MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	CORTEFIEL COMMERCIAL SA
Registered Office :	Rue de Romont 10, 1700 Fribourg/FR
Country :	Switzerland
Date of Incorporation :	1998
Legal Form :	Company Limited by Shares
Line of Business :	· Consumer goods wholesale, Financial services · Wholesale trade, Services · Wholesale of clothing and footwear · Activities of holding companies
No of Employees :	1-9

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Switzerland	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

SWITZERLAND - ECONOMIC OVERVIEW

Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy began to recover in 2010. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safe-haven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2% per year during 2011-13. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and is considering the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

Source : CIA

COMPANY NAME

CORTEFIEL COMMERCIAL SA

Operating address

Rue de Romont 10

1700 Fribourg/FR

Switzerland/CH

Telephone: 026 3410980

Fax: 026 3471631

Web site: http://www.grupocortefiel.com

E-mail: info@grupocortefiel.com

WIN Worldbox No.: CH0003444244

VAT-No.: CHE104231645

Profile

Established: 1998

Line of Business: Consumer goods wholesale, Financial services

Industry Division: Wholesale trade, Services

Industry-code (NACE): 4642 Wholesale of clothing and footwear

6420 Activities of holding companies

Import/Export: Import

Banks: UBS Ltd

Banco Santander (Suisse) SA, Genève

Operational Figures

Coverage: Company

Employees: 1-9

Activity

The business activities includes trading with fashions and the management of shareholdings in other companies, especially for the Cortefiel group. Brands: CORTEFIEL, SPRINGFIELD, Pedro del Hierro, Women'secret.

Real Estate

Information on property ownership was not available.

Company Register

Company No: 217.0.138.651-3 / 435635

Legal form: Company limited by shares

Registration: 17.02.1998

Legal status: active

Responsible Register: Handelsregister des Saane-Bezirkes (FR)

History: Date of Incorporation Statutes: 28.12.1998

Date of Statutes: 13.12.2005

Date of Statutes: 23.02.1999

Entry Deleted Name

active Cortefiel Commercial SA

active Cortefiel Commercial AG (Name translated)

active Cortefiel Commercial Ltd (Name translated)

Entry Deleted Legal domicile

active Fribourg, Switzerland

Entry Deleted Address

18.07.2000 Rue de Romont 10, 1700 Fribourg/FR, Switzerland/CH

14.10.1999 c/o Etude de Mes Thiebaud & von der Weid, Rue de Romont 35, 1700 Fribourg/FR, Switzerland/CH

14.10.1999 18.07.2000 c/o Lenz & Staehelin, Rue de Romont 35, 1700 Fribourg/FR, Switzerland/CH

Entry Deleted Capital

active Share Capital CHF 5,000,000, paidup CHF 5,000,000

Entry Deleted Capital Structure

active 50,000 Registered shares of CHF 100.--

Official Administration

Title Name

President Juan Carlos Escribano Garcia, Origin: Spain, Residential address: Madrid, Spain, joint signature of two, Registered since: 13.08.2009

Company Secretary Luke Henri Gillon, Origin: Châtonnaye, Le Châtelard, Switzerland, Residential address: 1752 Villars-sur-Glâne/FR, Switzerland, joint signature of two, Registered since: 30.08.2007

Director Bruno Mock, Origin: Zürich, Herisau, Switzerland, Residential address: 8700 Küsnacht/ZH, Switzerland, joint signature of two, Registered since: 09.06.2000

External Positions

Title Name

Auditor Deloitte AG, Residential address: Basel, Switzerland, Id: CH-270-9000077-0

Executive board

Title Name

Chief Executive Officer Bruno Mock

Ultimate Parent Company

Name: Cortefiel SA

City/Country: Madrid, Spain/ES

Owner/-s

No. of Owner/-s: 1

Owner: The company is foreign owned.

Class: 100%

Type: direct, Group-Level 1

Name: Cortefiel SA

City/Country: Madrid, Spain/ES

Interest: 100,00% voting right, 100,00% capital interest

Investments

It is believed that the company has no investments.

Legal Actions

Control date Year No. Amount CHF Status

15.03.2010 2010 0

15.03.2010 2009 0

15.03.2010 2008 0

11.11.2008 2007 0

11.11.2008 2006 0

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

Credit Information

Financial Statements: The company does not disclose any financial statements. Third parties are not permitted any insight into the financial affairs. It is therefore difficult to make a proper assessment of the actual situation.

Financial Situation: The financial situation is in order.

Payment experiences: Financial obligations are met as appropriate.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.54
UK Pound	1	Rs.99.73
Euro	1	Rs.79.54

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SMN

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.