MIRA INFORM REPORT

Report Date :

13.04.2013

IDENTIFICATION DETAILS

Name :	ITM ALIMENTAIRE INTERNATIONAL
Registered Office :	24 Rue Auguste Charbrieres, Paris, 75015
Country :	France
Financials (as on) :	31.12.2009
Date of Incorporation :	15.01.1987
Com. Reg. No.:	341192227
Legal Form :	Private Subsidiary Company
Line of Business :	Subject is primarily engaged in other computer related activities
No. of Employees :	47

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 :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
France	A2	A2

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 & address

Itm Alimentaire International

24 Rue Auguste Charbrieres

Paris, 75015

France

Tel: +33 01 48 56 89 26

Fax: +33 01 69 64 25 52

Synthesis

Employees: 47

Company Type: Private Subsidiary

Corporate Family: 169 Companies

Ultimate Parent: Societe Civile des Mousquetaires

Incorporation Date: 15-Jan-1987

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2009

Reporting Currency: Euro

Annual Sales: 1,421.8

Total Assets: 1,270.5

Note: The company has not filed accounts since 2009

Business Description

Itm Alimentaire International is primarily engaged in other computer related activities.

Industry

Industry Computer Services

ANZSIC 2006: 7000 - Computer System Design and Related Services

NACE 2002: 7260 - Other computer related activities

NAICS 2002: 541519 - Other Computer Related Services

UK SIC 2003: 7260 - Other computer related activities

UK SIC 2007: 6209 - Other information technology and computed service activities

US SIC 1987: 7379 - Computer Related Services, Not Elsewhere Classified

Key Executives

Name Title

Philippe Albert Manzoni President

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855

Corporate Overview

Location

24 Rue Auguste Charbrieres

Paris, 75015

France

Tel: +33 01 48 56 89 26

Fax: +33 01 69 64 25 52

Sales EUR(mil): 1,022.4

Assets EUR(mil): 885.5

Employees: 47

Fiscal Year End: 31-Dec-2009

Industry: Computer Services

Incorporation Date: 15-Jan-1987

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(FRA): 341192227

President: Philippe Albert Manzoni

Industry Codes

ANZSIC 2006 Codes:

7000 - Computer System Design and Related Services

6240 - Financial Asset Investing

NACE 2002 Codes:

7260 - Other computer related activities

6523 - Other financial intermediation not elsewhere classified

NAICS 2002 Codes:

541519 - Other Computer Related Services

5259 - Other Investment Pools and Funds

US SIC 1987:

7379 - Computer Related Services, Not Elsewhere Classified

67 - Holding and Other Investment Offices

UK SIC 2003:

7260 - Other computer related activities

6523 - Other financial intermediation not elsewhere classified

UK SIC 2007:

6209 - Other information technology and computed service activities

6499 - Other financial service activities, except insurance and pension funding, n.e.c.

Business Description

Itm Alimentaire International is primarily engaged in other computer related activities.

Financial Data

Financials in:	EUR(mil)
Revenue:	1,022.4
Assets:	885.5
Current Assets:	520.1
Total Liabilities:	885.5
Issued Capital:	0.0
Net Worth:	248.0
Date of Financial Data:	31-Dec-2009

1 Year Growth

-1.2%

NA

Subsidiaries

Company	Percentage Owned	Country
Itm Alimentaire Centre Est		France
Duc Distribution		France
Scafruits France		France
Le Moulin De La Chaume		France
Les Delices Du Valplessis		France
Itm Alimentaire Ouest		France
Itm Alimentaire Sud Est		France
Soc Centrale Approvis Produits De La M		France
Sarl Fruitiere De Domessin		France
Scapav-France		France
Sca Textile		France
Comi		France
Sca Petrole Et Derives		France
Salaisons Celtiques		France
Itm Alimentaire Nord		France
Itm Alimentaire Centre Ouest		France
Itm Alimentaire Est		France
Itm Alimentaire Region Parisienne		France
Itm Alimentaire Sud Ouest		France
Societe Alimentaire De Guidel		France

Key Corporate Relationships

Bank:	Bred Banque Populaire, Societe Generale

Corporate Family	Corporate Structure News:
	Societe Civile des Mousquetaires Itm Alimentaire International
Itm Alimentaire International Total Corporate Family Members: 169

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Societe Civile des Mousquetaires	Parent	Paris	France	Retail (Department and Discount)	50,241.8	130,000
ITM Polska Sp. z.o.o.	Subsidiary	Poznan	Poland	Retail (Grocery)	1,050.1	9,000
Sca Pr Polska Sp Z O O	Subsidiary	Poznan	Poland	Food Processing	589.5	180
Mak Sp Z O O	Subsidiary	Poznan	Poland	Retail (Specialty)	0.1	91
Mgi Polska Sp Z O O	Subsidiary	Poznan	Poland	Retail (Grocery)	36.3	60
Pascal Sp Z O O	Subsidiary	Pszczyna	Poland	Retail (Grocery)	10.0	60
Begonia Sp Z O O	Subsidiary	Poznan	Poland	Waste Management Services	3.4	10
Honara Sp Z O O	Subsidiary	Kedzierzyn-Kozle	Poland	Retail (Grocery)	3.3	10
Krokus Sp Z O O	Subsidiary	Poznan	Poland	Rental and Leasing	32.2	5
Aniger Sp Z O O	Subsidiary	Gdansk	Poland	Retail (Grocery)	4.2	5
W K Partnerzy Sp Z O O	Subsidiary	Poznan	Poland	Business Services	0.3	5
Riom Sp Z O O	Subsidiary	Poznan	Poland	Retail (Specialty)
Szkwal Sp Z O O	Subsidiary	Piotrkow Trybunalski	Poland	Retail (Grocery)	5.2	54
Laiterie Saint Père SA	Subsidiary	Saint Père en Retz	France	Food Processing	221.2	238
Furic Maree	Subsidiary	Guilvinec	France	Retail (Grocery)		224
Distrivente - Supermercados, LDA	Subsidiary	Benavente, Benavente	Portugal	Retail (Grocery)	7.2	40
ITM Entreprises SASU	Subsidiary	Paris	France	Retail (Department and Discount)	284.4	34
ITM Logistique Alimentaire International SASU	Subsidiary	Paris	France	Trucking	1,165.4	8,500
Societe Vitréenne d'Abattage Jean Rozé SAS	Subsidiary	Vitré	France	Food Processing	963.0	1,499
Saviel France	Subsidiary	Janze	France	Food Processing	315.9	695
Gatine Viandes SAS	Subsidiary	La Guerche de Bretagne	France	Food Processing	233.2	224
Cornille	Subsidiary	Angers	France	Fish and Livestock	29.4	34
Armoricaine Ltd.	Subsidiary	Poole	United Kingdom	Business Services	0.1	2
Societe de Traitement Informatiques des Moyennes Enterprises SAS	Subsidiary	Montrouge	France	Computer Services	265.3	713
Dis Info	Subsidiary	Montrouge	France	Miscellaneous Capital Goods	29.0	74
S.C.O	Subsidiary	St Evarzec	France	Food Processing		600
Antartic ASA SAS	Subsidiary	Saint Martin d'Abbat	France	Beverages (Non-Alcoholic)	178.9	224
SNC Antartic II	Subsidiary	Charmes sur Rhône	France	Food Processing	80.7	157
Kerlys	Subsidiary	Locoal Mendon	France	Food Processing	56.0	224
Les Delices Dauzan	Subsidiary	Castelnau D Auzan	France	Food Processing		224
Les Celluloses De Broceliande	Subsidiary	Ploermel	France	Containers and Packaging	36.5	160
Itmp Portugal - Sociedade De Desenvolvimento E Investimento, S.A.	Subsidiary	Bugalhos, Alcanena	Portugal	Investment Services	22.4	159
Transbase - Transportes E LogÃstica, S.A.	Subsidiary	Bugalhos, Alcanena	Portugal	Trucking	64.2	841
Itmp Alimentar, S.A.	Subsidiary	Bugalhos, Alcanena	Portugal	Retail (Grocery)	1,234.1	276
Soditaias - Supermercados, LDA	Subsidiary	Pataias, Alcobaça	Portugal	Retail (Grocery)	3.0	42
Superalegre - Supermercados, LDA	Subsidiary	Portalegre, Portalegre	Portugal	Retail (Grocery)	4.9	36
Distrimarrujo - Supermercados, LDA	Subsidiary	Porto Salvo, Oeiras	Portugal	Retail (Grocery)	3.8	33
Soditramagal - Supermercados, LDA	Subsidiary	Mangualde, Mangualde	Portugal	Retail (Grocery)	3.6	29
Sodichã - Supermercados, LDA	Subsidiary	Santo António Da Charneca, Barreiro	Portugal	Retail (Grocery)	3.9	26
Distriparedes - Supermercados, LDA	Subsidiary	Paredes Pnf, Penafiel	Portugal	Retail (Grocery)	4.2	25
Superágueda - Supermercados, LDA	Subsidiary	Borralha, �gueda	Portugal	Retail (Grocery)	3.1	23
Superedondo - Supermercados, LDA	Subsidiary	Redondo, Redondo	Portugal	Retail (Grocery)	4.7	22
Distrilendário - Supermercados, LDA	Subsidiary	Vila Nova De Famalicão, Vila Nova De Famalicão	Portugal	Retail (Grocery)	4.6	22
Sodijustrel - Supermercados, LDA	Subsidiary	Aljustrel, Aljustrel	Portugal	Retail (Grocery)	2.2	21
Brico Famões - Sociedade De Distribuição De Bricolage, LDA	Subsidiary	Famões, Odivelas	Portugal	Retail (Home Improvement)	1.2	13
Station Azeméis - Centro De Manutenção De VeÃculos, LDA	Subsidiary	Oliveira De Azeméis, Oliveira De Azeméis	Portugal	Retail (Specialty)	0.9	13
Supermirandela - Centro De Manutenção De VeÃculos, LDA	Subsidiary	Portalegre, Portalegre	Portugal	Retail (Specialty)	0.9	11
Bricomontijo - Sociedade De Distribuição De Bricolage, LDA	Subsidiary	Montijo, Montijo	Portugal	Retail (Home Improvement)	1.1	10
Vêti Pombal - Vestuario E Confecções, LDA	Subsidiary	Pombal, Pombal	Portugal	Retail (Apparel)	0.2	9
Ourém Veti - Vestuário E Confecções, S.A.	Subsidiary	Ourém, Ourém	Portugal	Retail (Apparel)	0.2	2
Superpalmela - Supermercados, LDA	Subsidiary	Palmela, Palmela	Portugal	Retail (Grocery)	0.1	2
Distrialpiarça - Sociedade Gestora De Participações Sociais, LDA	Subsidiary	Alpiarça, Alpiarça	Portugal	Commercial Banks	0.0	1
Superalpiarça - Supermercados, LDA	Subsidiary	Alpiarça, Alpiarça	Portugal	Retail (Grocery)	3.0	22
Superjovim - Supermercados, LDA	Subsidiary	Santo Tirso, Santo Tirso	Portugal	Retail (Grocery)	1.5
Supereguengos - Sociedade De Gestão Imobiliária, LDA	Subsidiary	Reguengos De Monsaraz, Reguengos De Monsaraz	Portugal	Business Services	0.4
Supermó - Supermercados, S.A.	Subsidiary	Porto De Mós, Porto De Mós	Portugal	Retail (Grocery)	0.2
Olhão Veti - Vestuário E Confecções, LDA	Subsidiary	Olhão, Olhão	Portugal	Retail (Apparel)	0.0
Sodimontijo - Supermercados, LDA	Subsidiary	Montijo, Montijo	Portugal	Retail (Grocery)	0.0
Supercastelo - Supermercados, LDA	Subsidiary	Barreiro, Barreiro	Portugal	Retail (Grocery)	0.0
Superjuncal - Supermercados, LDA	Subsidiary	Juncal, Porto De Mós	Portugal	Retail (Grocery)	0.0
Superoque - Supermercados, LDA	Subsidiary	Porto, Porto	Portugal	Retail (Grocery)	0.0
Vêti Arruda - Vestuário E Confecções, LDA	Subsidiary	Arruda Dos Vinhos, Arruda Dos Vinhos	Portugal	Retail (Apparel)	0.0
Vêti Figueira - Vestuário E Confecções, LDA	Subsidiary	Figueira Da Foz, Figueira Da Foz	Portugal	Retail (Apparel)	0.0
Veti Óbidos - Vestuário E Confecções, LDA	Subsidiary	Gaeiras, Óbidos	Portugal	Retail (Apparel)	0.0
Vêti Paredes - Vestuário E Confecções, LDA	Subsidiary	Paredes, Paredes	Portugal	Retail (Apparel)	0.0
Vêti Portalegre - Vestuário E Confecções, LDA	Subsidiary	Portalegre, Portalegre	Portugal	Retail (Apparel)	0.0
Vetiguarda - Vestuário E Confecções, LDA	Subsidiary	Guarda, Guarda	Portugal	Retail (Apparel)	0.0
Mirand	Subsidiary	Juvignac	France	Retail (Grocery)	71.0	149
Sveltic	Subsidiary	Laille	France	Food Processing	62.5	149
Salaisons Du Lignon S A R L	Subsidiary	St Maurice De Lignon	France	Food Processing	59.9	149
Filet Bleu	Subsidiary	St Evarzec	France	Food Processing	45.3	149
Salaisons Du Guemene	Subsidiary	Lorient	France	Food Processing	36.8	149
Scapeche	Subsidiary	Paris	France	Fish and Livestock	34.6	149
Saviel Lhermitage	Subsidiary	Tain L Hermitage	France	Food Processing	3.9	149
Societe Des Biscottes Faissole	Subsidiary	Annot	France	Food Processing	18.3	130
Traiteur De La Touques	Subsidiary	Croisilles	France	Food Processing	35.9	102
Les Moulins De Saint Preuil	Subsidiary	Barbezieux St Hilaire	France	Food Processing	32.8	81
Itm Alimentaire International	Subsidiary	Paris	France	Computer Services	1,421.8	74
Salaisons Celtiques	Subsidiary	Le Sourn	France	Food Processing	117.3	374
Societe Alimentaire De Guidel	Subsidiary	Guidel	France	Food Processing	83.4	149
Les Delices Du Valplessis	Subsidiary	Vitre	France	Food Processing	58.2	149
Snc Le Fournil Du Val De Loire	Subsidiary	Joue Les Tours	France	Food Processing	53.0	149
Duc Distribution	Subsidiary	Sene	France	Retail (Grocery)	37.3	74
Le Moulin De La Chaume	Subsidiary	La Voulte Sur Rhone	France	Apparel and Accessories	28.5	74
Sca Petrole Et Derives	Subsidiary	Paris	France	Oil and Gas Operations	8,359.8	34
Itm Alimentaire Region Parisienne	Subsidiary	Paris	France	Computer Services	2,413.9	34
Itm Alimentaire Sud Ouest	Subsidiary	Paris	France	Computer Services	2,124.4	34
Itm Alimentaire Est	Subsidiary	Paris	France	Computer Services	1,225.7	34
Itm Alimentaire Centre Ouest	Subsidiary	Paris	France	Computer Services		34
Les Ateliers De Saint Valentin	Subsidiary	Nantes	France	Crops		34
Scafruits France	Subsidiary	Paris	France	Food Processing		34
Sca Fleurs Et Plantes	Subsidiary	Paris	France	Miscellaneous Capital Goods		34
Soc Centrale Approvis Produits De La Mer	Subsidiary	Paris	France	Retail (Grocery)		25
Capitaine Houat	Subsidiary	Lorient	France	Food Processing	203.9	350
Capitaine Cook	Subsidiary	Clohars Carnoet	France	Food Processing		250
Moulin De La Marche	Subsidiary	Chateaulin	France	Food Processing	62.0	224
Comi	Subsidiary	Paris	France	Food Processing	17.9	24
Scapav-France	Subsidiary	Paris	France	Food Processing
Regiex Publicite	Subsidiary	Paris	France	Advertising	249.9	74
Moulins De Saint Armel (Les)	Subsidiary	Cleguerec	France	Food Processing	40.1	74
Kerocean	Subsidiary	Questembert	France	Retail (Grocery)	32.0	74
Les Moulins De St Aubert	Subsidiary	Beuvry	France	Food Processing	29.8	74
Les Manufactures Du Chateau	Subsidiary	Nogent Le Rotrou	France	Miscellaneous Transportation	7.8	74
Ronde Des Fraicheurs	Subsidiary	Laplume	France	Food Processing	7.6	74
Sesam Soc D Entret & Soin Auto & Maiso	Subsidiary	Bondoufle	France	Oil and Gas Operations		74
Stepharo	Subsidiary	Narbonne	France	Retail (Grocery)	32.1	59
Huileries & Maiseries P Dumortier Freres	Subsidiary	Tourcoing	France	Food Processing		55
Consommables Et Materiels	Subsidiary	Paris	France	Miscellaneous Capital Goods	76.5	35
Hauller & Fils (Vins Dalsace J)	Subsidiary	Dambach La Ville	France	Beverages (Alcoholic)	24.8	35
Societe Des Eaux Daix Les Bains	Subsidiary	Gresy Sur Aix	France	Beverages (Non-Alcoholic)	12.8	34
Itm Region Parisienne F	Subsidiary	Garancieres En Beauce	France	Food Processing	11.6	34
Mafical	Subsidiary	Mantes La Jolie	France	Retail (Grocery)	31.8	74
Immo Mousquetaires	Subsidiary	Paris	France	Business Services	11.4	34
Immo Mousquetaires	Branch	Bondoufle, Essonne	France	Construction Services
Compagnie Maritime Des Terres Australes	Subsidiary	Paris	France	Fish and Livestock	11.1	34
Itm Sud Ouest F	Subsidiary	Bressols	France	Food Processing	5.2	34
Lamo	Subsidiary	Caussade	France	Retail (Home Improvement)	5.1	14
Secoia	Subsidiary	Paris	France	Investment Services	4.7	34
Alarme Rationnelle Telesurveillee	Subsidiary	Marsannay La Cote	France	Miscellaneous Financial Services	3.3	34
Itm Nord F	Subsidiary	Chaulnes	France	Food Processing	2.0	34
Mazel	Subsidiary	Marles Les Mines	France	Retail (Home Improvement)	1.3	7
Dimer	Subsidiary	Auneau	France	Retail (Grocery)	0.0	34
Les Serres Danjou	Subsidiary	Les Ponts De Ce	France	Crops		34
Itm Sud Est F	Subsidiary	Pierrelatte	France	Food Processing		34
Japet	Subsidiary	Le Boulou	France	Retail (Home Improvement)	5.3	25
Banque Chabrières SA	Subsidiary	Paris	France	Consumer Financial Services		33
I T M (UK) Ltd.	Subsidiary	Canvey Island	United Kingdom	Business Services		25
Itm Centre Est F	Subsidiary	Miribel	France	Food Processing		20
Malank	Subsidiary	Craponne	France	Retail (Apparel)	0.5	14
Soc Des Eaux Des Sources De Paimpont	Subsidiary	Paimpont	France	Beverages (Non-Alcoholic)	8.2	14
Snc Armoricaine Dincineration	Subsidiary	Cornille	France	Personal Services	5.6	14
Deval Sa	Subsidiary	Pierrelatte	France	Miscellaneous Financial Services	2.5	14
Compagnie De Distribution Europeenne	Subsidiary	Paris	France	Commercial Banks		14
Itm Ouest F	Subsidiary	Argentre Du Plessis	France	Food Processing		14
Itm Restauration	Subsidiary	Paris	France	Computer Services	13.2	7
Itm Finances	Subsidiary	Paris	France	Computer Services	3.8	7
Phisol	Subsidiary	Pia	France	Retail (Grocery)	3.0	7
Sgesm Societe Generale Des Eaux De Sources Minerales	Subsidiary	Prades	France	Beverages (Non-Alcoholic)	2.3	7
Itm Est F	Subsidiary	Pagny Sur Meuse	France	Food Processing		7
International Mall Company Polska Sp Z O O	Subsidiary	Poznan	Poland	Engineering Consultants	3.9	5
Agrolog	Subsidiary	Cornille	France	Trucking	4.0	1
Itm Equipement De La Maison - Itm Em	Subsidiary	Paris	France	Computer Services	740.6
Sca Bricolage	Subsidiary	Paris	France	Miscellaneous Capital Goods		45
Sas Equipement De La Maison	Subsidiary	Paris	France	Miscellaneous Capital Goods		34
Sca Jardin Animalerie	Subsidiary	Paris	France	Food Processing		14
Cie Financiere De Participations	Subsidiary	Paris	France	Miscellaneous Financial Services	7.3
Les Delices De St Leonard Snc	Subsidiary	Theix	France	Food Processing		224
Etablissements Delvert	Subsidiary	Malemort Sur Correze	France	Food Processing	22.4	85
Societe Des Eaux Minerales De Luchon	Subsidiary	Bagneres De Luchon	France	Beverages (Non-Alcoholic)	16.2	34
Eaux Minerales Gazeuses Ste Marguerite	Subsidiary	St Maurice	France	Beverages (Non-Alcoholic)	5.7	14
Itm Mousquetaires Vacances Voyages	Subsidiary	Paris	France	Miscellaneous Transportation	1.7
Itm Ressources	Subsidiary	Paris	France	Computer Services	0.9
Dastel	Subsidiary	Garancieres En Beauce	France	Business Services	0.3
Reptide	Subsidiary	Miribel	France	Business Services	0.3
Oberdis	Subsidiary	Pagny Sur Meuse	France	Business Services
Pontadis	Subsidiary	Paris	France	Business Services
Soc Surgelation Produits De La Mer	Subsidiary	Lorient	France	Retail (Grocery)	10.2	34
Sodiquarteira - Supermercados, LDA	Subsidiary	Quarteira, Loulé	Portugal	Retail (Grocery)	6.3	33
Anciens Etablissements Lozach	Subsidiary	Concarneau	France	Retail (Grocery)		33
Sodicastroverde - Supermercados, LDA	Subsidiary	Castro Verde, Castro Verde	Portugal	Retail (Grocery)	6.2	32
Station Gândara - Centro De Manutenção De VeÃculos, LDA	Subsidiary	Leiria, Leiria	Portugal	Retail (Specialty)	1.5	15
Station Portalegre - Centro De Manutenção De VeÃculos, LDA	Subsidiary	Portalegre, Portalegre	Portugal	Retail (Specialty)	1.1	14
Societe Emmadi	Subsidiary	Bondoufle	France	Retail (Apparel)	1.1	14
Otisantos - Vestuário E Confecções, LDA	Subsidiary	Leiria, Leiria	Portugal	Retail (Apparel)	1.3	11
Joemi	Subsidiary	Launaguet	France	Retail (Apparel)	2.5	7
La Maree Du Jour	Subsidiary	Guilvinec	France	Miscellaneous Financial Services		7
Soc Du Camping De La Plage Et Des Dunes	Subsidiary	Plobannalec	France	Recreational Activities	5.3	4
Marrachinho - Supermercados Do Algarve, S.A.	Subsidiary	Albufeira, Albufeira	Portugal	Business Services	2.9
Superarganil - Supermercados, S.A.	Subsidiary	Arganil, Arganil	Portugal	Business Services	0.2

Executive report

Executives

Name	Title	Function
Philippe Albert Manzoni	President	President

Annual profit & loss

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679	0.730637
Consolidated	No	No	No
Total income	1,422.1	1,519.6	1,222.0
Net sales	1,421.8	1,513.0	1,221.8
Supplementary operating income	0.2	6.6	0.2
Other external charges	1,401.0	1,482.5	1,206.1
Taxes and social security costs	3.0	2.9	2.3
Social charges	1.8	0.8	0.6
Total payroll costs	4.5	2.2	1.5
Cost of stock depreciation and amortisation	1.1	-	0.7
Fixed asset depreciation and amortisation	3.8	1.7	1.6
Total operating costs	1,415.3	1,490.1	1,212.7
Net operating income	6.8	29.5	9.2
Total financial income	422.7	349.0	375.7
Interest payable on loans	82.4	110.4	95.0
Other expenses	1.2	1.7	1.7
Total expenses	83.6	112.2	96.8
Profit before tax	345.9	266.3	288.2
Extraordinary income	1.2	0.2	0.2
Extraordinary expenses	5.5	6.6	0.3
Extraordinary result	-4.3	-6.4	-0.2
Net profit	341.6	259.9	288.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No
Issued capital	0.1	0.1	0.1
Total reserves	0.1	0.1	0.1
Profits for the year	352.4	247.0	307.6
Profit brought forward from previous year(s)	3.3	3.2	3.4
Total stockholders equity	355.9	250.4	311.2
Provisions and allowances	5.4	0.2	6.3
Trade creditors	183.5	212.9	186.3
Bank loans and overdrafts	3.1	5.2	1.2
Current bank debts	3.1	5.1	1.1
Other loans	665.0	789.3	514.8
Other liabilities	23.1	2.3	6.1
Debts on fixed assets	7.2	4.6	0.4
Taxation and social security	27.3	34.2	20.7
Total current liabilities	909.3	1,048.5	729.5
Total debts	909.3	1,048.5	729.5
Total liabilities (including net worth)	1,270.5	1,299.1	1,047.1
Patents	7.7	5.2	1.0
Other intangibles	2.3	-	-
Other fixed assets	0.2	0.2	0.3
Long-term investments	2.0	2.0	2.1
Other financial assets	512.1	601.0	377.9
Total non-current assets	524.3	608.4	381.2
Prepayments	0.8	1.4	5.6
Trade debtors	288.4	337.0	247.4
Other receivables	451.0	346.1	404.4
Prepaid expenses	0.1	0.4	0.0
Cash and liquid assets	0.1	0.1	0.5
Marketable securities	5.9	5.7	7.9
Total current assets	746.2	690.7	665.8
Total assets	1,270.5	1,299.1	1,047.1

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No
Current ratio	0.80	0.70	0.90
Quick ratio	0.80	0.70	0.90
Total liabilities to net worth	2.63%	4.28%	2.35%
Net worth to total assets	0.27%	0.19%	0.30%
Collection period	59.70	71.10	57.50
Asset turnover	1.16%	1.11%	1.25%
Profit margin	0.24%	0.18%	0.24%
Return on assets	0.28%	0.20%	0.29%
Shareholders' return	1.03%	1.03%	0.99%
Sales per employee	142,686.06	308,416.86	-
Profit per employee	34,712.19	54,277.94	-
Average wage per employee	455.12	453.29	-
Net worth	355.9	250.4	311.2
Number of employees	47	22	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.44
UK Pound	1	Rs.83.77
Euro	1	Rs.71.33

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.