MIRA INFORM REPORT

Report Date :

14.04.2012

IDENTIFICATION DETAILS

Name :	TAPE A L'OEIL

Registered Office :	Tao 24 Av Du Grand Cottignies 59290 Wasquehal

Country :	France

Financials (as on) :	31.12.2010

Date of Incorporation :	January 1993

Com. Reg. No.:	RCS Roubaix-Tourcoing 9 389 632 639

Legal Form :	Simplified Joint Stock Company

Line of Business :	Retail sale of clothing in specialized stores

No. of Employees :	100 to 199 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	€2,000,000
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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

France

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

REGISTERED NAME & COMPANY SUMMARY

TAPE A L'OEIL

company summary

Acronym	TAO

Activity (APE)	Retail sale of clothing in specialized stores (4771Z)	Legal form	Simplified joint stock company
Phone	03 28 33 57 33	RCS Registration	RCS Roubaix-Tourcoing 9 389 632 639
Fax		Share capital	762,245
Address	TAPE A L'OEIL TAO 24 AV DU GRAND COTTIGNIES 59290 WASQUEHAL	Incorporated Date	01/1993
Nationality	France	Status	Economically active

Company details

	Activity (APE)	Commerce de détail d'habillement en magasin spécialisé (4771Z)
	RCS Registration	RCS Roubaix-Tourcoing 9 389 632 639	Share capital	762,245
	Registration Court	Roubaix-Tourcoing (59)	Legal form	Simplified joint stock company
	Court Registry Number	19 9 3B000	EU VAT Number	FR11389632639
	Incorporation Date	01/1993	Formation Date	01/1993
	Deregistration Date		Last account Date	31/12/2010
	Nationality	France
Establishment details

Acronym	TAO
Activity (APE)	Commerce de détail d'habillement en magasin spécialisé (4771Z)	Business Pages FT®
Postal Address	TAPE A L'OEIL TAO 24 AV DU GRAND COTTIGNIES 59290 WASQUEHAL	Trading Address	24 AVENUE DU GRAND COTTIGNIES 59290 WASQUEHAL
Telephone	03 28 33 57 33
Fax

Type	Head office	Status	Economically active
Formation Date	07/2008	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	Other	Activity Location	Other
Location surface		Seasonality

	Department	Nord (59)	Region	Nord-Pas-de-Calais
	District		Area
	City	WASQUEHAL	Size of urban area
Other establishments

	Branches	116 branch entities in this company
	Head office	> TAPE A L'OEIL <<< - Commerce de détail d'habillement en magasin spécialisé (4771Z) in WASQUEHAL (59290)
	Secondary establishments	> TAPE A L'OEIL - Commerce de détail d'habillement en magasin spécialisé (4771Z) in ROUBAIX (59100) > TAPE A L'OEIL - Commerce de détail d'habillement en magasin spécialisé (4771Z) in THIAIS (94320) > TAPE A L'OEIL - Commerce de détail d'habillement en magasin spécialisé (4771Z) in OSNY (95520) > TAPE A L'OEIL - Commerce de détail d'habillement en magasin spécialisé (4771Z) in ALBERTVILLE (73200) > ...

	Regionality	Legal unit with multiple establishments in many areas but no one grouping more than 50% of workforce
	Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 50 to 80% of workforce
Workforces

Workforce at address

100 to 199 employees

Company workforce

500 to 999 employees

CREDIT RECOMENDATION

Current Credit Limit: €2,000,000

DIRECTORS/MANAGEMENT

Current Directors

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

SHARE & SHARE CAPITAL INFORMATION

Share capital

762,245

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	SOCIÉTÉ D'AMÉNAGEMENT ET DE DÉVELOPPEMENT DE MAGASINS DE VÊTEMENTS POUR ENFANTS	438295396

Ultimate Parent

1 ultimate parent company for this company
> SOC AMENAGEM DEVELOP- MAGASIN VET ENFA - Activités des sociétés holding (6420Z) in WASQUEHAL (59290)

Group data

Ultimate parent company	SOCIÉTÉ D'AMÉNAGEMENT ET DE DÉVELOPPEMENT DE MAGASINS DE VÊTEMENTS POUR ENFANTS
Direct parent	SOCIÉTÉ D'AMÉNAGEMENT ET DE DÉVELOPPEMENT DE MAGASINS DE VÊTEMENTS POUR ENFANTS - 99 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

Raison sociale SIREN Parts Score Limite Dernierscomptespubliés

SOC AMENAGEM

DEVELOP- MAGASIN

VET ENFA 438295396 - 92 95 000 € 31/12/2010

TAPE A L'OEIL 389632639 99% 100 2 000 000 € 31/12/2010

TEEN WEB 494230592 99.90% 19 0 € 31/12/2010

Linkages

Ultimate parent company SOCIÉTÉ D'AMÉNAGEMENT ET DE DÉVELOPPEMENT DE MAGASINS DE VÊTEMENTS POUR ENFANTS

Direct parent SOCIÉTÉ D'AMÉNAGEMENT ET DE DÉVELOPPEMENT DE MAGASINS DE VÊTEMENTS POUR ENFANTS - 99 %

Group – Number of companies 3

Linkages – Number of companies -

Number of countries -

FINANCIAL INFORMATION

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010
Account period (month)	12
Account Type	Normal
Deposit date	15/07/2011
Activity Code	4771Z
Employees	0	-	-

Active account

Annual Accounts	31/12/2010	Sector Median 2010
Capital not called	0	0	0%
Total fixed assets	22 075 373	74 439	29555,7%
- Intangible assets	8 140 858	42 816	18913,6%
- Tangible assets	12 046 023	11 070	108716,8%
- Financial assets	2 072 864	1 517	136542,3%
Net current assets	39 337 926	94 968	41322,3%
- Stocks	18 661 553	43 770	42535,5%
- Advanced payments	1 635 876	0	0%
- Receivables	13 919 019	7 847	177280,1%
- Securities and cash	5 121 478	13 809	36988,0%
- Prepaid expenses	-	373	-
Accounts of regularization	0	0	0%
Total Assets	61 413 301	192 453	31810,8%

Passive Account

Annual Accounts	31/12/2010	Sector Median 2010
Shareholders' equity	31 859 488	39 948	79652,4%
Share capital	8 705 655	8 000	108720,7%
Other capital resources	0	0	0%
Risk Provisions	808 464	0	0%
Liabilities	28 745 348	128 853	22208,6%
- Financial liabilities	6 463 969	43 220	14856,0%
- Advanced payments received	4 000	0	0%
- Trade account payables	17 472 926	25 733	67800,9%
- Tax and social liabilities	4 043 041	20 239,50	19876,0%
- Other debts and fixed assets liabilities	761 412	4 518	16752,9%
Account regularization	0	0	0%
Total liabilities	61 413 301	192 467	31808,5%

Results

Annual Accounts	31/12/2010	Sector Median 2010
Sales of Goods	108 721 649	242 318	44767,3%
Net turnover	106 917 227	237 421	44932,8%
- of which net export turnover	10 907 598	0	0%
Operating charges	100 279 651	236 163	42362,0%
Operating profit/loss	8 441 998	6 274	134455,3%
Financial income	244 724	0	0%
Financial charges	357 186	1 630	21813,3%
Financial profit/loss	-112 462	-1 212	-9179,0%
Pretax net operating income	8 329 502	4 131	201534,0%
Extraordinary income	830 648	0	0%
Extraordinary charges	1 079 138	72	1498702,8%
Extraordinary profit/loss	-248 490	0	0%
Net result	5 265 779	4 346	121063,8%

Display parameter
Currency	Euro	Kilo Euro

	Normal Account		31/12/2010
	Months		12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2010
Grand Total (I to VI)	Net	61 413 301
Gross	CO	74 848 852
Amortisation	1A	13 435 551

Non declared distributed capital (I)

		31/12/2010
Non declared distributed capital (I)	AA3	0
Gross	AA	0

Active fixed asset (II)

		31/12/2010
Total Active fixed asset (II)	Net	22 075 373
Gross	BJ	34 018 858
Amortisation	BK	11 943 485

Intangilble fixed assets

			31/12/2010
	Start-up cost	Net	0
	Gross	AB	0
	Amortisation	AC	0
	R & D expenses	Net	0
	Gross	CX	0
	Amortisation	AE	0
	Distributorships, patents	Net	288 393
	Gross	AF	349 305
	Amortisation	AG	60 912
	Goodwill	Net	7 670 606
	Gross	AH	7 670 606
	Amortisation	AI	184 372
	Other intangible fixed assets	Net	181 859
	Gross	AJ	1 566 874
	Amortisation	AK	1 385 015
	Pre-payments and downpayments	Net	0
	Gross	AL	0
	Amortisation	AM	0
Sub Total Intangible Assets		Net	8 140 858

Tangilble fixed assets

		31/12/2010
Lands	Net	0
Gross	AN	0
Amortisation	AO	0
Buildings	Net	9 731 757
Gross	AP	17 219 561
Amortisation	AQ	7 487 804
Plant	Net	78 984
Gross	AR	361 908
Amortisation	AS	282 924
Other tangible fixed assets	Net	1 841 375
Gross	AT	4 314 868
Amortisation	AU	2 473 493
Fixed assets in construction	Net	309 769
Gross	AV	309 769
Amortisation	AW	0
Advances and payments on account	Net	84 138
Gross	AX	84 138
Amortisation	AY	0
Sub Total Tangible asset	Net	12 046 023

Financial assets

		31/12/2010
Associates at equity	Net	0
Gross	CS	0
Amortisation	CT	0
Other participations	Net	380 685
Gross	CU	449 650
Amortisation	CV	68 965
Inter-company receivables	Net	0
Gross	BB	0
Amortisation	BC	0
Other investment securities	Net	0
Gross	BD	0
Amortisation	BE	0
Loans	Net	0
Gross	BF	0
Amortisation	BG	0
Other financial assets	Net	1 692 179
Gross	BH	1 692 179
Amortisation	BI	0
Sub Total Financial Assets		2 072 864

Current Assets (III)

		31/12/2010
Total Assets	Net	39 337 926
Gross	CJ	40 829 992
Amortisation	CK	1 492 066

Stocks

		31/12/2010
Raw materials	Net	426 571
Gross	BL	426 571
Amortisation	BM	0
Work in progress (goods)	Net	0
Gross	BN	0
Amortisation	BO	0
Work in progress (services)	Net	0
Gross	BP	0
Amortisation	BQ	0
Semi-finished and finished products	Net	0
Gross	BR	0
Amortisation	BS	0
Goods for resale	Net	18 234 982
Gross	BT	19 051 932
Amortisation	BU	816 950
Sub Total Stocks	Net	18 661 553

Advance payments to suppliers

		31/12/2010
Advance payments to suppliers	Net	1 635 876
Gross	BV	1 635 876
Amortisation	BW	0

Debtors

		31/12/2010
Trade accounts receivable	Net	4 273 119
Gross	BX	4 502 263
Amortisation	BY	229 144
Other debtors	Net	6 226 370
Gross	BZ	6 672 342
Amortisation	CA	445 972
Capital subscribed and called up	Net	0
Gross	CB	0
Amortisation	CC	0
Sub Total Debtors	Net	10 499 489

Divers

		31/12/2010
Investment securities	Net	1 890 306
Gross	CD	1 890 306
Amortisation	CE	0
Cash and cash equivalents	Net	3 231 172
Gross	CF	3 231 172
Amortisation	CG	0
Sub Total Divers	Net	5 121 478

Prepaid expenses

		31/12/2010
Prepaid expenses	Net	3 419 530
Gross	CH	3 419 530
Amortisation	CI	0

Equalization accounts (IV to VI)

		31/12/2010
Multi-period charges	CW3	0
Gross		0
Premiums on redemption of bonds	CM3	0
Gross		0
Currency differential gain	CN3	0
Gross		0

References

		31/12/2010
Due within one year	CP	0
Due after one year	CR	0

Display parameter
Currency	Euro	Kilo Euro

			31/12/2010
	Grand Total (I to V)	EE	61 413 301

Shareholder Equity (I)

		31/12/2010
Total shareholders' equity (Total I)	DL	31 859 488
Equity and shareholders' equity	DA	8 705 655
Issue and merger premiums	DB	8 847 599
Revaluation differentials	DC	0
Of which equity differential	EK	0
Legal reserve	DD	299 055
Statutory or contractual reserve	DE	0
Special regulated reserves	DF	126 200
Of which special reserve of provisions for current fluctuation	B1	0
Other reserves	DG	5 662 040
Of which reserve for buying originals works from alive artists	EJ	0
Profits or losses brought forward	DH	0
Profit or loss for the period	DI	5 265 779
Investment grants	DJ	0
Special tax-allowable reserves	DK	2 953 160

Other capital resources (II)

		31/12/2010
Total other capital resources (Total II)	DO	0
Income from participating securities	DM	0
Conditional loans	DN	0

Provisions for risks and charges (III)

		31/12/2010
Total provisions for risks and charges (Total III)	DR	808 464
Risk provisions	DP	808 464
Reserves for charges	DQ	0

Liabilities (IV)

		31/12/2010
Total Liabilities (Total IV)	EC	28 745 348
Convertible debentures	DS	0
Other debentures	DT	0
Bank loans and liabilities	DU	4 339 315
Sundry loans and financial liabilities	DV	2 124 654
Of which participating loans	EI	0
Advance payments received for current orders	DW	4 000
Trade accounts payables	DX	17 472 926
Tax and social security liabilities	DY	4 043 041
Fixed asset liabilities	DZ	594 287
Other debts	EA	167 125

Translation loss (V)

			31/12/2010
	Translation loss (Total V)	ED	0

Equalization accounts

			31/12/2010
	Deferred income	EB	0

References

		31/12/2010
Of which tax-allowable reserve	EF	0
Deferred income and liabilities	EG	28 290 992
Of which current bank facilities	EH	3 859 447

Display parameter
Currency	Euro	Kilo Euro

			31/12/2010
	Operating result (Total I-II)	GG	8 441 998

2 - Financial result (V - VI)

			31/12/2010
	Financial result (Total V-VI)	GV	-112 462

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

			31/12/2010
	Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	8 329 502

4 - Extraordinary result (VII-VIII)

			31/12/2010
	Extraordinary result (Total VII-VIII)	HI	-248 490

Profit or loss

			31/12/2010
	Profit or loss	HN	5 265 779

Total Income (I+III+V+VII)

			31/12/2010
	Total Income (I+III+V+VII)	HL	109 797 021

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

			31/12/2010
	Total charges (Total II+IV+VI+VIII+IX+X)	HM	104 531 243

Operating income (I)

			31/12/2010
	Total operating income (Total I)	FR	108 721 649

Operating income (details)

		31/12/2010
Sale of goods for resale	FC	102 558 402
France	FA	92 218 743
Export	FB	10 339 659
Sale of goods produced	FF	0
France	FD	0
Export	FE	0
Sale of services	FI	4 358 825
France	FG	3 790 886
Export	FH	567 939
Net turnover	FL	106 917 227
France	FJ	96 009 629
Export	FK	10 907 598
Stocked production	FM	0
Self-constructed assets	FN	0
Operating grants	FO	139 237
Release of reserves and provisions	FP	1 653 912
Other income	FQ	11 273

Operating charges (II)

			31/12/2010
	Total operating charges (Total II)	GF	100 279 651

Exploitation charges

		31/12/2010
Purchase of goods for resale	FS	53 569 195
Change in stocks of goods for resale	FT	-6 250 022
Purchase of raw materials	FU	1 160 921
Change in stocks of raw materials	FV	-99 604
Other external purchases and charges	FW	29 144 065
Tax, duty and similar payments	FX	1 896 165
Payroll	FY	11 187 670
Social security costs	FZ	3 769 708

Depreciation

		31/12/2010
Depreciation of fixed assets	GA	2 512 699
Amortisation of fixed assets	GB	184 372
Depreciation/amortisation of current assets	GC	1 131 435
Provisions for risks and charges	GD	808 464

Other charges

			31/12/2010
	Other charges	GE	1 264 583

Operating charges (III-IV)

		31/12/2010
Share of joint-venture transferred to other partner(s) (Total III)	GH	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	34

Financial income (V)

		31/12/2010
Total financial income (Total V)	GP	244 724
Share financial income	GJ	0
Other investment income & capitalised receivables	GK	0
Other interest and similar income	GL	88 115
Released provisions and transferred charges	GM	156 609
Exchange gains	GN	0
Net income from disposal of investment securities	GO	0

Financial Charge (VI)

		31/12/2010
Total financial charge (Total VI)	GU	357 186
Financial reserves and provisions	GQ	266 467
Interest and similar charges	GR	90 719
Exchange losses	GS	0
Net loss from disposal of investment securities	GT	0

Financial Charge (VII)

		31/12/2010
Total extraordinary income (Total VII)	HD	830 648
Extraordinary operating income	HA	187 147
Extraordinary income from capital transactions	HB	0
Released provisions and transferred charges	HC	643 501

Extraordinary charges (VIII)

		31/12/2010
Total extraordinary charges (Total VIII)	HH	1 079 138
Extraordinary operating charges	HE	1 263
Extraordinary charges from capital transactions	HF	226 859
Extraordinary reserves and provisions	HG	851 016

Employee profit sharing (IX)

			31/12/2010
	Employee profit sharing (Total IX)	HJ	701 532

Tax on profits (X)

			31/12/2010
	Tax on profits (Total X)	HK	2 113 702

References

		31/12/2010
Of which equipment leases	HP	0
Of which property leases	HQ	0
Of which transferred charges	A1	0
Of which trader's own contributions	A2	0
Of which royalties on licences and patents (income)	A3	0
Of which royalties on licences and patents (charges)	A4	228 263

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)

		31/12/2010
Gross value at begin of period	OG	0
Increasess due to revaluation	OH	0
Decreasess, acquisitions, creations, contributions	OJ	0
Decreasess by budget item transfer	OK1	0
Decreasess by transfers	OK2	0
Gross value at the end of period	OL	0

Research and development Charge (Total I)

		31/12/2010
Gross value at begin of period	CZ	0
Increasess due to revaluation	KB	0
Increasess, acquisitions, creations, contributions	KC	0
Decreasess by budget item transfer	C01	0
Decreasess by transfers	C02	0
Gross value at the end of period	D0	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2010
Gross value at begin of period	KD	0
Increasess due to revaluation	KE	0
Increasess, acquisitions, creations, contributions	KF	0
Decreasess by budget item transfer	LV1	0
Decreasess by transfers	LV2	0
Gross value at the end of period	LW	0

Tangible fixed assets (Total III)

		31/12/2010
Gross value at begin of period	LN	0
Increasess due to revaluation	LO	0
Increasess, acquisitions, creations, contributions	LP	0
Decreasess by budget item transfer	NG1	0
Decreasess by transfers	NG2	0
Gross value at the end of period	NH	0

Fiancial assets (Total IV)

		31/12/2010
Gross value at begin of period	LQ	0
Increasess due to revaluation	LR	0
Increasess, acquisitions, creations, contributions	LS	0
Decreasess by budget item transfer	NJ1	0
Decreasess by transfers	NJ2	0
Gross value at the end of period	NK	0

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

			31/12/2010
	Reserve for depreciation value at begin of period	0N	0
Increases		0P	0
Decreasess		0Q	0
	Reserve for depreciation value at the end of period	0R	0

Research and development charge (Total I)

			31/12/2010
	Reserve for depreciation value at begin of period	CY	0
Increases		PB	0
Decreasess		PC	0
	Decreasess by budget item transfer	PD	0

Other intangible assets (Total II)

			31/12/2010
	Reserve for depreciation value at begin of period	PE	0
Increases		PF	0
Decreasess		PG	0
	Decreasess by budget item transfer	PH	0

Total fixed assets amotisation (Total III)

			31/12/2010
	Reserve for depreciation value at begin of period	QU	0
Increases		QV	0
Decreases		QW	0
	Decreasess by budget item transfer	QX	0

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

			31/12/2010
	Gross value at begin of period	Z91	0
Increases		Z92	0
Depreciation of fixed assets during period		Z9	0
	Decreasess by budget item transfer	B1	0

Premium refund of obligations

			31/12/2010
	Net value at begining of period	SP1	0
Increases		SP2	0
Depreciation of fixed assets during period		SP	0
	Net value at the end of period	SR	0

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

			31/12/2010
	Value at begining of period	7C	4 719 294
Increases		UB	3 241 755
Decreases		UC	2 454 022
	Value at the end of period	UD	5 507 027

Includes Total allocations

Operating	UE	2 124 271
Financial	UG	266 467
Exceptional	UJ	851 016

Includes Total Withdrawal

Operating	UF	1 653 912
Financial	UH	156 609
Exceptional	UK	643 501

Total regulated provisions (Total I)

			31/12/2010
	Value at begining of period	3Z	2 745 644
Increases		TS	851 016
Decreases		TT	643 501
	Value at the end of period	TU	2 953 159

Total risk and charge provisions (Total II)

			31/12/2010
	Value at begining of period	5Z	501 591
Increases		TV	808 465
Decreases		TW	501 591
	Value at the end of period	TX	808 465

Total Provision for depreciation (Total III)

			31/12/2010
	Value at begining of period	7B	1 472 059
Increases		TY	1 582 274
Decreases		TZ	1 308 929
	Value at the end of period	UA	1 745 404

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

		31/12/2010
Gross value	VT	16 286 315
1 year at most	VU	12 474 277
More than one year	VV	3 812 038

State of loans

		31/12/2010
Claims related to holdings (gross)	UL	0
Claims related to shareholdings (1 year at most)	UM	0
Loans (gross)	UP	0
Loans (1 year at most)	UR	0
Other financial assets (gross)	UT	1 692 179
Other financial assets (1 year at most)	UV	0

Receivables statement of assets

		31/12/2010
Customers doubtful or disputed	VA	12 025
Other claims customer	UX	4 490 238
Receivables represent Loaned Securities	UU	0
Provision for depreciation previously established	UQ	0
Personnel and associated accounts	UY	45 754
Social Security and other social organizations	UZ	0
Income taxes	VM	0
Value added tax	VB	1 076 538
Other taxes and payments assimilated	VN	0
State and other public - Miscellaneous	VP	0
Group and Associates	VC	5 550 050
Accounts receivable (including claims relating to the operation of pension titles)	VR	0

Prepaid

			31/12/2010
	Prepaid	VS	3 419 530

State Debt

			31/12/2010
	Total debt (gross)	VY	28 741 349
1 year at most		VZ2	26 406 338
More than 1 year and 5 years at most		VZ3	2 335 011
More than 5 years		VZ4	0

Details

			31/12/2010
	Convertible bonds (gross)	7Y1	0
1 year at most		7Y2	0
More than 1 year and 5 years at most		7Y3	0
	Other bonds (gross)	7Z1	0
1 year at most		7Z2	0
More than 1 year and 5 years at most		7Z3	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	479 868
1 year at most		VG2	149 511
More than 1 year and 5 years at most		VG3	330 357
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	3 859 447
1 year at most		VH2	3 859 447
More than 1 year and 5 years at most		VH3	0
	Loans and various financial liabilities (gross)	8A1	2 124 654
1 year at most		8A2	120 000
More than 1 year and 5 years at most		8A3	2 004 654
	Suppliers and associated accounts (gross)	8B1	17 472 926
1 year at most		8B2	17 472 926
More than 1 year and 5 years at most		8B3	17 472 926
	Personnel and associated accounts (gross)	8C1	1 910 532
1 year at most		8C2	1 910 532
More than 1 year and 5 years at most		8C3	0
	Social Security and other social organizations (gross)	8D1	1 158 513
1 year at most		8D2	1 158 513
More than 1 year and 5 years at most		8D3	0
	Taxes on profits (gross)	8E1	0
1 year at most		8E2	0
More than 1 year and 5 years at most		8E3	0
	VAT (gross)	VW1	89 330
1 year at most		VW2	89 330
More than 1 year and 5 years at most		VW3	0
	Backed Obligations (gross)	VX1	0
1 year at most		VX2	0
More than 1 year and 5 years at most		VX3	0
	Other taxes and assimilated (gross)	VQ1	884 667
1 year at most		VQ2	884 667
More than 1 year and 5 years at most		VQ3	0
	Assets and liabilities associated accounts (gross)	8J1	594 287
1 year at most		8J2	594 287
More than 1 year and 5 years at most		8J3	0
More than 5 years		8J4	0
	Groups and associates (gross)	VI1	0
1 year at most		VI2	0
More than 1 year and 5 years at most		VI3	0
More 5 years		VI4	0
	Other liabilities (gross)	8K1	167 125
1 year at most		8K2	167 125
More than 1 year and 5 years at most		8K3	0
	Debt representative of borrowed securities (gross)	SZ1	0
1 year at most		SZ2	0
More than 1 year and 5 years at most		SZ3	0
	Products in advance (gross)	8L1	0
1 year at most		8L2	0
More than 1 year and 5 years at most		8L3	0

References

		31/12/2010
Loans made during the period	VJ	120 000
Debt repaid during the period	VK	0

Table allocation results and other information
Dividends distributed

			31/12/2010
	Dividends	ZE	0

Commitments

		31/12/2010
Commitments leasing furniture	YQ	0
Commitments Real Estate Leasing	YR	0
Effects brought to the discount and unmatured	YS	0

Other charges Externes

		31/12/2010
Subcontracting	YT	0
Rentals, rental charges and condominiums	XQ	0
Staff outside the company	YU	0
Remuneration intermediaries and fees (excluding fees)	SS	0
Fees, commissions and brokerage	YV	0
Other accounts	ST	0
Total Other purchases and external	ZJ	0

Taxes and Fees

		31/12/2010
Business tax	YW	0
Other taxes and payments assimilated	9Z	0
Total taxes and fees	YX	0

VAT

31/12/2010

Amount VAT collected

Total VAT on goods and services

Average number of employees

			31/12/2010
	Average number of employees	YP	0

Groups and Shareholders

			31/12/2010
	Groups and Shareholders	ZR	0

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	31/12/2010	Sector Median 2010
Fixed Asset Financing	1,39	1,24	12,1%
Global Debt	97 days	180 days	-46,1%
Working Capital Fund overall net	44 days	38,50 days	14,3%
Financial independence	734,21%	94,36%	678,1%
More ratios
Solvability	51,88%	24,78%	109,4%
Capacity debt futures	682,26%	382,09%	78,6%
Coverage of current assets by net working capital overall	33,58%	29,87%	12,4%
General Liquidity	0,47	0,09	422,2%
Restricted Liquidity	0,67	0,32	109,4%

Management or rotation

	31/12/2010	Sector Median 2010
Need background in operating working capital	29 days	1 days	2800%
Treasury	4 days	2 days	100%
Inventory turnover of goods	145 days	147 days	-1,4%
Average length of credit granted to customers	15 days	0 days	0%
Average length of credit obtained suppliers	81 days	50 days	62,0%
More ratios
Inventory turnover of raw materials in industrial enterprises	13 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	510 days	-
Rotation tangible assets	%	562,09%	-

Profitability of the business

	31/12/2010	Sector Median 2010
Margin trading	51,67%	42,53%	21,5%
Profitability of the business	11,86	4,49%	164,1%
Net profit	4,93%	1,85%	166,5%
More ratios
Growth rate of turnover (excluding VAT)	0%	-0,71%	0%
Rates integration	27,49%	25,21%	9,0%
Rate leasing furniture	0%	0%	0%
Work Factor	50,89%	71,65%	-29,0%
Weight interests	0,33	0,66%	-50,0%

Return on capital

	31/12/2010	Sector Median 2010
Cash flow from the overall profitability	6,41%	4%	60,2%
Rates of economic profitability	33%	11%	200%
Financial profitability	31859488%	5640%	564784,5%
Return on investment	14,67%	7,35%	99,6%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2010					Sector Median 2010
Turnover	106 917 227					237 421 €	44932,8%

Sales of goods	102 558 402
- Purchase of goods	53 569 195
+/- Stock of goods variation	-6 250 022
Trading margin	55 239 229 €	95 622 €	57668,3%
	51,67 % CA	42,85 % CA	20,6%

Sale of goods produced	4 358 825
+/- Stocked production	0
+ Self-constructed assets	0
Period production	4 358 825 €	0 €	0%
	4,08 % CA	0 % CA	0%

Trading margin	55 239 229	95 622	57668,3%
+ Period Production	4 358 825	0	0%
- Purchase of raw materials	1 160 921
+/- Change in stocks of raw materiels	-99 604
- Other external purchases and charges	29 144 065
Added value	29 392 672 €	61 809 €	47454,0%
	27,49 % CA	25,20 % CA	9,1%

Added value	29 392 672 €	61 809 €	47454,0%
+ Operating grants	139 237
- Tax, duty and similar payments	1 896 165
- Personal charges	14 957 378
Gross operating surplus	12 678 366 €	9 969 €	127077,9%
	11,86 % CA	4,48 % CA	164,7%

Gross operating surplus	12 678 366 €	9 969 €	127077,9%
+ Release of reserves and provisions	1 653 912
+ Other operating income	11 273
- Depreciation/Amortisation	4 636 970
- Other charges	1 264 583
Operating result	8 441 998 €	6 252 €	134928,8%
	7,90 % CA	2,78 % CA	184,2%

Operating result	8 441 998 €	6 252 €	134928,8%
+/- Result of joint-venture transferred from/to other partners	-34
+ Financial income	244 724
- Financial charges	357 186
Pre-tax result	8 329 570 €	4 117 €	202221,4%
	7,79 % CA	1,88 % CA	314,4%

Extraordinary income	830 648	0	0%
- Extraordinary charges	1 079 138
Extraordinary result	-248 490 €	0 €	0%
	-0,23 % CA	0 % CA	0%

Pre-tax result	8 329 570 €	4 117 €	202221,4%
Extraordinary result	-248 490 €	0 €	0%
- Employee profit sharing	701 532
- Tax on profits	2 113 702
Net result	5 265 846 €	4 335 €	121372,8%
	4,93 % CA	1,85 % CA	166,5%

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Trading to Date	12/31/2010
	Turnover	106,917,227 €
	Gross Operating Surplus	11,86 % Turnover
	Net worth	31,859,488 €
	Employees	500 to 999 employees

No trends info for the company

Summary of preferential rights

Company monitored since	06/05/2008	Monitored stopped since	06/05/2009
Status of Monitoring	No social security and tax office preferential right to date

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

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.

MIRA INFORM REPORT

REGISTERED NAME & COMPANY SUMMARY

CREDIT RECOMENDATION

DIRECTORS/MANAGEMENT

NEGATIVE INFORMATION

SHARE & SHARE CAPITAL INFORMATION

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

FINANCIAL INFORMATION

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

NOTES & COMMENTS

Unit