MIRA INFORM REPORT

Report No. :	335234
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	THE KOOPLES PRODUCTION
Registered Office :	11 Rue De Prony 75017 Paris
Country :	France
Financials (as on) :	31.08.2008
Date of Incorporation :	August 2008
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of outerwear
No. of Employees :	20 to 49 Employees

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 more than 84 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 increased by 0.4% in 2014. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.4% in the fourth quarter of 2014. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 24.3% in the fourth quarter of 2014. 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% of GDP in 2014, while France's public debt rose from 68% of GDP to more than 95% in 2014, and may hit 100% by 2016. Elected on a conventionally leftist platform, President Francois HOLLANDE surprised and angered many supporters with a January 2014 speech announcing a sharp change in his economic policy, recasting himself as a liberalizing reformer. The government's budget for 2014 shifted the balance of fiscal consolidation from taxes to a total of $24 billion in spending cuts. In December 2014, HOLLANDE announced additional reforms, including a plan to extend commercial business hours, liberalize professional services, and sell off $6.2-12.4 billion in state owned assets. France’s tax burden remains well above the EU average and income tax cuts over the past decade are being partly reversed, particularly for higher earners. The top rate of income tax is 41%. The government is allowing a 75% payroll tax on salaries over $1.24 million to lapse.

Source : CIA

Company summary

SIRET	507 769 164 00041	Click to view full map.
Name	THE KOOPLES PRODUCTION
Acronym	-
Trade name	-
Status	Economically active
Postal Address	THE KOOPLES PRODUCTION 11 RUE DE PRONY 75017 PARIS FRANCE
Share Capital	5,645,070 Euros
Incorporiation Date	08/2008
Activity (APE)	Manufacture of outerwear (1413Z)	RCS Registration	RCS Paris B 507 769 164
Formation Date	08/2008	EUR VAT Number	FR07507769164
Deregistration Date	-	Last account Date	31/08/2008
Court Registry Number	20 0 8B18646	Telephone	-
Registration Court	Paris (75)	Fax	-
Nationality	France	Legal form	Simplified joint stock company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/08/2008	0 €		4,988,805 €	-21,195 €	20 to 49 employees

Ultimate Holding Company

Name	Country	Company Number
THE KOOPLES PRODUCTION		507769164
Affiliation links. View Details

Directors

Current Directors

5

View Details

Payment Data Programme

To share your payment experience on this company Click Here

Preferential Right

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	310
Total number of Invoices paid within or up to 30 days after the due date	227
Total number of Invoices paid more than 30 days after the dues date	79
Total number of Invoices currently outstanding where the due date has not yet been reached	4
Total number of Invoices currently outstanding beyond the due date	0

Trends

There are no trends available for a company

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	1413Z	Activity	Manufacture of outerwear
Formation Date	01/2015	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	11 RUE DE PRONY 75017 PARIS 17	Department	Paris (75)
Location Surface	-	District	1
City	PARIS 17	Status	Economically active
Business Pages FT®	-	Region	Ile-de-France
		Area	31
		Size of Urban Area	Paris conglomeration

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
THE KOOPLES PRODUCTION	Manufacture of outerwear	1413Z	PARIS 17	75017

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	3 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
THE KOOPLES PRODUCTION	Head Office	1413Z	Manufacture of outerwear	PARIS 17	75017
THE KOOPLES PRODUCTION	Branch	1413Z	Manufacture of outerwear	PARIS 1	75001
THE KOOPLES PRODUCTION	Branch	1413Z	Manufacture of outerwear	PARIS 1	75001
THE KOOPLES PRODUCTION	Branch	1413Z	Manufacture of outerwear	PARIS 16	75116

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

The pre-tax profit is -254,340 €

The net turnover is 0 €

The tangible fixed assets are 0 €

High risk workforce size

The ratio total assets to total liabilities is 1.99

The financial liabilities are 15,611 €

The company is 6 years old

Region code with low risk rating

Industry code with low risk rating

The trade payables value is 7,195 €

The stocks value is 0 €

The receivables value is 1,611 €

The net current assets are 5,011,611 €

The sales to current assets ratio is 0

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	28/12/2010
Status of Monitoring	No social security and tax office preferential right to date

Preferential rights details and history

Summary of preferential rights

Company monitored since	28/12/2010
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	THE KOOPLES PRODUCTION
Direct parent	-
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

	Name	SIREN	Parts	Last account published
1	THE KOOPLES PRODUCTION	507769164	-	31/08/2008
2	THE KOOPLES DIFFUSION	500539507	100 %	31/08/2008
	K LOGISTIQUE	524251212	100 %	-

Linkages

No Linkages information available for the company.

Director(s)

Name	M. ELICHA ALEXANDRE
Manager position	President	Date of birth	13/07/1975
Place of birth	TOULOUSE (31000)
Type	Individual	Name at birth
				View Details
Name	M. ELICHA LAURENT
Manager position	Managing director	Date of birth	15/09/1976
Place of birth	TOULOUSE (31000)
Type	Individual	Name at birth

Name	M. STERN EMMANUEL
Manager position	Managing director	Date of birth	22/01/1978
Place of birth	RUEIL-MALMAISON (92500)
Type	Individual	Name at birth
				View Details
Name	M. DREYFUS NICOLAS
Manager position	Managing director	Date of birth	26/08/1980
Place of birth	PARIS (75014)
Type	Individual	Name at birth

Name	M. ELICHA RAPHAËL
Manager position	Delegated managing director	Date of birth	03/07/1986
Place of birth	TOULOUSE (31000)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. ELICHA ALEXANDRE	-	View Details
Managing director	M. ELICHA LAURENT	-	View Details
Managing director	M. DREYFUS NICOLAS	26/08/1980 - PARIS (75014)	View Details

Status history

Date	Description
01/01/2015	Economically active

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	25/02/2015	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 3965 - 507 769 164 RCS Paris. THE KOOPLES PRODUCTION. Forme : Société par actions simplifiée. Capital : 5645070 EUR. Activité : . Adresse de l’établissement principal : 11 rue de Prony, 75017 Paris. Adresse du siège social : 11 rue de Prony, 75017 Paris. Commentaires : modification survenue sur l'adresse du siège et l'adresse de l'établissement.
Hide	15/01/2015	JAL	Head Office Transfer
Echos (Les) / Le Publicateur Légal - La Vie Judiciaire Date de décision : 17/12/2014 Transfert du siège social de la société 507769164 -  THE KOOPLES PRODUCTION Adresse du nouveau siège : 11 RUE DE PRONY, 75017 PARIS Ancienne localisation : 19 PL VENDOME, 75001 PARIS 1 Date d'effet : 01/01/2015
Hide	10/02/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1216 - 507 769 164 RCS Paris. THE KOOPLES PRODUCTION. Forme : Société par actions simplifiée. Administration : Directeur général partant : Santi-Weil, Nicolas. Capital : 5645070 EUR. Activité : . Adresse du siège social : 19 place Vendôme, 75001 Paris. Commentaires : modification survenue sur l'administration.
Hide	17/01/2013	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 19/12/2012 La société 507769164 - THE KOOPLES PRODUCTION, 19 PL VENDOME, 75001 PARIS 1 Fait l'objet du départ de Monsieur Nicolas SANTI-WEIL
Hide	20/11/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1346 - 507 769 164 RCS Paris. THE KOOPLES PRODUCTION. Forme : Société par actions simplifiée. Administration : nomination du Directeur général : Stern, Emmanuel, nomination du Directeur général : Santi-Weil, Nicolas, nomination du Directeur général : Dreyfus, Nicolas. Capital : 5645070 EUR. Activité : . Adresse du siège social : 19 place Vendôme, 75001 Paris. Commentaires : modification survenue sur l'administration.
Hide	19/08/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 687 - 507 769 164 RCS Paris. THE KOOPLES PRODUCTION. Forme : Société par actions simplifiée. Administration : nomination du Directeur général délégué : Elicha, Raphaël. Capital : 5645070 EUR. Activité : . Adresse de l’établissement principal : 19 place Vendôme, 75001 Paris. Adresse du siège social : 19 place Vendôme, 75001 Paris. Commentaires : modification survenue sur l'adresse du siège et l'administration.
Hide	21/07/2011	JAL	Head Office Transfer
Affiches parisiennes (Les) Date de décision : 15/06/2011 Transfert du siège social de la société 507769164 -  THE KOOPLES PRODUCTION Adresse du nouveau siège : 19 Place Vendôme, 75001 PARIS 01 Ancienne localisation : 24 RUE DE RICHELIEU, 75001 PARIS 1 Date d'effet : 01/07/2011
Hide	21/07/2011	JAL	Appointment of the social representative
Affiches parisiennes (Les) Société faisant l'objet d'une nomination : 507769164 - THE KOOPLES PRODUCTION, 24 RUE DE RICHELIEU, 75001 PARIS 1 Nominé : Monsieur Raphaël ELICHA, 75001 PARIS 01 En la fonction de : Directeur général Date d'effet : 01/07/2011
Hide	09/02/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 706 - 507 769 164 RCS Paris. THE KOOPLES PRODUCTION. Forme : Société par actions simplifiée. Capital : 5645070 EUR. Activité : La fabrication par sous Traitance, la conception, la commercialisation et la distribution de tous articles vestimentaires de prêt-à-porter, lingerie, bonneterie, chaussures, maroquinerie et plus généralement tous articles d'équipements de la personne pour homme, femme et enfant. Adresse du siège social : 24 rue de Richelieu, 75001 Paris. Commentaires : modification survenue sur le capital (augmentation).
Hide	15/01/2010	JAL	Modification of the share capital
AFFICHES PARISIENNES ET DEPARTEMENTALES Date de décision : 15/12/2009 La société : 507769164 - THE KOOPLES PRODUCTION, 24 RUE DE RICHELIEU, 75001 PARIS 1 a subi une augmentation de son capital social désormais de 5 645 070 €
Hide	29/05/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9448 - 507769164 RCS. THE KOOPLES PRODUCTION. Forme : Société par actions simplifiée. Adresse : 24 rue de Richelieu 75001 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/08/2008.
Hide	06/03/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2487 - 507 769 164 RCS Paris. THE KOOPLES PRODUCTION. Forme : Société par actions simplifiée. Capital : 5010000 EUR. Activité : La fabrication par sous Traitance, la conception, la commercialisation et la distribution de tous articles vestimentaires de prêt-à-porter, lingerie, bonneterie, chaussures, maroquinerie et plus généralement tous articles d'équipements de la personne pour homme, femme et enfant. Adresse de l’établissement principal : 24 rue de Richelieu, 75001 Paris. Adresse du siège social : 24 rue de Richelieu, 75001 Paris. Commentaires : modification survenue sur l'adresse du siège.
Hide	07/09/2008	Bodacc A	Création d'établissement
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 695 - 507 769 164 RCS Paris. THE KOOPLES PRODUCTION. Forme : Société par actions simplifiée à associé unique. Administration : Président : Elicha, Alexandre, Directeur général : Elicha, Laurent, Commissaire aux comptes titulaire : Ach, Yves Alain, Commissaire aux comptes suppléant : AUDIT CONSEIL HOLDING. . Capital : 5010000 EUR. Adresse : 10 rue Mesnil, 75116 Paris. Origine du fonds : Création d'un fonds de commerce. Etablissement : Etablissement principal. Activité : La fabrication par sous Traitance, la conception, la commercialisation et la distribution de tous articles vestimentaires de prêt-à-porter, lingerie, bonneterie, chaussures, maroquinerie et plus généralement tous articles d'équipements de la personne pour homme, femme et enfant. Adresse : 10 rue Mesnil, 75116 Paris. A dater du : 22/08/2008. Date de commencement de l’activité : 19/08/2008. Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

Company events history

Date	Description
25/02/2015	Bodacc B: Various editing or changing
10/02/2015	Registered office transferred inside jurisdiction of the Commercial Court
10/02/2015	Minutes of general meeting of shareholders
10/02/2015	Updated articles of association
15/01/2015	Legal Gazette: Head Office Transfer
01/01/2015	Update of Company Head Office Identifier
10/02/2013	Bodacc B: Various editing or changing
25/01/2013	Minutes of general meeting of shareholders
25/01/2013	Changes to the Board of Directors
17/01/2013	Legal Gazette: Resignation / Revocation of the social representative
20/11/2011	Bodacc B: Various editing or changing
04/11/2011	Changes to the Board of Directors
04/11/2011	Minutes of general meeting of shareholders
19/08/2011	Bodacc B: Various editing or changing
03/08/2011	Changes to the Board of Directors
03/08/2011	Registered office transferred inside jurisdiction of the Commercial Court
03/08/2011	Updated articles of association
03/08/2011	Minutes of general meeting of shareholders
21/07/2011	Legal Gazette: Head Office Transfer
01/07/2011	New shareholders detected
01/07/2011	New subsidiarie(s) detected
15/06/2011	Legal Gazette: Appointment of the social representative
28/12/2010	Collection of preferential rights activated for this company
09/02/2010	Bodacc B: Various editing or changing
20/01/2010	Capital increase
20/01/2010	Audit or Management Report
20/01/2010	Fund deposit certificate
20/01/2010	Minutes of general meeting of shareholders
20/01/2010	Updated articles of association
15/12/2009	Legal Gazette: Modification of the share capital
29/05/2009	Bodacc C : Deposit accounts notice
06/03/2009	Bodacc B: Various editing or changing
06/03/2009	New Bodacc B ads detected
17/02/2009	Minutes of general meeting of shareholders
17/02/2009	Minutes of general meeting of shareholders
17/02/2009	Private document
17/02/2009	Registered office transferred inside jurisdiction of the Commercial Court
17/02/2009	Updated articles of association
17/02/2009	Updated articles of association
17/02/2009	Registered office transferred inside jurisdiction of the Commercial Court
07/09/2008	New Bodacc A ads detected
07/09/2008	Bodacc A : Establishment creation
31/08/2008	New accounts available
22/08/2008	Articles of association
22/08/2008	Articles of association
22/08/2008	Company formation
22/08/2008	Fund deposit certificate
22/08/2008	Private document
22/08/2008	Fund deposit certificate

Synthesized Accounts

Annual Accounts

	31/08/2008
Account period (month)	01
Account Type	Normal
Date of capture	-
Activity Code	1413Z
Employees	0

Active account

	31/08/2008	Sector Average 2008		Sector Median 2008
Capital not called	0 0 K	249.11 0.25 K	0%	0 0 K	0%
Total fixed assets	5,010,000 5,010 K	488,379.10 488.38 K	925.8 %	24,587 25 K	20276.6 %
Intangible assets	0 0 K	210,156.70 210.16 K	0%	915 1 K	0%
Tangible assets	0 0 K	104,938.51 104.94 K	0%	5,959 6 K	0%
Financial assets	5,010,000 5,010 K	174,369.20 174.37 K	2773.2 %	3,000 3 K	166900.0 %
Net current assets	5,011,611 5,012 K	1,321,029.71 1,321.03 K	279.4 %	124,978 125 K	3910.0 %
Stocks	0 0 K	379,532.43 379.53 K	0%	20,056 20 K	0%
Advanced payments	0 0 K	3,709.98 3.71 K	0%	0 0 K	0%
Receivables	1,611 2 K	631,930.82 631.93 K	-99.7 %	40,642 41 K	-96.0 %
Securities and cash	5,010,000 5,010 K	305,521.14 305.52 K	1539.8 %	18,509 19 K	26967.9 %
Prepaid expenses	- -	1,075.99 1.08 K	-	0 0 K	-
Accounts of regularization	0 0 K	2,837.66 2.84 K	0%	0 0 K	0%
Total Assets	10,021,611 10,022 K	1,811,436.44 1,811.44 K	453.2 %	180,842 181 K	5441.7 %

Passive Account

	31/08/2008	Sector Average 2008		Sector Median 2008
Shareholders' equity	4,988,805 4,989 K	845,040.21 845.04 K	490.4 %	36,187 36 K	13686.2 %
Share capital	5,010,000 5,010 K	182,309.71 182.31 K	2648.1 %	8,000 8 K	62525.0 %
Other capital resources	0 0 K	3,396.23 3.40 K	0%	0 0 K	0%
Risk Provisions	0 0 K	39,107.69 39.11 K	0%	0 0 K	0%
Liabilities	5,032,806 5,033 K	923,598.64 923.60 K	444.9 %	119,497 119 K	4111.7 %
Financial liabilities	15,611 16 K	332,238.05 332.24 K	-95.3 %	11,752 12 K	32.8 %
Advanced payments received	0 0 K	10,267.75 10.27 K	0%	0 0 K	0%
Trade account payables	7,195 7 K	352,355.66 352.36 K	-98.0 %	22,156 22 K	-67.5 %
Tax and social liabilities	0 0 K	207,688.89 207.69 K	0%	50,051 50 K	0%
Other debts and fixed assets liabilities	5,010,000 5,010 K	90,745.34 90.75 K	5420.9 %	6,421 6 K	77925.2 %
Account regularization	0 0 K	4,623.05 4.62 K	0%	0 0 K	0%
Total liabilities	10,021,611 10,022 K	1,811,434.13 1,811.43 K	453.2 %	180,842 181 K	5441.6 %

Results

	31/08/2008	Sector Average 2008		Sector Median 2008
Sales of Goods	0 0 K	2,518,151.96 2,518.15 K	0%	270,711 271 K	0%
Net turnover	0 0 K	2,384,744.56 2,384.74 K	0%	261,647 262 K	0%
of which net export turnover	0 0 K	795,474.20 795.47 K	0%	0 0 K	0%
Operating charges	21,195 21 K	2,342,203.42 2,342.20 K	-99.1 %	275,920 276 K	-92.3 %
Operating profit/loss	-21,195 -21 K	175,948.54 175.95 K	-112.0 %	2,150 2 K	-1085.8 %
Financial income	0 0 K	50,574.47 50.57 K	0%	2 0 K	0%
Financial charges	0 0 K	48,482.72 48.48 K	0%	666 1 K	0%
Financial profit/loss	0 0 K	2,091.75 2.09 K	0%	-115 0 K	0%
Pretax net operating income	-21,195 -21 K	176,437.95 176.44 K	-112.0 %	1,733 2 K	-1323.4 %
Extraordinary income	0 0 K	77,577.82 77.58 K	0%	1 0 K	0%
Extraordinary charges	0 0 K	64,646.31 64.65 K	0%	239 0 K	0%
Extraordinary profit/loss	0 0 K	12,931.51 12.93 K	0%	0 0 K	0%
Net result	-21,195 -21 K	121,269.11 121.27 K	-117.5 %	2,704 3 K	-884.0 %

Accounts – Active

Normal Account

	31/08/2008
Months	1

Grand Total - Active Accounts (I to VI)

		31/08/2008
Grand Total (I to VI)	Net	10,021,611 10,022 K
Gross	CO	10,021,611 10,022 K
Amortisation	1A	0 0 K

Non declared distributed capital (I)

		31/08/2008
Non declared distributed capital (I)	AA3	0 0 K
Gross	AA	- -

Active fixed asset (II)

		31/08/2008
Total Active fixed asset (II)	Net	5,010,000 5,010 K
Gross	BJ	5,010,000 5,010 K
Amortisation	BK	0 0 K

Intangible fixed assets

		31/08/2008
Start-up cost	Net	0 0 K
Gross	AB	0 0 K
Amortisation	AC	0 0 K
R&D expenses	Net	0 0 K
Gross	CX	0 0 K
Amortisation	AE	0 0 K
Distributorships, patents	Net	0 0 K
Gross	AF	0 0 K
Amortisation	AG	0 0 K
Goodwill	Net	0 0 K
Gross	AH	0 0 K
Amortisation	AI	0 0 K
Other intangible fixed assets	Net	0 0 K
Gross	AJ	0 0 K
Amortisation	AK	0 0 K
Pre-payments and downpayments	Net	0 0 K
Gross	AL	0 0 K
Amortisation	AM	0 0 K
Sub Total Intangible asset	Net	0 0 K

Tangilble fixed assets

		31/08/2008
Lands	Net	0 0 K
Gross	AN	0 0 K
Amortisation	AO	0 0 K
Buildings	Net	0 0 K
Gross	AP	0 0 K
Amortisation	AQ	0 0 K
Plant	Net	0 0 K
Gross	AR	0 0 K
Amortisation	AS	0 0 K
Other tangible fixed assets	Net	0 0 K
Gross	AT	0 0 K
Amortisation	AU	0 0 K
Fixed assets in construction	Net	0 0 K
Gross	AV	0 0 K
Amortisation	AW	0 0 K
Advances and payments on account	Net	0 0 K
Gross	AX	0 0 K
Amortisation	AY	0 0 K
Sub Total Tangible asset	Net	0 0 K

Financial assets

		31/08/2008
Associates at equity	Net	0 0 K
Gross	CS	0 0 K
Amortisation	CT	0 0 K
Other participations	Net	5,010,000 5,010 K
Gross	CU	5,010,000 5,010 K
Amortisation	CV	0 0 K
Inter-company receivables	Net	0 0 K
Gross	BB	0 0 K
Amortisation	BC	0 0 K
Other investment securities	Net	0 0 K
Gross	BD	0 0 K
Amortisation	BE	0 0 K
Loans	Net	0 0 K
Gross	BF	0 0 K
Amortisation	BG	0 0 K
Other financial assets	Net	0 0 K
Gross	BH	0 0 K
Amortisation	BI	0 0 K
Sub Total Financial assets	Net	5,010,000 5,010 K

Current Assets (III)

		31/08/2008
Total Assets	Net	5,011,611 5,012 K
Gross	CJ	5,011,611 5,012 K
Amortisation	CK	0 0 K

Stocks

		31/08/2008
Raw materials	Net	0 0 K
Gross	BL	0 0 K
Amortisation	BM	0 0 K
Work in progress (goods)	Net	0 0 K
Gross	BN	0 0 K
Amortisation	BO	0 0 K
Work in progress (services)	Net	0 0 K
Gross	BP	0 0 K
Amortisation	BQ	0 0 K
Semi-finished and finished products	Net	0 0 K
Gross	BR	0 0 K
Amortisation	BS	0 0 K
Goods for resale	Net	0 0 K
Gross	BT	0 0 K
Amortisation	BU	0 0 K
Sub Total Stocks	Net	0 0 K

Advance payments to suppliers

		31/08/2008
Advance payments to suppliers	Net	0 0 K
Gross	BV	0 0 K
Amortisation	BW	0 0 K

Debtors

		31/08/2008
Trade accounts receivable	Net	0 0 K
Gross	BX	0 0 K
Amortisation	BY	0 0 K
Other debtors	Net	1,611 2 K
Gross	BZ	1,611 2 K
Amortisation	CA	0 0 K
Capital subscribed and called up	Net	0 0 K
Gross	CB	0 0 K
Amortisation	CC	0 0 K
Sub Total debtors	Net	1,611 2 K

Divers

		31/08/2008
Investment securities	Net	0 0 K
Gross	CD	0 0 K
Amortisation	CE	0 0 K
Cash and cash equivalents	Net	5,010,000 5,010 K
Gross	CF	5,010,000 5,010 K
Amortisation	CG	0 0 K
Sub Total Divers	Net	5,010,000 5,010 K

Prepaid expenses

		31/08/2008
Prepaid expenses	Net	0 0 K
Gross	CH	0 0 K
Amortisation	CI	0 0 K

Equalization accounts (IV to VI)

		31/08/2008
Multi-period charges	CW3	0 0 K
Gross		- -
Premiums on redemption of bonds	CM3	0 0 K
Gross		- -
Currency differential gain	CN3	0 0 K
Gross		- -

References

		31/08/2008
Due within one year	CP	0 0 K
Due after one year	CR	0 0 K

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/08/2008
Grand Total (I to V)	EE	10,021,611 10,022 K

Shareholder Equity (I)

		31/08/2008
Total shareholders' equity (Total I)	DL	4,988,805 4,989 K
Equity and shareholders' equity	DA	5,010,000 5,010 K
Issue and merger premiums	DB	0 0 K
Revaluation differentials	DC	0 0 K
Of which equity differential	EK	0 0 K
Legal reserve	DD	0 0 K
Statutory or contractual reserve	DE	0 0 K
Special regulated reserves	DF	0 0 K
Of which special reserve of provisions for current fluctuation	B1	0 0 K
Other reserves	DG	0 0 K
Of which reserve for buying originals works from alive artists	EJ	0 0 K
Profits or losses brought forward	DH	0 0 K
Profit or loss for the period	DI	-21,195 -21 K
Investment grants	DJ	0 0 K
Special tax-allowable reserves	DK	0 0 K

Other capital resources (II)

		31/08/2008
Total other capital resources (Total II)	DO	0 0 K
Income from participating securities	DM	0 0 K
Conditional loans	DN	0 0 K

Provisions for risks and charges (III)

		31/08/2008
Total provisions for risks and charges (Total III)	DR	0 0 K
Risk provisions	DP	0 0 K
Reserves for charges	DQ	0 0 K

Liabilities (IV)

		31/08/2008
Total Liabilities (Total IV)	EC	5,032,806 5,033 K
Convertible debentures	DS	0 0 K
Other debentures	DT	0 0 K
Bank loans and liabilities	DU	0 0 K
Sundry loans and financial liabilities	DV	15,611 16 K
Of which participating loans	EI	0 0 K
Advance payments received for current orders	DW	0 0 K
Trade accounts payables	DX	7,195 7 K
Tax and social security liabilities	DY	0 0 K
Fixed asset liabilities	DZ	5,010,000 5,010 K
Other debts	EA	0 0 K

Translation loss (V)

		31/08/2008
Translation loss (Total V)	ED	0 0 K

Equalization accounts

		31/08/2008
Deferred income	EB	0 0 K

References

		31/08/2008
Of which tax-allowable reserve	EF	0 0 K
Deferred income and liabilities	EG	5,032,806 5,033 K
Of which current bank facilities	EH	0 0 K

Result account

1 - Operating result (I-II)

		31/08/2008
Operating result (Total I-II)	GG	-21,195 -21 K

2 - Financial result (V-VI)

		31/08/2008
Financial result (Total V-VI)	GV	0 0 K

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

		31/08/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-21,195 -21 K

4 - Extraordinary result (VII-VIII)

		31/08/2008
Extraordinary result (Total VII-VIII)	HI	0 0 K

Profit or loss

		31/08/2008
Profit or loss	HN	-21,195 -21 K

Total Income (I+III+V+VII)

		31/08/2008
Total Income (Total I+III+V+VII)	HL	0 0 K

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

		31/08/2008
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	21,195 21 K

Operating income (I)

		31/08/2008
Total operating income (Total I)	FR	0 0 K

Operating income (details)

		31/08/2008
Sale of goods for resale	FC	0 0 K
France	FA	0 0 K
Export	FB	0 0 K
Sale of goods produced	FF	0 0 K
France	FD	0 0 K
Export	FE	0 0 K
Sale of services	FI	0 0 K
France	FG	0 0 K
Export	FH	0 0 K
Net turnover	FL	0 0 K
France	FJ	0 0 K
Export	FK	0 0 K
Stocked production	FM	0 0 K
Self-constructed assets	FN	0 0 K
Operating grants	FO	0 0 K
Release of reserves and provisions	FP	0 0 K
Other income	FQ	0 0 K

Operating charges (II)

		31/08/2008
Total operating charges (Total II)	GF	21,195 21 K

Exploitation charges

		31/08/2008
Purchase of goods for resale	FS	0 0 K
Change in stocks of goods for resale	FT	0 0 K
Purchase of raw materials	FU	0 0 K
Change in stocks of raw materials	FV	0 0 K
Other external purchases and charges	FW	6,195 6 K
Tax, duty and similar payments	FX	15,000 15 K
Payroll	FY	0 0 K
Social security costs	FZ	0 0 K

Depreciation

		31/08/2008
Depreciation of fixed assets	GA	0 0 K
Amortisation of fixed assets	GB	0 0 K
Depreciation/amortisation of current assets	GC	0 0 K
Provisions for risks and charges	GD	0 0 K

Other charges

		31/08/2008
Other charges	GE	0 0 K

Operating charges (III-IV)

		31/08/2008
Share of joint-venture transferred to other partner(s) (Total III)	GH	0 0 K
Share of joint venture transferred from other partner(s) (Total IV)	GI	0 0 K

Financial income (V)

		31/08/2008
Total financial income (Total V)	GP	0 0 K
Share financial income	GJ	0 0 K
Other investment income & capitalised receivables	GK	0 0 K
Other interest and similar income	GL	0 0 K
Released provisions and transferred charges	GM	0 0 K
Exchange gains	GN	0 0 K
Net income from disposal of investment securities	GO	0 0 K

Financial charge (VI)

		31/08/2008
Total financial charge (Total VI)	GU	0 0 K
Financial reserves and provisions	GQ	0 0 K
Interest and similar charges	GR	0 0 K
Exchange losses	GS	0 0 K
Net loss from disposal of investment securities	GT	0 0 K

Extraordinary income (VII)

		31/08/2008
Total extraordinary income (Total VII)	HD	0 0 K
Extraordinary operating income	HA	0 0 K
Extraordinary income from capital transactions	HB	0 0 K
Released provisions and transferred charges	HC	0 0 K

Extraordinary charges (VIII)

		31/08/2008
Total extraordinary charges (Total VIII)	HH	0 0 K
Extraordinary operating charges	HE	0 0 K
Extraordinary charges from capital transactions	HF	0 0 K
Extraordinary reserves and provisions	HG	0 0 K

Employee profit sharing (IX)

		31/08/2008
Employee profit sharing (Total IX)	HJ	0 0 K

Tax on profits (X)

		31/08/2008
Tax on profits (Total X)	HK	0 0 K

References

		31/08/2008
Of which equipment leases	HP	0 0 K
Of which property leases	HQ	0 0 K
Of which transferred charges	A1	0 0 K
Of which trader's own contributions	A2	0 0 K
Of which royalties on licences and patents (income)	A3	0 0 K
Of which royalties on licences and patents (charges)	A4	0 0 K

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/08/2008
Gross value at begin of period	OG	0 0 K
Increasess due to revaluation	OH	0 0 K
Decreasess, acquisitions, creations, contributions	OJ	5,010,000 5,010 K
Decreasess by budget item transfer	OK1	0 0 K
Decreasess by transfers	OK2	0 0 K
Gross value at the end of period	OL	5,010,000 5,010 K

Research and development Charge (Total I)

		31/08/2008
Gross value at begin of period	CZ	0 0 K
Increasess due to revaluation	KB	0 0 K
Increasess, acquisitions, creations, contributions	KC	0 0 K
Decreasess by budget item transfer	CO1	1 0 K
Decreasess by transfers	CO2	0 0 K
Gross value at the end of period	DO	0 0 K

Other budget item from Intangible fixed assets (Total II)

		31/08/2008
Gross value at begin of period	KD	0 0 K
Increasess due to revaluation	KE	0 0 K
Increasess, acquisitions, creations, contributions	KF	0 0 K
Decreasess by budget item transfer	LV1	0 0 K
Decreasess by transfers	LV2	0 0 K
Gross value at the end of period	LW	0 0 K

Tangible fixed assets (Total III)

		31/08/2008
Gross value at begin of period	LN	0 0 K
Increasess due to revaluation	LO	0 0 K
Increasess, acquisitions, creations, contributions	LP	0 0 K
Decreasess by budget item transfer	NG1	0 0 K
Decreasess by transfers	NG2	0 0 K
Gross value at the end of period	NH	0 0 K

Financial assets (Total IV)

		31/08/2008
Gross value at begin of period	LQ	0 0 K
Increasess due to revaluation	LR	0 0 K
Increasess, acquisitions, creations, contributions	LS	5,010,000 5,010 K
Decreasess by budget item transfer	NJ1	0 0 K
Decreasess by transfers	NJ2	0 0 K
Gross value at the end of period	NK	5,010,000 5,010 K

Reserve for depreciation

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

		31/08/2008
Reserve for depreciation value at begin of period	ON	0 0 K
Increases	OP	0 0 K
Decreasess	OQ	0 0 K
Reserve for depreciation value at the end of period	OR	0 0 K

Research and development charge (Total I)

		31/08/2008
Reserve for depreciation value at begin of period	CY	0 0 K
Increases	PB	0 0 K
Decreasess	PC	0 0 K
Decreasess by budget item transfer	PD	0 0 K

Other intangible assets (Total II)

		31/08/2008
Reserve for depreciation value at begin of period	PE	0 0 K
Increases	PF	0 0 K
Decreasess	PG	0 0 K
Decreasess by budget item transfer	PH	0 0 K

Total fixed assets amotisation (Total III)

		31/08/2008
Reserve for depreciation value at begin of period	QU	0 0 K
Increases	QV	0 0 K
Decreases	QW	0 0 K
Decreasess by budget item transfer	QX	0 0 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/08/2008
Gross value at begin of period	Z91	0 0 K
Increases	Z92	0 0 K
Depreciation of fixed assets during period	Z9	0 0 K
Decreasess by budget item transfer	B1	0 0 K

Premium refund of obligations

		31/08/2008
Net value at begin of period	SP1	0 0 K
Increases	SP2	0 0 K
Depreciation of fixed assets during period	SP	0 0 K
Net value at the end of period	SR	0 0 K

Provisions included in balance sheet

Grand Total (I-II-III)

		31/08/2008
Value at begining of period	7C	0 0 K
Increases	UB	0 0 K
Decreases	UC	0 0 K
Value at the end of period	UD	0 0 K

Includes Total allocations

		31/08/2008
Operating	UE	0 0 K
Financial	UG	0 0 K
Exceptional	UJ	0 0 K

Includes Total Withdrawal

		31/08/2008
Operating	UF	0 0 K
Financial	UH	0 0 K
Exceptional	UK	0 0 K

Total regulated provisions (Total I)

		31/08/2008
Value at begining of period	3Z	0 0 K
Increases	TS	0 0 K
Decreases	TT	0 0 K
Value at the end of period	TU	0 0 K

Total risk and charge provisions (Total II)

		31/08/2008
Value at begining of period	5Z	0 0 K
Increases	TV	0 0 K
Decreases	TW	0 0 K
Value at the end of period	TX	0 0 K

Total Provision for depreciation (Total III)

		31/08/2008
Value at begining of period	7B	0 0 K
Increases	TY	0 0 K
Decreases	TZ	0 0 K
Value at the end of period	UA	0 0 K

State deadlines claims and debts at the end of period

State claims

		31/08/2008
Gross value	VT	1,611 2 K
1 year at most	VU	1,611 2 K
More than one year	VV	0 0 K

State of loans

		31/08/2008
Claims related to holdings (gross)	UL	0 0 K
Claims related to shareholdings (1 year at most)	UM	0 0 K
Loans (gross)	UP	0 0 K
Loans (1 year at most)	UR	0 0 K
Other financial assets (gross)	UT	0 0 K
Other financial assets (1 year at most)	UV	0 0 K

Receivables statement of assets

		31/08/2008
Customers doubtful or disputed	VA	0 0 K
Other claims customer	UX	0 0 K
Receivables represent Loaned Securities	UU	0 0 K
Provision for depreciation previously established	UQ	0 0 K
Personnel and associated accounts	UY	0 0 K
Social Security and other social organizations	UZ	0 0 K
Income taxes	VM	0 0 K
Value added tax	VB	1,000 1 K
Other taxes and payments assimilated	VN	0 0 K
State and other public - Miscellaneous	VP	0 0 K
Group and Associates	VC	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	611 1 K

Prepaid

		31/08/2008
Prepaid	VS	0 0 K

State Debt

		31/08/2008
Total debt (gross)	VY	5,032,806 5,033 K
1 year at most	VZ2	5,032,806 5,033 K
More than 1 year and 5 years at most	VZ3	0 0 K
More than 5 years	VZ4	0 0 K

Details

		31/08/2008
Convertible bonds (gross)	7Y1	0 0 K
1 year at most	7Y2	0 0 K
More than 1 year and 5 years at most	7Y3	0 0 K
Other bonds (gross)	7Z1	0 0 K
1 year at most	7Z2	0 0 K
More than 1 year and 5 years at most	7Z3	0 0 K
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0 0 K
1 year at most	VG2	0 0 K
More than 1 year and 5 years at most	VG3	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0 0 K
1 year at most	VH2	0 0 K
More than 1 year and 5 years at most	VH3	0 0 K
Loans and various financial liabilities (gross)	8A1	0 0 K
1 year at most	8A2	0 0 K
More than 1 year and 5 years at most	8A3	0 0 K
Suppliers and associated accounts (gross)	8B1	7,195 7 K
1 year at most	8B2	7,195 7 K
More than 1 year and 5 years at most	8B3	0 0 K
Personnel and associated accounts (gross)	8C1	0 0 K
1 year at most	8C2	0 0 K
More than 1 year and 5 years at most	8C3	0 0 K
Social Security and other social organizations (gross)	8D1	0 0 K
1 year at most	8D2	0 0 K
More than 1 year and 5 years at most	8D3	0 0 K
Taxes on profits (gross)	8E1	0 0 K
1 year at most	8E2	0 0 K
More than 1 year and 5 years at most	8E3	0 0 K
VAT (Gross)	VW1	0 0 K
1 year at most	VW2	0 0 K
More than 1 year and 5 years at most	VW3	0 0 K
Backed Obligations (gross)	VX1	0 0 K
1 year at most	VX2	0 0 K
More than 1 year and 5 years at most	VX3	0 0 K
Other taxes and assimilated (gross)	VQ1	0 0 K
1 year at most	VQ2	0 0 K
More than 1 year and 5 years at most	VQ3	0 0 K
Assets and liabilities associated accounts (gross)	8J1	5,010,000 5,010 K
1 year at most	8J2	5,010,000 5,010 K
More than 1 year and 5 years at most	8J3	0 0 K
More than 5 years	8J4	0 0 K
Groups and associates (gross)	VI1	15,611 16 K
1 year at most	VI2	15,611 16 K
More than 1 year and 5 years at most	VI3	0 0 K
More than 5 years	V14	0 0 K
Other liabilities (gross)	8K1	0 0 K
1 year at most	8K2	0 0 K
More than 1 year and 5 years at most	8K3	0 0 K
Debt representative of borrowed securities (gross)	SZ1	0 0 K
1 year at most	SZ2	0 0 K
More than 1 year and 5 years at most	SZ3	0 0 K
Products in advance (gross)	8L1	0 0 K
1 year at most	8L2	0 0 K
More than 1 year and 5 years at most	8L3	0 0 K

References

		31/08/2008
Loans made during the period	VJ	0 0 K
Debt repaid during the period	VK	0 0 K

Table allocation results and other information

Dividends distributed

		31/08/2008
Dividends	ZE	0 0 K

Commitments

		31/08/2008
Commitments leasing furniture	YQ	0 0 K
Commitments Real Estate Leasing	YR	0 0 K
Effects brought to the discount and unmatured	YS	0 0 K

Other charges Externes

		31/08/2008
Subcontracting	YT	0 0 K
Rentals, rental charges and condominiums	XQ	0 0 K
Staff outside the company	YU	0 0 K
Remuneration intermediaries and fees (excluding fees)	SS	5,100 5 K
Fees, commissions and brokerage	YV	0 0 K
Other accounts	ST	1,095 1 K
Total Other purchases and external	ZJ	6,195 6 K

Taxes and Fees

		31/08/2008
Business tax	YW	0 0 K
Other taxes and payments assimilated	9Z	15,000 15 K
Total taxes and fees	YX	15,000 15 K

VAT

		31/08/2008
Amount VAT collected	YY	0 0 K
Total VAT on goods and services	YZ	0 0 K

Average number of employees

		31/08/2008
Average number of employees	YP	0 0 K

Groups and Shareholders

		31/08/2008
Groups and Shareholders	ZR	- -

Ratios

Structure and Liquidity

	31/08/2008	Sector Average 2008		Sector Median 2008
Fixed Asset Financing	1.00	214.75	-99.5 %	1.66	-39.8 %
Global Debt	-	615.79 days	-	130 days	-
Working Capital Fund overall net	-	42.02 days	-	51 days	-
Financial independence	31,956.99 %	22,971.33 %	39.1 %	110.62 %	28789.0 %
Solvability	49.78 %	-143.05 %	134.8 %	32.26 %	54.3 %
Capacity debt futures	-	60,844.81 %	-	850.63 %	-
Coverage of current assets by net working capital overall	-0.11 %	-60.48 %	99.8 %	35.18 %	-100.3 %
General Liquidity	0.00	1.14	0%	0.48	0%
Restricted Liquidity	1.00	24.92	-96.0 %	0.84	19.0 %

Management or rotation

	31/08/2008	Sector Average 2008		Sector Median 2008
Need background in operating working capital	-	-160.41 days	-	8 days	-
Treasury	-	173.61 days	-	3 days	-
Inventory turnover of goods	-	722.64 days	-	27 days	-
Average length of credit granted to customers	-	119.54 days	-	32 days	-
Average length of credit obtained suppliers	418 days	155.44 days	168.9 %	53 days	688.7 %
Inventory turnover of raw materials in industrial enterprises	-	1,491.88 days	-	40 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise	-	2,518.39 days	-	1,108 days	-
Rotation tangible assets	-	-11,083.82 %	-	877.20 %	-

Profitability of the business

	31/08/2008	Sector Average 2008		Sector Median 2008
Margin trading	-	15.99 %	-	0.00 %	-
Profitability of the business	-	-25.17 %	-	2.16 %	-
Net profit	-	-23.60 %	-	1.22 %	-
Growth rate of turnover (excluding VAT)	-	26.93 %	-	-1.96 %	-
Rates integration	-	14.25 %	-	29.01 %	-
Rate leasing furniture	-	0.10 %	-	0.00 %	-
Work Factor	0.00 %	69.21 %	0%	80.07 %	0%
Weight interests	-	3.29 %	-	0.31 %	-

Return on capital

	31/08/2008	Sector Average 2008		Sector Median 2008
Cash flow from the overall profitability	-	-12.85 %	-	1.95 %	-
Rates of economic profitability	0.00 %	46.61 %	0%	9.00 %	0%
Financial profitability	4,988,805.00 %	840,774.85 %	493.4 %	10,666.00 %	46673.0 %
Return on investment	-0.42 %	21.18 %	-102.0 %	10.10 %	-104.2 %

Management intermediate balances

	31/08/2008		Sector Average 2008		Sector Median 2008
Turnover	0 0 K		2,384,744.56 2,384.74 K	0%	261,647 262 K	0%
		31/08/2008	Sector Average 2008		Sector Median 2008
Sales of goods		0 0 K		-		-
- Purchase of goods		0 0 K		-		-
+/- Stock of goods variation		0 0 K		-		-
Trading margin		0 € 0 K €	433,372.11 € 433.37 K €	0%	0 € 0 K €	0%
		- -	20.50 % CA 20.50 % CA	-	0.04 % CA 0.04 % CA	-

		31/08/2008	Sector Average 2008		Sector Median 2008
Sale of goods produced		0 0 K		-		-
+/- Stocked production		0 0 K		-		-
+ Self-constructed assets		0 0 K		-		-
Period production		0 € 0 K €	1,532,298.02 € 1,532.30 K €	0%	89,982 € 90 K €	0%
		- -	77.07 % CA 77.07 % CA	-	99.90 % CA 99.90 % CA	-
	31/08/2008		Sector Average 2008		Sector Median 2008
Trading margin	0 0 K		433,372.11 433.37 K	0%	0 0 K	0%
+ Period Production	0 0 K		1,532,298.02 1,532.30 K	0%	89,982 90 K	0%
- Purchase of raw materials	0 0 K			-		-
+/- Change in stocks of raw materiels	0 0 K			-		-
- Other external purchases and charges	6,195 6 K			-		-
Added value	-6,195 € -6 K €		665,578.19 € 665.58 K €	-100.9 %	73,740 € 74 K €	-108.4 %
	- -		14.23 % CA 14.23 % CA	-	28.95 % CA 28.95 % CA	-

	31/08/2008		Sector Average 2008		Sector Median 2008
Added value	-6,195 € -6 K €		665,578.19 € 665.58 K €	-100.9 %	73,740 € 74 K €	-108.4 %
+ Operating grants	0 0 K			-		-
- Tax, duty and similar payments	15,000 15 K			-		-
- Personal charges	0 0 K			-		-
Gross operating surplus	-21,195 € -21 K €		191,403.08 € 191.40 K €	-111.1 %	2,799 € 3 K €	-857.2 %
	- -		-25.19 % CA -25.19 % CA	-	2.16 % CA 2.16 % CA	-
		31/08/2008	Sector Average 2008		Sector Median 2008
Gross operating surplus		-21,195 € -21 K €	191,403.08 € 191.40 K €	-111.1 %	2,799 € 3 K €	-857.2 %
+ Release of reserves and provisions		0 0 K		-		-
+ Other operating income		0 0 K		-		-
- Depreciation/ Amortisation		0 0 K		-		-
- Other charges		0 0 K		-		-
Operating result		-21,195 € -21 K €	175,868.01 € 175.87 K €	-112.1 %	2,114 € 2 K €	-1102.8 %
		- -	-32.69 % CA -32.69 % CA	-	1.49 % CA 1.49 % CA	-

	31/08/2008		Sector Average 2008		Sector Median 2008
Operating result	-21,195 € -21 K €		175,868.01 € 175.87 K €	-112.1 %	2,114 € 2 K €	-1102.8 %
+/- Result of joint-venture transferred from/to other partners	0 0 K			-		-
+ Financial income	0 0 K			-		-
- Financial charges	0 0 K			-		-
Pre-tax result	-21,195 € -21 K €		176,299.03 € 176.30 K €	-112.0 %	1,711 € 2 K €	-1338.7 %
	- -		-32.02 % CA -32.02 % CA	-	1.00 % CA 1.00 % CA	-
		31/08/2008	Sector Average 2008		Sector Median 2008
Extraordinary income		0 0 K	77,577.82 77.58 K	0%	1 0 K	0%
- Extraordinary charges		0 0 K		-		-
Extraordinary result		0 € 0 K €	12,931.51 € 12.93 K €	0%	0 € 0 K €	0%
		- -	11.49 % CA 11.49 % CA	-	0.00 % CA 0.00 % CA	-

	31/08/2008	Sector Average 2008		Sector Median 2008
Pre-tax result	-21,195 € -21 K €	176,299.03 € 176.30 K €	-112.0 %	1,711 € 2 K €	-1338.7 %
Extraordinary result	0 € 0 K €	12,931.51 € 12.93 K €	0%	0 € 0 K €	0%
- Employee profit sharing	0 0 K		-		-
- Tax on profits	0 0 K		-		-
Net result	-21,195 € -21 K €	121,124.76 € 121.12 K €	-117.5 %	2,695 € 3 K €	-886.5 %
	- -	-23.64 % CA -23.64 % CA	-	1.22 % CA 1.22 % CA	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.99.60
Euro	1	Rs.69.71

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

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.