MIRA INFORM REPORT

Report Date :

05.09.2011

IDENTIFICATION DETAILS

Name :	SAF ISIS
Registered Office :	Zone Artisanale, Soustons, 40140
Country :	France
Financials (as on) :	31.12.2009
Date of Incorporation :	15.09.1992
Com. Reg. No.:	389013491
Legal Form :	Public Subsidiary Company
Line of Business :	manufacture of soups; and manufacture of other food products not elsewhere classified

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 :	Usually Correct
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
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

Saf Isis

Zone Artisanale

Soustons, 40140

France

Tel: +33 05 58 41 34 01

Fax: +33 05 58 41 50 25

Synthesis

Employees: 34

Company Type: Public Subsidiary

Corporate Family: 16 Companies

Ultimate Parent: Lesaffre Et Compagnie

Incorporation Date: 15-Sep-1992

Reporting Currency: NA

Annual Sales: NA

Total Assets: NA

Business Description

Saf Isis is primarily engaged in manufacture of soups; and manufacture of other food products not elsewhere classified.

Industry

Industry Food Processing

ANZSIC 2006: 1199 - Other Food Product Manufacturing Not Elsewhere Classified

NACE 2002: 1589 - Manufacture of other food products not elsewhere classified

NAICS 2002: 31199 - All Other Food Manufacturing

UK SIC 2003: 1589 - Manufacture of other food products not elsewhere classified

US SIC 1987: 2099 - Food Preparations, Not Elsewhere Classified

Financial Data

Financials in:	(mil)

1 Year Growth

Key Executives

Name	Title
Beatrice Jacqueline Ceccarini	General manager
Pascal Sabathie	Director
Jean-Marc Vergnes	Director
Patrick Pierre Philippe Taillade	Chairman of the Board

Registered No.(FRA): 389013491

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

2 - Balance Sheet Item Exchange Rate: USD 1 =

Corporate Overview

Location

Zone Artisanale

Soustons, 40140

France

Tel: +33 05 58 41 34 01

Fax: +33 05 58 41 50 25

Sales (mil): NA

Assets (mil): NA

Employees: 34

Industry: Food Processing

Incorporation Date: 15-Sep-1992

Company Type: Public Subsidiary

Quoted Status: Not Quoted

Registered No.(FRA): 389013491

Chairman of the Board: Patrick Pierre Philippe Taillade

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1199 - Other Food Product Manufacturing Not Elsewhere Classified

NACE 2002 Codes:

1589 - Manufacture of other food products not elsewhere classified

NAICS 2002 Codes:

31199 - All Other Food Manufacturing

US SIC 1987:

2099 - Food Preparations, Not Elsewhere Classified

UK SIC 2003:

1589 - Manufacture of other food products not elsewhere classified

Business Description

Saf Isis is primarily engaged in manufacture of soups; and manufacture of other food products not elsewhere classified.

Key Corporate Relationships

Bank: Bnp Paribas, Bnp Paribas

Bottom of Form

Corporate Family	Corporate Structure News:
	Saf Isis
Total Corporate Family Members: 16 Excluded Small Branches and/or Trading Addresses: 2 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Lesaffre Et Compagnie	Parent
Saf Isis	Subsidiary	Soustons	France	Food Processing		34
Grandes Malteries Modernes	Subsidiary	Paris	France	Beverages (Alcoholic)
Nafan Amsterdam B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Miscellaneous Financial Services
Lesaffre Ingredients Services	Subsidiary	Cerences	France	Food Processing
Compagnie Des Levures Lesaffre	Subsidiary	Marcq En Baroeul	France	Commercial Banks
Societe Industrielle Lesaffre	Subsidiary	Marcq En Baroeul	France	Food Processing		430
Safmex, S.A. de C.V.	Subsidiary	Toluca, Estado de México	Mexico	Food Processing	15.0	250
Bfp Wholesale Ltd.	Subsidiary	Sevenoaks	United Kingdom	Food Processing	108.3	182
Gb Ingredients Ltd.	Subsidiary	Felixstowe	United Kingdom	Food Processing	26.4	72
Fala SA	Subsidiary	Strasbourg	France	Food Processing	7.7	10
Lefersa Holding Italy SRL	Subsidiary	Casteggio, PV	Italy	Food Processing	0.0	8
Lesaffre International	Subsidiary	Marcq En Baroeul	France	Miscellaneous Financial Services
Sinternational Management Holding B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Consumer Financial Services

Executive report

Board of Directors

Name	Title	Function
Patrick Pierre Philippe Taillade	Chairman of the Board	Chairman

Executives

Name	Title	Function
Beatrice Jacqueline Ceccarini	General manager	Administration Executive
Pascal Sabathie	Director	Administration Executive
Jean-Marc Vergnes	Director	Administration Executive

Annual Profit & Loss

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679	0.730637
Consolidated	No	No	No
Total income	15.6	14.4	11.2
Net sales	13.9	13.2	11.5
Unfinished work in progress	1.1	0.7	-
Subsidies for operating costs	0.2	0.4	0.1
Supplementary operating income	0.3	0.1	0.2
Other operating income	0.0	0.0	0.0
Other external charges	5.4	5.0	4.2
Cost of goods sold	4.3	4.2	3.1
Taxes and social security costs	0.5	0.4	0.4
Social charges	1.6	1.6	1.3
Total payroll costs	3.3	3.4	2.7
Cost of stock depreciation and amortisation	0.0	0.1	0.1
Fixed asset depreciation and amortisation	0.9	0.9	0.7
Other operating costs	0.0	0.0	0.1
Total operating costs	15.9	15.3	12.3
Total financial income	0.2	0.1	0.0
Interest payable on loans	0.1	0.3	0.2
Other expenses	0.1	0.1	0.1
Total expenses	0.3	0.4	0.2
Extraordinary income	0.5	0.4	0.3
Extraordinary expenses	0.2	0.4	0.5
Extraordinary result	0.3	0.1	-
Total taxation	-	-	0.0
Profit distributed to employees	0.0	0.0	-
Net profit	0.2	-	-
Net loss	-	1.1	1.5

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No
Issued capital	2.6	2.5	2.7
Share premium account	0.3	0.3	0.3
Legal reserves	5.4	5.5	5.9
Other reserves	0.4	0.5	0.3
Total reserves	0.3	0.3	0.3
Profits for the year	0.3	-	-
Profit brought forward from previous year(s)	-	-	0.7
Total stockholders equity	7.2	7.1	8.5
Provisions and allowances	0.1	0.1	0.0
Trade creditors	1.1	1.7	1.3
Bank loans and overdrafts	10.0	8.8	5.4
Current bank debts	-	-	5.4
Other loans	-	-	0.1
Other liabilities	0.1	0.2	0.1
Debts on fixed assets	0.3	0.3	0.3
Income stated in advance	0.1	-	-
Taxation and social security	1.5	1.4	1.3
Total current liabilities	13.2	12.4	8.5
Total debts	13.2	12.4	8.5
Regularisation account	0.0	0.0	0.0
Total liabilities (including net worth)	20.5	19.7	17.0
Patents	0.1	0.1	0.1
Land	0.2	0.2	0.2
Buildings	2.9	2.8	2.8
Other fixed assets	7.7	7.4	7.4
Other financial assets	0.0	0.0	0.0
Total non-current assets	10.9	10.5	10.5
Net stocks and work in progress	5.2	3.9	3.0
Trade debtors	2.6	3.5	2.5
Other receivables	1.0	0.4	0.4
Prepaid expenses	0.3	0.3	0.3
Cash and liquid assets	0.5	1.0	0.2
Total current assets	9.6	9.1	6.4
Prepaid expenses and deferred costs	0.0	0.0	0.0
Total assets	20.5	19.7	17.0

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No
Current ratio	0.70	0.70	0.80
Quick ratio	0.30	0.40	0.40
Total liabilities to net worth	1.85%	1.77%	1.01%
Net worth to total assets	0.35%	0.36%	0.49%
Collection period	54.80	85.00	61.50
Stock turnover rate	2.80	3.30	4.10
Asset turnover	0.70%	0.64%	0.72%
Sales per employee	1,059.93	972.98	-
Average wage per employee	248.92	252.24	-
Net worth	7.2	7.1	8.5
Number of employees	62	61	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.90
UK Pound	1	Rs.74.31
Euro	1	Rs.65.41

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.