MIRA INFORM REPORT

Report Date :

14.06.2011

IDENTIFICATION DETAILS

Name :	ANETO SA

Registered Office :	Calle Potosi, 14, 08030 Barcelona

Country :	Spain

Financials (as on) :	31.12.2009

Date of Incorporation :	30.11.1945

Legal Form :	Joint Stock Company

Line of Business :	Wholesale of other products

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	206.000,00 €
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, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Spain

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

Company name

ANETO SA

TAX NUMBER: A08059297

EXECUTIVE SUMMARY

Identification

Current Business Name: ANETO SA

Other names: YES

Current Address: CALLE POTOSI, 14

08030 BARCELONA

Telephone number: 933454900 Fax: 933110108

URL: www.aneto-sa.com

Corporate e-mail: aneto@aneto-sa.com

Trade Risk

Credit Appraisal: 206.000,00 €

Incidents: NO

Bank and business defaults of payment - ASNEF EMPRESAS: NO

Financial Information

Balance sheet latest sales (2009): 6.627.738,49 € (Trade Register)

Result: 115.659,42 €

Total Assets: 6.871.170,03 €

Social Capital: 661.100,00 €

Employees: 13

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date: 30/11/1945

Activity: Wholesale of other products

NACE 2009 CODE: 4669

International Operations: Imports and Exports

Corporate Structure

President:

SALA CARULLA, JUAN

Participations: 2

Other Complementary Information

Latest act published in BORME: 20/01/2011 Annual Filed Accounts

Bank Entities: There are

The date when this report was last updated is 13/06/2011.

The information contained in this report has been investigated and contrasted on 20/01/2011

Credit Appraisal

Maximum Credit

(from 0 to 6,000,000 €)

Favourable to 206.000,00 €

Financial Situation

Exercise:2009

Treasury	Excellent
Indebtedness	Nil
Profitability	Average
Balance	Excellent

Performance

Incidents	None or Negligible
Business Trajectory	Excellent

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY:

1 Company / Companies in Insolvency Proceedings.

BANK AND BUSINESS DEFAULTS OF PAYMENT - ASNEF EMPRESAS

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

FINANCIAL ELEMENTS

The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.

Balance-sheet analysis

Figures given in €

	31/12/2009 (12)	% ASSETS	31/12/2008 (12)	% ASSETS	31/12/2007 (12)	% ASSETS
ASSETS
A) NON CURRENT ASSETS	2.213.809,30	32,22	2.238.505,49	33,71	2.241.678,45	32,26
B) CURRENT ASSETS	4.657.360,73	67,78	4.401.300,74	66,29	4.706.381,42	67,74
LIABILITIES
A) NET WORTH	6.455.358,26	93,95	6.339.698,84	95,48	6.108.459,09	87,92
B) NON CURRENT LIABILITIES	519,62	0,01	1.120,48	0,02
C) CURRENT LIABILITIES	415.292,15	6,04	298.986,91	4,50	839.600,78	12,08

A) NON CURRENT ASSETS

B) CURRENT ASSETS

A) NET WORTH

B) NON CURRENT LIABILITIES

C) CURRENT LIABILITIES

Balance Sheet Comments

Total assets of the company grew in 3,48% between 2.008 and 2.009.

In spite of the assets’ growth, non current assets decreased 1,10%.

This growth has been mainly financed with a debt increase of 38,55%. Nevertheless Net Worth grew 1,82%.

Total assets of the company decreased in 4,44% between 2.007 and 2.008.

This total assets decrease has been reflected in a reduction of non current assets of 0,14%.

Assets reduction contrasts with net worth growth of 3,79%. Therefore, the company’s indebtedness has reduced in 64,26%.

Profit and Loss Account Analysis

Figures given in €

	31/12/2009 (12)	% NET TURNOVER	31/12/2008 (12)	% NET TURNOVER	31/12/2007 (12)	% NET TURNOVER
SALES	6.627.738,49		9.806.660,32		11.032.372,07
GROSS MARGIN	1.379.567,98	20,82	1.924.651,83	19,63	2.008.733,97	18,21
EBITDA	155.060,78	2,34	438.883,76	4,48	455.737,17	4,13
EBIT	144.303,01	2,18	338.028,59	3,45	365.080,60	3,31
NET RESULT	115.659,42	1,75	231.239,75	2,36	389.264,90	3,53
EFFECTIVE TAX RATE (%)	29,33	0,00	29,76	0,00	32,11	0,00

Profit and Loss Account Comments

The company’s sales figure decreased in 32,42% between 2.008 and 2.009.

The company’s EBIT decreased in 57,31% between 2.008 and 2.009.

This evolution implies a reduction in the economic profitability of the company .

The result of these variations is a decrease of the company’s Operating Profitability of 55,36% in the analysed period, being this profitability of 2,50% in the year 2.009.

The Net Result of the company decreased in 49,98% between 2.008 and 2.009.

The company’s Financial Profitability has been positively affected by the financial activities in comparison with EBITs behaviour .

The result of these variations is a reduction of the company’s economic profitability of 51,06% in the analysed period, being equal to 2,54% in the year 2.009 .

The company’s sales figure decreased in 11,11% between 2.007 and 2.008.

The company’s EBIT decreased in 7,41% between 2.007 and 2.008.

This evolution implies a reduction in the economic profitability of the company .

The result of these variations is a decrease of the company’s Operating Profitability of 3,28% in the analysed period, being this profitability of 5,60% in the year 2.008.

The Net Result of the company decreased in 40,60% between 2.007 and 2.008.

The company’s Financial Profitability has been negatively affected by the financial activities in comparison with EBITs behaviour .

The result of these variations is a reduction of the company’s economic profitability of 44,73% in the analysed period, being equal to 5,19% in the year 2.008 .

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2009)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	32,22	24,02	8,20
A) CURRENT ASSETS	67,78	75,98	-8,20
LIABILITIES
A) NET WORTH	93,95	40,36	53,59
B) NON CURRENT LIABILITIES	0,01	8,76	-8,75
C) CURRENT LIABILITIES	6,04	50,88	-44,84

	COMPANY (2009)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	99,99	98,41	1,58
GROSS MARGIN	20,81	30,83	-10,02
EBITDA	2,34	7,84	-5,50
EBIT	2,18	6,05	-3,87
NET RESULT	1,74	4,01	-2,27

Sector Composition

Compared sector (NACE 2009): 4669

Number of companies: 641

Size (Sales Figure): 2,800,000.00 - 7,000,000.00 Euros

Comments on the sectorial comparative

Compared to its sector the assets of the companies show a greater proportion of non current assets. Specifically the difference with the sector average is 8,20% .

In liabilities composition the company appeals on a wider scale to self financing, being the proportion of Net Worth of 53,59% major. As a consequence, external financing sources are less used by the company ( 53,59% less than the sector) .

The proportion that the sales mean to the company’s total ordinary income is 99,99% , an 1,58% higher than in the sector .

The company’s EBIT was positive and was 2,18% with regard to the total ordinary income, 3,87% inferior to the one of the sector .

The company’s capacity to generate operating income is inferior to that of the sector as its ratio EBIT/Sales is inferior (0,02 in comparison with 0,06) .

The company’s net result was positive and equal to 1,74% with regard to the total ordinary income, -2,27% inferior to the one of the sector .

The financial results and the tax impact have had a less negative impact on the net result of the company that in the sector .

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

Results Distribution

Source: annual financial report 2008

Figures given in €

DISTRIBUTION BASE		APPLICATION A
Profit and Loss	231.239,75	Legal Reserve	0,00
Carry over	0,00	Voluntary Reserve	231.239,75
Voluntary reserves	0,00	Prior years losses	0,00
Reserves	0,00	Carry over	0,00
Other concepts	0,00	Other funds	0,00
Total of Amounts to be distributed	231.239,75	Dividends	0,00
		Other Applications	0,00

COMPANY ADDRESSES

Business address

Current Legal Seat Address:

CALLE POTOSI, 14

08030 BARCELONA

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

Distribution of the administration board

Governing body : 11 members (latest change: 24/11/2006)

Other Positions : 3 (latest change: 14/03/2007)

Auditor : 1 (latest change: 14/01/2011)

Operative Board Members : 3 (latest change: 12/01/2010)

Non-current positions : 4 (latest change: 24/11/2006)

Men (81%)

Women (19%)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE APPOINTMENT
PRESIDENT	SALA CARULLA, JUAN	24/11/2006
VICE-PRESIDENT	CARULLA ESTEVE, MARIA VICTORIA	24/11/2006
VICE-PRESIDENT	SALA TUSQUETS, JUAN RAMON	24/11/2006
MANAGING DIRECTOR	CORTES SALES, CLIMENT	24/11/2006
MEMBER OF THE BOARD	ALEGRE DE MIQUEL, JORGE	24/11/2006

Auditor

POSITION

NAME AND SURNAME

DATE

APPOINTMENT

AUDITOR

C B C AUDITORES SL

14/01/2011

There are 15 board members, directors and auditors registered

Functional Managers

POSITION	NAME AND SURNAME
Manager	CORTES SALES, CLEMENTE
Financial Manager	AGUILERA, ALEJANDRO
Exports Director	CORTES SALES, CLEMENTE

FINANCIAL LINKS

Shareholders

	BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
	ANETO SA	A08059297	10,00	OWN SOURCES	13/01/2010

There are 1 direct financial links through shareholders registered

Participations

BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
ANETO SA	A08059297	10,00	OWN SOURCES	13/01/2010
AXA AURORA VIDA SA DE SEGUROS Y REASEGUROS	A48464606	Indef.	TRADE REG.	31/12/2002

There are 2 direct financial links through participations registered

BUSINESS INFORMATION

Constitution

Incorporation date: 30/11/1945

Activity

Activity: Wholesale of other products

NACE 2009 CODE: 4669

NACE 2009 Activity: Wholesale of other machinery and equipment

Business: COMPRA-VENTA DE PAPELES, CARTONES, CORDELERIA ASI COMO LOS MANIPULADOS Y DERIVADOS DEL PAPEL

Employees

Latest employees figure: 13 (2011)

% of fixed employees: 100,00%

Employees evolution

COMMERCIAL OPERATIONS

PURCHASES

Import Percentage: 82%

Imports from: UNION EUROPEA

National Distribution: 18%

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO DE SABADELL, S.A.			BARCELONA
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
BANCO SANTANDER, S.A.			BARCELONA
BANKINTER, S.A.
CAIXA D’ESTALVIS DE CATALUNYA,TARRAGONA I MANRESA

There are 7 bank entities registered

Brands

Brand name: ANETO S.A. DESDE 1945 (Valid)

Type: JOINT Scope: NATIONAL Date: 23/10/2002

Brand name: ANETO, S.A. (Valid)

Type: JOINT Scope: NATIONAL Date: 01/12/1999

Brand name: ANETO.SDAD.ANONIMA (Valid)

Type: JOINT Scope: NATIONAL Date: 01/01/2007

There are 4 brands, signs and commercial names

LEGAL STRUCTURE

Constitution Data

Register Date: 30/11/1945

Current structure data

Legal form: Joint-stock Company

Social Capital: 661.100,00 €

Paid-up capital: 661.100,00 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2009)

B.O.R.M.E.

(OFFICIAL COMPANIES REGISTRY GAZETTE)

Summary

Acts on activity: 0

Acts on administrators: 21 (Last: 14/01/2011, first: 18/04/1991)

Acts on capital: 2 (Last: 13/10/1999, first: 07/06/1994)

Acts on creation: 0

Acts on filed accounts: 21 (Last: 20/01/2011, first: 17/12/1990)

Acts on identification: 0

Acts on Information: 4 (Last: 22/12/2006, first: 07/06/1994)

Latest acts in B.O.R.M.E.

Other acts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Appointments	14/01/2011	14022	Barcelona
Appointments	30/06/2010	259419	Barcelona
Appointments	22/04/2009	189598	Barcelona
Appointments	30/01/2008	48676	Barcelona
Appointments	14/03/2007	152655	Barcelona
Appointments	08/01/2007	9888	Barcelona
Other concepts	22/12/2006	611723	Barcelona
Modification of the Articles of Association	24/11/2006	563756	Barcelona

Latest filed accounts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Annual Filed Accounts (2009)	20/01/2011	35425	Barcelona
Annual Filed Accounts (2008)	22/12/2009	1039274	Barcelona
Annual Filed Accounts (2007)	29/10/2008	980441	Barcelona

There are 48 acts registered

Complementary Information

Financial Information

El balance cerrado a 31/12/2009 (Deposito 2009) esta disponible en INFORMA, pero existen datos en los nuevos estados contables incorrectamente presentados.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.87
UK Pound	1	Rs.72.83
Euro	1	Rs.64.37

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

Company name

EXECUTIVE SUMMARY

Trade Risk

Financial Information

Commercial Information

Corporate Structure

Other Complementary Information

Credit Appraisal

Financial Situation

Performance

INCIDENTS

FINANCIAL ELEMENTS

COMPARATIVE SECTOR ANALYSIS

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

COMPANY ADDRESSES

CORPORATE STRUCTURE

FINANCIAL LINKS

BUSINESS INFORMATION

COMMERCIAL OPERATIONS

LEGAL STRUCTURE

B.O.R.M.E.

Unit