MIRA INFORM REPORT

Report Date :

15.12.2012

IDENTIFICATION DETAILS

Name :	GROSPIRON
Registered Office :	Etablissements Grospiron, 34 Rue Drouot, 75009 Paris 9
Country :	France
Financials (as on) :	31.01.2011
Date of Incorporation :	July 1954
Com. Reg. No.:	RCS Paris 5 542 044 888
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale (intercompany trade) of watches and jewelery
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
France	A2	A2

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

France - ECONOMIC OVERVIEW

France was transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Under President SARKOZY, Paris implemented austerity measures that eliminated tax credits and froze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, as well as measures such as forcing banks to separate their traditional deposit taking and lending activities from more speculative businesses, increasing taxes on bank profits, introducing a new top bracket on income taxes for people earning over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil servants during his five-year term of office.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

GROSPIRON

Company Summary

		EUR VAT Number	FR01542044888
Activity (APE)	Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)	Legal form	Simplified joint stock company
Phone	Wholesale (intercompany trade) of watches and jewelery (4648Z) 01 47 70 98 97	RCS Registration	RCS Paris 5 542 044 888
Fax		Share capital	400,000 Euros
Address	ETABLISSEMENTS GROSPIRON 34 RUE DROUOT 75009 PARIS 9	Incorporated Date	07/1954
Nationality	France	Status	Economically active

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)
RCS Registration	RCS Paris 5 542 044 888	Share capital	400,000 Euros
Registration Court	Paris (75)	Legal form	Simplified joint stock company
Court Registry Number	19 5 4B044	EUR VAT Number	FR01542044888
Incorporation Date	07/1954	Formation Date	01/1954
Deregistration Date		Last account Date	31/01/2011
Nationality	France

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)	Business Pages FT®	DIAMANT PIERRE PRECIEUSE PIERRE GEMME NEGOCE
Postal Address	ETABLISSEMENTS GROSPIRON 34 RUE DROUOT 75009 PARIS 9	Trading Address	34 RUE DROUOT 75009 PARIS 9
Telephone	01 47 70 98 97
Fax

Type	Head office	Status	Economically active
Formation Date	01/1900	Reason for formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Paris (75)	Region	Ile-de-France
District	1	Area	99
City	PARIS 9	Size of urban area	Paris conglomeration

DIRECTORS/MANAGEMENT

directors

Shareholder(s)

Name	LA PIERRE DU JURA
Name of representative
Manager position	Président	Date of birth
Place of birth
Type	Moral person	Name at birth

Name	Mme. HEYS MARIE-LAURE CHRISTIANE
Manager position	Directeur général	Date of birth	24/01/1967
Place of birth	BOULOGNE-BILLANCOURT (92100)
Type	Individual	Name at birth	GROSPIRON

Name	M. GROSPIRON XAVIER GASTON
Manager position	Directeur général	Date of birth	15/06/1968
Place of birth	BOULOGNE-BILLANCOURT (92100)
Type	Individual	Name at birth

Previous Directors

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
Président	LA PIERRE DU JURA (SAS)	- - -
Directeur général	M GERARD GROSPIRON	- - -
Directeur général non administrateur	M XAVIER GASTON GROSPIRON	15/06/1968 - BOULOGNE BILLANCOURT (92100)
Directeur général non administrateur	M XAVIER GROSPIRON	15/06/1968 - BOULOGNE BILLANCOURT
Directeur général non administrateur	Mme MARIE-LAURE CHRISTIANE HEYS	24/01/1967 - BOULOGNE BILLANCOURT (92100)
Directeur général non administrateur	MME MARIE-LAURE HEYS	24/01/1967 - BOULOGNE BILLANCOURT

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

SHARE & SHARE CAPITAL INFORMATION

Shareholder(s)

Name	LA PIERRE DU JURA
Name of representative
Manager position	Président	Date of birth
Place of birth
Type	Moral person	Name at birth

Name	Mme. HEYS MARIE-LAURE CHRISTIANE
Manager position	Directeur général	Date of birth	24/01/1967
Place of birth	BOULOGNE-BILLANCOURT (92100)
Type	Individual	Name at birth	GROSPIRON

Name	M. GROSPIRON XAVIER GASTON
Manager position	Directeur général	Date of birth	15/06/1968
Place of birth	BOULOGNE-BILLANCOURT (92100)
Type	Individual	Name at birth

PAYMENT INFORMATION

Advance payments to suppliers

		31/01/2011		31/01/2010		31/01/2009
Advance payments to suppliers	Net	0	0%	0	0%	0
Gross	BV	0	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

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

Trading to Date	01/31/2011	01/31/2010	01/31/2009
Turnover	7,504,392 €	6,158,982 €	14,114,331 €
Gross Operating Surplus	-0,66 % Turnover	-12,55 % Turnover	4,49 % Turnover
Shareholders’ equity	5,528,796 €	5,507,918 €	6,202,428 €
Net result	20,878 €	-449,510 €	1,671,682 €
Employees	20 to 49 employees	-	-

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/01/2011	31/01/2010	31/01/2009
Account period (month)	12	12	17
Account Type	Normal	Normal	Normal
Deposit date	04/07/2011	09/08/2010	-
Activity Code	4648Z	4648Z	4648Z
Employees	42	42	42

Active account

Annual Accounts	31/01/2011		31/01/2010		31/01/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	197 544	29,2%	152 854	-2,0%	156 002	42 006	370,3%
- Intangible assets	7 987	-21,0%	10 116	82,0%	5 558	1 773	350,5%
- Tangible assets	126 493	69,9%	74 438	-9,4%	82 145	10 639	1089,0%
- Financial assets	63 066	-7,7%	68 300	0%	68 300	2 550	2373,2%
Net current assets	6 055 412	0,3%	6 038 255	-11,8%	6 842 916	440 220	1275,5%
- Stocks	3 645 960	-1,2%	3 691 672	-7,6%	3 996 567	138 712	2528,4%
- Advanced payments	0	0,3%	0	0%	0	0	0%
- Receivables	2 095 647	3,3%	2 028 720	-2,7%	2 084 315	86 696	2317,2%
- Securities and cash	313 805	-1,3%	317 863	-58,3%	762 034	45 544	589,0%
- Prepaid expenses	-	-	-	-	-	255	-
Accounts of regularization	5 340	125,4%	2 369	-59,7%	5 876	0	0%
Total Assets	6 258 296	1,0%	6 193 475	-11,6%	7 004 795	490 940	1174,8%

Passive Account

Annual Accounts	31/01/2011		31/01/2010		31/01/2009	Sector Median 2011
Shareholders' equity	5 528 796	0,4%	5 507 918	-11,2%	6 202 428	133 545	4040,0%
Share capital	400 000	0%	400 000	0%	400 000	15 245	2523,8%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	5 340	125,4%	2 369	-59,7%	5 876	0	0%
Liabilities	724 160	6,7%	678 602	-14,4%	793 041	265 837	172,4%
- Financial liabilities	49 902	24604,0%	202	-34,6%	309	51 468	-3,0%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	305 023	14,0%	267 629	-18,4%	327 826	85 489	256,8%
- Tax and social liabilities	368 514	-10,1%	410 079	-11,7%	464 554	76 437	382,1%
- Other debts and fixed assets liabilities	720	-86,4%	5 278	38,9%	3 801	10 814	-93,3%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	6 258 296	1,0%	6 193 475	-11,6%	7 004 795	490 940	1174,8%

Results

Annual Accounts	31/01/2011		31/01/2010		31/01/2009	Sector Median 2011
Sales of Goods	7 623 421	20,3%	6 338 002	-55,7%	14 320 710	721 969	955,9%
Net turnover	7 504 392	21,8%	6 158 982	-56,4%	14 114 331	721 586	940,0%
- of which net export turnover	3 285 124	47,7%	2 224 667	-61,1%	5 722 861	966	339974,9%
Operating charges	7 611 359	8,6%	7 006 155	-48,6%	13 629 205	682 212	1015,7%
Operating profit/loss	12 062	101,8%	-668 153	-196,6%	691 504	19 222	-37,2%
Financial income	34 219	-18,7%	42 085	-45,9%	77 856	32	106834,4%
Financial charges	53 463	140,0%	22 273	-71,3%	77 741	3 068	1642,6%
Financial profit/loss	-19 244	-197,1%	19 812	17278,9%	114	-762	-2425,5%
Pretax net operating income	-7 182	98,9%	-648 341	-193,7%	691 619	18 222	-139,4%
Extraordinary income	11 588	96,5%	5 896	-99,6%	1 462 105	43	26848,8%
Extraordinary charges	28 396	-30,2%	40 692	-76,8%	175 220	400	6999,0%
Extraordinary profit/loss	-16 808	160,0%	-34 796	-102,7%	1 286 884	0	0%
Net result	20 878	104,6%	-449 510	-126,9%	1 671 682	15 025	39,0%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/01/2011	31/01/2010	31/01/2009
Months	12	12	17

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		31/01/2011		31/01/2010		31/01/2009
Grand Total (I to VI)	Net	6 258 296	1,0%	6 193 475	-11,6%	7 004 795
Gross	CO	7 075 322	1,1%	7 001 397	-10,6%	7 835 641
Amortisation	1A	817 026	1,1%	807 922	-2,8%	830 846

Non declared distributed capital (I)

		31/01/2011		31/01/2010		31/01/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

		31/01/2011		31/01/2010		31/01/2009
Total Active fixed asset (II)	Net	197 544	29,2%	152 854	-2,0%	156 002
Gross	BJ	986 862	7,3%	920 037	3,1%	892 398
Amortisation	BK	789 317	2,9%	767 183	4,2%	736 396

Intangilble fixed assets

			31/01/2011		31/01/2010		31/01/2009
	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	7 987	-21,0%	10 116	82,0%	5 558
	Gross	AF	72 943	4,1%	70 043	23,1%	56 893
	Amortisation	AG	64 956	8,4%	59 927	16,7%	51 335
	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	7 987	-21,0%	10 116	82,0%	5 558

Tangilble fixed assets

		31/01/2011		31/01/2010		31/01/2009
Lands	Net	3 513	0%	3 513	0%	3 513
Gross	AN	3 513	0%	3 513	0%	3 513
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	16 242	-17,9%	19 793	-16,5%	23 710
Gross	AP	212 206	0%	212 206	0%	212 206
Amortisation	AQ	195 965	1,8%	192 413	2,1%	188 496
Plant	Net	10 941	-30,0%	15 634	68,7%	9 269
Gross	AR	100 110	0%	100 110	12,2%	89 230
Amortisation	AS	89 169	5,6%	84 476	5,6%	79 961
Other tangible fixed assets	Net	95 797	169,9%	35 498	-22,2%	45 653
Gross	AT	535 024	14,8%	465 865	0,8%	462 257
Amortisation	AU	439 228	2,1%	430 367	3,3%	416 604
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	126 493		74 438		82 145

Financial assets

		31/01/2011		31/01/2010		31/01/2009
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	26	0%	26	0%	26
Gross	CU	26	0%	26	0%	26
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	29 827	0%	29 827	0%	29 827
Gross	BB	29 827	0%	29 827	0%	29 827
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
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	33 213	-13,6%	38 447	0%	38 447
Gross	BH	33 213	-13,6%	38 447	0%	38 447
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		63 066		68 300		68 300

Current Assets (III)

		31/01/2011		31/01/2010		31/01/2009
Total Assets	Net	6 055 412	0,3%	6 038 255	-11,8%	6 842 916
Gross	CJ	6 083 121	0,1%	6 078 992	-12,4%	6 937 367
Amortisation	CK	27 709	-32,0%	40 737	-56,9%	94 451

Stocks

		31/01/2011		31/01/2010		31/01/2009
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	3 645 960	-1,2%	3 691 672	-7,6%	3 996 567
Gross	BT	3 645 960	-1,2%	3 691 672	-7,6%	3 996 567
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	3 645 960	-1,2%	3 691 672	-7,6%	3 996 567

Debtors

		31/01/2011		31/01/2010		31/01/2009
Trade accounts receivable	Net	1 555 950	-2,0%	1 588 262	-18,9%	1 959 469
Gross	BX	1 583 659	-2,8%	1 628 999	-20,7%	2 053 920
Amortisation	BY	27 709	-32,0%	40 737	-56,9%	94 451
Other debtors	Net	475 516	27,6%	372 647	481,0%	64 142
Gross	BZ	475 516	27,6%	372 647	481,0%	64 142
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	2 031 466	3,6%	1 960 909	-3,1%	2 023 611

Divers

		31/01/2011		31/01/2010		31/01/2009
Investment securities	Net	0	0%	204 815	-43,1%	360 174
Gross	CD	0	0%	204 815	-43,1%	360 174
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	313 805	177,6%	113 048	-71,9%	401 860
Gross	CF	313 805	177,6%	113 048	-71,9%	401 860
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	313 805	-1,3%	317 863	-58,3%	762 034

Prepaid expenses

		31/01/2011		31/01/2010		31/01/2009
Prepaid expenses	Net	64 181	-5,4%	67 811	11,7%	60 704
Gross	CH	64 181	-5,4%	67 811	11,7%	60 704
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/01/2011		31/01/2010		31/01/2009
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	5 340	125,4%	2 369	-59,7%	5 876
Gross		5 340	125,4%	2 369	-	-

References

		31/01/2011		31/01/2010		31/01/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		31/01/2011		31/01/2010		31/01/2009
Grand Total (I to V)	EE	6 258 296	1,0%	6 193 475	-11,6%	7 004 795

Shareholder Equity (I)

		31/01/2011		31/01/2010		31/01/2009
Total shareholders' equity (Total I)	DL	5 528 796	0,4%	5 507 918	-11,2%	6 202 428
Equity and shareholders' equity	DA	400 000	0%	400 000	0%	400 000
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	40 000	0%	40 000	0%	40 000
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	5 066 500	-8,1%	5 516 000	34,9%	4 090 000
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	1 418	-0,7%	1 428	91,4%	746
Profit or loss for the period	DI	20 878	104,6%	-449 510	-126,9%	1 671 682
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/01/2011		31/01/2010		31/01/2009
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)

		31/01/2011		31/01/2010		31/01/2009
Total provisions for risks and charges (Total III)	DR	5 340	125,4%	2 369	-59,7%	5 876
Risk provisions	DP	5 340	125,4%	2 369	-59,7%	5 876
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/01/2011		31/01/2010		31/01/2009
Total Liabilities (Total IV)	EC	724 160	6,7%	678 602	-14,4%	793 041
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	49 902	24604,0%	202	-34,6%	309
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%	0	0%	0
Trade accounts payables	DX	305 023	14,0%	267 629	-18,4%	327 826
Tax and social security liabilities	DY	368 514	-10,1%	410 079	-11,7%	464 554
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	720	4,0%	692	96,6%	352

Translation loss (V)

		31/01/2011		31/01/2010		31/01/2009
Translation loss (Total V)	ED	0	0%	4 586	33,0%	3 449

Equalization accounts

		31/01/2011		31/01/2010		31/01/2009
Deferred income	EB	0	0%	0	0%	0

References

		31/01/2011		31/01/2010		31/01/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	724 160	6,7%	678 602	-14,1%	790 041
Of which current bank facilities	EH	197	-2,5%	202	-34,6%	309

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)

		31/01/2011		31/01/2010		31/01/2009
Operating result (Total I-II)	GG	12 062	101,8%	-668 153	-196,6%	691 504

2 - Financial result (V - VI)

		31/01/2011		31/01/2010		31/01/2009
Financial result (Total V-VI)	GV	-19 244	-197,1%	19 812	17278,9%	114

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

		31/01/2011		31/01/2010		31/01/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-7 182	98,9%	-648 341	-193,7%	691 619

4 - Extraordinary result (VII-VIII)

		31/01/2011		31/01/2010		31/01/2009
Extraordinary result (Total VII-VIII)	HI	-16 808	51,7%	-34 796	-102,7%	1 286 884

Profit or loss

		31/01/2011		31/01/2010		31/01/2009
Profit or loss	HN	20 878	104,6%	-449 510	-126,9%	1 671 682

Total Income (I+III+V+VII)

		31/01/2011		31/01/2010		31/01/2009
Total Income (I+III+V+VII)	HL	7 669 228	20,1%	6 385 983	-59,7%	15 860 670

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

		31/01/2011		31/01/2010		31/01/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	7 648 352	11,9%	6 835 493	-51,8%	14 188 988

Operating income (I)

		31/01/2011		31/01/2010		31/01/2009
Total operating income (Total I)	FR	7 623 421	20,3%	6 338 002	-55,7%	14 320 710

Operating income (details)

		31/01/2011		31/01/2010		31/01/2009
Sale of goods for resale	FC	7 504 392	21,8%	6 158 982	-56,4%	14 114 331
France	FA	4 219 268	7,2%	3 934 315	-53,1%	8 391 470
Export	FB	3 285 124	47,7%	2 224 667	-61,1%	5 722 861
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	0	0%	0	0%	0
France	FG	0	0%	0	0%	0
Export	FH	0	0%	0	0%	0
Net turnover	FL	7 504 392	21,8%	6 158 982	-56,4%	14 114 331
France	FJ	4 219 268	7,2%	3 934 315	-53,1%	8 391 470
Export	FK	3 285 124	47,7%	2 224 667	-61,1%	5 722 861
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	61 162	-45,9%	113 060	46,0%	77 424
Other income	FQ	57 868	-12,3%	65 960	-48,9%	128 955

Operating charges (II)

		31/01/2011		31/01/2010		31/01/2009
Total operating charges (Total II)	GF	7 611 359	8,6%	7 006 155	-48,6%	13 629 205

Exploitation charges

		31/01/2011		31/01/2010		31/01/2009
Purchase of goods for resale	FS	4 189 676	37,7%	3 042 156	-64,9%	8 673 024
Change in stocks of goods for resale	FT	45 712	-85,0%	304 896	142,5%	-717 655
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	941 640	-4,4%	984 665	-41,3%	1 678 306
Tax, duty and similar payments	FX	52 200	-9,1%	57 415	-48,6%	111 618
Payroll	FY	1 556 038	-9,9%	1 727 933	-31,5%	2 523 836
Social security costs	FZ	768 469	-5,7%	815 050	-32,7%	1 211 555

Depreciation

		31/01/2011		31/01/2010		31/01/2009
Depreciation of fixed assets	GA	29 907	-2,9%	30 789	-42,9%	53 958
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	27 709	-32,0%	40 737	-56,9%	94 451
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/01/2011		31/01/2010		31/01/2009
Other charges	GE	08	-99,7%	2 514	2105,3%	114

Operating charges (III-IV)

		31/01/2011		31/01/2010		31/01/2009
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)

		31/01/2011		31/01/2010		31/01/2009
Total financial income (Total V)	GP	34 219	-18,7%	42 085	-45,9%	77 856
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	1 421	-30,3%	2 038	-79,6%	9 987
Released provisions and transferred charges	GM	2 369	-59,7%	5 876	0%	0
Exchange gains	GN	29 893	-2,0%	30 495	-52,1%	63 709
Net income from disposal of investment securities	GO	536	-85,4%	3 676	-11,6%	4 160

Financial Charge (VI)

		31/01/2011		31/01/2010		31/01/2009
Total financial charge (Total VI)	GU	53 463	140,0%	22 273	-71,3%	77 741
Financial reserves and provisions	GQ	5 340	125,4%	2 369	-59,7%	5 876
Interest and similar charges	GR	10 933	28,2%	8 527	-67,1%	25 923
Exchange losses	GS	37 190	226,9%	11 377	-75,2%	45 943
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

		31/01/2011		31/01/2010		31/01/2009
Total extraordinary income (Total VII)	HD	11 588	96,5%	5 896	-99,6%	1 462 105
Extraordinary operating income	HA	10 288	74,5%	5 896	-95,5%	132 453
Extraordinary income from capital transactions	HB	1 300	0%	0	0%	1 329 652
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/01/2011		31/01/2010		31/01/2009
Total extraordinary charges (Total VIII)	HH	28 396	-30,2%	40 692	-76,8%	175 220
Extraordinary operating charges	HE	27 180	-33,2%	40 692	-49,8%	81 047
Extraordinary charges from capital transactions	HF	1 216	0%	0	0%	94 174
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/01/2011		31/01/2010		31/01/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/01/2011		31/01/2010		31/01/2009
Tax on profits (Total X)	HK	-44 866	80,8%	-233 627	-176,1%	306 821

References

		31/01/2011		31/01/2010		31/01/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	20 424	9,7%	18 610	0%	0
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%	2 512	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)

		31/01/2011		31/01/2010		31/01/2009
Gross value at begin of period	OG	0	0%	0	0%	957 554
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	29 018
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	14 224	0%	0	0%	94 174
Gross value at the end of period	OL	986 862	7,3%	920 036	3,1%	892 398

Research and development Charge (Total I)

		31/01/2011		31/01/2010		31/01/2009
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)

		31/01/2011		31/01/2010		31/01/2009
Gross value at begin of period	KD	70 043	23,1%	56 893	5,3%	54 025
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	2 900	-77,9%	13 150	358,5%	2 868
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	72 943	4,1%	70 043	23,1%	56 893

Tangible fixed assets (Total III)

		31/01/2011		31/01/2010		31/01/2009
Gross value at begin of period	LN	781 694	1,9%	767 206	3,4%	742 060
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	78 149	439,4%	14 488	-42,4%	25 146
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	8 990	0%	0	0%	0
Gross value at the end of period	NH	850 853	8,8%	781 694	1,9%	767 206

Financial assets (Total IV)

		31/01/2011		31/01/2010		31/01/2009
Gross value at begin of period	LQ	68 299	0%	68 299	-57,7%	161 469
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	1 004
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	5 234	0%	0	0%	94 174
Gross value at the end of period	NK	63 065	-7,7%	68 299	0,0%	68 300

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

			31/01/2011		31/01/2010		31/01/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	682 438
Increases		0P	0	0%	0	0%	53 958
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	736 396

Research and development charge (Total I)

			31/01/2011		31/01/2010		31/01/2009
	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)

			31/01/2011		31/01/2010		31/01/2009
	Reserve for depreciation value at begin of period	PE	59 927	16,7%	51 334	55,1%	33 090
Increases		PF	5 029	-41,5%	8 593	-52,9%	18 245
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	64 956	8,4%	59 927	16,7%	51 335

Total fixed assets amotisation (Total III)

			31/01/2011		31/01/2010		31/01/2009
	Reserve for depreciation value at begin of period	QU	707 257	3,2%	685 061	5,5%	649 348
Increases		QV	24 879	12,1%	22 196	-37,8%	35 713
Decreases		QW	7 774	0%	0	0%	0
	Decreasess by budget item transfer	QX	724 362	2,4%	707 257	3,2%	685 061

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

			31/01/2011		31/01/2010		31/01/2009
	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

			31/01/2011		31/01/2010		31/01/2009
	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)

			31/01/2011		31/01/2010		31/01/2009
	Value at begining of period	7C	43 106	-57,0%	100 327	66,0%	60 440
Increases		UB	33 049	-23,3%	43 106	-57,0%	100 327
Decreases		UC	43 106	-57,0%	100 327	66,0%	60 440
	Value at the end of period	UD	33 049	-23,3%	43 106	-57,0%	100 327

Includes Total allocations

Operating	UE	27 709	-32,0%	40 737	-56,9%	94 451
Financial	UG	5 340	125,4%	2 369	-59,7%	5 876
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	40 737	-56,9%	94 451	56,3%	60 440
Financial	UH	2 369	-59,7%	5 876	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/01/2011		31/01/2010		31/01/2009
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/01/2011		31/01/2010		31/01/2009
	Value at begining of period	5Z	2 369	-59,7%	5 876	0%	0
Increases		TV	5 340	125,4%	2 369	-59,7%	5 876
Decreases		TW	2 369	-59,7%	5 876	0%	0
	Value at the end of period	TX	5 340	125,4%	2 369	-59,7%	5 876

Total Provision for depreciation (Total III)

			31/01/2011		31/01/2010		31/01/2009
	Value at begining of period	7B	40 737	-56,9%	94 451	56,3%	60 440
Increases		TY	27 709	-32,0%	40 737	-56,9%	94 451
Decreases		TZ	40 737	-56,9%	94 451	56,3%	60 440
	Value at the end of period	UA	27 709	-32,0%	40 737	-56,9%	94 451

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

		31/01/2011		31/01/2010		31/01/2009
Gross value	VT	2 186 396	2,3%	2 137 731	-4,9%	2 247 040
1 year at most	VU	2 023 356	-2,2%	2 069 457	-5,0%	2 178 766
More than one year	VV	163 040	138,8%	68 274	0%	68 274

State of loans

		31/01/2011		31/01/2010		31/01/2009
Claims related to holdings (gross)	UL	29 827	0%	29 827	0%	29 827
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	33 213	-13,6%	38 447	0%	38 447
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/01/2011		31/01/2010		31/01/2009
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	1 583 659	-2,8%	1 628 999	-20,7%	2 053 920
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	609	-53,4%	1 308	-55,9%	2 966
Social Security and other social organizations	UZ	5 612	141,4%	2 325	0%	0
Income taxes	VM	278 493	-4,6%	291 820	74154,5%	393
Value added tax	VB	49 086	436,6%	9 148	125,3%	4 060
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	29 386	0%	0
Group and Associates	VC	100 000	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	41 717	7,9%	38 660	-31,8%	56 723

Prepaid

		31/01/2011		31/01/2010		31/01/2009
Prepaid	VS	64 181	-5,4%	67 811	11,7%	60 704

State Debt

			31/01/2011		31/01/2010		31/01/2009
	Total debt (gross)	VY	724 160	6,7%	678 602	-14,4%	793 041
1 year at most		VZ2	691 950	2,0%	678 602	-14,4%	793 040
More than 1 year and 5 years at most		VZ3	32 210	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/01/2011		31/01/2010		31/01/2009
	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	197	-2,5%	202	-34,6%	309
1 year at most		VG2	197	-2,5%	202	-34,6%	309
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	49 705	0%	0	0%	0
1 year at most		VH2	17 495	0%	0	0%	0
More than 1 year and 5 years at most		VH3	32 210	0%	0	0%	0
	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	305 023	14,0%	267 629	-18,4%	327 826
1 year at most		8B2	305 023	14,0%	267 629	-18,4%	327 826
More than 1 year and 5 years at most		8B3	305 023	14,0%	267 629	0%	0
	Personnel and associated accounts (gross)	8C1	142 642	-0,2%	142 946	-15,6%	169 378
1 year at most		8C2	142 642	-0,2%	142 946	-15,6%	169 378
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	196 995	4,7%	188 080	-7,2%	202 675
1 year at most		8D2	196 995	4,7%	188 080	-7,2%	202 675
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	2 700	-95,3%	57 526	-11,7%	65 172
1 year at most		VW2	2 700	-95,3%	57 526	-11,7%	65 172
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	26 176	21,6%	21 527	-21,2%	27 329
1 year at most		VQ2	26 176	21,6%	21 527	-21,2%	27 328
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	720	4,0%	692	96,6%	352
1 year at most		8K2	720	4,0%	692	96,6%	352
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

		31/01/2011		31/01/2010		31/01/2009
Loans made during the period	VJ	54 000	0%	0	0%	0
Debt repaid during the period	VK	4 295	0%	0	0%	32 260

Table allocation results and other information
Dividends distributed

		31/01/2011		31/01/2010		31/01/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/01/2011		31/01/2010		31/01/2009
Commitments leasing furniture	YQ	0	0%	0	0%	0
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

		31/01/2011		31/01/2010		31/01/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/01/2011		31/01/2010		31/01/2009
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/01/2011		31/01/2010		31/01/2009
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/01/2011		31/01/2010		31/01/2009
Average number of employees	YP	42	0%	42	0%	42

Groups and Shareholders

		31/01/2011		31/01/2010		31/01/2009
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

		31/01/2011		31/01/2010		31/01/2009	Sector Median 2011
Fixed Asset Financing		6,46	-5,3%	6,82	-12,3%	7,78	2,97	117,5%
Global Debt		35 days	-12,5%	40 days	37,9%	29 days	133 days	-73,7%
Working Capital Fund overall net		258 days	-17,6%	313 days	42,9%	219 days	94 days	174,5%
Financial independence		11079,31%	-99,6%	2726692,08%	35,8%	2007258,25%	437,63%	2431,7%

Solvability		88,34%	-0,7%	88,93%	0,4%	88,55%	38,17%	131,4%
Capacity debt futures		31250,26%	-98,9%	2726692,08%	35,8%	2007258,25%	884,69%	3432,3%
Coverage of current assets by net working capital overall		89,49%	3,8%	86,19%	3,1%	83,63%	51,96%	72,2%
General Liquidity		2,92	-4,3%	3,05	10,9%	2,75	0,56	421,4%
Restricted Liquidity		3,38	-4,0%	3,52	-5,1%	3,71	0,93	263,4%

Management or rotation

		31/01/2011		31/01/2010		31/01/2009	Sector Median 2011
Need background in operating working capital		240 days	-17,5%	291 days	54,0%	189 days	64 days	275,0%
Treasury		15 days	-21,1%	19 days	-32,1%	28 days	9 days	66,7%
Inventory turnover of goods		310 days	-21,9%	397 days	119,3%	181 days	177 days	75,1%
Average length of credit granted to customers		76 days	-20,0%	95 days	82,7%	52 days	46 days	65,2%
Average length of credit obtained suppliers		21 days	-4,5%	22 days	83,3%	12 days	57 days	-63,2%

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	1042 days	-
Rotation tangible assets		881,98%	11,9%	787,90%	-57,2%	1839,71%	1589,15%	-44,5%

Profitability of the business

		31/01/2011		31/01/2010		31/01/2009	Sector Median 2011
Margin trading		43,56%	-4,6%	45,66%	4,6%	43,64	40,26%	8,2%
Profitability of the business		-0,66	94,7%	-12,55	-379,5%	4,49	4,17%	-115,8%
Net profit		0,28%	103,8%	-7,30%	-161,7%	11,84%	2,46%	-88,6%

Growth rate of turnover (excluding VAT)		21,84%	138,8%	-56,36%	-204,4%	53,97%	5,21%	319,2%
Rates integration		31,01%	4,5%	29,67%	-6,6%	31,75%	22,73%	36,4%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		99,88%	-28,2%	139,17%	66,9%	83,37%	65,53%	52,4%
Weight interests		0,71	97,2%	0,36%	-34,5%	0,55%	0,55%	29,1%

Return on capital

		31/01/2011		31/01/2010		31/01/2009	Sector Median 2011
Cash flow from the overall profitability		0,17%	102,0%	-8,39%	-371,5%	3,09%	3,23%	-94,7%
Rates of economic profitability		-1%	92,9%	-14%	-240,0%	10%	11%	-109,1%
Financial profitability		5528796%	0,4%	5507918%	-11,2%	6202428%	88986%	6113,1%
Return on investment		1,33%	117,1%	-7,76%	-127,5%	28,20%	9,62%	-86,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/01/2011		31/01/2010		31/01/2009	Sector Median 2011
Turnover	7 504 392	21,8%	6 158 982	-56,4%	14 114 331	721 586 €	940,0%

Sales of goods	7 504 392	21,8%	6 158 982	-56,4%	14 114 331
- Purchase of goods	4 189 676	37,7%	3 042 156	-64,9%	8 673 024
+/- Stock of goods variation	45 712	-85,0%	304 896	142,5%	-717 655
Trading margin	3 269 004 €	16,3%	2 811 930 €	-54,3%	6 158 962 €	284 210 €	1050,2%
	43,56 % CA	-4,6%	45,66 % CA	4,6%	43,64 % CA	41,47 % CA	5,0%

Sale of goods produced	0	0%	0	0%	0
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	0 €	0%	0 €	0%	0 €	17 298 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	1,71 % CA	0%

Trading margin	3 269 004	16,3%	2 811 930	-54,3%	6 158 962	284 210	1050,2%
+ Period Production	0	0%	0	0%	0	17 298	0%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	941 640	-4,4%	984 665	-41,3%	1 678 306
Added value	2 327 364 €	27,4%	1 827 265 €	-59,2%	4 480 656 €	184 839 €	1159,1%
	31,01 % CA	4,5%	29,67 % CA	-6,6%	31,75 % CA	22,73 % CA	36,4%

Added value	2 327 364 €	27,4%	1 827 265 €	-59,2%	4 480 656 €	184 839 €	1159,1%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	52 200	-9,1%	57 415	-48,6%	111 618
- Personal charges	2 324 507	-8,6%	2 542 983	-31,9%	3 735 391
Gross operating surplus	-49 343 €	93,6%	-773 133 €	-222,0%	633 647 €	19 829 €	-348,8%
	-0,66 % CA	94,7%	-12,55 % CA	-379,5%	4,49 % CA	4,17 % CA	-115,8%

Gross operating surplus	-49 343 €	93,6%	-773 133 €	-222,0%	633 647 €	19 829 €	-348,8%
+ Release of reserves and provisions	61 162	-45,9%	113 060	46,0%	77 424
+ Other operating income	57 868	-12,3%	65 960	-48,9%	128 955
- Depreciation/Amortisation	57 616	-19,4%	71 526	-51,8%	148 409
- Other charges	08	-99,7%	2 514	2105,3%	114
Operating result	12 063 €	101,8%	-668 153 €	-196,6%	691 503 €	19 222 €	-37,2%
	0,16 % CA	101,5%	-10,85 % CA	-321,4%	4,90 % CA	3,52 % CA	-95,5%

Operating result	12 063 €	101,8%	-668 153 €	-196,6%	691 503 €	19 222 €	-37,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	34 219	-18,7%	42 085	-45,9%	77 856
- Financial charges	53 463	140,0%	22 273	-71,3%	77 741
Pre-tax result	-7 181 €	98,9%	-648 341 €	-193,7%	691 618 €	18 222 €	-139,4%
	-0,10 % CA	99,1%	-10,53 % CA	-314,9%	4,90 % CA	2,91 % CA	-103,4%

Extraordinary income	11 588	96,5%	5 896	-99,6%	1 462 105	43	26848,8%
- Extraordinary charges	28 396	-30,2%	40 692	-76,8%	175 220
Extraordinary result	-16 808 €	51,7%	-34 796 €	-102,7%	1 286 885 €	0 €	0%
	-0,22 % CA	60,7%	-0,56 % CA	-106,1%	9 % CA	0 % CA	0%

Pre-tax result	-7 181 €	98,9%	-648 341 €	-193,7%	691 618 €	18 222 €	-139,4%
Extraordinary result	-16 808 €	51,7%	-34 796 €	-102,7%	1 286 885 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-44 866	80,8%	-233 627	-176,1%	306 821
Net result	20 877 €	104,6%	-449 510 €	-126,9%	1 671 682 €	14 844 €	40,6%
	0,28 % CA	103,8%	-7,30 % CA	-161,7%	11,84 % CA	2,38 % CA	-88,2%

ADDITIONAL INFORMATION

Other establishments

Branches	2 branch entities in this company
Head office	> ETABLISSEMENTS GROSPIRON <<<  - Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)  in PARIS 9  (75009)
Secondary establishments	>  ETABLISSEMENTS GROSPIRON  - Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)  in LES MOUSSIERES  (39310)

Regionality	Legal unit with multiple establishments in many areas but no one grouping more than 50% of workforce
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which no activity grouping more than 50% of workforce

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

Preferential rights details and history

Status of collection

This company is not under monitoring

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.

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
15/08/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 12302 - 542044888 RCS. ETABLISSEMENTS GROSPIRON. Forme : Société par actions simplifiée à associé unique. Adresse : 34 rue Drouot 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/01/2012.
17/07/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1584 - 542 044 888 RCS Paris. ETABLISSEMENTS GROSPIRON. Forme : Société par actions simplifiée à associé unique. Administration : modification du Président LA PIERRE DU JURA, Commissaire aux comptes titulaire partant : Jarrossay, Pierre, nomination du Commissaire aux comptes titulaire : DUPLA PARS. Capital : 400000 EUR. Activité : . Adresse du siège social : 34 rue Drouot, 75009 Paris. Commentaires : modification survenue sur l'administration.
23/09/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9853 - 542044888 RCS. ETABLISSEMENTS GROSPIRON. Forme : Société par actions simplifiée à associé unique. Adresse : 34 R DROUOT 75009 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/01/2010.
20/11/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1580 - 542 044 888 RCS Paris. ETABLISSEMENTS GROSPIRON. Forme : Société par actions simplifiée à associé unique. Administration : Directeur général partant : Grospiron, Gerard Alphonse. Capital : 400000 EUR. Adresse du siège social : 34 rue Drouot, 75009 Paris. Commentaires : modification survenue sur l'administration.
21/08/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7318 - 542044888 RCS. ETABLISSEMENTS GROSPIRON. Forme : Société par actions simplifiée. Adresse : 34 rue Drouot 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/01/2009.
24/04/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6927 - 542044888 RCS. ETABLISSEMENTS GROSPIRON. Forme : Société par actions simplifiée. Adresse : 34 rue Drouot 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/08/2007.
15/05/2007	Bodacc C	Avis de dépôt des comptes
7906 - RCS Paris B 542 044 888. RC 54-B 4488. ETABLISSEMENTS GROSPIRON. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 34, R Drouot,Paris, 75009 Paris. Comptes annuels et rapports de l'exercice clos le: 31 août 2006.
18/06/2006	Bodacc B	Modifications et mutations diverses
1199 - RCS Paris B 542 044 888. RC 54-B 4488. ETABLISSEMENTS GROSPIRON. Forme : S.A.S. Capital : 400 000 euros. Adresse du siège social : 34 rue Drouot,, 75009 Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : AUDITEURS ET CONSEILS D'ENTREPRISE. Nomination d'un commissaire aux comptes titulaire : JARROSSAY (Pierre).
04/04/2006	Bodacc C	Avis de dépôt des comptes
4888 - RCS Paris B 542 044 888. RC 54-B 4488. ETABLISSEMENTS GROSPIRON. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 34, R Drouot,Paris, 75009 Paris. Comptes annuels et rapports de l'exercice clos le: 31 août 2005.
28/01/2006	Bodacc C	Avis de dépôt des comptes
4781 - RCS Paris B 542 044 888. RC 54-B 4488. ETABLISSEMENTS GROSPIRON. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 34, R Drouot,Paris, 75009 Paris. Comptes annuels et rapports de l'exercice clos le: 31 août 2004.
14/04/2005	Bodacc C	Avis de dépôt des comptes
4967 - RCS Paris B 542 044 888. RC 54-B 4488. ETABLISSEMENTS GROSPIRON. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 34, rue Drouot,75009 Paris. Comptes annuels et rapports de l'exercice clos le: 31 août 2004.
03/04/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 542044888 RC 54-B 4488 ETABLISSEMENTS GROSPIRON. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : nomination de directeurs généraux non administrateurs : HEYS, née GROSPIRON ( Marie-Laure, Christiane) GROSPIRON ( Xavier, Gaston).
22/01/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 542044888 RC 54-B 4488 ETABLISSEMENTS GROSPIRON. Forme : S.A.S. Capital : 400 000 euros. Commentaires : modification survenue sur la forme juridique, le capital (augmentation) et l'administration. Administration : président du conseil d'administration partant : GROSPIRON (Claude). Nomination du président : LA PIERRE DU JURA. Modification du directeur général GROSPIRON (Gérard, Alphonse). Administrateur partant : THOREAU, née BARRET (Michèle).
22/01/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 542044888 RC 54-B 4488 ETABLISSEMENTS GROSPIRON. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : CONSEILS ET EXPERTS ASSOCIES S.A. Nomination du commissaire aux comptes titulaire : AUDITEURS ET CONSEILS D'ENTREPRISE.

Company events history

Date	Description
15/08/2012	Bodacc C : Deposit accounts notice
17/07/2012	Bodacc B: Various editing or changing
02/07/2012	Amendment
02/07/2012	New auditor
06/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/01/2011	New accounts available
23/09/2010	Bodacc C : Deposit accounts notice
31/01/2010	New accounts available
20/11/2009	Bodacc B: Various editing or changing
03/11/2009	Changes to the Board of Directors
03/11/2009	Amendment
21/08/2009	Bodacc C : Deposit accounts notice
31/01/2009	New accounts available
24/04/2008	Bodacc C : Deposit accounts notice
18/03/2008	Updated articles of association
18/03/2008	Changement de date de clôture
18/03/2008	New closing date
18/03/2008	Private document
18/03/2008	Minutes of general meeting of shareholders
18/03/2008	Acte modificatif
18/03/2008	Statuts mis à jour
31/08/2007	New accounts available
31/08/2006	New accounts available
21/02/2006	Private document
21/02/2006	Appointment/resignation of company officers
21/02/2006	Minutes of general meeting of shareholders
21/02/2006	Changement de Commissaire aux Comptes
21/02/2006	New auditor
21/02/2006	Acte modificatif
31/08/2005	New accounts available
31/08/2004	New accounts available
21/03/2002	PV d'Assemblée
21/03/2002	Acte sous seing privé
21/03/2002	Nomination/démission des organes de gestion
21/03/2002	Modification du Conseil d'Administration
09/01/2002	Acte sous seing privé
09/01/2002	Modification du Conseil d'Administration
09/01/2002	Changement de Président (PDG, PCA)
09/01/2002	Conversion du Capital Social en Euros
09/01/2002	Augmentation de Capital
09/01/2002	Changement de Forme Juridique avec changement de catégorie
09/01/2002	Changement de Forme Juridique sans changement de catégorie
09/01/2002	Rapport des Commissaires ou du Gérant
09/01/2002	Changement de Commissaire aux Comptes
09/01/2002	Statuts mis à jour
09/01/2002	PV d'Assemblée
09/01/2002	Nomination/démission des organes de gestion
29/02/2000	Acte sous seing privé
29/02/2000	PV d'Assemblée
29/02/2000	Nomination/démission des organes de gestion
29/02/2000	Changement de Commissaire aux Comptes
23/05/1997	Acte sous seing privé
23/05/1997	Nomination/démission des organes de gestion
23/05/1997	PV d'Assemblée
23/05/1997	PV du Conseil d'Administration
16/09/1994	Statuts mis à jour
16/09/1994	Acte modificatif
16/09/1994	PV d'Assemblée
16/09/1994	Modification de l'objet social
18/05/1994	Requête et Ordonnance
15/03/1994	Prorogation de durée
15/03/1994	Acte modificatif
15/03/1994	Statuts mis à jour
15/03/1994	PV d'Assemblée
15/03/1994	Déclaration de conformité
16/03/1992	PV d'Assemblée
16/03/1992	Acte modificatif
16/03/1992	Changement de Commissaire aux Comptes

Establishment events history

Date	Description
06/07/2011	Update Rating
06/07/2011	Update Limit
08/05/2011	Update Rating
11/08/2010	Update Limit
11/08/2010	Update Rating
30/12/2009	Update Rating
20/07/2009	Update Limit
20/07/2009	Update Rating
06/06/2009	Update Limit
06/06/2009	Update Rating
21/08/2008	Update of phone numbers
25/03/2008	Update Rating
25/03/2008	Update Limit
16/12/2007	Update Limit
11/12/2007	Update Limit
09/12/2007	Update Limit

NOTES & COMMENTS

Commentary

The comments are arranged in decreasing order of importance

The company is more than 15 years old

The net result is up to 12 062 €, which is correct

The company has a share capital of 400 000 €, which is excellent

The financial result is negative on the period : -19 244 €

The company is in financial debt of 49 902 €

The company has an activity with no specific increased risk

Tangible fixed assets are up to 126 493 €

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.39
UK Pound	1	Rs.87.78
Euro	1	Rs.71.29

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.