MIRA INFORM REPORT

Report Date :

02.04.2011

IDENTIFICATION DETAILS

Name :	AVYEL

Registered Office :	18 Rue Francis De Pressense 13001 Marseille 1

Country :	France

Financials (as on) :	31.12.2005

Date of Incorporation :	September 1995

Com. Reg. No.:	40216171500014

Legal Form :	Limited Liability Company

Line of Business :	Retail apparel specialty store

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor

Payment Behaviour :	Unknown

Litigation :	--

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

France

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

Company Summary

Company Details
Company Number	40216171500014
Name	AVYEL
Telephone	04 91 91 18 89
Fax
Legal form	Limited Liability Company
RCS Registration	402161715
Share Capital	30,489
Incorporation Date	09/1995
Address	18 RUE FRANCIS DE PRESSENSE
Postcode	13001 MARSEILLE 1
Nationality	France

Judgements Summary

No judgements against this company.

Directors Summary
Directorships	1

Accounts Summary (last 3 years)
Accounts Date	31/12/2005	31/12/2004	31/12/2003
Turnover	962,935	1,336,364	2,053,615
Networth	103,498	101,816	102,285
Number of Employees	1 or 2 employees	-	-

Accounts & Ratios

Profit & Loss
Account Date	31/12/2005	%	31/12/2004	%	31/12/2003
Account period (month)	12	-	12	-	12
Account Type	Normal Account	-	Normal Account	-	Normal Account
Currency	Euro	-	Euro	-	Euro
Turnover	962,935	-27.9%	1,336,364	-34.9%	2,053,615
Exports	938,964	-17.8%	1,142,053	-41.4%	1,947,477
Operating Charges	965,235	-28.1%	1,341,910	-33.7%	2,023,892
Operating Profit	-2,273	-233.9%	1,697	-95.1%	34,445
Financial Income	2,108	-65.2%	6,064	1,435.2%	395
Financial Charges	5,274	-35.9%	8,229	-40.8%	13,909
Pre-Tax Profit	-5,439	-1,059.7%	-469	-102.2%	20,931
Extraordinary Income	7,424	-	0	-	0
Extraordinary Charges	0	-	0	-	0
Net Profit	1,683	458.8%	-469	-102.6%	17,781

Balance Sheet
Account Date	31/12/2005	%	31/12/2004	%	31/12/2003
Assets
- Tangible assets	9,193	-21.8%	11,751	-2.1%	12,003
Intangible assets	17,532	0.0%	17,532	0.0%	17,532
Financial assets	2,400	-67.6%	7,400	0.0%	7,400
Total fixed assets	29,124	-20.6%	36,682	-0.7%	36,934
Stocks	69,590	37.3%	50,674	-58.4%	121,680
Receivables	129,827	-67.2%	395,411	163.8%	149,886
- Trade Receivables	111,301	-64.8%	316,217	178.8%	113,438
- Misc. Receivables	18,526	-	79,194	-	36,448
Cash	3,362	-89.9%	33,160	-43.9%	59,071
Misc. Current Assets		-		-	-1
Total Current Assets	202,779	-57.7%	479,245	44.9%	330,636
Liabilities
Trade Accounts Payable	60,947	233.6%	18,271	5.0%	17,396
Bank Loans and Liabilities	16,035	368.4%	3,423	-94.1%	58,370
Sundry Loan and Liabilities		-		-	404
Advanced Payments Received	46,100	-87.1%	358,597	117.3%	164,997
Tax and Social Liabilities	5,323	-84.3%	33,821	40.2%	24,118
Miscellaneous Liabilities		-		-
Provisions for Risks & Charges	0	-	0	-	0
Other Capital Resources	0	-	0	-	0
Share Capital	30,490	0.0%	30,490	0.0%	30,490
Revaluation Reserve	0	-	0	-	0
Other Reserves	73,008	-	71,326	-	71,795
Total Shareholders Funds	103,498	1.7%	101,816	-0.5%	102,285

Total Assets	231,904	-55.1%	515,927	40.4%	367,571
Net Worth	85,966	-	84,284	-	84,753

Ratios
Account Date	31/12/2005	%	31/12/2004	%	31/12/2003
Structure
Protection	44.63%		19.73%		27.83%
Net Gearing	6.91%		0.66%		15.99%
Repayment Power	0		43.94%		7.37%
Capital Requirement	28.00 day		18.00 day		12.00 day
Working Capital Requirement	33.00 day		10.00 day		11.00 day
Net Cash	-5.00 day		8.00 day		0

Performance
Return on Invested Capital	1.00%		-4.00%		84.00%
Return on Equity	1.63%		-0.46%		17.38%
Gross Profit	2.69% Turnover		3.34% Turnover		4.09% Turnover
Growth v's Year Ago Qtr	-373,429€		-717,251€		2,053,615€
Inventory Returns	0		0		0
Receivables Days	42.00 day		85.00 day		20.00 day
Payable Days	23.00 day		5.00 day		3.00 day

SIG
Profit	6.73% Turnover		6.64% Turnover		8.28% Turnover
Gross Profit	2.69% Turnover		3.34% Turnover		4.09% Turnover
Wage and Salary distribution / Gross Profit	94.74% Turnover		101.24% Turnover		60.80% Turnover
Gross Operating Surplus	0.03% Turnover		0.37% Turnover		1.71% Turnover
Pre-tax Income	-0.56% Turnover		-0.04% Turnover		1.02% Turnover
Net Profit/Loss	0.17%		-0.04%		0.87%

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
Publication Date	Gazette Name	Description
17/10/2006	C	Avis de dépôt des comptes
657 - RCS Marseille B 402 161 715. RC 95-B 1653. AVYEL. Forme: S.A.R.L.. Adresse du siège social: 18, rue Francis de Pressense,13001 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.

26/09/2006	C	Avis de dépôt des comptes
507 - RCS Marseille B 402 161 715. RC 95-B 1653. AVYEL. Forme: S.A.R.L.. Adresse du siège social: 18, rue Francis de Pressense,13001 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.

08/04/2003	B	Modifications et mutations diverses
RCS Marseille B 402161715 RC 95-B 1653 AVYEL. Forme : S.A.R.L Nom commercial: Avyel. Activité : vente de tous articles manufacturés, import-export de ces articles, à l'exclusion d'articles réglementés vente à titre ambulant dans et hors la commune de Marseille. Commentaires : modification survenue sur l'activité.

26/11/2000	B	Modifications et mutations diverses
RCS Marseille B 402161715 RC 95-B 1653 AVYEL. Forme : S.A.R.L Nom commercial: Avyel. Activité : vente de pret-à-porter, de confection, de tout textile et vente à titre ambulant dans et hors la commune de Marseille, au détail de tout textile. Commentaires : modification survenue sur l'activité.

02/11/2000	B	Modifications et mutations diverses
RCS Marseille B 402161715 RC 95-B 1653 AVYEL. Forme : S.A.R.L Nom commercial: Avyel. Commentaires : modification survenue sur la dénomination et le nom commercial.

25/11/1999	B	Modifications et mutations diverses
*. RCS Marseille B 402 161 715 RC 95-B 1653 AVYEL TEXTILES. Forme : S.A.R.L. Capital : 200 000 F Nom commercial: Avyel Textiles. Commentaires : modification survenue sur le capital ( augmentation).

18/10/1995	A_REG	Création d'établissement
RCS Marseille B 402 161 715 RC 95-B 1653 AVYEL TEXTILES. Forme : S.A.R.L. Capital : 50 000 F Nom commercial: Avyel Textiles. Adresse du siège social : 18 rue Francis-de-Pressencé 13001 Marseille. Administration : gérant : BOUKRIS (Amanohil) Etablissement principal: Adresse : 18 rue Francis-de- Pressencé 13001 Marseille. Activité : vente de pret-à-porter et de confection Etablissement principal acquis par achat au prix stipulé de 115 000 F Date de début d'activité: 1er octobre 1995. Précédent propriétaire : S.A.R.L. BAYATEX. RCS B 352 581 961 RC 89-B 2047 Publication légale: Les Nouvelles publications du 8 septembre 1995. Oppositions : au fonds.

Company events history
Date	Description
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
27/03/2003	Acte sous seing privé
27/03/2003	Modification de l'objet social
27/03/2003	Statuts mis à jour
27/03/2003	PV d'Assemblée
19/10/2000	Statuts mis à jour
19/10/2000	Acte sous seing privé
19/10/2000	Changement de dénomination sociale
19/10/2000	PV d'Assemblée
10/01/2000	Acte sous seing privé
10/01/2000	Cession de parts
10/01/2000	Statuts mis à jour
08/11/1999	Statuts mis à jour
08/11/1999	PV d'Assemblée
08/11/1999	Acte sous seing privé
08/11/1999	Augmentation de Capital
08/09/1995	Acte sous seing privé
08/09/1995	Formation de Société

Establishment events history
Date	Description
05/01/2010	Update Limit
30/12/2009	Update Rating
18/03/2008	Update of phone numbers
17/03/2008	Update of phone numbers
16/12/2007	Update Limit
08/12/2007	Update Rating
16/10/2007	Update of phone numbers

Directors

Director
Name	M BOUKRIS EMMANUEL	Manager position	Gérant
Date of birth	10/09/1964	Place of birth	ZARZIS (TUNISIE)
Type of manager	Individual	Name at birth of manager

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.65
UK Pound	1	Rs.71.93
Euro	1	Rs.63.24

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%)

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

company details
Company Name	AVYEL
Company Number	40216171500014
Activity (APE)	Retail apparel specialty store
Activity (APRM)
Currency	EURO (€)
Share capital	30,489
Registration Court	Marseille (13)
Legal form	Limited Liability Company
Court Registry Number	19 9 5B016
EU VAT Number	FR30402161715
Incorporation Date	09/1995
Formation Date	10/1995
Deregistration Date
Last account Date	31/12/2005
Nationality	France

Establishment details
Postal Address	18 RUE FRANCIS DE PRESSENSE, 13001 MARSEILLE 1,
Trading Address	18 RUE FRANCIS DE PRESSENSE, 13001 MARSEILLE 1,
Telephone	04 91 91 18 89
Fax
Type	Head office (one site company)
Status	Economically active
Formation Date	10/1995
Reason for formation	Purchase
Closure Date
Reason for closure
Reactivation Date
Production Role
Activity Nature	-
Activity Location	Store
Location Service	From 300 m² to less than 400 m²
Seasonality

Workforces
Workforce at address	1 or 2 employees
Company workforce	1 or 2 employees

MIRA INFORM REPORT

Company Summary

Company Information

Accounts & Ratios

Judgements

Group Structure

Event history

Company events history

Establishment events history

Directors

Unit