MIRA INFORM REPORT

Report Date :

23.12.2008

IDENTIFICATION DETAILS

Name :	CENTRALE D ACHATS ZANNIER
Registered Office :	Clos Marquet, Zone Industrielle 42400 Saint Chamond
Country :	France
Financials (as on) :	31.12.2007
Date of Incorporation :	December 1994
Com. Reg. No.:	RCS Saint-Etienne B   399235837
Legal Form :	Partnership
Line of Business :	Nonfood Central Merchandizings

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	(€)2,000,000
Status :	Very Good
Payment Behaviour :	Regular
Litigation :	Clear

Company Summary

COMPANY DETAILS
Company Number	39923583700016
Name	CENTRALE D ACHATS ZANNIER
Telephone
Fax
Legal form	Partnership
RCS Registration	RCS Saint-Etienne B   399235837
Share Capital	30,000,000
Incorporation Date
Address	CLOS MARQUET, ZONE INDUSTRIELLE
Postcode	42400 SAINT CHAMOND
Nationality	France

CREDIT INFORMATION SUMMARY
Today's Credit Limit (€)	2,000,000

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	284,203,943	301,419,759	271,783,239
Networth	30,165,912	30,971,456	20,924,174
Number of Employees	100 to 199 employees	-	-

Company Information

COMPANY DETAILS
Company Name	CENTRALE D ACHATS ZANNIER
Company Number	39923583700016
Activity (APE)	Centrales d'achat non alimentaires
Activity (APRM)
Currency	EURO (€)
Share capital	30,000,000
Registration Court	Saint-Etienne (42)
Legal form	Partnership
Court Registry Number	94 B 00731
EU VAT Number	FR23399235837
Incorporation Date
Formation Date	12/1994
Deregistration Date
Last account Date	31/12/2007
Nationality	France

ESTABLISHMENT DETAILS
Postal Address	CLOS MARQUET,ZONE INDUSTRIELLE 42400 SAINT CHAMOND,
Trading Address	CLOS MARQUET,ZONE INDUSTRIELLE 42400 SAINT CHAMOND,
Telephone
Fax
Type	Head office
Status	Economically active
Formation Date	12/1994
Reason for formation	Purchase
Closure Date
Reason for closure
Reactivation Date
Production Role
Activity Nature	Manufacture, production
Activity Location	Workshop
Location Service
Seasonality

OTHER ESTABLISHMENTS

Branches

19 branch entities in this company

Company number	39923583700016	Company name	CENTRALE D ACHATS ZANNIER
Type	Head office	Activity (ape)	Centrales d'achat non alimentaires
Post Code	42400	City	SAINT CHAMOND

Company number	39923583700040	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	42320	City	LA GRAND CROIX

Company number	39923583700065	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	85600	City	MONTAIGU

Company number	39923583700073	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	10000	City	TROYES

Company number	39923583700081	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	10000	City	TROYES

Company number	39923583700099	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	10000	City	TROYES

Company number	39923583700107	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	94100	City	SAINT MAUR DES FOSSES

Company number	39923583700115	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	69140	City	RILLIEUX LA PAPE

Company number	39923583700123	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	11000	City	CARCASSONNE

Company number	39923583700131	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	62217	City	BEAURAINS

Company number	39923583700149	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	49450	City	SAINT MACAIRE EN MAUGES

Company number	39923583700156	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	49280	City	LA SEGUINIERE

Company number	39923583700164	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	49600	City	LA CHAUSSAIRE

Company number	39923583700172	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	49280	City	LA SEGUINIERE

Company number	39923583700206	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	49280	City	SAINT CHRISTOPHE DU BOIS

Company number	39923583700214	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	85130	City	VERRIE LA

Company number	39923583700222	Company name	CENTRALE D'ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	42400	City	SAINT CHAMOND

Company number	39923583700198	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	49300	City	CHOLET

Company number	39923583700032	Company name	CENTRALE D ACHATS ZANNIER
Type	Secondary establishment	Activity (ape)	Centrales d'achat non alimentaires
Post Code	42400	City	SAINT CHAMOND

Regionality

Mono-activity status

Legal unit with several establishments of which main activities are distributed in several NAF classes, one of these activities gathering 80 to 99% of workforce

WORKFORCES
Workforce at address	0 employee
Company workforce	100 to 199 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	284,203,943	-5.7%	301,419,759	10.9%	271,783,239
Exports	66,528,110	8.0%	61,607,716	5.0%	58,676,211
Operating Charges	286,641,787	-6.2%	305,476,304	12.0%	272,630,069
Operating Profit	-291,149	-136.0%	807,793	-77.0%	3,512,752
Financial Income	1,960,516	57.6%	1,244,245	46.6%	848,489
Financial Charges	1,283,665	8.1%	1,187,577	-55.9%	2,694,379
Pre-Tax Profit	385,702	-55.4%	864,461	-48.1%	1,666,863
Extraordinary Income	72,880	-96.8%	2,312,900	2,918.5%	76,624
Extraordinary Charges	297,053	-86.6%	2,209,121	168.6%	822,529
Net Profit	161,529	-83.3%	968,240	5.1%	920,958

BALANCE SHEET
Account Date	31/12/2007	%	31/12/2006	%	31/12/2005
Assets
- Tangible assets	2,815,194	-13.1%	3,239,095	39.8%	2,316,324
Intangible assets	22,217	-40.2%	37,171	80.1%	20,635
Financial assets	668,884	9.5%	611,026	14.6%	533,288
Total fixed assets	3,506,296	-9.8%	3,887,293	35.4%	2,870,247
Stocks	27,052,000	-5.7%	28,690,438	-0.9%	28,961,001
Receivables	112,314,742	-7.0%	120,745,424	50.8%	80,058,551
- Trade Receivables	71,027,942	-18.1%	86,688,433	25.3%	69,192,118
- Misc. Receivables	41,286,800	-	34,056,991	-	10,866,433
Cash	1,010,677	662.4%	132,571	-57.9%	314,640
Misc. Current Assets	-1	-	1	-	-1
Total Current Assets	140,377,418	-6.1%	149,568,434	36.8%	109,334,191
Liabilities
Trade Accounts Payable	79,985,601	3.9%	77,019,993	25.9%	61,180,827
Bank Loans and Liabilities	6,559,835	-39.4%	10,817,918	98.0%	5,462,542
Sundry Loan and Liabilities		-		-
Advanced Payments Received	0	-100.0%	600,000	-14.3%	700,000
Tax and Social Liabilities	3,259,155	-48.7%	6,350,513	-21.1%	8,047,932
Miscellaneous Liabilities	23,042,964	-	26,624,115	-	13,390,579
Provisions for Risks & Charges	837,466	-24.2%	1,104,150	-55.9%	2,506,198
Other Capital Resources	0	-	0	-	0
Share Capital	30,000,000	0.0%	30,000,000	50.0%	20,000,000
Revaluation Reserve	0	-	0	-	0
Other Reserves	165,912	-	971,456	-	924,174
Total Shareholders Funds	30,165,912	-2.6%	30,971,456	48.0%	20,924,174
Total Assets	143,924,031	-6.3%	153,557,384	36.8%	112,212,253
Net Worth	30,143,695	-	30,934,285	-	20,903,539

RATIOS
Account Date	31/12/2007	%	31/12/2006	%	31/12/2005
Structure
Protection	20.96%		20.17%		18.65%
Net Gearing	4.56%		7.04%		4.87%
Repayment Power	0		0		0
Capital Requirement	35.00 day		34.00 day		27.00 day
Working Capital Requirement	42.00 day		46.00 day		34.00 day
Net Cash	-7.00 day		-13.00 day		-7.00 day
Performance
Return on Invested Capital	264.00%		259.00%		398.00%
Return on Equity	0.54%		3.13%		4.40%
Gross Profit	8.23% Turnover		10.60% Turnover		12.20% Turnover
Growth v's Year Ago Qtr	-17,215,816€		29,636,520€		-3,450,657€
Inventory Returns	-2.00 day		2.00 day		-2.00 day
Receivables Days	90.00 day		104.00 day		92.00 day
Payable Days	111.00 day		103.00 day		93.00 day
SIG
Profit	-1,462.11% Turnover		4.57% Turnover		2.24% Turnover
Gross Profit	8.23% Turnover		10.60% Turnover		12.20% Turnover
Wage and Salary distribution / Gross Profit	57.55% Turnover		64.90% Turnover		62.08% Turnover
Gross Operating Surplus	3.26% Turnover		3.35% Turnover		4.20% Turnover
Pre-tax Income	0.14% Turnover		0.29% Turnover		0.61% Turnover
Net Profit/Loss	0.06%		0.32%		0.34%

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

No status history for this company.

Recent Publications in Gazettes

No status Gazette Publications for this company.

Company events history
Date	Description
31/12/2007	New accounts available
31/12/2006	New accounts available
01/12/2006	Other modification of Establishment (error correction)
21/07/2006	Private document
21/07/2006	Minutes of general meeting of shareholders
21/07/2006	Amendment
12/04/2006	Capital increase
12/04/2006	Capital reduction
12/04/2006	Minutes of general meeting of shareholders
12/04/2006	Updated articles of association
12/04/2006	Private document
31/12/2005	New accounts available
31/08/2005	Capital increase
31/08/2005	Capital reduction
31/08/2005	Private document
31/08/2005	Updated articles of association
31/08/2005	Minutes of general meeting of shareholders
31/12/2004	New accounts available
22/07/2004	PV d'Assemblée
22/07/2004	Nomination/démission des organes de gestion

Establishment events history
Date	Description
10/07/2008	Update of phone numbers
09/12/2007	Update Limit
28/08/2007	Update Rating
01/12/2006	Modification of Head office

Directors

No d irectors registered for this company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.49
UK Pound	1	Rs.71.89
Euro	1	Rs.67.86

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