MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	SIIF
Registered Office :	Zone De Kergouaran, 130 Rue Leonard De Vinci, 56850 Caudan
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	May 2008
Com. Reg. No.:	RCS Lorient 0 504 328 527
Legal Form :	Simplified Joint Stock Company
Line of Business :	Engineering of new projects • Manufacturing and tuning in SiiF workshops • Installation and run off in foundries in Europe, America, Africa and Asia • The after-sales service and supply of spare parts Engineering of new projects • Manufacturing and tuning in SiiF workshops • Installation and run off in foundries in Europe, America, Africa and Asia • The after-sales service and supply of spare parts Engineering of new projects • Manufacturing and tuning in SiiF workshops • Installation and run off in foundries in Europe, America, Africa and Asia • The after-sales service and supply of spare parts • Engineering of new projects • Manufacturing and tuning in SiiF workshops • Installation and run off in foundries in Europe, America, Africa and Asia • The after-sales service and supply of spare parts • Engineering of new projects • Manufacturing and tuning in SiiF workshops • Installation and run off in foundries in Europe, America, Africa and Asia • The after-sales service and supply of spare parts • Engineering of new projects • Manufacturing and tuning in SiiF workshops • Installation and run off in foundries in Europe, America, Africa and Asia • The after-sales service and supply of spare parts • Engineering of new projects • Manufacturing and tuning in SiiF workshops • Installation and run off in foundries in Europe, America, Africa and Asia • The after-sales service and supply of spare parts · Engaged in engineering of New Projects · Engaged in Manufacturing & tuning in SiiF workshops · Engaged in Installation & run off in foundries in Europe, America, Africa & Asia · Engaged as an After Sales Services & Supply of Spares Parts Subject product ranges includes: · Cooling · Core Knock Out · Deburing / Finishing · Non Destructive Testing · Pre-machining
No of Employees :	18 (31.12.2011)

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 :	Unknown
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 82 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 mitigate economic inequality. France's real GDP stagnated in 2012 and 2013. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2013. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 22.8% in the fourth quarter of 2013. Lower-than-expected growth and high spending have strained France's public finances. The budget deficit rose sharply from 3.3% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.1% of GDP in 2013, while France's public debt rose from 68% of GDP to nearly 94% over the same period. In accordance with its EU obligations, France is targeting a deficit of 3.6% of GDP in 2014 and 2.8% in 2015. The administration of President Francois HOLLANDE has implemented greater state support for employment, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, including a temporary 75% tax on wages over one million euros, and hiring an additional 60,000 teachers during his five-year term. In January 2014 HOLLANDE proposed a “Responsibility Pact” aimed primarily at lowering labor costs in return for businesses’ commitment to create jobs. Despite stagnant growth and fiscal challenges, France's borrowing costs have declined in recent years because investors remain attracted to the liquidity of France’s bonds.

Source : CIA

Company summary

Activity · Engaged in engineering of New Projects · Engaged in Manufacturing & tuning in SiiF workshops · Engaged in Installation & run off in foundries in Europe, America, Africa & Asia · Engaged as an After Sales Services & Supply of Spares Parts	EUR VAT Number FR60504328527
	Legal form Simplified joint stock company
Phone 02 97 81 04 30 Phone: +33(0)2 97 81 04 30 Email: info@siif.fr	RCS Registration RCS Lorient 0 504 328 527
Fax 02 97 76 52 13	Share capital 200,200 Euros
SIIF
Address ZONE DE KERGOUARAN 130 RUE LEONARD DE VINCI	Incorporated 05/2008 Date
56850 CAUDAN
Nationality France	Status Economically active

Payment Information Summary - Trade Payment Data
Total number of Invoices available	9
Total number of Invoices paid within or up to 30 days after the due date	9
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0
No social security and tax office preferential right to date

Current Directors

1

Trading to Date	12/31/2011
Turnover	5,794,459 €
Gross Operating Surplus	21.11 % Turnover
Shareholders' equity	1,350,032 €
Net result	662,467 €
Employees	18 (31.12.2011)

No trends info for the company

Company details

Activity (APE)	· Engaged in engineering of New Projects · Engaged in Manufacturing & tuning in SiiF workshops · Engaged in Installation & run off in foundries in Europe, America, Africa & Asia · Engaged as an After Sales Services & Supply of Spares Parts
Product Details	· Cooling · Core Knock Out · Deburing / Finishing · Non Destructive Testing · Pre-machining
RCS Registration	RCS Lorient 0 504 328 527 Share capital	200,200 Euros
Registration Court	Lorient (56) Legal form	Simplified joint stock
Nationality	France	company
Court Registry Number	20 0 8B00479 EUR VAT Number	FR60504328527
Incorporation Date	05/2008 Formation Date	05/2008
	Last account Date	31/12/2011

Establishment details

Activity (APE)	· Engaged in engineering of New Projects · Engaged in Manufacturing & tuning in SiiF workshops · Engaged in Installation & run off in foundries in Europe, America, Africa & Asia · Engaged as an After Sales Services & Supply of Spares Parts	Trading Address
		130 RUE LEONARD DE VINCI 56850 CAUDAN
Postal Address	SIIF
	ZONE DE KERGOUARAN 130 RUE LEONARD DE VINCI 56850 CAUDAN	130 RUE LEONARD DE
		V NC
		56850 CAUDAN
Telephone	02 97 81 04 30

Type Head office Status Economically active

Formation Date 05/2011 Reason for formation Formation

City CAUDAN

Other establishments

Branches 1 branch entities in this company

Head office > SIIF <<< - Ingénierie, études techniques (7112B) in CAUDAN (56850)

Secondary establishments > SIIF - Ingénierie, études techniques (7112B) in CAUDAN (56850)

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 10 to 19 employees

Company workforce 18 (31.12.2011)

Accounts

Synthesized accounts

Display parameter
Currency	Euro
Comparison mode	Median

Annual Accounts	31/12/2011
Account period (month)	12
Account Type	Normal
Date of capture	22/04/2013
Activity Code	7112B
Employees	18 - -

Active account

Annual Accounts	31/12/2011	Sector
		Median 2011
Capital not called	0	0	0%
Total fixed assets	374,271	10,651.50	3413.8%
- Intangible assets	0	0	0%
- Tangible assets	361,757	3,991	8964.3%
- Financial assets	12,514	330	3692.1%
Net current assets	4,034,191	131,852	2959.6%
- Stocks	612,509	0	0%
- Advanced payments	41,600	0	0%
- Receivables	1,169,648	61,439.50	1803.7%
- Securities and cash	2,210,434	35,508	6125.2%
- Prepaid expenses	-	128	-
Accounts of regularization	0	0	0%
Total Assets	4,408,462	164,049.50	2587.3%

Passive Account

Annual Accounts	31/12/2011		Sector Median 2011
Shareholders' equity	1,350,032		58,006	2227.4%
Share capital	200,200		10,000	1902.0%
Other capital resources	0		0	0%
Risk Provisions	145,950		0	0%
Liabilities	2,911,223		84,032.50	3364.4%
- Financial liabilities	459,584		6,656.50	6804.3%
- Advanced payments received	216,374		0	0%
- Trade account payables	927,316		10,606.50	8642.9%
- Tax and social liabilities	480,464		47,645	908.4%
- Other debts and fixed assets liabilities	4,599		3,123.50	47.2%
Account regularization	824,144		0	0%
Total liabilities	4,408,462		164,021	2587.7%
Results
Annual Accounts	31/12/2011	Sector Median 2011
Sales of Goods	5,927,387	197,530.50		2900.7%
Net turnover	5,794,459	189,009		2965.7%
- of which net export turnover	2,673,678	0		0%
Operating charges	4,935,348	181,041		2626.1%
Operating profit/loss	992,039	12,937		7568.2%
Financial income	15,579	05		311480.0%
Financial charges	12,498	179		6882.1%
Financial profit/loss	3,081	0		0%
Pretax net operating income	995,120	13,122.50		7483.3%
Extraordinary income	17,516	0		0%
Extraordinary charges	22,573	49		45967.3%
Extraordinary profit/loss	-5,057	0		0%
Net result	662,467	12,285		5292.5%

Display parameter
Currency	Euro

Normal Account	31/12/2011
Months	12

Accounts - Active

Grand Total - Passive Accounts (I to IV)

		31/12/2011
Grand Total (I to VI)	Net	4,408,462
Gross	CO	4,589,875
Amortisation	1A	181,413

Non declared distributed capital (I)

		31/12/2011
Non declared distributed
capital (I)	AA3	0
Gross	AA	0

Active fixed asset (II)

		31/12/2011
Total Active fixed asset (II) Net		374,271
Gross	BJ	525,984
Amortisation	BK	151,713
intangible fixed assets
		31/12/2011
Start-up cost	Net	0
Gross	AB	0
Amortisation	AC	0
R & D expenses	Net	0
Gross	CX	0
Amortisation	AE	0
Distributorships, patents	Net	0
Gross	AF	67,769
Amortisation	AG	67,769
Goodwill	Net	0
Gross	AH	0
Amortisation	AI	0
Other intangible fixed assets	Net	0
Gross	AJ	0
Amortisation	AK	0
Pre-payments and downpayments	Net	0
Gross	AL	0
Amortisation	AM	0
Sub Total Intangible Assets Net		0

Tangible fixed assets

			31/12/2011
Lands		Net	21,371
	Gross	AN	22,323
	Amortisation	AO	952
Buildings		Net	0
	Gross	AP	0
	Amortisation	AQ	0
Plant		Net	50,879
	Gross	AR	82,167
	Amortisation	AS	31,288
Other tangible fixed assets		Net	289,507
	Gross	AT	341,211
	Amortisation	AU	51,704
Fixed assets in construction		Net	0
	Gross	AV	0
	Amortisation	AW	0
Advances and payments on account		Net	0
	Gross	AX	0
	Amortisation	AY	0
Sub Total Tangible asset		Net	361,757

Financial assets

		31/12/2011
Associates at equity	Net	0
Gross	CS	0
Amortisation	CT	0
Other participations	Net	15
Gross	CU	15
Amortisation	CV	0
Inter-company receivables	Net	0
Gross	BB	0
Amortisation	BC	0
Other investment securities	Net	0
Gross	BD	0
Amortisation	BE	0
Loans	Net	0
Gross	BF	0
Amortisation	BG	0
Other financial assets	Net	12,499
Gross	BH	12,499
Amortisation	BI	0
Sub Total Financial Assets		12,514

Current Assets (III)

			31/12/2011
Total Assets		Net	4,034,191
	Gross	CJ	4,063,891
	Amortisation	CK	29,700

Stocks

		31/12/2011
Raw materials	Net	15,450
Gross	BL	15,450
Amortisation	BM	0
Work in progress (goods)	Net	597,059
Gross	BN	597,059
Amortisation	BO	0
Work in progress (services)	Net	0
Gross	BP	0
Amortisation	BQ	0
Semi-finished and finished products	Net	0
Gross	BR	0
Amortisation	BS	0
Goods for resale	Net	0
Gross	BT	0
Amortisation	BU	0
Sub Total Stocks	Net	612,509

Advance payments to suppliers

		31/12/2011
Advance payments to suppliers	Net	41,600
Gross	BV	41,600
Amortisation	BW	0

Debtors

		31/12/2011
Trade accounts receivable	Net	1,059,050
Gross	BX	1,088,750
Amortisation	BY	29,700
Other debtors	Net	101,806
Gross	BZ	101,806
Amortisation	CA	0
Capital subscribed and called up	Net	0
Gross	CB	0
Amortisation	CC	0
Sub Total Debtors	Net	1,160,856

Divers

		31/12/2011
Investment securities	Net	0
Gross	CD	0
Amortisation	CE	0
Cash and cash equivalents	Net	2,210,434
Gross	CF	2,210,434
Amortisation	CG	0
Sub Total Divers	Net	2,210,434

Prepaid expenses

		31/12/2011
Prepaid expenses	Net	8,792
Gross	CH	8,792
Amortisation	CI	0

Equalization accounts (IV to VI)

		31/12/2011
Multi-period charges	CW3	0
Gross		0
Premiums on redemption of bonds	CM3	0
Gross		0
Currency differential gain	CN3	0
Gross		0

References

		31/12/2011
Due within one year	CP	12,499
Due after one year	CR	0

Display parameter
Currency	Euro

Accounts - Passive

Grand Total - Passive Accounts (I to IV)

		31/12/2011
Grand Total (I to V)	EE	4,408,462

Shareholder Equity (I) 31/12/2011

Total shareholders' equity (Total I)	DL	1,350,032
Equity and shareholders' equity	DA	200,200
Issue and merger premiums	DB	0
Revaluation differentials	DC	0
Of which equity differential	EK	0
Legal reserve	DD	20,020
Statutory or contractual reserve	DE	0
Special regulated reserves	DF	0
Of which special reserve of
provisions for current	B1	0
fluctuation
Other reserves	DG	467,345
Of which reserve for buying
originals works from alive	EJ	0
artists
Profits or losses brought forward	DH	0
Profit or loss for the period	DI	662,467
Investment grants	DJ	0
Special tax-allowable reserves	DK	0

Other capital resources (II)

		31/12/2011
Total other capital resources (Total II)	DO	0
Income from participating securities	DM	0
Conditional loans	DN	0

Provisions for risks and charges (III)

		31/12/2011
Total provisions for risks and charges (Total III)	DR	145,950
Risk provisions	DP	145,950
Reserves for charges	DQ	0

Liabilities (IV)

		31/12/2011
Total Liabilities (Total IV)	EC	2,911,223
Convertible debentures	DS	0
Other debentures	DT	0
Bank loans and liabilities	DU	459,584
Sundry loans and financial liabilities	DV	0
Of which participating loans	EI	0
Advance payments received for current orders	DW	216,374
Trade accounts payables	DX	927,316
Tax and social security liabilities	DY	480,464
Fixed asset liabilities	DZ	2,502
Other debts	EA	839
Translation loss (V)
		31/12/2011
Translation loss (Total V)	ED	1,258
Equalization accounts
		31/12/2011
Deferred income	EB	824,144
References
		31/12/2011
Of which tax-allowable reserve	EF	0
Deferred income and liabilities	EG	0
Of which current bank facilities	EH	0
Display parameter
Currency			Euro
Result account
1- Operating result (I-II)
		31/12/2011
Operating result (Total I-II)	GG	992,039

2 - Financial result (V - VI)

	31/12/2011
Financial result (Total V-VI) GV	3,081
3 - Pre-tax net operating income result (I - VI)
	31/12/2011
Pre-tax net operating income (Total I-II+II-IV+V- GW VI)	995,120
4 - Extraordinary result (VII-VIII)
	31/12/2011
Extraordinary result (Total VII-VIII) ^HI	-5,057
Profit or loss
	31/12/2011
Profit or loss HN	662,467
Total Income (I+III+V+VII)
	31/12/2011
Total Income (I+III+V+VII) HL	5,960,482
Total charges (Total II+IV+VI+VIII+IX+X)
	31/12/2011
Total charges (Total II+IV+VI+VIII+IX+X)	5,298,013
Operating income (I)
	31/12/2011
Total operating income (Total I) ^FR	5,927,387

Operating income (details)

		31/12/2011
Sale of goods for resale	FC	0
France	FA	0
Export	FB	0
Sale of goods produced	FF	5,696,536
France	FD	3,036,445
Export	FE	2,660,091
Sale of services	FI	97,923
France	FG	84,336
Export	FH	13,587
Net turnover	FL	5,794,459
France	FJ	3,120,781
Export	FK	2,673,678
Stocked production	FM	68,913
Self-constructed assets	FN	0
Operating grants	FO	32,376
Release of reserves and provisions	FP	31,639
Other income	FQ	0
Operating charges (II)
		31/12/2011
Total operating charges (Total II)	GF	4,935,348
Exploitation charges
		31/12/2011
Purchase of goods for resale	FS	0
Change in stocks of goods for resale	FT	0
Purchase of raw materials	FU	1,972,023
Change in stocks of raw materials	FV	8,435
Other external purchases and charges	FW	1,512,734
Tax, duty and similar payments	FX	48,239
Payroll	FY	761,558
Social security costs	FZ	369,742

Depreciation

		31/12/2011
Depreciation of fixed assets	GA	74,970
Amortisation of fixed assets	GB	0
Depreciation/amortisation of current assets	GC	29,700
Provisions for risks and charges	GD	145,950

Other charges

		31/12/2011
Other charges	GE	11,997

Operating charges (III-IV)

		31/12/2011
Share of joint-venture
transferred to other	GH	0
partner(s) (Total III)
Share of joint venture
transferred from other	GI	0
partner(s) (Total IV)

Financial income (V)

		31/12/2011
Total financial income (Total V)	GP	15,579
Share financial income	GJ	0
Other investment income & capitalised receivables	GK	0
Other interest and similar income	GL	1,237
Released provisions and transferred charges	GM	510
Exchange gains	GN	13,832
Net income from disposal of investment securities	GO	0

Financial Charge (VI)

		31/12/2011
Total financial charge (Total VI)	GU	12,498
Financial reserves and provisions	GQ	0
Interest and similar charges	GR	9,268
Exchange losses	GS	3,230
Net loss from disposal of investment securities	GT	0

Extraordinary income (VII)

		31/12/2011
Total extraordinary income (Total VII)	HD	17,516
Extraordinary operating income	HA	1,663
Extraordinary income from capital transactions	HB	15,853
Released provisions and transferred charges	HC	0

Extraordinary charges (VIII)

		31/12/2011
Total extraordinary charges (Total VIII)	HH	22,573
Extraordinary operating charges	HE	6,025
Extraordinary charges from capital transactions	HF	16,548
Extraordinary reserves and provisions	HG	0

Employee profit sharing (IX)

		31/12/2011
Employee profit sharing (Total IX)	HJ	0

Tax on profits (X)

		31/12/2011
Tax on profits (Total X)	HK	327,594

References

		31/12/2011
Of which equipment leases	HP	0
Of which property leases	HQ	0
Of which transferred charges	A1	0
Of which trader's own contributions	A2	0
Of which royalties on licences and patents (income)	A3	0
Of which royalties on licences and patents (charges)	A4	0

Display parameter
Currency	Euro

Other incomes tax return forms Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2011
Gross value at begin of period	OG	0
Increasess due to revaluation	OH	0
Decreasess, acquisitions, creations, contributions	OJ	0
Decreasess by budget item transfer	OK1	0
Decreasess by transfers	OK2	41,229
Gross value at the end of period	OL	525,984
Research and development Charge (Total I)
		31/12/2011
Gross value at begin of period	CZ	0
Increasess due to revaluation	KB	0
Increasess, acquisitions, creations, contributions	KC	0
Decreasess by budget item transfer	C01	0
Decreasess by transfers	C02	0
Gross value at the end of period	D0	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2011
Gross value at begin of period	KD	67,769
Increasess due to revaluation	KE	0
Increasess, acquisitions, creations, contributions	KF	0
Decreasess by budget item transfer	LV1	0
Decreasess by transfers	LV2	0
Gross value at the end of period	LW	67,769
Tangible fixed assets (Total III)
		31/12/2011
Gross value at begin of period	LN	209,401
Increasess due to revaluation	LO	0
Increasess, acquisitions, creations, contributions	LP	277,528
Decreasess by budget item transfer	NG1	0
Decreasess by transfers	NG2	41,229
Gross value at the end of period	NH	445,700
Financial assets (Total IV)
		31/12/2011
Gross value at begin of period	LQ	5,179
Increasess due to revaluation	LR	0
Increasess, acquisitions, creations, contributions	LS	7,335
Decreasess by budget item transfer	NJ1	0
Decreasess by transfers	NJ2	0
Gross value at the end of period	NK	12,514

Reserve for depreciation

Situation and movement of reserve for depreciation

Grand total (I-II-III)

		31/12/2011
Reserve for depreciation value at begin of period	0N	0
Increases	0P	0
Decreasess	0Q	0
Reserve for depreciation value at the end of period	0R	0
Research and development charge (Total I)
		31/12/2011
Reserve for depreciation value at begin of period	CY	0
Increases	PB	0
Decreasess	PC	0
Decreasess by budget item transfer	PD	0

Other intangible assets (Total II)

		31/12/2011
Reserve for depreciation value at begin of period	PE	0
Increases	PF	0
Decreasess	PG	0
Decreasess by budget item transfer	PH	0

Total fixed assets amortization (Total III)

		31/12/2011
Reserve for depreciation	QU	0
value at begin of period
Increases	QV	0
Decreases	QW	0
Decreasess by budget item
	QX	0
Transfer

Premium refund of obligations

			31/12/2011
Net value at begining of
	SP1		0
period
Increases	SP2		0
Depreciation of fixed assets	SP		0
during period
Net value at the end of
period	SR		0
			31/12/2011
Value at begining of period		7C	0
Increases		UB	0
Decreases		UC	0
Value at the end of period		UD	0

Total regulated Provisions (Total I)

		31/12/2011
Value at begining of period	3Z	01
Increases	TS	0
Decreases	TT	0
Value at the end of period	TU	0

Total risk and charge provisions (Total II)

		31/12/2011
Value at begining of period	5Z	0
Increases	TV	0
Decreases	TW	0
Value at the end of period	TX	0

Total Provision for depreciation (Total III)

		31/12/2011
Value at begining of period	7B	0
Increases	TY	0
Decreases	TZ	0
Value at the end of period	UA	0

State deadlines claims and debts at the end of period

State claims

		31/12/2011
Gross value	VT	1,211,848
1 year at most	VU	1,211,848
More than one year	VV	0
State of loans
		31/12/2011
Claims related to holdings (gross)	UL	0
Claims related to
shareholdings (1 year at	UM	0
most)
Loans (gross)	UP	0
Loans (1 year at most)	UR	0
Other financial assets (gross)	UT	12,499
Other financial assets (1 year at most)	UV	12,499

Receivables statement of assets

		31/12/2011
Customers doubtful or disputed	VA	33,746
Other claims customer	UX	1,055,004
Receivables represent Loaned Securities	UU	0
Provision for depreciation previously established	UQ	0
Personnel and associated accounts	UY	3,571
Social Security and other social organizations	UZ	0
Income taxes	VM	0
Value added tax	VB	79,684
Other taxes and payments assimilated	VN	0
State and other public -Miscellaneous	VP	0
Group and Associates	VC	1,802
Accounts receivable
(including claims relating to the operation of pension titles)	VR	16,749
Prepaid
		31/12/2011
Prepaid	VS	8,792
State Debt
		31/12/2011
Total debt (gross)	VY	2,694,847
1 year at most	VZ2	2,429,870
More than 1 year and 5 years at most	VZ3	264,977
More than 5 years	VZ4	0

Details

Borrowing & debts to 1

year maximum at the origin

(gross) VG1 1,589

1 year at most VG2 1,589

More than 1 year and 5 years at

most VG3 0

Borrowing & debts to more

than 1 year at the origin

(gross) VH1 457,994

1 year at most VH2 193,017

More than 1 year and 5 years at

most VH3 264,977

Loans and various financial

liabilities (gross) 8A1 0

1 year at most 8A2 0

More than 1 year and 5 years at

most 8A3 0

Suppliers and associated

accounts (gross) 8B1 927,316

1 year at most 8B2 927,316

More than 1 year and 5 years at

most 8B3 927,316

Personnel and associated

accounts (gross) 8C1 76,231

1 year at most 8C2 76,231

More than 1 year and 5 years at

most 8C3 0

Social Security and other

social organizations (gross) 8D1 97,233

1 year at most 8D2 97,233

More than 1 year and 5 years at

Most 8D3 0

Taxes on profits (gross) 8E1 266,334

1 year at most 8E2 266,334

More than 1 year and 5 years at

most 8E3 0

VAT (gross) VW1 9,065

1 year at most VW2 9,065

More than 1 year and 5 years at

most VW3 0

Backed Obligations (gross) VX1 0

1 year at most VX2 0

More than 1 year and 5 years at

most VX3 0

Other taxes and assimilated

(gross) VQ1 31,601

1 year at most VQ2 31,601

More than 1 year and 5 years at

most VQ3 0

Assets and liabilities

associated accounts

(gross) 8J1 2,502

1 year at most 8J2 2,502

More than 1 year and 5 years at

Most 8J3 0

More than 5 years 8J4 0

Groups and associates

(gross) VI1 0

1 year at most VI2 0

More than 1 year and 5 years at

most VI3 0

More 5 years VI4 0

Other liabilities (gross) 8K1 839

1 year at most 8K2 839

More than 1 year and 5 years at

most 8K3 0

Debt representative of

borrowed securities

(gross) SZ1 0

1 year at most SZ2 0

More than 1 year and 5 years at

most SZ3 0

Products in advance

(gross) 8L1 824,144

1 year at most 8L2 824,144

More than 1 year and 5 years at

most 8L3 0

References

31/12/2011

Loans made during the period VJ 460,000

Debt repaid during the period VK 122,885

Table allocation results and other information

Dividends distributed

		31/12/2011
Dividends	ZE	150,150

Commitments

		31/12/2011
Commitments leasing furniture	YQ	0
Commitments Real Estate Leasing	YR	0
Effects brought to the discount and unmatured	YS	0

Other charges Externes

		31/12/2011
Subcontracting	YT	768,549
Rentals, rental charges and condominiums	XQ	122,017
Staff outside the company	YU	86,550
Remuneration intermediaries and fees (excluding fees)	SS	58,317
Fees, commissions and brokerage	YV	63,523
Other accounts	ST	413,779
Total Other purchases and external	ZJ	1,512,735

Taxes and Fees

		31/12/2011
Business tax	YW	19,268
Other taxes and payments assimilated	9Z	28,971
Total taxes and fees	YX	48,239

VAT

		31/12/2011
Amount VAT collected	YY	615,891
Total VAT on goods and services	YZ	610,265

Average number of employees

		31/12/2011
Average number of employees	YP	18

Groups and Shareholders

		31/12/2011
Groups and Shareholders	ZR	0

Display parameter
Comparison mode	Median

Ratios

Structure and Liquidity

	31/12/2011	Sector Median 2011
Fixed Asset Financing	4.01	2.81	42.7%
Global Debt	181 days	133 days	36.1%
Working
Capital Fund	98 days	98 days	0%
overall net
Financial independence	293.75%	217.59%	35.0%
Solvability	30.62%	41.80%	-26.7%
Capacity debt futures	693.73%	1633.69%	-57.5%
Coverage of
current
assets by net working	39%	46.46%	-16.1%
capital
overall
General Liquidity	0.50	0.91	-45.1%
Restricted Liquidity	1.41	1.56	-9.6%

Management or rotation

	31/12/2011	Sector Median 2011
Need
background
in operating	12 days	19 days	-36.8%
working
capital
Treasury	137 days	27 days	407.4%
Inventory
turnover of	days	0 days	-
goods
Average
length of
credit	61 days	84 days	-27.4%
granted to
customers
Average
length of
credit	81 days	53 days	52.8%
obtained
suppliers
Inventory
turnover of
raw materials in	3 days	0 days	0%
industrial
enterprises
Inventory
turnover of
intermediate
and finished products in	1300 days	1047 days	24.2%
the
industrial
enterprise
Rotation
tangible	1300.08%	1220.03%	6.6%
assets

Profitability of the business

	31/12/2011	Sector Median 2011
Margin trading	0%	0%	0%
Profitability
of the	21.11	8.29%	154.6%
business
Net profit	11.43%	5.44%	110.1%
Growth
rate of
turnover	%	3.62%	-
(excluding
VAT)
Rates integration	40.90%	58.21%	-29.7%
Rate leasing furniture	0%	0%	0%
Work Factor	47.73%	72.75%	-34.4%
Weight interests	0.22	0.08%	175.0%
Return on capital
	31/12/2011	Sector Median 2011
Cash flow
from the overall	12.74%	7.62%	67.2%
profitability
Rates of
economic	68%	22%	209.1%
profitability
Financial profitability	1350032%	36561%	3592.5%
Return on investment	37.30%	16.58%	125.0%

Display parameter
Currency	Euro
Comparison mode	Median

Soldes Intermediaires de Gestion

	31/12/2011	Sector
		Median 2011
Turnover	5,794,459	189,009 €	2965.7%

Sale of
goods	5,794,459
produced
+/-Stocked
production	68,913
+ Self-
constructed	0
assets
Period
production	5,863,372 €	176,025 €	3231.0%
	101.19 % CA	100 % CA	1.2%

Trading margin	0	0	0%
+ Period Production	5,863,372	176,025	3231.0%
- Purchase
of raw	1,972,023
materials
+/- Change
in stocks of raw	8,435
materiels
- Other
external
purchases	1,512,734
and
charges
Added value	2,370,180 €	100,647 €	2254.9%
	40.90 % CA	58.21 % CA	-29.7%

Added value	2,370,180 €	100,647 €	2254.9%
+ Operating	32,376
grants
- Tax,
duty and similar	48,239

SIIF

payments
- Personal charges	1,131,300
Gross
operating	1,223,017 €	16,577.50 € 7277.6%
surplus
	21.11 % CA	8.30 % CA 154.3%

Gross operating surplus	1,223,017 €	16,577.50 €	7277.6%
+ Release of reserves and provisions	31,639
+ Other operating income	0
Depreciation/Amortisation	250,620
- Other charges	11,997
Operating result	992,039 €	12,952 €	7559.3%
	17.12 % CA	6.20 % CA	176.1%

Operating
result	992,039 €	12,952 €	7559.3%
+/- Result
of joint-
venture
transferred	0
from/to
other
partners
+ Financial
income	15,579
- Financial
charges	12,498
Pre-tax
result	995,120 €	13,126 €	7481.3%
	17.17 % CA	6.17 % CA	178.3%

Extraordinary income	17,516	0	0%
Extraordinary	22,573
charges
Extraordinary result	-5,057 €	0€	0%
	-0.09 % CA	0 % CA	0%

Pre-tax result	995,120 €	13,126 €	7481.3%
Extraordinary result	-5,057 €	0€	0%
- Employee profit sharing	0

- Tax on	327,594
profits
Net result	662,469 €	12,285 €	5292.5%
	11.43 % CA	5.43 % CA	110.5%

Judgements

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	29/10/2010
Status of Monitoring	No social security and tax office preferential right to date

Group data

Group Structure

No group information available for the company

Linkages

No Linkages information available for the company

Event History

Status history

No Status History

Recent publications in Gazettes

Publication date Gazette Name Description

29/04/2013 Bodacc C Comptes annuels et rapports

56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT

5405 - 504328527 RCS. SIIF. Forme : Societe par actions simplifiee. Adresse : 130 rue Leonard de Vinci Zone de Kergouaran 56850 Caudan. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.

23/12/2011 Bodacc B Modification et mutation diverse

56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT

976 - 504 328 527 RCS Lorient. SIIF. Forme : Societe par actions simplifiee. Activite : . Adresse de \l'etablissement principal : 130 rue Leonard de Vinci, Zone de Kergouaran, 56850 Caudan.

Adresse du siege social : 130 rue Leonard de Vinci, Zone de Kergouaran, 56850 Caudan. \Commentaires : Transfert du siege social, transfert de l'etablissement principal.

23/11/2011 JAL Head Office Transfer

Infos (Les)

Date de decision : 30/04/2011

Transfert du siege social de la societe 504328527 - SIIF

Adresse du nouveau siege : 130 Rue Leonard de Vinci, Zone de Ker, 56850 CAUDAN Ancienne localisation : RUE JEAN BAPTISTE SAYE, ZONE DE KERGOUARAN, 56850 CAUDAN Date deffet: 01/05/2011

25/08/2010 Bodacc B Modification et mutation diverse

56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT

1063 - 504 328 527 RCS Lorient. SIIF. Forme : Societe par actions simplifiee. Activite : Bureaux d'etudes et d'ingenierie, conception, assemblage, commercialisation, installation, mise en service et maintenance de toutes pieces, tous equipements, materiels et outillages industriels, recherche, developpement de tous process et technologies pour l'industrie. Realisation d'organisation d'actions de formation, de recrutement, d'etudes de marches, d'animation commerciales, et assistance a l'exportation. Et d'une facon generale Toute activite de conseil.

Commentaires : Modification survenue sur l'activite.

04/01/2009 Bodacc B Modification et mutation diverse

56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT

1316 - 504 328 527 RCS Lorient. SIIF. Forme : Societe par actions simplifiee. Capital: 200200 EUR. Commentaires : Modification survenue sur le capital.

08/06/2008 Bodacc A Creation d'etablissement

56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT

901 - 504 328 527 RCS Lorient. SIIF. Forme : Societe par actions simplifiee. Administration : President : CHEVALIER Roger Raymond Marie. Commissaire aux comptes titulaire : CABINET COLIN-HENRIO (SAS). Commissaire aux comptes suppleant : OUEST CONSEILS AUDIT (SACA). Capital: 160200 EUR. Adresse : rue Jean-baptiste Say, Zone de Kergouaran, 56850 Caudan.

\Origine du fonds : Creation. Etablissement: Etablissement principal. Activite : Bureaux d'etudes et d'ingenierie, conception, assemblage, commercialisation, installation, mise en service et maintenance de toutes pieces, tous

SIIF

equipements, materiels et outillages industriels, recherche developpement de tous process et technologies pour l'industrie. Adresse : rue Jean-baptiste Say, Zone de Kergouaran, 56850 Caudan.

A dater du : 26/05/2008. Date de commencement de l'activite : 13/05/2008. Commentaires : Immatriculation d'une personne morale (B, C, D) su te a creat on d'un etabl ssement pr nc pal.

Company events history

Date	Description
18/10/2013	Update Limit
18/10/2013	Update Rating
29/04/2013	Bodacc C : Deposit accounts notice
23/04/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
23/12/2011	Bodacc B: Various editing or changing
23/11/2011	Legal Gazette: Head Office Transfer
01/05/2011	Update of Company Head Office Identifier
01/05/2011	Transfer of Establishment
29/10/2010	Collection of preferential rights activated for this company
25/08/2010	Bodacc B: Various editing or changing
13/08/2010	Minutes of general meeting of shareholders
13/08/2010	Change to corporate purpose
13/08/2010	Updated articles of association
04/01/2009	New Bodacc B ads detected
04/01/2009	Bodacc B: Various editing or changing
18/12/2008	Private document
18/12/2008	Fund deposit certificate
18/12/2008	Updated articles of association
18/12/2008	Audit or Management Report
18/12/2008	Minutes of general meeting of shareholders
18/12/2008	Capital increase
08/06/2008	Bodacc A : Establishment creation
08/06/2008	New Bodacc A ads detected
26/05/2008	Articles of association
26/05/2008	Company formation
26/05/2008	Fund depos t cert f cate
26/05/2008	Private document

Establishment events history

Date	Description
23/02/2014	Update of phone numbers

13/01/2013 Update of phone numbers

24/10/2012 Update of phone numbers

01/05/2011 Formation of Head office (after transfer)

Directors

Name	M. CHEVALIER ROGER RAYMOND MARIE
Manager position	President	Date of birth	11/07/1955
Place of birth	VANNES (56)
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	DIV
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.