MIRA INFORM REPORT

Report Date :

11.05.2012

IDENTIFICATION DETAILS

Name :	EUROTRADE WORLD COMMERCE SL
Registered Office :	Calle Cavanilles 45, Madrid, 28007
Country :	Spain
Financials (as on) :	31.12.2010
Date of Incorporation :	1993
Com. Reg. No.:	B80711427
Legal Form :	Private Independent
Line of Business :	Non-specialised wholesale trade
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 (31.12.2011)	Current Rating (31.03.2012)
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 and address

Eurotrade World Commerce Sl

Calle Cavanilles 45
Madrid, 28007
Spain
Tel:	+(34) 914341830
www.eurotradeespain.com

Employees:	4
Company Type:	Private Independent
Incorporation Date:	1993
Auditor:	Latorre Y Vegas Economistas Auditores Slp

Fiscal Year End:	15-Feb-2012
Reporting Currency:	Euro
Annual Sales:	10.0 ^1
Net Income:	0.2
Total Assets:	6.8

Business Description

Non-specialised wholesale trade

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	3739 - Other Goods Wholesaling Not Elsewhere Classified
NACE 2002:	5190 - Other wholesale
NAICS 2002:	423990 - Other Miscellaneous Durable Goods Merchant Wholesalers
UK SIC 2003:	5190 - Other wholesale
US SIC 1987:	5099 - Durable Goods, Not Elsewhere Classified

Key Executives

Name	Title
Uso Vazquez Francisco Javier	Director/General Manager, Administrator

Registered No.(ESP)

B80711427

Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7224186

Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7607158

Corporate Overview

Location
Calle Cavanilles 45
Madrid, 28007
Spain

Tel:	+(34) 914341830

www.eurotradeespain.com

Sales EUR(mil):	7.3
Assets EUR(mil):	5.1
Employees:	4
Fiscal Year End:	15-Feb-2012

Industry:	Miscellaneous Capital Goods

Incorporation Date:	1993
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(ESP):	B80711427

Director/General Manager, Administrator:	Uso Vazquez Francisco Javier

Industry Codes

ANZSIC 2006 Codes:
3739	-	Other Goods Wholesaling Not Elsewhere Classified

NACE 2002 Codes:
5190	-	Other wholesale

NAICS 2002 Codes:
423990	-	Other Miscellaneous Durable Goods Merchant Wholesalers

US SIC 1987:
5099	-	Durable Goods, Not Elsewhere Classified

UK SIC 2003:
5190	-	Other wholesale

Business Description

Non-specialised wholesale trade

Financial Data

Financials in:	EUR(mil)
Revenue:	7.3
Net Income:	0.1
Assets:	5.1
Current Assets:	5.1
Fixed Assets:	0.1
Long Term Debt:	0.0
Total Liabilities:	5.1
Issued Capital:	0.0
Net Worth:	0.8
Date of Financial Data:	15-Feb-2012

1 Year Growth

NA

NA

NA

Branch Offices

Location
Calle Conde De Peñalver 38
Madrid, 28006

Key Corporate Relationships

Auditor:	Latorre Y Vegas Economistas Auditores Slp
Bank:	Banco Popular Español, S.A., Banco Bilbao Vizcaya Argentaria, S.A.
Auditor:	Latorre Y Vegas Economistas Auditores Slp

Executives Report

Executives

Name	Title	Function
Uso Vazquez Francisco Javier	Director/General Manager, Administrator	Division Head Executive

Annual Profit & Loss

Eurotrade World Commerce Sl

Madrid, Spain, Tel: +(34) 914341830, URL: http://www.eurotradeespain.com

	31-Dec-2010	31-Dec-2009	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.730637
Consolidated	No	No	No
Charges	9.5	9.2	5.8
Staff Costs	0.3	0.3	0.2
Wages and Salaries	0.3	0.2	0.2
Social Security Costs	0.1	0.1	0.0
Depreciation	0.0	0.0	0.0
Other Operating Charges	1.0	1.2	0.8
Operating Benefits	0.4	0.6	0.4
Financials and Similar Charges	0.1	0.2	0.1
Due to Other Liabilities	0.1	0.2	0.1
Exchange Losses	0.0	0.0	0.1
Profit From Ordinary Activities	0.2	0.4	0.1
Extraordinary Expenses	0.0	0.1	0.0
Profit Before Taxes	0.2	0.4	0.1
Corporation Tax	0.1	0.1	0.0
Financial Year Result (Profit)	0.2	0.2	0.1
Income	9.6	9.4	5.9
Net Total Sales	9.6	9.4	5.9
Gains from Exchange Rate	-	-	0.1
Negative Financial Results	0.1	0.2	0.2
Profit on Disposal of Assets	0.0	-	-
Negative Extraordinary Results	0.0	0.1	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.683971
Consolidated	No	No	No
Total Intangible Fixed Assets	-	-	0.0
Total Tangible Fixed Assets	0.0	0.0	0.0
Financial Investments	0.0	-	0.0
Total Fixed Assets	0.1	0.0	0.0
Deferred Expenses	-	-	0.0
Total Debtors	6.0	4.9	2.5
Total Short-Term Investments	0.2	0.1	-
Cash	0.6	0.3	0.4
Total Current Assets	6.8	5.3	2.8
Total Assets	6.9	5.3	2.9
Total Reserves	0.9	0.8	0.5
Profit or Loss for the Financial Year	0.2	0.2	0.1
Total Equity	1.1	1.1	0.7
Total Long Term Liabilities	0.0	0.0	0.0
Total Short Term Creditors	5.3	4.2	2.2
Short Term Provisions for Liabilities and Charges	0.5	-	-
Total Liabilities and Equity	6.9	5.3	2.9

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.33
UK Pound	1	Rs.86.10
Euro	1	Rs.69.06

INFORMATION DETAILS

Report Prepared by :

PDT

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.