MIRA INFORM REPORT

Report Date :

27.04.2013

IDENTIFICATION DETAILS

Name :	DIAGOMODA SL
Registered Office :	Cl. Juan De La Cierva, 60 - Plind Prado Regordono, Mostoles, 28936
Country :	Spain
Financials (as on) :	31.12.2011
Date of Incorporation :	1983
Com. Reg. No.:	B28885275
Legal Form :	Private Independent Company
Line of Business :	Manufacturer of other wearing apparel and accessories
No. of Employees :	737

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 – 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 & address

Diagomoda Sl

Cl. Juan De La Cierva, 60 - Plind Prado Regordono

Mostoles, 28936

Spain

Tel: +(34) 916476068

Fax: +(34) 916476953

Web: www.blanco.com

Synthesis

Employees: 737

Company Type: Private Independent

Incorporation Date: 1983

Auditor: Canal Iranzo & Asociados Sl.

Financials in: USD (Millions)

Fiscal Year End: 13-Nov-2012

Reporting Currency: Euro

Annual Sales: 242.3 1

Net Income: 1.5

Total Assets: 108.4

Business Description

Manufacture of other wearing apparel and accessories

Industry

Industry Apparel and Accessories

ANZSIC 2006: 1351 - Clothing Manufacturing

NACE 2002: 1824 - Manufacture of other wearing apparel and accessories not elsewhere classified

NAICS 2002: 31599 - Apparel Accessories and Other Apparel Manufacturing

UK SIC 2003: 1824 - Manufacture of other wearing apparel and accessories not elsewhere classified

UK SIC 2007: 1419 - Manufacture of other wearing apparel and accessories n.e.c.

US SIC 1987: 2389 - Apparel and Accessories, Not Elsewhere Classified

Key Executives

Name	Title
Blanco Moreno Bernardo	Managing Director
España Sl Tiendas Blanco	Single Partner
Blanco Moreno Bernardo Ricardo	Administrator

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7762676

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7860399

Corporate Overview

Location

Cl. Juan De La Cierva, 60 - Plind Prado Regordono

Mostoles, 28936

Spain

Tel: +(34) 916476068

Fax: +(34) 916476953

Web: www.blanco.com

Sales EUR(mil): 188.1

Assets EUR(mil): 85.2

Employees: 737

Fiscal Year End: 13-Nov-2012

Industry: Apparel and Accessories

Incorporation Date: 1983

Company Type: Private Independent

Quoted Status: Not Quoted

Registered No.(ESP): B28885275

Managing Director: Blanco Moreno Bernardo

Industry Codes

ANZSIC 2006 Codes:

1351 - Clothing Manufacturing

NACE 2002 Codes:

1824 - Manufacture of other wearing apparel and accessories not elsewhere classified

NAICS 2002 Codes:

31599 - Apparel Accessories and Other Apparel Manufacturing

US SIC 1987:

2389 - Apparel and Accessories, Not Elsewhere Classified

UK SIC 2003:

1824 - Manufacture of other wearing apparel and accessories not elsewhere classified

UK SIC 2007:

1419 - Manufacture of other wearing apparel and accessories n.e.c.

Business Description

Manufacture of other wearing apparel and accessories

Financial Data

Financials in:	EUR(mil)
Revenue:	188.1
Net Income:	1.1
Assets:	85.2
Current Assets:	68.1
Fixed Assets:	17.1
Long Term Debt:	9.8
Total Liabilities:	85.2
Issued Capital:	0.9
Net Worth:	13.5
Date of Financial Data:	13-Nov-2012

1 Year Growth

-12.0%

NA

NA

Branch Offices

Location Calle Alcalde Conangla S/N Albacete, 02002 Tel: +(34) 967218059 Fax: +(34) 967218059 Location Aveni Maisonnave 9 Alicante, 03003 Tel: +(34) 965120598 Fax: +(34) 965927857 Location Calle Menacho 20 Badajoz, 06001 Tel: +(34) 924220693 Fax: +(34) 924220693 Location Calle Concordia 1 5 Edificio Levante Barcelona, 08917 Tel: +(34) 932245550 Fax: +(34) 932245550 Location Calle Potosi 2 Locales 57 58 Barcelona, 08030 Tel: +(34) 933608961 Fax: +(34) 933608961 Location Aveni Del Cid Campeador 2 Burgos, 09004 Tel: +(34) 947202655 Location Calle Londres 1 Caceres, 10005 Tel: +(34) 927234350 Fax: +(34) 927234350 Location Aveni Virgen De La Palma S/N Local A 25 Algeciras, 11203 Tel: +(34) 956637317 Fax: +(34) 956637317 Location Calle Lealtad 5 Bajo Santander, 39002 Tel: +(34) 942219944 Fax: +(34) 942219944 Location Calle Enmedio 8 10 12 Castellon De La Plana, 12001 Tel: +(34) 964232120 Fax: +(34) 964231242 Location Calle Poeta Emilio Prados S/N Cordoba, 14012 Tel: +(34) 957476065 Location Calle Bisbe Lorenzana 37 Girona, 17002 Tel: +(34) 972217027 Fax: +(34) 972484215 Location Calle Recogidas 2 Granada, 18002 Tel: +(34) 958257449 Fax: +(34) 958257449 Location Calle Concepcion 11 Huelva, 21001 Tel: +(34) 959242285 Fax: +(34) 959284632 Location Calle Roldan Y Marin 7 Jaen, 23001 Tel: +(34) 953232661 Fax: +(34) 953242682 Location Plaza Lugo 19 A Coruña, 15004 Tel: +(34) 981223151 Fax: +(34) 981222641 Location Calle Adargoma S/N Palmas De Gran Canaria (Las), 35110 Tel: +(34) 928122662 Fax: +(34) 928122662 Location Aveni Pais Leones 12 Leon, 24010 Tel: +(34) 987274827 Fax: +(34) 987274827

Location Calle Europa 2 Edificio C Local A 12 Alcorcon, 28922 Tel: +(34) 916129397 Fax: +(34) 916129397 Location Plaza Juan Carlos I S/N Getafe, 28095 Tel: +(34) 916846352 Fax: +(34) 916846352 Location Aveni Gran Bretaña S/N Local 45 Leganes, 28916 Tel: +(34) 916860211 Fax: +(34) 916860211 Location Aveni Albufera 39 Madrid, 28038 Tel: +(34) 914337823 Fax: +(34) 914337823 Location Calle Calderilla 1 Local 117 Madrid, 28045 Tel: +(34) 914006677 Location Calle Miguel De Unamuno S/N Local 90 Madrid, 28806 Tel: +(34) 918654206 Fax: +(34) 918654206 Location Calle Martinez 2 Esquina C/ Puerta Del Mar Malaga, 29005 Tel: +(34) 952609738 Fax: +(34) 952609738 Location Calle Mayor 10 Cartagena, 30201 Tel: +(34) 968508462 Fax: +(34) 968508568 Location Calle Benito Corbal 21 Pontevedra, 36001 Tel: +(34) 986840608 Fax: +(34) 986840608 Location Calle Principe 23 Vigo, 36202 Tel: +(34) 986229814 Fax: +(34) 986229814 Location Calle Toro 11 Salamanca, 37002 Tel: +(34) 923263217 Location Aveni Andalucia S/N Local B 71 72 Sevilla, 41007 Tel: +(34) 954674604 Fax: +(34) 954674604 Location Aveni Rio Boladiez S/N Toledo, 45007 Tel: +(34) 925337114 Location Calle Correos 14 Valencia, 46002 Tel: +(34) 963512885 Fax: +(34) 963512885 Location Paseo Zorrilla Planta 1ª Local 9 10/ 11 12 Valladolid, 47008 Tel: +(34) 983473219 Fax: +(34) 983473219 Location Calle Ercilla 29 Bilbao, 48011 Tel: +(34) 944439998 Fax: +(34) 944439998 Location Calle Maria Zambrano 35 Local 16 Planta 1ª Zaragoza, 50018 Tel: +(34) 976734980 Fax: +(34) 976734980

Key Corporate Relationships

Auditor:	Canal Iranzo & Asociados Sl.
Bank:	Banco Bilbao Vizcaya Argentaria, S.A., Banco Pastor, S.A., Caja De Ahorros Y M.P. De Madrid (Caja Madrid), Banco Santander Central Hispano, S.A., Caja De Ahorros Municipal De Burgos
Auditor:	Canal Iranzo & Asociados Sl.

Executive report

Board of Directors

Name	Title	Function
Blanco Moreno Bernardo Ricardo	Administrator	Director/Board Member

Executives

Name	Title	Function
Blanco Moreno Bernardo	Managing Director	Managing Director
Blanco Moreno Bernardo Ricardo	Administrator	Administration Executive
España Sl Tiendas Blanco	Single Partner	Partner

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Charges	305.9	280.6	228.8
Supplies	240.8	213.9	172.6
Goods Consumption	169.6	213.9	172.6
Consumption of Raw Materials	26.1	-	-
Miscellaneous External Expenditures	45.1	-	-
Staff Costs	29.7	26.1	18.4
Wages and Salaries	23.4	26.1	18.4
Social Security Costs	6.2	-	-
Depreciation	5.0	5.1	3.8
Other Operating Charges	24.1	31.4	26.7
External Services	23.9	31.2	26.6
Taxes	0.1	0.1	0.0
Other Operating Expenses	0.1	0.1	0.1
Operating Benefits	6.3	7.2	11.0
Financials and Similar Charges	3.6	2.4	4.2
Due to Liabilities With Group Companies	1.0	0.6	3.0
Due to Other Liabilities	2.6	1.8	1.2
Changes in Financial Investment Provisions	-	0.0	1.2
Exchange Losses	2.7	0.4	0.8
Profit From Ordinary Activities	1.7	4.9	5.0
Losses From Assets and Securities Portfolio	-	-	0.4
Extraordinary Profit	-	0.4	-
Profit Before Taxes	1.7	5.4	4.6
Corporation Tax	0.1	1.2	0.8
Financial Year Result (Profit)	1.6	4.1	3.8
Income	307.5	284.7	232.6
Net Total Sales	261.5	283.1	232.2
Sales	261.5	283.1	232.2
Increase in Stocks	41.4	-	-
Miscellaneous Operating Income	2.9	0.6	0.1
Auxiliary Income From Current Management	2.9	0.6	0.1
Income From Miscellaneous Interests	1.7	0.6	0.3
From Group Companies	0.4	-	-
Miscellaneous Interests	1.3	0.6	0.3
Negative Financial Results	4.5	2.2	6.0
Profit on Disposal of Assets	-	0.4	-
Negative Extraordinary Results	-	-	0.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Concessions, Patents, Trademarks	0.0	-	-
Software	5.6	4.8	3.7
Payments on Account	0.5	0.9	-
Total Intangible Fixed Assets	6.1	5.7	3.7
Land and Construction	3.5	3.6	3.9
Technical Installations and Machinery	4.9	4.2	5.0
Other Installations, Tools, and Furniture	0.3	0.2	0.3
Other Tangible Assets	6.6	5.8	6.8
Total Tangible Fixed Assets	15.2	13.8	16.0
Investments in Group Companies	-	-	0.0
Long-Term Securities Portfolio	0.3	0.1	0.2
Long-Term Guarantees and Deposits	0.6	0.6	0.6
Financial Investments	0.8	0.7	0.8
Total Fixed Assets	22.2	20.3	20.4
Goods for Resale	22.6	44.9	25.2
Raw Materials and Other Consumables	6.6	-	-
Finished Products	8.7	-	-
Payments on Account	0.1	-	-
Total Stocks	38.0	44.9	25.2
Trade Debtors	2.1	1.1	1.2
Receivables, Group Companies	26.0	25.5	28.4
Other Debtors	0.1	0.2	0.2
Staff	0.0	0.0	-
Public Bodies	4.2	5.9	0.1
Total Debtors	32.4	32.7	29.9
Receivables from Group Companies	0.2	0.2	-
Short-Term Securities Portfolio	0.3	0.3	-
Other Receivables	13.7	-	-
Short-Term Guarantees and Deposits	2.3	2.1	1.6
Total Short-Term Investments	16.6	2.6	1.6
Cash	1.3	2.8	2.3
Prepayments and Accrued Income	0.1	-	-
Total Current Assets	88.5	83.0	59.1
Total Assets	110.6	103.3	79.5
Legal Reserve	0.2	0.2	0.3
Miscellaneous Reserves	14.6	11.0	7.4
Total Reserves	14.9	11.2	7.7
Profit or Loss for the Financial Year	1.5	4.2	3.9
Total Equity	17.5	16.7	13.0
Loans and Other Liabilities	10.6	3.9	2.4
Long-Term Liabilities from Capital Leases	0.1	0.1	-
Total Amounts Owed to Credit Institutions	10.7	4.0	2.4
Long-Term Payables to Public Bodies	2.1	1.0	-
Total Other Creditors	2.1	1.0	-
Total Long Term Liabilities	12.7	5.0	2.4
Loans and Other Liabilities	20.7	32.5	1.0
Short-Term Liabilities from Capital Leases	-	0.1	-
Total Amounts Owed to Credit Institutions	20.7	32.6	1.0
Amounts Owed to Group Companies	1.4	2.2	13.9
Total Short-Term Amounts Owed to Group and Associa	1.4	2.2	13.9
Amounts Owed for Purchases of Goods or Services	54.9	45.1	46.9
Total Trade Creditors	54.9	45.1	46.9
Public Bodies	1.2	1.3	1.5
Miscellaneous Debts	0.9	0.4	0.8
Wages and Salaries Payable	1.3	0.0	0.0
Total Other Creditors	3.4	1.8	2.3
Total Short Term Creditors	80.3	81.7	64.1
Total Liabilities and Equity	110.6	103.3	79.5

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.29
UK Pound	1	Rs.83.88
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

MNL

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.