MIRA INFORM REPORT

Report No. :	511864
Report Date :	01.06.2018

IDENTIFICATION DETAILS

Name :	LAMIGRAF SA
Registered Office :	C/Mas Dorca,14-16, Ametlla Park - L''ametlla Del Valles - 08480 - Barcelona
Country :	Spain
Financials (as on) :	2015
Date of Incorporation :	05.09.1975
Legal Form :	Public Company
Line of Business :	Subject is engaged in the handling, processing, distribution and sale of decorative papers and similar materials. Parent company of Grupo Lamigraf.
No. of Employees :	182

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 (30.09.2017)	Current Rating (31.12.2017)
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 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. At the onset of the financial crisis, Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In 2013, the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 22% in 2015. High unemployment strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, and 4.7% of GDP in 2015. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 101% in 2015.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014-15. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, healthcare, tax, and education reforms - aimed at supporting investor sentiment - have become overshadowed by political activity in 2015 in anticipation of the national parliamentary elections in December. The European Commission criticized Spain’s 2016 budget for its easing of austerity measures and its alleged overly optimistic growth and deficit projections. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptick in economic activity, inflation has dropped sharply, from 1.5% in 2013 to a negative 0.6% in 2015.

Source : CIA

EXECUTIVE SUMMARY

Name:	LAMIGRAF SA
NIF / Fiscal code:	A08384638
Status:	ACTIVE
Incorporation Date:	05/09/1975
Register Data	Register Section 8 Sheet 35622
Last Publication in BORME:	25/04/2017 [Miscellaneous Concepts]
Last Published Account Deposit:	2015
Share Capital:	1.165.720,07
Localization:	C/MAS DORCA,14-16, AMETLLA PARK - L''AMETLLA DEL VALLES - 08480 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 938 431 888 Email. lamigraf@lamigraf.com Website. www.lamigraf.com
Activity:
NACE:	1812 - Other printing
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Payment Behaviour:	sslow but correct
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:

JOSEP COLOMER MARONAS	100 %
Shares:	4
Other Links:	3
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
It is a company incorporated several years ago with extensive experience in the sector, which has a good commercial reputation among the sources of information. It has a scope for action with negative values, which implies that part of the fixed assets is being subsidized with short-term debts, which indicates a financial imbalance.
Interviewed Person:

Enquiry Details
Business address regime:	Owned

Identification
Social Denomination:	LAMIGRAF SA
NIF / Fiscal code:	A08384638
Corporate Status:	ACTIVE
Start of activity:	1976
Registered Office:	C/MAS DORCA,14-16, AMETLLA PARK
Locality:	L''AMETLLA DEL VALLES
Province:	BARCELONA
Postal Code:	08480
Telephone:	938 431 888
Fax:	938 432 089
Website:	www.lamigraf.com
Email:	lamigraf@lamigraf.com
Interviewed Person:	Administrative

Branch Offices

Activity
NACE:	1812
Additional Information:	It is engaged in the handling, processing, distribution and sale of decorative papers and similar materials. Parent company of Grupo Lamigraf.
Additional Address:	C/MAS DORCA,14-16, AMETLLA PARK 08480 L''''''''AMETLLA DEL VALLES (BARCELONA), registered office, factory, warehouse, offices and storehouse, owned.
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2017	182

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

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

Breakdown of Owners' Equity
Registered Capital:	1.165.720,07
Paid up capital:	1.165.720,07

Shareholders

Name	NIF	% Shareholding stake
JOSEP COLOMER MARONAS		100 %

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
23/12/2015	Increase of Capital	925.315	925.315	1.165.720	1.165.720

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	COLOMER MARONAS JOSEP	13/04/2017	7
SINGLE ADMINISTRATOR	COLOMER MARONAS JOSEP	06/09/2016	7
JOINT ATTORNEY	MERLOS FONT GEMA	26/06/2015	1
PROXY	COLOMER TARRATS ANTONI	27/06/2011	1
ACCOUNTS' AUDITOR / HOLDER	BDO AUDIBERIA AUDITORES SL	13/12/2016	22
CONSOLIDATED ACCOUNTS' AUDITOR	BDO AUDIBERIA AUDITORES SL	13/12/2016	22

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALONSO GOÑI MARIA PILAR	REPRESENTATIVE	22/01/2014	1
BDO AUDIBERIA AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	25/08/2000	22
	CONSOLIDATED ACCOUNTS' AUDITOR	13/01/2003
	CONSOLIDATED ACCOUNTS' AUDITOR	13/01/2003
	ACCOUNTS' AUDITOR / HOLDER	24/12/2003
	CONSOLIDATED ACCOUNTS' AUDITOR	24/12/2003
	ACCOUNTS' AUDITOR / HOLDER	11/01/2005
	ACCOUNTS' AUDITOR / HOLDER	11/01/2005
	CONSOLIDATED ACCOUNTS' AUDITOR	12/12/2005
	ACCOUNTS' AUDITOR / HOLDER	12/12/2005
	CONSOLIDATED ACCOUNTS' AUDITOR	20/12/2006
	CONSOLIDATED ACCOUNTS' AUDITOR	20/12/2006
	ACCOUNTS' AUDITOR / HOLDER	17/12/2007
	CONSOLIDATED ACCOUNTS' AUDITOR	17/12/2007
	ACCOUNTS' AUDITOR / HOLDER	06/05/2009
	ACCOUNTS' AUDITOR / HOLDER	18/03/2010
	CONSOLIDATED ACCOUNTS' AUDITOR	18/03/2010
	CONSOLIDATED ACCOUNTS' AUDITOR	03/03/2011
	ACCOUNTS' AUDITOR / HOLDER	03/03/2011
	ACCOUNTS' AUDITOR / HOLDER	13/12/2016
	CONSOLIDATED ACCOUNTS' AUDITOR	13/12/2016
BDO AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	04/10/2012	10
	CONSOLIDATED ACCOUNTS' AUDITOR	04/10/2012
	CONSOLIDATED ACCOUNTS' AUDITOR	07/01/2015
	ACCOUNTS' AUDITOR / HOLDER	13/12/2016
	CONSOLIDATED ACCOUNTS' AUDITOR	13/12/2016
	ACCOUNTS' AUDITOR / HOLDER	07/01/2015
	ACCOUNTS' AUDITOR / HOLDER	22/03/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	22/03/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	02/01/2014
	ACCOUNTS' AUDITOR / HOLDER	02/01/2014
BDO GC AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	08/05/1996	5
	ACCOUNTS' AUDITOR / HOLDER	30/01/1997
	ACCOUNTS' AUDITOR / HOLDER	21/02/1998
	ACCOUNTS' AUDITOR / HOLDER	18/03/1999
	ACCOUNTS' AUDITOR / HOLDER	12/02/2000
COLOMER MARONAS JOSEP	JOINT ADMINISTRATOR	06/09/2016	7
	JOINT MANAGER	24/08/2011
	ADMINISTRATOR	18/03/1997
	ADMINISTRATOR	23/06/2001
	ADMINISTRATOR	03/04/2006
IBAÑEZ GERMA JUAN ANTONIO	JOINT MANAGER	24/08/2011	4
	ADMINISTRATOR	18/03/1997
	ADMINISTRATOR	23/06/2001
	ADMINISTRATOR	03/04/2006
IBAÑEZ MACIA ALEJANDRO	REPRESENTATIVE	06/09/2016	1
IBAÑEZ MACIA JUAN ANTONIO	REPRESENTATIVE	30/01/2013	1
IBAÑEZ MACIA VERONICA	REPRESENTATIVE	12/01/2015	1
LLOVET CASTEL ALBERTO	PROXY	21/10/2002	2
	PROXY	26/06/2015
WEST VALLEY MANAGEMENT SL	JOINT ADMINISTRATOR	06/09/2016	1

Executive board

Post	NIF	Name
COMPUTER SCIENCE DIRECTOR		JAVIER JIMENEZ

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

 Chronological summary

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

> Details

> Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. The current debt represents a 40.83of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. It has financial profitability.. LAMIGRAF SA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation. Debts assumed by the company based on the volume of its own resources have decreased in the previous financial year.

LAMIGRAF SA has a tight level of Financial Autonomy. The Internal Funds of the entity represent the 19.96% of the total amount of funding sources. LAMIGRAF SA 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient. Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation. No Company's subsidiaries or branches are known. Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.

Probability of default

> Estimated Probability of Default for the next 12 months:  5.395 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 181 Printing and service activities related to printing
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 probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 5,395%.

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

IS RELATED WITH:	3 Entities
PARTICIPATES IN:	4 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	JOSEP COLOMER MARONAS		100
PARTICIPATES IN	LAMIGRAF, SOCIEDAD ANONIMA, (ALEMANIA)		100
	LAMIGRAF SA (SHANGHAI) TRADING, S.A.		100
	LAMIGRAF DEKORATIF KAGIT BASKI SANAYI VTICARET AS		100
	LAMIGRAF DO BRASIL INDUSTRIA E COMERCIO DE PAPEIS DECORATIVOS LTDA

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	LAMIGRAF DO BRASIL LTDA
	LAMIGRAF DO BRASIL INDUSTRIA E COMERCIO DE PAPEIS DECORATIVOS LDTA
IS RELATED WITH	WEST VALLEY MANAGEMENT SL	BARCELONA

Turnover
Total Sales 2016	44.250.000

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

Estimated Balance

Its turnover has been increased by 2,34% in 2015 compared to 2014. The result for the year has been much higher that 2014.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2015	Consolidadas	December  2016
2015	Normales	December  2016
2014	Consolidadas	December  2015
2014	Normales	December  2015
2013	Consolidadas	November  2014
2013	Normales	November  2014
2012	Consolidadas	October  2013
2012	Normales	September  2013
2011	Consolidadas	No publicado en BORME
2011	Normales	October  2012
2010	Consolidadas	August  2011
2010	Normales	August  2011
2009	Consolidadas	August  2010
2009	Normales	November  2010
2008	Consolidadas	September  2009
2008	Normales	August  2009
2007	Consolidadas	September  2008
2007	Normales	September  2008
2006	Consolidadas	August  2007
2006	Normales	August  2007
2005	Consolidadas	July  2006
2005	Normales	July  2006
2004	Consolidadas	July  2005
2004	Normales	July  2005
2003	Consolidadas	July  2004
2003	Normales	July  2004
2002	Consolidadas	July  2003
2002	Normales	July  2003
2001	Consolidadas	July  2002
2001	Normales	July  2002
2000	Consolidadas	July  2001
2000	Normales	October  2001
1999	Consolidadas	September  2000
1999	Normales	September  2000
1998	Normales	August  1999
1997	Normales	August  1998
1996	Normales	August  1997
1995	Normales	July  1996
1994	Normales	July  1995
1993	Normales	August  1994
1992	Normales	September  1993
1991	Normales	September  1992
1990	Normales	August  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	36.964.007,00	38.997.405,00	44.276.102,00	44.476.509,00	37.254.389,00
I. Intangible fixed assets : 11100	131.511,00	132.135,00	157.365,00	77.608,00	82.900,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	131.511,00	132.135,00	157.365,00	77.608,00	82.900,00
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	19.384.054,00	21.262.135,00	23.368.643,00	25.671.007,00	28.050.275,00
1. Land and buildings: 11210	8.753.264,00	8.887.739,00	9.022.346,00	9.160.106,00	9.145.219,00
2. Technical installations and other tangible fixed assets: 11220	10.594.738,00	12.372.805,00	14.346.297,00	16.441.543,00	17.772.507,00
3. Tangible asset in progress and advances: 11230	36.052,00	1.591,00	0,00	69.358,00	1.132.549,00
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	9.575.099,00	9.420.971,00	11.051.826,00	11.018.225,00	2.042.060,00
1. Equity instruments: 11410	1.273.185,00	459.790,00	2.090.645,00	2.057.044,00	2.042.060,00
2. Credits to businesses: 11420	8.301.915,00	8.961.181,00	8.961.181,00	8.961.181,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	15,00	13.975,00	444.727,00	100.448,00	475.974,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	13.960,00	19.460,00	36.322,00	134.561,00
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	15,00	15,00	425.267,00	64.125,00	341.413,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	7.873.326,00	8.168.188,00	9.253.542,00	7.609.222,00	6.603.180,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	17.476.326,00	17.288.058,00	17.955.803,00	21.579.779,00	25.242.184,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	3.326.516,00	3.345.505,00	3.486.550,00	6.132.144,00	4.237.442,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	1.000.314,00	956.024,00	664.901,00	646.730,00	779.413,00
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	2.326.202,00	2.389.481,00	2.821.650,00	5.485.413,00	3.458.030,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	2.326.202,00	2.389.481,00	2.821.650,00	5.485.413,00	3.458.030,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	13.555.124,00	13.808.619,00	14.102.002,00	14.961.809,00	11.891.499,00
1. Trade debtors / accounts receivable: 12310	8.316.557,00	9.553.347,00	9.573.817,00	10.906.198,00	7.016.971,00
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	8.316.557,00	9.553.347,00	9.573.817,00	10.906.198,00	7.016.971,00
2. Customers, Group companies and associates : 12320	4.634.235,00	3.844.518,00	4.044.906,00	3.249.148,00	4.416.586,00
3. Other accounts receivable: 12330	31.674,00	58.483,00	46.820,00	46.775,00	19.108,00
4. Personnel: 12340	8.048,00	12.814,00	13.787,00	2.611,00	61.312,00
5. Assets for deferred tax: 12350	118.252,00	63.396,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	446.358,00	276.061,00	422.672,00	757.077,00	377.522,00
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	118.728,00	76.931,00	81.436,00	0,00	8.961.181,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	118.728,00	76.931,00	81.436,00	0,00	8.961.181,00
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	364.251,00	83.992,00
1. Equity instruments: 12510	0,00	0,00	0,00	22.838,00	22.838,00
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	341.413,00	61.153,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	0,00	58.650,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	475.958,00	57.004,00	227.165,00	121.575,00	68.071,00
1. Treasury: 12710	475.958,00	57.004,00	227.165,00	121.575,00	68.071,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	54.440.333,00	56.285.463,00	62.231.905,00	66.056.288,00	62.496.573,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2015	2014	2013	2012	2011
A) NET WORTH: 20000	10.865.271,00	9.562.045,00	14.539.880,00	18.973.790,00	21.332.494,00
A-1) Shareholders' equity: 21000	10.865.271,00	9.562.045,00	14.539.880,00	18.973.790,00	21.332.494,00
I. Capital: 21100	1.165.720,00	240.405,00	240.405,00	240.405,00	240.405,00
1. Registered capital : 21110	1.165.720,00	240.405,00	240.405,00	240.405,00	240.405,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	35.979.696,00	35.979.696,00	35.979.696,00	35.979.696,00	35.979.696,00
1. Legal and statutory: 21310	48.081,00	48.081,00	48.081,00	48.081,00	48.081,00
2. Other reserves: 21320	35.931.615,00	35.931.615,00	35.931.615,00	35.931.615,00	35.931.615,00
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	-26.658.056,00	-21.680.221,00	-17.246.311,00	-14.887.607,00	-10.639.892,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-26.658.056,00	-21.680.221,00	-17.246.311,00	-14.887.607,00	-10.639.892,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	377.911,00	-4.977.835,00	-4.433.910,00	-2.358.704,00	-4.247.715,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	21.345.181,00	23.911.090,00	5.031,00	15.036.247,00	28.477.784,00
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	21.345.181,00	23.911.090,00	5.031,00	15.036.247,00	28.477.784,00
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	23.860.991,00	0,00	15.024.299,00	28.477.784,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	21.345.181,00	50.099,00	5.031,00	11.948,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	0,00	0,00	0,00	0,00	0,00
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	22.229.880,00	22.812.328,00	47.686.994,00	32.046.251,00	12.686.295,00
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	96.704,00	47.461,00	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	10.541.347,00	11.167.743,00	35.254.512,00	20.112.922,00	6.013.899,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	10.473.158,00	11.043.773,00	35.154.757,00	20.004.982,00	5.766.114,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	68.189,00	123.970,00	99.755,00	107.940,00	247.785,00
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	11.688.533,00	11.644.586,00	12.335.778,00	11.885.867,00	6.672.397,00
1. Suppliers: 32510	8.999.781,00	9.068.649,00	9.099.284,00	9.054.466,00	4.565.106,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	8.999.781,00	9.068.649,00	9.099.284,00	9.054.466,00	4.565.106,00
2. Suppliers, Group companies and associates: 32520	499.534,00	319.362,00	146.828,00	93.150,00	200.493,00
3. Other creditors: 32530	1.470.368,00	1.708.468,00	1.468.155,00	1.314.841,00	1.106.846,00
4. Personnel (remuneration due): 32540	450.784,00	214.542,00	483.893,00	998.313,00	400.065,00
5. Liabilities for current tax: 32550	1.196,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	266.869,00	333.566,00	364.519,00	425.096,00	399.887,00
7. Advances from clients: 32570	0,00	0,00	773.099,00	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	54.440.333,00	56.285.463,00	62.231.905,00	66.056.288,00	62.496.573,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2015	2014	2013	2012	2011
1. Net turnover: 40100	43.558.560,00	42.563.261,00	45.823.086,00	44.268.557,00	38.804.873,00
a) Sales: 40110	42.764.677,00	41.730.758,00	45.545.992,00	44.169.757,00	38.698.651,00
b) Rendering of services: 40120	793.882,00	832.502,00	277.094,00	98.799,00	106.222,00
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	-63.279,00	-432.169,00	-1.534.464,00	2.027.383,00	-928.434,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-24.069.019,00	-24.128.862,00	-25.530.190,00	-26.738.270,00	-20.475.695,00
a) Stock consumption: 40410	34,00	37,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-23.244.371,00	-23.284.821,00	-25.096.766,00	-26.738.270,00	-20.475.695,00
c) Works carried out by other companies: 40430	-824.682,00	-844.078,00	-433.424,00	0,00	0,00
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	10.889,00	15.223,00	28.178,00	83.441,00	152.862,00
a) Auxiliary income and other from current management: 40510	0,00	7.977,00	28.178,00	59.637,00	96.342,00
b) Operation subsidies included in the Period's result: 40520	10.889,00	7.246,00	0,00	23.804,00	56.519,00
6. Personnel costs: 40600	-8.759.851,00	-8.199.180,00	-9.867.524,00	-10.824.948,00	-10.786.375,00
a) Wages, salaries et al.: 40610	-7.009.025,00	-6.613.591,00	-7.949.617,00	-8.840.274,00	-8.771.129,00
b) Social security costs: 40620	-1.750.825,00	-1.585.589,00	-1.917.907,00	-1.984.675,00	-2.015.246,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-7.051.038,00	-8.708.555,00	-8.279.949,00	-8.324.303,00	-7.230.506,00
a) External services: 40710	-6.554.733,00	-7.885.995,00	-8.019.841,00	-7.820.592,00	-6.920.700,00
b) Taxes: 40720	-182.053,00	-580.280,00	-186.710,00	-181.204,00	-193.771,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-314.252,00	-242.280,00	-55.257,00	-321.994,00	-116.025,00
d) Other current management expenditure : 40740	0,00	0,00	-18.140,00	-512,00	-11,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-2.267.187,00	-2.293.921,00	-2.358.015,00	-2.630.158,00	-3.168.464,00
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	-6.291,00	255,00	1.500,00	5.928,00	8.390,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-6.291,00	255,00	1.500,00	5.928,00	8.390,00
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	56.764,00	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	1.409.548,00	-1.183.947,00	-1.717.378,00	-2.132.370,00	-3.623.349,00
14. Financial income : 41400	465.032,00	507.400,00	393.166,00	498.051,00	498.295,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	465.032,00	507.400,00	393.166,00	498.051,00	498.295,00
b 1) From Group companies and associates : 41421	464.684,00	491.239,00	367.745,00	492.902,00	495.443,00
b 2) From third parties : 41422	348,00	16.160,00	25.421,00	5.149,00	2.853,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-1.206.125,00	-1.448.789,00	-1.437.115,00	-1.501.228,00	-1.538.997,00
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	-1.206.125,00	-1.448.789,00	-1.437.115,00	-1.501.228,00	-1.538.997,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	64.603,00	-15.121,00	-232.463,00	-244.184,00	-203.024,00
18. Impairment and result for transfers of financial instruments: 41800	-44.808,00	-1.749.134,00	-3.089.280,00	14.984,00	-1.186.176,00
a) Impairment and losses : 41810	0,00	-1.749.134,00	-3.089.280,00	14.984,00	-1.186.176,00
b) Results for transfers and other : 41820	-44.808,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-721.298,00	-2.705.645,00	-4.365.693,00	-1.232.377,00	-2.429.901,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	688.250,00	-3.889.592,00	-6.083.071,00	-3.364.746,00	-6.053.251,00
20. Income taxes: 41900	-310.340,00	-1.088.243,00	1.649.161,00	1.006.042,00	1.805.535,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	377.911,00	-4.977.835,00	-4.433.910,00	-2.358.704,00	-4.247.715,00
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	377.911,00	-4.977.835,00	-4.433.910,00	-2.358.704,00	-4.247.715,00

> 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:	29.090.680,00	30.829.217,00	35.022.560,00	36.867.287,00	30.651.209,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	131.511,00	132.135,00	157.365,00	77.608,00	82.900,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	131.511,00	132.135,00	157.365,00	77.608,00	82.900,00
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:	19.384.054,00	21.262.135,00	23.368.643,00	25.671.007,00	28.050.275,00
1. Land and construction:	8.753.264,00	8.887.739,00	9.022.346,00	9.160.106,00	9.145.219,00
2. Technical installations and machinery:	8.402.510,00	9.812.666,00	11.377.809,00	13.039.514,00	14.095.079,00
3. Other installations, tools and furniture:	1.633.245,00	1.907.345,00	2.211.571,00	2.534.566,00	2.739.742,00
4. Payments on account and tangible fixed assets under construction:	36.052,00	1.591,00	0,00	69.358,00	1.132.549,00
5. Other tangible assets:	558.983,00	652.795,00	756.917,00	867.463,00	937.686,00
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:	9.575.115,00	9.434.946,00	11.496.553,00	11.118.672,00	2.518.035,00
1. Equity investments in group companies:	1.273.185,00	459.790,00	2.090.645,00	2.057.044,00	2.042.060,00
2. Receivables from group companies:	8.301.915,00	8.961.181,00	8.961.181,00	8.961.181,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	13.960,00	19.460,00	36.322,00	134.561,00
7. Long term guarantees and deposits:	15,00	15,00	425.267,00	64.125,00	341.413,00
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:	25.349.652,00	25.456.247,00	27.209.345,00	29.189.000,00	31.845.364,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	3.326.516,00	3.345.505,00	3.486.550,00	6.132.144,00	4.237.442,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	1.000.314,00	956.024,00	664.901,00	646.730,00	779.413,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	2.326.202,00	2.389.481,00	2.821.650,00	5.485.413,00	3.458.030,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	21.428.451,00	21.976.808,00	23.355.543,00	22.571.031,00	18.494.678,00
1. Trade debtors / accounts receivable:	8.316.557,00	9.553.347,00	9.573.817,00	10.906.198,00	7.016.971,00
2. Accounts receivable, Group companies:	4.130.509,00	3.426.632,00	3.605.238,00	2.895.976,00	3.936.517,00
3. Accounts receivable, associated companies:	503.727,00	417.887,00	439.668,00	353.172,00	480.069,00
4. Other debtors:	31.674,00	58.483,00	46.820,00	46.775,00	19.108,00
5. Staff:	8.048,00	12.814,00	13.787,00	2.611,00	61.312,00
6. Public bodies:	8.437.937,00	8.507.646,00	9.676.213,00	8.366.299,00	6.980.701,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	118.728,00	76.931,00	81.436,00	364.251,00	9.045.172,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	118.728,00	76.931,00	81.436,00	0,00	8.961.181,00
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	22.838,00	22.838,00
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	341.413,00	61.153,00
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:	475.958,00	57.004,00	227.165,00	121.575,00	68.071,00
VII. Prepayments and accrued income:	0,00	0,00	58.650,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	54.440.333,00	56.285.463,00	62.231.905,00	66.056.288,00	62.496.573,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2015	2014	2013	2012	2011
A) EQUITY:	10.865.271,00	9.562.045,00	14.539.880,00	18.973.790,00	21.332.494,00
I. Subscribed capital:	1.165.720,00	240.405,00	240.405,00	240.405,00	240.405,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	35.979.696,00	35.979.696,00	35.979.696,00	35.979.696,00	35.979.696,00
1. Legal reserve:	48.081,00	48.081,00	48.081,00	48.081,00	48.081,00
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:	35.931.615,00	35.931.615,00	35.931.615,00	35.931.615,00	35.931.615,00
6. Differences due to capital adjustment to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-26.658.056,00	-21.680.221,00	-17.246.311,00	-14.887.607,00	-10.639.892,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-26.658.056,00	-21.680.221,00	-17.246.311,00	-14.887.607,00	-10.639.892,00
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:	377.911,00	-4.977.835,00	-4.433.910,00	-2.358.704,00	-4.247.715,00
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:	21.345.181,00	23.911.090,00	5.031,00	15.036.247,00	28.477.784,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	23.860.991,00	0,00	15.024.299,00	28.477.784,00
1. Loans and other liabilities:	0,00	23.860.991,00	0,00	15.024.299,00	28.477.784,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	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:	21.345.181,00	50.099,00	5.031,00	11.948,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	21.345.181,00	50.099,00	5.031,00	11.948,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	0,00	0,00	0,00	0,00	0,00
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:	22.229.880,00	22.812.328,00	47.590.290,00	31.998.790,00	12.686.295,00
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:	10.473.158,00	11.043.773,00	35.154.757,00	20.004.982,00	5.766.114,00
1. Loans and other liabilities:	10.473.158,00	11.043.773,00	35.154.757,00	20.004.982,00	5.766.114,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	499.534,00	319.362,00	146.828,00	93.150,00	200.493,00
1. Amounts owed to group companies:	493.097,00	315.247,00	144.936,00	91.950,00	197.910,00
2. Amounts owed to associated companies:	6.437,00	4.115,00	1.892,00	1.200,00	2.584,00
IV. Trade creditors:	10.470.149,00	10.777.116,00	11.340.538,00	10.369.308,00	5.671.952,00
1. Advanced payments from customers:	0,00	0,00	773.099,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	10.470.149,00	10.777.116,00	10.567.438,00	10.369.308,00	5.671.952,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	787.039,00	672.077,00	948.168,00	1.531.349,00	1.047.737,00
1. Public bodies:	268.066,00	333.566,00	364.519,00	425.096,00	399.887,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	68.189,00	123.970,00	99.755,00	107.940,00	247.785,00
4. Wages and salaries payable:	450.784,00	214.542,00	483.893,00	998.313,00	400.065,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	96.704,00	47.461,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	54.440.333,00	56.285.463,00	62.231.905,00	66.056.288,00	62.496.573,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2015	2014	2013	2012	2011
A) CHARGES (A.1 to A.15):	43.777.937,00	48.063.974,00	50.679.839,00	49.242.064,00	43.712.135,00
A.1. Stock reduction of both manufactured goods and the ones in process:	63.279,00	432.169,00	1.534.464,00	0,00	928.434,00
A.2. Supplies:	24.069.019,00	24.128.862,00	25.530.190,00	26.738.270,00	20.475.695,00
a) Stock consumption:	-34,00	-37,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	23.244.371,00	23.284.821,00	25.096.766,00	26.738.270,00	20.475.695,00
c) Miscellaneous external expenditure:	824.682,00	844.078,00	433.424,00	0,00	0,00
A.3. Staff costs:	8.759.851,00	8.199.180,00	9.867.524,00	10.824.948,00	10.786.375,00
a) Wages, salaries et al.:	7.009.025,00	6.613.591,00	7.949.617,00	8.840.274,00	8.771.129,00
b) Social security costs:	1.750.825,00	1.585.589,00	1.917.907,00	1.984.675,00	2.015.246,00
A.4. Depreciation expense:	2.267.187,00	2.293.921,00	2.358.015,00	2.630.158,00	3.168.464,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	314.252,00	242.280,00	55.257,00	321.994,00	116.025,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	314.252,00	242.280,00	55.257,00	321.994,00	116.025,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	6.736.786,00	8.466.275,00	8.224.692,00	8.002.309,00	7.114.481,00
a) External services:	6.554.733,00	7.885.995,00	8.019.841,00	7.820.592,00	6.920.700,00
b) Taxes:	182.053,00	580.280,00	186.710,00	181.204,00	193.771,00
c) Other operating expenses:	0,00	0,00	18.140,00	512,00	11,00
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):	1.359.075,00	0,00	0,00	0,00	0,00
A.7. Financial and similar charges:	1.250.933,00	1.448.789,00	1.437.115,00	1.501.228,00	1.538.997,00
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.:	1.206.125,00	1.448.789,00	1.437.115,00	1.501.228,00	1.538.997,00
d) Losses from financial investments:	44.808,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	15.121,00	232.463,00	244.184,00	203.024,00
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):	637.777,00	0,00	0,00	0,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	1.749.134,00	3.089.280,00	-14.984,00	1.186.176,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	6.291,00	0,00	0,00	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):	50.473,00	0,00	0,00	20.912,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	688.250,00	0,00	0,00	0,00	0,00
A.15. Corporation tax:	310.340,00	1.088.243,00	-1.649.161,00	-1.006.042,00	-1.805.535,00
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):	377.911,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2015	2014	2013	2012	2011
B) INCOME ( B.1 to B.13):	44.155.848,00	43.086.138,00	46.245.929,00	46.883.360,00	39.464.420,00
B.1. Net total sales:	43.558.560,00	42.563.261,00	45.823.086,00	44.268.557,00	38.804.873,00
a) Sales:	43.501.731,00	42.449.992,00	46.330.982,00	44.931.027,00	39.365.626,00
b) Rendering of services:	793.882,00	832.502,00	277.094,00	98.799,00	106.222,00
Returns and Rappel on sales:	-737.053,00	-719.234,00	-784.989,00	-761.270,00	-666.975,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	2.027.383,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	10.889,00	15.223,00	28.178,00	83.441,00	152.862,00
a) Auxiliary income and other from current management:	0,00	7.977,00	28.178,00	59.637,00	96.342,00
b) Grants:	10.889,00	7.246,00	0,00	23.804,00	56.519,00
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	1.184.202,00	1.718.878,00	2.138.298,00	3.631.739,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	465.032,00	507.400,00	393.166,00	498.051,00	498.295,00
a) From companies of the group:	464.684,00	491.239,00	367.745,00	492.902,00	495.443,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	348,00	16.160,00	25.421,00	5.149,00	2.853,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	64.603,00	0,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	721.298,00	956.511,00	1.276.413,00	1.247.360,00	1.243.726,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	2.140.713,00	2.995.291,00	3.385.658,00	4.875.465,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	255,00	1.500,00	5.928,00	8.390,00
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:	56.764,00	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):	0,00	1.748.879,00	3.087.780,00	0,00	1.177.786,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	3.889.592,00	6.083.071,00	3.364.746,00	6.053.251,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	4.977.835,00	4.433.910,00	2.358.704,00	4.247.715,00

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	688.250,00	-3.889.592,00	-6.083.071,00	-3.364.746,00	-6.053.251,00
2. Results adjustments.: 61200	3.035.605,00	5.226.468,00	7.217.932,00	4.068.911,00	5.502.976,00
a) Fixed Assets Amortization (+).: 61201	2.267.187,00	2.293.921,00	2.358.015,00	2.630.158,00	3.168.464,00
b) Obsolescence Allowances (+/-). : 61202	21.034,00	1.991.414,00	3.817.467,00	394.044,00	1.302.200,00
c) Variation in Provision (+/-). : 61203	0,00	0,00	0,00	47.461,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	6.291,00	-255,00	-1.500,00	-5.928,00	-8.390,00
g) Financial income (-).: 61207	-465.032,00	-507.400,00	-393.166,00	-498.051,00	-498.295,00
h) Financial Expenses (+). : 61208	1.206.125,00	1.448.789,00	1.437.115,00	1.501.228,00	1.538.997,00
3. Changes in current capital equity.: 61300	393.866,00	-157.162,00	3.286.893,00	-160.569,00	2.438.069,00
a) Stock (+/-).: 61301	357.015,00	108.734,00	1.972.663,00	-2.029.196,00	1.065.689,00
d) Debtors and other accounts receivable (+/-). : 61302	-5.901,00	366.647,00	922.969,00	-3.344.843,00	4.673.824,00
c) Other current assets (+/-). : 61303	0,00	58.650,00	-58.650,00	0,00	0,00
d) Creditors and other accounts payable (+/-). : 61304	42.751,00	-691.193,00	449.911,00	5.213.470,00	-3.301.444,00
4. Cash Flows from Other Operating Activities: 61400	-830.617,00	-1.079.990,00	-998.082,00	-1.003.176,00	-1.040.701,00
a) Interest payments (-). : 61401	-1.226.511,00	-1.397.971,00	-1.377.943,00	-1.501.228,00	-1.538.997,00
c) Interest collection (+). : 61403	465.032,00	384.267,00	375.021,00	498.051,00	498.295,00
d) Income tax payment collection (payments) (+/-).: 61404	-69.137,00	-66.286,00	4.841,00	0,00	0,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	3.287.105,00	99.725,00	3.423.672,00	-459.580,00	847.093,00
6. Payments for investment (-).: 62100	-644.458,00	-512.611,00	-3.370.783,00	-518.467,00	-850.824,00
a) Companies of the group and affiliates. : 62101	-240.734,00	-307.182,00	-3.232.510,00	0,00	0,00
b) Intangible fixed assets. : 62102	-66.276,00	-48.846,00	-63.223,00	-59.866,00	-18.093,00
c) Fixed assets. : 62103	-337.448,00	-156.582,00	-72.184,00	-458.601,00	-815.259,00
e) Other financial assets. : 62105	0,00	0,00	-2.867,00	0,00	-17.472,00
7. Divestment payment collection (+). : 62200	22.911,00	474.252,00	1.500,00	387.527,00	144.103,00
c) Fixed assets. : 62203	13.960,00	43.500,00	1.500,00	12.000,00	8.390,00
e) Other financial assets. : 62205	8.951,00	430.752,00	0,00	375.527,00	135.713,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	-621.547,00	-38.358,00	-3.369.283,00	-130.940,00	-706.722,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-2.246.603,00	-231.528,00	51.201,00	644.024,00	-190.838,00
a) Issuance : 63201	925.315,00	69.283,00	66.304,00	770.297,00	731.574,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	66.304,00	770.297,00	672.472,00
5. Other debts (+). : 63206	925.315,00	69.283,00	0,00	0,00	59.102,00
b) Repayment and amortization of : 63207	-3.171.918,00	-300.810,00	-15.102,00	-126.273,00	-922.413,00
2. Debts incurred with credit institutions (-).: 63209	-3.066.038,00	-300.810,00	0,00	-126.273,00	-922.413,00
5. Other debts (-). : 63212	-105.880,00	0,00	-15.102,00	0,00	0,00
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	-2.246.603,00	-231.528,00	51.201,00	644.024,00	-190.838,00
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	418.955,00	-170.161,00	105.590,00	53.503,00	-50.467,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	57.004,00	227.165,00	121.575,00	68.071,00	118.538,00
Cash or equivalent assets as of end of the fiscal year.: 65200	475.958,00	57.004,00	227.165,00	121.575,00	68.071,00

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 %	0,00 %	0,00 %	0,00 %
Net Financial Debt:	8,66	2,84	31,56	14,28	-72,55	-80,13
Cash Flow Yield:	0,01 %	0,00 %	0,00 %	0,00 %
EBITDA over Sales:	8,33 %	10,44 %	2,61 %	2,19 %	219,31 %	376,30 %

Profitability	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	3,02 %	6,94 %	-2,53 %	-2,08 %	219,44 %	433,11 %
Total economic profitability:	3,48 %	3,13 %	-4,34 %	0,13 %	180,24 %	2.268,81 %
Financial profitability:	3,48 %	4,00 %	-52,06 %	-4,69 %	106,68 %	185,30 %
Margin:	3,10 %	6,28 %	-2,78 %	-1,91 %	211,66 %	429,16 %
Mark-up:	1,45 %	3,62 %	-9,14 %	-2,75 %	115,87 %	231,70 %

Solvency	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,02	0,14	0,00	0,14		1,35
Acid Test:	0,64	0,87	0,61	0,86	4,15	0,94
Working Capital / Investment:	-0,09	0,03	-0,10	0,02	11,03	26,97
Solvency:	1,14	1,19	1,12	1,17	2,19	1,59

Indebtedness	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	4,01	1,31	4,89	1,38	-17,92	-4,62
Borrowing Composition:	0,96	1,04	1,05	1,04	-8,39	-0,38
Repayment Ability:	12,02	11,05	42,10	54,24	-71,46	-79,63
Warranty:	1,25	1,78	1,20	1,73	3,71	2,67
Generated resources / Total creditors:	0,06	0,08	-0,02	0,00	408,54

Efficiency	2015		2014		Variación 2015 - 2014
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,41	1,79	1,14	1,10	24,54	62,96
Turnover of Collection Rights :	3,21	5,23	3,08	5,12	4,24	2,14
Turnover of Payment Entitlements:	2,66	3,69	2,78	3,49	-4,52	5,67
Stock rotation:	12,69	7,79	13,08	8,35	-3,00	-6,73
Assets turnover:	0,97	1,10	0,91	1,09	6,96	1,20
Borrowing Cost:	2,77	2,47	3,10	2,82	-10,73	-12,34

> 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 %	0,00 %	0,00 %	0,00 %	0,00 %
Net Financial Debt:	8,66	31,56	54,81	70,47	-74,12
Cash Flow Yield:	0,01 %	0,00 %	0,00 %	0,00 %	0,00 %
EBITDA over Sales:	8,33 %	2,61 %	1,39 %	1,11 %	-1,19 %

Profitability	2015	2014	2013	2012	2011
Operating economic profitability:	3,02 %	-2,53 %	-3,39 %	-3,91 %	-7,11 %
Total economic profitability:	3,48 %	-4,34 %	-7,47 %	-2,82 %	-7,22 %
Financial profitability:	3,48 %	-52,06 %	-30,49 %	-12,43 %	-19,91 %
Margin:	3,10 %	-2,78 %	-3,75 %	-4,81 %	-9,30 %
Mark-up:	1,45 %	-9,14 %	-13,27 %	-7,59 %	-15,54 %

Solvency	2015	2014	2013	2012	2011
Liquidity:	0,02	0,00	0,00	0,00	0,01
Acid Test:	0,64	0,61	0,30	0,48	1,66
Working Capital / Investment:	-0,09	-0,10	-0,48	-0,16	0,20
Solvency:	1,14	1,12	0,57	0,91	2,51

Indebtedness	2015	2014	2013	2012	2011
Indebtedness level:	4,01	4,89	3,27	2,48	1,93
Borrowing Composition:	0,96	1,05	0,00	0,47	2,24
Repayment Ability:	12,02	42,10	74,47	95,63	-88,85
Warranty:	1,25	1,20	1,31	1,40	1,52
Generated resources / Total creditors:	0,06	-0,02	0,02	0,01	0,00

Efficiency	2015	2014	2013	2012	2011
Productivity:	1,41	1,14	1,06	1,05	0,96
Turnover of Collection Rights :	3,21	3,08	3,25	2,96	3,28
Turnover of Payment Entitlements:	2,66	2,78	2,62	3,12	4,01
Stock rotation:	12,69	13,08	13,64	7,58	10,05
Assets turnover:	0,97	0,91	0,91	0,81	0,76
Borrowing Cost:	2,77	3,10	3,02	3,19	3,74

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

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

It is a company incorporated several years ago with extensive experience in the sector, which has a good commercial reputation among the sources of information. It has a scope for action with negative values, which implies that part of the fixed assets is being subsidized with short-term debts, which indicates a financial imbalance.

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 67.45
UK Pound	1	INR 89.79
Euro	1	INR 78.79
Euro	1	INR 78.47

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	NIT

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