MIRA INFORM REPORT

Report Date :

18.12.2008

IDENTIFICATION DETAILS

Name :	JOREAU ELASTOMERES MELANGES JEM

Registered Office :	14 Rue Du Bout Du Monde

Country :	France

Financials (as on) :	31.12.2007

Date of Incorporation :	February 1995

Com. Reg. No.:	RCS Meaux B 399960665

Legal Form :	Limited Liability Company

Line of Business :	Manufacture of other Rubber Articles

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	(€) 115,000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Company Summary

COMPANY DETAILS
Company Number	39996066500012
Name	JOREAU ELASTOMERES MELANGES JEM
Telephone	01 60 43 01 03
Legal form	Limited Liability Company
RCS Registration	RCS Meaux B 399960665
Share Capital	188,650
Incorporation Date	02/1995
Address	14 RUE DU BOUT DU MONDE
Postcode	77174 VILLENEUVE SAINT DENIS
Nationality	France

CREDIT INFORMATION SUMMARY
Today's Credit Limit (€)	115,000

JUDGEMENTS SUMMARY

No judgements against this company.

DIRECTORS SUMMARY
Directorships	0

ACCOUNTS SUMMARY (LAST 3 YEARS)
Accounts Date	31/12/2007	31/12/2006	31/12/2005
Turnover	3,765,548	3,411,382	3,289,669
Networth	1,153,206	992,082	904,926
Number of Employees	20 to 49 employees	-	-

Accounts & Ratios

PROFIT & LOSS
Account Date	31/12/2007	%	31/12/2006	%	31/12/2005
Account period (month)	12	-	12	-	12
Account Type	Normal Account	-	Normal Account	-	Normal Account
Currency	Euro	-	Euro	-	Euro
Turnover	3,765,548	10.4%	3,411,382	3.7%	3,289,669
Exports	0	-	0	-	0
Operating Charges	3,448,926	10.7%	3,115,903	2.1%	3,050,690
Operating Profit	349,785	9.3%	319,879	11.4%	287,265
Financial Income	4,837	6,712.7%	71	-72.7%	260
Financial Charges	36,815	125.6%	16,321	-4.2%	17,032
Pre-Tax Profit	317,808	4.7%	303,629	12.3%	270,493
Extraordinary Income	56,099	41.2%	39,723	1,038.5%	3,489
Extraordinary Charges	29,785	-61.2%	76,671	717.3%	9,381
Net Profit	212,233	38.6%	153,119	-1.1%	154,763

BALANCE SHEET
Account Date	31/12/2007	%	31/12/2006	%	31/12/2005
Assets
- Tangible assets	1,473,175	358.4%	321,355	-8.6%	351,589
Intangible assets	23,046	-3.1%	23,780	-9.3%	26,213
Financial assets	10,782	7.6%	10,025	-13.9%	11,638
Total fixed assets	1,507,003	324.3%	355,160	-8.8%	389,441
Stocks	369,474	24.9%	295,858	-5.3%	312,483
Receivables	1,050,933	11.4%	943,367	10.1%	856,977
- Trade Receivables	1,030,257	10.7%	930,769	10.0%	845,898
- Misc. Receivables	20,676	-	12,598	-	11,079
Cash	488,549	0.7%	485,278	0.2%	484,234
Misc. Current Assets	14,903	-	3,670	-	27,245
Total Current Assets	1,923,859	11.3%	1,728,173	2.8%	1,680,939
Liabilities
Trade Accounts Payable	594,936	15.5%	515,082	-21.4%	655,537
Bank Loans and Liabilities	1,353,972	430.8%	255,069	-13.5%	294,866
Sundry Loan and Liabilities	6,836	-	29,336	-	6,836
Advanced Payments Received	0	-	0	-	0
Tax and Social Liabilities	321,791	17.1%	274,820	32.6%	207,290
Miscellaneous Liabilities	118	-	16,944	-	923
Provisions for Risks & Charges	0	-	0	-	0
Other Capital Resources	0	-	0	-	0
Share Capital	188,650	0.0%	188,650	0.0%	188,650
Revaluation Reserve	0	-	0	-	0
Other Reserves	964,556	-	803,432	-	716,276
Total Shareholders Funds	1,153,206	16.2%	992,082	9.6%	904,926
Total Assets	3,430,862	64.7%	2,083,335	0.6%	2,070,381
Net Worth	1,130,160	-	968,302	-	878,713

RATIOS
Account Date	31/12/2007	%	31/12/2006	%	31/12/2005
Structure
Protection	33.61%		41.09%		38.40%
Net Gearing	39.66%		25.49%		24.95%
Repayment Power	273.38%		72.29%		74.56%
Capital Requirement	56.00 day		89.00 day		79.00 day
Working Capital Requirement	50.00 day		81.00 day		68.00 day
Net Cash	7.00 day		8.00 day		12.00 day
Performance
Return on Invested Capital	29.00%		116.00%		93.00%
Return on Equity	18.40%		15.43%		17.10%
Gross Profit	39.00% Turnover		40.15% Turnover		37.50% Turnover
Growth v's Year Ago Qtr	354,166€		121,713€		410,957€
Inventory Returns	0		0		0
Receivables Days	99.00 day		64.00 day		61.00 day
Payable Days	90.00 day		92.00 day		113.00 day
SIG
Profit	62.89% Turnover		47.43% Turnover		60.85% Turnover
Gross Profit	39.00% Turnover		40.15% Turnover		37.50% Turnover
Wage and Salary distribution / Gross Profit	65.88% Turnover		65.89% Turnover		67.08% Turnover
Gross Operating Surplus	11.65% Turnover		12.26% Turnover		11.99% Turnover
Pre-tax Income	8.44% Turnover		8.90% Turnover		8.22% Turnover
Net Profit/Loss	5.64%		4.49%		4.70%

Judgements

Collective Procedures

Courts

There are no Judgements filed against this company.

Rncs

There are no Judgements filed against this company.

Bodacc

There are no Judgements filed against this company.

Preferentials Rights

No social security and tax office preferential right to date.

Group Structure

No group structure for this company.

Event history

STATUS HISTORY
Date	Description
04/01/2008	Economically active

RECENT PUBLICATIONS IN GAZETTES
No status Gazette Publications for this company.

COMPANY EVENTS HISTORY
Date	Description
06/10/2008	Payment incident closed
26/08/2008	Minutes of general meeting of shareholders
26/08/2008	New closing date
26/08/2008	Updated articles of association
26/08/2008	Private document
07/08/2008	Payment incident detected
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
18/07/2002	Acte sous seing privé
18/07/2002	Augmentation de Capital
18/07/2002	Statuts mis à jour
18/07/2002	PV d'Assemblée
27/03/2000	Acte sous seing privé
27/03/2000	Augmentation de Capital
27/03/2000	Conversion du Capital Social en Euros
27/03/2000	Statuts mis à jour
27/03/2000	PV d'Assemblée

ESTABLISHMENT EVENTS HISTORY
Date	Description
03/12/2008	Update Rating
03/12/2008	Update Limit
06/10/2008	Update Limit
06/10/2008	Update Rating
25/08/2008	Update Limit
25/08/2008	Update Rating
30/01/2008	Update Limit
30/01/2008	Update Rating
16/12/2007	Update Limit
10/12/2007	Update Limit
09/12/2007	Update Limit

Directors

No d irectors registered for this company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.28
UK Pound	1	Rs.73.43
Euro	1	Rs.68.22

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

COMPANY DETAILS
Company Name	JOREAU ELASTOMERES MELANGES JEM
Company Number	39996066500012
Activity (APE)	Fabrication d'autres articles en caoutchouc
Activity (APRM)
Currency	EURO (€)
Share capital	188,650
Registration Court	Meaux (77)
Legal form	Limited Liability Company
Court Registry Number	95 B 00265
EU VAT Number
Incorporation Date	02/1995
Formation Date	01/1995
Deregistration Date
Last account Date	31/12/2007
Nationality	France

ESTABLISHMENT DETAILS
Postal Address	14 RUE DU BOUT DU MONDE, 77174 VILLENEUVE SAINT DENIS,
Trading Address	14 RUE DU BOUT DU MONDE, 77174 VILLENEUVE SAINT DENIS,
Telephone	01 60 43 01 03
Type	Head office (one site company)
Status	Economically active
Formation Date	01/1995
Reason for formation	Purchase
Activity Location	Other

WORKFORCES
Workforce at address	20 to 49 employees
Company workforce	20 to 49 employees

MIRA INFORM REPORT

Company Summary

Company Information

Accounts & Ratios

Judgements

Collective Procedures

Group Structure

Event history

Directors

Unit