MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	BORDE SA

Registered Office :	Les Gardelles, 43170 Saugues

Country :	France

Date of Incorporation :	November 1973

Com. Reg. No.:	RCS Le Puy 7 788 267 292

Legal Form :	Public limited company with board of directors

Line of Business :	Other processing and preserving of vegetables

No. of Employees :	20 to 49 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually Correct

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

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

France - ECONOMIC OVERVIEW

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

Source : CIA

company summary

Top of Form


	Name	BORDE SA	SIRET	788 267 292 00043

Personal comment

		EUR VAT Number	FR88788267292
Activity (APE)	Autre transformation et conservation de légumes (1039A) (Other processing and preserving of vegetables (1039A))	Legal form	Public limited company with board of directors
Phone	04 71 77 70 70	RCS Registration	RCS Le Puy 7 788 267 292
Fax	04 71 77 70 90	Share capital	200,000 Euros
Address	BORDE SA LES GARDELLES 43170 SAUGUES	Incorporated Date	11/1973
Nationality	France	Status	Economically active

Current Directors

company details

Activity (APE)	Autre transformation et conservation de légumes (1039A)
RCS Registration	RCS Le Puy 7 788 267 292	Share capital	200,000 Euros
Registration Court	Le Puy (43)	Legal form	Public limited company with board of directors
Court Registry Number	19 7 3B000	EUR VAT Number	FR88788267292
Incorporation Date	11/1973	Formation Date	01/1973
Deregistration Date		Last account Date	N/A
Nationality	France

Establishment details

Activity (APE)	Autre transformation et conservation de légumes (1039A)	Business Pages FT®
Postal Address	BORDE SA LES GARDELLES 43170 SAUGUES	Trading Address	LES GARDELLES 43170 SAUGUES
Telephone	04 71 77 70 70
Fax	04 71 77 70 90

Type	Head office	Status	Economically active
Formation Date	05/1997	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Haute-Loire (43)	Region	Auvergne
District	2	Area	25
City	SAUGUES	Size of urban area	Establishment in a rural municipality

Other establishments

	Branches	2 branch entities in this company


	Head office	> BORDE SA <<< - Autre transformation et conservation de légumes (1039A) in SAUGUES (43170)

	Secondary establishments	> BORDE SA - Transformation et conservation de légumes (153E) in SAUGUES (43170) > BORDE SA - Transformation et conservation de légumes (153E) in SAUGUES (43170) > BORDE SA - Autre transformation et conservation de légumes (1039A) in COUBON (43700)

	Regionality	Legal unit with all establishments in same area

	Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

20 to 49 employees

Company workforce

50 to 99 employees

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	28/10/2010
Status of Monitoring	No social security and tax office preferential right to date

Group data

Linkages

No linked companies

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
08/11/2012	Bodacc B	Modification et mutation diverse

43 - HAUTE-LOIRE GREFFE DU TRIBUNAL DE COMMERCE DU PUY 1614 - 788 267 292 RCS Le Puy en Velay. BORDE SA. Forme : Société Anonyme à Conseil d'Administration. Enseigne : CHAMPIGNON,CHAMPIGNONS,TRUFFES,FRUITS ROUGES. Administration : ALIX Jean-Pierre Marie nom d'usage : ALIX n'est plus commissaire aux comptes titulaire. Sté par actions simplifiée MAZARS ALIX devient commissaire aux comptes titulaire. Activité : . Commentaires : Modification de l'administration.
19/02/2012	Bodacc B	Modification et mutation diverse

43 - HAUTE-LOIRE GREFFE DU TRIBUNAL DE COMMERCE DU PUY 332 - 788 267 292 RCS Le Puy-en-Velay. BORDE SA. Forme : Société anonyme à conseil d'administration. Enseigne : CHAMPIGNON,CHAMPIGNONS,TRUFFES,FRUITS ROUGES. Administration : Président du C.A.et direct.gal : BORDE Alain Alexandre Claude Administrateur : BORDE Gérard Alexandre Administrateur : PLUYE Josette Commissaire aux comptes titulaire : ALIX Jean-Pierre Marie Commissaire aux comptes suppléant : DUCHAMPT Marie-Christine. Capital : 200000 EUR. Activité : Tous produits alimentaires, achat,vente,import,export,negoce,transformation. Adresse de l’établissement principal : les Gardelles, 43170 Saugues. Adresse du siège social : les Gardelles, 43170 Saugues. Commentaires : Changement de commissaire aux comptes. Date de commencement de l’activité : 01/08/1973. Date d’effet : 24/06/2004.
12/10/2011	Bodacc B	Modification et mutation diverse

43 - HAUTE-LOIRE GREFFE DU TRIBUNAL DE COMMERCE DU PUY 1990 - 788 267 292 RCS Le Puy-en-Velay. BORDE SA. Forme : Société anonyme à conseil d'administration. Enseigne : CHAMPIGNON,CHAMPIGNONS,TRUFFES,FRUITS ROUGES. Administration : Président du C.A.et direct.gal : BORDE Alain Alexandre Claude Administrateur : BORDE Gérard Alexandre Administrateur : PLUYE JOSETTE Commissaire aux comptes titulaire : ALIX Jean-Pierre Marie Commissaire aux comptes suppléant : JOUVE Jean-Pierre. Capital : 200000 EUR. Activité : Tous produits alimentaires, achat,vente,import,export,negoce,transformation. Adresse de l’établissement principal : les Gardelles, 43170 Saugues. Adresse du siège social : les Gardelles, 43170 Saugues. Commentaires : Démission administrateur+directeur général délégué. Date de commencement de l’activité : 01/08/1973. Date d’effet : 14/09/2011.
30/09/2011	JAL	Resignation / Revocation of the social representative

Renouveau (Le) Date de décision : 14/09/2011 La société 788267292 - BORDE SA, LES GARDELLES, 43170 SAUGUES Fait l'objet du départ de Monsieur Michel BORDE Monsieur Michel BORDE Date d'effet : 14/09/2011
27/12/2002	Bodacc B	Modifications et mutations diverses

RCS Le Puy B 788267292 RC 73-B 59 BORDE S.A. Forme : S.A. à conseil d' administration. Capital : 200 000 euros. Adresse du siège social : Les Gardelles, 43170 Saugues. Administration : administrateurs : BORDE (Gérard, Alexandre) M m e BORDE, née PLUYE ( Josette). Commissaire aux comptes titulaire : ALIX (Jean, Pierre). Commissaire aux comptes suppléant : JOUVE (Jean-Pierre). Directeur général délégué et administrateur : BORDE ( Michel, Joseph, Gérard). Président du conseil d'administration et directeur général : BORDE (Alain, Alexandre, Claude). Ancien P.-D.G. : BORDE (Alain, Alexandre, Claude). Ancien directeur général et administrateur : BORDE ( Michel, Joseph, Gérard) Etablissement principal: Activité : achat, vente, import-export, négoce et transformation de tous produits alimentaires. Adresse : Les Gardelles, 43170 Saugues. Date d'effet : 13 novembre 2002.
31/01/2001	Bodacc B	Modifications et mutations diverses

Ancienne situation du siège social. RCS Le Puy B 788267292 RC 73-B 59 BORDE S.A. Forme : S.A. à conseil d'administration. Capital : 1 000 000 de F. Adresse : Les Gardelles, 43170 Saugues. Administration : Nouvelle situation du siège social. Capital : 200 000 euros Etablissement principal: Activité : tous produits alimentaires, achat, vente, import- export, négoce et transformation. Adresse : Les Gardelles, 43170 Saugues. Commentaires : augmentation du capital et conversion en euros. Date d'effet : 7 décembre 2000.
29/08/1999	Bodacc B	Modifications et mutations diverses

RCS Le Puy B 788267292 RC 73-B 59 BORDE S.A. Forme : S.A. à conseil d' administration. Capital : 1 000 000 de F. Adresse du siège social : Les Gardelles, 43170 Saugues. Administration : P.-D.G. : BORDE (Alain, Alexandre, Claude). Directeur général et administrateur : BORDE (Michel, Joseph, Gérard). Administrateurs : BORDE (Gérard, Alexandre) Mme BORDE, née PLUYE ( Josette). Commissaire aux comptes titulaire : ALIX (Jean, Pierre). Commissaire aux comptes suppléant : JOUVE (Jean, Pierre). Ancien P.-D.G. : BORDE (Gérard). Ancien administrateur : BORDE (Michel) Etablissement principal: Activité : achat, vente, import-export, négoce et transformation de tous produits alimentaires. Adresse : Les Gardelles, 43170 Saugues. Date d'effet : 16 juillet 1999.
30/08/1997	Bodacc B	Modifications et mutations diverses

RCS Le Puy B 788 267 292 RC 73-B 59 BORDE S.A. Forme : S.A. à conseil d' administration. Capital : 1 000 000 de F. Adresse du siège social : Les Gardelles 43170 Saugues Etablissement principal: Activité : champignons sylvestres, conditionnement, séchage ou mise en conserves. Adresse : Les Gardelles 43170 Saugues ETABLISSEMENT PRINCIPAL nouvelle situation. Activité : achat, vente, import-export, négoce et transformation de tous produits alimentaires. Date d'effet : 26 juin 1997.
18/08/1997	Bodacc B	Modifications et mutations diverses

RCS o. RCS Le Puy B 788 267 292 RC RC 73- B 59 BORDE S.A. Forme : S.A. à conseil d' administration. Capital : 1 000 000 de F. Adresse du siège social : Les Gardelles 43170 Saugues. Commentaires : ancienne adresse du siège social : rue Alexandre- Borde, 43170 Saugues. Ancienne dénomination : SOCIETE D'EXPLOITATION DES ETABLISSEMENTS BORDE GERARD Etablissement principal: Activité : conditionnement, séchage ou mise en conserve de champignons sylvestres. Adresse : Les Gardelles 43170 Saugues. Date d'effet : 26 mai 1997.

Company events history

Date	Description
08/11/2012	Bodacc B: Various editing or changing
26/10/2012	Minutes of general meeting of shareholders
03/04/2012	Updated articles of association
03/04/2012	Minutes of general meeting of shareholders
02/03/2012	Disengagement in other companies
19/02/2012	Bodacc B: Various editing or changing
09/02/2012	New auditor
09/02/2012	Minutes of general meeting of shareholders
12/10/2011	Bodacc B: Various editing or changing
30/09/2011	Legal Gazette: Resignation / Revocation of the social representative
29/09/2011	Changes to the Board of Directors
29/09/2011	Minutes of general meeting of shareholders
28/10/2010	Collection of preferential rights activated for this company
02/03/2010	Update of participations in other companies
12/12/2002	Modification du Conseil d'Administration
12/12/2002	Acte sous seing privé
12/12/2002	Acte modificatif
12/12/2002	Nomination/démission des organes de gestion
12/12/2002	Statuts mis à jour
12/12/2002	PV du Conseil d'Administration
12/12/2002	PV d'Assemblée
12/01/2001	Augmentation de Capital
12/01/2001	Conversion du Capital Social en Euros
12/01/2001	Acte sous seing privé
12/01/2001	PV d'Assemblée
12/01/2001	Statuts mis à jour
11/08/1999	Acte sous seing privé
11/08/1999	Acte modificatif
11/08/1999	PV d'Assemblée
11/08/1999	Nomination/démission des organes de gestion
11/08/1999	PV du Conseil d'Administration
11/08/1999	Modification du Conseil d'Administration
11/08/1999	Changement de Président (PDG, PCA)
05/08/1997	PV d'Assemblée
05/08/1997	Acte sous seing privé
05/08/1997	Modification de l'objet social
05/08/1997	Statuts mis à jour
01/08/1997	Changement de dénomination sociale
01/08/1997	Transfert du Siège dans le ressort du Tribunal de Commerce
01/08/1997	PV d'Assemblée
01/08/1997	Statuts mis à jour
01/08/1997	Acte sous seing privé
10/08/1994	Modification du Conseil d'Administration
10/08/1994	Nomination/démission des organes de gestion
10/08/1994	PV d'Assemblée
27/07/1993	Acte modificatif
27/07/1993	Statuts mis à jour
27/07/1993	PV du Conseil d'Administration
27/07/1993	Déclaration de conformité
27/07/1993	Transfert du Siège dans le ressort du Tribunal de Commerce

Establishment events history

Date	Description
02/02/2013	Update Rating
07/04/2012	Update Rating
07/10/2011	Update Rating
08/08/2011	Update Rating
07/05/2011	Update Limit
06/05/2011	Update Rating
22/01/2011	Update Limit
21/01/2011	Update Rating
04/09/2010	Update Limit
25/07/2010	Update Limit
14/09/2009	Update Limit
14/09/2009	Update Rating
02/02/2009	Update Rating
02/02/2009	Update Limit
16/12/2007	Update Limit
11/12/2007	Update Limit

directors

Name	M. BORDE ALAIN ALEXANDRE CLAUDE
Manager position	Président du conseil d'administration, Directeur général	Date of birth	28/04/1966
Place of birth	CHADRAC(43)
Type	Individual	Name at birth

Name	M. BORDE GÉRARD ALEXANDRE
Manager position	Administrateur	Date of birth	25/04/1935
Place of birth	SAUGUES(43)
Type	Individual	Name at birth

Name	Mme. BORDE JOSETTE
Manager position	Administrateur	Date of birth	31/03/1940
Place of birth	ST ETIENNE(42)
Type	Individual	Name at birth	PLUYE

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Président du conseil d'administration	M ALAIN ALEXANDRE CLAUDE BORDE	28/04/1966 - 43 CHADRAC
Président du conseil d'administration	M ALAIN BORDE	28/04/1966 - CHADRAC
Directeur général	M ALAIN ALEXANDRE CLAUDE BORDE	28/04/1966 - 43 CHADRAC
Directeur général	M ALAIN BORDE	28/04/1966 - CHADRAC
Directeur général délégué	M MICHEL BORDE	14/07/1967 - SAUGUES
Administrateur	Mme BORDE	31/03/1940 - 42 ST ETIENNE
Administrateur	M GERARD ALEXANDRE BORDE	25/04/1935 - 43 SAUGUES
Administrateur	M MICHEL BORDE	14/07/1967 - SAUGUES
Directeur général	M ALAIN ALEXANDRE CLAUDE BORDE	28/04/1966 - 43 CHADRAC

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.09
UK Pound	1	Rs.82.47
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

MNL

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.