MIRA INFORM REPORT

Report Date :

30.10.2014

IDENTIFICATION DETAILS

Name :	FUNDICIONES INYECTADAS ALAVESAS SA
Registered Office :	La Haya, 12 (Pol. Ind. Subillabide) - Iruña Oka/Iruña De Oca - 01230 - Alava
Country :	Spain
Financials (as on) :	2009
Date of Incorporation :	12.06.1972
Legal Form :	Public Company
Line of Business :	Casting of other non-ferrous metals Die-cast aluminum for the automotive industry
No of Employees :	250

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:	FUNDICIONES INYECTADAS ALAVESAS SA
NIF / Fiscal code:	A01007764
Trade Name	FIASA
Status:	ACTIVE
Incorporation Date:	12/06/1972
Register Data	Register Section 8 Sheet 1649
Last Publication in BORME:	12/09/2014 [Article 378.5 from the M. Registry]
Last Published Account Deposit:	2009
Share Capital:	885.723,75
Localization:	La Haya, 12 (Pol. Ind. Subillabide) - IRUÑA OKA/IRUÑA DE OCA - 01230 - ALAVA
Telephone - Fax - Email - Website:	Ph.:. 945 361 802 Email. info@fiasa.es Website. www.fiasa.es
Activity:
NACE:	2454 - Casting of other non-ferrous metals
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)		None	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

ENRIQUE ARRIZABALAGA ALCIBAR
JAVIER LAZCANO ITURBURU AYESTARAN
VICENTE MORENO ASENSIO
ALBERTO MORENO BARAMBIO
Shares:	0
Other Links:	1
No. of Active Corporate Bodies:

Ratios

2009

2008

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources NO, Guarantees NO
INVESTIGATION SUMMARY
We are dealing with a company incorporated in 1972, dedicated to the die-cast of aluminum for the automotive sector. It operates both nationally and internationally. In the sources nothing appears against it. In light of the foregoing, we consider it apt to continue the risk operations according to its size.
Interviewed Person:

Identification
Social Denomination:	FUNDICIONES INYECTADAS ALAVESAS SA
Trade Name:	FIASA
NIF / Fiscal code:	A01007764
Corporate Status:	ACTIVE
Start of activity:	1972
Registered Office:	La Haya, 12 (Pol. Ind. Subillabide)
Locality:	IRUÑA OKA/IRUÑA DE OCA
Province:	ALAVA
Postal Code:	01230
Telephone:	945 361 802
Fax:	945 371 314
Website:	www.fiasa.es
Email:	info@fiasa.es
Interviewed Person:	La presente información ha sido obtenida a través de fuentes indirectas, ante la negativa por parte de los responsables de la sociedad de prestar cualquier tipo de colaboración para la confección del presente trabajo.

Activity
NACE:	2454
Additional Information:	Die-cast aluminum for the automotive industry
Franchise:	No
Import / export:	DOES NOT IMPORT / DOES NOT EXPORT
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	250

Chronological Summary
	Year	Act
	1991	Appointments/ Re-elections (1)
	1992	Adaptation to Law (1) Appointments/ Re-elections (2)
	1997	Accounts deposit (ejer. 1994, 1995, 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1998	Accounts deposit (ejer. 1997)
	1999	Accounts deposit (ejer. 1998) Appointments/ Re-elections (5) 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) Appointments/ Re-elections (1)
	2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (1)
	2003	Accounts deposit (ejer. 2002)
	2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (1) Capital Reduction (2) Increase of Capital (2)
	2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (1)
	2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (1)
	2009	Accounts deposit (ejer. 2008) Appointments/ Re-elections (1)
	2010	Accounts deposit (ejer. 2009) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2)
	2011	Disapproved accounts (1)
	2012	Board Meeting (1) Cessations/ Resignations/ Reversals (1) Disapproved accounts (1)
	2013	Board Meeting (1) Disapproved accounts (3) Increase of Capital (1)
	2014	Board Meeting (1) Disapproved accounts (1)

Breakdown of Owners' Equity
Registered Capital:	885.723,75
Paid up capital:	885.723,75

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
10/11/2005	Capital Reduction	-660.000	-660.000	1.100	1.100
10/11/2005	Increase of Capital	660.000	660.000	661.100	661.100
18/02/2013	Increase of Capital	224.624	224.624	885.724	885.724

Active Social Bodies
Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	MORENO BARAMBIO ALBERTO	20/01/2010	7
MEMBER OF THE BOARD	MORENO BARAMBIO ALBERTO	20/01/2010	7
	ARRIZABALAGA ALCIBAR ENRIQUE	20/01/2010	4
	LAZCANO-ITURBURO AYESTARAN JAVIER	20/01/2010	1
	ARRIZABALAGA ALBERDI JOSE MARIA	09/03/1999	1
PROXY	HUNKE JENS	20/01/2010	1
	ARTETA BILBAO JAVIER	20/01/2010	1
	MORENO ASENSIO VICENTE	09/11/2004	8
	MORENO BARAMBIO ALBERTO	10/03/1999	7
SECRETARY	LAZCANO ITURBURU AYESTARAN JAVIER	29/04/2010	1
ACCOUNTS' AUDITOR / HOLDER	MOORE STEPHENS AMS SL	27/10/2010	8

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALCIBAR OSA LOURDES	MEMBER OF THE BOARD	20/01/2010	1
ARRIZABALAGA ALCIBAR ELENA	MEMBER OF THE BOARD	09/11/2004	1
ARRIZABALAGA ALCIBAR ENRIQUE	MEMBER OF THE BOARD	20/01/2010	4
	SECRETARY	20/01/2010
	MEMBER OF THE BOARD	09/11/2004
ARRIZABALAGA ALCIBAR MARIA ELENA	MEMBER OF THE BOARD	19/01/2007	1
EPG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	21/09/2000	3
	ACCOUNTS' AUDITOR / HOLDER	17/09/2001
	ACCOUNTS' AUDITOR / HOLDER	25/11/2002
ESPINOSA P EGUIZABAL GAGO SRC	ACCOUNTS' AUDITOR / HOLDER	25/09/1999	1
FALCES JARAUTA EULOGIO M	ACCOUNTS' AUDITOR / HOLDER	25/09/1999	1
MAGAÑA BILBAO JOSE IGNACIO	MEMBER OF THE BOARD	29/04/2010	3
	MANAGING DIRECTOR	21/08/2012
	SECRETARY	29/04/2010
MOORE STEPHENS AMS SL	ACCOUNTS' AUDITOR / HOLDER	13/09/2005	8
	ACCOUNTS' AUDITOR / HOLDER	02/06/2006
	ACCOUNTS' AUDITOR / HOLDER	10/02/2004
	ACCOUNTS' AUDITOR / HOLDER	31/07/2007
	ACCOUNTS' AUDITOR / HOLDER	28/07/2008
	ACCOUNTS' AUDITOR / HOLDER	19/08/2009
	ACCOUNTS' AUDITOR / HOLDER	27/10/2010
MORENO ASENSIO VICENTE	SINGLE ADMINISTRATOR	09/07/1997	8
	SINGLE ADMINISTRATOR	09/03/1999
	MEMBER OF THE BOARD	09/11/2004
	MEMBER OF THE BOARD	20/01/2010
	CHIEF EXECUTIVE OFFICER	15/03/2000
	PRESIDENT	09/11/2004
	PRESIDENT	20/01/2010
MORENO BARAMBIO ALBERTO	MEMBER OF THE BOARD	09/11/2004	7
	MEMBER OF THE BOARD	19/01/2007
	PROXY	10/03/1999
	SECRETARY	09/11/2004
MORENO BARAMBIO ANA	MEMBER OF THE BOARD	20/01/2010	1
MORENO BARAMBIO CARLOS	MEMBER OF THE BOARD	09/11/2004	2
	MEMBER OF THE BOARD	20/01/2010

Executive board

Post	NIF	Name
COMMERCIAL MANAGER		ALBERTO MORENO BARAMBIO

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

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

> Details

> Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. FUNDICIONES INYECTADAS ALAVESAS SA has received a grant within the last twelve months. As a prerequisite to obtaining a grant, it has had to prove its financial and technical solvency as stated by the laws in force. It is in a Maturity stage. It has vast experience in the Sector due to its length of time in business. In the last year there have been no layoffs or resignations in the components of the management body of the company, resulting signs of stability in the management of the company .

No Company's subsidiaries or branches are known. There are no links to micro-enterprises or SMEs. It has failed to comply with its obligation to submit its annual accounts,and said information has expired. This behaviour indicates lack of transparency towards the market. Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs. The path traveled by the entity has highlighted the lack of stability in corporate bodies .

Probability of default

> Estimated Probability of Default for the next 12 months:  1.720 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

245 Casting of metals

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 68.00% of the companies of the sector FUNDICIONES INYECTADAS ALAVESAS SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 1.720%.

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.

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:	1 Entities
SHAREHOLDERS:	4 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	ENRIQUE ARRIZABALAGA ALCIBAR
	JAVIER LAZCANO ITURBURU AYESTARAN
	VICENTE MORENO ASENSIO
	ALBERTO MORENO BARAMBIO

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	INDUSTRIAS RAYCO SA	BURGOS

Turnover
Total Sales	0

Estimated Balance

This time we are unable to include in this section the estimated figures of the closing of the holder in 31-12-2013 , as we have seen as the last deposit accounts that is inscribed in the trade registry, is the closure of accounting year of the company from 31-12-2009, because of this we do not know the accounting development in the society in recent years.

Financial Accounts and Balance Sheets

Financial Years Presented

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

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 31/12/2009

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

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

	ORIGINAL	ORIGINAL	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
Assets	2009	2008	2007	2006	2005
A) NON-CURRENT ASSETS: 11000	8.384.013,00	9.347.000,00	10.481.646,00	12.499.816,00	13.431.366,00
I. Intangible fixed assets : 11100	209.009,00	136.000,00	77.866,00	47.956,00	31.156,00
1. Development: 11110	0,00	29.000,00	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	107.000,00	77.866,00	47.956,00	31.156,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	209.009,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	7.514.964,00	9.165.000,00	10.403.780,00	12.451.860,00	13.400.210,00
1. Land and buildings: 11210	0,00	1.373.000,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	7.514.964,00	7.767.000,00	10.403.780,00	12.451.860,00	13.400.210,00
3. Tangible asset in progress and advances: 11230	0,00	25.000,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	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	660.040,00	0,00	0,00	0,00	0,00
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	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11560	660.040,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	0,00	46.000,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	13.150.295,00	18.062.000,00	18.934.664,00	19.614.949,00	14.736.449,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	0,00	5.299.000,00	4.905.137,00	3.324.849,00	3.728.322,00
1. Commercial: 12210	0,00	795.000,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	0,00	1.015.000,00	4.905.137,00	3.324.849,00	3.728.322,00
3. Work in progress: 12230	0,00	306.000,00	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	306.000,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	3.183.000,00	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	3.183.000,00	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	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	0,00	5.726.000,00	13.486.322,00	15.374.114,00	10.238.214,00
1. Trade debtors / accounts receivable: 12310	0,00	4.904.000,00	0,00	0,00	0,00
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	0,00	4.904.000,00	0,00	0,00	0,00
2. Customers, Group companies and associates : 12320	0,00	819.000,00	0,00	0,00	0,00
3. Other accounts receivable: 12330	0,00	0,00	13.486.322,00	15.374.114,00	10.238.214,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	0,00
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	0,00	3.000,00	0,00	0,00	0,00
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	0,00	27.000,00	3.608,00	17.111,00	17.111,00
1. Equity instruments: 12510	0,00	7.000,00	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	20.000,00	3.608,00	17.111,00	17.111,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	13.150.295,00	0,00	0,00	0,00	5.301,00
VII. Cash and other equivalent liquid assets : 12700	0,00	7.010.000,00	539.596,00	898.875,00	747.501,00
1. Treasury: 12710	0,00	5.610.000,00	539.596,00	898.875,00	747.501,00
2. Other equivalent liquid assets: 12720	0,00	1.400.000,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	21.534.307,00	27.409.000,00	29.416.309,00	32.114.765,00	28.167.815,00

	ORIGINAL	ORIGINAL	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
Liabilities and Net Worth	2009	2008	2007	2006	2005
A) NET WORTH: 20000	14.455.558,00	15.973.000,00	21.883.724,00	20.669.127,00	19.478.673,00
A-1) Shareholders' equity: 21000	14.455.558,00	15.935.000,00	21.883.724,00	20.669.127,00	19.478.673,00
I. Capital: 21100	661.100,00	661.000,00	661.100,00	661.100,00	661.100,00
1. Registered capital : 21110	661.100,00	661.000,00	661.100,00	661.100,00	661.100,00
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	13.794.458,00	15.158.000,00	21.222.624,00	20.008.027,00	18.817.573,00
1. Legal y estatutarias: 21310	0,00	296.000,00	0,00	0,00	0,00
2. Other reserves: 21320	13.794.458,00	14.862.000,00	21.222.624,00	20.008.027,00	18.817.573,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	0,00	116.000,00	0,00	0,00	0,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	38.000,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	2.623.508,00	2.983.000,00	1.888.594,00	2.245.852,00	780.997,00
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	2.623.508,00	2.968.000,00	1.888.594,00	2.245.852,00	780.997,00
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	2.968.000,00	1.888.594,00	2.245.852,00	780.997,00
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	2.623.508,00	0,00	0,00	0,00	0,00
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	0,00	15.000,00	0,00	0,00	0,00
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	4.455.242,00	8.453.000,00	5.643.991,00	9.199.786,00	7.908.145,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	0,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	0,00	4.471.000,00	1.180.400,00	1.416.210,00	1.818.713,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	0,00	462.000,00	0,00	0,00	0,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	9.000,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	4.000.000,00	1.180.400,00	1.416.210,00	1.818.713,00
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	0,00	3.982.000,00	4.463.591,00	7.783.576,00	6.089.431,00
1. Suppliers: 32510	0,00	2.917.000,00	4.331.435,00	7.553.124,00	5.909.139,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	0,00	2.917.000,00	4.331.435,00	7.553.124,00	5.909.139,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	0,00	89.000,00	132.156,00	230.452,00	180.293,00
4. Personnel (remuneration due): 32540	0,00	519.000,00	0,00	0,00	0,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	0,00	328.000,00	0,00	0,00	0,00
7. Advances from clients: 32570	0,00	129.000,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	4.455.242,00	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	21.534.307,00	27.409.000,00	29.416.309,00	32.114.765,00	28.167.815,00

	ORIGINAL	ORIGINAL	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
Profit and Loss	2009	2008	2007	2006	2005
1. Net turnover: 40100	0,00	28.722.000,00	0,00	0,00	0,00
a) Sales: 40110	0,00	28.722.000,00	0,00	0,00	0,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	110.000,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	25.000,00	0,00	0,00	0,00
4. Supplies : 40400	0,00	-13.328.000,00	0,00	0,00	0,00
a) Stock consumption: 40410	0,00	-10.428.000,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	155.000,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	0,00	-3.055.000,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	0,00	84.000,00	0,00	0,00	0,00
a) Auxiliary income and other from current management: 40510	0,00	0,00	0,00	0,00	0,00
b) Operation subsidies included in the Period's result: 40520	0,00	84.000,00	0,00	0,00	0,00
6. Personnel costs: 40600	0,00	-8.789.000,00	0,00	0,00	0,00
a) Wages, salaries et al.: 40610	0,00	-6.504.000,00	0,00	0,00	0,00
b) Social security costs: 40620	0,00	-2.285.000,00	0,00	0,00	0,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	0,00	-3.221.000,00	0,00	0,00	0,00
a) External services: 40710	0,00	-3.187.000,00	0,00	0,00	0,00
b) Taxes: 40720	0,00	-20.000,00	0,00	0,00	0,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	-14.000,00	0,00	0,00	0,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	0,00	-3.677.000,00	0,00	0,00	0,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	11.000,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	102.000,00	0,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	102.000,00	0,00	0,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	39.000,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	0,00	78.000,00	0,00	0,00	0,00
14. Financial income : 41400	0,00	184.000,00	0,00	0,00	0,00
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	184.000,00	0,00	0,00	0,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	0,00	184.000,00	0,00	0,00	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	0,00	-137.000,00	0,00	0,00	0,00
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	0,00	-137.000,00	0,00	0,00	0,00
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	-5.000,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	-5.000,00	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	0,00	0,00	0,00	0,00
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	0,00	42.000,00	0,00	0,00	0,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	0,00	120.000,00	0,00	0,00	0,00
20. Income taxes: 41900	0,00	-4.000,00	0,00	0,00	0,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	0,00	116.000,00	0,00	0,00	0,00
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	0,00	116.000,00	0,00	0,00	0,00

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

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

	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL	ORIGINAL
ASSETS	2009	2008	2007	2006	2005
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	8.384.013,00	9.301.000,00	10.481.646,00	12.499.816,00	13.431.366,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	209.009,00	136.000,00	77.866,00	47.956,00	31.156,00
1. Research and development costs:	0,00	29.000,00	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	107.000,00	77.866,00	47.956,00	31.156,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	209.009,00	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:	7.514.964,00	9.165.000,00	10.403.780,00	12.451.860,00	13.400.210,00
1. Land and construction:	0,00	1.373.000,00	0,00	0,00	0,00
2. Technical installations and machinery:	0,00	0,00	0,00	0,00	0,00
3. Other installations, tools and furniture:	0,00	0,00	0,00	0,00	0,00
4. Payments on account and tangible fixed assets under construction:	0,00	25.000,00	0,00	0,00	0,00
5. Other tangible assets:	7.514.964,00	7.767.000,00	10.403.780,00	12.451.860,00	13.400.210,00
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:	660.040,00	0,00	0,00	0,00	0,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	660.040,00	0,00	0,00	0,00	0,00
7. Long 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
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:	13.150.295,00	18.108.000,00	18.934.664,00	19.614.949,00	14.736.449,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	0,00	5.299.000,00	4.905.137,00	3.324.849,00	3.728.322,00
1. Goods for resale:	0,00	795.000,00	0,00	0,00	0,00
2. Raw materials and other consumables:	0,00	1.015.000,00	4.905.137,00	3.324.849,00	3.728.322,00
3. Goods in process and semifinished ones:	0,00	306.000,00	0,00	0,00	0,00
4. Finished products:	0,00	3.183.000,00	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	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	0,00	5.772.000,00	13.486.322,00	15.374.114,00	10.238.214,00
1. Trade debtors / accounts receivable:	0,00	4.904.000,00	0,00	0,00	0,00
2. Accounts receivable, Group companies:	0,00	819.000,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	13.486.322,00	15.374.114,00	10.238.214,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	0,00	49.000,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	1.427.000,00	3.608,00	17.111,00	17.111,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	1.407.000,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	3.608,00	17.111,00	17.111,00
7. Shor term guarantees and deposits:	0,00	20.000,00	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:	0,00	5.610.000,00	539.596,00	898.875,00	747.501,00
VII. Prepayments and accrued income:	13.150.295,00	0,00	0,00	0,00	5.301,00
GENERAL TOTAL (A + B + C + D):	21.534.307,00	27.409.000,00	29.416.309,00	32.114.765,00	28.167.815,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL	ORIGINAL
LIABILITIES	2009	2008	2007	2006	2005
A) EQUITY:	14.455.558,00	15.955.400,00	21.819.180,00	20.669.127,00	19.478.673,00
I. Subscribed capital:	661.100,00	661.000,00	661.100,00	661.100,00	661.100,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	13.794.458,00	15.178.400,00	21.158.080,00	20.008.027,00	18.817.573,00
1. Legal reserve:	0,00	296.000,00	0,00	0,00	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:	13.794.458,00	14.882.400,00	21.158.080,00	20.008.027,00	18.817.573,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	0,00	116.000,00	0,00	0,00	0,00
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	26.600,00	64.544,00	0,00	0,00
1. Capital grants:	0,00	26.600,00	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	64.544,00	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:	2.623.508,00	2.983.000,00	1.888.594,00	2.245.852,00	780.997,00
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	2.968.000,00	1.888.594,00	2.245.852,00	780.997,00
1. Loans and other liabilities:	0,00	2.968.000,00	1.888.594,00	2.245.852,00	780.997,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	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:	2.623.508,00	15.000,00	0,00	0,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	2.623.508,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	0,00	15.000,00	0,00	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:	4.455.242,00	8.444.000,00	5.643.991,00	9.199.786,00	7.908.145,00
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:	0,00	462.000,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	462.000,00	0,00	0,00	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:	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	3.135.000,00	4.463.591,00	7.783.576,00	6.089.431,00
1. Advanced payments from customers:	0,00	129.000,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	0,00	3.006.000,00	4.463.591,00	7.783.576,00	6.089.431,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	0,00	4.847.000,00	1.180.400,00	1.416.210,00	1.818.713,00
1. Public bodies:	0,00	328.000,00	0,00	0,00	0,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	4.000.000,00	1.180.400,00	1.416.210,00	1.818.713,00
4. Wages and salaries payable:	0,00	519.000,00	0,00	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:	4.455.242,00	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):	21.534.307,00	27.409.000,00	29.416.309,00	32.114.765,00	28.167.815,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL	ORIGINAL
DEBIT	2009	2008	2007	2006	2005
A) CHARGES (A.1 to A.15):	0,00	29.161.000,00	0,00	0,00	0,00
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:	0,00	13.328.000,00	0,00	0,00	0,00
a) Stock consumption:	0,00	10.428.000,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	-155.000,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	0,00	3.055.000,00	0,00	0,00	0,00
A.3. Staff costs:	0,00	8.789.000,00	0,00	0,00	0,00
a) Wages, salaries et al.:	0,00	6.504.000,00	0,00	0,00	0,00
b) Social security costs:	0,00	2.285.000,00	0,00	0,00	0,00
A.4. Depreciation expense:	0,00	3.677.000,00	0,00	0,00	0,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	14.000,00	0,00	0,00	0,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	0,00	14.000,00	0,00	0,00	0,00
A.6. Other operating charges:	0,00	3.207.000,00	0,00	0,00	0,00
a) External services:	0,00	3.187.000,00	0,00	0,00	0,00
b) Taxes:	0,00	20.000,00	0,00	0,00	0,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	0,00	0,00	0,00	0,00	0,00
A.7. Financial and similar charges:	0,00	137.000,00	0,00	0,00	0,00
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.:	0,00	137.000,00	0,00	0,00	0,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	5.000,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	0,00	0,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	42.000,00	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	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	152.000,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	120.000,00	0,00	0,00	0,00
A.15. Corporation tax:	0,00	4.000,00	0,00	0,00	0,00
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	116.000,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL	ORIGINAL	ORIGINAL
CREDIT	2009	2008	2007	2006	2005
B) INCOME ( B.1 to B.13):	0,00	29.277.000,00	0,00	0,00	0,00
B.1. Net total sales:	0,00	28.722.000,00	0,00	0,00	0,00
a) Sales:	0,00	28.722.000,00	0,00	0,00	0,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	110.000,00	0,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	25.000,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	0,00	84.000,00	0,00	0,00	0,00
a) Auxiliary income and other from current management:	0,00	0,00	0,00	0,00	0,00
b) Grants:	0,00	84.000,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	74.000,00	0,00	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	184.000,00	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) Miscellaneous interests:	0,00	184.000,00	0,00	0,00	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	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	0,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	32.000,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	102.000,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	11.000,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	39.000,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'	2009	2008	2007	2006	2005
1. Fiscal year result before taxes.: 61100	0,00	120.000,00	0,00	0,00	0,00
2. Results adjustments.: 61200	0,00	3.630.000,00	0,00	0,00	0,00
a) Fixed Assets Amortization (+).: 61201	0,00	3.677.000,00	0,00	0,00	0,00
g) Financial income (-).: 61207	0,00	-184.000,00	0,00	0,00	0,00
h) Financial Expenses (+). : 61208	0,00	137.000,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-1.625.053,00	8.166.532,00	-3.170.244,00	-3.435.485,00	-15.842.803,00
a) Stock (+/-).: 61301	5.299.000,00	-393.863,00	-1.580.288,00	403.473,00	-3.728.322,00
d) Debtors and other accounts receivable (+/-). : 61302	5.726.000,00	7.714.322,00	1.887.792,00	-5.135.900,00	-10.238.214,00
c) Other current assets (+/-). : 61303	-13.123.295,00	-1.423.392,00	13.503,00	5.301,00	-22.412,00
d) Creditors and other accounts payable (+/-). : 61304	-3.982.000,00	2.334.009,00	-3.555.795,00	1.291.641,00	7.908.145,00
e) Other current liabilities (+/-).: 61305	4.455.242,00	0,00	0,00	0,00	-9.762.000,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	-64.544,00	64.544,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	0,00	47.000,00	0,00	0,00	0,00
a) Interest payments (-). : 61401	0,00	-137.000,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	0,00	184.000,00	0,00	0,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-1.625.053,00	11.963.532,00	-3.170.244,00	-3.435.485,00	-15.842.803,00
6. Payments for investment (-).: 62100	-733.049,00	-58.134,00	-29.910,00	-16.800,00	-3.008.366,00
b) Intangible fixed assets. : 62102	-73.009,00	-58.134,00	-29.910,00	-16.800,00	-2.156,00
c) Fixed assets. : 62103	0,00	0,00	0,00	0,00	-3.006.210,00
e) Other financial assets. : 62105	-660.040,00	0,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	1.696.036,00	1.238.780,00	2.048.080,00	948.350,00	0,00
c) Fixed assets. : 62203	1.650.036,00	1.238.780,00	2.048.080,00	948.350,00	0,00
h) Other assets. : 62208	46.000,00	0,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	962.987,00	-2.496.354,00	2.018.170,00	931.550,00	-3.008.366,00
9. Payment collection and payments for equity instruments. : 63100	-1.517.442,00	-6.069.180,00	1.150.053,00	1.190.453,00	18.817.673,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	1.150.053,00	1.190.453,00	18.817.673,00
b) Amortization of assets instruments (-). : 63102	-1.479.442,00	-6.095.780,00	0,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	-38.000,00	26.600,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-4.830.492,00	1.565.406,00	-357.258,00	1.464.855,00	780.997,00
a) Issuance : 63201	-7.454.000,00	0,00	0,00	1.464.855,00	780.997,00
2. Debts incurred with credit institutions (+). : 63203	-3.430.000,00	0,00	0,00	1.464.855,00	780.997,00
4. Special characteristic debts (+). : 63205	-9.000,00	0,00	0,00	0,00	0,00
5. Other debts (+). : 63206	-4.015.000,00	0,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	2.623.508,00	1.565.406,00	-357.258,00	0,00	0,00
2. Debts incurred with credit institutions (-).: 63209	0,00	1.541.406,00	-357.258,00	0,00	0,00
4. Special characteristic debts (-). : 63211	0,00	9.000,00	0,00	0,00	0,00
5. Other debts (-). : 63212	2.623.508,00	15.000,00	0,00	0,00	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	-6.347.934,00	-4.503.774,00	792.795,00	2.655.308,00	19.598.670,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-7.010.000,00	4.963.404,00	-359.279,00	151.374,00	747.501,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	7.010.000,00	539.596,00	898.875,00	747.501,00	0,00
Cash or equivalent assets as of end of the fiscal year.: 65200	0,00	7.010.000,00	539.596,00	898.875,00	747.501,00

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	2009		2008		Variación 2009 - 2008
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:		0,02 %	22,53 %	0,02 %		-38,72 %
EBITDA over Sales:		10,78 %	12,54 %	7,77 %		38,87 %
Cash Flow Yield:	-0,33 %	0,01 %	23,61 %	0,01 %	-101,38 %	-45,13 %

Profitability	2009		2008		Variación 2009 - 2008
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	0,00 %	6,70 %	0,14 %	5,35 %	-100,00 %	25,20 %
Total economic profitability:	0,00 %	4,54 %	0,94 %	5,08 %	-100,00 %	-10,59 %
Financial profitability:	0,00 %	7,31 %	0,73 %	6,96 %	-100,00 %	4,93 %
Margin:		7,07 %	0,14 %	4,83 %		46,44 %
Mark-up:		5,17 %	0,01 %	4,77 %		8,57 %

Solvency	2009		2008		Variación 2009 - 2008
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,00	0,13	0,83	0,10	-100,00	28,98
Acid Test:	0,00	0,83	1,51	0,80	-100,00	4,74
Working Capital / Investment:	0,40	0,04	0,35	0,04	14,63	0,08
Solvency:	2,95	1,21	2,14	1,17	37,79	3,38

Indebtedness	2009		2008		Variación 2009 - 2008
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,49	1,74	0,72	1,75	-31,60	-0,21
Borrowing Composition:	0,59	1,02	0,35	0,78	66,87	30,82
Repayment Ability:	-1,01	84,03	-1,68	46,84	39,86	79,40
Warranty:	3,04	1,61	2,40	1,58	26,93	1,60
Generated resources / Total creditors:	0,00	0,08	0,33	0,08	-100,00	-3,39

Efficiency	2009		2008		Variación 2009 - 2008
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:		1,77	1,41	1,60		10,10
Turnover of Collection Rights :		4,19	5,04	4,20		-0,32
Turnover of Payment Entitlements:		2,80	4,18	3,11		-9,99
Stock rotation:		5,08	5,45	4,88		4,26
Assets turnover:	0,00	0,95	1,05	1,11	-100,00	-14,50
Borrowing Cost:	0,00	2,99	1,20	3,58	-100,00	-16,59

> Trend of indicators under the General Accounting Plan of 2007 (2009, 2008, 2007, 2006, 2005)

Cash Flow	2009	2008	2007	2006	2005
Cash Flow over Sales:		22,53 %
EBITDA over Sales:		12,54 %
Cash Flow Yield:	-0,33 %	23,61 %	-1,22 %	0,47 %	2,65 %

Profitability	2009	2008	2007	2006	2005
Operating economic profitability:	0,00 %	0,14 %	0,00 %	0,00 %	0,00 %
Total economic profitability:	0,00 %	0,94 %	0,00 %	0,00 %	0,00 %
Financial profitability:	0,00 %	0,73 %	0,00 %	0,00 %	0,00 %
Margin:		0,14 %
Mark-up:		0,01 %

Solvency	2009	2008	2007	2006	2005
Liquidity:	0,00	0,83	0,10	0,10	0,09
Acid Test:	0,00	1,51	2,49	1,77	1,39
Working Capital / Investment:	0,40	0,35	0,45	0,32	0,24
Solvency:	2,95	2,14	3,35	2,13	1,86

Indebtedness	2009	2008	2007	2006	2005
Indebtedness level:	0,49	0,72	0,34	0,55	0,45
Borrowing Composition:	0,59	0,35	0,33	0,24	0,10
Repayment Ability:	-1,01	-1,68	2,38	3,33	0,55
Warranty:	3,04	2,40	3,91	2,81	3,24
Generated resources / Total creditors:	0,00	0,33	0,00	0,00	0,00

Efficiency	2009	2008	2007	2006	2005
Productivity:		1,41
Turnover of Collection Rights :		5,04	0,00	0,00	0,00
Turnover of Payment Entitlements:		4,18	0,00	0,00	0,00
Stock rotation:		5,45	0,00	0,00	0,00
Assets turnover:	0,00	1,05	0,00	0,00	0,00
Borrowing Cost:	0,00	1,20	0,00	0,00	0,00

COMPARATIVE SECTORIAL BALANCE

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

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'	Variación -
	Empresa	Sector

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'	Variación -
	Empresa	Sector

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'	Variación -
	Empresa	Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

We are dealing with a company incorporated in 1972, dedicated to the die-cast of aluminum for the automotive sector. It operates both nationally and internationally. In the sources nothing appears against it. In light of the foregoing, we consider it apt to continue the risk operations according to its size.

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.61.32
UK Pound	1	Rs.99.00
Euro	1	Rs.78.14

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SMN

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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