127.075,00
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):	278.818.485,00	267.818.556,00	252.618.026,00	241.580.554,00	237.228.268,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2017	2016	2015	2014	2013
A) CHARGES (A.1 to A.15):	234.777.239,00	243.759.160,00	228.590.982,00	225.377.298,00	233.401.747,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	1.693.266,00	9.026.234,00	0,00
A.2. Supplies:	101.995.354,00	111.151.754,00	98.997.208,00	89.846.509,00	110.053.345,00
a) Stock consumption:	54.690.237,00	59.914.492,00	56.665.797,00	53.215.663,00	66.874.972,00
b) Consumption of raw materials and miscellaneous consumable ones:	36.426.529,00	39.910.468,00	35.168.785,00	28.682.898,00	34.123.519,00
c) Miscellaneous external expenditure:	10.878.588,00	11.326.794,00	7.162.626,00	7.947.948,00	9.054.855,00
A.3. Staff costs:	54.809.789,00	53.917.637,00	52.411.330,00	50.846.491,00	50.128.841,00
a) Wages, salaries et al.:	44.125.700,00	43.401.375,00	41.912.135,00	40.764.780,00	40.098.433,00
b) Social security costs:	10.684.089,00	10.516.262,00	10.499.195,00	10.081.711,00	10.030.407,00
A.4. Depreciation expense:	8.279.719,00	9.307.968,00	9.529.533,00	9.543.252,00	11.378.390,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	132.998,00	843.920,00	29.499,00	22.119,00	32.128,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	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:	132.998,00	843.920,00	29.499,00	22.119,00	32.128,00
A.6. Other operating charges:	53.292.241,00	53.374.726,00	49.910.832,00	46.856.772,00	44.318.753,00
a) External services:	52.998.116,00	53.085.332,00	49.594.172,00	46.622.451,00	43.783.711,00
b) Taxes:	294.125,00	289.394,00	316.661,00	234.321,00	280.356,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	254.686,00
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):	42.956.276,00	39.254.684,00	42.090.100,00	47.054.358,00	52.199.501,00
A.7. Financial and similar charges:	6.586.255,00	5.159.110,00	2.053.434,00	6.364.056,00	2.887.628,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	27.343,00	64.492,00	448.247,00	496.064,00	651.298,00
d) Losses from financial investments:	6.558.912,00	5.094.618,00	1.605.187,00	5.867.992,00	2.236.330,00
A.8. Changes in financial investment provisions:	55.008,00	42.727,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	0,00	405.779,00	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	3.001.201,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	39.226.373,00	36.703.641,00	45.091.301,00	42.144.993,00	50.926.179,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	375.202,00	160.083,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	182.578,00	30.748,00	89.275,00	0,00	101.714,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	8.593,00	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):	0,00	0,00	121.659,00	717.840,00	112.983,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	38.789.486,00	36.664.252,00	45.212.960,00	42.862.833,00	51.039.162,00
A.15. Corporation tax:	9.059.502,00	9.770.487,00	13.876.604,00	12.466.087,00	14.500.948,00
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):	29.729.984,00	26.893.765,00	31.336.356,00	30.396.747,00	36.538.215,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2017	2016	2015	2014	2013
B) INCOME ( B.1 to B.13):	264.507.223,00	270.652.925,00	259.927.337,00	255.774.045,00	269.939.961,00
B.1. Net total sales:	257.088.071,00	260.164.644,00	253.514.766,00	251.858.623,00	253.930.404,00
a) Sales:	257.088.071,00	260.114.644,00	253.514.766,00	251.858.623,00	253.930.404,00
b) Rendering of services:	0,00	50.000,00	0,00	0,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	3.392.883,00	5.889.887,00	0,00	0,00	12.186.172,00
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:	985.423,00	1.796.158,00	1.147.002,00	1.337.110,00	1.994.382,00
a) Auxiliary income and other from current management:	894.913,00	1.689.393,00	988.316,00	1.278.324,00	1.914.212,00
b) Grants:	90.510,00	106.765,00	158.685,00	58.786,00	80.170,00
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:	2.736.336,00	2.559.431,00	2.513.471,00	1.860.471,00	1.578.541,00
a) In companies of the group:	2.683.489,00	2.471.995,00	2.341.593,00	1.643.365,00	1.090.458,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	52.847,00	87.436,00	171.878,00	217.107,00	488.083,00
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	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) Miscellaneous interests:	0,00	0,00	0,00	0,00	0,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	175.024,00	91.363,00	2.541.164,00	0,00	35.765,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	3.729.903,00	2.551.043,00	0,00	4.909.364,00	1.273.322,00
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	505.652,00	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:	129.486,00	151.442,00	210.934,00	212.188,00	214.697,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	436.887,00	39.389,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted	2017	2016	2015	2014	2013
1. Fiscal year result before taxes.: 61100	38.789.486,00	36.664.252,00	45.212.960,00	42.862.834,00	51.039.164,00
2. Results adjustments.: 61200	12.570.914,00	11.898.401,00	5.870.827,00	13.756.894,00	12.046.938,00
a) Fixed Assets Amortization (+).: 61201	8.279.719,00	9.307.968,00	9.529.533,00	9.543.250,00	11.378.390,00
b) Obsolescence Allowances (+/-). : 61202	7.122.120,00	5.254.701,00	1.605.187,00	5.867.992,00	2.236.330,00
c) Variation in Provision (+/-). : 61203	0,00	0,00	0,00	22.119,00	32.128,00
d) Allocation of grants (-).: 61204	-129.486,00	-151.442,00	-210.934,00	-212.188,00	-214.696,00
e) Results on disposal of fixed assets (+/-). : 61205	182.578,00	30.748,00	89.275,00	-505.651,00	101.714,00
g) Financial income (-).: 61207	-2.736.336,00	-2.559.431,00	-2.513.471,00	-1.860.472,00	-1.578.541,00
h) Financial Expenses (+). : 61208	27.343,00	64.493,00	448.247,00	496.064,00	651.298,00
i) Exchange differences (+/-). : 61209	-175.024,00	-91.363,00	-2.918.325,00	405.780,00	-35.765,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	42.727,00	0,00	0,00	0,00
k) Other income and expense (-/+). : 61211	0,00	0,00	-158.685,00	0,00	-523.920,00
3. Changes in current capital equity.: 61300	1.578.339,00	1.425.943,00	-5.053.828,00	359.741,00	-31.095.010,00
a) Stock (+/-).: 61301	-1.086.296,00	-1.599.859,00	-547.660,00	15.862.999,00	-13.753.301,00
d) Debtors and other accounts receivable (+/-). : 61302	3.284.358,00	5.249.755,00	-13.478.894,00	-12.033.001,00	-15.953.530,00
c) Other current assets (+/-). : 61303	0,00	0,00	252.014,00	787.948,00	-887.600,00
d) Creditors and other accounts payable (+/-). : 61304	-619.723,00	-2.223.953,00	8.755.719,00	-4.173.815,00	-374.283,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	-35.007,00	-84.390,00	-126.296,00
4. Cash Flows from Other Operating Activities: 61400	-7.329.591,00	-10.411.043,00	-14.629.542,00	-14.127.817,00	-14.415.573,00
a) Interest payments (-). : 61401	-26.451,00	-397.848,00	-447.063,00	-486.230,00	-627.325,00
b) Dividend payment collection (+). : 61402	0,00	2.471.995,00	2.341.593,00	0,00	0,00
c) Interest collection (+). : 61403	42.293,00	87.436,00	171.878,00	2.000.062,00	1.399.534,00
d) Income tax payment collection (payments) (+/-).: 61404	-7.345.433,00	-12.572.626,00	-16.853.038,00	-15.641.649,00	-15.187.782,00
e) Other payments (payment collection) (-/+) : 61405	0,00	0,00	157.088,00	0,00	0,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	45.609.148,00	39.577.553,00	31.400.417,00	42.851.652,00	17.575.519,00
6. Payments for investment (-).: 62100	-15.444.134,00	-19.987.916,00	-18.196.032,00	-21.469.195,00	-38.799.520,00
a) Companies of the group and affiliates. : 62101	-3.033.275,00	-3.485.096,00	-2.755.329,00	-5.128.990,00	-4.965.406,00
b) Intangible fixed assets. : 62102	-4.287.164,00	-1.257.610,00	-936.470,00	-967.464,00	-845.713,00
c) Fixed assets. : 62103	-3.967.647,00	-3.169.494,00	-10.236.546,00	-6.907.676,00	-10.123.452,00
d) Real estate investment. : 62104	-4.156.048,00	0,00	0,00	0,00	0,00
e) Other financial assets. : 62105	0,00	-12.075.716,00	-4.267.687,00	-8.465.065,00	-22.864.949,00
7. Divestment payment collection (+). : 62200	12.349.393,00	10.472.193,00	7.577.960,00	11.183.756,00	24.976.918,00
a) Companies of the group and affiliates. : 62201	0,00	308.668,00	3.305.839,00	0,00	0,00
b) Intangible fixed assets. : 62202	12.349.393,00	0,00	0,00	0,00	0,00
c) Fixed assets. : 62203	0,00	0,00	300,00	573.714,00	249.903,00
e) Other financial assets. : 62205	0,00	10.163.525,00	4.271.821,00	10.610.042,00	24.727.015,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	-3.094.741,00	-9.515.723,00	-10.618.072,00	-10.285.439,00	-13.822.602,00
9. Payment collection and payments for equity instruments. : 63100	4.794,00	0,00	0,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	4.794,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-4.458.577,00	-3.050.309,00	-6.028.471,00	-8.637.036,00	2.364.829,00
a) Issuance : 63201	0,00	0,00	0,00	-8.637.036,00	2.364.829,00
1. Debentures and other negotiable securities (+). : 63202	0,00	0,00	0,00	-8.637.036,00	2.364.829,00
b) Repayment and amortization of : 63207	-4.458.577,00	-3.050.309,00	-6.028.471,00	0,00	0,00
2. Debts incurred with credit institutions (-).: 63209	-4.458.577,00	0,00	-6.028.471,00	0,00	0,00
5. Other debts (-). : 63212	0,00	-3.050.309,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-20.000.000,00	-8.425.000,00	-11.575.000,00	-20.000.000,00	-8.575.000,00
a) Dividends (-).: 63301	-20.000.000,00	-8.425.000,00	-11.575.000,00	-20.000.000,00	-8.575.000,00
12. Cash Flows from Financing Activities (9+10+11): 63400	-24.453.783,00	-11.475.309,00	-17.603.471,00	-28.637.036,00	-6.210.171,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	18.060.624,00	18.586.521,00	3.178.874,00	3.929.177,00	-2.457.254,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	30.446.966,00	11.860.445,00	8.681.571,00	4.752.394,00	7.209.648,00
Cash or equivalent assets as of end of the fiscal year.: 65200	48.507.590,00	30.446.966,00	11.860.445,00	8.681.571,00	4.752.394,00

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	2017		2016		Variación 2017 - 2016
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,07 %	0,02 %	0,07 %	0,01 %	-1,67 %	125,40 %
Net Financial Debt:	-0,83	0,61	-0,60	2,06	-39,24	-70,33
Cash Flow Yield:	0,06 %	0,02 %	0,07 %	0,01 %	-6,66 %	300,21 %
EBITDA over Sales:	19,93 %	10,80 %	18,67 %	12,16 %	6,77 %	-11,16 %

Profitability	2017		2016		Variación 2017 - 2016
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	17,24 %	11,22 %	16,93 %	9,04 %	1,85 %	24,05 %
Total economic profitability:	13,92 %	7,09 %	13,71 %	5,20 %	1,52 %	36,53 %
Financial profitability:	13,68 %	10,63 %	12,96 %	7,85 %	5,60 %	35,41 %
Margin:	16,56 %	6,62 %	14,97 %	7,92 %	10,61 %	-16,43 %
Mark-up:	15,03 %	6,70 %	14,00 %	7,40 %	7,41 %	-9,47 %

Solvency	2017		2016		Variación 2017 - 2016
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	1,10	0,14	0,70	0,16	55,61	-11,40
Acid Test:	3,24	0,76	3,17	0,89	2,30	-14,96
Working Capital / Investment:	0,62	0,03	0,62	0,03	-0,32	3,57
Solvency:	4,93	1,17	4,88	1,20	0,95	-2,62

Indebtedness	2017		2016		Variación 2017 - 2016
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,19	1,27	0,21	1,21	-11,27	5,06
Borrowing Composition:	0,00	0,88	0,09	1,02	-94,73	-14,29
Repayment Ability:	0,87	5,77	0,97	8,88	-10,67	-34,99
Warranty:	6,27	1,80	5,67	1,85	10,46	-2,49
Generated resources / Total creditors:	1,01	0,14	0,87	0,10	15,18	47,40

Efficiency	2017		2016		Variación 2017 - 2016
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,93	2,00	1,90	1,92	1,79	3,76
Turnover of Collection Rights :	2,80	8,75	2,75	5,15	1,69	69,92
Turnover of Payment Entitlements:	4,13	4,19	4,56	3,54	-9,39	18,42
Stock rotation:	2,97	9,52	3,12	8,16	-4,86	16,69
Assets turnover:	1,04	1,70	1,13	1,14	-7,93	48,44
Borrowing Cost:	0,06	1,69	0,14	2,35	-55,02	-28,18

> Trend of indicators under the General Accounting Plan of 2007 (2017, 2016, 2015, 2014, 2013)

Cash Flow	2017	2016	2015	2014	2013
Cash Flow over Sales:	0,07 %	0,07 %	0,01 %	0,02 %	-0,01 %
Net Financial Debt:	-0,83	-0,60	-0,02	0,07	0,20
Cash Flow Yield:	0,06 %	0,07 %	0,01 %	0,02 %	-0,01 %
EBITDA over Sales:	19,93 %	18,67 %	20,36 %	22,47 %	25,04 %

Profitability	2017	2016	2015	2014	2013
Operating economic profitability:	17,24 %	16,93 %	19,15 %	22,68 %	25,03 %
Total economic profitability:	13,92 %	13,71 %	18,08 %	17,95 %	21,79 %
Financial profitability:	13,68 %	12,96 %	17,05 %	17,48 %	22,35 %
Margin:	16,56 %	14,97 %	16,58 %	18,87 %	20,44 %
Mark-up:	15,03 %	14,00 %	17,75 %	16,93 %	19,94 %

Solvency	2017	2016	2015	2014	2013
Liquidity:	1,10	0,70	0,22	0,17	0,08
Acid Test:	3,24	3,17	2,17	2,00	1,47
Working Capital / Investment:	0,62	0,62	0,53	0,49	0,47
Solvency:	4,93	4,88	3,49	3,40	2,87

Indebtedness	2017	2016	2015	2014	2013
Indebtedness level:	0,19	0,21	0,31	0,33	0,44
Borrowing Composition:	0,00	0,09	0,09	0,16	0,19
Repayment Ability:	0,87	0,97	1,16	1,06	1,14
Warranty:	6,27	5,67	4,23	4,02	3,26
Generated resources / Total creditors:	1,01	0,87	0,71	0,76	0,69

Efficiency	2017	2016	2015	2014	2013
Productivity:	1,93	1,90	1,98	2,11	2,27
Turnover of Collection Rights :	2,80	2,75	2,53	2,91	3,41
Turnover of Payment Entitlements:	4,13	4,56	3,48	3,11	3,58
Stock rotation:	2,97	3,12	3,05	3,10	2,48
Assets turnover:	1,04	1,13	1,16	1,20	1,22
Borrowing Cost:	0,06	0,14	0,75	0,82	0,90

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

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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	2.285.258,00

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA (IGAPE, XUNTA DE GALICIA)
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	1.301.253,00

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	(IGAPE, Xunta de Galicia)

Entity	INSTITUTO ENERXETICO DE GALICIA
Status	CONCEDIDA
Amount Granted	4.794,00

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Status	CONCEDIDA
Amount Granted	2.285.258,00
Notes	El importe imputado a resultados es de 8.175 euros, quedando un saldo pendiente al cierre de 247.501 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA (IGAPE, XUNTA DE GALICIA)
Status	CONCEDIDA
Amount Granted	1.301.253,00
Notes	El importe imputado a resultados es de 102.827 euros, quedando un saldo pendiente al cierre de 363.961 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA (IGAPE, XUNTA DE GALICIA)
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	El importe imputado a resultados es de 8.435 euros, quedando un saldo pendiente al cierre de 154.871 euros.

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO, XUNTA DE GALICIA
Status	CONCEDIDA
Amount Granted	795.684,00
Notes	El importe imputado a resultados es de 81.186 euros, quedando un saldo pendiente al cierre de 15.881 euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Status	CONCEDIDA
Amount Granted	183.070,00
Notes	El importe imputado a resultados es de 6.118 euros, quedando la subvención totalmente amortizada.

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO, XUNTA DE GALICIA
Status	CONCEDIDA
Amount Granted	115.542,00
Notes	El importe imputado a resultados es de 3.832 euros, quedando la subvención totalmente amortizada.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA (IGAPE, XUNTA DE GALICIA)
Status	CONCEDIDA
Amount Granted	46.615,00
Notes	El importe imputado a resultados es de 361 euros, quedando la subvención totalmente amortizada.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Status	CONCEDIDA
Amount Granted	778.606,00

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	2.285.258,00
Notes	Se ha traspasado a resultados del ejercicio 18.593 euros, quedando a fecha de cierre pendiente de imputar 296.289 euros.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	1.301.253,00
Notes	Se ha traspasado a resultados del ejercicio 121.587 euros, quedando a fecha de cierre pendiente de imputar 731.444 euros.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	Se ha traspasado a resultados del ejercicio 11.721 euros, quedando a fecha de cierre pendiente de imputar 174.275 euros.

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	795.684,00
Notes	Se ha traspasado a resultados del ejercicio 81.186 euros, quedando a fecha de cierre pendiente de imputar 299.590 euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	778.606,00
Notes	Se ha traspasado a resultados del ejercicio 66.538 euros, quedando a fecha de cierre pendiente de imputar 445.924 euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	183.070,00
Notes	Se ha traspasado a resultados del ejercicio 21.969 euros, quedando a fecha de cierre pendiente de imputar 23.067 euros.

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	115.542,00
Notes	Se ha traspasado a resultados del ejercicio 12.302 euros, quedando a fecha de cierre pendiente de imputar 15.632 euros.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	75.383,00
Notes	Se ha traspasado a resultados del ejercicio 9.046 euros, quedando a fecha de cierre pendiente de imputar 2.280 euros.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	46.615,00
Notes	Se ha traspasado a resultados del ejercicio 4.123 euros, quedando a fecha de cierre pendiente de imputar 10.042 euros.

Entity	IGAPE, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	1.301.253,00
Notes	El importe traspasado a resultados durante el ejercicio es de 121.587 euros.

Entity	IGAPE, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	El importe traspasado a resultados durante el ejercicio es de 20.145 euros.

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	795.684,00
Notes	El importe traspasado a resultados durante el ejercicio es de 115.611 euros.

Entity	IGAPE, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	526.219,00
Notes	El importe traspasado a resultados durante el ejercicio es de 63.292 euros.

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	115.542,00
Notes	El importe traspasado a resultados durante el ejercicio es de 12.447 euros.

Entity	IGAPE, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	75.383,00
Notes	El importe traspasado a resultados durante el ejercicio es de 9.046 euros.

Entity	IGAPE, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	46.615,00
Notes	El importe traspasado a resultados durante el ejercicio es de 7.037 euros.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	7.786.061,00
Notes	Subvención concedida el 16/05/2006. El importe está pendiente de imputación.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	2.285.258,00
Notes	Subvención concedida el 19/11/1998. El importe imputado a resultados es de 159.608 euros quedando pendiente de imputar 637.111 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.301.253,00
Notes	Subvención concedida el 06/04/2006. El importe está pendiente de imputación.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	Subvención concedida el 27/07/1998. El importe imputado a resultados es de 84.645 euros quedando pendiente de imputar 365.476 euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	183.070,00
Notes	Subvención concedida el 07/04/2003. El importe imputado a resultados es de 21.969 euros quedando pendiente de imputar 98.859 euros.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	129.886,00
Notes	Subvención concedida el 17/11/2006. El importe imputado a resultados es de 34.750 euros quedando pendiente de imputar 95.136 euros.

Entity	CONSELLERIA DE INDUSTRIA E COMERCIO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	115.542,00
Notes	Subvención concedida el 16/05/2003. El importe imputado a resultados es de 15.273 euros quedando pendiente de imputar 61.425 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	75.383,00
Notes	Subvención concedida el 12/12/2001. El importe imputado a resultados es de 9.046 euros quedando pendiente de imputar 30.394 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	46.615,00
Notes	Subvención concedida el 17/03/2005. El importe imputado a resultados es de 7.037 euros quedando pendiente de imputar 32.541 euros.

Entity	CONSELLERIA DE INDUSTRIA E COMERCIO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	115.542,00
Notes	Subvención concedida el 16/05/2003. El importe imputado a resultados es de 15.273 euros quedando pendiente de imputar 76.698 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	46.615,00
Notes	Subvención concedida el 17/03/2005. El importe imputado a resultados es de 7.037 euros quedando pendiente de imputar 39.578 euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	INVERSIONES EN INMOVILIZACIONES MATERIALES.
Status	CONCEDIDA
Amount Granted	2.285.258,00
Notes	CONCEDIDA EL 19/11/1998.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	INVERSION EN INMOVILIZACIONES MATERIALES
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	CONCEDIDA EL 27/7/1998.

Entity	CONSERJERIA DE INDUSTRIA Y COMERCIO
Subsidy Concept	INNOVACION TECNOLOGICA.
Status	CONCEDIDA
Amount Granted	587.141,00
Notes	CONCEDIDA EL 23/6/1998.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	INVERSION EN INMOVILIZACION MATERIALES.
Status	CONCEDIDA
Amount Granted	183.071,00
Notes	CONCEDIDA EL 07/4/2003.

Entity	CONSERJERIA DE INDUSTRIA Y COMERCIO
Subsidy Concept	INVERSION EN INMOVILIZACION MATERIALES.
Status	CONCEDIDA
Amount Granted	115.542,00
Notes	CONCEDIDA 16/05/2003.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	INVERSION EN INMOVILIZACION MATERIALES.
Status	CONCEDIDA
Amount Granted	75.383,00
Notes	CONCEDIDA EL 12/12/2001

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 64.14
UK Pound	1	INR 89.50
Euro	1	INR 79.43
Euro	1	INR 78.79

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	KET

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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