MIRA INFORM REPORT

Report Date :

04.02.2012

IDENTIFICATION DETAILS

Name :	LABORATOIRES BOUCHARA - RECORDATI
Registered Office :	68 Rue Marjolin 92300 Levallois Perret
Country :	France
Financials (as on) :	31.12.2010
Year of Establishment :	May 2003
Com. Reg. No.:	RCS Nanterre 0 448 777 920
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of pharmaceutical preparations
No. of Employees :	418

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	2,000,000 €
Status :	Good
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
France	A1	A1

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

REGISTERED NAME & COMPANY SUMMARY

Name

LABORATOIRES BOUCHARA - RECORDATI

SIRET

448 777 920 00019

Activity (APE)	Manufacture of pharmaceutical preparations (2120Z)	Legal form	Simplified joint stock company
Phone	01 45 19 10 00	RCS Registration	RCS Nanterre 0 448 777 920
Fax		Share capital	14,000,000 Euros
Address	LABORATOIRES BOUCHARA - RECORDATI 68 RUE MARJOLIN 92300 LEVALLOIS PERRET	Incorporated Date	05/2003
Nationality	France	Status	Economically active

CREDIT RECOMENDATION

Current Credit Limit: 2,000,000 €

DIRECTORS/MANAGEMENT

Current Directors

2

directors

Name	M. SOUBEYRAND FRÉDÉRIC
Manager position	Directeur général	Date of birth	01/04/1955
Place of birth	LYON
Type of manager	Individual	Name at birth of manager

Name	M. RECORDATI ANDREA
Manager position	Président	Date of birth	06/11/1971
Place of birth	LONDRES(ROYAUME-UNI)
Type of manager	Individual	Name at birth of manager

Previous Directors

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

Manager position	Title and name	Date of Birth/Place of Birth
Président	ANDREA RECORDATI
Président	M GIOVANNI RECORDATI
Directeur général	M FREDERIC SOUBEYRAND

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	04/08/2009
Status of Monitoring	No social security and tax office preferential right to date

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

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

Linkages

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

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	07/07/2011	19/04/2010	-
Activity Code	2120Z	2120Z	2120Z
Employees	418	0	0

Active account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	311 169	-34,6%	475 963	-42,1%	822 108	1 788 355	-82,6%
- Intangible assets	25 319	-47,7%	48 388	-14,6%	56 690	117 239	-78,4%
- Tangible assets	264 515	-34,9%	406 239	-46,6%	760 996	506 579,50	-47,8%
- Financial assets	21 335	0%	21 335	382,5%	4 422	18 838	13,3%
Net current assets	68 945 425	-10,0%	76 622 901	5,4%	72 688 660	5 110 496,50	1249,1%
- Stocks	14 356 495	-22,2%	18 449 677	6,7%	17 291 557	1 059 459	1255,1%
- Advanced payments	558 014	-10,0%	477 169	66,4%	286 811	0	0%
- Receivables	45 538 182	-5,2%	48 044 531	8,3%	44 362 730	2 872 313	1485,4%
- Securities and cash	8 492 734	-12,0%	9 651 525	-10,2%	10 747 562	387 434,50	2092,0%
- Prepaid expenses	-	-	-	-	-	591,50	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	69 256 595	-10,2%	77 098 863	4,9%	73 510 768	9 565 514,50	624,0%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	26 536 965	-9,5%	29 331 218	8,5%	27 042 625	3 267 886,50	712,1%
Share capital	14 000 000	0%	14 000 000	0%	14 000 000	562 500	2388,9%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	4 900 063	-2,8%	5 038 713	12,8%	4 467 495	45 844	10588,6%
Liabilities	37 819 567	-11,5%	42 728 932	1,7%	42 000 648	4 106 107,50	821,1%
- Financial liabilities	0	0%	0	0%	197 767	365 056	0%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	23 934 524	-3,4%	24 773 563	-6,9%	26 600 161	1 227 834,50	1849,3%
- Tax and social liabilities	9 056 012	-10,2%	10 084 957	2,5%	9 841 701	573 210,50	1479,9%
- Other debts and fixed assets liabilities	4 829 030	-38,6%	7 870 411	46,8%	5 361 019	140 690	3332,4%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	69 256 595	-10,2%	77 098 863	4,9%	73 510 768	9 565 514,50	624,0%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	175 935 940	-12,4%	200 941 267	5,0%	191 328 474	8 739 851	1913,0%
Net turnover	177 616 476	-9,5%	196 172 722	4,3%	188 054 321	8 603 001	1964,6%
- of which net export turnover	50 948 879	13,1%	45 047 520	6,5%	42 287 765	464 903	10859,0%
Operating charges	151 503 718	-11,3%	170 839 400	2,4%	166 850 136	7 991 192	1795,9%
Operating profit/loss	24 432 222	-18,8%	30 101 867	23,0%	24 478 338	152 714	15898,7%
Financial income	37 961	-58,4%	91 337	-76,9%	396 084	9 906	283,2%
Financial charges	4 576 884	-10,0%	5 087 774	34,9%	3 771 052	37 903,50	11975,1%
Financial profit/loss	-4 538 923	9,2%	-4 996 437	-48,0%	-3 374 969	-2 859,50	-158631,4%
Pretax net operating income	19 893 299	-20,8%	25 105 430	19,0%	21 103 370	165 727	11903,7%
Extraordinary income	126 985	-78,7%	595 855	4,4%	570 656	25 594	396,2%
Extraordinary charges	79 527	-70,7%	271 521	-31,8%	397 913	59 817	33,0%
Extraordinary profit/loss	47 458	3324,2%	324 334	87,8%	172 743	-951,50	5087,7%
Net result	11 105 746	-20,0%	13 888 593	20,2%	11 555 547	186 860,50	5843,3%

Display parameter
Currency	Euro	Kilo Euro

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

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2010		31/12/2009		31/12/2008
	Grand Total (I to VI)	Net	69 256 595	-10,2%	77 098 863	4,9%	73 510 768
	Gross	CO	75 201 304	-8,7%	82 356 288	6,0%	77 675 644
	Amortisation	1A	5 944 709	13,1%	5 257 425	26,2%	4 164 875

Non declared distributed capital (I)

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

Active fixed asset (II)

			31/12/2010		31/12/2009		31/12/2008
	Total Active fixed asset (II)	Net	311 169	-34,6%	475 963	-42,1%	822 108
	Gross	BJ	2 804 277	3,3%	2 715 106	3,0%	2 636 272
	Amortisation	BK	2 493 108	11,3%	2 239 144	23,4%	1 814 164

Intangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	25 319	2,0%	24 812	-47,7%	47 465
	Gross	AF	138 915	21,9%	113 915	4,7%	108 851
	Amortisation	AG	113 596	27,5%	89 103	45,2%	61 386
	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%	23 576	155,6%	9 225
	Gross	AL	0	0%	23 576	155,6%	9 225
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	25 319	-47,7%	48 388	-14,6%	56 690

Tangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	0	0%	0	0%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	27 500	-81,4%	148 020	-64,5%	416 641
	Gross	AR	1 482 446	-0,7%	1 493 355	-0,1%	1 494 288
	Amortisation	AS	1 454 946	8,1%	1 345 335	24,8%	1 077 647
	Other tangible fixed assets	Net	237 015	-8,2%	258 219	-25,0%	344 355
	Gross	AT	1 161 581	9,3%	1 062 924	4,3%	1 019 485
	Amortisation	AU	924 566	14,9%	804 705	19,2%	675 130
	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	264 515		406 239		760 996

Financial assets

			31/12/2010		31/12/2009		31/12/2008
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	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	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	21 335	0%	21 335	382,5%	4 422
	Gross	BH	21 335	0%	21 335	382,5%	4 422
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		21 335		21 335		4 422

Current Assets (III)

			31/12/2010		31/12/2009		31/12/2008
	Total Assets	Net	68 945 425	-10,0%	76 622 901	5,4%	72 688 660
	Gross	CJ	72 397 026	-9,1%	79 641 182	6,1%	75 039 372
	Amortisation	CK	3 451 601	14,4%	3 018 281	28,4%	2 350 711

Stocks

			31/12/2010		31/12/2009		31/12/2008
	Raw materials	Net	5 012 479	15,4%	4 344 815	-19,8%	5 420 309
	Gross	BL	5 144 814	15,1%	4 468 367	-21,6%	5 697 170
	Amortisation	BM	132 335	7,1%	123 552	-55,4%	276 861
	Work in progress (goods)	Net	343 049	-14,7%	402 164	12,6%	357 202
	Gross	BN	372 091	-7,5%	402 164	12,6%	357 202
	Amortisation	BO	29 042	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	5 762 901	-27,5%	7 944 634	-1,9%	8 097 858
	Gross	BR	6 360 226	-27,5%	8 778 448	0,4%	8 745 759
	Amortisation	BS	597 325	-28,4%	833 814	28,7%	647 901
	Goods for resale	Net	3 238 066	-43,8%	5 758 064	68,6%	3 416 188
	Gross	BT	3 238 066	-43,8%	5 758 064	68,6%	3 416 188
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	14 356 495	-22,2%	18 449 677	6,7%	17 291 557

Advance payments to suppliers

			31/12/2010		31/12/2009		31/12/2008
	Advance payments to suppliers	Net	558 014	16,9%	477 169	66,4%	286 811
	Gross	BV	558 014	16,9%	477 169	66,4%	286 811
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2010		31/12/2009		31/12/2008
	Trade accounts receivable	Net	21 723 056	-16,6%	26 034 587	-16,1%	31 039 794
	Gross	BX	24 415 955	-13,1%	28 095 503	-13,5%	32 465 744
	Amortisation	BY	2 692 899	30,7%	2 060 915	44,5%	1 425 950
	Other debtors	Net	23 297 452	7,3%	21 710 757	69,2%	12 833 665
	Gross	BZ	23 297 452	7,3%	21 710 757	69,2%	12 833 665
	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	45 020 508	-5,7%	47 745 344	8,8%	43 873 459

Divers

			31/12/2010		31/12/2009		31/12/2008
	Investment securities	Net	0	0%	0	0%	1 671 326
	Gross	CD	0	0%	0	0%	1 671 326
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	8 492 734	-12,0%	9 651 525	6,3%	9 076 236
	Gross	CF	8 492 734	-12,0%	9 651 525	6,3%	9 076 236
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	8 492 734	-12,0%	9 651 525	-10,2%	10 747 562

Prepaid expenses

			31/12/2010		31/12/2009		31/12/2008
	Prepaid expenses	Net	517 674	73,0%	299 187	-38,9%	489 271
	Gross	CH	517 674	73,0%	299 187	-38,9%	489 271
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

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

References

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

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to V)	EE	69 256 595	-10,2%	77 098 863	4,9%	73 510 768

Shareholder Equity (I)

			31/12/2010		31/12/2009		31/12/2008
	Total shareholders' equity (Total I)	DL	26 536 965	-9,5%	29 331 218	8,5%	27 042 625
	Equity and shareholders' equity	DA	14 000 000	0%	14 000 000	0%	14 000 000
	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	1 400 000	0%	1 400 000	0%	1 400 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	0	0%	0	0%	0
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	31 219	-26,8%	42 625	-51,0%	87 078
	Profit or loss for the period	DI	11 105 746	-20,0%	13 888 593	20,2%	11 555 547
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

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

Provisions for risks and charges (III)

			31/12/2010		31/12/2009		31/12/2008
	Total provisions for risks and charges (Total III)	DR	4 900 063	-2,8%	5 038 713	12,8%	4 467 495
	Risk provisions	DP	988 651	-24,0%	1 301 000	145,0%	531 000
	Reserves for charges	DQ	3 911 413	4,6%	3 737 713	-5,0%	3 936 495

Liabilities (IV)

			31/12/2010		31/12/2009		31/12/2008
	Total Liabilities (Total IV)	EC	37 819 567	-11,5%	42 728 932	1,7%	42 000 648
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	0	0%	0	0%	197 767
	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	23 934 524	-3,4%	24 773 563	-6,9%	26 600 161
	Tax and social security liabilities	DY	9 056 012	-10,2%	10 084 957	2,5%	9 841 701
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	4 829 030	-38,6%	7 870 411	46,8%	5 361 019

Translation loss (V)

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

Equalization accounts

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

References

		31/12/2010		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	37 819 567	-11,5%	42 728 932	1,7%	42 000 648
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2010		31/12/2009		31/12/2008
Operating result (Total I-II)	GG	24 432 222	-18,8%	30 101 867	23,0%	24 478 338

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	-4 538 923	9,2%	-4 996 437	-48,0%	-3 374 969

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

		31/12/2010		31/12/2009		31/12/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	19 893 299	-20,8%	25 105 430	19,0%	21 103 370

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	47 458	-85,4%	324 334	87,8%	172 743

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	11 105 746	-20,0%	13 888 593	20,2%	11 555 547

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	176 100 886	-12,7%	201 628 459	4,9%	192 295 214

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

		31/12/2010		31/12/2009		31/12/2008
Total charges (Total II+IV+VI+VIII+IX+X)	HM	164 995 138	-12,1%	187 739 867	3,9%	180 739 666

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	175 935 940	-12,4%	200 941 267	5,0%	191 328 474

Operating income (details)

			31/12/2010		31/12/2009		31/12/2008
	Sale of goods for resale	FC	689 583	-10,3%	768 706	0,0%	768 932
	France	FA	60 221	127,7%	26 443	-79,1%	126 791
	Export	FB	629 362	-15,2%	742 263	15,6%	642 141
	Sale of goods produced	FF	174 901 424	-9,2%	192 703 992	3,2%	186 817 499
	France	FD	125 133 846	-16,0%	148 997 442	2,9%	144 736 026
	Export	FE	49 767 578	13,9%	43 706 550	3,9%	42 081 473
	Sale of services	FI	2 025 469	-25,0%	2 700 024	477,1%	467 890
	France	FG	1 473 530	-29,9%	2 101 317	132,5%	903 739
	Export	FH	551 939	-7,8%	598 707	237,4%	-435 849
	Net turnover	FL	177 616 476	-9,5%	196 172 722	4,3%	188 054 321
	France	FJ	126 667 597	-16,2%	151 125 202	3,7%	145 766 556
	Export	FK	50 948 879	13,1%	45 047 520	6,5%	42 287 765
	Stocked production	FM	-4 968 292	-305,3%	2 419 527	113,2%	1 134 954
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	1 030	-97,9%	50 101
	Release of reserves and provisions	FP	3 166 033	41,4%	2 238 726	14,0%	1 963 571
	Other income	FQ	121 723	11,4%	109 262	-13,0%	125 527

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	151 503 718	-11,3%	170 839 400	2,4%	166 850 136

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	21 696 164	-35,6%	33 664 993	14,9%	29 295 992
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	16 139 048	7,8%	14 966 779	3,6%	14 452 958
Change in stocks of raw materials	FV	-676 447	-155,0%	1 228 803	205,7%	-1 162 738
Other external purchases and charges	FW	73 547 248	-1,5%	74 676 373	-3,5%	77 391 248
Tax, duty and similar payments	FX	4 274 445	-42,9%	7 487 026	-29,4%	10 606 406
Payroll	FY	19 560 970	-9,5%	21 615 175	2,7%	21 044 256
Social security costs	FZ	9 173 352	-3,1%	9 466 749	-1,6%	9 617 106

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	275 287	-36,1%	430 861	-11,8%	488 397
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	2 623 059	36,3%	1 924 812	8,9%	1 767 093
Provisions for risks and charges	GD	695 000	-39,0%	1 139 000	52,7%	745 750

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	4 195 592	-1,0%	4 238 829	62,8%	2 603 667

Operating charges (III-IV)

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

Financial income (V)

			31/12/2010		31/12/2009		31/12/2008
	Total financial income (Total V)	GP	37 961	-58,4%	91 337	-76,9%	396 084
	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	18 043	-77,4%	79 949	-79,0%	379 852
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	19 918	74,9%	11 388	-29,8%	16 232
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2010		31/12/2009		31/12/2008
	Total financial charge (Total VI)	GU	4 576 884	-10,0%	5 087 774	34,9%	3 771 052
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	4 567 368	-9,7%	5 058 476	34,2%	3 768 283
	Exchange losses	GS	9 516	-67,5%	29 298	958,1%	2 769
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary income (Total VII)	HD	126 985	-78,7%	595 855	4,4%	570 656
	Extraordinary operating income	HA	19 248	-96,7%	581 929	0%	0
	Extraordinary income from capital transactions	HB	84	0%	84	-97,5%	3 352
	Released provisions and transferred charges	HC	107 653	677,7%	13 842	-97,6%	567 304

Extraordinary charges (VIII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	79 527	-70,7%	271 521	-31,8%	397 913
	Extraordinary operating charges	HE	-2 144	0%	0	0%	352 690
	Extraordinary charges from capital transactions	HF	1 671	-33,7%	2 521	-94,4%	45 223
	Extraordinary reserves and provisions	HG	80 000	-70,3%	269 000	0%	0

Employee profit sharing (IX)

		31/12/2010		31/12/2009		31/12/2008
Employee profit sharing (Total IX)	HJ	2 042 408	-16,5%	2 446 690	18,6%	2 062 909

Tax on profits (X)

		31/12/2010		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	6 792 601	-25,3%	9 094 482	18,8%	7 657 656

References

		31/12/2010		31/12/2009		31/12/2008
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	170 297	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	121 626	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	4 192 344	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	OG	0	0%	0	0%	2 515 953
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	198 069
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	51 027	341,7%	11 553	-85,1%	77 750
	Gross value at the end of period	OL	2 804 277	3,3%	2 715 106	3,0%	2 636 272

Research and development Charge (Total I)

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

Other budget item from Intangible fixed assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	KD	137 492	16,4%	118 076	10,0%	107 294
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	24 999	28,8%	19 415	80,1%	10 783
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	23 576	0%	0	0%	0
	Gross value at the end of period	LW	138 915	1,0%	137 492	16,4%	118 076

Tangible fixed assets (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LN	2 556 279	1,7%	2 513 774	4,6%	2 402 284
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	115 199	113,1%	54 058	-70,7%	184 287
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	27 451	137,6%	11 553	-84,1%	72 797
	Gross value at the end of period	NH	2 644 027	3,4%	2 556 279	1,7%	2 513 774

Fiancial assets (Total IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LQ	21 335	382,5%	4 422	-30,6%	6 375
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	16 913	463,8%	3 000
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	4 953
	Gross value at the end of period	NK	21 335	0%	21 335	382,5%	4 422

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

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	1 353 341
Increases		0P	0	0%	0	0%	488 397
Decreasess		0Q	0	0%	0	0%	27 574
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	1 814 164

Research and development charge (Total I)

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

Other intangible assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	89 103	45,2%	61 386	84,9%	33 200
Increases		PF	24 492	-11,6%	27 717	-1,7%	28 187
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	113 596	27,5%	89 103	45,2%	61 386

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	2 150 040	22,7%	1 752 778	32,8%	1 320 141
Increases		QV	250 795	-37,8%	403 144	-12,4%	460 211
Decreases		QW	21 323	262,6%	5 881	-78,7%	27 574
	Decreasess by budget item transfer	QX	2 379 512	10,7%	2 150 040	22,7%	1 752 778

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

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

Premium refund of obligations

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

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

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7C	8 056 994	18,2%	6 818 206	4,8%	6 505 280
Increases		UB	3 634 548	9,1%	3 332 812	32,6%	2 512 843
Decreases		UC	3 339 878	59,5%	2 094 024	-4,8%	2 199 917
	Value at the end of period	UD	8 351 664	3,7%	8 056 994	18,2%	6 818 206

Includes Total allocations

Operating	UE	3 554 548	16,0%	3 063 812	21,9%	2 512 843
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	80 000	-70,3%	269 000	0%	0

Includes Total Withdrawal

Operating	UF	3 232 225	55,4%	2 080 182	27,4%	1 632 613
Financial	UH	0	0%	0	0%	0
Exceptional	UK	107 653	677,7%	13 842	-97,6%	567 304

Total regulated provisions (Total I)

			31/12/2010		31/12/2009		31/12/2008
	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)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	5Z	5 038 713	12,8%	4 467 495	1,2%	4 414 049
Increases		TV	775 000	-45,0%	1 408 000	88,8%	745 750
Decreases		TW	913 649	9,2%	836 782	20,9%	692 304
	Value at the end of period	TX	4 900 063	-2,8%	5 038 713	12,8%	4 467 495

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	3 018 281	28,4%	2 350 711	12,4%	2 091 231
Increases		TY	2 859 548	48,6%	1 924 812	8,9%	1 767 093
Decreases		TZ	2 426 228	93,0%	1 257 242	-16,6%	1 507 613
	Value at the end of period	UA	3 451 601	14,4%	3 018 281	28,4%	2 350 711

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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	48 252 416	-3,7%	50 126 781	9,5%	45 793 102
1 year at most	VU	48 231 081	-3,8%	50 126 781	9,5%	45 793 102
More than one year	VV	21 335	0%	0	0%	0

State of loans

		31/12/2010		31/12/2009		31/12/2008
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	21 335	0%	21 335	382,5%	4 422
Other financial assets (1 year at most)	UV	0	0%	21 335	382,5%	4 422

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	678 993	37,0%	495 744	13,6%	436 458
Other claims customer	UX	23 736 962	-14,0%	27 599 759	-13,8%	32 029 285
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	160 774	0,1%	160 565	-14,6%	187 935
Social Security and other social organizations	UZ	19 086	-2,7%	19 625	516,6%	3 183
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	2 329 007	10,3%	2 111 567	-1,5%	2 144 668
Other taxes and payments assimilated	VN	317 329	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	20 393 046	5,8%	19 276 272	86,1%	10 358 649
Accounts receivable (including claims relating to the operation of pension titles)	VR	78 211	-45,2%	142 728	2,5%	139 231

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	517 674	73,0%	299 187	-38,9%	489 271

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	37 819 567	-11,5%	42 728 932	1,7%	42 000 648
1 year at most		VZ2	37 819 567	-11,5%	42 728 932	1,7%	42 000 648
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

			31/12/2010		31/12/2009		31/12/2008
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	197 767
1 year at most		VG2	0	0%	0	0%	197 767
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	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	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	23 934 524	-3,4%	24 773 563	-6,9%	26 600 161
1 year at most		8B2	23 934 524	-3,4%	24 773 563	-6,9%	26 600 161
More than 1 year and 5 years at most		8B3	23 934 524	-3,4%	24 773 563	0%	0
	Personnel and associated accounts (gross)	8C1	4 898 261	-11,7%	5 546 546	2,3%	5 422 228
1 year at most		8C2	4 898 261	-11,7%	5 546 546	2,3%	5 422 228
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	3 436 428	-8,6%	3 761 145	2,2%	3 678 555
1 year at most		8D2	3 436 428	-8,6%	3 761 145	2,2%	3 678 555
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	1 872	4,6%	1 789	0%	0
1 year at most		8E2	1 872	4,6%	1 789	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	0%	0	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	719 451	-7,2%	775 477	4,7%	740 917
1 year at most		VQ2	719 451	-7,2%	775 477	4,7%	740 917
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%	1 436 826	0%	0
1 year at most		VI2	0	0%	1 436 826	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	4 829 030	-24,9%	6 433 585	20,0%	5 361 019
1 year at most		8K2	4 829 030	-24,9%	6 433 585	20,0%	5 361 019
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2010		31/12/2009		31/12/2008
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2010		31/12/2009		31/12/2008
Dividends	ZE	13 900 000	19,8%	11 600 000	-7,9%	12 600 000

Commitments

		31/12/2010		31/12/2009		31/12/2008
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

		31/12/2010		31/12/2009		31/12/2008
Subcontracting	YT	24 096 398	2,7%	23 473 069	-16,0%	27 938 052
Rentals, rental charges and condominiums	XQ	19 357 868	-5,4%	20 458 170	15,0%	17 789 732
Staff outside the company	YU	630 869	33,8%	471 595	-2,4%	483 382
Remuneration intermediaries and fees (excluding fees)	SS	8 421 056	-17,5%	10 208 494	1,1%	10 096 447
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	21 041 057	4,9%	20 065 045	-4,8%	21 083 635
Total Other purchases and external	ZJ	73 547 248	882,3%	74 676 373	-3,5%	77 391 248

Taxes and Fees

		31/12/2010		31/12/2009		31/12/2008
Business tax	YW	1 052 003	-23,9%	1 382 169	-18,1%	1 687 996
Other taxes and payments assimilated	9Z	3 222 442	-47,2%	6 104 857	-31,5%	8 918 410
Total taxes and fees	YX	4 274 445	-42,9%	7 487 026	-29,4%	10 606 406

VAT

		31/12/2010		31/12/2009		31/12/2008
Amount VAT collected	YY	7 561 410	0%	0	0%	8 716 475
Total VAT on goods and services	YZ	16 089 845	0%	0	0%	16 319 275

Average number of employees

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	418	0%	0	0%	0

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Fixed Asset Financing		12,10	-10,2%	13,48	6,0%	12,72	1,45	734,5%
Global Debt		77 days	-1,3%	78 days	-2,5%	80 days	143 days	-46,2%
Working Capital Fund overall net		63 days	1,6%	62 days	5,1%	59 days	90,50 days	-30,4%
Financial independence		%	-	%	-	13673,98%	1883,98%	-
More ratios
Solvability		38,32%	0,7%	38,04%	3,4%	36,79%	44,83%	-14,5%
Capacity debt futures		%	-	%	-	13673,98%	3445,83%	-
Coverage of current assets by net working capital overall		43,30%	1,4%	42,72%	5,4%	40,52%	45,31%	-4,4%
General Liquidity		1,28	9,4%	1,17	7,3%	1,09	0,75	70,7%
Restricted Liquidity		1,50	7,1%	1,40	3,7%	1,35	1,12	33,9%

Management or rotation

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital		45 days	2,3%	44 days	15,8%	38 days	45 days	0%
Treasury		17 days	-5,6%	18 days	-14,3%	21 days	18 days	-5,6%
Inventory turnover of goods		54 days	-12,9%	62 days	47,6%	42 days	34,50 days	56,5%
Average length of credit granted to customers		47 days	-9,6%	52 days	-11,9%	59 days	65 days	-27,7%
Average length of credit obtained suppliers		68 days	-5,6%	72 days	2,9%	70 days	83 days	-18,1%
More ratios
Inventory turnover of raw materials in industrial enterprises		110 days	7,8%	102 days	-25,0%	136 days	81 days	35,8%
Inventory turnover of intermediate and finished products in the industrial enterprise		6718 days	-12,5%	7674 days	2,6%	7481 days	314 days	2039,5%
Rotation tangible assets		6717,65%	-12,5%	7674,15%	2,6%	7480,96%	329,10%	1941,2%

Profitability of the business

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading		-11,83%	29,5%	-16,77%	-10,5%	-15,17	0%	0%
Profitability of the business		16,29	-10,0%	18,09	21,5%	14,89	8,65%	88,3%
Net profit		6,25%	-11,7%	7,08%	15,3%	6,14%	4,54%	37,7%
More ratios
Growth rate of turnover (excluding VAT)		-9,46%	-319,0%	4,32%	1,4%	4,26%	3,25%	-391,1%
Rates integration		34,87%	-7,6%	37,75%	2,6%	36,80%	37,08%	-6,0%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		46,39%	10,5%	41,97%	-5,3%	44,30%	63,39%	-26,8%
Weight interests		2,58	-0,4%	2,59%	28,9%	2,01%	0,61%	323,0%

Return on capital

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability		4,57%	-28,3%	6,37%	21,1%	5,26%	6,87%	-33,5%
Rates of economic profitability		109%	-9,9%	121%	17,5%	103%	14%	678,6%
Financial profitability		26536965%	-9,5%	29331218%	8,5%	27042625%	3357886,50%	690,3%
Return on investment		59,10%	-8,7%	64,70%	15,0%	56,26%	10,80%	447,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Turnover	177 616 476	-9,5%	196 172 722	4,3%	188 054 321	8 603 001 €	1964,6%

Sales of goods	689 583	-10,3%	768 706	0,0%	768 932
- Purchase of goods	21 696 164	-35,6%	33 664 993	14,9%	29 295 992
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	-21 006 581 €	36,1%	-32 896 287 €	-15,3%	-28 527 060 €	0 €	0%
	-11,83 % CA	29,5%	-16,77 % CA	-10,5%	-15,17 % CA	0 % CA	0%

Sale of goods produced	176 926 893	-9,5%	195 404 016	4,3%	187 285 389
+/- Stocked production	-4 968 292	-305,3%	2 419 527	113,2%	1 134 954
+ Self-constructed assets	0	0%	0	0%	0
Period production	171 958 601 €	-13,1%	197 823 543 €	5,0%	188 420 343 €	7 739 309 €	2121,9%
	96,81 % CA	-4,0%	100,84 % CA	0,6%	100,19 % CA	98,71 % CA	-1,9%

Trading margin	-21 006 581	36,1%	-32 896 287	-15,3%	-28 527 060	0	0%
+ Period Production	171 958 601	-13,1%	197 823 543	5,0%	188 420 343	7 739 309	2121,9%
- Purchase of raw materials	16 139 048	7,8%	14 966 779	3,6%	14 452 958
+/- Change in stocks of raw materiels	-676 447	-155,0%	1 228 803	205,7%	-1 162 738
- Other external purchases and charges	73 547 248	-1,5%	74 676 373	-3,5%	77 391 248
Added value	61 942 171 €	-16,4%	74 055 301 €	7,0%	69 211 815 €	2 895 397,50 €	2039,3%
	34,87 % CA	-7,6%	37,75 % CA	2,6%	36,80 % CA	37,08 % CA	-6,0%

Added value	61 942 171 €	-16,4%	74 055 301 €	7,0%	69 211 815 €	2 895 397,50 €	2039,3%
+ Operating grants	0	0%	1 030	-97,9%	50 101
- Tax, duty and similar payments	4 274 445	-42,9%	7 487 026	-29,4%	10 606 406
- Personal charges	28 734 322	-7,6%	31 081 924	1,4%	30 661 362
Gross operating surplus	28 933 404 €	-18,5%	35 487 381 €	26,8%	27 994 148 €	401 007,50 €	7115,2%
	16,29 % CA	-10,0%	18,09 % CA	21,5%	14,89 % CA	8,65 % CA	88,3%

Gross operating surplus	28 933 404 €	-18,5%	35 487 381 €	26,8%	27 994 148 €	401 007,50 €	7115,2%
+ Release of reserves and provisions	3 166 033	41,4%	2 238 726	14,0%	1 963 571
+ Other operating income	121 723	11,4%	109 262	-13,0%	125 527
- Depreciation/Amortisation	3 593 346	2,8%	3 494 673	16,4%	3 001 240
- Other charges	4 195 592	-1,0%	4 238 829	62,8%	2 603 667
Operating result	24 432 222 €	-18,8%	30 101 867 €	23,0%	24 478 339 €	152 714 €	15898,7%
	13,76 % CA	-10,3%	15,34 % CA	17,8%	13,02 % CA	5,68 % CA	142,3%

Operating result	24 432 222 €	-18,8%	30 101 867 €	23,0%	24 478 339 €	152 714 €	15898,7%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	37 961	-58,4%	91 337	-76,9%	396 084
- Financial charges	4 576 884	-10,0%	5 087 774	34,9%	3 771 052
Pre-tax result	19 893 299 €	-20,8%	25 105 430 €	19,0%	21 103 371 €	141 996,50 €	13909,7%
	11,20 % CA	-12,5%	12,80 % CA	14,1%	11,22 % CA	5,48 % CA	104,4%

Extraordinary income	126 985	-78,7%	595 855	4,4%	570 656	25 594	396,2%
- Extraordinary charges	79 527	-70,7%	271 521	-31,8%	397 913
Extraordinary result	47 458 €	-85,4%	324 334 €	87,8%	172 743 €	-951,50 €	5087,7%
	0,03 % CA	-82,4%	0,17 % CA	88,9%	0 % CA	-00,09 % CA	133,3%

Pre-tax result	19 893 299 €	-20,8%	25 105 430 €	19,0%	21 103 371 €	141 996,50 €	13909,7%
Extraordinary result	47 458 €	-85,4%	324 334 €	87,8%	172 743 €	-951,50 €	5087,7%
- Employee profit sharing	2 042 408	-16,5%	2 446 690	18,6%	2 062 909
- Tax on profits	6 792 601	-25,3%	9 094 482	18,8%	7 657 656
Net result	11 105 748 €	-20,0%	13 888 592 €	20,2%	11 555 549 €	158 803 €	6893,4%
	6,25 % CA	-11,7%	7,08 % CA	15,3%	6,14 % CA	4,58 % CA	36,5%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trading to Date	12/31/2010	12/31/2009	12/31/2008
Turnover	177,616,476 €	196,172,722 €	188,054,321 €
Gross Operating Surplus	16,29 % Turnover	18,09 % Turnover	14,89 % Turnover
Net worth	26,536,965 €	29,331,218 €	27,042,625 €
Employees	250 to 499 employees	-

Establishment details

Activity (APE)	Fabrication de préparations pharmaceutiques (2120Z)	Business Pages FT®
Postal Address	LABORATOIRES BOUCHARA - RECORDATI 68 RUE MARJOLIN 92300 LEVALLOIS PERRET	Trading Address	68 RUE MARJOLIN 92300 LEVALLOIS PERRET
Telephone	01 45 19 10 00
Fax

Type	Head office	Status	Economically active
Formation Date	05/2003	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role	Tenant of a goodwill
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Hauts-de-Seine (92)	Region	Ile-de-France
District	2	Area	95
City	LEVALLOIS PERRET	Size of urban area	Paris conglomeration

Other establishments

Branches	2 branch entities in this company
Head office	> LABORATOIRES BOUCHARA - RECORDATI <<<  - Fabrication de préparations pharmaceutiques (2120Z)  in LEVALLOIS PERRET  (92300)
Secondary establishments	>  LABORATOIRES BOUCHARA - RECORDATI  - Fabrication de préparations pharmaceutiques (2120Z)  in SAINT VICTOR  (03410)

Regionality	Legal unit with multiple establishments in many areas but no one grouping more than 50% of workforce
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

250 to 499 employees

Company workforce

250 to 499 employees

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
26/08/2011	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 2276 - 448 777 920 RCS Nanterre. LABORATOIRES BOUCHARA - RECORDATI. Forme : Société par actions simplifiée. Administration : Directeur général : SOUBEYRAND Frédéric modification le 26 Juillet 2010 Président : RECORDATI Andrea en fonction le 07 Août 2009 Commissaire aux comptes suppléant : KPMG AUDIT ID en fonction le 18 Août 2011 Commissaire aux comptes titulaire : KPMG S. A en fonction le 18 Août 2011. Activité : . Commentaires : Modification de représentant.
17/05/2010	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 10223 - 448777920 RCS. LABORATOIRES BOUCHARA - RECORDATI. Forme : Société par actions simplifiée. Adresse : 68 rue Marjolin 92300 Levallois-Perret. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
16/08/2009	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 1106 - 448 777 920 RCS Nanterre. LABORATOIRES BOUCHARA - RECORDATI. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : DELOITTE & ASSOCIES modification le 16 Décembre 2004 Commissaire aux comptes suppléant : BEAS ( 315 172 445 RCS NANTERRE) Directeur général : SOUBEYRAND Frédéric modification le 08 Janvier 2008 Président : RECORDATI Andrea en fonction le 07 Août 2009. Commentaires : Modification de représentant.
05/06/2009	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 10866 - 448777920 RCS. LABORATOIRES BOUCHARA - RECORDATI. Forme : Société par actions simplifiée. Adresse : 68 rue Marjolin 92300 Levallois-Perret. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
27/05/2008	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 8870 - 448777920 RCS. LABORATOIRES BOUCHARA - RECORDATI. Forme : Société par actions simplifiée. Adresse : 68 rue Marjolin 92300 Levallois-Perret. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
17/02/2008	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 2656 - 448 777 920 RCS Nanterre. LABORATOIRES BOUCHARA - RECORDATI. Forme : Société par actions simplifiée. Enseigne : BOUCHARA-RECORDATI. Administration : directeur général : SOUBEYRAND Frédéric entré en fonction le 12 Novembre 2007. Commentaires : Modification de représentant.
23/06/2007	Bodacc C	Avis de dépôt des comptes
6938 - Nanterre B 448 777 920. RC 03-B 2459. LABORATOIRES BOUCHARA RECORDATI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 68, rue Marjolin,92300 Levallois-Perret. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
20/06/2006	Bodacc C	Avis de dépôt des comptes
3090 - RCS Nanterre B 448 777 920. RC 03-B 2459. LABORATOIRES BOUCHARA RECORDATI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE - SAS. Adresse du siège social: 68, rue Marjolin,92300 Levallois-Perret. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
24/01/2006	Bodacc B	Modifications et mutations diverses
1826 - RCS Nanterre B 448 777 920. RC 03-B 2459. LABORATOIRES BOUCHARA RECORDATI. Forme : S.A.S. Capital : 14 000 000 d'euros. Commentaires : modification survenue sur le capital (augmentation).
21/07/2005	Bodacc C	Avis de dépôt des comptes
1996 - RCS Nanterre B 448 777 920. RC 03-B 2459. LABORATOIRES BOUCHARA RECORDATI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 68, rue Marjolin,92300 Levallois-Perret. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
30/10/2003	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 448777920 RC 03-B 2459 LABORATOIRES BOUCHARA RECORDATI. Forme : S.A.S. Capital : 1 000 000 d'euros Nom commercial: Bouchara-Recordati. Adresse du siège social : 68 rue Marjolin, 92300 Levallois-Perret Etablissement principal: Activité : laboratoire pharmaceutique. Adresse : 68 rue Marjolin, 92300 Levallois-Perret Etablissement principal reçu en location-gérance. Commentaires : modification survenue sur le nom commercial Date de début d' activité: 1 e r octobre 2003. Précédent exploitant : BOUCHARA-RECORDATI. RCS 602056657.
20/06/2003	Bodacc A	Création d'établissement
RCS Nanterre B 448777920 RC 03-B 2459 LABORATOIRES BOUCHARA RECORDATI. Forme : S.A.S. Capital : 1 000 000 d'euros. Adresse du siège social : 68 rue Marjolin, 92300 Levallois-Perret. Administration : président : RECORDATI ( Giovanni). Commissaire aux comptes titulaire : DELOITTE TOUCHE TOHMATSU. Commissaire aux comptes suppléant : BEAS Cette société se constitue , mais n'exploite provisoirement aucun établissement.

Company events history

Date	Description
26/08/2011	Bodacc B: Various editing or changing
18/08/2011	New auditor
18/08/2011	Amendment
18/07/2011	Bodacc C : Deposit accounts notice
12/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
17/05/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
16/08/2009	Bodacc B: Various editing or changing
07/08/2009	New chairman (CEO, CoB)
07/08/2009	Appointment/resignation of company officers
07/08/2009	Private document
07/08/2009	Updated articles of association
07/08/2009	Minutes of general meeting of shareholders
04/08/2009	Collection of preferential rights activated for this company
05/06/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
27/05/2008	Bodacc C : Deposit accounts notice
17/02/2008	New Bodacc B ads detected
17/02/2008	Bodacc B: Various editing or changing
31/12/2007	New accounts available
12/11/2007	Appointment/resignation of company officers
12/11/2007	Private document
12/11/2007	PV d'Assemblée
04/06/2007	Statuts mis à jour
04/06/2007	Minutes of general meeting of shareholders
04/06/2007	Private document
04/06/2007	Updated articles of association
04/06/2007	Acte modificatif
31/12/2006	New accounts available
02/01/2006	Acte modificatif
02/01/2006	Rapport des Commissaires ou du Gérant
02/01/2006	Audit or Management Report
02/01/2006	Updated articles of association
02/01/2006	Statuts mis à jour
02/01/2006	PV d'Assemblée
02/01/2006	Minutes of general meeting of shareholders
02/01/2006	Private document
02/01/2006	Acte sous seing privé
02/01/2006	Capital increase
02/01/2006	Augmentation de Capital
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
22/05/2003	Statuts
22/05/2003	Certificat de dépôt des fonds
22/05/2003	Acte sous seing privé
22/05/2003	Formation de Société

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.96
UK Pound	1	Rs.77.47
Euro	1	Rs.64.40

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.