MIRA INFORM REPORT

Report Date :

29.05.2012

IDENTIFICATION DETAILS

Name :	AGORA DISTRIBUTION
Registered Office :	81 Rue Cartier Bresson, 93697 Pantin Cedex
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	July 2008
Com. Reg. No.:	RCS Bobigny 0 505 271 528
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale business clothing and footwear
No. of Employees :	100 to 199 employees

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
France	A2	A2

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

rEGISTERED NAME & COMPANY SUMMARY

Name	AGORA DISTRIBUTION

company summary

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z) (Wholesale business clothing and footwear (4642Z))	Legal form	Simplified joint stock company
Phone	01 48 91 68 17	RCS Registration	RCS Bobigny 0 505 271 528
Fax		Share capital	4,000,000 Euros
Address	AGORA DISTRIBUTION 81 RUE CARTIER BRESSON 93697 PANTIN CEDEX	Incorporated Date	07/2008
Nationality	France	Status	Economically active
Non Registered Trading address	13/15 Rue De La Metallurgie 93210 Plaine St-Dea, France

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)
RCS Registration	RCS Bobigny 0 505 271 528	Share capital	4,000,000 Euros
Registration Court	Bobigny (93)	Legal form	Simplified joint stock company
Court Registry Number	20 0 8B048	EU VAT Number	FR58505271528
Incorporation Date	07/2008	Formation Date	06/2008
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)	Business Pages FT®
Postal Address	AGORA DISTRIBUTION 81 RUE CARTIER BRESSON 93697 PANTIN CEDEX	Trading Address	81 RUE CARTIER BRESSON 93500 PANTIN
Telephone	01 48 91 68 17
Fax

DIRECTORS/MANAGEMENT

Current Directors

1

Directors

Name	M. DEROUDE EMMANUEL, ROGER
Manager position	Président	Date of birth	07/12/1968
Place of birth	AVALLON
Type of manager	Individual	Name at birth of manager

Previous Directors

Vous pouvez consulter ici l'historique des dirigeants de l'entreprise.
Si vous souhaitez consulter l'historique d'un dirigeant, il vous suffit de cliquer sur le lien voir le détail pour y accéder.

Manager position	Title and name	Date of Birth/Place of Birth
Président	M YANN HINSINGER
Président	M YANN HINSINGER

NEGATIVE INFORMATION

Last published preferential right

No social security and tax office preferential right to date

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	21/10/2010
Status of Monitoring	No social security and tax office preferential right to date

Recent publications in Gazettes

Publication date	Gazette Name	Description
31/10/2011	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1848 - 505 271 528 RCS Bobigny. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Capital : 4000000 EUR. Activité : . Commentaires : Modification du capital.
07/10/2011	JAL	Modification of the share capital
Moniteur des bâtiments et travaux publics Date de décision : 26/09/2011 La société : 505271528 - AGORA DISTRIBUTION, 81 RUE CARTIER BRESSON, 93500 PANTIN a subi une augmentation de son capital social désormais de 4 000 000 € Date d'effet : 26/09/2011
07/10/2010	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 2898 - 505 271 528 RCS Bobigny. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : LHOMMEAU Philippe en fonction le 25 Juillet 2008 Commissaire aux comptes titulaire : FIDUCIAIRE AUDIT CONSEIL en fonction le 25 Juillet 2008 Commissaire aux comptes suppléant : SCOUPE Florence en fonction le 25 Juillet 2008 Commissaire aux comptes suppléant : CABINET AVEC en fonction le 25 Juillet 2008 Président : DEROUDE Emmanuel, Roger en fonction le 28 Septembre 2010. Commentaires : Modification de représentant.
07/09/2010	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 9282 - 505271528 RCS. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Adresse : 81 rue Cartier Bresson Pantin 93697 Pantin Cedex. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
05/08/2008	Bodacc A	Création d'établissement
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1492 - 505 271 528 RCS Bobigny. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Administration : Président : HINSINGER Yann. Commissaire aux comptes titulaire : LHOMMEAU Philippe. Commissaire aux comptes titulaire : FIDUCIAIRE AUDIT CONSEIL. Commissaire aux comptes suppléant : SCOUPE Florence. Commissaire aux comptes suppléant : CABINET AVEC. Capital : 1000000 EUR. Adresse : 81 rue Cartier Bresson, Pantin 93697 Pantin Cedex. Origine du fonds : Création d'un fonds de commerce. Etablissement : Etablissement principal. Activité : achat vente en gros et demi gros de vêtements articles textiles et en général tous articles d'équipement de la personne. Adresse : . Date de commencement de l’activité : 20/06/2008. Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

This company is not identified as one of the biggest french chip.

Linkages

This company is not identified as one of the biggest french chip.

FINANCIAL INFORMATION

Trading to Date	12/31/2010	12/31/2009
	Turnover	233,688,510 €	140,459,915 €
	Gross Operating Surplus	1,67 % Turnover	3,63 % Turnover
	Net worth	648,703 €	774,741 €
	Employees	100 to 199 employees	-

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2009
Account period (month)	12	19
Account Type	Normal	Normal
Deposit date	31/08/2011	25/08/2010
Activity Code	4642Z	4642Z
Employees	148	147	-

Active account

Annual Accounts	31/12/2010		31/12/2009	Sector Median 2010
Capital not called	0	0%	0	0	0%
Total fixed assets	6 091 555	-21,1%	7 718 993	38 981	15527,0%
- Intangible assets	2 653 541	-42,6%	4 626 211	3 659	72420,9%
- Tangible assets	2 737 124	-11,5%	3 092 182	5 410	50493,8%
- Financial assets	700 890	116715,0%	600	5 599	12418,1%
Net current assets	69 491 087	-19,7%	86 591 911	209 338	33095,6%
- Stocks	29 580 369	-13,8%	34 320 509	48 958	60319,9%
- Advanced payments	0	-19,7%	-182	0	0%
- Receivables	39 292 310	-22,2%	50 526 256	62 938	62330,2%
- Securities and cash	618 408	-64,6%	1 745 328	32 806	1785,0%
- Prepaid expenses	-	-	-	82	-
Accounts of regularization	0	0%	0	0	0%
Total Assets	75 582 642	-19,9%	94 310 904	287 930	26150,4%

Passive Account

Annual Accounts	31/12/2010		31/12/2009	Sector Median 2010
Shareholders' equity	648 703	-16,3%	774 741	56 596	1046,2%
Share capital	1 000 000	0%	1 000 000	8 000	12400%
Other capital resources	0	0%	0	0	0%
Risk Provisions	1 092 649	123,4%	489 006	0	0%
Liabilities	73 841 290	-20,6%	93 047 157	194 964	37774,3%
- Financial liabilities	36 328 675	-23,4%	47 404 293	16 156	224761,8%
- Advanced payments received	0	0%	0	0	0%
- Trade account payables	34 717 123	-16,6%	41 649 592	70 341	49255,5%
- Tax and social liabilities	2 682 175	-32,8%	3 993 272	47 127	5591,4%
- Other debts and fixed assets liabilities	113 317	0%	0	9 033	1154,5%
Account regularization	0	0%	0	0	0%
Total liabilities	75 582 642	-19,9%	94 310 904	287 930	26150,4%

Results

Annual Accounts	31/12/2010		31/12/2009	Sector Median 2010
Sales of Goods	235 201 810	67,4%	140 468 335	448 898	52295,4%
Net turnover	233 688 510	66,4%	140 459 915	442 250	52740,8%
- of which net export turnover	19 809 989	-83,0%	116 599 017	2 346	844315,6%
Operating charges	234 426 404	67,6%	139 837 891	440 334	53138,3%
Operating profit/loss	775 406	23,0%	630 444	9 486	8074,2%
Financial income	439 014	251,3%	124 979	03	14633700%
Financial charges	1 556 524	91,8%	811 692	833	186757,6%
Financial profit/loss	-1 117 510	-62,7%	-686 713	-178	-627714,6%
Pretax net operating income	-342 104	-508,0%	-56 269	8 010	-4371,0%
Extraordinary income	1 367 386	0%	0	02	68369200%
Extraordinary charges	1 133 049	639,1%	153 301	250	453119,6%
Extraordinary profit/loss	234 337	17,8%	-153 301	0	0%
Net result	-126 038	44,0%	-225 259	8 302	-1618,2%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2010	31/12/2009
Months	12	19

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2010		31/12/2009
	Grand Total (I to VI)	Net	75 582 642	-19,9%	94 310 904
	Gross	CO	81 881 239	-16,7%	98 300 695
	Amortisation	1A	6 298 597	57,9%	3 989 791

Non declared distributed capital (I)

		31/12/2010		31/12/2009
Non declared distributed capital (I)	AA3	0	0%	0
Gross	AA	0	0%	0

Active fixed asset (II)

			31/12/2010		31/12/2009
	Total Active fixed asset (II)	Net	6 091 555	-21,1%	7 718 993
	Gross	BJ	10 623 370	0,1%	10 609 267
	Amortisation	BK	4 531 815	56,8%	2 890 274

Intangilble fixed assets

			31/12/2010		31/12/2009
	Start-up cost	Net	0	0%	0
	Gross	AB	0	0%	0
	Amortisation	AC	0	0%	0
	R & D expenses	Net	0	0%	0
	Gross	CX	0	0%	0
	Amortisation	AE	0	0%	0
	Distributorships, patents	Net	2 645 041	-42,7%	4 618 711
	Gross	AF	5 465 299	-16,9%	6 580 600
	Amortisation	AG	2 820 258	43,8%	1 961 889
	Goodwill	Net	0	0%	0
	Gross	AH	0	0%	0
	Amortisation	AI	0	0%	0
	Other intangible fixed assets	Net	8 500	13,3%	7 500
	Gross	AJ	8 500	13,3%	7 500
	Amortisation	AK	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0
	Gross	AL	0	0%	0
	Amortisation	AM	0	0%	0
Sub Total Intangible Assets		Net	2 653 541	-42,6%	4 626 211

Tangilble fixed assets

			31/12/2010		31/12/2009
	Lands	Net	0	0%	0
	Gross	AN	0	0%	0
	Amortisation	AO	0	0%	0
	Buildings	Net	2 020 954	-9,4%	2 231 540
	Gross	AP	2 609 135	4,0%	2 509 183
	Amortisation	AQ	588 181	111,8%	277 643
	Plant	Net	48 272	-34,7%	73 915
	Gross	AR	120 607	9,7%	109 957
	Amortisation	AS	72 335	100,7%	36 042
	Other tangible fixed assets	Net	667 898	-15,1%	786 727
	Gross	AT	1 718 939	22,7%	1 401 427
	Amortisation	AU	1 051 041	71,0%	614 700
	Fixed assets in construction	Net	0	0%	0
	Gross	AV	0	0%	0
	Amortisation	AW	0	0%	0
	Advances and payments on account	Net	0	0%	0
	Gross	AX	0	0%	0
	Amortisation	AY	0	0%	0
	Sub Total Tangible asset	Net	2 737 124		3 092 182

Financial assets

			31/12/2010		31/12/2009
	Associates at equity	Net	0	0%	0
	Gross	CS	0	0%	0
	Amortisation	CT	0	0%	0
	Other participations	Net	700 000	0%	0
	Gross	CU	700 000	0%	0
	Amortisation	CV	0	0%	0
	Inter-company receivables	Net	0	0%	0
	Gross	BB	0	0%	0
	Amortisation	BC	0	0%	0
	Other investment securities	Net	0	0%	0
	Gross	BD	0	0%	0
	Amortisation	BE	0	0%	0
	Loans	Net	0	0%	0
	Gross	BF	0	0%	0
	Amortisation	BG	0		0
	Other financial assets	Net	890	48,3%	600
	Gross	BH	890	48,3%	600
	Amortisation	BI	0	0%	0
	Sub Total Financial Assets		700 890		600

Current Assets (III)

			31/12/2010		31/12/2009
	Total Assets	Net	69 491 087	-19,7%	86 591 911
	Gross	CJ	71 257 869	-18,7%	87 691 428
	Amortisation	CK	1 766 782	60,7%	1 099 517

Stocks

			31/12/2010		31/12/2009
	Raw materials	Net	0	0%	0
	Gross	BL	0	0%	0
	Amortisation	BM	0	0%	0
	Work in progress (goods)	Net	0	0%	0
	Gross	BN	0	0%	0
	Amortisation	BO	0	0%	0
	Work in progress (services)	Net	0	0%	0
	Gross	BP	0	0%	0
	Amortisation	BQ	0	0%	0
	Semi-finished and finished products	Net	0	0%	0
	Gross	BR	0	0%	0
	Amortisation	BS	0	0%	0
	Goods for resale	Net	29 580 369	-13,8%	34 320 509
	Gross	BT	31 216 048	-11,9%	35 420 026
	Amortisation	BU	1 635 679	48,8%	1 099 517
	Sub Total Stocks	Net	29 580 369	-13,8%	34 320 509

Advance payments to suppliers

			31/12/2010		31/12/2009
	Advance payments to suppliers	Net	0	0%	-182
	Gross	BV	0	0%	-182
	Amortisation	BW	0	0%	0

Debtors

			31/12/2010		31/12/2009
	Trade accounts receivable	Net	32 334 834	7,1%	30 195 668
	Gross	BX	32 465 937	7,5%	30 195 668
	Amortisation	BY	131 103	0%	0
	Other debtors	Net	4 406 138	-75,6%	18 091 535
	Gross	BZ	4 406 138	-75,6%	18 091 535
	Amortisation	CA	0	0%	0
	Capital subscribed and called up	Net	0	0%	0
	Gross	CB	0	0%	0
	Amortisation	CC	0	0%	0
	Sub Total Debtors	Net	36 740 972	-23,9%	48 287 203

Divers

			31/12/2010		31/12/2009
	Investment securities	Net	0	0%	1 000 000
	Gross	CD	0	0%	1 000 000
	Amortisation	CE	0	0%	0
	Cash and cash equivalents	Net	618 408	-17,0%	745 328
	Gross	CF	618 408	-17,0%	745 328
	Amortisation	CG	0	0%	0
	Sub Total Divers	Net	618 408	-64,6%	1 745 328

Prepaid expenses

			31/12/2010		31/12/2009
	Prepaid expenses	Net	2 551 338	13,9%	2 239 053
	Gross	CH	2 551 338	13,9%	2 239 053
	Amortisation	CI	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010		31/12/2009
Multi-period charges	CW3	0	0%	0
Gross		0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0
Gross		0	0%	0
Currency differential gain	CN3	0	0%	0
Gross		0	0%	0

References

		31/12/2010		31/12/2009
Due within one year	CP	0	0%	0
Due after one year	CR	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		31/12/2010		31/12/2009
Grand Total (I to V)	EE	75 582 642	-19,9%	94 310 904

Shareholder Equity (I)

			31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	648 703	-16,3%	774 741
	Equity and shareholders' equity	DA	1 000 000	0%	1 000 000
	Issue and merger premiums	DB	0	0%	0
	Revaluation differentials	DC	0	0%	0
	Of which equity differential	EK	0	0%	0
	Legal reserve	DD	0	0%	0
	Statutory or contractual reserve	DE	0	0%	0
	Special regulated reserves	DF	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0
	Other reserves	DG	0	0%	0
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%
	Profits or losses brought forward	DH	-225 259	0%	0
	Profit or loss for the period	DI	-126 038	44,0%	-225 259
	Investment grants	DJ	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0

Other capital resources (II)

			31/12/2010		31/12/2009
	Total other capital resources (Total II)	DO	0	0%	0
	Income from participating securities	DM	0	0%	0
	Conditional loans	DN	0	0%	0

Provisions for risks and charges (III)

			31/12/2010		31/12/2009
	Total provisions for risks and charges (Total III)	DR	1 092 649	123,4%	489 006
	Risk provisions	DP	690 000	711,8%	85 000
	Reserves for charges	DQ	402 649	-0,3%	404 006

Liabilities (IV)

			31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	73 841 290	-20,6%	93 047 157
	Convertible debentures	DS	0	0%	0
	Other debentures	DT	0	0%	0
	Bank loans and liabilities	DU	30 620 274	9,3%	28 006 518
	Sundry loans and financial liabilities	DV	5 708 401	-70,6%	19 397 775
	Of which participating loans	EI	0	0%	0
	Advance payments received for current orders	DW	0	0%	0
	Trade accounts payables	DX	34 717 123	-16,6%	41 649 592
	Tax and social security liabilities	DY	2 682 175	-32,8%	3 993 272
	Fixed asset liabilities	DZ	0	0%	0
	Other debts	EA	113 317	0%	0

Translation loss (V)

		31/12/2010		31/12/2009
Translation loss (Total V)	ED	0	0%	0

Equalization accounts

		31/12/2010		31/12/2009
Deferred income	EB	0	0%	0

References

		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0
Deferred income and liabilities	EG	0	0%	0
Of which current bank facilities	EH	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Result account
Sales of Goods | Operating charges | Operating charges | Financial income | Financial charges | Financial charges | Extraordinary charges | Employee profit sharing | Tax on profits | References

1- Operating result (I-II)

		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	775 406	23,0%	630 444

2 - Financial result (V - VI)

		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	-1 117 510	-62,7%	-686 713

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

		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-342 104	-508,0%	-56 269

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	234 337	252,9%	-153 301

Profit or loss

		31/12/2010		31/12/2009
Profit or loss	HN	-126 038	44,0%	-225 259

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	237 008 210	68,6%	140 593 314

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

		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	237 134 249	68,4%	140 818 573

Operating income (I)

		31/12/2010		31/12/2009
Total operating income (Total I)	FR	235 201 810	67,4%	140 468 335

Operating income (details)

			31/12/2010		31/12/2009
	Sale of goods for resale	FC	213 630 455	79,6%	118 959 998
	France	FA	194 308 190	8019,8%	2 393 009
	Export	FB	19 322 265	-83,4%	116 566 989
	Sale of goods produced	FF	913 509	83,5%	497 865
	France	FD	868 480	86,4%	465 837
	Export	FE	45 029	40,6%	32 028
	Sale of services	FI	19 144 546	-8,8%	21 002 052
	France	FG	18 701 851	-11,0%	21 002 052
	Export	FH	442 695	0%	0
	Net turnover	FL	233 688 510	66,4%	140 459 915
	France	FJ	213 878 521	796,4%	23 860 898
	Export	FK	19 809 989	-83,0%	116 599 017
	Stocked production	FM	0	0%	0
	Self-constructed assets	FN	0	0%	0
	Operating grants	FO	0	0%	0
	Release of reserves and provisions	FP	1 498 883	0%	0
	Other income	FQ	14 417	71,2%	8 420

Operating charges (II)

		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	234 426 404	67,6%	139 837 891

Exploitation charges

		31/12/2010		31/12/2009
Purchase of goods for resale	FS	191 433 043	31,0%	146 110 982
Change in stocks of goods for resale	FT	4 203 977	111,9%	-35 420 026
Purchase of raw materials	FU	1 336 522	88,8%	707 864
Change in stocks of raw materials	FV	0	0%	0
Other external purchases and charges	FW	21 333 093	42,5%	14 971 366
Tax, duty and similar payments	FX	840 534	102,9%	414 185
Payroll	FY	7 468 024	24,5%	6 000 254
Social security costs	FZ	3 176 038	23,5%	2 571 120

Depreciation

		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	1 873 999	-35,2%	2 893 848
Amortisation of fixed assets	GB	0	0%	0
Depreciation/amortisation of current assets	GC	1 766 782	60,7%	1 099 517
Provisions for risks and charges	GD	994 392	103,3%	489 006

Other charges

		31/12/2010		31/12/2009
Other charges	GE	0	0%	-225

Operating charges (III-IV)

		31/12/2010		31/12/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0

Financial income (V)

			31/12/2010		31/12/2009
	Total financial income (Total V)	GP	439 014	251,3%	124 979
	Share financial income	GJ	0	0%	0
	Other investment income & capitalised receivables	GK	434 339	325,9%	101 971
	Other interest and similar income	GL	4 675	-79,7%	23 008
	Released provisions and transferred charges	GM	0	0%	0
	Exchange gains	GN	0	0%	0
	Net income from disposal of investment securities	GO	0	0%	0

Financial Charge (VI)

			31/12/2010		31/12/2009
	Total financial charge (Total VI)	GU	1 556 524	91,8%	811 692
	Financial reserves and provisions	GQ	0	0%	0
	Interest and similar charges	GR	1 556 524	91,8%	811 692
	Exchange losses	GS	0	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0

Financial Charge (VII)

			31/12/2010		31/12/2009
	Total extraordinary income (Total VII)	HD	1 367 386	0%	0
	Extraordinary operating income	HA	24 079	0%	0
	Extraordinary income from capital transactions	HB	1 343 307	0%	0
	Released provisions and transferred charges	HC	0	0%	0

Extraordinary charges (VIII)

			31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	1 133 049	639,1%	153 301
	Extraordinary operating charges	HE	7 887	4651,2%	166
	Extraordinary charges from capital transactions	HF	1 125 162	634,8%	153 135
	Extraordinary reserves and provisions	HG	0	0%	0

Employee profit sharing (IX)

		31/12/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	0	0%	0

Tax on profits (X)

		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	18 272	16,5%	15 689

References

		31/12/2010		31/12/2009
Of which equipment leases	HP	0	0%	0
Of which property leases	HQ	0	0%	0
Of which transferred charges	A1	0	0%	0
Of which trader's own contributions	A2	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0

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		31/12/2009
	Gross value at begin of period	OG	0	0%	0
	Increasess due to revaluation	OH	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0
	Decreasess by transfers	OK2	102 476 620	8678,9%	1 167 306
	Gross value at the end of period	OL	10 623 370	0,1%	10 609 267

Research and development Charge (Total I)

			31/12/2010		31/12/2009
	Gross value at begin of period	CZ	0	0%	0
	Increasess due to revaluation	KB	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0
	Decreasess by transfers	C02	0	0%	0
	Gross value at the end of period	D0	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2010		31/12/2009
	Gross value at begin of period	KD	6 588 100	0%	0
	Increasess due to revaluation	KE	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	213 825	-96,8%	6 588 100
	Decreasess by budget item transfer	LV1	0	0%	0
	Decreasess by transfers	LV2	1 328 125	0%	0
	Gross value at the end of period	LW	5 473 800	-16,9%	6 588 100

Tangible fixed assets (Total III)

			31/12/2010		31/12/2009
	Gross value at begin of period	LN	4 020 567	0%	0
	Increasess due to revaluation	LO	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	457 608	-89,0%	4 177 276
	Decreasess by budget item transfer	NG1	0	0%	0
	Decreasess by transfers	NG2	29 494	-81,2%	156 709
	Gross value at the end of period	NH	4 448 681	10,6%	4 020 567

Fiancial assets (Total IV)

			31/12/2010		31/12/2009
	Gross value at begin of period	LQ	600	-99,9%	1 010 597
	Increasess due to revaluation	LR	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	101 819 290	16969781,7%	600
	Decreasess by budget item transfer	NJ1	0	0%	0
	Decreasess by transfers	NJ2	101 119 000	9905,9%	1 010 597
	Gross value at the end of period	NK	700 890	116715,0%	600

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

			31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0
Increases		0P	0	0%	0
Decreasess		0Q	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0

Research and development charge (Total I)

			31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	CY	0	0%	0
Increases		PB	0	0%	0
Decreasess		PC	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0

Other intangible assets (Total II)

			31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	1 961 889	0%	0
Increases		PF	1 085 802	-44,7%	1 961 889
Decreasess		PG	227 433	0%	0
	Decreasess by budget item transfer	PH	2 820 258	43,8%	1 961 889

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	928 385	0%	0
Increases		QV	788 197	-15,4%	931 959
Decreases		QW	5 025	40,6%	3 574
	Decreasess by budget item transfer	QX	1 711 557	84,4%	928 385

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

			31/12/2010		31/12/2009
	Gross value at begin of period	Z91	0	0%	0
Increases		Z92	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0

Premium refund of obligations

			31/12/2010		31/12/2009
	Net value at begining of period	SP1	0	0%	0
Increases		SP2	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0
	Net value at the end of period	SR	0	0%	0

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

			31/12/2010		31/12/2009
	Value at begining of period	7C	1 588 523	0%	0
Increases		UB	2 761 174	73,8%	1 588 523
Decreases		UC	1 490 266	0%	0
	Value at the end of period	UD	2 859 431	80,0%	1 588 523

Includes Total allocations

Operating	UE	1 766 782	11,2%	1 588 523
Financial	UG	0	0%	0
Exceptional	UJ	994 392	0%	0

Includes Total Withdrawal

Operating	UF	1 099 517	0%	0
Financial	UH	0	0%	0
Exceptional	UK	390 749	0%	0

Total regulated provisions (Total I)

			31/12/2010		31/12/2009
	Value at begining of period	3Z	0	0%	0
Increases		TS	0	0%	0
Decreases		TT	0	0%	0
	Value at the end of period	TU	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2009
	Value at begining of period	5Z	489 006	0%	0
Increases		TV	994 392	103,3%	489 006
Decreases		TW	390 749	0%	0
	Value at the end of period	TX	1 092 649	123,4%	489 006

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009
	Value at begining of period	7B	1 099 517	0%	0
Increases		TY	1 766 782	60,7%	1 099 517
Decreases		TZ	1 099 517	0%	0
	Value at the end of period	UA	1 766 782	60,7%	1 099 517

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

		31/12/2010		31/12/2009
Gross value	VT	39 424 303	-22,0%	50 526 856
1 year at most	VU	39 423 413	-22,0%	50 526 256
More than one year	VV	890	48,3%	600

State of loans

		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0
Loans (gross)	UP	0	0%	0
Loans (1 year at most)	UR	0	0%	0
Other financial assets (gross)	UT	890	48,3%	600
Other financial assets (1 year at most)	UV	0	0%	0

Receivables statement of assets

		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	0	0%	0
Other claims customer	UX	32 465 937	7,5%	30 195 668
Receivables represent Loaned Securities	UU	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0
Personnel and associated accounts	UY	553	-58,2%	1 322
Social Security and other social organizations	UZ	0	0%	0
Income taxes	VM	12 282	0%	0
Value added tax	VB	4 304 684	-54,3%	9 425 222
Other taxes and payments assimilated	VN	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0
Group and Associates	VC	0	0%	7 270 455
Accounts receivable (including claims relating to the operation of pension titles)	VR	88 618	-93,6%	1 394 536

Prepaid

		31/12/2010		31/12/2009
Prepaid	VS	2 551 338	13,9%	2 239 053

State Debt

			31/12/2010		31/12/2009
	Total debt (gross)	VY	73 860 703	-20,6%	93 047 339
1 year at most		VZ2	73 860 703	-20,6%	93 047 339
More than 1 year and 5 years at most		VZ3	0	0%	0
More than 5 years		VZ4	0	0%	0

Details

			31/12/2010		31/12/2009
	Convertible bonds (gross)	7Y1	0	0%	0
1 year at most		7Y2	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0
1 year at most		7Z2	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	30 620 274	9,3%	28 006 518
1 year at most		VG2	30 620 274	9,3%	28 006 518
More than 1 year and 5 years at most		VG3	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0
1 year at most		VH2	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0
	Loans and various financial liabilities (gross)	8A1	5 708 401	-70,6%	19 397 775
1 year at most		8A2	5 708 401	-70,6%	19 397 775
More than 1 year and 5 years at most		8A3	0	0%	0
	Suppliers and associated accounts (gross)	8B1	34 736 536	-16,6%	41 649 774
1 year at most		8B2	34 736 536	-16,6%	41 649 774
More than 1 year and 5 years at most		8B3	34 736 536	-16,6%	41 649 774
	Personnel and associated accounts (gross)	8C1	947 856	58,3%	598 894
1 year at most		8C2	947 856	58,3%	598 894
More than 1 year and 5 years at most		8C3	0	0%	0
	Social Security and other social organizations (gross)	8D1	1 058 372	20,1%	881 278
1 year at most		8D2	1 058 372	20,1%	881 278
More than 1 year and 5 years at most		8D3	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	15 689
1 year at most		8E2	0	0%	15 689
More than 1 year and 5 years at most		8E3	0	0%	0
	VAT (gross)	VW1	68 731	-96,7%	2 097 186
1 year at most		VW2	68 731	-96,7%	2 097 186
More than 1 year and 5 years at most		VW3	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0
1 year at most		VX2	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0
	Other taxes and assimilated (gross)	VQ1	607 218	51,7%	400 224
1 year at most		VQ2	607 218	51,7%	400 224
More than 1 year and 5 years at most		VQ3	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0
1 year at most		8J2	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0
More than 5 years		8J4	0	0%	0
	Groups and associates (gross)	VI1	50 000	0%	0
1 year at most		VI2	50 000	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0
More 5 years		VI4	0	0%	0
	Other liabilities (gross)	8K1	63 317	0%	0
1 year at most		8K2	63 317	0%	0
More than 1 year and 5 years at most		8K3	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0
1 year at most		SZ2	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0
	Products in advance (gross)	8L1	0	0%	0
1 year at most		8L2	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0

References

		31/12/2010		31/12/2009
Loans made during the period	VJ	160 372 457	171,3%	59 110 000
Debt repaid during the period	VK	174 061 831	1350,5%	12 000 000

Table allocation results and other information
Dividends distributed

		31/12/2010		31/12/2009
Dividends	ZE	0	0%	0

Commitments

		31/12/2010		31/12/2009
Commitments leasing furniture	YQ	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0

Other charges Externes

		31/12/2010		31/12/2009
Subcontracting	YT	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0
Staff outside the company	YU	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0
Other accounts	ST	0	0%	0
Total Other purchases and external	ZJ	0	0%	0

Taxes and Fees

		31/12/2010		31/12/2009
Business tax	YW	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0
Total taxes and fees	YX	0	0%	0

VAT

		31/12/2010		31/12/2009
Amount VAT collected	YY	0	0%	0
Total VAT on goods and services	YZ	0	0%	0

Average number of employees

		31/12/2010		31/12/2009
Average number of employees	YP	148	0,7%	147

Groups and Shareholders

		31/12/2010		31/12/2009
Groups and Shareholders	ZR	0	-	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		31/12/2009	Sector Median 2010
Fixed Asset Financing		4,01	-17,5%	4,86	1,87	114,4%
Global Debt		114 days	-69,8%	378 days	139 days	-18,0%
Working Capital Fund overall net		49 days	-70,5%	166 days	43 days	14,0%
Financial independence		2,12%	-23,5%	2,77%	361,53%	-99,4%
More ratios
Solvability		0,86%	4,9%	0,82%	25,15%	-96,6%
Capacity debt futures		2,12%	-23,5%	2,77%	760,99%	-99,7%
Coverage of current assets by net working capital overall		46,54%	-1,8%	47,37%	30,70%	51,6%
General Liquidity		0,53	-1,9%	0,54	0,43	23,3%
Restricted Liquidity		0,54	-3,6%	0,56	0,75	-28,0%

Management or rotation

		31/12/2010		31/12/2009	Sector Median 2010
Need background in operating working capital		44 days	-70,7%	150 days	10 days	340,0%
Treasury		1 days	-85,7%	7 days	6 days	-83,3%
Inventory turnover of goods		57 days	-50,4%	115 days	80 days	-28,8%
Average length of credit granted to customers		50 days	-35,1%	77 days	32 days	56,2%
Average length of credit obtained suppliers		57 days	-52,1%	119 days	61 days	-6,6%
More ratios
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		5253 days	50,3%	3494 days	2427,50 days	116,4%
Rotation tangible assets		5252,98%	50,4%	3493,53%	2183,74%	140,5%

Profitability of the business

		31/12/2010		31/12/2009	Sector Median 2010
Margin trading		7,70%	30,7%	5,89%	31,62%	-75,6%
Profitability of the business		1,67	-54,0%	3,63	3,05%	-45,2%
Net profit		-0,05%	68,8%	-0,16%	1,72%	-102,9%
More ratios
Growth rate of turnover (excluding VAT)		66,37%	-	%	1,04%	6281,7%
Rates integration		6,58%	-34,4%	10,03%	18,73%	-64,9%
Rate leasing furniture		0%	0%	0%	0%	0%
Work Factor		69,20%	13,8%	60,83%	69,04%	0,2%
Weight interests		0,67	15,5%	0,58%	0,22%	204,5%

Return on capital

		31/12/2010		31/12/2009	Sector Median 2010
Cash flow from the overall profitability		0,02%	-99,0%	2,01%	2,21%	-99,1%
Rates of economic profitability		11%	0%	11%	14,95%	-26,4%
Financial profitability		648703%	-16,3%	774741%	25624,50%	2431,6%
Return on investment		3,87%	217,2%	1,22%	12,13%	-68,1%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2010		31/12/2009	Sector Median 2010
Turnover	233 688 510	66,4%	140 459 915	442 250 €	52740,8%

Sales of goods	213 630 455	79,6%	118 959 998
- Purchase of goods	191 433 043	31,0%	146 110 982
+/- Stock of goods variation	4 203 977	111,9%	-35 420 026
Trading margin	17 993 435 €	117,6%	8 269 042 €	113 573 €	15743,1%
	7,70 % CA	30,7%	5,89 % CA	32,89 % CA	-76,6%

Sale of goods produced	20 058 055	-6,7%	21 499 917
+/- Stocked production	0	0%	0
+ Self-constructed assets	0	0%	0
Period production	20 058 055 €	-6,7%	21 499 917 €	2 637 €	760539,2%
	8,58 % CA	-44,0%	15,31 % CA	1,17 % CA	633,3%

Trading margin	17 993 435	117,6%	8 269 042	113 573	15743,1%
+ Period Production	20 058 055	-6,7%	21 499 917	2 637	760539,2%
- Purchase of raw materials	1 336 522	88,8%	707 864
+/- Change in stocks of raw materiels	0	0%	0
- Other external purchases and charges	21 333 093	42,5%	14 971 366
Added value	15 381 875 €	9,2%	14 089 729 €	86 848 €	17611,3%
	6,58 % CA	-34,4%	10,03 % CA	18,73 % CA	-64,9%

Added value	15 381 875 €	9,2%	14 089 729 €	86 848 €	17611,3%
+ Operating grants	0	0%	0
- Tax, duty and similar payments	840 534	102,9%	414 185
- Personal charges	10 644 062	24,2%	8 571 374
Gross operating surplus	3 897 279 €	-23,6%	5 104 170 €	11 617 €	33448,1%
	1,67 % CA	-54,0%	3,63 % CA	3,05 % CA	-45,2%

Gross operating surplus	3 897 279 €	-23,6%	5 104 170 €	11 617 €	33448,1%
+ Release of reserves and provisions	1 498 883	0%	0
+ Other operating income	14 417	71,2%	8 420
- Depreciation/Amortisation	4 635 173	3,4%	4 482 371
- Other charges	0	0%	-225
Operating result	775 406 €	23,0%	630 444 €	9 441 €	8113,2%
	0,33 % CA	-26,7%	0,45 % CA	2,31 % CA	-85,7%

Operating result	775 406 €	23,0%	630 444 €	9 441 €	8113,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0
+ Financial income	439 014	251,3%	124 979
- Financial charges	1 556 524	91,8%	811 692
Pre-tax result	-342 104 €	-508,0%	-56 269 €	7 962 €	-4396,7%
	-0,15 % CA	-275,0%	-0,04 % CA	1,83 % CA	-108,2%

Extraordinary income	1 367 386	0%	0	02	68369200%
- Extraordinary charges	1 133 049	639,1%	153 301
Extraordinary result	234 337 €	252,9%	-153 301 €	0 €	0%
	0,10 % CA	190,9%	-0,11 % CA	0 % CA	0%

Pre-tax result	-342 104 €	-508,0%	-56 269 €	7 962 €	-4396,7%
Extraordinary result	234 337 €	252,9%	-153 301 €	0 €	0%
- Employee profit sharing	0	0%	0
- Tax on profits	18 272	16,5%	15 689
Net result	-126 039 €	44,0%	-225 259 €	8 139 €	-1648,6%
	-0,05 % CA	68,8%	-0,16 % CA	1,72 % CA	-102,9%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends
	Profitability
	Liquidity
	Net worth

Type	Head office (one site company)	Status	Economically active
	Formation Date	06/2008	Reason for formation	Formation
	Closure Date		Reason for closure
	Reactivation Date		Production Role
	Activity Nature	Wholesale or intermediary of trade	Activity Location	Office
	Location surface		Seasonality

Department	Seine-Saint-Denis (93)	Region	Ile-de-France
District		Area
City	PANTIN	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> AGORA DISTRIBUTION <<<  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in PANTIN  (93500)
Secondary establishments

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

100 to 199 employees

Company workforce

100 to 199 employees

event history

Status history

Date	Description
No Status History

Company events history

Date	Description
31/10/2011	Bodacc B: Various editing or changing
24/10/2011	Updated articles of association
24/10/2011	Capital increase
24/10/2011	Minutes of general meeting of shareholders
24/10/2011	Fund deposit certificate
26/09/2011	Legal Gazette: Modification of the share capital
26/09/2011	Update of Company Workforce
26/09/2011	Other modification of Establishment
06/09/2011	Bodacc C : Deposit accounts notice
01/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
21/10/2010	Collection of preferential rights activated for this company
07/10/2010	Bodacc B: Various editing or changing
28/09/2010	New chairman (CEO, CoB)
28/09/2010	Minutes of general meeting of shareholders
07/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
05/08/2008	New Bodacc A ads detected
05/08/2008	Bodacc A : Establishment creation
25/07/2008	Nomination/démission des organes de gestion
25/07/2008	Appointment/resignation of company officers
25/07/2008	Articles of association
25/07/2008	Fund deposit certificate
25/07/2008	Private document
25/07/2008	Minutes of general meeting of shareholders
25/07/2008	Statuts
25/07/2008	PV d'Assemblée
25/07/2008	New chairman (CEO, CoB)
25/07/2008	Changement de Président (PDG, PCA)
25/07/2008	Company formation
20/06/2008	Formation of Company

Establishment events history

Date	Description
31/10/2011	Update Rating
26/09/2011	Update of Establishment Workforce
01/09/2011	Update Limit
27/08/2010	Update Rating
27/08/2010	Update Limit
25/08/2010	Update Limit
25/07/2010	Update Limit
04/01/2010	Update Limit
30/12/2009	Update Rating
21/06/2009	Update Limit
20/06/2009	Update Rating
14/04/2009	Update of phone numbers
10/04/2009	Update of phone numbers
20/06/2008	Formation of Head office

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.26
UK Pound	1	Rs.86.80
Euro	1	Rs.69.63

INFORMATION DETAILS

Report Prepared by :

MNL

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.