MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	INTERNATIONAL TRADE CY
Registered Office :	8 Rue Des Champs De Bougon, 44340 Bouguenais
Country :	France
Financials (as on) :	30.09.2011
Date of Incorporation :	October 2009
Legal Form :	Limited Liability Company
Line of Business :	Wholesale (intercompany trade) of other household goods (4649Z)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
France	A1	A1

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

FRANCE - ECONOMIC OVERVIEW

France was transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Under President SARKOZY, Paris implemented austerity measures that eliminated tax credits and froze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, as well as measures such as forcing banks to separate their traditional deposit taking and lending activities from more speculative businesses, increasing taxes on bank profits, introducing a new top bracket on income taxes for people earning over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil servants during his five-year term of office

Source : CIA

company summary

Top of Form

Trade name	I.T.C.
Safe Number	FR11110794
Activity (APE)	Commerce de gros (commerce interentreprises) d'autres biens domestiques (4649Z) (Wholesale (intercompany trade) of other household goods (4649Z))	Legal form	Limited Liability Company
Phone		RCS Registration	RCS Nantes 0 517 523 684
Fax		Share capital	5,000 Euros
Address	INTERNATIONAL TRADE CY I.T.C. 8 RUE DES CHAMPS DE BOUGON 44340 BOUGUENAIS	Incorporated Date	10/2009
Nationality	France	Status	Economically active

This company is not under monitoring

Current Directors

1

Trading to Date	09/30/2011	09/30/2010
Turnover	2,653,367 €	166,143 €
Gross Operating Surplus	2,91 % Turnover	32,70 % Turnover
Shareholders’ equity	67,048 €	48,317 €
Net result	43,732 €	43,317 €
Employees	0 employee	-

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'autres biens domestiques  (4649Z)
RCS Registration	RCS Nantes 0 517 523 684	Share capital	5,000 Euros
Registration Court	Nantes (44)	Legal form	Limited Liability Company
Court Registry Number	20 0 9B020	EU VAT Number	FR25517523684
Incorporation Date	10/2009	Formation Date	10/2009
Deregistration Date		Last account Date	30/09/2011
Nationality	France

Establishment details

Trade name	I.T.C.
Activity (APE)	Commerce de gros (commerce interentreprises) d'autres biens domestiques  (4649Z)	Business Pages FT®
Postal Address	INTERNATIONAL TRADE CY I.T.C. 8 RUE DES CHAMPS DE BOUGON 44340 BOUGUENAIS	Trading Address	8 RUE DES CHAMPS DE BOUGON 44340 BOUGUENAIS
Telephone
Fax

Type	Head office (one site company)	Status	Economically active
Formation Date	10/2009	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	Import, export	Activity Location	Office
Location surface		Seasonality

Department		Region	Pays de La Loire
District		Area
City	BOUGUENAIS	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> INTERNATIONAL TRADE CY <<<  - Commerce de gros (commerce interentreprises) d'autres biens domestiques (4649Z)  in BOUGUENAIS  (44340)
Secondary establishments

Regionality

Mono-activity status

Workforces

Workforce at address

0 employee

Company workforce

0 employee

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	30/09/2011	30/09/2010
Account period (month)	12	12
Account Type	Normal	Normal
Deposit date	15/02/2012	24/01/2011
Activity Code	4649Z	4649Z
Employees	0	0	-

Active account

Annual Accounts	30/09/2011		30/09/2010	Sector Median 2011
Capital not called	0	0%	0	0	0%
Total fixed assets	6 269	0,8%	6 222	22 220	-71,8%
- Intangible assets	0	0%	0	0	0%
- Tangible assets	6 269	0,8%	6 222	6 180	1,4%
- Financial assets	0	0%	0	1 000	0%
Net current assets	660 086	884,2%	67 066	217 236	203,9%
- Stocks	0	0%	0	42 584	0%
- Advanced payments	0	884,2%	0	0	0%
- Receivables	569 937	4680,1%	11 923	65 967,50	764,0%
- Securities and cash	90 148	63,5%	55 143	30 142	199,1%
- Prepaid expenses	-	-	-	209	-
Accounts of regularization	36 309	6574,4%	544	0	0%
Total Assets	702 663	851,7%	73 831	266 824,50	163,3%

Passive Account

Annual Accounts	30/09/2011		30/09/2010	Sector Median 2011
Shareholders' equity	67 048	38,8%	48 317	86 520	-22,5%
Share capital	5 000	0%	5 000	14 000	-64,3%
Other capital resources	0	0%	0	0	0%
Risk Provisions	6 972	1181,6%	544	0	0%
Liabilities	599 305	2300,0%	24 971	149 800,50	300,1%
- Financial liabilities	3 416	-58,5%	8 238	17 686,50	-80,7%
- Advanced payments received	0	0%	0	0	0%
- Trade account payables	586 009	10445,4%	5 557	44 339	1221,7%
- Tax and social liabilities	9 879	-11,6%	11 176	37 905,50	-73,9%
- Other debts and fixed assets liabilities	29 336	0%	0	4 812,50	509,6%
Account regularization	0	0%	0	0	0%
Total liabilities	702 663	851,7%	73 831	266 824,50	163,3%

Results

Annual Accounts	30/09/2011		30/09/2010	Sector Median 2011
Sales of Goods	2 653 368	1497,0%	166 143	421 344	529,7%
Net turnover	2 653 367	1497,0%	166 143	412 319,50	543,5%
- of which net export turnover	0	0%	156 990	0	0%
Operating charges	2 577 137	2196,4%	112 225	400 703	543,2%
Operating profit/loss	76 231	41,4%	53 918	11 221,50	579,3%
Financial income	17 337	1450,7%	1 118	50	34574,0%
Financial charges	36 071	6530,7%	544	958,50	3663,3%
Financial profit/loss	-18 734	-3363,8%	574	-268	-6890,3%
Pretax net operating income	57 497	5,5%	54 492	10 091,50	469,8%
Extraordinary income	0	0%	0	09	0%
Extraordinary charges	162	0%	0	171,50	-5,5%
Extraordinary profit/loss	-162	0%	0	0	0%
Net result	43 732	1,0%	43 317	10 137	331,4%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	30/09/2011	30/09/2010
Months	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			30/09/2011		30/09/2010
	Grand Total (I to VI)	Net	702 663	851,7%	73 831
	Gross	CO	703 905	848,2%	74 236
	Amortisation	1A	1 242	206,7%	405

Non declared distributed capital (I)

		30/09/2011		30/09/2010
Non declared distributed capital (I)	AA3	0	0%	0
Gross	AA	0	0%	0

Active fixed asset (II)

			30/09/2011		30/09/2010
	Total Active fixed asset (II)	Net	6 269	0,8%	6 222
	Gross	BJ	7 511	13,3%	6 627
	Amortisation	BK	1 242	206,7%	405

Intangilble fixed assets

			30/09/2011		30/09/2010
	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	0	0%	0
	Gross	AF	0	0%	0
	Amortisation	AG	0	0%	0
	Goodwill	Net	0	0%	0
	Gross	AH	0	0%	0
	Amortisation	AI	0	0%	0
	Other intangible fixed assets	Net	0	0%	0
	Gross	AJ	0	0%	0
	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	0	0%	0

Tangilble fixed assets

			30/09/2011		30/09/2010
	Lands	Net	0	0%	0
	Gross	AN	0	0%	0
	Amortisation	AO	0	0%	0
	Buildings	Net	0	0%	0
	Gross	AP	0	0%	0
	Amortisation	AQ	0	0%	0
	Plant	Net	0	0%	0
	Gross	AR	0	0%	0
	Amortisation	AS	0	0%	0
	Other tangible fixed assets	Net	6 269	0,8%	6 222
	Gross	AT	7 511	13,3%	6 627
	Amortisation	AU	1 242	206,7%	405
	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	6 269		6 222

Financial assets

			30/09/2011		30/09/2010
	Associates at equity	Net	0	0%	0
	Gross	CS	0	0%	0
	Amortisation	CT	0	0%	0
	Other participations	Net	0	0%	0
	Gross	CU	0	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	0	0%	0
	Gross	BH	0	0%	0
	Amortisation	BI	0	0%	0
	Sub Total Financial Assets		0		0

Current Assets (III)

			30/09/2011		30/09/2010
	Total Assets	Net	660 086	884,2%	67 066
	Gross	CJ	660 085	884,2%	67 066
	Amortisation	CK	0	0%	0

Stocks

			30/09/2011		30/09/2010
	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	0	0%	0
	Gross	BT	0	0%	0
	Amortisation	BU	0	0%	0
	Sub Total Stocks	Net	0	0%	0

Advance payments to suppliers

			30/09/2011		30/09/2010
	Advance payments to suppliers	Net	0	0%	0
	Gross	BV	0	0%	0
	Amortisation	BW	0	0%	0

Debtors

			30/09/2011		30/09/2010
	Trade accounts receivable	Net	564 883	9346,2%	5 980
	Gross	BX	564 883	9346,2%	5 980
	Amortisation	BY	0	0%	0
	Other debtors	Net	3 882	-34,7%	5 943
	Gross	BZ	3 882	-34,7%	5 943
	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	568 765	4670,3%	11 923

Divers

			30/09/2011		30/09/2010
	Investment securities	Net	0	0%	0
	Gross	CD	0	0%	0
	Amortisation	CE	0	0%	0
	Cash and cash equivalents	Net	90 148	63,5%	55 143
	Gross	CF	90 148	63,5%	55 143
	Amortisation	CG	0	0%	0
	Sub Total Divers	Net	90 148	63,5%	55 143

Prepaid expenses

			30/09/2011		30/09/2010
	Prepaid expenses	Net	1 172	0%	0
	Gross	CH	1 172	0%	0
	Amortisation	CI	0	0%	0

Equalization accounts (IV to VI)

		30/09/2011		30/09/2010
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	36 309	6574,4%	544
Gross		36 309	6574,4%	544

References

		30/09/2011		30/09/2010
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)

		30/09/2011		30/09/2010
Grand Total (I to V)	EE	702 663	851,7%	73 831

Shareholder Equity (I)

			30/09/2011		30/09/2010
	Total shareholders' equity (Total I)	DL	67 048	38,8%	48 317
	Equity and shareholders' equity	DA	5 000	0%	5 000
	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	500	0%	0
	Statutory or contractual reserve	DE	0	0%	0
	Special regulated reserves	DF	17 817	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	0	0%	0
	Profit or loss for the period	DI	43 731	1,0%	43 317
	Investment grants	DJ	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0

Other capital resources (II)

			30/09/2011		30/09/2010
	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)

			30/09/2011		30/09/2010
	Total provisions for risks and charges (Total III)	DR	6 972	1181,6%	544
	Risk provisions	DP	6 972	1181,6%	544
	Reserves for charges	DQ	0	0%	0

Liabilities (IV)

			30/09/2011		30/09/2010
	Total Liabilities (Total IV)	EC	599 305	2300,0%	24 971
	Convertible debentures	DS	0	0%	0
	Other debentures	DT	0	0%	0
	Bank loans and liabilities	DU	144	323,5%	34
	Sundry loans and financial liabilities	DV	3 272	-60,1%	8 204
	Of which participating loans	EI	0	0%	0
	Advance payments received for current orders	DW	0	0%	0
	Trade accounts payables	DX	586 009	10445,4%	5 557
	Tax and social security liabilities	DY	9 879	-11,6%	11 176
	Fixed asset liabilities	DZ	0	0%	0
	Other debts	EA	0	0%	0

Translation loss (V)

		30/09/2011		30/09/2010
Translation loss (Total V)	ED	29 336	0%	0

Equalization accounts

		30/09/2011		30/09/2010
Deferred income	EB	0	0%	0

References

		30/09/2011		30/09/2010
Of which tax-allowable reserve	EF	0	0%	0
Deferred income and liabilities	EG	599 305	2300,1%	24 970
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)

		30/09/2011		30/09/2010
Operating result (Total I-II)	GG	76 231	41,4%	53 918

2 - Financial result (V - VI)

		30/09/2011		30/09/2010
Financial result (Total V-VI)	GV	-18 734	-3363,8%	574

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

		30/09/2011		30/09/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	57 497	5,5%	54 492

4 - Extraordinary result (VII-VIII)

		30/09/2011		30/09/2010
Extraordinary result (Total VII-VIII)	HI	-162	0%	0

Profit or loss

		30/09/2011		30/09/2010
Profit or loss	HN	43 732	1,0%	43 317

Total Income (I+III+V+VII)

		30/09/2011		30/09/2010
Total Income (I+III+V+VII)	HL	2 670 705	1496,7%	167 261

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

		30/09/2011		30/09/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	2 626 973	2019,5%	123 945

Operating income (I)

		30/09/2011		30/09/2010
Total operating income (Total I)	FR	2 653 368	1497,0%	166 143

Operating income (details)

			30/09/2011		30/09/2010
	Sale of goods for resale	FC	2 559 123	2868,5%	86 208
	France	FA	2 559 123	27859,4%	9 153
	Export	FB	0	0%	77 055
	Sale of goods produced	FF	0	0%	0
	France	FD	0	0%	0
	Export	FE	0	0%	0
	Sale of services	FI	94 244	17,9%	79 935
	France	FG	94 244	0%	0
	Export	FH	0	0%	79 935
	Net turnover	FL	2 653 367	1497,0%	166 143
	France	FJ	2 653 367	28889,0%	9 153
	Export	FK	0	0%	156 990
	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	0	0%	0
	Other income	FQ	01	0%	0

Operating charges (II)

		30/09/2011		30/09/2010
Total operating charges (Total II)	GF	2 577 137	2196,4%	112 225

Exploitation charges

		30/09/2011		30/09/2010
Purchase of goods for resale	FS	2 502 687	3336,7%	72 822
Change in stocks of goods for resale	FT	0	0%	0
Purchase of raw materials	FU	0	0%	0
Change in stocks of raw materials	FV	0	0%	0
Other external purchases and charges	FW	50 388	29,2%	38 997
Tax, duty and similar payments	FX	5 215	0%	0
Payroll	FY	17 936	0%	0
Social security costs	FZ	0	0%	0

Depreciation

		30/09/2011		30/09/2010
Depreciation of fixed assets	GA	837	106,7%	405
Amortisation of fixed assets	GB	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0
Provisions for risks and charges	GD	0	0%	0

Other charges

		30/09/2011		30/09/2010
Other charges	GE	74	7300%	01

Operating charges (III-IV)

		30/09/2011		30/09/2010
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)

			30/09/2011		30/09/2010
	Total financial income (Total V)	GP	17 337	1450,7%	1 118
	Share financial income	GJ	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0
	Other interest and similar income	GL	0	0%	0
	Released provisions and transferred charges	GM	544	0%	0
	Exchange gains	GN	16 793	1402,1%	1 118
	Net income from disposal of investment securities	GO	0	0%	0

Financial Charge (VI)

			30/09/2011		30/09/2010
	Total financial charge (Total VI)	GU	36 071	6530,7%	544
	Financial reserves and provisions	GQ	6 973	1181,8%	544
	Interest and similar charges	GR	406	0%	0
	Exchange losses	GS	28 692	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0

Financial Charge (VII)

			30/09/2011		30/09/2010
	Total extraordinary income (Total VII)	HD	0	0%	0
	Extraordinary operating income	HA	0	0%	0
	Extraordinary income from capital transactions	HB	0	0%	0
	Released provisions and transferred charges	HC	0	0%	0

Extraordinary charges (VIII)

			30/09/2011		30/09/2010
	Total extraordinary charges (Total VIII)	HH	162	0%	0
	Extraordinary operating charges	HE	162	0%	0
	Extraordinary charges from capital transactions	HF	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0

Employee profit sharing (IX)

		30/09/2011		30/09/2010
Employee profit sharing (Total IX)	HJ	0	0%	0

Tax on profits (X)

		30/09/2011		30/09/2010
Tax on profits (Total X)	HK	13 603	21,7%	11 176

References

		30/09/2011		30/09/2010
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)

			30/09/2011		30/09/2010
	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	0	0%	0
	Gross value at the end of period	OL	7 511	13,3%	6 627

Research and development Charge (Total I)

			30/09/2011		30/09/2010
	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)

			30/09/2011		30/09/2010
	Gross value at begin of period	KD	0	0%	0
	Increasess due to revaluation	KE	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0
	Decreasess by transfers	LV2	0	0%	0
	Gross value at the end of period	LW	0	0%	0

Tangible fixed assets (Total III)

			30/09/2011		30/09/2010
	Gross value at begin of period	LN	6 626	0%	0
	Increasess due to revaluation	LO	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	884	-86,7%	6 626
	Decreasess by budget item transfer	NG1	0	0%	0
	Decreasess by transfers	NG2	0	0%	0
	Gross value at the end of period	NH	7 510	13,3%	6 626

Fiancial assets (Total IV)

			30/09/2011		30/09/2010
	Gross value at begin of period	LQ	0	0%	0
	Increasess due to revaluation	LR	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0
	Gross value at the end of period	NK	0	0%	0

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

			30/09/2011		30/09/2010
	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)

			30/09/2011		30/09/2010
	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)

			30/09/2011		30/09/2010
	Reserve for depreciation value at begin of period	PE	0	0%	0
Increases		PF	0	0%	0
Decreasess		PG	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	0

Total fixed assets amotisation (Total III)

			30/09/2011		30/09/2010
	Reserve for depreciation value at begin of period	QU	405	0%	0
Increases		QV	838	106,9%	405
Decreases		QW	0	0%	0
	Decreasess by budget item transfer	QX	1 243	206,9%	405

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

			30/09/2011		30/09/2010
	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

			30/09/2011		30/09/2010
	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)

			30/09/2011		30/09/2010
	Value at begining of period	7C	0	0%	0
Increases		UB	0	0%	0
Decreases		UC	0	0%	0
	Value at the end of period	UD	0	0%	0

Includes Total allocations

Operating	UE	0	0%	0
Financial	UG	0	0%	0
Exceptional	UJ	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	0
Financial	UH	0	0%	0
Exceptional	UK	0	0%	0

Total regulated provisions (Total I)

			30/09/2011		30/09/2010
	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)

			30/09/2011		30/09/2010
	Value at begining of period	5Z	0	0%	0
Increases		TV	0	0%	0
Decreases		TW	0	0%	0
	Value at the end of period	TX	0	0%	0

Total Provision for depreciation (Total III)

			30/09/2011		30/09/2010
	Value at begining of period	7B	0	0%	0
Increases		TY	0	0%	0
Decreases		TZ	0	0%	0
	Value at the end of period	UA	0	0%	0

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

		30/09/2011		30/09/2010
Gross value	VT	569 937	4680,5%	11 922
1 year at most	VU	569 937	4680,5%	11 922
More than one year	VV	0	0%	0

State of loans

		30/09/2011		30/09/2010
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	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0

Receivables statement of assets

		30/09/2011		30/09/2010
Customers doubtful or disputed	VA	0	0%	0
Other claims customer	UX	564 883	9346,2%	5 980
Receivables represent Loaned Securities	UU	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0
Personnel and associated accounts	UY	0	0%	0
Social Security and other social organizations	UZ	0	0%	0
Income taxes	VM	0	0%	0
Value added tax	VB	3 882	-33,9%	5 869
Other taxes and payments assimilated	VN	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0
Group and Associates	VC	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	74

Prepaid

		30/09/2011		30/09/2010
Prepaid	VS	1 172	0%	0

State Debt

			30/09/2011		30/09/2010
	Total debt (gross)	VY	599 305	2300,1%	24 970
1 year at most		VZ2	599 305	2300,1%	24 970
More than 1 year and 5 years at most		VZ3	0	0%	0
More than 5 years		VZ4	0	0%	0

Details

			30/09/2011		30/09/2010
	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	0	0%	0
1 year at most		VG2	0	0%	0
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	144	323,5%	34
1 year at most		VH2	144	323,5%	34
More than 1 year and 5 years at most		VH3	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0
1 year at most		8A2	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0
	Suppliers and associated accounts (gross)	8B1	586 010	10445,4%	5 557
1 year at most		8B2	586 010	10445,4%	5 557
More than 1 year and 5 years at most		8B3	586 010	10445,4%	5 557
	Personnel and associated accounts (gross)	8C1	0	0%	0
1 year at most		8C2	0	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0
	Social Security and other social organizations (gross)	8D1	0	0%	0
1 year at most		8D2	0	0%	0
More than 1 year and 5 years at most		8D3	0	0%	0
	Taxes on profits (gross)	8E1	2 427	-78,3%	11 176
1 year at most		8E2	2 427	-78,3%	11 176
More than 1 year and 5 years at most		8E3	0	0%	0
	VAT (gross)	VW1	0	0%	0
1 year at most		VW2	0	0%	0
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	7 452	0%	0
1 year at most		VQ2	7 452	0%	0
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	3 273	-60,1%	8 204
1 year at most		VI2	3 273	-60,1%	8 204
More than 1 year and 5 years at most		VI3	0	0%	0
More 5 years		VI4	0	0%	0
	Other liabilities (gross)	8K1	0	0%	0
1 year at most		8K2	0	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

		30/09/2011		30/09/2010
Loans made during the period	VJ	0	0%	0
Debt repaid during the period	VK	0	0%	0

Table allocation results and other information
Dividends distributed

		30/09/2011		30/09/2010
Dividends	ZE	0	0%	0

Commitments

		30/09/2011		30/09/2010
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

		30/09/2011		30/09/2010
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

		30/09/2011		30/09/2010
Business tax	YW	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0
Total taxes and fees	YX	0	0%	0

VAT

		30/09/2011		30/09/2010
Amount VAT collected	YY	0	0%	0
Total VAT on goods and services	YZ	0	0%	0

Average number of employees

		30/09/2011		30/09/2010
Average number of employees	YP	0	0%	0

Groups and Shareholders

		30/09/2011		30/09/2010
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

		30/09/2011		30/09/2010	Sector Median 2011
Fixed Asset Financing		10,48	20,7%	8,68	2,72	285,3%
Global Debt		81 days	50,0%	54 days	116 days	-30,2%
Working Capital Fund overall net		10 days	-90,9%	110 days	73 days	-86,3%
Financial independence		46561,11%	-67,2%	142108,82%	446,80%	10321,0%
Solvability		9,54%	-85,4%	65,44%	37,08%	-74,3%
Capacity debt futures		46561,11%	-67,2%	142108,82%	1206,57%	3759,0%
Coverage of current assets by net working capital overall		10,80%	-85,8%	75,86%	45,23%	-76,1%
General Liquidity		0,95	97,9%	0,48	0,60	58,3%
Restricted Liquidity		1,10	-59,1%	2,69	1,03	6,8%

Management or rotation

		30/09/2011		30/09/2010	Sector Median 2011
Need background in operating working capital		-4 days	60,0%	-10 days	30 days	-113,3%
Treasury		12 days	-89,9%	119 days	11 days	9,1%
Inventory turnover of goods		0 days	0%	0 days	92 days	0%
Average length of credit granted to customers		77 days	492,3%	13 days	43 days	79,1%
Average length of credit obtained suppliers		83 days	361,1%	18 days	52 days	59,6%
Inventory turnover of raw materials in industrial enterprises		days	-	0 days	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	1153 days	-
Rotation tangible assets		35331,12%	1309,1%	2507,44%	1384,23%	2452,4%

Profitability of the business

		30/09/2011		30/09/2010	Sector Median 2011
Margin trading		2,13%	-73,6%	8,06%	33,09%	-93,6%
Profitability of the business		2,91	-91,1%	32,70	3,74%	-22,2%
Net profit		1,65%	-93,7%	26,07%	2,13%	-22,5%
Growth rate of turnover (excluding VAT)		1497,04%	-	%	1,39%	107600,7%
Rates integration		3,78%	-88,4%	32,70%	21,88%	-82,7%
Rate leasing furniture		0%	0%	0%	0%	0%
Work Factor		17,88%	0%	0%	68,59%	-73,9%
Weight interests		1,36	312,1%	0,33%	0,26%	423,1%

Return on capital

		30/09/2011		30/09/2010	Sector Median 2011
Cash flow from the overall profitability		1,94%	-92,7%	26,64%	2,98%	-34,9%
Rates of economic profitability		109%	13,5%	96%	12,13%	798,6%
Financial profitability		67048%	38,8%	48317%	61872%	8,4%
Return on investment		113,25%	46,0%	77,55%	9,98%	1034,8%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	30/09/2011		30/09/2010	Sector Median 2011
Turnover	2 653 367	1497,0%	166 143	412 320 €	543,5%

Sales of goods	2 559 123	2868,5%	86 208
- Purchase of goods	2 502 687	3336,7%	72 822
+/- Stock of goods variation	0	0%	0
Trading margin	56 436 €	321,6%	13 386 €	115 861 €	-51,3%
	2,13 % CA	-73,6%	8,06 % CA	33,92 % CA	-93,7%

Sale of goods produced	94 244	17,9%	79 935
+/- Stocked production	0	0%	0
+ Self-constructed assets	0	0%	0
Period production	94 244 €	17,9%	79 935 €	9 000,50 €	947,1%
	3,55 % CA	-92,6%	48,11 % CA	2,36 % CA	50,4%

Trading margin	56 436	321,6%	13 386	115 861	-51,3%
+ Period Production	94 244	17,9%	79 935	9 000,50	947,1%
- Purchase of raw materials	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0
- Other external purchases and charges	50 388	29,2%	38 997
Added value	100 292 €	84,6%	54 324 €	100 330,50 €	0,0%
	3,78 % CA	-88,4%	32,70 % CA	21,88 % CA	-82,7%

Added value	100 292 €	84,6%	54 324 €	100 330,50 €	0,0%
+ Operating grants	0	0%	0
- Tax, duty and similar payments	5 215	0%	0
- Personal charges	17 936	0%	0
Gross operating surplus	77 141 €	42,0%	54 324 €	14 719 €	424,1%
	2,91 % CA	-91,1%	32,70 % CA	3,74 % CA	-22,2%

Gross operating surplus	77 141 €	42,0%	54 324 €	14 719 €	424,1%
+ Release of reserves and provisions	0	0%	0
+ Other operating income	01	0%	0
- Depreciation/Amortisation	837	106,7%	405
- Other charges	74	7300%	01
Operating result	76 231 €	41,4%	53 918 €	11 222 €	579,3%
	2,87 % CA	-91,2%	32,45 % CA	2,79 % CA	2,9%

Operating result	76 231 €	41,4%	53 918 €	11 222 €	579,3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0
+ Financial income	17 337	1450,7%	1 118
- Financial charges	36 071	6530,7%	544
Pre-tax result	57 497 €	5,5%	54 492 €	10 061,50 €	471,5%
	2,17 % CA	-93,4%	32,80 % CA	2,44 % CA	-11,1%

Extraordinary income	0	0%	0	09	0%
- Extraordinary charges	162	0%	0
Extraordinary result	-162 €	0%	0 €	0 €	0%
	-0,01 % CA	0%	0,00 % CA	0 % CA	0%

Pre-tax result	57 497 €	5,5%	54 492 €	10 061,50 €	471,5%
Extraordinary result	-162 €	0%	0 €	0 €	0%
- Employee profit sharing	0	0%	0
- Tax on profits	13 603	21,7%	11 176
Net result	43 732 €	1,0%	43 316 €	10 088 €	333,5%
	1,65 % CA	-93,7%	26,07 % CA	2,13 % CA	-22,5%

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.61
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Report Prepared by :

PDT

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.