MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	MANOIR INDUSTRIES
Registered Office :	Manoir Industries, 37 Rue De Liege, 75008 Paris 8
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	October 2012
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	Not Available [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees :	Not Available

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 but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 name

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Name	MANOIR INDUSTRIES

Personal comment

company summary

		EUR VAT Number	FR12788854925
Activity (APE)	Activités des sociétés holding (6420Z)	Legal form	Simplified Joint Stock Company with Single Associate
Phone	01 44 69 88 10	RCS Registration	RCS Paris 1 788 854 925
Fax		Share capital	40,000,000 Euros
Address	MANOIR INDUSTRIES 37 RUE DE LIEGE 75008 PARIS 8	Incorporated Date	10/2012
Nationality	France	Status	Economically active

This company is not under monitoring

Current Directors

1

Trading to Date	12/31/2013
Turnover	4,638,147 €
Gross Operating Surplus	-60.43 % Turnover
Shareholders’ equity	22,901,753 €
Net result	-17,172,444 €
Employees	0 employee

No trends info for the company

company details

Company details

Activity (APE)	Activités des sociétés holding (6420Z)
RCS Registration	RCS Paris 1 788 854 925	Share capital	40,000,000 Euros
Registration Court	Paris (75)	Legal form	Simplified Joint Stock Company with Single Associate
Court Registry Number	20 1 2B20699	EUR VAT Number	FR12788854925
Incorporation Date	10/2012	Formation Date	10/2012
Deregistration Date		Last account Date	31/12/2013
Nationality	France

Ultimate Parent

1 ultimate parent company for this company > MANOIR GROUP - Activités des sociétés holding (6420Z) in PARIS 8 (75008)

Establishment details

Activity (APE)	Activités des sociétés holding (6420Z)	Business Pages FT®	FONDERIE METAUX FERREUX
Postal Address	MANOIR INDUSTRIES 37 RUE DE LIEGE 75008 PARIS 8	Trading Address	37 RUE DE LIEGE 75008 PARIS 8
Telephone	01 44 69 88 10
Fax

Type	Head office	Status	Economically active
Formation Date	03/2013	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	Other	Activity Location	Other
Location surface		Seasonality

Department		Region	Ile-de-France
District		Area
City	PARIS 8	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> MANOIR INDUSTRIES <<< - Activités des sociétés holding (6420Z) in PARIS 8 (75008)
Secondary establishments	> MANOIR INDUSTRIES - Activités des sociétés holding (6420Z) in PARIS 8 (75008)

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

0 employee

Company workforce

0 employee

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2013
Account period (month)	12
Account Type	Normal
Date of capture	28/07/2014
Activity Code	6420Z
Employees	16	-	-

Active account

Annual Accounts	31/12/2013	Sector Median2013
Capital not called	0	0	0%
Total fixed assets	15,714,231	520,732	2917.7%
- Intangible assets	145,578	0	0%
- Tangible assets	12,137	0	0%
- Financial assets	15,556,515	457,347	3301.5%
Net current assets	24,762,370	132,889	18533.9%
- Stocks	0	0	0%
- Advanced payments	0	0	0%
- Receivables	12,211,344	53,173	22865.3%
- Securities and cash	12,551,026	17,034	73582.2%
- Prepaid expenses	-	0	-
Accounts of regularization	0	0	0%
Total Assets	40,476,601	807,307	4913.8%

Passive Account

Annual Accounts	31/12/2013	Sector Median2013
Shareholders' equity	22,901,753	415,720	5408.9%
Share capital	40,000,000	100,000	39900%
Other capital resources	0	0	0%
Risk Provisions	7,051,981	0	0%
Liabilities	10,522,866	219,828	4686.9%
- Financial liabilities	8,096,061	117,121	6812.6%
- Advanced payments received	0	0	0%
- Trade account payables	1,549,516	3,388	45635.4%
- Tax and social liabilities	830,534	9,557	8590.3%
- Other debts and fixed assets liabilities	46,755	60	77825.0%
Account regularization	0	0	0%
Total liabilities	40,476,600	807,672	4911.5%

Results

Annual Accounts	31/12/2013	Sector Median2013
Sales of Goods	6,124,591	43,653	13930.2%
Net turnover	4,638,147	36,170	12723.2%
- of which net export turnover	899,980	0	0%
Operating charges	7,546,686	55,062	13605.8%
Operating profit/loss	-1,422,095	-1,968	-72160.9%
Financial income	370,058	24,258	1425.5%
Financial charges	6,153,279	4,003	153616.7%
Financial profit/loss	-5,783,221	9,742	-59463.8%
Pretax net operating income	-7,205,316	22,376	-32301.1%
Extraordinary income	5,239,100	0	0%
Extraordinary charges	15,206,227	0	0%
Extraordinary profit/loss	-9,967,127	0	0%
Net result	-17,172,444	21,644	-79440.4%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2013
Months	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2013
	Grand Total (I to VI)	Net	40,476,601
	Gross	CO	49,930,665
	Amortisation	1A	9,454,064

Non declared distributed capital (I)

		31/12/2013
Non declared distributed capital (I)	AA3	0
Gross	AA	0

Active fixed asset (II)

			31/12/2013
	Total Active fixed asset (II)	Net	15,714,231
	Gross	BJ	15,718,295
	Amortisation	BK	4,064

Intangilble fixed assets

			31/12/2013
	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	44,583
	Gross	AF	46,815
	Amortisation	AG	2,232
	Goodwill	Net	0
	Gross	AH	0
	Amortisation	AI	0
	Other intangible fixed assets	Net	100,995
	Gross	AJ	100,995
	Amortisation	AK	0
	Pre-payments and downpayments	Net	0
	Gross	AL	0
	Amortisation	AM	0
Sub Total Intangible Assets		Net	145,578

Tangilble fixed assets

			31/12/2013
	Lands	Net	0
	Gross	AN	0
	Amortisation	AO	0
	Buildings	Net	0
	Gross	AP	0
	Amortisation	AQ	0
	Plant	Net	0
	Gross	AR	0
	Amortisation	AS	0
	Other tangible fixed assets	Net	12,137
	Gross	AT	13,969
	Amortisation	AU	1,832
	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	12,137

Financial assets

			31/12/2013
	Associates at equity	Net	0
	Gross	CS	0
	Amortisation	CT	0
	Other participations	Net	14,850,980
	Gross	CU	14,850,981
	Amortisation	CV	01
	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	705,535
	Gross	BH	705,535
	Amortisation	BI	0
	Sub Total Financial Assets		15,556,515

Current Assets (III)

			31/12/2013
	Total Assets	Net	24,762,370
	Gross	CJ	34,212,370
	Amortisation	CK	9,450,000

Stocks

			31/12/2013
	Raw materials	Net	0
	Gross	BL	0
	Amortisation	BM	0
	Work in progress (goods)	Net	0
	Gross	BN	0
	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	0

Advance payments to suppliers

			31/12/2013
	Advance payments to suppliers	Net	0
	Gross	BV	0
	Amortisation	BW	0

Debtors

			31/12/2013
	Trade accounts receivable	Net	909,055
	Gross	BX	909,055
	Amortisation	BY	0
	Other debtors	Net	11,123,574
	Gross	BZ	20,573,574
	Amortisation	CA	9,450,000
	Capital subscribed and called up	Net	0
	Gross	CB	0
	Amortisation	CC	0
	Sub Total Debtors	Net	12,032,629

Divers

			31/12/2013
	Investment securities	Net	8,000,000
	Gross	CD	8,000,000
	Amortisation	CE	0
	Cash and cash equivalents	Net	4,551,026
	Gross	CF	4,551,026
	Amortisation	CG	0
	Sub Total Divers	Net	12,551,026

Prepaid expenses

			31/12/2013
	Prepaid expenses	Net	178,715
	Gross	CH	178,715
	Amortisation	CI	0

Equalization accounts (IV to VI)

		31/12/2013
Multi-period charges	CW3	0
Gross		0
Premiums on redemption of bonds	CM3	0
Gross		0
Currency differential gain	CN3	0
Gross		0

References

		31/12/2013
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)

		31/12/2013
Grand Total (I to V)	EE	40,476,600

Shareholder Equity (I)

			31/12/2013
	Total shareholders' equity (Total I)	DL	22,901,753
	Equity and shareholders' equity	DA	40,000,000
	Issue and merger premiums	DB	0
	Revaluation differentials	DC	0
	Of which equity differential	EK	0
	Legal reserve	DD	0
	Statutory or contractual reserve	DE	0
	Special regulated reserves	DF	0
	Of which special reserve of provisions for current fluctuation	B1	0
	Other reserves	DG	0
	Of which reserve for buying originals works from alive artists	EJ	0
	Profits or losses brought forward	DH	-4,562
	Profit or loss for the period	DI	-17,172,444
	Investment grants	DJ	0
	Special tax-allowable reserves	DK	78,759

Other capital resources (II)

			31/12/2013
	Total other capital resources (Total II)	DO	0
	Income from participating securities	DM	0
	Conditional loans	DN	0

Provisions for risks and charges (III)

			31/12/2013
	Total provisions for risks and charges (Total III)	DR	7,051,981
	Risk provisions	DP	7,050,000
	Reserves for charges	DQ	1,981

Liabilities (IV)

			31/12/2013
	Total Liabilities (Total IV)	EC	10,522,866
	Convertible debentures	DS	0
	Other debentures	DT	82,008
	Bank loans and liabilities	DU	14,053
	Sundry loans and financial liabilities	DV	8,000,000
	Of which participating loans	EI	0
	Advance payments received for current orders	DW	0
	Trade accounts payables	DX	1,549,516
	Tax and social security liabilities	DY	830,534
	Fixed asset liabilities	DZ	40,332
	Other debts	EA	6,423

Translation loss (V)

		31/12/2013
Translation loss (Total V)	ED	0

Equalization accounts

		31/12/2013
Deferred income	EB	0

References

		31/12/2013
Of which tax-allowable reserve	EF	0
Deferred income and liabilities	EG	0
Of which current bank facilities	EH	0

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)

		31/12/2013
Operating result (Total I-II)	GG	-1,422,095

2 -Financial result(V - VI)

		31/12/2013
Financial result (Total V-VI)	GV	-5,783,221

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

		31/12/2013
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-7,205,316

4 -Extraordinary result(VII-VIII)

		31/12/2013
Extraordinary result (Total VII-VIII)	HI	-9,967,127

Profit or loss

		31/12/2013
Profit or loss	HN	-17,172,444

Total Income (I+III+V+VII)

		31/12/2013
Total Income (I+III+V+VII)	HL	11,733,749

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

		31/12/2013
Total charges (Total II+IV+VI+VIII+IX+X)	HM	28,906,192

Operating income(I)

		31/12/2013
Total operating income (Total I)	FR	6,124,591

Operating income (details)

			31/12/2013
	Sale of goods for resale	FC	0
	France	FA	0
	Export	FB	0
	Sale of goods produced	FF	0
	France	FD	0
	Export	FE	0
	Sale of services	FI	4,638,147
	France	FG	3,738,167
	Export	FH	899,980
	Net turnover	FL	4,638,147
	France	FJ	3,738,167
	Export	FK	899,980
	Stocked production	FM	0
	Self-constructed assets	FN	0
	Operating grants	FO	0
	Release of reserves and provisions	FP	1,486,356
	Other income	FQ	88

Operating charges(II)

		31/12/2013
Total operating charges (Total II)	GF	7,546,686

Exploitation charges

		31/12/2013
Purchase of goods for resale	FS	0
Change in stocks of goods for resale	FT	0
Purchase of raw materials	FU	0
Change in stocks of raw materials	FV	0
Other external purchases and charges	FW	4,580,625
Tax, duty and similar payments	FX	63,219
Payroll	FY	1,793,047
Social security costs	FZ	1,004,253

Depreciation

		31/12/2013
Depreciation of fixed assets	GA	5,529
Amortisation of fixed assets	GB	0
Depreciation/amortisation of current assets	GC	0
Provisions for risks and charges	GD	1,981

Other charges

		31/12/2013
Other charges	GE	98,032

Operating charges (III-IV)

		31/12/2013
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)

			31/12/2013
	Total financial income (Total V)	GP	370,058
	Share financial income	GJ	0
	Other investment income & capitalised receivables	GK	0
	Other interest and similar income	GL	327,446
	Released provisions and transferred charges	GM	0
	Exchange gains	GN	36,038
	Net income from disposal of investment securities	GO	6,574

Financial Charge (VI)

			31/12/2013
	Total financial charge (Total VI)	GU	6,153,279
	Financial reserves and provisions	GQ	5,950,001
	Interest and similar charges	GR	199,977
	Exchange losses	GS	0
	Net loss from disposal of investment securities	GT	3,301

Extraordinary income(VII)

			31/12/2013
	Total extraordinary income (Total VII)	HD	5,239,100
	Extraordinary operating income	HA	0
	Extraordinary income from capital transactions	HB	5,239,100
	Released provisions and transferred charges	HC	0

Extraordinary charges(VIII)

			31/12/2013
	Total extraordinary charges (Total VIII)	HH	15,206,227
	Extraordinary operating charges	HE	141,486
	Extraordinary charges from capital transactions	HF	4,435,982
	Extraordinary reserves and provisions	HG	10,628,759

Employee profit sharing(IX)

		31/12/2013
Employee profit sharing (Total IX)	HJ	0

Tax on profits(X)

		31/12/2013
Tax on profits (Total X)	HK	0

References

		31/12/2013
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	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)

			31/12/2013
	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	4,437,448
	Gross value at the end of period	OL	15,718,295

Research and development Charge (Total I)

			31/12/2013
	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)

			31/12/2013
	Gross value at begin of period	KD	0
	Increasess due to revaluation	KE	0
	Increasess, acquisitions, creations, contributions	KF	147,810
	Decreasess by budget item transfer	LV1	0
	Decreasess by transfers	LV2	0
	Gross value at the end of period	LW	147,810

Tangible fixed assets (Total III)

			31/12/2013
	Gross value at begin of period	LN	0
	Increasess due to revaluation	LO	0
	Increasess, acquisitions, creations, contributions	LP	20,094
	Decreasess by budget item transfer	NG1	0
	Decreasess by transfers	NG2	6,125
	Gross value at the end of period	NH	13,969

Fiancial assets (Total IV)

			31/12/2013
	Gross value at begin of period	LQ	0
	Increasess due to revaluation	LR	0
	Increasess, acquisitions, creations, contributions	LS	19,987,839
	Decreasess by budget item transfer	NJ1	0
	Decreasess by transfers	NJ2	4,431,323
	Gross value at the end of period	NK	15,556,516

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

			31/12/2013
	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)

			31/12/2013
	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)

			31/12/2013
	Reserve for depreciation value at begin of period	PE	0
Increases		PF	2,232
Decreasess		PG	0
	Decreasess by budget item transfer	PH	2,232

Total fixed assets amotisation(Total III)

			31/12/2013
	Reserve for depreciation value at begin of period	QU	0
Increases		QV	3,297
Decreases		QW	1,465
	Decreasess by budget item transfer	QX	1,832

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2013
	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

			31/12/2013
	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)

			31/12/2013
	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	0
Financial	UH	0
Exceptional	UK	0

Total regulated provisions (Total I)

			31/12/2013
	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)

			31/12/2013
	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)

			31/12/2013
	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

		31/12/2013
Gross value	VT	22,363
1 year at most	VU	21,657
More than one year	VV	706

State of loans

		31/12/2013
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	0
Other financial assets (gross)	UT	706
Other financial assets (1 year at most)	UV	0

Receivables statement of assets

		31/12/2013
Customers doubtful or disputed	VA	909
Other claims customer	UX	0
Receivables represent Loaned Securities	UU	0
Provision for depreciation previously established	UQ	0
Personnel and associated accounts	UY	0
Social Security and other social organizations	UZ	03
Income taxes	VM	0
Value added tax	VB	219
Other taxes and payments assimilated	VN	0
State and other public - Miscellaneous	VP	05
Group and Associates	VC	20,322
Accounts receivable (including claims relating to the operation of pension titles)	VR	25

Prepaid

		31/12/2013
Prepaid	VS	179

State Debt

			31/12/2013
	Total debt (gross)	VY	10,517
1 year at most		VZ2	2,517
More than 1 year and 5 years at most		VZ3	0
More than 5 years		VZ4	8,000

Details

			31/12/2013
	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	82
1 year at most		7Z2	82
More than 1 year and 5 years at most		7Z3	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	14
1 year at most		VG2	14
More than 1 year and 5 years at most		VG3	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0
1 year at most		VH2	0
More than 1 year and 5 years at most		VH3	0
	Loans and various financial liabilities (gross)	8A1	8,000
1 year at most		8A2	0
More than 1 year and 5 years at most		8A3	0
	Suppliers and associated accounts (gross)	8B1	1,550
1 year at most		8B2	1,550
More than 1 year and 5 years at most		8B3	1,550
	Personnel and associated accounts (gross)	8C1	519
1 year at most		8C2	519
More than 1 year and 5 years at most		8C3	0
	Social Security and other social organizations (gross)	8D1	151
1 year at most		8D2	151
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	140
1 year at most		VW2	140
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	20
1 year at most		VQ2	20
More than 1 year and 5 years at most		VQ3	0
	Assets and liabilities associated accounts (gross)	8J1	40
1 year at most		8J2	40
More than 1 year and 5 years at most		8J3	0
More than 5 years		8J4	0
	Groups and associates (gross)	VI1	05
1 year at most		VI2	05
More than 1 year and 5 years at most		VI3	0
More 5 years		VI4	0
	Other liabilities (gross)	8K1	01
1 year at most		8K2	01
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	0
More than 1 year and 5 years at most		8L3	0

References

		31/12/2013
Loans made during the period	VJ	0
Debt repaid during the period	VK	0

Table allocation results and other information
Dividends distributed

		31/12/2013
Dividends	ZE	0

Commitments

		31/12/2013
Commitments leasing furniture	YQ	0
Commitments Real Estate Leasing	YR	0
Effects brought to the discount and unmatured	YS	0

Other charges Externes

		31/12/2013
Subcontracting	YT	0
Rentals, rental charges and condominiums	XQ	0
Staff outside the company	YU	0
Remuneration intermediaries and fees (excluding fees)	SS	0
Fees, commissions and brokerage	YV	0
Other accounts	ST	0
Total Other purchases and external	ZJ	0

Taxes and Fees

		31/12/2013
Business tax	YW	0
Other taxes and payments assimilated	9Z	0
Total taxes and fees	YX	0

VAT

		31/12/2013
Amount VAT collected	YY	0
Total VAT on goods and services	YZ	0

Average number of employees

		31/12/2013
Average number of employees	YP	16

Groups and Shareholders

		31/12/2013
Groups and Shareholders	ZR	0

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2013	Sector Median2013
Fixed Asset Financing		2.42	1.10	120.0%
Global Debt		817days	650days	25.7%
Working Capital Fund overall net		1734days	213days	714.1%
Financial independence		23840.84%	277.73%	8484.2%
More ratios
Solvability		56.58%	62.79%	-9.9%
Capacity debt futures		163583950%	1185.82%	13794906.8%
Coverage of current assets by net working capital overall		53.14%	58.78%	-9.6%
General Liquidity		8.60	0.45	1811.1%
Restricted Liquidity		4995.11	0.95	525701.1%

Management or rotation

		31/12/2013	Sector Median2013
Need background in operating working capital		746days	50days	1392.0%
Treasury		974days	40days	2335.0%
Inventory turnover of goods		days	0days	-
Average length of credit granted to customers		71days	49days	44.9%
Average length of credit obtained suppliers		122days	108days	13.0%
More ratios
Inventory turnover of raw materials in industrial enterprises		days	0days	-
Inventory turnover of intermediate and finished products in the industrial enterprise		days	556days	-
Rotation tangible assets		33203.14%	564.68%	5780.0%

Profitability of the business

		31/12/2013	Sector Median2013
Margin trading		0%	0%	0%
Profitability of the business		-60.43	5.96%	-1113.9%
Net profit		-370.24%	21.22%	-1844.8%
More ratios
Growth rate of turnover (excluding VAT)		%	0%	-
Rates integration		1.24%	79.12%	-98.4%
Rate leasing furniture		0%	0%	0%
Work Factor		4863.01%	0%	0%
Weight interests		132.67	3.57%	3616.2%

Return on capital

		31/12/2013	Sector Median2013
Cash flow from the overall profitability		-30%	27.36%	-209.6%
Rates of economic profitability		-9%	0%	0%
Financial profitability		22901753%	328892%	6863.3%
Return on investment		-35.55%	5.67%	-727.0%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2013	Sector Median2013
Turnover	4,638,147	36,170 €	12723.2%

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	4,638,147
+/- Stocked production	0
+ Self-constructed assets	0
Period production	4,638,147 €	31,167 €	14781.6%
	100.00 % CA	100 % CA	0%

Trading margin	0	0	0%
+ Period Production	4,638,147	31,167	14781.6%
- Purchase of raw materials	0
+/- Change in stocks of raw materiels	0
- Other external purchases and charges	4,580,625
Added value	57,522 €	11,180 €	414.5%
	1.24 % CA	79.12 % CA	-98.4%

Added value	57,522 €	11,180 €	414.5%
+ Operating grants	0
- Tax, duty and similar payments	63,219
- Personal charges	2,797,300
Gross operating surplus	-2,802,997 €	-1,921 €	-145813.4%
	-60.43 % CA	5.96 % CA	-1113.9%

Gross operating surplus	-2,802,997 €	-1,921 €	-145813.4%
+ Release of reserves and provisions	1,486,356
+ Other operating income	88
- Depreciation/Amortisation	7,510
- Other charges	98,032
Operating result	-1,422,095 €	-1,968 €	-72160.9%
	-30.66 % CA	4.97 % CA	-716.9%

Operating result	-1,422,095 €	-1,968 €	-72160.9%
+/- Result of joint-venture transferred from/to other partners	0
+ Financial income	370,058
- Financial charges	6,153,279
Pre-tax result	-7,205,316 €	22,376 €	-32301.1%
	-155.35 % CA	23.08 % CA	-773.1%

Extraordinary income	5,239,100	0	0%
- Extraordinary charges	15,206,227
Extraordinary result	-9,967,127 €	0 €	0%
	-214.89 % CA	0 % CA	0%

Pre-tax result	-7,205,316 €	22,376 €	-32301.1%
Extraordinary result	-9,967,127 €	0 €	0%
- Employee profit sharing	0
- Tax on profits	0
Net result	-17,172,443 €	21,637 €	-79466.1%
	-370.24 % CA	21.24 % CA	-1843.1%

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Status of collection

This company is not under monitoring

Group data

Ultimate parent company	TAIHAI GROUP PARIS HOLDING
Direct parent	TAIHAI GROUP PARIS HOLDING - 100 %
Group – Number of companies	2
Linkages – Number of companies	-
Number of countries	-

Group Structure

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TAIHAI GROUP PARIS HOLDING

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Company Name	SIREN	Parts	Last account published
MANOIR GROUP	788531515	-	31/12/2013
MANOIR INDUSTRIES	788854925	100%	31/12/2013

Shareholders

Linkages

Ultimate parent company	TAIHAI GROUP PARIS HOLDING
Direct parent	TAIHAI GROUP PARIS HOLDING - 100 %
Group – Number of companies	2
Linkages – Number of companies	-
Number of countries	-

No Linkages information available for the company

event history

Status history

Date	Description
13/03/2013	Economically active

Recent publications in Gazettes

Publication date	Gazette Name	Description
23/08/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 15769 - 788854925 RCS. MANOIR INDUSTRIES. Forme : Société par actions simplifiée (à associé unique). Adresse : 37 rue de Liège 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
18/04/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 884 - 788 854 925 RCS Paris. MANOIR INDUSTRIES. Forme : Société par actions simplifiée (à associé unique). Administration : nomination du Président : Royer, Philippe, nomination du Président : M.I. MANAGEMENT, modification du Directeur général Roland, Gilles. Capital : 40000000 EUR. Activité : . Adresse de l’établissement principal : 37 rue de Liège, 75008 Paris. Adresse du siège social : 37 rue de Liège, 75008 Paris. Commentaires : modification survenue sur la dénomination, l'adresse du siège, l'adresse de l'établissement et l'administration.
01/04/2013	JAL	Appointment of the social representative
Affiches parisiennes (Les) Date de décision : 08/03/2013 Société faisant l'objet d'une nomination : 788854925 - TAIHAI INDUSTRIES, 37 RUE DES MATHURINS, 75008 PARIS 8 Nominé : 791356124 - M.I. MANAGEMENT, 37 RUE DES MATHURINS, 75008 PARIS 8 En la fonction de : Président
01/04/2013	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 08/03/2013 La société 788854925 - TAIHAI INDUSTRIES, 37 RUE DES MATHURINS, 75008 PARIS 8 Fait l'objet du départ de Monsieur Philippe ROYER, 8C Les Terrasses du Léman, CH 1275, GÉNOLIER, De Monsieur Gilles ROLAND, De Monsieur Gilles ROLAND
01/04/2013	JAL	Head Office Transfer
Affiches parisiennes (Les) Date de décision : 13/03/2013 Transfert du siège social de la société 788854925 - TAIHAI INDUSTRIES Adresse du nouveau siège : 37 RUE DE LIEGE, 75008 PARIS Ancienne localisation : 37 RUE DES MATHURINS, 75008 PARIS 8 Date d'effet : 13/03/2013
07/03/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1364 - 788 854 925 RCS Paris. TAIHAI INDUSTRIES. Forme : Société par actions simplifiée (à associé unique). Capital : 40000000 EUR. Activité : . Adresse du siège social : 37 rue des Mathurins, 75008 Paris. Commentaires : modification survenue sur le capital (augmentation).
12/02/2013	JAL	Continuation of activity in spite of stockholders' equity become lower in the middle of the share capital
Affiches parisiennes (Les) Date de décision : 24/01/2013 Poursuite d'activité malgré des fonds propres devenus inférieurs à la moitié du capital social de la société 788854925 - TAIHAI INDUSTRIES, 37 RUE DES MATHURINS, 75008 PARIS 8 Date d'effet : 24/01/2013
12/02/2013	JAL	Modification of the share capital
Affiches parisiennes (Les) Date de décision : 24/01/2013 La société : 788854925 - TAIHAI INDUSTRIES, 37 RUE DES MATHURINS, 75008 PARIS 8 a subi une augmentation de son capital social désormais de 40 000 000 € Date d'effet : 24/01/2013
04/11/2012	Bodacc A	Création d'établissement
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 702 - 788 854 925 RCS Paris. TAIHAI INDUSTRIES. Forme : Société par actions simplifiée à associé unique. Administration : Président : Roland, Gilles, Commissaire aux comptes titulaire : DELOITTE & ASSOCIES, Commissaire aux comptes suppléant : BEAS. Capital : 1000 EUR. Adresse : 37 rue des Mathurins, 75008 Paris. Origine du fonds : Création d'un fonds de commerce. Etablissement : Etablissement principal. Activité : L'acquisition, la souscription, la détention, la gestion ou la cession sous quelque forme que ce soit, de toutes parts sociales et de toutes valeurs mobilières de tous biens et droits immobiliers, dans toutes sociétés ou entités juridiques, créées ou à créer françaises ou étrangères, et plus généralement, la gestion de participations. Adresse : 37 rue des Mathurins, 75008 Paris. A dater du : 18/10/2012. Date de commencement de l’activité : 11/10/2012. Descriptif : . Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

Company events history

Date	Description
23/08/2014	Bodacc C : Deposit accounts notice
29/07/2014	Update Rating
29/07/2014	Update Limit
29/07/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
22/07/2014	Update Rating
05/04/2014	Update Rating
04/04/2014	New ultimate parent
04/04/2014	New parent detected
31/12/2013	New accounts available
09/12/2013	Update Rating
17/07/2013	Update of Company Activity
17/07/2013	Modification of Company Activity
18/04/2013	Bodacc B: Various editing or changing
03/04/2013	Amendment
03/04/2013	Updated articles of association
03/04/2013	Changes to the Board of Directors
03/04/2013	New chairman (CEO, CoB)
03/04/2013	New company name
03/04/2013	Registered office transferred inside jurisdiction of the Commercial Court
01/04/2013	Legal Gazette: Head Office Transfer
01/04/2013	Legal Gazette: Resignation / Revocation of the social representative
13/03/2013	Update of Company Name
13/03/2013	Update of Company Head Office Identifier
13/03/2013	Transfer of Establishment
08/03/2013	Legal Gazette: Appointment of the social representative
07/03/2013	Bodacc B: Various editing or changing
19/02/2013	Amendment
19/02/2013	Updated articles of association
19/02/2013	Capital increase
19/02/2013	Continuation of business despite loss of equity
24/01/2013	Legal Gazette: Modification of the share capital
24/01/2013	Legal Gazette: Continuation of activity
04/11/2012	Bodacc A : Establishment creation
18/10/2012	Fund deposit certificate
18/10/2012	New chairman (CEO, CoB)
18/10/2012	Articles of association
18/10/2012	Amendment
18/10/2012	New auditor

directors

Shareholder(s)

Name	M.I. MANAGEMENT
Name of representative
Manager position	President	Date of birth
Place of birth
Type	Moral person	Name at birth

Previous Directors

No data about previous directors is available for this company

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.06

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	PDT

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.