This was a major Chordophone factory in Valencia, founded in 1909 and continuing on until 1974, (Telesforo snr. died in 1945 and his sons Telesforo jnr. and Juan took over). 

In 1933 this workshop took over the Salvador Ibáñez name in Spain, (Julve started out as an apprentice of his uncle who had previously been an apprentice of Salvador Ibáñez), and from that point onwards all Salvador Ibáñez branded Ukuleles were actually made here.

Another brand I know they produced was José Alvaréz. This was done at the behest of Rose Morris which is why the branding also included "Dulcet" which they obtained when they brought out Barnet Samuel. The sound hole label says the Ukuleles, (and Guitars), come from Barcelona but this like José Alvaréz himself is fictitious. One other thing to note about this brand though was and example was in George Formby's personal collection at the time of his death.

I have seen it suggested, and from the look of the examples I have seen, this was also the factory that produced José Martinéz and Juan Goméz of Barcelona, and Enrique Fernandez, Enrique González and Manuel Lopéz of Madrid Ukuleles, (Manuel Lopéz was definitely distributed by J.E.Dallas who probably owned that brand name). Another thing that makes me think these are all pseudonyms is the sound hole label using similar fonts and layouts, with no actual address just a city. 

There may well be other brandings used too: but I know some other factories like G Puglisi Reale & Figli in Italy also did this kind of branding down to adding a Spanish town in the label!