MIRA INFORM REPORT

Report No. :	497858
Report Date :	14.03.2018

IDENTIFICATION DETAILS

Name :	BORAL QUIMICA SA
Registered Office :	Calle Nicaragua 79 - Barcelona - 08029 – Barcelona
Country :	Spain
Financials (as on) :	2016
Date of Incorporation :	29.09.1986
Legal Form :	Public Company
Line of Business :	Import and export of chemicals, pharmaceuticals, generic medicines (active ingredients and finished products), medicinal products, plant extracts, nutraceuticals and food supplements. It also provides services for licensing and registration of formulations. Its commercial scope is national and international. It exports to Portugal, North Africa, South and Central America, being the main among them Brazil. It imports from Korea, Mexico and Italy.
No. of Employees :	5 [2017]

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	Acceptable Risk	Business dealings permissible with moderate 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 (30.09.2017)	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 2016 Spain marked the third full year of positive economic growth in nine 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 19.7% in 2016. 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 5% of GDP in 2015, and 4.1% of GDP in 2016. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 99.5% in 2016.

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 despite the recent uptick in economic activity, inflation has dropped sharply, from 1.5% in 2013 to a negative 0.3% in 2016.

Source : CIA

EXECUTIVE SUMMARY

Name:	BORAL QUIMICA SA
NIF / Fiscal code:	A58244302
Status:	ACTIVE
Incorporation Date:	29/09/1986
Register Data	Register Section 8 Sheet 106773
Last Publication in BORME:	25/05/2016 [Appointments]
Last Published Account Deposit:	2016
Share Capital:	60.220,20
Localization:	CALLE NICARAGUA 79 - BARCELONA - 08029 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 934 303 400 Email. vmontes@boralquimica.com Website. www.boralquimica.com
Number of Branches	1
Activity:
NACE:	4675 - Wholesale of chemical products
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	0 for a total cost of 0
Main products / services:	Distribution of chemicals, pharmaceuticals.
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :

		Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies		None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)		None	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners

ACCIONES PROPIAS DE BORAL QUIMICA, S.A.	70 %
Shares:	0
Other Links:	0
No. of Active Corporate Bodies:	JOINT MANAGER 2

Ratios

2016

2015

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees NO
INVESTIGATION SUMMARY
It is a company incorporated in September 1986 engaged in the distribution and wholesale of chemicals, pharmaceuticals. It has 5 employees.
Interviewed Person:

Identification
Social Denomination:	BORAL QUIMICA SA
NIF / Fiscal code:	A58244302
Corporate Status:	ACTIVE
Start of activity:	1986
Registered Office:	CALLE NICARAGUA 79
Locality:	BARCELONA
Province:	BARCELONA
Postal Code:	08029
Telephone:	934 303 400
Fax:	934 308 600
Website:	www.boralquimica.com
Email:	vmontes@boralquimica.com
Interviewed Person:	Mercedes Muñoz

Branch Offices

Address	Postal Code	City	Province
CALLE JUAN RAMON JIMENEZ 8 1º PLANTA	28036	MADRID	MADRID

Activity
NACE:	4675
Additional Information:	Import and export of chemicals, pharmaceuticals, generic medicines (active ingredients and finished products), medicinal products, plant extracts, nutraceuticals and food supplements. It also provides services for licensing and registration of formulations. Its commercial scope is national and international. It exports to Portugal, North Africa, South and Central America, being the main among them Brazil. It imports from Korea, Mexico and Italy.
Additional Address:	Calle Nicaragua, 79, Bajos, Barcelona, registered office, offices and warehouses.
Franchise:	No
Import / export:	DOES NOT IMPORT / DOES NOT EXPORT
Future Perspective:	Consolidation
Industry situation:	Maturity

Main products / services

Product	% Over Sales
Distribution of chemicals, pharmaceuticals.

Number of Employees

Year	No. of employees	Established	Incidentals
2017	5

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

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

Breakdown of Owners' Equity
Registered Capital:	60.220,20
Paid up capital:	60.220,20

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
27/04/2010	Capital Reduction	-126.210	-126.210	54.090	54.090
27/04/2010	Increase of Capital	6.130	6.130	60.220	60.220

Founding Partners

Partner Name	NIF	% Shareholding stake
JULIO GARCÍA ALONSO		50
JULIOMARTÍN ÁLVAREZ BERNARDO		50

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
JOINT MANAGER	GARCIA ALONSO JULIO	26/05/2015	12
	ALVAREZ BERNARDO JULIO MARTIN	26/05/2015	6
COMBINED PROXY	GARCIA CAVERO JULIO JOSE	13/05/2016	1
	ALVAREZ PALOMO BORJA MODESTO	13/05/2016	1
	ALVAREZ PALOMO JULIO	13/05/2016	1
ACCOUNTS' AUDITOR / HOLDER	GABINETE AUDIWORK SL	27/10/2015	6

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALVAREZ BERNARDO JULIO MARTIN	CHIEF EXECUTIVE OFFICER	28/02/2000	6
	MEMBER OF THE BOARD	09/03/2005
	CHIEF EXECUTIVE OFFICER	09/03/2005
	PRESIDENT	09/03/2005
	JOINT MANAGER	26/05/2015
ANDRE BRACHER	MEMBER OF THE BOARD	28/02/2000	4
	MEMBER OF THE BOARD	08/02/1995
	MEMBER OF THE BOARD	09/03/2005
	MEMBER OF THE BOARD	24/11/2009
BRACHER ANDRE	MEMBER OF THE BOARD	24/11/2009	1
GABINETE AUDIWORK SL	ACCOUNTS' AUDITOR / HOLDER	29/10/2010	6
	ACCOUNTS' AUDITOR / HOLDER	18/07/2012
	ACCOUNTS' AUDITOR / HOLDER	05/04/2013
	ACCOUNTS' AUDITOR / HOLDER	27/12/2007
	ACCOUNTS' AUDITOR / HOLDER	27/10/2015
GARCIA ALONSO JULIO	JOINT MANAGER	26/05/2015	12
	MEMBER OF THE BOARD	09/03/2005
	MEMBER OF THE BOARD	24/11/2009
	MEMBER OF THE BOARD	08/02/1995
	MEMBER OF THE BOARD	28/02/2000
	CHIEF EXECUTIVE OFFICER	28/02/2000
	SECRETARY	28/02/2000
	COMBINED CHIEF EXECUTIVE OFFICER	24/11/2009
	SECRETARY	24/11/2009
	SECRETARY	09/03/2005
	CHIEF EXECUTIVE OFFICER	09/03/2005
GARCIA TAMARGO CELSO	ACCOUNTS' AUDITOR / HOLDER	04/11/1996	1
MARTIN ALVAREZ BERNARDO JULIO	MEMBER OF THE BOARD	08/02/1995	6
	MEMBER OF THE BOARD	28/02/2000
	MEMBER OF THE BOARD	24/11/2009
	COMBINED CHIEF EXECUTIVE OFFICER	24/11/2009
	PRESIDENT	28/02/2000
	PRESIDENT	24/11/2009
MOROTE ROSSO JUAN	DEPUTY ACCOUNTS' AUDITOR	04/11/1996	8
	ACCOUNTS' AUDITOR / HOLDER	09/12/2003
	ACCOUNTS' AUDITOR / HOLDER	09/12/2003
	ACCOUNTS' AUDITOR / HOLDER	03/03/2004
	ACCOUNTS' AUDITOR / HOLDER	03/03/2004
	ACCOUNTS' AUDITOR / HOLDER	30/11/2006
	ACCOUNTS' AUDITOR / HOLDER	27/12/2007
	ACCOUNTS' AUDITOR / HOLDER	18/01/2010
RION MANCEBO ANTONIO	DEPUTY ACCOUNTS' AUDITOR	09/12/2003	1

Executive board

Post	NIF	Name
ADMINISTRATOR		JULIO GARCIA ALONSO
ADMINISTRATOR		JULIO MARTIN ALVAREZ BERNARDO
COMMERCIAL MANAGER		VICTORIA MONTES AMURIZA
FINANCIAL DIRECTOR		MERCEDES MUNOZ GOMEZ

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

Probability of default

> Estimated Probability of Default for the next 12 months:  0.573 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 467 Other specialised wholesale
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 BORAL QUIMICA 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 0,573%.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	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

References

Clients

Name	NIF	Telephone
LABORATORIOS NORMON
GRUPO REIG JOFRE

Average Payment Collection Term:

60 days

Suppliers

Name	NIF	Telephone
UQUIFA SA
LABORATORIOS ESTEVEZ SA

Payment average term:

60 días.

Link List

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	ACCIONES PROPIAS DE BORAL QUIMICA, S.A.		70

Turnover
Total Sales 2016	18.699.955,59

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

Estimated Balance

According to the company''s Financial Director, the sales forecast for 2017 is approximately 14,000,000 Euros, lower than the previous year.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2016	Normales	September  2017
2015	Normales	September  2016
2014	Normales	September  2015
2013	Normales	October  2014
2012	Normales	September  2013
2011	Normales	August  2012
2010	Normales	September  2011
2009	Normales	November  2010
2008	Normales	September  2009
2007	Normales	October  2008
2006	Normales	December  2007
2005	Normales	December  2007
2004	Normales	September  2005
2003	Normales	November  2004
2002	Normales	March  2004
2001	Normales	December  2003
2000	Normales	December  2003
1999	Normales	November  2000
1998	Normales	November  1999
1997	Normales	September  1998
1996	Normales	December  1997
1995	Normales	November  1996
1995	Normales	January  1997
1993	Normales	September  1994
1992	Normales	April  1994
1991	Normales	July  1992
1990	Normales	October  1991
1989	Normales	September  1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2016

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2016 2015 2014 2013 2012  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, such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2016	2015	2014	2013	2012
A) NON-CURRENT ASSETS: 11000	25.106,00	23.585,00	29.408,00	23.408,00	22.175,00
I. Intangible fixed assets : 11100	2.517,00	569,00	0,00	0,00	0,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	2.517,00	569,00	0,00	0,00	0,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	16.766,00	18.016,00	21.076,00	15.076,00	13.843,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	16.766,00	18.016,00	0,00	0,00	13.843,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	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	5.824,00	5.000,00	8.332,00	8.332,00	8.332,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	5.824,00	5.000,00	0,00	0,00	8.332,00
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	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	6.601.790,00	4.902.900,00	4.531.103,00	2.587.176,00	2.908.540,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	865.096,00	0,00	33.968,00	317.520,00	90.400,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	865.096,00	0,00	0,00	0,00	90.400,00
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	865.096,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	5.338.953,00	4.144.029,00	3.800.039,00	1.596.614,00	2.175.134,00
1. Trade debtors / accounts receivable: 12310	5.308.375,00	4.119.874,00	3.778.099,00	1.481.757,00	2.094.396,00
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	5.308.375,00	4.119.874,00	3.778.099,00	1.481.757,00	2.094.396,00
2. Customers, Group companies and associates : 12320	0,00	0,00	0,00	0,00	0,00
3. Other accounts receivable: 12330	0,00	1.187,00	21.941,00	114.857,00	0,00
4. Personnel: 12340	3.033,00	-4.577,00	0,00	0,00	273,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	16.025,00
6. Other debtors, including tax and social security: 12360	27.545,00	27.545,00	0,00	0,00	64.441,00
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	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	7.241,00	11.089,00	293.610,00	15.584,00	11.199,00
1. Equity instruments: 12510	7.241,00	11.089,00	0,00	0,00	20.282,00
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	-9.083,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	3.297,00	3.957,00	4.250,00	3.757,00	4.285,00
VII. Cash and other equivalent liquid assets : 12700	387.202,00	743.824,00	399.236,00	653.702,00	627.522,00
1. Treasury: 12710	387.202,00	743.824,00	0,00	0,00	627.522,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	6.626.896,00	4.926.485,00	4.560.511,00	2.610.584,00	2.930.715,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2016	2015	2014	2013	2012
A) NET WORTH: 20000	955.796,00	993.212,00	885.663,00	740.171,00	712.787,00
A-1) Shareholders' equity: 21000	955.796,00	993.212,00	885.663,00	740.171,00	712.787,00
I. Capital: 21100	60.220,00	60.220,00	60.220,00	60.220,00	60.220,00
1. Registered capital : 21110	60.220,00	60.220,00	60.220,00	60.220,00	60.220,00
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	535.770,00	645.442,00	677.272,00	652.566,00	598.650,00
1. Legal and statutory: 21310	12.044,00	12.044,00	0,00	0,00	12.044,00
2. Other reserves: 21320	523.726,00	633.398,00	0,00	0,00	586.606,00
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	359.806,00	287.549,00	148.171,00	27.385,00	53.917,00
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	0,00	0,00	-5.911,00	0,00	0,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
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	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	0,00	0,00	-5.911,00	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	5.671.100,00	3.933.273,00	3.680.759,00	1.870.413,00	2.217.929,00
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	94.121,00	-106.997,00	-187.196,00	-32.403,00	0,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	94.508,00	-106.997,00	-187.196,00	-32.403,00	0,00
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	-387,00	0,00	0,00	0,00	0,00
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	5.576.979,00	4.040.270,00	3.867.955,00	1.902.816,00	2.217.929,00
1. Suppliers: 32510	5.391.355,00	3.889.277,00	3.719.537,00	1.780.542,00	1.938.994,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	5.391.355,00	3.889.277,00	3.719.537,00	1.780.542,00	1.938.994,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	35.680,00	29.797,00	0,00	0,00	196.232,00
4. Personnel (remuneration due): 32540	10.643,00	10.603,00	0,00	0,00	6.381,00
5. Liabilities for current tax: 32550	16.350,00	22.074,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	122.952,00	88.519,00	0,00	0,00	76.323,00
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	6.626.896,00	4.926.485,00	4.560.511,00	2.610.584,00	2.930.715,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2016	2015	2014	2013	2012
1. Net turnover: 40100	18.699.956,00	17.184.225,00	14.503.706,00	8.210.987,00	9.806.406,00
a) Sales: 40110	18.699.956,00	17.184.225,00	0,00	0,00	0,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-17.505.187,00	-16.023.477,00	-13.390.403,00	-7.330.566,00	-8.772.478,00
a) Stock consumption: 40410	-15.762.129,00	-14.185.122,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	-1.743.058,00	-1.838.355,00	0,00	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	117.305,00	97.775,00	66.482,00	97.693,00	180.177,00
a) Auxiliary income and other from current management: 40510	117.305,00	97.775,00	0,00	0,00	0,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-411.552,00	-456.889,00	-530.075,00	-477.612,00	-594.911,00
a) Wages, salaries et al.: 40610	-389.626,00	-435.227,00	0,00	0,00	0,00
b) Social security costs: 40620	-21.926,00	-21.662,00	0,00	0,00	0,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-431.324,00	-411.812,00	-467.913,00	-455.053,00	-519.899,00
a) External services: 40710	-423.627,00	-404.707,00	0,00	0,00	0,00
b) Taxes: 40720	-7.696,00	-7.105,00	0,00	0,00	0,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	0,00	0,00	0,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-7.707,00	-6.179,00	-4.693,00	-2.842,00	-2.340,00
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	0,00	0,00	0,00	0,00	1.059,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	0,00	0,00	0,00	0,00
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	0,00	694,00	335,00	0,00	-5.181,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	461.490,00	384.338,00	177.439,00	42.607,00	92.834,00
14. Financial income : 41400	1.158,00	1.285,00	4.273,00	6.039,00	4.997,00
a) Of shares in equity instruments : 41410	13,00	217,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	13,00	217,00	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	1.145,00	1.068,00	0,00	0,00	0,00
b 1) From Group companies and associates : 41421	1.145,00	1.068,00	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	-26.218,00	-20.576,00	-18.543,00	-12.942,00	-12.896,00
a) Amounts owed to Group companies and associates : 41510	-9.304,00	-4.729,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-16.914,00	-15.847,00	0,00	0,00	0,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	1.021,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	1.021,00	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	42.067,00	38.424,00	35.521,00	-3.579,00	1.170,00
18. Impairment and result for transfers of financial instruments: 41800	10,00	-3.585,00	0,00	4.385,00	-9.083,00
a) Impairment and losses : 41810	0,00	-3.585,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	10,00	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	18.038,00	15.548,00	21.251,00	-6.098,00	-15.812,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	479.528,00	399.886,00	198.690,00	36.510,00	77.021,00
20. Income taxes: 41900	-119.722,00	-112.337,00	-50.519,00	-9.125,00	-23.105,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	359.806,00	287.549,00	0,00	0,00	0,00
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	359.806,00	287.549,00	148.171,00	27.385,00	53.917,00

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012  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, such criteria using its own methodology. To view details on the methodology 2016 2015 2014 2013 2012  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2016	2015	2014	2013	2012
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	25.106,00	23.585,00	29.408,00	23.408,00	22.175,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	2.517,00	569,00	0,00	0,00	0,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	2.517,00	569,00	0,00	0,00	0,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	16.766,00	18.016,00	21.076,00	15.076,00	13.843,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	16.766,00	18.016,00	0,00	0,00	4.522,00
3. Other installations, tools and furniture:	0,00	0,00	0,00	0,00	2.719,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	0,00	0,00	0,00	0,00	6.603,00
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:	5.824,00	5.000,00	8.332,00	8.332,00	8.332,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	5.824,00	5.000,00	8.332,00	8.332,00	8.332,00
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:	6.601.790,00	4.902.900,00	4.531.103,00	2.587.176,00	2.908.540,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	865.096,00	0,00	33.968,00	317.520,00	90.400,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	865.096,00	0,00	33.968,00	317.520,00	90.400,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	5.338.953,00	4.144.029,00	3.800.039,00	1.596.614,00	2.175.134,00
1. Trade debtors / accounts receivable:	5.308.375,00	4.119.874,00	3.658.986,00	1.537.349,00	2.094.396,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	1.187,00	0,00	0,00	0,00
5. Staff:	3.033,00	-4.577,00	477,00	200,00	273,00
6. Public bodies:	27.545,00	27.545,00	140.576,00	59.064,00	80.465,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	7.241,00	11.089,00	293.610,00	15.584,00	11.199,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	7.241,00	11.089,00	293.610,00	15.584,00	11.199,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	387.202,00	743.824,00	399.236,00	653.702,00	627.522,00
VII. Prepayments and accrued income:	3.297,00	3.957,00	4.250,00	3.757,00	4.285,00
GENERAL TOTAL (A + B + C + D):	6.626.896,00	4.926.485,00	4.560.511,00	2.610.584,00	2.930.715,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2016	2015	2014	2013	2012
A) EQUITY:	955.796,00	993.212,00	885.663,00	740.171,00	712.787,00
I. Subscribed capital:	60.220,00	60.220,00	60.220,00	60.220,00	60.220,00
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:	535.770,00	645.442,00	677.272,00	652.566,00	598.650,00
1. Legal reserve:	12.044,00	12.044,00	13.626,00	13.129,00	12.044,00
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:	523.724,00	633.396,00	663.644,00	639.436,00	586.604,00
6. Differences due to capital adjustment to euros:	2,00	2,00	2,00	2,00	2,00
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:	359.806,00	287.549,00	148.171,00	27.385,00	53.917,00
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:	0,00	0,00	-5.911,00	0,00	0,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
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:	0,00	0,00	-5.911,00	0,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	0,00	0,00	-5.911,00	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:	5.671.100,00	3.933.273,00	3.680.759,00	1.870.413,00	2.217.929,00
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:	94.508,00	-106.997,00	-187.196,00	-32.403,00	0,00
1. Loans and other liabilities:	94.508,00	-106.997,00	-187.196,00	-32.403,00	0,00
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:	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:	5.427.034,00	3.919.074,00	3.867.955,00	1.902.816,00	2.135.226,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	5.427.034,00	3.919.074,00	3.719.537,00	1.780.542,00	2.135.226,00
3. Debts represented by notes payable:	0,00	0,00	148.418,00	122.274,00	0,00
V. Other creditors:	149.558,00	121.196,00	0,00	0,00	82.703,00
1. Public bodies:	139.302,00	110.593,00	0,00	0,00	76.323,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	-387,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	10.643,00	10.603,00	0,00	0,00	6.381,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	6.626.896,00	4.926.485,00	4.560.511,00	2.610.584,00	2.930.715,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2016	2015	2014	2013	2012
A) CHARGES (A.1 to A.15):	18.501.710,00	17.034.854,00	14.462.146,00	8.287.335,00	9.938.833,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	17.505.187,00	16.023.477,00	13.390.403,00	7.330.566,00	8.772.478,00
a) Stock consumption:	15.762.129,00	14.185.122,00	13.390.403,00	7.330.566,00	8.772.478,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	1.743.058,00	1.838.355,00	0,00	0,00	0,00
A.3. Staff costs:	411.552,00	456.889,00	530.075,00	477.612,00	594.911,00
a) Wages, salaries et al.:	389.626,00	435.227,00	475.329,00	428.284,00	533.468,00
b) Social security costs:	21.926,00	21.662,00	54.746,00	49.328,00	61.443,00
A.4. Depreciation expense:	7.707,00	6.179,00	4.693,00	2.842,00	2.340,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	0,00	0,00	0,00	0,00
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:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	431.324,00	411.812,00	467.913,00	455.053,00	519.899,00
a) External services:	423.627,00	404.707,00	457.796,00	445.214,00	508.658,00
b) Taxes:	7.696,00	7.105,00	10.117,00	9.839,00	11.241,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	461.490,00	383.644,00	177.104,00	42.607,00	96.955,00
A.7. Financial and similar charges:	26.218,00	20.576,00	18.543,00	12.942,00	12.896,00
a) Due to liabilities with companies of the group:	9.304,00	4.729,00	9.299,00	6.490,00	6.467,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	16.914,00	15.847,00	9.244,00	6.452,00	6.429,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	3.585,00	0,00	-4.964,00	9.083,00
A.9. Exchange losses:	0,00	0,00	0,00	3.579,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	18.038,00	15.548,00	21.251,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	479.528,00	399.192,00	198.355,00	37.089,00	81.143,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	579,00	-1.059,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	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	5.181,00
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	694,00	335,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	479.528,00	399.886,00	198.690,00	36.510,00	77.021,00
A.15. Corporation tax:	119.722,00	112.337,00	50.519,00	9.125,00	23.105,00
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):	359.806,00	287.549,00	148.171,00	27.385,00	53.917,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2016	2015	2014	2013	2012
B) INCOME ( B.1 to B.13):	18.861.516,00	17.322.403,00	14.610.317,00	8.314.719,00	9.992.749,00
B.1. Net total sales:	18.699.956,00	17.184.225,00	14.503.706,00	8.210.987,00	9.806.406,00
a) Sales:	18.699.956,00	17.184.225,00	14.503.706,00	8.210.987,00	9.806.406,00
b) Rendering of services:	0,00	0,00	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:	0,00	0,00	0,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	117.305,00	97.775,00	66.482,00	97.693,00	180.177,00
a) Auxiliary income and other from current management:	117.305,00	97.775,00	66.482,00	97.693,00	180.177,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	13,00	217,00	0,00	0,00	0,00
a) In companies of the group:	13,00	217,00	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:	198,00	185,00	740,00	1.046,00	865,00
a) From companies of the group:	198,00	185,00	740,00	1.046,00	865,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	1.978,00	883,00	3.533,00	4.993,00	4.131,00
a) From companies of the group:	947,00	883,00	3.533,00	4.993,00	4.131,00
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:	1.031,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	42.067,00	38.424,00	35.521,00	0,00	1.170,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	5.519,00	15.812,00
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	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	694,00	335,00	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	0,00	0,00	579,00	4.121,00
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	2016	2015	2014	2013	2012
1. Fiscal year result before taxes.: 61100	479.528,00	399.886,00	198.690,00	36.510,00	77.021,00
2. Results adjustments.: 61200	-10.331,00	-9.369,00	18.963,00	9.745,00	9.069,00
a) Fixed Assets Amortization (+).: 61201	7.707,00	6.179,00	4.693,00	2.842,00	2.340,00
c) Variation in Provision (+/-). : 61203	-10,00	-909,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-1.158,00	-1.285,00	-4.273,00	-6.039,00	-4.997,00
h) Financial Expenses (+). : 61208	26.218,00	25.071,00	18.543,00	12.942,00	12.896,00
i) Exchange differences (+/-). : 61209	-42.067,00	-38.424,00	0,00	0,00	-1.170,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	-1.021,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-502.104,00	-199.363,00	-283.774,00	23.307,00	104.835,00
a) Stock (+/-).: 61301	-865.096,00	33.968,00	283.552,00	-227.120,00	63.355,00
d) Debtors and other accounts receivable (+/-). : 61302	-1.194.924,00	-411.510,00	-2.203.426,00	578.521,00	397.096,00
c) Other current assets (+/-). : 61303	5.529,00	292,00	-278.520,00	-3.856,00	-2.788,00
d) Creditors and other accounts payable (+/-). : 61304	1.562.426,00	171.975,00	1.914.620,00	-324.238,00	-351.873,00
e) Other current liabilities (+/-).: 61305	-10.039,00	0,00	0,00	0,00	0,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	5.911,00	0,00	0,00	-954,00
4. Cash Flows from Other Operating Activities: 61400	-8.711,00	-23.785,00	-14.270,00	-6.903,00	-7.900,00
a) Interest payments (-). : 61401	-26.218,00	-25.071,00	-18.543,00	-12.942,00	-12.896,00
c) Interest collection (+). : 61403	1.158,00	1.285,00	4.273,00	6.039,00	4.997,00
d) Income tax payment collection (payments) (+/-).: 61404	16.350,00	0,00	0,00	0,00	0,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	-41.618,00	167.369,00	-80.390,00	62.658,00	183.026,00
6. Payments for investment (-).: 62100	-9.228,00	-356,00	-6.000,00	-1.233,00	-7.110,00
b) Intangible fixed assets. : 62102	-2.235,00	-681,00	0,00	0,00	0,00
c) Fixed assets. : 62103	-6.170,00	-3.007,00	-6.000,00	-1.233,00	-7.110,00
e) Other financial assets. : 62105	-824,00	3.332,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	0,00	0,00	0,00	0,00	0,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	-9.228,00	-356,00	-10.693,00	-4.075,00	-9.450,00
9. Payment collection and payments for equity instruments. : 63100	-109.673,00	0,00	-2.679,00	0,00	0,00
b) Amortization of assets instruments (-). : 63102	-109.673,00	0,00	-2.679,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	201.118,00	0,00	-160.704,00	-32.403,00	-100.000,00
a) Issuance : 63201	201.505,00	0,00	0,00	0,00	0,00
2. Debts incurred with credit institutions (+). : 63203	201.505,00	0,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	-387,00	0,00	-160.704,00	-32.403,00	-100.000,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	-154.793,00	-32.403,00	0,00
5. Other debts (-). : 63212	-387,00	0,00	-5.911,00	0,00	-100.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-397.222,00	0,00	0,00	0,00	0,00
a) Dividends (-).: 63301	-397.222,00	0,00	0,00	0,00	0,00
12. Cash Flows from Financing Activities (9+10+11): 63400	-305.777,00	0,00	-163.383,00	-32.403,00	-100.000,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-356.623,00	-12.987,00	-254.466,00	26.180,00	75.916,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	743.824,00	863.808,00	653.702,00	627.522,00	551.606,00
Cash or equivalent assets as of end of the fiscal year.: 65200	387.202,00	850.821,00	399.236,00	653.702,00	627.522,00

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	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	-0,02 %	0,02 %	0,02 %	0,06 %	-195,10 %	-67,18 %
Net Financial Debt:	-0,64	2,02	-2,21	2,83	71,05	-28,79
Cash Flow Yield:	-0,05 %	0,01 %	0,07 %	0,03 %	-176,94 %	-67,94 %
EBITDA over Sales:	2,51 %	12,78 %	2,27 %	10,47 %	10,61 %	21,98 %

Profitability	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	6,98 %	9,43 %	7,81 %	6,94 %	-10,69 %	36,01 %
Total economic profitability:	7,63 %	5,26 %	8,53 %	3,18 %	-10,58 %	65,28 %
Financial profitability:	37,64 %	7,97 %	28,95 %	4,13 %	30,03 %	93,15 %
Margin:	2,45 %	8,50 %	2,22 %	6,35 %	10,48 %	33,90 %
Mark-up:	2,55 %	7,91 %	2,31 %	3,76 %	10,32 %	110,58 %

Solvency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,07	0,16	0,19	0,14	-63,90	15,94
Acid Test:	1,01	0,89	1,25	0,87	-18,83	2,68
Working Capital / Investment:	0,14	0,02	0,20	0,03	-28,64	-14,07
Solvency:	1,16	1,19	1,25	1,19	-6,61	0,04

Indebtedness	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	5,93	1,18	3,96	1,31	49,83	-9,60
Borrowing Composition:	0,00	1,08	0,00	1,04		3,16
Repayment Ability:	12,09	8,85	10,09	11,03	19,79	-19,74
Warranty:	1,17	1,86	1,25	1,78	-6,70	4,58
Generated resources / Total creditors:	0,06	0,10	0,08	0,08	-14,27	26,91

Efficiency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,14	1,97	1,85	1,80	15,48	9,56
Turnover of Collection Rights :	3,52	5,21	4,17	5,23	-15,49	-0,34
Turnover of Payment Entitlements:	3,22	3,56	4,07	3,69	-20,94	-3,45
Stock rotation:	21,22	8,50		7,80		8,92
Assets turnover:	2,85	1,11	3,52	1,09	-19,16	1,57
Borrowing Cost:	0,46	2,38	0,52	2,45	-11,62	-3,00

> Trend of indicators under the General Accounting Plan of 2007 (2016, 2015, 2014, 2013, 2012)

Cash Flow	2016	2015	2014	2013	2012
Cash Flow over Sales:	-0,02 %	0,02 %	-0,02 %	0,00 %	0,01 %
Net Financial Debt:	-0,64	-2,21	-4,84	-15,44	-6,43
Cash Flow Yield:	-0,05 %	0,07 %	-0,06 %	0,01 %	0,03 %
EBITDA over Sales:	2,51 %	2,27 %	1,25 %	0,55 %	1,01 %

Profitability	2016	2015	2014	2013	2012
Operating economic profitability:	6,98 %	7,81 %	4,16 %	1,65 %	3,37 %
Total economic profitability:	7,63 %	8,53 %	4,76 %	1,89 %	3,07 %
Financial profitability:	37,64 %	28,95 %	16,73 %	3,70 %	7,56 %
Margin:	2,45 %	2,22 %	1,22 %	0,51 %	0,98 %
Mark-up:	2,55 %	2,31 %	1,36 %	0,44 %	0,82 %

Solvency	2016	2015	2014	2013	2012
Liquidity:	0,07	0,19	0,11	0,35	0,28
Acid Test:	1,01	1,25	1,22	1,21	1,27
Working Capital / Investment:	0,14	0,20	0,19	0,27	0,24
Solvency:	1,16	1,25	1,23	1,38	1,31

Indebtedness	2016	2015	2014	2013	2012
Indebtedness level:	5,93	3,96	4,15	2,53	3,11
Borrowing Composition:	0,00	0,00	0,00	0,00	0,00
Repayment Ability:	12,09	10,09	20,21	41,15	22,34
Warranty:	1,17	1,25	1,24	1,40	1,32
Generated resources / Total creditors:	0,06	0,08	0,04	0,01	0,03

Efficiency	2016	2015	2014	2013	2012
Productivity:	2,14	1,85	1,34	1,10	1,17
Turnover of Collection Rights :	3,52	4,17	3,83	5,20	4,59
Turnover of Payment Entitlements:	3,22	4,07	3,58	4,09	4,19
Stock rotation:	21,22		423,72	26,03	109,40
Assets turnover:	2,85	3,52	3,42	3,21	3,43
Borrowing Cost:	0,46	0,52	0,50	0,69	0,58

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 in September 1986 engaged in the distribution and wholesale of chemicals, pharmaceuticals. It has 5 employees.

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 64.95
UK Pound	1	INR 90.23
Euro	1	INR 80.09
Euro	1	INR 80.30

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TPT

RATING EXPLANATIONS

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

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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