MIRA INFORM REPORT

Report Date :

17.12.2012

IDENTIFICATION DETAILS

Name :	PROSERPOL
Registered Office :	8 Rue Jean Pierre Timbaud, 78180 Montigny Le Bretonneux
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	May 1976
Com. Reg. No.:	RCS Versailles 7 302 316 658
Legal Form :	Simplified Joint Stock Company
Line of Business :	Engineering, technical studies
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

Name	PROSERPOL	SIRET	302 316 658 00061
Trade name	NEYRTEC ENVIRONNEMENT
		EUR VAT Number	FR83302316658
Activity (APE)	Ingénierie, études techniques (7112B) (Engineering, technical studies (7112B))	Legal form	Simplified joint stock company
Phone	01 30 45 90 20	RCS Registration	RCS Versailles 7 302 316 658
Fax	01 30 45 90 50	Share capital	920,000 Euros
Address	PROSERPOL 8 RUE JEAN PIERRE TIMBAUD 78180 MONTIGNY LE BRETONNEUX	Incorporated Date	05/1976
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

Current Directors					2
	Name	M. JACQUE JEAN PIERRE
	Manager position	Directeur général	Date of birth	14/09/1948
	Place of birth	MATEUR TUNISIE
	Type	Individual	Name at birth

Name

M. CRETS SAMUEL

Manager position

Président

Date of birth

31/08/1978

Place of birth

LIEGE(BELGIQUE)

Type

Individual

Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Président du conseil d'administration	JACQUE JEAN PIERRE	14/09/1948 - MATEUR TUNISIE
Président du conseil d'administration	M JEAN PIERRE JACQUE	14/09/1948 - MATEUR TUNISIE
Directeur général	JACQUE JEAN PIERRE	14/09/1948 - MATEUR TUNISIE
Directeur général délégué	MORIER FRANCOIS	24/04/1953 - 42 ROANNE
Directeur général délégué	M FRANCOIS MORIER	24/04/1953 - ROANNE
Administrateur	FINANCIERE DE BRENNUS	14/09/1948 - MATEUR(TUNISIE)
Administrateur	M DOMINIQUE LARGER	06/10/1944 - ORCHAMPS
Administrateur	MORIER FRANCOIS	24/04/1953 - 42 ROANNE
Administrateur	M FRANCOIS MORIER	24/04/1953 - ROANNE

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company

Company Name

Company number

CMI FRANCE

343931762

Group data

Ultimate parent company	CMI FRANCE
Direct parent	CMI FRANCE - 99.83 %
Group – Number of companies	5
Linkages – Number of companies	-
Number of countries	-

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CMI FRANCE
Company Name	SIREN	Parts	Last account published
CMI FRANCE	343931762	-	31/12/2009
PROSERPOL	302316658	99.83%	31/12/2011
NICOU ENVIRONNEMENT	417651569	99.99%	31/12/2011
CMI TECH 5 I - PASTOR SAS	381379411	100%	31/12/2011
CMI TECH 31	447975830	100%	31/12/2011

Linkages

Ultimate parent company	CMI FRANCE
Direct parent	CMI FRANCE - 99.83 %
Group – Number of companies	5
Linkages – Number of companies	-
Number of countries	-
No linked companies

FINANCIAL INFORMATION

Trading to Date

12/31/2011

12/31/2010

12/31/2009

Turnover

10,343,893 €

10,254,348 €

10,344,481 €

Gross Operating Surplus

5,21 % Turnover

1 % Turnover

2,37 % Turnover

Shareholders’ equity

3,640,846 €

3,270,097 €

2,659,114 €

Net result

370,749 €

610,983 €

664,275 €

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	20/08/2012	01/02/2012	23/07/2010
Activity Code	7112B	7112B	7112B
Employees	30	34	34

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	235 938	1,8%	231 863	-3,1%	239 183	11 130	2019,8%
- Intangible assets	75 086	-2,6%	77 114	-3,7%	80 087	0	0%
- Tangible assets	56 980	-18,5%	69 935	-6,6%	74 851	4 335	1214,4%
- Financial assets	172 474	12,4%	153 416	0,4%	152 847	354	48621,5%
Net current assets	9 904 481	-4,7%	10 390 003	3,1%	10 080 058	137 910	7081,8%
- Stocks	174 297	-27,8%	241 378	-9,3%	266 233	0	0%
- Advanced payments	1 154	-4,7%	107 783	90,3%	56 636	0	0%
- Receivables	3 318 754	-16,3%	3 967 251	-12,5%	4 531 738	63 630	5115,7%
- Securities and cash	6 410 276	5,5%	6 073 591	16,2%	5 225 451	39 655	16065,1%
- Prepaid expenses	-	-	-	-	-	185,50	-
Accounts of regularization	1 058	0%	0	0%	0	0	0%
Total Assets	10 141 478	-4,5%	10 621 868	2,9%	10 319 243	170 948	5832,5%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	3 640 846	11,3%	3 270 097	23,0%	2 659 114	63 072	5672,5%
Share capital	920 000	0%	920 000	0%	920 000	10 000	9100%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	732 668	15,5%	634 360	-45,4%	1 162 850	0	0%
Liabilities	5 767 964	-14,1%	6 717 411	3,4%	6 497 278	85 194	6670,4%
- Financial liabilities	1 716 343	-3,2%	1 772 490	3,5%	1 713 305	6 787	25188,7%
- Advanced payments received	0	0%	0	0%	15 300	0	0%
- Trade account payables	1 463 014	-41,6%	2 505 522	35,8%	1 845 232	10 764	13491,7%
- Tax and social liabilities	907 734	-2,6%	932 013	-15,9%	1 107 891	50 608	1693,7%
- Other debts and fixed assets liabilities	0	0%	144 916	-50,7%	293 830	3 124	0%
Account regularization	1 680 873	23,4%	1 362 470	-10,5%	1 521 720	0	0%
Total liabilities	10 141 478	-4,5%	10 621 868	2,9%	10 319 242	170 891	5834,5%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	11 128 577	-5,3%	11 747 735	-3,9%	12 222 129	208 617	5234,5%
Net turnover	10 343 893	0,9%	10 254 348	-0,9%	10 344 481	201 069	5044,4%
- of which net export turnover	2 842 422	20,8%	2 352 796	-15,4%	2 779 879	0	0%
Operating charges	10 715 585	-3,4%	11 093 301	-4,1%	11 573 376	190 869	5514,1%
Operating profit/loss	412 992	-36,9%	654 434	0,9%	648 753	15 558	2554,5%
Financial income	108 919	-14,0%	126 609	-50,7%	256 798	10	1089090,0%
Financial charges	19 623	28,1%	15 319	-25,6%	20 593	184	10564,7%
Financial profit/loss	89 296	-19,8%	111 290	-52,9%	236 205	0	0%
Pretax net operating income	502 288	-34,4%	765 724	-13,5%	884 958	15 782	3082,7%
Extraordinary income	0	0%	0	0%	836	0	0%
Extraordinary charges	0	0%	624	-97,2%	22 148	48	0%
Extraordinary profit/loss	0	59514,9%	-624	97,1%	-21 312	0	0%
Net result	370 749	-39,3%	610 983	-8,0%	664 275	14 663	2428,5%

Display parameter
Currency	Euro	Kilo Euro

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

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to VI)	Net	10 141 478	-4,5%	10 621 868	2,9%	10 319 243
Gross	CO	11 016 963	-3,8%	11 453 997	1,3%	11 308 563
Amortisation	1A	875 485	5,2%	832 129	-15,9%	989 320

Non declared distributed capital (I)

		31/12/2011		31/12/2010		31/12/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2011		31/12/2010		31/12/2009
Total Active fixed asset (II)	Net	235 938	1,8%	231 863	-3,1%	239 183
Gross	BJ	920 660	4,6%	880 336	3,2%	853 263
Amortisation	BK	684 722	5,6%	648 473	5,6%	614 080

Intangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	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	6 484	-23,8%	8 512	-25,9%	11 485
	Gross	AF	89 176	2,0%	87 439	0,8%	86 754
	Amortisation	AG	82 692	4,8%	78 927	4,9%	75 269
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	68 602	0%	68 602	0%	68 602
	Amortisation	AI	68 602	0%	68 602	0%	68 602
	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	6 484	-23,8%	8 512	-25,9%	11 485

Tangilble fixed assets

		31/12/2011		31/12/2010		31/12/2009
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	1 095	-61,4%	2 837	-39,0%	4 654
Gross	AP	25 017	0%	25 017	0%	25 017
Amortisation	AQ	23 922	7,9%	22 180	8,9%	20 363
Plant	Net	24 928	24,6%	20 005	166,4%	7 509
Gross	AR	308 399	3,9%	296 813	6,0%	280 053
Amortisation	AS	283 471	2,4%	276 808	1,6%	272 544
Other tangible fixed assets	Net	30 957	-28,2%	43 138	-31,2%	62 688
Gross	AT	256 992	4,9%	245 094	2,1%	239 990
Amortisation	AU	226 035	11,9%	201 956	13,9%	177 302
Fixed assets in construction	Net	0	0%	3 955	0%	0
Gross	AV	0	0%	3 955	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	56 980		69 935		74 851

Financial assets

		31/12/2011		31/12/2010		31/12/2009
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	98 113	0%	98 113	0%	98 113
Gross	CU	98 113	0%	98 113	0%	98 113
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	19 613	0%	0	0%	0
Gross	BF	19 613	0%	0	0%	0
Amortisation	BG	0		0		0
Other financial assets	Net	54 748	-1,0%	55 303	1,0%	54 734
Gross	BH	54 748	-1,0%	55 303	1,0%	54 734
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		172 474		153 416		152 847

Current Assets (III)

		31/12/2011		31/12/2010		31/12/2009
Total Assets	Net	9 904 481	-4,7%	10 390 003	3,1%	10 080 058
Gross	CJ	10 095 244	-4,5%	10 573 660	1,1%	10 455 299
Amortisation	CK	190 763	3,9%	183 657	-51,1%	375 241

Stocks

		31/12/2011		31/12/2010		31/12/2009
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	174 297	-27,8%	241 378	-9,3%	266 233
Gross	BT	308 993	-17,8%	375 776	-4,3%	392 719
Amortisation	BU	134 696	0,2%	134 398	6,3%	126 486
Sub Total Stocks	Net	174 297	-27,8%	241 378	-9,3%	266 233

Advance payments to suppliers

		31/12/2011		31/12/2010		31/12/2009
Advance payments to suppliers	Net	1 154	-98,9%	107 783	90,3%	56 636
Gross	BV	1 154	-98,9%	107 783	90,3%	56 636
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2011		31/12/2010		31/12/2009
Trade accounts receivable	Net	3 019 249	-16,7%	3 622 623	-12,3%	4 132 219
Gross	BX	3 075 316	-16,2%	3 671 882	-16,2%	4 380 974
Amortisation	BY	56 067	13,8%	49 259	-80,2%	248 755
Other debtors	Net	166 328	-34,1%	252 337	-21,2%	320 113
Gross	BZ	166 328	-34,1%	252 337	-21,2%	320 113
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	3 185 577	-17,8%	3 874 960	-13,0%	4 452 332

Divers

		31/12/2011		31/12/2010		31/12/2009
Investment securities	Net	5 789 938	0%	0	0%	4 713 931
Gross	CD	5 789 938	0%	0	0%	4 713 931
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	620 338	-89,8%	6 073 591	1087,4%	511 520
Gross	CF	620 338	-89,8%	6 073 591	1087,4%	511 520
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	6 410 276	5,5%	6 073 591	16,2%	5 225 451

Prepaid expenses

		31/12/2011		31/12/2010		31/12/2009
Prepaid expenses	Net	133 177	44,3%	92 291	16,2%	79 406
Gross	CH	133 177	44,3%	92 291	16,2%	79 406
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2011		31/12/2010		31/12/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	1 058	0%	0	0%	0
Gross		1 058	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	63 620	14,7%	55 477	-79,1%	264 911

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	10 141 478	-4,5%	10 621 868	2,9%	10 319 242

Shareholder Equity (I)

		31/12/2011		31/12/2010		31/12/2009
Total shareholders' equity (Total I)	DL	3 640 846	11,3%	3 270 097	23,0%	2 659 114
Equity and shareholders' equity	DA	920 000	0%	920 000	0%	920 000
Issue and merger premiums	DB	37 577	0%	37 577	0%	37 577
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	92 000	0%	92 000	0%	92 000
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	2 220 000	38,8%	1 600 000	70,2%	940 000
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	520	-94,5%	9 537	81,2%	5 262
Profit or loss for the period	DI	370 749	-39,3%	610 983	-8,0%	664 275
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2011		31/12/2010		31/12/2009
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)

		31/12/2011		31/12/2010		31/12/2009
Total provisions for risks and charges (Total III)	DR	732 668	15,5%	634 360	-45,4%	1 162 850
Risk provisions	DP	141 518	-28,2%	197 180	-51,4%	406 040
Reserves for charges	DQ	591 150	35,2%	437 180	-42,2%	756 810

Liabilities (IV)

		31/12/2011		31/12/2010		31/12/2009
Total Liabilities (Total IV)	EC	5 767 964	-14,1%	6 717 411	3,4%	6 497 278
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	2 411	105,7%	1 172	-54,0%	2 546
Sundry loans and financial liabilities	DV	1 713 932	-3,2%	1 771 318	3,5%	1 710 759
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	15 300
Trade accounts payables	DX	1 463 014	-41,6%	2 505 522	35,8%	1 845 232
Tax and social security liabilities	DY	907 734	-2,6%	932 013	-15,9%	1 107 891
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	0	0%	144 916	-50,7%	293 830

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2011		31/12/2010		31/12/2009
Deferred income	EB	1 680 873	23,4%	1 362 470	-10,5%	1 521 720

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	5 767 964	-14,1%	6 716 113	3,6%	6 481 079
Of which current bank facilities	EH	2 411	105,7%	1 172	-54,0%	2 546

Display parameter
Currency	Euro	Kilo Euro

Result account
Sales of Goods | Operating charges | Operating charges | Financial income | Financial charges | Financial charges | Extraordinary charges | Employee profit sharing | Tax on profits | References

1- Operating result (I-II)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	412 992	-36,9%	654 434	0,9%	648 753

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	89 296	-19,8%	111 290	-52,9%	236 205

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

		31/12/2011		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	502 288	-34,4%	765 724	-13,5%	884 958

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	0	0%	-624	97,1%	-21 312

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	370 749	-39,3%	610 983	-8,0%	664 275

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	11 237 496	-5,4%	11 874 344	-4,9%	12 479 763

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

		31/12/2011		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	10 866 746	-3,5%	11 263 361	-4,7%	11 815 486

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	11 128 577	-5,3%	11 747 735	-3,9%	12 222 129

Operating income (details)

		31/12/2011		31/12/2010		31/12/2009
Sale of goods for resale	FC	0	0%	0	0%	0
France	FA	0	0%	0	0%	0
Export	FB	0	0%	0	0%	0
Sale of goods produced	FF	8 991 175	0,1%	8 983 775	-1,7%	9 141 545
France	FD	6 550 924	-8,2%	7 134 003	5,2%	6 781 405
Export	FE	2 440 251	31,9%	1 849 772	-21,6%	2 360 140
Sale of services	FI	1 352 718	6,5%	1 270 573	5,6%	1 202 936
France	FG	950 547	23,8%	767 549	-2,0%	783 197
Export	FH	402 171	-20,0%	503 024	19,8%	419 739
Net turnover	FL	10 343 893	0,9%	10 254 348	-0,9%	10 344 481
France	FJ	7 501 471	-5,1%	7 901 552	4,5%	7 564 602
Export	FK	2 842 422	20,8%	2 352 796	-15,4%	2 779 879
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	3 024	101,6%	1 500
Release of reserves and provisions	FP	784 140	-47,4%	1 490 332	-20,6%	1 876 128
Other income	FQ	544	1654,8%	31	55,0%	20

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	10 715 585	-3,4%	11 093 301	-4,1%	11 573 376

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	66 782	294,2%	16 943	-84,9%	112 425
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	7 471 864	-3,6%	7 751 604	5,3%	7 361 587
Tax, duty and similar payments	FX	129 489	-11,7%	146 725	1,9%	143 955
Payroll	FY	1 446 071	-5,1%	1 524 361	-9,4%	1 681 656
Social security costs	FZ	690 767	-3,4%	715 322	-10,7%	800 977

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	36 250	5,4%	34 393	3,4%	33 248
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	141 886	5,6%	134 398	6,3%	126 486
Provisions for risks and charges	GD	731 610	15,3%	634 360	-45,4%	1 162 850

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	866	-99,4%	135 195	-10,0%	150 192

Operating charges (III-IV)

		31/12/2011		31/12/2010		31/12/2009
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)

		31/12/2011		31/12/2010		31/12/2009
Total financial income (Total V)	GP	108 919	-14,0%	126 609	-50,7%	256 798
Share financial income	GJ	46 822	-28,0%	65 029	-47,2%	123 078
Other investment income & capitalised receivables	GK	27	0%	0	0%	0
Other interest and similar income	GL	19 567	2540,6%	741	-87,9%	6 113
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	1 518	-60,3%	3 828	-7,3%	4 128
Net income from disposal of investment securities	GO	40 985	-28,1%	57 011	-53,8%	123 479

Financial Charge (VI)

		31/12/2011		31/12/2010		31/12/2009
Total financial charge (Total VI)	GU	19 623	28,1%	15 319	-25,6%	20 593
Financial reserves and provisions	GQ	1 058	0%	0	0%	0
Interest and similar charges	GR	15 040	42,1%	10 581	-10,9%	11 869
Exchange losses	GS	3 525	-25,6%	4 738	-45,7%	8 724
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

		31/12/2011		31/12/2010		31/12/2009
Total extraordinary income (Total VII)	HD	0	0%	0	0%	836
Extraordinary operating income	HA	0	0%	0	0%	0
Extraordinary income from capital transactions	HB	0	0%	0	0%	836
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2011		31/12/2010		31/12/2009
Total extraordinary charges (Total VIII)	HH	0	0%	624	-97,2%	22 148
Extraordinary operating charges	HE	0	0%	624	-97,2%	22 148
Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2011		31/12/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	131 538	-14,7%	154 117	-22,7%	199 369

References

		31/12/2011		31/12/2010		31/12/2009
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	0	0%	1 500	-99,7%	435 317
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	1 310

Display parameter
Currency	Euro	Kilo Euro

Other incomer tax return forms
Reserve for depreciation | Provisions included in balance sheet | State deadlines claims and debts at the end of period
Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	39 663	188,7%	13 740	-66,0%	40 470
Gross value at the end of period	OL	920 661	4,6%	880 337	3,2%	853 264

Research and development Charge (Total I)

		31/12/2011		31/12/2010		31/12/2009
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)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	KD	156 042	0,4%	155 357	8,1%	143 757
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	1 737	153,6%	685	-94,6%	12 800
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	1 200
Gross value at the end of period	LW	157 779	1,1%	156 042	0,4%	155 357

Tangible fixed assets (Total III)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LN	570 879	4,7%	545 061	0,2%	544 065
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	55 232	39,6%	39 559	7,0%	36 987
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	35 704	159,9%	13 740	-61,8%	35 991
Gross value at the end of period	NH	590 407	3,4%	570 880	4,7%	545 061

Financial assets (Total IV)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LQ	153 416	0,4%	152 848	-0,7%	153 854
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	23 018	3945,3%	569	-75,0%	2 272
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	3 960	0%	0	0%	3 278
Gross value at the end of period	NK	172 474	12,4%	153 417	0,4%	152 848

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

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	147 529	2,5%	143 871	0%	0
Increases		PF	3 765	2,9%	3 658	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	151 294	2,6%	147 529	0%	0

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	500 943	6,5%	470 208	0%	0
Increases		QV	32 485	5,7%	30 735	0%	0
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	533 428	6,5%	500 943	0%	0

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

			31/12/2011		31/12/2010		31/12/2009
	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

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7C	818 017	-46,8%	1 538 091	0%	0
Increases		UB	874 555	13,8%	768 758	0%	0
Decreases		UC	769 140	-48,3%	1 488 832	0%	0
	Value at the end of period	UD	923 432	12,9%	818 017	0%	0

Includes Total allocations

Operating	UE	873 496	13,6%	768 758	0%	0
Financial	UG	1 058	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	769 140	-48,3%	1 488 832	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	634 360	-45,4%	1 162 850	0%	0
Increases		TV	732 668	15,5%	634 360	0%	0
Decreases		TW	634 360	-45,4%	1 162 850	0%	0
	Value at the end of period	TX	732 668	15,5%	634 360	0%	0

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	183 657	-51,1%	375 241	0%	0
Increases		TY	141 886	5,6%	134 398	0%	0
Decreases		TZ	134 780	-58,7%	325 982	0%	0
	Value at the end of period	UA	190 763	3,9%	183 657	0%	0

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	3 449 182	-15,3%	4 071 813	0%	0
1 year at most	VU	3 311 201	-16,4%	3 961 033	0%	0
More than one year	VV	137 981	24,6%	110 780	0%	0

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	19 613	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	54 748	-1,0%	55 303	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	63 620	14,7%	55 477	0%	0
Other claims customer	UX	3 011 696	-16,7%	3 616 405	0%	0
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	7 355	-12,7%	8 422	0%	0
Social Security and other social organizations	UZ	0	0%	100	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	136 395	-19,2%	168 814	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	22 578	-69,9%	75 000	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	0	0%	0

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	133 177	44,3%	92 291	0%	0

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	5 767 964	-14,1%	6 716 113	0%	0
1 year at most		VZ2	5 767 964	-14,1%	6 716 113	0%	0
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	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	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
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	2 411	105,7%	1 172	0%	0
1 year at most		VH2	2 411	105,7%	1 172	0%	0
More than 1 year and 5 years at most		VH3	0	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	1 463 014	-41,6%	2 505 522	0%	0
1 year at most		8B2	1 463 014	-41,6%	2 505 522	0%	0
More than 1 year and 5 years at most		8B3	1 463 014	-41,6%	2 505 522	0%	0
	Personnel and associated accounts (gross)	8C1	206 742	-2,8%	212 756	0%	0
1 year at most		8C2	206 742	-2,8%	212 756	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	271 143	-5,0%	285 431	0%	0
1 year at most		8D2	271 143	-5,0%	285 431	0%	0
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	407 447	-0,7%	410 120	0%	0
1 year at most		VW2	407 447	-0,7%	410 120	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	22 402	0,0%	22 408	0%	0
1 year at most		VQ2	22 402	0,0%	22 408	0%	0
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	1 713 932	-3,2%	1 771 318	0%	0
1 year at most		VI2	1 713 932	-3,2%	1 771 318	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	0	0%	144 916	0%	0
1 year at most		8K2	0	0%	144 916	0%	0
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	1 680 873	23,4%	1 362 470	0%	0
1 year at most		8L2	1 680 873	23,4%	1 362 470	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2011		31/12/2010		31/12/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2011		31/12/2010		31/12/2009
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

		31/12/2011		31/12/2010		31/12/2009
Subcontracting	YT	6 033 984	-5,3%	6 369 612	0%	0
Rentals, rental charges and condominiums	XQ	312 828	7,1%	292 183	0%	0
Staff outside the company	YU	36 211	-39,4%	59 753	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	251 591	26,6%	198 699	0%	0
Fees, commissions and brokerage	YV	42 590	28,0%	33 265	0%	0
Other accounts	ST	794 661	-0,4%	798 093	0%	0
Total Other purchases and external	ZJ	7 471 865	4992,4%	7 751 605	0%	0

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	48 790	-22,9%	63 294	0%	0
Other taxes and payments assimilated	9Z	80 699	-3,3%	83 431	0%	0
Total taxes and fees	YX	129 489	-11,7%	146 725	0%	0

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	1 553 858	-6,8%	1 666 341	0%	0
Total VAT on goods and services	YZ	1 292 454	-10,6%	1 445 063	0%	0

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	30	-11,8%	34	0%	34

Groups and Shareholders

		31/12/2011		31/12/2010		31/12/2009
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

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing	7,36	2,5%	7,18	-0,3%	7,20	2,89	154,7%
Global Debt	201 days	-14,8%	236 days	4,4%	226 days	128,50 days	56,4%
Working Capital Fund overall net	204 days	6,8%	191 days	3,8%	184 days	100 days	104,0%
Financial independence	151009,79%	-45,9%	279018,52%	167,1%	104442,81%	597,79%	25161,3%
More ratios
Solvability	35,90%	16,6%	30,79%	19,5%	25,77%	43,39%	-17,3%
Capacity debt futures	151009,79%	-45,9%	279018,52%	-	%	1882,60%	7921,3%
Coverage of current assets by net working capital overall	37,15%	-28,5%	51,94%	48,1%	35,08%	47,08%	-21,1%
General Liquidity	0,57	-3,4%	0,59	-		0,92	-38,0%
Restricted Liquidity	1,69	13,4%	1,49	-		1,60	5,6%

Management or rotation

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital	34 days	47,8%	23 days	-56,6%	53 days	19 days	78,9%
Treasury	223 days	4,7%	213 days	17,0%	182 days	29 days	669,0%
Inventory turnover of goods	1666 days	-79,1%	7984 days	534,7%	1258 days	0 days	0%
Average length of credit granted to customers	93 days	-16,2%	111 days	-27,0%	152 days	84 days	10,7%
Average length of credit obtained suppliers	60 days	-38,8%	98 days	10,1%	89 days	52 days	15,4%
More ratios
Inventory turnover of raw materials in industrial enterprises	days	-	days	-	days	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise	1752 days	-2,4%	1796 days	-5,4%	1898 days	1098 days	59,6%
Rotation tangible assets	1751,99%	-2,5%	1796,24%	-5,4%	1897,86%	1242,94%	41,0%

Profitability of the business

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading	-0,65%	-282,4%	-0,17%	84,4%	-1,09	0%	0%
Profitability of the business	5,21	421,0%	1	-57,8%	2,37	8,88%	-41,3%
Net profit	3,58%	-39,9%	5,96%	-7,2%	6,42%	5,87%	-39,0%
More ratios
Growth rate of turnover (excluding VAT)	0,87%	200%	-0,87%	96,0%	-21,92%	4,16%	-79,1%
Rates integration	27,12%	11,9%	24,24%	-12,6%	27,75%	59,09%	-54,1%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	76,17%	-15,5%	90,10%	4,2%	86,49%	73,01%	4,3%
Weight interests	0,19	26,7%	0,15%	-25,0%	0,20%	0,07%	171,4%

Return on capital

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability	-3,49%	57,6%	-8,23%	-222,3%	6,73%	8,07%	-143,2%
Rates of economic profitability	10%	400%	2%	-66,7%	6%	23,22%	-56,9%
Financial profitability	3640846%	11,3%	3270097%	23,0%	2659114%	41003%	8779,5%
Return on investment	7,29%	-41,3%	12,42%	-20,7%	15,66%	17,63%	-58,7%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	10 343 893	0,9%	10 254 348	-0,9%	10 344 481	201 069 €	5044,4%

Sales of goods	0	0%	0	0%	0
- Purchase of goods	0	0%	0	0%	0
+/- Stock of goods variation	66 782	294,2%	16 943	-84,9%	112 425
Trading margin	-66 782 €	-294,2%	-16 943 €	84,9%	-112 425 €	0 €	0%
	-0,65 % CA	-282,4%	-0,17 % CA	84,4%	-1,09 % CA	0 % CA	0%

Sale of goods produced	10 343 893	0,9%	10 254 348	-0,9%	10 344 481
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	10 343 893 €	0,9%	10 254 348 €	-0,9%	10 344 481 €	187 461 €	5417,9%
	100,00 % CA	0%	100,00 % CA	0%	100,00 % CA	100 % CA	0%

Trading margin	-66 782	-294,2%	-16 943	84,9%	-112 425	0	0%
+ Period Production	10 343 893	0,9%	10 254 348	-0,9%	10 344 481	187 461	5417,9%
- 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	7 471 864	-3,6%	7 751 604	5,3%	7 361 587
Added value	2 805 247 €	12,9%	2 485 801 €	-13,4%	2 870 469 €	108 400 €	2487,9%
	27,12 % CA	11,9%	24,24 % CA	-12,6%	27,75 % CA	59,09 % CA	-54,1%

Added value	2 805 247 €	12,9%	2 485 801 €	-13,4%	2 870 469 €	108 400 €	2487,9%
+ Operating grants	0	0%	3 024	101,6%	1 500
- Tax, duty and similar payments	129 489	-11,7%	146 725	1,9%	143 955
- Personal charges	2 136 838	-4,6%	2 239 683	-9,8%	2 482 633
Gross operating surplus	538 920 €	426,2%	102 417 €	-58,3%	245 381 €	19 373 €	2681,8%
	5,21 % CA	421,0%	1,00 % CA	-57,8%	2,37 % CA	8,88 % CA	-41,3%

Gross operating surplus	538 920 €	426,2%	102 417 €	-58,3%	245 381 €	19 373 €	2681,8%
+ Release of reserves and provisions	784 140	-47,4%	1 490 332	-20,6%	1 876 128
+ Other operating income	544	1654,8%	31	55,0%	20
- Depreciation/Amortisation	909 746	13,3%	803 151	-39,3%	1 322 584
- Other charges	866	-99,4%	135 195	-10,0%	150 192
Operating result	412 992 €	-36,9%	654 434 €	0,9%	648 753 €	15 566 €	2553,2%
	3,99 % CA	-37,5%	6,38 % CA	1,8%	6,27 % CA	6,78 % CA	-41,2%

Operating result	412 992 €	-36,9%	654 434 €	0,9%	648 753 €	15 566 €	2553,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	108 919	-14,0%	126 609	-50,7%	256 798
- Financial charges	19 623	28,1%	15 319	-25,6%	20 593
Pre-tax result	502 288 €	-34,4%	765 724 €	-13,5%	884 958 €	15 759 €	3087,3%
	4,86 % CA	-34,9%	7,47 % CA	-12,6%	8,55 % CA	6,72 % CA	-27,7%

Extraordinary income	0	0%	0	0%	836	0	0%
- Extraordinary charges	0	0%	624	-97,2%	22 148
Extraordinary result	0 €	0%	-624 €	97,1%	-21 312 €	0 €	0%
	0,00 % CA	0%	-0,01 % CA	95,2%	0 % CA	0 % CA	0%

Pre-tax result	502 288 €	-34,4%	765 724 €	-13,5%	884 958 €	15 759 €	3087,3%
Extraordinary result	0 €	0%	-624 €	97,1%	-21 312 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	131 538	-14,7%	154 117	-22,7%	199 369
Net result	370 750 €	-39,3%	610 983 €	-8,0%	664 277 €	14 644 €	2431,8%
	3,58 % CA	-39,9%	5,96 % CA	-7,2%	6,42 % CA	5,87 % CA	-39,0%

ADDITIONAL INFORMATION

Company details

	Activity (APE)	Ingénierie, études techniques (7112B)
	RCS Registration	RCS Versailles 7 302 316 658	Share capital	920,000 Euros
	Registration Court	Versailles (78)	Legal form	Simplified joint stock company
	Court Registry Number	19 7 6B005	EUR VAT Number	FR83302316658
	Incorporation Date	05/1976	Formation Date	01/1976
	Deregistration Date		Last account Date	31/12/2011
	Nationality	France
Establishment details

Trade name	NEYRTEC ENVIRONNEMENT
Activity (APE)	Ingénierie, études techniques (7112B)	Business Pages FT®	TRAITEMENT EAUX APPAREIL EQUIPEMENT
Postal Address	PROSERPOL 8 RUE JEAN PIERRE TIMBAUD 78180 MONTIGNY LE BRETONNEUX	Trading Address	8 RUE JEAN PIERRE TIMBAUD 78180 MONTIGNY LE BRETONNEUX
Telephone	01 30 45 90 20
Fax	01 30 45 90 50

Type	Secondary establishment	Status	Economically active
Formation Date	03/1983	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

	Department	Yvelines (78)	Region	Ile-de-France
	District	4	Area	28
	City	MONTIGNY LE BRETONNEUX	Size of urban area	Paris conglomeration
Other establishments

Branches	2 branch entities in this company
Head office	> PROSERPOL <<<  - Ingénierie, études techniques (7112B)  in MONTIGNY LE BRETONNEUX  (78180)
Secondary establishments	>  PROSERPOL  - Ingénierie, études techniques (7112B)  in MEYLAN  (38240)

	Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce 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

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
14/08/2012	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 5575 - 302316658 RCS. PROSERPOL. Forme : Société par actions simplifiée. Adresse : 8 rue J P Timbaud 78180 Montigny-le-Bretonneux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
25/07/2012	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 3088 - 302 316 658 RCS Versailles. PROSERPOL. Forme : Société par actions simplifiée. Administration : Directeur général : JACQUE Jean Pierre modification le 17 Juillet 2012 Président : CRETS Samuel en fonction le 17 Juillet 2012 Commissaire aux comptes suppléant : BEAS en fonction le 17 Juillet 2012 Commissaire aux comptes titulaire : DELOITTE & ASSOCIES en fonction le 17 Juillet 2012. Activité : . Commentaires : Modification de la forme juridique. Modification de représentant.
17/07/2012	JAL	Appointment of the social representative
Semaine de l Ile-de-France (La) Date de décision : 20/06/2012 Société faisant l'objet d'une nomination : 302316658 - PROSERPOL, 8 RUE JEAN PIERRE TIMBAUD, 78180 MONTIGNY LE BRETONNEUX Nominé : Monsieur Samuel CRETS, B-4652 XHENDELESSE En la fonction de : Président Nominé : Monsieur Jean-Pierre JACQUE, 78610 AUFFARGIS En la fonction de : Directeur général
17/07/2012	JAL	Resignation / Revocation of the social representative
Semaine de l Ile-de-France (La) Date de décision : 20/06/2012 La société 302316658 - PROSERPOL, 8 RUE JEAN PIERRE TIMBAUD, 78180 MONTIGNY LE BRETONNEUX Fait l'objet du départ de SEGECO AUDIT Rhône Alpes, De Monsieur Thibault CHALVIN
10/09/2010	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 844 - 302 316 658 RCS Versailles. PROSERPOL. Forme : Société anonyme. Administration : Président du conseil d'administration et directeur général : JACQUE JEAN PIERRE modification le 23 Juillet 2002 Directeur général délégué et administrateur : MORIER FRANCOIS modification le 23 Juillet 2002 Administrateur : FINANCIERE DE BRENNUS représenté par JACQUE Jean-Pierre modification le 01 Septembre 2010 Commissaire aux comptes titulaire : CABINET PIN ET ASSOCIES en fonction le 23 Avril 2001 Commissaire aux comptes suppléant : CHALVIN Thibault en fonction le 23 Juillet 2002 Administrateur : LARGER Dominique en fonction le 01 Septembre 2010. Commentaires : Modification de représentant.
25/08/2010	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 4943 - 302316658 RCS. PROSERPOL. Forme : Société anonyme. Adresse : 8 rue J P Timbaud 78180 Montigny-le-Bretonneux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
06/07/2010	JAL	Appointment of the social representative
LA SEMAINE DE L’ILE DE FRANCE Société faisant l'objet d'une nomination : 302316658 - PROSERPOL, 8 RUE JEAN PIERRE TIMBAUD, 78180 MONTIGNY LE BRETONNEUX Nominé : Monsieur Jean-Pierre JACQUE, 26 ALLEE DES COMTES DE MONTFORT, 78610 AUFFARGIS En la fonction de : Administrateur
06/07/2010	JAL	Appointment of the social representative
LA SEMAINE DE L’ILE DE FRANCE Société faisant l'objet d'une nomination : 302316658 - PROSERPOL, 8 RUE JEAN PIERRE TIMBAUD, 78180 MONTIGNY LE BRETONNEUX Nominé : Monsieur Dominique LARGER, 17 RUE ALEXANDRE DUMAS, 78100 ST GERMAIN EN LAYE En la fonction de : Administrateur
06/07/2010	JAL	Resignation / Revocation of the social representative
LA SEMAINE DE L’ILE DE FRANCE Date de décision : 28/06/2010 La société 302316658 - PROSERPOL, 8 RUE JEAN PIERRE TIMBAUD, 78180 MONTIGNY LE BRETONNEUX Fait l'objet du départ de Monsieur Yves FARGIER
06/07/2010	JAL	Resignation / Revocation of the social representative
LA SEMAINE DE L’ILE DE FRANCE Date de décision : 28/06/2010 La société 302316658 - PROSERPOL, 8 RUE JEAN PIERRE TIMBAUD, 78180 MONTIGNY LE BRETONNEUX Fait l'objet du départ de Monsieur Dominique LARGER
25/07/2009	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 7194 - 302316658 RCS. PROSERPOL. Forme : Société anonyme. Adresse : 8 rue J P Timbaud 78180 Montigny-le-Bretonneux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
29/07/2008	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 4920 - 302316658 RCS. PROSERPOL. Forme : Société anonyme. Adresse : 8 rue J P Timbaud 78180 Montigny-le-Bretonneux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
23/06/2007	Bodacc C	Avis de dépôt des comptes
3289 - Versailles B 302 316 658. RC 76-B 506. PROSERPOL. Forme: S.A. Adresse du siège social: 8, rue J P Timbaud,78180 Montigny-le-Bretonneux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
21/07/2006	Bodacc C	Avis de dépôt des comptes
1373 - RCS Versailles B 302 316 658. RC 76-B 506. PROSERPOL. Forme: S.A. Adresse du siège social: 8, rue J P Timbaud,78180 Montigny-le-Bretonneux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
24/07/2005	Bodacc C	Avis de dépôt des comptes
1776 - RCS Versailles B 302 316 658. RC 76-B 506. PROSERPOL. Forme: S.A. Adresse du siège social: 8, rue J P Timbaud,78180 Montigny-le-Bretonneux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
20/08/2002	Bodacc B	Modifications et mutations diverses
RCS Versailles B 302316658 RC 76-B 506 PROSERPOL. Forme : S.A. Capital : 920 000 euros Nom commercial: Neyrtec Environnement. Activité : prestations de services. Adresse du siège social : 8 rue J.-P.-Timbaud, 78180 Montigny-le- Bretonneux. Commentaires : modification survenue sur le nom commercial. Fusion- absorption de la STE NEURTEC ENVIRONNEMENT par la STE PROSERPOL. Date d'effet : 29 juin 2002.
04/08/2002	Bodacc B	Modifications et mutations diverses
RCS Versailles B 302316658 RC 76-B 506 PROSERPOL. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : commissaire aux comptes titulaire partant : SCHLOTTHAUER (Kurt). Commissaire aux comptes suppléant partant : RIBARD (Jean). Modification du président du conseil d' administration et directeur général : JACQUE (Jean, Pierre). Modification d' un directeur général délégué et administrateur : MORIER (François). Nomination d'un commissaire aux comptes suppléant : CHALVIN (Thibault).
15/03/2002	Bodacc B	Modifications et mutations diverses
RCS Versailles B 302316658 RC 76-B 506 PROSERPOL. Forme : S.A. Capital : 920 000 euros. Commentaires : modification survenue sur le capital (augmentation).
09/05/2001	Bodacc B	Modifications et mutations diverses
RCS Versailles B 302316658 RC 76-B 506 PROSERPOL. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : nomination d'administrateurs : FINANCIERE DE BRENNUS FARGIER (Yves). Nomination du commissaire aux comptes titulaire : CABINET PIN ET ASSOCIES.
11/09/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Versailles B 302 316 658 RC RC 76-B 506 PROSERPOL. Forme : S.A. Administration : suppression : administrateur : KREBS S.A. Nomination en qualité d'administrateur : KREBS (Speichim). Commentaires : modification survenue sur l' administration.

Company events history

Date	Description
12/11/2012	Collection of preferential rights activated for this company
02/11/2012	Disengagement of the group
02/11/2012	New ultimate parent
02/11/2012	New parent detected
22/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/08/2012	Bodacc C : Deposit accounts notice
25/07/2012	Bodacc B: Various editing or changing
17/07/2012	New legal form – new category
17/07/2012	New chairman (CEO, CoB)
17/07/2012	Changes to the Board of Directors
17/07/2012	Minutes of general meeting of shareholders
17/07/2012	Updated articles of association
17/07/2012	Legal Gazette: Resignation / Revocation of the social representative
20/06/2012	Legal Gazette: Appointment of the social representative
20/06/2012	Modification to Company Identifier
20/06/2012	Update of Company Legal Form
21/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
31/12/2010	New accounts available
03/12/2010	Disengagement of the group
03/12/2010	New ultimate parent
03/12/2010	New parent detected
10/09/2010	Bodacc B: Various editing or changing
01/09/2010	Minutes of general meeting of shareholders
01/09/2010	Appointment/resignation of company officers
01/09/2010	Changes to the Board of Directors
25/08/2010	Bodacc C : Deposit accounts notice
06/07/2010	Legal Gazette: Resignation / Revocation of the social representative
28/06/2010	Legal Gazette: Appointment of the social representative
31/12/2009	New accounts available
14/12/2009	New subsidiarie(s) detected
25/07/2009	Bodacc C : Deposit accounts notice
02/02/2009	Minutes of Board meeting
02/02/2009	Acte modificatif
02/02/2009	Amendment
02/02/2009	Minutes of general meeting of shareholders
02/02/2009	Appointment/resignation of company officers
02/02/2009	Private document
02/02/2009	Nomination/démission des organes de gestion
31/12/2008	New accounts available
29/07/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
07/08/2002	Acte sous seing privé
07/08/2002	Fusion
07/08/2002	PV d'Assemblée
07/08/2002	Statuts mis à jour
07/08/2002	Déclaration de conformité
23/07/2002	Modification du Conseil d'Administration
23/07/2002	Augmentation de Capital
23/07/2002	Nomination/démission des organes de gestion
23/07/2002	Changement de Commissaire aux Comptes
23/07/2002	Statuts mis à jour
23/07/2002	PV du Conseil d'Administration
23/07/2002	PV d'Assemblée
23/07/2002	Acte modificatif
23/07/2002	Acte sous seing privé
19/06/2002	Acte sous seing privé
19/06/2002	Rapport des Commissaires ou du Gérant
17/05/2002	Projet de Fusion
17/05/2002	Acte sous seing privé
01/03/2002	PV d'Assemblée
01/03/2002	Conversion du Capital Social en Euros
01/03/2002	Acte sous seing privé
01/03/2002	Statuts mis à jour
01/03/2002	Augmentation de Capital
02/01/2002	Acte modificatif
02/01/2002	Requête et Ordonnance
17/07/2001	Requête et Ordonnance
17/07/2001	Prorogation de durée
23/04/2001	Nomination/démission des organes de gestion
23/04/2001	Acte modificatif
23/04/2001	PV du Conseil d'Administration
23/04/2001	Changement de Commissaire aux Comptes
23/04/2001	Acte sous seing privé
23/04/2001	Modification du Conseil d'Administration
23/04/2001	PV d'Assemblée
23/11/2000	Acte sous seing privé
23/11/2000	Acte modificatif
23/11/2000	PV du Conseil d'Administration
23/11/2000	Nomination/démission des organes de gestion
26/08/1998	Acte sous seing privé
26/08/1998	PV d'Assemblée
26/08/1998	Modification du Conseil d'Administration
26/08/1998	PV du Conseil d'Administration
26/08/1998	Acte modificatif
26/08/1998	Nomination/démission des organes de gestion
16/12/1996	Acte sous seing privé
16/12/1996	Modification du Conseil d'Administration
16/12/1996	Changement de Président (PDG, PCA)
16/12/1996	Acte modificatif
16/12/1996	PV d'Assemblée
16/12/1996	Nomination/démission des organes de gestion
16/12/1996	PV du Conseil d'Administration
05/07/1994	PV d'Assemblée
05/07/1994	Acte modificatif
05/07/1994	Statuts mis à jour
18/01/1994	Nomination/démission des organes de gestion
18/01/1994	Acte modificatif
08/10/1993	PV d'Assemblée
08/10/1993	Nomination/démission des organes de gestion
08/10/1993	Acte modificatif
29/07/1993	PV d'Assemblée
29/07/1993	Déclaration de conformité
29/07/1993	Transfert du Siège dans le ressort du Tribunal de Commerce
29/07/1993	Acte modificatif
29/07/1993	Statuts mis à jour
23/02/1993	Nomination/démission des organes de gestion
23/02/1993	Acte modificatif
01/01/1993	Nomination/démission des organes de gestion
01/01/1993	PV d'Assemblée
01/01/1993	Modification du Conseil d'Administration
17/08/1992	Déclaration de conformité
17/08/1992	Augmentation de Capital
17/08/1992	Nomination/démission des organes de gestion
17/08/1992	Modification du Conseil d'Administration
17/08/1992	Statuts mis à jour
17/08/1992	Acte modificatif
17/08/1992	PV d'Assemblée
20/01/1992	PV du Conseil d'Administration
20/01/1992	Acte modificatif

Establishment events history

Date	Description
09/11/2012	Update Rating
09/11/2012	Update Limit
31/10/2012	Update Rating
31/10/2012	Update Limit
22/08/2012	Update Limit
20/06/2012	Modification of Head office
21/02/2012	Update Limit
21/02/2012	Update Rating
08/10/2011	Update Limit
02/09/2011	Update Rating
03/05/2011	Update Rating
03/09/2010	Update Rating
27/07/2010	Update Limit
17/07/2009	Update Limit
17/07/2009	Update Rating
15/07/2008	Update Limit
15/07/2008	Update Rating
03/07/2008	Update Rating
16/12/2007	Update Limit
10/12/2007	Update Limit
08/12/2007	Update Limit
19/06/2007	Update Limit
11/04/2007	Update Limit
11/04/2007	Update Rating
25/01/2007	Update Limit
25/01/2007	Update Rating
20/01/2007	Update Limit
20/01/2007	Update Rating

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.