MIRA INFORM REPORT

Report Date :

20.02.2012

IDENTIFICATION DETAILS

Name :	SUN CHEMICAL
Registered Office :	171 Av Georges Clemenceau 92000 Nanterre
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	June 1973
Com. Reg. No.:	RCS Nanterre 0 608 229 746
Legal Form :	Simplified Joint Stock Company
Line of Business :	Manufacture of paints, varnishes, printing ink and mastics
No. of Employees :	250 to 499 Employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	2,000,000 €
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, 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

SUN CHEMICAL

company summary

Activity (APE)	Manufacture of paints, varnishes, printing ink and mastics (2030Z)	Legal form	Simplified joint stock company
Phone	01 55 47 71 00	RCS Registration	RCS Nanterre 0 608 229 746
Fax		Share capital	86,554,255 Euros
Address	SUN CHEMICAL 171 AV GEORGES CLEMENCEAU 92000 NANTERRE	Incorporated Date	06/1973
Nationality	France	Status	Economically active

company details

Company details

Activity (APE)	Fabrication de peintures, vernis, encres et mastics (2030Z)
RCS Registration	RCS Nanterre 0 608 229 746	Share capital	86,554,255 Euros
Registration Court	Nanterre (92)	Legal form	Simplified joint stock company
Court Registry Number	20 0 3B027	EU VAT Number	FR37608229746
Incorporation Date	06/1973	Formation Date	01/1973
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Establishment details

Activity (APE)	Fabrication de peintures, vernis, encres et mastics (2030Z)	Business Pages FT®
Postal Address	SUN CHEMICAL 171 AV GEORGES CLEMENCEAU 92000 NANTERRE	Trading Address	171 AVENUE GEORGES CLEMENCEAU 92000 NANTERRE
Telephone	01 55 47 71 00
Fax

CREDIT RECOMENDATION

Current Credit Limit: 2,000,000 €

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Shareholder(s)

Name	SUN CHEMICAL GROUP COOPERATIEF U.A SOCIÉTÉ
Name of representative	M JURGENS GIDEON
Manager position	Président	Date of birth	11/03/1966
Place of birth	AMSTERDAM(PAYS-BAS)
Type of manager	Moral person	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	SUN CHEMICAL GROUP BV
Président	SUN CHEMICAL GROUP COOPERATIEF U A
Président	SUN CHEMICAL GROUP COOPERATIEF U.A SOCIÉTÉ
Président du conseil d'administration	M KEVIN SMITH

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	21/03/2008
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

Ultimate Holding Company
	Company Name	Safe Number	Company number
	DAINIPPON INK AND CHEMICALS	WXFR01570246	-

Group data

Ultimate parent company DAINIPPON INK AND CHEMICALS

Direct parent SUN CHEMICAL GROUP B.V. - 100 %

Group – Number of companies 162

Linkages – Number of companies 27

Number of countries 11

Raison sociale Safe Number SIREN Parts Score Limite Derniers

comptes

publiés

DAINIPPON INK AND CHEMICALS - - - - - -

SUN CHEMICAL GROUP B.V. NL01833699 31049841 100% No Rating - 31/12/2008

SUN CHEMICAL FR13515066 608229746 100% 99 2 000 000 € 31/12/2010

SUN CHEMICAL AKTIEBOLAG SE00599423 5561355982 100% 97 25 000 KSEK 31/12/2010

SUN CHEMICAL AG - - 100% - - -

SUN CHEMICAL AG - - 100% - - -

SUN CHEMICAL A/S - - 100% - - -

SUN CHEMICAL B.V. NL01828244 31038921 100% 75 2 750 000 € 31/12/2010

SUN CHEMICAL (CHILE) S.A. - - 100% - - -

SUN CHEMICAL (COLORES) S.A. DE C.V. - - 100% - - -

SUN CHEMICAL DE CENTRO AMERICA,S.A. DE C... - - 50% - - -

SUN CHEMICAL DE PANAMA, S.A. - - 100% - - -

SUN CHEMICAL DO BRASIL LTDA. - - 100% - - -

SUN CHEMICAL, D.O.O. - - 100% - - -

SUN CHEMICAL, D.O.O.E.L. - - 100% - - -

SUN CHEMICAL GROUP S.P.A. - - 100% - - -

SUN CHEMICAL INKS A/S - - 100% - - -

SUN CHEMICAL INKS S.A. - - 100% - - -

SUN CHEMICAL LASFELDE GMBH DE01954640 HRB 130967 100% No Rating - -

SUN CHEMICAL LTD. - - 100% - - -

SUN CHEMICAL LIMITED UK02308132 02647054 100% 86 1 550 000 £ 31/12/2010

SUN CHEMICAL NV BE00138318 425076467 100% 85 6 100 000 € 31/12/2010

SUN CHEMICAL NYOMDAFESTEK KERESKEDELMI E... - - 100% - - -

SUN CHEMICAL OF MICHIGAN LLC - - 100% - - -

SUN CHEMICAL OSTERODE DRUCKFARBEN ... DE01656377 HRB 130830 100% No Rating - -

SUN CHEMICAL OY FI00810683 08583335 100% 70 50 000 € 31/12/2010

SUN CHEMICAL PORTUGAL-TINTAS GRAFI CAS (... - - 100% - - -

SUN CHEMICAL PRINTING INK D.O.O. - - 100% - - -

SUN CHEMICAL S.A. - - 100% - - -

SUN CHEMICAL S.A. DE C.V. - - 100% - - -

SUN CHEMICAL SP. (Z.O.O.) - - 100% - - -

SUN CHEMICAL S.R.L. - - 100% - - -

SUN CHEMICAL, S.R.O. - - 100% - - -

SUN CHEMICAL, S.R.O. - - 100% - - -

SUN CHEMICAL UKRAINE LTD. - - 100% - - -

TINTAS S.A. - - 50% - - -

VISOL, S.A. - - 100% - - -

WATT GILCHRIST LTD. - - 100% - - -

DIC EUROPE GMBH DE01042185 HRB 23479 100% 85 100 000 € 31/12/2010

SUN CHEMICALS - - 100% - - -

DIC BAYER POLYMER LTD - - 50% - - -

DIC COLOR COATING, INC. - - 100% - - -

DIC MACHINERY & PRINTER'S SUPPLIES, INC. - - 100% - - -

NIHON PACKAGING MATERIAL CO., LTD. - - 100% - - -

TOPIC CO., LTD. - - 100% - - -

DIC ASIA PACIFI C PTE LTD - - 100% - - -

DEQING DIC SYNTHETIC RESINS, LTD. - - 100% - - -

DIC AUSTRALIA PTY LTD. - - 100% - - -

DIC COATINGS INDIA, LTD. - - 100% - - -

DIC COATINGS, S.L. - - 100% - - -

DIC FINE CHEMICALS PRIVATE LTD - - 100% - - -

DIC GRAPHICS (GUANGZHOU) LTD. - - 100% - - -

DIC GRAPHICS CHIALUNG CORP. - - 100% - - -

DIC GRAPHICS (HONG KONG) LTD. DSEF - - 100% - - -

DIC GRAPHICS (SHENZHEN) CO., LTD. - - 100% - - -

DIC GRAPHICS (THAILAND) CO., LTD. - - 96.30% - - -

DIC INDIA WW02092107 2092107 71.80% No Rating - 31/12/2010

DIC INTERNATIONAL (THAILAND) CO., LTD. - - 80% - - -

DIC LANKA (PRIVATE) LTD. - - 100% - - -

DIC (MALAYSIA) SDN. BHD. - - 93.50% - - -

DIC NEW ZEALAND LTD. - - 100% - - -

DIC PAKISTAN LTD. - - 45% - - -

DIC PHILIPPINES, INC. - - 98.70% - - -

DIC (VIETNAM) CO., LTD. - - 100% - - -

NANTONG DIC COLOR CO., LTD. - - 100% - - -

PT. DIC GRAPHICS - - 100% - - -

SHANGHAI DIC INK CO., LTD. - - 65% - - -

SHANGHAI DIC INTERNATIONAL TRADING CO., ... - - 100% - - -

SHENZHEN COATES LORILLEUX CHEMICALS LTD. - - 51% - - -

SHENZHEN-DIC CO., LTD. - - 90% - - -

TAIYUAN COATES LORILLEUX CHEMICALS LTD. - - 51% - - -

YUNNAN DIC INK CO., LTD. - - 60% - - -

ZHAOQING DIC GUM ROSINS, LTD - - 100% - - -

CAMUS WATER TECHNOLOGIES LLC - - 100% - - -

COATES BROTHERS (CARIBBEAN) LTD. - - 100% - - -

COATES BROTHERS (EAST AFRICA) LTD. - - 100% - - -

COATES BROTHERS (SOUTH AFRICA) WW00443731 443731 100% No Rating - -

COATES BROTHERS (WEST AFRICA) LTD. - - 59.90% - - -

COATES BROTHERS (ZAMBIA) LTD. - - 100% - - -

COATES BROTHERS (ZIMBABWE) PVT. LTD. - - 100% - - -

COATES LORILLEUX MUREKKEP VE KIMYA SAN. ... - - 100% - - -

COATES SCREEN INKS GMBH DE01894975 HRB 9556 100% No Rating - -

HARTMANN D.O.O. - - 100% - - -

HARTMANN DRUCKFARBEN GMBH DE02486356 HRB 7083 100% No Rating - -

HARTMANN-SUN CHEMICAL EOOD - - 100% - - -

INTERBAK A.S. - - 100% - - -

LORILLEUX MAROC S.A. - - 50% - - -

PARKER WILLIAMS DESIGN LIMITED UK03462529 03808015 80% 98 58 000 £ 31/12/2010

SINCLAIR DEL CENTROAMERICA S.A. - - 100% - - -

DH MATERIAL, INC. - - 50% - - -

DIC KITANIHON POLYMER CO., LTD. - - 100% - - -

DIC KYUSHU POLYMER CO., LTD. - - 100% - - -

JAPAN FORMALIN COMPANY, INC. - - 50% - - -

NIPPON EPOXY RESIN MANUFACTURING CO., LT... - - 40% - - -

NISHINIHON BUTYLPHENOL, INC. - - 90% - - -

OXIRANE CHEMICAL CORP. - - 33.30% - - -

SEIKO PMC WW02066515 2066515 53.80% 44 2 000 000 € 31/03/2011

AEKYUNG CHEMICAL CO., LTD. - - 50% - - -

CHANGZHOU HUARI NEW MATERIAL CO., LTD. - - 80.20% - - -

DIC ALKYLPHENOL SINGAPORE PTE., LTD. - - 100% - - -

DIC EPOXY (MALAYSIA) SDN. BHD. - - 100% - - -

DIC PERFORMANCE RESINS GMBH - - 100% - - -

DIC SYNTHETIC RESINS (ZHONGSHAN) CO., LT... - - 100% - - -

DIC ZHANGJIAGANG CHEMICALS CO., LTD. - - 100% - - -

KANG NAM CHEMICAL CO., LTD. - - 50% - - -

LIDYE CHEMICAL CO., LTD. - - 50% - - -

P.T. PARDIC JAYA CHEMICALS - - 96.40% - - -

SIAM CHEMICAL INDUSTRY CO., LTD. - - 51% - - -

TOA-DIC ZHANGJIAGANG CHEMICAL CO., LTD. - - 40% - - -

WUXI DIC EPOXY CO., LTD. - - 50% - - -

DIC COLORANTS, INC. - - 100% - - -

DIC COMFORT MATERIALS, INC. - - 100% - - -

DIC FILTEC, INC. - - 100% - - -

DIC INTERIOR CO., LTD. - - 100% - - -

DIC LIFETEC CO., LTD. - - 100% - - -

DIC MOLDING, INC. - - 100% - - -

DIC PLASTICS, INC. - - 100% - - -

DIC PRECISION CORP. - - 100% - - -

FUJI LABEL CO., LTD. - - 100% - - -

NIPPON PLASTIC PALLET CORP. - - 100% - - -

SUNDIC INC. - - 50% - - -

TECHNO SCIENCE, INC. - - 50% - - -

YD PLASTICS CO., LTD. - - 50% - - -

DIC COLORANTS TAIWAN CO., LTD. - - 100% - - -

DIC COLOR (THAILAND) CO., LTD. - - 100% - - -

DIC COMPOUNDS (MALAYSIA) SDN. BHD. - - 100% - - -

DIC PLAPALLET PTE., LTD. - - 100% - - -

EARTHRISE NUTRITIONALS, LLC. - - 100% - - -

HAINAN DIC MICROALGAE CO., LTD. - - 100% - - -

PT DIC ASTRA CHEMICALS - - 75% - - -

SHANGHAI DIC PRESSURE-SENSITIVE ADHESIVE... - - 100% - - -

SHANGHAI LONG FENG FOOD ADDITIVES CO.,LT... - - 35% - - -

ZHONGSHAN DIC COLOUR CO., LTD. - - 100% - - -

DIC EP, INC. - - 100% - - -

DIC EQUES COATINGS C.V. NL00856350 17179460 100% 86 6 000 € -

DIC IMAGING PRODUCTS USA, LLC - - 100% - - -

DIC INTERNATIONAL (USA), LLC. - - 100% - - -

DIC (TAIWAN) LTD. - - 100% - - -

QINGDAO DIC LIQUID CRYSTAL CO., LTD. - - 100% - - -

DIC CAPITAL CORP. - - 100% - - -

DIC CAREER CO., LTD. - - 100% - - -

DIC COLOR DESIGN, INC. - - 100% - - -

DIC ENGINEERING CORP. - - 100% - - -

DIC ESTATE CO., LTD. - - 100% - - -

JAPAN FINE COATINGS, INC. - - 40% - - -

DIC INFORMATION SERVICE CO., LTD. - - 100% - - -

DIC LOGITECH CO., LTD. - - 100% - - -

DIC KAKO, INC. - - 100% - - -

NIPPON DECOR, INC. - - 83.30% - - -

RENAISSANCE WW02125753 2125753 47.60% 42 540 000 € 31/03/2011

TSURUGA TERMINALS CO. - - 46% - - -

DIC AMERICAS, INC. - - 100% - - -

DIC BERLIN GMBH R&D LABORATORY - - 100% - - -

DIC (CHINA) CO., LTD. - - 100% - - -

DIC EXPRESS CO., LTD. - - 100% - - -

DIC HOLDINGS B.V. NL02129339 34243271 100% 16 0 € 31/12/2010

DIC KOREA CORP. - - 79% - - -

DIC LOGISTICS CHINA CO., LTD. - - 100% - - -

DIC TRADING (HK) LTD - - 100% - - -

GUANGZHOU DIC INTERNATIONAL CO., LTD. - - 100% - - -

QINGDAO DIC FINECHEMICALS CO., LTD. - - 100% - - -

TIEN LEE HONG CO., LTD. - - 100% - - -

Type of shareholder

Shareholders

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Linkages

Ultimate parent company DAINIPPON INK AND CHEMICALS

Direct parent SUN CHEMICAL GROUP B.V. - 100 %

Group – Number of companies 162

Linkages – Number of companies 27

Number of countries 11

Safe Number SIREN Dernier bilan Score Limite CA

DIC WW00002382 2382 31/03/2011 55 34 150 000 € 6 679 563 364 €

SUN CHEMICAL GROUP COÖPERATIEF U.A. NL01911876 32141752 31/12/2010 60 4 250 000 € -

ENVOY CAPITAL GROUP WW00949223 949223 30/09/2011 10 0 € 0 €

ECG HOLDINGS (UK) LIMITED UK03629972 03977440 31/12/2010 90 270 000 £ 199 975 £

SUN CHEMICAL HOLDING GMBH DE01256588 HRB 83398 31/12/2008 78 985 000 € 423 645 846 €

HARTMANN TRYCKFÄRGER AKTIEBOLAG SE00557735 5560169202 01/12/2006 No Rating - 0 KSEK

DIC EQUES COATINGS B.V. NL00755698 16069409 31/12/2006 No Rating - -

SUN CHEMICAL INKS LIMITED IE00002983 IE008765 31/12/2010 84 75 000 € 11 845 119 €

SUN BRANDING SOLUTIONS LTD UK00547079 00873405 31/12/2010 95 195 000 £ 24 240 868 £

SUN CHEMICAL AS NO00009434 868079592 31/12/2010 40 21 675 € 12 629 512 €

SUN CHEMICAL CENTRAL EUROPE HOLDING GMBH... DE01290320 HRA 42429 31/12/2010 52 375 000 € -

GLENSIDE PROPERTIES LIMITED IE00009033 IE014894 31/12/2010 93 175 000 € -

DIC BERLIN GMBH R & D LABORATORY DE01316705 HRB 29659 B 31/12/2010 No Rating - -

KINYO EUROPE GMBH DE01378534 HRB 39943 31/12/2010 65 160 000 € -

KINYO GERMANY GMBH DE00926019 HRB 39945 31/12/2010 66 140 000 € -

SUN CHEMICAL HOLDING B.V. NL01967388 33208808 31/12/2010 79 9 000 000 € -

CST GRAFISKA AKTIEBOLAG SE00770947 5563533420 01/12/2006 No Rating - 19 994 KSEK

D.I.C. (UK) LIMITED UK00974194 01304630 31/12/2011 No Rating - -

SUN CHEMICAL PIGMENTE GMBH DE01969417 HRB 6800 - No Rating - -

DAINIPPON INC & CHEMICALS ... - - - No Rating - -

DAINIPPON INK AND CHEMICALS INC - - - No Rating - -

DAINIPPON INK AND CHEMICALS INC. - - - No Rating - -

DIC INVESTMENTS JAPAN, LLC. - - - No Rating - -

SUN CHEMICAL A/S ... - - - No Rating - -

SUN CHEMICAL INKS A/S ... - - - No Rating - -

SUN CHEMICAL S.A. PIGMENTS DIVISION - - - No Rating - -

SUN CHEMIKAL GROUP B.V - - - No Rating - -

FINANCIAL INFORMATION

Trading to Date	12/31/2010	12/31/2009	12/31/2008
	Turnover	187,655,615 €	194,523,733 €	224,687,614 €
	Gross Operating Surplus	-1,43 % Turnover	1,72 % Turnover	3,28 % Turnover
	Net worth	81,077,863 €	90,150,920 €	97,200,779 €
	Employees	250 to 499 employees	-	-

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	06/08/2011	08/01/2011	-
Activity Code	2030Z	2030Z	2030Z
Employees	364	430	491

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	72 381 404	2,2%	70 802 506	-2,8%	72 862 395	197 660,50	36519,1%
- Intangible assets	56 954 861	2,8%	55 377 861	19,0%	46 532 228	18 539,50	307108,2%
- Tangible assets	23 990 252	0,1%	23 977 466	-6,9%	25 748 957	109 042	21900,9%
- Financial assets	441 636	-2,4%	452 524	-22,1%	581 210	6 205	7017,4%
Net current assets	65 723 840	-24,1%	86 622 307	-13,0%	99 604 742	1 296 574,50	4969,0%
- Stocks	16 483 276	-4,3%	17 220 829	-20,4%	21 641 591	372 592	4323,9%
- Advanced payments	58 300	-24,1%	31 370	-80,3%	159 577	0	0%
- Receivables	48 541 543	-29,3%	68 636 219	-10,0%	76 280 090	509 664,50	9424,2%
- Securities and cash	640 721	-12,7%	733 889	-51,8%	1 523 484	123 962,50	416,9%
- Prepaid expenses	-	-	-	-	-	59,50	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	138 105 244	-12,3%	157 424 815	-8,7%	172 467 135	1 555 611	8777,9%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	81 077 863	-10,1%	90 150 920	-7,3%	97 200 779	534 493,50	15069,1%
Share capital	86 554 255	0%	86 554 255	0%	86 554 255	160 000	53996,4%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	8 285 480	-38,1%	13 383 997	29,6%	10 331 018	0	0%
Liabilities	48 741 899	-9,6%	53 889 370	-16,9%	64 885 161	807 439,50	5936,6%
- Financial liabilities	13 820 629	126,8%	6 094 165	-50,2%	12 234 217	129 690	10556,7%
- Advanced payments received	0	0%	0	0%	855	0	0%
- Trade account payables	19 328 058	-42,2%	33 424 156	0,8%	33 145 340	341 892	5553,3%
- Tax and social liabilities	8 295 146	12,5%	7 373 143	-29,5%	10 456 281	173 804,50	4672,7%
- Other debts and fixed assets liabilities	7 298 066	4,3%	6 998 434	-23,1%	9 098 645	23 985	30327,6%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	138 105 245	-12,3%	157 424 815	-8,7%	172 467 135	1 555 610,50	8777,9%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	184 485 992	-9,9%	204 684 329	-15,6%	242 588 675	2 475 587	7352,2%
Net turnover	187 655 615	-3,5%	194 523 733	-13,4%	224 687 614	2 427 997	7628,8%
- of which net export turnover	70 733 523	126,9%	31 170 674	68,2%	18 536 337	14 237	496728,8%
Operating charges	197 150 276	-4,6%	206 713 261	-12,9%	237 408 647	2 329 852,50	8361,9%
Operating profit/loss	-12 664 284	-524,2%	-2 028 932	-139,2%	5 180 028	39 251,50	-32364,5%
Financial income	122 986	-91,9%	1 517 147	-81,5%	8 198 964	1 585	7659,4%
Financial charges	695 601	-69,3%	2 267 239	-83,2%	13 466 017	11 724	5833,1%
Financial profit/loss	-572 615	23,7%	-750 092	85,8%	-5 267 053	-3 495,50	-16281,5%
Pretax net operating income	-13 236 899	-376,3%	-2 779 024	-3093,4%	-87 025	31 853,50	-41655,6%
Extraordinary income	10 835 984	180,7%	3 860 750	-36,3%	6 057 464	6 110	177248,3%
Extraordinary charges	4 828 755	-42,5%	8 400 762	4,5%	8 038 141	12 640	38102,2%
Extraordinary profit/loss	6 007 229	-59,2%	-4 540 012	-129,2%	-1 980 677	0	0%
Net result	-7 229 669	1,2%	-7 319 037	-254,0%	-2 067 702	34 276,50	-21192,2%

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	138 105 244	-12,3%	157 424 815	-8,7%	172 467 135
	Gross	CO	220 840 899	-10,8%	247 507 696	-4,9%	260 360 469
	Amortisation	1A	82 735 655	-8,2%	90 082 881	2,5%	87 893 334

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	72 381 404	2,2%	70 802 506	-2,8%	72 862 395
	Gross	BJ	143 319 546	-5,0%	150 883 708	0,1%	150 764 834
	Amortisation	BK	70 938 142	-11,4%	80 081 202	2,8%	77 902 441

Intangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Start-up cost	Net	13 000	0%	13 000	182,5%	4 601
	Gross	AB	13 000	0%	13 000	0%	13 000
	Amortisation	AC	8 859	0%	8 859	5,5%	8 399
	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	0	0%	0	0%	133 623
	Gross	AF	581 012	0%	581 012	-65,7%	1 695 885
	Amortisation	AG	581 012	0%	581 012	-62,8%	1 562 262
	Goodwill	Net	56 941 861	2,8%	55 364 861	19,4%	46 368 375
	Gross	AH	56 941 861	2,8%	55 364 861	0%	55 364 861
	Amortisation	AI	8 996 486	0%	8 996 486	0%	8 996 486
	Other intangible fixed assets	Net	0	0%	0	0%	25 629
	Gross	AJ	25 629	0%	25 629	0%	25 629
	Amortisation	AK	25 629	0%	25 629	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	56 954 861	2,8%	55 377 861	19,0%	46 532 228

Tangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Lands	Net	4 827 891	4,7%	4 609 219	-8,4%	5 029 799
	Gross	AN	6 657 916	5,0%	6 339 303	-4,9%	6 668 762
	Amortisation	AO	1 830 025	5,8%	1 730 084	5,6%	1 638 963
	Buildings	Net	7 436 078	-12,1%	8 458 409	1,9%	8 297 601
	Gross	AP	32 288 064	0,2%	32 213 517	1,8%	31 656 168
	Amortisation	AQ	24 851 986	4,6%	23 755 108	1,7%	23 358 567
	Plant	Net	9 641 853	1,6%	9 486 531	-8,0%	10 316 582
	Gross	AR	36 561 576	-18,6%	44 916 053	3,4%	43 432 223
	Amortisation	AS	26 919 723	-24,0%	35 429 522	7,0%	33 115 641
	Other tangible fixed assets	Net	832 096	-26,8%	1 136 629	-5,5%	1 202 260
	Gross	AT	7 794 924	-21,5%	9 929 537	13,4%	8 752 557
	Amortisation	AU	6 962 828	-20,8%	8 792 908	16,5%	7 550 297
	Fixed assets in construction	Net	1 252 334	336,8%	286 678	-62,1%	756 010
	Gross	AV	1 252 334	336,8%	286 678	-76,9%	1 240 097
	Amortisation	AW	0	0%	0	0%	484 087
	Advances and payments on account	Net	0	0%	0	0%	146 705
	Gross	AX	0	0%	0	0%	146 705
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	23 990 252		23 977 466		25 748 957

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	169 541	0%	169 541	-13,8%	196 655
	Gross	CU	931 135	0%	931 135	-32,7%	1 384 393
	Amortisation	CV	761 594	0%	761 594	-35,9%	1 187 738
	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	251 920	-3,8%	261 837	2,5%	255 331
	Gross	BF	251 920	0%	261 837	0%	255 331
	Amortisation	BG	0		0		0
	Other financial assets	Net	20 175	-4,6%	21 146	-83,6%	129 224
	Gross	BH	20 175	-4,6%	21 146	-83,6%	129 224
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		441 636		452 524		581 210

Current Assets (III)

			31/12/2010		31/12/2009		31/12/2008
	Total Assets	Net	65 723 840	-24,1%	86 622 307	-13,0%	99 604 742
	Gross	CJ	77 521 353	-19,8%	96 623 985	-11,8%	109 595 635
	Amortisation	CK	11 797 513	18,0%	10 001 678	0,1%	9 990 893

Stocks

			31/12/2010		31/12/2009		31/12/2008
	Raw materials	Net	5 322 451	-10,9%	5 975 661	-31,1%	8 670 777
	Gross	BL	5 800 236	-7,9%	6 295 309	-31,1%	9 137 432
	Amortisation	BM	477 785	49,5%	319 648	-31,5%	466 655
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	4 998 527	-54,2%	10 918 011	42,6%	7 658 884
	Gross	BR	5 126 881	-54,1%	11 174 962	43,4%	7 790 856
	Amortisation	BS	128 354	-50,0%	256 951	94,7%	131 972
	Goods for resale	Net	6 162 298	1783,6%	327 157	-93,8%	5 311 930
	Gross	BT	6 518 468	1188,6%	505 872	-90,8%	5 519 409
	Amortisation	BU	356 170	99,3%	178 715	-13,9%	207 479
	Sub Total Stocks	Net	16 483 276	-4,3%	17 220 829	-20,4%	21 641 591

Advance payments to suppliers

			31/12/2010		31/12/2009		31/12/2008
	Advance payments to suppliers	Net	58 300	85,8%	31 370	-80,3%	159 577
	Gross	BV	58 300	85,8%	31 370	-80,3%	159 577
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2010		31/12/2009		31/12/2008
	Trade accounts receivable	Net	41 484 379	-18,5%	50 879 944	-22,4%	65 573 495
	Gross	BX	52 048 342	-13,0%	59 855 067	-19,6%	74 487 041
	Amortisation	BY	10 563 963	17,7%	8 975 123	0,7%	8 913 546
	Other debtors	Net	6 412 472	-62,4%	17 064 984	67,5%	10 187 853
	Gross	BZ	6 683 713	-61,4%	17 336 225	65,8%	10 459 094
	Amortisation	CA	271 241	0%	271 241	0%	271 241
	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	47 896 851	-29,5%	67 944 928	-10,3%	75 761 348

Divers

			31/12/2010		31/12/2009		31/12/2008
	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	640 721	-12,7%	733 889	-51,8%	1 523 484
	Gross	CF	640 721	-12,7%	733 889	-51,8%	1 523 484
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	640 721	-12,7%	733 889	-51,8%	1 523 484

Prepaid expenses

			31/12/2010		31/12/2009		31/12/2008
	Prepaid expenses	Net	644 692	-6,7%	691 291	33,3%	518 742
	Gross	CH	644 692	-6,7%	691 291	33,3%	518 742
	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	138 105 245	-12,3%	157 424 815	-8,7%	172 467 135

Shareholder Equity (I)

			31/12/2010		31/12/2009		31/12/2008
	Total shareholders' equity (Total I)	DL	81 077 863	-10,1%	90 150 920	-7,3%	97 200 779
	Equity and shareholders' equity	DA	86 554 255	0%	86 554 255	0%	86 554 255
	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	1 998 825	0%	1 998 825	0%	1 998 825
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	6 246 004	0%	6 246 004	0%	6 246 004
	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	-8 937 396	-452,3%	-1 618 358	-460,2%	449 343
	Profit or loss for the period	DI	-7 229 669	1,2%	-7 319 037	-254,0%	-2 067 701
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	2 445 844	-43,0%	4 289 231	6,7%	4 020 053

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	8 285 480	-38,1%	13 383 997	29,6%	10 331 018
	Risk provisions	DP	2 140 870	-71,2%	7 443 347	69,1%	4 400 869
	Reserves for charges	DQ	6 144 610	3,4%	5 940 650	0,2%	5 930 149

Liabilities (IV)

			31/12/2010		31/12/2009		31/12/2008
	Total Liabilities (Total IV)	EC	48 741 899	-9,6%	53 889 370	-16,9%	64 885 161
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	32 996	-96,9%	1 076 015	-73,2%	4 016 067
	Sundry loans and financial liabilities	DV	13 787 633	174,8%	5 018 150	-38,9%	8 218 150
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	855
	Trade accounts payables	DX	19 328 058	-42,2%	33 424 156	0,8%	33 145 340
	Tax and social security liabilities	DY	8 295 146	12,5%	7 373 143	-29,5%	10 456 281
	Fixed asset liabilities	DZ	0	0%	0	0%	665 516
	Other debts	EA	7 298 066	4,3%	6 997 906	-16,5%	8 382 952

Translation loss (V)

		31/12/2010		31/12/2009		31/12/2008
Translation loss (Total V)	ED	0	0%	528	-98,9%	50 177

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	0	0%	0	0%	0
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	-12 664 284	-524,2%	-2 028 932	-139,2%	5 180 028

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	-572 615	23,7%	-750 092	85,8%	-5 267 053

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	-13 236 899	-376,3%	-2 779 024	-3093,4%	-87 025

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	6 007 229	232,3%	-4 540 012	-129,2%	-1 980 677

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	-7 229 669	1,2%	-7 319 037	-254,0%	-2 067 702

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	195 444 962	-7,0%	210 062 226	-18,2%	256 845 103

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	202 674 632	-6,8%	217 381 262	-16,0%	258 912 805

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	184 485 992	-9,9%	204 684 329	-15,6%	242 588 675

Operating income (details)

			31/12/2010		31/12/2009		31/12/2008
	Sale of goods for resale	FC	89 410 154	6,2%	84 207 924	-22,2%	108 217 092
	France	FA	65 927 901	-3,7%	68 481 005	-34,1%	103 892 744
	Export	FB	23 482 253	49,3%	15 726 919	263,7%	4 324 348
	Sale of goods produced	FF	89 744 948	-13,0%	103 107 691	-4,8%	108 261 816
	France	FD	50 770 936	-42,1%	87 663 936	-11,2%	98 706 187
	Export	FE	38 974 012	152,4%	15 443 755	61,6%	9 555 629
	Sale of services	FI	8 500 513	17,9%	7 208 118	-12,2%	8 208 706
	France	FG	223 255	-96,9%	7 208 118	102,9%	3 552 346
	Export	FH	8 277 258	0%	0	0%	4 656 360
	Net turnover	FL	187 655 615	-3,5%	194 523 733	-13,4%	224 687 614
	France	FJ	116 922 092	-28,4%	163 353 059	-20,8%	206 151 277
	Export	FK	70 733 523	126,9%	31 170 674	68,2%	18 536 337
	Stocked production	FM	-6 284 277	-328,7%	2 747 897	6232,4%	43 394
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	2 662 653	-52,1%	5 564 275	-60,7%	14 162 728
	Other income	FQ	452 001	-75,5%	1 848 424	-50,0%	3 694 939

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	197 150 276	-4,6%	206 713 261	-12,9%	237 408 647

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	74 307 586	22,9%	60 440 686	5,9%	57 065 038
Change in stocks of goods for resale	FT	-6 012 596	-232,1%	4 551 740	2037,1%	212 987
Purchase of raw materials	FU	59 027 891	-12,8%	67 664 999	-24,7%	89 803 049
Change in stocks of raw materials	FV	495 073	-82,3%	2 795 802	971,9%	-320 655
Other external purchases and charges	FW	22 980 058	-7,5%	24 841 491	-21,5%	31 626 309
Tax, duty and similar payments	FX	3 022 888	-14,1%	3 518 666	-40,3%	5 889 648
Payroll	FY	21 941 006	4,5%	20 997 786	-8,3%	22 896 126
Social security costs	FZ	8 297 408	-8,9%	9 112 391	-10,5%	10 181 335

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	3 380 221	-12,0%	3 839 441	9,3%	3 513 760
Amortisation of fixed assets	GB	0	0%	0	0%	1 372
Depreciation/amortisation of current assets	GC	3 440 928	-3,0%	3 545 996	-62,7%	9 497 558
Provisions for risks and charges	GD	494 893	-25,1%	660 718	-60,1%	1 657 186

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	5 774 920	21,7%	4 743 545	-11,9%	5 384 934

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	122 986	-91,9%	1 517 147	-81,5%	8 198 964
	Share financial income	GJ	39 902	0%	0	0%	100 671
	Other investment income & capitalised receivables	GK	0	0%	745	-3,6%	773
	Other interest and similar income	GL	9 397	-99,0%	959 263	-86,2%	6 949 510
	Released provisions and transferred charges	GM	0	0%	426 144	-57,4%	1 000 000
	Exchange gains	GN	73 687	-43,7%	130 995	-11,5%	148 010
	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	695 601	-69,3%	2 267 239	-83,2%	13 466 017
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	614 851	-67,2%	1 871 704	-86,0%	13 402 303
	Exchange losses	GS	80 750	-79,6%	395 535	520,8%	63 714
	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	10 835 984	180,7%	3 860 750	-36,3%	6 057 464
	Extraordinary operating income	HA	57 472	-75,2%	232 210	-84,0%	1 454 286
	Extraordinary income from capital transactions	HB	113 860	-80,4%	581 309	176,3%	210 375
	Released provisions and transferred charges	HC	10 664 652	250,0%	3 047 231	-30,6%	4 392 803

Extraordinary charges (VIII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	4 828 755	-42,5%	8 400 762	4,5%	8 038 141
	Extraordinary operating charges	HE	584 191	-10,0%	649 423	-29,9%	925 915
	Extraordinary charges from capital transactions	HF	369 773	-68,6%	1 178 634	508,1%	193 829
	Extraordinary reserves and provisions	HG	3 874 791	-41,0%	6 572 705	-5,0%	6 918 397

Employee profit sharing (IX)

		31/12/2010		31/12/2009		31/12/2008
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2010		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	0	0%	0	0%	0

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	147 813	-25,0%	197 085	-1,2%	199 409
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)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	OG	0	0%	0	0%	150 878 131
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	5 384 518
	Decreasess by budget item transfer	OK1	0	0%	1 114 873	0%	0
	Decreasess by transfers	OK2	12 565 080	389,9%	2 564 867	-53,3%	5 497 815
	Gross value at the end of period	OL	143 319 546	-5,0%	150 883 710	0,1%	150 764 834

Research and development Charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	CZ	13 000	0%	13 000	0%	13 000
	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	13 000	0%	13 000	0%	13 000

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	55 971 502	-2,0%	57 086 375	0,0%	57 083 329
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	1 577 000	0%	0	0%	31 900
	Decreasess by budget item transfer	LV1	0	0%	1 114 873	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	28 855
	Gross value at the end of period	LW	57 548 502	2,8%	55 971 502	-2,0%	57 086 375

Tangible fixed assets (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LN	93 685 090	1,9%	91 896 513	1,1%	90 938 584
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	3 392 155	-10,7%	3 798 615	-27,6%	5 245 189
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	12 522 431	523,0%	2 010 038	-53,1%	4 287 261
	Gross value at the end of period	NH	84 554 814	-9,7%	93 685 090	1,9%	91 896 512

Fiancial assets (Total IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LQ	1 214 119	-31,4%	1 768 948	-37,8%	2 843 218
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	31 760	0%	0	0%	107 429
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	42 649	-92,3%	554 829	-53,0%	1 181 699
	Gross value at the end of period	NK	1 203 230	-0,9%	1 214 119	-31,4%	1 768 948

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%	69 557 799
Increases		0P	0	0%	0	0%	3 555 200
Decreasess		0Q	0	0%	0	0%	1 896 202
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	71 216 797

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%	8 399
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	8 399

Other intangible assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	8 591 158	-10,0%	9 546 779	1,1%	9 444 161
Increases		PF	0	0%	50 202	-61,8%	131 473
Decreasess		PG	0	0%	1 005 823	3385,8%	28 855
	Decreasess by budget item transfer	PH	8 591 158	0%	8 591 158	-10,0%	9 546 779

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	66 384 308	7,7%	61 661 619	2,6%	60 105 239
Increases		QV	5 852 575	54,5%	3 788 781	10,7%	3 423 727
Decreases		QW	12 152 659	1401,3%	-933 908	-150,0%	1 867 347
	Decreasess by budget item transfer	QX	60 084 224	-9,5%	66 384 308	7,7%	61 661 619

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	13 000	0%	13 000	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	32 771 788	5,6%	31 027 609	12,5%	27 569 924
Increases		UB	5 338 258	-50,5%	10 779 419	-52,7%	22 766 918
Decreases		UC	13 327 305	47,5%	9 035 240	-53,2%	19 309 233
	Value at the end of period	UD	24 782 741	-24,4%	32 771 788	5,6%	31 027 609

Includes Total allocations

Operating	UE	3 935 820	-6,4%	4 206 714	-62,3%	11 156 117
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	1 402 437	-78,7%	6 572 705	-4,4%	6 876 956

Includes Total Withdrawal

Operating	UF	2 662 653	-52,1%	5 561 866	-60,0%	13 916 430
Financial	UH	0	0%	426 144	-57,4%	1 000 000
Exceptional	UK	10 664 652	250,0%	3 047 231	-30,6%	4 392 803

Total regulated provisions (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	3Z	4 289 232	6,7%	4 020 053	14,0%	3 526 767
Increases		TS	156 153	-71,4%	546 238	-30,3%	783 467
Decreases		TT	1 999 540	621,7%	277 059	-4,5%	290 181
	Value at the end of period	TU	2 445 845	-43,0%	4 289 232	6,7%	4 020 053

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	5Z	13 383 996	29,6%	10 331 017	-14,8%	12 121 291
Increases		TV	1 578 893	-76,4%	6 687 185	-16,4%	7 998 584
Decreases		TW	6 677 409	83,7%	3 634 206	-62,9%	9 788 857
	Value at the end of period	TX	8 285 480	-38,1%	13 383 996	29,6%	10 331 018

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	15 098 558	-9,5%	16 676 538	39,9%	11 921 866
Increases		TY	3 603 212	1,6%	3 545 996	-74,6%	13 984 867
Decreases		TZ	4 650 355	-9,2%	5 123 976	-44,5%	9 230 195
	Value at the end of period	UA	14 051 415	-6,9%	15 098 558	-9,5%	16 676 538

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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	59 648 843	-23,7%	78 165 567	-9,0%	85 849 432
1 year at most	VU	59 376 748	-23,8%	77 882 583	-8,9%	85 464 878
More than one year	VV	272 095	-3,8%	282 984	-26,4%	384 555

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	251 920	-3,8%	261 837	2,5%	255 331
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	20 175	-4,6%	21 146	-83,6%	129 224
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	13 345 187	-1,8%	13 587 047	49,9%	9 061 329
Other claims customer	UX	38 703 155	-16,4%	46 268 020	-29,3%	65 425 711
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	94 807	-10,9%	106 459	116,5%	49 168
Social Security and other social organizations	UZ	143 039	3,2%	138 542	-16,3%	165 581
Income taxes	VM	108 126	-58,5%	260 287	0%	260 287
Value added tax	VB	2 566 143	2,0%	2 516 897	73,9%	1 447 250
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	1 236 000	-45,1%	2 251 417	55,1%	1 452 000
Group and Associates	VC	0	0%	9 999 015	3449,7%	281 689
Accounts receivable (including claims relating to the operation of pension titles)	VR	2 535 598	22,9%	2 063 608	-69,7%	6 803 119

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	644 692	-6,7%	691 291	33,3%	518 742

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	48 678 232	-9,6%	53 822 997	-17,0%	64 884 306
1 year at most		VZ2	48 678 232	-9,6%	53 822 997	-17,0%	64 884 306
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	32 996	-96,9%	1 076 015	-73,2%	4 016 067
1 year at most		VG2	32 996	-96,9%	1 076 015	-73,2%	4 016 067
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	5 018 150	0%	5 018 150	-38,9%	8 218 150
1 year at most		8A2	5 018 150	0%	5 018 150	-38,9%	8 218 150
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	19 328 058	-42,2%	33 424 156	0,8%	33 145 340
1 year at most		8B2	19 328 058	-42,2%	33 424 156	0,8%	33 145 340
More than 1 year and 5 years at most		8B3	19 328 058	-42,2%	33 424 156	0%	0
	Personnel and associated accounts (gross)	8C1	4 313 849	42,2%	3 034 171	-20,3%	3 805 008
1 year at most		8C2	4 313 849	42,2%	3 034 171	-20,3%	3 805 008
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	2 605 933	-10,0%	2 896 545	-28,8%	4 069 180
1 year at most		8D2	2 605 933	-10,0%	2 896 545	-28,8%	4 069 180
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	1 074 757	-5,1%	1 132 427	19,9%	944 693
1 year at most		VW2	1 074 757	-5,1%	1 132 427	19,9%	944 693
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	300 607	-3,0%	310 000	-81,1%	1 637 400
1 year at most		VQ2	300 607	-3,0%	310 000	-81,1%	1 637 400
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%	665 516
1 year at most		8J2	0	0%	0	0%	665 516
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	8 769 483	0%	0	0%	0
1 year at most		VI2	8 769 483	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	7 234 398	4,4%	6 931 534	-17,3%	8 382 952
1 year at most		8K2	7 234 398	4,4%	6 931 534	-17,3%	8 382 952
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%	3 200 000	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2010		31/12/2009		31/12/2008
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2010		31/12/2009		31/12/2008
Commitments leasing furniture	YQ	0	0%	182 506	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	1 122 000
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	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

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

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

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	364	-15,3%	430	-12,4%	491

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		1,21	-4,0%	1,26	-3,8%	1,31	1,68	-28,0%
Global Debt		94 days	-6,0%	100 days	-3,8%	104 days	113,50 days	-17,2%
Working Capital Fund overall net		59 days	-18,1%	72 days	-4,0%	75 days	82 days	-28,0%
Financial independence		245680,88%	2832,8%	8377,01%	246,1%	2420,18%	616,74%	39735,4%
More ratios
Solvability		58,71%	2,5%	57,27%	1,6%	56,36%	48,08%	22,1%
Capacity debt futures		245720,28%	2832,8%	8378,22%	246,2%	2420,30%	1050,86%	23282,8%
Coverage of current assets by net working capital overall		40,07%	-1,0%	40,47%	-5,9%	43%	48,23%	-16,9%
General Liquidity		1,22	-15,9%	1,45	9,8%	1,32	0,89	37,1%
Restricted Liquidity		1,23	-15,8%	1,46	9,0%	1,34	1,12	9,8%

Management or rotation

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital		57 days	-17,4%	69 days	-4,2%	72 days	52 days	9,6%
Treasury		1 days	0%	1 days	-50,0%	2 days	12,50 days	-92,0%
Inventory turnover of goods		34 days	1033,3%	3 days	-91,4%	35 days	56 days	-39,3%
Average length of credit granted to customers		100 days	-9,9%	111 days	-6,7%	119 days	67,50 days	48,1%
Average length of credit obtained suppliers		46 days	-38,7%	75 days	11,9%	67 days	62 days	-25,8%
More ratios
Inventory turnover of raw materials in industrial enterprises		25 days	-7,4%	27 days	-22,9%	35 days	67 days	-62,7%
Inventory turnover of intermediate and finished products in the industrial enterprise		222 days	6,7%	208 days	-15,1%	245 days	327 days	-32,1%
Rotation tangible assets		221,93%	6,9%	207,64%	-15,1%	244,50%	334,95%	-33,7%

Profitability of the business

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading		11,25%	13,9%	9,88%	-56,4%	22,67	1,67%	573,7%
Profitability of the business		-1,43	-183,1%	1,72	-47,6%	3,28	4,73%	-130,2%
Net profit		-3,85%	-2,4%	-3,76%	-308,7%	-0,92%	2,26%	-270,4%
More ratios
Growth rate of turnover (excluding VAT)		-3,53%	73,7%	-13,42%	-437,2%	3,98%	2,13%	-265,7%
Rates integration		16,29%	-14,3%	19,01%	-7,9%	20,63%	29,29%	-44,4%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		98,90%	21,5%	81,43%	14,1%	71,37%	76,39%	29,5%
Weight interests		0,37	-68,4%	1,17%	-80,5%	5,99%	0,43%	-14,0%

Return on capital

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability		-6,95%	-152,7%	-2,75%	43,6%	-4,88%	3,87%	-279,6%
Rates of economic profitability		-3%	-200%	3%	-57,1%	7%	13%	-123,1%
Financial profitability		81077863%	-10,1%	90150920%	-7,3%	97200779%	540604%	14897,6%
Return on investment		-6,89%	-31,2%	-5,25%	-150,4%	10,42%	8,11%	-185,0%

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	187 655 615	-3,5%	194 523 733	-13,4%	224 687 614	2 427 997 €	7628,8%

Sales of goods	89 410 154	6,2%	84 207 924	-22,2%	108 217 092
- Purchase of goods	74 307 586	22,9%	60 440 686	5,9%	57 065 038
+/- Stock of goods variation	-6 012 596	-232,1%	4 551 740	2037,1%	212 987
Trading margin	21 115 164 €	9,9%	19 215 498 €	-62,3%	50 939 067 €	24 484 €	86140,7%
	11,25 % CA	13,9%	9,88 % CA	-56,4%	22,67 % CA	2,08 % CA	440,9%

Sale of goods produced	98 245 461	-10,9%	110 315 809	-5,3%	116 470 522
+/- Stocked production	-6 284 277	-328,7%	2 747 897	6232,4%	43 394
+ Self-constructed assets	0	0%	0	0%	0
Period production	91 961 184 €	-18,7%	113 063 706 €	-3,0%	116 513 916 €	1 945 424 €	4627,1%
	49,01 % CA	-15,7%	58,12 % CA	12,1%	51,86 % CA	96,66 % CA	-49,3%

Trading margin	21 115 164	9,9%	19 215 498	-62,3%	50 939 067	24 484	86140,7%
+ Period Production	91 961 184	-18,7%	113 063 706	-3,0%	116 513 916	1 945 424	4627,1%
- Purchase of raw materials	59 027 891	-12,8%	67 664 999	-24,7%	89 803 049
+/- Change in stocks of raw materiels	495 073	-82,3%	2 795 802	971,9%	-320 655
- Other external purchases and charges	22 980 058	-7,5%	24 841 491	-21,5%	31 626 309
Added value	30 573 326 €	-17,3%	36 976 912 €	-20,2%	46 344 280 €	702 055 €	4254,8%
	16,29 % CA	-14,3%	19,01 % CA	-7,9%	20,63 % CA	29,29 % CA	-44,4%

Added value	30 573 326 €	-17,3%	36 976 912 €	-20,2%	46 344 280 €	702 055 €	4254,8%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	3 022 888	-14,1%	3 518 666	-40,3%	5 889 648
- Personal charges	30 238 414	0,4%	30 110 177	-9,0%	33 077 461
Gross operating surplus	-2 687 976 €	-180,3%	3 348 069 €	-54,6%	7 377 171 €	73 300,50 €	-3767,1%
	-1,43 % CA	-183,1%	1,72 % CA	-47,6%	3,28 % CA	4,73 % CA	-130,2%

Gross operating surplus	-2 687 976 €	-180,3%	3 348 069 €	-54,6%	7 377 171 €	73 300,50 €	-3767,1%
+ Release of reserves and provisions	2 662 653	-52,1%	5 564 275	-60,7%	14 162 728
+ Other operating income	452 001	-75,5%	1 848 424	-50,0%	3 694 939
- Depreciation/Amortisation	7 316 042	-9,1%	8 046 155	-45,2%	14 669 876
- Other charges	5 774 920	21,7%	4 743 545	-11,9%	5 384 934
Operating result	-12 664 284 €	-524,2%	-2 028 932 €	-139,2%	5 180 028 €	39 251,50 €	-32364,5%
	-6,75 % CA	-549,0%	-1,04 % CA	-145,0%	2,31 % CA	2,89 % CA	-333,6%

Operating result	-12 664 284 €	-524,2%	-2 028 932 €	-139,2%	5 180 028 €	39 251,50 €	-32364,5%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	122 986	-91,9%	1 517 147	-81,5%	8 198 964
- Financial charges	695 601	-69,3%	2 267 239	-83,2%	13 466 017
Pre-tax result	-13 236 899 €	-376,3%	-2 779 024 €	-3093,4%	-87 025 €	31 853,50 €	-41655,6%
	-7,05 % CA	-393,0%	-1,43 % CA	-3475,0%	-0,04 % CA	2,60 % CA	-371,2%

Extraordinary income	10 835 984	180,7%	3 860 750	-36,3%	6 057 464	6 110	177248,3%
- Extraordinary charges	4 828 755	-42,5%	8 400 762	4,5%	8 038 141
Extraordinary result	6 007 229 €	232,3%	-4 540 012 €	-129,2%	-1 980 677 €	0 €	0%
	3,20 % CA	237,3%	-2,33 % CA	-164,8%	-1 % CA	0 % CA	0%

Pre-tax result	-13 236 899 €	-376,3%	-2 779 024 €	-3093,4%	-87 025 €	31 853,50 €	-41655,6%
Extraordinary result	6 007 229 €	232,3%	-4 540 012 €	-129,2%	-1 980 677 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	0	0%	0	0%	0
Net result	-7 229 670 €	1,2%	-7 319 036 €	-254,0%	-2 067 702 €	34 276 €	-21192,5%
	-3,85 % CA	-2,4%	-3,76 % CA	-308,7%	-0,92 % CA	2,26 % CA	-270,4%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends
	Profitability
	Liquidity
	Net worth

Type	Head office	Status	Economically active
	Formation Date	03/2011	Reason for formation	Formation
	Closure Date		Reason for closure
	Reactivation Date		Production Role
	Activity Nature		Activity Location
	Location surface		Seasonality

	Department		Region	Ile-de-France
	District		Area
	City	NANTERRE	Size of urban area
Other establishments

Branches	9 branch entities in this company
Head office	> SUN CHEMICAL <<<  - Fabrication de peintures, vernis, encres et mastics (2030Z)  in NANTERRE  (92000)
Secondary establishments	>  SUN CHEMICAL SA  - Fabrication de peintures et vernis (243Z)  in PLAILLY  (60128) >  SUN CHEMICAL SA  - Fabrication de peintures et vernis (243Z)  in ANTONY  (92160) >  SUN CHEMICAL SA  - Fabrication de peintures, vernis, encres et mastics (2030Z)  in BRIE COMTE ROBERT  (77170) >  SUN CHEMICAL SA  - Fabrication de peintures, vernis, encres et mastics (2030Z)  in GOUSSAINVILLE  (95190) > ...

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

0 employee

Company workforce

250 to 499 employees

event history

Status history

Date	Description
28/03/2011	Economically active

Recent publications in Gazettes

Publication date	Gazette Name	Description
05/06/2011	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 1053 - 608 229 746 RCS Nanterre. SUN CHEMICAL. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : DELOITTE & ASSOCIES en fonction le 03 Mai 2006 Commissaire aux comptes suppléant : BEAS en fonction le 03 Mai 2006 Président : SUN CHEMICAL GROUP COOPERATIEF U. A Société représenté par JURGENS Gideon en fonction le 24 Juillet 2009 Personne ayant pouvoir d'engager à titre habituel la société vis-à-vis des tiers : ERUIMY Charles en fonction le 25 Juin 2010 Personne ayant pouvoir d'engager à titre habituel la société vis-à-vis des tiers : BETIN Nicolas en fonction le 26 Mai 2011. Activité : . Commentaires : Modification de représentant.
25/05/2011	JAL	Appointment of the social representative
Journal spécial des sociétés (Le) Société faisant l'objet d'une nomination : 608229746 - SUN CHEMICAL SA, 171 AV GEORGES CLEMENCEAU, 92000 NANTERRE Nominé : Monsieur Nicolas BETIN, 12 Avenue Gambetta, 92270 BOIS COLOMBES Date d'effet : 01/04/2011
15/05/2011	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 1495 - 608 229 746 RCS Nanterre. SUN CHEMICAL. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : DELOITTE & ASSOCIES en fonction le 03 Mai 2006 Commissaire aux comptes suppléant : BEAS en fonction le 03 Mai 2006 Président : SUN CHEMICAL GROUP COOPERATIEF U. A Société représenté par JURGENS Gideon en fonction le 24 Juillet 2009 Personne ayant pouvoir d'engager à titre habituel la société vis-à-vis des tiers : ERUIMY Charles en fonction le 25 Juin 2010. Activité : . Adresse du siège social : 171 avenue Georges Clémenceau, 92000 Nanterre. Commentaires : Modification de l'adresse du siège. Modification de représentant.
17/01/2011	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 10653 - 608229746 RCS. SUN CHEMICAL. Forme : Société par actions simplifiée. Adresse : 89/91 avenue du Maréchal Joffre 92000 Nanterre. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
01/08/2010	Bodacc A	Vente et cession : Acheteur
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 372 - 608 229 746 RCS Nantes. SUN CHEMICAL SA. Forme : Société par actions simplifiée. Adresse : 89-91 avenue du Maréchal, Joffre, 92000 Nanterre. Origine du fonds : Fonds acquis par achat au prix stipulé de 8.195.000,00 EUR. Etablissement : Etablissement secondaire. Activité : Achat, vente et en général exploitation de toutes laques, vernis, encres d'imprimerie et autes couchés ainsi que tous les autres produits de même nature. Adresse : 25 boulevard du Maréchal Juin, 44022 Nantes. Précédent propriétaire : THE VALSPAR (NANTES) CORPORATION SAS. 320 460 173 RCS Nantes. A dater du : 09/09/1998. Date de commencement de l’activité : 24/06/1998. Publication légale : ECHO DE L'OUEST du 13/07/2010. Oppositions : au fonds de commerce situé 25 Boulevard du Maréchal Juin 44022 NANTES CEDEX 01. Descriptif : Inscription provisoire. Commentaires : Achat d'un fonds par une personne morale (insertion provisoire). Date d’effet : 01/06/2010.
06/07/2010	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 1633 - 608 229 746 RCS Nanterre. SUN CHEMICAL. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : DELOITTE & ASSOCIES en fonction le 03 Mai 2006 Commissaire aux comptes suppléant : BEAS en fonction le 03 Mai 2006 Président : SUN CHEMICAL GROUP COOPERATIEF U. A Société représenté par JURGENS Gideon en fonction le 24 Juillet 2009 Personne ayant pouvoir d'engager à titre habituel la société vis-à-vis des tiers : DE SURVILLE Loïc en fonction le 25 Juin 2010 Personne ayant pouvoir d'engager à titre habituel la société vis-à-vis des tiers : ERUIMY Charles en fonction le 25 Juin 2010. Commentaires : Modification de représentant.
14/08/2009	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 7661 - 608229746 RCS. SUN CHEMICAL. Forme : Société par actions simplifiée. Adresse : 89/91 avenue du Maréchal Joffre 92000 Nanterre. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
02/08/2009	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 3113 - 608 229 746 RCS Nanterre. SUN CHEMICAL. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : DELOITTE & ASSOCIES en fonction le 03 Mai 2006 Commissaire aux comptes suppléant : BEAS en fonction le 03 Mai 2006 Président : SUN CHEMICAL GROUP COOPERATIEF U. A Société représenté par JURGENS Gideon en fonction le 24 Juillet 2009. Commentaires : Modification de représentant.
07/09/2008	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 8724 - 608229746 RCS. SUN CHEMICAL. Forme : Société par actions simplifiée. Adresse : 89/91 avenue du Maréchal Joffre 92000 Nanterre. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
09/11/2007	Bodacc C	Avis de dépôt des comptes
8745 - 608 229 746. RCS Nanterre SUN CHEMICAL. Forme: Société par actions simplifiée. Adresse du siège social: 89/91 avenue du Maréchal Joffre 92000 Nanterre. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
24/01/2007	Bodacc B	Modifications et mutations diverses
1838 - RCS Nanterre B 608 229 746. RC 03-B 2706. SUN CHEMICAL. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : président partant : SMITH (Kevin, Peter). Nomination du président : SUN CHEMICAL GROUP BV, représentée par JURGENS (Gideon).
20/11/2006	Bodacc C	Avis de dépôt des comptes
5893 - RCS Nanterre B 608 229 746. RC 03-B 2706. SUN CHEMICAL. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 89/91, avenue du Maréchal Joffre,92000 Nanterre. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
19/09/2006	Bodacc B	Modifications et mutations diverses
1733 - RCS Nanterre B 608 229 746. RC 03-B 2706. SUN CHEMICAL. Forme : S.A.S. Capital : 86 554 255 euros. Commentaires : modification survenue sur la forme juridique, le capital (augmentation) et l'administration. Administration : modification du président : SMITH (Kevin, Peter). Administrateurs partants : COX (Melvin) SUN CHEMICAL CORPORATION, représentée par ROBERT (Lyndon, Simposon Jr.) ERUIMY (Charles).
23/05/2006	Bodacc B	Modifications et mutations diverses
2628 - RCS Nanterre B 608 229 746. RC 03-B 2706. SUN CHEMICAL. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes suppléant partant : PETIET (Maxime). Commissaire aux comptes titulaire partant : PGA. Nomination d'un commissaire aux comptes titulaire : DELOITTE & ASSOCIES. Nomination d'un commissaire aux comptes suppléant : BEAS.
19/03/2006	Bodacc C	Avis de dépôt des comptes
4046 - RCS Nanterre B 608 229 746. RC 03-B 2706. SUN CHEMICAL. Forme: S.A. Adresse du siège social: 89/91, avenue du Maréchal Joffre,92000 Nanterre. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
18/03/2005	Bodacc B	Modifications et mutations diverses
2530 - RCS B 608 229 746. RC 03-B 2706. SUN CHEMICAL. Forme : S.A. Capital : 120 554 255 euros. Nom commercial : Sun Chemical S.A. Activité : études, fabrication, vente de toutes peintures, de vernis et de tous produits chimiques utilisés dans l'industrie plus spécialement, la fabrication, la vente d'encres et de vernis d'imprimerie, ainsi que tous produits auxiliaires utilisés dans les arts graphiques. Etudes, recherche, fabrication, achat, transformation, vente de tous produits et de matériel intéressant les arts graphiques, de peintures, de vernis, de produits chimiques et particulièrement les encres et vernis d'imprimerie, ainsi que les produits annexes . Adresse du siège social : 89-91 avenue du Maréchal-Joffre, 92000 Nanterre. Administration : nomination d'un commissaire aux comptes suppléant : PETIET (Maxime). Nomination du président du conseil d'administration et administrateur : SMITH (Kevin, Peter). Nomination d'un commissaire aux comptes titulaire : PGA. Nomination d'administrateurs : COX (Melvin) SUN CHEMICAL CORPORATION, représentée par ROBERT (Lyndon, Simpson Jr.) ERUIMY (Charles). Commentaires : cette société transfère son siège social des 198-212 route de Meaux, 93410 Vaujours. Modification survenue sur le nom commercial. Date d'effet : 30 juillet 2004.
25/01/2005	Bodacc B	Radiation
1776 - RCS Bobigny B 608 229 746. RC 88-B 10070. SUN CHEMICAL S.A. Forme : S.A. Nom commercial : Sun Chemical S.A. Adresse du siège social : 198-212 route de Meaux, 93410 Vaujours. Date de radiation : 30 décembre 2004.
16/01/2005	Bodacc C	Avis de dépôt des comptes
5035 - RCS Bobigny B 608 229 746. RC 88-B 10070. SUN CHEMICAL SA. Forme: S.A. Adresse du siège social: 198/212, route de Meaux,93410 Vaujours. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
07/09/2004	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 608229746 RC 88-B 10070 SUN CHEMICAL S.A. Forme : S.A Nom commercial: Sun Chemical S.A. Commentaires : modification survenue sur l'administration. Administration : administrateurs partants : DUPUIS (Jean, Claude) GUILLARD (Yves).
28/11/2002	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 608229746 RC 88-B 10070 SUN CHEMICAL S.A. Forme : S.A Nom commercial: Sun Chemical S.A. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : DE GANDT (Jean, Claude).
16/01/2002	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 608229746 RC 88-B 10070 SUN CHEMICAL S.A. Forme : S.A. Capital : 109 873 055 euros Nom commercial: Sun Chemical S.A. Commentaires : modification survenue sur le capital (augmentation).
31/08/2000	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 608229746 RC 88-B 10070 SUN CHEMICAL S.A. Forme : S.A Nom commercial: Sun Chemical S.A. Commentaires : modification survenue sur l'administration. Administration : administrateurs partants : VERDING ( Raymond, Marie) DE COCKER (Jozef, Joé, Léon). Commissaire aux comptes titulaire partant : CABINET BARBIER FRINAULT ET AUTRES. Nomination du commissaire aux comptes titulaire : P.G. A. Commissaires aux comptes suppléants partants : CHOCHON (Christian) CARDOSO (Aldo) SCHEIDECKER (Francis). Nomination du commissaire aux comptes suppléant : PETIET (Maxime).
11/07/1999	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 608229746 RC 88-B 10070 SUN CHEMICAL S.A. Forme : S.A Nom commercial: Sun Chemical S.A. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : DYNER (Henri). Nomination d'un administrateur : ERUIMY (Charles).
26/07/1998	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 608 229 746 RC 88-B 10070 SUN CHEMICAL S.A. Forme : S.A Nom commercial: Sun Chemical S.A. Commentaires : modification survenue sur l'administration. Administration : nomination d'un administrateur : GUILLARD (Yves).
22/05/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Bobigny B 608 229 746 RC RC 88-B 10070 SUN CHEMICAL S.A. Forme : S.A Nom commercial: Sun Chemical S.A. Administration : nomination en qualité d' administrateur : COX (Melvin). Commentaires : modification survenue sur l'administration.
22/05/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Bobigny B 608 229 746 RC RC 88-B 10070 SUN CHEMICAL S.A. Forme : S.A Nom commercial: Sun Chemical S.A. Administration : suppression : administrateur : SALTZMAN (William, H.). Commentaires : modification survenue sur l'administration.
23/11/1997	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 608 229 746 RC 88-B 10070 SUN CHEMICAL S.A. Forme : S.A. Capital : 720 720 000 F Nom commercial: Sun Chemical S.A. Commentaires : modification survenue sur le capital (augmentation).

COMPANY EVENTS HISTORY

Date	Description
09/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/06/2011	Bodacc B: Various editing or changing
15/05/2011	Bodacc B: Various editing or changing
06/05/2011	Registered office transferred inside jurisdiction of the Commercial Court
06/05/2011	Updated articles of association
01/04/2011	Legal Gazette: Appointment of the social representative
28/03/2011	Transfer of Establishment
28/03/2011	Update of Company Head Office Identifier
17/01/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
25/12/2010	Update of Company Name
25/12/2010	Modification to Company Identifier
01/08/2010	Bodacc A : Sale and transfer
06/07/2010	Bodacc B: Various editing or changing
07/06/2010	Application and court order
07/06/2010	Extension of term
31/12/2009	New accounts available
14/08/2009	Bodacc C : Deposit accounts notice
02/08/2009	Bodacc B: Various editing or changing
24/07/2009	Appointment/resignation of company officers
24/07/2009	Private document
24/07/2009	New chairman (CEO, CoB)
24/07/2009	Minutes of general meeting of shareholders
31/12/2008	New accounts available
24/11/2008	Payment incident closed
20/10/2008	Payment incident detected
07/09/2008	Bodacc C : Deposit accounts notice
21/03/2008	Collection of preferential rights activated for this company
12/01/2007	Changement de Président (PDG, PCA)
12/01/2007	New chairman (CEO, CoB)
12/01/2007	Private document
12/01/2007	Updated articles of association
12/01/2007	PV d'Assemblée
12/01/2007	Minutes of general meeting of shareholders
12/01/2007	Statuts mis à jour
12/01/2007	Appointment/resignation of company officers
31/12/2006	New accounts available
07/09/2006	Capital reduction
07/09/2006	Réduction de Capital
07/09/2006	Changement de Forme Juridique sans changement de catégorie
07/09/2006	New legal form – no new category
07/09/2006	Updated articles of association
07/09/2006	Statuts mis à jour
07/09/2006	PV d'Assemblée
07/09/2006	Minutes of general meeting of shareholders
07/09/2006	Nomination/démission des organes de gestion
07/09/2006	Appointment/resignation of company officers
07/09/2006	Private document
07/09/2006	Acte sous seing privé
26/06/2006	Prorogation de durée
26/06/2006	Requête et Ordonnance
03/05/2006	Changement de Commissaire aux Comptes
03/05/2006	Nomination/démission des organes de gestion
03/05/2006	PV d'Assemblée
03/05/2006	Private document
03/05/2006	Acte sous seing privé
03/05/2006	New auditor
03/05/2006	Minutes of general meeting of shareholders
03/05/2006	Appointment/resignation of company officers
31/12/2005	New accounts available
30/12/2005	New accounts available
23/12/2005	Requête et Ordonnance
23/12/2005	Prorogation de durée
28/06/2005	Requête et Ordonnance
28/06/2005	Prorogation de durée
28/01/2005	Minutes of general meeting of shareholders
28/01/2005	PV d'Assemblée
28/01/2005	Statuts mis à jour
28/01/2005	Updated articles of association
28/01/2005	Déclaration de conformité
28/01/2005	Declaration of conformity
28/01/2005	Private document
28/01/2005	Acte sous seing privé
28/01/2005	Merger
28/01/2005	Projet de Fusion
28/01/2005	Fusion
31/12/2004	New accounts available
30/12/2004	New accounts available
22/12/2004	Immatriculation secondaire devient principale
22/12/2004	Secondary registration becomes main registration
22/12/2004	Acte sous seing privé
22/12/2004	Private document
22/12/2004	Minutes of general meeting of shareholders
22/12/2004	PV d'Assemblée
22/12/2004	Minutes of Board meeting
22/12/2004	PV du Conseil d'Administration
22/12/2004	Statuts mis à jour
22/12/2004	Updated articles of association
22/12/2004	Rapport des Commissaires ou du Gérant
22/12/2004	Transfert du Siège dans le ressort du Tribunal de Commerce
22/12/2004	Augmentation de Capital
22/12/2004	Capital increase
20/12/2004	Apport Partiel
20/12/2004	Acte sous seing privé
20/12/2004	Private document
20/12/2004	Audit or Management Report
20/12/2004	Rapport des Commissaires ou du Gérant
22/11/2004	Acte sous seing privé
22/11/2004	Projet de Fusion
22/11/2004	Private document
22/11/2004	Planned merger
23/08/2004	Requête et Ordonnance
23/08/2004	Application and court order
10/08/2004	Modification du Conseil d'Administration
10/08/2004	Changes to the Board of Directors
10/08/2004	Appointment/resignation of company officers
10/08/2004	PV du Conseil d'Administration
10/08/2004	PV d'Assemblée
10/08/2004	Minutes of general meeting of shareholders
10/08/2004	Nomination/démission des organes de gestion
10/08/2004	Private document
10/08/2004	Acte sous seing privé
28/05/2004	Requête et Ordonnance
28/05/2004	Application and court order
27/05/2004	Prorogation de durée
27/05/2004	Requête et Ordonnance
31/12/2003	New accounts available
10/07/2003	Prorogation de durée
10/07/2003	Requête et Ordonnance
18/11/2002	Acte sous seing privé
18/11/2002	PV d'Assemblée
18/11/2002	Statuts mis à jour
14/11/2002	PV du Conseil d'Administration
14/11/2002	Nomination/démission des organes de gestion
14/11/2002	Modification du système d'administration des S.A.
14/11/2002	Acte modificatif
14/11/2002	Acte sous seing privé
03/01/2002	Acte sous seing privé
03/01/2002	Conversion du Capital Social en Euros
03/01/2002	PV d'Assemblée
03/01/2002	Statuts mis à jour
16/08/2000	Acte sous seing privé
16/08/2000	PV d'Assemblée
16/08/2000	Nomination/démission des organes de gestion
16/08/2000	Changement de Commissaire aux Comptes
25/06/1999	Nomination/démission des organes de gestion
25/06/1999	Acte sous seing privé
25/06/1999	Modification du Conseil d'Administration
25/06/1999	PV du Conseil d'Administration
25/06/1999	Modification du système d'administration des S.A.
08/07/1998	Nomination/démission des organes de gestion
08/07/1998	Déclaration de conformité
08/07/1998	Acte sous seing privé
08/07/1998	PV d'Assemblée
08/07/1998	Modification du Conseil d'Administration
08/07/1998	Statuts mis à jour
16/06/1998	Rapport des Commissaires ou du Gérant
16/06/1998	Acte sous seing privé
06/05/1998	PV du Conseil d'Administration
06/05/1998	Nomination/démission des organes de gestion
06/05/1998	Acte sous seing privé
06/05/1998	Modification du Conseil d'Administration
06/05/1998	Acte modificatif
14/01/1998	Acte sous seing privé
14/01/1998	Continuation malgré perte supérieure à la moitié du capital
14/01/1998	PV d'Assemblée
10/11/1997	Augmentation de Capital
10/11/1997	Statuts mis à jour
10/11/1997	Acte sous seing privé
10/11/1997	PV du Conseil d'Administration
10/07/1997	PV d'Assemblée
10/07/1997	Augmentation de Capital
10/07/1997	Acte sous seing privé
28/12/1995	Nomination/démission des organes de gestion
28/12/1995	Modification du Conseil d'Administration
28/12/1995	Acte modificatif
28/12/1995	PV du Conseil d'Administration
24/11/1994	Changement de Commissaire aux Comptes
24/11/1994	PV d'Assemblée
08/11/1994	PV d'Assemblée
08/11/1994	Nomination/démission des organes de gestion
08/11/1994	Modification du Conseil d'Administration
08/11/1994	Statuts mis à jour
08/11/1994	Augmentation de Capital
08/11/1994	Acte modificatif
27/12/1993	Acte modificatif
27/12/1993	Réduction de Capital
27/12/1993	PV d'Assemblée
10/08/1993	Fusion
10/08/1993	Acte modificatif
10/08/1993	Statuts mis à jour
10/08/1993	Réduction de Capital
10/08/1993	PV d'Assemblée
10/08/1993	Continuation malgré perte supérieure à la moitié du capital
10/08/1993	Nomination/démission des organes de gestion
10/08/1993	Déclaration de conformité
21/06/1993	Acte modificatif
21/06/1993	Rapport des Commissaires ou du Gérant
27/05/1993	Acte modificatif
27/04/1993	Requête et Ordonnance
27/04/1993	Nomination/démission des organes de gestion
11/12/1992	Acte modificatif
11/12/1992	PV du Conseil d'Administration
11/12/1992	PV d'Assemblée
11/12/1992	Statuts mis à jour
11/12/1992	Augmentation de Capital
18/02/1992	Acte modificatif
18/02/1992	Statuts mis à jour
18/02/1992	Changement de dénomination sociale
18/02/1992	PV d'Assemblée
18/02/1992	Augmentation de Capital
18/02/1992	Déclaration de conformité
23/12/1991	Acte modificatif

ESTABLISHMENT EVENTS HISTORY

Date	Description
28/06/2011	Update of phone numbers
28/03/2011	Formation of Head office (after transfer)
25/12/2010	Update of Establishment Workforce

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

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.