MIRA INFORM REPORT

Report Date :

10.08.2013

IDENTIFICATION DETAILS

Name :	CONSTRUCCIONES MECANICAS VASCAS
Registered Office :	Poligono Lezama Leguizamon, S/N. 48450, Etxebarri (Bizkaia).
Country :	Spain.
Financials (as on) :	2011
Date of Incorporation :	Not Available
Com. Reg. No.:	B48724371
Legal Form :	Limited Liability Company
Line of Business :	Manufacturing bearings, gears and mechanical transmission elements
No. of Employees :	Not Available

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Spain	A2	A2

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

SPAIN - ECONOMIC OVERVIEW

After almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.

Source : CIA

COMPANY NAME

CONSTRUCCIONES MECANICAS VASCAS SL

Company Summary

Company Name CONSTRUCCIONES MECANICAS VASCAS SL

Company Registration Number B48724371

Country ES

Number --

Activity Code 2815

Activity Description Manufacturing bearings, gears and mechanical transmission elements

Company Status Active

Latest Turnover 5,099,582.00 (EUR)

Latest Shareholders Equity 1,408,994.00 (EUR)

Profit Before Tax 8,118.00 (EUR)

Company Identification

Activities

Activity Code 2815

Activity Description Manufacturing bearings, gears and mechanical transmission elements

Basic Information

Company Name CONSTRUCCIONES MECANICAS VASCAS SL

Registered Company Name CONSTRUCCIONES MECANICAS VASCAS SL

Company Registration Number B48724371

Country ES

VAT Registration Number B48724371

VAT Registration Date --

Date of Company Registration --

Date of Starting Operations --

Commercial Court --

Legal Form Limited Liability Company

Type of Ownership --

Company Status Active

Principal Activity Code 2815

Principal Activity Description Manufacturing bearings, gears and mechanical transmission elements

Contact Address POLIGONO LEZAMA LEGUIZAMON,

s/n. 48450, ETXEBARRI (BIZKAIA).

SPAIN.

Contact Telephone Number 944492150

Main Address

Address POLIGONO LEZAMA LEGUIZAMON, s/n. 48450, ETXEBARRI (BIZKAIA). SPAIN.

Country ES

Telephone 944492150

Previous Addresses

Address CARRETERA UGARTE, 22. 48510, VALLE DE TRAPAGA (BIZKAIA). SPAIN. (09/18/1996)

Country --

Web Addresses

www.covascas.com

Current Directors Managers

Name ALFREDO JULIO GARCIA ALONSO

Position Chairman/CEO

Date Appointed 11/04/2004

Name AITOR GARCIA ARECHAVALETA

Position Company Secretary

Date Appointed 11/04/2004

Name ALFREDO JULIO GARCIA ALONSO

Position Director

Date Appointed 11/04/2004

Name AITOR GARCIA ARECHAVALETA

Position Director

Date Appointed 11/04/2004

Name ASIER GARCIA ARECHAVALETA

Position Director

Date Appointed 11/04/2004

Name IGOR GARCIA ARECHAVALETA

Position Director

Date Appointed 11/04/2004

Name ALFREDO JULIO GARCIA ALONSO

Position Proxy

Date Appointed 11/04/2004

Name SARMIENTO LUIS AVILA

Position Proxy

Name IGOR GARCIA ARECHAVALETA

Position Proxy

Name AITOR GARCIA ARECHAVALETA

Position Joint and Several Proxy

Date Appointed 11/11/2004

Name ASIER GARCIA ARECHAVALETA

Position Joint and Several Proxy

Date Appointed 11/11/2004

Name IGOR GARCIA ARECHAVALETA

Position Joint and Several Proxy

Date Appointed 11/11/2004

Share Capital Structure

Issued Share capital 499,000.00 (EUR)

Financial Statements

Profit & Loss

Financial Year 2011 2010

Number of Weeks 52 52

Currency EUR EUR

Balance Sheet

Financial Year 2011 2010

Number of Weeks 52 52

Currency EUR EUR

Land & Buildings 0.00 0.00

Plant & Machinery 0.00 0.00

Other Tangible Assets 1,495,767.00 1,658,803.00

Total Tangible Assets 1,495,767.00 1,658,803.00

Goodwill 0.00 0.00

Other Intangible Assets 257,969.00 141,862.00

Total Intangible Assets 257,969.00 141,862.00

Investments 16,708.00 16,708.00

Miscellaneous Fixed Assets 0.00 0.00

Total Other Fixed Assets 16,708.00 16,708.00

Total Fixed Assets 1,770,444.00 1,817,373.00

Raw Materials 0.00 0.00

Work in Progress 0.00 0.00

Finished Goods 0.00 0.00

Other Inventories 3,295,436.00 2,103,172.00

Total Inventories 3,295,436.00 2,103,172.00

Trade Receivables 0.00 0.00

Miscellaneous Receivables 2,933,922.00 2,435,746.00

Total Receivables 2,933,922.00 2,435,746.00

Cash 45,885.00 173,939.00

Other Current Assets 7,162.00 3,384.00

Total Current Assets 6,282,405.00 4,716,241.00

Total Assets 8,052,849.00 6,533,615.00

Trade Payables 2,810,717.00 1,502,447.00

Bank Liabilities 622,379.00 305,106.00

Other Loans/Finance 116,536.00 104,607.00

Group Payables 0.00 0.00

Miscellaneous Liabilities 2,320,620.00 2,090,428.00

Total Current Liabilities 5,870,252.00 4,002,588.00

Trade Payables due after 1 year 0.00 0.00

Bank Liabilities due after 1 year 304,206.00 509,710.00

Other Loans/Finance due after 1

year 464,881.00 596,902.00

Group Payables due after 1 year 0.00 0.00

Miscellaneous Liabilities due

after 1 year 4,515.00 9,080.00

Total Long Term Liabilities 773,602.00 1,115,692.00

Total Liabilities 6,643,854.00 5,118,280.00

Called Up Share Capital 499,000.00 499,000.00

Share Premium 0.00 0.00

Revenue Reserves 910,030.00 901,323.00

Other Reserves -36.00 15,011.00

Total Shareholders Equity 1,408,994.00 1,415,334.00

Other Financials

Working Capital 412,153.00 713,653.00

Net Worth 1,151,025.00 1,273,472.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.11
UK Pound	1	Rs.94.77
Euro	1	Rs.81.54

INFORMATION DETAILS

Report Prepared by :

NLM

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.