MIRA INFORM REPORT

Report Date :

26.11.2013

IDENTIFICATION DETAILS

Name :	VIA CORSO SL
Registered Office :	Permanyer, 167 Y 175 , Sabadell, 08205
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	1988
Com. Reg. No.:	B58752122
Legal Form :	Private Independent
Line of Business :	· Manufacture of other outerwear · Manufacture of wearing apparel, except fur apparel
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 but 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 – 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 and address

VIA CORSO SL

Permanyer, 167 Y 175 , Sabadell, 08205

Spain

Tel:	+(34) 937206300
Fax:	+(34) 937120975

Employees:	18
Company Type:	Private Independent
Incorporation Date:	1988
Auditor:	Abgl Sl

Financials in:	USD (In Millions)
Fiscal Year End:	30-Oct-2013
Reporting Currency:	Euro
Annual Sales:	5.8 ^1
Net Income:	0.3
Total Assets:	3.1

Business Description

Manufacture of other outerwear

Industry

Industry	Clothing and Apparel Manufacturing
ANZSIC 2006:	1351 - Clothing Manufacturing
ISIC Rev 4:	1410 - Manufacture of wearing apparel, except fur apparel
NACE Rev 2:	1413 - Manufacture of other outerwear
NAICS 2012:	315240 - Women’s, Girls’, and Infants’ Cut and Sew Apparel Manufacturing
UK SIC 2007:	1413 - Manufacture of other outerwear
US SIC 1987:	2385 - Waterproof Outerwear

Key Executives

Name	Title
Tomas Paz Torras	Joint Manager
Roberto Vazquez Garcia	Joint Manager
Vazquez Garcia Roberto	Administrator
Paz Torras Tomas	Administrator

Registered No.(ESP):B58752122

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7594334
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7274032

Corporate Overview

Location
Permanyer, 167 Y 175
Sabadell, 08205
Spain

Tel:	+(34) 937206300
Fax:	+(34) 937120975

Sales EUR(mil):	4.4
Assets EUR(mil):	2.3
Employees:	18
Fiscal Year End:	30-Oct-2013

Industry:

Apparel and Accessories

Incorporation Date:	1988
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(ESP):	B58752122

Joint Manager:	Roberto Vazquez Garcia

Industry Codes

ANZSIC 2006 Codes:
1351	-	Clothing Manufacturing

ISIC Rev 4 Codes:
1410	-	Manufacture of wearing apparel, except fur apparel

NACE Rev 2 Codes:
1413	-	Manufacture of other outerwear

NAICS 2012 Codes:
315240	-	Women’s, Girls’, and Infants’ Cut and Sew Apparel Manufacturing

US SIC 1987:
2385	-	Waterproof Outerwear

UK SIC 2007:
1413	-	Manufacture of other outerwear

Business Description

Manufacture of other outerwear

Financial Data

Financials in:	EUR(mil)
Revenue:	4.4
Net Income:	0.2
Assets:	2.3
Current Assets:	2.3
Fixed Assets:	0.0
Long Term Debt:	0.0
Total Liabilities:	2.3
Issued Capital:	0.2
Net Worth:	1.6
Date of Financial Data:	30-Oct-2013

1 Year Growth

5.2%

NA

NA

Key Corporate Relationships

Auditor:	Abgl Sl
Bank:	Banco Bilbao Vizcaya Argentaria, S.A.
Auditor:	Abgl Sl

Executives Report

Executives

Name	Title	Function
Tomas Paz Torras	Joint Manager	Administration Executive
Vazquez Garcia Roberto	Administrator	Administration Executive
Paz Torras Tomas	Administrator	Administration Executive
Roberto Vazquez Garcia	Joint Manager	Administration Executive

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	No	No	No
Charges	5.5	6.2	5.0
Supplies	2.7	2.8	2.4
Goods Consumption	2.5	2.6	2.2
Miscellaneous External Expenditures	0.2	0.2	0.2
Staff Costs	0.7	0.8	0.9
Wages and Salaries	0.6	0.6	0.8
Social Security Costs	0.1	0.1	0.2
Depreciation	0.0	0.0	0.0
Allowance for Trade Operations	0.0	0.0	0.0
Losses from Unrecovered Receivables	0.0	0.0	0.0
Other Operating Charges	2.0	2.1	1.6
External Services	2.0	2.1	1.6
Taxes	0.0	0.0	0.0
Operating Benefits	0.2	0.1	-
Financials and Similar Charges	0.0	0.2	0.0
Due to Liabilities With Group Companies	0.0	0.2	0.0
Changes in Financial Investment Provisions	0.0	0.2	-
Exchange Losses	-	0.1	-
Net Financial Income	0.1	-	0.0
Profit From Ordinary Activities	0.3	-	-
Profit Before Taxes	0.3	-	-
Financial Year Result (Profit)	0.3	-	-
Income	5.8	5.9	4.7
Net Total Sales	5.7	5.8	4.6
Sales	5.7	5.8	4.6
Rendering of Services	0.0	0.0	0.0
Miscellaneous Operating Income	0.0	0.1	0.0
Auxiliary Income From Current Management	0.0	0.1	0.0
Operating Losses	-	-	0.4
Income From Equity Investment	0.0	0.0	0.0
Third Parties	0.0	0.0	0.0
Income From Other Securities and Receivables	0.0	0.0	0.0
From Non-Group Companies	0.0	0.0	0.0
Income From Miscellaneous Interests	0.0	0.0	0.0
Miscellaneous Interests	0.0	0.0	0.0
Gains from Exchange Rate	0.1	-	0.0
Negative Financial Results	-	0.5	-
Ordinary Activities' Losses	-	0.3	0.3
Losses Before Taxes	-	0.3	0.3
Financial Year Result (Losses)	-	0.3	0.3

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Total Intangible Fixed Assets	0.0	0.0	0.0
Total Tangible Fixed Assets	0.0	0.0	0.0
Long-Term Securities Portfolio	0.0	0.0	0.0
Long-Term Guarantees and Deposits	0.0	0.0	0.0
Financial Investments	0.0	0.0	0.0
Total Fixed Assets	0.0	0.0	0.0
Goods for Resale	0.6	0.7	0.3
Raw Materials and Other Consumables	0.0	0.0	0.0
Payments on Account	0.0	0.0	0.0
Total Stocks	0.6	0.7	0.4
Trade Debtors	1.0	1.1	1.0
Other Debtors	0.0	0.0	0.0
Staff	0.0	0.0	0.0
Public Bodies	0.0	0.1	0.0
Provisions	0.0	0.0	0.0
Total Debtors	1.1	1.2	1.0
Investments in Group Companies	-	-	0.5
Total Short-Term Investments	-	-	0.5
Cash	1.3	1.0	1.0
Prepayments and Accrued Income	0.0	0.0	0.0
Total Current Assets	3.0	2.9	2.8
Total Assets	3.0	2.9	2.9
Legal Reserve	0.0	0.0	0.0
Miscellaneous Reserves	4.0	3.9	4.1
Total Reserves	4.1	4.0	4.1
Prior Year Losses	-2.4	-2.0	-1.8
Profit or Loss Brought Forward	-2.4	-2.0	-1.8
Profit or Loss for the Financial Year	0.3	-0.3	-0.3
Total Equity	2.1	1.8	2.2
Loans and Other Liabilities	0.0	0.0	0.0
Total Amounts Owed to Credit Institutions	0.0	0.0	0.0
Amounts Owed to Group Companies	0.0	0.0	0.0
Total Short-Term Amounts Owed to Group and Associa	0.0	0.0	0.0
Amounts Owed for Purchases of Goods or Services	0.6	0.7	0.3
Debts Represented by Notes Payable	0.3	0.4	0.3
Total Trade Creditors	0.8	1.1	0.6
Total Short Term Creditors	0.9	1.1	0.6
Total Liabilities and Equity	3.0	2.9	2.9

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.58
UK Pound	1	Rs.101.42
Euro	1	Rs.84.70

INFORMATION DETAILS

Report Prepared by :

SDA

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.