MIRA INFORM REPORT

Report Date :

07.07.2012

IDENTIFICATION DETAILS

Correct Name :	CLOUD'S SARL
Registered Office :	Za Du Puech, 630 Rte De Rodez, 12160 Baraqueville
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	January 1980
Com. Reg. No.:	RCS Rodez 8 318 660 560
Legal Form :	Limited Liability Company
Line of Business :	Wholesale business clothing and footwear
No. of Employees :	10 to 19 employees

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 :	Slow
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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

CLOUD'S SARL

company summary

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z) (Wholesale business clothing and footwear (4642Z))	Legal form	Limited Liability Company
Phone	05 58 73 32 62	RCS Registration	RCS Rodez 8 318 660 560
Fax	05 65 70 19 72	Share capital	80,000 Euros
Address	CLOUD'S SARL ZA DU PUECH 630 RTE DE RODEZ 12160 BARAQUEVILLE	Incorporated Date	06/1980
Nationality	France	Status	Economically active

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)
RCS Registration	RCS Rodez 8 318 660 560	Share capital	80,000 Euros
Registration Court	Rodez (12)	Legal form	Limited Liability Company
Court Registry Number	19 8 0B000	EU VAT Number	FR35318660560
Incorporation Date	06/1980	Formation Date	01/1980
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)	Business Pages FT®	VETEMENT HOMME DAME GRO
Postal Address	CLOUD'S SARL ZA DU PUECH 630 RTE DE RODEZ 12160 BARAQUEVILLE	Trading Address	630 ROUTE DE RODEZ 12160 BARAQUEVILLE
Telephone	05 58 73 32 62
Fax	05 65 70 19 72

Type	Head office	Status	Economically active
Formation Date	03/1999	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Aveyron (12)	Region	Midi-Pyrénées
District	2	Area	39
City	BARAQUEVILLE	Size of urban area	Establishment in a rural municipality

Other establishments

Branches	1 branch entities in this company
Head office	> CLOUD'S SARL <<<  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in BARAQUEVILLE  (12160)
Secondary establishments	>  CLOUD'S SARL  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in TOULOUSE  (31000) >  CLOUD'S SARL  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in BARAQUEVILLE  (12160)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Name	M. HAY JEAN-CLAUDE GEORGES
Manager position	Gérant	Date of birth	17/12/1951
Place of birth	LEVALLOIS-PERRET (92)
Type of manager	Individual	Name at birth of manager

Previous Directors

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

Manager position

Title and name

Date of Birth/Place of Birth

NEGATIVE INFORMATION

Judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

80,000 Euros

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

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

Linkages

FINANCIAL INFORMATION

Trading to Date	12/31/2010	12/31/2009	12/31/2008
Turnover	1,746,933 €	1,498,831 €	1,696,054 €
Gross Operating Surplus	-2,91 % Turnover	-9,31 % Turnover	-15,88 % Turnover
Net worth	545,114 €	558,837 €	594,793 €
Employees	10 to 19 employees	-

Trends

Profitability

Liquidity

Net worth

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	07/07/2011	13/07/2010	-
Activity Code	4642Z	4642Z	4642Z
Employees	0	0	13

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	65 151	-9,1%	71 678	-14,2%	83 541	38 981	67,1%
- Intangible assets	5 784	-48,4%	11 217	21,7%	9 219	3 811	51,8%
- Tangible assets	49 988	-2,1%	51 082	-21,5%	65 086	5 410	824,0%
- Financial assets	9 379	0%	9 379	1,5%	9 236	5 581	68,1%
Net current assets	1 056 640	9,5%	964 617	-6,3%	1 029 312	209 103	405,3%
- Stocks	551 903	-1,6%	560 867	-0,2%	561 744	49 026	1025,7%
- Advanced payments	0	9,5%	0	0%	0	0	0%
- Receivables	201 812	-10,2%	224 731	9,9%	204 436	62 514	222,8%
- Securities and cash	302 925	69,2%	179 019	-32,0%	263 132	32 806	823,4%
- Prepaid expenses	-	-	-	-	-	82	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	1 121 790	8,3%	1 036 294	-6,9%	1 112 853	287 209	290,6%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	545 114	-2,5%	558 837	-6,0%	594 793	56 218	869,6%
Share capital	80 001	0%	80 001	0%	80 001	8 000	900,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	576 676	20,8%	477 457	-7,8%	518 060	194 964	195,8%
- Financial liabilities	525	-44,7%	949	-49,0%	1 862	16 173	-96,8%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	495 858	20,4%	411 950	5,1%	392 136	70 232	606,0%
- Tax and social liabilities	62 424	35,8%	45 982	-49,4%	90 795	46 800,50	33,4%
- Other debts and fixed assets liabilities	17 869	-3,8%	18 576	-44,2%	33 267	9 202	94,2%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	1 121 790	8,3%	1 036 293	-6,9%	1 112 853	287 208	290,6%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	1 858 642	16,6%	1 594 680	-16,0%	1 897 374	448 898	314,0%
Net turnover	1 746 933	16,6%	1 498 831	-11,6%	1 696 054	442 250	295,0%
- of which net export turnover	1 754	0%	0	0%	25 681	2 324	-24,5%
Operating charges	1 862 017	7,6%	1 731 088	-18,5%	2 122 863	440 334	322,9%
Operating profit/loss	-3 375	97,5%	-136 408	39,5%	-225 489	9 531	-135,4%
Financial income	3 778	-74,3%	14 678	19,7%	12 261	03	125833,3%
Financial charges	22 475	-20,2%	28 161	64,6%	17 112	847	2553,5%
Financial profit/loss	-18 697	-38,7%	-13 483	-178,0%	-4 850	-185	-10006,5%
Pretax net operating income	-22 072	85,3%	-149 891	34,9%	-230 339	7 975	-376,8%
Extraordinary income	19 053	-84,6%	123 845	308,0%	30 355	02	952550,0%
Extraordinary charges	15 956	61,0%	9 912	17,1%	8 466	250	6282,4%
Extraordinary profit/loss	3 097	-112,0%	113 933	420,5%	21 889	0	0%
Net result	-13 723	61,8%	-35 957	75,7%	-148 196	8 278	-265,8%

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	1 121 790	8,3%	1 036 294	-6,9%	1 112 853
	Gross	CO	1 342 899	3,0%	1 303 851	-7,3%	1 406 694
	Amortisation	1A	221 109	-17,4%	267 557	-8,9%	293 841

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	65 151	-9,1%	71 678	-14,2%	83 541
	Gross	BJ	223 158	-13,2%	257 186	-2,4%	263 645
	Amortisation	BK	158 007	-14,8%	185 508	3,0%	180 104

Intangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	5 784	0%	0	0%	9 219
	Gross	AF	17 780	0%	0	0%	13 899
	Amortisation	AG	11 996	0%	0	0%	4 680
	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%	11 217	0%	0
	Gross	AJ	0	0%	18 583	0%	0
	Amortisation	AK	0	0%	7 366	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	5 784	-48,4%	11 217	21,7%	9 219

Tangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	0	0%	0	0%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	3 998	-37,8%	6 423	-27,4%	8 847
	Gross	AR	13 351	-5,6%	14 143	0%	14 143
	Amortisation	AS	9 353	21,2%	7 720	45,8%	5 296
	Other tangible fixed assets	Net	45 990	3,0%	44 659	-20,6%	56 239
	Gross	AT	182 648	-15,1%	215 081	-5,0%	226 367
	Amortisation	AU	136 658	-19,8%	170 422	0,2%	170 128
	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	49 988		51 082		65 086

Financial assets

			31/12/2010		31/12/2009		31/12/2008
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	4 259	0%	0	0%	4 116
	Gross	BD	4 259	0%	0	0%	4 116
	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	5 120	-45,4%	9 379	83,2%	5 120
	Gross	BH	5 120	-45,4%	9 379	83,2%	5 120
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		9 379		9 379		9 236

Current Assets (III)

			31/12/2010		31/12/2009		31/12/2008
	Total Assets	Net	1 056 640	9,5%	964 617	-6,3%	1 029 312
	Gross	CJ	1 119 742	7,0%	1 046 666	-8,4%	1 143 049
	Amortisation	CK	63 102	-23,1%	82 049	-27,9%	113 737

Stocks

			31/12/2010		31/12/2009		31/12/2008
	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	551 903	-1,6%	560 867	-0,2%	561 744
	Gross	BT	570 059	-4,6%	597 301	-4,9%	628 369
	Amortisation	BU	18 156	-50,2%	36 434	-45,3%	66 625
	Sub Total Stocks	Net	551 903	-1,6%	560 867	-0,2%	561 744

Advance payments to suppliers

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

			31/12/2010		31/12/2009		31/12/2008
	Trade accounts receivable	Net	124 272	120,9%	56 249	71,6%	32 780
	Gross	BX	169 218	66,1%	101 864	27,5%	79 892
	Amortisation	BY	44 946	-1,5%	45 615	-3,2%	47 112
	Other debtors	Net	61 106	-63,0%	165 313	6,0%	155 908
	Gross	BZ	61 106	-63,0%	165 313	6,0%	155 908
	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	185 378	-16,3%	221 562	17,4%	188 688

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	302 925	69,2%	179 019	-32,0%	263 132
	Gross	CF	302 925	69,2%	179 019	-32,0%	263 132
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	302 925	69,2%	179 019	-32,0%	263 132

Prepaid expenses

			31/12/2010		31/12/2009		31/12/2008
	Prepaid expenses	Net	16 434	418,6%	3 169	-79,9%	15 748
	Gross	CH	16 434	418,6%	3 169	-79,9%	15 748
	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	5 120	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	1 121 790	8,3%	1 036 293	-6,9%	1 112 853

Shareholder Equity (I)

			31/12/2010		31/12/2009		31/12/2008
	Total shareholders' equity (Total I)	DL	545 114	-2,5%	558 837	-6,0%	594 793
	Equity and shareholders' equity	DA	80 001	0%	80 001	0%	80 001
	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	8 000	0%	8 000	0%	8 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	506 793	0%	506 793	-22,6%	654 988
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	-35 957	0%	0	0%	0
	Profit or loss for the period	DI	-13 723	61,8%	-35 957	75,7%	-148 196
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

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

Provisions for risks and charges (III)

			31/12/2010		31/12/2009		31/12/2008
	Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	0
	Risk provisions	DP	0	0%	0	0%	0
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2010		31/12/2009		31/12/2008
	Total Liabilities (Total IV)	EC	576 676	20,8%	477 457	-7,8%	518 060
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	95	-84,7%	621	-59,5%	1 534
	Sundry loans and financial liabilities	DV	430	31,1%	328	0%	328
	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	495 858	20,4%	411 950	5,1%	392 136
	Tax and social security liabilities	DY	62 424	35,8%	45 982	-49,4%	90 795
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	17 869	-3,8%	18 576	-44,2%	33 267

Translation loss (V)

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

Equalization accounts

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

References

		31/12/2010		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	576 676	0%	0	0%	518 060
Of which current bank facilities	EH	95	0%	0	0%	253

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	-3 375	97,5%	-136 408	39,5%	-225 489

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	-18 697	-38,7%	-13 483	-178,0%	-4 850

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	-22 072	85,3%	-149 891	34,9%	-230 339

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	3 097	-97,3%	113 933	420,5%	21 889

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	-13 723	61,8%	-35 957	75,7%	-148 196

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	1 881 473	8,6%	1 733 203	-10,7%	1 939 990

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	1 895 198	7,1%	1 769 161	-15,3%	2 088 186

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	1 858 642	16,6%	1 594 680	-16,0%	1 897 374

Operating income (details)

			31/12/2010		31/12/2009		31/12/2008
	Sale of goods for resale	FC	1 740 182	16,5%	1 494 015	-11,7%	1 692 538
	France	FA	1 738 428	16,4%	1 494 015	-10,4%	1 668 182
	Export	FB	1 754	0%	0	0%	24 356
	Sale of goods produced	FF	0	0%	4 816	0%	0
	France	FD	0	0%	4 816	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	6 751	0%	0	0%	3 516
	France	FG	6 751	0%	0	0%	2 191
	Export	FH	0	0%	0	0%	1 325
	Net turnover	FL	1 746 933	16,6%	1 498 831	-11,6%	1 696 054
	France	FJ	1 745 179	16,4%	1 498 831	-10,3%	1 670 373
	Export	FK	1 754	0%	0	0%	25 681
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	1 989	0%	0	0%	0
	Release of reserves and provisions	FP	91 590	0%	0	0%	192 535
	Other income	FQ	18 130	-81,1%	95 849	991,2%	8 784

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	1 862 017	7,6%	1 731 088	-18,5%	2 122 863

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	917 294	15,8%	792 104	-4,1%	825 751
Change in stocks of goods for resale	FT	27 242	-12,3%	31 067	57,8%	19 692
Purchase of raw materials	FU	3 376	90,3%	1 774	-51,2%	3 637
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	371 404	15,8%	320 785	-22,4%	413 345
Tax, duty and similar payments	FX	25 566	-29,9%	36 480	-6,6%	39 055
Payroll	FY	338 723	4,0%	325 760	-31,6%	476 260
Social security costs	FZ	116 095	-11,0%	130 452	-30,5%	187 694

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	20 607	-69,2%	66 846	52,9%	43 720
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	18 156	0%	0	0%	69 686
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	23 554	-8,8%	25 820	-41,3%	44 022

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	3 778	-74,3%	14 678	19,7%	12 261
	Share financial income	GJ	0	0%	0	0%	139
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	724	-95,1%	14 678	149,2%	5 891
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	3 054	0%	0	0%	6 231
	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	22 475	-20,2%	28 161	64,6%	17 112
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	12 061	-57,2%	28 161	113,5%	13 189
	Exchange losses	GS	10 414	0%	0	0%	3 923
	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	19 053	-84,6%	123 845	308,0%	30 355
	Extraordinary operating income	HA	0	0%	123 845	544,5%	19 215
	Extraordinary income from capital transactions	HB	19 053	0%	0	0%	11 140
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	15 956	61,0%	9 912	17,1%	8 466
	Extraordinary operating charges	HE	0	0%	9 912	5172,3%	188
	Extraordinary charges from capital transactions	HF	15 956	0%	0	0%	8 278
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

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	-5 250	0%	0	0%	-60 254

References

		31/12/2010		31/12/2009		31/12/2008
Of which equipment leases	HP	8 645	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	54 487	0%	0	0%	18 200
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	19 718	0%	0	0%	27 028

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%	261 922
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	39 715
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	64 064	0%	0	0%	37 991
	Gross value at the end of period	OL	223 157	0%	0	0%	263 645

Research and development Charge (Total I)

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

Other budget item from Intangible fixed assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	KD	18 583	0%	0	0%	10 937
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	3 500	0%	0	0%	11 075
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	4 303	0%	0	0%	8 113
	Gross value at the end of period	LW	17 780	0%	0	0%	13 899

Tangible fixed assets (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LN	229 224	0%	0	0%	234 123
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	26 535	0%	0	0%	24 524
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	59 760	0%	0	0%	18 137
	Gross value at the end of period	NH	195 999	0%	0	0%	240 510

Fiancial assets (Total IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LQ	9 379	0%	0	0%	16 862
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	4 116
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	11 741
	Gross value at the end of period	NK	9 379	0%	0	0%	9 236

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%	162 486
Increases		0P	0	0%	0	0%	43 720
Decreasess		0Q	0	0%	0	0%	26 102
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	180 104

Research and development charge (Total I)

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

Other intangible assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	7 366	0%	0	0%	9 902
Increases		PF	5 334	0%	0	0%	2 891
Decreasess		PG	703	0%	0	0%	8 113
	Decreasess by budget item transfer	PH	11 997	0%	0	0%	4 680

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	178 142	0%	0	0%	152 584
Increases		QV	15 273	0%	0	0%	40 829
Decreases		QW	47 405	0%	0	0%	17 989
	Decreasess by budget item transfer	QX	146 010	0%	0	0%	175 424

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

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

Premium refund of obligations

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

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

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7C	82 050	0%	0	0%	218 386
Increases		UB	18 156	0%	0	0%	69 686
Decreases		UC	37 103	0%	0	0%	174 335
	Value at the end of period	UD	63 103	0%	0	0%	113 737

Includes Total allocations

Operating	UE	18 156	0%	0	0%	69 686
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	37 103	0%	0	0%	174 335
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	5Z	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)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	82 049	0%	0	0%	218 386
Increases		TY	18 156	0%	0	0%	69 686
Decreases		TZ	37 103	0%	0	0%	174 335
	Value at the end of period	UA	63 102	0%	0	0%	113 737

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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	251 878	0%	0	0%	256 668
1 year at most	VU	251 878	0%	0	0%	251 548
More than one year	VV	0	0%	0	0%	5 120

State of loans

		31/12/2010		31/12/2009		31/12/2008
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	5 120	0%	0	0%	5 120
Other financial assets (1 year at most)	UV	5 120	0%	0	0%	0

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	53 756	0%	0	0%	55 935
Other claims customer	UX	115 462	0%	0	0%	23 957
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	5 250	0%	0	0%	77 473
Value added tax	VB	8 871	0%	0	0%	19 629
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	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	46 985	0%	0	0%	58 805

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	16 434	0%	0	0%	15 748

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	576 676	0%	0	0%	518 060
1 year at most		VZ2	576 676	0%	0	0%	518 060
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	95	0%	0	0%	253
1 year at most		VG2	95	0%	0	0%	253
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%	1 281
1 year at most		VH2	0	0%	0	0%	1 281
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	495 858	0%	0	0%	392 136
1 year at most		8B2	495 858	0%	0	0%	392 136
More than 1 year and 5 years at most		8B3	495 858	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	21 492	0%	0	0%	37 200
1 year at most		8C2	21 492	0%	0	0%	37 200
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	36 697	0%	0	0%	52 490
1 year at most		8D2	36 697	0%	0	0%	52 490
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	4 235	0%	0	0%	1 105
1 year at most		VW2	4 235	0%	0	0%	1 105
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	430	0%	0	0%	328
1 year at most		VI2	430	0%	0	0%	328
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	17 869	0%	0	0%	33 267
1 year at most		8K2	17 869	0%	0	0%	33 267
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2010		31/12/2009		31/12/2008
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	9 343

Table allocation results and other information
Dividends distributed

		31/12/2010		31/12/2009		31/12/2008
Dividends	ZE	0	0%	0	0%	30 000

Commitments

		31/12/2010		31/12/2009		31/12/2008
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2010		31/12/2009		31/12/2008
Subcontracting	YT	0	0%	0	0%	11 230
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	74 567
Staff outside the company	YU	0	0%	0	0%	19 399
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	72 444
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	235 705
Total Other purchases and external	ZJ	0	0%	0	0%	413 345

Taxes and Fees

		31/12/2010		31/12/2009		31/12/2008
Business tax	YW	0	0%	0	0%	15 042
Other taxes and payments assimilated	9Z	0	0%	0	0%	24 013
Total taxes and fees	YX	0	0%	0	0%	39 055

VAT

		31/12/2010		31/12/2009		31/12/2008
Amount VAT collected	YY	0	0%	0	0%	326 495
Total VAT on goods and services	YZ	0	0%	0	0%	237 887

Average number of employees

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	0	0%	0	0%	13

Groups and Shareholders

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

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		3,15	8,6%	2,90	-1,7%	2,95	1,86	69,4%
Global Debt		119 days	3,5%	115 days	4,5%	110 days	140 days	-15,0%
Working Capital Fund overall net		99 days	-15,4%	117 days	7,3%	109 days	43 days	130,2%
Financial independence		573804,21%	537,6%	89989,86%	132,1%	38773,99%	352,17%	162833,9%
More ratios
Solvability		48,59%	-9,9%	53,93%	0,9%	53,45%	25,13%	93,4%
Capacity debt futures		573804,21%	-	%	-	38773,99%	753,67%	76034,7%
Coverage of current assets by net working capital overall		43,54%	-6,9%	46,78%	2,8%	45,49%	30,62%	42,2%
General Liquidity		0,44	-		-	0,49	0,43	2,3%
Restricted Liquidity		0,96	-		-	0,99	0,75	28,0%

Management or rotation

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital		33 days	-54,8%	73 days	46,0%	50 days	10 days	230,0%
Treasury		62 days	44,2%	43 days	-23,2%	56 days	6 days	933,3%
Inventory turnover of goods		217 days	-16,9%	261 days	-2,6%	268 days	81 days	167,9%
Average length of credit granted to customers		35 days	45,8%	24 days	71,4%	14 days	32 days	9,4%
Average length of credit obtained suppliers		135 days	4,7%	129 days	37,2%	94 days	62 days	117,7%
More ratios
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	2475 days	-
Rotation tangible assets		891,30%	-	%	-	705,19%	2186,60%	-59,2%

Profitability of the business

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading		45,55%	1,8%	44,76%	-10,4%	49,95	31,65%	43,9%
Profitability of the business		-2,91	68,7%	-9,31	41,4%	-15,88	3,06%	-195,1%
Net profit		-0,79%	67,1%	-2,40%	72,5%	-8,74%	1,72%	-145,9%
More ratios
Growth rate of turnover (excluding VAT)		16,55%	242,3%	-11,63%	81,6%	-63,13%	1,10%	1404,5%
Rates integration		24,48%	3,9%	23,56%	-7,9%	25,57%	18,69%	31,0%
Rate leasing furniture		0,49%	0%	0%	0%	0%	0%	0%
Work Factor		106,36%	-17,7%	129,20%	-15,6%	153,12%	68,89%	54,4%
Weight interests		1,29	-31,4%	1,88%	86,1%	1,01%	0,22%	486,4%

Return on capital

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability	-1,91%	-192,7%	2,06%	112,4%	-16,61%	2,21%	-186,4%
Rates of economic profitability	-9%	64,0%	-25%	44,4%	-45%	14,73%	-161,1%
Financial profitability	545114%	-2,5%	558837%	-6,0%	594793%	25516,50%	2036,3%
Return on investment	1,60%	215,1%	-1,39%	93,7%	-21,97%	12,10%	-86,8%

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	1 746 933	16,6%	1 498 831	-11,6%	1 696 054	442 250 €	295,0%

Sales of goods	1 740 182	16,5%	1 494 015	-11,7%	1 692 538
- Purchase of goods	917 294	15,8%	792 104	-4,1%	825 751
+/- Stock of goods variation	27 242	-12,3%	31 067	57,8%	19 692
Trading margin	795 646 €	18,6%	670 844 €	-20,8%	847 095 €	113 573 €	600,6%
	45,55 % CA	1,8%	44,76 % CA	-10,4%	49,95 % CA	32,96 % CA	38,2%

Sale of goods produced	6 751	40,2%	4 816	37,0%	3 516
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	6 751 €	40,2%	4 816 €	37,0%	3 516 €	2 637 €	156,0%
	0,39 % CA	21,9%	0,32 % CA	52,4%	0,21 % CA	1,15 % CA	-66,1%

Trading margin	795 646	18,6%	670 844	-20,8%	847 095	113 573	600,6%
+ Period Production	6 751	40,2%	4 816	37,0%	3 516	2 637	156,0%
- Purchase of raw materials	3 376	90,3%	1 774	-51,2%	3 637
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	371 404	15,8%	320 785	-22,4%	413 345
Added value	427 617 €	21,1%	353 101 €	-18,6%	433 629 €	86 830 €	392,5%
	24,48 % CA	3,9%	23,56 % CA	-7,9%	25,57 % CA	18,69 % CA	31,0%

Added value	427 617 €	21,1%	353 101 €	-18,6%	433 629 €	86 830 €	392,5%
+ Operating grants	1 989	0%	0	0%	0
- Tax, duty and similar payments	25 566	-29,9%	36 480	-6,6%	39 055
- Personal charges	454 818	-0,3%	456 212	-31,3%	663 954
Gross operating surplus	-50 778 €	63,6%	-139 591 €	48,2%	-269 380 €	11 615 €	-537,2%
	-2,91 % CA	68,7%	-9,31 % CA	41,4%	-15,88 % CA	3,05 % CA	-195,4%

Gross operating surplus	-50 778 €	63,6%	-139 591 €	48,2%	-269 380 €	11 615 €	-537,2%
+ Release of reserves and provisions	91 590	0%	0	0%	192 535
+ Other operating income	18 130	-81,1%	95 849	991,2%	8 784
- Depreciation/Amortisation	38 763	-42,0%	66 846	-41,1%	113 406
- Other charges	23 554	-8,8%	25 820	-41,3%	44 022
Operating result	-3 375 €	97,5%	-136 408 €	39,5%	-225 489 €	9 455 €	-135,7%
	-0,19 % CA	97,9%	-9,10 % CA	31,5%	-13,29 % CA	2,31 % CA	-108,2%

Operating result	-3 375 €	97,5%	-136 408 €	39,5%	-225 489 €	9 455 €	-135,7%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	3 778	-74,3%	14 678	19,7%	12 261
- Financial charges	22 475	-20,2%	28 161	64,6%	17 112
Pre-tax result	-22 072 €	85,3%	-149 891 €	34,9%	-230 340 €	7 947 €	-377,7%
	-1,26 % CA	87,4%	-10,00 % CA	26,4%	-13,58 % CA	1,83 % CA	-168,9%

Extraordinary income	19 053	-84,6%	123 845	308,0%	30 355	02	952550,0%
- Extraordinary charges	15 956	61,0%	9 912	17,1%	8 466
Extraordinary result	3 097 €	-97,3%	113 933 €	420,5%	21 889 €	0 €	0%
	0,18 % CA	-97,6%	7,60 % CA	489,1%	1 % CA	0 % CA	0%

Pre-tax result	-22 072 €	85,3%	-149 891 €	34,9%	-230 340 €	7 947 €	-377,7%
Extraordinary result	3 097 €	-97,3%	113 933 €	420,5%	21 889 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-5 250	0%	0	0%	-60 254
Net result	-13 725 €	61,8%	-35 958 €	75,7%	-148 197 €	8 106 €	-269,3%
	-0,79 % CA	67,1%	-2,40 % CA	72,5%	-8,74 % CA	1,72 % CA	-145,9%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Last published preferential right

No social security and tax office preferential right to date

Commentary

The comments are arranged in decreasing order of importance

	The net result is negative on the period : -3 375 €
	The company is more than 11 years old
	The non current assets are up to 65 151 €, which is correct
	The financial result is negative on the period : -18 697 €
	The company has an activity with no specific increased risk
	The company only has one registered director

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	16/11/2010
Status of Monitoring	No social security and tax office preferential right to date

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

Event History

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
23/08/2010	Bodacc C	Comptes annuels et rapports
12 - AVEYRON GREFFE DU TRIBUNAL DE COMMERCE DE RODEZ 764 - 318660560 RCS. CLOUDS SARL. Forme : Société à responsabilité limitée. Adresse : 630 route de Rodez 12160 Baraqueville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
13/08/2009	Bodacc C	Comptes annuels et rapports
12 - AVEYRON GREFFE DU TRIBUNAL DE COMMERCE DE RODEZ 983 - 318660560 RCS. CLOUDS SARL. Forme : Société à responsabilité limitée. Adresse : 630 route de Rodez 12160 Baraqueville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
26/07/2008	Bodacc C	Comptes annuels et rapports
12 - AVEYRON GREFFE DU TRIBUNAL DE COMMERCE DE RODEZ 594 - 318660560 RCS. CLOUDS SARL. Forme : Société à responsabilité limitée. Adresse : 630 route de Rodez 12160 Baraqueville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
06/11/2007	Bodacc C	Avis de dépôt des comptes
1173 - 318 660 560. RCS Rodez CLOUDS SARL. Forme: Société à responsabilité limitée. Adresse du siège social: 630 route de Rodez 12160 Baraqueville. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
26/09/2007	Bodacc B	Modifications et mutations diverses
314 - RCS Rodez B 318 660 560. RC 80-B 44. CLOUDS S.A.R.L. Forme : S.A.R.L. Adresse du siège social : 630 route de Rodez,, 12160 Commentaires : modification survenue sur l'adresse du siège social. Date d'effet : 20 juin 2007.
25/07/2006	Bodacc C	Avis de dépôt des comptes
1204 - RCS Rodez B 318 660 560. RC 80-B 44. CLOUDS SARL. Forme: S.A.R.L.. Adresse du siège social: les Terrisses,12160 Baraqueville. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
31/07/2005	Bodacc C	Avis de dépôt des comptes
312 - RCS Rodez B 318 660 560. RC 80-B 44. CLOUDS SARL. Forme: S.A.R.L.. Adresse du siège social: les Terrisses,12160 Baraqueville. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.

Company events history

Date	Description
10/01/2012	Minutes of general meeting of shareholders
10/01/2012	Updated articles of association
10/01/2012	Sale of shares
10/01/2012	Private document
12/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
16/11/2010	Collection of preferential rights activated for this company
23/08/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
13/08/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
26/07/2008	Bodacc C : Deposit accounts notice
19/02/2008	Modification of Company Activity
19/02/2008	Update of Company Activity
31/12/2007	New accounts available
01/08/2007	Updated articles of association
01/08/2007	Statuts mis à jour
01/08/2007	Minutes of general meeting of shareholders
01/08/2007	PV d'Assemblée
01/08/2007	Private document
01/08/2007	Transfert du Siège dans le ressort du Tribunal de Commerce
01/08/2007	Registered office transferred inside jurisdiction of the Commercial Court
20/06/2007	Transfer of Establishment
20/06/2007	Update of Company Head Office Identifier
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
11/09/2003	Acte sous seing privé
11/09/2003	Acte modificatif
11/09/2003	Statuts mis à jour
11/09/2003	PV d'Assemblée
11/09/2003	Cession de parts
01/01/2000	Conversion du Capital Social en Euros
01/01/2000	Augmentation de Capital
01/01/2000	Statuts mis à jour
01/01/2000	PV d'Assemblée
01/01/2000	Acte sous seing privé
22/11/1999	Statuts mis à jour
22/11/1999	Augmentation de Capital
22/11/1999	PV d'Assemblée
22/11/1999	Acte modificatif
05/08/1997	Modification de l'objet social
05/08/1997	Acte sous seing privé
05/08/1997	PV d'Assemblée
05/08/1997	Statuts mis à jour
10/07/1997	Cession de parts
10/07/1997	PV d'Assemblée
10/07/1997	Statuts mis à jour
01/01/1997	Statuts mis à jour
01/01/1997	Cession de parts
01/01/1997	PV d'Assemblée
01/01/1997	Acte sous seing privé

Establishment events history

Date	Description
12/01/2012	Update Rating
12/01/2012	Update Limit
12/07/2011	Update Rating
12/07/2011	Update Limit
28/06/2011	Update of phone numbers
26/10/2010	Update Limit
19/07/2010	Update Limit
04/01/2010	Update Limit
29/12/2009	Update Rating
08/11/2009	Update Limit
06/11/2009	Update Rating
13/08/2009	Update Rating
13/08/2009	Update Limit
22/07/2008	Update Limit
19/02/2008	Update of Establishment Address
19/02/2008	Modification of Head office
16/12/2007	Update Limit
11/12/2007	Update Limit
09/12/2007	Update Limit
11/09/2007	Update Limit
11/09/2007	Update Rating
11/09/2007	Update Limit
11/09/2007	Update Rating
20/06/2007	Modification of Head office (after transfer)

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.42
UK Pound	1	Rs.86.04
Euro	1	Rs.68.61

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.