MIRA INFORM REPORT

Report Date :

02.10.2013

IDENTIFICATION DETAILS

Name :	SALVADOR MULET SL
Registered Office :	Crta. Alicante-Valencia, Km 191,5 Gata De Gorgos, 03740
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	1999
Com. Reg. No.:	B53331153
Legal Form :	Private Independent
Line of Business :	Agents involved in the sale of a variety of goods
No. of Employees :	14

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

SALVADOR MULET SL

Crta. Alicante-Valencia, Km 191,5

Gata De Gorgos, 03740

Spain

Tel:	+(34) 965760828
Fax:	+(34) 965761067
www.marinagata.com

Employees:	14
Company Type:	Private Independent
Incorporation Date:	1999

Financials in:	USD (In Millions)
Fiscal Year End:	19-Jul-2013
Reporting Currency:	Euro
Annual Sales:	2.7 ^1
Net Income:	0.0
Total Assets:	3.8

Business Description

Agents involved in the sale of a variety of goods

Industry

Industry	Miscellaneous Wholesale
ANZSIC 2006:	3739 - Other Goods Wholesaling Not Elsewhere Classified
ISIC Rev 4:	4610 - Wholesale on a fee or contract basis
NACE Rev 2:	4619 - Agents involved in the sale of a variety of goods
NAICS 2012:	425120 - Wholesale Trade Agents and Brokers
UK SIC 2007:	4619 - Agents involved in the sale of a variety of goods
US SIC 1987:	5099 - Durable Goods, Not Elsewhere Classified

Key Executives

Name	Title
Mulet Soler Salvador	Managing Director, Administrator
Salvador Valentin Mulet Pedro	Joint Attorney
Antonia Pedro Mulet	Joint Attorney

Registered No.(ESP): B53331153

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.771679
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7644095

Corporate Overview

Location
Crta. Alicante-Valencia, Km 191,5
Gata De Gorgos, 03740
Spain

Tel:	+(34) 965760828
Fax:	+(34) 965761067

www.marinagata.com

Sales EUR(mil):	2.0
Assets EUR(mil):	2.9
Employees:	14
Fiscal Year End:	19-Jul-2013

Industry:

Miscellaneous Capital Goods

Incorporation Date:	1999
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(ESP):	B53331153

Managing Director, Administrator:	Mulet Soler Salvador

Industry Codes

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

ISIC Rev 4 Codes:
4610	-	Wholesale on a fee or contract basis

NACE Rev 2 Codes:
4619	-	Agents involved in the sale of a variety of goods

NAICS 2012 Codes:
425120	-	Wholesale Trade Agents and Brokers

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

UK SIC 2007:
4619	-	Agents involved in the sale of a variety of goods

Business Description

Agents involved in the sale of a variety of goods

Financial Data

Financials in:	EUR(mil)
Revenue:	2.0
Net Income:	0.0
Assets:	2.9
Current Assets:	1.4
Fixed Assets:	1.5
Long Term Debt:	0.2
Total Liabilities:	2.9
Issued Capital:	0.7
Net Worth:	2.6
Date of Financial Data:	19-Jul-2013

1 Year Growth

NA

NA

NA

Executives Report

Executives

Name	Title	Function
Mulet Soler Salvador	Managing Director, Administrator	Managing Director
Salvador Valentin Mulet Pedro	Joint Attorney	Legal Executive
Antonia Pedro Mulet	Joint Attorney	Legal 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	2.6	3.6	4.1
Staff Costs	0.4	0.5	0.5
Wages and Salaries	0.4	0.5	0.4
Social Security Costs	0.0	0.0	0.0
Depreciation	0.1	0.1	0.1
Other Operating Charges	0.6	0.8	0.9
Operating Benefits	0.1	0.0	0.5
Financials and Similar Charges	0.0	0.4	0.4
Due to Liabilities With Associated Companies	0.0	0.0	0.1
Losses from Financial Investments	0.0	0.4	0.3
Changes in Financial Investment Provisions	0.0	0.0	0.0
Exchange Losses	0.0	0.0	-
Profit From Ordinary Activities	0.0	-	0.1
Extraordinary Profit	0.0	0.0	0.0
Profit Before Taxes	0.0	-	0.1
Corporation Tax	0.0	-0.1	0.0
Financial Year Result (Profit)	0.0	-	0.1
Income	2.7	3.3	4.2
Net Total Sales	2.6	3.3	4.1
Gains from Exchange Rate	-	-	0.0
Negative Financial Results	0.1	0.4	0.4
Ordinary Activities' Losses	-	0.4	-
Extraordinary Income	0.0	0.0	0.0
Losses Before Taxes	-	0.4	-
Financial Year Result (Losses)	-	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	-	-
Total Tangible Fixed Assets	1.9	1.9	2.0
Total Fixed Assets	1.9	1.9	2.0
Total Stocks	0.6	0.6	0.5
Total Debtors	0.5	0.3	0.2
Total Short-Term Investments	0.2	0.3	1.1
Cash	0.6	0.9	0.8
Total Current Assets	1.9	2.1	2.7
Total Assets	3.8	3.9	4.7
Total Reserves	2.8	2.8	2.7
Profit or Loss Brought Forward	-0.3	-	0.0
Profit or Loss for the Financial Year	0.0	-0.3	0.1
Total Equity	3.4	3.4	3.8
Total Long Term Liabilities	0.3	0.5	0.7
Total Short Term Creditors	0.1	0.0	0.1
Total Liabilities and Equity	3.8	3.9	4.7

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.35
UK Pound	1	Rs.101.20
Euro	1	Rs.84.54

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.