MIRA INFORM REPORT

Report Date :

14.08.2012

IDENTIFICATION DETAILS

Name :	GROUPE JAJ
Registered Office :	40a 48, 40 Rue Beaumarchais., 93100 Montreuil Sous Bois
Country :	France
Financials (as on) :	31.03.2011
Date of Incorporation :	January 1959
Com. Reg. No.:	RCS Bobigny 0 592 013 155
Legal Form :	Public limited company with board of directors
Line of Business :	Wholesale business clothing and footwear
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

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

company summary

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z) (Wholesale business clothing and footwear (4642Z))	Legal form	Public limited company with board of directors
Phone	01 41 58 62 20	RCS Registration	RCS Bobigny 0 592 013 155
Fax		Share capital	3,560,939 Euros
Address	GROUPE JAJ JAJ 40A 48 40 RUE BEAUMARCHAIS 93100 MONTREUIL SOUS BOIS	Incorporated Date	02/1959
Nationality	France	Status	Economically active

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)
RCS Registration	RCS Bobigny 0 592 013 155	Share capital	3,560,939 Euros
Registration Court	Bobigny (93)	Legal form	Public limited company with board of directors
Court Registry Number	20 0 5B037	EU VAT Number	FR32592013155
Incorporation Date	02/1959	Formation Date	01/1959
Deregistration Date		Last account Date	31/03/2011
Nationality	France

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)	Business Pages FT®
Postal Address	GROUPE JAJ JAJ 40A 48 40 RUE BEAUMARCHAIS 93100 MONTREUIL SOUS BOIS	Trading Address	40 RUE BEAUMARCHAIS 93100 MONTREUIL SOUS BOIS
Telephone	01 41 58 62 20
Fax

Type	Head office	Status	Economically active
Formation Date	07/2005	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Seine-Saint-Denis (93)	Region	Ile-de-France
District	1	Area	96
City	MONTREUIL SOUS BOIS	Size of urban area	Paris conglomeration

Other establishments

Branches	2 branch entities in this company
Head office	> GROUPE JAJ <<<  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in MONTREUIL SOUS BOIS  (93100)
Secondary establishments	>   - Commerce de gros d'habillement (514C)  in PARIS 3  (75003) >  GROUPE JAJ  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in PARIS 1  (75001) >  GROUPE JAJ  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in PARIS 3  (75003) >  GROUPE JAJ  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in MONTREUIL SOUS BOIS  (93100)

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

DIRECTORS/MANAGEMENT

Current Directors

3

directors

Name	M. JABLONSKI JOSEPH
Manager position	Président du conseil d'administration, Directeur général	Date of birth	13/07/1928
Place of birth	PARIS
Type	Individual	Name at birth

Name	M. DAUMAN BRUNO
Manager position	Directeur général délégué, Administrateur	Date of birth	30/06/1979
Place of birth	NEUILLY SUR SEINE
Type	Individual	Name at birth

Name	Mme. PASCUCCIO ANNIE
Manager position	Administrateur	Date of birth	01/07/1950
Place of birth	MONTREUIL
Type	Individual	Name at birth	KERBEL

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Président du conseil d'administration	M JOSEPH JABLONSKI
Président du conseil d'administration	M JOSEPH JABLONSKI
Directeur général	M JOSEPH JABLONSKI
Directeur général	M JOSEPH JABLONSKI
Directeur général délégué	M BRUNO DAUMAN
Administrateur	M BRUNO DAUMAN
Administrateur	M BRUNO DAUMAN
Administrateur	M FRANCK KALFON
Administrateur	M FRANCK KALFON
Administrateur	M FRANCK KALFON
Administrateur	M MARCEL LUCIEN ROBIN
Administrateur	M MARCEL LUCIEN ROBIN
Administrateur	M MARCEL ROBIN
Président du conseil d'administration	M JOSEPH JABLONSKI

NEGATIVE INFORMATION

No negative information found.

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

3,560,939 Euros

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name		Company number
	GROUPE JAJ		592013155
Ultimate Parent		1 ultimate parent company for this company >  GROUPE JAJ  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in MONTREUIL SOUS BOIS  (93100)

Group data

Ultimate parent company	GROUPE JAJ
Direct parent	-
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

Go directly to the current company

Display only where participation % > 33 %

Display all participations

Raison sociale	SIREN	Parts	Score	Limite	Derniers comptes publiés
GROUPE JAJ	592013155	-	100	560 000 €	31/03/2011
D'DISTRIBUTION	423026400	51%	3	0 €	31/03/2010
D DISTRIBUTION US	-	100%	-	-	-

Type of shareholder

Shareholders

Linkages

Ultimate parent company	GROUPE JAJ
Direct parent	-
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/03/2011	31/03/2010	31/03/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	07/11/2011	27/11/2010	-
Activity Code	4642Z	4642Z	4642Z
Employees	46	45	44

Active account

Annual Accounts	31/03/2011		31/03/2010		31/03/2008	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1 185 647	-12,0%	1 347 529	-78,2%	6 169 289	34 035	3383,6%
- Intangible assets	126 841	-11,1%	142 656	-25,1%	190 453	1 916	6520,1%
- Tangible assets	971 327	-13,2%	1 119 650	-19,2%	1 385 169	5 733	16842,7%
- Financial assets	87 479	2,6%	85 223	-98,1%	4 593 665	2 695	3146,0%
Net current assets	8 771 987	29,0%	6 800 531	-11,8%	7 711 584	213 487	4008,9%
- Stocks	4 360 108	43,4%	3 040 772	-25,2%	4 067 741	51 619	8346,7%
- Advanced payments	56 147	29,0%	77 509	1168,1%	6 112	0	0%
- Receivables	3 969 053	20,7%	3 288 017	8,6%	3 027 382	61 749	6327,7%
- Securities and cash	386 679	-1,9%	394 233	-35,4%	610 350	31 796	1116,1%
- Prepaid expenses	-	-	-	-	-	195	-
Accounts of regularization	3 665	-94,9%	72 301	51,8%	47 621	0	0%
Total Assets	9 961 298	21,2%	8 220 360	-41,0%	13 928 494	287 962	3359,2%

Passive Account

Annual Accounts	31/03/2011		31/03/2010		31/03/2008	Sector Median 2011
Shareholders' equity	3 209 760	-1,4%	3 256 796	-63,8%	8 999 356	71 431	4393,5%
Share capital	3 560 939	0%	3 560 939	-8,5%	3 890 000	10 000	35509,4%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	50 306	-56,2%	114 912	95,2%	58 875	0	0%
Liabilities	6 642 214	37,0%	4 848 652	0,6%	4 818 970	191 315	3371,9%
- Financial liabilities	644 488	76,2%	365 745	-67,3%	1 118 502	17 178	3651,8%
- Advanced payments received	50 727	84,1%	27 558	-33,5%	41 410	0	0%
- Trade account payables	4 830 248	36,9%	3 529 127	30,6%	2 701 408	59 644	7998,5%
- Tax and social liabilities	652 523	13,9%	572 704	0,1%	572 193	49 493	1218,4%
- Other debts and fixed assets liabilities	523 248	48,0%	353 518	-19,1%	436 751	8 155	6316,3%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	9 961 299	21,2%	8 220 360	-41,0%	13 928 494	287 962	3359,2%

Results

Annual Accounts	31/03/2011		31/03/2010		31/03/2008	Sector Median 2011
Sales of Goods	20 467 769	15,3%	17 747 423	5,0%	16 894 524	430 249	4657,2%
Net turnover	19 840 769	14,9%	17 261 588	4,9%	16 457 400	418 328	4642,9%
- of which net export turnover	6 813 739	0,0%	6 814 726	-10,5%	7 614 587	0	0%
Operating charges	20 423 688	11,5%	18 313 826	2,3%	17 909 505	413 742	4836,3%
Operating profit/loss	44 082	107,8%	-566 403	44,2%	-1 014 982	11 095	297,3%
Financial income	278 718	-83,7%	1 707 763	159,2%	658 976	08	3483875,0%
Financial charges	424 602	15,2%	368 488	-82,9%	2 149 551	933	45409,3%
Financial profit/loss	-145 884	-110,9%	1 339 275	189,8%	-1 490 575	-129	-112988,4%
Pretax net operating income	-101 803	-113,2%	772 872	130,8%	-2 505 557	8 881	-1246,3%
Extraordinary income	78 362	828,7%	8 438	-34,9%	12 965	0	0%
Extraordinary charges	23 596	-30,0%	33 726	495,7%	5 662	165	14200,6%
Extraordinary profit/loss	54 766	-86,0%	-25 288	-446,2%	7 304	0	0%
Net result	-47 036	-105,3%	887 691	151,2%	-1 734 462	9 173	-612,8%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/03/2011	31/03/2010	31/03/2008
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/03/2011		31/03/2010		31/03/2008
	Grand Total (I to VI)	Net	9 961 298	21,2%	8 220 360	-41,0%	13 928 494
	Gross	CO	12 109 503	17,6%	10 301 216	-39,8%	17 101 570
	Amortisation	1A	2 148 205	3,2%	2 080 856	-34,4%	3 173 076

Non declared distributed capital (I)

		31/03/2011		31/03/2010		31/03/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

			31/03/2011		31/03/2010		31/03/2008
	Total Active fixed asset (II)	Net	1 185 647	-12,0%	1 347 529	-78,2%	6 169 289
	Gross	BJ	2 978 789	0,2%	2 971 651	-65,6%	8 627 338
	Amortisation	BK	1 793 142	10,4%	1 624 122	-33,9%	2 458 049

Intangilble fixed assets

			31/03/2011		31/03/2010		31/03/2008
	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	26 841	-37,1%	42 656	-52,8%	90 453
	Gross	AF	171 182	0%	171 182	14,9%	148 957
	Amortisation	AG	144 341	12,3%	128 526	119,7%	58 504
	Goodwill	Net	100 000	0%	100 000	0%	100 000
	Gross	AH	100 000	0%	100 000	0%	100 000
	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	126 841	-11,1%	142 656	-25,1%	190 453

Tangilble fixed assets

			31/03/2011		31/03/2010		31/03/2008
	Lands	Net	131 119	0%	131 119	0%	131 119
	Gross	AN	131 119	0%	131 119	0%	131 119
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	293 655	-10,8%	329 134	-17,7%	400 090
	Gross	AP	978 651	0%	978 651	0%	978 651
	Amortisation	AQ	684 996	5,5%	649 517	12,3%	578 561
	Plant	Net	16 548	-6,2%	17 648	-47,4%	33 540
	Gross	AR	67 996	11,6%	60 952	-9,0%	66 994
	Amortisation	AS	51 448	18,8%	43 304	29,4%	33 454
	Other tangible fixed assets	Net	530 005	-17,4%	641 749	-21,8%	820 420
	Gross	AT	1 442 362	-0,1%	1 444 524	3,9%	1 390 312
	Amortisation	AU	912 357	13,7%	802 775	40,9%	569 892
	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	971 327		1 119 650		1 385 169

Financial assets

			31/03/2011		31/03/2010		31/03/2008
	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	3 887	0%	3 887	-99,8%	2 581 764
	Gross	CU	3 887	0%	3 887	-99,9%	2 749 458
	Amortisation	CV	0	0%	0	0%	167 694
	Inter-company receivables	Net	46 678	5,1%	44 422	-96,9%	1 427 157
	Gross	BB	46 678	5,1%	44 422	-96,9%	1 427 157
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	544 925
	Gross	BD	0	0%	0	0%	1 594 870
	Amortisation	BE	0	0%	0	0%	1 049 945
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	36 914	0%	36 914	-7,3%	39 819
	Gross	BH	36 914	0%	36 914	-7,3%	39 819
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		87 479		85 223		4 593 665

Current Assets (III)

			31/03/2011		31/03/2010		31/03/2008
	Total Assets	Net	8 771 987	29,0%	6 800 531	-11,8%	7 711 584
	Gross	CJ	9 127 050	25,8%	7 257 264	-13,9%	8 426 611
	Amortisation	CK	355 063	-22,3%	456 733	-36,1%	715 027

Stocks

			31/03/2011		31/03/2010		31/03/2008
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	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	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	4 360 108	43,4%	3 040 772	-25,2%	4 067 741
	Gross	BT	4 525 854	41,8%	3 191 050	-24,3%	4 214 676
	Amortisation	BU	165 746	10,3%	150 278	2,3%	146 935
	Sub Total Stocks	Net	4 360 108	43,4%	3 040 772	-25,2%	4 067 741

Advance payments to suppliers

			31/03/2011		31/03/2010		31/03/2008
	Advance payments to suppliers	Net	56 147	-27,6%	77 509	1168,1%	6 112
	Gross	BV	56 147	-27,6%	77 509	1168,1%	6 112
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/03/2011		31/03/2010		31/03/2008
	Trade accounts receivable	Net	2 531 394	48,6%	1 703 267	62,3%	1 049 232
	Gross	BX	2 720 711	35,4%	2 009 722	24,3%	1 617 324
	Amortisation	BY	189 317	-38,2%	306 455	-46,1%	568 092
	Other debtors	Net	903 021	-33,4%	1 355 554	-20,2%	1 699 281
	Gross	BZ	903 021	-33,4%	1 355 554	-20,2%	1 699 281
	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	3 434 415	12,3%	3 058 821	11,3%	2 748 513

Divers

			31/03/2011		31/03/2010		31/03/2008
	Investment securities	Net	100 806	0%	100 806	0%	0
	Gross	CD	100 806	0%	100 806	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	285 873	-2,6%	293 427	-51,9%	610 350
	Gross	CF	285 873	-2,6%	293 427	-51,9%	610 350
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	386 679	-1,9%	394 233	-35,4%	610 350

Prepaid expenses

			31/03/2011		31/03/2010		31/03/2008
	Prepaid expenses	Net	534 638	133,3%	229 196	-17,8%	278 869
	Gross	CH	534 638	133,3%	229 196	-17,8%	278 869
	Amortisation	CI	0	0%	0	0%

Equalization accounts (IV to VI)

		31/03/2011		31/03/2010		31/03/2008
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	3 665	-94,9%	72 301	51,8%	47 621
Gross		3 665	-94,9%	72 301	-	-

References

		31/03/2011		31/03/2010		31/03/2008
Due within one year	CP	46 678	0%	0	0%	30 000
Due after one year	CR	405 783	-38,2%	657 089	-66,7%	1 971 513

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)

		31/03/2011		31/03/2010		31/03/2008
Grand Total (I to V)	EE	9 961 299	21,2%	8 220 360	-41,0%	13 928 494

Shareholder Equity (I)

			31/03/2011		31/03/2010		31/03/2008
	Total shareholders' equity (Total I)	DL	3 209 760	-1,4%	3 256 796	-63,8%	8 999 356
	Equity and shareholders' equity	DA	3 560 939	0%	3 560 939	-8,5%	3 890 000
	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	389 000	0%	389 000	0%	389 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	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%	6 454 818
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	-693 143	56,2%	-1 580 834	0%	0
	Profit or loss for the period	DI	-47 036	-105,3%	887 691	151,2%	-1 734 462
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/03/2011		31/03/2010		31/03/2008
	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)

			31/03/2011		31/03/2010		31/03/2008
	Total provisions for risks and charges (Total III)	DR	50 306	-56,2%	114 912	95,2%	58 875
	Risk provisions	DP	50 306	-56,2%	114 912	95,2%	58 875
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/03/2011		31/03/2010		31/03/2008
	Total Liabilities (Total IV)	EC	6 642 214	37,0%	4 848 652	0,6%	4 818 970
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	640 357	77,1%	361 614	-67,6%	1 114 635
	Sundry loans and financial liabilities	DV	4 131	0%	4 131	6,8%	3 867
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	50 727	84,1%	27 558	-33,5%	41 410
	Trade accounts payables	DX	4 830 248	36,9%	3 529 127	30,6%	2 701 408
	Tax and social security liabilities	DY	652 523	13,9%	572 704	0,1%	572 193
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	464 228	31,3%	353 518	-8,3%	385 458

Translation loss (V)

		31/03/2011		31/03/2010		31/03/2008
Translation loss (Total V)	ED	59 020	0%	0	0%	51 293

Equalization accounts

		31/03/2011		31/03/2010		31/03/2008
Deferred income	EB	0	0%	0	0%	0

References

		31/03/2011		31/03/2010		31/03/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	6 559 944	0%	0	0%	4 362 285
Of which current bank facilities	EH	568 735	222,1%	176 549	-63,9%	489 211

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)

		31/03/2011		31/03/2010		31/03/2008
Operating result (Total I-II)	GG	44 082	107,8%	-566 403	44,2%	-1 014 982

2 - Financial result (V - VI)

		31/03/2011		31/03/2010		31/03/2008
Financial result (Total V-VI)	GV	-145 884	-110,9%	1 339 275	189,8%	-1 490 575

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

		31/03/2011		31/03/2010		31/03/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-101 803	-113,2%	772 872	130,8%	-2 505 557

4 - Extraordinary result (VII-VIII)

		31/03/2011		31/03/2010		31/03/2008
Extraordinary result (Total VII-VIII)	HI	54 766	316,6%	-25 288	-446,2%	7 304

Profit or loss

		31/03/2011		31/03/2010		31/03/2008
Profit or loss	HN	-47 036	-105,3%	887 691	151,2%	-1 734 462

Total Income (I+III+V+VII)

		31/03/2011		31/03/2010		31/03/2008
Total Income (I+III+V+VII)	HL	20 824 850	7,0%	19 463 624	10,8%	17 566 464

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

		31/03/2011		31/03/2010		31/03/2008
Total charges (Total II+IV+VI+VIII+IX+X)	HM	20 871 886	12,4%	18 575 933	-3,8%	19 300 927

Operating income (I)

		31/03/2011		31/03/2010		31/03/2008
Total operating income (Total I)	FR	20 467 769	15,3%	17 747 423	5,0%	16 894 524

Operating income (details)

			31/03/2011		31/03/2010		31/03/2008
	Sale of goods for resale	FC	19 820 519	14,8%	17 262 989	5,0%	16 436 048
	France	FA	13 013 659	24,7%	10 436 205	18,1%	8 833 876
	Export	FB	6 806 860	-0,3%	6 826 784	-10,2%	7 602 172
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	20 251	1545,5%	-1 401	-106,6%	21 351
	France	FG	13 372	25,5%	10 657	19,2%	8 937
	Export	FH	6 879	157,0%	-12 058	-197,1%	12 415
	Net turnover	FL	19 840 769	14,9%	17 261 588	4,9%	16 457 400
	France	FJ	13 027 031	24,7%	10 446 862	18,1%	8 842 813
	Export	FK	6 813 739	0,0%	6 814 726	-10,5%	7 614 587
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	1 600
	Release of reserves and provisions	FP	474 613	-2,3%	485 743	11,5%	435 474
	Other income	FQ	152 387	165538,0%	92	84,0%	50

Operating charges (II)

		31/03/2011		31/03/2010		31/03/2008
Total operating charges (Total II)	GF	20 423 688	11,5%	18 313 826	2,3%	17 909 505

Exploitation charges

		31/03/2011		31/03/2010		31/03/2008
Purchase of goods for resale	FS	13 364 908	28,2%	10 426 275	12,1%	9 302 931
Change in stocks of goods for resale	FT	-1 334 804	-831,4%	-143 314	-129,2%	491 617
Purchase of raw materials	FU	76 900	-7,4%	83 016	-49,8%	165 213
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	3 073 825	6,3%	2 891 311	-4,5%	3 027 753
Tax, duty and similar payments	FX	324 246	3,9%	312 084	8,6%	287 249
Payroll	FY	2 073 699	-1,2%	2 098 798	4,3%	2 012 998
Social security costs	FZ	972 655	5,4%	922 408	-1,4%	935 165

Depreciation

		31/03/2011		31/03/2010		31/03/2008
Depreciation of fixed assets	GA	178 440	-9,6%	197 440	12,9%	174 842
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	298 727	4,5%	285 750	-46,7%	536 145
Provisions for risks and charges	GD	14 211	0%	0	0%	0

Other charges

		31/03/2011		31/03/2010		31/03/2008
Other charges	GE	1 380 880	11,4%	1 240 058	27,1%	975 592

Operating charges (III-IV)

		31/03/2011		31/03/2010		31/03/2008
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%

Financial income (V)

			31/03/2011		31/03/2010		31/03/2008
	Total financial income (Total V)	GP	278 718	-83,7%	1 707 763	159,2%	658 976
	Share financial income	GJ	7 729	-53,3%	16 543	-87,2%	129 106
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	521	-98,3%	30 906	1562,5%	1 859
	Released provisions and transferred charges	GM	72 301	-95,1%	1 467 606	189,5%	506 984
	Exchange gains	GN	198 168	3,1%	192 216	814,1%	21 027
	Net income from disposal of investment securities	GO	0	0%	492	0%	0

Financial Charge (VI)

			31/03/2011		31/03/2010		31/03/2008
	Total financial charge (Total VI)	GU	424 602	15,2%	368 488	-82,9%	2 149 551
	Financial reserves and provisions	GQ	3 665	-94,9%	72 301	-93,4%	1 097 566
	Interest and similar charges	GR	110 998	-3,8%	115 411	-37,8%	185 408
	Exchange losses	GS	309 940	148,4%	124 778	-85,5%	860 990
	Net loss from disposal of investment securities	GT	0	0%	55 998	902,3%	5 587

Financial Charge (VII)

			31/03/2011		31/03/2010		31/03/2008
	Total extraordinary income (Total VII)	HD	78 362	828,7%	8 438	-34,9%	12 965
	Extraordinary operating income	HA	73 362	806,2%	8 096	24,2%	6 518
	Extraordinary income from capital transactions	HB	5 000	1362,0%	342	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	6 447

Extraordinary charges (VIII)

		31/03/2011		31/03/2010		31/03/2008
Total extraordinary charges (Total VIII)	HH	23 596	-30,0%	33 726	495,7%	5 662
Extraordinary operating charges	HE	14 615	59,8%	9 146	61,5%	5 662
Extraordinary charges from capital transactions	HF	8 981	903,5%	895	0%	0
Extraordinary reserves and provisions	HG	0	0%	23 685	0%	0

Employee profit sharing (IX)

		31/03/2011		31/03/2010		31/03/2008
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/03/2011		31/03/2010		31/03/2008
Tax on profits (Total X)	HK	0	0%	-140 107	81,7%	-763 791

References

		31/03/2011		31/03/2010		31/03/2008
Of which equipment leases	HP	29 228	8,7%	26 880	9,8%	24 477
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	64 035	-42,0%	110 448	-55,5%	247 979
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	1 146 155	6,6%	1 075 296	17,4%	916 082

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)

		31/03/2011		31/03/2010		31/03/2008
Gross value at begin of period	OG	0	0%	0	0%	8 143 440
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	635 938
Decreasess by budget item transfer	OK1	0	0%	0	0%	100 000
Decreasess by transfers	OK2	18 402	-99,1%	2 162 834	4056,1%	52 040
Gross value at the end of period	OL	2 978 789	0,2%	2 971 651	-65,6%	8 627 338

Research and development Charge (Total I)

		31/03/2011		31/03/2010		31/03/2008
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)

		31/03/2011		31/03/2010		31/03/2008
Gross value at begin of period	KD	271 182	-0,1%	271 437	361,9%	58 767
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	2 245	-98,9%	200 690
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	2 500	-76,2%	10 500
Gross value at the end of period	LW	271 182	0%	271 182	8,9%	248 957

Tangible fixed assets (Total III)

		31/03/2011		31/03/2010		31/03/2008
Gross value at begin of period	LN	2 615 245	1,5%	2 576 285	8,4%	2 375 773
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	23 284	-49,0%	45 639	-77,2%	200 549
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	18 402	175,6%	6 677	-27,8%	9 246
Gross value at the end of period	NH	2 620 127	0,2%	2 615 247	1,9%	2 567 076

Fiancial assets (Total IV)

		31/03/2011		31/03/2010		31/03/2008
Gross value at begin of period	LQ	85 224	-96,2%	2 220 799	-61,1%	5 708 900
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	2 256	-87,5%	18 081	-92,3%	234 699
Decreasess by budget item transfer	NJ1	0	0%	0	0%	100 000
Decreasess by transfers	NJ2	0	0%	2 153 657	6568,9%	32 294
Gross value at the end of period	NK	87 480	2,6%	85 223	-98,5%	5 811 304

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

			31/03/2011		31/03/2010		31/03/2008
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	1 085 314
Increases		0P	0	0%	0	0%	174 842
Decreasess		0Q	0	0%	0	0%	19 746
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	1 240 410

Research and development charge (Total I)

			31/03/2011		31/03/2010		31/03/2008
	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)

			31/03/2011		31/03/2010		31/03/2008
	Reserve for depreciation value at begin of period	PE	128 526	23,6%	103 951	124,4%	46 326
Increases		PF	15 815	-41,6%	27 075	19,4%	22 677
Decreasess		PG	0	0%	2 500	-76,2%	10 500
	Decreasess by budget item transfer	PH	144 341	12,3%	128 526	119,7%	58 504

Total fixed assets amotisation (Total III)

			31/03/2011		31/03/2010		31/03/2008
	Reserve for depreciation value at begin of period	QU	1 495 597	12,4%	1 331 014	28,1%	1 038 987
Increases		QV	162 625	-4,5%	170 365	12,0%	152 165
Decreases		QW	9 421	62,9%	5 782	-37,5%	9 246
	Decreasess by budget item transfer	QX	1 648 801	10,2%	1 495 597	26,5%	1 181 906

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

			31/03/2011		31/03/2010		31/03/2008
	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

			31/03/2011		31/03/2010		31/03/2008
	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)

			31/03/2011		31/03/2010		31/03/2008
	Value at begining of period	7C	571 645	-71,8%	2 030 310	91,8%	1 058 757
Increases		UB	316 602	-17,1%	381 736	-76,6%	1 633 711
Decreases		UC	482 879	-73,8%	1 840 401	162,6%	700 927
	Value at the end of period	UD	405 368	-29,1%	571 645	-71,3%	1 991 541

Includes Total allocations

Operating	UE	312 938	9,5%	285 750	-46,7%	536 145
Financial	UG	3 665	-94,9%	72 301	-93,4%	1 097 566
Exceptional	UJ	0	0%	23 685	0%	0

Includes Total Withdrawal

Operating	UF	410 578	10,1%	372 795	98,8%	187 495
Financial	UH	72 301	-95,1%	1 467 606	189,5%	506 984
Exceptional	UK	0	0%	0	0%	6 447

Total regulated provisions (Total I)

			31/03/2011		31/03/2010		31/03/2008
	Value at begining of period	3Z	0	0%	0	0%	6 447
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	6 447
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/03/2011		31/03/2010		31/03/2008
	Value at begining of period	5Z	114 912	97,0%	58 331	30,8%	44 595
Increases		TV	36 479	-68,3%	114 912	95,2%	58 875
Decreases		TW	101 085	73,3%	58 331	30,8%	44 595
	Value at the end of period	TX	50 306	-56,2%	114 912	95,2%	58 875

Total Provision for depreciation (Total III)

			31/03/2011		31/03/2010		31/03/2008
	Value at begining of period	7B	456 733	-76,8%	1 971 979	95,7%	1 007 715
Increases		TY	280 123	5,0%	266 824	-83,1%	1 574 836
Decreases		TZ	381 794	-78,6%	1 782 069	174,2%	649 885
	Value at the end of period	UA	355 062	-22,3%	456 734	-76,4%	1 932 666

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

		31/03/2011		31/03/2010		31/03/2008
Gross value	VT	4 241 961	15,4%	3 675 808	-27,4%	5 062 450
1 year at most	VU	3 799 265	29,3%	2 937 384	77,6%	1 653 961
More than one year	VV	442 696	-40,0%	738 424	-78,3%	3 408 489

State of loans

		31/03/2011		31/03/2010		31/03/2008
Claims related to holdings (gross)	UL	46 678	5,1%	44 422	-96,9%	1 427 157
Claims related to shareholdings (1 year at most)	UM	46 678	0%	0	0%	30 000
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	36 914	0%	36 914	-7,3%	39 819
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/03/2011		31/03/2010		31/03/2008
Customers doubtful or disputed	VA	155 512	-39,5%	256 945	-59,5%	634 771
Other claims customer	UX	2 565 199	46,4%	1 752 777	78,4%	982 553
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	9 850	-18,6%	12 100	145,9%	4 920
Social Security and other social organizations	UZ	16 437	0%	0	0%	0
Income taxes	VM	0	0%	140 107	-81,7%	763 791
Value added tax	VB	491 654	143,2%	202 150	-18,6%	248 243
Other taxes and payments assimilated	VN	0	0%	45 247	58,8%	28 485
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	385 081	-59,7%	955 950	46,2%	653 841

Prepaid

		31/03/2011		31/03/2010		31/03/2008
Prepaid	VS	534 638	133,3%	229 196	-17,8%	278 869

State Debt

			31/03/2011		31/03/2010		31/03/2008
	Total debt (gross)	VY	6 591 487	36,7%	4 821 094	0,9%	4 777 560
1 year at most		VZ2	6 559 944	38,1%	4 749 472	8,9%	4 362 285
More than 1 year and 5 years at most		VZ3	31 543	-56,0%	71 622	-82,8%	415 275
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/03/2011		31/03/2010		31/03/2008
	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	568 735	216,8%	179 539	-63,5%	492 264
1 year at most		VG2	568 735	216,8%	179 539	-63,5%	492 264
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	71 622	-60,7%	182 074	-70,7%	622 371
1 year at most		VH2	40 079	-63,7%	110 452	-48,8%	215 642
More than 1 year and 5 years at most		VH3	31 543	-56,0%	71 622	-82,4%	406 730
	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	4 830 248	36,9%	3 529 127	30,6%	2 701 408
1 year at most		8B2	4 830 248	36,9%	3 529 127	30,6%	2 701 403
More than 1 year and 5 years at most		8B3	4 830 248	36,9%	3 529 127	0%	0
	Personnel and associated accounts (gross)	8C1	211 168	13,0%	186 919	1,2%	184 644
1 year at most		8C2	211 168	13,0%	186 919	1,2%	184 644
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	286 999	12,9%	254 193	-8,8%	278 654
1 year at most		8D2	286 999	12,9%	254 193	-8,8%	278 654
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	156	-96,0%	3 890	0%	0
1 year at most		VW2	156	-96,0%	3 890	0%	0
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	154 199	20,8%	127 701	17,3%	108 894
1 year at most		VQ2	154 199	20,8%	127 701	17,3%	108 894
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	4 131	0%	4 131	6,8%	3 867
1 year at most		VI2	4 131	0%	4 131	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	3 867
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	464 228	31,3%	353 518	-8,3%	385 458
1 year at most		8K2	464 228	31,3%	353 518	-7,2%	380 780
More than 1 year and 5 years at most		8K3	0	0%	0	0%	4 678
	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

		31/03/2011		31/03/2010		31/03/2008
Loans made during the period	VJ	0	0%	400 000	122,9%	179 419
Debt repaid during the period	VK	110 452	-82,3%	624 656	257,3%	174 844

Table allocation results and other information
Dividends distributed

		31/03/2011		31/03/2010		31/03/2008
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/03/2011		31/03/2010		31/03/2008
Commitments leasing furniture	YQ	86 680	38,2%	62 733	20,2%	52 193
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	405 792	27,2%	318 984	17,8%	270 823

Other charges Externes

		31/03/2011		31/03/2010		31/03/2008
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	192 243	-0,4%	192 925	24,7%	154 670
Staff outside the company	YU	59 334	212,7%	18 976	-45,1%	34 559
Remuneration intermediaries and fees (excluding fees)	SS	1 010 302	-3,9%	1 050 880	-4,6%	1 101 422
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	1 811 946	11,3%	1 628 530	-6,3%	1 737 101
Total Other purchases and external	ZJ	3 073 825	884,9%	2 891 311	-4,5%	3 027 753

Taxes and Fees

		31/03/2011		31/03/2010		31/03/2008
Business tax	YW	106 601	5,0%	101 485	-6,2%	108 143
Other taxes and payments assimilated	9Z	217 645	3,3%	210 599	17,6%	179 106
Total taxes and fees	YX	324 246	3,9%	312 084	8,6%	287 249

VAT

		31/03/2011		31/03/2010		31/03/2008
Amount VAT collected	YY	2 555 197	6,1%	2 408 645	12,9%	2 132 983
Total VAT on goods and services	YZ	3 118 631	52,1%	2 050 921	-20,9%	2 591 755

Average number of employees

		31/03/2011		31/03/2010		31/03/2008
Average number of employees	YP	46	2,2%	45	2,3%	44

Groups and Shareholders

		31/03/2011		31/03/2010		31/03/2008
Groups and Shareholders	ZR	01	-	01	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

31/03/2011		31/03/2010		31/03/2008	Sector Median 2011
Fixed Asset Financing		1,72	-1,1%	1,74	23,4%	1,41	2,20	-21,8%
Global Debt		121 days	19,8%	101 days	-3,8%	105 days	138 days	-12,3%
Working Capital Fund overall net		39 days	-15,2%	46 days	-40,3%	77 days	58,50 days	-33,3%
Financial independence		501,25%	-44,3%	900,63%	11,5%	807,38%	373,59%	34,2%
More ratios
Solvability		32,22%	-18,7%	39,62%	-38,7%	64,61%	30,59%	5,3%
Capacity debt futures		527,22%	-53,1%	1123,07%	-11,7%	1271,26%	845,90%	-37,7%
Coverage of current assets by net working capital overall		24,73%	-20,4%	31,05%	-28,1%	43,18%	36,38%	-32,0%
General Liquidity		0,58	-6,5%	0,62	63,2%	0,38	0,42	38,1%
Restricted Liquidity		0,64	-8,6%	0,70	34,6%	0,52	0,79	-19,0%

Management or rotation

	31/03/2011		31/03/2010		31/03/2008	Sector Median 2011
Need background in operating working capital	34 days	-2,9%	35 days	-48,5%	68 days	15 days	126,7%
Treasury	-3 days	-160,0%	5 days	66,7%	3 days	5 days	-160,0%
Inventory turnover of goods	135 days	20,5%	112 days	-27,7%	155 days	94 days	43,6%
Average length of credit granted to customers	50 days	16,3%	43 days	16,2%	37 days	33 days	51,5%
Average length of credit obtained suppliers	95 days	14,5%	83 days	33,9%	62 days	59 days	61,0%
More ratios
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	days	-	days	2072 days	-
Rotation tangible assets	757,24%	14,7%	660,04%	3,0%	641,10%	2099,27%	-63,9%

Profitability of the business

		31/03/2011		31/03/2010		31/03/2008	Sector Median 2011
Margin trading		39,26%	-2,9%	40,44%	0,2%	40,36	33,08%	18,7%
Profitability of the business		6,50	67,1%	3,89	172,0%	1,43	3,55%	83,1%
Net profit		-0,24%	-104,7%	5,14%	148,8%	-10,54%	2,09%	-111,5%
More ratios
Growth rate of turnover (excluding VAT)		14,94%	0%	0%	0%	-23,07%	1,89%	690,5%
Rates integration		23,49%	1,2%	23,20%	10,1%	21,08%	19,99%	17,5%
Rate leasing furniture		0,15%	-6,2%	0,16%	6,7%	0,15%	0%	0%
Work Factor		65,37%	-13,4%	75,45%	-11,2%	84,96%	68,26%	-4,2%
Weight interests		2,14	0,5%	2,13%	-83,7%	13,06%	0,26%	723,1%

Return on capital

		31/03/2011		31/03/2010		31/03/2008	Sector Median 2011
Cash flow from the overall profitability		-1,73%	54,7%	-3,82%	46,0%	-7,07%	2,93%	-159,0%
Rates of economic profitability		33%	73,7%	19%	850,0%	2%	14%	135,7%
Financial profitability		3209760%	-1,4%	3256796%	-63,8%	8999356%	36692%	8647,8%
Return on investment		9,80%	-71,7%	34,68%	745,9%	4,10%	11,55%	-15,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/03/2011		31/03/2010		31/03/2008	Sector Median 2011
Turnover	19 840 769	14,9%	17 261 588	4,9%	16 457 400	418 328 €	4642,9%
Sales of goods	19 820 519	14,8%	17 262 989	5,0%	16 436 048
- Purchase of goods	13 364 908	28,2%	10 426 275	12,1%	9 302 931
+/- Stock of goods variation	-1 334 804	-831,4%	-143 314	-129,2%	491 617
Trading margin	7 790 415 €	11,6%	6 980 028 €	5,1%	6 641 500 €	114 264 €	6717,9%
	39,26 % CA	-2,9%	40,44 % CA	0,2%	40,36 % CA	33,69 % CA	16,5%

Sale of goods produced	20 251	1545,5%	-1 401	-106,6%	21 351
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	20 251 €	1545,5%	-1 401 €	-106,6%	21 351 €	3 339 €	506,5%
	0,10 % CA	1100%	-0,01 % CA	-107,7%	0,13 % CA	1,29 % CA	-92,2%

Trading margin	7 790 415	11,6%	6 980 028	5,1%	6 641 500	114 264	6717,9%
+ Period Production	20 251	1545,5%	-1 401	-106,6%	21 351	3 339	506,5%
- Purchase of raw materials	76 900	-7,4%	83 016	-49,8%	165 213
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	3 073 825	6,3%	2 891 311	-4,5%	3 027 753
Added value	4 659 941 €	16,4%	4 004 300 €	15,4%	3 469 885 €	95 613 €	4773,8%
	23,49 % CA	1,2%	23,20 % CA	10,1%	21,08 % CA	19,99 % CA	17,5%

Added value	4 659 941 €	16,4%	4 004 300 €	15,4%	3 469 885 €	95 613 €	4773,8%
+ Operating grants	0	0%	0	0%	1 600
- Tax, duty and similar payments	324 246	3,9%	312 084	8,6%	287 249
- Personal charges	3 046 354	0,8%	3 021 206	2,5%	2 948 163
Gross operating surplus	1 289 341 €	92,1%	671 010 €	184,2%	236 073 €	14 861 €	8576,0%
	6,50 % CA	67,1%	3,89 % CA	172,0%	1,43 % CA	3,55 % CA	83,1%

Gross operating surplus	1 289 341 €	92,1%	671 010 €	184,2%	236 073 €	14 861 €	8576,0%
+ Release of reserves and provisions	474 613	-2,3%	485 743	11,5%	435 474
+ Other operating income	152 387	165538,0%	92	84,0%	50
- Depreciation/Amortisation	491 378	1,7%	483 190	-32,0%	710 987
- Other charges	1 380 880	11,4%	1 240 058	27,1%	975 592
Operating result	44 083 €	107,8%	-566 403 €	44,2%	-1 014 982 €	11 096 €	297,3%
	0,22 % CA	106,7%	-3,28 % CA	46,8%	-6,17 % CA	2,71 % CA	-91,9%

Operating result	44 083 €	107,8%	-566 403 €	44,2%	-1 014 982 €	11 096 €	297,3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	278 718	-83,7%	1 707 763	159,2%	658 976
- Financial charges	424 602	15,2%	368 488	-82,9%	2 149 551
Pre-tax result	-101 801 €	-113,2%	772 872 €	130,8%	-2 505 557 €	8 881 €	-1246,3%
	-0,51 % CA	-111,4%	4,48 % CA	129,4%	-15,22 % CA	2,18 % CA	-123,4%

Extraordinary income	78 362	828,7%	8 438	-34,9%	12 965	0	0%
- Extraordinary charges	23 596	-30,0%	33 726	495,7%	5 662
Extraordinary result	54 766 €	316,6%	-25 288 €	-446,3%	7 303 €	0 €	0%
	0,28 % CA	286,7%	-0,15 % CA	-475,0%	0 % CA	0 % CA	0%

Pre-tax result	-101 801 €	-113,2%	772 872 €	130,8%	-2 505 557 €	8 881 €	-1246,3%
Extraordinary result	54 766 €	316,6%	-25 288 €	-446,3%	7 303 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	0	0%	-140 107	81,7%	-763 791
Net result	-47 035 €	-105,3%	887 691 €	151,2%	-1 734 463 €	9 172 €	-612,8%
	-0,24 % CA	-104,7%	5,14 % CA	148,8%	-10,54 % CA	2,09 % CA	-111,5%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Last published preferential right

No social security and tax office preferential right to date

Trading to Date	03/31/2011	03/31/2010	03/31/2008
	Turnover	19,840,769 €	17,261,588 €	16,457,400 €
	Gross Operating Surplus	6,50 % Turnover	3,89 % Turnover	1,43 % Turnover
	Net worth	3,209,760 €	3,256,796 €	8,999,356 €
	Employees	20 to 49 employees	-	-

Trends
Profitability
Liquidity
Net worth

Commentary

The comments are arranged in decreasing order of importance

The company has a parent

The company is more than 15 years old

The company has an activity presenting an increased risk

The net result is up to 44 082 €, which is good

Tangible fixed assets are up to 971 327 €

The company has a share capital of 3 560 939 €, which is excellent

The company is in financial debt of 644 488 €

The financial result is negative on the period : -145 884 €

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

Preferential rights details and history

Summary of preferential rights

Company monitored since

29/11/2010

Status of Monitoring

No social security and tax office preferential right to date

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
25/11/2011	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 13162 - 592013155 RCS. GROUPE JAJ. Forme : Société anonyme. Adresse : 40-48 rue Beaumarchais 93100 Montreuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2011.
28/10/2011	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 2331 - 592 013 155 RCS Bobigny. GROUPE JAJ. Forme : Société anonyme. Administration : Président du conseil d'administration et directeur général : JABLONSKI Joseph Commissaire aux comptes titulaire : CABINET GUILLERET ET ASSOCIES modification le 13 Mars 2009 Commissaire aux comptes suppléant : COMPAGNIE FIDUCIAIRE D'EXPERTISE COMPTABLE COFIEC Co-commissaire aux comptes titulaire : SOCIETE FIDUCIAIRE D'EXPERTISE COMPTABLE ET D'ETUDES ECONOMIQUES PAUL BRUNIER en fonction le 31 Octobre 2007 Directeur général délégué et administrateur : DAUMAN Bruno modification le 25 Juin 2009 Commissaire aux comptes suppléant : GUILLERET René en fonction le 20 Octobre 2011 Administrateur : KERBEK Annie en fonction le 20 Octobre 2011. Activité : . Commentaires : Modification de représentant.
13/10/2011	JAL	Appointment of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Société faisant l'objet d'une nomination : 592013155 - GROUPE JAJ, 40 RUE BEAUMARCHAIS, 40A 48, 93100 MONTREUIL SOUS BOIS Nominé : Madame Annie PASCUCCIO, 94300 VINCENNES En la fonction de : Administrateur Date d'effet : 22/09/2011
13/10/2011	JAL	Resignation / Revocation of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 22/09/2011 La société 592013155 - GROUPE JAJ, 40 RUE BEAUMARCHAIS, 40A 48, 93100 MONTREUIL SOUS BOIS Fait l'objet du départ de Madame Marie José ROCHEREAU Date d'effet : 22/09/2011
30/11/2010	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 13461 - 592013155 RCS. GROUPE JAJ. Forme : Société anonyme. Adresse : 40-48 rue Beaumarchais 93100 Montreuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2010.
27/12/2009	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 2582 - 592 013 155 RCS Bobigny. GROUPE JAJ. Forme : Société anonyme. Administration : Président du conseil d'administration et directeur général : JABLONSKI Joseph Commissaire aux comptes titulaire : CABINET GUILLERET ET ASSOCIES modification le 13 Mars 2009 Administrateur : ROBIN Marcel Lucien Commissaire aux comptes suppléant : COMPAGNIE FIDUCIAIRE D'EXPERTISE COMPTABLE COFIEC Co-commissaire aux comptes titulaire : SOCIETE FIDUCIAIRE D'EXPERTISE COMPTABLE ET D'ETUDES ECONOMIQUES PAUL BRUNIER en fonction le 31 Octobre 2007 Directeur général délégué et administrateur : DAUMAN Bruno modification le 25 Juin 2009 Commissaire aux comptes suppléant : ROCHEREAU Marie José en fonction le 11 Février 2009. Commentaires : Modification de représentant.
27/12/2009	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 2584 - 592 013 155 RCS Bobigny. GROUPE JAJ. Forme : Société anonyme. Capital : 3560939 EUR. Commentaires : Modification du capital.
23/12/2009	Bodacc C	Comptes annuels, consolidés et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 9584 - Rectificatif. Parution avis précédent : BODACC C. Numéro de parution : 8966. Date de parution : 26 novembre 2009. Numéro d’annonce : 8966. Cet avis est annulé et remplacé par le suivant. 592013155 RCS. GROUPE JAJ. Forme : Société anonyme. Adresse : 40-48 rue Beaumarchais 93100 Montreuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2009.
11/12/2009	JAL	Resignation / Revocation of the social representative
AFFICHES PARISIENNES ET DEPARTEMENTALES Date de décision : 24/09/2009 La société 592013155 - GROUPE JAJ, 40 RUE BEAUMARCHAIS, 40A 48, 93100 MONTREUIL SOUS BOIS Fait l'objet du départ de Monsieur Franck KALFON
11/12/2009	JAL	Modification of the share capital
AFFICHES PARISIENNES ET DEPARTEMENTALES Date de décision : 07/12/2009 La société : 592013155 - GROUPE JAJ, 40 RUE BEAUMARCHAIS, 40A 48, 93100 MONTREUIL SOUS BOIS a subi une diminution de son capital social désormais de 3 560 939 €
26/11/2009	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 8966 - 592013155 RCS. GROUPE JAJ. Forme : Société anonyme. Adresse : 40-48 rue Beaumarchais 93100 Montreuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2009.
26/11/2009	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 8967 - 592013155 RCS. GROUPE JAJ. Forme : Société anonyme. Adresse : 40-48 rue Beaumarchais 93100 Montreuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2009.
03/07/2009	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1513 - 592 013 155 RCS Bobigny. GROUPE JAJ. Forme : Société anonyme. Administration : Président du conseil d'administration et directeur général : JABLONSKI Joseph. Commissaire aux comptes titulaire : CABINET GUILLERET ET ASSOCIES modification le 13 Mars 2009. Administrateur : ROBIN Marcel Lucien. Administrateur : KALFON Franck. Commissaire aux comptes suppléant : COMPAGNIE FIDUCIAIRE D'EXPERTISE COMPTABLE COFIEC. Co-commissaire aux comptes titulaire : SOCIETE FIDUCIAIRE D'EXPERTISE COMPTABLE ET D'ETUDES ECONOMIQUES PAUL BRUNIER en fonction le 31 Octobre 2007. Directeur général délégué et administrateur : DAUMAN Bruno modification le 25 Juin 2009. Commissaire aux comptes suppléant : ROCHEREAU Marie José en fonction le 11 Février 2009. Commentaires : Modification de représentant.
22/02/2009	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1664 - 592 013 155 RCS Bobigny. GROUPE JAJ. Forme : Société anonyme. Administration : Président du conseil d'administration et directeur général : JABLONSKI Joseph. Commissaire aux comptes titulaire : CABINET GUILLERET ASSOCIES S. A. R. L.. Administrateur : ROBIN Marcel Lucien. Administrateur : KALFON Franck. Commissaire aux comptes suppléant : COMPAGNIE FIDUCIAIRE D'EXPERTISE COMPTABLE COFIEC. Co-commissaire aux comptes titulaire : SOCIETE FIDUCIAIRE D'EXPERTISE COMPTABLE ET D'ETUDES ECONOMIQUES PAUL BRUNIER en fonction le 31 Octobre 2007. Administrateur : DAUMAN Bruno en fonction le 11 Février 2009. Commissaire aux comptes suppléant : ROCHEREAU Marie José en fonction le 11 Février 2009. Commentaires : Modification de représentant.
29/01/2009	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 9471 - 592013155 RCS. GROUPE JAJ. Forme : Société anonyme. Adresse : 40-48 rue Beaumarchais 93100 Montreuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2008.
29/01/2009	Bodacc C	Comptes consolidés et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 9472 - 592013155 RCS. GROUPE JAJ. Forme : Société anonyme. Adresse : 40-48 rue Beaumarchais 93100 Montreuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2008.
28/12/2007	Bodacc C	Avis de dépôt des comptes
12225 - 592 013 155. RCS Bobigny GROUPE JAJ. Forme: Société anonyme. Adresse du siège social: 40-48 rue Beaumarchais 93100 Montreuil. Comptes consolidés et rapport de l'exercice clos le: 31 mars 2007.
28/12/2007	Bodacc C	Avis de dépôt des comptes
12226 - 592 013 155. RCS Bobigny GROUPE JAJ. Forme: Société anonyme. Adresse du siège social: 40-48 rue Beaumarchais 93100 Montreuil. Comptes annuels et rapports de l'exercice clos le: 31 mars 2007.
16/11/2007	Bodacc B	Modifications et mutations diverses
909 - RCS Bobigny B 592 013 155. RC 05-B 3765. GROUPE JAJ. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : BOUVIER (Jean, Paul). Nomination d'un co-commissaire aux comptes titulaire : SOCIETE FIDUCIAIRE D'EXPERTISE COMPTABLE ET D'ETUDES ECONOMIQUES PAUL BRUNIER.
22/12/2006	Bodacc C	Avis de dépôt des comptes
8326 - RCS Bobigny B 592 013 155. RC 05-B 3765. GROUPE JAJ. Forme: S.A. Adresse du siège social: 40-48, rue Beaumarchais,93100 Montreuil. Comptes consolidés et rapport de l'exercice clos le: 31 mars 2006.
22/12/2006	Bodacc C	Avis de dépôt des comptes
8327 - RCS Bobigny B 592 013 155. RC 05-B 3765. GROUPE JAJ. Forme: S.A. Adresse du siège social: 40-48, rue Beaumarchais,93100 Montreuil. Comptes annuels et rapports de l'exercice clos le: 31 mars 2006.
20/01/2006	Bodacc C	Avis de dépôt des comptes
3544 - RCS Bobigny B 592 013 155. RC 05-B 3765. GROUPE JAJ. Forme: S.A. Adresse du siège social: 40-48, rue Beaumarchais,93100 Montreuil. Comptes consolidés et rapport de l'exercice clos le: 31 mars 2005.
20/01/2006	Bodacc C	Avis de dépôt des comptes
3545 - RCS Bobigny B 592 013 155. RC 05-B 3765. GROUPE JAJ. Forme: S.A. Adresse du siège social: 40-48, rue Beaumarchais,93100 Montreuil. Comptes annuels et rapports de l'exercice clos le: 31 mars 2005.
02/08/2005	Bodacc B	Modifications et mutations diverses
3017 - RCS B 592 013 155. RC 05-B 3765. GROUPE JAJ. Forme : S.A. Capital : 3 890 000 euros. Activité : vente en gros de textiles achat. import-export, vente, négoce sous toutes ses formes. Commission et courtage portant sur tout ce qui touche à l'habillement pour hommes, femmes et enfants et tous articles de textiles sans restriction, ni réserve chaussures, maroquinerie et accessoires . Adresse du siège social : 40-48 rue Beaumarchais, 93100 Montreuil. Administration : président du conseil d'administration et directeur général : JABLONSKI (Joseph). Commissaire aux comptes titulaire : CABINET GUILLERET ASSOCIES S.A.R.L. Administrateurs : PASCUCCIO, née KERBEL (Annie) ROBIN (Marcel, Lucien) KALFON (Franck). Commissaire aux comptes titulaire : BOUVIER (Jean, Paul). Commissaires aux comptes suppléants : COMPAGNIE FIDUCIAIRE D'EXPERTISE COMPTABLE COFIEC GUILLERET (René). Commentaires : cette société transfère son siège du 10 rue Dupetit-Thouars, 75003 Paris. Date d'effet : 1er juillet 2005.
29/11/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 592013155 RC 59-B 1315 GROUPE J.A.J. Forme : S.A. Capital : 3 890 000 euros. Commentaires : modification survenue sur le capital (augmentation) et l'administration. Administration : modification du président du conseil d' administration et directeur général : JABLONSKI (Joseph).
15/11/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 592013155 RC 59-B 1315 GROUPE JAJ. Forme : S.A. Capital : 4 000 000 d'euros. Commentaires : modification survenue sur la dénomination, le capital (augmentation) et l' administration. Administration : nomination du commissaire aux comptes titulaire : BOUVIER (Jean, Paul). Nomination du commissaire aux comptes suppléant : COMPAGNIE FIDUCIAIRE D' EXPERTISE COMPTABLE-COFIEC.
07/06/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 592013155 RC 59-B 1315 J.A. J. DISTRIBUTION. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : directeur général non administrateur partant : JABLONSKI (Michel). Administrateur partant : DAUMAN, née JABLONSKI (Nelly, Jeanne). Nomination d' un administrateur : KALFON (Franck).
05/02/1999	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 592 013 155 RC RC 59- B 1315 J.A.J. DISTRIBUTION. Forme : S.A. Administration : nomination en qualité d' administrateur : ROBIN (Marcel, Lucien). Commentaires : modification survenue sur l'administration.
09/08/1998	Bodacc B	Modifications et mutations diverses
RCS Paris B 592 013 155 RC 59-B 1315 J. A.J. DISTRIBUTION. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : directeur général non administrateur partant : JABLONSKY (Maurice). Nomination du directeur général non administrateur : JABLONSKI (Michel).
12/06/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 592 013 155 RC RC 59- B 1315 J.A.J. DISTRIBUTION. Forme : S.A. Administration : modification : directeur général non administrateur : JABLONSKY (Maurice). Nomination en qualité d'administrateur : Mme PASCOCCIO, née KERBEL (Annie). Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
25/11/2011	Bodacc C : Deposit accounts notice
18/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
28/10/2011	Bodacc B: Various editing or changing
20/10/2011	New auditor
20/10/2011	Minutes of general meeting of shareholders
20/10/2011	Changes to the Board of Directors
13/10/2011	Legal Gazette: Resignation / Revocation of the social representative
22/09/2011	Legal Gazette: Appointment of the social representative
31/03/2011	New accounts available
30/11/2010	Bodacc C : Deposit accounts notice
29/11/2010	Collection of preferential rights activated for this company
12/11/2010	Update of participations in other companies
12/11/2010	Disengagement in other companies
31/03/2010	New accounts available
27/12/2009	Bodacc B: Various editing or changing
23/12/2009	Bodacc C : Update of deposit accounts notice
15/12/2009	Updated articles of association
15/12/2009	Minutes of Board meeting
15/12/2009	Capital reduction
14/12/2009	Disengagement in other companies
11/12/2009	Legal Gazette: Resignation / Revocation of the social representative
07/12/2009	Other modification of Establishment
07/12/2009	Legal Gazette: Modification of the share capital
26/11/2009	Bodacc C : Deposit accounts notice
12/10/2009	Capital reduction
12/10/2009	Minutes of general meeting of shareholders
09/07/2009	Private document
09/07/2009	Minutes of general meeting of shareholders
09/07/2009	Updated articles of association
03/07/2009	Bodacc B: Various editing or changing
25/06/2009	Minutes of general meeting of shareholders
25/06/2009	Minutes of Board meeting
25/06/2009	Appointment/resignation of company officers
25/06/2009	Changes to the Board of Directors
25/06/2009	Private document
31/03/2009	New accounts available
22/02/2009	Bodacc B: Various editing or changing
22/02/2009	New Bodacc B ads detected
11/02/2009	Changes to the Board of Directors
11/02/2009	Private document
11/02/2009	Appointment/resignation of company officers
11/02/2009	Minutes of general meeting of shareholders
11/02/2009	New auditor
29/01/2009	Bodacc C : Deposit accounts notice
29/07/2008	Prorogation de durée
29/07/2008	Application and court order
29/07/2008	Requête et Ordonnance
31/10/2007	Minutes of general meeting of shareholders
31/10/2007	New auditor
31/10/2007	PV d'Assemblée
31/10/2007	Appointment/resignation of company officers
31/10/2007	Private document
31/03/2007	New accounts available
31/03/2006	New accounts available
20/09/2005	Prorogation de durée
20/09/2005	Requête et Ordonnance
06/07/2005	Transfert du Siège dans le ressort du Tribunal de Commerce
06/07/2005	Immatriculation suite à transfert
06/07/2005	Registration after transfer
06/07/2005	Private document
06/07/2005	Statuts mis à jour
06/07/2005	Minutes of general meeting of shareholders
06/07/2005	Updated articles of association
06/07/2005	Acte sous seing privé
06/07/2005	PV d'Assemblée
31/03/2005	New accounts available
31/03/2004	New accounts available
31/03/2003	New accounts available
15/11/2002	Rapport des Commissaires ou du Gérant
15/11/2002	Statuts mis à jour
15/11/2002	PV du Conseil d'Administration
15/11/2002	PV d'Assemblée
15/11/2002	Réduction de Capital
15/11/2002	Acte sous seing privé
15/11/2002	Nomination/démission des organes de gestion
15/11/2002	Changement de Président (PDG, PCA)
15/11/2002	Modification du Conseil d'Administration
30/11/2001	Statuts mis à jour
30/11/2001	Acte sous seing privé
30/11/2001	PV d'Assemblée
02/11/2001	Nomination/démission des organes de gestion
02/11/2001	Modification du Conseil d'Administration
02/11/2001	PV d'Assemblée
02/11/2001	Statuts mis à jour
02/11/2001	Acte sous seing privé
02/11/2001	Augmentation de Capital
02/11/2001	Conversion du Capital Social en Euros
02/11/2001	Changement de dénomination sociale
23/05/2001	Acte sous seing privé
23/05/2001	Modification du Conseil d'Administration
23/05/2001	PV du Conseil d'Administration
23/05/2001	Nomination/démission des organes de gestion
23/05/2001	Changement de Président (PDG, PCA)
20/01/1999	Acte sous seing privé
20/01/1999	Nomination/démission des organes de gestion
20/01/1999	PV d'Assemblée
20/01/1999	Modification du Conseil d'Administration
02/10/1998	Acte sous seing privé
02/10/1998	PV du Conseil d'Administration
02/10/1998	Statuts mis à jour
02/10/1998	PV d'Assemblée
27/07/1998	Acte sous seing privé
27/07/1998	Statuts mis à jour
27/07/1998	Modification du Conseil d'Administration
27/07/1998	PV du Conseil d'Administration
27/07/1998	Nomination/démission des organes de gestion
26/05/1998	Modification du Conseil d'Administration
26/05/1998	Rapport des Commissaires ou du Gérant
26/05/1998	PV d'Assemblée
26/05/1998	Acte sous seing privé
31/12/1997	PV d'Assemblée
31/12/1997	Acte sous seing privé
31/12/1997	Changement de date de clôture
31/12/1997	Statuts mis à jour
08/07/1996	PV d'Assemblée
08/07/1996	Modification du Conseil d'Administration
08/07/1996	Statuts mis à jour
08/07/1996	Acte modificatif
08/07/1996	Augmentation de Capital
06/02/1996	PV du Conseil d'Administration
06/02/1996	Modification du Conseil d'Administration
06/02/1996	Acte modificatif
18/07/1994	Acte modificatif
18/07/1994	PV d'Assemblée

Establishment events history

Date	Description
18/11/2011	Update Rating
18/11/2011	Update Limit
06/05/2011	Update Rating
30/11/2010	Update Limit
30/11/2010	Update Rating
04/09/2010	Update Limit
29/12/2009	Update Rating
29/12/2009	Update Limit
26/12/2009	Update Rating
26/12/2009	Update Limit
08/12/2009	Update Rating
08/12/2009	Update Limit
27/11/2009	Update Limit
06/07/2009	Update Rating
18/06/2009	Update of phone numbers
26/01/2009	Update Limit
26/01/2009	Update Rating
03/12/2008	Update Rating
03/12/2008	Update Limit
03/09/2008	Update Rating
16/12/2007	Update Limit
09/12/2007	Update Limit
07/12/2007	Update Limit
07/12/2007	Update Rating
06/12/2007	Update Limit
06/12/2007	Update Rating
23/11/2007	Update Limit
23/11/2007	Update Rating

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.42
UK Pound	1	Rs.86.78
Euro	1	Rs.68.03

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

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

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

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

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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