MIRA INFORM REPORT

Report Date :

07.01.2011

IDENTIFICATION DETAILS

Name :	ADES TECHNOLOGIES

Registered Office :	13 Rue Edouard Martel,Et 15 42100 Saint Etienne,

Country :	France

Financials (as on) :	31.03.2010

Date of Incorporation :	December 1993

Com. Reg. No.:	39340723400011

Legal Form :	Simplified Joint Stock Company

Line of Business :	Manufacturer of other taps and valves

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

France

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

Synthesized Accounts

Period
Annual Return	31/03/2010	31/03/2009	31/03/2008
Account period (month)	12	12	12
Account Type	Normal Account	Normal Account	Normal Account
Currency	Euro	Euro	Euro
Active account
Capital not called
Total fixed assets	1,406,831	1,323,169	1,275,668
- Intangible assets	1,120,157	1,122,367	1,123,838
- Tangible assets	66,727	79,158	95,136
- Financial assets	219,947	121,644	56,695
Net current assets	2,752,598	3,395,566	3,638,555
- Stocks	1,954,748	2,236,157	2,320,100
- Advanced payments	NaN	NaN	NaN
- Receivables	716,612	1,111,862	1,250,706
- Securities and cash	78,471	31,015	65,114
- Prepaid expenses
Account regularization
Total Assets	4,159,429	4,718,733	4,914,223
Passive Account
Shareholder equity	2,478,915	2,338,032	2,164,318
- of which share capital	825,000	825,000	825,000
Other capital resources
Provisions for risks & charges	151,776	359,008	398,350
Liabilities	1,528,739	2,021,693	2,351,555
- Financial liabilities	526,489	635,558	705,167
- Advanced payments received	6,404	5,135	22,638
- Trade account payables	577,287	948,429	1,116,385
- Tax and social liabilities	343,366	361,058	359,709
- Other debts and fixed assets liabilities	35,575	27,822	59,820
Account of regularization	39,618	43,691	87,836
Total liabilities	4,159,429	4,718,733	4,914,223
Profit & Loss
Operating income	4,850,548	5,447,565	5,858,942
Net turnover	4,337,821	5,057,530	5,538,684
- of which net export turnover	1,635,348	1,825,531	2,136,207
Operating charges	4,507,108	5,233,965	5,401,527
Operating profit/loss	343,440	213,600	457,415
Financial income	27,735	87,240	24,037
Financial charges	267,120	79,095	153,885
Financial profit/loss	-239,385	8,145	-129,848
Pretax net operating income	104,055	221,746	327,567
Extraordinary income	138,740	67,984	20,480
Extraordinary charges	38,867	66,530	52,129
Extraordinary profit/loss	99,873	1,454	-31,649
Net profit/loss	140,881	173,714	204,532

Event history

Status history

Date

Description

Company events history

Date	Description
31/03/2010	New accounts available
19/11/2009	Bodacc B: Various editing or changing
05/11/2009	New chairman (CEO, CoB)
05/11/2009	New auditor
31/03/2009	New accounts available
31/03/2008	New accounts available
31/03/2007	New accounts available
10/11/2006	New auditor
10/11/2006	Private document
10/11/2006	Minutes of general meeting of shareholders
10/11/2006	PV d'Assemblée
10/11/2006	Appointment/resignation of company officers
31/03/2006	New accounts available
31/03/2005	New accounts available
01/10/2004	New legal form – no new category
01/10/2004	Private document
01/10/2004	Appointment/resignation of company officers
01/10/2004	PV d'Assemblée
01/10/2004	Minutes of general meeting of shareholders
01/10/2004	Statuts mis à jour

Establishment events history

Date	Description
31/12/2010	Update Limit
31/12/2010	Update Rating
21/07/2010	Update of phone numbers
04/12/2009	Update Limit
04/12/2009	Update Rating
23/01/2009	Update Rating
23/01/2009	Update Limit
03/12/2008	Update Rating
22/10/2008	Update of phone numbers
01/10/2008	Update Rating
03/07/2008	Update Rating
22/02/2008	Update of phone numbers
28/12/2007	Update Rating
28/12/2007	Update Limit
16/12/2007	Update Limit
10/12/2007	Update Limit
07/12/2007	Update Limit
07/12/2007	Update Rating

Directors

Name	M MODRIN JEAN LOUIS	Manager position	Président
Date of birth	21/04/1945	Place of birth	42 SAINT-ETIENNE
Type of manager	Individual	Name at birth of manager

Name

Mme MODRIN DOMINIQUE MARCELLE MARIE LOUISE

Manager position

Directeur général délégué

(Chief Operating Officer)

Date of birth

16/01/1948

Place of birth

42 SAINT-ETIENNE

Type of manager

Individual

Name at birth of manager

LARCHER

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.31
UK Pound	1	Rs.70.26
Euro	1	Rs.59.56

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 Information

Synthesized Accounts

Event history

Establishment events history

Directors

Unit