MIRA INFORM REPORT

Report Date :

02.05.2011

IDENTIFICATION DETAILS

Name :	HISPANA DE MAQUINARIA SA

Registered Office :	Calle Pallars, 85 - 91-Sa 5 08018 Barcelona

Country :	Spain

Date of Incorporation :	07.09.1967

Legal Form :	Joint-stock Company

Line of Business :	Traders of machinery and industrial equipment

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 :	54.000,00 €

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Spain

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

Company name

HISPANA DE MAQUINARIA SA

TAX NUMBER: A08212375

Company situation: Active

EXECUTIVE SUMMARY

Identification

Current Business Name: HISPANA DE MAQUINARIA SA

Other names: NO

Current Address: CALLE PALLARS, 85 - 91-SA 5

08018 BARCELONA

Telephone number: 933091707 Fax: 933090702

URL: www.hispanaspain.com

Corporate e-mail: hispana@hispanaspain.com

Trade Risk

Credit Appraisal: 54.000,00 €

Incidents: NO

Bank and business defaults of payment - ASNEF INDUSTRIAL: NO

FINANCIAL INFORMATION

Balance sheet latest sales (2009): 1.280.663,08 € (Trade Register)

Result: 2.912,74 €

Total Assets: 1.184.199,06 €

Social Capital: 96.161,94 €

Employees: 7

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date: 07/09/1967

Activity: Traders of machinery and industrial equipment

NACE 2009 CODE: 4614

International Operations: No business relationships registered

Corporate Structure

President:

GRACIA MARTINEZ EDUARDO

Participations: 1

Other Complementary Information

Latest act published in BORME: 21/09/2010 Annual Filed Accounts

Bank Entities: There are

RATING

Credit Appraisal

Maximum Credit

(from 0 to 6,000,000 €)

Favourable to 54.000,00 €

FINANCIAL SITUATION

Exercise:2009

Treasury	Excellent
Indebtedness	Slight
Profitability	Null
Balance	Excellent

Performance

Incidents	None or Negligible
Business Trajectory	Superior

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions

ADMINISTRATIVE CLAIMS: No administrative claims

AFFECTED BY: No significant element.

BANK AND BUSINESS DEFAULTS OF PAYMENT - ASNEF INDUSTRIAL

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	35.533,71	3,00		30.616,86	2,60	36.118,51	3,13
B) CURRENT ASSETS	1.148.665,35	97,00		1.146.767,49	97,40	1.119.466,84	96,87
LIABILITIES
A) NET WORTH	693.415,88	58,56		690.503,14	58,65	686.274,90	59,39
B) NON CURRENT LIABILITIES
C) CURRENT LIABILITIES	490.783,18	41,44		486.881,21	41,35	469.310,45	40,61


A) NON CURRENT ASSETS B) CURRENT ASSETS			A) NET WORTH C) CURRENT LIABILITIES

Balance Sheet Comments

Total assets of the company grew in 0,58% between 2.008 and 2.009.

This growth is a consequence of non current assets increase in 16,06%.

This growth has been mainly financed with a debt increase of 0,80%. Nevertheless Net Worth grew 0,42%.

Total assets of the company grew in 1,89% between 2.007 and 2.008.

In spite of the assets’ growth, non current assets decreased 15,23%.

This growth has been mainly financed with a debt increase of 3,74%. Nevertheless Net Worth grew 0,62%.

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	1.280.663,08		1.258.085,57		1.505.806,83
GROSS MARGIN	423.971,37	33,11	400.564,86	31,84	460.968,42	30,61
EBITDA	919,74	0,07	7.638,60	0,61	22.716,77	1,51
EBIT	-2.271,32	-0,18	2.136,95	0,17	12.857,18	0,85
NET RESULT	2.912,74	0,23	4.228,24	0,34	5.987,56	0,40
EFFECTIVE TAX RATE (%)	18,75	0,00	16,25	0,00	18,75	0,00

Profit and Loss Account Comments

The company’s sales figure grew in 1,79% between 2.008 and 2.009.

The company’s EBIT decreased in 206,29% 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 87,69% in the analysed period, being this profitability of 0,08% in the year 2.009.

The Net Result of the company decreased in 31,11% 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 28,77% in the analysed period, being equal to 0,52% in the year 2.009 .

The company’s sales figure decreased in 16,45% between 2.007 and 2.008.

The company’s EBIT decreased in 83,38% 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 67,01% in the analysed period, being this profitability of 0,65% in the year 2.008.

The Net Result of the company decreased in 29,38% between 2.007 and 2.008.

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 31,78% in the analysed period, being equal to 0,73% 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	3,00	37,49	-34,49
A) CURRENT ASSETS	97,00	62,51	34,49
LIABILITIES
A) NET WORTH	58,56	52,91	5,65
B) NON CURRENT LIABILITIES		10,02
C) CURRENT LIABILITIES	41,44	37,08	4,37

	COMPANY (2009)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	96,15	97,19	-1,05
GROSS MARGIN	31,83	40,72	-8,89
EBITDA	0,07	8,75	-8,68
EBIT	-0,17	6,17	-6,34
NET RESULT	0,22	5,14	-4,92

Sector Composition

Compared sector (NACE 2009): 4614

Number of companies: 262

Size (Sales Figure): 0 - 2,800,000.00 Euros

Comments on the sectorial comparative

Compared to its sector the assets of the companies show an inferior proportion of non current assets. Specifically the difference with the sector average is -34,49% .

In liabilities composition the company appeals on a wider scale to self financing, being the proportion of Net Worth of 5,65% major. As a consequence, external financing sources are less used by the company ( 5,65% less than the sector) .

The proportion that the sales mean to the company’s total ordinary income is 96,15% , an 1,05% lower than in the sector .

The company’s EBIT was negative and equal to -0,17% with regard to the total ordinary income, 6,34% 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 (0,00 in comparison with 0,06) .

The company’s net result was positive and equal to 0,22% with regard to the total ordinary income, -4,92% inferior to the one of the sector .

The financial results and the tax impact have had a positive impact on the net result of the company; the contrary that in the sector .

ADDRESSES

Business address

Current Legal Seat Address:

CALLE PALLARS, 85 - 91-SA 5

08018 BARCELONA

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Main Board members, Directors and Auditor

POSITION	NAME AND SURNAME	APPOINTMENT DATE
PRESIDENT	GRACIA MARTINEZ EDUARDO	11/08/2008
MEMBER OF THE BOARD	AGUSTIN ESPERT JAIME	11/08/2008
MEMBER OF THE BOARD	RODRIGUEZ GARCIA ROSA MARIA	11/08/2008

FINANCIAL LINKS

Shareholders

BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
GRACIA MARTINEZ EDUARDO		Indef.	OWN SOURCES	01/12/1999
AGUSTIN ESPERT JAIME		Indef.	OWN SOURCES	01/12/1999

Participations

BUSINESS NAME

CIF / COUNTRY

SOURCE

DATE REP.

MAQUINARIA Y EQUIPOS JOYEROS SL

B50616374

51,00

TRADE REG.

31/12/1995

Company with rating inferior to 7

CREDIT INFORMATION

Constitution

Incorporation date: 07/09/1967

Activity

Code: 1634000

Activity: Traders of machinery and industrial equipment

NACE 2009 CODE: 4614

NACE 2009 Activity: Agents involved in the sale of machinery, industrial equipment, ships and aircraft

Business: MANUFACTURING, IMPORT, EXPORT, MARKETING AND PURCHASE AND SALE OF EQUIPMENT AND ACCESSORIES. TOOLS, TOOLS FOR REPAIR OR ASSEMBLY AND GOODS OF ANY KIND.

Employees

Latest employees figure: 7 (2009)

% of fixed employees: 85,71%

% of temporary employees: 14,29%

Employees evolution

COMMERCIAL OPERATIONS

SALES

Credit collections: 100%

National Distribution: 100%

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO DE SABADELL, S.A.	0226	AV MERIDIANA 000020	BARCELONA	Barcelona
BANCO SANTANDER, S.A.	1884	PEDRO IV, 184-186	BARCELONA	Barcelona

LEGAL STRUCTURE

Constitution Data

Register Date: 07/09/1967

Current structure data

Legal form: Joint-stock Company

Social Capital: 96.161,94 €

Paid-up capital: 96.161,94 €

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: 1 (Last: 04/07/1994)

Acts on administrators: 17 (Last: 11/08/2008, first: 22/05/1990)

Acts on capital: 0

Acts on creation: 0

Acts on filed accounts: 20 (Last: 21/09/2010, first: 08/10/1992)

Acts on identification: 0

Acts on Information: 3 (Last: 12/05/2004, first: 04/07/1994)

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

Other acts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Resignations	11/08/2008	388015	Barcelona
Appointments	11/08/2008	388013	Barcelona
Resignations	11/08/2008	388013	Barcelona
Appointments	15/03/2006	138362	Barcelona
Resignations	15/03/2006	138362	Barcelona
Appointments	25/10/2004	446744	Barcelona
Appointments	18/05/2004	231478	Barcelona
Appointments	18/05/2004	231477	Barcelona

Latest filed accounts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Annual Filed Accounts (2009)	21/09/2010	607008	Barcelona
Annual Filed Accounts (2008)	25/09/2009	482947	Barcelona
Annual Filed Accounts (2007)	30/10/2008	1016240	Barcelona

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.73.88
Euro	1	Rs.65.83

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