MIRA INFORM REPORT

Report Date :

25.02.2013

IDENTIFICATION DETAILS

Name :	CHARLATTE MANUTENTION SA
Registered Office :	Route du Boutoir Zone Industrielle Brienon-sur-Armaçon, 89210
Country :	France
Financials (as on) :	30.09.2011
Date of Incorporation :	01.09.1998
Com. Reg. No.:	419926142
Legal Form :	Public Subsidiary
Line of Business :	Manufacture of lifting and handling equipment
No. of Employees :	54

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

Top of Form

Charlatte Manutention SA

Route du Boutoir
Zone Industrielle
Brienon-sur-Armaçon, 89210
France
Tel:	+33 03 86 43 01 30
Fax:	+33 03 86 43 04 66
www.charlatte.fr

Employees:	54
Company Type:	Public Subsidiary
Corporate Family:	85 Companies
Ultimate Parent:	Fayat SAS
Incorporation Date:	01-Sep-1998

Financials in:	USD (mil)
Fiscal Year End:	30-Sep-2011
Reporting Currency:	Euro
Annual Sales:	30.2
Total Assets:	23.3

Business Description

Charlatte Manutention is primarily engaged in manufacture of hand operated or power driven lifting, handling, loading or unloading machinery (pulley tackle and hoists, winches, capstans and jacks; derricks, cranes, mobile lifting frames, straddle carriers, etc.; works trucks, whether or not fitted with lifting or handling equipment whether or not self-propelled, of the type used in factories;mechanical manipulators and industrial robots specifically designed for lifting, handling, loading or unloading); manufacture of conveyors, teleferics, etc.; and manufacture of lifts, escalators and moving walkways. This class also includes: maintenance of lifts and escalators.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2491 - Lifting and Material Handling Equipment Manufacturing
NACE 2002:	2922 - Manufacture of lifting and handling equipment
NAICS 2002:	333924 - Industrial Truck, Tractor, Trailer, and Stacker Machinery Manufacturing
UK SIC 2003:	2922 - Manufacture of lifting and handling equipment
UK SIC 2007:	2822 - Manufacture of lifting and handling equipment
US SIC 1987:	3537 - Industrial Trucks, Tractors, Trailers, and Stackers

Key Executives

Name	Title
Clement Fayat	Directeur Général Délégué
Alain Delaporte	Accounts manager, Director
Louis Galdeano	Commercial director, Marketing director
Jean Claude Fayat	General manager, Member of the Board
Clement Cyprien Fayat	General manager

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.717768
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7453231

Corporate Overview

Location
Route du Boutoir
Zone Industrielle
Brienon-sur-Armaçon, 89210
France

Tel:	+33 03 86 43 01 30
Fax:	+33 03 86 43 04 66

www.charlatte.fr

Sales EUR(mil):	21.7
Assets EUR(mil):	17.4
Employees:	54
Fiscal Year End:	30-Sep-2011

Industry:

Miscellaneous Capital Goods

Incorporation Date:	01-Sep-1998
Company Type:	Public Subsidiary
Quoted Status:	Not Quoted
Registered No.(FRA):	419926142

Directeur Général Délégué:

Clement Fayat

Industry Codes

ANZSIC 2006 Codes:
2491	-	Lifting and Material Handling Equipment Manufacturing

NACE 2002 Codes:
2922	-	Manufacture of lifting and handling equipment

NAICS 2002 Codes:
333924	-	Industrial Truck, Tractor, Trailer, and Stacker Machinery Manufacturing
333922	-	Conveyor and Conveying Equipment Manufacturing

US SIC 1987:
3537	-	Industrial Trucks, Tractors, Trailers, and Stackers
3535	-	Conveyors and Conveying Equipment

UK SIC 2003:
2922	-	Manufacture of lifting and handling equipment

UK SIC 2007:
2822	-	Manufacture of lifting and handling equipment

Business Description

Manufacture of electric airport ramp vehicles

More Business Descriptions

Charlatte Manutention is primarily engaged in manufacture of hand operated or power driven lifting, handling, loading or unloading machinery (pulley tackle and hoists, winches, capstans and jacks; derricks, cranes, mobile lifting frames, straddle carriers, etc.; works trucks, whether or not fitted with lifting or handling equipment whether or not self-propelled, of the type used in factories;mechanical manipulators and industrial robots specifically designed for lifting, handling, loading or unloading); manufacture of conveyors, teleferics, etc.; and manufacture of lifts, escalators and moving walkways. This class also includes: maintenance of lifts and escalators.

Financial Data

Financials in:	EUR(mil)
Revenue:	21.7
Assets:	17.4
Current Assets:	13.0
Total Liabilities:	17.4
Issued Capital:	1.5
Net Worth:	11.6
Date of Financial Data:	30-Sep-2011

1 Year Growth

29.0%

NA

Subsidiaries

Company	Percentage Owned	Country
Charlatte Reservoirs		France
Charlatte Of America, Inc.		United States of America

Key Corporate Relationships

Bank:

Banque Populaire

Corporate Structure News

Charlatte Manutention SA
Total Corporate Family Members: 85

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Fayat SAS	Parent	Bordeaux	France	Construction Services	23.6	37
Razel SAS	Subsidiary	Orsay	France	Construction Services	387.0	2,612
Lachaux Paysage	Subsidiary	Villevaude	France	Commercial Banks		149
Entreprise Bianco Et Compagnie	Subsidiary	Marthod	France	Construction Services	22.4	120
Compagnie De Terrassements Generaux	Subsidiary	Fontenay Sous Bois	France	Construction Services	15.9	34
Razel Cameroun	Subsidiary	Yaoundé	Cameroon	Construction Services
Cari SAS	Subsidiary	Carros	France	Construction Services	448.1	2,317
Fayat Bomag GmbH & Co. Unternehmensführungs KG	Subsidiary	Boppard, Rheinland-Pfalz	Germany	Business Services	684.2	1,500
Bomag (China) Construction Machinery Co., Ltd.	Subsidiary	Shanghai, Shanghai	China	Construction and Agriculture Machinery	40.0	90
Bomag (Shanghai) Compaction Machinery Co., Ltd.	Subsidiary	Shanghai, Shanghai	China	Construction and Agriculture Machinery	11.5	66
BREINING Maschinen- und Fahrzeugbau GmbH	Subsidiary	Remshalden, Baden-Württemberg	Germany	Construction and Agriculture Machinery		35
Fayat Bomag Polska Sp Z O O	Subsidiary	Warszawa	Poland	Construction and Agriculture Machinery	0.0	19
Fayat Batiment	Subsidiary	Carros	France	Construction Services	448.1	1,499
Satelec SAS	Subsidiary	Viry Chatillon	France	Construction Services	285.3	1,499
Satelec (UK) Ltd.	Subsidiary	St Neots	United Kingdom	Biotechnology and Drugs	6.9	14
BOMAG GmbH	Subsidiary	Boppard, Rheinland-Pfalz	Germany	Construction and Agriculture Machinery	447.6	1,150
BOMAG Americas, Inc.	Subsidiary	Kewanee, IL	United States	Construction and Agriculture Machinery	546.3	125
BOMAG (Canada) Inc.	Subsidiary	Mississauga, ON	Canada	Construction and Agriculture Machinery	21.2	20
BOMAG GmbH	Branch	Singapore	Singapore	Construction and Agriculture Machinery		7
Bomag France	Subsidiary	Viry Chatillon	France	Construction and Agriculture Machinery	38.3	1
Bec Frères SA	Subsidiary	Saint-Georges-D'Orques	France	Construction Services	236.5	890
Urbaine de Travaux SAS	Subsidiary	Viry Chatillon	France	Construction Services	153.3	494
SEG-Fayat SAS	Subsidiary	Floirac	France	Construction Services	69.1	149
Service Assistance Maintenance Location SAS	Subsidiary	Grigny	France	Rental and Leasing	36.9	133
Marini SpA	Subsidiary	Alfonsine, Ravenna	Italy	Construction and Agriculture Machinery	155.4	393
Castel et Fromaget SAS	Subsidiary	Fleurance	France	Construction Services	126.0	374
Castel Alu	Subsidiary	Fleurance	France	Construction Services	26.2	74
SEFI Intrafor SAS	Subsidiary	Grigny	France	Construction Services	87.0	289
Societe Des Travaux Dentretien Du Metro	Subsidiary	Ivry Sur Seine	France	Construction Services	9.5	20
Barbot C.M.	Subsidiary	Descartes	France	Construction - Supplies and Fixtures	52.9	250
Nord France Constructions SAS	Subsidiary	Lambersart	France	Construction Services	69.8	224
Semeru SAS	Subsidiary	Viry Châtillon	France	Construction Services	46.5	224
Darras Et Jouanin	Subsidiary	Viry Chatillon	France	Construction - Raw Materials	25.9	224
Barbot CM SAS	Subsidiary	Descartes	France	Construction Services	52.9	208
Fayat Entreprise TP SAS	Subsidiary	Libourne	France	Construction Services	48.3	149
Etablissements L.N Maurice	Subsidiary	St Louis De Montferrand	France	Non-Metallic Mining	6.6	14
Societe Moderne De Pavage	Subsidiary	Floirac	France	Construction Services	11.4
Ateliers de la Chainette SAS	Subsidiary	Parthenay	France	Miscellaneous Capital Goods	45.6	149
Vilquin SAS	Subsidiary	Jarnac	France	Construction Services	39.4	149
Entreprise De Reseaux Et Sources	Subsidiary	St Gregoire	France	Construction Services	33.5	149
Sotraisol Fondations	Subsidiary	Grigny	France	Construction Services	30.7	149
Établissements Dejean Servières SAS	Subsidiary	Caussade	France	Construction - Supplies and Fixtures	30.0	149
Joseph Paris SAS	Subsidiary	Nantes	France	Construction Services	15.2	149
Famaro SAS	Subsidiary	Lorette	France	Construction and Agriculture Machinery		149
Franki Fondation	Subsidiary	Grigny	France	Construction Services	93.8	140
Franki Fundamenty Sp Z O O	Subsidiary	Poznan	Poland	Construction Services	12.0	45
BEC Construction Provence SAS	Subsidiary	Marseille	France	Construction Services	54.8	137
BEC Construction Languedoc Roussillon SASU	Subsidiary	Saint-Georges-d'Orques	France	Construction Services	41.3	120
Mathieu SA	Subsidiary	Toul	France	Miscellaneous Capital Goods	20.4	100
Viry S.A.	Subsidiary	Eloyes, Vosges	France	Construction Services	28.8	76
Le Reservoir	Subsidiary	Montlucon	France	Containers and Packaging	11.3	75
Reservoirs X Pauchard	Subsidiary	Autun	France	Containers and Packaging	6.9	58
Le Reservoir Massal	Subsidiary	Agde	France	Containers and Packaging	9.4	52
Famatec	Subsidiary	Vert St Denis	France	Construction and Agriculture Machinery	10.4	75
Fareco	Subsidiary	Nanterre	France	Electronic Instruments and Controls	31.9	74
Bec Construction Champagne	Subsidiary	Epernay	France	Construction Services	28.8	74
Secmair	Subsidiary	Cosse Le Vivien	France	Construction and Agriculture Machinery	22.3	74
Roux Cabrero Entreprise Generale De Batiment	Subsidiary	Annonay	France	Construction Services	19.0	74
Constructions Metalliques Paimboeuf	Subsidiary	Colombelles	France	Construction - Supplies and Fixtures	13.0	74
Lauxiliaire De Construction Metallique De La Loire	Subsidiary	Saumur	France	Construction - Supplies and Fixtures	11.9	71
Bec Construction Languedoc-Roussillon	Subsidiary	St Georges D Orques	France	Construction Services	41.3	67
Comete Industrie Levage Manutention	Subsidiary	Anthon	France	Construction and Agriculture Machinery	19.2	67
P.T.C.	Subsidiary	Noisy Le Sec	France	Construction and Agriculture Machinery	17.2	62
Ptc Piling Equipment (Far East) Pte Ltd	Subsidiary	Singapore	Singapore	Engineering Consultants		5
Multiphone	Subsidiary	Montrouge	France	Construction Services	10.3	59
Sols Et Fondations	Subsidiary	Amilly	France	Construction Services	12.5	57
Societe De Reseaux Dhennin	Subsidiary	Orgeres En Beauce	France	Construction Services	12.2	57
Charlatte Manutention SA	Subsidiary	Brienon-sur-Armaçon	France	Miscellaneous Capital Goods	30.2	54
Charlatte Reservoirs	Subsidiary	Migennes	France	Containers and Packaging	23.1
Ets Couturier	Subsidiary	Carvin	France	Construction - Supplies and Fixtures	14.5	36
Entreprise De Reseaux Sarthe Et Maine	Subsidiary	Change	France	Construction Services	6.5	35
Sarec	Subsidiary	Floirac	France	Construction Services	31.3	34
Gorasso Transports Et Travaux Publics	Subsidiary	Vouvray	France	Construction Services	10.5	34
Vignobles Clement Fayat	Subsidiary	Parempuyre	France	Beverages (Alcoholic)	8.1	34
Citepark	Subsidiary	Viry Chatillon	France	Electronic Instruments and Controls	5.5	34
Bs Environnement	Subsidiary	Nimes	France	Waste Management Services	4.5	34
Dolci	Subsidiary	Francois	France	Construction Services	3.3	34
Compagnie Industrielle Des Composants Beton	Subsidiary	Aiguillon	France	Construction - Raw Materials	2.5	34
3 D Dominique Declercq Distribution	Subsidiary	Arras	France	Retail (Specialty)		34
Bomag Italia SRL	Subsidiary	Desenzano Del Garda, Brescia	Italy	Miscellaneous Transportation	15.0	16
Transport Tertiaire Industrie	Subsidiary	Noisy Le Sec	France	Construction Services	42.0	14
Vernieres	Subsidiary	Floirac	France	Miscellaneous Capital Goods	8.5	14
Aden France	Subsidiary	Domont	France	Miscellaneous Financial Services	4.9	14
Ravo Holding B.V.	Subsidiary	Alkmaar, Noord-Holland	Netherlands	Miscellaneous Financial Services	63.5
Bulbuloglu Vinc Sanayi Ve Ticaret A S	Subsidiary	Ankara	Turkey	Construction and Agriculture Machinery	35.1

Executives Report

Board of Directors

Name	Title	Function
Jean Claude Fayat	General manager, Member of the Board	Director/Board Member

Executives

Name	Title	Function
Clement Fayat	Directeur Général Délégué	Managing Director
Jean Claude Fayat	General manager, Member of the Board	Administration Executive
Clement Cyprien Fayat	General manager	Administration Executive
Alain Delaporte	Accounts manager, Director	Administration Executive
Patrick Perrot	Director	Administration Executive
Herve Simonot	Director	Administration Executive
Louis Galdeano	Commercial director, Marketing director	Marketing Executive

Annual Profit & Loss

	30-Sep-2011	30-Sep-2010	30-Sep-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.717768	0.740255	0.73971
Consolidated	No	No	No
Total income	32.8	25.1	20.6
Net sales	30.2	22.7	19.4
Change in stock	-0.7	0.9	0.4
Unfinished work in progress	0.6	-0.1	-0.8
Subsidies for operating costs	0.0	0.0	0.0
Supplementary operating income	2.0	2.5	2.1
Other operating income	0.0	0.0	0.0
Other external charges	3.9	3.6	3.0
Cost of goods sold	19.4	11.9	10.1
Taxes and social security costs	0.4	0.3	0.3
Social charges	1.1	1.1	1.1
Total payroll costs	3.0	2.7	2.7
Cost of stock depreciation and amortisation	1.9	2.3	1.9
Fixed asset depreciation and amortisation	0.2	0.2	0.3
Other operating costs	0.0	0.0	0.0
Total operating costs	29.3	23.1	19.8
Net operating income	3.5	2.0	0.8
Total financial income	0.6	0.6	0.5
Interest payable on loans	0.0	0.0	0.1
Other expenses	0.4	0.5	0.4
Total expenses	0.4	0.5	0.4
Profit before tax	3.7	2.1	1.0
Extraordinary income	0.4	0.3	0.0
Extraordinary expenses	0.0	0.1	0.7
Extraordinary result	0.3	0.2	-0.7
Total taxation	1.2	0.8	0.1
Profit distributed to employees	0.2	0.1	-
Net profit	2.6	1.4	0.2

Annual Balance Sheet

Financials in: USD (mil)

	30-Sep-2011	30-Sep-2010	30-Sep-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745323	0.732493	0.684135
Consolidated	No	No	No
Issued capital	2.0	2.0	2.2
Legal reserves	0.2	0.2	0.2
Total reserves	10.8	11.1	4.0
Profits for the year	2.5	1.4	0.2
Profit brought forward from previous year(s)	0.1	-0.1	7.9
Total stockholders equity	15.6	14.7	14.6
Provisions and allowances	1.3	1.0	0.7
Trade creditors	3.3	2.4	1.8
Advances received	-	0.1	0.0
Bank loans and overdrafts	0.8	1.2	1.6
Current bank debts	0.0	0.1	0.0
Other loans	0.4	0.7	1.0
Other liabilities	0.1	0.1	0.1
Debts on fixed assets	0.0	-	-
Income stated in advance	0.0	-	0.0
Taxation and social security	1.6	1.4	1.2
Total current liabilities	5.6	4.9	4.4
Total debts	6.3	5.8	5.8
Regularisation account	0.2	0.2	0.3
Total liabilities (including net worth)	23.3	21.7	21.4
Patents	0.0	0.0	0.0
Land	0.1	0.1	0.1
Buildings	1.4	1.6	1.9
Other fixed assets	0.1	0.1	0.2
Long-term investments	3.3	3.1	3.1
Other financial assets	0.7	0.9	1.0
Total non-current assets	5.7	5.8	6.3
Prepayments	-	0.0	-
Net stocks and work in progress	5.0	3.4	4.8
Trade debtors	7.6	5.9	6.8
Other receivables	2.3	2.9	1.5
Prepaid expenses	0.3	0.2	0.2
Cash and liquid assets	2.1	3.1	1.1
Total current assets	17.4	15.5	14.5
Prepaid expenses and deferred costs	0.2	0.3	0.6
Total assets	23.3	21.7	21.4

Annual Ratios

Financials in: USD (mil)

	30-Sep-2011	30-Sep-2010	30-Sep-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745323	0.732493	0.684135
Consolidated	No	No	No
Current ratio	3.10	3.20	3.30
Quick ratio	2.20	2.50	2.20
Total liabilities to net worth	0.41%	0.41%	0.41%
Net worth to total assets	0.66%	0.66%	0.66%
Collection period	79.70	77.80	99.40
Stock turnover rate	5.80	6.70	4.40
Asset turnover	1.25%	1.06%	0.98%
Profit margin	0.12%	0.09%	0.05%
Return on assets	0.15%	0.10%	0.05%
Shareholders' return	0.23%	0.15%	0.07%
Sales per employee	2,631.72	2,039.96	1,401.60
Profit per employee	320.81	190.12	69.18
Average wage per employee	259.48	246.02	194.90
Net worth	15.6	14.7	14.6
Number of employees	54	54	67

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

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.