MIRA INFORM REPORT

Report Date :

08.10.2013

IDENTIFICATION DETAILS

Name :	KERRY INGRADIENTS FRANCE SAS
Registered Office :	26 rue Jacques Prevert Villeneuve-D'ascq, 59650
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	15.01.1975
Com. Reg. No.:	305305492
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of fruit ingredients for the bakery, confectionery, cereal, snack, chilled dairy and ice cream market sectors
No. of Employees :	312

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 79 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, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.8% of GDP in 2012, while France's public debt rose from 68% of GDP to 90% over the same period. Under President SARKOZY, Paris implemented some austerity measures 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. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, and hiring an additional 60,000 teachers during his five-year term. The government's attempt to introduce a 75% wealth tax on income over one million euros for two years was struck down by the French Constitutional Council in December 2012 because it applied to individuals rather than households. France ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's government has maintained France's commitment to meeting the budget deficit target of 3% of GDP during 2013 even amid signs that economic growth will be lower than the government's forecast of 0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs declined during the second half of 2012 to euro-era lows.

Source : CIA

Company name and address

KERRY INGRADIENTS FRANCE SAS

26 rue Jacques Prevert

Villeneuve-D'Ascq, 59650

France

Tel:	+33 04 90 76 31 31
Fax:	+33 04 90 76 31 63
www.kerryaptunion.com

Employees:	312
Company Type:	Private Subsidiary
Corporate Family:	153 Companies
Ultimate Parent:	Kerry Group PLC
Incorporation Date:	15-Jan-1975

Financials in:	USD (In Millions)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	103.6
Total Assets:	131.5

Business Description

Manufacture of fruit ingredients for the bakery, confectionery, cereal, snack, chilled dairy and ice cream market sectors

Industry

Industry	Food Manufacturing
ANZSIC 2006:	1211 - Soft Drink, Cordial and Syrup Manufacturing
ISIC Rev 4:	1079 - Manufacture of other food products n.e.c.
NACE Rev 2:	1089 - Manufacture of other food products n.e.c.
NAICS 2012:	311930 - Flavoring Syrup and Concentrate Manufacturing
UK SIC 2007:	1089 - Manufacture of other food products n.e.c.
US SIC 1987:	2087 - Flavoring Extracts and Flavoring Syrups, Not Elsewhere Classified

Key Executives

Name	Title
Jean-Baptiste Faure	Accounts manager
Sylvain Chardard	Director

Registered No.(FRA): 305305492

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
26 rue Jacques Prevert
Villeneuve-D'Ascq, 59650
France

Tel:	+33 04 90 76 31 31
Fax:	+33 04 90 76 31 63

www.kerryaptunion.com

Sales EUR(mil):	74.5
Assets EUR(mil):	101.3
Employees:	312
Fiscal Year End:	31-Dec-2011

KeyID^SM:	42405254
Industry:	Beverages (Non-Alcoholic)

Incorporation Date:	15-Jan-1975
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Previous Name:	CIPRIAL SA
Registered No.(FRA):	305305492

Director:	Sylvain Chardard

Industry Codes

ANZSIC 2006 Codes:
1211	-	Soft Drink, Cordial and Syrup Manufacturing
1199	-	Other Food Product Manufacturing Not Elsewhere Classified

ISIC Rev 4 Codes:
1079	-	Manufacture of other food products n.e.c.

NACE Rev 2 Codes:
1089	-	Manufacture of other food products n.e.c.

NAICS 2012 Codes:
311930	-	Flavoring Syrup and Concentrate Manufacturing
311999	-	All Other Miscellaneous Food Manufacturing

US SIC 1987:
2087	-	Flavoring Extracts and Flavoring Syrups, Not Elsewhere Classified
2099	-	Food Preparations, Not Elsewhere Classified

UK SIC 2007:
1089	-	Manufacture of other food products n.e.c.

Business Description

Manufacture of fruit ingredients for the bakery, confectionery, cereal, snack, chilled dairy and ice cream market sectors

More Business Descriptions

Candied Fruits Filling Mfr & Distr

Kerry Ingredients France is primarily engaged in preserving of fruit, nuts, or vegetables: freezing, drying, immersing in oil or in vinegar, canning, etc; manufacture of fruit or vegetable food products; manufacture of jams, marmalades, and table jellies.

Vegetable and Melon Farming

Brand/Trade Names

Kerry

Ravifruit

Financial Data

Financials in:	EUR(mil)
Revenue:	74.5
Assets:	101.3
Current Assets:	39.7
Total Liabilities:	101.3
Issued Capital:	38.7
Net Worth:	9.3
Date of Financial Data:	31-Dec-2011

1 Year Growth

0.6%

NA

Subsidiaries

Company	Percentage Owned	Country
Kerry Savoury Ingredients France		France
Kerry Foods France		France

Key Corporate Relationships

Bank: Bnp Paribas

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 153

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Kerry Group PLC	Parent	Tralee	Ireland	Food Manufacturing	7,514.8	24,182
Kerry Foods Ltd.	Subsidiary	Egham	United Kingdom	Food Manufacturing	1,087.8	5,535
Kerry Foods Ltd.	UK Branch/Trading address	Hyde	United Kingdom	Food Manufacturing	1,087.8	750
Kerry Foods Ltd.	UK Branch/Trading address	Poole	United Kingdom	Food Manufacturing	1,087.8	750
Kerry Foods Direct Sales	UK Branch/Trading address	Southampton	United Kingdom	Trucking	1,087.8	225
Kerry Foods Ltd.	UK Branch/Trading address	Rotherham	United Kingdom	Food Manufacturing	1,087.8	160
Kerry Foods Ltd.	UK Branch/Trading address	Stockport	United Kingdom	Food Manufacturing	1,087.8	80
Kerry Foods Ltd.	UK Branch/Trading address	Inverness	United Kingdom	Food Manufacturing	1,087.8	28
Kerry Foods Ltd.	UK Branch/Trading address	Amersham	United Kingdom	Trucking	1,087.8	27
Kerry Foods Ltd.	UK Branch/Trading address	Rushden	United Kingdom	Trucking	1,087.8	25
Kerry Foods Ltd.	UK Branch/Trading address	Swindon	United Kingdom	Food Manufacturing	1,087.8	25
Kerry Foods	UK Branch/Trading address	Evesham	United Kingdom	Trucking	1,087.8	20
Kerry Foods Ltd.	UK Branch/Trading address	Carlisle	United Kingdom	Food Manufacturing	1,087.8	20
Kerry Foods Ltd.	UK Branch/Trading address	Bridgend	United Kingdom	Food Manufacturing	1,087.8	17
Kerry Foods Ltd.	UK Branch/Trading address	Attleborough	United Kingdom	Food Manufacturing	1,087.8	15
Kerry Foods Ltd.	UK Branch/Trading address	Horsham	United Kingdom	Food Manufacturing	1,087.8	15
Kerry Foods Ltd.	UK Branch/Trading address	Norwich	United Kingdom	Trucking	1,087.8	13
Kerryfresh	UK Branch/Trading address	Shepton Mallet	United Kingdom	Trucking	1,087.8	8
Kerry Inc.	Subsidiary	Beloit, WI	United States	Food Manufacturing	567.0	2,000
Kerry Ingredients & Flavours	Branch	Fredericksburg, IA	United States	Food Manufacturing	362.9	350
Kerry Ingredients & Flavours	Branch	Blue Earth, MN	United States	Food Manufacturing	15.0	200
Kerry Ingredients	Subsidiary	New Century, KS	United States	Food Manufacturing	110.2	170
Kerry Ingredients & Flavours	Branch	Melrose Park, IL	United States	Food Manufacturing	55.8	127
Kerry Ingredients & Flavours	Branch	Owen, WI	United States	Food Manufacturing	95.4	120
Kerry Ingredients & Flavours	Branch	Evansville, IN	United States	Food Manufacturing	51.5	120
Kerry Ingredients & Flavours	Branch	Union City, CA	United States	Food Manufacturing	25.0	101
Kerry Ingredients & Flavours	Branch	Gridley, IL	United States	Food Manufacturing	40.3	100
Kerry Ingredients & Flavours	Branch	Jackson, WI	United States	Food Manufacturing	34.8	100
Kerry Ingredients & Flavours	Branch	Plant City, FL	United States	Food Manufacturing	21.9	95
Kerry Savory, Inc.	Subsidiary	Kent, WA	United States	Food Manufacturing	8.0	90
Kerry Ingredients & Flavours	Branch	Calhoun, GA	United States	Food Manufacturing	25.1	69
Kerry Ingredients & Flavours	Branch	Teterboro, NJ	United States	Food Manufacturing	31.8	60
Kerry Foodservice	Subsidiary	Mansfield, OH	United States	Grocery Wholesale	22.0	50
Kerry Ingredients & Flavours	Branch	Teterboro, NJ	United States	Food Manufacturing	11.4	33
Kerry Ingredients & Flavours	Branch	Greenville, MO	United States	Food Manufacturing	9.0	23
Kerry Ingredients & Flavours	Branch	Elizabeth, NJ	United States	Food Manufacturing	7.0	18
Kerry Ingredients & Flavours	Branch	Grand Rapids, MI	United States	Food Manufacturing	3.8	9
Sheffield Bio-Science	Subsidiary	Beloit, WI	United States	Research and Development Services		7
Kerry Ingredients & Flavours	Branch	Lenexa, KS	United States	Grocery Stores	1.4	5
Kerry Ingredients & Flavours	Branch	Carol Stream, IL	United States	Grocery Stores	1.3	5
Kerry Ingredients & Flavours	Branch	Rogers, AR	United States	Grocery Stores	1.0	4
Kerry Ingredients & Flavours	Branch	Plant City, FL	United States	Food Manufacturing	0.6	2
Guernsey Bel Inc.	Subsidiary	Chicago, IL	United States	Food Manufacturing
Kerry Holdings De México, S.A. De C.V.	Subsidiary
Kerry De México, S.A. De C.V.	Subsidiary	Irapuato, Baja California	Mexico	Food Manufacturing		600
Kerry Ingredients (UK) Ltd.	Subsidiary	Bristol	United Kingdom	Food Manufacturing	664.3	1,996
Kerry Ingredients Australia Pty. Limited	Subsidiary	Sydney, NSW	Australia	Miscellaneous Chemical Manufacturing	368.6	1,000
Food Spectrum Group Pty Ltd	Subsidiary
P. J. Lancaster & Co. Pty. Ltd.	Subsidiary
Food Spectrum	Subsidiary	Nathan, QLD	Australia	Food Manufacturing	39.3	100
Kerry Bio-Science B.V.	Subsidiary	Zwijndrecht	Netherlands	Food Manufacturing		970
Kerry Bio-Science	Subsidiary	Norwich, NY	United States	Food Manufacturing	97.1	125
Kerry Bio-Science	Subsidiary	Rochester, MN	United States	Food Manufacturing	188.0	85
Kerry Food Ingredients (Philippines)	Subsidiary	Lapu-Lapu	Philippines	Food Manufacturing		45
Cargill Flavor Systems	Subsidiary	Cincinnati, OH	United States	Basic Chemical Manufacturing	197.4	700
Cargill Flavor Systems	Branch	Monroe, OH	United States	Basic Chemical Manufacturing	10.1	25
Kerry Ingredients (de Mexico) S.A. de C.V.	Subsidiary	Irapuato	Mexico	Food Manufacturing		500
Rye Valley Foods Ltd	Subsidiary	Co Monaghan	Ireland	Food Manufacturing		450
Kerry do Brasil Ltda.	Subsidiary	Campinas, Sao Paulo	Brazil	Food Manufacturing		400
Noon Group Limited	Subsidiary	Southall	United Kingdom	Grocery Wholesale		375
Kerry Ingredients (M) Sdn Bhd	Subsidiary	Johor Bahru, Johor	Malaysia	Food Manufacturing	221.2	350
Kerry Ingrédients France SAS	Subsidiary	Villeneuve-D'Ascq	France	Food Manufacturing	103.6	312
Kerry Foods France	Subsidiary	Villeneuve D Ascq	France	Grocery Wholesale	21.4	4
Kerry Polska Sp. z.o.o.	Subsidiary	Kielce	Poland	Food Manufacturing		300
Dairy Produce Packers Ltd.	Subsidiary	Coleraine	United Kingdom	Grocery Wholesale	223.3	298
Kerry Ingredients & Flavours Italia S.p.A.	Subsidiary	Mozzo, Bergamo	Italy	Food Manufacturing	88.2	216
Kerry Ingredients & Flavours Limited	Subsidiary	Tralee	Ireland	Food Manufacturing		200
Golden Vale Food Products Limited	Subsidiary	Charleville	Ireland	Food Manufacturing		200
General Mills Bakery & Foodservice Pty Ltd	Subsidiary	Melbourne, VIC	Australia	Grocery Wholesale		200
Leckpatrick Dairies Ltd.	Subsidiary	Coleraine	United Kingdom	Grocery Wholesale	0.0	175
Creamline Products Ltd.	Subsidiary	Coleraine	United Kingdom	Grocery Wholesale	0.0
Golden Vale Foods Ltd.	Subsidiary	Coleraine	United Kingdom	Grocery Wholesale
St Brendans Irish Cream Liqueur Co. Ltd.	Subsidiary	Coleraine	United Kingdom	Alcoholic Beverage Wholesale		50
Old City Bar & Restaurant	UK Branch/Trading address	Canterbury	United Kingdom	Restaurants and Bars		8
E B I Foods Ltd.	Subsidiary	Bristol	United Kingdom	Food Manufacturing		175
Kerry Ingredients	Subsidiary	Elk Grove Village, IL	United States	Food Manufacturing	4.4	145
Dairyborn Foods Ltd.	Subsidiary	Bristol	United Kingdom	Food Manufacturing	0.0	100
Kerry Ingredients (NZ) Limited	Subsidiary	Auckland	New Zealand	Food Manufacturing		100
Kerry Group B.V.	Subsidiary	Almere	Netherlands	Food Manufacturing		100
Kerry Do Brasil Ltda	Subsidiary	Tres Coracoes, Minas Gerais	Brazil	Food Manufacturing		630
Kerry Ingredients Holdings France Sa	Subsidiary	Villeneuve D Ascq	France	Holding Companies		14
Kerri Ooo	Subsidiary	Moscow	Russian Federation	Grocery Wholesale	12.1	8
Kerry Holding Italia SpA	Subsidiary	Mozzo, Bergamo	Italy	Consulting Services	0.9	5
Kerry Foods GmbH	Subsidiary	Kleinheubach, Bayern	Germany	Food Manufacturing		2
KERRY Ingredients GmbH	Subsidiary	Kleinheubach, Bayern	Germany	Food Manufacturing	88.6	179
Kerry Tukania Proca GmbH	Subsidiary	Kleinheubach, Bayern	Germany	Research and Development Services	1.4	10
Kerry Ingredients (S) Pte Ltd	Subsidiary	Singapore	Singapore	Food Manufacturing	0.3
Kerry Food Ingredients (Philippines), Inc.	Subsidiary	Lapu-Lapu City, Cebu	Philippines	Commercial Fishing
Kerry Food Ingredients (Cork) Limited	Subsidiary	Carrigaline	Ireland	Miscellaneous Chemical Manufacturing		100
Kerry Ingredients Trading (Shanghai) Limited	Subsidiary	Shanghai	China	Grocery Wholesale		100
Kerry Food Ingredients (Hangzhou) Company Limited	Subsidiary	Hangzhou, Zhejiang	China	Miscellaneous Chemical Manufacturing	22.4	90
Kerry Treasury Services Limited	Subsidiary	Dublin	Ireland	Executive and Legislature		80
Mastertaste	Subsidiary	Teterboro, NJ	United States	Food Manufacturing	4.3	70
Kerry Ingredients & Flavors	Division	Plant City, FL	United States	Food Manufacturing	11.3	125
Kerry Ingredients & Flavors	Division	Lakeland, FL	United States	Food Manufacturing	2.5	75
Kerry Ingredients & Flavors	Division	Commerce, CA	United States	Food Manufacturing		75
Mastertaste	Division	Clark, NJ	United States	Grocery Wholesale		15
Kerry Savoury Ingredients France S.A.S.	Subsidiary	Villeneuve d'Ascq	France	Food Manufacturing	101.9	65
Kerry (NL) B.V.	Subsidiary	Almere	Netherlands	Food Manufacturing		65
Kerry (Canada) Inc.	Subsidiary	Granby, QC	Canada	Food Manufacturing		65
Golden Cow Dairies Ltd.	Subsidiary	Craigavon	United Kingdom	Grocery Wholesale	0.0	60
Spicemanns Ltd.	Subsidiary	Glasgow	United Kingdom	Food Manufacturing		50
Cereal Innovations Limited	Subsidiary	Peterborough	United Kingdom	Food Manufacturing		50
National Rusks Limited	Subsidiary	Limerick	Ireland	Grocery Wholesale		49
Newmarket Co-operative Creameries Limited	Subsidiary	Newmarket	Ireland	Food Manufacturing		47
Kerry Food Ingredients (Cebu), Inc.	Subsidiary	Mandaue	Philippines	Miscellaneous Chemical Manufacturing		45
Henry Denny & Sons (N.I.)Ltd.	Subsidiary	Craigavon	United Kingdom	Grocery Wholesale	0.0	25
Henry Denny & Sons Ni Ltd.	UK Branch/Trading address	Londonderry	United Kingdom	Grocery Wholesale	0.0	231
Henry Denny & Sons	UK Branch/Trading address	Craigavon	United Kingdom	Trucking	0.0	50
Titusfield Ltd.	Subsidiary	Peterborough	United Kingdom	Food Manufacturing		25
Dale Country Foods Limited	Subsidiary	Newton Aycliffe	United Kingdom	Food Manufacturing		25
Dera Food Technology CZ SRO	Subsidiary	Brno	Czech Republic	Food Manufacturing		20
Kerry Farm Supplies Limited	Subsidiary	Killarney	Ireland	Miscellaneous Wholesale		20
Kerry Hungaria KFT.	Subsidiary	Torokbalint	Hungary	Food Manufacturing		16
Kerry Japan Kabushiki Kaisha	Subsidiary	Tokyo	Japan	Food Manufacturing		10
Kerry (Quebec) Inc.	Subsidiary	Sainte-Claire, QC	Canada	Food Manufacturing	10.2	8
Flavurence Corp	Subsidiary	Commerce, CA	United States	Grocery Wholesale	9.5	5
Kerry Holdings Belgium Nv	Subsidiary	Bornem, Antwerpen	Belgium	Holding Companies	0.3
Kerry Ingredients And Flavours S.R.O.	Subsidiary	Brno	Czech Republic	Chemical Wholesale	12.2	19
North Kerry Milk Products Ltd	Subsidiary	Listowel	Ireland	Food Manufacturing
Spring Thyme Oils Ltd	Subsidiary	Padiham	United Kingdom	Food Manufacturing
Golden Vale (Holland) B.V.	Subsidiary	Almere, Flevoland	Netherlands	Miscellaneous Wholesale
Kerry Ingredients (Thailand) Limited	Subsidiary	Samut Prakan	Thailand	Food Manufacturing
Grove Farm Limited	Subsidiary	Tralee	Ireland	Miscellaneous Professional Services
Ballyfree Farms Limited	Subsidiary	Tralee	Ireland	Grocery Wholesale
Putaxy Limited	Subsidiary	Tralee	Ireland	Food Manufacturing
Jynespo Limited	Subsidiary	Tralee	Ireland
Gerdor Limited	Subsidiary	Tralee	Ireland
Plassey Holdings Limited	Subsidiary	Tralee	Ireland	Miscellaneous Professional Services
Charleville Research Limited	Subsidiary	Tralee	Ireland	Research and Development Services
Accommodation Tralee Limited	Subsidiary		Ireland	Residential and Commercial Building Construction
Denny Foods Limited	Subsidiary	Tralee	Ireland	Grocery Stores
Freshways Limited	Subsidiary	Tralee	Ireland	Food Manufacturing
Super Chill Limited	Subsidiary	Tralee	Ireland	Food Manufacturing
Kerry Group Financial Services	Subsidiary	Tralee	Ireland	Banking
Rye Investments Limited	Subsidiary	Tralee	Ireland	Investment Services
Princemark Holdings Limited	Subsidiary	Tralee	Ireland	Life and Health Insurance
Kerry Savoury Foods Limited	Subsidiary	Wisbech	United Kingdom	Grocery Wholesale
Kerry Ingredients South Africa (Pty) Limited	Subsidiary	Kempton Park, Gauteng	South Africa	Miscellaneous Chemical Manufacturing
Kerry Ingredients GmbH	Subsidiary	Rodgau	Germany	Food Manufacturing
Kerry Ingredients (Ireland) Limited	Subsidiary	Charleville	Ireland	Grocery Wholesale
Lifesource Foods Research Limited	Subsidiary	Mitchellstown, Cork	Ireland	Research and Development Services
Dera Limited	Subsidiary	Kiev	Ukraine	Food Manufacturing
Freshways Limited	Subsidiary	Dublin	Ireland	Food Manufacturing
Kerry Ingredients India Pvt. Limited	Subsidiary	Gurgaon, Haryana	India	Grocery Wholesale
National Food Ingredients Limited	Subsidiary	Tralee	Ireland	Grocery Wholesale
Kerry Ingredients Holdings (France) S.A.	Subsidiary	Apt	France	Investment Services
Kerry Holdings (Ireland) Limited	Subsidiary	Tralee	Ireland	Investment Services
Newmarket Co-op Supervalu Limited	Subsidiary	Newmarket, Cork	Ireland	Grocery Stores
Kerry Holding Co.	Subsidiary	Beloit, WI	United States	Food Manufacturing
Geneva Flavors Inc.	Subsidiary	Waunakee, WI	United States	Grocery Stores
Nutrisens Inc.	Subsidiary	Verdun, QC	Canada	Food Manufacturing
William Blake Limited	Subsidiary	Dublin	Ireland	Grocery Wholesale

Executives Report

Executives

Name	Title	Function
Sylvain Chardard	Director	Administration Executive
Jean-Baptiste Faure	Accounts manager	Sales 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	108.6	104.4	122.2
Net sales	103.6	98.0	117.5
Change in stock	-0.8	-0.3	6.4
Unfinished work in progress	1.4	0.2	-2.2
Subsidies for operating costs	0.2	0.2	0.4
Supplementary operating income	3.3	5.9	6.3
Other operating income	0.1	0.0	0.2
Other external charges	25.1	25.4	28.7
Cost of goods sold	57.5	54.3	58.9
Taxes and social security costs	2.3	2.5	2.7
Social charges	6.0	5.3	7.2
Total payroll costs	13.3	12.2	17.0
Cost of stock depreciation and amortisation	2.0	2.0	4.2
Fixed asset depreciation and amortisation	3.9	3.9	4.2
Other operating costs	0.0	0.1	0.3
Total operating costs	109.3	105.4	129.7
Net operating income	-0.7	-0.9	-7.4
Total financial income	0.3	0.4	0.5
Interest payable on loans	0.3	0.3	1.3
Other expenses	0.2	0.3	0.3
Total expenses	0.5	0.6	1.6
Profit before tax	-1.0	-1.2	-8.5
Extraordinary income	1.9	9.9	7.7
Extraordinary expenses	1.5	9.3	22.3
Extraordinary result	0.4	0.6	-14.5
Net loss	0.6	0.6	23.1

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	50.3	52.0	55.6
Profits for the year	-0.5	-0.6	-23.8
Profit brought forward from previous year(s)	-39.1	-39.8	-18.7
Capital subsidies and grants	1.4	1.6	1.9
Total stockholders equity	12.1	13.2	15.0
Provisions and allowances	1.8	2.5	13.2
Trade creditors	15.8	15.8	16.9
Bank loans and overdrafts	0.7	4.1	0.0
Current bank debts	0.7	4.1	0.0
Other loans	92.5	89.9	88.5
Other liabilities	1.7	2.0	2.4
Debts on fixed assets	0.6	0.7	0.7
Income stated in advance	0.4	0.4	0.3
Taxation and social security	5.9	6.3	7.7
Total current liabilities	40.7	43.7	46.5
Total debts	117.6	119.2	116.5
Regularisation account	0.0	0.0	0.0
Total liabilities (including net worth)	131.5	134.9	144.7
Patents	0.4	0.5	0.6
Goodwill	0.2	0.3	0.4
Land	1.7	1.8	1.9
Buildings	7.9	9.3	10.4
Other fixed assets	10.6	11.8	13.3
Long-term investments	55.7	57.6	61.6
Other financial assets	3.4	1.4	1.4
Total non-current assets	79.9	82.8	89.7
Prepayments	0.2	0.7	0.2
Net stocks and work in progress	33.6	32.2	31.8
Trade debtors	15.2	16.4	16.7
Other receivables	2.1	2.3	3.5
Prepaid expenses	0.4	0.4	0.3
Cash and liquid assets	0.0	0.2	2.5
Total current assets	51.6	52.2	55.0
Prepaid expenses and deferred costs	0.1	0.0	0.0
Total assets	131.5	134.9	144.7

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	1.30	1.20	1.20
Quick ratio	0.40	0.50	0.50
Total liabilities to net worth	10.33%	9.58%	8.31%
Net worth to total assets	0.09%	0.09%	0.10%
Collection period	47.80	50.10	41.80
Stock turnover rate	2.90	3.10	3.80
Asset turnover	0.74%	0.74%	0.84%
Profit margin	-0.01%	-0.01%	-0.07%
Return on assets	-0.01%	-0.01%	-0.06%
Shareholders' return	-0.08%	-0.10%	-0.63%
Sales per employee	1,566.15	1,407.59	1,251.18
Profit per employee	-14.79	-16.95	-90.98
Average wage per employee	201.15	175.24	181.36
Net worth	12.1	13.2	15.0
Number of employees	312	345	443

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.99.06
Euro	1	Rs.83.84

INFORMATION DETAILS

Report Prepared by :

SDA

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.