MIRA INFORM REPORT

Report No. :	510906
Report Date :	30.05.2018

IDENTIFICATION DETAILS

Name :	HASTINIK SA
Registered Office :	C/ Solsona, 3 Polig Ind.La Florida. - Santa Perpetua De Mogoda - 08130 - Barcelona
Country :	Spain
Financials (as on) :	2016
Date of Incorporation :	02.01.1979
Legal Form :	Public Company
Line of Business :	Wholesale of metals and metal ores
No. of Employees :	14

RATING & COMMENTS

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

MIRA’s Rating :

A+

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

Status :	Excellent
Payment Behaviour :	Regular
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:	HASTINIK SA
NIF / Fiscal code:	A08457335
Status:	ACTIVE
Incorporation Date:	02/01/1979
Register Data	Register Section 8 Sheet 92289
Last Publication in BORME:	22/05/2018 [Revocations]
Last Published Account Deposit:	2016
Share Capital:	360.000
Localization:	C/ SOLSONA, 3 POLIG IND.LA FLORIDA. - SANTA PERPETUA DE MOGODA - 08130 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 935 653 004 Email. comercial@grupohastinik.com Website. www.grupohastinik.com
Number of Branches	14
Activity:
NACE:	4672 - Wholesale of metals and metal ores
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	0 for a total cost of 0
Main products / services:	Tubería de acero inoxidableAccesorios acero inoxidableBridas acero inoxidable
Quality Certificate:	No
Payment Behaviour:	Regular
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:

AGRUPACION DE PANADEROS BLANES SA	10.17 %
CUIC SA	49.83 %
Shares:	1
Other Links:	3
No. of Active Corporate Bodies:	JOINT MANAGER 3

Ratios	2016	2015	Change
Nº of employees:	81

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The subject was incorporated in 1977 and is engaged in the wholesale of metals (screws, stainless steel and carbón pipes) It operates at the national and international level. There are no negative comments made upon the subject. Having the above into account, credit operations can be envisioned under normal terms.
Interviewed Person:

Enquiry Details

Identification
Social Denomination:	HASTINIK SA
NIF / Fiscal code:	A08457335
Corporate Status:	ACTIVE
Start of activity:	1979
Registered Office:	C/ SOLSONA, 3 POLIG IND.LA FLORIDA.
Locality:	SANTA PERPETUA DE MOGODA
Province:	BARCELONA
Postal Code:	08130
Telephone:	935 653 004
Fax:	935 653 010
Website:	www.grupohastinik.com
Email:	comercial@grupohastinik.com
Interviewed Person:	The information in this report has been gathered through indirect sources due to the refusal of the company's responsible people to collaborate.

Branch Offices

Address	Postal Code	City	Province
CALLE MURGA U	01479	AYALA/AIARA	ALAVA
CALLE CENTRO LOG TRANSP 102 PAR	15189	CULLEREDO	LA CORUÑA
CARRER ROSSELLO	17181	AIGUAVIVA	GIRONA
CALLE GUTEMBERG 4	28906	GETAFE	MADRID
CALLE CIEZA 36 POLIGONO INDUSTRIAL POLVORISTA	30500	MOLINA DE SEGURA	MURCIA
RUA E 195	36475	PORRIÑO (O)	PONTEVEDRA
CALLE INDUSTRIAL LA YESERA 22 PAR	39612	PIELAGOS	CANTABRIA
CALLE TANOS 6	39300	TORRELAVEGA	CANTABRIA
LUGAR POLIGONO FRIDEX 21	41500	ALCALA DE GUADAIRA	SEVILLA
CALLE INDUSTRIAL CONSTANTI 14	43120	CONSTANTI	TARRAGONA
CALLE INDUSTRIAL LA PAHILLA 4	46370	CHIVA	VALENCIA
CALLE COBALTO 53 PG SAN CRISTOBAL	47012	VALLADOLID	VALLADOLID
CALLE CROMO 5 BJ	47012	VALLADOLID	VALLADOLID
CALLE RETAMA (CARTUJA BAJA) 29	50720	ZARAGOZA	ZARAGOZA

Activity
NACE:	4672
Corporate Purpose:	Wholesale of metals (screws, stainless steel and carbón pipes)
Additional Information:	Wholesale of metals (screws, stainless steel and carbón pipes)
Additional Address:	The Registered Office, offices and premises are located at the heading address, covering an area of 38,000 square metres.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Main products / services

Product	% Over Sales
Tubería de acero inoxidable
Accesorios acero inoxidable
Bridas acero inoxidable
Perfiles y barras acero inoxidabe
Productos planos acero inoxidable
Aleaciones especiales

Number of Employees

Year	No. of employees	Established	Incidentals
2016	81

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

Chronological Summary
	Year	Act
	1990	Accounts deposit (year 1989)
	1991	Accounts deposit (year 1990) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	1993	Adaptation to Law (1) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)
	1994	Accounts deposit (year 1991, 1992)
	1995	Accounts deposit (year 1993)
	1996	Accounts deposit (year 1994, 1995)
	1997	Accounts deposit (year 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (1)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (2) Change of Social address (1) Other Concepts/ Events (1)
	2000	Accounts deposit (year 1999) Appointments/ Re-elections (5)
	2001	Accounts deposit (year 2000) Appointments/ Re-elections (1) Take-over Merger (5)
	2002	Accounts deposit (year 2001) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Take-over Merger (3)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (1) Take-over Merger (1)
	2004	Accounts deposit (year 2003)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (2)
	2006	Appointments/ Re-elections (2)
	2007	Accounts deposit (year 2005, 2006) Appointments/ Re-elections (3)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (2) Dividends Payment (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (4)
	2013	Accounts deposit (year 2012) Increase of Capital (1)
	2014	Accounts deposit (year 2013) Cessations/ Resignations/ Reversals (1)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)
	2016	Accounts deposit (year 2015) Appointments/ Re-elections (1)
	2017	Accounts deposit (year 2016) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2018	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity
Registered Capital:	360.000
Paid up capital:	360.000

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
25/05/1993	Increase of Capital	48.081	12.020	60.101	24.040
30/12/2011	Capital call payment	---	36.120	60.101	60.160
10/01/2013	Increase of Capital	299.800	299.800	360.000	360.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
JOINT MANAGER	GIRONES TEIXIDOR CARLOS	27/03/2017	6
	CEPEDA MURCIEGO EDUARDO	27/03/2017	7
	GIRONES BEDOS CRISTINA	27/03/2017	2
JOINT ATTORNEY	PASCUAL BOSCH JORDI	20/03/2018	1
	MANEIRO PEREZ JUAN MANUEL	07/09/2017	1
	RIVAS LEZAMA AITOR	16/02/2016	1
	VAZQUEZ RICO PAULA MARIA	16/02/2016	1
	SAIZ COLMENAR SUSANA	27/11/2015	1
	GUIRAL CASTRO JUAN OSCAR	18/09/2015	1
	GIRONES BEDOS CRISTINA	20/02/2015	2
PROXY	PERALES SAHAGUN ERNESTO	13/04/2012	1
	TELLADO FERNANDEZ MIGUEL ANGEL	25/01/2012	1
	APARICIO PLAZA JAVIER	21/10/2009	1
	LUCAS ESCUDERO MIGUEL ANGEL	27/04/2007	1
	MOYANO ESCABIA ESTEBAN	09/12/2000	1
	RIOS MARTINEZ ALFREDO	09/12/2000	1
	VILAS GONZALEZ ARTURO	17/05/2000	1
	ARGUDO GARCIA JUAN	26/08/1999	1
	HUERTAS CLEMENTE FRANCISCO JAVIER	13/07/1993	1
ACCOUNTS' AUDITOR / HOLDER	RSM GASSO AUDITORES SLP	09/12/2015	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AGUILAR ARA RAMON JORGE	PROXY	13/11/2014	1
ALVIRA GUAL RAMON	ADMINISTRATOR	14/06/1991	2
	PROXY	01/04/2010
AMADOR MERINO ESTHER	PROXY	25/05/2009	1
BLANCO SERRANO RAFAEL	PROXY	13/11/2014	1
CASES GONZALEZ JUAN MIGUEL	PROXY	15/05/2018	1
CEPEDA MURCIEGO EDUARDO	JOINT MANAGER	21/02/2012	7
	JOINT MANAGER	27/03/2017
	ADMINISTRATOR	25/05/1993
	ADMINISTRATOR	12/06/1997
	ADMINISTRATOR	20/03/2002
	ADMINISTRATOR	13/04/2007
DE BLAS CHAVARRIAS MARIANO	PROXY	09/06/2008	1
DOMENECH VIDAL JOAN	PROXY	01/04/2010	1
FERNANDEZ GOMEZ JOSE LUIS	PROXY	27/11/2015	1
GASSO AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	12/01/2006	5
	ACCOUNTS' AUDITOR / HOLDER	29/12/2006
	ACCOUNTS' AUDITOR / HOLDER	09/01/2008
	ACCOUNTS' AUDITOR / HOLDER	23/12/2008
	ACCOUNTS' AUDITOR / HOLDER	12/01/2010
GASSO AUDITORES SLP	ACCOUNTS' AUDITOR / HOLDER	03/01/2011	3
	ACCOUNTS' AUDITOR / HOLDER	19/12/2011
	ACCOUNTS' AUDITOR / HOLDER	14/12/2012
GASSO CIA AUDITORES SL CENSORES JURADOS CUENTAS	ACCOUNTS' AUDITOR / HOLDER	29/11/2000	5
	ACCOUNTS' AUDITOR / HOLDER	31/12/2001
	ACCOUNTS' AUDITOR / HOLDER	17/12/2002
	ACCOUNTS' AUDITOR / HOLDER	23/12/2003
	ACCOUNTS' AUDITOR / HOLDER	04/03/2005
GASSO Y CIA AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	11/11/1999	1
GIRONES TEIXIDOR CARLOS	JOINT MANAGER	21/02/2012	6
	JOINT MANAGER	27/03/2017
	ADMINISTRATOR	12/06/1997
	ADMINISTRATOR	20/03/2002
	ADMINISTRATOR	13/04/2007
PORTA MONZON IGNACIO	PROXY	18/09/2015	1
RENAU CLARAMONTE JOSEP MANUEL	PROXY	01/04/2010	1
RIDRUEJO EZQUERRO RAMON ESTEBAN	PROXY	07/12/2009	1
ROCA DEU ALBERTO	ADMINISTRATOR	14/06/1991	2
	PROXY	01/04/2010
RSM GASSO AUDITORES SLP	ACCOUNTS' AUDITOR / HOLDER	09/12/2015	2
SAAVEDRA BECERRIL RODOLFO	PROXY	01/04/2010	1
VILAS GONZALEZ ROGELIO	PROXY	13/11/2014	1

Executive board

Post	NIF	Name
ADMINISTRATOR		CRISTINA GIRONES BEDOS
ADMINISTRATOR		EDUARDO CEPEDA MURCIEGO
FINANCIAL DIRECTOR		EDUARDO CEPEDA DIAZ
MANAGING DIRECTOR		EDUARDO CEPEDA MURCIEGO

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

 Chronological summary

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

> Details

> Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. The current debt represents a 13.27of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. HASTINIK SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets. It has financial profitability.. HASTINIK SA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.212 %

> 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 HASTINIK 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 0,212%.

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

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

LEGAL CLAIMS

Summary of Judicial Claims

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

Guarantees

References

Link List

ABSORBS TO:	1 Entities
IS RELATED WITH:	2 Entities
PARTICIPATES IN:	1 Entities
SHAREHOLDERS:	2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	AGRUPACION DE PANADEROS BLANES SA	GIRONA	10.17
	CUIC SA	BARCELONA	49.83
PARTICIPATES IN	ACEROS HASTINOX SA.	ALAVA	99

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	INOX IBERICA SA	BARCELONA
	FABRINU SL	BARCELONA
ABSORBS TO	ACEROS HASTINOX SA.	ALAVA

Turnover
Total Sales 2016	45.238.043,67

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

Estimated Balance

2017 ESTIMATED FIGURES: -NON-CURRENT ASSETS 15.148.000 Euro/s -CURRENT ASSETS 26.938.000 Euro/s -NET EQUITY 31.868.000 Euro/s -NON-CURRENT LIABILITIES 4.633.000 Euro/s -CURRENT LIABILITIES 5.585.000 Euro/s -TOTAL ASSETS AND LIABILITIES 42.086.000 Euro/s -SALES 45.500.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2016	Normales	August  2017
2015	Normales	July  2016
2014	Normales	August  2015
2013	Normales	October  2014
2012	Normales	July  2013
2011	Normales	August  2012
2010	Normales	September  2011
2009	Normales	October  2010
2008	Normales	August  2009
2007	Normales	September  2008
2006	Normales	August  2007
2005	Normales	October  2006
2004	Normales	October  2005
2003	Normales	September  2004
2002	Normales	August  2003
2001	Normales	August  2002
2000	Normales	September  2001
1999	Normales	August  2000
1998	Normales	September  1999
1997	Normales	September  1998
1996	Normales	October  1997
1995	Normales	September  1996
1994	Normales	April  1996
1993	Normales	March  1995
1992	Normales	January  1994
1991	Normales	May  1994
1990	Normales	September  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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2016	2015	2014	2013	2012
A) NON-CURRENT ASSETS: 11000	15.061.311,00	14.973.586,00	15.655.922,00	16.012.609,00	15.727.375,00
I. Intangible fixed assets : 11100	0,00	0,00	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	0,00	0,00	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	11.925.139,00	11.745.805,00	12.096.546,00	11.846.175,00	11.838.909,00
1. Land and buildings: 11210	10.322.853,00	10.473.743,00	10.625.539,00	10.664.268,00	10.973.087,00
2. Technical installations and other tangible fixed assets: 11220	1.413.357,00	1.272.062,00	1.471.006,00	1.181.908,00	865.822,00
3. Tangible asset in progress and advances: 11230	188.929,00	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	3.085.000,00	3.160.000,00	3.475.000,00	4.106.000,00	3.858.000,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	3.085.000,00	3.160.000,00	3.475.000,00	4.106.000,00	3.858.000,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	21.829,00	26.329,00	28.282,00	33.966,00	30.466,00
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	2.253,00	2.253,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	21.829,00	26.329,00	28.282,00	31.713,00	28.213,00
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	29.343,00	41.451,00	56.095,00	26.467,00	0,00
B) CURRENT ASSETS: 12000	26.782.532,00	26.774.035,00	23.231.483,00	20.758.212,00	19.864.214,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	9.327.390,00	6.972.439,00	8.199.024,00	6.630.192,00	7.269.778,00
1. Commercial: 12210	9.000.812,00	6.618.128,00	8.199.024,00	6.630.192,00	7.269.778,00
2. Primary material and other supplies: 12220	0,00	0,00	0,00	0,00	0,00
a) Long-term primary material and other supplies: 12221	0,00	0,00	0,00	0,00	0,00
b) Short-term primary material and other supplies: 12222	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	326.578,00	354.311,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	11.414.515,00	11.249.356,00	8.220.110,00	7.674.902,00	7.071.023,00
1. Trade debtors / accounts receivable: 12310	11.145.653,00	10.975.533,00	7.902.205,00	7.149.446,00	6.873.480,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	7.902.205,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	11.145.653,00	10.975.533,00	0,00	7.149.446,00	6.873.480,00
2. Customers, Group companies and associates : 12320	268.862,00	247.674,00	310.575,00	455.615,00	159.622,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
4. Personnel: 12340	0,00	0,00	2.928,00	7.857,00	13.212,00
5. Assets for deferred tax: 12350	0,00	0,00	4.403,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	0,00	26.149,00	0,00	61.984,00	24.709,00
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	371,00	0,00	224,00	592,00
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	224,00	592,00
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	371,00	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	4.030.552,00	4.157.114,00	4.950.752,00	4.640.420,00	4.598.325,00
1. Equity instruments: 12510	2.430.552,00	2.957.114,00	3.150.752,00	3.140.420,00	1.097.323,00
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	901.002,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	1.600.000,00	1.200.000,00	1.800.000,00	1.500.000,00	2.600.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	11.200,00	11.200,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	2.010.074,00	4.383.556,00	1.850.397,00	1.812.474,00	924.496,00
1. Treasury: 12710	2.010.074,00	4.383.556,00	1.850.397,00	1.812.474,00	924.496,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	41.843.843,00	41.747.621,00	38.887.404,00	36.770.820,00	35.591.590,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2016	2015	2014	2013	2012
A) NET WORTH: 20000	31.683.964,00	29.863.763,00	28.165.020,00	26.768.019,00	26.269.581,00
A-1) Shareholders' equity: 21000	31.683.964,00	29.863.763,00	28.165.020,00	26.768.019,00	26.269.581,00
I. Capital: 21100	360.000,00	360.000,00	360.000,00	360.000,00	360.000,00
1. Registered capital : 21110	360.000,00	360.000,00	360.000,00	360.000,00	360.000,00
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	29.063.763,00	27.365.020,00	25.967.659,00	25.469.581,00	25.201.969,00
1. Legal and statutory: 21310	72.000,00	72.000,00	72.000,00	72.000,00	12.040,00
2. Other reserves: 21320	28.852.027,00	27.293.020,00	25.895.659,00	25.397.581,00	25.189.929,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
2. Capitalisation Reserves: 21350	139.736,00	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	2.260.201,00	2.138.743,00	1.837.362,00	938.438,00	707.612,00
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	4.607.060,00	4.618.489,00	4.655.787,00	4.690.156,00	4.714.777,00
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	14.140,00	43.247,00	62.604,00
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	14.140,00	43.247,00	62.604,00
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	4.546.911,00	4.546.911,00	4.546.911,00	4.546.911,00	4.546.911,00
IV. Liabilities for deferred tax: 31400	60.149,00	71.578,00	94.735,00	99.998,00	105.262,00
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	5.552.818,00	7.265.369,00	6.066.597,00	5.312.645,00	4.607.232,00
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	1.241.874,00	1.382.097,00	1.204.685,00	770.027,00	788.973,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	1.241.874,00	1.367.056,00	1.178.751,00	749.159,00	710.954,00
3. Creditors from financial leasing: 32330	0,00	15.041,00	25.934,00	20.868,00	78.020,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	711.331,00	708.663,00	748.780,00	708.820,00	776.223,00
V. Trade creditors and other accounts payable: 32500	3.599.613,00	5.174.610,00	4.113.132,00	3.833.798,00	3.042.036,00
1. Suppliers: 32510	2.449.011,00	3.931.468,00	2.980.927,00	2.894.200,00	2.286.888,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.449.011,00	3.931.468,00	2.980.927,00	2.894.200,00	2.286.888,00
2. Suppliers, Group companies and associates: 32520	106.054,00	135.656,00	307.287,00	234.023,00	170.423,00
3. Other creditors: 32530	0,00	21.094,00	21.094,00	21.094,00	39.132,00
4. Personnel (remuneration due): 32540	201.000,00	190.948,00	169.000,00	154.000,00	133.000,00
5. Liabilities for current tax: 32550	83.250,00	97.271,00	181.318,00	25.064,00	32.166,00
6. Other accounts payable to Public Administrations.: 32560	738.438,00	733.499,00	453.507,00	505.418,00	380.427,00
7. Advances from clients: 32570	21.860,00	64.674,00	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	41.843.843,00	41.747.621,00	38.887.404,00	36.770.820,00	35.591.590,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2016	2015	2014	2013	2012
1. Net turnover: 40100	45.238.044,00	44.957.280,00	37.173.931,00	33.505.155,00	28.481.208,00
a) Sales: 40110	45.238.044,00	44.957.280,00	37.173.931,00	33.505.155,00	28.481.208,00
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	-35.174.975,00	-35.643.887,00	-28.718.895,00	-26.535.111,00	-22.360.851,00
a) Stock consumption: 40410	-34.446.127,00	-35.010.122,00	-28.060.501,00	-25.921.021,00	-21.899.078,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-61.024,00	-56.647,00	-47.390,00	-28.550,00	-20.856,00
c) Works carried out by other companies: 40430	-706.521,00	-647.186,00	-563.516,00	-583.484,00	-472.309,00
d) Impairment of stock, primary material and other supplies: 40440	38.697,00	70.068,00	-47.489,00	-2.056,00	31.393,00
5. Other operating income: 40500	1.075.770,00	1.125.367,00	1.093.120,00	933.620,00	635.678,00
a) Auxiliary income and other from current management: 40510	1.075.770,00	1.125.367,00	1.093.120,00	933.620,00	635.678,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-3.466.985,00	-3.349.306,00	-2.998.899,00	-2.678.316,00	-2.275.485,00
a) Wages, salaries et al.: 40610	-2.827.369,00	-2.739.623,00	-2.433.380,00	-2.175.694,00	-1.878.226,00
b) Social security costs: 40620	-639.616,00	-609.683,00	-565.519,00	-502.622,00	-397.259,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-4.322.948,00	-4.087.114,00	-3.658.128,00	-3.590.676,00	-3.365.327,00
a) External services: 40710	-4.180.521,00	-3.947.668,00	-3.487.119,00	-3.397.510,00	-3.117.603,00
b) Taxes: 40720	-119.902,00	-116.361,00	-120.333,00	-118.941,00	-141.556,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-22.524,00	-23.084,00	-50.675,00	-74.225,00	-106.168,00
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	-355.155,00	-366.938,00	-329.200,00	-300.345,00	-144.136,00
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	12.622,00	0,00	4.266,00	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	12.622,00	0,00	4.266,00	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	16.945,00	24.856,00	10.383,00	22.298,00	22.408,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	3.010.696,00	2.672.881,00	2.572.312,00	1.360.890,00	993.495,00
14. Financial income : 41400	40.627,00	62.141,00	75.837,00	179.959,00	229.305,00
a) Of shares in equity instruments : 41410	12.550,00	10.616,00	2.443,00	3.242,00	0,00
a 1) In Group companies and associates: 41411	12.550,00	10.616,00	2.443,00	3.242,00	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	28.077,00	51.525,00	73.394,00	176.718,00	229.305,00
b 1) From Group companies and associates : 41421	0,00	0,00	34.482,00	39.497,00	39.497,00
b 2) From third parties : 41422	28.077,00	51.525,00	38.912,00	137.221,00	189.809,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-54.486,00	-62.358,00	-81.004,00	-173.989,00	-185.046,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	-48.830,00	-137.771,00	-138.681,00
b) For debts with third parties : 41520	-54.486,00	-62.358,00	-32.174,00	-36.218,00	-46.365,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	-38.562,00	208.315,00	46.896,00	-10.288,00	0,00
a) Trading book and other : 41610	-38.562,00	208.315,00	46.896,00	-10.288,00	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	-944,00	14.033,00	9.687,00	-17.021,00	-27.954,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	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	0,00	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	-53.365,00	222.131,00	51.416,00	-21.339,00	16.306,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	2.957.331,00	2.895.012,00	2.623.728,00	1.339.551,00	1.009.801,00
20. Income taxes: 41900	-697.130,00	-756.270,00	-786.367,00	-401.114,00	-302.188,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	2.260.201,00	2.138.743,00	1.837.362,00	938.438,00	707.612,00
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	2.260.201,00	2.138.743,00	1.837.362,00	938.438,00	707.612,00

> 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:	15.031.969,00	14.932.135,00	15.599.827,00	15.986.142,00	15.727.375,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	0,00	0,00	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:	0,00	0,00	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:	11.925.139,00	11.745.805,00	12.096.546,00	11.846.175,00	11.838.909,00
1. Land and construction:	10.322.853,00	10.473.743,00	10.625.539,00	10.664.268,00	10.973.087,00
2. Technical installations and machinery:	807.632,00	726.893,00	840.575,00	675.376,00	494.756,00
3. Other installations, tools and furniture:	501.982,00	451.799,00	522.457,00	419.778,00	307.514,00
4. Payments on account and tangible fixed assets under construction:	188.929,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	103.742,00	93.371,00	107.974,00	86.754,00	63.552,00
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:	3.106.829,00	3.186.329,00	3.503.282,00	4.139.966,00	3.888.466,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	3.085.000,00	3.160.000,00	3.475.000,00	4.106.000,00	3.858.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	2.253,00	2.253,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	21.829,00	26.329,00	28.282,00	31.713,00	28.213,00
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:	26.811.874,00	26.815.486,00	23.287.577,00	20.784.678,00	19.864.214,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	9.327.390,00	6.972.439,00	8.199.024,00	6.630.192,00	7.269.778,00
1. Goods for resale:	9.000.812,00	6.618.128,00	8.199.024,00	6.630.192,00	7.269.778,00
2. Raw materials and other consumables:	0,00	0,00	0,00	0,00	0,00
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:	326.578,00	354.311,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	11.443.858,00	11.290.807,00	8.276.205,00	7.701.369,00	7.071.023,00
1. Trade debtors / accounts receivable:	11.145.653,00	10.975.533,00	7.902.205,00	7.149.446,00	6.873.480,00
2. Accounts receivable, Group companies:	268.862,00	247.674,00	310.575,00	455.615,00	159.622,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	0,00
5. Staff:	0,00	0,00	2.928,00	7.857,00	13.212,00
6. Public bodies:	29.343,00	67.600,00	60.497,00	88.451,00	24.709,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	4.030.552,00	4.157.485,00	4.950.752,00	4.640.644,00	4.598.917,00
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	224,00	592,00
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:	2.430.552,00	2.957.114,00	3.150.752,00	3.140.420,00	1.998.325,00
6. Other receivables:	0,00	371,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	1.600.000,00	1.200.000,00	1.800.000,00	1.500.000,00	2.600.000,00
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:	2.010.074,00	4.383.556,00	1.850.397,00	1.812.474,00	924.496,00
VII. Prepayments and accrued income:	0,00	11.200,00	11.200,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	41.843.843,00	41.747.621,00	38.887.404,00	36.770.820,00	35.591.590,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2016	2015	2014	2013	2012
A) EQUITY:	31.544.228,00	29.863.763,00	28.165.020,00	26.768.019,00	26.269.581,00
I. Subscribed capital:	360.000,00	360.000,00	360.000,00	360.000,00	360.000,00
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:	28.924.027,00	27.365.020,00	25.967.659,00	25.469.581,00	25.201.969,00
1. Legal reserve:	72.000,00	72.000,00	72.000,00	72.000,00	12.040,00
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:	28.852.027,00	27.293.020,00	25.895.659,00	25.397.581,00	25.189.929,00
6. Differences due to capital adjustment to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	2.260.201,00	2.138.743,00	1.837.362,00	938.438,00	707.612,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	4.607.060,00	4.618.489,00	4.655.787,00	4.690.156,00	4.714.777,00
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	14.140,00	43.247,00	62.604,00
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	14.140,00	43.247,00	62.604,00
III. Debts with companies of the group and affiliated ones:	4.546.911,00	4.546.911,00	4.546.911,00	4.546.911,00	4.546.911,00
1. Amounts owed to group companies:	4.546.911,00	4.546.911,00	4.546.911,00	4.546.911,00	4.546.911,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	60.149,00	71.578,00	94.735,00	99.998,00	105.262,00
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:	60.149,00	71.578,00	94.735,00	99.998,00	105.262,00
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:	5.552.818,00	7.265.369,00	6.066.597,00	5.312.645,00	4.607.232,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	1.241.874,00	1.382.097,00	1.204.685,00	770.027,00	788.973,00
1. Loans and other liabilities:	1.241.874,00	1.367.056,00	1.178.751,00	749.159,00	710.954,00
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	15.041,00	25.934,00	20.868,00	78.020,00
III. Short-term amounts owed to group and associated companies:	817.386,00	844.318,00	1.056.067,00	942.843,00	946.646,00
1. Amounts owed to group companies:	817.386,00	844.318,00	1.056.067,00	942.843,00	946.646,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	2.470.871,00	4.017.236,00	3.002.021,00	2.915.294,00	2.326.020,00
1. Advanced payments from customers:	21.860,00	64.674,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	2.449.011,00	3.952.562,00	3.002.021,00	2.915.294,00	2.326.020,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.022.688,00	1.021.718,00	803.825,00	684.481,00	545.593,00
1. Public bodies:	821.688,00	830.770,00	634.825,00	530.481,00	412.593,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	201.000,00	190.948,00	169.000,00	154.000,00	133.000,00
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):	41.704.107,00	41.747.621,00	38.887.404,00	36.770.820,00	35.591.590,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2016	2015	2014	2013	2012
A) CHARGES (A.1 to A.15):	44.111.184,00	44.265.872,00	36.572.492,00	33.706.860,00	28.660.987,00
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:	35.213.672,00	35.713.955,00	28.671.406,00	26.533.056,00	22.392.244,00
a) Stock consumption:	34.446.127,00	35.010.122,00	28.060.501,00	25.921.021,00	21.899.078,00
b) Consumption of raw materials and miscellaneous consumable ones:	61.024,00	56.647,00	47.390,00	28.550,00	20.856,00
c) Miscellaneous external expenditure:	706.521,00	647.186,00	563.516,00	583.484,00	472.309,00
A.3. Staff costs:	3.466.985,00	3.349.306,00	2.998.899,00	2.678.316,00	2.275.485,00
a) Wages, salaries et al.:	2.827.369,00	2.739.623,00	2.433.380,00	2.175.694,00	1.878.226,00
b) Social security costs:	639.616,00	609.683,00	565.519,00	502.622,00	397.259,00
A.4. Depreciation expense:	355.155,00	366.938,00	329.200,00	300.345,00	144.136,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-16.173,00	-46.984,00	98.164,00	76.281,00	74.775,00
a) Stock provision variation:	-38.697,00	-70.068,00	47.489,00	2.056,00	-31.393,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	22.524,00	23.084,00	50.675,00	74.225,00	106.168,00
A.6. Other operating charges:	4.300.424,00	4.064.029,00	3.607.453,00	3.516.451,00	3.259.159,00
a) External services:	4.180.521,00	3.947.668,00	3.487.119,00	3.397.510,00	3.117.603,00
b) Taxes:	119.902,00	116.361,00	120.333,00	118.941,00	141.556,00
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):	2.993.751,00	2.635.403,00	2.561.930,00	1.334.326,00	971.087,00
A.7. Financial and similar charges:	54.486,00	62.358,00	81.004,00	173.989,00	185.046,00
a) Due to liabilities with companies of the group:	0,00	0,00	48.830,00	137.771,00	138.681,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	54.486,00	62.358,00	32.174,00	36.218,00	46.365,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	38.562,00	0,00	0,00	10.288,00	0,00
A.9. Exchange losses:	944,00	0,00	0,00	17.021,00	27.954,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	222.131,00	51.416,00	0,00	16.306,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	2.940.386,00	2.857.534,00	2.613.346,00	1.312.987,00	987.393,00
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:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	16.945,00	37.478,00	10.383,00	26.564,00	22.408,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	2.957.331,00	2.895.012,00	2.623.728,00	1.339.551,00	1.009.801,00
A.15. Corporation tax:	697.130,00	756.270,00	786.367,00	401.114,00	302.188,00
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):	2.260.201,00	2.138.743,00	1.837.362,00	938.438,00	707.612,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2016	2015	2014	2013	2012
B) INCOME ( B.1 to B.13):	46.371.386,00	46.404.614,00	38.409.853,00	34.645.298,00	29.368.599,00
B.1. Net total sales:	45.238.044,00	44.957.280,00	37.173.931,00	33.505.155,00	28.481.208,00
a) Sales:	45.238.044,00	44.957.280,00	37.173.931,00	33.505.155,00	28.481.208,00
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:	1.075.770,00	1.125.367,00	1.093.120,00	933.620,00	635.678,00
a) Auxiliary income and other from current management:	1.075.770,00	1.125.367,00	1.093.120,00	933.620,00	635.678,00
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:	12.550,00	10.616,00	2.443,00	3.242,00	0,00
a) In companies of the group:	12.550,00	10.616,00	2.443,00	3.242,00	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:	28.077,00	259.840,00	120.290,00	176.718,00	229.305,00
a) From companies of the group:	0,00	0,00	34.482,00	39.497,00	39.497,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	28.077,00	51.525,00	38.912,00	137.221,00	189.809,00
d) Profit on financial investment:	0,00	208.315,00	46.896,00	0,00	0,00
B.8. Exchange positive differences:	0,00	14.033,00	9.687,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	53.365,00	0,00	0,00	21.339,00	0,00
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	12.622,00	0,00	4.266,00	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:	16.945,00	24.856,00	10.383,00	22.298,00	22.408,00
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	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	2.957.331,00	2.895.012,00	2.623.728,00	1.339.551,00	1.009.801,00
2. Results adjustments.: 61200	391.404,00	155.269,00	432.530,00	387.677,00	174.651,00
a) Fixed Assets Amortization (+).: 61201	355.155,00	366.938,00	329.200,00	300.345,00	144.136,00
b) Obsolescence Allowances (+/-). : 61202	22.524,00	23.084,00	98.164,00	76.281,00	74.775,00
c) Variation in Provision (+/-). : 61203	-38.697,00	0,00	0,00	0,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	-12.622,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-40.627,00	-304.889,00	-75.837,00	-179.959,00	-229.305,00
h) Financial Expenses (+). : 61208	54.486,00	62.358,00	81.004,00	173.989,00	185.046,00
i) Exchange differences (+/-). : 61209	0,00	-14.033,00	0,00	17.021,00	0,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	38.562,00	34.433,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-4.053.713,00	-670.590,00	-2.095.921,00	741.271,00	-1.148.017,00
a) Stock (+/-).: 61301	-2.316.254,00	1.226.585,00	-1.616.321,00	637.531,00	-553.692,00
d) Debtors and other accounts receivable (+/-). : 61302	-187.684,00	-3.042.699,00	-591.379,00	-678.104,00	743.138,00
c) Other current assets (+/-). : 61303	11.200,00	0,00	-11.200,00	0,00	0,00
d) Creditors and other accounts payable (+/-). : 61304	-1.560.975,00	1.145.524,00	122.979,00	781.844,00	-1.337.462,00
4. Cash Flows from Other Operating Activities: 61400	-762.892,00	-601.896,00	-674.933,00	-433.976,00	-314.772,00
a) Interest payments (-). : 61401	-93.048,00	-62.358,00	-81.004,00	-173.989,00	-75.488,00
c) Interest collection (+). : 61403	40.627,00	304.889,00	75.837,00	179.959,00	229.305,00
d) Income tax payment collection (payments) (+/-).: 61404	-710.471,00	-844.428,00	-669.766,00	-439.946,00	-468.589,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	-1.467.871,00	1.777.795,00	285.404,00	2.034.523,00	278.336,00
6. Payments for investment (-).: 62100	-1.634.489,00	-74.559,00	-889.901,00	-602.779,00	-1.471.201,00
a) Companies of the group and affiliates. : 62101	0,00	-40.488,00	0,00	-248.000,00	-940.402,00
c) Fixed assets. : 62103	-534.489,00	-34.071,00	-579.570,00	-309.183,00	-530.799,00
e) Other financial assets. : 62105	-1.100.000,00	0,00	-310.332,00	-45.595,00	0,00
7. Divestment payment collection (+). : 62200	1.309.101,00	1.106.651,00	636.909,00	2.503,00	744.955,00
a) Companies of the group and affiliates. : 62201	78.039,00	315.000,00	631.224,00	932,00	0,00
c) Fixed assets. : 62203	0,00	30.495,00	0,00	1.572,00	0,00
e) Other financial assets. : 62205	1.231.062,00	761.156,00	5.685,00	0,00	744.955,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	-325.388,00	1.032.092,00	-252.992,00	-600.275,00	-726.246,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-140.223,00	163.272,00	445.512,00	-106.270,00	688.988,00
a) Issuance : 63201	1.049.077,00	188.305,00	469.552,00	38.206,00	796.022,00
2. Debts incurred with credit institutions (+). : 63203	1.049.077,00	188.305,00	429.592,00	38.206,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	39.960,00	0,00	776.223,00
4. Special characteristic debts (+). : 63205	0,00	0,00	0,00	0,00	19.799,00
b) Repayment and amortization of : 63207	-1.189.300,00	-25.033,00	-24.041,00	-144.476,00	-107.034,00
2. Debts incurred with credit institutions (-).: 63209	-1.189.300,00	-25.033,00	0,00	0,00	-107.034,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	0,00	-67.966,00	0,00
4. Special characteristic debts (-). : 63211	0,00	0,00	0,00	-76.509,00	0,00
5. Other debts (-). : 63212	0,00	0,00	-24.041,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-440.000,00	-440.000,00	-440.000,00	-440.000,00	-440.000,00
a) Dividends (-).: 63301	-440.000,00	-440.000,00	-440.000,00	-440.000,00	-440.000,00
12. Cash Flows from Financing Activities (9+10+11): 63400	-580.223,00	-276.728,00	5.512,00	-546.270,00	248.988,00
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	-2.373.482,00	2.533.159,00	37.923,00	887.978,00	-755.593,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	4.383.556,00	1.850.397,00	1.812.474,00	924.496,00	1.680.089,00
Cash or equivalent assets as of end of the fiscal year.: 65200	2.010.074,00	4.383.556,00	1.850.397,00	1.812.474,00	924.496,00

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:	-0,05 %	0,01 %	0,06 %	0,06 %	-193,11 %	-82,66 %
Net Financial Debt:	-1,43	2,32	-2,38	2,88	39,90	-19,55
Cash Flow Yield:	-0,06 %	0,01 %	0,06 %	0,03 %	-193,48 %	-82,42 %
EBITDA over Sales:	7,40 %	11,95 %	6,68 %	10,42 %	10,85 %	14,69 %

Profitability	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	8,63 %	8,81 %	7,70 %	6,97 %	12,07 %	26,47 %
Total economic profitability:	7,20 %	4,89 %	7,08 %	3,20 %	1,61 %	52,83 %
Financial profitability:	7,13 %	7,24 %	7,16 %	4,15 %	-0,39 %	74,56 %
Margin:	6,46 %	7,79 %	5,75 %	6,33 %	12,49 %	23,05 %
Mark-up:	6,35 %	7,00 %	6,23 %	3,77 %	1,94 %	85,54 %

Solvency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,36	0,16	0,60	0,14	-40,00	16,41
Acid Test:	3,14	0,90	2,72	0,86	15,40	4,22
Working Capital / Investment:	0,51	0,03	0,47	0,03	8,57	10,77
Solvency:	4,83	1,21	3,69	1,18	30,82	2,28

Indebtedness	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,32	1,24	0,40	1,32	-19,42	-5,93
Borrowing Composition:	0,83	1,05	0,64	1,03	30,52	1,81
Repayment Ability:	3,03	9,29	3,96	11,10	-23,35	-16,32
Warranty:	4,12	1,82	3,51	1,77	17,24	2,78
Generated resources / Total creditors:	0,25	0,09	0,20	0,08	23,74	19,75

Efficiency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,97	1,91	1,90	1,80	3,67	6,15
Turnover of Collection Rights :	4,06	5,10	4,10	5,22	-0,95	-2,38
Turnover of Payment Entitlements:	10,97	3,55	7,68	3,68	42,91	-3,70
Stock rotation:	4,64	8,10	6,23	7,73	-25,47	4,87
Assets turnover:	1,33	1,13	1,34	1,10	-0,37	2,78
Borrowing Cost:	0,54	2,33	0,52	2,45	2,20	-4,71

> 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:	-0,05 %	0,06 %	0,00 %	0,03 %	-0,03 %
Net Financial Debt:	-1,43	-2,38	-1,93	-3,45	-4,19
Cash Flow Yield:	-0,06 %	0,06 %	0,00 %	0,02 %	-0,02 %
EBITDA over Sales:	7,40 %	6,68 %	7,78 %	4,88 %	3,92 %

Profitability	2016	2015	2014	2013	2012
Operating economic profitability:	8,63 %	7,70 %	8,42 %	4,78 %	3,58 %
Total economic profitability:	7,20 %	7,08 %	6,96 %	4,12 %	3,36 %
Financial profitability:	7,13 %	7,16 %	6,52 %	3,51 %	2,69 %
Margin:	6,46 %	5,75 %	6,69 %	3,89 %	3,34 %
Mark-up:	6,35 %	6,23 %	6,83 %	3,82 %	3,39 %

Solvency	2016	2015	2014	2013	2012
Liquidity:	0,36	0,60	0,31	0,34	0,20
Acid Test:	3,14	2,72	2,48	2,66	2,73
Working Capital / Investment:	0,51	0,47	0,44	0,42	0,43
Solvency:	4,83	3,69	3,84	3,91	4,31

Indebtedness	2016	2015	2014	2013	2012
Indebtedness level:	0,32	0,40	0,38	0,37	0,35
Borrowing Composition:	0,83	0,64	0,77	0,88	1,02
Repayment Ability:	3,03	3,96	3,71	6,12	8,36
Warranty:	4,12	3,51	3,63	3,68	3,82
Generated resources / Total creditors:	0,25	0,20	0,21	0,12	0,09

Efficiency	2016	2015	2014	2013	2012
Productivity:	1,97	1,90	1,96	1,61	1,49
Turnover of Collection Rights :	4,06	4,10	4,66	4,49	4,12
Turnover of Payment Entitlements:	10,97	7,68	7,87	7,86	8,46
Stock rotation:	4,64	6,23	4,35	4,99	3,87
Assets turnover:	1,33	1,34	1,26	1,23	1,07
Borrowing Cost:	0,54	0,52	0,76	1,74	1,99

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

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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The subject was incorporated in 1977 and is engaged in the wholesale of metals (screws, stainless steel and carbón pipes) It operates at the national and international level. There are no negative comments made upon the subject. Having the above into account, credit operations can be envisioned under normal terms.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.82
UK Pound	1	INR 91.17
Euro	1	INR 78.70
Euro	1	INR 78.33

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	KET

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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