MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	TECNICAS REUNIDAS SA
Registered Office :	Cl. Arapiles 13-14
Country :	Madrid
Financials (as on) :	31.12.2009
Date of Incorporation :	01.01.1960
Legal Form :	Public Company
Line of Business :	Engineering activities and related technical consultancy
No. of Employees :	841

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Madrid	--	--

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

REGISTERED NAME & COMPANY SUMMARY

Company Summary

Company Name	TECNICAS REUNIDAS SA
Cif Number	A28092583
Legal Form	PUBLIC COMPANY
Trading Name
Address	CL. ARAPILES 13-14
Province	MADRID
Municipality	MADRID
City
Postcode	28015
Phone Number	915920300
Fax Number	915920397
URL	www.tenicasreunidas.es
Email	tr@tecnicasreunidas.es

DIRECTORS/MANAGEMENT

Director Information

Active Social Persons
Position	PRESIDENT
Director Number	836938
Name	LLADO Y FERNANDEZ URRUTIA JOSE
Date of Appointment	23/08/2011
Position	CHIEF EXECUTIVE OFFICER
Director Number	187907
Name	GARCIA AGULLO LLADO ALVARO
Date of Appointment	20/11/1990
Position	VICE CHAIRMAN
Director Number	815086
Name	DE ASUA ALVAREZ FERNANDO
Date of Appointment	23/08/2011
Position	VICE CHAIRMAN
Director Number	683048
Name	LLADO ARBURUA JUAN
Date of Appointment	23/08/2011
Position	MEMBER OF THE BOARD
Director Number	6615
Name	ANTOÑANZAS PEREZ EGEA JUAN MIGUEL
Date of Appointment	23/08/2011
Position	MEMBER OF THE BOARD
Director Number	815086
Name	DE ASUA ALVAREZ FERNANDO
Date of Appointment	23/08/2011
Position	MEMBER OF THE BOARD
Director Number	3662959
Name	DEL ALCAZAR Y SILVELA DIEGO
Date of Appointment	23/08/2011
Position	MEMBER OF THE BOARD
Director Number	187907
Name	GARCIA AGULLO LLADO ALVARO
Date of Appointment	23/08/2011
Position	MEMBER OF THE BOARD
Director Number	108471
Name	GEIJO BAUCELLS MIGUEL
Date of Appointment	07/11/2000
Position	MEMBER OF THE BOARD
Director Number	492403
Name	GOMEZ NAVARRO NAVARRETE JAVIER
Date of Appointment	23/08/2011
Position	MEMBER OF THE BOARD
Director Number	683049
Name	LLADO ARBURUA JOSE MANUEL
Date of Appointment	23/08/2011
Position	MEMBER OF THE BOARD
Director Number	683048
Name	LLADO ARBURUA JUAN
Date of Appointment	23/08/2011
Position	MEMBER OF THE BOARD
Director Number	836938
Name	LLADO Y FERNANDEZ URRUTIA JOSE
Date of Appointment	23/08/2011
Position	MEMBER OF THE BOARD
Director Number	4353254
Name	RICHARDSON WILLIAM BLAINE
Date of Appointment	23/08/2011
Position	MEMBER OF THE BOARD
Director Number	114062
Name	URIARTE SANTAMARINA PEDRO LUIS
Date of Appointment	23/08/2011
Position	COMBINED PROXY
Director Number	224448
Name	ALSINA MASSANA ENRIQUE
Date of Appointment	05/01/2005
Position	COMBINED PROXY
Director Number	1768638
Name	BRAVO RAMASCO LAURA
Date of Appointment	29/03/2011
Position	COMBINED PROXY
Director Number	4004698
Name	DIAZ HEVIA JAVIER
Date of Appointment	17/02/2009
Position	COMBINED PROXY
Director Number	1739922
Name	GARRALON CASTELLOT JESUS
Date of Appointment	17/02/2009
Position	COMBINED PROXY
Director Number	2973190
Name	PARADINAS MARQUEZ MIGUEL
Date of Appointment	05/01/2005
Position	COMBINED PROXY
Director Number	2726004
Name	SAN MIGUEL GONZALEZ DE HEREDIA EDUARDO
Date of Appointment	17/02/2009
Position	COMBINED PROXY
Director Number	2235017
Name	SANCHEZ HERNANDEZ ANA
Date of Appointment	09/12/2008
Position	COMBINED PROXY
Director Number	2936376
Name	SICILIA PARDOS MARTIN
Date of Appointment	09/12/2008
Position	COMBINED PROXY
Director Number	187905
Name	TOBALINA BARIEGO ANTONIO
Date of Appointment	17/02/2009
Position	COMBINED PROXY
Director Number	3677923
Name	TRIVIÑO FERNANDEZ RAFAEL
Date of Appointment	01/09/2009
Position	COMBINED PROXY
Director Number	276627
Name	VALENCIA ALONSO MANUEL
Date of Appointment	05/01/2005
Position	COMBINED PROXY
Director Number	4088295
Name	WOOLF GORDON KIN
Date of Appointment	01/09/2009
Position	JOINT ATTORNEY/COMBINED PROXY
Director Number	3202014
Name	MARBAN RODRIGUEZ JOSE FABIAN
Date of Appointment	29/03/2011
Position	PROXY
Director Number	1042009
Name	ALEMANY SANCHEZ DE LEON ANDRES
Date of Appointment	04/06/1996
Position	PROXY
Director Number	4285496
Name	APARICIO BASTARDO JOSE MIGUEL
Date of Appointment	21/02/2011
Position	PROXY
Director Number	563165
Name	ARTAZCOZ BORDA MIGUEL ANGEL
Date of Appointment	15/11/1996
Position	PROXY
Director Number	749642
Name	BADIOLA DE PAZ ALVARO
Date of Appointment	04/07/2005
Position	PROXY
Director Number	3363467
Name	BECARES PEREZ JESUS
Date of Appointment	09/08/2005
Position	PROXY
Director Number	2476986
Name	BERENGUEL FELICES FRANCISCO
Date of Appointment	09/10/2001
Position	PROXY
Director Number	3744483
Name	BOADELLA VELA MANUEL
Date of Appointment	27/06/2007
Position	PROXY
Director Number	3202012
Name	CAMPAÑA IRLES JULIO
Date of Appointment	18/01/2011
Position	PROXY
Director Number	99848
Name	CASTILLO RUBIO MANUEL
Date of Appointment	04/06/1996
Position	PROXY
Director Number	762325
Name	DEL VAL COB MANUEL
Date of Appointment	22/05/1996
Position	PROXY
Director Number	4146459
Name	DIAZ NOGUEIRA GUSTAVO
Date of Appointment	30/05/2011
Position	PROXY
Director Number	1009036
Name	FERNANDEZ TEJADA SANCHEZ MARMOL JOSE RAMON
Date of Appointment	26/12/1992
Position	PROXY
Director Number	938764
Name	GARCIA HERVAS MIGUEL ANGEL
Date of Appointment	26/12/1992
Position	PROXY
Director Number	106564
Name	GARCIA RODRIGUEZ ADOLFO
Date of Appointment	04/06/1996
Position	PROXY
Director Number	142542
Name	GOMEZ ACEVEDO EMILIO
Date of Appointment	24/07/2003
Position	PROXY
Director Number	331947
Name	GOMEZ MONCO LAUREANO
Date of Appointment	21/02/2011
Position	PROXY
Director Number	641604
Name	GUTIERREZ ZAPICO ARCADIO
Date of Appointment	04/06/1996
Position	PROXY
Director Number	198235
Name	HERRERA MARTIN CARMEN ROSA
Date of Appointment	20/03/2009
Position	PROXY
Director Number	683048
Name	LLADO ARBURUA JUAN
Date of Appointment	11/01/2001
Position	PROXY
Director Number	2973189
Name	MARBAN RODRIGUEZ ANGEL
Date of Appointment	24/07/2003
Position	PROXY
Director Number	814955
Name	MARTINEZ BORDIU DE CUBAS FRANCISCO
Date of Appointment	11/03/2004
Position	PROXY
Director Number	1762976
Name	MOLINERO MONGE CARLOS
Date of Appointment	15/11/1996
Position	PROXY
Director Number	665257
Name	PEREZ ALONSO JOSE DOMINGO
Date of Appointment	04/06/1996
Position	PROXY
Director Number	3998817
Name	REVENGA LOPEZ FELIPE
Date of Appointment	21/02/2011
Position	PROXY
Director Number	576083
Name	RUIZ SANTOS ANGEL
Date of Appointment	04/06/1996
Position	PROXY
Director Number	102790
Name	SAIZ FERNANDEZ GERARDO
Date of Appointment	21/02/2011
Position	PROXY
Director Number	971826
Name	SOLBES MIRA AMADOR
Date of Appointment	15/11/1996
Position	PROXY
Director Number	3677923
Name	TRIVIÑO FERNANDEZ RAFAEL
Date of Appointment	01/09/2009
Position	PROXY
Director Number	1599564
Name	VALERO SANCHEZ SALVADOR
Date of Appointment	04/06/1996
Position	NON CONSELLOR SECRETARY
Director Number	1768638
Name	BRAVO RAMASCO LAURA
Date of Appointment	17/02/2003
Position	MEMBER
Director Number	1214310
Name	ALARCO CANOSA JAVIER
Date of Appointment	21/04/2010
Position	ACCOUNTS' AUDITOR / HOLDER
Director Number	2260515
Name	PRICEWATERHOUSECOOPERS AUDITORES SL
Date of Appointment	23/08/2011
Position	CONSOLIDATED ACCOUNTS' AUDITOR
Director Number	2260515
Name	PRICEWATERHOUSECOOPERS AUDITORES SL
Date of Appointment	23/08/2011
Position	MISCELLANEOUS POSTS
Director Number	1214310
Name	ALARCO CANOSA JAVIER
Date of Appointment	13/09/2007
Position	MISCELLANEOUS POSTS
Director Number	6615
Name	ANTOÑANZAS PEREZ EGEA JUAN MIGUEL
Date of Appointment	24/11/2006
Position	MISCELLANEOUS POSTS
Director Number	815086
Name	DE ASUA ALVAREZ FERNANDO
Date of Appointment	21/04/2010
Position	MISCELLANEOUS POSTS
Director Number	814579
Name	DE HOYOS GONZALEZ ANTONIO
Date of Appointment	16/04/2012
Position	MISCELLANEOUS POSTS
Director Number	187907
Name	GARCIA AGULLO LLADO ALVARO
Date of Appointment	24/11/2006
Position	MISCELLANEOUS POSTS
Director Number	114062
Name	URIARTE SANTAMARINA PEDRO LUIS
Date of Appointment	16/04/2012

Executive Board

Post	HUMAN RESOURCES MANAGER
Name	JESUS BECARES

NEGATIVE INFORMATION

Incidences Summary

Incidences Summary
PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION	Unpublished
explanation: Bankruptcy judgements caused by the impossibility for facing (temporary or definitely) the payment of debts to third parties, clearing them with debtor's heritage liquidation.
LAWSUITS OR EXECUTIVE PROCEDURES	Unpublished
no commentary
FORECLOSURE OF A MORTGAGE	Unpublished
explanation: Execution of goods warranted with a mortgage
DECLARATORY PROCEEDINGS
no commentary
MAJOR QUANTITY	Unpublished
explanation: Claims for a quantity higher than 160 million pesetas
MINOR QUANTITY	Unpublished
explanation: Claims for a quantity higher than 800.000 Ptas, and which do not exceed 160 million pesetas
COGNITION	Unpublished
explanation: Claims for a quantity higher than 80.000 Ptas. and which do not surpass the amount of 800.000 Ptas.
VERBAL	Unpublished
explanation: Claims which quantity does not surpass 80.000 Ptas
Special proceeding due to the lack of payment of lawyers' or attorneys' fees	Unpublished
explanation: Fees default to lawyers and procurators, accrued in a lawsuit and non satisfied by its clients
EVICTION	Unpublished
explanation: Default over lease real estate
JUDICIAL TITLES EXECUTION	Unpublished
explanation: Compulsory execution to which access is possible when having titles such as final sentence,arbitral awards, resolutions that pass judicial transactions, and so on.
SLOW PAYER RATES' CLAIM	Unpublished
explanation: Real estate communities rates' default
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL (1 between the dates 22/07/2009 and 22/07/2009)
explanation: Lawsuits among employers and employees(contract of employment, Social Security) or among them and the Social Security
DEBTS WITH STATE PUBLIC BODIES
no commentary
CREDIT NON COLLECTABLE BY THE SOCIAL SECURITY	Unpublished
no commentary
PROCEEDINGS BY THE SOCIAL SECURITY	Unpublished
explanation: Social Security tax default
STATE TAX AGENCY PROCEEDINGS	Unpublished
explanation: State taxes' default (corporation tax, VAT, Income Tax)
AUTONOMOUS COMMUNITY ADMINISTRATION	Unpublished
explanation: Default of taxes transferred to Autonomous Communities (Property Tax, Inheritance Tax and Documented Acts of Law, Inheritance and Donation Tax)
DEBTS WITH THE LOCAL GOVERNMENT	Unpublished
explanation: Default of Town and County Councils taxes such as the Business Tax (TAE), Property Tax (IBI), Land tax and Building and Work taxes
PROCEEDINGS ACCORDING TO THE NEW CIVIL PROCEDURAL ACT 1/2000
no commentary
EXCHANGE TRIAL	Unpublished
explanation: Civil proceeding for the execution of a bill of exchange, check or promissory note
MONITION PROCEEDING	Unpublished
explanation: Civil process which aim is the creation of an executive title for the charge of a documented debt which amount is not higher than 5 mill. pesetas
ORDINARY DECLARATIVE JUDGEMENT	Unpublished
no commentary
VERBAL PROCEDURE	Unpublished
no commentary

Incidences Detailed

No Incident details.

SHARE & SHARE CAPITAL INFORMATION

Capital

No capital data available.

Historical Capital

Date	Capital (subscribed)	Capital (paid)	Total (subscribed)	Total (paid)	Event
02/10/1998	63.130,311	63.130,311	5.544.360,703	5.544.360,703	Increase of Capital
02/10/1998	142.908,658	142.908,658	5.687.269,362	5.687.269,362	Increase of Capital
02/04/2004	-9.577,36	-9.577,36	5.677.692	5.677.692	Capital Reduction
02/04/2004	-88.092	-88.092	5.589.600	5.589.600	Capital Reduction

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Na

FINANCIAL INFORMATION

Company Accounts

Assets
Currency	EUROS	EUROS	EUROS	EUROS
Date	31/12/2009	31/12/2008	31/12/2006	31/12/2005
Tangible Fixed Assets	17.804.000	18.750.000	6.864.000	5.268.000
Other Fixed Assets	136.327.000	124.188.000	37.897.000	28.804.000
Total Fixed Assets	154.131.000	142.938.000	44.761.000	34.072.000
Total Current Assets	1.275.455.000	1.380.316.000	689.291.000	536.402.000
Stock	27.964.000	12.290.000	10.967.000	10.171.000
Debtors	775.274.000	986.675.000	428.940.000	344.713.000
Cash	95.130.000	86.240.000	142.080.000	52.353.000
Other Current Assets	377.087.000	295.111.000	107.304.000	129.165.000
Total Assets	1.429.586.000	1.523.254.000	734.052.000	570.474.000

Liabilities
Date	31/12/2009	31/12/2008	31/12/2006	31/12/2005
Capital & Reserves	158.680.300	173.305.000	94.154.000	109.990.000
Long Term Creditors	45.812.700	21.824.000	37.277.000	40.318.000
Short Term Creditors	1.225.093.000	1.328.125.000	602.621.000	420.166.000
Debts with Credit Entities at Short Term	450.000	12.451.000	27.428.000	48.282.000
Non onerous Liabilities at Short Term	1.224.643.000	1.315.674.000	575.193.000	371.884.000
Total Liabilities	1.429.586.000	1.523.254.000	734.052.000	570.474.000

Profit & Loss
Date	31/12/2009	31/12/2008	31/12/2006	31/12/2005
Net Total Sales	1.512.930.000	1.450.082.000	780.975.000	416.698.000
Depreciation cost	4.371.000	3.524.000	2.496.000	1.703.000
Operating results	71.416.000	56.973.000	45.971.000	17.801.000
Financial Results	32.619.840	42.739.220	11.274.000	16.585.000
Current Activities Results	104.035.840	99.712.220	57.245.000	34.386.000
Extraordinary Results	-13.338.840	-12.008.220	923.000	-2.543.000
Results before taxation	90.697.000	87.704.000	58.168.000	31.843.000
Corporation Tax	-2.082.000	-9.366.000	-2.765.000	-7.645.000
Financial Year Result	92.779.000	97.070.000	60.933.000	39.488.000

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Foundation Data

Mercantile Registry	MADRID
Register Data	Section: 8, Register Number: 72319
Constitution Date	01/01/1960
Corporate Purpose published in the Borme	30/05/2006. . CONSTRUCCION EN LA MODALIDAD "LLAVE EN MANO", INTEGRANDO TODOS LOS SERVICIOS NECESARIOS HASTA LA ENTREGA DE LA INSTALACION AL CLIENTE, Y ELLO BIEN SEA A UN PRECIO TANTO ALZADO O MEDIANTE OTRAS FORMAS DE PAGO O DE FINANCIACION. CONSTRUCCION Y REALIZACION DE OBRAS CIVILES Y ESTRUCTURAS, PREFABRICACION.
Company Domicile	,

Number of Employees

Financial Year	Permenant Employees	Temporary Employees
2010	1877	841
2009	1289	1056
2008	1258	1115
2007	805	1181
2006	685	870
2005	527	516
2004	1024	0
2003	1019	0
2002	601	324
2001	938	0
2000	537	258
1999	537	459
1998	258	245
1997	537	469

Company Activity

NACE Code	7112
Activity Description	Engineering activities and related technical consultancy
NACE Source	ANNUAL ACCOUNTS

Previous Address

No previous address data available.

Event History

Description	Year	Detail
Accounts deposit	2012	2010
Appointments/ Re-elections	2012	1
Cessations/ Resignations/ Reversals	2012	1
Appointments/ Re-elections	2011	8
Board Meeting	2011	1
Cessations/ Resignations/ Reversals	2011	1
Other Concepts/ Events	2011	3
Accounts deposit	2010	2009 consolidated, 2009
Appointments/ Re-elections	2010	5
Board Meeting	2010	1
Cessations/ Resignations/ Reversals	2010	2
Other Concepts/ Events	2010	1
Statutory Modifications	2010	1
Accounts deposit	2009	2008 consolidated, 2008
Appointments/ Re-elections	2009	4
Board Meeting	2009	1
Other Concepts/ Events	2009	1
Accounts deposit	2008	2006 consolidated, 2007 consolidated, 2006, 2007
Appointments/ Re-elections	2008	3
Board Meeting	2008	1
Appointments/ Re-elections	2007	3
Board Meeting	2007	1
Cessations/ Resignations/ Reversals	2007	1
Accounts deposit	2006	2005 consolidated, 2005
Appointments/ Re-elections	2006	6
Cessations/ Resignations/ Reversals	2006	2
Change of Social Purpose	2006	1
Other Concepts/ Events	2006	13
Statutory Modifications	2006	5
Accounts deposit	2005	2004 consolidated, 2004
Appointments/ Re-elections	2005	7
Cessations/ Resignations/ Reversals	2005	3
Accounts deposit	2004	2003 consolidated, 2003
Appointments/ Re-elections	2004	3
Capital Reduction	2004	3
Cessations/ Resignations/ Reversals	2004	1
Statutory Modifications	2004	1
Accounts deposit	2003	2001 consolidated, 2002 consolidated, 2001, 2002
Appointments/ Re-elections	2003	5
Cessations/ Resignations/ Reversals	2003	2
Errata	2003	1
Accounts deposit	2002	2000 consolidated
Appointments/ Re-elections	2002	3
Cessations/ Resignations/ Reversals	2002	1
Accounts deposit	2001	1999 consolidated, 2000
Appointments/ Re-elections	2001	3
Cessations/ Resignations/ Reversals	2001	2
Accounts deposit	2000	1999
Appointments/ Re-elections	2000	4
Accounts deposit	1999	1998 consolidated, 1998
Modification of Powers	1999	1
Accounts deposit	1998	1997 consolidated, 1996, 1997
Appointments/ Re-elections	1998	1
Increase of Capital	1998	2
Other Concepts/ Events	1998	1
Accounts deposit	1997	1996 consolidated
Appointments/ Re-elections	1997	1
Cessations/ Resignations/ Reversals	1997	1
Accounts deposit	1996	1995 consolidated, 1995
Appointments/ Re-elections	1996	5
Statutory Modifications	1996	1
Accounts deposit	1995	1994 consolidated, 1994
Appointments/ Re-elections	1995	1
Accounts deposit	1994	1993 consolidated, 1993
Accounts deposit	1993	1992 consolidated, 1992
Appointments/ Re-elections	1993	1
Accounts deposit	1992	1991
Adaptation to Law	1992	1
Appointments/ Re-elections	1992	2
Accounts deposit	1991	1990
Appointments/ Re-elections	1991	2
Accounts deposit	1990	1989
Appointments/ Re-elections	1990	1
Cessations/ Resignations/ Reversals	1990	1

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.92
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

INFORMATION DETAILS

Report Prepared by :

PRL

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.