MIRA INFORM REPORT

Report Date :

27.03.2012

IDENTIFICATION DETAILS

Name :	SOVENA ESPANA SA
Registered Office :	Ctra. Rinconada-Brenes, 11,7, Brenes, 41310
Country :	Spain
Financials (as on) :	31.12.2010
Date of Incorporation :	2002
Com. Reg. No.:	A91184648
Legal Form :	Public Subsidiary
Line of Business :	Bottling of Olive Oil and Sunflower Oil
No. of Employees :	162

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

Company name

Sovena España Sa

Ctra. Rinconada-Brenes, 11,7
Brenes, 41310
Spain
Tel:	+(34) 955653300
Fax:	+(34) 954796062

Employees:	162
Company Type:	Public Subsidiary
Corporate Family:	5 Companies
Ultimate Parent:	Compalinvest - Sociedade Gestora De Participações Sociais, S.A.
Incorporation Date:	2002
Auditor:	Deloitte S.L.

Fiscal Year End:	02-Nov-2011
Reporting Currency:	Euro
Annual Sales:	552.5 ^1
Net Income:	0.0
Total Assets:	154.0

Business Description

Bottling of olive oil and sunflower oil

Industry

Industry	Food Processing
ANZSIC 2006:	1150 - Oil and Fat Manufacturing
NACE 2002:	1543 - Manufacture of margarine and similar edible fats
NAICS 2002:	311225 - Fats and Oils Refining and Blending
UK SIC 2003:	1543 - Manufacture of margarine and similar edible fats
US SIC 1987:	2079 - Shortening, Table Oils, Margarine, and Other Edible Fats and Oils, Not Elsewhere Classified

Key Executives

Name	Title
Antonio Manuel Rodrigues Simoes	Presidente
Dave Lofgren	Director Financiero
Javier Rodriguez Santos	Secretario
Jose Brito Ribeiro	Joint Attorney
Da Cunha Folque Luis	Commercial Manager

Registered No.(ESP)

A91184648

Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7185245

Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7245852

Corporate Overview

Location
Ctra. Rinconada-Brenes, 11,7
Brenes, 41310
Spain

Tel:	+(34) 955653300
Fax:	+(34) 954796062

Sales EUR(mil):	397.0
Assets EUR(mil):	111.6
Employees:	162
Fiscal Year End:	02-Nov-2011

Industry:	Food Processing

Incorporation Date:	2002
Company Type:	Public Subsidiary
Quoted Status:	Not Quoted
Previous Name:	Sovena Iberica de Aceites SA
Registered No.(ESP):	A91184648

Director General:	Steve Mandia

Industry Codes

ANZSIC 2006 Codes:
1150	-	Oil and Fat Manufacturing

NACE 2002 Codes:
1543	-	Manufacture of margarine and similar edible fats
1541	-	Manufacture of crude oils and fats

NAICS 2002 Codes:
311225	-	Fats and Oils Refining and Blending
311223	-	Other Oilseed Processing

US SIC 1987:
2079	-	Shortening, Table Oils, Margarine, and Other Edible Fats and Oils, Not Elsewhere Classified
2076	-	Vegetable Oil Mills, Except Corn, Cottonseed, and Soybean

UK SIC 2003:
1541	-	Manufacture of crude oils and fats
1543	-	Manufacture of margarine and similar edible fats

Business Description

Manufacture of margarine and similar edible fats

More Business Descriptions

Bottling of olive oil and sunflower oil

Financial Data

Financials in:	EUR(mil)
Revenue:	397.0
Net Income:	0.0
Assets:	111.6
Current Assets:	90.4
Fixed Assets:	21.2
Long Term Debt:	21.2
Total Liabilities:	111.6
Issued Capital:	18.3
Net Worth:	22.8
Date of Financial Data:	02-Nov-2011

1 Year Growth

2.8%

NA

NA

Key Corporate Relationships

Auditor:	Deloitte S.L.
Bank:	Banco Bilbao Vizcaya Argentaria, S.A., Banco Cooperativo Español, S.A., Banco Santander Central Hispano, S.A.
Auditor:	Deloitte S.L.

Corporate Structure News

Sovena España Sa
Total Corporate Family Members: 5

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees	Source
Compalinvest - Sociedade Gestora De Participações Sociais, S.A.	Parent
Sovena Group - Sgps, S.A.	Subsidiary	Algés	Portugal	Investment Services	0.0	2	D&B
Sovena Portugal - Consumer Goods SA	Subsidiary	Algés	Portugal	Miscellaneous Transportation	316.2	270	GW
Sovena España Sa	Subsidiary	Brenes, Sevilla	Spain	Food Processing	552.5	162	AX
Sovena Oilseeds Portugal, S.A.	Subsidiary	Algés	Portugal	Food Processing	382.8	124	D&B

Executives Report

Board of Directors

Name	Title	Function
Antonio Manuel Rodrigues Simoes	Presidente	Chairman
Tomas Aranguez Toledano	Member Of The Board	Director/Board Member
Salema Garcao Jose De Melo Jorge	Consejero	Director/Board Member

Executives

Name	Title	Function
Antonio Manuel Rodrigues Simoes	Presidente	President
Raithan Freddy	Managing Director	Managing Director
Steve Mandia	Director General	Managing Director
Javier Rodriguez Santos	Secretario	Administration Executive
Aderito Marques Batista	Financial Director	Finance Executive
Dave Lofgren	Director Financiero	Finance Executive
Da Cunha Folque Luis	Commercial Manager	Commercial Executive
Jose Brito Ribeiro	Joint Attorney	Legal Executive
Ramirez Florencio Martin	Joint Attorney	Legal Executive
Goods Sa Sevena Portugal-Consumer	Single Partner	Partner

Annual Profit & Loss

Sovena España Sa

Brenes, Sevilla, Spain, Tel: +(34) 955653300, URL: http://www.sovenagroup.com/es

	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	535.9	538.1	769.3
Stock Reduction	-	-	7.9
Supplies	495.1	496.5	714.3
Consumption of Raw Materials	495.1	496.5	714.3
Staff Costs	7.3	7.2	7.4
Wages and Salaries	5.7	5.6	5.7
Social Security Costs	1.6	1.6	1.7
Depreciation	3.6	4.0	3.6
Allowance for Trade Operations	-	0.1	0.0
Variation of Other Trade Provisions	-	0.1	0.0
Other Operating Charges	15.5	24.8	24.2
External Services	15.3	24.5	24.0
Taxes	0.2	0.3	0.2
Other Operating Expenses	-	-	0.0
Operating Benefits	11.3	8.1	13.1
Financials and Similar Charges	12.4	3.3	7.9
Due to Liabilities With Group Companies	-	0.0	0.4
Due to Other Liabilities	3.2	3.3	7.6
Losses from Financial Investments	9.2	-	-
Changes in Financial Investment Provisions	0.8	-	-
Exchange Losses	2.2	-	3.1
Profit From Ordinary Activities	-	7.2	2.2
Losses From Assets and Securities Portfolio	0.0	-	-
Extraordinary Profit	0.4	0.0	-
Profit Before Taxes	-	7.2	2.2
Corporation Tax	-0.9	2.3	0.7
Financial Year Result (Profit)	-	4.9	1.5
Income	533.7	543.0	770.8
Net Total Sales	525.7	537.0	760.8
Sales	525.7	537.0	760.7
Rendering of Services	-	-	0.1
Increase in Stocks	4.4	1.9	-
Miscellaneous Operating Income	2.7	1.7	9.9
Auxiliary Income From Current Management	2.6	1.7	9.8
Grants	0.0	0.0	0.1
Income From Miscellaneous Interests	0.5	0.1	0.1
From Group Companies	0.1	0.0	-
Miscellaneous Interests	0.5	0.0	0.1
Profit on Financial Investment	-	0.1	-
Gains from Exchange Rate	-	2.3	-
Negative Financial Results	14.8	0.9	11.0
Ordinary Activities' Losses	3.5	-	-
Capital Grants Transferred to Profit and Loss	0.1	0.0	-
Extraordinary Income	0.4	-	-
Losses Before Taxes	3.1	-	-
Financial Year Result (Losses)	2.2	-	-

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
Software	0.1	0.4	0.7
Total Intangible Fixed Assets	0.1	0.4	0.7
Land and Construction	8.4	7.2	6.2
Technical Installations and Machinery	15.9	15.7	11.2
Other Installations, Tools, and Furniture	2.9	2.8	2.0
Tangible Fixed Assets Under Construction	0.7	5.8	6.9
Other Tangible Assets	0.5	0.5	0.4
Total Tangible Fixed Assets	28.3	31.9	26.7
Investments in Group Companies	-	13.2	12.8
Long-Term Securities Portfolio	0.0	0.0	-
Long-Term Guarantees and Deposits	0.0	0.0	-
Financial Investments	0.0	13.2	12.8
Total Fixed Assets	28.4	45.5	40.2
Goods for Resale	-	-	1.2
Raw Materials and Other Consumables	37.2	32.9	37.8
Goods in Process	6.0	10.1	11.9
Finished Products	10.3	12.0	7.6
Total Stocks	53.4	55.0	58.6
Trade Debtors	13.6	9.6	18.1
Receivables, Group Companies	18.6	18.7	25.4
Other Debtors	5.4	5.0	7.8
Staff	0.0	0.0	-
Public Bodies	5.0	1.8	1.2
Total Debtors	42.6	35.1	52.5
Receivables from Group Companies	0.0	-	-
Short-Term Guarantees and Deposits	25.1	23.7	-
Total Short-Term Investments	25.1	23.7	-
Cash	0.1	0.5	0.2
Prepayments and Accrued Income	0.1	0.3	0.2
Total Current Assets	121.3	114.7	111.5
Total Assets	149.7	160.2	151.7
Legal Reserve	0.9	0.4	0.3
Miscellaneous Reserves	0.8	-0.1	0.1
Total Reserves	1.6	0.4	0.4
Retained Earnings	6.7	2.6	1.2
Profit or Loss Brought Forward	6.7	2.6	1.2
Profit or Loss for the Financial Year	-2.2	5.1	1.5
Total Equity	30.6	34.3	28.4
Capital Grants	0.3	0.2	-
Total Deferred Income	0.3	0.2	-
Loans and Other Liabilities	28.0	39.4	17.2
Long-Term Liabilities from Capital Leases	0.0	0.0	0.8
Total Amounts Owed to Credit Institutions	28.0	39.4	18.0
Other Creditors	0.1	-	-
Long-Term Payables to Public Bodies	0.4	1.2	1.2
Total Other Creditors	0.4	1.2	1.2
Total Long Term Liabilities	28.4	40.7	19.2
Loans and Other Liabilities	45.8	34.6	47.8
Short-Term Liabilities from Capital Leases	0.0	0.8	0.9
Total Amounts Owed to Credit Institutions	45.8	35.4	48.8
Amounts Owed to Group Companies	2.5	10.9	6.6
Total Short-Term Amounts Owed to Group and Associa	2.5	10.9	6.6
Advanced Payments from Customers	0.8	0.4	1.4
Amounts Owed for Purchases of Goods or Services	39.1	35.7	45.7
Total Trade Creditors	39.9	36.1	47.1
Public Bodies	1.7	1.0	0.2
Miscellaneous Debts	0.3	1.4	1.4
Wages and Salaries Payable	0.3	0.2	-
Total Other Creditors	2.2	2.6	1.7
Total Short Term Creditors	90.4	85.1	104.1
Total Liabilities and Equity	149.7	160.2	151.7

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.30
UK Pound	1	Rs.81.36
Euro	1	Rs.67.97

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.