MIRA INFORM REPORT

Report Date :

17.05.2011

IDENTIFICATION DETAILS

Name :	SPERIAN RESPIRATORY PROTECTION FRANCE
Registered Office :	33 Rue Des Vanesses,Imm Edison Zi Paris.Nd Ii 93420 Villepinte,
Country :	France
Financials (as on) :	31.12.2009
Year of Establishment :	1955
Com. Reg. No.:	55205744000083
Legal Form :	Simplified Joint Stock Company
Line of Business :	Autres activités manufacturières (Other manufacturing)

RATING & COMMENTS

MIRA’s Rating :

A

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

Maximum Credit Limit :	Euro 900,000
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
France	A1	A1

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

Company Information

Company Summary

company details

Company Number

55205744000083

Name

SPERIAN RESPIRATORY PROTECTION FRANCE

Activity(APE)

Autres activités manufacturières n.c.a. (Other manufacturing n.e.c)

Share capital

6,400,000

Registration Court

Bobigny (93)

Legal form

Simplified joint stock company

Court Registry Number

19 8 7B014

Incorporation Date

04/1955

Formation Date

01/1955

Deregistration Date

Last account Date

31/12/2009

Nationality

France

Establishment details

Postal Address

33 RUE DES VANESSES,IMM EDISON ZI PARIS.ND II
93420 VILLEPINTE,

Trading Address

33 RUE DES VANESSES,IMM EDISON ZI PARIS.ND II
93420 VILLEPINTE,

Telephone

01 49 90 70 00

Fax

01 49 90 70 70

Type

Head office

Status

Economically active

Formation Date

01/1955

Reason for formation

Other

Closure Date

Reason for closure

Reactivation Date

Production Role

Activity Nature

-

Activity Location

Other

Location surface

Seasonality

Department

Seine-Saint-Denis(93)

Region

Ile-de-France

District

2

Area

40

City

VILLEPINTE

Size of urban area

Paris conglomeration

Other establishments

Branches

2 branch entities in this company

Company number	55205744000083	Company name	SPERIAN RESPIRATORY PROTECTION FRANCE
Type	Head office	Activityape	Autres activités manufacturières n.c.a.
Post Code	93420	City	VILLEPINTE

Company number	55205744000067	Company name	SPERIAN RESPIRATORY PROTECTION FRANCE
Type	Secondary establishment	Activityape	Autres activités manufacturières n.c.a.
Post Code	02600	City	VILLERS COTTERETS

Regionality

Legal unit with multiple establishments in many areas having at least 80% of workforce in same area

Mono-activity status

Legal unit having all establishments with the same main activity

Workforces

Workforce at address

20 to 49 employees

Company workforce

100 to 199 employees

Limit

Credit Information

Credit Limit

900,000

Synthesized Accounts

Period
Annual Return	31/12/2009	31/12/2008	31/12/2007
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	4,965,339	4,756,372	2,519,853
- Intangible assets	996,939	1,009,651	914,249
- Tangible assets	3,819,212	3,592,948	1,440,926
- Financial assets	149,188	153,773	164,678
Net current assets	14,849,116	17,153,935	19,435,516
- Stocks	4,970,000	5,097,000	6,642,029
- Advanced payments	NaN	NaN	NaN
- Receivables	9,772,834	11,826,110	12,701,821
- Securities and cash	106,284	230,825	91,666
- Prepaid expenses
Account regularization
Total Assets	19,814,459	21,910,307	21,955,370
Passive Account
Shareholder equity	13,855,552	13,510,825	13,375,390
- of which share capital	6,400,000	6,400,000	6,400,000
Other capital resources	605,500	675,500	675,500
Provisions for risks & charges	112,915	173,000	173,000
Liabilities	5,237,130	7,522,150	7,731,480
- Financial liabilities	303,621	757,362	1,089,681
- Advanced payments received
- Trade account payables	2,940,279	5,060,163	4,956,770
- Tax and social liabilities	1,683,593	1,372,107	1,466,912
- Other debts and fixed assets liabilities	312,994	361,350	218,117
Account of regularization
Total liabilities	19,814,458	21,910,307	21,955,370
Profit & Loss
Operating income	27,787,841	29,450,064	31,299,481
Net turnover	26,564,071	28,306,915	29,203,044
- of which net export turnover	2,190,395	3,772,568	3,070,441
Operating charges	26,460,680	27,694,694	27,589,582
Operating profit/loss	1,327,161	1,755,368	3,709,899
Financial income	87,769	182,485	360,507
Financial charges	36,745	144,603	57,409
Financial profit/loss	51,024	37,882	303,098
Pretax net operating income	1,378,185	1,793,250	4,012,997
Extraordinary income	87,259	31,735	12,872
Extraordinary charges	124,471	84,695	121,837
Extraordinary profit/loss	-37,212	-52,960	-108,965
Net profit/loss	1,079,044	1,345,944	2,474,511

Event history

Status history

Date	Description

Company events history

Date	Description
12/11/2010	New ultimate parent
15/10/2010	New subsidiarie(s) detected
15/10/2010	New ultimate parent
30/08/2010	Bodacc C : Deposit accounts notice
25/07/2010	Bodacc B: Various editing or changing
15/07/2010	Changes to the Board of Directors
23/06/2010	Bodacc B: Various editing or changing
19/06/2010	Legal Gazette: Appointment of the social representative
14/06/2010	Minutes of general meeting of shareholders
14/06/2010	New chairman (CEO, CoB)
10/06/2010	Legal Gazette: Resignation / Revocation of the social representative
19/05/2010	Legal Gazette: Appointment of the social representative
31/12/2009	New accounts available
11/08/2009	Collection of preferential rights activated for this company
31/07/2009	Bodacc C : Deposit accounts notice
07/07/2009	Updated articles of association
07/07/2009	Minutes of general meeting of shareholders
07/07/2009	Private document
07/07/2009	Amendment
31/12/2008	New accounts available

Establishment events history

Date	Description
06/05/2011	Update Rating
04/01/2011	Update Rating
19/10/2010	Update of phone numbers
17/09/2010	Update Rating
17/09/2010	Update Limit
03/09/2010	Update Rating
19/07/2010	Update Rating
27/07/2009	Update Limit
18/08/2008	Update Limit
13/01/2008	Update Limit
16/12/2007	Update Limit
09/12/2007	Update Limit
06/12/2007	Update Limit
13/11/2007	Update of phone numbers
16/10/2007	Update of phone numbers

Directors

Name	SPERIAN PROTECTION EUROPE	Manager position	Président
Date of birth		Place of birth
Type of manager	Moral person	Name at birth of manager

Name	M KHOURY BASSEM	Manager position	Directeur général
Date of birth	24/01/1965	Place of birth	SIN EL FIL(LIBAN)
Type of manager	Individual	Name at birth of manager

Judgements / CCs

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.07
UK Pound	1	Rs.72.97
Euro	1	Rs.63.57

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.