MIRA INFORM REPORT

Report Date :

06.02.2012

IDENTIFICATION DETAILS

Correct Name :	MECAN'OUTIL
Registered Office :	Zi Du Chateau Rouge, 44522 Mesanger
Country :	France
Financials (as on) :	31.03.2011
Date of Incorporation :	February 1982
Com. Reg. No.:	RCS Nantes 8 324 321 025
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of machine tools for metal working
No. of Employees :	20 to 49

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 :	115,000 €
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
France	a2	a2

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

REGISTERED NAME & COMPANY SUMMARY

MECAN'OUTIL

Company Summary

Activity (APE)	Fabrication de machines-outils pour le travail des métaux (2841Z) (Manufacture of machine tools for metal working (2841Z))	Legal form	Limited Liability Company
Phone		RCS Registration	RCS Nantes 8 324 321 025
Fax	02 40 98 88 21	Share capital	215,000 Euros
Address	MECAN'OUTIL ZI DU CHATEAU ROUGE 44522 MESANGER	Incorporated Date	05/1982
Nationality	France	Status	Economically active

Company details
	Activity (APE)	Fabrication de machines-outils pour le travail des métaux (2841Z)
	RCS Registration	RCS Nantes 8 324 321 025	Share capital	215,000 Euros
	Registration Court	Nantes (44)	Legal form	Limited Liability Company
	Court Registry Number	19 8 2B002	EU VAT Number	FR28324321025
	Incorporation Date	05/1982	Formation Date	02/1982
	Deregistration Date		Last account Date	31/03/2011
	Nationality	France

Establishment details
	Activity (APE)	Fabrication de machines-outils pour le travail des métaux (2841Z)	Business Pages FT®	OUTILLAGE BATIMENT FABRICATION GRO
	Postal Address	MECAN'OUTIL ZI DU CHATEAU ROUGE 44522 MESANGER	Trading Address	ZI DU CHATEAU ROUGE 44522 MESANGER
	Telephone
	Fax	02 40 98 88 21

CREDIT RECOMENDATION

Current Credit Limit: 115,000 €

DIRECTORS/MANAGEMENT

Current Directors

1

Directors

Name	M. RAVIER JEAN-MARIE LOUIS LEON
Manager position	Gérant	Date of birth	06/02/1950
Place of birth	95 LE PLESSIS BOUCHARD
Type of manager	Individual	Name at birth of manager

Previous Directors

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

Manager position	Title and name	Date of Birth/Place of Birth
Président	M JEAN-MARIE RAVIER
Gérant	M JEAN-MARIE LOUIS LEON RAVIER
Gérant	M JEAN-MARIE RAVIER

NEGATIVE INFORMATION

Last published preferential right

No social security and tax office preferential right to date

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	07/10/2008
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.

FINANCIAL INFORMATION

Trading to Date		03/31/2011		03/31/2010		03/31/2009
Turnover		4,653,359 €		4,535,119 €		5,134,286 €
	Gross Operating Surplus		2,09 % Turnover		8,88 % Turnover		5,06 % Turnover
	Net worth		523,359 €		473,838 €		406,685 €
	Employees		20 to 49 employees		-		-

Accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/03/2011	31/03/2010	31/03/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	19/07/2011	21/01/2011	-
Activity Code	2841Z	2841Z	2841Z
Employees	40	0	0

Active account

Annual Accounts	31/03/2011		31/03/2010		31/03/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	150 266	-26,4%	204 055	-11,3%	230 015	48 461	210,1%
- Intangible assets	34 858	-17,2%	42 095	19,1%	35 343	3 048	1043,6%
- Tangible assets	97 345	-31,3%	141 765	-14,2%	165 223	31 885	205,3%
- Financial assets	27 210	-7,3%	29 342	-0,4%	29 450	3 528	671,3%
Net current assets	1 838 695	0,7%	1 825 529	1,4%	1 800 368	600 370	206,3%
- Stocks	857 922	-5,6%	908 725	-7,2%	979 698	192 008	346,8%
- Advanced payments	14 815	0,7%	20 154	-69,3%	65 640	0	0%
- Receivables	956 044	6,6%	896 479	19,8%	748 471	326 270	193,0%
- Securities and cash	9 914	5697,7%	171	-97,4%	6 559	95 086	-89,6%
- Prepaid expenses	-	-	-	-	-	560	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	1 988 962	-2,0%	2 029 584	0,0%	2 030 384	747 644	166,0%

Passive Account

Annual Accounts	31/03/2011		31/03/2010		31/03/2009	Sector Median 2011
Shareholders' equity	523 359	10,5%	473 838	16,5%	406 685	169 349	209,0%
Share capital	215 000	0%	215 000	0%	215 000	50 000	330,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	101 750	-46,1%	188 769	98,1%	95 300	0	0%
Liabilities	1 363 854	-0,2%	1 366 978	-10,6%	1 528 399	490 373	178,1%
- Financial liabilities	490 479	-26,0%	663 252	-12,1%	754 466	64 278	663,1%
- Advanced payments received	204 524	800,9%	22 701	-74,4%	88 676	0	0%
- Trade account payables	392 574	8,0%	363 516	-8,7%	398 080	198 509	97,8%
- Tax and social liabilities	274 831	-11,0%	308 919	10,2%	280 377	171 429	60,3%
- Other debts and fixed assets liabilities	1 446	-83,2%	8 590	26,3%	6 799	11 394	-87,3%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	1 988 962	-2,0%	2 029 585	0,0%	2 030 384	747 644	166,0%

Results

Annual Accounts	31/03/2011		31/03/2010		31/03/2009	Sector Median 2011
Sales of Goods	4 760 243	2,0%	4 665 851	-0,5%	4 689 754	951 480	400,3%
Net turnover	4 653 359	2,6%	4 535 119	-11,7%	5 134 286	885 923	425,3%
- of which net export turnover	0	0%	0	0%	1 555 439	2 500	0%
Operating charges	4 674 986	7,1%	4 366 038	-3,0%	4 499 528	949 987	392,1%
Operating profit/loss	85 257	-71,6%	299 813	57,6%	190 226	41 112	107,4%
Financial income	453	-71,0%	1 564	-56,6%	3 606	119	280,7%
Financial charges	33 653	-30,2%	48 247	-43,2%	84 989	3 852	773,7%
Financial profit/loss	-33 200	28,9%	-46 683	42,6%	-81 383	-2 657	-1149,5%
Pretax net operating income	52 057	-79,4%	253 130	132,6%	108 843	37 484	38,9%
Extraordinary income	54 807	0%	0	0%	608 607	1 047	5134,7%
Extraordinary charges	55 342	11,6%	49 593	-30,0%	70 897	2 121	2509,2%
Extraordinary profit/loss	-535	199,9%	-49 593	-109,2%	537 710	0	0%
Net result	49 521	-66,3%	147 149	-68,7%	469 626	28 938	71,1%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/03/2011	31/03/2010	31/03/2009
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/03/2011		31/03/2010		31/03/2009
	Grand Total (I to VI)	Net	1 988 962	-2,0%	2 029 584	0,0%	2 030 384
	Gross	CO	2 630 901	0,7%	2 611 530	1,8%	2 564 328
	Amortisation	1A	641 939	10,3%	581 946	9,0%	533 944

Non declared distributed capital (I)

		31/03/2011		31/03/2010		31/03/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

			31/03/2011		31/03/2010		31/03/2009
	Total Active fixed asset (II)	Net	150 266	-26,4%	204 055	-11,3%	230 015
	Gross	BJ	640 344	-1,6%	650 933	0,2%	649 324
	Amortisation	BK	490 078	9,7%	446 878	6,6%	419 309

Intangilble fixed assets

			31/03/2011		31/03/2010		31/03/2009
	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	25 711	-22,0%	32 948	-6,8%	35 343
	Gross	AF	64 279	0,3%	64 072	-30,2%	91 852
	Amortisation	AG	38 568	23,9%	31 124	-44,9%	56 509
	Goodwill	Net	9 147	0%	9 147	0%	0
	Gross	AH	9 147	0%	9 147	0%	9 147
	Amortisation	AI	9 147	0%	9 147	0%	9 147
	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	34 858	-17,2%	42 095	19,1%	35 343

Tangilble fixed assets

			31/03/2011		31/03/2010		31/03/2009
	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	58 393	-25,5%	78 396	-22,1%	100 646
	Gross	AR	204 289	-5,0%	215 021	1,5%	211 811
	Amortisation	AS	145 896	6,8%	136 625	22,9%	111 165
	Other tangible fixed assets	Net	38 952	-38,5%	63 369	-1,9%	64 577
	Gross	AT	335 419	0,6%	333 351	8,6%	307 064
	Amortisation	AU	296 467	9,8%	269 982	11,3%	242 487
	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	97 345		141 765		165 223

Financial assets

			31/03/2011		31/03/2010		31/03/2009
	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	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	27 210	-7,3%	29 342	-0,4%	29 450
	Gross	BH	27 210	-7,3%	29 342	-0,4%	29 450
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		27 210		29 342		29 450

Current Assets (III)

			31/03/2011		31/03/2010		31/03/2009
	Total Assets	Net	1 838 695	0,7%	1 825 529	1,4%	1 800 368
	Gross	CJ	1 990 557	1,5%	1 960 597	2,4%	1 915 003
	Amortisation	CK	151 862	12,4%	135 068	17,8%	114 635

Stocks

			31/03/2011		31/03/2010		31/03/2009
	Raw materials	Net	641 239	-9,1%	705 588	-15,2%	832 213
	Gross	BL	641 239	-9,1%	705 588	-15,2%	832 213
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	107 522	-11,3%	121 169	131,2%	52 404
	Gross	BN	107 522	-11,3%	121 169	131,2%	52 404
	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	109 161	33,2%	81 968	-13,8%	95 081
	Gross	BR	261 023	22,3%	213 466	7,2%	199 156
	Amortisation	BS	151 862	15,5%	131 498	26,3%	104 075
	Goods for resale	Net	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	857 922	-5,6%	908 725	-7,2%	979 698

Advance payments to suppliers

			31/03/2011		31/03/2010		31/03/2009
	Advance payments to suppliers	Net	14 815	-26,5%	20 154	-69,3%	65 640
	Gross	BV	14 815	-26,5%	20 154	-69,3%	65 640
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/03/2011		31/03/2010		31/03/2009
	Trade accounts receivable	Net	879 772	8,7%	809 442	23,5%	655 381
	Gross	BX	879 772	8,2%	813 012	22,1%	665 941
	Amortisation	BY	0	0%	3 570	-66,2%	10 560
	Other debtors	Net	35 847	-18,1%	43 772	66,0%	26 363
	Gross	BZ	35 847	-18,1%	43 772	66,0%	26 363
	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	915 619	7,3%	853 214	25,2%	681 744

Divers

			31/03/2011		31/03/2010		31/03/2009
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	9 914	5697,7%	171	-97,4%	6 559
	Gross	CF	9 914	5697,7%	171	-97,4%	6 559
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	9 914	5697,7%	171	-97,4%	6 559

Prepaid expenses

			31/03/2011		31/03/2010		31/03/2009
	Prepaid expenses	Net	40 425	-6,6%	43 265	-35,2%	66 727
	Gross	CH	40 425	-6,6%	43 265	-35,2%	66 727
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/03/2011		31/03/2010		31/03/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	-	-

References

		31/03/2011		31/03/2010		31/03/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	4 270	-69,5%	14 004

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/03/2011		31/03/2010		31/03/2009
Grand Total (I to V)	EE	1 988 962	-2,0%	2 029 585	0,0%	2 030 384

Shareholder Equity (I)

			31/03/2011		31/03/2010		31/03/2009
	Total shareholders' equity (Total I)	DL	523 359	10,5%	473 838	16,5%	406 685
	Equity and shareholders' equity	DA	215 000	0%	215 000	0%	215 000
	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	21 500	0%	21 500	0%	21 500
	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	237 338	163,2%	90 185	16033,3%	559
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	0	0%	-300 000
	Profit or loss for the period	DI	49 521	-66,3%	147 153	-68,7%	469 626
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/03/2011		31/03/2010		31/03/2009
	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)

			31/03/2011		31/03/2010		31/03/2009
	Total provisions for risks and charges (Total III)	DR	101 750	-46,1%	188 769	98,1%	95 300
	Risk provisions	DP	101 750	-46,1%	188 769	98,1%	95 300
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/03/2011		31/03/2010		31/03/2009
	Total Liabilities (Total IV)	EC	1 363 854	-0,2%	1 366 978	-10,6%	1 528 399
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	488 478	-13,5%	564 632	-5,1%	595 032
	Sundry loans and financial liabilities	DV	2 001	-98,0%	98 620	-38,1%	159 434
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	204 524	800,9%	22 701	-74,4%	88 676
	Trade accounts payables	DX	392 574	8,0%	363 516	-8,7%	398 080
	Tax and social security liabilities	DY	274 831	-11,0%	308 919	10,2%	280 377
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	1 446	-83,2%	8 590	26,3%	6 799

Translation loss (V)

		31/03/2011		31/03/2010		31/03/2009
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/03/2011		31/03/2010		31/03/2009
Deferred income	EB	0	0%	0	0%	0

References

		31/03/2011		31/03/2010		31/03/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	940 059	-22,4%	1 211 041	-4,0%	1 262 144
Of which current bank facilities	EH	154 571	-47,8%	296 297	2,0%	290 562

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/03/2011		31/03/2010		31/03/2009
Operating result (Total I-II)	GG	85 257	-71,6%	299 813	57,6%	190 226

2 - Financial result (V - VI)

		31/03/2011		31/03/2010		31/03/2009
Financial result (Total V-VI)	GV	-33 200	28,9%	-46 683	42,6%	-81 383

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

		31/03/2011		31/03/2010		31/03/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	52 057	-79,4%	253 130	132,6%	108 843

4 - Extraordinary result (VII-VIII)

		31/03/2011		31/03/2010		31/03/2009
Extraordinary result (Total VII-VIII)	HI	-535	98,9%	-49 593	-109,2%	537 710

Profit or loss

		31/03/2011		31/03/2010		31/03/2009
Profit or loss	HN	49 521	-66,3%	147 149	-68,7%	469 626

Total Income (I+III+V+VII)

		31/03/2011		31/03/2010		31/03/2009
Total Income (I+III+V+VII)	HL	4 815 503	3,2%	4 667 415	-12,0%	5 301 967

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

		31/03/2011		31/03/2010		31/03/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	4 765 982	5,4%	4 520 266	-6,5%	4 832 341

Operating income (I)

		31/03/2011		31/03/2010		31/03/2009
Total operating income (Total I)	FR	4 760 243	2,0%	4 665 851	-0,5%	4 689 754

Operating income (details)

			31/03/2011		31/03/2010		31/03/2009
	Sale of goods for resale	FC	1 090	302,2%	271	-89,6%	2 599
	France	FA	1 090	302,2%	271	-89,6%	2 599
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	4 614 026	2,8%	4 487 441	-11,7%	5 084 598
	France	FD	4 614 026	2,8%	4 487 441	27,2%	3 529 159
	Export	FE	0	0%	0	0%	1 555 439
	Sale of services	FI	38 243	-19,3%	47 407	0,7%	47 089
	France	FG	38 243	-19,3%	47 407	0,7%	47 089
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	4 653 359	2,6%	4 535 119	-11,7%	5 134 286
	France	FJ	4 653 359	2,6%	4 535 119	26,7%	3 578 847
	Export	FK	0	0%	0	0%	1 555 439
	Stocked production	FM	33 910	-59,2%	83 075	116,3%	-509 170
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	1 450	-76,4%	6 133	39,5%	4 395
	Release of reserves and provisions	FP	66 556	99,8%	33 312	-42,3%	57 685
	Other income	FQ	4 968	-39,5%	8 212	221,0%	2 558

Operating charges (II)

		31/03/2011		31/03/2010		31/03/2009
Total operating charges (Total II)	GF	4 674 986	7,1%	4 366 038	-3,0%	4 499 528

Exploitation charges

		31/03/2011		31/03/2010		31/03/2009
Purchase of goods for resale	FS	1 090	302,2%	271	-89,6%	2 599
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	949 016	45,1%	654 127	-29,9%	932 947
Change in stocks of raw materials	FV	64 349	-49,2%	126 625	123,6%	-537 468
Other external purchases and charges	FW	2 080 259	1,1%	2 057 931	-17,2%	2 484 265
Tax, duty and similar payments	FX	76 862	-9,0%	84 478	-9,3%	93 170
Payroll	FY	1 086 327	7,3%	1 012 469	-7,1%	1 089 871
Social security costs	FZ	333 631	16,8%	285 742	-6,0%	304 095

Depreciation

		31/03/2011		31/03/2010		31/03/2009
Depreciation of fixed assets	GA	57 235	-4,9%	60 164	1,0%	59 577
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	20 364	-25,7%	27 423	-58,8%	66 480
Provisions for risks and charges	GD	0	0%	45 869	0%	0

Other charges

		31/03/2011		31/03/2010		31/03/2009
Other charges	GE	5 853	-46,5%	10 939	174,1%	3 991

Operating charges (III-IV)

		31/03/2011		31/03/2010		31/03/2009
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)

			31/03/2011		31/03/2010		31/03/2009
	Total financial income (Total V)	GP	453	-71,0%	1 564	-56,6%	3 606
	Share financial income	GJ	0	0%	0	0%	656
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	453	-71,0%	1 564	-47,0%	2 950
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	0	0%	0	0%	0
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/03/2011		31/03/2010		31/03/2009
	Total financial charge (Total VI)	GU	33 653	-30,2%	48 247	-43,2%	84 989
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	33 653	-30,2%	48 247	-43,2%	84 989
	Exchange losses	GS	0	0%	0	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			31/03/2011		31/03/2010		31/03/2009
	Total extraordinary income (Total VII)	HD	54 807	0%	0	0%	608 607
	Extraordinary operating income	HA	7 207	0%	0	0%	300
	Extraordinary income from capital transactions	HB	0	0%	0	0%	608 307
	Released provisions and transferred charges	HC	47 600	0%	0	0%	0

Extraordinary charges (VIII)

			31/03/2011		31/03/2010		31/03/2009
	Total extraordinary charges (Total VIII)	HH	55 342	11,6%	49 593	-30,0%	70 897
	Extraordinary operating charges	HE	55 342	2676,8%	1 993	-13,2%	2 295
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	68 602
	Extraordinary reserves and provisions	HG	0	0%	47 600	0%	0

Employee profit sharing (IX)

		31/03/2011		31/03/2010		31/03/2009
Employee profit sharing (Total IX)	HJ	0	0%	27 202	0%	0

Tax on profits (X)

		31/03/2011		31/03/2010		31/03/2009
Tax on profits (Total X)	HK	2 001	-93,1%	29 186	-83,5%	176 927

References

		31/03/2011		31/03/2010		31/03/2009
Of which equipment leases	HP	23 611	-14,0%	27 439	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	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	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/03/2011		31/03/2010		31/03/2009
	Gross value at begin of period	OG	0	0%	0	0%	747 328
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	43 891
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	16 168	-50,6%	32 703	-77,0%	141 893
	Gross value at the end of period	OL	640 344	-1,6%	650 933	0,2%	649 324

Research and development Charge (Total I)

			31/03/2011		31/03/2010		31/03/2009
	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)

			31/03/2011		31/03/2010		31/03/2009
	Gross value at begin of period	KD	73 219	-27,5%	100 999	0%	100 999
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	390	-91,9%	4 815	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	183	-99,4%	32 595	0%	0
	Gross value at the end of period	LW	73 426	0,3%	73 219	-27,5%	100 999

Tangible fixed assets (Total III)

			31/03/2011		31/03/2010		31/03/2009
	Gross value at begin of period	LN	548 371	5,7%	518 875	5,7%	490 676
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	5 188	-82,4%	29 497	-32,8%	43 891
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	13 853	0%	0	0%	15 690
	Gross value at the end of period	NH	539 706	-1,6%	548 372	5,7%	518 877

Fiancial assets (Total IV)

			31/03/2011		31/03/2010		31/03/2009
	Gross value at begin of period	LQ	29 342	-0,4%	29 450	-81,1%	155 653
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	2 132	1874,1%	108	-99,9%	126 203
	Gross value at the end of period	NK	27 210	-7,3%	29 342	-0,4%	29 450

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

			31/03/2011		31/03/2010		31/03/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	375 423
Increases		0P	0	0%	0	0%	59 577
Decreasess		0Q	0	0%	0	0%	15 691
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	419 309

Research and development charge (Total I)

			31/03/2011		31/03/2010		31/03/2009
	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)

			31/03/2011		31/03/2010		31/03/2009
	Reserve for depreciation value at begin of period	PE	40 271	-38,7%	65 656	11,8%	58 703
Increases		PF	7 627	5,8%	7 210	3,7%	6 954
Decreasess		PG	183	-99,4%	32 595	0%	0
	Decreasess by budget item transfer	PH	47 715	18,5%	40 271	-38,7%	65 657

Total fixed assets amotisation (Total III)

			31/03/2011		31/03/2010		31/03/2009
	Reserve for depreciation value at begin of period	QU	406 608	15,0%	353 653	11,7%	316 720
Increases		QV	49 609	-6,3%	52 953	0,6%	52 623
Decreases		QW	13 853	0%	0	0%	15 691
	Decreasess by budget item transfer	QX	442 364	8,8%	406 606	15,0%	353 652

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

			31/03/2011		31/03/2010		31/03/2009
	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

			31/03/2011		31/03/2010		31/03/2009
	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)

			31/03/2011		31/03/2010		31/03/2009
	Value at begining of period	7C	188 769	-10,1%	209 935	24,0%	169 260
Increases		UB	0	0%	120 892	81,8%	66 480
Decreases		UC	87 019	1144,9%	6 990	-72,9%	25 804
	Value at the end of period	UD	101 750	-68,6%	323 837	54,3%	209 936

Includes Total allocations

Operating	UE	0	0%	73 292	10,2%	66 480
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	47 600	0%	0

Includes Total Withdrawal

Operating	UF	39 419	463,9%	6 990	-72,9%	25 804
Financial	UH	0	0%	0	0%	0
Exceptional	UK	47 600	0%	0	0%	0

Total regulated provisions (Total I)

			31/03/2011		31/03/2010		31/03/2009
	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)

			31/03/2011		31/03/2010		31/03/2009
	Value at begining of period	5Z	188 769	98,1%	95 300	-8,0%	103 550
Increases		TV	0	0%	93 469	0%	0
Decreases		TW	87 019	0%	0	0%	8 250
	Value at the end of period	TX	101 750	-46,1%	188 769	98,1%	95 300

Total Provision for depreciation (Total III)

			31/03/2011		31/03/2010		31/03/2009
	Value at begining of period	7B	0	0%	114 635	74,5%	65 710
Increases		TY	0	0%	27 423	-58,8%	66 480
Decreases		TZ	0	0%	6 990	-60,2%	17 554
	Value at the end of period	UA	0	0%	135 068	17,8%	114 636

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

		31/03/2011		31/03/2010		31/03/2009
Gross value	VT	983 254	5,8%	929 392	17,9%	788 481
1 year at most	VU	956 044	6,7%	895 780	20,2%	745 027
More than one year	VV	27 210	-19,0%	33 612	-22,6%	43 454

State of loans

		31/03/2011		31/03/2010		31/03/2009
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	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	27 210	-7,3%	29 342	-0,4%	29 450
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/03/2011		31/03/2010		31/03/2009
Customers doubtful or disputed	VA	0	0%	4 270	-69,5%	14 004
Other claims customer	UX	879 772	8,8%	808 743	24,1%	651 937
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	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	2 570	-31,8%	3 768
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	14 062	22,2%	11 507
Other taxes and payments assimilated	VN	0	0%	0	0%	2 782
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	19 937	270,3%	5 384
Accounts receivable (including claims relating to the operation of pension titles)	VR	35 847	397,7%	7 203	146,4%	2 923

Prepaid

		31/03/2011		31/03/2010		31/03/2009
Prepaid	VS	40 425	-6,6%	43 265	-35,2%	66 727

State Debt

			31/03/2011		31/03/2010		31/03/2009
	Total debt (gross)	VY	1 159 329	-13,8%	1 344 277	-6,6%	1 439 723
1 year at most		VZ2	940 058	-22,4%	1 211 041	-4,0%	1 262 145
More than 1 year and 5 years at most		VZ3	219 271	64,6%	133 236	-25,0%	177 578
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/03/2011		31/03/2010		31/03/2009
	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	154 571	-47,8%	296 297	2,0%	290 562
1 year at most		VG2	154 571	-47,8%	296 297	2,0%	290 562
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	333 906	24,4%	268 335	-11,9%	304 470
1 year at most		VH2	114 635	-15,1%	135 099	6,5%	126 892
More than 1 year and 5 years at most		VH3	219 271	64,6%	133 236	-25,0%	177 578
	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	392 574	8,0%	363 516	-8,7%	398 080
1 year at most		8B2	392 574	8,0%	363 516	-8,7%	398 080
More than 1 year and 5 years at most		8B3	392 574	8,0%	363 516	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	105 818	30,1%	81 332
1 year at most		8C2	0	0%	105 818	30,1%	81 332
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	274 831	128,1%	120 476	-22,3%	155 036
1 year at most		8D2	274 831	128,1%	120 476	-22,3%	155 036
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	0	0%	58 305	237,9%	17 255
1 year at most		VW2	0	0%	58 305	237,9%	17 255
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	0	0%	24 292	-8,8%	26 635
1 year at most		VQ2	0	0%	24 292	-8,8%	26 635
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%	98 648	-38,2%	159 554
1 year at most		VI2	0	0%	98 648	-38,2%	159 554
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	3 447	-59,9%	8 590	26,3%	6 799
1 year at most		8K2	3 447	-59,9%	8 590	26,3%	6 799
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

		31/03/2011		31/03/2010		31/03/2009
Loans made during the period	VJ	225 000	139,4%	94 000	147,4%	38 000
Debt repaid during the period	VK	159 451	22,9%	129 764	16,6%	111 255

Table allocation results and other information
Dividends distributed

		31/03/2011		31/03/2010		31/03/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/03/2011		31/03/2010		31/03/2009
Commitments leasing furniture	YQ	0	0%	65 137	-29,3%	92 075
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

		31/03/2011		31/03/2010		31/03/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/03/2011		31/03/2010		31/03/2009
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/03/2011		31/03/2010		31/03/2009
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/03/2011		31/03/2010		31/03/2009
Average number of employees	YP	40	0%	0	0%	0

Groups and Shareholders

		31/03/2011		31/03/2010		31/03/2009
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

		31/03/2011		31/03/2010		31/03/2009	Sector Median 2011
Fixed Asset Financing		2,27	0%	2,27	6,6%	2,13	2,10	8,1%
Global Debt		106 days	-2,8%	109 days	1,9%	107 days	160 days	-33,8%
Working Capital Fund overall net		63 days	-4,5%	66 days	26,9%	52 days	95 days	-33,7%
Financial independence		107,14%	27,7%	83,92%	22,8%	68,35%	325,33%	-67,1%
More ratios
Solvability		26,31%	12,7%	23,35%	16,6%	20,03%	29,59%	-11,1%
Capacity debt futures		194,41%	77,0%	109,84%	12,7%	97,42%	1550,40%	-87,5%
Coverage of current assets by net working capital overall		41,57%	-3,4%	43,05%	8,1%	39,81%	40,91%	1,6%
General Liquidity		1,02	37,8%	0,74	25,4%	0,59	0,82	24,4%
Restricted Liquidity		1,03	39,2%	0,74	23,3%	0,60	1,26	-18,3%

Management or rotation

		31/03/2011		31/03/2010		31/03/2009	Sector Median 2011
Need background in operating working capital		71 days	-17,4%	86 days	28,4%	67 days	65 days	9,2%
Treasury		-11 days	54,2%	-24 days	-20,0%	-20 days	40 days	-127,5%
Inventory turnover of goods		0 days	0%	0 days	0%	0 days	91,50 days	0%
Average length of credit granted to customers		68 days	4,6%	65 days	38,3%	47 days	88 days	-22,7%
Average length of credit obtained suppliers		46 days	0%	46 days	-8,0%	50 days	89 days	-48,3%
More ratios
Inventory turnover of raw materials in industrial enterprises		243 days	-37,4%	388 days	20,9%	321 days	43 days	465,1%
Inventory turnover of intermediate and finished products in the industrial enterprise		862 days	4,2%	827 days	-16,5%	990 days	384 days	124,5%
Rotation tangible assets		862,20%	4,3%	827,02%	-16,4%	989,50%	429,94%	100,5%

Profitability of the business

		31/03/2011		31/03/2010		31/03/2009	Sector Median 2011
Margin trading		0%	0%	0%	0%	0	0%	0%
Profitability of the business		2,09	-76,5%	8,88	75,5%	5,06	6,10%	-65,7%
Net profit		1,06%	-67,3%	3,24%	-64,6%	9,15%	3,80%	-72,1%
More ratios
Growth rate of turnover (excluding VAT)		2,61%	122,4%	-11,67%	-223,2%	9,47%	2,75%	-5,1%
Rates integration		34,22%	-12,8%	39,23%	15,6%	33,94%	42,73%	-19,9%
Rate leasing furniture		0,51%	-16,4%	0,61%	0%	0%	0%	0%
Work Factor		89,16%	22,2%	72,96%	-8,8%	79,99%	79,84%	11,7%
Weight interests		0,72	-32,1%	1,06%	-36,1%	1,66%	0,31%	132,3%

Return on capital

		31/03/2011		31/03/2010		31/03/2009	Sector Median 2011
Cash flow from the overall profitability		0,42%	-92,3%	5,47%	870,4%	-0,71%	4,97%	-91,5%
Rates of economic profitability		10%	-71,4%	35%	59,1%	22%	24%	-58,3%
Financial profitability		523359%	10,5%	473838%	16,5%	406685%	169349%	209,0%
Return on investment		8,20%	-52,3%	17,18%	-64,0%	47,76%	11,38%	-27,9%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/03/2011		31/03/2010		31/03/2009	Sector Median 2011
Turnover	4 653 359	2,6%	4 535 119	-11,7%	5 134 286	885 923 €	425,3%

Sales of goods	1 090	302,2%	271	-89,6%	2 599
- Purchase of goods	1 090	302,2%	271	-89,6%	2 599
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	0 €	0%	0 €	0%	0 €	0 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	0 % CA	0%

Sale of goods produced	4 652 269	2,6%	4 534 848	-11,6%	5 131 687
+/- Stocked production	33 910	-59,2%	83 075	116,3%	-509 170
+ Self-constructed assets	0	0%	0	0%	0
Period production	4 686 179 €	1,5%	4 617 923 €	-0,1%	4 622 517 €	809 895 €	478,6%
	100,71 % CA	-1,1%	101,83 % CA	13,1%	90,03 % CA	100 % CA	0,7%

Trading margin	0	0%	0	0%	0	0	0%
+ Period Production	4 686 179	1,5%	4 617 923	-0,1%	4 622 517	809 895	478,6%
- Purchase of raw materials	949 016	45,1%	654 127	-29,9%	932 947
+/- Change in stocks of raw materiels	64 349	-49,2%	126 625	123,6%	-537 468
- Other external purchases and charges	2 080 259	1,1%	2 057 931	-17,2%	2 484 265
Added value	1 592 555 €	-10,5%	1 779 240 €	2,1%	1 742 773 €	427 545 €	272,5%
	34,22 % CA	-12,8%	39,23 % CA	15,6%	33,94 % CA	42,73 % CA	-19,9%

Added value	1 592 555 €	-10,5%	1 779 240 €	2,1%	1 742 773 €	427 545 €	272,5%
+ Operating grants	1 450	-76,4%	6 133	39,5%	4 395
- Tax, duty and similar payments	76 862	-9,0%	84 478	-9,3%	93 170
- Personal charges	1 419 958	9,4%	1 298 211	-6,9%	1 393 966
Gross operating surplus	97 185 €	-75,9%	402 684 €	54,9%	260 032 €	38 288 €	153,8%
	2,09 % CA	-76,5%	8,88 % CA	75,5%	5,06 % CA	6,10 % CA	-65,7%

Gross operating surplus	97 185 €	-75,9%	402 684 €	54,9%	260 032 €	38 288 €	153,8%
+ Release of reserves and provisions	66 556	99,8%	33 312	-42,3%	57 685
+ Other operating income	4 968	-39,5%	8 212	221,0%	2 558
- Depreciation/Amortisation	77 599	-41,9%	133 456	5,9%	126 057
- Other charges	5 853	-46,5%	10 939	174,1%	3 991
Operating result	85 257 €	-71,6%	299 813 €	57,6%	190 227 €	41 112 €	107,4%
	1,83 % CA	-72,3%	6,61 % CA	78,2%	3,71 % CA	5,78 % CA	-68,3%

Operating result	85 257 €	-71,6%	299 813 €	57,6%	190 227 €	41 112 €	107,4%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	453	-71,0%	1 564	-56,6%	3 606
- Financial charges	33 653	-30,2%	48 247	-43,2%	84 989
Pre-tax result	52 057 €	-79,4%	253 130 €	132,6%	108 844 €	37 484 €	38,9%
	1,12 % CA	-79,9%	5,58 % CA	163,2%	2,12 % CA	5,69 % CA	-80,3%

Extraordinary income	54 807	0%	0	0%	608 607	1 047	5134,7%
- Extraordinary charges	55 342	11,6%	49 593	-30,0%	70 897
Extraordinary result	-535 €	98,9%	-49 593 €	-109,2%	537 710 €	0 €	0%
	-0,01 % CA	99,1%	-1,09 % CA	-110,4%	10 % CA	0 % CA	0%

Pre-tax result	52 057 €	-79,4%	253 130 €	132,6%	108 844 €	37 484 €	38,9%
Extraordinary result	-535 €	98,9%	-49 593 €	-109,2%	537 710 €	0 €	0%
- Employee profit sharing	0	0%	27 202	0%	0
- Tax on profits	2 001	-93,1%	29 186	-83,5%	176 927
Net result	49 521 €	-66,3%	147 149 €	-68,7%	469 627 €	28 938 €	71,1%
	1,06 % CA	-67,3%	3,24 % CA	-64,6%	9,15 % CA	3,80 % CA	-72,1%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends

Profitability

Liquidity

Net worth

Type

Head office (one site company)

Status

Economically active

Formation Date

01/1990

Reason for formation

Other

Closure Date

Reason for closure

Reactivation Date

Production Role

Activity Nature

-

Activity Location

Other

Location surface

Seasonality

Department

Loire-Atlantique (44)

Region

Pays de La Loire

District

4

Area

02

City

MESANGER

Size of urban area

Establishment in a rural municipality

Other establishments

Branches

1 branch entities in this company

Head office

> MECAN'OUTIL <<<  - Fabrication de machines-outils pour le travail des métaux (2841Z)  in MESANGER  (44522)

Secondary establishments

Regionality

Legal unit with all establishments in same area

Mono-activity status

Legal unit having all establishments with the same main activity

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
18/01/2011	Bodacc C	Comptes annuels et rapports
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 4393 - 324321025 RCS. MECAN'OUTIL. Forme : Société à responsabilité limitée. Adresse : Z.I. du Chateau Rougé 44150 Mesanger. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2010.
31/08/2009	Bodacc C	Comptes annuels et rapports
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 7705 - 324321025 RCS. MECAN'OUTIL. Forme : Société à responsabilité limitée. Adresse : Z.I. du Chateau Rougé 44150 Mésanger. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2009.
12/09/2008	Bodacc C	Comptes annuels et rapports
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 4005 - 324321025 RCS. MECAN'OUTIL. Forme : Société à responsabilité limitée. Adresse : Z.I. du Chateau Rougé 44150 Mésanger. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2008.
14/10/2007	Bodacc B	Modifications et mutations diverses
1241 - RCS Nantes B 324 321 025. RC 82-B 235. MECAN'OUTIL. Forme : S.A.R.L. Capital : 215 000 euros. Adresse du siège social : Z.I. du Château-Rouge,, 44150 Administration : gérant : RAVIER (Jean-Marie, Louis, Léon). Commissaire aux comptes titulaire : EXPERTISE FINANCE CONSEIL. Commissaire aux comptes suppléant : NEVEU (René). Ancienne administration : ancien P.-D.G. : RAVIER (Jean-Marie, Louis, Léon). Etablissement principal - Activité : fabrication d'outillages et sous-traitance industrielle. Adresse : Z.I. du Château-Rouge, 44150 Commentaires : modification survenue sur la forme juridique. Ancienne : S.A.S. Date d'effet : 1er juillet 2007.
20/09/2007	Bodacc C	Avis de dépôt des comptes
4229 - 324 321 025. RCS Nantes MECAN'OUTIL. Forme: Société par actions simplifiée. Adresse du siège social: Z.I. du Château Rouge 44150 Mésanger. Comptes annuels et rapports de l'exercice clos le: 31 mars 2007.
27/02/2007	Bodacc B	Modifications et mutations diverses
1093 - RCS Nantes B 324 321 025. RC 82-B 235. MECAN'OUTIL. Forme : S.A.S. Capital : 215 000 euros. Adresse du siège social : Z.I. du Château Rouge,, 44150 Administration : président : RAVIER (Jean-Marie, Louis, Léon). Commissaire aux comptes titulaire : EXPERTISE FINANCE CONSEIL. Commissaire aux comptes suppléant : NEVEU (René). Ancienne administration : ancien commissaire aux comptes suppléant : VINET (Gilles). Etablissement principal - Activité : fabrication d'outillages et sous-traitance industrielle. Adresse : Z.I. du Château Rouge, 44150 Date d'effet : 30 novembre 2006.
04/10/2006	Bodacc C	Avis de dépôt des comptes
1528 - RCS Nantes B 324 321 025. RC 82-B 235. MECAN'OUTIL. Forme: SAS . Adresse du siège social: Z.I. du Château Rouge,Mesanger, 44522 Ancenis. Comptes annuels et rapports de l'exercice clos le: 31 mars 2006.
14/08/2005	Bodacc C	Avis de dépôt des comptes
593 - RCS Nantes B 324 321 025. RC 82-B 235. MECAN'OUTIL. Forme: SAS . Adresse du siège social: Z.I. du Château Rouge,Messanger, 44522 Ancenis. Comptes annuels et rapports de l'exercice clos le: 31 mars 2005.
31/05/2005	Bodacc B	Modifications et mutations diverses
587 - RCS Nantes B 324 321 025. RC 82-B 235. MECAN'OUTIL. Forme : S.A.S. Capital : 215 000 euros. Adresse du siège social : Z.I. du Château-Rouge,, 44150 Administration : président : RAVIER (Jean-Marie, Louis, Léon). Commissaire aux comptes titulaire : EXPERTISE FINANCE CONSEIL. Commissaire aux comptes suppléant : VINET (Gilles). Ancienne administration : anciens administrateurs : DE BEAUREPAIRE DE LOUVAGNY (Patrick, Marie) DANO (Patrice, Jacques) PASCAULT (Thierry). Ancien président du conseil d'administration : RAVIER (Jean-Marie, Louis, Léon). Etablissement principal - Activité : fabrication d'outillages et sous-traitance industrielle. Adresse : Z.I. du Château-Rouge, 44150 Commentaires : modification survenue sur la dénomination et la forme juridique. Ancienne dénomination : MECAN'OUTIL S.A. Ancienne forme juridique : S.A. à conseil d'administration. Date d'effet : 12 mars 2005.
17/10/2004	Bodacc B	Modifications et mutations diverses
RCS Nantes B 324321025 RC 82-B 235 MECAN'OUTIL S.A. Forme : S.A. à conseil d' administration. Capital : 215 000 euros. Adresse du siège social : Z.I. du Chateau Rouge, 44150 Mésanger. Administration : président du conseil d' administration et directeur général : RAVIER (Jean-Marie, Louis, Léon). Administrateurs : DE BEAUREPAIRE DE LOUVAGNY (Patrick, Marie) DANO ( Patrice, Jacques) PASCAULT (Thierry). Commissaire aux comptes titulaire : EXPERTISE FINANCE CONSEIL. Commissaire aux comptes suppléant : VINET (Gilles). Ancienne administration : ancien président du conseil d'administration : RAVIER (Jean-Marie, Louis, Léon) Etablissement principal: Activité : fabrication d'outillages et sous- traitance industrielle. Adresse : Z.I. du Chateau Rouge, 44150 Mésanger. Date d'effet : 24 juin 2004.
07/04/2004	Bodacc B	Modifications et mutations diverses
RCS Nantes B 324321025 RC 82-B 235 MECAN'OUTIL S.A. Forme : S.A. à conseil d' administration. Capital : 215 000 euros. Adresse du siège social : Z.I. du Chateau Rouge, 44150 Mésanger. Administration : président du conseil d' administration : RAVIER (Jean-Marie, Louis, Léon). Administrateurs : DE BEAUREPAIRE DE LOUVAGNY (Patrick, Marie) DANO (Patrice, Jacques) PASCAULT ( Thierry). Commissaire aux comptes titulaire : EXPERTISE FINANCE CONSEIL. Commissaire aux comptes suppléant : VINET (Gilles). Ancien commissaire aux comptes titulaire : PANTECOUTEAU (Alain) . Ancien commissaire aux comptes suppléant : MENARD (Jean-Paul) Etablissement principal: Activité : fabrication d'outillage et sous- traitance industrielle. Adresse : Z.I. du Chateau Rouge, 44150 Mésanger. Date d'effet : 1 e r janvier 2004.
23/05/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Nantes B 324321025 RC 82-B 235 MECAN' OUTIL S.A. Forme : S.A. à conseil d' administration. Capital : 1 000 000 de F. Adresse : Z.I. du Chateau Rouge, 44150 Mésanger Nouvelle situation du siège social. Capital : 215 000 euros Etablissement principal: Activité : fabrication d'outillage et sous- traitance industrielle. Adresse : Z.I. du Chateau Rouge, 44150 Mésanger. Commentaires : augmentation du capital. Date d'effet : 19 mars 2001.
17/05/2001	Bodacc B	Modifications et mutations diverses
RCS Nantes B 324321025 RC 82-B 235 MECAN'OUTIL S.A. Forme : S.A. à conseil d' administration. Capital : 1 000 000 de F. Adresse du siège social : Z.I. du Chateau Rouge, 44150 Mésanger. Administration : président du conseil d' administration : RAVIER (Jean-Marie, Louis, Léon). Administrateurs : DE BEAUREPAIRE DE LOUVAGNY (Patrick, Marie) DANO (Patrice, Jacques) PASCAULT ( Thierry). Commissaire aux comptes titulaire : PANTECOUTEAU (Alain). Commissaire aux comptes suppléant : MENARD (Jean-Paul). Ancien président du conseil d'administration : DUPRAT ( Michel). Anciens administrateurs : AUDEBERT (Claude) Mlle SOULARD ( Claudine) Etablissement principal: Activité : fabrication d'outillage et sous-traitance industrielle. Adresse : Z. I. du Chateau Rouge, 44150 Mésanger. Date d'effet : 14 février 2001.
15/02/1998	Bodacc B	Modifications et mutations diverses
RCS Nantes B 324 321 025 RC 82-B 235 MECAN'OUTIL S.A. Forme : S.A. à conseil d' administration. Capital : 1 000 000 de F. Adresse du siège social : Z.I. du Chateau Rouge 44150 Mésanger. Administration : président du conseil d' administration : DUPRAT (Michel). Administrateurs : AUDEBERT (Claude) Mlle SOULARD (Claudine). Commissaire aux comptes titulaire : PANTECOUTEAU ( Alain). Commissaire aux comptes suppléant : MENARD (Jean-Paul). Ancien commissaire aux comptes titulaire : BERNARD (Jean-Pierre). Ancien commissaire aux comptes suppléant : LAFROGNE (Henri) Etablissement principal: Activité : fabrication d' outillages et sous-traitance industrielle. Adresse : Z.I. du Chateau Rouge 44150 Mésanger. Date d'effet : 8 décembre 1997.

Company events history

Date	Description
21/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/03/2011	New accounts available
18/01/2011	Bodacc C : Deposit accounts notice
31/12/2010	Modification of Company Activity
31/12/2010	Update of Company Activity
31/03/2010	New accounts available
31/12/2009	Modification of Company Activity
31/12/2009	Update of Company Activity
31/08/2009	Bodacc C : Deposit accounts notice
29/04/2009	Collection of preferential rights activated for this company
31/03/2009	New accounts available
07/10/2008	Collection of preferential rights activated for this company
12/09/2008	Bodacc C : Deposit accounts notice
31/03/2008	New accounts available
12/09/2007	PV d'Assemblée
12/09/2007	Minutes of general meeting of shareholders
12/09/2007	New legal form – no new category
12/09/2007	Private document
12/09/2007	Nomination/démission des organes de gestion
12/09/2007	Appointment/resignation of company officers
12/09/2007	Audit or Management Report
12/09/2007	Statuts mis à jour
12/09/2007	Updated articles of association
01/07/2007	Other modification of Establishment (error correction)
01/07/2007	Update of Company Legal Form
31/03/2007	New accounts available
08/02/2007	Changement de Commissaire aux Comptes
08/02/2007	Minutes of general meeting of shareholders
08/02/2007	PV d'Assemblée
08/02/2007	Private document
08/02/2007	Appointment/resignation of company officers
08/02/2007	New auditor
31/03/2006	New accounts available
11/05/2005	New legal form – no new category
11/05/2005	Changement de dénomination sociale
11/05/2005	New company name
11/05/2005	Changement de Président (PDG, PCA)
11/05/2005	Private document
11/05/2005	Appointment/resignation of company officers
11/05/2005	PV d'Assemblée
11/05/2005	Minutes of general meeting of shareholders
11/05/2005	Statuts mis à jour
11/05/2005	Updated articles of association
11/05/2005	Audit or Management Report
31/03/2005	New accounts available
04/10/2004	Nomination/démission des organes de gestion
04/10/2004	PV du Conseil d'Administration
04/10/2004	PV d'Assemblée
04/10/2004	Statuts mis à jour
04/10/2004	Updated articles of association
04/10/2004	Appointment/resignation of company officers
04/10/2004	Minutes of general meeting of shareholders
04/10/2004	Minutes of Board meeting
04/10/2004	Acte sous seing privé
04/10/2004	Private document
31/03/2004	New accounts available
24/03/2004	Nomination/démission des organes de gestion
24/03/2004	Acte sous seing privé
24/03/2004	Changement de Commissaire aux Comptes
24/03/2004	PV d'Assemblée
31/03/2003	New accounts available
07/05/2001	PV d'Assemblée
07/05/2001	Acte sous seing privé
07/05/2001	Changement de date de clôture
07/05/2001	Augmentation de Capital
07/05/2001	Conversion du Capital Social en Euros
07/05/2001	Statuts mis à jour
30/04/2001	Modification du Conseil d'Administration
30/04/2001	PV du Conseil d'Administration
30/04/2001	Changement de Président (PDG, PCA)
30/04/2001	Nomination/démission des organes de gestion
30/04/2001	Acte sous seing privé
30/04/2001	PV d'Assemblée
30/01/1998	Acte sous seing privé
30/01/1998	Nomination/démission des organes de gestion
30/01/1998	PV d'Assemblée
30/01/1998	Changement de Commissaire aux Comptes
28/06/1996	Requête et Ordonnance

Establishment events history

Date	Description
22/10/2011	Update Rating
25/01/2011	Update Rating
25/01/2011	Update Limit
31/12/2010	Update of Establishment Activity
31/12/2010	Modification of Head office Activity
07/12/2010	Update Rating
07/12/2010	Update Limit
09/11/2010	Update Rating
23/06/2010	Update of phone numbers
31/12/2009	Update of Establishment Activity
31/12/2009	Modification of Head office Activity
30/12/2009	Update Rating
19/12/2009	Update Rating
26/08/2009	Update Rating
26/08/2009	Update Limit
25/08/2008	Update Rating
25/08/2008	Update Limit
16/12/2007	Update Limit
08/12/2007	Update Limit
16/10/2007	Update Rating
04/09/2007	Update Limit
04/09/2007	Update Rating
01/07/2007	Modification of Head office

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.64.39

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.