MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Correct Name :	SOC FRANCAISE DISTRIBUTION FERRONNERIE
Registered Office :	So Fra Def, Impasse Du Forage - Za Des Pins Verts, 33650 Saucats
Country :	France
Financials (as on) :	31.12.2005
Date of Incorporation :	February 1990
Com. Reg. No.:	RCS Bordeaux B 353 410 921
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale business of ores and metals
No. of Employees :	19 Persons

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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
France	a2	a2

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

REGISTERED NAME & COMPANY SUMMARY

Name

SOC FRANCAISE DISTRIBUTION FERRONNERIE

SIRET

353 410 921 00046

Company Summary

Trade name	SO FRA DEF
Activity (APE)	Commerce de gros (commerce interentreprises) de minerais et métaux (4672Z) (Wholesale business of ores and metals (4672Z))	Legal form	Simplified joint stock company
Phone	05 56 72 88 40	RCS Registration	RCS Bordeaux B 353 410 921
Fax		Share capital	65,000 Euros
Address	SOC FRANCAISE DISTRIBUTION FERRONNERIE SO FRA DEF IMPASSE DU FORAGE - ZA DES PINS VERTS 33650 SAUCATS	Incorporated Date	02/1990
Nationality	France	Status	Economically active

Company Details

Activity (APE)	Commerce de gros (commerce interentreprises) de minerais et métaux (4672Z)
RCS Registration	RCS Bordeaux B 353 410 921	Share capital	65,000 Euros
Registration Court	Bordeaux (33)	Legal form	Simplified joint stock company
Court Registry Number	90 B 00312	EU VAT Number	FR77353410921
Incorporation Date	02/1990	Formation Date	02/1989
Deregistration Date		Last account Date	31/12/2005
Nationality	France

DIRECTORS/MANAGEMENT

Current Directors

1

Trading to Date	12/31/2005	12/31/2003
Turnover	3,361,114 €	2,432,889 €
Gross Operating Surplus	6,41 % Turnover	8,99 % Turnover
Net worth	775,110 €	504,519 €
Employees	10 to 19 employees	-

directors

Name	M. PONS JEAN-LUC
Manager position	Président Directeur Général	Date of birth	09/04/1963
Place of birth	ST CLOUD
Type of manager	Individual	Name at birth of manager

Previous Directors

Vous pouvez consulter ici l'historique des dirigeants de l'entreprise.
Si vous souhaitez consulter l'historique d'un dirigeant, il vous suffit de cliquer sur le lien voir le détail pour y accéder.

Manager position

Title and name

Date of Birth/Place of Birth

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

   Social security, pension funds preferential rights | Tax office preferential rights

Preferential rights details and history

Summary of preferential rights

Company monitored since	08/03/2010
Status of Monitoring	No social security and tax office preferential right to date

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

This company is not identified as one of the biggest french chip.

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2005	31/12/2003
Account period (month)	12	12
Account Type	Normal	Normal
Deposit date	-	-
Activity Code	4672Z	4672Z
Employees	14	0	-

Active account

Annual Accounts	31/12/2005		31/12/2003	Sector Median 2005
Capital not called	0	0%	0	0	0%
Total fixed assets	158 727	42,7%	111 222	65 958,50	140,6%
- Intangible assets	0	0%	2 133	0	0%
- Tangible assets	132 705	53,9%	86 234	31 855	316,6%
- Financial assets	26 022	13,9%	22 855	3 572	628,5%
Net current assets	1 306 421	47,7%	884 753	1 008 171	29,6%
- Stocks	623 021	103,6%	305 968	158 271,50	293,6%
- Advanced payments	0	47,7%	0	0	0%
- Receivables	449 067	15,9%	387 305	517 143,50	-13,2%
- Securities and cash	234 333	22,4%	191 479	79 395	195,1%
- Prepaid expenses	-	-	-	180,50	-
Accounts of regularization	0	0%	0	0	0%
Total Assets	1 465 148	47,1%	995 975	1 167 475	25,5%

Passive Account

Annual Accounts	31/12/2005		31/12/2003	Sector Median 2005
Shareholders' equity	775 110	53,6%	504 519	359 454,50	115,6%
Share capital	65 000	0%	65 000	85 500	-24,0%
Other capital resources	0	0%	0	0	0%
Risk Provisions	0	0%	0	0	0%
Liabilities	690 038	40,4%	491 457	673 736	2,4%
- Financial liabilities	112 788	63,6%	68 928	47 350	138,2%
- Advanced payments received	0	0%	0	0	0%
- Trade account payables	391 724	38,8%	282 315	410 471,50	-4,6%
- Tax and social liabilities	137 436	26,2%	108 898	104 882,50	31,0%
- Other debts and fixed assets liabilities	48 090	53,6%	31 316	7 173	570,4%
Account regularization	0	0%	0	0	0%
Total liabilities	1 465 148	47,1%	995 975	1 167 475	25,5%

Results

Annual Accounts	31/12/2005		31/12/2003	Sector Median 2005
Sales of Goods	3 370 603	36,8%	2 464 051	2 346 832,50	43,6%
Net turnover	3 361 114	38,2%	2 432 889	2 331 843,50	44,1%
- of which net export turnover	9 317	66,5%	5 595	1 420,50	555,9%
Operating charges	3 183 660	41,4%	2 251 109	2 191 859	45,2%
Operating profit/loss	186 943	-12,2%	212 942	63 321	195,2%
Financial income	855	-72,3%	3 089	1 083,50	-21,1%
Financial charges	34 405	46,8%	23 432	6 666,50	416,1%
Financial profit/loss	-33 550	-64,9%	-20 344	-1 324,50	-2433,0%
Pretax net operating income	153 393	-20,4%	192 598	59 017,50	159,9%
Extraordinary income	201	-98,3%	11 772	1 899	-89,4%
Extraordinary charges	1 073	-93,1%	15 611	1 939	-44,7%
Extraordinary profit/loss	-872	2746,1%	-3 839	0	0%
Net result	101 583	-18,8%	125 100	40 318,50	152,0%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2005	31/12/2003
Months	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2005		31/12/2003
	Grand Total (I to VI)	Net	1 465 148	47,1%	995 975
	Gross	CO	1 629 674	47,5%	1 105 072
	Amortisation	1A	164 526	50,8%	109 096

Non declared distributed capital (I)

		31/12/2005		31/12/2003
Non declared distributed capital (I)	AA3	0	0%	0
Gross	AA	-	-	-

Active fixed asset (II)

			31/12/2005		31/12/2003
	Total Active fixed asset (II)	Net	158 727	42,7%	111 222
	Gross	BJ	297 635	46,1%	203 683
	Amortisation	BK	138 908	50,2%	92 461

Intangible fixed assets

			31/12/2005		31/12/2003
	Start-up cost	Net	0	0%	0
	Gross	AB	0	0%	0
	Amortisation	AC	0	0%	0
	R & D expenses	Net	0	0%	0
	Gross	CX	0	0%	0
	Amortisation	AE	0	0%	0
	Distributorships, patents	Net	0	0%	2 133
	Gross	AF	3 631	0%	3 631
	Amortisation	AG	3 631	142,4%	1 498
	Goodwill	Net	0	0%	0
	Gross	AH	0	0%	0
	Amortisation	AI	0	0%	0
	Other intangible fixed assets	Net	0	0%	0
	Gross	AJ	0	0%	0
	Amortisation	AK	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0
	Gross	AL	0	0%	0
	Amortisation	AM	0	0%	0
Sub Total Intangible Assets		Net	0	0%	2 133

Tangible fixed assets

			31/12/2005		31/12/2003
	Lands	Net	0	0%	0
	Gross	AN	0	0%	0
	Amortisation	AO	0	0%	0
	Buildings	Net	0	0%	0
	Gross	AP	0	0%	0
	Amortisation	AQ	0	0%	0
	Plant	Net	50 950	54,7%	32 925
	Gross	AR	124 542	53,4%	81 189
	Amortisation	AS	73 592	52,5%	48 264
	Other tangible fixed assets	Net	81 755	53,4%	53 309
	Gross	AT	143 440	49,4%	96 008
	Amortisation	AU	61 685	44,5%	42 699
	Fixed assets in construction	Net	0	0%	0
	Gross	AV	0	0%	0
	Amortisation	AW	0	0%	0
	Advances and payments on account	Net	0	0%	0
	Gross	AX	0	0%	0
	Amortisation	AY	0	0%	0
	Sub Total Tangible asset	Net	132 705		86 234

Financial assets

			31/12/2005		31/12/2003
	Associates at equity	Net	0	0%	0
	Gross	CS	0	0%	0
	Amortisation	CT	0	0%	0
	Other participations	Net	0	0%	0
	Gross	CU	0	0%	0
	Amortisation	CV	0	0%	0
	Inter-company receivables	Net	8 000	0%	8 000
	Gross	BB	8 000	0%	8 000
	Amortisation	BC	0	0%	0
	Other investment securities	Net	0	0%	0
	Gross	BD	0	0%	0
	Amortisation	BE	0	0%	0
	Loans	Net	1 860	-50,3%	3 744
	Gross	BF	1 860	0%	3 744
	Amortisation	BG	0		0
	Other financial assets	Net	16 162	45,5%	11 111
	Gross	BH	16 162	45,5%	11 111
	Amortisation	BI	0	0%	0
	Sub Total Financial Assets		26 022		22 855

Current Assets (III)

			31/12/2005		31/12/2003
	Total Assets	Net	1 306 421	47,7%	884 753
	Gross	CJ	1 332 039	47,8%	901 389
	Amortisation	CK	25 618	54,0%	16 636

Stocks

			31/12/2005		31/12/2003
	Raw materials	Net	0	0%	0
	Gross	BL	0	0%	0
	Amortisation	BM	0	0%	0
	Work in progress (goods)	Net	0	0%	0
	Gross	BN	0	0%	0
	Amortisation	BO	0	0%	0
	Work in progress (services)	Net	0	0%	0
	Gross	BP	0	0%	0
	Amortisation	BQ	0	0%	0
	Semi-finished and finished products	Net	0	0%	0
	Gross	BR	0	0%	0
	Amortisation	BS	0	0%	0
	Goods for resale	Net	623 021	103,6%	305 968
	Gross	BT	623 021	103,6%	305 968
	Amortisation	BU	0	0%	0
	Sub Total Stocks	Net	623 021	103,6%	305 968

Advance payments to suppliers

			31/12/2005		31/12/2003
	Advance payments to suppliers	Net	0	0%	0
	Gross	BV	0	0%	0
	Amortisation	BW	0	0%	0

Debtors

			31/12/2005		31/12/2003
	Trade accounts receivable	Net	317 673	-2,9%	327 052
	Gross	BX	343 291	-0,1%	343 688
	Amortisation	BY	25 618	54,0%	16 636
	Other debtors	Net	123 374	104,8%	60 253
	Gross	BZ	123 374	104,8%	60 253
	Amortisation	CA	0	0%	0
	Capital subscribed and called up	Net	0	0%	0
	Gross	CB	0	0%	0
	Amortisation	CC	0	0%	0
	Sub Total Debtors	Net	441 047	13,9%	387 305

Divers

			31/12/2005		31/12/2003
	Investment securities	Net	0	0%	0
	Gross	CD	0	0%	0
	Amortisation	CE	0	0%	0
	Cash and cash equivalents	Net	234 333	22,4%	191 479
	Gross	CF	234 333	22,4%	191 479
	Amortisation	CG	0	0%	0
	Sub Total Divers	Net	234 333	22,4%	191 479

Prepaid expenses

			31/12/2005		31/12/2003
	Prepaid expenses	Net	8 020	0%	0
	Gross	CH	8 020	0%	0
	Amortisation	CI	0	0%	0

Equalization accounts (IV to VI)

		31/12/2005		31/12/2003
Multi-period charges	CW3	0	0%	0
Gross		-	-	-
Premiums on redemption of bonds	CM3	0	0%	0
Gross		-	-	-
Currency differential gain	CN3	0	0%	0
Gross		-	-	-

References

		31/12/2005		31/12/2003
Due within one year	CP	0	0%	0
Due after one year	CR	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		31/12/2005		31/12/2003
Grand Total (I to V)	EE	1 465 148	47,1%	995 975

Shareholder Equity (I)

			31/12/2005		31/12/2003
	Total shareholders' equity (Total I)	DL	775 110	53,6%	504 519
	Equity and shareholders' equity	DA	65 000	0%	65 000
	Issue and merger premiums	DB	0	0%	0
	Revaluation differentials	DC	0	0%	0
	Of which equity differential	EK	0	0%	0
	Legal reserve	DD	6 500	0%	6 500
	Statutory or contractual reserve	DE	0	0%	0
	Special regulated reserves	DF	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0
	Other reserves	DG	602 027	95,5%	307 919
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%
	Profits or losses brought forward	DH	0	0%	0
	Profit or loss for the period	DI	101 583	-18,8%	125 100
	Investment grants	DJ	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0

Other capital resources (II)

			31/12/2005		31/12/2003
	Total other capital resources (Total II)	DO	0	0%	0
	Income from participating securities	DM	0	0%	0
	Conditional loans	DN	0	0%	0

Provisions for risks and charges (III)

			31/12/2005		31/12/2003
	Total provisions for risks and charges (Total III)	DR	0	0%	0
	Risk provisions	DP	0	0%	0
	Reserves for charges	DQ	0	0%	0

Liabilities (IV)

			31/12/2005		31/12/2003
	Total Liabilities (Total IV)	EC	690 038	40,4%	491 457
	Convertible debentures	DS	0	0%	0
	Other debentures	DT	0	0%	0
	Bank loans and liabilities	DU	111 064	94,6%	57 059
	Sundry loans and financial liabilities	DV	1 724	-85,5%	11 869
	Of which participating loans	EI	0	0%	0
	Advance payments received for current orders	DW	0	0%	0
	Trade accounts payables	DX	391 724	38,8%	282 315
	Tax and social security liabilities	DY	137 436	26,2%	108 898
	Fixed asset liabilities	DZ	3 450	193,9%	1 174
	Other debts	EA	44 640	48,1%	30 142

Translation loss (V)

		31/12/2005		31/12/2003
Translation loss (Total V)	ED	0	0%	0

Equalization accounts

		31/12/2005		31/12/2003
Deferred income	EB	0	0%	0

References

		31/12/2005		31/12/2003
Of which tax-allowable reserve	EF	0	0%	0
Deferred income and liabilities	EG	652 287	40,0%	465 753
Of which current bank facilities	EH	23 005	0%	0

Display parameter
Currency	Euro	Kilo Euro

Result account
Sales of Goods | Operating charges | Operating charges | Financial income | Financial charges | Financial charges | Extraordinary charges | Employee profit sharing | Tax on profits | References

1- Operating result (I-II)

		31/12/2005		31/12/2003
Operating result (Total I-II)	GG	186 943	-12,2%	212 942

2 - Financial result (V - VI)

		31/12/2005		31/12/2003
Financial result (Total V-VI)	GV	-33 550	-64,9%	-20 344

3 - Pre-tax net operating income result (I - VI)

		31/12/2005		31/12/2003
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	153 393	-20,4%	192 598

4 - Extraordinary result (VII-VIII)

		31/12/2005		31/12/2003
Extraordinary result (Total VII-VIII)	HI	-872	77,3%	-3 839

Profit or loss

		31/12/2005		31/12/2003
Profit or loss	HN	101 583	-18,8%	125 100

Total Income (I+III+V+VII)

		31/12/2005		31/12/2003
Total Income (I+III+V+VII)	HL	3 371 659	36,0%	2 478 912

Total charges (Total II+IV+VI+VIII+IX+X)

		31/12/2005		31/12/2003
Total charges (Total II+IV+VI+VIII+IX+X)	HM	3 270 076	38,9%	2 353 812

Operating income (I)

		31/12/2005		31/12/2003
Total operating income (Total I)	FR	3 370 603	36,8%	2 464 051

Operating income (details)

			31/12/2005		31/12/2003
	Sale of goods for resale	FC	3 334 051	38,5%	2 407 909
	France	FA	3 324 735	38,4%	2 402 313
	Export	FB	9 317	66,5%	5 595
	Sale of goods produced	FF	0	0%	0
	France	FD	0	0%	0
	Export	FE	0	0%	0
	Sale of services	FI	27 063	8,3%	24 980
	France	FG	27 063	8,3%	24 980
	Export	FH	0	0%	0
	Net turnover	FL	3 361 114	38,2%	2 432 889
	France	FJ	3 351 797	38,1%	2 427 294
	Export	FK	9 317	66,5%	5 595
	Stocked production	FM	0	0%	0
	Self-constructed assets	FN	0	0%	0
	Operating grants	FO	0	0%	0
	Release of reserves and provisions	FP	9 259	-70,1%	30 981
	Other income	FQ	230	27,8%	180

Operating charges (II)

		31/12/2005		31/12/2003
Total operating charges (Total II)	GF	3 183 660	41,4%	2 251 109

Exploitation charges

		31/12/2005		31/12/2003
Purchase of goods for resale	FS	1 695 977	50,5%	1 127 009
Change in stocks of goods for resale	FT	-165 405	-199,0%	-55 317
Purchase of raw materials	FU	0	0%	0
Change in stocks of raw materials	FV	0	0%	0
Other external purchases and charges	FW	892 930	38,3%	645 764
Tax, duty and similar payments	FX	48 849	130,7%	21 175
Payroll	FY	456 406	38,0%	330 779
Social security costs	FZ	216 756	49,8%	144 711

Depreciation

		31/12/2005		31/12/2003
Depreciation of fixed assets	GA	30 849	31,2%	23 508
Amortisation of fixed assets	GB	0	0%	0
Depreciation/amortisation of current assets	GC	7 160	72,2%	4 159
Provisions for risks and charges	GD	0	0%	0

Other charges

		31/12/2005		31/12/2003
Other charges	GE	138	-98,5%	9 322

Operating charges (III-IV)

		31/12/2005		31/12/2003
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0

Financial income (V)

			31/12/2005		31/12/2003
	Total financial income (Total V)	GP	855	-72,3%	3 089
	Share financial income	GJ	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0
	Other interest and similar income	GL	365	-16,7%	438
	Released provisions and transferred charges	GM	0	0%	0
	Exchange gains	GN	490	-81,5%	2 651
	Net income from disposal of investment securities	GO	0	0%	0

Financial Charge (VI)

			31/12/2005		31/12/2003
	Total financial charge (Total VI)	GU	34 405	46,8%	23 432
	Financial reserves and provisions	GQ	0	0%	0
	Interest and similar charges	GR	31 088	36,9%	22 716
	Exchange losses	GS	3 317	362,6%	717
	Net loss from disposal of investment securities	GT	0	0%	0

Financial Charge (VII)

			31/12/2005		31/12/2003
	Total extraordinary income (Total VII)	HD	201	-98,3%	11 772
	Extraordinary operating income	HA	200	-98,3%	11 772
	Extraordinary income from capital transactions	HB	01	0%	0
	Released provisions and transferred charges	HC	0	0%	0

Extraordinary charges (VIII)

			31/12/2005		31/12/2003
	Total extraordinary charges (Total VIII)	HH	1 073	-93,1%	15 611
	Extraordinary operating charges	HE	1 073	-93,1%	15 611
	Extraordinary charges from capital transactions	HF	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0

Employee profit sharing (IX)

		31/12/2005		31/12/2003
Employee profit sharing (Total IX)	HJ	0	0%	0

Tax on profits (X)

		31/12/2005		31/12/2003
Tax on profits (Total X)	HK	50 938	-20,0%	63 659

References

		31/12/2005		31/12/2003
Of which equipment leases	HP	11 815	-10,5%	13 202
Of which property leases	HQ	0	0%	0
Of which transferred charges	A1	8 463	-61,7%	22 123
Of which trader's own contributions	A2	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Other incomer tax return forms
Reserve for depreciation | Provisions included in balance sheet | State deadlines claims and debts at the end of period
Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2005		31/12/2003
	Gross value at begin of period	OG	256 026	0%	0
	Increasess due to revaluation	OH	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	43 580	16,6%	37 371
	Decreasess by budget item transfer	OK1	0	0%	0
	Decreasess by transfers	OK2	1 970	-83,4%	11 860
	Gross value at the end of period	OL	297 635	0%	0

Research and development Charge (Total I)

			31/12/2005		31/12/2003
	Gross value at begin of period	CZ	0	0%	0
	Increasess due to revaluation	KB	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0
	Decreasess by transfers	C02	0	0%	0
	Gross value at the end of period	D0	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2005		31/12/2003
	Gross value at begin of period	KD	3 631	0%	0
	Increasess due to revaluation	KE	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0
	Decreasess by transfers	LV2	0	0%	0
	Gross value at the end of period	LW	3 631	0%	0

Tangible fixed assets (Total III)

			31/12/2005		31/12/2003
	Gross value at begin of period	LN	230 154	0%	0
	Increasess due to revaluation	LO	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	37 829	19,7%	31 606
	Decreasess by budget item transfer	NG1	0	0%	0
	Decreasess by transfers	NG2	0	0%	0
	Gross value at the end of period	NH	267 983	0%	0

Financial assets (Total IV)

			31/12/2005		31/12/2003
	Gross value at begin of period	LQ	22 241	0%	0
	Increasess due to revaluation	LR	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	5 751	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0
	Decreasess by transfers	NJ2	1 970	0%	0
	Gross value at the end of period	NK	26 022	0%	0

Reserve for depreciation
Situation and movement of reserve for depreciation
Grand total (I-II-III)

			31/12/2005		31/12/2003
	Reserve for depreciation value at begin of period	0N	108 059	39,8%	77 310
Increases		0P	30 849	31,2%	23 508
Decreasess		0Q	0	0%	8 357
	Reserve for depreciation value at the end of period	0R	138 908	50,2%	92 461

Research and development charge (Total I)

			31/12/2005		31/12/2003
	Reserve for depreciation value at begin of period	CY	0	0%	0
Increases		PB	0	0%	0
Decreasess		PC	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0

Other intangible assets (Total II)

			31/12/2005		31/12/2003
	Reserve for depreciation value at begin of period	PE	2 581	0%	0
Increases		PF	1 050	0%	0
Decreasess		PG	0	0%	0
	Decreasess by budget item transfer	PH	3 631	142,4%	1 498

Total fixed assets amotisation (Total III)

			31/12/2005		31/12/2003
	Reserve for depreciation value at begin of period	QU	105 478	0%	0
Increases		QV	29 799	0%	0
Decreases		QW	0	0%	0
	Decreasess by budget item transfer	QX	135 277	48,7%	90 963

Movements during period affecting charge allocated over several period
Charges à répartir ou frais d'émission d'emprunt

			31/12/2005		31/12/2003
	Gross value at begin of period	Z91	0	0%	0
Increases		Z92	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0

Premium refund of obligations

			31/12/2005		31/12/2003
	Net value at begining of period	SP1	0	0%	0
Increases		SP2	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0
	Net value at the end of period	SR	0	0%	0

Provisions included in balance sheet
Grand Total (I-II-III)

			31/12/2005		31/12/2003
	Value at begining of period	7C	19 254	0%	0
Increases		UB	7 160	0%	0
Decreases		UC	797	0%	0
	Value at the end of period	UD	25 618	0%	0

Includes Total allocations

Operating	UE	7 160	0%	0
Financial	UG	0	0%	0
Exceptional	UJ	0	0%	0

Includes Total Withdrawal

Operating	UF	797	-91,0%	8 858
Financial	UH	0	0%	0
Exceptional	UK	0	0%	0

Total regulated provisions (Total I)

			31/12/2005		31/12/2003
	Value at begining of period	3Z	0	0%	0
Increases		TS	0	0%	0
Decreases		TT	0	0%	0
	Value at the end of period	TU	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2005		31/12/2003
	Value at beginning of period	5Z	0	0%	0
Increases		TV	0	0%	0
Decreases		TW	0	0%	0
	Value at the end of period	TX	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2005		31/12/2003
	Value at beginning of period	7B	19 254	-9,8%	21 335
Increases		TY	7 160	72,2%	4 159
Decreases		TZ	797	-91,0%	8 858
	Value at the end of period	UA	25 618	54,0%	16 636

State deadlines claims and debts at the end of period
State claims

		31/12/2005		31/12/2003
Gross value	VT	500 706	17,3%	426 797
1 year at most	VU	474 684	17,5%	403 941
More than one year	VV	26 022	13,9%	22 855

State of loans

		31/12/2005		31/12/2003
Claims related to holdings (gross)	UL	8 000	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0
Loans (gross)	UP	1 860	0%	0
Loans (1 year at most)	UR	0	0%	0
Other financial assets (gross)	UT	16 162	0%	0
Other financial assets (1 year at most)	UV	0	0%	0

Receivables statement of assets

		31/12/2005		31/12/2003
Customers doubtful or disputed	VA	30 675	53,9%	19 933
Other claims customer	UX	312 615	0%	0
Receivables represent Loaned Securities	UU	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0
Personnel and associated accounts	UY	117	0%	0
Social Security and other social organizations	UZ	0	0%	0
Income taxes	VM	61 866	0%	0
Value added tax	VB	18 224	94,7%	9 362
Other taxes and payments assimilated	VN	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0
Group and Associates	VC	6 568	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	36 599	0%	0

Prepaid

		31/12/2005		31/12/2003
Prepaid	VS	8 020	0%	0

State Debt

			31/12/2005		31/12/2003
	Total debt (gross)	VY	690 038	40,4%	491 457
1 year at most		VZ2	652 287	40,0%	465 753
More than 1 year and 5 years at most		VZ3	37 751	46,9%	25 704
More than 5 years		VZ4	0	0%	0

Details

			31/12/2005		31/12/2003
	Convertible bonds (gross)	7Y1	0	0%	0
1 year at most		7Y2	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0
1 year at most		7Z2	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	23 005	0%	0
1 year at most		VG2	23 005	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	88 058	54,3%	57 059
1 year at most		VH2	50 307	192,3%	17 210
More than 1 year and 5 years at most		VH3	37 751	0%	0
	Loans and various financial liabilities (gross)	8A1	680	0%	0
1 year at most		8A2	680	172,0%	250
More than 1 year and 5 years at most		8A3	0	0%	0
	Suppliers and associated accounts (gross)	8B1	391 724	0%	0
1 year at most		8B2	391 724	38,8%	282 315
More than 1 year and 5 years at most		8B3	0	0%	0
	Personnel and associated accounts (gross)	8C1	26 274	52,7%	17 210
1 year at most		8C2	26 274	52,7%	17 210
More than 1 year and 5 years at most		8C3	0	0%	0
	Social Security and other social organizations (gross)	8D1	70 554	51,5%	46 559
1 year at most		8D2	70 554	51,5%	46 559
More than 1 year and 5 years at most		8D3	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0
1 year at most		8E2	0	0%	2 924
More than 1 year and 5 years at most		8E3	0	0%	0
	VAT (gross)	VW1	26 268	-20,9%	33 191
1 year at most		VW2	26 268	-20,9%	33 191
More than 1 year and 5 years at most		VW3	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0
1 year at most		VX2	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0
	Other taxes and assimilated (gross)	VQ1	14 341	59,1%	9 013
1 year at most		VQ2	14 341	59,1%	9 013
More than 1 year and 5 years at most		VQ3	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	3 450	0%	0
1 year at most		8J2	3 450	193,9%	1 174
More than 1 year and 5 years at most		8J3	0	0%	0
More than 5 years		8J4	0	0%	0
	Groups and associates (gross)	VI1	1 044	-91,0%	11 619
1 year at most		VI2	1 044	-91,0%	11 619
More than 1 year and 5 years at most		VI3	0	0%	0
More 5 years		VI4	0	0%	0
	Other liabilities (gross)	8K1	44 640	0%	0
1 year at most		8K2	44 640	48,1%	30 142
More than 1 year and 5 years at most		8K3	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0
1 year at most		SZ2	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0
	Products in advance (gross)	8L1	0	0%	0
1 year at most		8L2	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0

References

		31/12/2005		31/12/2003
Loans made during the period	VJ	109 591	0%	0
Debt repaid during the period	VK	53 658	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2005		31/12/2003
Dividends	ZE	35 000	0%	0

Commitments

		31/12/2005		31/12/2003
Commitments leasing furniture	YQ	62 994	95,5%	32 229
Commitments Real Estate Leasing	YR	0	0%	0
Effects brought to the discount and unmatured	YS	90 327	0%	0

Other charges Externes

		31/12/2005		31/12/2003
Subcontracting	YT	46 897	0%	0
Rentals, rental charges and condominiums	XQ	79 862	0%	0
Staff outside the company	YU	35 487	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	83 071	0%	0
Fees, commissions and brokerage	YV	0	0%	0
Other accounts	ST	647 613	0%	0
Total Other purchases and external	ZJ	892 930	0%	0

Taxes and Fees

		31/12/2005		31/12/2003
Business tax	YW	12 751	0%	0
Other taxes and payments assimilated	9Z	36 098	0%	0
Total taxes and fees	YX	48 849	0%	0

VAT

		31/12/2005		31/12/2003
Amount VAT collected	YY	656 323	0%	0
Total VAT on goods and services	YZ	289 254	0%	0

Average number of employees

		31/12/2005		31/12/2003
Average number of employees	YP	14	0%	0

Groups and Shareholders

		31/12/2005		31/12/2003
Groups and Shareholders	ZR	-	-	-

Display parameter
Comparison mode	Average	Median

Ratios
Structure and liquidity | Management or rotation | Profitability of the business | Return on capital

Structure and Liquidity

		31/12/2005		31/12/2003	Sector Median 2005
Fixed Asset Financing		3,37	3,1%	3,27	2,67	26,2%
Global Debt		74 days	1,4%	73 days	113 days	-34,5%
Working Capital Fund overall net		76 days	11,8%	68 days	60 days	26,7%
Financial independence		697,89%	-21,1%	884,21%	709,96%	-1,7%
More ratios
Solvability		52,90%	4,4%	50,66%	34,49%	53,4%
Capacity debt futures		1057,28%	-63,9%	2931,55%	1318,19%	-19,8%
Coverage of current assets by net working capital overall		53,34%	4,0%	51,28%	39,16%	36,2%
General Liquidity		0,73	-16,1%	0,87	0,83	-12,0%
Restricted Liquidity		1,09	-14,8%	1,28	1,09	0%

Management or rotation

		31/12/2005		31/12/2003	Sector Median 2005
Need background in operating working capital		52 days	30,0%	40 days	38 days	36,8%
Treasury		23 days	-17,9%	28 days	9 days	155,6%
Inventory turnover of goods		147 days	42,7%	103 days	57 days	157,9%
Average length of credit granted to customers		39 days	-23,5%	51 days	75 days	-48,0%
Average length of credit obtained suppliers		52 days	-11,9%	59 days	78 days	-33,3%
More ratios
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	881 days	-
Rotation tangible assets		1254,23%	-	%	1407,54%	-10,9%

Profitability of the business

		31/12/2005		31/12/2003	Sector Median 2005
Margin trading		53,66%	-2,3%	54,92%	19,11%	180,8%
Profitability of the business		6,41	-28,7%	8,99	4,16%	54,1%
Net profit		3,02%	-41,2%	5,14%	2,20%	37,3%
More ratios
Growth rate of turnover (excluding VAT)		38,15%	-	%	5,31%	618,5%
Rates integration		27,90%	-5,1%	29,41%	17,36%	60,7%
Rate leasing furniture		0,35%	-35,2%	0,54%	0%	0%
Work Factor		71,80%	8,0%	66,46%	63,06%	13,9%
Weight interests		1,02	6,2%	0,96%	0,29%	251,7%

Return on capital

		31/12/2005		31/12/2003	Sector Median 2005
Cash flow from the overall profitability		3,92%	-31,7%	5,74%	2,98%	31,5%
Rates of economic profitability		24%	-36,8%	38%	18%	33,3%
Financial profitability		775110%	53,6%	504519%	359169%	115,8%
Return on investment		15,32%	-40,8%	25,90%	12,05%	27,1%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2005		31/12/2003	Sector Median 2005
Turnover	3 361 114	38,2%	2 432 889	2 344 231 €	43,4%

Sales of goods	3 334 051	38,5%	2 407 909
- Purchase of goods	1 695 977	50,5%	1 127 009
+/- Stock of goods variation	-165 405	-199,0%	-55 317
Trading margin	1 803 479 €	35,0%	1 336 217 €	379 970 €	374,6%
	53,66 % CA	-2,3%	54,92 % CA	19,83 % CA	170,6%

Sale of goods produced	27 063	8,3%	24 980
+/- Stocked production	0	0%	0
+ Self-constructed assets	0	0%	0
Period production	27 063 €	8,3%	24 980 €	51 091 €	-47,0%
	0,81 % CA	-21,4%	1,03 % CA	1,92 % CA	-57,8%

Trading margin	1 803 479	35,0%	1 336 217	379 970	374,6%
+ Period Production	27 063	8,3%	24 980	51 091	-47,0%
- Purchase of raw materials	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0
- Other external purchases and charges	892 930	38,3%	645 764
Added value	937 612 €	31,1%	715 433 €	355 394 €	163,8%
	27,90 % CA	-5,1%	29,41 % CA	17,35 % CA	60,8%

Added value	937 612 €	31,1%	715 433 €	355 394 €	163,8%
+ Operating grants	0	0%	0
- Tax, duty and similar payments	48 849	130,7%	21 175
- Personal charges	673 162	41,6%	475 490
Gross operating surplus	215 601 €	-1,4%	218 768 €	77 459 €	178,3%
	6,41 % CA	-28,7%	8,99 % CA	4,10 % CA	56,3%

Gross operating surplus	215 601 €	-1,4%	218 768 €	77 459 €	178,3%
+ Release of reserves and provisions	9 259	-70,1%	30 981
+ Other operating income	230	27,8%	180
- Depreciation/Amortisation	38 009	37,4%	27 667
- Other charges	138	-98,5%	9 322
Operating result	186 943 €	-12,2%	212 940 €	62 629 €	198,5%
	6,41 % CA	-28,7%	8,99 % CA	4,07 % CA	57,5%

Operating result	186 943 €	-12,2%	212 940 €	62 629 €	198,5%
+/- Result of joint-venture transferred from/to other partners	0	0%	0
+ Financial income	855	-72,3%	3 089
- Financial charges	34 405	46,8%	23 432
Pre-tax result	153 393 €	-20,4%	192 597 €	58 089 €	164,1%
	4,56 % CA	-42,4%	7,92 % CA	3,21 % CA	42,1%

Extraordinary income	201	-98,3%	11 772	2 000	-90,0%
- Extraordinary charges	1 073	-93,1%	15 611
Extraordinary result	-872 €	77,3%	-3 839 €	0 €	0%
	-0,03 % CA	81,2%	-0,16 % CA	0 % CA	0%

Pre-tax result	153 393 €	-20,4%	192 597 €	58 089 €	164,1%
Extraordinary result	-872 €	77,3%	-3 839 €	0 €	0%
- Employee profit sharing	0	0%	0
- Tax on profits	50 938	-20,0%	63 659
Net result	101 583 €	-18,8%	125 099 €	40 094 €	153,4%
	3,02 % CA	-41,2%	5,14 % CA	2,20 % CA	37,3%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Linkages
This company is not identified as one of the biggest french chip.
Establishment details
	Trade name	SO FRA DEF
	Activity (APE)	Commerce de gros (commerce interentreprises) de minerais et métaux (4672Z)	Business Pages FT®
	Postal Address	SOC FRANCAISE DISTRIBUTION FERRONNERIE SO FRA DEF IMPASSE DU FORAGE - ZA DES PINS VERTS 33650 SAUCATS	Trading Address	33650 SAUCATS
	Telephone	05 56 72 88 40
	Fax

	Type	Head office	Status	Economically active
	Formation Date	02/2008	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Gironde (33)	Region	Aquitaine
District		Area
City	SAUCATS	Size of urban area

Other establishments

Branches	2 branch entities in this company
Head office	> SOC FRANCAISE DISTRIBUTION FERRONNERIE <<<  - Commerce de gros (commerce interentreprises) de minerais et métaux (4672Z)  in SAUCATS  (33650)
Secondary establishments	>  SOC FRANCAISE DISTRIBUTION FERRONNERIE  - Commerce de gros (commerce interentreprises) de minerais et métaux (4672Z)  in CENON  (33150) >  SOC FRANCAISE DISTRIBUTION FERRONNERIE  - Commerce de gros (commerce interentreprises) de minerais et métaux (4672Z)  in LEOGNAN  (33850)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

Workforce unknown

Company workforce

10 to 19 employees

Event History

Status history

Date	Description
No Status History

Recent publications in Gazettes
Publication date	Gazette Name	Description
04/04/2008	Bodacc B	Modification et mutation diverse
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 808 - 353 410 921 RCS Bordeaux. SOCIETE FRANCAISE DE DISTRIBUTION DE FERRONNERIE. Forme : Société par actions simplifiée. Sigle : SO FRA DEF. Adresse de l’établissement principal : 1 impasse du Forage, Zone Artisanale des Pins Verts 33650 Saucats. Adresse du siège social : 1 impasse du Forage, Zone Artisanale des Pins Verts 33650 Saucats. Commentaires : Modification de l'adresse du siège. Modification de l'adresse de l'établissement.
21/11/2006	Bodacc C	Avis de dépôt des comptes
491 - RCS Bordeaux B 353 410 921. RC 90-B 312. SOCIETE FRANÇAISE DE DISTRIBUTION DE FERRONNERIE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 34, rue de la Liberté,33850 Leognan. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
25/04/2001	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 353410921 RC 90-B 312 SOCIETE FRANCAISE DE DISTRIBUTION DE FERRONNERIE. Sigle : SO.FRA.DEF. Forme : S. A. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : CABANAS (Marc). Nomination d'un administrateur : RAMIREZ NARANJO (Corinne) ( Nom d'usage PONS).
18/08/2000	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 353410921 RC 90-B 00312 SOCIETE FRANCAISE DE DISTRIBUTION DE FERRONNERIE. Sigle : SO.FRA.DEF. Forme : S. A. Capital : 65 000 euros. Commentaires : modification survenue sur le capital ( augmentation).
18/11/1999	Bodacc B	Modifications et mutations diverses
*. RCS Bordeaux B 353 410 921 RC 90-B 312 SOCIETE FRANCAISE DE DISTRIBUTION DE FERRONNERIE. Sigle : SO.FRA.DE.F. Forme : S.A. Commentaires : modification survenue sur la forme juridique et l' administration. Administration : nomination en qualité de président- directeur général : PONS (Jean, Luc) Suppression : gérant : RAMIREZ-NARANJON (Pierrette). Nomination en qualité d' administrateurs : RAMIREZ (José) CABANAS (Marc). Nomination en qualité de commissaire aux comptes titulaire : CABINET DESPLAT. Nomination en qualité de commissaire aux comptes suppléant : AVIANO (Claude).
09/09/1999	Bodacc B	Modifications et mutations diverses
*. RCS Bordeaux B 353 410 921 RC 90-B 312 SOCIETE FRANCAISE DE DISTRIBUTION DE FERRONNERIE. Sigle : SOFRA DEF. Forme : S.A.R.L. Capital : 40 000 euros. Commentaires : modification survenue sur le capital (augmentation).
03/11/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Bordeaux B 353 410 921 RC RC 90-B 312 SOCIETE FRANCAISE DE DISTRIBUTION DE FERRONNERIE. Sigle : SO. FRA.DEF. Forme : S.A.R.L. Capital : 130 000 F. Commentaires : modification survenue sur le capital.

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.78
UK Pound	1	Rs.81.32
Euro	1	Rs.69.42

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.