MIRA INFORM REPORT

Report Date :

17.04.2012

IDENTIFICATION DETAILS

Correct Name :	DELTINOX
Registered Office :	Lieudit Les Longues Rayes, Res Paul Eluard, 59750 Feignies
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	October 1985
Com. Reg. No.:	RCS Valenciennes 8 333 801 009
Legal Form :	Simplified Joint Stock Company
Line of Business :	Manufacturer of tubes, pipes, hollow profiles and related fittings, ofsteel
No. of Employees :	20 to 49 employees

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

Maximum Credit Limit :	€190,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
France	a2	a2

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

REGISTERED NAME & COMPANY SUMMARY

Name

DELTINOX

company summary

Activity (APE)	Fabrication de tubes, tuyaux, profilés creux et accessoires correspondants en acier (2420Z)	Legal form	Simplified joint stock company
Phone	03 27 65 28 28	RCS Registration	RCS Valenciennes 8 333 801 009
Fax		Share capital	300,000 Euros
Address	DELTINOX LIEUDIT LES LONGUES RAYES RES PAUL ELUARD 59750 FEIGNIES	Incorporated Date	10/1985
Nationality	France	Status	Economically active
Trading Address	BP 597 Maubeuge Cedex F-59605, France

Trading to Date		12/31/2010	12/31/2009		12/31/2008
Turnover		4,015,122 €	4,388,063 €		6,284,505 €
Gross Operating Surplus		3,22 % Turnover	13,84 % Turnover		13,85 % Turnover
Net worth		2,705,003 €	2,802,990 €		2,677,621 €
Employees		20 to 49 employees	-		-
Company details
Activity (APE)	Fabrication de tubes, tuyaux, profilés creux et accessoires correspondants en acier (2420Z) (Manufacture of tubes, pipes, hollow profiles and related fittings, ofsteel (2420Z))
RCS Registration	RCS Valenciennes 8 333 801 009			Share capital		300,000 Euros
Registration Court	Valenciennes (59)			Legal form		Simplified joint stock company
Court Registry Number	19 8 5B501			EU VAT Number		FR65333801009
Incorporation Date	10/1985			Formation Date		10/1985
Deregistration Date				Last account Date		31/12/2010
Nationality	France

Establishment details

Activity (APE)	Fabrication de tubes, tuyaux, profilés creux et accessoires correspondants en acier (2420Z)	Business Pages FT®		RACCORD
Postal Address	DELTINOX LIEUDIT LES LONGUES RAYES RES PAUL ELUARD 59750 FEIGNIES	Trading Address		RÉSIDENCE PAUL ELUARD 59750 FEIGNIES
Telephone	03 27 65 28 28
Fax
Type	Head office (one site company)	Status	Economically active
Formation Date	10/1985	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location		Other
Location surface		Seasonality
Department	Nord (59)	Region	Nord-Pas-de-Calais
District	1	Area	08
City	FEIGNIES	Size of urban area

CREDIT RECOMENDATION

Current Credit Limit: €190,000

DIRECTORS/MANAGEMENT

Current Directors

3

directors

Name	M. DELCORTE GUILLAUME
Manager position	Président	Date of birth	05/07/1972
Place of birth	MAUBEUGE (59600)
Type of manager	Individual	Name at birth of manager

Name	M. DELCORTE HUBERT
Manager position	Président du conseil de surveillance	Date of birth	26/08/1947
Place of birth	MAUBEUGE (59600)
Type of manager	Individual	Name at birth of manager

Name	M. DELCORTE LUDOVIC
Manager position	Directeur général	Date of birth	21/10/1969
Place of birth	MAUBEUGE (59600)
Type of manager	Individual	Name at birth of manager

Previous Directors

Vous pouvez consulter ici l'historique des dirigeants de l'entreprise.
Si vous souhaitez consulter l'historique d'un dirigeant, il vous suffit de cliquer sur le lien voir le détail pour y accéder.

Manager position	Title and name	Date of Birth/Place of Birth
Président	M HUBERT DELCORTE

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

300,000 Euros

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

This company is not identified as one of the biggest french chip.

Linkages

This company is not identified as one of the biggest french chip.

FINANCIAL INFORMATION

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	10/08/2011	15/07/2010	21/11/2009
Activity Code	2420Z	2420Z	2420Z
Employees	0	37	37

Active account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	576 580	2,8%	561 001	17,0%	479 596	95 665	502,7%
- Intangible assets	2 798	-14,9%	3 288	-13,0%	3 778	102	2643,1%
- Tangible assets	389 971	-1,0%	393 902	18,6%	332 007	86 237	352,2%
- Financial assets	183 811	12,2%	163 811	13,9%	143 811	1 849	9841,1%
Net current assets	3 296 216	2,9%	3 202 608	-12,3%	3 650 953	489 342	573,6%
- Stocks	973 807	33,9%	727 325	1,1%	719 548	48 484	1908,5%
- Advanced payments	0	2,9%	0	0%	1 700	0	0%
- Receivables	1 053 976	8,1%	974 588	-59,7%	2 415 549	257 478	309,3%
- Securities and cash	1 268 433	-15,5%	1 500 695	191,9%	514 156	66 542	1806,2%
- Prepaid expenses	-	-	-	-	-	159	-
Accounts of regularization	12	0%	0	0%	05	0	0%
Total Assets	3 872 806	2,9%	3 763 609	-8,9%	4 130 553	675 563	473,3%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	2 705 003	-3,5%	2 802 990	4,7%	2 677 621	183 233	1376,3%
Share capital	300 000	0%	300 000	0%	300 000	38 112	687,2%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	12	0%	0	0%	05	0	0%
Liabilities	1 167 791	21,6%	960 618	-33,9%	1 452 927	380 942	206,6%
- Financial liabilities	146 942	-25,3%	196 582	-26,6%	267 842	38 204	284,6%
- Advanced payments received	0	0%	5 963	-29,0%	8 402	0	0%
- Trade account payables	760 281	67,8%	452 953	-44,4%	814 698	168 366	351,6%
- Tax and social liabilities	243 730	0,2%	243 154	-32,3%	359 273	244 851	-0,5%
- Other debts and fixed assets liabilities	16 839	-72,8%	61 966	2184,9%	2 712	16 600	1,4%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	3 872 806	2,9%	3 763 609	-8,9%	4 130 553	675 562	473,3%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	4 024 924	-8,2%	4 383 101	-29,8%	6 242 772	1 160 418	246,9%
Net turnover	4 015 122	-8,5%	4 388 063	-30,2%	6 284 505	1 149 048	249,4%
- of which net export turnover	2 227 675	-13,7%	2 581 700	-27,6%	3 567 424	0	0%
Operating charges	3 921 697	2,5%	3 826 185	-29,4%	5 421 180	1 009 890	288,3%
Operating profit/loss	103 227	-81,5%	556 916	-32,2%	821 592	22 559	357,6%
Financial income	11 670	162,4%	4 447	-9,9%	4 937	39	29823,1%
Financial charges	12 952	-0,3%	12 993	-43,4%	22 937	2 325	457,1%
Financial profit/loss	-1 282	85,0%	-8 546	52,5%	-18 000	-1 109	-15,6%
Pretax net operating income	101 945	-81,4%	548 370	-31,8%	803 592	17 763	473,9%
Extraordinary income	6 594	9,4%	6 025	-24,8%	8 013	1 988	231,7%
Extraordinary charges	9 009	-4,2%	9 400	-22,0%	12 053	1 325	579,9%
Extraordinary profit/loss	-2 415	2122,8%	-3 375	16,4%	-4 039	0	0%
Net result	68 270	-81,3%	364 265	-31,6%	532 211	16 707	308,6%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2010	31/12/2009	31/12/2008
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2010		31/12/2009		31/12/2008
	Grand Total (I to VI)	Net	3 872 806	2,9%	3 763 609	-8,9%	4 130 553
	Gross	CO	6 802 044	2,4%	6 642 704	-4,6%	6 962 582
	Amortisation	1A	2 929 238	1,7%	2 879 095	1,7%	2 832 029

Non declared distributed capital (I)

		31/12/2010		31/12/2009		31/12/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2010		31/12/2009		31/12/2008
	Total Active fixed asset (II)	Net	576 580	2,8%	561 001	17,0%	479 596
	Gross	BJ	3 499 843	1,9%	3 434 121	3,9%	3 305 650
	Amortisation	BK	2 923 263	1,7%	2 873 120	1,7%	2 826 054

Intangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	2 798	-14,9%	3 288	-13,0%	3 778
	Gross	AF	4 900	0%	4 900	0%	4 900
	Amortisation	AG	2 102	30,4%	1 612	43,7%	1 122
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	2 798	-14,9%	3 288	-13,0%	3 778

Tangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Lands	Net	26 546	0%	26 546	0%	26 546
	Gross	AN	63 785	0%	63 785	0%	63 785
	Amortisation	AO	37 239	0%	37 239	0%	37 239
	Buildings	Net	208 702	-7,0%	224 330	-10,0%	249 154
	Gross	AP	753 719	0,7%	748 541	0%	748 541
	Amortisation	AQ	545 017	4,0%	524 211	5,0%	499 387
	Plant	Net	139 469	9,6%	127 270	162,6%	48 459
	Gross	AR	2 394 958	1,6%	2 357 657	4,3%	2 259 486
	Amortisation	AS	2 255 489	1,1%	2 230 387	0,9%	2 211 027
	Other tangible fixed assets	Net	15 254	-3,2%	15 756	100,8%	7 848
	Gross	AT	98 670	3,4%	95 427	12,1%	85 127
	Amortisation	AU	83 416	4,7%	79 671	3,1%	77 279
	Fixed assets in construction	Net	0	0%	0	0%	0
	Gross	AV	0	0%	0	0%	0
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	0	0%	0	0%	0
	Gross	AX	0	0%	0	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	389 971		393 902		332 007

Financial assets

			31/12/2010		31/12/2009		31/12/2008
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	3 811	0%	3 811	0%	3 811
	Gross	CU	3 811	0%	3 811	0%	3 811
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	180 000	12,5%	160 000	14,3%	140 000
	Gross	BD	180 000	12,5%	160 000	14,3%	140 000
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	0	0%	0	0%	0
	Gross	BH	0	0%	0	0%	0
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		183 811		163 811		143 811

Current Assets (III)

			31/12/2010		31/12/2009		31/12/2008
	Total Assets	Net	3 296 216	2,9%	3 202 608	-12,3%	3 650 953
	Gross	CJ	3 302 191	2,9%	3 208 583	-12,3%	3 656 928
	Amortisation	CK	5 975	0%	5 975	0%	5 975

Stocks

			31/12/2010		31/12/2009		31/12/2008
	Raw materials	Net	822 898	49,4%	550 634	3,8%	530 535
	Gross	BL	822 898	49,4%	550 634	3,8%	530 535
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	150 909	-14,6%	176 691	-6,5%	189 013
	Gross	BR	150 909	-14,6%	176 691	-6,5%	189 013
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	973 807	33,9%	727 325	1,1%	719 548

Advance payments to suppliers

			31/12/2010		31/12/2009		31/12/2008
	Advance payments to suppliers	Net	0	0%	0	0%	1 700
	Gross	BV	0	0%	0	0%	1 700
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2010		31/12/2009		31/12/2008
	Trade accounts receivable	Net	793 476	-1,5%	805 898	-63,9%	2 232 773
	Gross	BX	799 451	-1,5%	811 873	-63,7%	2 238 748
	Amortisation	BY	5 975	0%	5 975	0%	5 975
	Other debtors	Net	258 551	55,3%	166 450	197,2%	55 999
	Gross	BZ	258 551	55,3%	166 450	197,2%	55 999
	Amortisation	CA	0	0%	0	0%	0
	Capital subscribed and called up	Net	0	0%	0	0%	0
	Gross	CB	0	0%	0	0%	0
	Amortisation	CC	0	0%	0	0%	0
	Sub Total Debtors	Net	1 052 027	8,2%	972 348	-57,5%	2 288 772

Divers

			31/12/2010		31/12/2009		31/12/2008
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	1 268 433	-15,5%	1 500 695	191,9%	514 156
	Gross	CF	1 268 433	-15,5%	1 500 695	191,9%	514 156
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	1 268 433	-15,5%	1 500 695	191,9%	514 156

Prepaid expenses

			31/12/2010		31/12/2009		31/12/2008
	Prepaid expenses	Net	1 949	-13,0%	2 240	-98,2%	126 777
	Gross	CH	1 949	-13,0%	2 240	-98,2%	126 777
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010		31/12/2009		31/12/2008
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	12	0%	0	0%	05
Gross		12	0%	0	0%	05

References

		31/12/2010		31/12/2009		31/12/2008
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	8 805	0%	8 805	0%	8 805

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)

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to V)	EE	3 872 806	2,9%	3 763 609	-8,9%	4 130 553

Shareholder Equity (I)

			31/12/2010		31/12/2009		31/12/2008
	Total shareholders' equity (Total I)	DL	2 705 003	-3,5%	2 802 990	4,7%	2 677 621
	Equity and shareholders' equity	DA	300 000	0%	300 000	0%	300 000
	Issue and merger premiums	DB	0	0%	0	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	30 000	0%	30 000	0%	30 000
	Statutory or contractual reserve	DE	1 828 123	0%	1 828 123	12,3%	1 628 123
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	0	0%	0	0%	0
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	424 246	92,4%	220 481	80,3%	122 270
	Profit or loss for the period	DI	68 270	-81,3%	364 265	-31,6%	532 211
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	54 365	-9,6%	60 122	-7,5%	65 017

Other capital resources (II)

			31/12/2010		31/12/2009		31/12/2008
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			31/12/2010		31/12/2009		31/12/2008
	Total provisions for risks and charges (Total III)	DR	12	0%	0	0%	05
	Risk provisions	DP	12	0%	0	0%	05
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2010		31/12/2009		31/12/2008
	Total Liabilities (Total IV)	EC	1 167 791	21,6%	960 618	-33,9%	1 452 927
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	146 942	-25,3%	196 582	-26,6%	267 842
	Sundry loans and financial liabilities	DV	0	0%	0	0%	0
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	5 963	-29,0%	8 402
	Trade accounts payables	DX	760 281	67,8%	452 953	-44,4%	814 698
	Tax and social security liabilities	DY	243 730	0,2%	243 154	-32,3%	359 273
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	16 839	-72,8%	61 966	2184,9%	2 712

Translation loss (V)

		31/12/2010		31/12/2009		31/12/2008
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2010		31/12/2009		31/12/2008
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2010		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	1 106 652	33,0%	831 885	-33,3%	1 247 706
Of which current bank facilities	EH	392	0%	0	0%	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)

		31/12/2010		31/12/2009		31/12/2008
Operating result (Total I-II)	GG	103 227	-81,5%	556 916	-32,2%	821 592

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	-1 282	85,0%	-8 546	52,5%	-18 000

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

		31/12/2010		31/12/2009		31/12/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	101 945	-81,4%	548 370	-31,8%	803 592

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	-2 415	28,4%	-3 375	16,4%	-4 039

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	68 270	-81,3%	364 265	-31,6%	532 211

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	4 043 188	-8,0%	4 393 574	-29,8%	6 255 723

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

		31/12/2010		31/12/2009		31/12/2008
Total charges (Total II+IV+VI+VIII+IX+X)	HM	3 974 919	-1,3%	4 029 309	-29,6%	5 723 512

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	4 024 924	-8,2%	4 383 101	-29,8%	6 242 772

Operating income (details)

			31/12/2010		31/12/2009		31/12/2008
	Sale of goods for resale	FC	57 409	-40,4%	96 338	-39,7%	159 820
	France	FA	5 879	-38,0%	9 477	79,1%	5 291
	Export	FB	51 530	-40,7%	86 862	-43,8%	154 529
	Sale of goods produced	FF	3 089 305	-8,6%	3 381 578	-32,2%	4 987 104
	France	FD	1 382 709	5,3%	1 313 497	-27,3%	1 807 459
	Export	FE	1 706 596	-17,5%	2 068 080	-35,0%	3 179 645
	Sale of services	FI	868 408	-4,6%	910 147	-20,0%	1 137 581
	France	FG	398 859	-17,5%	483 388	-46,5%	904 331
	Export	FH	469 549	10,0%	426 759	83,0%	233 250
	Net turnover	FL	4 015 122	-8,5%	4 388 063	-30,2%	6 284 505
	France	FJ	1 787 447	-1,0%	1 806 362	-33,5%	2 717 081
	Export	FK	2 227 675	-13,7%	2 581 700	-27,6%	3 567 424
	Stocked production	FM	-25 782	-109,2%	-12 322	75,3%	-49 930
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	35 584	383,5%	7 360	-10,2%	8 198
	Other income	FQ	0	0%	0	0%	0

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	3 921 697	2,5%	3 826 185	-29,4%	5 421 180

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	236 205	129,8%	102 772	-13,3%	118 551
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	2 188 070	11,1%	1 969 570	-32,4%	2 913 010
Change in stocks of raw materials	FV	-272 264	-1254,6%	-20 099	-103,6%	560 866
Other external purchases and charges	FW	316 858	-0,9%	319 896	-20,4%	401 756
Tax, duty and similar payments	FX	70 851	-20,6%	89 187	-11,0%	100 185
Payroll	FY	967 492	0,5%	963 020	2,2%	941 849
Social security costs	FZ	353 012	2,7%	343 889	4,9%	327 874

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	50 143	6,5%	47 066	5,0%	44 809
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	11 330	4,1%	10 886	-11,4%	12 281

Operating charges (III-IV)

		31/12/2010		31/12/2009		31/12/2008
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			31/12/2010		31/12/2009		31/12/2008
	Total financial income (Total V)	GP	11 670	162,4%	4 447	-9,9%	4 937
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	8 292	123,9%	3 704	-24,3%	4 896
	Released provisions and transferred charges	GM	0	0%	05	0%	0
	Exchange gains	GN	3 378	357,7%	738	1700%	41
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2010		31/12/2009		31/12/2008
	Total financial charge (Total VI)	GU	12 952	-0,3%	12 993	-43,4%	22 937
	Financial reserves and provisions	GQ	12	0%	0	0%	05
	Interest and similar charges	GR	11 686	-10,1%	12 993	-35,0%	19 974
	Exchange losses	GS	1 254	0%	0	0%	2 959
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary income (Total VII)	HD	6 594	9,4%	6 025	-24,8%	8 013
	Extraordinary operating income	HA	302	0%	0	0%	2 421
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	6 292	4,4%	6 026	7,8%	5 592

Extraordinary charges (VIII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	9 009	-4,2%	9 400	-22,0%	12 053
	Extraordinary operating charges	HE	8 475	3,1%	8 220	-10,5%	9 188
	Extraordinary charges from capital transactions	HF	0	0%	50	0%	0
	Extraordinary reserves and provisions	HG	534	-52,7%	1 130	-60,6%	2 865

Employee profit sharing (IX)

		31/12/2010		31/12/2009		31/12/2008
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2010		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	31 261	-82,7%	180 730	-32,4%	267 342

References

		31/12/2010		31/12/2009		31/12/2008
Of which equipment leases	HP	64 658	0%	64 658	0%	64 658
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	35 584	383,5%	7 360	-10,2%	8 198
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Other incomer 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)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	0	0%	0
	Gross value at the end of period	OL	3 499 842	1,9%	3 434 120	3,9%	3 305 649

Research and development Charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	KD	4 900	0%	4 900	0%	4 900
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	4 900	0%	4 900	0%	4 900

Tangible fixed assets (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LN	3 265 409	3,4%	3 156 938	0,5%	3 139 873
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	45 722	-57,8%	108 471	535,6%	17 065
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	0	0%	0
	Gross value at the end of period	NH	3 311 131	1,4%	3 265 409	3,4%	3 156 938

Fiancial assets (Total IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LQ	163 811	13,9%	143 811	16,2%	123 811
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	20 000	0%	20 000	0%	20 000
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	0
	Gross value at the end of period	NK	183 811	12,2%	163 811	13,9%	143 811

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

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	1 612	43,7%	1 122	77,5%	632
Increases		PF	490	0%	490	0%	490
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	2 102	30,4%	1 612	43,7%	1 122

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	2 871 509	1,6%	2 824 933	1,6%	2 780 613
Increases		QV	49 653	6,6%	46 576	5,1%	44 318
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	2 921 162	1,7%	2 871 508	1,6%	2 824 931

Movements during period affecting charge allocated over several period
Charges à répartir ou frais d'émission d'emprunt

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2010		31/12/2009		31/12/2008
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7C	66 097	-6,9%	70 997	-3,7%	73 719
Increases		UB	546	-51,7%	1 130	-60,6%	2 870
Decreases		UC	6 292	4,3%	6 030	7,8%	5 592
	Value at the end of period	UD	60 351	-8,7%	66 097	-6,9%	70 997

Includes Total allocations

Operating	UE	0	0%	0	0%	0
Financial	UG	12	0%	0	0%	05
Exceptional	UJ	534	-52,7%	1 130	-60,6%	2 865

Includes Total Withdrawal

Operating	UF	0	0%	0	0%	0
Financial	UH	0	0%	05	0%	0
Exceptional	UK	6 292	4,4%	6 026	7,8%	5 592

Total regulated provisions (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	3Z	60 122	-7,5%	65 017	-4,0%	67 744
Increases		TS	534	-52,7%	1 130	-60,6%	2 865
Decreases		TT	6 292	4,4%	6 026	7,8%	5 592
	Value at the end of period	TU	54 364	-9,6%	60 122	-7,5%	65 017

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	5Z	0	0%	05	0%	0
Increases		TV	12	0%	0	0%	05
Decreases		TW	0	0%	05	0%	0
	Value at the end of period	TX	12	0%	0	0%	05

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	5 975	0%	5 975	0%	5 975
Increases		TY	0	0%	0	0%	0
Decreases		TZ	0	0%	0	0%	0
	Value at the end of period	UA	5 975	0%	5 975	0%	5 975

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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	1 059 950	8,1%	980 563	-59,5%	2 421 524
1 year at most	VU	1 051 145	8,2%	971 758	-59,7%	2 412 719
More than one year	VV	8 805	0%	8 805	0%	8 805

State of loans

		31/12/2010		31/12/2009		31/12/2008
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	8 805	0%	8 805	0%	8 805
Other claims customer	UX	790 646	-1,5%	803 068	-64,0%	2 229 943
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	305	0%	305	0%	305
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	149 471	72,6%	86 614	0%	0
Value added tax	VB	68 995	198,3%	23 131	139,3%	9 667
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	39 779	-29,5%	56 400	22,5%	46 027

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	1 949	-13,0%	2 240	-98,2%	126 777

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	1 167 791	22,3%	954 655	-33,9%	1 444 525
1 year at most		VZ2	1 106 652	33,0%	831 886	-33,3%	1 247 706
More than 1 year and 5 years at most		VZ3	61 139	-50,2%	122 769	-37,6%	196 819
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2010		31/12/2009		31/12/2008
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	392	0%	0	0%	624
1 year at most		VG2	392	0%	0	0%	624
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	146 550	-25,5%	196 582	-26,4%	267 218
1 year at most		VH2	85 411	15,7%	73 813	4,8%	70 399
More than 1 year and 5 years at most		VH3	61 139	-50,2%	122 769	-37,6%	196 819
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	760 281	67,8%	452 953	-44,4%	814 698
1 year at most		8B2	760 281	67,8%	452 953	-44,4%	814 698
More than 1 year and 5 years at most		8B3	760 281	67,8%	452 953	-44,4%	814 698
	Personnel and associated accounts (gross)	8C1	78 119	-7,2%	84 182	-26,8%	115 017
1 year at most		8C2	78 119	-7,2%	84 182	-26,8%	115 017
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	107 611	-1,3%	108 976	7,0%	101 888
1 year at most		8D2	107 611	-1,3%	108 976	7,0%	101 888
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	74 740
1 year at most		8E2	0	0%	0	0%	74 740
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	17	6,2%	16	-99,9%	29 898
1 year at most		VW2	17	6,2%	16	-99,9%	29 898
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	57 983	16,0%	49 980	32,5%	37 730
1 year at most		VQ2	57 983	16,0%	49 980	32,5%	37 730
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	16 839	-72,8%	61 966	2184,9%	2 712
1 year at most		8K2	16 839	-72,8%	61 966	2184,9%	2 712
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2010		31/12/2009		31/12/2008
Loans made during the period	VJ	30 750	0%	0	0%	0
Debt repaid during the period	VK	80 574	14,5%	70 399	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2010		31/12/2009		31/12/2008
Dividends	ZE	0	0%	234 000	0%	0

Commitments

		31/12/2010		31/12/2009		31/12/2008
Commitments leasing furniture	YQ	0	0%	84 360	-43,4%	149 018
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2010		31/12/2009		31/12/2008
Subcontracting	YT	0	0%	70 020	-15,2%	82 568
Rentals, rental charges and condominiums	XQ	0	0%	65 068	-17,6%	78 998
Staff outside the company	YU	0	0%	15 781	1,9%	15 482
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	17 993	16,4%	15 458
Fees, commissions and brokerage	YV	0	0%	2 169	354,7%	477
Other accounts	ST	0	0%	148 864	-28,7%	208 773
Total Other purchases and external	ZJ	0	0%	319 895	-20,4%	401 756

Taxes and Fees

		31/12/2010		31/12/2009		31/12/2008
Business tax	YW	0	0%	40 556	-20,9%	51 254
Other taxes and payments assimilated	9Z	0	0%	48 631	-0,6%	48 932
Total taxes and fees	YX	0	0%	89 187	-11,0%	100 186

VAT

		31/12/2010		31/12/2009		31/12/2008
Amount VAT collected	YY	0	0%	266 679	-38,0%	429 995
Total VAT on goods and services	YZ	0	0%	183 517	-50,8%	373 157

Average number of employees

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	0	0%	37	0%	37

Groups and Shareholders

		31/12/2010		31/12/2009		31/12/2008
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Fixed Asset Financing		1,65	-3,5%	1,71	-2,3%	1,75	1,72	-4,1%
Global Debt		105 days	32,9%	79 days	-4,8%	83 days	116 days	-9,5%
Working Capital Fund overall net		204 days	2,0%	200 days	41,8%	141 days	85 days	140,0%
Financial independence		1840,86%	29,1%	1425,86%	42,6%	999,70%	319,38%	476,4%
More ratios
Solvability		69,85%	-6,2%	74,48%	14,9%	64,82%	36,55%	91,1%
Capacity debt futures		3152,57%	-17,0%	3797,42%	0,7%	3770,08%	860,27%	266,5%
Coverage of current assets by net working capital overall		68,93%	-9,4%	76,05%	8,9%	69,85%	46,32%	48,8%
General Liquidity		0,95	-18,8%	1,17	-39,4%	1,93	0,76	25,0%
Restricted Liquidity		2,10	-29,3%	2,97	26,4%	2,35	1,25	68,0%

Management or rotation

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital		90 days	16,9%	77 days	-26,7%	105 days	40,50 days	122,2%
Treasury		114 days	-7,3%	123 days	324,1%	29 days	8 days	1325,0%
Inventory turnover of goods		0 days	0%	0 days	0%	0 days	60 days	0%
Average length of credit granted to customers		72 days	14,3%	63 days	-47,5%	120 days	72,50 days	-0,7%
Average length of credit obtained suppliers		111 days	73,4%	64 days	-4,5%	67 days	69 days	60,9%
More ratios
Inventory turnover of raw materials in industrial enterprises		132 days	37,5%	96 days	54,8%	62 days	73 days	80,8%
Inventory turnover of intermediate and finished products in the industrial enterprise		121 days	-9,7%	134 days	-32,7%	199 days	238 days	-49,2%
Rotation tangible assets		121,26%	-9,8%	134,38%	-32,5%	199,07%	363,94%	-66,7%

Profitability of the business

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading		-4,45%	-2866,7%	-0,15%	-122,7%	0,66	0%	0%
Profitability of the business		3,22	-76,7%	13,84	-0,1%	13,85	6,37%	-49,5%
Net profit		1,70%	-79,5%	8,30%	-2,0%	8,47%	3,10%	-45,2%
More ratios
Growth rate of turnover (excluding VAT)		-8,50%	71,8%	-30,18%	-1234,6%	2,66%	2,17%	-491,7%
Rates integration		37,87%	-17,1%	45,66%	28,1%	35,65%	40,01%	-5,3%
Rate leasing furniture		1,61%	9,5%	1,47%	42,7%	1,03%	0%	0%
Work Factor		86,85%	33,1%	65,23%	15,1%	56,67%	75,30%	15,3%
Weight interests		0,32	6,7%	0,30%	-16,7%	0,36%	0,35%	-8,6%

Return on capital

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability		2,81%	-69,7%	9,26%	1,3%	9,14%	5,84%	-51,9%
Rates of economic profitability		5%	-75,0%	20%	-33,3%	30%	18,15%	-72,5%
Financial profitability		2705003%	-3,5%	2802990%	4,7%	2677621%	172244%	1470,4%
Return on investment		2,85%	-77,3%	12,58%	-33,3%	18,85%	11,68%	-75,6%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Turnover	4 015 122	-8,5%	4 388 063	-30,2%	6 284 505	1 149 048 €	249,4%

Sales of goods	57 409	-40,4%	96 338	-39,7%	159 820
- Purchase of goods	236 205	129,8%	102 772	-13,3%	118 551
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	-178 796 €	-2678,9%	-6 434 €	-115,6%	41 269 €	0 €	0%
	-4,45 % CA	-2866,7%	-0,15 % CA	-122,7%	0,66 % CA	0 % CA	0%

Sale of goods produced	3 957 713	-7,8%	4 291 725	-29,9%	6 124 685
+/- Stocked production	-25 782	-109,2%	-12 322	75,3%	-49 930
+ Self-constructed assets	0	0%	0	0%	0
Period production	3 931 931 €	-8,1%	4 279 403 €	-29,6%	6 074 755 €	798 559 €	392,4%
	97,93 % CA	0,4%	97,52 % CA	0,9%	96,66 % CA	100 % CA	-2,1%

Trading margin	-178 796	-2678,9%	-6 434	-115,6%	41 269	0	0%
+ Period Production	3 931 931	-8,1%	4 279 403	-29,6%	6 074 755	798 559	392,4%
- Purchase of raw materials	2 188 070	11,1%	1 969 570	-32,4%	2 913 010
+/- Change in stocks of raw materiels	-272 264	-1254,6%	-20 099	-103,6%	560 866
- Other external purchases and charges	316 858	-0,9%	319 896	-20,4%	401 756
Added value	1 520 471 €	-24,1%	2 003 602 €	-10,6%	2 240 392 €	465 072 €	226,9%
	37,87 % CA	-17,1%	45,66 % CA	28,1%	35,65 % CA	40,01 % CA	-5,3%

Added value	1 520 471 €	-24,1%	2 003 602 €	-10,6%	2 240 392 €	465 072 €	226,9%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	70 851	-20,6%	89 187	-11,0%	100 185
- Personal charges	1 320 504	1,0%	1 306 909	2,9%	1 269 723
Gross operating surplus	129 116 €	-78,7%	607 506 €	-30,2%	870 484 €	42 433 €	204,3%
	3,22 % CA	-76,7%	13,84 % CA	-0,1%	13,85 % CA	6,37 % CA	-49,5%

Gross operating surplus	129 116 €	-78,7%	607 506 €	-30,2%	870 484 €	42 433 €	204,3%
+ Release of reserves and provisions	35 584	383,5%	7 360	-10,2%	8 198
+ Other operating income	0	0%	0	0%	0
- Depreciation/Amortisation	50 143	6,5%	47 066	5,0%	44 809
- Other charges	11 330	4,1%	10 886	-11,4%	12 281
Operating result	103 227 €	-81,5%	556 914 €	-32,2%	821 592 €	22 559 €	357,6%
	2,57 % CA	-79,7%	12,69 % CA	-2,9%	13,07 % CA	4,43 % CA	-42,0%

Operating result	103 227 €	-81,5%	556 914 €	-32,2%	821 592 €	22 559 €	357,6%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	11 670	162,4%	4 447	-9,9%	4 937
- Financial charges	12 952	-0,3%	12 993	-43,4%	22 937
Pre-tax result	101 945 €	-81,4%	548 368 €	-31,8%	803 592 €	17 763 €	473,9%
	2,54 % CA	-79,7%	12,50 % CA	-2,3%	12,79 % CA	4,23 % CA	-40,0%

Extraordinary income	6 594	9,4%	6 025	-24,8%	8 013	1 988	231,7%
- Extraordinary charges	9 009	-4,2%	9 400	-22,0%	12 053
Extraordinary result	-2 415 €	28,4%	-3 375 €	16,5%	-4 040 €	0 €	0%
	-0,06 % CA	25,0%	-0,08 % CA	-33,3%	0 % CA	0 % CA	0%

Pre-tax result	101 945 €	-81,4%	548 368 €	-31,8%	803 592 €	17 763 €	473,9%
Extraordinary result	-2 415 €	28,4%	-3 375 €	16,5%	-4 040 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	31 261	-82,7%	180 730	-32,4%	267 342
Net result	68 269 €	-81,3%	364 263 €	-31,6%	532 210 €	16 710 €	308,6%
	1,70 % CA	-79,5%	8,30 % CA	-2,0%	8,47 % CA	3,10 % CA	-45,2%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

	Last published preferential right	This company is not under monitoring
	Trends
	Profitability
	Liquidity
	Net worth
Other establishments

Branches	1 branch entities in this company
Head office	> DELTINOX <<< - Fabrication de tubes, tuyaux, profilés creux et accessoires correspondants en acier (2420Z) in FEIGNIES (59750)
Secondary establishments

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

20 to 49 employees

Company workforce

20 to 49 employees

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

Preferential rights details and history

Status of collection

This company is not under monitoring

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
01/04/2012	Bodacc B	Modification et mutation diverse
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE VALENCIENNES 689 - 333 801 009 RCS Valenciennes. DELTINOX. Forme : Société par actions simplifiée. Administration : Président de la société partant : Delcorte, Hubert, nomination du Président de la société : Delcorte, Guillaume, nomination du Président du conseil de surveillance : Delcorte, Hubert, nomination du Vice-président du conseil de surveillance : Demoulin, Jean-Claude, nomination du Membre du conseil de surveillance : Delcorte, Hubert, nomination du Membre du conseil de surveillance : Demoulin, Jean-Claude, nomination du Membre du conseil de surveillance : Dienne, Jean-José, nomination du Directeur général : Delcorte, Ludovic. Capital : 300000 EUR. Activité : . Adresse du siège social : rue Paul Eluard - Lieudit les Lieu-dit les Longues Royes, 59750 Feignies. Commentaires : modification survenue sur l'administration.
30/08/2010	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE VALENCIENNES 5690 - 333801009 RCS. DELTINOX. Forme : Société par actions simplifiée. Adresse : rue Paul Eluard - lieu-dit les lieu-dit les Longues Royes 59750 Feignies. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
12/08/2009	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE VALENCIENNES 4811 - 333801009 RCS. DELTINOX. Forme : Société par actions simplifiée. Adresse : rue Paul Eluard - lieu-dit les Longues Royes 59750 Feignies. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
14/01/2009	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE GRANDE INSTANCE D'AVESNES-SUR-HELPE 1055 - 333801009 RCS. DELTINOX. Forme : S.A.S. Adresse : lieudit Les Longues Royes, rue Paul-Eluard, 59750 Feignies. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
18/11/2007	Bodacc C	Avis de dépôt des comptes
1500 - Avesnes-sur-Helpe B 333 801 009. RC 85-B 116. DELTINOX. Forme: S.A.S. Adresse du siège social: lieudit Les Longues Royes, rue Paul-Eluard,59750 Feignies. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
12/12/2006	Bodacc C	Avis de dépôt des comptes
1715 - RCS Avesnes-sur-Helpe B 333 801 009. RC 85-B 116. DELTINOX. Forme: S.A.S. Adresse du siège social: lieudit Les Longues Royes, rue Paul-Eluard,59750 Feignies. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
24/11/2005	Bodacc C	Avis de dépôt des comptes
1021 - RCS Avesnes-sur-Helpe B 333 801 009. RC 85-B 116. DELTINOX. Forme: S.A.S. Adresse du siège social: lieudit Les Longues Royes, rue Paul-Eluard,59750 Feignies. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
23/06/2005	Bodacc B	Modifications et mutations diverses
987 - Ancienne situation du siège social : RCS Avesnes-sur-Helpe 333 801 009. RC 85-B 116. DELTINOX. Forme : S.A. Capital : 300 000 euros. Adresse : rue Paul-Eluard, Les Longues-Royes, 59750 Nouvelle situation du siège social - Forme : S.A.S. Administration : nomination en qualité de président : DELCORTE (Hubert). Date d'effet : 21 décembre 2004.
05/02/2003	Bodacc B	Modifications et mutations diverses
RCS Avesnes-sur-Helpe 333801009 RC 85-B 116 DELTINOX. Forme : S.A. Capital : 300 000 euros. Adresse du siège social : rue Paul-Eluard, Les Longues-Royes 59750 Feignies. Administration : administrateur démissionnaire : DELCORTE (Jacques). Nomination d'administrateurs : DELCORTE (Guillaume) et DELCORTE (Ludovic).
10/10/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Avesnes-sur-Helpe B 333801009 RC 85-B 116 DELTINOX. Forme : S.A. Capital : 600 000 F. Adresse : rue Paul-Eluard, Les Longues Royes 59750 Feignies Nouvelle situation du siège social. Capital : 300 000 euros. Administration : nomination de la STE C.T.N. COMPTANOR en qualité de commissaire aux comptes titulaire, en remplacement de REYNAERT (Stéphane), démissionnaire. Nomination de SION ( Henri-Luc) en qualité de commissaire aux comptes suppléant, en remplacement de DUPONT (Guy-Georges), démissionnaire. Commentaires : augmentation du capital, puis conversion en euros. Date d'effet : 12 juin 2001.
29/10/1999	Bodacc B	Modifications et mutations diverses
RCS Avesnes-sur-Helpe B 333801009 RC 85- B 116 DELTINOX. Forme : S.A. Capital : 600 000 F. Adresse du siège social : Les Longues Royes, rue Paul-Eluard, Feignies 59750 Feignies. Administration : nomination en qualité de commissaire aux comptes titulaire : REYNAERT ( Stéphane), en remplacement de la STE MONTAGNE MORIAUX OLIVIER ET ASSOCIES, démissionnaire. Date d'effet : 10 juin 1998.

Company events history

Date	Description
01/04/2012	Bodacc B: Various editing or changing
16/03/2012	New chairman (CEO, CoB)
16/03/2012	Minutes of general meeting of shareholders
16/03/2012	Changes to the Board of Directors
16/03/2012	Updated articles of association
16/03/2012	Appointment/resignation of company officers
30/08/2011	Bodacc C : Deposit accounts notice
12/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
30/08/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
12/08/2009	Bodacc C : Deposit accounts notice
14/01/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
04/04/2005	Audit or Management Report
04/04/2005	New legal form – no new category
04/04/2005	Private document
04/04/2005	Appointment/resignation of company officers
04/04/2005	PV d'Assemblée
04/04/2005	Minutes of general meeting of shareholders
04/04/2005	Statuts mis à jour
04/04/2005	Updated articles of association
31/12/2004	New accounts available
31/12/2003	New accounts available
23/10/2002	PV d'Assemblée
23/10/2002	Acte sous seing privé
23/10/2002	Nomination/démission des organes de gestion
10/08/2001	Changement de Commissaire aux Comptes
10/08/2001	Conversion du Capital Social en Euros
10/08/2001	Nomination/démission des organes de gestion
10/08/2001	Acte sous seing privé
10/08/2001	Statuts mis à jour
10/08/2001	PV d'Assemblée
10/08/2001	Augmentation de Capital
30/08/1999	PV d'Assemblée
30/08/1999	Changement de Commissaire aux Comptes
30/08/1999	Nomination/démission des organes de gestion
30/08/1999	Acte sous seing privé

Establishment events history

Date	Description
06/04/2012	Update Rating
13/03/2012	Update Rating
12/08/2011	Update Rating
12/08/2011	Update Limit
25/09/2010	Update Rating
19/07/2010	Update Limit
19/07/2010	Update Rating
29/12/2009	Update Rating
14/08/2009	Update Rating
14/08/2009	Update Limit
28/11/2008	Update Rating
28/11/2008	Update Limit
27/09/2008	Update Rating
16/12/2007	Update Limit
10/12/2007	Update Limit
09/12/2007	Update Limit
08/12/2007	Update Rating
16/10/2007	Update Limit
16/10/2007	Update Rating

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.66
UK Pound	1	Rs.81.80
Euro	1	Rs.67.18

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.