MIRA INFORM REPORT

Report Date :

07.01.2012

IDENTIFICATION DETAILS

Name :	RIOGLASS SOLAR SA
Registered Office :	P. I. Sovil La, Santa Cruz De Mier. Mieres, 33600
Country :	Spain
Financials (as on) :	31.12.2010
Year of Establishment :	2006
Com. Reg. No.:	A74190190
Legal Form :	Public Independent
Line of Business :	Management activities of holding companies
No. of Employees :	85

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Spain	A2	A2

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

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Company name and address

Rioglass Solar Sa

P. I. Sovil La, Santa Cruz De Mier.
Mieres, 33600
Spain
Tel:	+(34) 985959200
Other Industrial Site Poligono Industrial de Villallana s/n 33695 Pola de Lena Asturias

Employees:	85
Company Type:	Public Independent
Incorporation Date:	2006
Auditor:	Pricewaterhousecoopers Auditores Sl

Financials in:	USD (mill)
Fiscal Year End:	21-Oct-2011
Reporting Currency:	Euro
Annual Sales:	74.8 ^1
Net Income:	5.8
Total Assets:	62.0

Business Description

Activities of head offices

Industry

Industry	Commercial Banks
ANZSIC 2006:	6240 - Financial Asset Investing
NACE 2002:	7415 - Management activities of holding companies
NAICS 2002:	551112 - Offices of Other Holding Companies
UK SIC 2003:	7415 - Management activities of holding companies
US SIC 1987:	671 - Holding Offices

Key Executives

Name	Title
Jose Maria Villanueva Fernandez	Joint Attorney, President, Member Of The Board
Amparo Monteagudo Morales	Non Consellor Secretary
Antonio Telmo Martinez Saenz	Joint Attorney
Aguilar Rafael Osuna Gonzalez	Member Of The Board
Luis Manuel Villanueva Fernandez	Member Of The Board

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7186079
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7195539

Corporate Overview

Location
P. I. Sovil La, Santa Cruz De Mier.
Mieres, 33600
Spain

Tel:	+(34) 985959200

Sales EUR(mil):	53.8
Assets EUR(mil):	44.6
Employees:	85
Fiscal Year End:	21-Oct-2011

Industry:	Commercial Banks

Incorporation Date:	2006
Company Type:	Public Independent
Quoted Status:	Not Quoted
Registered No.(ESP):	A74190190

Member Of The Board:	Aguilar Rafael Osuna Gonzalez

Contents · Industry Codes · Business Description · Financial Data · Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
6240	-	Financial Asset Investing

NACE 2002 Codes:
7415	-	Management activities of holding companies

NAICS 2002 Codes:
551112	-	Offices of Other Holding Companies

US SIC 1987:
671	-	Holding Offices

UK SIC 2003:
7415	-	Management activities of holding companies

Business Description

Activities of head offices

Financial Data

Financials in:	EUR(mil)
Revenue:	53.8
Net Income:	4.2
Assets:	44.6
Current Assets:	30.4
Fixed Assets:	14.2
Long Term Debt:	4.6
Total Liabilities:	44.6
Issued Capital:	6.9
Net Worth:	27.6
Date of Financial Data:	21-Oct-2011

1 Year Growth

NA

NA

NA

Key Corporate Relationships

Auditor:	Pricewaterhousecoopers Auditores Sl
Bank:	Santander Factoring Y Confirming, S.A., E.F.C., Banco Bilbao Vizcaya Argentaria, S.A.
Auditor:	Pricewaterhousecoopers Auditores Sl

Executives Report

Board of Directors

Name	Title	Function
Aguilar Rafael Osuna Gonzalez	Member Of The Board	Director/Board Member
Santiago Seage Medela	Joint Attorney, Member Of The Board	Director/Board Member
Jose Maria Villanueva Fernandez	Joint Attorney, President, Member Of The Board	Director/Board Member
Luis Manuel Villanueva Fernandez	Member Of The Board	Director/Board Member

Executives

Name	Title	Function
Jose Maria Villanueva Fernandez	Joint Attorney, President, Member Of The Board	President
Amparo Monteagudo Morales	Non Consellor Secretary	Administration Executive
Antonio Telmo Martinez Saenz	Joint Attorney	Legal Executive
Rafael Osuna Gonzalez-Aguilar	Joint Attorney	Legal Executive
Santiago Seage Medela	Joint Attorney, Member Of The Board	Legal Executive
Luis Villanueva Fernandez	Joint Attorney	Legal Executive
Holding Sa Rioglass Solar	Single Partner	Partner

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Charges	68.8	76.7	35.7
Staff Costs	4.0	4.7	3.6
Wages and Salaries	3.0	3.5	-
Social Security Costs	0.9	1.2	3.6
Depreciation	6.6	7.0	5.1
Other Operating Charges	6.2	8.6	5.5
Operating Benefits	5.5	22.3	10.9
Financials and Similar Charges	0.6	1.0	1.8
Due to Other Liabilities	0.6	1.0	1.8
Exchange Losses	0.1	-	0.0
Net Financial Income	-	-	0.2
Profit From Ordinary Activities	4.9	21.4	11.1
Extraordinary Profit	3.0	2.0	-
Profit Before Taxes	7.9	23.4	11.1
Corporation Tax	2.4	7.0	3.3
Financial Year Result (Profit)	5.5	16.4	7.7
Income	74.3	93.1	43.4
Net Total Sales	71.2	91.0	41.4
Gains from Exchange Rate	-	0.0	-
Negative Financial Results	0.7	0.9	-
Profit on Disposal of Assets	0.7	-	-
Capital Grants Transferred to Profit and Loss	2.3	2.0	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Total Intangible Fixed Assets	0.6	0.8	1.0
Total Tangible Fixed Assets	18.5	23.9	30.3
Financial Investments	0.0	0.0	1.6
Total Fixed Assets	19.1	24.7	32.9
Total Stocks	1.9	3.8	2.8
Total Debtors	26.8	17.4	12.7
Total Short-Term Investments	7.8	9.8	0.8
Cash	4.3	13.1	2.9
Total Current Assets	40.7	44.1	19.3
Total Assets	59.8	68.8	52.2
Total Reserves	22.1	6.8	-0.7
Profit or Loss for the Financial Year	5.6	16.9	7.4
Total Equity	37.0	33.6	16.3
Total Deferred Income	3.5	5.5	6.7
Total Long Term Liabilities	6.2	9.0	11.5
Total Short Term Creditors	9.9	20.6	17.8
Short Term Provisions for Liabilities and Charges	3.2	-	-
Total Liabilities and Equity	59.8	68.8	52.2

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.81.79
Euro	1	Rs.67.46

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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