MIRA INFORM REPORT

Report Date :

20.12.2013

IDENTIFICATION DETAILS

Name :	FAURECIA EMISSIONS CONTROL TECHNOLOGIES PAMPLONA SL
Registered Office :	Crta. De Echauri, 13 - Orcoyen 31160, Navarra
Country :	Spain
Financials (as on) :	2011
Date of Incorporation :	26.03.2007
Legal Form :	Private Company
Line of Business :	Subject is engaged in the manufacturing and marketing of ancillary components for the automotive industry (exhaust pipes and mufflers).
No. of Employees :	300 (2013)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
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 – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Spain	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Spain ECONOMIC OVERVIEW

After almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.

Source : CIA

EXECUTIVE SUMMARY

Name:	FAURECIA EMISSIONS CONTROL TECHNOLOGIES PAMPLONA SL
NIF / Fiscal code:	B31920705
Status:	ACTIVE
Incorporation Date:	26/03/2007
Register Data	Register Section 8 Sheet 25923
Last Publication in BORME:	07/02/2013 [Increase of Capital]
Last Published Account Deposit:	2011
Share Capital:	2.006.550
Localization:	CRTA. DE ECHAURI, 13 - ORCOYEN - 31160 - NAVARRA
Telephone - Fax - Email - Website:	Ph.:. 948327500   Website. www.faurecia.com
Activity:
NACE:	2932 - Manufacture of other parts and accessories for motor vehicles
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	5 for a total cost of 1940000
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :

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

Partners:

FAURECIA SISTEMAS DE ESCAPE ESPAÑA SA	100 %
Shares:	0
Other Links:	26
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios

2011

2010

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources NO, Guarantees NO

INVESTIGATION SUMMARY

It was incorporated in Navarra in 2007. It is engaged in the manufacture and marketing of ancillary components for the automotive industry. Its turnover has been increased by 8% during 2011. However this increase in incomes has not been sufficient to prevent the significant increase in losses in the same period. It has a negative working capital, as a consequence of the high level of debt. It depends on external funding, as its own resources are not sufficient to cope with external funding, also its assets does not cover investments in fixed assets.

Enquiry details

Identification
Social Denomination:	FAURECIA EMISSIONS CONTROL TECHNOLOGIES PAMPLONA SL
NIF / Fiscal code:	B31920705
Corporate Status:	ACTIVE
Start of activity:	2007
Registered Office:	CRTA. DE ECHAURI, 13
Locality:	ORCOYEN
Province:	NAVARRA
Postal Code:	31160
Telephone:	948327500
Fax:	948325005
Website:	www.faurecia.com

Activity
NACE:	2932
CNAE Obtaining Source:	2932
Additional Information:	It is engaged in the manufacture and marketing of ancillary components for the automotive industry (exhaust pipes and mufflers). It belongs to the corporate group Faurecia.
Additional Address:	Ctra Echauri 13, 31160 Orcoyen (Navarra), registered office, administrative offices, factory, warehouse and other premises, believed to be owned by the subject. It has three production plants in Almussafes (Valencia) and Martorell (Barcelona).
Import / export:	EXPORTS
Future Perspective:	Product / service improvement
Industry situation:	Decline

Number of Employees

Year	No. of employees	Established	Incidentals
2013	300

Chronological Summary
	Year	Act
	2007	Appointments/ Re-elections (3) Change of Social Denomination (1) Change of Social address (1) Company Formation (1) Declaration of Sole Propietorship (1) Increase of Capital (1)
	2009	Accounts deposit (ejer. 2007, 2008) Appointments/ Re-elections (1)
	2010	Accounts deposit (ejer. 2009) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (4) Change of Social Denomination (1)
	2011	Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3)
	2012	Accounts deposit (ejer. 2010, 2011) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)
	2013	Increase of Capital (1)

Breakdown of Owners' Equity
Registered Capital:	2.006.550
Paid up capital:	2.006.550

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
29/03/2007	Company Formation	3.010	3.010	3.010	3.010
15/06/2007	Increase of Capital	1.953.490	1.953.490	1.956.500	1.956.500
28/01/2013	Increase of Capital	50.050	50.050	2.006.550	2.006.550

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	FAURECIA SISTEMAS DE ESCAPE ESPAÑA SA	11/04/2012	1
SINGLE ADMINISTRATOR	DRUMMOND BRENDAN EDWARD	16/06/2011	1
PROXY	COUCEIRO PINTOS AQUILINO	14/12/2012	1
	MARTINEZ CONTRERAS IGNACIO	14/12/2012	1
	REY FIGUEROA FRANCISCO	14/12/2012	1
	LARA MORA TOMAS	10/12/2011	1
	GOMEZ GOMEZ MANUEL	13/09/2011	1
	PADILLA PEREIRA JOSE	13/09/2011	1
	GIL CARBO FERNANDO	16/06/2011	1
	EGUIZABAL LASHERAS JOSE LUIS	16/06/2011	3
	TORIBIO CAMARA EMILIANO	16/06/2011	1
	MAZO GAUTIER JUAN PEDRO	16/06/2011	2
	ACEDO NABAL PABLO ANTONIO	16/06/2011	1
	LAFRAYA SORET CESAR	16/06/2011	4
	GARCIA DOMENECH MARTA	17/02/2011	1
	UMBERT MILLET INMACULADA	17/02/2011	1
	GARCIA RENEDO BEATRIZ	17/02/2011	1
	MARCO JIMENEZ JESUS	21/07/2010	1
ACCOUNTS' AUDITOR / HOLDER	ERNST & YOUNG SL	04/06/2010	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ADDINGTON ANTHONY JOHN	PROXY	21/07/2010	1
ARANGUREN IRAIZOZ JUAN MIGUEL	PROXY	21/07/2010	4
	PROXY	21/07/2010
	PROXY	16/06/2011
	PROXY	08/06/2012
BLEIDT MICHAEL	PROXY	21/07/2010	2
	PROXY	16/06/2011
DUQUE ALONSO FRANCISCO JAVIER	SINGLE ADMINISTRATOR	21/07/2010	1
EGUIZABAL LASHERAS JOSE	PROXY	16/06/2011	1
EGUIZABAL LASHERAS JOSE LUIS	PROXY	17/02/2011	3
	PROXY	16/06/2011
ET DUTCH HOLDINGS B V	SINGLE PARTNER	11/04/2012	1
ET DUTCH HOLDINGS BV	PROXY	17/02/2011	1
HERNANDEZ GUTIERREZ EDUARDO PABLO	PROXY	21/07/2010	1
LAFRAYA SORET CESAR	PROXY	21/07/2010	4
	PROXY	19/11/2010
	PROXY	16/06/2011
LELIEVRE BERNARD	SINGLE ADMINISTRATOR	16/06/2011	1
MAZO GAUTIER JUAN PEDRO	PROXY	16/06/2011	2
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	04/06/2010	1
WOOD MICHAEL	PROXY	17/02/2011	1

Executive board

Post	NIF	Name
ADMINISTRATOR		BRENDAN EDWARD DRUMMOND

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	---

Basis for rating

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Company's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. It has been found to have regular payment performance and has paid all of its debts in a timely manner. FAURECIA EMISSIONS CONTROL TECHNOLOGIES PAMPLONA SL's borrowing cost is appropriate according to its volume of external financing sources. Adequate long-term solvency. As the Real Assets of the company exceed its total debts, it offers, in principle, real property guarantee for settlement of its long-term obligations to third parties. During 2011 the company renewed its customer portfolio 12.19 times. This reflects an approximate average payment collection term of 90 días days. Average payment term to suppliers is shorter than average payment term from customers.This means that the company pays its suppliers earlier than it receives payment from its customers. This benefits suppliers and is risky for the company from a financial perspective, as it must finance costumer's payment term by using its own capital.

Productivity decrease. The Company's salaried staff productivity has decreased with respect to the previous fiscal year. This productivity decrease is reflected in a decrease in its generated income, a fact that might hinder the Company's financial situation. In fiscal year 2011 , total debts incurred with credit institutions and trade creditors has increased with respect to the previous fiscal year. The greater the level of indebtedness, the greater the Company's reliance on capital suppliers and the more complicated its financial standing. FAURECIA EMISSIONS CONTROL TECHNOLOGIES PAMPLONA SL 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient. It has no operating income return. The Company has no return on the investments necessary for its main activity with respect to its assets. It has no profits on its typical business activities in 2011 but it does in 2010 .

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  8.1 %

> Latest Rating Changes :

Sector in which comparison is carried out : 293 Manufacture of parts and accessories for motor vehicles
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 probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 8.06%.

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)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Procedimientos ante Juzgados de lo Social	No se han publicado

Link List

IS RELATED WITH:	26 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	FAURECIA SISTEMAS DE ESCAPE ESPAÑA SA	PONTEVEDRA	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	F.E.C.T. FINNENTROP, S.A.
	FAURECIA AUTOMOTIVE CZECH REPUBLIC
	FAURECIA ECT (SHANGHAI) CO, S.A.
	FAURECIA ECT GERMANY, S.A.
	FAURECIA ECT HUNGARY KFT
	FAURECIA ECT INDIA PVT, S.A.
	FAURECIA ECT ITALY, S.L.
	FAURECIA ECT LIMEIRA LTDA
	FAURECIA ECT NETHERLANDS BV
	FAURECIA ECT SA (CAPETOWN) PTY, S.A.
	FAURECIA ECT UK, S.A.
	FAURECIA EMISSIONS CONTROL TECHNOLOGY
	AFRICA FAURECIA EXHAUST SOUTH
	FAURECIA EXHAUST SYSTEMS SRO
	FAURECIA AUTOMOTIVE ESPAÑA SA	MADRID
	FAURECIA, S.A.
	FAURECIA SERVICES GROUPE
	FAURECIA SIEGES D' AUTOMOBILE, S.A.
	FAURECIA SIST ESC BRAGANCA PORTUGAL
	FAURECIA SYSTEMES D ECHAPPEMENTS
	FINANCIERE FAURECIA
	PCA ESPANA (PRODUCTION PEUGEOT CITROEN)
	PCA PEUGEOT CITROEN AUTOMOBILES
	FAURECIA SISTEMAS DE ESCAPE ESPAÑA SA	PONTEVEDRA
IS RELATED WITH	FAURECIA INTERIOR SYSTEMS SALC ESPAÑA SL	VALENCIA
	VALENCIA MODULOS DE PUERTA SL	VALENCIA

Turnover
Total Sales 2012	225.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2011	Normales	September  2012
2010	Normales	April  2012
2009	Normales	July  2010
2008	Normales	November  2009
2007	Normales	December  2008

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 31/12/2011

>  Balance en formato Normal de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2011 2010 2009 2008  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, axesor created such criteria using its own methodology. To view details on the methodology.

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 31/12/2011

>  Balance en formato Normal de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2011 2010 2009 2008  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Assets	2011	2010	2009	2008	2007
A) NON-CURRENT ASSETS: 11000	8.665.000,00	9.531.000,00	10.784.000,00	11.161.000,00	12.905.354,00
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. Other intangible fixed assets: 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	8.159.000,00	8.936.000,00	10.037.000,00	11.003.000,00	12.453.000,00
1. Land and buildings: 11210	1.745.000,00	1.906.000,00	2.065.000,00	0,00	2.344.000,00
2. Technical installations and other tangible fixed assets: 11220	5.158.000,00	6.174.000,00	6.515.000,00	11.003.000,00	10.066.000,00
3. Tangible asset in progress and advances: 11230	1.256.000,00	856.000,00	1.457.000,00	0,00	43.000,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	60.000,00	60.000,00	60.000,00	60.000,00	60.000,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	60.000,00	60.000,00	60.000,00	60.000,00	60.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	446.000,00	535.000,00	687.000,00	98.000,00	392.354,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	26.581.000,00	29.256.000,00	30.139.000,00	36.761.000,00	41.378.646,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	7.068.000,00	5.758.000,00	7.042.000,00	5.417.000,00	6.692.000,00
1. Commercial: 12210	0,00	0,00	242.000,00	5.417.000,00	275.935,00
2. Primary material and other supplies: 12220	3.972.000,00	4.055.000,00	4.301.000,00	0,00	3.526.000,00
3. Work in progress: 12230	379.000,00	367.000,00	454.000,00	0,00	3.000,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	379.000,00	367.000,00	454.000,00	0,00	3.000,00
4. Finished goods: 12240	2.716.000,00	1.336.000,00	2.045.000,00	0,00	2.887.065,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	2.716.000,00	1.336.000,00	2.045.000,00	0,00	2.887.065,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	1.000,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	18.869.000,00	22.513.000,00	19.017.000,00	19.559.000,00	29.522.646,00
1. Trade debtors / accounts receivable: 12310	12.193.000,00	13.058.000,00	16.415.000,00	16.664.000,00	22.288.000,00
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	12.193.000,00	13.058.000,00	16.415.000,00	16.664.000,00	22.288.000,00
2. Customers, Group companies and associates : 12320	6.259.000,00	9.121.000,00	2.615.000,00	2.439.000,00	5.327.000,00
3. Other accounts receivable: 12330	0,00	264.000,00	-191.000,00	0,00	82.000,00
4. Personnel: 12340	64.000,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	353.000,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	0,00	70.000,00	178.000,00	456.000,00	1.825.646,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	3.085.000,00	10.467.000,00	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	3.085.000,00	10.467.000,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	0,00	0,00	0,00	0,00	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	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	85.000,00	8.000,00	36.000,00	47.000,00	46.000,00
VII. Cash and other equivalent liquid assets : 12700	559.000,00	977.000,00	959.000,00	1.271.000,00	5.118.000,00
1. Treasury: 12710	559.000,00	977.000,00	959.000,00	1.271.000,00	5.118.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	35.246.000,00	38.787.000,00	40.923.000,00	47.922.000,00	54.284.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Liabilities and Net Worth	2011	2010	2009	2008	2007
A) NET WORTH: 20000	1.972.000,00	2.571.000,00	2.562.000,00	3.160.000,00	4.080.125,00
A-1) Shareholders' equity: 21000	1.666.000,00	2.216.000,00	2.224.000,00	3.021.000,00	3.827.000,00
I. Capital: 21100	1.957.000,00	1.957.000,00	1.957.000,00	1.957.000,00	1.957.000,00
1. Registered capital : 21110	1.957.000,00	1.957.000,00	1.957.000,00	1.957.000,00	1.957.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	266.000,00	266.000,00	266.000,00	266.000,00	266.000,00
III. Reserves: 21300	1.108.000,00	1.108.000,00	1.108.000,00	1.481.000,00	407.000,00
1. Legal and statutory: 21310	120.000,00	120.000,00	120.000,00	120.000,00	0,00
2. Other reserves: 21320	988.000,00	988.000,00	988.000,00	1.361.000,00	407.000,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	-1.115.000,00	-1.107.000,00	-310.000,00	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	-1.115.000,00	-1.107.000,00	-310.000,00	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	-550.000,00	-8.000,00	-797.000,00	-683.000,00	1.197.000,00
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	306.000,00	355.000,00	338.000,00	139.000,00	253.125,00
B) NON-CURRENT LIABILITIES: 31000	249.000,00	266.000,00	6.176.000,00	6.294.000,00	6.087.817,00
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	59.000,00	114.000,00	169.000,00	423.000,00	549.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	59.000,00	114.000,00	169.000,00	423.000,00	549.000,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	5.821.000,00	5.730.000,00	5.159.000,00
IV. Liabilities for deferred tax: 31400	190.000,00	152.000,00	186.000,00	141.000,00	379.817,00
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	33.025.000,00	35.950.000,00	32.185.000,00	38.468.000,00	44.116.058,00
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	283.000,00	262.000,00	236.000,00	306.000,00	825.000,00
III. Short-term creditors : 32300	59.000,00	55.000,00	549.000,00	141.000,00	156.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	4.000,00	0,00	0,00	141.000,00	0,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	55.000,00	55.000,00	549.000,00	0,00	156.000,00
IV. Short-term debts with Group companies and associates: 32400	2.589.000,00	7.450.000,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	29.526.000,00	28.183.000,00	31.400.000,00	38.021.000,00	43.135.058,00
1. Suppliers: 32510	23.684.000,00	20.475.000,00	23.385.000,00	29.685.000,00	33.490.820,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	23.684.000,00	20.475.000,00	23.385.000,00	29.685.000,00	33.490.820,00
2. Suppliers, Group companies and associates: 32520	3.531.000,00	5.146.000,00	5.988.000,00	7.625.000,00	7.669.000,00
3. Other creditors: 32530	0,00	0,00	0,00	95.000,00	107.180,00
4. Personnel (remuneration due): 32540	654.000,00	787.000,00	317.000,00	83.000,00	893.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Otras deudas con las Administraciones Públicas. : 32560	1.657.000,00	1.775.000,00	1.710.000,00	533.000,00	975.058,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	568.000,00	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	35.246.000,00	38.787.000,00	40.923.000,00	47.922.000,00	54.284.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Profit and Loss	2011	2010	2009	2008	2007
1. Net turnover: 40100	229.958.000,00	212.328.000,00	175.095.000,00	251.619.000,00	156.522.000,00
a) Sales: 40110	229.248.000,00	212.328.000,00	175.095.000,00	251.619.000,00	156.522.000,00
b) Rendering of services: 40120	710.000,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	1.392.000,00	-1.004.000,00	1.317.000,00	-1.709.000,00	2.870.000,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-193.549.000,00	-175.180.000,00	-145.538.000,00	-214.795.000,00	-137.350.000,00
a) Stock consumption: 40410	0,00	0,00	0,00	-214.996.000,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-193.922.000,00	-175.143.000,00	-145.359.000,00	0,00	-136.647.000,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	-703.000,00
d) Impairment of stock, primary material and other supplies: 40440	373.000,00	-37.000,00	-179.000,00	201.000,00	0,00
5. Other operating income: 40500	0,00	1.466.000,00	2.709.000,00	1.724.000,00	851.000,00
a) Auxiliary income and other from current management: 40510	0,00	1.466.000,00	2.709.000,00	1.724.000,00	851.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-18.103.000,00	-16.992.000,00	-14.626.000,00	-14.351.000,00	-9.102.000,00
a) Wages, salaries et al.: 40610	-14.016.000,00	-13.337.000,00	-11.536.000,00	-14.351.000,00	-7.221.000,00
b) Social security costs: 40620	-4.087.000,00	-3.655.000,00	-3.090.000,00	0,00	-1.881.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-18.511.000,00	-18.051.000,00	-18.882.000,00	-20.096.000,00	-10.174.000,00
a) External services: 40710	-18.218.000,00	-18.031.000,00	-18.873.000,00	-20.068.000,00	-8.993.000,00
b) Taxes: 40720	-87.000,00	-20.000,00	-9.000,00	-28.000,00	-34.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-132.000,00	0,00	0,00	0,00	0,00
d) Other current management expenditure : 40740	-74.000,00	0,00	0,00	0,00	-1.147.000,00
8. Amortisation of fixed assets: 40800	-1.663.000,00	-1.787.000,00	-1.855.000,00	-2.257.000,00	-1.600.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	70.000,00	229.000,00	257.000,00	134.000,00	116.000,00
10. Excess provisions : 41000	111.000,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	127.000,00	102.000,00	668.000,00	0,00	0,00
a) Impairment and losses : 41110	0,00	102.000,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	127.000,00	0,00	668.000,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	276.000,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	-168.000,00	1.111.000,00	-855.000,00	269.000,00	2.409.000,00
14. Financial income : 41400	0,00	39.000,00	24.000,00	37.000,00	6.000,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	0,00	39.000,00	24.000,00	37.000,00	6.000,00
b 1) From Group companies and associates : 41421	0,00	22.000,00	0,00	0,00	6.000,00
b 2) From third parties : 41422	0,00	17.000,00	24.000,00	37.000,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-617.000,00	-638.000,00	-598.000,00	-931.000,00	-813.000,00
a) Amounts owed to Group companies and associates : 41510	-163.000,00	-116.000,00	-245.000,00	0,00	-469.000,00
b) For debts with third parties : 41520	-454.000,00	-522.000,00	-353.000,00	-931.000,00	-344.000,00
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	0,00	-364.000,00	-4.000,00	-149.000,00	16.000,00
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	-617.000,00	-963.000,00	-578.000,00	-1.043.000,00	-791.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-785.000,00	148.000,00	-1.433.000,00	-774.000,00	1.618.000,00
20. Income taxes: 41900	235.000,00	-156.000,00	636.000,00	91.000,00	-421.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-550.000,00	-8.000,00	-797.000,00	-683.000,00	1.197.000,00
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	-550.000,00	-8.000,00	-797.000,00	-683.000,00	1.197.000,00

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

Information corresponding to the fiscal year 2011 2010 2009 2008  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.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
ASSETS	2011	2010	2009	2008	2007
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	8.219.000,00	8.996.000,00	10.097.000,00	11.063.000,00	12.513.000,00
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:	8.159.000,00	8.936.000,00	10.037.000,00	11.003.000,00	12.453.000,00
1. Land and construction:	1.745.000,00	1.906.000,00	2.065.000,00	0,00	2.344.000,00
2. Technical installations and machinery:	4.746.016,00	5.680.865,00	5.994.628,00	10.124.159,00	9.262.000,00
3. Other installations, tools and furniture:	1.025,00	1.227,00	1.294,00	2.186,00	2.000,00
4. Payments on account and tangible fixed assets under construction:	1.256.000,00	856.000,00	1.457.000,00	0,00	43.000,00
5. Other tangible assets:	410.959,00	491.908,00	519.077,00	876.655,00	802.000,00
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:	60.000,00	60.000,00	60.000,00	60.000,00	60.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	60.000,00	60.000,00	60.000,00	60.000,00	60.000,00
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:	27.027.000,00	29.791.000,00	30.826.000,00	36.859.000,00	41.771.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	7.068.000,00	5.758.000,00	7.042.000,00	5.417.000,00	6.692.000,00
1. Goods for resale:	0,00	0,00	242.000,00	5.417.000,00	296.000,00
2. Raw materials and other consumables:	3.972.000,00	4.055.000,00	4.301.000,00	0,00	3.526.000,00
3. Goods in process and semifinished ones:	379.000,00	367.000,00	454.000,00	0,00	3.000,00
4. Finished products:	2.716.000,00	1.336.000,00	2.045.000,00	0,00	3.097.000,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	1.000,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	-230.000,00
III. Debtors:	19.315.000,00	23.048.000,00	19.704.000,00	19.657.000,00	29.915.000,00
1. Trade debtors / accounts receivable:	12.193.000,00	13.058.000,00	16.415.000,00	16.664.000,00	22.288.000,00
2. Accounts receivable, Group companies:	6.259.000,00	9.121.000,00	2.615.000,00	2.439.000,00	5.327.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	264.000,00	-191.000,00	0,00	82.000,00
5. Staff:	64.000,00	0,00	0,00	0,00	0,00
6. Public bodies:	799.000,00	605.000,00	865.000,00	554.000,00	2.218.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	0,00	3.085.000,00	10.467.000,00	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	3.085.000,00	10.467.000,00	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	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	559.000,00	977.000,00	959.000,00	1.271.000,00	5.118.000,00
VII. Prepayments and accrued income:	85.000,00	8.000,00	36.000,00	47.000,00	46.000,00
GENERAL TOTAL (A + B + C + D):	35.246.000,00	38.787.000,00	40.923.000,00	47.922.000,00	54.284.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
LIABILITIES	2011	2010	2009	2008	2007
A) EQUITY:	1.757.800,00	2.322.500,00	2.325.400,00	3.062.700,00	3.420.000,00
I. Subscribed capital:	1.957.000,00	1.957.000,00	1.957.000,00	1.957.000,00	1.957.000,00
II. Share premium:	266.000,00	266.000,00	266.000,00	266.000,00	266.000,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	1.199.800,00	1.214.500,00	1.209.400,00	1.522.700,00	0,00
1. Legal reserve:	120.000,00	120.000,00	120.000,00	120.000,00	0,00
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:	1.079.800,00	1.094.500,00	1.089.400,00	1.402.700,00	0,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-1.115.000,00	-1.107.000,00	-310.000,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-1.115.000,00	-1.107.000,00	-310.000,00	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:	-550.000,00	-8.000,00	-797.000,00	-683.000,00	1.197.000,00
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:	214.200,00	248.500,00	236.600,00	97.300,00	782.000,00
1. Capital grants:	214.200,00	248.500,00	236.600,00	97.300,00	375.000,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	407.000,00
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:	249.000,00	266.000,00	6.176.000,00	6.294.000,00	5.708.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	5.821.000,00	5.730.000,00	5.159.000,00
1. Amounts owed to group companies:	0,00	0,00	5.821.000,00	5.730.000,00	5.159.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	249.000,00	266.000,00	355.000,00	564.000,00	549.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	59.000,00	114.000,00	169.000,00	423.000,00	549.000,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	190.000,00	152.000,00	186.000,00	141.000,00	0,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	33.025.000,00	35.950.000,00	32.185.000,00	38.468.000,00	44.374.000,00
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:	4.000,00	0,00	0,00	141.000,00	0,00
1. Loans and other liabilities:	4.000,00	0,00	0,00	141.000,00	0,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	6.120.000,00	12.596.000,00	5.988.000,00	7.625.000,00	7.669.000,00
1. Amounts owed to group companies:	6.120.000,00	12.596.000,00	5.988.000,00	7.625.000,00	7.669.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	23.684.000,00	20.475.000,00	23.385.000,00	29.780.000,00	33.598.000,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	23.684.000,00	20.475.000,00	23.385.000,00	29.780.000,00	33.598.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	2.366.000,00	2.617.000,00	2.576.000,00	616.000,00	2.282.000,00
1. Public bodies:	1.657.000,00	1.775.000,00	1.710.000,00	533.000,00	1.233.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	55.000,00	55.000,00	549.000,00	0,00	156.000,00
4. Wages and salaries payable:	654.000,00	787.000,00	317.000,00	83.000,00	893.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	283.000,00	262.000,00	236.000,00	306.000,00	825.000,00
VII. Prepayments and accrued income:	568.000,00	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):	35.246.000,00	38.787.000,00	40.923.000,00	47.922.000,00	54.284.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
DEBIT	2011	2010	2009	2008	2007
A) CHARGES (A.1 to A.15):	232.208.000,00	214.070.000,00	180.867.000,00	254.197.000,00	159.702.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	1.004.000,00	0,00	1.709.000,00	0,00
A.2. Supplies:	193.922.000,00	175.143.000,00	145.359.000,00	214.996.000,00	137.350.000,00
a) Stock consumption:	0,00	0,00	0,00	214.996.000,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	193.922.000,00	175.143.000,00	145.359.000,00	0,00	136.647.000,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	703.000,00
A.3. Staff costs:	18.103.000,00	16.992.000,00	14.626.000,00	14.351.000,00	9.102.000,00
a) Wages, salaries et al.:	14.016.000,00	13.337.000,00	11.536.000,00	14.351.000,00	7.221.000,00
b) Social security costs:	4.087.000,00	3.655.000,00	3.090.000,00	0,00	1.881.000,00
A.4. Depreciation expense:	1.663.000,00	1.787.000,00	1.855.000,00	2.257.000,00	1.600.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-241.000,00	37.000,00	179.000,00	-201.000,00	230.000,00
a) Stock provision variation:	-373.000,00	37.000,00	179.000,00	-201.000,00	230.000,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	132.000,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	18.379.000,00	18.051.000,00	18.882.000,00	20.096.000,00	10.174.000,00
a) External services:	18.218.000,00	18.031.000,00	18.873.000,00	20.068.000,00	8.993.000,00
b) Taxes:	87.000,00	20.000,00	9.000,00	28.000,00	34.000,00
c) Other operating expenses:	74.000,00	0,00	0,00	0,00	1.147.000,00
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):	0,00	780.000,00	0,00	135.000,00	2.017.000,00
A.7. Financial and similar charges:	617.000,00	638.000,00	598.000,00	931.000,00	813.000,00
a) Due to liabilities with companies of the group:	163.000,00	116.000,00	245.000,00	0,00	469.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	454.000,00	522.000,00	353.000,00	931.000,00	344.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	364.000,00	4.000,00	149.000,00	1.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	0,00	0,00	0,00	0,00	1.226.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	-102.000,00	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	11.000,00
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):	197.000,00	331.000,00	925.000,00	134.000,00	392.000,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	148.000,00	0,00	0,00	1.618.000,00
A.15. Corporation tax:	-235.000,00	156.000,00	-636.000,00	-91.000,00	421.000,00
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):	0,00	0,00	0,00	0,00	1.197.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
CREDIT	2011	2010	2009	2008	2007
B) INCOME ( B.1 to B.13):	231.658.000,00	214.062.000,00	180.070.000,00	253.514.000,00	160.899.000,00
B.1. Net total sales:	229.958.000,00	212.328.000,00	175.095.000,00	251.619.000,00	156.522.000,00
a) Sales:	229.248.000,00	212.328.000,00	175.095.000,00	251.619.000,00	156.522.000,00
b) Rendering of services:	710.000,00	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:	1.392.000,00	0,00	1.317.000,00	0,00	3.100.000,00
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:	111.000,00	1.466.000,00	2.709.000,00	1.724.000,00	851.000,00
a) Auxiliary income and other from current management:	0,00	1.466.000,00	2.709.000,00	1.724.000,00	851.000,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	111.000,00	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):	365.000,00	0,00	1.780.000,00	0,00	0,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	0,00	39.000,00	24.000,00	37.000,00	6.000,00
a) From companies of the group:	0,00	22.000,00	0,00	0,00	6.000,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	0,00	17.000,00	24.000,00	37.000,00	0,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	0,00	0,00	17.000,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	617.000,00	963.000,00	578.000,00	1.043.000,00	791.000,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	982.000,00	183.000,00	2.358.000,00	908.000,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	127.000,00	0,00	668.000,00	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:	70.000,00	229.000,00	257.000,00	134.000,00	116.000,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	287.000,00
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):	785.000,00	0,00	1.433.000,00	774.000,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	550.000,00	8.000,00	797.000,00	683.000,00	0,00

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.

	2011	2010	2009	2008	2007
1. Fiscal year result before taxes.: 61100	-785.000,00	148.000,00	-1.433.000,00	-774.000,00	1.618.000,00
2. Results adjustments.: 61200	1.821.000,00	2.456.000,00	1.568.000,00	3.354.000,00	3.446.000,00
a) Fixed Assets Amortization (+).: 61201	1.663.000,00	1.787.000,00	1.855.000,00	2.257.000,00	1.600.000,00
b) Obsolescence Allowances (+/-). : 61202	-373.000,00	37.000,00	60.000,00	-201.000,00	0,00
c) Variation in Provision (+/-). : 61203	111.000,00	0,00	0,00	0,00	1.055.000,00
d) Allocation of grants (-).: 61204	-70.000,00	-229.000,00	-257.000,00	-124.000,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	-127.000,00	-102.000,00	0,00	0,00	0,00
g) Financial income (-).: 61207	0,00	-39.000,00	-24.000,00	-37.000,00	-23.000,00
h) Financial Expenses (+). : 61208	617.000,00	638.000,00	598.000,00	931.000,00	814.000,00
i) Exchange differences (+/-). : 61209	0,00	364.000,00	4.000,00	149.000,00	0,00
k) Other income and expense (-/+). : 61211	0,00	0,00	-668.000,00	379.000,00	0,00
3. Changes in current capital equity.: 61300	4.306.000,00	-5.641.000,00	-7.486.000,00	6.402.000,00	-1.017.000,00
a) Stock (+/-).: 61301	-400.000,00	1.253.000,00	-1.625.000,00	1.476.000,00	-6.922.000,00
d) Debtors and other accounts receivable (+/-). : 61302	3.420.000,00	-3.496.000,00	447.000,00	10.451.000,00	-29.915.000,00
c) Other current assets (+/-). : 61303	-77.000,00	28.000,00	11.000,00	0,00	-46.000,00
d) Creditors and other accounts payable (+/-). : 61304	1.342.000,00	-3.452.000,00	-6.494.000,00	-5.006.000,00	35.459.000,00
e) Other current liabilities (+/-).: 61305	21.000,00	26.000,00	338.000,00	-519.000,00	0,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	-163.000,00	0,00	407.000,00
4. Other cash flows for operating activities.: 61400	0,00	39.000,00	-578.000,00	-1.414.000,00	-791.000,00
a) Interest payments (-). : 61401	0,00	0,00	-598.000,00	-931.000,00	-814.000,00
b) Dividend payment collection (+). : 61402	0,00	39.000,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	0,00	0,00	24.000,00	37.000,00	23.000,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	0,00	0,00	-371.000,00	0,00
e) Other payments (payment collection) (-/+) : 61405	0,00	0,00	-4.000,00	-149.000,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	5.342.000,00	-2.998.000,00	-7.929.000,00	7.568.000,00	3.256.000,00
6. Payments for investment (-).: 62100	-6.031.000,00	-7.315.000,00	-1.227.000,00	-807.000,00	-12.513.000,00
a) Companies of the group and affiliates. : 62101	-4.878.000,00	-6.459.000,00	0,00	0,00	0,00
c) Fixed assets. : 62103	-1.153.000,00	-856.000,00	-1.227.000,00	-807.000,00	-12.453.000,00
e) Other financial assets. : 62105	0,00	0,00	0,00	0,00	-60.000,00
7. Divestment payment collection (+). : 62200	268.000,00	10.443.000,00	1.006.000,00	0,00	0,00
a) Companies of the group and affiliates. : 62201	0,00	10.171.000,00	0,00	0,00	0,00
c) Fixed assets. : 62203	268.000,00	272.000,00	1.006.000,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-5.763.000,00	3.128.000,00	-221.000,00	-807.000,00	-14.113.000,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	456.000,00	0,00	2.598.000,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	2.205.700,00	2.223.000,00
e) Grants, donations and bequests received (+). : 63105	0,00	0,00	456.000,00	0,00	375.000,00
10. Payment collection and payments for financial liabilities instruments.: 63200	4.000,00	-112.000,00	7.382.000,00	-10.608.000,00	13.377.000,00
a) Issuance : 63201	4.000,00	0,00	7.382.000,00	0,00	13.377.000,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	7.382.000,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	0,00	0,00	12.828.000,00
5. Other debts (+). : 63206	4.000,00	0,00	0,00	0,00	549.000,00
b) Repayment and amortization of : 63207	0,00	-112.000,00	0,00	-10.608.000,00	0,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	0,00	-141.000,00	0,00
5. Other debts (-). : 63212	0,00	-112.000,00	0,00	-10.467.000,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	4.000,00	-112.000,00	7.838.000,00	-10.608.000,00	15.975.000,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 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	-417.000,00	18.000,00	-312.000,00	-3.847.000,00	5.118.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	977.000,00	959.000,00	1.271.000,00	5.118.000,00	0,00
Cash or equivalent assets as of end of the fiscal year.: 65200	559.000,00	977.000,00	959.000,00	1.271.000,00	5.118.000,00

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	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,00 %	0,00 %	0,00 %	0,00 %
EBITDA over Sales:	0,52 %	10,07 %	1,21 %	10,85 %	-57,30 %	-7,17 %
Cash Flow Yield:	-0,01 %	0,00 %	0,00 %	0,00 %

Profitability	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-0,48 %	6,99 %	2,87 %	7,88 %	-116,64 %	-11,31 %
Total economic profitability:	-0,48 %	4,21 %	2,03 %	4,47 %	-123,52 %	-5,98 %
Financial profitability:	-33,01 %	5,92 %	-0,36 %	6,73 %	-9.044,65 %	-12,08 %
Margin:	-0,07 %	6,35 %	0,52 %	7,33 %	-114,06 %	-13,42 %
Mark-up:	-0,34 %	4,75 %	0,07 %	5,91 %	-593,12 %	-19,68 %

Solvency	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,02	0,11	0,03	0,11	-37,64	-3,71
Acid Test:	0,59	0,83	0,66	0,85	-9,85	-2,85
Working Capital / Investment:	-0,18	0,03	-0,17	0,04	-5,94	-34,26
Solvency:	0,83	1,16	0,83	1,19	-1,12	-2,27

Indebtedness	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	16,73	1,61	13,98	1,61	19,63	0,03
Borrowing Composition:	0,01	1,02	0,01	1,01	2,04	1,58
Repayment Ability:	-78,93	520,55	1.997,44	-85.084,41	-103,95	100,61
Warranty:	1,07	1,63	1,08	1,63	-0,97	-0,11
Generated resources / Total creditors:	0,02	0,07	0,05	0,08	-55,59	-5,87

Efficiency	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,07	1,73	1,15	1,78	-7,43	-3,10
Turnover of Collection Rights :	12,19	4,49	9,50	4,25	28,33	5,59
Turnover of Payment Entitlements:	7,23	3,26	6,82	2,95	5,99	10,59
Stock rotation:	32,60	6,15	36,99	5,59	-11,87	9,90
Assets turnover:	6,54	1,10	5,52	1,07	18,39	2,44
Borrowing Cost:	1,87	2,92	1,77	2,63	5,39	11,31

> Trend of indicators under the General Accounting Plan of 2007 (2011, 2010, 2009, 2008, 2007)

Cash Flow	2011	2010	2009	2008	2007
Cash Flow over Sales:	0,00 %	0,00 %	-0,18 %	-1,53 %
EBITDA over Sales:	0,52 %	1,21 %	0,04 %	0,95 %	2,46 %
Cash Flow Yield:	-0,01 %	0,00 %	-0,76 %	-8,03 %

Profitability	2011	2010	2009	2008	2007
Operating economic profitability:	-0,48 %	2,87 %	-2,26 %	0,72 %	3,72 %
Total economic profitability:	-0,48 %	2,03 %	-2,04 %	0,33 %	4,48 %
Financial profitability:	-33,01 %	-0,36 %	-35,84 %	-22,61 %	35,00 %
Margin:	-0,07 %	0,52 %	-0,48 %	0,11 %	1,26 %
Mark-up:	-0,34 %	0,07 %	-0,33 %	-0,41 %	0,76 %

Solvency	2011	2010	2009	2008	2007
Liquidity:	0,02	0,03	0,03	0,03	0,12
Acid Test:	0,59	0,66	0,72	0,82	0,79
Working Capital / Investment:	-0,18	-0,17	-0,03	-0,03	-0,05
Solvency:	0,83	0,83	0,96	0,97	0,94

Indebtedness	2011	2010	2009	2008	2007
Indebtedness level:	16,73	13,98	14,88	14,07	11,92
Borrowing Composition:	0,01	0,01	0,19	0,16	0,13
Repayment Ability:	-78,93	1.997,44	5,52	-5,69
Warranty:	1,07	1,08	1,07	1,08	1,08
Generated resources / Total creditors:	0,02	0,05	0,03	0,03	0,06

Efficiency	2011	2010	2009	2008	2007
Productivity:	1,07	1,15	1,01	1,17	1,42
Turnover of Collection Rights :	12,19	9,50	9,35	12,95	5,36
Turnover of Payment Entitlements:	7,23	6,82	5,28	6,13	4,39
Stock rotation:	32,60	36,99	25,50	46,74	23,64
Assets turnover:	6,54	5,52	4,71	6,77	2,96
Borrowing Cost:	1,87	1,77	1,57	2,09	1,62

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

Finanzas.com	12/10/2013
Plantilla de Faurecia aprueba la oferta de empresa sin readmisiones
Companies related
Noticias de Navarra	27/09/2013
La plantilla podrá votar hoy el preacuerdo firmado con la dirección
Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	MINISTERIO DE INDUSTRIA TURISMO Y COMERCIO
Subsidy Concept	Subvenciòn de capital
Status	CONCEDIDA
Amount Granted	1.029.000,00
Notes	Dado que al 31 de diciembre de 2011 no se habían cumplido todos los requisitos necesarios, un total de 185 miles de euros permanecen en el pasivo del balance hasta que adquieran la condición de no reintegrables.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvenciòn de capital.
Status	CONCEDIDA
Amount Granted	306.000,00
Notes	El importe reflejado corresponde al saldo al cierre del ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvenciòn de capital.
Status	CONCEDIDA
Amount Granted	355.000,00
Notes	El importe es referente al saldo al cierre del ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	134.000,00
Notes	El importe es la imputación a resultados, siendo el saldo final 199.000 euros. La mayor parte de la subvención fue concedida por el Gobierno de Navarra a Arvin Meritor Emissions Technologies S.A

Entity	GOBIERNO DE NAVARRA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	116.000,00
Notes	El impote reflejado es el imputado a resultados quedando pendiente al cierre 375.000 euros.

Research Summary

It was incorporated in Navarra in 2007. It is engaged in the manufacture and marketing of ancillary components for the automotive industry. Its turnover has been increased by 8% during 2011. However this increase in incomes has not been sufficient to prevent the significant increase in losses in the same period. It has a negative working capital, as a consequence of the high level of debt. It depends on external funding, as its own resources are not sufficient to cope with external funding, also its assets does not cover investments in fixed assets.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.38
UK Pound	1	Rs.102.15
Euro	1	Rs.85.29

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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