MIRA INFORM REPORT

Report Date :

22.03.2014

IDENTIFICATION DETAILS

Name :	S.D.M.O. INDUSTRIES
Registered Office :	12 B Rue De La Villeneuve, Bp 241, 29272 Brest Cedex
Country :	France
Financials (as on) :	31.12.2003
Date of Incorporation :	January 1974
Com. Reg. No.:	RCS Brest 8 548 202 985
Legal Form :	Simplified Joint Stock Company
Line of Business :	Manufacturer of Genset, Portable Generator, Waterpumps, Power Solutions, Residential Genset, Generating Sets, Diesel Generator Sets, Rental Power, Welding Sets, Gas Generator, Electric Motors as well as Transformers
No. of Employees	615 (31.12.2003)

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 4.5% of GDP in 2012, while France's public debt rose from 68% of GDP to 89% 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

REGISTERED NAME & COMPANY SUMMARY

Name	S.D.M.O. INDUSTRIES

Company summary

		EUR VAT Number	FR60548202985
Activity (APE)	Manufacturer of Genset, Portable Generator, Waterpumps, Power Solutions, Residential Genset, Generating Sets, Diesel Generator Sets, Rental Power, Welding Sets, Gas Generator, Electric Motors as well as Transformers	Legal form	Simplified joint stock company
Phone	02 98 02 27 56	RCS Registration	RCS Brest 8 548 202 985
Fax	02 98 41 63 07	Share capital	17,066,520 Euros
Address	S.D.M.O. INDUSTRIES 12 B RUE DE LA VILLENEUVE BP 241 29272 BREST CEDEX	Incorporated Date	03/1974
Nationality	France	Status	Economically active

Establishment details

Activity (APE)	Manufacturer of Genset, Portable Generator, Waterpumps, Power Solutions, Residential Genset, Generating Sets, Diesel Generator Sets, Rental Power, Welding Sets, Gas Generator, Electric Motors as well as Transformers	Business Pages FT®	VENTE, LOCATION DE GROUPES ELECTROGENES
Postal Address	S.D.M.O. INDUSTRIES 12 B RUE DE LA VILLENEUVE BP 241 29272 BREST CEDEX	Trading Address	12 B RUE DE LA VILLENEUVE 29200 BREST
Telephone	02 98 02 27 56
Fax	02 98 41 63 07

DIRECTORS/MANAGEMENT

Current Directors 1

Directors

Shareholder(s)

Name	SDMO HOLDING
Name of representative
Manager position	President	Date of birth
Place of birth
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	SDMO HOLDING	06/05/1955 - EVANSTON (ILLINOIS)(ETATS-UNIS D'AMERIQUE)

NEGATIVE INFORMATION

No social security and tax office preferential right to date.

Recent publications in Gazettes

Publication date	Gazette Name	Description
20/09/2006	Bodacc B	Modifications et mutations diverses
0504 - RCS Brest B 548 202 985. RC 87-B 21. SDMO INDUSTRIES. Forme : S.A.S. Adresse du siège social : 12 B rue de la Villeneuve,, 29200 Commentaires : modification survenue sur l'administration. Administration : président : SDMO HOLDING, représentée par FOTSCH (Richard, James) (Nom d'usage : FOTSCH). Commissaire aux comptes titulaire : DELOITTE & ASSOCIES. Commissaire aux comptes suppléant : BEAS. Date d'effet : 29 juin 2006.
16/04/2006	Bodacc B	Modifications et mutations diverses
0983 - RCS Brest B 548 202 985. RC 87-B 21. SDMO INDUSTRIES. Forme : S.A.S. Adresse du siège social : 12 B rue de la Villeneuve,, 29200 Commentaires : modification survenue sur l'administration. Administration : président : SDMO HOLDING, représentée par FOTSCH (Richard, James) (Nom d'usage : FOTSCH). Commissaire aux comptes titulaire : NEDELEC (Gérard) (Nom d'usage : NEDELEC). Commissaire aux comptes suppléant : SABATTIER (Hélène) (Nom d'usage : SABATTIER). Date d'effet : 19 décembre 2005.
21/12/2001	Bodacc B	Modifications et mutations diverses
RCS Brest B 548202985 RC 87-B 21 SDMO INDUSTRIES. Forme : S.A.S. Capital : 17 066 520 euros. Adresse du siège social : 12 bis rue de la Villeneuve, 29200 Brest. Commentaires : modification survenue sur la forme juridique, le capital ( augmentation et conversion en euros) et l'administration. Administration : président : GROUPE MEUNIER, représentée par COISNON (Guy) ( Nom d'usage : COISNON). Commissaire aux comptes titulaire : NEDELEC (Gérard) ( Nom d' usage : NEDELEC). Commissaire aux comptes suppléant : SABATTIER (Hélène) ( Nom d'usage : SABATTIER). Date d'effet : 13 décembre 2000.
29/09/1999	Bodacc B	Modifications et mutations diverses
RCS Brest B 548202985 RC 87-B 21 S.D.M. O. INDUSTRIES. Forme : S.A. Capital : 109 984 240 F. Adresse du siège social : 12 bis rue de la Villeneuve, 29200 Brest. Commentaires : modification survenue sur le capital (augmentation). Date d'effet : 23 juin 1998.
29/09/1999	Bodacc B	Modifications et mutations diverses
RCS Brest B 548202985 RC 87-B 21 S.D.M. O. INDUSTRIES. Forme : S.A. Adresse du siège social : 12 bis rue de la Villeneuve, 29200 Brest. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : COISNON (Guy) ( Nom d'usage : COISNON). Administrateurs : MEUNIER (Albert) ( Nom d'usage : MEUNIER) MEUNIER ( François) ( Nom d'usage : MEUNIER) LOSSEC (Jacques) ( Nom d'usage : LOSSEC). Commissaire aux comptes titulaire : NEDELEC (Gérard) ( Nom d' usage : NEDELEC). Commissaire aux comptes suppléant : SABATTIER (Hélène) ( Nom d'usage : SABATTIER). Date d'effet : 29 juin 1992.
29/09/1999	Bodacc B	Modifications et mutations diverses
RCS Brest B 548202985 RC 87-B 21 S.D.M. O. INDUSTRIES. Forme : S.A. Adresse du siège social : 12 bis rue de la Villeneuve, 29200 Brest. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : COISNON (Guy) ( Nom d'usage : COISNON). Administrateurs : LOSSEC (Jacques) ( Nom d'usage : LOSSEC) MEUNIER PARTICIPATIONS, représentée par MEUNIER (Marie, Jeanne) ( Nom d'usage : BERGERON) GROUPE MEUNIER, représentée par MEUNIER (François) ( Nom d'usage : MEUNIER). Commissaire aux comptes titulaire : NEDELEC (Gérard) ( Nom d' usage : NEDELEC). Commissaire aux comptes suppléant : SABATTIER (Hélène) ( Nom d'usage : SABATTIER). Date d'effet : 28 juin 1995.

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	03/07/2009
Status of Monitoring	No social security and tax office preferential right to date

Group data

Ultimate parent company	KOHLER CO
Direct parent	SDMO HOLDING - 100 %
Group – Number of companies	24
Linkages – Number of companies	29
Number of countries	6

PAYMENT INFORMATION

Payment Information Summary - Trade Payment Data
	Total number of Invoices available	2
	Total number of Invoices paid within or up to 30 days after the due date	2
	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

Payment Information Summary - Trade Payment Data

Payment Information Summary - Trade Payment Data
Total number of Invoices available	2
Total number of Invoices paid within or up to 30 days after the due date	2
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

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	KOHLER CO	US12082111

Group data

Ultimate parent company	KOHLER CO
Direct parent	SDMO HOLDING - 100 %
Group – Number of companies	24
Linkages – Number of companies	29
Number of countries	6

Group Structure

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Display only where participation % > 33 %

Display all participations

This company is a part of several groups, choose the group you wish to see the structure

Display the group

KOHLER CO

Company Name	SIREN	Parts	Last account published
KOHLER CO	US12082111	-	-
K E SAS	402778385	100%	31/12/2010
SDMO HOLDING	399315449	100%	-
BEALAS ENERGIE SERVICES	412142143	100%	31/12/2004
SANIJURA SNC	625680343	99%	-
SA SOREEL	317993897	100%	31/12/2012
S.D.M.O. INDUSTRIES	548202985	100%	31/12/2003
SDMO MIDDLE EAST	-	Majority	-
SDMO ARGENTINA	-	100%	-
SDMO DO BRASIL LTDA	-	99%	-
SDMO GENERATING SETS INC	US08057958	99%	-
SDMO ENERGY LIMITED	02624390	99%	31/12/2012
SDMO MOSCOU	-	Majority	-
SDMO ALGER	-	Majority	-
SDMO JOHANNESBOURG	-	Majority	-
MAQUIGERAL	-	Majority	-
SDMO GMBH	HRB 30669	Majority	31/12/2012
SDMO NV/SA	-	Majority	-
SDMO LAGOS	-	Majority	-
SDMO NV/SA	-	Majority	-
SDMO INDUSTRIES IBERICA	266097	Majority	31/12/2012
KOHLER FRANCE	330339144	100%	31/12/2012
BAKER EUROPE SNC	350804936	100%	-
SANIJURA NL BV	-	99.90%	-

Shareholders

Type of shareholder

Shareholders

Linkages

Ultimate parent company	KOHLER CO
Direct parent	SDMO HOLDING - 100 %
Group – Number of companies	24
Linkages – Number of companies	29
Number of countries	6

Company Name	SIREN	Last account	Turnover
POWERWAVE ENERGY LIMITED	06537397	31/12/2012	0 £
KOHLER HOLDINGS LTD.	04107833	31/12/2012	129 295 000 £
KOHLER SHOWERS HOLDINGS LIMITED	03983133	31/12/2012	0 £
KOHLER SHOWERS BIDCO LIMITED	03983112	31/12/2012	0 £
LOMBARDINI S.R.L.	RE227083	31/12/2012	171 713 548 €
KOHLER SCOTLAND LIMITED	SC269798	31/12/2012	12 813 695 £
THE OLD COURSE LIMITED	SC107577	31/12/2012	12 813 695 £
LOMBARDINI (UK) LIMITED	02388997	31/12/2012	409 726 £
KOHLER MIRA LIMITED	00252115	31/12/2012	125 210 000 £
KOHLER GMBH	HRB 4547	31/12/2012	-
BROOMCO (3864) LIMITED	05523548	31/12/2012	0 £
UNINTERRUPTIBLE POWER SUPPLIES LIMITED	03150129	31/12/2012	18 880 169 £
GOLF RESORTS INTERNATIONAL LIMITED	SC117304	31/12/2012	9 101 488 £
KOHLER UNINTERRUPTIBLE POWER LIMITED	06661961	31/12/2012	18 880 169 £
KOHLER (UK) LIMITED	00075110	31/12/2012	-
KOHLER DARYL LIMITED	00907700	31/12/2012	-
KOHLER MIRA UK TRUSTEES LIMITED	04204471	31/12/2012	-
KOHLER MIRA UK EXECUTIVE TRUSTEES LIMITE...	04283112	31/12/2012	-
ST. ANDREWS GOLF ACADEMY LIMITED	SC192460	31/12/2012	-
CHERYL KOHLER FARM	US10147049	-	243 000 $
BAKER KNAPP & TUBBS INC	US13816002	-	6 306 000 $
KALLISTA, INC	US21937848	-	1 194 000 $
ANN SACKS TILE & STONE, INC	US22662327	-	604 000 $
THE MCGUIRE FURNITURE CO	US23262628	-	0 $
ROBERN, INC	US42777134	-	0 $
KOHLER POWER SYSTEMS	US48877560	-	0 $
KOHLER CANADA CO	-	-	-
KOHLER EUROPE SAS	-	-	-
SDMO INDUSTRIES SA	-	-	-

FINANCIAL INFORMATION

Turnover	260,670,068 €
Trading to Date	12/31/2003
Gross Operating Surplus	4,75 % Turnover
Shareholders’ equity	66,655,037 €
Net result	7,261,185 €
Employees	615 (31.12.2003)

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2003
Account period (month)	12
Account Type	Normal
Date of capture	-
Activity Code	2711Z
Employees	615	-	-

Active account

Annual Accounts	31/12/2003	Sector Median 2003
Capital not called	0	0	0%
Total fixed assets	14 837 233	210 134,50	6960,8%
- Intangible assets	1 211 131	7 622	15789,9%
- Tangible assets	3 846 192	95 666	3920,4%
- Financial assets	9 779 907	10 308	94776,9%
Net current assets	173 238 792	1 084 068	15880,4%
- Stocks	44 459 159	293 585,50	15043,5%
- Advanced payments	0	0	0%
- Receivables	112 271 906	633 795,50	17614,2%
- Securities and cash	16 507 724	62 675,50	26238,4%
- Prepaid expenses	-	734	-
Accounts of regularization	1 849 405	0	0%
Total Assets	189 925 431	1 310 733,50	14390,0%

Passive Account

Annual Accounts	31/12/2003	Sector Median 2003
Shareholders' equity	66 655 037	516 548	12803,9%
Share capital	17 066 520	169 110	9992,0%
Other capital resources	0	0	0%
Risk Provisions	8 606 801	7 665	112187,0%
Liabilities	114 592 462	875 919	12982,5%
- Financial liabilities	7 962 852	105 275	7463,9%
- Advanced payments received	3 979 048	0	0%
- Trade account payables	79 627 592	297 431	26671,8%
- Tax and social liabilities	8 687 201	209 313,50	4050,3%
- Other debts and fixed assets liabilities	3 311 748	15 137	21778,5%
Account regularization	11 095 147	0	0%
Total liabilities	189 925 431	1 310 733,50	14390,0%

Results

Annual Accounts	31/12/2003	Sector Median 2003
Sales of Goods	270 197 421	2 216 327,50	12091,2%
Net turnover	260 670 068	2 195 393	11773,5%
- of which net export turnover	163 508 854	103 338	158127,2%
Operating charges	257 204 038	2 137 819	11931,1%
Operating profit/loss	12 993 382	58 009,50	22298,7%
Financial income	6 022 546	4 388	137150,4%
Financial charges	7 740 803	14 041	55030,0%
Financial profit/loss	-1 718 256	-2 408	-71256,1%
Pretax net operating income	11 275 125	46 768	24008,6%
Extraordinary income	1 121 827	8 759,50	12707,0%
Extraordinary charges	1 019 248	6 204,50	16327,6%
Extraordinary profit/loss	102 578	864,50	11765,6%
Net result	7 261 185	48 950	14733,9%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2003
Months	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2003
Grand Total (I to VI)	Net	189 925 431
Gross	CO	205 030 410
Amortisation	1A	15 104 978

Non declared distributed capital (I)

		31/12/2003
Non declared distributed capital (I)	AA3	0
Gross	AA	-

Active fixed asset (II)

		31/12/2003
Total Active fixed asset (II)	Net	14 837 233
Gross	BJ	27 525 051
Amortisation	BK	12 687 818

Intangible fixed assets

			31/12/2003
Start-up cost		Net	0
Gross		AB	0
Amortisation		AC	0
R & D expenses		Net	868 578
Gross		CX	1 023 607
Amortisation		AE	155 029
Distributorships, patents		Net	91 013
Gross		AF	2 098 393
Amortisation		AG	2 007 380
Goodwill		Net	251 540
Gross		AH	251 540
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
Net	1 211 131

Tangible fixed assets

Gross	AR	4 851 438
Amortisation	AS	4 297 691
Other tangible fixed assets	Net	754 835
Gross	AT	3 620 617
Amortisation	AU	2 865 782
Fixed assets in construction	Net	165 365
Gross	AV	165 365
Amortisation	AW	0
Advances and payments on account	Net	0
Gross	AX	0
Amortisation	AY	0
Sub Total Tangible asset	Net	3 846 192

Financial assets

		31/12/2003
Associates at equity	Net	0
Gross	CS	0
Amortisation	CT	0
Other participations	Net	4 577 042
Gross	CU	5 391 096
Amortisation	CV	814 054
Inter-company receivables	Net	3 925 828
Gross	BB	3 925 828
Amortisation	BC	0
Other investment securities	Net	0
Gross	BD	0
Amortisation	BE	0
Loans	Net	1 129 046
Gross	BF	1 129 046
Amortisation	BG	0
Other financial assets	Net	147 991
Gross	BH	147 991
Amortisation	BI	0
Sub Total Financial Assets		9 779 907

Current Assets (III)

			31/12/2003
	Total Assets	Net	173 238 792
	Gross	CJ	175 655 953
	Amortisation	CK	2 417 160

Stocks

		31/12/2003
Raw materials	Net	23 280 157
Gross	BL	24 599 622
Amortisation	BM	1 319 465
Work in progress (goods)	Net	12 361 804
Gross	BN	12 361 804
Amortisation	BO	0
Work in progress (services)	Net	0
Gross	BP	0
Amortisation	BQ	0
Semi-finished and finished products	Net	8 817 198
Gross	BR	8 959 836
Amortisation	BS	142 638
Goods for resale	Net	0
Gross	BT	0
Amortisation	BU	0
Sub Total Stocks	Net	44 459 159

Advance payments to suppliers

		31/12/2003
Advance payments to suppliers	Net	0
Gross	BV	0
Amortisation	BW	0

Debtors

		31/12/2003
Trade accounts receivable	Net	102 434 783
Gross	BX	103 389 840
Amortisation	BY	955 057
Other debtors	Net	6 597 984
Gross	BZ	6 597 984
Amortisation	CA	0
Capital subscribed and called up	Net	0
Gross	CB	0
Amortisation	CC	0
Sub Total Debtors	Net	109 032 767

Divers

			31/12/2003
	Investment securities	Net	15 668 091
	Gross	CD	15 668 091
	Amortisation	CE	0
	Cash and cash equivalents	Net	839 633
	Gross	CF	839 633
	Amortisation	CG	0
	Sub Total Divers	Net	16 507 724

Prepaid expenses

		31/12/2003
Prepaid expenses	Net	3 239 139
Gross	CH	3 239 139
Amortisation	CI	0

Equalization accounts (IV to VI)

		31/12/2003
Multi-period charges	CW3	0
Gross		-
Premiums on redemption of bonds	CM3	0
Gross		-
Currency differential gain	CN3	1 849 405
Gross		-

References

		31/12/2003
Due within one year	CP	0
Due after one year	CR	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		31/12/2003
Grand Total (I to V)	EE	189 925 431

Shareholder Equity (I)

			31/12/2003
	Total shareholders' equity (Total I)	DL	66 655 037
	Equity and shareholders' equity	DA	17 066 520
	Issue and merger premiums	DB	44 174
	Revaluation differentials	DC	0
	Of which equity differential	EK	0
	Legal reserve	DD	1 706 651
	Statutory or contractual reserve	DE	0
	Special regulated reserves	DF	841 999
	Of which special reserve of provisions for current fluctuation	B1	0
	Other reserves	DG	39 565 783
	Of which reserve for buying originals works from alive artists	EJ	0
	Profits or losses brought forward	DH	0
	Profit or loss for the period	DI	7 261 185
	Investment grants	DJ	168 722
	Special tax-allowable reserves	DK	0

Other capital resources (II)

			31/12/2003
	Total other capital resources (Total II)	DO	0
	Income from participating securities	DM	0
	Conditional loans	DN	0

Provisions for risks and charges (III)

			31/12/2003
	Total provisions for risks and charges (Total III)	DR	8 606 801
	Risk provisions	DP	8 606 801
	Reserves for charges	DQ	0

Liabilities (IV)

			31/12/2003
	Total Liabilities (Total IV)	EC	114 592 462
	Convertible debentures	DS	0
	Other debentures	DT	0
	Bank loans and liabilities	DU	2 654 669
	Sundry loans and financial liabilities	DV	5 308 183
	Of which participating loans	EI	0
	Advance payments received for current orders	DW	3 979 048
	Trade accounts payables	DX	79 627 592
	Tax and social security liabilities	DY	8 687 201
	Fixed asset liabilities	DZ	156 140
	Other debts	EA	3 084 478

Translation loss (V)

		31/12/2003
Translation loss (Total V)	ED	71 130

Equalization accounts

		31/12/2003
Deferred income	EB	11 095 147

References

		31/12/2003
Of which tax-allowable reserve	EF	841 999
Deferred income and liabilities	EG	110 043 771
Of which current bank facilities	EH	268 686

Display parameter
Currency	Euro	Kilo Euro

Result account
Sales of Goods | Operating charges | Operating charges | Financial income | Financial charges | Financial charges | Extraordinary charges | Employee profit sharing | Tax on profits | References

1- Operating result (I-II)

		31/12/2003
Operating result (Total I-II)	GG	12 993 382

2 - Financial result (V - VI)

		31/12/2003
Financial result (Total V-VI)	GV	-1 718 256

3 - Pre-tax net operating income result (I - VI)

		31/12/2003
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	11 275 125

4 - Extraordinary result (VII-VIII)

		31/12/2003
Extraordinary result (Total VII-VIII)	HI	102 578

Profit or loss

		31/12/2003
Profit or loss	HN	7 261 185

Total Income (I+III+V+VII)

		31/12/2003
Total Income (I+III+V+VII)	HL	277 341 795

Total charges (Total II+IV+VI+VIII+IX+X)

		31/12/2003
Total charges (Total II+IV+VI+VIII+IX+X)	HM	270 080 610

Operating income (I)

		31/12/2003
Total operating income (Total I)	FR	270 197 421

Operating income (details)

			31/12/2003
	Sale of goods for resale	FC	0
	France	FA	0
	Export	FB	0
	Sale of goods produced	FF	260 670 068
	France	FD	97 161 214
	Export	FE	163 508 854
	Sale of services	FI	0
	France	FG	0
	Export	FH	0
	Net turnover	FL	260 670 068
	France	FJ	97 161 214
	Export	FK	163 508 854
	Stocked production	FM	3 641 575
	Self-constructed assets	FN	129 000
	Operating grants	FO	7 490
	Release of reserves and provisions	FP	5 325 059
	Other income	FQ	424 227

Operating charges (II)

		31/12/2003
Total operating charges (Total II)	GF	257 204 038

Exploitation charges

		31/12/2003
Purchase of goods for resale	FS	0
Change in stocks of goods for resale	FT	0
Purchase of raw materials	FU	170 381 513
Change in stocks of raw materials	FV	736 179
Other external purchases and charges	FW	53 696 385
Tax, duty and similar payments	FX	1 891 081
Payroll	FY	17 710 302
Social security costs	FZ	7 660 266

Depreciation

		31/12/2003
Depreciation of fixed assets	GA	1 424 969
Amortisation of fixed assets	GB	0
Depreciation/amortisation of current assets	GC	1 010 221
Provisions for risks and charges	GD	2 577 518

Other charges

		31/12/2003
Other charges	GE	115 600

Operating charges (III-IV)

		31/12/2003
Share of joint-venture transferred to other partner(s) (Total III)	GH	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0

Financial income (V)

			31/12/2003
	Total financial income (Total V)	GP	6 022 546
	Share financial income	GJ	1 025 000
	Other investment income & capitalised receivables	GK	50 654
	Other interest and similar income	GL	181 562
	Released provisions and transferred charges	GM	4 297 432
	Exchange gains	GN	467 897
	Net income from disposal of investment securities	GO	0

Financial Charge (VI)

			31/12/2003
	Total financial charge (Total VI)	GU	7 740 803
	Financial reserves and provisions	GQ	1 700 525
	Interest and similar charges	GR	3 822 460
	Exchange losses	GS	2 217 817
	Net loss from disposal of investment securities	GT	0

Extraordinary income (VII)

			31/12/2003
	Total extraordinary income (Total VII)	HD	1 121 827
	Extraordinary operating income	HA	1 111 199
	Extraordinary income from capital transactions	HB	10 628
	Released provisions and transferred charges	HC	0

Extraordinary charges (VIII)

			31/12/2003
	Total extraordinary charges (Total VIII)	HH	1 019 248
	Extraordinary operating charges	HE	1 003 878
	Extraordinary charges from capital transactions	HF	15 370
	Extraordinary reserves and provisions	HG	0

Employee profit sharing (IX)

		31/12/2003
Employee profit sharing (Total IX)	HJ	631 986

Tax on profits (X)

		31/12/2003
Tax on profits (Total X)	HK	3 484 533

References

		31/12/2003
Of which equipment leases	HP	0
Of which property leases	HQ	561 752
Of which transferred charges	A1	291 194
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	1 175

Display parameter
Currency	Euro	Kilo Euro

Other incomes tax return forms
Reserve for depreciation | Provisions included in balance sheet | State deadlines claims and debts at the end of period
Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2003
	Gross value at begin of period	OG	0
	Increasess due to revaluation	OH	0
	Decreasess, acquisitions, creations, contributions	OJ	1 838 734
	Decreasess by budget item transfer	OK1	0
	Decreasess by transfers	OK2	4 724 541
	Gross value at the end of period	OL	0

Research and development Charge (Total I)

			31/12/2003
	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)

			31/12/2003
	Gross value at begin of period	KD	0
	Increasess due to revaluation	KE	0
	Increasess, acquisitions, creations, contributions	KF	159 743
	Decreasess by budget item transfer	LV1	0
	Decreasess by transfers	LV2	0
	Gross value at the end of period	LW	0

Tangible fixed assets (Total III)

			31/12/2003
	Gross value at begin of period	LN	0
	Increasess due to revaluation	LO	0
	Increasess, acquisitions, creations, contributions	LP	713 572
	Decreasess by budget item transfer	NG1	0
	Decreasess by transfers	NG2	0
	Gross value at the end of period	NH	0

Fiancial assets (Total IV)

			31/12/2003
	Gross value at begin of period	LQ	0
	Increasess due to revaluation	LR	0
	Increasess, acquisitions, creations, contributions	LS	0
	Decreasess by budget item transfer	NJ1	0
	Decreasess by transfers	NJ2	0
	Gross value at the end of period	NK	0

Reserve for depreciation
Situation and movement of reserve for depreciation
Grand total (I-II-III)

			31/12/2003
	Reserve for depreciation value at begin of period	0N	11 415 262
Increases		0P	1 424 969
Decreasess		0Q	966 468
	Reserve for depreciation value at the end of period	0R	11 873 763

Research and development charge (Total I)

			31/12/2003
	Reserve for depreciation value at begin of period	CY	0
Increases		PB	0
Decreasess		PC	0
	Decreasess by budget item transfer	PD	155 029

Other intangible assets (Total II)

			31/12/2003
	Reserve for depreciation value at begin of period	PE	0
Increases		PF	0
Decreasess		PG	0
	Decreasess by budget item transfer	PH	2 007 380

Total fixed assets amotisation (Total III)

			31/12/2003
	Reserve for depreciation value at begin of period	QU	0
Increases		QV	0
Decreases		QW	0
	Decreasess by budget item transfer	QX	9 711 353

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2003
	Gross value at begin of period	Z91	0
Increases		Z92	0
Depreciation of fixed assets during period		Z9	0
	Decreasess by budget item transfer	B1	0

Premium refund of obligations

			31/12/2003
	Net value at begining of period	SP1	0
Increases		SP2	0
Depreciation of fixed assets during period		SP	0
	Net value at the end of period	SR	0

Provisions included in balance sheet
Grand Total (I-II-III)

			31/12/2003
	Value at begining of period	7C	0
Increases		UB	0
Decreases		UC	0
	Value at the end of period	UD	0

Includes Total allocations

Operating	UE	0
Financial	UG	0
Exceptional	UJ	0

Includes Total Withdrawal

Operating	UF	5 033 865
Financial	UH	4 297 432
Exceptional	UK	0

Total regulated provisions (Total I)

			31/12/2003
	Value at begining of period	3Z	0
Increases		TS	0
Decreases		TT	0
	Value at the end of period	TU	0

Total risk and charge provisions (Total II)

			31/12/2003
	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)

			31/12/2003
	Value at begining of period	7B	7 042 022
Increases		TY	1 255 868
Decreases		TZ	5 066 676
	Value at the end of period	UA	3 231 215

State deadlines claims and debts at the end of period
State claims

		31/12/2003
Gross value	VT	118 429 830
1 year at most	VU	112 049 191
More than one year	VV	6 380 639

State of loans

		31/12/2003
Claims related to holdings (gross)	UL	0
Claims related to shareholdings (1 year at most)	UM	0
Loans (gross)	UP	0
Loans (1 year at most)	UR	5 645
Other financial assets (gross)	UT	0
Other financial assets (1 year at most)	UV	0

Receivables statement of assets

		31/12/2003
Customers doubtful or disputed	VA	1 183 418
Other claims customer	UX	0
Receivables represent Loaned Securities	UU	0
Provision for depreciation previously established	UQ	0
Personnel and associated accounts	UY	60 173
Social Security and other social organizations	UZ	0
Income taxes	VM	0
Value added tax	VB	4 435 605
Other taxes and payments assimilated	VN	0
State and other public - Miscellaneous	VP	0
Group and Associates	VC	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0

Prepaid

		31/12/2003
Prepaid	VS	0

State Debt

			31/12/2003
	Total debt (gross)	VY	114 592 462
1 year at most		VZ2	110 043 771
More than 1 year and 5 years at most		VZ3	4 548 691
More than 5 years		VZ4	0

Details

			31/12/2003
	Convertible bonds (gross)	7Y1	0
1 year at most		7Y2	0
More than 1 year and 5 years at most		7Y3	0
	Other bonds (gross)	7Z1	0
1 year at most		7Z2	0
More than 1 year and 5 years at most		7Z3	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	286 322
1 year at most		VG2	286 322
More than 1 year and 5 years at most		VG3	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	2 368 347
1 year at most		VH2	791 899
More than 1 year and 5 years at most		VH3	0
	Loans and various financial liabilities (gross)	8A1	0
1 year at most		8A2	578 931
More than 1 year and 5 years at most		8A3	0
	Suppliers and associated accounts (gross)	8B1	0
1 year at most		8B2	79 627 592
More than 1 year and 5 years at most		8B3	0
	Personnel and associated accounts (gross)	8C1	4 080 362
1 year at most		8C2	4 080 362
More than 1 year and 5 years at most		8C3	0
	Social Security and other social organizations (gross)	8D1	3 608 357
1 year at most		8D2	3 608 357
More than 1 year and 5 years at most		8D3	0
	Taxes on profits (gross)	8E1	0
1 year at most		8E2	0
More than 1 year and 5 years at most		8E3	0
	VAT (gross)	VW1	645 564
1 year at most		VW2	645 564
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	352 915
1 year at most		VQ2	352 915
More than 1 year and 5 years at most		VQ3	0
	Assets and liabilities associated accounts (gross)	8J1	0
1 year at most		8J2	156 140
More than 1 year and 5 years at most		8J3	0
More than 5 years		8J4	0
	Groups and associates (gross)	VI1	1 757 009
1 year at most		VI2	1 757 009
More than 1 year and 5 years at most		VI3	0
More 5 years		VI4	0
	Other liabilities (gross)	8K1	0
1 year at most		8K2	7 063 527
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	0
1 year at most		8L2	11 095 147
More than 1 year and 5 years at most		8L3	0

References

		31/12/2003
Loans made during the period	VJ	0
Debt repaid during the period	VK	0

Table allocation results and other information
Dividends distributed

		31/12/2003
Dividends	ZE	0

Commitments

		31/12/2003
Commitments leasing furniture	YQ	0
Commitments Real Estate Leasing	YR	3 797 261
Effects brought to the discount and unmatured	YS	0

Other charges Externes

		31/12/2003
Subcontracting	YT	29 858 756
Rentals, rental charges and condominiums	XQ	0
Staff outside the company	YU	3 059 628
Remuneration intermediaries and fees (excluding fees)	SS	0
Fees, commissions and brokerage	YV	1 518 082
Other accounts	ST	0
Total Other purchases and external	ZJ	0

Taxes and Fees

		31/12/2003
Business tax	YW	0
Other taxes and payments assimilated	9Z	0
Total taxes and fees	YX	0

VAT

		31/12/2003
Amount VAT collected	YY	34 453 993
Total VAT on goods and services	YZ	37 413 079

Average number of employees

		31/12/2003
Average number of employees	YP	615

Groups and Shareholders

		31/12/2003
Groups and Shareholders	ZR	-

Display parameter
Comparison mode	Average	Median

Ratios
Structure and liquidity | Management or rotation | Profitability of the business | Return on capital

Structure and Liquidity

		31/12/2003	Sector Median 2003
Fixed Asset Financing		3,47	1,80	92,8%
Global Debt		158 days	118 days	33,9%
Working Capital Fund overall net		94 days	90 days	4,4%
Financial independence		2510,86%	642,84%	290,6%
More ratios
Solvability		35,10%	41,44%	-15,3%
Capacity debt futures		6181,95%	594,97%	939,0%
Coverage of current assets by net working capital overall		36,22%	44,72%	-19,0%
General Liquidity		1,02	0,92	10,9%
Restricted Liquidity		1,17	1,15	1,7%

Management or rotation

		31/12/2003	Sector Median 2003
Need background in operating working capital		80 days	58 days	37,9%
Treasury		22 days	7 days	214,3%
Inventory turnover of goods		days	10,50 days	-
Average length of credit granted to customers		126 days	86 days	46,5%
Average length of credit obtained suppliers		109 days	83,50 days	30,5%
More ratios
Inventory turnover of raw materials in industrial enterprises		52 days	88 days	-40,9%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	535 days	-
Rotation tangible assets		%	816,05%	-

Profitability of the business

		31/12/2003	Sector Median 2003
Margin trading		0%	0%	0%
Profitability of the business		4,75	5,73%	-17,1%
Net profit		2,79%	2,35%	18,7%
More ratios
Growth rate of turnover (excluding VAT)		%	0%	-
Rates integration		15,20%	42,14%	-63,9%
Rate leasing furniture		0%	0%	0%
Work Factor		64,02%	80,63%	-20,6%
Weight interests		2,97	0,63%	371,4%

Return on capital

		31/12/2003	Sector Median 2003
Cash flow from the overall profitability		0,41%	3,92%	-89,5%
Rates of economic profitability		17%	18,50%	-8,1%
Financial profitability		66655037%	557499%	11856,1%
Return on investment		20,11%	11,97%	68,0%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2003	Sector Median 2003
Turnover	260 670 068	2 195 393 €	11773,5%

Sales of goods	0
- Purchase of goods	0
+/- Stock of goods variation	0
Trading margin	0 €	0 €	0%
	0,00 % CA	0 % CA	0%

Sale of goods produced	260 670 068
+/- Stocked production	3 641 575
+ Self-constructed assets	129 000
Period production	264 440 643 €	1 990 770,50 €	13183,3%
	101,45 % CA	99,35 % CA	2,1%

Trading margin	0	0	0%
+ Period Production	264 440 643	1 990 770,50	13183,3%
- Purchase of raw materials	170 381 513
+/- Change in stocks of raw materiels	736 179
- Other external purchases and charges	53 696 385
Added value	39 626 566 €	928 701,50 €	4166,9%
	15,20 % CA	42,14 % CA	-63,9%

Added value	39 626 566 €	928 701,50 €	4166,9%
+ Operating grants	7 490
- Tax, duty and similar payments	1 891 081
- Personal charges	25 370 568
Gross operating surplus	12 372 407 €	83 134 €	14782,5%
	4,75 % CA	5,66 % CA	-16,1%

Gross operating surplus	12 372 407 €	83 134 €	14782,5%
+ Release of reserves and provisions	5 325 059
+ Other operating income	424 227
- Depreciation/Amortisation	5 012 708
- Other charges	115 600
Operating result	12 993 385 €	56 317 €	22971,9%
	4,98 % CA	3,77 % CA	32,1%

Operating result	12 993 385 €	56 317 €	22971,9%
+/- Result of joint-venture transferred from/to other partners	0
+ Financial income	6 022 546
- Financial charges	7 740 803
Pre-tax result	11 275 128 €	43 846 €	25615,3%
	4,33 % CA	3,12 % CA	38,8%

Extraordinary income	1 121 827	8 759,50	12707,0%
- Extraordinary charges	1 019 248
Extraordinary result	102 579 €	864,50 €	11765,7%
	0,04 % CA	0,03 % CA	33,3%

Pre-tax result	11 275 128 €	43 846 €	25615,3%
Extraordinary result	102 579 €	864,50 €	11765,7%
- Employee profit sharing	631 986
- Tax on profits	3 484 533
Net result	7 261 188 €	45 264,50 €	15941,7%
	2,79 % CA	2,31 % CA	20,8%

ADDITIONAL INFORMATION

No trends info for the company

Company details

Activity (APE)	Manufacturer of Genset, Portable Generator, Waterpumps, Power Solutions, Residential Genset, Generating Sets, Diesel Generator Sets, Rental Power, Welding Sets, Gas Generator, Electric Motors as well as Transformers
RCS Registration	RCS Brest 8 548 202 985	Share capital	17,066,520 Euros
Registration Court	Brest (29)	Legal form	Simplified joint stock company
Court Registry Number	19 8 7B00021	EUR VAT Number	FR60548202985
Incorporation Date	03/1974	Formation Date	01/1974
Deregistration Date		Last account Date	31/12/2003
Nationality	France

Type	Secondary establishment	Status	Economically active
Formation Date	01/1984	Reason for formation	Purchase
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

	Department	Finistère (29)	Region	Bretagne
	District	1	Area	99
	City	BREST	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants
Other establishments

Branches	9 branch entities in this company
Head office	> S.D.M.O. INDUSTRIES <<<  - Fabrication de moteurs, génératrices et transformateurs électriques (2711Z)  in BREST  (29200)
Secondary establishments	>  S.D.M.O. INDUSTRIES  - Fabrication de moteurs, génératrices et transformateurs électriques (2711Z)  in COURBEVOIE  (92400) >  S.D.M.O. INDUSTRIES  - Fabrication de moteurs, génératrices et transformateurs électriques (2711Z)  in CHOLET  (49300) >  S.D.M.O. INDUSTRIES  - Fabrication de moteurs, génératrices et transformateurs électriques (2711Z)  in BREST  (29200) >  S.D.M.O. INDUSTRIES  - Fabrication de moteurs, génératrices et transformateurs électriques (2711Z)  in GENNEVILLIERS  (92230) > ...

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 80 to 99% of workforce

Event history

Status history

No Status History

Company events history

Date	Description
11/01/2014	Update Rating
11/01/2014	Update Limit
19/10/2013	Update Rating
19/10/2013	Update Limit
30/04/2013	Formation of Establishment
06/04/2012	Update of participations in other companies
06/04/2012	New subsidiarie(s) detected
03/07/2009	Collection of preferential rights activated for this company
19/05/2008	Change to corporate purpose
19/05/2008	Modification de l'objet social
19/05/2008	Minutes of general meeting of shareholders
19/05/2008	Acte modificatif
19/05/2008	Updated articles of association
19/05/2008	Statuts mis à jour
19/05/2008	Private document
24/08/2006	Private document
24/08/2006	Minutes of general meeting of shareholders
24/08/2006	New auditor
24/08/2006	Changement de Commissaire aux Comptes
24/08/2006	Appointment/resignation of company officers
24/08/2006	PV d'Assemblée
07/03/2006	Acte sous seing privé
07/03/2006	Private document
07/03/2006	Acte modificatif
07/03/2006	Amendment
31/12/2003	New accounts available
15/11/2001	Changement de Forme Juridique sans changement de catégorie
15/11/2001	PV d'Assemblée
15/11/2001	Changement de Forme Juridique avec changement de catégorie
15/11/2001	Nomination/démission des organes de gestion
15/11/2001	Acte sous seing privé
15/11/2001	Augmentation de Capital
15/11/2001	Conversion du Capital Social en Euros
15/11/2001	Statuts mis à jour
15/11/2001	Rapport des Commissaires ou du Gérant
09/09/1999	Modification du Conseil d'Administration
09/09/1999	Changement de Commissaire aux Comptes
09/09/1999	Statuts mis à jour
09/09/1999	Acte sous seing privé
09/09/1999	PV d'Assemblée
09/09/1999	Nomination/démission des organes de gestion
09/09/1999	Augmentation de Capital
24/10/1994	Projet de Fusion
24/10/1994	Acte sous seing privé
24/10/1994	PV d'Assemblée
24/10/1994	Fusion
24/10/1994	Déclaration de conformité
16/06/1994	Projet de Fusion
16/06/1994	Acte sous seing privé
13/04/1994	Requête et Ordonnance
13/04/1994	Acte modificatif

Establishment events history

Date	Description
30/04/2013	Update of Establishment Workforce
12/01/2013	Update of phone numbers
29/12/2009	Update Rating
02/04/2009	Update Rating
11/12/2007	Update Limit
09/12/2007	Update Limit

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.05
UK Pound	1	Rs.100.80
Euro	1	Rs.84.18

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.