MIRA INFORM REPORT

Report Date :

20.09.2012

IDENTIFICATION DETAILS

Name :	SOCIETE NOUVELLE LE FLOCKAGE
Registered Office :	110 BD Denis Papin 53000 Laval
Country :	France
Financials (as on) :	31.03.2011
Date of Incorporation :	March 2010
Com. Reg. No.:	RCS Laval 1 521 259 614
Legal Form :	Limited Liability Company
Line of Business :	Wholesale (intercompany trade) of other intermediate products
No. of Employees :	25 Approximately

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	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

REGISTERED NAME & COMPANY SUMMARY

Name	SOCIETE NOUVELLE LE FLOCKAGE

company summary

Activity (APE)	Wholesale (intercompany trade) of other intermediate products (4676Z)	Legal form	Limited Liability Company
Phone		RCS Registration	RCS Laval 1 521 259 614
Fax		Share capital	50,000 Euros
Address	SOCIETE NOUVELLE LE FLOCKAGE 110 BD DENIS PAPIN 53000 LAVAL	Incorporated Date	03/2010
Nationality	France	Status	Economically active

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'autres produits intermédiaires (4676Z)
RCS Registration	RCS Laval 1 521 259 614	Share capital	50,000 Euros
Registration Court	Laval (53)	Legal form	Limited Liability Company
Court Registry Number	20 1 0B001	EU VAT Number	FR47521259614
Incorporation Date	03/2010	Formation Date	03/2010
Deregistration Date		Last account Date	31/03/2011
Nationality	France

Ultimate Parent

1 ultimate parent company for this company >  SOCOVAL  - Activités des sociétés holding (6420Z)  in LAVAL  (53000)

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'autres produits intermédiaires (4676Z)	Business Pages FT®
Postal Address	SOCIETE NOUVELLE LE FLOCKAGE 110 BD DENIS PAPIN 53000 LAVAL	Trading Address	110 BOULEVARD DENIS PAPIN 53000 LAVAL
Telephone
Fax

Type	Head office	Status	Economically active
Formation Date	03/2010	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	Wholesale or intermediary of trade	Activity Location	Workshop
Location surface		Seasonality

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

Other establishments

Branches	2 branch entities in this company
Head office	> SOCIETE NOUVELLE LE FLOCKAGE <<<  - Commerce de gros (commerce interentreprises) d'autres produits intermédiaires (4676Z)  in LAVAL  (53000)
Secondary establishments	>  SOCIETE NOUVELLE LE FLOCKAGE  - Commerce de gros (commerce interentreprises) d'autres produits intermédiaires (4676Z)  in CHATEAUROUX  (36000)

Regionality

Mono-activity status

Workforces

Workforce at address

0 employee

Company workforce

0 employee

DIRECTORS/MANAGEMENT

Current Directors

2

directors

Name	M. LION ALEXANDRE
Manager position	Co-gérant	Date of birth	24/02/1974
Place of birth	MEXICO(MEXIQUE)
Type	Individual	Name at birth

Name	M. LION RAPHAËL
Manager position	Co-gérant	Date of birth	10/07/1977
Place of birth	LAVAL (53)
Type	Individual	Name at birth

Previous Directors

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
Gérant	M JEAN-PIERRE LION

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

50,000 Euros

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	SOCOVAL	500188669

Group data

Ultimate parent company	SOCOVAL
Direct parent	SOCOVAL - 100 %
Group – Number of companies	2
Linkages – Number of companies	-
Number of countries	-

Go directly to the current company

Display only where participation % > 33 %

Linkages

Ultimate parent company	SOCOVAL
Direct parent	SOCOVAL - 100 %
Group – Number of companies	2
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	31/03/2011
Account period (month)	12
Account Type	Normal
Deposit date	23/11/2011
Activity Code	4676Z
Employees	25	-	-

Active account

Annual Accounts	31/03/2011	Sector Median 2011
Capital not called	40 000	0	0%
Total fixed assets	42 944	31 223	37,5%
- Intangible assets	4 889	186	2528,5%
- Tangible assets	38 055	6 784	461,0%
- Financial assets	0	830	0%
Net current assets	1 280 322	311 692	310,8%
- Stocks	626 308	37 487	1570,7%
- Advanced payments	45 388	0	0%
- Receivables	360 088	130 959	175,0%
- Securities and cash	248 538	52 065	377,4%
- Prepaid expenses	-	135	-
Accounts of regularization	0	0	0%
Total Assets	1 363 262	376 605	262,0%

Passive Account

Annual Accounts	31/03/2011	Sector Median 2011
Shareholders' equity	405 995	126 209	221,7%
Share capital	50 000	24 500	104,1%
Other capital resources	0	0	0%
Risk Provisions	0	0	0%
Liabilities	957 267	202 295	373,2%
- Financial liabilities	245 979	17 712	1288,8%
- Advanced payments received	6 679	0	0%
- Trade account payables	456 438	86 586	427,1%
- Tax and social liabilities	226 632	51 875,50	336,9%
- Other debts and fixed assets liabilities	21 539	3 536	509,1%
Account regularization	0	0	0%
Total liabilities	1 363 262	376 603	262,0%

Results

Annual Accounts	31/03/2011	Sector Median 2011
Sales of Goods	3 457 913	718 922	381,0%
Net turnover	3 196 305	705 683	352,9%
- of which net export turnover	1 285 856	0	0%
Operating charges	2 917 602	680 937	328,5%
Operating profit/loss	540 311	27 589	1858,4%
Financial income	10 583	216	4799,5%
Financial charges	13 046	1 702	666,5%
Financial profit/loss	-2 463	-365	-574,8%
Pretax net operating income	537 848	25 587	2002,0%
Extraordinary income	0	112	0%
Extraordinary charges	4 245	181	2245,3%
Extraordinary profit/loss	-4 245	0	0%
Net result	355 262	22 755	1461,2%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/03/2011
Months	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/03/2011
	Grand Total (I to VI)	Net	1 363 262
	Gross	CO	1 371 024
	Amortisation	1A	7 762

Non declared distributed capital (I)

		31/03/2011
Non declared distributed capital (I)	AA3	40 000
Gross	AA	40 000

Active fixed asset (II)

			31/03/2011
	Total Active fixed asset (II)	Net	42 944
	Gross	BJ	49 313
	Amortisation	BK	6 369

Intangilble fixed assets

			31/03/2011
	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	4 888
	Gross	AF	5 255
	Amortisation	AG	367
	Goodwill	Net	01
	Gross	AH	01
	Amortisation	AI	0
	Other intangible fixed assets	Net	0
	Gross	AJ	0
	Amortisation	AK	0
	Pre-payments and downpayments	Net	0
	Gross	AL	0
	Amortisation	AM	0
Sub Total Intangible Assets		Net	4 889

Tangilble fixed assets

			31/03/2011
	Lands	Net	0
	Gross	AN	0
	Amortisation	AO	0
	Buildings	Net	0
	Gross	AP	0
	Amortisation	AQ	0
	Plant	Net	19 567
	Gross	AR	24 772
	Amortisation	AS	5 205
	Other tangible fixed assets	Net	12 483
	Gross	AT	13 280
	Amortisation	AU	797
	Fixed assets in construction	Net	0
	Gross	AV	0
	Amortisation	AW	0
	Advances and payments on account	Net	6 005
	Gross	AX	6 005
	Amortisation	AY	0
	Sub Total Tangible asset	Net	38 055

Financial assets

			31/03/2011
	Associates at equity	Net	0
	Gross	CS	0
	Amortisation	CT	0
	Other participations	Net	0
	Gross	CU	0
	Amortisation	CV	0
	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	0
	Gross	BH	0
	Amortisation	BI	0
	Sub Total Financial Assets		0

Current Assets (III)

			31/03/2011
	Total Assets	Net	1 280 322
	Gross	CJ	1 281 715
	Amortisation	CK	1 393

Stocks

			31/03/2011
	Raw materials	Net	362 236
	Gross	BL	362 236
	Amortisation	BM	0
	Work in progress (goods)	Net	107 336
	Gross	BN	107 336
	Amortisation	BO	0
	Work in progress (services)	Net	0
	Gross	BP	0
	Amortisation	BQ	0
	Semi-finished and finished products	Net	151 048
	Gross	BR	151 048
	Amortisation	BS	0
	Goods for resale	Net	5 688
	Gross	BT	5 688
	Amortisation	BU	0
	Sub Total Stocks	Net	626 308

Advance payments to suppliers

			31/03/2011
	Advance payments to suppliers	Net	45 388
	Gross	BV	45 388
	Amortisation	BW	0

Debtors

			31/03/2011
	Trade accounts receivable	Net	265 213
	Gross	BX	266 606
	Amortisation	BY	1 393
	Other debtors	Net	67 536
	Gross	BZ	67 536
	Amortisation	CA	0
	Capital subscribed and called up	Net	0
	Gross	CB	0
	Amortisation	CC	0
	Sub Total Debtors	Net	332 749

Divers

			31/03/2011
	Investment securities	Net	0
	Gross	CD	0
	Amortisation	CE	0
	Cash and cash equivalents	Net	248 538
	Gross	CF	248 538
	Amortisation	CG	0
	Sub Total Divers	Net	248 538

Prepaid expenses

			31/03/2011
	Prepaid expenses	Net	27 339
	Gross	CH	27 339
	Amortisation	CI	0

Equalization accounts (IV to VI)

		31/03/2011
Multi-period charges	CW3	0
Gross		0
Premiums on redemption of bonds	CM3	0
Gross		0
Currency differential gain	CN3	0
Gross		0

References

		31/03/2011
Due within one year	CP	0
Due after one year	CR	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)

		31/03/2011
Grand Total (I to V)	EE	1 363 262

Shareholder Equity (I)

			31/03/2011
	Total shareholders' equity (Total I)	DL	405 995
	Equity and shareholders' equity	DA	50 000
	Issue and merger premiums	DB	0
	Revaluation differentials	DC	0
	Of which equity differential	EK	0
	Legal reserve	DD	0
	Statutory or contractual reserve	DE	0
	Special regulated reserves	DF	0
	Of which special reserve of provisions for current fluctuation	B1	0
	Other reserves	DG	0
	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	355 261
	Investment grants	DJ	0
	Special tax-allowable reserves	DK	734

Other capital resources (II)

			31/03/2011
	Total other capital resources (Total II)	DO	0
	Income from participating securities	DM	0
	Conditional loans	DN	0

Provisions for risks and charges (III)

			31/03/2011
	Total provisions for risks and charges (Total III)	DR	0
	Risk provisions	DP	0
	Reserves for charges	DQ	0

Liabilities (IV)

			31/03/2011
	Total Liabilities (Total IV)	EC	957 267
	Convertible debentures	DS	0
	Other debentures	DT	0
	Bank loans and liabilities	DU	37 638
	Sundry loans and financial liabilities	DV	208 341
	Of which participating loans	EI	0
	Advance payments received for current orders	DW	6 679
	Trade accounts payables	DX	456 438
	Tax and social security liabilities	DY	226 632
	Fixed asset liabilities	DZ	0
	Other debts	EA	21 539

Translation loss (V)

		31/03/2011
Translation loss (Total V)	ED	0

Equalization accounts

		31/03/2011
Deferred income	EB	0

References

		31/03/2011
Of which tax-allowable reserve	EF	0
Deferred income and liabilities	EG	0
Of which current bank facilities	EH	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)

		31/03/2011
Operating result (Total I-II)	GG	540 311

2 - Financial result (V - VI)

		31/03/2011
Financial result (Total V-VI)	GV	-2 463

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

		31/03/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	537 848

4 - Extraordinary result (VII-VIII)

		31/03/2011
Extraordinary result (Total VII-VIII)	HI	-4 245

Profit or loss

		31/03/2011
Profit or loss	HN	355 262

Total Income (I+III+V+VII)

		31/03/2011
Total Income (I+III+V+VII)	HL	3 468 496

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

		31/03/2011
Total charges (Total II+IV+VI+VIII+IX+X)	HM	3 113 234

Operating income (I)

		31/03/2011
Total operating income (Total I)	FR	3 457 913

Operating income (details)

			31/03/2011
	Sale of goods for resale	FC	13 740
	France	FA	13 740
	Export	FB	0
	Sale of goods produced	FF	3 161 419
	France	FD	1 887 493
	Export	FE	1 273 926
	Sale of services	FI	21 146
	France	FG	9 216
	Export	FH	11 930
	Net turnover	FL	3 196 305
	France	FJ	1 910 449
	Export	FK	1 285 856
	Stocked production	FM	258 382
	Self-constructed assets	FN	0
	Operating grants	FO	0
	Release of reserves and provisions	FP	3 217
	Other income	FQ	09

Operating charges (II)

		31/03/2011
Total operating charges (Total II)	GF	2 917 602

Exploitation charges

		31/03/2011
Purchase of goods for resale	FS	8 666
Change in stocks of goods for resale	FT	-5 688
Purchase of raw materials	FU	1 499 862
Change in stocks of raw materials	FV	-362 236
Other external purchases and charges	FW	767 461
Tax, duty and similar payments	FX	69 420
Payroll	FY	681 832
Social security costs	FZ	250 518

Depreciation

		31/03/2011
Depreciation of fixed assets	GA	6 369
Amortisation of fixed assets	GB	0
Depreciation/amortisation of current assets	GC	1 393
Provisions for risks and charges	GD	0

Other charges

		31/03/2011
Other charges	GE	05

Operating charges (III-IV)

		31/03/2011
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	0

Financial income (V)

			31/03/2011
	Total financial income (Total V)	GP	10 583
	Share financial income	GJ	0
	Other investment income & capitalised receivables	GK	0
	Other interest and similar income	GL	10 583
	Released provisions and transferred charges	GM	0
	Exchange gains	GN	0
	Net income from disposal of investment securities	GO	0

Financial Charge (VI)

			31/03/2011
	Total financial charge (Total VI)	GU	13 046
	Financial reserves and provisions	GQ	0
	Interest and similar charges	GR	13 046
	Exchange losses	GS	0
	Net loss from disposal of investment securities	GT	0

Financial Charge (VII)

			31/03/2011
	Total extraordinary income (Total VII)	HD	0
	Extraordinary operating income	HA	0
	Extraordinary income from capital transactions	HB	0
	Released provisions and transferred charges	HC	0

Extraordinary charges (VIII)

			31/03/2011
	Total extraordinary charges (Total VIII)	HH	4 245
	Extraordinary operating charges	HE	3 511
	Extraordinary charges from capital transactions	HF	0
	Extraordinary reserves and provisions	HG	734

Employee profit sharing (IX)

		31/03/2011
Employee profit sharing (Total IX)	HJ	0

Tax on profits (X)

		31/03/2011
Tax on profits (Total X)	HK	178 341

References

		31/03/2011
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	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)

			31/03/2011
	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	49 314

Research and development Charge (Total I)

			31/03/2011
	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)

			31/03/2011
	Gross value at begin of period	KD	0
	Increasess due to revaluation	KE	0
	Increasess, acquisitions, creations, contributions	KF	5 256
	Decreasess by budget item transfer	LV1	0
	Decreasess by transfers	LV2	0
	Gross value at the end of period	LW	5 256

Tangible fixed assets (Total III)

			31/03/2011
	Gross value at begin of period	LN	0
	Increasess due to revaluation	LO	0
	Increasess, acquisitions, creations, contributions	LP	44 058
	Decreasess by budget item transfer	NG1	0
	Decreasess by transfers	NG2	0
	Gross value at the end of period	NH	44 058

Fiancial assets (Total IV)

			31/03/2011
	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)

			31/03/2011
	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)

			31/03/2011
	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)

			31/03/2011
	Reserve for depreciation value at begin of period	PE	0
Increases		PF	367
Decreasess		PG	0
	Decreasess by budget item transfer	PH	367

Total fixed assets amotisation (Total III)

			31/03/2011
	Reserve for depreciation value at begin of period	QU	0
Increases		QV	6 003
Decreases		QW	0
	Decreasess by budget item transfer	QX	6 003

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

			31/03/2011
	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

			31/03/2011
	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)

			31/03/2011
	Value at begining of period	7C	0
Increases		UB	0
Decreases		UC	0
	Value at the end of period	UD	0

Includes Total allocations

Operating	UE	0
Financial	UG	0
Exceptional	UJ	0

Includes Total Withdrawal

Operating	UF	0
Financial	UH	0
Exceptional	UK	0

Total regulated provisions (Total I)

			31/03/2011
	Value at begining of period	3Z	0
Increases		TS	0
Decreases		TT	0
	Value at the end of period	TU	0

Total risk and charge provisions (Total II)

			31/03/2011
	Value at begining of period	5Z	0
Increases		TV	0
Decreases		TW	0
	Value at the end of period	TX	0

Total Provision for depreciation (Total III)

			31/03/2011
	Value at begining of period	7B	0
Increases		TY	0
Decreases		TZ	0
	Value at the end of period	UA	0

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

		31/03/2011
Gross value	VT	361 480
1 year at most	VU	361 480
More than one year	VV	0

State of loans

		31/03/2011
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	0
Other financial assets (1 year at most)	UV	0

Receivables statement of assets

		31/03/2011
Customers doubtful or disputed	VA	0
Other claims customer	UX	266 606
Receivables represent Loaned Securities	UU	0
Provision for depreciation previously established	UQ	0
Personnel and associated accounts	UY	0
Social Security and other social organizations	UZ	0
Income taxes	VM	0
Value added tax	VB	30 048
Other taxes and payments assimilated	VN	0
State and other public - Miscellaneous	VP	0
Group and Associates	VC	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	37 487

Prepaid

		31/03/2011
Prepaid	VS	27 339

State Debt

			31/03/2011
	Total debt (gross)	VY	950 588
1 year at most		VZ2	772 247
More than 1 year and 5 years at most		VZ3	178 341
More than 5 years		VZ4	0

Details

			31/03/2011
	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	37 638
1 year at most		VG2	37 638
More than 1 year and 5 years at most		VG3	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0
1 year at most		VH2	0
More than 1 year and 5 years at most		VH3	0
	Loans and various financial liabilities (gross)	8A1	0
1 year at most		8A2	0
More than 1 year and 5 years at most		8A3	0
	Suppliers and associated accounts (gross)	8B1	456 438
1 year at most		8B2	456 438
More than 1 year and 5 years at most		8B3	456 438
	Personnel and associated accounts (gross)	8C1	100 104
1 year at most		8C2	100 104
More than 1 year and 5 years at most		8C3	0
	Social Security and other social organizations (gross)	8D1	95 440
1 year at most		8D2	95 440
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	5 771
1 year at most		VW2	5 771
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	25 317
1 year at most		VQ2	25 317
More than 1 year and 5 years at most		VQ3	0
	Assets and liabilities associated accounts (gross)	8J1	0
1 year at most		8J2	0
More than 1 year and 5 years at most		8J3	0
More than 5 years		8J4	0
	Groups and associates (gross)	VI1	208 341
1 year at most		VI2	30 000
More than 1 year and 5 years at most		VI3	178 341
More 5 years		VI4	0
	Other liabilities (gross)	8K1	21 539
1 year at most		8K2	21 539
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

		31/03/2011
Loans made during the period	VJ	0
Debt repaid during the period	VK	0

Table allocation results and other information
Dividends distributed

		31/03/2011
Dividends	ZE	0

Commitments

		31/03/2011
Commitments leasing furniture	YQ	0
Commitments Real Estate Leasing	YR	0
Effects brought to the discount and unmatured	YS	0

Other charges Externes

		31/03/2011
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

		31/03/2011
Business tax	YW	0
Other taxes and payments assimilated	9Z	0
Total taxes and fees	YX	0

VAT

		31/03/2011
Amount VAT collected	YY	0
Total VAT on goods and services	YZ	0

Average number of employees

		31/03/2011
Average number of employees	YP	25

Groups and Shareholders

		31/03/2011
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

		31/03/2011	Sector Median 2011
Fixed Asset Financing		12,54	2,94	326,5%
Global Debt		108 days	95 days	13,7%
Working Capital Fund overall net		64 days	62 days	3,2%
Financial independence		972,41%	599,94%	62,1%
More ratios
Solvability		29,78%	38,63%	-22,9%
Capacity debt futures		1078,68%	1364,03%	-20,9%
Coverage of current assets by net working capital overall		45,36%	46,13%	-1,7%
General Liquidity		0,47	0,82	-42,7%
Restricted Liquidity		0,79	1,19	-33,6%

Management or rotation

		31/03/2011	Sector Median 2011
Need background in operating working capital		33 days	28 days	17,9%
Treasury		28 days	17 days	64,7%
Inventory turnover of goods		688 days	46 days	1395,7%
Average length of credit granted to customers		30 days	59 days	-49,2%
Average length of credit obtained suppliers		86 days	55 days	56,4%
More ratios
Inventory turnover of raw materials in industrial enterprises		87 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		7255 days	974 days	644,9%
Rotation tangible assets		7254,77%	1955,03%	271,1%

Profitability of the business

		31/03/2011	Sector Median 2011
Margin trading		0,34%	26,54%	-98,7%
Profitability of the business		17,05	4,61%	269,8%
Net profit		11,11%	2,72%	308,5%
More ratios
Growth rate of turnover (excluding VAT)		%	6,56%	-
Rates integration		48,39%	18,82%	157,1%
Rate leasing furniture		0%	0%	0%
Work Factor		60,28%	64,67%	-6,8%
Weight interests		0,41	0,22%	86,4%

Return on capital

		31/03/2011	Sector Median 2011
Cash flow from the overall profitability		11,34%	3,70%	206,5%
Rates of economic profitability		84%	19,02%	341,6%
Financial profitability		365995%	99667%	267,2%
Return on investment		56,49%	13,75%	310,8%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/03/2011	Sector Median 2011
Turnover	3 196 305	705 683 €	352,9%

Sales of goods	13 740
- Purchase of goods	8 666
+/- Stock of goods variation	-5 688
Trading margin	10 762 €	179 372 €	-94,0%
	0,34 % CA	27,46 % CA	-98,8%

Sale of goods produced	3 182 565
+/- Stocked production	258 382
+ Self-constructed assets	0
Period production	3 440 947 €	14 790 €	23165,4%
	107,65 % CA	1,83 % CA	5782,5%

Trading margin	10 762	179 372	-94,0%
+ Period Production	3 440 947	14 790	23165,4%
- Purchase of raw materials	1 499 862
+/- Change in stocks of raw materiels	-362 236
- Other external purchases and charges	767 461
Added value	1 546 622 €	161 240 €	859,2%
	48,39 % CA	18,82 % CA	157,1%

Added value	1 546 622 €	161 240 €	859,2%
+ Operating grants	0
- Tax, duty and similar payments	69 420
- Personal charges	932 350
Gross operating surplus	544 852 €	34 592 €	1475,1%
	17,05 % CA	4,61 % CA	269,8%

Gross operating surplus	544 852 €	34 592 €	1475,1%
+ Release of reserves and provisions	3 217
+ Other operating income	09
- Depreciation/Amortisation	7 762
- Other charges	05
Operating result	540 311 €	27 588 €	1858,5%
	16,90 % CA	3,62 % CA	366,9%

Operating result	540 311 €	27 588 €	1858,5%
+/- Result of joint-venture transferred from/to other partners	0
+ Financial income	10 583
- Financial charges	13 046
Pre-tax result	537 848 €	25 587 €	2002,0%
	16,83 % CA	3,44 % CA	389,2%

Extraordinary income	0	112	0%
- Extraordinary charges	4 245
Extraordinary result	-4 245 €	0 €	0%
	-0,13 % CA	0 % CA	0%

Pre-tax result	537 848 €	25 587 €	2002,0%
Extraordinary result	-4 245 €	0 €	0%
- Employee profit sharing	0
- Tax on profits	178 341
Net result	355 262 €	22 756 €	1461,2%
	11,11 % CA	2,72 % CA	308,5%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Last published preferential right

This company is not under monitoring

Trading to Date	03/31/2011
	Turnover	3,196,305 €
	Gross Operating Surplus	17,05 % Turnover
	Net worth	405,995 €
	Employees	0 employee

No trends info for the company

Commentary

The comments are arranged in decreasing order of importance

The company has filed its accounts since the last rating

The company is less than 7 years old

The company has several directors

The net result is up to 540 311 €, which is good

The financial result is negative on the period : -2 463 €

The non current assets are up to 42 944 €, which is correct

The company has an activity with no specific increased risk

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

Preferential rights details and history

Status of collection

This company is not under monitoring

Raison sociale	SIREN	Parts	Derniers comptes publiés
SOCOVAL	500188669	-	31/03/2011
SOCIETE NOUVELLE LE FLOCKAGE	521259614	100%	31/03/2011

Type of shareholder

Shareholders

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event history

Status history

Date	Description
01/04/2010	Economically active

Recent publications in Gazettes

Publication date	Gazette Name	Description
15/11/2011	Bodacc C	Comptes annuels et rapports
53 - MAYENNE GREFFE DU TRIBUNAL DE COMMERCE DE LAVAL 6785 - 521259614 RCS. SOCIETE NOUVELLE LE FLOCKAGE. Forme : Société à responsabilité limitée. Adresse : 110 boulevard Denis Papin 53000 Laval. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2011.
16/12/2010	Bodacc B	Modification et mutation diverse
53 - MAYENNE GREFFE DU TRIBUNAL DE COMMERCE DE LAVAL 1735 - 521 259 614 RCS Laval. SOCIETE NOUVELLE LE FLOCKAGE. Forme : Société à responsabilité limitée. Administration : Co-Gérant : LION Alexandre Co-Gérant : LION Raphaël. Activité : . Commentaires : Modification survenue sur l'administration.
15/11/2010	Bodacc C	Comptes annuels et rapports
53 - MAYENNE GREFFE DU TRIBUNAL DE COMMERCE DE LAVAL 6587 - 521259614 RCS. SOCIETE NOUVELLE LE FLOCKAGE. Forme : Société à responsabilité limitée. Adresse : 110 boulevard Denis Papin 53000 Laval. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2010.
22/09/2010	Bodacc A	Vente et cession : Acheteur
36 - INDRE GREFFE DU TRIBUNAL DE COMMERCE DE CHÂTEAUROUX 325 - 521 259 614 RCS Laval. SOCIETE NOUVELLE LE FLOCKAGE. Forme : Société à responsabilité limitée. Adresse : 110 boulevard Denis Papin, 53000 Laval. Origine du fonds : Etablissement secondaire acquis dans le cadre d'une procédure collective par achat au prix stipulé de 65000 Euros. Etablissement : Etablissement secondaire. Activité : Achat transformation utilisation commerce de toutes fibres textiles et dérives fabrication et et commercialisation de Flocks et produits de flockage. Adresse : 92 avenue François Mitterrand, 36000 Châteauroux. Précédent propriétaire : LE FLOCKAGE INDUSTRIE. 487 553 083 RCS Châteauroux. Date de commencement de l’activité : 28/04/2010. Publication légale : L'aurore paysanne du 09/09/2010. Oppositions : pas d'oppositions. Descriptif : . Commentaires : Autre achat, apport, attribution.
01/06/2010	Bodacc B	Modification et mutation diverse
53 - MAYENNE GREFFE DU TRIBUNAL DE COMMERCE DE LAVAL 1737 - 521 259 614 RCS Laval. SOCIETE NOUVELLE LE FLOCKAGE. Forme : Société à responsabilité limitée. Activité : L'achat et le commerce sous toutes ses formes de toutes fibres textiles, produits flockés et enduits, de leurs dérivés, de leurs déchets, ainsi que de tous articles textiles et tous matériels se rapportant notamment a ce genre d'activité. Commentaires : Mise en activité de la société. Date de commencement de l’activité : 01/04/2010.
09/04/2010	Bodacc A	Création d'établissement
53 - MAYENNE GREFFE DU TRIBUNAL DE COMMERCE DE LAVAL 440 - 521 259 614 RCS Laval. SOCIETE NOUVELLE LE FLOCKAGE. Forme : Société à responsabilité limitée. Administration : Gérant(e) : LION Jean-Pierre. Capital : 50000 EUR. Adresse : 110 boulevard Denis Papin, 53000 Laval. A dater du : 24/03/2010. Date de commencement de l’activité : 01/01/0001. Descriptif : Cette soci¿t¿ n'exerce aucune activit¿. Commentaires : Immatriculation d'une personne morale (B, D) sans activité.

Company events history

Date	Description
06/07/2012	New ultimate parent
06/07/2012	New parent detected
21/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
15/11/2011	Bodacc C : Deposit accounts notice
31/03/2011	New accounts available
16/12/2010	Bodacc B: Various editing or changing
30/11/2010	Amendment
30/11/2010	Updated articles of association
30/11/2010	New manager
15/11/2010	Bodacc C : Deposit accounts notice
22/09/2010	Bodacc A : Sale and transfer
01/06/2010	Bodacc B: Various editing or changing
28/04/2010	Formation of Establishment
09/04/2010	Bodacc A : Establishment creation
01/04/2010	Update of Company Concern status
01/04/2010	Update of Company Workforce
01/04/2010	Modification of Company Activity
01/04/2010	Reactivation of Company
01/04/2010	Update of Company Activity
24/03/2010	Other modification of Establishment
24/03/2010	Private document
24/03/2010	Company formation
24/03/2010	Formation of Company

Establishment events history

Date	Description
21/02/2012	Update Limit
21/02/2012	Update Rating
31/08/2011	Update Rating
31/08/2011	Update Limit
28/04/2010	Modification of Head office
01/04/2010	Modification of Head office Activity
01/04/2010	Update of Establishment Workforce
01/04/2010	Update of Establishment Concern status
01/04/2010	Update of Establishment Activity
24/03/2010	Modification of Head office
24/03/2010	Formation of Head office

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.26
UK Pound	1	Rs.88.14
Euro	1	Rs.71.03

INFORMATION DETAILS

Report Prepared by :

PRL

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.