MIRA INFORM REPORT

Report Date :

26.09.2012

IDENTIFICATION DETAILS

Name :	SOGEDIAL EXPLOITATION SAS
Registered Office :	419 rue des Chantiers BP 5073 Le Havre
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	15.09.1996
Com. Reg. No.:	408789279
Legal Form :	Private Subsidiary
Line of Business :	General Line Grocery Merchant Wholesalers
No. of Employees :	74

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	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 name and address

Top of Form

Bottom of Form

SOGEDIAL Exploitation SAS

419 rue des Chantiers
BP 5073
Le Havre,
France
Tel:	+33 02 35 24 58 58
Fax:	+33 02 35 24 58 40
www.sogedial.fr

Employees:	74
Company Type:	Private Subsidiary
Corporate Family:	7 Companies
Ultimate Parent:	Somaudex-Sogedial
Incorporation Date:	15-Sep-1996

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	389.5
Total Assets:	77.3

Business Description

Central purchasing organisation specialising in the export of food and non-food goods, including consumer electricals and hardware, personal care, household cleaning and textile products

Industry

Industry	Retail (Grocery)
ANZSIC 2006:	3601 - General Line Grocery Wholesaling
NACE 2002:	5139 - Non-specialised wholesale of food, beverages and tobacco
NAICS 2002:	424410 - General Line Grocery Merchant Wholesalers
UK SIC 2003:	5139 - Non-specialised wholesale of food, beverages and tobacco
UK SIC 2007:	4639 - Non-specialised wholesale of food, beverages and tobacco
US SIC 1987:	5141 - Groceries, General Line

Key Executives

Name	Title
Jacques Beril	Directeur Général
Societe Antillaise Frigorifique - S	President
Fabrice Briard	Responsable Commercial
Jean-Claude Bous	Director
Jacques De Labarthe	Commercial director, Purchase manager

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location
419 rue des Chantiers
BP 5073
Le Havre, France

Tel:	+33 02 35 24 58 58
Fax:	+33 02 35 24 58 40

www.sogedial.fr

Sales EUR(mil):	280.1
Assets EUR(mil):	59.5
Employees:	74
Fiscal Year End:	31-Dec-2011

Industry:	Retail (Grocery)

Incorporation Date:	15-Sep-1996
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(FRA):	408789279

Directeur Général:	Jacques Beril

Contents Industry Codes Business Description Financial Data Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
3601	-	General Line Grocery Wholesaling
3720	-	Pharmaceutical and Toiletry Goods Wholesaling
3494	-	Other Electrical and Electronic Goods Wholesaling
3339	-	Other Hardware Goods Wholesaling
3731	-	Furniture and Floor Covering Wholesaling

NACE 2002 Codes:
5139	-	Non-specialised wholesale of food, beverages and tobacco
5146	-	Wholesale of pharmaceutical goods
5143	-	Wholesale of electrical household appliances and radio and television goods
5147	-	Wholesale of other household goods
5154	-	Wholesale of hardware, plumbing and heating equipment and supplies

NAICS 2002 Codes:
424410	-	General Line Grocery Merchant Wholesalers
424210	-	Drugs and Druggists' Sundries Merchant Wholesalers
423710	-	Hardware Merchant Wholesalers
423620	-	Electrical and Electronic Appliance, Television, and Radio Set Merchant Wholesalers
423220	-	Home Furnishing Merchant Wholesalers

US SIC 1987:
5141	-	Groceries, General Line
5122	-	Drugs, Drug Proprietaries, and Druggists' Sundries
5023	-	Home furnishings
5072	-	Hardware
5064	-	Electrical Appliances, Television and Radio Sets

UK SIC 2003:
5139	-	Non-specialised wholesale of food, beverages and tobacco
5147	-	Wholesale of other household goods
5154	-	Wholesale of hardware, plumbing and heating equipment and supplies
5146	-	Wholesale of pharmaceutical goods
5143	-	Wholesale of electrical household appliances and radio and television goods

UK SIC 2007:
4639	-	Non-specialised wholesale of food, beverages and tobacco
4649	-	Wholesale of other household goods
4646	-	Wholesale of pharmaceutical goods
4643	-	Wholesale of electrical household appliances
4674	-	Wholesale of hardware, plumbing and heating equipment and supplies

Business Description

Central purchasing organisation specialising in the export of food and non-food goods, including consumer electricals and hardware, personal care, household cleaning and textile products

More Business Descriptions

Sogedial Exploitation is primarily engaged in non-specialised wholesale of food, beverages and tobacco.

Fresh Fruit and Vegetable Merchant Wholesalers

Financial Data

Financials in:	EUR(mil)
Revenue:	280.1
Assets:	59.5
Current Assets:	59.3
Total Liabilities:	59.5
Issued Capital:	2.4
Net Worth:	4.8
Date of Financial Data:	31-Dec-2011

1 Year Growth

11.9%

NA

Key Corporate Relationships

Bank:	Banque Worms, Credit Du Nord, Credit Lyonnais

Corporate Structure News

SOGEDIAL Exploitation SAS
Total Corporate Family Members: 7

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Somaudex-Sogedial	Parent	Le Havre	France	Miscellaneous Financial Services	3.8	7
SOGEDIAL Exploitation SAS	Subsidiary	Le Havre	France	Retail (Grocery)	389.5	74
Gexpa	Subsidiary	Le Havre	France	Miscellaneous Transportation	9.7	40
Logistique Et Transit Martin	Subsidiary	Le Havre	France	Miscellaneous Transportation	12.6	34
Afretair	Subsidiary	Orly	France	Miscellaneous Transportation	3.9	34
Logmat Sa	Subsidiary	Montoir De Bretagne	France	Miscellaneous Transportation	3.6	34
Agence Martin Montoir	Subsidiary	Montoir De Bretagne	France	Miscellaneous Transportation	16.1	20

Executives Report

Executives

Name	Title	Function
Jacques Beril	Directeur Général	Chief Executive Officer
Societe Antillaise Frigorifique - S	President	President
Jean-Claude Bous	Director	Administration Executive
Anne-Claire Peyron	Director	Administration Executive
Philippe Remy	General manager	Administration Executive
Odile Simon	Director	Administration Executive
Fabrice Briard	Responsable Commercial	Sales Executive
Jacques De Labarthe	Commercial director, Purchase manager	Commercial Executive

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Total income	390.9	332.1	308.9
Net sales	389.5	331.6	308.7
Change in stock	-3.2	-1.1	0.5
Subsidies for operating costs	-	0.0	-
Supplementary operating income	0.2	0.0	0.0
Other operating income	1.2	0.5	0.1
Other external charges	2.2	2.0	2.1
Cost of goods sold	382.1	324.0	300.6
Taxes and social security costs	0.6	0.4	0.4
Social charges	1.6	1.4	1.3
Total payroll costs	3.5	3.1	3.0
Fixed asset depreciation and amortisation	0.1	0.1	0.1
Other operating costs	0.3	0.0	0.0
Total operating costs	387.0	329.9	308.0
Net operating income	3.9	2.2	0.9
Total financial income	0.3	0.2	0.2
Interest payable on loans	0.0	0.0	0.1
Other expenses	0.0	0.0	0.0
Total expenses	0.0	0.0	0.1
Profit before tax	4.2	2.4	1.0
Extraordinary income	0.0	0.0	0.0
Extraordinary expenses	0.0	0.0	0.0
Extraordinary result	0.0	0.0	0.0
Total taxation	1.4	0.8	0.2
Profit distributed to employees	0.4	0.3	0.1
Net profit	2.4	1.3	0.7

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Issued capital	3.2	3.3	3.5
Legal reserves	0.0	0.0	0.0
Total reserves	0.7	0.4	0.4
Profits for the year	2.3	1.3	0.7
Total stockholders equity	6.2	5.1	4.7
Trade creditors	62.3	56.0	56.0
Advances received	-	-	0.1
Bank loans and overdrafts	0.0	0.0	-
Current bank debts	-	0.0	-
Other loans	0.5	0.6	-
Other liabilities	6.5	3.9	0.9
Taxation and social security	1.7	1.5	1.3
Total current liabilities	71.1	62.1	58.3
Total debts	71.1	62.1	58.4
Total liabilities (including net worth)	77.3	67.2	63.1
Patents	-	-	0.0
Land	0.0	0.0	0.0
Buildings	0.1	0.1	0.2
Other fixed assets	0.1	0.1	0.1
Other financial assets	0.0	0.0	0.0
Total non-current assets	0.2	0.3	0.3
Net stocks and work in progress	9.9	7.2	6.4
Trade debtors	54.5	39.8	43.5
Other receivables	7.1	4.5	6.4
Prepaid expenses	0.4	0.1	0.0
Cash and liquid assets	5.1	4.2	6.4
Marketable securities	-	11.2	-
Total current assets	77.0	66.9	62.8
Total assets	77.3	67.2	63.1

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	1.10	1.10	1.10
Quick ratio	0.90	1.00	1.00
Total liabilities to net worth	11.46%	12.24%	12.45%
Net worth to total assets	0.08%	0.08%	0.07%
Collection period	45.50	35.90	41.50
Stock turnover rate	36.60	46.90	49.60
Asset turnover	4.71%	5.00%	5.05%
Profit margin	0.01%	0.01%	0.00%
Return on assets	0.05%	0.04%	0.02%
Shareholders' return	0.63%	0.48%	0.21%
Sales per employee	29,633.81	26,066.72	25,106.87
Profit per employee	319.38	188.96	79.27
Average wage per employee	265.57	246.55	245.22
Net worth	6.2	5.1	4.7
Number of employees	62	63	58

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.53
UK Pound	1	Rs.86.82
Euro	1	Rs.69.03

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.