MIRA INFORM REPORT

Report Date :

07.02.2013

IDENTIFICATION DETAILS

Name :	Nuevo Borgia SA
Registered Office :	Nuevo Borgia Sa C/ Cinca, 23. Madrid, 28002
Country :	Spain
Financials (as on) :	31.12.2011
Date of Incorporation :	1999
Com. Reg. No.:	A82201591
Legal Form :	Public Independent
Line of Business :	Wholesale of Furniture, Carpets and Lighting Equipment
No. of Employees :	18

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 :	Slow
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
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

spain's mixed capitalist economy is the 13th largest in the world, and its per capita income roughly matches that of Germany and France. However, 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 0.1% in 2010, before turning positive in 2011, making Spain the last major economy to emerge from the global recession. The reversal in Spain''s economic growth reflected a significant decline in construction amid an oversupply of housing and falling consumer spending, while exports actually have begun to grow. Government efforts to boost the economy through stimulus spending, extended unemployment benefits, and loan guarantees did not prevent a sharp rise in the unemployment rate, which rose from a low of about 8% in 2007 to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in 2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target negotiated between Spain and the EU. Spain''s large budget deficit and poor economic growth prospects have made it vulnerable to financial contagion from other highly-indebted euro zone members despite the government''s efforts to cut spending, privatize industries, and boost competitiveness through labor market reforms. Spanish banks'' high exposure to the collapsed domestic construction and real estate market also poses a continued risk for the sector. The government oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. Investors remain concerned that Madrid may need to bail out more troubled banks. The Bank of Spain, however, is seeking to boost confidence in the financial sector by pressuring banks to come clean about their losses and consolidate into stronger groups.

Source : CIA

Company name and addressTop of Form

Nuevo Borgia Sa

C/ Cinca, 23.

Madrid, 28002

Spain

Tel: +(34) 918436869

Employees: 18

Company Type: Public Independent

Incorporation Date: 1999

Financials in: USD (Mil)

Fiscal Year End: 06-Jul-2012

Reporting Currency: Euro

Annual Sales: 4.0 ¹

Net Income: 0.0

Total Assets: 11.6

Business Description

Wholesale of furniture, carpets and lighting equipment

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	3739 - Other Goods Wholesaling Not Elsewhere Classified
NACE 2002:	5147 - Wholesale of other household goods
NAICS 2002:	4232 - Furniture and Home Furnishing Merchant Wholesalers
UK SIC 2003:	5147 - Wholesale of other household goods
UK SIC 2007:	4649 - Wholesale of other household goods
US SIC 1987:	5099 - Durable Goods, Not Elsewhere Classified

Key Executives

Name	Title
Ussia Muñoz Seca Francisco Javier	Managing Director, Administrator

Registered No.(ESP): A82201591

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7494515

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.8069472

Corporate Overview

Location

Nuevo Borgia Sa

Location
C/ Cinca, 23.

Madrid, 28002

Spain

Tel: +(34) 918436869

Sales EUR(mil): 3.0

Assets EUR(mil): 9.4

Employees: 18

Fiscal Year End: 06-Jul-2012

Industry: Miscellaneous Capital Goods

Incorporation Date: 1999

Company Type: Public Independent

Quoted Status: Not Quoted

Registered No.(ESP): A82201591

Managing Director, Administrator: Ussia Muñoz Seca Francisco Javier

Industry Codes

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

NACE 2002 Codes:
5147	-	Wholesale of other household goods

NAICS 2002 Codes:
4232	-	Furniture and Home Furnishing Merchant Wholesalers

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

UK SIC 2003:
5147	-	Wholesale of other household goods

UK SIC 2007:
4649	-	Wholesale of other household goods

Business Description

Wholesale of furniture, carpets and lighting equipment

Financial Data

Financials in:	EUR(mil)
Revenue:	3.0
Net Income:	0.0
Assets:	9.4
Current Assets:	4.3
Fixed Assets:	5.1
Long Term Debt:	3.6
Total Liabilities:	9.4
Issued Capital:	0.3
Net Worth:	1.0
Date of Financial Data:	06-Jul-2012

1 Year Growth

NA

NA

NA

Branch Offices

Location
Lanzarote, 1

San Sebastián De Los Reyes, 28700

Tel: +(34) 916639263

Key Corporate Relationships

Bank:

Santander Factoring Y Confirming, S.A., E.F.C.

Executives

Name	Title	Function
Ussia Muñoz Seca Francisco Javier	Managing Director, Administrator	Managing Director

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	4.1	3.9	5.3
Staff Costs	0.7	0.7	0.6
Wages and Salaries	0.6	0.6	0.5
Social Security Costs	0.1	0.1	0.1
Depreciation	0.4	0.4	0.5
Other Operating Charges	0.9	0.4	0.4
Operating Benefits	0.3	0.4	0.6
Financials and Similar Charges	0.3	0.4	0.6
Due to Other Liabilities	0.3	0.4	0.6
Profit From Ordinary Activities	0.0	0.0	0.0
Extraordinary Expenses	-	0.0	0.0
Extraordinary Profit	0.0	-	-
Profit Before Taxes	0.0	0.0	0.0
Corporation Tax	0.0	0.0	0.0
Financial Year Result (Profit)	0.0	0.0	0.0
Income	4.1	4.0	5.3
Net Total Sales	4.1	3.9	5.3
Negative Financial Results	0.3	0.4	0.5
Extraordinary Income	0.0	-	-
Negative Extraordinary Results	-	0.0	0.0

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
Total Intangible Fixed Assets	0.0	0.0	0.0
Total Tangible Fixed Assets	6.6	7.2	8.2
Financial Investments	0.0	0.0	0.0
Total Fixed Assets	6.6	7.2	8.2
Total Stocks	5.2	4.8	5.7
Total Debtors	0.2	0.0	0.8
Total Short-Term Investments	-	-	0.0
Cash	0.2	0.2	0.2
Total Current Assets	5.5	5.0	6.7
Total Assets	12.2	12.2	14.9
Total Reserves	1.1	1.1	1.1
Profit or Loss for the Financial Year	0.0	0.0	0.0
Total Equity	1.3	1.3	1.3
Total Long Term Liabilities	4.7	5.4	6.2
Total Short Term Creditors	6.2	5.5	7.4
Total Liabilities and Equity	12.2	12.2	14.9

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.09
UK Pound	1	Rs.83.12
Euro	1	Rs.72.02

INFORMATION DETAILS

Report Prepared by :

NIT

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.