MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	DISTRIBUCIONES EXCLUSIVAS DE PASTELERIA SOCIEDAD ANONIMA

Registered Office :	Carretera Nacional Numero3 Madrid Valencia Km346 Mislata, 46920

Country :	Spain

Financials (as on) :	31.12.2009

Year of Establishment :	1982

Com. Reg. No.:	A46183265

Legal Form :	Public Independent

Line of Business :	Retail sale of bread, cakes, flour confectionery and sugar confectionery

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Partially Correct

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

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

Company name and address

Top of Form

Bottom of Form

Distribuciones Exclusivas De Pasteleria Sociedad Anonima

Carretera Nacional Numero3 Madrid Valencia Km346


Mislata, 46920
Spain

Tel:	+(34) 963500700

Suggest Company URL

Employees:	26
Company Type:	Public Independent

Incorporation Date:	1982
Auditor:	Antonio Pradas Mañes

Financials in:	USD (mill)

Fiscal Year End:	10-Dec-2010
Reporting Currency:	Euro
Annual Sales:	8.7 ¹
Net Income:	0.0
Total Assets:	4.1

Business Description

Retail sale of bread, cakes, flour confectionery and sugar confectionery in specialised stores

Industry

Industry	Retail (Grocery)
ANZSIC 2006:	4129 - Other Specialised Food Retailing
NACE 2002:	5224 - Retail sale of bread, cakes, flour confectionery and sugar confectionery
NAICS 2002:	44529 - Other Specialty Food Stores
UK SIC 2003:	5224 - Retail sale of bread, cakes, flour confectionery and sugar confectionery
US SIC 1987:	5461 - Retail Bakeries

Key Executives

Name	Title
Jose Catala Martinez	Member Of The Board, President, Joint Attorney
Luis Jordan Ligorit	Secretary
Javier Tomas Valls	Joint Attorney, Member Of The Board, Vice Chairman
Luis Avila Baltuille	Joint Attorney, Member Of The Board

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7513619
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7563725

Corporate Overview

Location
Carretera Nacional Numero3 Madrid Valencia Km346
Mislata, 46920
Spain

Tel:	+(34) 963500700

$\\vivek\D\Distribuciones Exclusivas De Pasteleria Sociedad Anonima_files\externalright.gif$ Suggest Company URL

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Sales EUR(mil):	6.5
Assets EUR(mil):	3.1
Employees:	26
Fiscal Year End:	10-Dec-2010

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Industry:	Retail (Grocery)

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Incorporation Date:	1982
Company Type:	Public Independent
Quoted Status:	Not Quoted
Registered No.(ESP):	A46183265

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Joint Attorney, Member Of The Board:	Luis Avila Baltuille

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

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Industry Codes

ANZSIC 2006 Codes:
4129	-	Other Specialised Food Retailing

NACE 2002 Codes:
5224	-	Retail sale of bread, cakes, flour confectionery and sugar confectionery

NAICS 2002 Codes:
44529	-	Other Specialty Food Stores

US SIC 1987:
5461	-	Retail Bakeries

UK SIC 2003:
5224	-	Retail sale of bread, cakes, flour confectionery and sugar confectionery

Business Description

Retail sale of bread, cakes, flour confectionery and sugar confectionery in specialised stores

Financial Data

Financials in:	EUR(mil)
$\\vivek\D\Distribuciones Exclusivas De Pasteleria Sociedad Anonima_files\spacer.gif$
Revenue:	6.5
Net Income:	0.0
Assets:	3.1
Current Assets:	2.7
Fixed Assets:	0.4
Long Term Debt:	0.1
Total Liabilities:	3.1
Issued Capital:	0.3
Net Worth:	0.1
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Date of Financial Data:	10-Dec-2010

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1 Year Growth

Key Corporate Relationships

Auditor:	Antonio Pradas Mañes
Bank:	Banco Santander Central Hispano, S.A.
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Auditor:	Antonio Pradas Mañes
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Executives Report

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Board of Directors

Name

Title

Function

Javier Tomas Valls

Joint Attorney, Member Of The Board, Vice Chairman

Vice-Chairman

Luis Avila Baltuille

Joint Attorney, Member Of The Board

Director/Board Member

Jose Catala Martinez

Member Of The Board, President, Joint Attorney

Director/Board Member

Executives

Name

Title

Function

Jose Catala Martinez

Member Of The Board, President, Joint Attorney

President

Luis Jordan Ligorit

Secretary

Administration Executive

Luis Avila Baltuille

Joint Attorney, Member Of The Board

Legal Executive

Javier Tomas Valls

Joint Attorney, Member Of The Board, Vice Chairman

Legal Executive

Annual Profit & Loss

	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months
Filed Currency	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679
Consolidated	No	No

Charges	9.2	10.7
Staff Costs	1.1	1.3
Social Security Costs	1.1	1.3
Depreciation	0.1	0.1
Other Operating Charges	0.9	1.1
Operating Benefits	0.0	-
Financials and Similar Charges	0.1	0.2
Due to Other Liabilities	0.1	0.2
Extraordinary Profit	0.0	0.0
Income	9.2	10.4
Net Total Sales	9.0	10.3
Operating Losses	-	0.1
Negative Financial Results	0.1	0.2
Ordinary Activities' Losses	0.0	0.3
Extraordinary Income	0.0	0.0
Losses Before Taxes	0.0	0.3
Financial Year Result (Losses)	0.0	0.3

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR
Exchange Rate	0.696986	0.719399
Consolidated	No	No

Software	0.0	0.0
Payments on Account	0.0	-
Total Intangible Fixed Assets	0.1	0.0
Land and Construction	0.0	0.0
Technical Installations and Machinery	0.5	0.5
Total Tangible Fixed Assets	0.5	0.5
Total Fixed Assets	0.6	0.6
Goods for Resale	0.7	0.9
Total Stocks	0.7	0.9
Trade Debtors	3.0	2.8
Receivables, Group Companies	0.0	-
Staff	0.0	-
Public Bodies	-	0.0
Total Debtors	3.0	2.8
Short-Term Guarantees and Deposits	0.0	0.0
Total Short-Term Investments	0.0	0.0
Cash	0.1	0.0
Total Current Assets	3.8	3.7
Total Assets	4.4	4.3
Legal Reserve	0.0	0.0
Miscellaneous Reserves	0.7	0.6
Total Reserves	0.7	0.7
Prior Year Losses	-1.3	-1.0
Profit or Loss Brought Forward	-1.3	-1.0
Profit or Loss for the Financial Year	0.0	-0.2
Total Equity	0.2	0.2
Loans and Other Liabilities	-	0.0
Long-Term Liabilities from Capital Leases	0.1	0.2
Total Amounts Owed to Credit Institutions	0.1	0.2
Long-Term Payables to Public Bodies	0.0	0.0
Total Other Creditors	0.0	0.0
Total Long Term Liabilities	0.1	0.2
Loans and Other Liabilities	0.9	1.4
Short-Term Liabilities from Capital Leases	0.1	0.1
Total Amounts Owed to Credit Institutions	1.0	1.5
Amounts Owed to Group Companies	0.9	-
Total Short-Term Amounts Owed to Group and Associa	0.9	-
Amounts Owed for Purchases of Goods or Services	1.7	2.3
Total Trade Creditors	1.7	2.3
Public Bodies	0.1	0.0
Miscellaneous Debts	0.4	0.0
Wages and Salaries Payable	-	0.1
Total Other Creditors	0.5	0.1
Total Short Term Creditors	4.1	3.9
Total Liabilities and Equity	4.4	4.3

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.44

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.

MIRA INFORM REPORT

Company name and address

Corporate Overview

Financial Data

Executives Report

Annual Profit & Loss

Unit