MIRA INFORM REPORT

Report Date :

22.12.2011

IDENTIFICATION DETAILS

Name :	T.S.A INOX
Registered Office :	8 Rue Jules Py, Moussey, 88210
Country :	France
Financials (as on) :	31.12.2009
Date of Incorporation :	15.01.1987
Com. Reg. No.:	340069665
Legal Form :	Private Subsidiary Company
Line of Business :	manufacture of metal cable, plaited bands and similar articles
No. of Employees :	74 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

Company name & address

T.S.A Inox

8 Rue Jules Py

Moussey, 88210

France

Tel: +33 03 29 42 50 00

Fax: +33 03 29 41 31 09

Synthesis

Employees: 74

Company Type: Private Subsidiary

Corporate Family: 3 Companies

Ultimate Parent: Salm Participations

Incorporation Date: 15-Jan-1987

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2009

Reporting Currency: Euro

Annual Sales: 19.1

Total Assets: 14.2

Business Description

T.S.A Inox is primarily engaged in manufacture of metal cable, plaited bands and similar articles; manufacture of articles made of wire: barbed wire, wire fencing, grill, netting, cloth, etc.; and manufacture of nails and pins.

Industry

Industry Miscellaneous Fabricated Products

ANZSIC 2006: 2291 - Spring and Wire Product Manufacturing

NACE 2002: 2873 - Manufacture of wire products

NAICS 2002: 332618 - Other Fabricated Wire Product Manufacturing

UK SIC 2003: 2873 - Manufacture of wire products

US SIC 1987: 3496 - Miscellaneous Fabricated Wire Products

Key Executives

Name	Title
Eric Vinay	Marketing director, Partner
France Antoine	Director
Philippe Berdat	Director
Francois Colson	Director
Dominique Delorme	Director

Registered No.(FRA): 340069665

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855

Corporate Overview

Location

8 Rue Jules Py

Moussey, 88210

France

Tel: +33 03 29 42 50 00

Fax: +33 03 29 41 31 09

Sales EUR(mil): 13.7

Assets EUR(mil): 9.9

Employees: 74

Fiscal Year End: 31-Dec-2009

Industry: Miscellaneous Fabricated Products

Incorporation Date: 15-Jan-1987

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(FRA): 340069665

Director: France Antoine

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2291 - Spring and Wire Product Manufacturing

NACE 2002 Codes:

2873 - Manufacture of wire products

NAICS 2002 Codes:

332618 - Other Fabricated Wire Product Manufacturing

US SIC 1987:

3496 - Miscellaneous Fabricated Wire Products

UK SIC 2003:

2873 - Manufacture of wire products

Business Description

T.S.A Inox is primarily engaged in manufacture of metal cable, plaited bands and similar articles; manufacture of articles made of wire: barbed wire, wire fencing, grill, netting, cloth, etc.; and manufacture of nails and pins.

Financial Data

Financials in:	EUR(mil)
Revenue:	13.7
Assets:	9.9
Current Assets:	7.7
Total Liabilities:	9.9
Issued Capital:	1.6
Net Worth:	3.9
Date of Financial Data:	31-Dec-2009

1 Year Growth

NA

NA

Key Corporate Relationships

Bank:	Banque Populaire De Lorraine, Societe Nanceienne Varin Bernier

Corporate Family	Corporate Structure News:
	T.S.A Inox
T.S.A Inox Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Salm Participations	Parent
T.S.A Inox	Subsidiary	Moussey	France	Miscellaneous Fabricated Products	19.1	74
Tsa Plastiques	Subsidiary	Moussey	France	Apparel and Accessories	1.0	19

Executive report

Executives

Name	Title	Function
France Antoine	Director	Administration Executive
Philippe Berdat	Director	Administration Executive
Francois Colson	Director	Administration Executive
Dominique Delorme	Director	Administration Executive
Yves Gellenoncourt	Director	Administration Executive
Eric Vinay	Marketing director, Partner	Marketing Executive

Annual Profit & Loss

	31-Dec-2009
Period Length	12 Months
Filed Currency	EUR
Exchange Rate (Period Average)	0.719047
Consolidated	No
Total income	18.9
Net sales	19.1
Change in stock	0.2
Subsidies for operating costs	0.1
Supplementary operating income	0.2
Other operating income	0.0
Other external charges	5.2
Cost of goods sold	8.3
Taxes and social security costs	0.4
Social charges	1.2
Total payroll costs	2.9
Cost of stock depreciation and amortisation	0.1
Fixed asset depreciation and amortisation	0.3
Other operating costs	0.0
Total operating costs	18.6
Net operating income	0.2
Total financial income	0.0
Interest payable on loans	0.1
Total expenses	0.1
Profit before tax	0.2
Extraordinary income	0.1
Extraordinary expenses	0.2
Net profit	0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009
Filed Currency	EUR
Exchange Rate	0.696986
Consolidated	No
Issued capital	2.3
Share premium account	1.4
Total reserves	0.2
Profits for the year	0.1
Profit brought forward from previous year(s)	1.6
Total stockholders equity	5.6
Trade creditors	2.3
Advances received	0.1
Bank loans and overdrafts	0.7
Current bank debts	0.5
Other loans	1.1
Other liabilities	3.2
Income stated in advance	0.2
Taxation and social security	1.0
Total current liabilities	7.5
Total debts	8.6
Total liabilities (including net worth)	14.2
Patents	0.1
Goodwill	0.9
Land	0.1
Buildings	1.6
Other fixed assets	0.4
Other financial assets	0.1
Total non-current assets	3.2
Net stocks and work in progress	3.2
Trade debtors	4.4
Other receivables	3.1
Prepaid expenses	0.0
Cash and liquid assets	0.5
Total current assets	11.1
Total assets	14.2

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009
Period Length	12 Months
Filed Currency	EUR
Exchange Rate	0.696986
Consolidated	No
Current ratio	1.50
Quick ratio	1.10
Total liabilities to net worth	1.86%
Net worth to total assets	0.33%
Collection period	67.10
Stock turnover rate	6.20
Asset turnover	1.38%
Profit margin	0.01%
Return on assets	0.01%
Shareholders' return	0.04%
Sales per employee	1,155.55
Profit per employee	11.99
Average wage per employee	177.13
Net worth	5.6
Number of employees	78

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.67
UK Pound	1	Rs.82.53
Euro	1	Rs.69.13

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.