MIRA INFORM REPORT

Report No. :	315516
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	CELIO INTERNATIONAL SA
Registered Office :	Marcel  Broodthaersplein  8 1060 Bruxelles
Country :	Belgium
Financials (as on) :	31.01.2014
Date of Incorporation :	18.04.2006
Com. Reg. No.:	880793256
Legal Form :	Public  Limited  Liability Company  (BE)
Line of Business :	Retail  sale  of  women's, men's,  baby  and  children's underwear  and  outerwear  in specialised  stores  (general assortment)
No. of Employee :	31

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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Belgium	A2	A2

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

BELGIUM - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

Source : CIA

Company summary

Business  number	880793256
Company  name	CELIO  INTERNATIONAL  SA
Address	MARCEL  BROODTHAERSPLEIN  8 1060 BRUXELLES
Number  of  staff	31
Date  of  establishment	18/04/2006
Telephone  number	02349  53  53

Ultimate holding company

Company  name	Company  Number
Celio  International  SA	880793256

Commentary

The  business  was  established  over  8  years  ago.

The  business  has  33  employees.

The  business  is  part  of  a  group.

This  business  has  a  foreign  parent  business.

The  business  has  been  at  the  address  for  over  7  years.

The  business  has  changed  address  1  times  in  the  last  year.

Operating  Result  in  the  latest  trading  period  decreased  22%  on  the  previous  trading  period.

Pre-tax  profits  decreased  by  70%  compared  to  the  previous  trading  period.

The  business  saw  an  increase  in  their  Cash  Balance  of  96%  during  the  latest  trading  period.

Accounts

DATE  OF  LATEST  ACCOUNTS	TURNOVER	PROFIT  BEFORE  TAX	NET  WORTH	WORKING  CAPITAL
31/01/2014	372,230,889	22,725,222	460,040,300	5,699,924
31/01/2013	352,070,257	77,234,270	561,436,711	28,456,681
31/01/2012	358,880,822	48,203,932	516,716,675	-36,127,887

Accounts

DATE  OF  LATEST  ACCOUNTS	BALANCE  TOTAL	NUMBER  OF  EMPLOYEES	CAPITAL	CASHFLOW
31/01/2014	754,793,124	31	432,759,506	-89,631,391
31/01/2013	819,309,861	32	431,667,506	69,883,648
31/01/2012	767,120,057	29	431,667,506	43,357,021

Payment expectations

Past  payments		Payment  expectation  days	148.02
Industry  average  payment	80.94	Industry  average  day  sales	59.91
expectation  days		outstanding
Day  sales  outstanding	51.20

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company information

Business  number	880793256	Company  name	CELIO  INTERNATIONAL  SA
Fax  number		Date  founded	18/04/2006
Company  status	active	Company  type	Public  Limited  Liability Company  (BE)
Currency	Euro  (€)	Date  of  latest  accounts	31/01/2014
Activity  code	47716	Liable  for  VAT	yes
Activity  description	Retail  sale  of  women's, men's,  baby  and  children's underwear  and  outerwear  in specialised  stores  (general assortment)	VAT  Number	BE.0880.793.256  Check  VAT number
Belgian  Bullettin  of  Acts Publications	moniteur belge

Contractor details

Registered  contractor	-
number
Contractor  description	-
Date  struck  off  register

Personnel  (NSSO  classification)

Code	-
Description	-

Joint  Industrial  Committee  (JIC)

JIC  Code	218
Description	Additional  national  joint  committee  for  the  employees
category
Significant  Events
Event  Date	29/07/2014
Event  Description	re-appointment  of  director(s)
Event  Details	Commentaire  29-07-2014:  Renouvellement du mandat d'administrateur d'Antoinette Fredeau  (ainsi
	comme administrateur délégué),  Marc  Grosman  (ainsi comme administrateur délégué  et  président
	du conseil d'administration),  Laurent  Grosman  (ainsi

Event  Date	29/07/2014
Event  Description	re-appointment  of  director(s)
Event  Details	comme administrateur délégué),  Dionysios Malamatinas,  Robert  Bensoussan,  Laurent  Levaux,
	Stephen  Reitman,  Financiere Namsorg Sas  pour  une durée  d'un  an.

Company accounts

Assets
Annual  accounts	31-01-2014	%	31-01-2013	%	31-01-2012	%	31-01-2011	%	31-01-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total  fixed  assets	603,016,891	-3.43	624,458,531	2.94	606,600,286	-0.47	609,436,084	0.46	606,620,159
Intangible  fixed  assets	10,292,515	105	5,019,501	613	703,724	-11.34	793,709	53.95	515,567
Tangible  fixed  assets	334,652	-30.23	479,643	-28.10	667,141	-0.17	668,287	-19.72	832,446
Land  &  building	-	-	-	-	-	-	-	-	-
Plant  &  machinery	-	-	-	-	-	-	-	-	-
Furniture  &  Vehicles	26,504	-70.61	90,195	-52.86	191,351	-26.67	260,946	-25.89	352,117
Leasing  &  Other  Similar	-	-	-	-	-	-	-	-	-
Rights
Other  tangible  assets	308,148	-20.88	389,448	-18.15	475,790	16.80	407,341	-15.20	480,329
Financial  fixed  assets	592,389,724	-4.29	618,959,387	2.27	605,229,421	-0.45	607,974,088	0.45	605,272,146
Total  current  assets	151,776,233	-22.11	194,851,330	21.39	160,519,771	68.05	95,518,912	16.77	81,799,027
Inventories	42,515,438	-3.83	44,206,620	-20.37	55,517,559	54.03	36,044,300	-9.71	39,922,304
Raw  materials  & consumables	-	-	-	-	-	-	-	-	-
Work  in  progress	0	-	0	-	0	-	0	-	0
Finished  goods	42,515,438	-3.83	44,206,620	-20.37	55,517,559	54.03	36,044,300	-9.71	39,922,304
Other  stocks	0	-	0	-	0	-	0	-	0
Trade  debtors	52,218,097	-27.69	72,215,011	46.86	49,174,214	13.85	43,191,701	13.48	38,060,601
Other  amounts  receivable	48,704,905	-36.85	77,129,586	48.50	51,937,599	857	5,421,628	290	1,386,750
Cash	352,363	96.84	179,013	6.48	168,117	-98.23	9,501,991	1027	843,045

Miscellaneous  current assets	7,459,944		1172		586,196		-83.99		3,662,282	169		1,359,292		-14.31		1,586,327
Total  Assets		754,793,124		-7.87		819,309,861	6.80	767,120,057			8.82	704,954,996	2.40		688,419,186
Liabilities
Total  shareholders  equity		470,332,815		-16.97		566,456,212	9.48	517,420,399			4.61	494,597,775	3.63		477,283,949
Issued  share  capital		432,759,506		0.25		431,667,506	0	431,667,506			0.42	429,846,672	0		429,846,672
Share  premium  account		-		-		-	-	-			-	-	-		-
Revaluation  reserve		-		-		-	-	-			-	-	-		-
Reserves		37,573,309		-72.12		134,788,706	57.18	85,752,893			32.43	64,751,103	36.50		47,437,277
Provisions  for  Liabilities  &		35,384,000		7608		459,000	782	52,000			-81.97	288,357	484		49,334
Charges

Deffered  taxes	-	-	-	-	-	-	-	-	-
Creditors	249,076,309	-1.31	252,394,649	1.10	249,647,658	18.84	210,068,864	-0.48	211,085,903
Other  long  term  loans	103,000,000	19.77	86,000,000	62.26	53,000,000	6.00	50,000,000	-24.24	66,000,000
Long  term  group  loans	-	-	-	-	-	-	-	-	-
Other  long  term  liabilities	0	-	0	-	0	-	0	-	0
Total  long  term  debts	138,384,000	60.06	86,459,000	62.97	53,052,000	5.50	50,288,357	-23.86	66,049,334

Current  portion  of  long  term	-	-	-	-	-	-	-	-	-
debt
Financial  debts	-	-	-	-	-	-	190,574	192	65,092
Trade  creditors	140,188,894	-0.84	141,370,561	-17.13	170,590,160	21.74	140,127,223	9.57	127,891,439
Amounts  Payable  for  Taxes,	683,849	-82.52	3,912,091	-10.85	4,388,147	17.45	3,736,243	-32.44	5,529,925
Remuneration  &  Social
Security

Miscellaneous  current	5,203,566	-75.35	21,111,997	-2.57	21,669,351	35.31	16,014,824	38.07	11,599,447
liabilities
Total  current  liabilities	146,076,309	-12.21	166,394,649	-15.38	196,647,658	22.85	160,068,864	10.33	145,085,903
Total  Liabilities	754,793,124	-7.87	819,309,861	6.80	767,120,057	8.82	704,954,996	2.40	688,419,186

ratio  analysis
TRADING  PERFORMANCE
Profit  Before  Tax		6.11	-72.15			21.94		63.37		13.43		0.75	13.33		14.22		11.67
Return  on  capital  employed		3.73	-68.47			11.83		40.0		8.45		9.31	7.73		34.90		5.73
Return  on  total  assets employed		3.01	-68.08			9.43		50.16		6.28		5.19	5.97		32.08		4.52
Return  on  net  assets		4.83	-64.56		13.63		46.24		9.32		9.39			8.52		30.67			6.52
employed
Sales  /  net  working  capital	65.30			427	12.37		124		-9.93		-102			-4.90		-16.11		-4.22
Stock  turnover  ratio	11.42			-9.08	12.56		-18.81		15.47		35.58			11.41		-23.78		14.97
Creditor  days	148.02			-8.83	162.35		-13.67		188.05		5.84			177.68		-4.38		185.81
Debtor  days	51.20			-31.61	74.87		49.71		50.01		0.24			49.89		-4.21		52.08
SHORT  TERM  STABILITY
Current  ratio	1.04			-11.11	1.17		42.68		0.82		36.67			0.60		7.14		0.56
Liquidity  ratio  /  acid  ratio	0.75			-17.58	0.91		71.70		0.53		43.24			0.37		27.59		0.29
Current  debt  ratio	0.31			6.90	0.29		-23.68		0.38		18.75			0.32		6.67		0.30
Liquidity  ratio  reprocessed	-			-	-		-		-		-			-		-		-
Cashflow	-89,631,391			-228	69,883,648		61.18		43,357,021		31.99			32,849,630		3.93		31,607,834
Net  worth	460,040,300			-18.06	561,436,711		8.65		516,716,675		4.64			493,804,066		3.57		476,768,382
LONG  TERM  STABILITY
Gearing	21.90			44.27	15.18		48.24		10.24		0.89			10.15		-26.66		13.84
Equity  in  percentage	63.17			-9.19	69.56		3.04		67.51		-3.89			70.24		1.24		69.38
Total  debt  ratio	0.60			33.33	0.45		-6.25		0.48		11.63			0.43		-2.27		0.44
Working  capital	5,699,924			-79.97	28,456,681		78.77		-36,127,887		55.97			-64,549,952		-2.00		-63,286,876

Profit  &  loss

Operating  Income		379,075,477		5.49	359,359,367	-1.85	366,120,421	14.05		321,004,850	18.32				271,302,648
Turnover		372,230,889		5.73	352,070,257	-1.90	358,880,822	13.58		315,977,121	18.45				266,769,927
Total  operating  expenses		345,691,761		8.77	317,825,980	-4.01	331,117,719	15.03		287,850,352	14.58				251,222,239
Gross  Operating  Margin		-		-	-	-	-	-		-	-				-
Operating  Charges		352,536,349		8.43	325,115,090	-3.91	338,357,318	15.53		292,878,081	14.52				255,754,960
Employee  costs		3,560,741		-13.49	4,115,901	-15.88	4,893,016	-6.17		5,214,708	-3.52				5,404,822
Wages  and  salary		2,354,377		-23.17	3,064,335	-35.74	4,768,405	22.36		3,897,169	24.13				3,139,654
Employee  pension  costs		-		-	-	-	-	-		-	-				-
Social  security		598,297		7.33	557,420	-57.37	1,307,459	33.39		980,200	17.65				833,156
contributions
Other  employee  costs		608,067		23.05	494,146	41.78	-1,182,848	-450		337,339	-76.44				1,432,012
Director  remuneration		1,704,138		2.10	1,669,154	153	658,920	-80.59		3,395,073	-30.53				4,886,975
Amortization  and		1,491,507		75.62	849,290	59.00	534,130	-0.31		535,804	12.44				476,531
depreciation
Operating  result	26,539,128			-22.50	34,244,277	23.34	27,763,103	-1.29		28,126,769		80.91				15,547,688
Total  financial  income	59,053,577			20.54	48,992,198	69.20	28,955,890	43.22		20,218,100		-5.68				21,435,163
Total  financial  expenses	62,867,483			947	6,002,205	-29.51	8,515,061	36.69		6,229,435		6.62				5,842,582
Results  on  ordinary operations  before  taxation	22,725,222			-70.58	77,234,270	60.22	48,203,932	14.46		42,115,434		35.24				31,140,269
Extraordinary  Income	-		-		-	-	-		-	-		-					6,856
Extraordinary  Charges	115,299,758		1863		5,873,395	39.81	4,201,000		-57.11	9,794,000		-					-
Extraordinary  items	-115,299,758		-1863		-5,873,395	-39.81	-4,201,000		42.89	-9,794,000		-142952					6,856
Results  for  the  Year Before  Taxation	-92,574,536		-229		71,360,875	62.17	44,002,932	36.14		32,321,434		3.77				31,147,125
Other  appropriations	-		-		-	-	-	-		-			-	-
Taxation	-1,451,638		-162		2,326,517	97.16	1,180,041	15410		7,608			-51.92	15,822
Results  on  ordinary	24,176,860		-67.72		74,907,753	59.30	47,023,891	11.67		42,107,826			35.29	31,124,447
operations  after  taxation
Net  result	-91,122,898		-231		69,034,358	61.21	42,822,891	32.52		32,313,826			3.80	31,131,303
Profit  (Loss)  for  the  Year to  be  appropiated	-91,122,898		-231		69,034,358	61.21	42,822,891	32.52		32,313,826			3.80	31,131,303
Dividends	5,000,499		-75.00		19,998,545	-0.01	20,000,267	33.34		15,000,000			-25.00	19,999,878

Social  Balance  Sheet  Details

Social  Balance  Sheet  Details
Social  Balance  Sheet	Total
During  the  reporting  year
ended  31-01-2014
Full-time  Employees	28
Part-time  Employees	5
Total  Fte  Employees	33
Number  of  hours  worked
Full-time  Employees	45,608
Part-time  Employees	6,650
Total	52,258
Personnel  Charges
Full-time  Employees	3,029,516
Part-time  Employees	531,225
Total	3,560,741
Benefits  In  Addition  To  Wages	44,292
During  the  previous  reporting  year
Average  number  employees  in  Fte	32
Actual  working  hours	51,146
Personnel  Charges	4,115,901
Benefits  In  Addition  To  Wages	42,017

Type  of  Contract	Full-Time	Part-Time	Total  Fte
Unlimited  Duration	26	6	31
Contracts
Limited  Duration  Contracts	1	-	1
Contracts  For  Specific  Work	-	-	-
Contracts  Regarding	-	-	-
Substitution

Gender  and  Education
Level
Men	Full-Time	Part-Time	Total  Fte
Primary  education	-	-	-
Secondairy  education	1	-	1
Higher  education  (non	3	-	3
university)
Higher  education	7	-	7
(university)
Women	Full-Time	Part-Time	Total  Fte
Primary  education	-	-	-
Secondairy  education	4	-	4
Higher  education  (non	8	1	9
university)
Higher  education	4	5	8
(university)

Working  Category	Full-Time	Part-Time	Total  Fte
Management	-	-	-
White  collar  worker	27	6	32
Blue  collar  worker	-	-	-
Other	-	-	-
Temporary  personnel		Total
	Average  number  of  temporary  staff	0
Actual  working  hours		151
Cost  of  temporary  staff		8,246

New  staff  and  leavers	Full-Time	Part-Time	Total  Fte
New  Starters	6	-	6
Leavers	6	-	6

Total  of  formal  continuing  vocational  training  initiatives
for  workers  paid  by  the  employer	Male	Female
Number  of  employees	6	9
Number  of  training  hours	279	422
Net  costs  for  enterprise	9,840	14,994
Total  of  less  formal  and  informal  continuing  vocational
training  initiatives  for  workers  paid  by  the  employer	Male	Female
Number  of  employees	9	13
Number  of  training  hours	212	208
Net  costs  for  enterprise	19,051	17,671
Total  of  initial  training  initiatives  at  the  expense  of  the
employer	Male	Female
Number  of  employees	-	-
Number  of  training  hours	-	-
Net  costs  for  enterprise	-	-

Industry comparison

Activity  code	47716
Activity  description	Retail  sale  of  women's,  men's,  baby  and  children's  underwear  and  outerwear  in  specialised  stores (general  assortment)
industry  average  credit rating	66.55
Industry  average  credit  limit	4099.66

Payment  Information

Payment  Information  Summary
Total  number  of  Invoices  available	7
Total  number  of  Invoices  paid  within  or  up  to  30  days  after  the  due  date	7
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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment  expectation  days	148.02
Day  sales  outstanding	51.20

Industry comparison

Activity  code	47716
Activity  description	Retail  sale  of  women's,  men's,  baby  and  children's  underwear  and  outerwear  in  specialised  stores (general  assortment)
Industry  average  payment expectation  days	80.94
Industry  average  day  sales outstanding	59.91

Industry  quartile  analysis Payment  expectations

Company  result	148.02
Lower	47.57
Median	12.88
Upper	2.66

Day  sales  outstanding
Company  result	51.20
Lower	90.06
Median	39.64
Upper	15.30

Shareholder  Details
Summary
Group  -  Number  of  Companies	23
Linkages  -  Number  of  Companies	2
Number  of  Countries	3

Group  Structure
Company  name	Number	Latest
		financials
- CELIO  INTERNATIONAL  SA	880793256	31-01-2014
- - BLUE  ET  GREEN  BELGIUM  SPRL	463467978	31-01-2014
- - CELIO  FINANCE  SPRL	893810854	31-01-2014
- - JABU  SPRL	441453433	31-01-2014
- - - A4  SA	450315174	31-01-2005
- - - ZENITH  BVBA	428576286	31-01-2005
- - ML  BELGIUM  SPRL	895692159	31-01-2014
- - ROUDELET  GESTION  SA	431606745	31-01-2014
- - SOCIETE  GABRIELLE  SA	434637501	31-01-2014
- - - ELBI  SA	425047169	31-01-2014
- - THALIE  SPRL	402181497	31-01-2014
- - - LIANNE  SA	427108024	31-01-2005
- - BLUE  AND  GREEN  MANUFACTURING  B.V.	33230217	31-12-2007
- - BLUE  SKIES  SOC.ETR.  E.P.B.
- - CELIO  ESPANA  MODA  SOC.ETR.  E.P.B.
- - CELIO  FUTURE  FASHION  LTD  SOC.ETR.  E.P.B.
- - CELIO  ITALIA  SOC.ETR.  E.P.B.
- - CELIO  LOGISTIQUE  SOC.ETR.  E.P.B.
- - CELIO  LUXEMBOURG  SA
- - CELIO  POLAND  SP  Z.O.O
- - CELIO  SLOVAKIA  SRO  SOC.ETR.  E.P.B.
- - CELIO  SOURCING  SOC.ETR.  E.P.B.
- - ML  CZECH  REPUBLIC  SRO  SOC.ETR.  E.P.B.

Minority Shareholders

No minority  shareholders  found

Minority  Interests

Business	Company  name	%	Date  of
number			accounts
877764777	Glam  Holding  SA	25.92	31/01/2014
Individual  Shareholders
SHAREHOLDER  NAME
Forename	Laurent
Surname	Grosman
SHAREHOLDER  DETAILS
Start  date	18/04/2006
Percentage  owned	50%
SHAREHOLDER  ADDRESS
Street  name	Villa  Guibert	House Number	10
Minor  town	-	Postal Town	PARIS
Post  code	75016	Country	FRANCE

Companies that  match  this  address

no Companies  Match  this  address

Linked  Companies

Summary

Group  -  Number  of  Companies	23
Linkages  -  Number  of  Companies	2
Number  of  Countries	3

Linked  Companies

NAME	NUMBER	LATEST  KEY	TURNOVER
		FINANCIALS
BLUE  AND  GREEN  HOLDING  B.V.	33245171	31.01.2014	-
GLAM  HOLDING  SA	877764777	31.01.2014	-

Summons

there  is  no  data  for  this  company

Protested  Bills

there  is  no  data  for  this  company

Bankruptcy  and  other  legal  events

there  is  no  data  for  this  company

Director details

Current  director  details

Name	MARC  GROSMAN
Position	Managing  Director
Start  Date	19/08/2011
Street	109 RUE  GABRIELLE  BRUXELLES
Post  code	1180
Country	Belgium
Position	Director
Start  Date	18/04/2006
Street	109 RUE  GABRIELLE  BRUXELLES
Post  code	1180
Country	Belgium
Position	Chairman  Executive  Committee
Start  Date	01/07/2011
Street	109 RUE  GABRIELLE  BRUXELLES
Post  code	1180
Country	Belgium
Position	Member  of  the  Board  of  Directors
Start  Date	01/07/2011
Street	109 RUE  GABRIELLE  BRUXELLES
Post  code	1180
Country	Belgium
Name	ANTOINETTE  FREDEAU
Position	Director
Start  Date	18/04/2006
Street	8 PLACE  MARCEL  BROODTHAERS  BRUXELLES
Post  code	1060
Country	Belgium
Name	ANTOINETTE  FREDEAU-GROSMAN
Position	Managing  Director
Start  Date	19/08/2011
Street	109 RUE  GABRIELLE  BRUXELLES
Post  code	1180
Country	Belgium
Position	Director
Start  Date	18/04/2006
Street	109 RUE  GABRIELLE  BRUXELLES
Post  code	1180
Country	Belgium
Position	Member  of  the  Board  of  Directors
Start  Date	01/07/2011
Street	109 RUE  GABRIELLE  BRUXELLES
Post  code	1180
Country	Belgium
Name	FINANCIERE  NAMSORG
Position	Director
Start  Date	14/09/2007
Street
Post  code
Country	France
Name	MARC  MENASE
Position	Director
Start  Date	17/10/2014
Street
Post  code
Country
Name	STEPHEN  REITMAN
Position	Director
Start  Date	14/09/2007
Street
Post  code
Country
Name	PIERRE  PARLONGUE
Position	Member  of  the  Board  of  Directors
Start  Date	01/07/2011

Former  director  details

Name	MARC  GROSMAN
Position	Chairman  of  the  Board
Start  Date	24/07/2012
End  Date	30/07/2013
Street	109 RUE  GABRIELLE  BRUXELLES
Post  code	1180
Country	Belgium
Name	ANTOINETTE  FREDEAU
Position	Managing  Director
Start  Date	24/07/2012
End  Date	30/07/2013
Street	8 PLACE  MARCEL  BROODTHAERS  BRUXELLES
Post  code	1060
Country	Belgium
Name	LAURENT  GROSMAN
Position	Managing  Director
Start  Date	24/07/2012
End  Date	31/01/2014
Street	8 PLACE  MARCEL  BROODTHAERS  BRUXELLES
Post  code	1060
Country	Belgium
Position	Director
Start  Date	01/12/2013
End  Date	31/12/2013
Street	8 PLACE  MARCEL  BROODTHAERS  BRUXELLES
Post  code	1060
Country	Belgium
Name	LAURENT  LEVEAU
Position	Director
Start  Date	30/07/2013
End  Date	29/07/2014
Street	23 AVENUE  DU  MARÉCHAL  BRUXELLES
Post  code	1180
Country	Belgium
Name	ALL  THE  BEST  SPRL
Position	Director
Start  Date	29/04/2011
End  Date	21/05/2014
Date  of  birth	24/02/2011
Street	17 PLACE  GEORGES  BRUGMANN  BRUXELLES
Post  code	1050
Country	Belgium
Position	Member  of  the  Board  of  Directors
Start  Date	01/07/2011
End  Date	21/05/2014
Date  of  birth	24/02/2011
Street	17 PLACE  GEORGES  BRUGMANN  BRUXELLES
Post  code	1050
Country	Belgium
Name	LAURENT  LEVAUX
Position	Director
Start  Date	24/07/2012
End  Date	31/01/2014
Street	150 RUE  DES  DEUX  GARES  BRUXELLES
Post  code	1070
Country	Belgium
Name	STEPHAN  REITMAN
Position	Director
Start  Date	24/07/2012
End  Date	30/07/2013
Street	250 SAUVESTREET  WEST
Post  code	H3L  1Z2
Country	Canada
Name	FINANCIÈRE  NAMSORG  SOC.ETR.  E.P.B.
Position	Director
Start  Date	24/07/2012
End  Date	30/07/2013
Street	38 AVENUE  HOCHE
Post  code	75008
Country	France
Name	CHRISTIAN  PIMONT
Position	Chairman  of  the  Board
Start  Date	28/07/2009
End  Date	20/01/2012
Street
Post  code
Country	France
Position	Director
Start  Date	14/09/2007
End  Date	Unknown  date
Street
Post  code
Country	France
Name	ROBERT  BENSOUSSAN
Position	Director
Start  Date	24/07/2012
End  Date	30/07/2013
Street	52 BROOK  STREET
Post  code	W1K5DS
Country	United  Kingdom
Name	DIONYSIOS  MALAMATINAS
Position	Director
Start  Date	24/07/2012
End  Date	30/07/2013
Street	11 CHESTER  SQUARE
Post  code	SW1W9HH
Country	United  Kingdom

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SDA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.