MIRA INFORM REPORT

Report Date :

18.01.2012

IDENTIFICATION DETAILS

Correct Name :	THERMOCOAX HOLDING
Registered Office :	40 Bd Henri Sellier, 92150 Suresnes
Country :	France
Financials (as on) :	31.12.2008
Date of Incorporation :	November 2005
Com. Reg. No.:	RCS Nanterre 0 485 014 336
Legal Form :	Simplified Joint Stock Company
Line of Business :	Activities of holding companies
No. of Employees :	03 (As on 31.12.2006)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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

Name

THERMOCOAX HOLDING

SIRET

485 014 336 00021

company summary

Activity (APE)	Activités des sociétés holding (6420Z) (Activities of holding companies )	Legal form	Simplified joint stock company
Phone	01 40 99 15 37	RCS Registration	RCS Nanterre 0 485 014 336
Fax		Share capital	6,407,980 Euros
Address	THERMOCOAX HOLDING 40 BD HENRI SELLIER 92150 SURESNES	Incorporated Date	11/2005
Nationality	France	Status	Closed

company details

Company details

Activity (APE)	Activités des sociétés holding (6420Z)
RCS Registration	RCS Nanterre 0 485 014 336	Share capital	6,407,980 Euros
Registration Court	Nanterre (92)	Legal form	Simplified joint stock company
Court Registry Number	20 0 6B015	EU VAT Number	FR49485014336
Incorporation Date	11/2005	Formation Date	11/2005
Deregistration Date	14/12/2010	Last account Date	31/12/2008
Nationality	France

DIRECTORS/MANAGEMENT

Directors

Shareholder(s)

Name	THERMOCOAX DEVELOPPEMENT
Name of representative
Manager position	Président	Date of birth
Place of birth
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	M CLAUDE CAPRON
Président	M CLAUDE ANDRE CAPRON
Président du conseil d'administration	M CLAUDE ANDRE CAPRON
Président du directoire	M CLAUDE CAPRON

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Status of collection

This company is not under monitoring

SHARE & SHARE CAPITAL INFORMATION

Share capital

6,407,980 Euros

Shareholder(s)

Name	THERMOCOAX DEVELOPPEMENT
Name of representative
Manager position	Président	Date of birth
Place of birth
Type of manager	Moral person	Name at birth of manager

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Data

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

FINANCIAL INFORMATION

Consolidated Accounts

Active Account |  Passive Account |  Account Results |  Consolidation

Synthesized Accounts

Annual Accounts	31/12/2008	31/12/2007	31/12/2006
Account period (month)	12	12	13
Account Type	Consolidated	Consolidated	Consolidated
Activity Code	6420Z	6420Z	6420Z

Active account

Annual Accounts	31/12/2008		31/12/2007		31/12/2006
Capital not called	0	0%	0	0%	0
Total fixed assets	32 480 000	-4,7%	34 071 000	-5,2%	35 947 000
- Intangible assets	30 213 000	-6,3%	32 254 000	-6,0%	34 296 000
- Tangible assets	2 267 000	24,8%	1 816 000	10,8%	1 639 000
- Financial assets	0	0%	0	0%	0
Net current assets	15 972 000	27,7%	12 512 000	11,6%	11 210 000
- Stocks	5 870 000	29,9%	4 520 000	6,3%	4 252 000
- Advanced payments	0	0%	0	0%	0
- Receivables	4 954 000	-14,3%	5 782 000	12,6%	5 137 000
- Securities and cash	5 148 000	132,8%	2 211 000	21,4%	1 822 000
Accounts of regularization	0	0%	0	0%	0
Total Assets	48 451 000	4,0%	46 583 000	-1,2%	47 157 000

Passive Account

Annual Accounts	31/12/2008		31/12/2007		31/12/2006
Shareholders' equity	8 430 000	36,0%	6 198 000	6,0%	5 848 000
Share capital	5 936 000	0%	5 936 000	9,6%	5 418 000
Other capital resources	0	0%	0	0%	0
Risk Provisions	623 000	3,8%	600 000	31,3%	457 000
Liabilities	39 398 000	-1,0%	39 785 000	-2,6%	40 852 000
- Financial liabilities	33 003 000	-3,7%	34 279 000	-7,3%	36 990 000
- Advanced payments received	0	0%	0	0%	0
- Trade account payables	2 907 000	9,5%	2 654 000	-8,8%	2 911 000
- Tax and social liabilities	0	0%	0	0%	0
- Other debts and fixed assets liabilities	3 488 000	22,3%	2 852 000	200,2%	950 000
Account regularization	0	0%	0	0%	0
Total liabilities	48 451 000	4,0%	46 583 000	-1,2%	47 157 000

Results

Annual Accounts	31/12/2008		31/12/2007		31/12/2006
Sales of Goods	31 047 000	16,6%	26 622 000	2,0%	26 103 000
Net turnover	31 047 000	16,6%	26 622 000	2,0%	26 103 000
- of which net export turnover	23 571 000	27,5%	18 490 000	2,7%	18 001 000
Operating charges	22 645 000	15,2%	19 651 000	0,6%	19 537 000
Operating profit/loss	8 402 000	20,5%	6 971 000	6,2%	6 566 000
Financial income	0	0%	0	0%	0
Financial charges	2 046 000	-38,9%	3 351 000	12,2%	2 987 000
Financial profit/loss	-2 046 000	38,9%	-3 351 000	-12,2%	-2 987 000
Pretax net operating income	6 356 000	75,5%	3 621 000	1,2%	3 579 000
Extraordinary income	0	0%	0	0%	0
Extraordinary charges	120 000	-15,5%	142 000	-67,9%	443 000
Extraordinary profit/loss	-120 000	15,5%	-142 000	67,9%	-443 000

Consolidation

Annual Accounts	31/12/2008		31/12/2007		31/12/2006
Net result before amortisation of goodwill	4 283 000	128,5%	1 874 000	-28,3%	2 612 000
Goodwill amortisation allocation	2 041 000	0%	2 041 000	-7,7%	2 212 000
Net result of equity affiliates companies	0	0%	0	0%	0
Net result of integrated companies	0	0%	0	0%	0
Group result (consolidated net result)	2 242 000	1442,5%	-167 000	-141,8%	400 000
Share of minority interest (Result except group)	0	0%	0	0%	0
Net result - group share (part of parent company)	2 242 000	1442,5%	-167 000	-141,8%	400 000

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2008	31/12/2007	31/12/2006
Months	12	12	13

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2008		31/12/2007		31/12/2006
	Grand Total (I to VI)	Net	48 451 000	4,0%	46 583 000	-1,2%	47 157 000
	Gross	CO	60 720 000	7,4%	56 527 000	3,0%	54 860 000
	Amortisation	1A	12 268 000	23,4%	9 944 000	29,1%	7 703 000

Capital subscribed not called (I)

		31/12/2008		31/12/2007		31/12/2006
Capital suscribed not called (I)	AA3	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2008		31/12/2007		31/12/2006
	Total Active fixed asset (II)	Net	32 480 000	-4,7%	34 071 000	-5,2%	35 947 000
	Gross	BJ	44 748 000	1,7%	44 015 000	0,8%	43 650 000
	Amortisation	BK	12 268 000	23,4%	9 944 000	29,1%	7 703 000

Intangilble fixed assets

			31/12/2008		31/12/2007		31/12/2006
	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	0	0%	0	0%	0
	Gross	AF	0	0%	0	0%	0
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	30 213 000	-6,3%	32 254 000	-6,0%	34 296 000
	Gross	AJ	36 508 000	0%	36 508 000	0%	36 508 000
	Amortisation	AK	6 295 000	48,0%	4 254 000	92,3%	2 212 000
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0

Tangilble fixed assets

			31/12/2008		31/12/2007		31/12/2006
	Acquisition difference	Net	0	0%	0	0%	0
	Gross	A11	0	0%	0	0%	0
	Amortisation	A12	0	0%	0	0%	0
	Goodwill	Net	0	0%	0	0%	0
	Gross	A21	0	0%	0	0%	0
	Amortisation	A22	0	0%	0	0%	0
	Difference from the first consolidation	Net	0	0%	0	0%	0
	Gross	A31	0	0%	0	0%	0
	Amortisation	A32	0	0%	0	0%	0
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	607 000	-6,8%	651 000	1,6%	641 000
	Gross	AP	2 622 000	1,0%	2 596 000	3,1%	2 519 000
	Amortisation	AQ	2 015 000	3,6%	1 945 000	3,6%	1 878 000
	Plant	Net	871 000	27,9%	681 000	0,6%	677 000
	Gross	AR	3 325 000	9,8%	3 028 000	2,0%	2 970 000
	Amortisation	AS	2 454 000	4,6%	2 347 000	2,4%	2 293 000
	Other tangible fixed assets	Net	789 000	63,0%	484 000	50,8%	321 000
	Gross	AT	2 293 000	21,8%	1 882 000	13,9%	1 653 000
	Amortisation	AU	1 504 000	7,6%	1 398 000	5,0%	1 332 000
	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

Financial assets

			31/12/2008		31/12/2007		31/12/2006
	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	0%	0
	Other financial assets	Net	0	0%	0	0%	0
	Gross	BH	0	0%	0	0%	0
	Amortisation	BI	0	0%	0	0%	0
	Other financial assets	Net	0	0%	0	0%	0
	Gross	A41	0	0%	0	0%	0
	Amortisation	A42	0	0%	0	0%	0

Current Assets (III)

			31/12/2008		31/12/2007		31/12/2006
	Total Assets	Net	15 972 000	27,7%	12 512 000	11,6%	11 210 000
	Gross	CJ	15 972 000	27,7%	12 512 000	11,6%	11 210 000
	Amortisation	CK	0	0%	0	0%	0

Stocks

			31/12/2008		31/12/2007		31/12/2006
	Raw materials	Net	2 228 000	0%	0	0%	0
	Gross	BL	2 228 000	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	2 001 000	0%	0	0%	0
	Gross	BN	2 001 000	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	1 641 000	0%	0	0%	0
	Gross	BR	1 641 000	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	0	0%	4 520 000	6,3%	4 252 000
	Gross	BT	0	0%	4 520 000	6,3%	4 252 000
	Amortisation	BU	0	0%	0	0%	0

Advance payments to suppliers

			31/12/2008		31/12/2007		31/12/2006
	Advance payments to suppliers	Net	0	0%	0	0%	0
	Gross	BV	0	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2008		31/12/2007		31/12/2006
	Trade accounts receivable	Net	4 671 000	-16,1%	5 565 000	15,5%	4 817 000
	Gross	BX	4 671 000	-16,1%	5 565 000	15,5%	4 817 000
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	167 000	35,8%	123 000	-61,6%	320 000
	Gross	BZ	167 000	35,8%	123 000	-61,6%	320 000
	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

Divers

			31/12/2008		31/12/2007		31/12/2006
	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	5 148 000	132,8%	2 211 000	21,4%	1 822 000
	Gross	CF	5 148 000	132,8%	2 211 000	21,4%	1 822 000
	Amortisation	CG	0	0%	0	0%	0

Prepaid expenses

			31/12/2008		31/12/2007		31/12/2006
	Prepaid expenses	Net	116 000	23,4%	94 000	0%	0
	Gross	CH	116 000	23,4%	94 000	0%	0
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2008		31/12/2007		31/12/2006
Multi-period charges	CW3	0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0

References

		31/12/2008		31/12/2007		31/12/2006
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)

		31/12/2008		31/12/2007		31/12/2006
Grand Total (I to IV)	EE	48 451 000	4,0%	46 583 000	-1,2%	47 157 000

Shareholder Equity (I)

			31/12/2008		31/12/2007		31/12/2006
	Total shareholders' equity (Total I)	DL	8 430 000	36,0%	6 198 000	6,0%	5 848 000
	Equity and shareholders' equity	DA	5 936 000	0%	5 936 000	9,6%	5 418 000
	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	0	0%	0	0%	0
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Other reserves	DG	252 000	-41,3%	429 000	1330,0%	30 000
	Profits or losses brought forward	DH	0	0%	0	0%	0
	Conversion differences	P1	0	0%	0	0%	0
	Net result - group part	P2	2 242 000	1442,5%	-167 000	-141,8%	400 000
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2008		31/12/2007		31/12/2006
	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
	Others	P3	0	0%	0	0%	0

Provisions for risks and charges (III)

			31/12/2008		31/12/2007		31/12/2006
	Total provisions for risks and charges (Total III)	DR	623 000	3,8%	600 000	31,3%	457 000
	Conversion differences	P4	0	0%	0	0%	0
	In reserves	P5	0	0%	0	0%	0
	In results	P6	0	0%	0	0%	0
	Total III	P7	0	0%	0	0%	0
	Delayed tax	P8	0	0%	0	0%	0
	Acquisition differences	P9	0	0%	0	0%	0
	Risk provisions	DP	91 000	-5,2%	96 000	18,5%	81 000
	Reserves for charges	DQ	532 000	5,6%	504 000	34,0%	376 000

Liabilities (IV)

			31/12/2008		31/12/2007		31/12/2006
	Total Liabilities (Total IV)	EC	39 398 000	-1,0%	39 785 000	-2,6%	40 852 000
	Convertible debentures	DS	0	0%	6 102 000	-29,1%	8 601 000
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	26 535 000	-5,8%	28 177 000	-0,7%	28 389 000
	Sundry loans and financial liabilities	DV	6 468 000	0%	0	0%	0
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	2 907 000	9,5%	2 654 000	-8,8%	2 911 000
	Tax and social security liabilities	DY	0	0%	0	0%	0
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	3 488 000	22,3%	2 852 000	200,2%	950 000

Translation loss (V)

		31/12/2008		31/12/2007		31/12/2006
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2008		31/12/2007		31/12/2006
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2008		31/12/2007		31/12/2006
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
Operating income | Operating charges | Financial income | Financial charges | Extraordinary charges | Employee profit sharing | Tax on profits | References

1- Operating result (I-II)

		31/12/2008		31/12/2007		31/12/2006
Operating result (Total I-II)	GG	8 402 000	20,5%	6 971 000	6,2%	6 566 000

2 - Financial result (V - VI)

		31/12/2008		31/12/2007		31/12/2006
Financial result (Total V-VI)	GV	-2 046 000	38,9%	-3 351 000	-12,2%	-2 987 000

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

		31/12/2008		31/12/2007		31/12/2006
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	6 356 000	75,5%	3 621 000	1,2%	3 579 000

4 - Extraordinary result (VII-VIII)

		31/12/2008		31/12/2007		31/12/2006
Extraordinary result (Total VII-VIII)	HI	-120 000	15,5%	-142 000	67,9%	-443 000

Consolidation

		31/12/2008		31/12/2007		31/12/2006
Delayed tax	R1	0	0%	0	0%	0
Net result before amortisation of acquisition differences	R2	4 283 000	128,5%	1 874 000	-28,3%	2 612 000
Endowment to amortisation of acquisition differences	R3	2 041 000	0%	2 041 000	-7,7%	2 212 000
Net result of companies set in equivalence	R4	0	0%	0	0%	0
Net result of integrated companies	R5	0	0%	0	0%	0
Group result (consolidated net result)	R6	2 242 000	1442,5%	-167 000	-141,8%	400 000
Cross-reference : equipment leasing	R7	0	0%	0	0%	0
Cross-reference : property leasing	R8	2 242 000	1442,5%	-167 000	-141,8%	400 000

Operating income (I)

		31/12/2008		31/12/2007		31/12/2006
Total operating income (Total I)	FR	31 047 000	16,6%	26 622 000	2,0%	26 103 000

Operating income (details)

			31/12/2008		31/12/2007		31/12/2006
	Sale of goods for resale	FC	0	0%	0	0%	0
	France	FA	0	0%	0	0%	0
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	31 047 000	16,6%	26 622 000	2,0%	26 103 000
	France	FG	7 476 000	-8,1%	8 132 000	0,4%	8 102 000
	Export	FH	23 571 000	27,5%	18 490 000	2,7%	18 001 000
	Net turnover	FL	31 047 000	16,6%	26 622 000	2,0%	26 103 000
	France	FJ	7 476 000	-8,1%	8 132 000	0,4%	8 102 000
	Export	FK	23 571 000	27,5%	18 490 000	2,7%	18 001 000
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	0	0%	0	0%	0
	Other income	FQ	0	0%	0	0%	0

Operating charges (II)

		31/12/2008		31/12/2007		31/12/2006
Total operating charges (Total II)	GF	22 645 000	15,2%	19 651 000	0,6%	19 537 000

Exploitation charges

		31/12/2008		31/12/2007		31/12/2006
Purchase of goods for resale	FS	8 624 000	25,8%	6 857 000	3,3%	6 641 000
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	0	0%	3 665 000	0,4%	3 650 000
Tax, duty and similar payments	FX	0	0%	0	0%	0
Payroll	FY	9 558 000	8,6%	8 798 000	-1,0%	8 885 000
Social security costs	FZ	0	0%	0	0%	0

Depreciation

		31/12/2008		31/12/2007		31/12/2006
Depreciation of fixed assets	GA	369 000	11,8%	330 000	-8,3%	360 000
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2008		31/12/2007		31/12/2006
Other charges	GE	4 094 000	0%	0	0%	0

Operating charges (III-IV)

		31/12/2008		31/12/2007		31/12/2006
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)

			31/12/2008		31/12/2007		31/12/2006
	Total financial income (Total V)	GP	0	0%	0	0%	0
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	0	0%	0	0%	0
	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)

			31/12/2008		31/12/2007		31/12/2006
	Total financial charge (Total VI)	GU	2 046 000	-38,9%	3 351 000	12,2%	2 987 000
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	2 046 000	-38,9%	3 351 000	12,2%	2 987 000
	Exchange losses	GS	0	0%	0	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			31/12/2008		31/12/2007		31/12/2006
	Total extraordinary income (Total VII)	HD	0	0%	0	0%	0
	Extraordinary operating income	HA	0	0%	0	0%	0
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2008		31/12/2007		31/12/2006
	Total extraordinary charges (Total VIII)	HH	120 000	-15,5%	142 000	-67,9%	443 000
	Extraordinary operating charges	HE	120 000	-15,5%	142 000	-67,9%	443 000
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2008		31/12/2007		31/12/2006
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2008		31/12/2007		31/12/2006
Tax on profits (Total X)	HK	1 953 000	21,7%	1 605 000	205,7%	525 000

References

		31/12/2008		31/12/2007		31/12/2006
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0

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

Structure and Liquidity

		31/12/2008		31/12/2007		31/12/2006
Fixed Asset Financing		1,21	4,3%	1,16	-0,9%	1,17
Global Debt		456,83 days	-15,1%	538 days	-11,9%	610,36 days
Working Capital Fund overall net		111,04 days	17,2%	94,74 days	-13,7%	109,79 days
Financial independence		31,77%	75,7%	18,08%	14,4%	15,81%
More ratios
Solvability		17,40%	30,7%	13,31%	7,3%	12,40%

Management or rotation

		31/12/2008		31/12/2007		31/12/2006
Need background in operating working capital		50,01 days	-21,3%	63,58 days	-23,0%	82,59 days
Treasury		59,69 days	99,6%	29,90 days	9,8%	27,22 days
Inventory turnover of goods		0 days	0%	237,30 days	3,0%	230,50 days
More ratios
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	0 days
Inventory turnover of intermediate and finished products in the industrial enterprise		0 days	0%	0 days	0%	0 days

Profitability of the business

		31/12/2008		31/12/2007		31/12/2006
Margin trading		-27,78%	-7,8%	-25,76%	-1,3%	-25,44
Profitability of the business		41,44	51,1%	27,43	3,4%	26,54
More ratios
Rates integration		72,22%	19,4%	60,48%	-0,2%	60,58%
Rate leasing furniture		0%	0%	0%	0%	0%
Weight interests		6,59	-47,7%	12,59%	10,1%	11,44%

Return on capital

		31/12/2008		31/12/2007		31/12/2006
Rates of economic profitability		31,05%	72,1%	18,04%	11,6%	16,17%

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2008	31/12/2007	31/12/2006
Account period (month)	12	12	14
Account Type	Normal	Normal	Normal
Deposit date	-	-	-
Activity Code	6420Z	6420Z	6420Z
Employees	0	0	3

Active account

Annual Accounts	31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	39 956 885	0,1%	39 909 808	0,1%	39 887 886	458 447,50	8615,7%
- Intangible assets	0	0%	21 876	0%	0	0	0%
- Tangible assets	68 907	0%	0	0%	0	0	0%
- Financial assets	39 887 978	0,0%	39 887 932	0,0%	39 887 886	400 265	9865,4%
Net current assets	8 799 890	33,4%	6 595 810	86,5%	3 535 818	120 419	7207,7%
- Stocks	0	0%	0	0%	0	0	0%
- Advanced payments	0	33,4%	0	0%	0	0	0%
- Receivables	3 907 492	-23,7%	5 119 426	89,8%	2 696 958	49 104	7857,6%
- Securities and cash	4 892 398	231,4%	1 476 384	76,0%	838 860	14 861,50	32819,9%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	48 756 775	4,8%	46 505 617	7,1%	43 423 704	732 192	6559,0%

Passive Account

Annual Accounts	31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Shareholders' equity	14 421 871	28,9%	11 185 395	80,2%	6 207 693	297 283,50	4751,2%
Share capital	5 789 797	0%	5 789 797	7,6%	5 382 000	65 000	8807,4%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	34 334 904	-2,8%	35 320 222	-5,1%	37 216 011	258 004,50	13207,9%
- Financial liabilities	33 004 009	-3,7%	34 278 650	-7,3%	36 990 507	141 310	23255,7%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	11 229	-70,7%	38 329	-56,1%	87 404	3 793	196,0%
- Tax and social liabilities	1 294 614	29,2%	1 001 748	634,7%	136 350	9 051,50	14202,8%
- Other debts and fixed assets liabilities	25 052	1575,7%	1 495	-14,6%	1 750	244,50	10146,2%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	48 756 775	4,8%	46 505 617	7,1%	43 423 704	731 963,50	6561,1%

Results

Annual Accounts	31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Sales of Goods	1 766 247	14,7%	1 539 831	-28,9%	2 166 496	30 000	5787,5%
Net turnover	1 760 000	14,9%	1 531 800	111,8%	723 245	22 500	7722,2%
- of which net export turnover	0	0%	0	0%	0	0	0%
Operating charges	1 424 052	-19,4%	1 766 263	-14,0%	2 053 941	44 512,50	3099,2%
Operating profit/loss	342 194	251,1%	-226 432	-301,2%	112 555	-2 047,50	16812,8%
Financial income	4 453 146	-33,7%	6 717 642	47,0%	4 569 814	30 284	14604,6%
Financial charges	2 092 941	-22,6%	2 703 189	-5,2%	2 851 938	7 085,50	29438,4%
Financial profit/loss	2 360 205	-41,2%	4 014 453	133,7%	1 717 876	8 628,50	27253,6%
Pretax net operating income	2 702 400	-28,7%	3 788 021	106,9%	1 830 431	23 482,50	11408,1%
Extraordinary income	0	0%	0	0%	0	0	0%
Extraordinary charges	288 280	0%	288 280	-89,0%	2 617 141	0	0%
Extraordinary profit/loss	-288 280	1122,7%	-288 280	89,0%	-2 617 141	0	0%
Net result	2 948 194	-29,3%	4 171 520	774,2%	477 205	23 995	12186,7%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2008	31/12/2007	31/12/2006
Months	12	12	14

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2008		31/12/2007		31/12/2006
	Grand Total (I to VI)	Net	48 756 775	4,8%	46 505 617	7,1%	43 423 704
	Gross	CO	48 768 870	4,9%	46 506 742	7,1%	43 423 704
	Amortisation	1A	12 095	976,1%	1 124	0%	0

Non declared distributed capital (I)

		31/12/2008		31/12/2007		31/12/2006
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	-	-	-	-	-

Active fixed asset (II)

			31/12/2008		31/12/2007		31/12/2006
	Total Active fixed asset (II)	Net	39 956 885	0,1%	39 909 808	0,1%	39 887 886
	Gross	BJ	39 968 981	0,1%	39 910 932	0,1%	39 887 886
	Amortisation	BK	12 095	976,1%	1 124	0%	0

Intangilble fixed assets

			31/12/2008		31/12/2007		31/12/2006
	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	0	0%	0	0%	0
	Gross	AF	0	0%	0	0%	0
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	21 876	0%	0
	Gross	AJ	0	0%	23 000	0%	0
	Amortisation	AK	0	0%	1 124	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	0	0%	21 876	0%	0

Tangilble fixed assets

			31/12/2008		31/12/2007		31/12/2006
	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	0	0%	0	0%	0
	Gross	AR	0	0%	0	0%	0
	Amortisation	AS	0	0%	0	0%	0
	Other tangible fixed assets	Net	68 907	0%	0	0%	0
	Gross	AT	81 002	0%	0	0%	0
	Amortisation	AU	12 095	0%	0	0%	0
	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	68 907		0		0

Financial assets

			31/12/2008		31/12/2007		31/12/2006
	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	39 886 377	0%	39 886 377	0%	39 886 377
	Gross	CU	39 886 377	0%	39 886 377	0%	39 886 377
	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	1 601	3,0%	1 555	3,0%	1 509
	Gross	BH	1 601	3,0%	1 555	3,0%	1 509
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		39 887 978		39 887 932		39 887 886

Current Assets (III)

			31/12/2008		31/12/2007		31/12/2006
	Total Assets	Net	8 799 890	33,4%	6 595 810	86,5%	3 535 818
	Gross	CJ	8 799 890	33,4%	6 595 810	86,5%	3 535 818
	Amortisation	CK	0	0%	0	0%	0

Stocks

			31/12/2008		31/12/2007		31/12/2006
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	0	0%	0	0%	0

Advance payments to suppliers

			31/12/2008		31/12/2007		31/12/2006
	Advance payments to suppliers	Net	0	0%	0	0%	0
	Gross	BV	0	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2008		31/12/2007		31/12/2006
	Trade accounts receivable	Net	215 280	0%	0	0%	44 246
	Gross	BX	215 280	0%	0	0%	44 246
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	3 688 759	-27,9%	5 114 239	94,0%	2 635 648
	Gross	BZ	3 688 759	-27,9%	5 114 239	94,0%	2 635 648
	Amortisation	CA	0	0%	0	0%	0
	Capital subscribed and called up	Net	0	0%	0	0%	0
	Gross	CB	0	0%	0	0%	0
	Amortisation	CC	0	0%	0	0%	0
	Sub Total Debtors	Net	3 904 039	-23,7%	5 114 239	90,8%	2 679 894

Divers

			31/12/2008		31/12/2007		31/12/2006
	Investment securities	Net	4 871 796	246,2%	1 407 055	147,5%	568 426
	Gross	CD	4 871 796	246,2%	1 407 055	147,5%	568 426
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	20 602	-70,3%	69 329	-74,4%	270 434
	Gross	CF	20 602	-70,3%	69 329	-74,4%	270 434
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	4 892 398	231,4%	1 476 384	76,0%	838 860

Prepaid expenses

			31/12/2008		31/12/2007		31/12/2006
	Prepaid expenses	Net	3 453	-33,4%	5 187	-69,6%	17 064
	Gross	CH	3 453	-33,4%	5 187	-69,6%	17 064
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2008		31/12/2007		31/12/2006
Multi-period charges	CW3	0	0%	0	0%	0
Gross		-	-	-	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		-	-	-	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		-	-	-	-	-

References

		31/12/2008		31/12/2007		31/12/2006
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)

		31/12/2008		31/12/2007		31/12/2006
Grand Total (I to V)	EE	48 756 775	4,8%	46 505 617	7,1%	43 423 704

Shareholder Equity (I)

			31/12/2008		31/12/2007		31/12/2006
	Total shareholders' equity (Total I)	DL	14 421 871	28,9%	11 185 395	80,2%	6 207 693
	Equity and shareholders' equity	DA	5 789 797	0%	5 789 797	7,6%	5 382 000
	Issue and merger premiums	DB	146 289	0%	146 289	304,3%	36 184
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	232 436	874,2%	23 860	0%	0
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	0	0%	0	0%	0
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	4 416 289	874,2%	453 345	0%	0
	Profit or loss for the period	DI	2 948 194	-29,3%	4 171 520	774,2%	477 205
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	888 865	48,0%	600 584	92,3%	312 304

Other capital resources (II)

			31/12/2008		31/12/2007		31/12/2006
	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)

			31/12/2008		31/12/2007		31/12/2006
	Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	0
	Risk provisions	DP	0	0%	0	0%	0
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2008		31/12/2007		31/12/2006
	Total Liabilities (Total IV)	EC	34 334 904	-2,8%	35 320 222	-5,1%	37 216 011
	Convertible debentures	DS	6 467 866	6,0%	6 101 846	-62,0%	16 075 213
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	26 536 143	-5,8%	28 176 804	34,7%	20 915 294
	Sundry loans and financial liabilities	DV	0	0%	0	0%	0
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	11 229	-70,7%	38 329	-56,1%	87 404
	Tax and social security liabilities	DY	1 294 614	29,2%	1 001 748	634,7%	136 350
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	25 052	1575,7%	1 495	-14,6%	1 750

Translation loss (V)

		31/12/2008		31/12/2007		31/12/2006
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2008		31/12/2007		31/12/2006
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2008		31/12/2007		31/12/2006
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	3 857 038	36,1%	2 833 376	32,9%	2 131 403
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)

		31/12/2008		31/12/2007		31/12/2006
Operating result (Total I-II)	GG	342 194	251,1%	-226 432	-301,2%	112 555

2 - Financial result (V - VI)

		31/12/2008		31/12/2007		31/12/2006
Financial result (Total V-VI)	GV	2 360 205	-41,2%	4 014 453	133,7%	1 717 876

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

		31/12/2008		31/12/2007		31/12/2006
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	2 702 400	-28,7%	3 788 021	106,9%	1 830 431

4 - Extraordinary result (VII-VIII)

		31/12/2008		31/12/2007		31/12/2006
Extraordinary result (Total VII-VIII)	HI	-288 280	0%	-288 280	89,0%	-2 617 141

Profit or loss

		31/12/2008		31/12/2007		31/12/2006
Profit or loss	HN	2 948 194	-29,3%	4 171 520	774,2%	477 205

Total Income (I+III+V+VII)

		31/12/2008		31/12/2007		31/12/2006
Total Income (I+III+V+VII)	HL	6 219 393	-24,7%	8 257 473	22,6%	6 736 310

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

		31/12/2008		31/12/2007		31/12/2006
Total charges (Total II+IV+VI+VIII+IX+X)	HM	3 271 199	-19,9%	4 085 953	-34,7%	6 259 105

Operating income (I)

		31/12/2008		31/12/2007		31/12/2006
Total operating income (Total I)	FR	1 766 247	14,7%	1 539 831	-28,9%	2 166 496

Operating income (details)

			31/12/2008		31/12/2007		31/12/2006
	Sale of goods for resale	FC	0	0%	0	0%	0
	France	FA	0	0%	0	0%	0
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	1 760 000	14,9%	1 531 800	111,8%	723 245
	France	FG	1 760 000	14,9%	1 531 800	111,8%	723 245
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	1 760 000	14,9%	1 531 800	111,8%	723 245
	France	FJ	1 760 000	14,9%	1 531 800	111,8%	723 245
	Export	FK	0	0%	0	0%	0
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	6 242	-21,7%	7 969	-99,4%	1 443 249
	Other income	FQ	05	-91,9%	62	3000%	02

Operating charges (II)

		31/12/2008		31/12/2007		31/12/2006
Total operating charges (Total II)	GF	1 424 052	-19,4%	1 766 263	-14,0%	2 053 941

Exploitation charges

		31/12/2008		31/12/2007		31/12/2006
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	322 984	-58,5%	778 108	-52,4%	1 635 424
Tax, duty and similar payments	FX	21 168	-16,8%	25 432	400,6%	5 080
Payroll	FY	768 705	12,2%	685 161	147,9%	276 441
Social security costs	FZ	284 129	8,7%	261 433	114,3%	121 995

Depreciation

		31/12/2008		31/12/2007		31/12/2006
Depreciation of fixed assets	GA	10 971	876,1%	1 124	0%	0
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2008		31/12/2007		31/12/2006
Other charges	GE	16 094	7,3%	15 004	0,0%	15 001

Operating charges (III-IV)

		31/12/2008		31/12/2007		31/12/2006
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)

			31/12/2008		31/12/2007		31/12/2006
	Total financial income (Total V)	GP	4 453 146	-33,7%	6 717 642	47,0%	4 569 814
	Share financial income	GJ	4 378 543	-34,2%	6 658 629	45,9%	4 564 244
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	31 219	17,0%	26 672	296255,6%	09
	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	43 384	34,1%	32 341	481,6%	5 561

Financial Charge (VI)

			31/12/2008		31/12/2007		31/12/2006
	Total financial charge (Total VI)	GU	2 092 941	-22,6%	2 703 189	-5,2%	2 851 938
	Financial reserves and provisions	GQ	0	0%	0	0%	2 851 938
	Interest and similar charges	GR	2 092 941	-22,6%	2 703 189	0%	0
	Exchange losses	GS	0	0%	0	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			31/12/2008		31/12/2007		31/12/2006
	Total extraordinary income (Total VII)	HD	0	0%	0	0%	0
	Extraordinary operating income	HA	0	0%	0	0%	0
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2008		31/12/2007		31/12/2006
	Total extraordinary charges (Total VIII)	HH	288 280	0%	288 280	-89,0%	2 617 141
	Extraordinary operating charges	HE	0	0%	0	0%	2 304 837
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
	Extraordinary reserves and provisions	HG	288 280	0%	288 280	-7,7%	312 304

Employee profit sharing (IX)

		31/12/2008		31/12/2007		31/12/2006
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2008		31/12/2007		31/12/2006
Tax on profits (Total X)	HK	-534 075	20,5%	-671 779	46,8%	-1 263 915

References

		31/12/2008		31/12/2007		31/12/2006
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	6 242	-21,7%	7 969	-99,4%	1 443 249
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)

			31/12/2008		31/12/2007		31/12/2006
	Gross value at begin of period	OG	39 911 000	0,1%	39 888 000	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	58 000	152,2%	23 000	-100,0%	80 638 000
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	0	0%	40 750 000
	Gross value at the end of period	OL	39 969 000	0,1%	39 911 000	0,1%	39 888 000

Research and development Charge (Total I)

			31/12/2008		31/12/2007		31/12/2006
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2008		31/12/2007		31/12/2006
	Gross value at begin of period	KD	0	0%	0	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	0	0%	0	0%	0

Tangible fixed assets (Total III)

			31/12/2008		31/12/2007		31/12/2006
	Gross value at begin of period	LN	23 000	0%	0	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	58 000	152,2%	23 000	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	0	0%	0
	Gross value at the end of period	NH	81 000	252,2%	23 000	0%	0

Fiancial assets (Total IV)

			31/12/2008		31/12/2007		31/12/2006
	Gross value at begin of period	LQ	39 888 000	0%	39 888 000	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	80 638 000
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	40 750 000
	Gross value at the end of period	NK	39 888 000	0%	39 888 000	0%	39 888 000

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

			31/12/2008		31/12/2007		31/12/2006
	Reserve for depreciation value at begin of period	0N	1 000	0%	0	0%	0
Increases		0P	11 000	1000%	1 000	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	12 000	1100%	1 000	0%	0

Research and development charge (Total I)

			31/12/2008		31/12/2007		31/12/2006
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2008		31/12/2007		31/12/2006
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation (Total III)

			31/12/2008		31/12/2007		31/12/2006
	Reserve for depreciation value at begin of period	QU	1 000	0%	0	0%	0
Increases		QV	11 000	1000%	1 000	0%	0
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	12 000	1100%	1 000	0%	0

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

			31/12/2008		31/12/2007		31/12/2006
	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

			31/12/2008		31/12/2007		31/12/2006
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2008		31/12/2007		31/12/2006
	Value at begining of period	7C	0	0%	312 304	0%	0
Increases		UB	0	0%	288 280	-7,6%	312 000
Decreases		UC	0	0%	0	0%	0
	Value at the end of period	UD	0	0%	600 584	92,5%	312 000

Includes Total allocations

Operating	UE	0	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	0	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2008		31/12/2007		31/12/2006
	Value at begining of period	3Z	0	0%	312 304	0%	0
Increases		TS	0	0%	288 280	-7,6%	312 000
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	600 584	92,5%	312 000

Total risk and charge provisions (Total II)

			31/12/2008		31/12/2007		31/12/2006
	Value at begining of period	5Z	0	0%	0	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	0	0%	0
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2008		31/12/2007		31/12/2006
	Value at begining of period	7B	0	0%	0	0%	0
Increases		TY	0	0%	0	0%	0
Decreases		TZ	0	0%	0	0%	0
	Value at the end of period	UA	0	0%	0	0%	0

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

		31/12/2008		31/12/2007		31/12/2006
Gross value	VT	3 909 000	-23,6%	5 119 000	89,8%	2 697 000
1 year at most	VU	3 909 000	-23,6%	5 119 000	89,8%	2 697 000
More than one year	VV	2 000	0%	0	0%	0

State of loans

		31/12/2008		31/12/2007		31/12/2006
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	2 000	0%	2 000	0%	2 000
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2008		31/12/2007		31/12/2006
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	215 000	0%	0	0%	44 000
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%	0	0%	0
Income taxes	VM	0	0%	0	0%	768 000
Value added tax	VB	5 000	-16,7%	6 000	-94,4%	108 000
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	3 684 000	-27,9%	5 108 000	190,2%	1 760 000
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	0	0%	0

Prepaid

		31/12/2008		31/12/2007		31/12/2006
Prepaid	VS	4 000	-20,0%	5 000	-70,6%	17 000

State Debt

			31/12/2008		31/12/2007		31/12/2006
	Total debt (gross)	VY	34 335 000	-2,8%	35 320 000	-5,1%	37 216 000
1 year at most		VZ2	3 857 000	36,1%	2 833 000	32,9%	2 131 000
More than 1 year and 5 years at most		VZ3	11 685 000	8,8%	10 735 000	-2,9%	11 060 000
More than 5 years		VZ4	18 793 000	-13,6%	21 752 000	-9,5%	24 025 000

Details

			31/12/2008		31/12/2007		31/12/2006
	Convertible bonds (gross)	7Y1	6 468 000	6,0%	6 102 000	-62,0%	16 075 000
1 year at most		7Y2	0	0%	0	0%	51 000
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	26 536 000	-5,8%	28 177 000	34,7%	20 915 000
1 year at most		VH2	2 526 000	41,0%	1 792 000	-3,4%	1 855 000
More than 1 year and 5 years at most		VH3	11 685 000	8,8%	10 735 000	-2,9%	11 060 000
	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	11 000	-71,1%	38 000	-56,8%	88 000
1 year at most		8B2	11 000	-71,1%	38 000	-56,8%	88 000
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	221 000	59,0%	139 000	127,9%	61 000
1 year at most		8C2	221 000	59,0%	139 000	127,9%	61 000
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	108 000	14,9%	94 000	44,6%	65 000
1 year at most		8D2	108 000	14,9%	94 000	44,6%	65 000
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	897 000	26,7%	708 000	0%	0
1 year at most		8E2	897 000	26,7%	708 000	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	55 000	10,0%	50 000	614,3%	7 000
1 year at most		VW2	55 000	10,0%	50 000	614,3%	7 000
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	13 000	18,2%	11 000	266,7%	3 000
1 year at most		VQ2	13 000	18,2%	11 000	266,7%	3 000
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	25 000	2400%	1 000	-50,0%	2 000
1 year at most		8K2	25 000	2400%	1 000	-50,0%	2 000
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

		31/12/2008		31/12/2007		31/12/2006
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2008		31/12/2007		31/12/2006
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2008		31/12/2007		31/12/2006
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2008		31/12/2007		31/12/2006
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

		31/12/2008		31/12/2007		31/12/2006
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

		31/12/2008		31/12/2007		31/12/2006
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

		31/12/2008		31/12/2007		31/12/2006
Average number of employees	YP	0	0%	0	0%	03

Groups and Shareholders

		31/12/2008		31/12/2007		31/12/2006
Groups and Shareholders	ZR	-	-	-	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Fixed Asset Financing		1,19	4,4%	1,14	5,6%	1,08	1,09	9,2%
Global Debt		7023 days	-15,4%	8301 days	-61,6%	21612 days	713 days	885,0%
Working Capital Fund overall net		1528 days	17,1%	1305 days	-32,1%	1922 days	187 days	717,1%
Financial independence		43,70%	33,9%	32,63%	94,5%	16,78%	175,99%	-75,2%
More ratios
Solvability		29,58%	23,0%	24,05%	68,2%	14,30%	52,42%	-43,6%
Capacity debt futures		570,94%	-8,5%	624,18%	86,5%	334,65%	917,27%	-37,8%
Coverage of current assets by net working capital overall		54,64%	-21,3%	69,45%	-14,2%	80,99%	52,13%	4,8%
General Liquidity		1,01	-44,2%	1,81	42,5%	1,27	0,45	124,4%
Restricted Liquidity		2,28	-2,1%	2,33	40,4%	1,66	0,93	145,2%

Management or rotation

		31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Need background in operating working capital		526 days	-45,0%	957 days	-32,8%	1425 days	38 days	1284,2%
Treasury		1001 days	188,5%	347 days	-28,7%	487 days	36 days	2680,6%
Inventory turnover of goods		days	-	days	-	days	0 days	-
Average length of credit granted to customers		44 days	0%	0 days	0%	22 days	48 days	-8,3%
Average length of credit obtained suppliers		13 days	-27,8%	18 days	-5,3%	19 days	114 days	-88,6%
More ratios
Inventory turnover of raw materials in industrial enterprises		days	-	days	-	days	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	489,50 days	-
Rotation tangible assets		2172,84%	-67,4%	6660%	-	%	608,81%	256,9%

Profitability of the business

		31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Margin trading		0%	0%	0%	0%	0	0%	0%
Profitability of the business		20,63	244,8%	-14,25	92,2%	-181,92	7,36%	180,3%
Net profit		167,51%	-38,5%	272,33%	312,7%	65,98%	23,91%	600,6%
More ratios
Growth rate of turnover (excluding VAT)		14,90%	-86,7%	111,80%	-	%	0%	0%
Rates integration		81,65%	66,0%	49,20%	139,0%	-126,12%	75,95%	7,5%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		73,27%	-41,7%	125,59%	387,5%	-43,68%	0%	0%
Weight interests		118,92	-32,6%	176,47%	-55,2%	394,33%	6,27%	1796,7%

Return on capital

		31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Cash flow from the overall profitability		184,51%	-36,6%	291,22%	-42,2%	503,49%	29,87%	517,7%
Rates of economic profitability		1%	0%	0%	0%	-3%	0%	0%
Financial profitability		14421871%	28,9%	11185395%	80,2%	6207693%	234569,50%	6048,2%
Return on investment		10,63%	-29,7%	15,12%	96,1%	7,71%	7,82%	35,9%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Turnover	1 760 000	14,9%	1 531 800	111,8%	723 245	22 500 €	7722,2%

Sales of goods	0	0%	0	0%	0
- Purchase of goods	0	0%	0	0%	0
+/- 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	1 760 000	14,9%	1 531 800	111,8%	723 245
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	1 760 000 €	14,9%	1 531 800 €	111,8%	723 245 €	17 024,50 €	10238,0%
	100,00 % CA	0%	100,00 % CA	0%	100,00 % CA	100 % CA	0%

Trading margin	0	0%	0	0%	0	0	0%
+ Period Production	1 760 000	14,9%	1 531 800	111,8%	723 245	17 024,50	10238,0%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	322 984	-58,5%	778 108	-52,4%	1 635 424
Added value	1 437 016 €	90,7%	753 692 €	182,6%	-912 179 €	1 522 €	94316,3%
	81,65 % CA	66,0%	49,20 % CA	139,0%	-126,12 % CA	75,94 % CA	7,5%

Added value	1 437 016 €	90,7%	753 692 €	182,6%	-912 179 €	1 522 €	94316,3%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	21 168	-16,8%	25 432	400,6%	5 080
- Personal charges	1 052 834	11,2%	946 594	137,6%	398 436
Gross operating surplus	363 014 €	266,3%	-218 334 €	83,4%	-1 315 695 €	-1 983 €	18406,3%
	20,63 % CA	244,8%	-14,25 % CA	92,2%	-181,92 % CA	7,34 % CA	181,1%

Gross operating surplus	363 014 €	266,3%	-218 334 €	83,4%	-1 315 695 €	-1 983 €	18406,3%
+ Release of reserves and provisions	6 242	-21,7%	7 969	-99,4%	1 443 249
+ Other operating income	05	-91,9%	62	3000%	02
- Depreciation/Amortisation	10 971	876,1%	1 124	0%	0
- Other charges	16 094	7,3%	15 004	0,0%	15 001
Operating result	342 196 €	251,1%	-226 431 €	-301,2%	112 555 €	-2 051 €	16784,3%
	19,44 % CA	231,5%	-14,78 % CA	-195,0%	15,56 % CA	5,93 % CA	227,8%

Operating result	342 196 €	251,1%	-226 431 €	-301,2%	112 555 €	-2 051 €	16784,3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	4 453 146	-33,7%	6 717 642	47,0%	4 569 814
- Financial charges	2 092 941	-22,6%	2 703 189	-5,2%	2 851 938
Pre-tax result	2 702 401 €	-28,7%	3 788 022 €	106,9%	1 830 431 €	22 567,50 €	11874,7%
	153,55 % CA	-37,9%	247,29 % CA	-2,3%	253,09 % CA	24,52 % CA	526,2%

Extraordinary income	0	0%	0	0%	0	0	0%
- Extraordinary charges	288 280	0%	288 280	-89,0%	2 617 141
Extraordinary result	-288 280 €	0%	-288 280 €	89,0%	-2 617 141 €	0 €	0%
	-16,38 % CA	13,0%	-18,82 % CA	94,8%	-362 % CA	0 % CA	0%

Pre-tax result	2 702 401 €	-28,7%	3 788 022 €	106,9%	1 830 431 €	22 567,50 €	11874,7%
Extraordinary result	-288 280 €	0%	-288 280 €	89,0%	-2 617 141 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-534 075	20,5%	-671 779	46,8%	-1 263 915
Net result	2 948 196 €	-29,3%	4 171 521 €	774,2%	477 205 €	23 212,50 €	12600,9%
	167,51 % CA	-38,5%	272,33 % CA	312,7%	65,98 % CA	23,11 % CA	624,8%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Establishment details

Activity (APE)	Activités des sociétés holding (6420Z)	Business Pages FT®
Postal Address	THERMOCOAX HOLDING 40 BD HENRI SELLIER 92150 SURESNES	Trading Address	40 BOULEVARD HENRI SELLIER 92150 SURESNES
Telephone	01 40 99 15 37
Fax

Type	Head office	Status	Closed
Formation Date	02/2006	Reason for formation	Formation
Closure Date	30/11/2010	Reason for closure	No information
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Hauts-de-Seine (92)	Region	Ile-de-France
District	2	Area	38
City	SURESNES	Size of urban area	Paris conglomeration

Other establishments

Branches	0 branch entities in this company
Head office	> THERMOCOAX HOLDING <<<  - Activités des sociétés holding (6420Z)  in SURESNES  (92150)
Secondary establishments	>  THERMOCOAX HOLDING  - Activités des sociétés holding (6420Z)  in ATHIS DE L'ORNE  (61430) >  THERMOCOAX HOLDING  - Administration d'entreprises (741J)  in PARIS 8  (75008)

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

Recent publications in Gazettes

Publication date	Gazette Name	Description
22/12/2010	Bodacc B	Radiation
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 1563 - 485 014 336 RCS Nanterre. THERMOCOAX HOLDING. Forme : Société par actions simplifiée à associé unique. Activité : . Adresse du siège social : 40 boulevard Henri Sellier, 92150 Suresnes.
05/11/2010	JAL	Proposed merger
Affiches parisiennes (Les) Date de décision : 28/10/2010 Absorbant : 503565962 - THERMOCOAX DEVELOPPEMENT, 40 BD HENRI SELLIER, 92150 SURESNES Absorbé : 485014336 - THERMOCOAX HOLDING, 40 BD HENRI SELLIER, 92150 SURESNES
28/07/2010	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 2233 - 485 014 336 RCS Nanterre. THERMOCOAX HOLDING. Forme : Société par actions simplifiée à associé unique. Administration : Commissaire aux comptes titulaire : CONSTANTIN ASSOCIES Commissaire aux comptes suppléant : CART-TANNEUR Gilles Président : THERMOCOAX DEVELOPPEMENT en fonction le 19 Juillet 2010. Capital : 6407980 EUR. Commentaires : Modification du capital. Modification de représentant.
22/07/2010	JAL	Appointment of the social representative
ORNE Société faisant l'objet d'une nomination : 323459925 - THERMOCOAX, RUE LA VALLEE, USINE DE PLANQUIVON, 61430 ATHIS DE L'ORNE Nominé : En la fonction de : Présidente
09/07/2010	JAL	Appointment of the social representative
AFFICHES PARISIENNES ET DEPARTEMENTALES Société faisant objet d'une nomination : 485014336 - THERMOCOAX HOLDING, 40 BD HENRI SELLIER, 92150 SURESNES Nominé : La société THERMOCOAX DEVELOPPEMENT , 40 BOULEVARD 40 BOULEVARD HENRI SELLIER, 92150 SURESNES En la fonction de : Présidente
09/07/2010	JAL	Resignation / Revocation of the social representative
AFFICHES PARISIENNES ET DEPARTEMENTALES Date de décision : 23/06/2010 La société 485014336 - THERMOCOAX HOLDING, 40 BD HENRI SELLIER, 92150 SURESNES Fait l'objet du départ de Monsieur Claude CAPRON
09/07/2010	JAL	Resignation / Revocation of the social representative
AFFICHES PARISIENNES ET DEPARTEMENTALES Date de décision : 23/06/2010 La société 485014336 - THERMOCOAX HOLDING, 40 BD HENRI SELLIER, 92150 SURESNES Fait l'objet du départ de Monsieur Claude CAPRON
09/07/2010	JAL	Resignation / Revocation of the social representative
AFFICHES PARISIENNES ET DEPARTEMENTALES Date de décision : 23/06/2010 La société 485014336 - THERMOCOAX HOLDING, 40 BD HENRI SELLIER, 92150 SURESNES Fait l'objet du départ de Monsieur Claude CAPRON
09/07/2010	JAL	Modification of the share capital
AFFICHES PARISIENNES ET DEPARTEMENTALES Date de décision : 23/06/2010 La société : 485014336 - THERMOCOAX HOLDING, 40 BD HENRI SELLIER, 92150 SURESNES a subi une augmentation de son capital social désormais de 6 407 980 €
15/12/2009	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 2632 - 485 014 336 RCS Nanterre. THERMOCOAX HOLDING. Forme : Société par actions simplifiée unipersonnelle. Administration : Commissaire aux comptes titulaire : CONSTANTIN ASSOCIES Commissaire aux comptes suppléant : CART-TANNEUR Gilles Président : CAPRON Claude Andre Président et membre du directoire : CAPRON Claude Andre Membre du directoire : BATEL Jean-Philippe Membre du directoire : CHAUMONT Michele Virginie Membre du directoire : GUILLON Patrice Martin Membre du directoire : TRACHEL Jean-Christophe Membre du directoire : PICHON Laurent en fonction le 03 Décembre 2009. Commentaires : Modification de représentant.
14/08/2009	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 7029 - 485014336 RCS. THERMOCOAX HOLDING. Forme : Société par actions simplifiée unipersonnelle. Adresse : 40 boulevard Henri Sellier 92150 Suresnes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
14/08/2009	Bodacc C	Comptes annuels, consolidés et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 7030 - 485014336 RCS. THERMOCOAX HOLDING. Forme : Société par actions simplifiée unipersonnelle. Adresse : 40 boulevard Henri Sellier 92150 Suresnes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
29/07/2008	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 7891 - 485014336 RCS. THERMOCOAX HOLDING. Forme : Société par actions simplifiée unipersonnelle. Adresse : 40 boulevard Henri Sellier 92150 Suresnes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
29/07/2008	Bodacc C	Comptes consolidés et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 7892 - 485014336 RCS. THERMOCOAX HOLDING. Forme : Société par actions simplifiée unipersonnelle. Adresse : 40 boulevard Henri Sellier 92150 Suresnes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
16/01/2008	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 1454 - 485 014 336 RCS Nanterre. THERMOCOAX HOLDING. Forme : Société par actions simplifiée unipersonnelle. Capital : 5789797 EUR. Commentaires : Modification du capital.
26/10/2007	Bodacc C	Avis de dépôt des comptes
6555 - 485 014 336. RCS Nanterre THERMOCOAX HOLDING. Forme: Société par actions simplifiée unipersonnelle. Adresse du siège social: 40 boulevard Henri Sellier 92150 Suresnes. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
26/10/2007	Bodacc C	Avis de dépôt des comptes
6556 - 485 014 336. RCS Nanterre THERMOCOAX HOLDING. Forme: Société par actions simplifiée unipersonnelle. Adresse du siège social: 40 boulevard Henri Sellier 92150 Suresnes. Comptes consolidés et rapport de l'exercice clos le: 31 décembre 2006.
16/05/2006	Bodacc B	Modifications et mutations diverses
2123 - RCS Paris B 485 014 336. RC 05-B 19909. THERMOCOAX HOLDING. Forme : S.A.S. Capital : 5 382 000 euros. Adresse du siège social : 5 rue Paul-Cézanne,, 75008 Commentaires : modification survenue sur la dénomination, le capital (augmentation) et l'administration. Administration : président partant : DORLEAC (Christian). Nomination du président : CAPRON (Claude, André). Nomination du président du directoire : CAPRON (Claude, André). Nomination de membres du directoire : BAILLEUL (Gilles, Dominique) BATEL (Jean-Philippe) CHAUMONT (Michèle, Virginie) GUILLON (Patrice, Martin) TRACHEL (Jean-Christophe).
09/04/2006	Bodacc B	Modifications et mutations diverses
3047 - RCS B 485 014 336. RC 06-B 1562. THERMOCOAX HOLDING. Forme : S.A.S.U. Capital : 5 382 000 euros. Adresse du siège social : 40 boulevard Henri-Sellier, 92150 Suresnes. Administration : commissaire aux comptes titulaire : CONSTANTIN ASSOCIES. Commissaire aux comptes suppléant : CART-TANNEUR (Gilles). Président : CAPRON (Claude, André). President et membre du directoire : CAPRON (Claude, André). Membres du directoire : BAILLEUL (Gilles, Dominique) BATEL (Jean-Philippe) CHAUMONT (Michèle, Virginie) GUILLON (Patrice, Martin) TRACHEL (Jean-Christophe). Etablissement principal - Activité : tant en France qu'à l'étranger, prise de participations, acquisition de fonds de commerce, en qualité de holding d'acquisition administration générale, juridique, comptable, fiscale et des ressources humaines, en qualité de holding opérationnelle . Adresse : 40 boulevard Henri-Sellier, 92150 Suresnes. Commentaires : cette société transfère son siège du 5 rue Paul-Cézanne, 75008 Paris. Date d'effet : 14 février 2006.
22/01/2006	Bodacc A	Création d'établissement
1400 - RCS Paris B 485 014 336. RC 05-B 19909. CEZANNE HOLDING 1. Forme : S.A.S. Capital : 37 000 euros. Activité : tant en France qu'à l'étranger, prise de participations et acquisition de fonds de commerce (holding d'acquisition) administration générale, juridique, comptable, fiscale et des ressources humaines (holding opérationnelle) . Adresse du siège social : 5 rue Paul-Cézanne, 75008 Paris. Administration : président : DORLEAC (Christian). Commissaire aux comptes titulaire : CONSTANTIN ASSOCIES. Commissaire aux comptes suppléant : CART-TANNEUR (Gilles). Cette société se constitue . Date de début d'activité : 9 novembre 2005.

Company Events History

Date	Description
22/12/2010	Bodacc B: Radiation
14/12/2010	Merger
14/12/2010	Declaration of conformity
14/12/2010	Removed company
14/12/2010	Amendment
30/11/2010	Legal suspension of Company
29/10/2010	Legal Gazette: Proposed merger
28/10/2010	Planned merger
28/07/2010	Bodacc B: Various editing or changing
19/07/2010	Updated articles of association
19/07/2010	Capital increase
19/07/2010	Fund deposit certificate
09/07/2010	Legal Gazette: Resignation / Revocation of the social representative
08/07/2010	Updated articles of association
08/07/2010	Minutes of general meeting of shareholders
23/06/2010	Legal Gazette: Modification of the share capital
23/06/2010	Legal Gazette: Appointment of the social representative
15/12/2009	Bodacc B: Various editing or changing
03/12/2009	Minutes of general meeting of shareholders
03/12/2009	Appointment/resignation of company officers
14/08/2009	Bodacc C : Deposit accounts notice
31/12/2008	New consolidated accounts available
31/12/2008	New accounts available
29/07/2008	Bodacc C : Deposit accounts notice
16/01/2008	Bodacc B: Various editing or changing
16/01/2008	New Bodacc B ads detected
31/12/2007	New consolidated accounts available
31/12/2007	New accounts available
26/12/2007	Capital increase
26/12/2007	Private document
26/12/2007	Fund deposit certificate
26/12/2007	Minutes of general meeting of shareholders
26/12/2007	Updated articles of association
26/12/2007	Audit or Management Report
27/11/2007	Other modification of Establishment
31/12/2006	New consolidated accounts available
31/12/2006	New accounts available
10/03/2006	Immatriculation suite à transfert
10/03/2006	Transfert du Siège hors du ressort du Tribunal de Commerce
10/03/2006	Private document
10/03/2006	Updated articles of association
10/03/2006	Registration after transfer
10/03/2006	Transfert du Siège dans le ressort du Tribunal de Commerce
10/03/2006	Minutes of general meeting of shareholders
10/03/2006	Acte sous seing privé
10/03/2006	Statuts mis à jour
10/03/2006	PV d'Assemblée
26/12/2005	PV d'Assemblée
26/12/2005	Nomination/démission des organes de gestion
26/12/2005	Fund deposit certificate
26/12/2005	Certificat de dépôt des fonds
26/12/2005	Private document
26/12/2005	Acte sous seing privé
26/12/2005	Changement de Président (PDG, PCA)
26/12/2005	New company name
26/12/2005	Changement de dénomination sociale
26/12/2005	Capital increase
26/12/2005	Augmentation de Capital
26/12/2005	Appointment/resignation of company officers
26/12/2005	Amendment
26/12/2005	Acte modificatif
26/12/2005	Rapport des Commissaires ou du Gérant
26/12/2005	Audit or Management Report
26/12/2005	Updated articles of association
26/12/2005	Statuts mis à jour
22/11/2005	Rapport des Commissaires ou du Gérant
22/11/2005	Private document
22/11/2005	Acte sous seing privé
22/11/2005	Audit or Management Report
10/11/2005	Certificat de dépôt des fonds
10/11/2005	Statuts
10/11/2005	Articles of association
10/11/2005	Fund deposit certificate
10/11/2005	Company formation
10/11/2005	Formation de Société
10/11/2005	Acte sous seing privé
10/11/2005	Private document

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.06
UK Pound	1	Rs.78.48
Euro	1	Rs.64.99

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.