MIRA INFORM REPORT

Report Date :

21.12.2013

IDENTIFICATION DETAILS

Name :	IBERINOX 88 SOCIEDAD ANONIMA
Registered Office :	C/ Araztoi 2 - Poligono Industrial Lapatza Basauri
Country :	Spain
Financials (as on) :	31.12.2010
Date of Incorporation :	01.12.1988
Legal Form :	Public company
Line of Business :	Wholesale of waste and scrap
No. of Employees :	24

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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:	IBERINOX 88 SOCIEDAD ANONIMA
NIF / Fiscal code:	A48284962
Status:	ACTIVE
Incorporation Date:	01/12/1988
Register Data	Register Section 8 Sheet 440
Last Publication in BORME:	13/08/2012 [Revocations]
Last Published Account Deposit:	2010
Share Capital:	601.012,10
Localization:	C/ ARAZTOI 2 - POLIGONO INDUSTRIAL LAPATZA - BASAURI - 48970 - VIZCAYA
Telephone - Fax - Email - Website:	Ph.:. 944058414   Email. iberinox88@iberinox88.com   Website. www.iberinox88.com
Activity:
NACE:	4677 - Wholesale of waste and scrap
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	0 for a total cost of 0
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)		2	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners

PIGASOL SOCIEDAD LIMITADA	85 %
Shares:	2
Other Links:	3
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios

2010

2009

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources NO, Guarantees YES
INVESTIGATION SUMMARY
The subject founded in 1988 and it is engaged in wholesale of stainless steel scrap mainly. It has 24 employees. According to the above, we consider that the subject can stay involved in normal credit operations.

Enquiry Details

Identification

Social Denomination:	IBERINOX 88 SOCIEDAD ANONIMA
NIF / Fiscal code:	A48284962
Corporate Status:	ACTIVE
Start of activity:	1988
Registered Office:	C/ ARAZTOI 2 - POLIGONO INDUSTRIAL LAPATZA
Locality:	BASAURI
Province:	VIZCAYA
Postal Code:	48970
Telephone:	944058414
Fax:	944058417
Website:	www.iberinox88.com
Email:	iberinox88@iberinox88.com
Interviewed Person:	Administración

Branch Offices

Activity

NACE:	4677
CNAE Obtaining Source:	4677
Additional Information:	Wholesale of stainless steel scrap mainly.
Additional Address:	Registered office, office and other premises.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees
2013	24

Chronological Summary

Year	Act
1990	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1991	Adaptation to Law (1) Appointments/ Re-elections (3) Increase of Capital (1) Other Concepts/ Events (1)
1993	Capital Reduction (1)
1995	Change of Social Purpose (1)
1996	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
1998	Accounts deposit (ejer. 1994, 1995, 1996, 1997)
1999	Accounts deposit (ejer. 1998) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
2000	Accounts deposit (ejer. 1999) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2001	Accounts deposit (ejer. 2000)
2002	Appointments/ Re-elections (1)
2003	Accounts deposit (ejer. 2001, 2002) Appointments/ Re-elections (2)
2004	Accounts deposit (ejer. 2003)
2006	Appointments/ Re-elections (1) Change of Social address (1)
2008	Accounts deposit (ejer. 2004, 2005, 2006) Appointments/ Re-elections (6)
2009	Accounts deposit (ejer. 2007, 2008) Appointments/ Re-elections (1)
2010	Accounts deposit (ejer. 2009) Appointments/ Re-elections (2)
2011	Appointments/ Re-elections (1)
2012	Accounts deposit (ejer. 2010) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1)

Main Historic Changes

Concept	Publication	Act	Date
Corporate Purpose Changes:	OBTENCION Y COMERCIALIZACION DE METALES, CHATARRA, MATERIALES DE CROMO Y PRODUCTOS PARA LA INDUSTRIA; TRANSPORTE NACIONAL E INTERNACIONAL DE MERCANCIAS.	Corporate Purpose Change	27/07/1995

Breakdown of Owners' Equity
Registered Capital:	601.012,10
Paid up capital:	601.012,10

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
21/01/1991	Increase of Capital	601.012	601.012	781.316	781.316
16/12/1993	Capital Reduction	-180.304	-180.304	601.012	601.012

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE ADMINISTRATOR	PIGASOL SOCIEDAD LIMITADA	18/11/2010	3
PROXY	PIEDRA GARCIA LAURA	23/07/2008	1
	IBARGUCHI MARIN ANGEL	28/05/1991	4
ACCOUNTS' AUDITOR / HOLDER	AUDINOR ASESORES SOCIEDAD LIMITADA	05/10/2011	11

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AUDINOR ASESORES SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	05/03/2003	11
	ACCOUNTS' AUDITOR / HOLDER	05/03/2003
	ACCOUNTS' AUDITOR / HOLDER	06/03/2008
	ACCOUNTS' AUDITOR / HOLDER	06/03/2008
	ACCOUNTS' AUDITOR / HOLDER	06/03/2008
	ACCOUNTS' AUDITOR / HOLDER	06/03/2008
	ACCOUNTS' AUDITOR / HOLDER	30/09/2008
	ACCOUNTS' AUDITOR / HOLDER	11/09/2009
	ACCOUNTS' AUDITOR / HOLDER	26/07/2010
	ACCOUNTS' AUDITOR / HOLDER	05/10/2011
HENNEQUIN DOMINIQUE	MEMBER	08/11/1990	1
IBARGUCHI MARIN ANGEL	MEMBER OF THE BOARD	05/09/1996	4
	MEMBER OF THE BOARD	09/11/1999
	SECRETARY	09/11/1999
IBARGUCHI MARTIN ANGEL	MEMBER OF THE BOARD	05/09/1996	1
LANDA BERNAOLA RICARDO	MEMBER OF THE BOARD	05/09/1996	2
	PRESIDENT	05/09/1996
LESSMANN ULRICH	MEMBER	08/11/1990	1
PEIDRA SOLFECILLA JUAN	SECRETARY	05/09/1996	1
PIEDRA SOLDEVILLA JUAN	SINGLE ADMINISTRATOR	25/02/2000	5
	MEMBER OF THE BOARD	05/09/1996
	MEMBER OF THE BOARD	09/11/1999
	SECRETARY	08/11/1990
	PRESIDENT	09/11/1999
PIEDRA SOLDEVILLA JULIO	MEMBER OF THE BOARD	09/11/1999	1
PIEDRA SOLVEVILLA JULIO	VICE SECRETARY	05/09/1996	1
PIGASOL SOCIEDAD LIMITADA	SINGLE ADMINISTRATOR	09/01/2006	3
	SINGLE ADMINISTRATOR	18/11/2010
RIUMBAU CALAF JOSE MARIA	PROXY	26/07/2012	2
	MEMBER OF THE BOARD	09/11/1999
SAN MARTI HERRERO RAFAEL	MEMBER OF THE BOARD	05/09/1996	1
SAN MARTIN HERRERO RAFAEL	PROXY	05/09/1996	1
TEROERDE FRITZ	PRESIDENT	08/11/1990	1

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		ANGEL IBARGUCHI MARÍN
MANAGING DIRECTOR		LAURA PIEDRA GARCIA
ADMINISTRATOR	B95030839	PIGASOL S.A.

Defaults, Legal Claims and Insolvency Proceedings

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		2	---	26/01/2011	13/05/2011
Notices of defaults and enforcement		1	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

Positive Factors

Adverse Factors

It has been found to have regular payment performance and has paid all of its debts in a timely manner. Productivity increase. The Company's salaried staff productivity has increased with respect to the previous fiscal year. This productivity improvement is reflected in an increase in its generated income, which favours the Company's financial situation. Positive Working Capital. The Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved. Significant operating income return. The Company has return on the investments necessary for its main activity with respect to its assets. This yield is higher than that of fiscal year 2009 which means that the company's financial standing has improved. 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.

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 IBERINOX 88 SOCIEDAD ANONIMA 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 0.94%.

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.

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	2 Legal Claims for a total cost of 106,21 E
	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

 BY THE SOCIAL SECURITY DE BILBAO (VIZCAYA) - Date 13/05/2011

Last Published Stage:	REQU. NOTIFICATION OF GOODS
Record Number:	11021100091974
Amount of the incidence:	0,00 E
Requested by:	SEGURIDAD SOCIAL
Published domicile:	BO POZUETA 6; LEMOA C.P.:48330 (VIZCAYA)

 BY THE SOCIAL SECURITY DE CADIZ - Date 26/01/2011

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	112010024154380
Amount of the incidence:	106,21 E
Requested by:	SEGURIDAD SOCIAL
Published domicile:	BO POZUETA 6; LEMOA C.P.:48330 (VIZCAYA)

BELONGS TO THE ADMINISTRATION BOARD OF:	1 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	1 Entities
PARTICIPATES IN:	2 Entities
SHAREHOLDERS:	1 Entities

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	PIGASOL SOCIEDAD LIMITADA	VIZCAYA	85
PARTICIPATES IN	ALEACIONES E INOXIDABLES ACEREC SA	NAVARRA	99.97
	AFRODITA AUDIOVISUAL AIE	BARCELONA

Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	IBERINOX 88 TRADE SL	BARCELONA
HAS IN ITS ADMINISTRATION BOARD TO	PIGASOL SOCIEDAD LIMITADA	VIZCAYA
BELONGS TO THE ADMINISTRATION BOARD OF	ALEACIONES E INOXIDABLES ACEREC SA	NAVARRA

Turnover
Total Sales 2012	75.000.000

Estimated Balance

2012 Non curret asset 12.000.000 Current asset 55.000.000 Net worth 42.000.000 Non current liability 21.000.000 Current liability 4.000.000 Total asset and liability 67.000.000

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2010	Normales	February  2012
2009	Normales	October  2010
2008	Normales	October  2009
2007	Normales	November  2008
2006	Normales	March  2008
2005	Normales	March  2008
2004	Normales	March  2008
2003	Normales	July  2004
2002	Normales	July  2003
2001	Normales	March  2003
2000	Normales	July  2001
1999	Normales	July  2000
1998	Normales	July  1999
1997	Normales	July  1998
1996	Normales	June  1998
1995	Normales	June  1998
1994	Normales	June  1998

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 31/12/2010

Information corresponding to the fiscal year 2010 2009 2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 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.

	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA	EQUIVALENCIA
Assets	2010	2009	2008	2007	2006
A) NON-CURRENT ASSETS: 11000	14.094.885,00	20.753.976,00	14.794.659,00	4.648.334,00	4.949.563,00
I. Intangible fixed assets : 11100	415,00	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	415,00	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	3.790.972,00	3.879.428,00	4.082.488,00	4.302.743,00	4.555.346,00
1. Land and buildings: 11210	2.646.857,00	2.646.857,00	2.646.857,00	1.396.620,00	1.262.991,00
2. Technical installations and other tangible fixed assets: 11220	1.055.139,00	1.232.571,00	1.349.910,00	2.820.402,00	3.204.086,00
3. Tangible asset in progress and advances: 11230	88.976,00	0,00	85.720,00	85.720,00	88.269,00
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	5.117.335,00	5.405.547,00	0,00	0,00	0,00
1. Equity instruments: 11410	5.117.335,00	5.405.547,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	5.161.094,00	11.450.027,00	10.693.197,00	302.000,00	360.000,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	408.123,00	378.695,00	390.167,00	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	4.752.971,00	11.071.332,00	10.303.030,00	302.000,00	360.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	25.069,00	18.974,00	18.974,00	43.592,00	34.217,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	58.575.030,00	61.044.404,00	61.657.350,00	101.536.958,00	106.973.505,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	4.067.776,00	2.886.824,00	2.457.352,00	23.130.143,00	20.489.681,00
1. Commercial: 12210	4.067.776,00	2.746.824,00	2.457.352,00	23.130.143,00	20.489.681,00
2. Primary material and other supplies: 12220	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	0,00	140.000,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	41.247.993,00	44.576.278,00	34.312.884,00	71.824.052,00	84.847.708,00
1. Trade debtors / accounts receivable: 12310	37.810.795,00	34.700.974,00	26.773.517,00	57.484.747,00	71.483.354,00
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	37.810.795,00	34.700.974,00	26.773.517,00	57.484.747,00	71.483.354,00
2. Customers, Group companies and associates : 12320	0,00	0,00	0,00	0,00	0,00
3. Other accounts receivable: 12330	1.433.714,00	7.384.484,00	5.072.174,00	8.163.996,00	8.461.157,00
4. Personnel: 12340	61.444,00	65.027,00	64.883,00	656.203,00	571.027,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	1.942.040,00	2.425.792,00	2.402.310,00	5.519.106,00	4.332.170,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	8.429.754,00	7.177.302,00	11.728.995,00	1.537.105,00	1.039.319,00
1. Equity instruments: 12510	1.876.296,00	4.177.182,00	5.728.954,00	1.536.984,00	1.039.199,00
2. Credits to businesses: 12520	1.500.321,00	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	81.107,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	3.312.554,00	3.000.120,00	6.000.040,00	120,00	120,00
6. Other investments: 12560	1.659.476,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	63.540,00	114.372,00	0,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	4.765.968,00	6.289.627,00	13.158.120,00	5.045.658,00	596.796,00
1. Treasury: 12710	4.765.968,00	6.289.627,00	13.158.120,00	5.045.658,00	596.796,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	72.669.916,00	81.798.380,00	76.452.009,00	106.185.293,00	111.923.067,00

	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA	EQUIVALENCIA
Liabilities and Net Worth	2010	2009	2008	2007	2006
A) NET WORTH: 20000	45.490.810,00	59.776.839,00	58.405.617,00	55.595.510,00	38.613.690,00
A-1) Shareholders' equity: 21000	45.235.712,00	59.127.643,00	58.405.159,00	55.595.510,00	38.613.690,00
I. Capital: 21100	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
1. Registered capital : 21110	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
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	40.526.643,00	57.804.159,00	55.050.821,00	30.012.690,00	13.986.879,00
1. Legal and statutory: 21310	120.202,00	120.202,00	120.202,00	120.202,00	120.202,00
2. Other reserves: 21320	40.406.441,00	57.683.957,00	54.930.619,00	29.892.488,00	13.866.677,00
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	4.108.068,00	722.484,00	2.753.338,00	24.981.820,00	24.025.811,00
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	255.098,00	649.195,00	458,00	0,00	0,00
I. Financial assets held for sale: 22100	255.098,00	649.195,00	458,00	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	21.183.484,00	15.627.168,00	15.180.752,00	18.835.052,00	20.083.350,00
I. Long-term provisions: 31100	19.308.774,00	13.571.985,00	13.571.985,00	17.505.704,00	18.385.948,00
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	19.308.774,00	13.571.985,00	13.571.985,00	17.505.704,00	18.385.948,00
II Long-term creditors: 31200	1.696.699,00	1.765.832,00	1.589.615,00	1.219.318,00	1.552.822,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	208.728,00	497.723,00	780.696,00	1.207.406,00	1.440.444,00
3. Creditors from financial leasing: 31230	1.487.971,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	1.268.109,00	808.919,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	11.912,00	112.378,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	178.011,00	289.351,00	19.152,00	110.030,00	144.580,00
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	5.995.622,00	6.394.373,00	2.865.640,00	31.754.731,00	53.226.027,00
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
III. Short-term creditors : 32300	3.618.553,00	4.461.702,00	820.848,00	20.732.908,00	38.743.281,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	3.378.056,00	977.184,00	165.028,00	20.550.425,00	38.146.424,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	125.983,00	376.188,00	0,00	0,00
5. Other financial liabilities : 32350	240.497,00	3.358.536,00	279.632,00	182.483,00	596.858,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	2.377.068,00	1.932.671,00	2.044.792,00	11.021.823,00	14.482.746,00
1. Suppliers: 32510	0,00	1.398.115,00	125.973,00	0,00	0,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	0,00	1.398.115,00	125.973,00	0,00	0,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	0,00	0,00	0,00	0,00	0,00
4. Personnel (remuneration due): 32540	0,00	626,00	322,00	0,00	0,00
5. Liabilities for current tax: 32550	0,00	0,00	1.644.481,00	9.447.591,00	12.414.194,00
6. Otras deudas con las Administraciones Públicas. : 32560	2.377.068,00	533.930,00	274.016,00	1.574.232,00	2.068.551,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	72.669.916,00	81.798.380,00	76.452.009,00	106.185.293,00	111.923.067,00

	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA	EQUIVALENCIA
Profit and Loss	2010	2009	2008	2007	2006
1. Net turnover: 40100	85.939.108,00	39.830.359,00	117.081.666,00	395.168.599,00	297.900.703,00
a) Sales: 40110	85.939.108,00	39.509.754,00	117.036.612,00	395.151.117,00	297.887.089,00
b) Rendering of services: 40120	0,00	320.605,00	45.054,00	17.482,00	13.614,00
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	-69.502.137,00	-33.827.617,00	-100.762.258,00	-348.805.896,00	-233.896.094,00
a) Stock consumption: 40410	-69.670.388,00	-34.483.948,00	-100.884.288,00	-347.909.104,00	-233.879.956,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	0,00	-9.948,00	-3.359,00	-1.055,00	-16.138,00
d) Impairment of stock, primary material and other supplies: 40440	168.251,00	666.279,00	125.389,00	-895.736,00	0,00
5. Other operating income: 40500	247.233,00	0,00	691.560,00	1.188.208,00	527.638,00
a) Auxiliary income and other from current management: 40510	247.233,00	0,00	691.560,00	1.188.208,00	527.638,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-686.985,00	-611.613,00	-750.047,00	-1.920.871,00	-1.592.053,00
a) Wages, salaries et al.: 40610	-525.719,00	-468.667,00	-576.644,00	-1.552.281,00	-1.249.496,00
b) Social security costs: 40620	-161.265,00	-142.946,00	-173.402,00	-368.590,00	-342.557,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-2.797.221,00	-2.454.868,00	-15.311.279,00	-12.879.279,00	-22.969.217,00
a) External services: 40710	-2.659.758,00	-2.283.200,00	-5.497.083,00	-12.034.712,00	-10.593.487,00
b) Taxes: 40720	-136.142,00	-45.531,00	-5.496.393,00	-112.009,00	-69.165,00
c) Losses, impairments and variation in provisions from trade operations : 40730	12.000,00	-126.136,00	-4.317.803,00	-732.558,00	-12.306.565,00
d) Other current management expenditure : 40740	-13.322,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-363.513,00	-440.549,00	-637.517,00	-844.841,00	-829.087,00
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	173.734,00	3.933.719,00	1.302.496,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	31.827,00	168.000,00	-173.120,00	1.004.054,00	191.794,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	31.827,00	168.000,00	-173.120,00	1.004.054,00	191.794,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	9.249,00	43.164,00	0,00	1.674.766,00	-3.063.812,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	12.877.562,00	2.880.610,00	4.072.723,00	35.887.237,00	36.269.872,00
14. Financial income : 41400	157.058,00	525.317,00	482.976,00	235.416,00	161.025,00
a) Of shares in equity instruments : 41410	48,00	2.318,00	3.440,00	2.184,00	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	48,00	2.318,00	3.440,00	2.184,00	0,00
b) From negotiable securities and other financial instruments : 41420	157.010,00	522.999,00	479.536,00	233.232,00	161.025,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	157.010,00	522.999,00	479.536,00	233.232,00	161.025,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-5.821.102,00	-73.951,00	-1.022.618,00	-1.887.630,00	-1.144.625,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-5.821.102,00	-73.951,00	-1.022.618,00	-1.887.630,00	-1.144.625,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	-1.646.577,00	-2.431.079,00	1.131.773,00	0,00	0,00
a) Trading book and other : 41610	-2.247.483,00	-2.431.079,00	1.131.773,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	600.905,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	133.463,00	36.105,00	-201.868,00	-17.821,00	-1.920,00
18. Impairment and result for transfers of financial instruments: 41800	-330,00	0,00	0,00	0,00	116.293,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	-330,00	0,00	0,00	0,00	116.293,00
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	-7.177.489,00	-1.943.608,00	390.264,00	-1.670.035,00	-869.227,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	5.700.073,00	937.002,00	4.462.987,00	34.217.202,00	35.400.645,00
20. Income taxes: 41900	-1.592.005,00	-214.517,00	-1.709.649,00	-9.235.382,00	-11.374.835,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	4.108.068,00	722.484,00	2.753.338,00	24.981.820,00	24.025.811,00
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	4.108.068,00	722.484,00	2.753.338,00	24.981.820,00	24.025.811,00

Information corresponding to the fiscal year 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 2010 2009 2008  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL
ASSETS	2010	2009	2008	2007	2006
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	14.069.816,00	20.735.002,00	14.775.685,00	4.604.743,00	4.915.346,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	415,00	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:	415,00	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:	3.790.972,00	3.879.428,00	4.082.488,00	4.302.743,00	4.555.346,00
1. Land and construction:	2.646.857,00	2.646.857,00	2.646.857,00	2.650.807,00	2.675.503,00
2. Technical installations and machinery:	791.250,00	924.306,00	1.012.299,00	4.014.346,00	4.929.028,00
3. Other installations, tools and furniture:	17.125,00	20.004,00	21.909,00	86.881,00	163.491,00
4. Payments on account and tangible fixed assets under construction:	88.976,00	0,00	85.720,00	85.720,00	88.269,00
5. Other tangible assets:	246.764,00	288.260,00	315.702,00	1.251.941,00	1.694.976,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	-3.786.951,00	-4.995.921,00
IV. Financial investments:	10.278.429,00	16.855.574,00	10.693.197,00	302.000,00	360.000,00
1. Equity investments in group companies:	5.117.335,00	5.405.547,00	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:	408.123,00	378.695,00	390.167,00	0,00	0,00
7. Long term guarantees and deposits:	4.752.971,00	11.071.332,00	10.303.030,00	302.000,00	360.000,00
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:	58.518.992,00	61.063.378,00	61.676.324,00	101.580.550,00	107.007.722,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	4.067.776,00	2.886.824,00	2.457.352,00	23.130.143,00	20.489.681,00
1. Goods for resale:	4.067.776,00	2.746.824,00	2.457.352,00	24.632.675,00	21.096.477,00
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:	0,00	140.000,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	-1.502.532,00	-606.795,00
III. Debtors:	41.273.062,00	44.595.252,00	34.331.858,00	71.867.644,00	84.881.925,00
1. Trade debtors / accounts receivable:	37.810.795,00	34.700.974,00	26.773.517,00	58.986.739,00	72.739.787,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	1.433.714,00	7.384.484,00	5.072.174,00	8.377.310,00	8.609.875,00
5. Staff:	61.444,00	65.027,00	64.883,00	656.203,00	571.027,00
6. Public bodies:	1.967.109,00	2.444.767,00	2.421.284,00	5.562.697,00	4.366.387,00
7. Provisions:	0,00	0,00	0,00	-1.715.305,00	-1.405.151,00
IV. Short-term investments:	8.348.647,00	7.177.302,00	11.728.995,00	1.537.105,00	1.039.319,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	1.876.296,00	4.177.182,00	5.728.954,00	1.536.984,00	1.039.199,00
6. Other receivables:	3.159.797,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	3.312.554,00	3.000.120,00	6.000.040,00	120,00	120,00
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:	4.765.968,00	6.289.627,00	13.158.120,00	5.045.658,00	596.796,00
VII. Prepayments and accrued income:	63.540,00	114.372,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	72.588.808,00	81.798.380,00	76.452.009,00	106.185.293,00	111.923.067,00

MERCANTILE REGISTRY

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL
LIABILITIES	2010	2009	2008	2007	2006
A) EQUITY:	45.409.702,00	61.170.931,00	59.590.723,00	55.595.510,00	38.613.690,00
I. Subscribed capital:	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	47.644,00	70.426,00	68.512,00	37.283,00	37.283,00
IV. Reserves:	40.652.990,00	59.777.020,00	56.167.874,00	29.975.407,00	13.949.596,00
1. Legal reserve:	120.202,00	120.202,00	120.202,00	120.202,00	120.202,00
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:	40.532.772,00	59.656.795,00	56.047.649,00	29.855.192,00	13.829.382,00
Differences due to capital adjustement to euros:	15,00	23,00	22,00	12,00	12,00
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:	4.108.068,00	722.484,00	2.753.338,00	24.981.820,00	24.025.811,00
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:	19.308.774,00	13.571.985,00	13.571.985,00	17.505.704,00	18.385.948,00
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	17.329.024,00
3. Other provisions:	19.308.774,00	13.571.985,00	13.571.985,00	17.505.704,00	1.056.925,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	1.874.710,00	787.074,00	799.849,00	1.219.318,00	1.552.822,00
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:	1.696.699,00	497.723,00	780.696,00	1.207.406,00	1.440.444,00
1. Loans and other liabilities:	208.728,00	497.723,00	780.696,00	1.207.406,00	1.440.444,00
2. Long-term liabilities from capital leases:	1.487.971,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	178.011,00	289.351,00	19.152,00	11.912,00	112.378,00
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	11.912,00	112.378,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	178.011,00	289.351,00	19.152,00	0,00	0,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	5.995.622,00	6.268.390,00	2.489.453,00	31.864.761,00	53.370.607,00
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:	3.378.056,00	977.184,00	165.028,00	20.550.425,00	38.146.424,00
1. Loans and other liabilities:	3.378.056,00	977.184,00	165.028,00	20.550.425,00	38.146.424,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	0,00	1.398.115,00	125.973,00	0,00	0,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	0,00	1.398.115,00	125.973,00	0,00	0,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	2.617.565,00	3.893.091,00	2.198.452,00	11.314.336,00	15.224.184,00
1. Public bodies:	2.377.068,00	533.930,00	1.918.498,00	11.131.853,00	14.627.326,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	240.497,00	3.358.536,00	279.632,00	182.483,00	596.858,00
4. Wages and salaries payable:	0,00	626,00	322,00	0,00	0,00
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):	72.588.808,00	81.798.380,00	76.452.009,00	106.185.293,00	111.923.067,00

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL
DEBIT	2010	2009	2008	2007	2006
A) CHARGES (A.1 to A.15):	83.010.775,00	40.054.194,00	120.568.356,00	376.329.269,00	275.021.693,00
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:	69.670.388,00	34.493.896,00	100.887.647,00	347.910.159,00	233.896.094,00
a) Stock consumption:	69.670.388,00	34.483.948,00	100.884.288,00	347.909.104,00	233.879.956,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	0,00	9.948,00	3.359,00	1.055,00	16.138,00
A.3. Staff costs:	686.985,00	611.613,00	750.047,00	1.920.871,00	1.592.053,00
a) Wages, salaries et al.:	525.719,00	468.667,00	576.644,00	1.552.281,00	1.249.496,00
b) Social security costs:	161.265,00	142.946,00	173.402,00	368.590,00	342.557,00
A.4. Depreciation expense:	363.513,00	440.549,00	637.517,00	844.841,00	829.087,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-180.251,00	-540.143,00	4.192.414,00	1.628.294,00	12.306.565,00
a) Stock provision variation:	-168.251,00	-666.279,00	-125.389,00	895.736,00	0,00
b) Variation in provision and bad debt losses:	-108,00	1.132,00	38.755,00	6.575,00	0,00
c) Variation of other trade provisions:	-11.892,00	125.004,00	4.279.048,00	725.983,00	12.306.565,00
A.6. Other operating charges:	2.809.221,00	2.328.731,00	10.993.476,00	12.146.721,00	10.593.487,00
a) External services:	2.659.758,00	2.283.200,00	5.497.083,00	12.034.712,00	10.593.487,00
b) Taxes:	136.142,00	45.531,00	5.496.393,00	112.009,00	0,00
c) Other operating expenses:	13.322,00	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):	12.836.485,00	2.669.446,00	4.245.844,00	33.208.416,00	39.211.055,00
A.7. Financial and similar charges:	5.821.432,00	73.951,00	1.022.618,00	1.887.630,00	1.144.625,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	5.821.102,00	73.951,00	1.022.618,00	1.887.630,00	1.144.625,00
d) Losses from financial investments:	330,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	2.247.483,00	2.431.079,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	201.868,00	18.088,00	12.140,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	390.264,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	5.058.091,00	725.838,00	4.636.107,00	31.538.381,00	38.341.828,00
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	173.120,00	283,00	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	736.999,00	3.203.641,00
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):	41.077,00	211.164,00	0,00	2.678.821,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	5.099.168,00	937.002,00	4.462.987,00	34.217.202,00	35.469.810,00
A.15. Corporation tax:	1.592.005,00	214.517,00	1.709.649,00	9.235.382,00	11.374.835,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	69.165,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	3.507.163,00	722.484,00	2.753.338,00	24.981.820,00	24.025.811,00

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL
CREDIT	2010	2009	2008	2007	2006
B) INCOME ( B.1 to B.13):	86.517.938,00	40.776.678,00	123.321.693,00	401.311.089,00	299.047.503,00
B.1. Net total sales:	85.939.108,00	39.830.359,00	117.081.666,00	395.168.599,00	297.900.703,00
a) Sales:	85.939.108,00	39.509.754,00	117.036.612,00	395.151.117,00	297.887.089,00
b) Rendering of services:	0,00	320.605,00	45.054,00	17.482,00	13.614,00
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:	247.233,00	173.734,00	4.625.278,00	2.490.704,00	527.638,00
a) Auxiliary income and other from current management:	247.233,00	0,00	691.560,00	1.188.208,00	527.638,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	173.734,00	3.933.719,00	1.302.496,00	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:	48,00	2.318,00	3.440,00	2.184,00	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:	48,00	2.318,00	3.440,00	2.184,00	0,00
B.6. Income from other marketable securities and long-term receivables:	177,00	591,00	542,00	263,00	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:	177,00	591,00	542,00	263,00	0,00
B.7. Miscellaneous interests or similar income:	156.833,00	522.409,00	1.610.767,00	232.968,00	277.318,00
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) Miscellaneous interests:	156.833,00	522.409,00	478.994,00	232.968,00	161.025,00
d) Profit on financial investment:	0,00	0,00	1.131.773,00	0,00	116.293,00
B.8. Exchange positive differences:	133.463,00	36.105,00	0,00	267,00	10.220,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	7.778.394,00	1.943.608,00	0,00	1.670.035,00	869.227,00
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:	31.827,00	168.000,00	0,00	1.004.338,00	191.794,00
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:	9.249,00	43.164,00	0,00	2.411.766,00	139.829,00
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	173.120,00	0,00	2.872.017,00
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

Cash flow

	2010	2009	2008	2007	2006
1. Fiscal year result before taxes.: 61100	5.700.073,00	937.002,00	4.462.987,00	34.217.202,00	35.469.810,00
2. Results adjustments.: 61200	11.431.907,00	-719.813,00	-1.431.458,00	2.840.522,00	14.004.880,00
a) Fixed Assets Amortization (+).: 61201	363.513,00	440.549,00	637.517,00	844.841,00	829.087,00
b) Obsolescence Allowances (+/-). : 61202	-168.251,00	-666.279,00	0,00	0,00	0,00
c) Variation in Provision (+/-). : 61203	5.724.789,00	-47.597,00	-3.933.719,00	325.646,00	12.306.565,00
e) Results on disposal of fixed assets (+/-). : 61205	-31.827,00	-168.000,00	-33.064,00	0,00	0,00
f) Results on disposal of financial instruments (+/-).: 61206	330,00	0,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-157.058,00	-525.317,00	-482.976,00	-235.683,00	-287.539,00
h) Financial Expenses (+). : 61208	5.821.102,00	73.951,00	1.022.618,00	1.905.718,00	1.156.766,00
i) Exchange differences (+/-). : 61209	-133.463,00	-36.105,00	201.868,00	0,00	0,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	12.772,00	208.985,00	1.156.298,00	0,00	0,00
3. Changes in current capital equity.: 61300	6.854.334,00	-10.029.477,00	60.547.089,00	-4.475.087,00	-73.309.458,00
a) Stock (+/-).: 61301	-1.152.700,00	376.807,00	20.672.791,00	-3.536.198,00	-15.115.085,00
d) Debtors and other accounts receivable (+/-). : 61302	-2.603.623,00	-7.903.486,00	34.023.695,00	12.704.127,00	-61.423.396,00
c) Other current assets (+/-). : 61303	5.865.008,00	-2.452.310,00	0,00	-497.786,00	6.790.301,00
d) Creditors and other accounts payable (+/-). : 61304	-996.179,00	-112.122,00	5.850.603,00	-13.145.230,00	-3.561.279,00
f) Other non-current assets and liabilities (+/-).: 61306	5.741.828,00	61.635,00	0,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	-7.256.049,00	236.849,00	-9.820.799,00	-1.670.035,00	-869.227,00
a) Interest payments (-). : 61401	-5.821.102,00	-73.951,00	-1.022.618,00	-1.905.718,00	-1.156.766,00
b) Dividend payment collection (+). : 61402	48,00	2.318,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	156.670,00	494.264,00	482.976,00	235.683,00	287.539,00
d) Income tax payment collection (payments) (+/-).: 61404	-1.592.005,00	-214.517,00	-9.281.157,00	0,00	0,00
e) Other payments (payment collection) (-/+) : 61405	340,00	28.735,00	0,00	0,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	16.730.265,00	-9.575.439,00	53.757.819,00	30.912.602,00	-24.703.995,00
6. Payments for investment (-).: 62100	-287.394,00	-5.757.408,00	-24.817.169,00	0,00	-104.504,00
a) Companies of the group and affiliates. : 62101	0,00	-5.405.547,00	-4.141.935,00	0,00	0,00
b) Intangible fixed assets. : 62102	-508,00	0,00	0,00	0,00	0,00
c) Fixed assets. : 62103	-286.886,00	-237.489,00	-569.931,00	0,00	-104.504,00
e) Other financial assets. : 62105	0,00	0,00	-20.105.303,00	0,00	0,00
h) Other assets. : 62108	0,00	-114.372,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	906.167,00	4.820.165,00	185.732,00	310.603,00	59.591,00
c) Fixed assets. : 62203	43.750,00	168.000,00	185.732,00	252.603,00	0,00
d) Real estate investment. : 62204	287.882,00	0,00	0,00	0,00	0,00
e) Other financial assets. : 62205	553.132,00	4.640.692,00	0,00	58.000,00	59.591,00
h) Other assets. : 62208	21.404,00	11.472,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	618.773,00	-937.243,00	-24.631.437,00	-534.238,00	-874.001,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	-8.000.000,00	-13.000.000,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	23.470.357,00	0,00	0,00
b) Amortization of assets instruments (-). : 63102	0,00	0,00	0,00	-8.000.000,00	-13.000.000,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-1.006.161,00	3.608.086,00	-20.812.107,00	-17.929.502,00	37.718.821,00
a) Issuance : 63201	0,00	3.891.059,00	0,00	0,00	37.960.033,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	0,00	0,00	37.886.324,00
5. Other debts (+). : 63206	0,00	3.891.059,00	0,00	0,00	73.709,00
b) Repayment and amortization of : 63207	-1.006.161,00	-282.974,00	-20.812.107,00	-17.929.502,00	-241.211,00
2. Debts incurred with credit institutions (-).: 63209	-288.995,00	-282.974,00	-20.812.107,00	-17.829.036,00	-241.211,00
5. Other debts (-). : 63212	-717.166,00	0,00	0,00	-100.466,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-18.000.000,00	0,00	0,00	0,00	0,00
a) Dividends (-).: 63301	-18.000.000,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-19.006.161,00	3.608.086,00	-20.812.107,00	-25.929.502,00	24.718.821,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	133.463,00	36.105,00	-201.868,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-1.523.660,00	-6.868.492,00	8.112.408,00	4.448.862,00	-859.175,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	6.289.627,00	13.158.120,00	5.045.712,00	596.796,00	1.455.971,00
Cash or equivalent assets as of end of the fiscal year.: 65200	4.765.968,00	6.289.627,00	13.158.120,00	5.045.658,00	596.796,00

Financial diagnosis

Cash Flow	2010		2009		Variación 2010 - 2009
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	-0,02 %	0,00 %	-0,17 %	0,04 %	89,72 %	-100,04 %
EBITDA over Sales:	15,36 %	10,85 %	7,37 %	10,96 %	108,35 %	-0,97 %
Cash Flow Yield:	-0,02 %	0,00 %	-0,08 %	0,02 %	75,03 %	-100,03 %

Profitability	2010		2009		Variación 2010 - 2009
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	23,85 %	7,88 %	4,91 %	6,87 %	385,49 %	14,73 %
Total economic profitability:	15,85 %	4,47 %	1,24 %	4,63 %	1.182,79 %	-3,34 %
Financial profitability:	9,08 %	6,73 %	1,22 %	7,56 %	643,22 %	-10,99 %
Margin:	14,93 %	7,33 %	7,12 %	7,24 %	109,59 %	1,30 %
Mark-up:	6,60 %	5,91 %	2,24 %	5,35 %	194,23 %	10,57 %

Solvency	2010		2009		Variación 2010 - 2009
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,79	0,11	0,98	0,13	-19,19	-13,52
Acid Test:	9,08	0,85	9,08	0,84	0,04	2,18
Working Capital / Investment:	0,72	0,04	0,67	0,04	8,30	-8,17
Solvency:	9,77	1,19	9,55	1,21	2,35	-1,39

Indebtedness	2010		2009		Variación 2010 - 2009
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,12	1,61	0,12	1,74	4,91	-7,28
Borrowing Composition:	0,31	1,01	0,32	1,02	-2,71	-1,37
Repayment Ability:	-5,17	-85.084,41	-1,23	29,60	-319,89	-287.543,93
Warranty:	9,23	1,63	9,68	1,61	-4,62	1,43
Generated resources / Total creditors:	0,55	0,08	0,06	0,08	830,11	-2,87

Efficiency	2010		2009		Variación 2010 - 2009
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	20,21	1,78	5,80	1,78	248,47	-0,12
Turnover of Collection Rights :	2,09	4,25	0,89	4,19	133,84	1,32
Turnover of Payment Entitlements:	30,42	2,95	18,77	2,81	62,01	5,11
Stock rotation:	18,03	5,59	12,93	5,09	39,43	9,77
Assets turnover:	1,60	1,07	0,69	0,95	131,64	13,26
Borrowing Cost:	73,96	2,63	0,88	2,99	8.350,86	-12,20

Cash Flow	2010	2009	2008	2007	2006
Cash Flow over Sales:	-0,02 %	-0,17 %	6,93 %	1,13 %	-0,29 %
EBITDA over Sales:	15,36 %	7,37 %	0,81 %	9,03 %	17,57 %
Cash Flow Yield:	-0,02 %	-0,08 %	10,61 %	4,19 %	-0,77 %

Profitability	2010	2009	2008	2007	2006
Operating economic profitability:	23,85 %	4,91 %	7,54 %	31,83 %	35,48 %
Total economic profitability:	15,85 %	1,24 %	7,18 %	34,00 %	32,71 %
Financial profitability:	9,08 %	1,22 %	4,71 %	44,93 %	62,22 %
Margin:	14,93 %	7,12 %	3,46 %	8,35 %	13,14 %
Mark-up:	6,60 %	2,24 %	0,33 %	7,93 %	12,85 %

Solvency	2010	2009	2008	2007	2006
Liquidity:	0,79	0,98	4,59	0,16	0,01
Acid Test:	9,08	9,08	20,66	2,46	1,62
Working Capital / Investment:	0,72	0,67	0,77	0,66	0,48
Solvency:	9,77	9,55	21,52	3,19	2,00

Indebtedness	2010	2009	2008	2007	2006
Indebtedness level:	0,12	0,12	0,06	0,45	0,96
Borrowing Composition:	0,31	0,32	0,56	0,04	0,03
Repayment Ability:	-5,17	-1,23	-0,06	11,79	0,76
Warranty:	9,23	9,68	17,09	3,21	2,04
Generated resources / Total creditors:	0,55	0,06	0,73	0,83	0,68

Efficiency	2010	2009	2008	2007	2006
Productivity:	20,21	5,80	2,27	19,58	33,88
Turnover of Collection Rights :	2,09	0,89	3,43	5,53	3,52
Turnover of Payment Entitlements:	30,42	18,77	56,77
Stock rotation:	18,03	12,93	47,80	15,69	12,05
Assets turnover:	1,60	0,69	2,18	3,81	2,70
Borrowing Cost:	73,96	0,88	22,85	5,71	2,08

COMPARATIVE SECTORIAL BALANCE

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders

No Public Tenders assigned to the name of the company.

Research summary

The subject founded in 1988 and it is engaged in wholesale of stainless steel scrap mainly. It has 24 employees. According to the above, we consider that the subject can stay involved in normal credit operations.

 Source

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.101.81
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

NIS

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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