SMIRA INFORM REPORT

Report No. :	495408
Report Date :	15.03.2018

IDENTIFICATION DETAILS

Name :	GUZMAN GLOBAL SL
Registered Office :	Cl. Traginers, 9 - Valencia - 46014 - Valencia
Country :	Spain
Financials (as on) :	2016
Date of Incorporation :	23.12.1960
Legal Form :	Private company
Line of Business :	Wholesale of other intermediate products
No. of Employees :	194

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

Maximum Credit Limit :	USD  1.180.000
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 a prolonged recession that began in 2008 in the wake of the global financial crisis, Spain marked the fourth full year of positive economic growth in 2017, with economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis of 2008 broke 16 consecutive years of economic growth for Spain, leading to an economic contraction that lasted until late 2013. In that year, the government successfully shored up its struggling banking sector - heavily exposed to the collapse of Spain’s real estate boom - with the help of an EU-funded restructuring and recapitalization program.

Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained 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 16.4% in 2017. 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 about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Strong export growth helped bring Spain's current account into surplus in 2013 for the first time since 1986 and sustain Spain’s economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have improved Spain’s export competitiveness and generated foreign investor interest in the economy, restoring FDI flows.

In 2017, the Spanish Government’s minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms. The European Commission expects the government to meet its 2017 budget deficit target and anticipates that expected economic growth in 2018 will help the government meet its deficit target. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017.

Source : CIA

EXECUTIVE SUMMARY

Name:	GUZMAN GLOBAL SL
NIF / Fiscal code:	B46001699
Status:	ACTIVE
Incorporation Date:	23/12/1960
Register Data	Register Section 8 Sheet 28366
Last Publication in BORME:	07/02/2018 [Miscellaneous Announcements]
Last Published Account Deposit:	2016
Share Capital:	9.232.680
Localization:	CL. TRAGINERS, 9 - VALENCIA - 46014 - VALENCIA
Telephone - Fax - Email - Website:	Telephone. 963 992 400 Email. arenas@grupoguzman.com Website. www.grupoguzman.com
Number of Branches	2
Activity:
NACE:	4676 - Wholesale of other intermediate products
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	28 for a total cost of 3226702.7
Quality Certificate:	No
Maximum recommended commercial credit:	1.180.000
Payment Behaviour:	Slow
Prospects:	Consolidation
Industry situation:	Maturity
Defaults, Legal Claims and Insolvency Proceedings :

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

Partners:

GUZMAN SA	100 %
Shares:	5
Other Links:	8
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2016

2015

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The subject was incorporated several years ago. Thus, it has lot of expertise in the sector. There are positive comments about the subject in the consulted sources. It has a very good scope for action, so that the guarantees of its current creditors are well covered.
Interviewed Person:

Enquiry Details
Business address regime:	Owned

Identification
Social Denomination:	GUZMAN GLOBAL SL
NIF / Fiscal code:	B46001699
Corporate Status:	ACTIVE
Registered Office:	CL. TRAGINERS, 9
Locality:	VALENCIA
Province:	VALENCIA
Postal Code:	46014
Telephone:	963 992 400
Fax:	963 992 401
Website:	www.grupoguzman.com
Email:	arenas@grupoguzman.com
Interviewed Person:	Company staff

Branch Offices

Address	Postal Code	City	Province
CAMINO LLIMERO	12520	NULES	CASTELLON
CALLE LLIMERO PD INDUSTRIAL LA MINA	12520	NULES	CASTELLON

Activity
NACE:	4676
Corporate Purpose:	THE SUBJECT IS ENGAGED IN THE PURCHASE-SALE, IMPORT, EXPORT, DISTRIBUTION OF MINERALS AND ITS DERIVATIVES, RAW CERAMIC MATERIALS, DYES, RAW PLASTIC MATERIALS, PLASTIC MATERIALS, TECHNICAL PLASTICS AND ALL ITS PRODUCTS AND SERVICES AND NATURAL AND SYNTHETIC RUBBERS AND THEIR DERIVATIVES AND OTHER MATERIALS
Additional Information:	It is engaged in the international distribution of raw materials for industry. Business iniciated in 1939. It keeps a client list of 4700 clients.
Additional Address:	Registered office, warehouse, offices, shed, owned and located in: CL. TRAGINERS, 9 46014 VALENCIA.
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2018	194

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

Chronological Summary
	Year	Act
	1991	Accounts deposit (year 1990) Appointments/ Re-elections (1)
	1992	Accounts deposit (year 1991) Capital Reduction (1)
	1993	Accounts deposit (year 1992) Adaptation to Law (1) Change of Social address (1)
	1994	Accounts deposit (year 1993) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Company Transformation (1) Increase of Capital (1)
	1995	Accounts deposit (year 1994)
	1996	Accounts deposit (year 1995)
	1997	Adaptation to Law (1) Appointments/ Re-elections (1) Capital Reduction (1) Cessations/ Resignations/ Reversals (1)
	1998	Accounts deposit (year 1996, 1997) Change of Social Denomination (1) Change of Social Purpose (1) Closing of Page of Property Register (1) Increase of Capital (1)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (1) Increase of Capital (1)
	2000	Accounts deposit (year 1999) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2001	Accounts deposit (year 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1) Statutory Modifications (1)
	2002	Accounts deposit (year 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Increase of Capital (1)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (2) Other Concepts/ Events (1)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Other Concepts/ Events (1) Take-over Merger (4)
	2006	Accounts deposit (year 2005) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (3)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (1)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (1)
	2009	Accounts deposit (year 2008) Cessations/ Resignations/ Reversals (1)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Change of Social Purpose (1) Declaration of Sole Propietorship (1) Increase of Capital (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Take-over Merger (2)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Other Concepts/ Events (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2013	Accounts deposit (year 2012)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2015	Accounts deposit (year 2014 consolidated, 2014) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (4) Change of Social Purpose (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (3) Take-over Merger (3)
	2016	Accounts deposit (year 2015 consolidated, 2015) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (4) Correction (2) Other Concepts/ Events (2)
	2017	Accounts deposit (year 2016 consolidated, 2016) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2018	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (2) Partial split (1)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	COMPRAVENTA IMPORTACION EXPORTACION FABRICACION Y DISTRIBUCION DE MATERIAS PRIMAS PLASTICAS PARA TODA CLASE DE INDUSTRIAS.... COMPRAVENTA, ARRENDAMIENTO NO FINANCIERO Y EXPLOTACION DE BIENES INMUEBLES.	Corporate Purpose Change	01/03/1994

Breakdown of Owners' Equity
Registered Capital:	9.232.680
Paid up capital:	9.232.680

Shareholders

Name

NIF

% Shareholding stake

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
31/12/1992	Capital Reduction	-360.157	-360.157	150.704	150.704
14/02/1994	Increase of Capital	78.162	78.162	228.865	228.865
18/04/1997	Capital Reduction	-225.800	-225.800	3.065	3.065
11/11/1998	Increase of Capital	147.188	147.188	150.253	150.253
06/08/1999	Increase of Capital	1.649.750	1.649.750	1.800.000	1.800.000
28/06/2000	Increase of Capital	600.000	600.000	2.400.000	2.400.000
17/01/2002	Increase of Capital	2.055.750	2.055.750	4.455.750	4.455.750
31/08/2005	Increase of Capital	550.890	550.890	5.006.640	5.006.640
24/12/2010	Increase of Capital	4.226.040	4.226.040	9.232.680	9.232.680

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	PROSPER MANGLANO FELIPE	27/06/2016	2
MEMBER OF THE BOARD	GARCIA GUZMAN GARCIA PATRICIA	30/01/2018	7
	PROSPER MANGLANO FELIPE	27/06/2016	2
	DOMINGUIS PEREZ HECTOR JERONIMO	09/05/2016	1
	ARNEDO GARCIA-GUZMAN MIGUEL	25/09/2015	1
	GARCIA GUZMAN GARCIA FIDEL	25/09/2015	9
	ECYS SOCIEDAD LIMITADA	25/09/2015	1
JOINT ATTORNEY/COMBINED PROXY	ANDEREZ GONZALEZ CARLOS	31/12/2014	2
PROXY	BELEN GARCIA GUZMAN GARCIA	30/11/1999	1
CHIEF EXECUTIVE OFFICER	GARCIA GUZMAN GARCIA FIDEL	25/09/2015	9
NON CONSELLOR SECRETARY	GARCIA PASCUAL FERNANDO	09/05/2016	2
REPRESENTATIVE	GARCIA-GUZMAN MAÑEZ FIDEL	30/01/2018	1
	GARCIA ANGUIANO FELISA	09/05/2016	1
	JULIO PASCUAL DE MIGUEL	25/09/2015	1
	FIDEL GARCIA-GUZMAN GARCIA	11/03/2015	1
ACCOUNTS' AUDITOR / HOLDER	ACR BGV AUDITORES SL	31/12/2014	3
CONSOLIDATED ACCOUNTS' AUDITOR	ACR BGV AUDITORES SL	31/12/2014	3

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
1990 APGF AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	07/08/2007	1
ABAD PEREZ GONZALEZ FORTUÑO AUDITORES SRC	ACCOUNTS' AUDITOR / HOLDER	11/04/2002	1
ACR AUDITORS GROUP SL	ACCOUNTS' AUDITOR / HOLDER	31/12/2014	1
ACR AUDITORS GROUP SLP	ACCOUNTS' AUDITOR / HOLDER	31/12/2014	1
ACR BGV AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	02/04/2004	3
ALACREU NOGUERA MANOLO	MEMBER OF THE BOARD	28/09/2006	2
	PRESIDENT	28/09/2006
ALACREU NOGUERA MANUEL	PROXY	11/10/2006	1
ALFONSO AGUSTI ANTONIO	PROXY	06/02/2001	1
ANDEREZ GONZALEZ CARLOS	PROXY	31/12/2014	2
ARNEDO CORTIJO MIGUEL	JOINT ATTORNEY	06/02/2001	1
ARTIGAS VERDE ALBERTO	JOINT ATTORNEY/COMBINED PROXY	31/12/2014	2
	JOINT ATTORNEY/COMBINED PROXY	24/02/2015
BELEN GARCIA-GUZMAN GARCIA	REPRESENTATIVE	11/03/2015	1
CAMPOS TARAZON MANUEL	PROXY	06/02/2001	1
CARRUESCO SALANOVA MANUEL	PROXY	06/02/2001	1
CHIRIVELLA RAMON ANTONIO	MEMBER OF THE BOARD	28/09/2006	5
	PROXY	01/03/2004
	PROXY	17/09/2008
	PROXY	09/01/2009
	PROXY	02/04/2015
FOLGUERA SANTANDREU JUAN ANDRES	PROXY	31/12/2014	3
	PROXY	24/02/2015
	JOINT ATTORNEY	08/07/2016
GARCIA GUZMAN FIDEL	JOINT ATTORNEY	16/05/2002	1
GARCIA GUZMAN GARCIA BELEN	MEMBER OF THE BOARD	05/04/2011	7
	MEMBER OF THE BOARD	23/11/2012
	PROXY	17/09/2008
	PROXY	09/01/2009
	SECRETARY	28/09/2006
	SECRETARY	05/04/2011
	SECRETARY	23/11/2012
GARCIA GUZMAN GARCIA FIDEL	MEMBER OF THE BOARD	28/09/2006	9
	MEMBER OF THE BOARD	05/04/2011
	MEMBER OF THE BOARD	23/11/2012
	PROXY	17/09/2008
	PROXY	09/01/2009
	PRESIDENT	05/04/2011
	PRESIDENT	23/11/2012
GARCIA GUZMAN GARCIA PATRICIA	MEMBER OF THE BOARD	05/04/2011	7
	MEMBER OF THE BOARD	23/11/2012
	PROXY	02/04/2015
	VICE SECRETARY	28/09/2006
	VICE SECRETARY	05/04/2011
	VICE SECRETARY	23/11/2012
GARCIA GUZMAN GARCIA SILVIA	MEMBER OF THE BOARD	05/04/2011	5
	PROXY	01/03/2004
	PROXY	17/09/2008
	PROXY	09/01/2009
	VICE CHAIRMAN	05/04/2011
GARCIA GUZMAN GARCIA SILVIA ALEJANDRA	PROXY	09/01/2009	1
GARCIA GUZMAN MARTINEZ MIGUEL	MEMBER OF THE BOARD	29/05/2002	2
	PROXY	01/03/2004
GARCIA GUZMAN MAÑES FIDEL	SINGLE ADMINISTRATOR	14/02/1994	3
	SINGLE ADMINISTRATOR	18/04/1997
	SINGLE ADMINISTRATOR	16/05/2001
GARCIA GUZMAN MAÑEZ FIDEL	SINGLE ADMINISTRATOR	16/05/2001	9
	MEMBER OF THE BOARD	21/06/2010
	MEMBER OF THE BOARD	23/11/2012
	MEMBER OF THE BOARD	30/01/2018
	PROXY	09/01/2009
	JOINT ATTORNEY	09/01/2009
	PRESIDENT	22/03/2004
	PRESIDENT	21/06/2010
	PRESIDENT	27/06/2016
GARCIA MARTINEZ MIGUEL	JOINT ATTORNEY	09/01/2009	1
GARCIA PASCUAL FERNANDO	NON CONSELLOR ASSISTANT SECRETARY	09/05/2016	2
GARCIA-GUZMAN GARCIA SILVIA	MEMBER OF THE BOARD	23/11/2012	2
	VICE CHAIRMAN	23/11/2012
GAS MARQUES SALVADOR	PROXY	27/07/2000	1
GINES LLORENS FERNANDO	PROXY	16/05/2002	1
GUZMAN SA	SINGLE ADMINISTRATOR	25/09/2015	3
	SINGLE PARTNER	24/12/2010
	SINGLE PARTNER	25/09/2015
IRANZO GIMENEZ LUIS	MEMBER OF THE BOARD	22/03/2004	2
	PROXY	01/03/2016
LAFUENTE SANCHEZ MARIA DOLORES	PROXY	11/10/2006	1
LLORENS CARRIO JUAN	MEMBER OF THE BOARD	28/09/2006	1
MARIN CALATAYUD ARTURO	PROXY	31/12/2014	2
	PROXY	24/02/2015
MARTINEZ CARBONELL GARCIA ALEJANDRO	PROXY	06/04/2005	1
MIGUEL MIGUEL MIGUEL	MEMBER OF THE BOARD	22/03/2004	2
	PROXY	30/06/2011
MOZO DEL RIO ENRIQUE	MEMBER OF THE BOARD	27/02/2017	1
PALACIOS VILACHE MANUEL	PROXY	06/02/2001	1
PASCUAL DE MIGUEL JULIO	REPRESENTATIVE	09/05/2016	2
	SECRETARY	09/05/2016
PENICHET GARCIA PABLO JOSE	JOINT ATTORNEY/COMBINED PROXY	31/12/2014	2
	JOINT ATTORNEY/COMBINED PROXY	24/02/2015
ROS ANDRES MIGUEL	PROXY	06/02/2001	1
SANTACRUZ GARCIA MIGUEL ANGEL	PROXY	30/03/2006	1

Defaults, Legal Claims and Insolvency Proceedings

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

Chronological summary

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

Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. At domestic level, it is one of the companies with high turnover volume. GUZMAN GLOBAL SL 's borrowing cost is appropriate according to its volume of external financing sources. Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2015 which means that the company's financial situation has improved.

The Cash Turnover and Ordinary Investments volume for the compliance of the short-term payment obligations is reduced.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.434 %

> 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 GUZMAN GLOBAL SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0,434%.

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.

Recommended commercial credit

Favourable until  1.180.000 €  (Guideline value of outstanding commercial balance that recommends be awarded to or maintained with the company queried)

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	Not published
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	Not published
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	Not published
	Incidences with the Social Security	Not published
	Incidences with the Autonomous Administration	Not published
	Incidences with the Local Administration	Not published
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	Not published
	Proceedings by the old Civil Procedural Law 1.881	Not published
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	Not published

Guarantees

References

Link List

ABSORBS TO:	5 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS ABSORBED BY:	1 Entities
IS RELATED WITH:	1 Entities
PARTICIPATES IN:	5 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	GUZMAN SA	VALENCIA	100
PARTICIPATES IN	AUGUSTO GUIMARAES & IRMAO LDA (PORTUGAL)		50
	GUZMAN GLOBAL HAMMADDE TICARET, SOCIEDAD LIMITADA, (TURQUIA)		100
	BILCO, SOCIEDAD LIMITADA, (ITALIA)
	GUZMAN GLOBAL, SOCIEDAD LIMITADA, (ITALIA)		100
	TECNO, SOCIEDAD LIMITADA, (ITALIA)		60

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	INDEN PHARMA PACKAGING SL	ALICANTE
ABSORBS TO	GUZMAN DAXEL SOCIEDAD LIMITADA	VALENCIA
	GUZMAN MINERALES SOCIEDAD ANONIMA	VALENCIA
	GUZMAN CAUCHOS SOCIEDAD LIMITADA	VALENCIA
	GUZMAN POLIMEROS S.L	VALENCIA
	GUZMAN SA	VALENCIA
IS ABSORBED BY	GUZMAN MINERALES SOCIEDAD LIMITADA	VALENCIA
HAS IN ITS ADMINISTRATION BOARD TO	ECYS SA	VALENCIA

Turnover
Total Sales 2017	169.000.000

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

Estimated Balance

Its turnover increased by 3.96% in 2016, compared to the previous year. The result of the exercise has been 30% higher than in 2015.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2016	Consolidadas	July  2017
2016	Normales	September  2017
2015	Consolidadas	July  2016
2015	Normales	July  2016
2014	Consolidadas	September  2015
2014	Normales	July  2015
2013	Consolidadas	No publicado en BORME
2013	Normales	July  2014
2012	Normales	June  2013
2011	Normales	May  2012
2010	Normales	April  2011
2009	Normales	March  2010
2008	Normales	May  2009
2007	Normales	April  2008
2006	Normales	June  2007
2005	Normales	June  2006
2004	Normales	May  2005
2003	Normales	April  2004
2002	Normales	May  2003
2001	Normales	June  2002
2000	Normales	June  2001
1999	Normales	June  2000
1998	Normales	May  1999
1997	Normales	November  1998
1996	Normales	November  1998
1995	Normales	September  1996
1994	Normales	September  1995
1993	Normales	August  1994
1992	Normales	July  1993
1991	Normales	April  1992
1990	Normales	October  1991

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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2016	2015	2014	2013	2012
A) NON-CURRENT ASSETS: 11000	11.569.259,00	10.089.940,00	8.669.392,00	9.136.028,00	8.647.671,00
I. Intangible fixed assets : 11100	329.424,00	438.086,00	526.458,00	668.893,00	656.105,00
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	37.785,00	43.315,00	59.074,00	79.137,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	19.521,00	53.177,00	55.033,00	106.307,00	101.558,00
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	272.117,00	341.594,00	412.351,00	483.449,00	554.547,00
II. Tangible fixed assets : 11200	4.878.457,00	5.127.357,00	4.891.508,00	5.161.014,00	5.262.218,00
1. Land and buildings: 11210	3.062.640,00	3.192.225,00	3.171.779,00	3.296.511,00	3.079.971,00
2. Technical installations and other tangible fixed assets: 11220	1.774.570,00	1.857.266,00	1.657.211,00	1.864.504,00	2.179.847,00
3. Tangible asset in progress and advances: 11230	41.247,00	77.865,00	62.518,00	0,00	2.400,00
III. Real estate investment: 11300	1.203.251,00	1.203.687,00	0,00	0,00	0,00
1. Land: 11310	650.000,00	650.000,00	0,00	0,00	0,00
2. Buildings: 11320	553.251,00	553.687,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	4.477.558,00	2.785.381,00	2.485.465,00	2.372.965,00	1.867.233,00
1. Equity instruments: 11410	4.477.558,00	2.785.381,00	2.485.465,00	2.372.965,00	1.867.233,00
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	475.213,00	391.056,00	445.262,00	398.988,00	203.764,00
1. Equity instruments: 11510	0,00	8.368,00	240,00	240,00	240,00
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	475.213,00	382.688,00	445.022,00	398.747,00	203.524,00
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	205.356,00	144.374,00	320.699,00	534.168,00	658.352,00
B) CURRENT ASSETS: 12000	56.023.483,00	51.382.281,00	48.389.619,00	46.325.403,00	44.432.994,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	24.515.328,00	19.649.708,00	16.199.533,00	15.385.033,00	17.369.517,00
1. Commercial: 12210	19.565.734,00	16.452.993,00	13.196.836,00	13.113.315,00	13.994.046,00
2. Primary material and other supplies: 12220	2.896.391,00	1.133.125,00	936.896,00	1.308.330,00	1.343.382,00
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	2.896.391,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	4.459,00	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	4.459,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	2.005.752,00	2.031.182,00	2.065.587,00	952.931,00	2.024.842,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	2.005.752,00	2.031.182,00	2.065.587,00	952.931,00	2.024.842,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	42.992,00	32.407,00	214,00	10.458,00	7.246,00
III. Trade debtors and others receivable accounts: 12300	31.008.810,00	30.186.004,00	30.839.733,00	29.887.313,00	25.148.287,00
1. Trade debtors / accounts receivable: 12310	30.211.241,00	29.467.332,00	29.634.752,00	29.028.772,00	24.586.154,00
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	30.211.241,00	29.467.332,00	29.634.752,00	29.028.772,00	24.586.154,00
2. Customers, Group companies and associates : 12320	517.403,00	248.798,00	389.264,00	194.139,00	40.018,00
3. Other accounts receivable: 12330	90.692,00	0,00	10.912,00	71.747,00	313.472,00
4. Personnel: 12340	540,00	0,00	0,00	800,00	1.974,00
5. Assets for deferred tax: 12350	188.934,00	424.722,00	214.344,00	170.984,00	196.891,00
6. Other debtors, including tax and social security: 12360	0,00	45.152,00	590.461,00	420.871,00	9.778,00
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	619,00	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	619,00	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	78.657,00	0,00	174.367,00	47.935,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	78.657,00	0,00	174.367,00	47.935,00	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	86.836,00	190.585,00	19.587,00	24.988,00	20.482,00
VII. Cash and other equivalent liquid assets : 12700	333.852,00	1.355.365,00	1.156.398,00	980.134,00	1.894.708,00
1. Treasury: 12710	333.852,00	1.355.365,00	1.156.398,00	980.134,00	1.894.708,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	67.592.743,00	61.472.221,00	57.059.011,00	55.461.431,00	53.080.665,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2016	2015	2014	2013	2012
A) NET WORTH: 20000	29.443.529,00	27.452.444,00	22.303.726,00	21.813.993,00	20.924.797,00
A-1) Shareholders' equity: 21000	29.377.440,00	27.380.055,00	22.214.327,00	21.727.702,00	20.869.967,00
I. Capital: 21100	9.232.680,00	9.232.680,00	9.232.680,00	9.232.680,00	9.232.680,00
1. Registered capital : 21110	9.232.680,00	9.232.680,00	9.232.680,00	9.232.680,00	9.232.680,00
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	3.695.411,00
III. Reserves: 21300	16.993.290,00	15.728.471,00	6.040.375,00	6.040.375,00	2.344.964,00
1. Legal and statutory: 21310	1.846.536,00	1.846.536,00	1.846.536,00	1.846.536,00	1.846.536,00
2. Other reserves: 21320	15.027.308,00	13.881.935,00	4.193.839,00	4.193.839,00	498.428,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
2. Capitalisation Reserves: 21350	119.446,00	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	5.746.809,00	5.596.912,00	4.949.489,00
1. Brought forward: 21510	0,00	0,00	5.746.809,00	5.596.912,00	4.949.489,00
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	3.151.470,00	2.418.905,00	1.194.464,00	857.735,00	647.423,00
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	66.089,00	72.388,00	89.398,00	86.291,00	54.830,00
B) NON-CURRENT LIABILITIES: 31000	3.399.247,00	2.926.815,00	1.756.119,00	1.765.302,00	5.595.960,00
I. Long-term provisions: 31100	291.169,00	316.966,00	320.452,00	310.780,00	318.017,00
1. Long-term employee benefits liability: 31110	291.169,00	316.966,00	320.452,00	310.780,00	318.017,00
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	2.957.998,00	2.429.828,00	1.172.329,00	1.227.112,00	1.263.756,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	2.356.225,00	1.680.218,00	1.950,00	223.792,00	463.756,00
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	601.773,00	749.610,00	1.170.380,00	1.003.320,00	800.000,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	3.800.000,00
IV. Liabilities for deferred tax: 31400	150.080,00	180.020,00	263.338,00	227.411,00	214.187,00
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	34.749.967,00	31.092.963,00	32.999.167,00	31.882.136,00	26.559.908,00
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	18.295.857,00	14.326.380,00	17.506.336,00	18.027.274,00	13.344.762,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	18.092.410,00	14.108.630,00	17.461.610,00	17.694.924,00	13.120.461,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	34.722,00	0,00	123.341,00	64.625,00
5. Other financial liabilities : 32350	203.447,00	183.028,00	44.726,00	209.009,00	159.675,00
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	16.426.038,00	16.766.583,00	15.403.821,00	13.806.927,00	13.215.146,00
1. Suppliers: 32510	14.252.725,00	14.980.138,00	14.181.176,00	10.925.883,00	10.508.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	14.252.725,00	14.980.138,00	14.181.176,00	10.925.883,00	10.508.000,00
2. Suppliers, Group companies and associates: 32520	99.492,00	7.640,00	89.504,00	6.304,00	289.083,00
3. Other creditors: 32530	178.267,00	48.783,00	467.071,00	2.176.790,00	1.761.806,00
4. Personnel (remuneration due): 32540	724.033,00	770.809,00	480.969,00	432.864,00	342.748,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	1.171.521,00	959.213,00	185.100,00	265.086,00	313.510,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	28.072,00	0,00	89.010,00	47.935,00	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	67.592.743,00	61.472.221,00	57.059.011,00	55.461.431,00	53.080.665,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2016	2015	2014	2013	2012
1. Net turnover: 40100	162.929.934,00	156.718.319,00	141.001.343,00	123.501.239,00	124.538.712,00
a) Sales: 40110	161.874.345,00	155.733.572,00	139.707.217,00	122.213.664,00	123.818.040,00
b) Rendering of services: 40120	1.055.589,00	984.748,00	1.294.125,00	1.287.575,00	720.672,00
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	-20.971,00	-34.405,00	1.112.656,00	-1.071.911,00	-2.662.505,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-142.411.305,00	-138.672.427,00	-126.060.743,00	-106.277.759,00	-107.359.917,00
a) Stock consumption: 40410	-118.475.250,00	-110.138.109,00	-98.183.522,00	-85.510.978,00	-72.487.982,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-23.444.698,00	-28.335.978,00	-27.239.550,00	-20.526.420,00	-34.596.994,00
c) Works carried out by other companies: 40430	-399.618,00	-316.955,00	-652.884,00	-632.990,00	-252.718,00
d) Impairment of stock, primary material and other supplies: 40440	-91.739,00	118.616,00	15.213,00	392.629,00	-22.223,00
5. Other operating income: 40500	79.925,00	93.920,00	70.747,00	121.749,00	114.897,00
a) Auxiliary income and other from current management: 40510	79.925,00	93.920,00	70.747,00	114.150,00	114.897,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	7.599,00	0,00
6. Personnel costs: 40600	-6.708.735,00	-6.624.699,00	-5.874.154,00	-5.530.723,00	-5.252.808,00
a) Wages, salaries et al.: 40610	-5.605.798,00	-5.541.724,00	-4.800.953,00	-4.529.322,00	-4.213.941,00
b) Social security costs: 40620	-1.128.735,00	-1.096.455,00	-1.063.528,00	-1.008.638,00	-1.006.287,00
c) Provisions : 40630	25.798,00	13.480,00	-9.672,00	7.238,00	-32.580,00
7. Other operating costs: 40700	-9.160.069,00	-7.882.158,00	-8.168.873,00	-7.987.842,00	-7.539.862,00
a) External services: 40710	-9.030.749,00	-7.770.361,00	-7.923.908,00	-7.940.638,00	-7.442.585,00
b) Taxes: 40720	-118.987,00	-118.488,00	-87.900,00	-87.220,00	-85.920,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-10.334,00	6.691,00	-156.507,00	41.532,00	-9.672,00
d) Other current management expenditure : 40740	0,00	0,00	-558,00	-1.516,00	-1.684,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-555.345,00	-806.304,00	-726.890,00	-724.167,00	-751.079,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	4.566,00	18.708,00	19.742,00	1.150,00	501,00
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	18.700,00	0,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	18.700,00	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	-9.160,00	3.869,00	2.595,00	22.172,00	1.102.084,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	4.148.842,00	2.833.524,00	1.376.423,00	2.053.908,00	2.190.024,00
14. Financial income : 41400	130.414,00	11.829,00	159.422,00	86.387,00	20.248,00
a) Of shares in equity instruments : 41410	125.000,00	0,00	150.000,00	75.000,00	0,00
a 1) In Group companies and associates: 41411	125.000,00	0,00	150.000,00	75.000,00	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	5.414,00	11.829,00	9.422,00	11.387,00	20.248,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	221,00	0,00
b 2) From third parties : 41422	5.414,00	11.829,00	9.422,00	11.166,00	20.248,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-343.232,00	-343.799,00	-509.638,00	-607.783,00	-1.110.035,00
a) Amounts owed to Group companies and associates : 41510	0,00	-6.684,00	-27.461,00	-139.751,00	-315.510,00
b) For debts with third parties : 41520	-343.232,00	-337.115,00	-482.177,00	-468.032,00	-794.525,00
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	-47.256,00	724.863,00	678.749,00	-386.259,00	-87.311,00
18. Impairment and result for transfers of financial instruments: 41800	-240,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	-240,00	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	-260.314,00	392.893,00	328.533,00	-907.655,00	-1.177.099,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	3.888.528,00	3.226.416,00	1.704.956,00	1.146.253,00	1.012.925,00
20. Income taxes: 41900	-737.058,00	-807.512,00	-510.492,00	-288.518,00	-365.502,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	3.151.470,00	2.418.905,00	1.194.464,00	857.735,00	647.423,00
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	3.151.470,00	2.418.905,00	1.194.464,00	857.735,00	647.423,00

> 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. 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:	11.363.903,00	9.945.567,00	8.348.694,00	8.601.861,00	7.989.319,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	329.424,00	438.086,00	526.458,00	668.893,00	656.105,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	37.785,00	43.315,00	59.074,00	79.137,00	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:	19.521,00	53.177,00	55.033,00	106.307,00	101.558,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	272.117,00	341.594,00	412.351,00	483.449,00	554.547,00
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:	6.081.708,00	6.331.044,00	4.891.508,00	5.161.014,00	5.262.218,00
1. Land and construction:	4.265.891,00	4.395.912,00	3.171.779,00	3.296.511,00	3.079.971,00
2. Technical installations and machinery:	1.670.493,00	1.748.339,00	1.560.017,00	1.755.152,00	2.052.001,00
3. Other installations, tools and furniture:	83.742,00	87.644,00	78.203,00	87.986,00	102.867,00
4. Payments on account and tangible fixed assets under construction:	41.247,00	77.865,00	62.518,00	0,00	2.400,00
5. Other tangible assets:	20.335,00	21.283,00	18.991,00	21.366,00	24.980,00
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:	4.952.771,00	3.176.437,00	2.930.728,00	2.771.953,00	2.070.997,00
1. Equity investments in group companies:	4.477.558,00	2.785.381,00	2.485.465,00	2.372.965,00	1.867.233,00
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	8.368,00	240,00	240,00	240,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	475.213,00	382.688,00	445.022,00	398.747,00	203.524,00
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:	56.150.183,00	51.526.655,00	48.535.950,00	46.811.636,00	45.091.346,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	24.515.328,00	19.649.708,00	16.199.533,00	15.385.033,00	17.369.517,00
1. Goods for resale:	19.565.734,00	16.452.993,00	13.196.836,00	13.113.315,00	13.994.046,00
2. Raw materials and other consumables:	2.896.391,00	1.133.125,00	936.896,00	1.308.330,00	1.343.382,00
3. Goods in process and semifinished ones:	4.459,00	0,00	0,00	0,00	0,00
4. Finished products:	2.005.752,00	2.031.182,00	2.065.587,00	952.931,00	2.024.842,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	42.992,00	32.407,00	214,00	10.458,00	7.246,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	31.214.166,00	30.330.378,00	31.160.432,00	30.421.481,00	25.806.639,00
1. Trade debtors / accounts receivable:	30.211.241,00	29.467.332,00	29.634.752,00	29.028.772,00	24.586.154,00
2. Accounts receivable, Group companies:	32.683,00	15.716,00	24.589,00	12.263,00	2.528,00
3. Accounts receivable, associated companies:	484.720,00	233.082,00	364.675,00	181.876,00	37.490,00
4. Other debtors:	90.692,00	0,00	10.912,00	71.747,00	313.472,00
5. Staff:	540,00	0,00	0,00	800,00	1.974,00
6. Public bodies:	394.290,00	614.248,00	1.125.504,00	1.126.023,00	865.021,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	619,00	0,00	0,00	0,00
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:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	619,00	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:	333.852,00	1.355.365,00	1.156.398,00	980.134,00	1.894.708,00
VII. Prepayments and accrued income:	86.836,00	190.585,00	19.587,00	24.988,00	20.482,00
GENERAL TOTAL (A + B + C + D):	67.514.086,00	61.472.221,00	56.884.644,00	55.413.496,00	53.080.665,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2016	2015	2014	2013	2012
A) EQUITY:	29.199.164,00	27.436.493,00	22.066.779,00	21.828.996,00	20.951.041,00
I. Subscribed capital:	9.232.680,00	9.232.680,00	9.232.680,00	9.232.680,00	9.232.680,00
II. Share premium:	0,00	0,00	0,00	0,00	3.695.411,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	16.815.014,00	15.784.909,00	5.892.827,00	6.141.668,00	2.426.039,00
1. Legal reserve:	1.846.536,00	1.846.536,00	1.846.536,00	1.846.536,00	1.846.536,00
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:	14.968.418,00	13.938.317,00	4.046.275,00	4.295.116,00	579.500,00
6. Differences due to capital adjustment to euros:	60,00	56,00	16,00	17,00	2,00
V. Profit or loss brought forward:	0,00	0,00	5.746.809,00	5.596.912,00	4.949.489,00
1. Retained earnings:	0,00	0,00	5.746.809,00	5.596.912,00	4.949.489,00
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:	3.151.470,00	2.418.905,00	1.194.464,00	857.735,00	647.423,00
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:	46.262,00	50.672,00	62.579,00	60.404,00	38.381,00
1. Capital grants:	46.262,00	50.672,00	62.579,00	60.404,00	38.381,00
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:	291.169,00	316.966,00	320.452,00	310.780,00	318.017,00
1. Provisions for pension fund and other similar obligations:	291.169,00	316.966,00	320.452,00	310.780,00	318.017,00
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:	3.108.078,00	2.609.848,00	1.435.667,00	1.454.523,00	5.277.942,00
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:	2.356.225,00	1.680.218,00	1.950,00	223.792,00	463.756,00
1. Loans and other liabilities:	2.356.225,00	1.680.218,00	1.950,00	223.792,00	463.756,00
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	3.800.000,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	3.800.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	751.853,00	929.630,00	1.433.717,00	1.230.730,00	1.014.187,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	601.773,00	749.610,00	1.170.380,00	1.003.320,00	800.000,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	150.080,00	180.020,00	263.338,00	227.411,00	214.187,00
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:	34.749.967,00	31.058.241,00	32.999.167,00	31.758.794,00	26.495.283,00
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:	18.092.410,00	14.108.630,00	17.461.610,00	17.694.924,00	13.120.461,00
1. Loans and other liabilities:	18.092.410,00	14.108.630,00	17.461.610,00	17.694.924,00	13.120.461,00
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:	99.492,00	7.640,00	89.504,00	6.304,00	289.083,00
1. Amounts owed to group companies:	99.492,00	7.640,00	89.504,00	6.304,00	289.083,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	14.430.992,00	15.028.921,00	14.648.247,00	13.102.673,00	12.269.805,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	14.430.992,00	15.028.921,00	14.648.247,00	13.102.673,00	12.269.805,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	2.099.001,00	1.913.050,00	710.795,00	906.958,00	815.933,00
1. Public bodies:	1.171.521,00	959.213,00	185.100,00	265.086,00	313.510,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	203.447,00	183.028,00	44.726,00	209.009,00	159.675,00
4. Wages and salaries payable:	724.033,00	770.809,00	480.969,00	432.864,00	342.748,00
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:	28.072,00	0,00	89.010,00	47.935,00	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):	67.394.640,00	61.472.221,00	56.884.644,00	55.413.496,00	53.080.665,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2016	2015	2014	2013	2012
A) CHARGES (A.1 to A.15):	159.993.370,00	155.171.303,00	141.850.789,00	122.874.962,00	125.129.019,00
A.1. Stock reduction of both manufactured goods and the ones in process:	20.971,00	34.405,00	0,00	1.071.911,00	2.662.505,00
A.2. Supplies:	142.319.566,00	138.791.042,00	126.075.956,00	106.670.388,00	107.337.694,00
a) Stock consumption:	118.475.250,00	110.138.109,00	98.183.522,00	85.510.978,00	72.487.982,00
b) Consumption of raw materials and miscellaneous consumable ones:	23.444.698,00	28.335.978,00	27.239.550,00	20.526.420,00	34.596.994,00
c) Miscellaneous external expenditure:	399.618,00	316.955,00	652.884,00	632.990,00	252.718,00
A.3. Staff costs:	6.708.735,00	6.624.699,00	5.874.154,00	5.530.723,00	5.252.808,00
a) Wages, salaries et al.:	5.580.000,00	5.528.244,00	4.810.625,00	4.522.085,00	4.246.521,00
b) Social security costs:	1.128.735,00	1.096.455,00	1.063.528,00	1.008.638,00	1.006.287,00
A.4. Depreciation expense:	533.798,00	775.020,00	698.687,00	696.070,00	721.938,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	102.072,00	-125.306,00	141.294,00	-434.162,00	31.895,00
a) Stock provision variation:	91.739,00	-118.616,00	-15.213,00	-392.629,00	22.223,00
b) Variation in provision and bad debt losses:	10.334,00	-6.691,00	156.507,00	-41.532,00	9.672,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	9.171.282,00	7.920.132,00	8.040.569,00	8.057.471,00	7.559.331,00
a) External services:	9.030.749,00	7.770.361,00	7.923.908,00	7.940.638,00	7.442.585,00
b) Taxes:	118.987,00	118.488,00	87.900,00	87.220,00	85.920,00
c) Other operating expenses:	0,00	0,00	558,00	1.516,00	1.684,00
d) Allocation to revision fund:	21.547,00	31.284,00	28.202,00	28.097,00	29.141,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	4.153.436,00	2.792.247,00	1.354.086,00	2.030.586,00	1.087.439,00
A.7. Financial and similar charges:	343.472,00	343.799,00	509.638,00	607.783,00	1.110.035,00
a) Due to liabilities with companies of the group:	0,00	6.684,00	27.461,00	139.751,00	315.510,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	343.232,00	337.115,00	482.177,00	468.032,00	794.525,00
d) Losses from financial investments:	240,00	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:	47.256,00	0,00	0,00	386.259,00	87.311,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	392.893,00	328.533,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	3.893.121,00	3.185.140,00	1.682.619,00	1.122.931,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	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:	9.160,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	41.276,00	22.336,00	23.322,00	1.102.585,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	3.888.528,00	3.226.416,00	1.704.956,00	1.146.253,00	1.012.925,00
A.15. Corporation tax:	737.058,00	807.512,00	510.492,00	288.518,00	365.502,00
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):	3.151.470,00	2.418.905,00	1.194.464,00	857.735,00	647.423,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2016	2015	2014	2013	2012
B) INCOME ( B.1 to B.13):	163.144.840,00	157.590.207,00	143.045.253,00	123.732.697,00	125.776.442,00
B.1. Net total sales:	162.929.934,00	156.718.319,00	141.001.343,00	123.501.239,00	124.538.712,00
a) Sales:	163.172.451,00	156.982.434,00	140.827.560,00	123.193.722,00	124.810.965,00
b) Rendering of services:	1.055.589,00	984.748,00	1.294.125,00	1.287.575,00	720.672,00
Returns and Rappel on sales:	-1.298.106,00	-1.248.862,00	-1.120.343,00	-980.059,00	-992.924,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	1.112.656,00	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:	79.925,00	93.920,00	70.747,00	121.749,00	114.897,00
a) Auxiliary income and other from current management:	79.925,00	93.920,00	70.747,00	114.150,00	114.897,00
b) Grants:	0,00	0,00	0,00	7.599,00	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:	125.000,00	0,00	150.000,00	75.000,00	0,00
a) In companies of the group:	125.000,00	0,00	150.000,00	75.000,00	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:	5.414,00	11.829,00	9.422,00	11.387,00	20.248,00
a) From companies of the group:	0,00	0,00	0,00	221,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	5.414,00	11.829,00	9.422,00	11.166,00	20.248,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	724.863,00	678.749,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	260.314,00	0,00	0,00	907.655,00	1.177.099,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	89.660,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	18.700,00	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:	4.566,00	18.708,00	19.742,00	1.150,00	501,00
B.12. Extraordinary income:	0,00	3.869,00	2.595,00	22.172,00	1.102.084,00
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):	4.593,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted	2016	2015	2014	2013	2012
1. Fiscal year result before taxes.: 61100	3.888.528,00	3.226.416,00	1.704.956,00	1.146.253,00	1.012.925,00
2. Results adjustments.: 61200	724.547,00	899.501,00	1.172.950,00	377.729,00	2.131.719,00
a) Fixed Assets Amortization (+).: 61201	555.345,00	806.304,00	724.436,00	724.167,00	751.079,00
b) Obsolescence Allowances (+/-). : 61202	105.288,00	111.905,00	156.024,00	-918.162,00	523.130,00
c) Variation in Provision (+/-). : 61203	-25.798,00	0,00	0,00	-7.238,00	-240.420,00
d) Allocation of grants (-).: 61204	-9.968,00	-18.708,00	-19.742,00	-1.150,00	-501,00
f) Results on disposal of financial instruments (+/-).: 61206	240,00	0,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-130.414,00	0,00	-159.422,00	-86.387,00	-20.248,00
h) Financial Expenses (+). : 61208	343.232,00	0,00	509.638,00	607.783,00	1.118.678,00
i) Exchange differences (+/-). : 61209	0,00	0,00	-37.984,00	58.716,00	0,00
k) Other income and expense (-/+). : 61211	-113.378,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-3.270.553,00	-32.946.896,00	-441.559,00	3.284.167,00	4.616.727,00
a) Stock (+/-).: 61301	-4.957.360,00	-19.768.323,00	-814.500,00	2.875.044,00	17.297.082,00
d) Debtors and other accounts receivable (+/-). : 61302	-1.071.814,00	-29.754.571,00	-1.065.083,00	-4.737.331,00	7.238.174,00
c) Other current assets (+/-). : 61303	103.749,00	-190.585,00	5.400,00	-4.503,00	-17.433,00
d) Creditors and other accounts payable (+/-). : 61304	-340.545,00	16.766.583,00	1.596.895,00	591.780,00	-531.187,00
e) Other current liabilities (+/-).: 61305	2.995.417,00	0,00	-173.942,00	4.559.177,00	-19.369.909,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	9.672,00	0,00	0,00
4. Cash Flows from Other Operating Activities: 61400	-801.671,00	643.530,00	-652.457,00	-660.082,00	-1.656.403,00
a) Interest payments (-). : 61401	-343.232,00	-9.796,00	-509.638,00	-607.783,00	-1.150.010,00
b) Dividend payment collection (+). : 61402	125.000,00	0,00	150.000,00	75.000,00	0,00
c) Interest collection (+). : 61403	5.085,00	0,00	9.421,00	11.387,00	20.171,00
d) Income tax payment collection (payments) (+/-).: 61404	-588.524,00	653.327,00	-302.241,00	-138.685,00	-526.564,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	540.851,00	-28.177.448,00	1.783.889,00	4.148.068,00	6.104.969,00
6. Payments for investment (-).: 62100	-1.984.250,00	-10.752.490,00	-826.860,00	-1.307.370,00	-388.900,00
a) Companies of the group and affiliates. : 62101	-1.692.178,00	-2.786.000,00	-112.500,00	-505.733,00	-37.500,00
b) Intangible fixed assets. : 62102	-721,00	-559.165,00	0,00	-143.029,00	-18.122,00
c) Fixed assets. : 62103	-198.826,00	-5.805.391,00	-456.296,00	-463.385,00	-301.454,00
d) Real estate investment. : 62104	0,00	-1.210.878,00	0,00	0,00	0,00
e) Other financial assets. : 62105	-92.525,00	-391.056,00	-258.064,00	-195.224,00	0,00
h) Other assets. : 62108	0,00	0,00	0,00	0,00	-31.824,00
7. Divestment payment collection (+). : 62200	10.947,00	0,00	0,00	0,00	0,00
a) Companies of the group and affiliates. : 62201	619,00	0,00	0,00	0,00	0,00
c) Fixed assets. : 62203	2.200,00	0,00	0,00	0,00	0,00
e) Other financial assets. : 62205	8.127,00	0,00	0,00	0,00	0,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	-1.973.303,00	-10.752.490,00	-826.860,00	-1.307.370,00	-388.900,00
9. Payment collection and payments for equity instruments. : 63100	0,00	25.033.539,00	20.633,00	46.094,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	24.961.151,00	0,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	0,00	72.388,00	20.633,00	46.094,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	1.565.024,00	16.711.690,00	-93.560,00	-3.801.362,00	-3.612.158,00
a) Issuance : 63201	3.073.667,00	16.714.354,00	146.579,00	223.315,00	3.800.000,00
2. Debts incurred with credit institutions (+). : 63203	3.000.000,00	15.779.052,00	0,00	0,00	3.000.000,00
5. Other debts (+). : 63206	73.667,00	935.302,00	146.579,00	223.315,00	800.000,00
b) Repayment and amortization of : 63207	-1.508.642,00	-2.664,00	-240.140,00	-4.024.677,00	-7.412.158,00
2. Debts incurred with credit institutions (-).: 63209	-1.307.558,00	0,00	-240.140,00	-224.677,00	-345.046,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	0,00	-3.800.000,00	-4.000.000,00
5. Other debts (-). : 63212	-201.085,00	-2.664,00	0,00	0,00	-3.067.112,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-1.154.085,00	0,00	-707.839,00	0,00	-800.166,00
a) Dividends (-).: 63301	-1.154.085,00	0,00	-707.839,00	0,00	-800.166,00
12. Cash Flows from Financing Activities (9+10+11): 63400	410.939,00	41.745.229,00	-780.766,00	-3.755.268,00	-4.412.324,00
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	-1.021.512,00	2.815.291,00	176.264,00	-914.571,00	1.303.746,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	1.355.365,00	1.156.398,00	980.134,00	1.894.705,00	590.959,00
Cash or equivalent assets as of end of the fiscal year.: 65200	333.852,00	1.355.365,00	1.156.398,00	980.134,00	1.894.705,00

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:	-0,01 %	0,01 %	0,00 %	0,06 %		-80,92 %
Net Financial Debt:	4,43	2,32	4,28	2,84	3,42	-18,21
Cash Flow Yield:	-0,02 %	0,01 %	0,00 %	0,03 %		-80,67 %
EBITDA over Sales:	2,89 %	12,01 %	2,30 %	10,43 %	25,86 %	15,21 %

Profitability	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	6,65 %	8,89 %	4,85 %	6,93 %	36,92 %	28,33 %
Total economic profitability:	6,26 %	4,96 %	5,81 %	3,19 %	7,80 %	55,34 %
Financial profitability:	10,73 %	7,38 %	8,83 %	4,14 %	21,43 %	78,09 %
Margin:	2,55 %	7,87 %	1,80 %	6,33 %	41,36 %	24,43 %
Mark-up:	2,39 %	7,15 %	2,06 %	3,78 %	16,35 %	89,10 %

Solvency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,01	0,16	0,04	0,14	-77,96	15,56
Acid Test:	0,90	0,89	1,01	0,87	-10,87	3,07
Working Capital / Investment:	0,31	0,03	0,33	0,03	-4,64	1,63
Solvency:	1,62	1,21	1,66	1,19	-2,36	1,48

Indebtedness	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,27	1,24	1,21	1,31	4,90	-4,92
Borrowing Composition:	0,09	1,06	0,08	1,04	6,56	1,67
Repayment Ability:	8,04	9,28	9,37	11,05	-14,16	-16,03
Warranty:	1,79	1,82	1,82	1,78	-2,11	2,06
Generated resources / Total creditors:	0,10	0,09	0,09	0,08	8,86	20,01

Efficiency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,70	1,91	1,54	1,79	10,28	6,45
Turnover of Collection Rights :	5,26	5,11	5,19	5,22	1,19	-2,26
Turnover of Payment Entitlements:	9,23	3,54	8,74	3,69	5,58	-4,14
Stock rotation:	6,48	8,09	7,84	7,78	-17,33	3,86
Assets turnover:	2,61	1,13	2,69	1,09	-3,14	3,13
Borrowing Cost:	0,91	2,33	1,02	2,45	-11,12	-4,95

> 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:	-0,01 %	0,00 %	0,00 %	-0,01 %	0,01 %
Net Financial Debt:	4,43	4,28	8,34	6,62	6,92
Cash Flow Yield:	-0,02 %	0,00 %	0,00 %	-0,02 %	0,02 %
EBITDA over Sales:	2,89 %	2,30 %	1,48 %	2,23 %	1,48 %

Profitability	2016	2015	2014	2013	2012
Operating economic profitability:	6,65 %	4,85 %	2,55 %	3,86 %	2,13 %
Total economic profitability:	6,26 %	5,81 %	3,88 %	3,16 %	4,00 %
Financial profitability:	10,73 %	8,83 %	5,38 %	3,95 %	3,10 %
Margin:	2,55 %	1,80 %	0,97 %	1,64 %	0,87 %
Mark-up:	2,39 %	2,06 %	1,21 %	0,91 %	-0,07 %

Solvency	2016	2015	2014	2013	2012
Liquidity:	0,01	0,04	0,04	0,03	0,07
Acid Test:	0,90	1,01	0,97	0,97	1,02
Working Capital / Investment:	0,31	0,33	0,27	0,26	0,34
Solvency:	1,62	1,66	1,48	1,47	1,70

Indebtedness	2016	2015	2014	2013	2012
Indebtedness level:	1,27	1,21	1,52	1,51	1,50
Borrowing Composition:	0,09	0,08	0,04	0,05	0,20
Repayment Ability:	8,04	9,37	16,55	12,10	17,32
Warranty:	1,79	1,82	1,66	1,66	1,67
Generated resources / Total creditors:	0,10	0,09	0,06	0,04	0,04

Efficiency	2016	2015	2014	2013	2012
Productivity:	1,70	1,54	1,35	1,50	1,35
Turnover of Collection Rights :	5,26	5,19	4,57	4,14	4,96
Turnover of Payment Entitlements:	9,23	8,74	8,79	8,20	8,49
Stock rotation:	6,48	7,84	8,62	7,90	7,11
Assets turnover:	2,61	2,69	2,61	2,35	2,44
Borrowing Cost:	0,91	1,02	1,48	1,82	3,49

COMPARATIVE SECTORIAL BALANCE

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

Net Rights Granted	Variación -
	Empresa	Sector

Net Rights Granted	Variación -
	Empresa	Sector

Net Rights Granted	Variación -
	Empresa	Sector

News

 --

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	MINISTERIO ECONOMIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	209.592,53

Entity	MINISTERIO DE INDUSTRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	61.583,87

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	4.405,01
Notes	El importe reflejado corresponde al imputado en el ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	686,82
Notes	imputado en el ejercicio

Entity	MINISTERIO ECONOMIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	249.462,89

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	subvención de capital
Status	CONCEDIDA
Amount Granted	5.143,22

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	249.462,89
Notes	El importe imputado a resultados en este ejercicio ha sido de 500,78 euros, quedando un saldo pendiente al cierre de 54.830,49 euros.

Entity	INSTITUTO DE CREDITO OFICIAL
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	63.089,11
Notes	El importe imputado a resultados en este ejercicio ha sido de 6.308,93 euros, quedando la subvención totalmente amortizada.

Entity	MINISTERIO ECONOMIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	249.462,89
Notes	El importe imputado a resultados en el ejercicio es de 972,19 euros, quedando un saldo pendiente de imputar de 79.524,23 euros.

Entity	INSTITUTO DE CREDITO OFICIAL
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	63.089,11
Notes	El importe imputado a resultados en el ejercicio es de 12.617,81 euros, quedando un saldo pendiente de imputar de 6.308,93 euros.

Entity	INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención de explotación
Status	CONCEDIDA
Amount Granted	40.804,00
Notes	El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity	MINISTERIO DE INDUSTRIA Y DE EDUCACION Y CIENCIA
Subsidy Concept	Subvención a la explotación.
Status	CONCEDIDA
Amount Granted	60.804,00
Notes	Por programas de investigación.

Entity	MINISTERIO DE INDUSTRIA Y DE EDUCACION Y CIENCIA
Subsidy Concept	Subvención a la explotación.
Status	CONCEDIDA
Amount Granted	60.804,00
Notes	Por programas de investigación.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	51.393,53
Notes	El importe es el pendiente de imputación al cierre del ejercicio. Procedente de Incentivos Regionales.

Entity	INSTITUTO DE LA MEDIANA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	34.368,00
Notes	Subvención por el desarrollo de nuevos productos cerámicos.

Entity	INSTITUTO DE LA MEDIANA Y PEQUEÑA INDUSTRIA VALENCIANA
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	34.368,00
Notes	Subvención por el desarrollo de nuevos productos cerámicos.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	27.909,25
Notes	El importe es el pendiente de imputación al cierre del ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	27.909,25
Notes	El importe es el pendiente de imputación al cierre del ejercicio. Procedente de Incentivos Regionales.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	22.710,17
Notes	El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente de 51.393,53 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	252.462,89
Notes	La cantidad pendiente de imputar a resultados al cierre del ejercicio es de 91.837,48 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	211.560,91
Notes	El importe pendiente de imputar a resultados al cierre del ejercicio es 44.162,38 euros

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de explotación.
Status	CONCEDIDA
Amount Granted	57.500,00
Notes	Subvención por el desarrollo de nuevos productos cerámicos.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	384.472,18
Notes	Subvenciones concedidas en años anteriores por incentivos regionales.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	133.865,53
Notes	La subvención fue concedida en el ejercicio 2001.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	75.727,47
Notes	La subvención fue concedida en el ejercicio 2003.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	384.472,18

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	133.865,53
Notes	La subvención fue concedida en 2001.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	75.727,47
Notes	La subvención fue concedida en el ejercicio 2001.

Research Summary

The subject was incorporated several years ago. Thus, it has lot of expertise in the sector. There are positive comments about the subject in the consulted sources. It has a very good scope for action, so that the guarantees of its current creditors are well covered.

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 64.99
UK Pound	1	INR 90.83
Euro	1	INR 80.58
Euro	1	INR 80.38

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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