MIRA INFORM REPORT

Report Date :

14.06.2012

IDENTIFICATION DETAILS

Name :	TECHNISEM

Registered Office :	Zac Anjou Actiparc Jumelles Zone Anjou Actiparc 49160 Longue Jumelles

Country :	France

Financials (as on) :	30.06.2011

Date of Incorporation :	April 1985

Com. Reg. No.:	RCS Angers 0 332 250 836

Legal Form :	Simplified joint stock company

Line of Business :	Specializing in breeding, producing and distributing tropicalized vegetable seeds

No. of Employees :	20 to 49 employees

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

France

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

Top of Form

company Name

TECHNISEM

SIRET

332 250 836 00084

company summary


Activity (APE)	Culture of cÃ © ra © ales (Except Rice), the seed and gumineusesola ageneses (0111Z) Specializing in breeding, producing and distributing tropicalized vegetable seeds	Legal form	Simplified joint stock company
Phone	02 41 38 39 39	RCS Registration	RCS Angers 0 332 250 836
Fax		Share capital	150,000 Euros
Address	TECHNISEM ZAC ANJOU ACTIPARC JUMELLES ZONE ANJOU ACTIPARC 49160 LONGUE JUMELLES	Incorporated Date	04/1985
Nationality	France	Status	Economically active

Last published preferential right

This company is not under monitoring

Current Directors

Trading to Date	06/30/2011	06/30/2010	06/30/2009
Turnover	10,107,380 €	7,230,932 €	6,591,631 €
Gross Operating Surplus	23,76 % Turnover	21,70 % Turnover	22,74 % Turnover
Net worth	5,583,254 €	4,786,079 €	4,614,505 €
Employees	20 to 49 employees	-	-

	Trends
	Profitability
	Liquidity
	Net worth

Company details

Activity (APE)	Culture de cÃ©rÃ©ales (Ã l'exception du riz), de lÃ©gumineuses et de graines olÃ©agineuses (0111Z)
RCS Registration	RCS Angers 0 332 250 836	Share capital	150,000 Euros
Registration Court	Angers (49)	Legal form	Simplified joint stock company
Court Registry Number	20 0 8B400	EU VAT Number	FR17332250836
Incorporation Date	04/1985	Formation Date	04/1985
Deregistration Date		Last account Date	30/06/2011
Nationality	France

Establishment details

Activity (APE)	Culture de cÃ©rÃ©ales (Ã l'exception du riz), de lÃ©gumineuses et de graines olÃ©agineuses (0111Z)	Business Pages FT®	GRAINE SEMENCE PRODUCTION GRO
Postal Address	TECHNISEM ZAC ANJOU ACTIPARC JUMELLES ZONE ANJOU ACTIPARC 49160 LONGUE JUMELLES	Trading Address	ZONE ANJOU ACTIPARC 49160 LONGUE JUMELLES
Telephone	02 41 38 39 39
Fax

Type	Head office	Status	Economically active
Formation Date	06/2009	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Maine-et-Loire (49)	Region	Pays de La Loire
District		Area
City	LONGUE JUMELLES	Size of urban area

Other establishments

	Branches	1 branch entities in this company


	Head office	> TECHNISEM <<< - Culture de cÃ©rÃ©ales (Ã l'exception du riz), de lÃ©gumineuses et de graines olÃ©agineuses (0111Z) in LONGUE JUMELLES (49160)

	Secondary establishments	> TECHNISEM - Culture de cÃ©rÃ©ales (Ã l'exception du riz), de lÃ©gumineuses et de graines olÃ©agineuses (0111Z) in SAVIGNY SUR ORGE (91600) > TECHNISEM - Culture de cÃ©rÃ©ales (Ã l'exception du riz), de lÃ©gumineuses et de graines olÃ©agineuses (0111Z) in BEAUFORT EN VALLEE (49250) > TECHNISEM - Culture de cÃ©rÃ©ales ; cultures industrielles (011A) in BAIE MAHAULT (97122)

	Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area

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

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	30/06/2011	30/06/2010	30/06/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	30/11/2011	29/11/2010	22/01/2010
Activity Code	0111Z	0111Z	0111Z
Employees	0	23	20

Active account

Annual Accounts	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	671Â 483	2,0%	658Â 567	13,9%	578Â 194	255Â 077	163,2%
- Intangible assets	31Â 368	135,4%	13Â 328	30,4%	10Â 218	78	40115,4%
- Tangible assets	437Â 500	5,5%	414Â 566	23,6%	335Â 364	213Â 264	105,1%
- Financial assets	202Â 615	-12,2%	230Â 673	-0,8%	232Â 612	5Â 685	3464,0%
Net current assets	7Â 834Â 016	27,8%	6Â 131Â 863	7,7%	5Â 693Â 381	299Â 316	2517,3%
- Stocks	2Â 874Â 036	5,2%	2Â 732Â 626	61,0%	1Â 697Â 714	86Â 719	3214,2%
- Advanced payments	0	27,8%	0	0%	0	0	0%
- Receivables	2Â 838Â 306	19,7%	2Â 371Â 402	-22,4%	3Â 053Â 981	78Â 415	3519,6%
- Securities and cash	2Â 121Â 674	106,4%	1Â 027Â 835	9,1%	941Â 686	32Â 373	6453,8%
- Prepaid expenses	-	-	-	-	-	1Â 227	-
Accounts of regularization	1Â 604	-86,5%	11Â 923	1728,7%	652	0	0%
Total Assets	8Â 507Â 101	25,1%	6Â 802Â 350	8,5%	6Â 272Â 228	594Â 189	1331,7%

Passive Account

Annual Accounts	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Shareholders' equity	5Â 583Â 254	16,7%	4Â 786Â 079	3,7%	4Â 614Â 505	182Â 071	2966,5%
Share capital	150Â 000	0%	150Â 000	0%	150Â 000	54Â 900	173,2%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1Â 604	-86,5%	11Â 923	1728,7%	652	0	0%
Liabilities	2Â 915Â 539	45,9%	1Â 998Â 496	20,7%	1Â 655Â 198	334Â 338	772,0%
- Financial liabilities	562Â 272	51,4%	371Â 430	-17,0%	447Â 719	174Â 964	221,4%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	900Â 122	-19,5%	1Â 117Â 897	37,2%	815Â 080	43Â 594	1964,8%
- Tax and social liabilities	670Â 618	103,3%	329Â 935	-3,4%	341Â 456	17Â 322,50	3771,4%
- Other debts and fixed assets liabilities	789Â 231	326,4%	185Â 087	250,4%	52Â 818	11Â 312	6876,9%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	8Â 507Â 101	25,1%	6Â 802Â 351	8,5%	6Â 272Â 229	594Â 189	1331,7%

Results

Annual Accounts	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Sales of Goods	10Â 861Â 014	36,6%	7Â 951Â 324	11,7%	7Â 121Â 553	349Â 006	3012,0%
Net turnover	10Â 107Â 380	39,8%	7Â 230Â 932	9,7%	6Â 591Â 631	282Â 556	3477,1%
- of which net export turnover	9Â 487Â 659	0%	0	0%	6Â 178Â 919	0	0%
Operating charges	8Â 505Â 756	31,4%	6Â 474Â 027	10,5%	5Â 856Â 899	311Â 870	2627,3%
Operating profit/loss	2Â 355Â 258	59,4%	1Â 477Â 297	16,8%	1Â 264Â 654	32Â 177	7219,7%
Financial income	111Â 187	195,2%	37Â 664	-25,9%	50Â 848	388	28556,4%
Financial charges	69Â 964	-59,6%	173Â 015	197,1%	58Â 240	4Â 821	1351,2%
Financial profit/loss	41Â 223	130,5%	-135Â 351	-1731,0%	-7Â 392	-2Â 881	1530,9%
Pretax net operating income	2Â 396Â 481	78,6%	1Â 341Â 946	6,7%	1Â 257Â 262	27Â 501	8614,2%
Extraordinary income	4Â 168	-70,7%	14Â 236	-77,5%	63Â 250	3Â 269	27,5%
Extraordinary charges	27Â 053	-27,7%	37Â 408	-32,8%	55Â 669	588	4500,9%
Extraordinary profit/loss	-22Â 885	7510,6%	-23Â 172	-405,7%	7Â 581	794	-2982,2%
Net result	1Â 717Â 174	68,1%	1Â 021Â 575	9,9%	929Â 449	32Â 084	5252,1%

Display parameter
Currency	Euro	Kilo Euro

	Normal Account		30/06/2011		30/06/2010		30/06/2009
	Months		12		12		12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		30/06/2011		30/06/2010		30/06/2009
Grand Total (I to VI)	Net	8Â 507Â 101	25,1%	6Â 802Â 350	8,5%	6Â 272Â 228
Gross	CO	9Â 756Â 618	21,7%	8Â 015Â 476	6,4%	7Â 536Â 714
Amortisation	1A	1Â 249Â 517	3,0%	1Â 213Â 126	-4,1%	1Â 264Â 486

Non declared distributed capital (I)

		30/06/2011		30/06/2010		30/06/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		30/06/2011		30/06/2010		30/06/2009
Total Active fixed asset (II)	Net	671Â 483	2,0%	658Â 567	13,9%	578Â 194
Gross	BJ	1Â 160Â 022	6,1%	1Â 093Â 165	1,1%	1Â 081Â 402
Amortisation	BK	488Â 539	12,4%	434Â 598	-13,6%	503Â 208

Intangilble fixed assets

			30/06/2011		30/06/2010		30/06/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	4Â 170	0%	0	0%	4Â 170
	Amortisation	AE	4Â 170	0%	0	0%	4Â 170
	Distributorships, patents	Net	31Â 368	0%	0	0%	10Â 218
	Gross	AF	40Â 214	0%	0	0%	15Â 258
	Amortisation	AG	8Â 846	0%	0	0%	5Â 040
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	1Â 119	0%	0	0%	1Â 119
	Amortisation	AK	1Â 119	0%	0	0%	1Â 119
	Pre-payments and downpayments	Net	0	0%	13Â 328	0%	0
	Gross	AL	0	0%	23Â 988	0%	0
	Amortisation	AM	0	0%	10Â 660	0%	0
Sub Total Intangible Assets		Net	31Â 368	135,4%	13Â 328	30,4%	10Â 218

Tangilble fixed assets

		30/06/2011		30/06/2010		30/06/2009
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	262Â 193	-5,2%	276Â 620	6,8%	258Â 998
Gross	AP	312Â 915	2,7%	304Â 621	0,0%	304Â 577
Amortisation	AQ	50Â 722	81,1%	28Â 001	-38,6%	45Â 579
Plant	Net	65Â 261	45,7%	44Â 802	70,7%	26Â 251
Gross	AR	300Â 948	14,7%	262Â 421	3,0%	254Â 872
Amortisation	AS	235Â 687	8,3%	217Â 619	-4,8%	228Â 621
Other tangible fixed assets	Net	110Â 046	18,1%	93Â 144	85,9%	50Â 115
Gross	AT	298Â 041	9,8%	271Â 462	1,0%	268Â 794
Amortisation	AU	187Â 995	5,4%	178Â 318	-18,5%	218Â 679
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	437Â 500		414Â 566		335Â 364

Financial assets

		30/06/2011		30/06/2010		30/06/2009
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	136Â 731	0,7%	135Â 816	0%	135Â 816
Gross	CU	136Â 731	0,7%	135Â 816	0%	135Â 816
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	617	0%	0	0%	457
Gross	BD	617	0%	0	0%	457
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	65Â 267	-31,2%	94Â 857	-1,5%	96Â 339
Gross	BH	65Â 267	-31,2%	94Â 857	-1,5%	96Â 339
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		202Â 615		230Â 673		232Â 612

Current Assets (III)

		30/06/2011		30/06/2010		30/06/2009
Total Assets	Net	7Â 834Â 016	27,8%	6Â 131Â 863	7,7%	5Â 693Â 381
Gross	CJ	8Â 594Â 994	24,4%	6Â 910Â 390	7,1%	6Â 454Â 659
Amortisation	CK	760Â 978	-2,3%	778Â 527	2,3%	761Â 278

Stocks

		30/06/2011		30/06/2010		30/06/2009
Raw materials	Net	134Â 793	30,6%	103Â 198	62,9%	63Â 367
Gross	BL	194Â 005	22,4%	158Â 478	54,2%	102Â 794
Amortisation	BM	59Â 212	7,1%	55Â 280	40,2%	39Â 427
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	2Â 739Â 243	4,2%	2Â 629Â 428	60,9%	1Â 634Â 347
Gross	BT	3Â 330Â 250	2,1%	3Â 261Â 275	44,7%	2Â 253Â 550
Amortisation	BU	591Â 007	-6,5%	631Â 847	2,0%	619Â 203
Sub Total Stocks	Net	2Â 874Â 036	5,2%	2Â 732Â 626	61,0%	1Â 697Â 714

Advance payments to suppliers

		30/06/2011		30/06/2010		30/06/2009
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

		30/06/2011		30/06/2010		30/06/2009
Trade accounts receivable	Net	2Â 747Â 065	35,1%	2Â 033Â 911	-30,5%	2Â 924Â 756
Gross	BX	2Â 857Â 824	34,5%	2Â 125Â 311	-29,8%	3Â 027Â 404
Amortisation	BY	110Â 759	21,2%	91Â 400	-11,0%	102Â 648
Other debtors	Net	53Â 030	-81,2%	282Â 086	234,3%	84Â 384
Gross	BZ	53Â 030	-81,2%	282Â 086	234,3%	84Â 384
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	2Â 800Â 095	20,9%	2Â 315Â 997	-23,0%	3Â 009Â 140

Divers

		30/06/2011		30/06/2010		30/06/2009
Investment securities	Net	792Â 229	112,9%	372Â 126	48,7%	250Â 213
Gross	CD	792Â 229	112,9%	372Â 126	48,7%	250Â 213
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1Â 329Â 445	102,7%	655Â 709	-5,2%	691Â 473
Gross	CF	1Â 329Â 445	102,7%	655Â 709	-5,2%	691Â 473
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	2Â 121Â 674	106,4%	1Â 027Â 835	9,1%	941Â 686

Prepaid expenses

		30/06/2011		30/06/2010		30/06/2009
Prepaid expenses	Net	38Â 211	-31,0%	55Â 405	23,6%	44Â 841
Gross	CH	38Â 211	-31,0%	55Â 405	23,6%	44Â 841
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		30/06/2011		30/06/2010		30/06/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	1Â 604	-86,5%	11Â 923	1728,7%	652
Gross		1Â 604	-86,5%	11Â 923	1728,7%	652

References

		30/06/2011		30/06/2010		30/06/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	110Â 769	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

			30/06/2011		30/06/2010		30/06/2009
	Grand Total (I to V)	EE	8Â 507Â 101	25,1%	6Â 802Â 351	8,5%	6Â 272Â 229

Shareholder Equity (I)

		30/06/2011		30/06/2010		30/06/2009
Total shareholders' equity (Total I)	DL	5Â 583Â 254	16,7%	4Â 786Â 079	3,7%	4Â 614Â 505
Equity and shareholders' equity	DA	150Â 000	0%	150Â 000	0%	150Â 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	15Â 700	0%	15Â 700	0%	15Â 700
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	1Â 271Â 740	0%	1Â 271Â 740	0%	1Â 271Â 740
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	2Â 428Â 640	4,4%	2Â 327Â 064	3,5%	2Â 247Â 616
Profit or loss for the period	DI	1Â 717Â 174	68,1%	1Â 021Â 575	9,9%	929Â 449
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		30/06/2011		30/06/2010		30/06/2009
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		30/06/2011		30/06/2010		30/06/2009
Total provisions for risks and charges (Total III)	DR	1Â 604	-86,5%	11Â 923	1728,7%	652
Risk provisions	DP	1Â 604	-86,5%	11Â 923	1728,7%	652
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		30/06/2011		30/06/2010		30/06/2009
Total Liabilities (Total IV)	EC	2Â 915Â 539	45,9%	1Â 998Â 496	20,7%	1Â 655Â 198
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	276Â 282	-24,7%	366Â 820	-15,1%	431Â 969
Sundry loans and financial liabilities	DV	285Â 990	6103,7%	4Â 610	-70,7%	15Â 750
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	900Â 122	-19,5%	1Â 117Â 897	37,2%	815Â 080
Tax and social security liabilities	DY	670Â 618	103,3%	329Â 935	-3,4%	341Â 456
Fixed asset liabilities	DZ	534	-56,8%	1Â 236	-52,4%	2Â 594
Other debts	EA	781Â 993	339,3%	177Â 998	268,2%	48Â 349

Translation loss (V)

			30/06/2011		30/06/2010		30/06/2009
	Translation loss (Total V)	ED	6Â 704	14,5%	5Â 853	212,2%	1Â 875

Equalization accounts

			30/06/2011		30/06/2010		30/06/2009
	Deferred income	EB	0	0%	0	0%	0

References

		30/06/2011		30/06/2010		30/06/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	2Â 725Â 165	0%	0	0%	1Â 303Â 010
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

			30/06/2011		30/06/2010		30/06/2009
	Operating result (Total I-II)	GG	2Â 355Â 258	59,4%	1Â 477Â 297	16,8%	1Â 264Â 654

2 - Financial result (V - VI)

			30/06/2011		30/06/2010		30/06/2009
	Financial result (Total V-VI)	GV	41Â 223	130,5%	-135Â 351	-1731,0%	-7Â 392

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

			30/06/2011		30/06/2010		30/06/2009
	Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	2Â 396Â 481	78,6%	1Â 341Â 946	6,7%	1Â 257Â 262

4 - Extraordinary result (VII-VIII)

			30/06/2011		30/06/2010		30/06/2009
	Extraordinary result (Total VII-VIII)	HI	-22Â 885	1,2%	-23Â 172	-405,7%	7Â 581

Profit or loss

			30/06/2011		30/06/2010		30/06/2009
	Profit or loss	HN	1Â 717Â 174	68,1%	1Â 021Â 575	9,9%	929Â 449

Total Income (I+III+V+VII)

			30/06/2011		30/06/2010		30/06/2009
	Total Income (I+III+V+VII)	HL	10Â 976Â 369	37,1%	8Â 003Â 224	10,6%	7Â 235Â 651

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

			30/06/2011		30/06/2010		30/06/2009
	Total charges (Total II+IV+VI+VIII+IX+X)	HM	9Â 259Â 195	32,6%	6Â 981Â 649	10,7%	6Â 306Â 201

Operating income (I)

			30/06/2011		30/06/2010		30/06/2009
	Total operating income (Total I)	FR	10Â 861Â 014	36,6%	7Â 951Â 324	11,7%	7Â 121Â 553

Operating income (details)

		30/06/2011		30/06/2010		30/06/2009
Sale of goods for resale	FC	9Â 589Â 486	39,4%	6Â 880Â 548	9,4%	6Â 292Â 220
France	FA	101Â 827	-98,5%	6Â 880Â 548	5972,8%	113Â 301
Export	FB	9Â 487Â 659	0%	0	0%	6Â 178Â 919
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	517Â 894	47,8%	350Â 384	17,0%	299Â 411
France	FG	517Â 894	47,8%	350Â 384	17,0%	299Â 411
Export	FH	0	0%	0	0%	0
Net turnover	FL	10Â 107Â 380	39,8%	7Â 230Â 932	9,7%	6Â 591Â 631
France	FJ	619Â 721	-91,4%	7Â 230Â 932	1652,1%	412Â 712
Export	FK	9Â 487Â 659	0%	0	0%	6Â 178Â 919
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	7Â 136	0%	0	0%	0
Release of reserves and provisions	FP	725Â 195	0%	0	0%	488Â 075
Other income	FQ	21Â 303	-97,0%	720Â 392	1621,5%	41Â 847

Operating charges (II)

			30/06/2011		30/06/2010		30/06/2009
	Total operating charges (Total II)	GF	8Â 505Â 756	31,4%	6Â 474Â 027	10,5%	5Â 856Â 899

Exploitation charges

		30/06/2011		30/06/2010		30/06/2009
Purchase of goods for resale	FS	4Â 360Â 967	10,9%	3Â 931Â 003	42,3%	2Â 761Â 697
Change in stocks of goods for resale	FT	-104Â 502	90,2%	-1Â 063Â 408	-747,4%	-125Â 494
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	26Â 376
Other external purchases and charges	FW	1Â 671Â 583	14,8%	1Â 455Â 848	33,5%	1Â 090Â 133
Tax, duty and similar payments	FX	125Â 226	13,7%	110Â 155	4,1%	105Â 776
Payroll	FY	1Â 137Â 470	31,2%	867Â 108	2,2%	848Â 688
Social security costs	FZ	521Â 924	44,4%	361Â 331	-6,2%	385Â 284

Depreciation

		30/06/2011		30/06/2010		30/06/2009
Depreciation of fixed assets	GA	71Â 551	-90,4%	746Â 737	1754,8%	40Â 260
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	673Â 578	0%	0	0%	658Â 630
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

			30/06/2011		30/06/2010		30/06/2009
	Other charges	GE	47Â 959	-26,5%	65Â 253	-0,5%	65Â 549

Operating charges (III-IV)

		30/06/2011		30/06/2010		30/06/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		30/06/2011		30/06/2010		30/06/2009
Total financial income (Total V)	GP	111Â 187	195,2%	37Â 664	-25,9%	50Â 848
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	2Â 195	-94,2%	37Â 664	70964,2%	53
Released provisions and transferred charges	GM	11Â 923	0%	0	0%	11Â 211
Exchange gains	GN	94Â 097	0%	0	0%	24Â 451
Net income from disposal of investment securities	GO	2Â 972	0%	0	0%	15Â 133

Financial Charge (VI)

		30/06/2011		30/06/2010		30/06/2009
Total financial charge (Total VI)	GU	69Â 964	-59,6%	173Â 015	197,1%	58Â 240
Financial reserves and provisions	GQ	1Â 604	0%	0	0%	652
Interest and similar charges	GR	26Â 837	-84,5%	173Â 015	2793,7%	5Â 979
Exchange losses	GS	41Â 523	0%	0	0%	51Â 609
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

		30/06/2011		30/06/2010		30/06/2009
Total extraordinary income (Total VII)	HD	4Â 168	-70,7%	14Â 236	-77,5%	63Â 250
Extraordinary operating income	HA	438	-96,9%	14Â 236	598,5%	2Â 038
Extraordinary income from capital transactions	HB	3Â 730	0%	0	0%	61Â 212
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		30/06/2011		30/06/2010		30/06/2009
Total extraordinary charges (Total VIII)	HH	27Â 053	-27,7%	37Â 408	-32,8%	55Â 669
Extraordinary operating charges	HE	27Â 053	-27,7%	37Â 408	38866,7%	96
Extraordinary charges from capital transactions	HF	0	0%	0	0%	55Â 573
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

			30/06/2011		30/06/2010		30/06/2009
	Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

			30/06/2011		30/06/2010		30/06/2009
	Tax on profits (Total X)	HK	656Â 422	120,9%	297Â 199	-11,4%	335Â 393

References

		30/06/2011		30/06/2010		30/06/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	108Â 270	0%	0	0%	0
Of which transferred charges	A1	34Â 068	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	26Â 805	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)

		30/06/2011		30/06/2010		30/06/2009
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	46Â 582	-68,5%	147Â 872	50,0%	98Â 598
Gross value at the end of period	OL	1Â 160Â 020	6,1%	1Â 093Â 165	1,1%	1Â 081Â 403

Research and development Charge (Total I)

		30/06/2011		30/06/2010		30/06/2009
Gross value at begin of period	CZ	4Â 170	0%	0	0%	4Â 170
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	4Â 170	0%	0	0%	4Â 170

Other budget item from Intangible fixed assets (Total II)

		30/06/2011		30/06/2010		30/06/2009
Gross value at begin of period	KD	19Â 818	-3,5%	20Â 547	97,1%	10Â 424
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	21Â 515	304,1%	5Â 324	-50,8%	10Â 818
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	1Â 883	-61,3%	4Â 865
Gross value at the end of period	LW	41Â 333	72,3%	23Â 988	46,5%	16Â 377

Tangible fixed assets (Total III)

		30/06/2011		30/06/2010		30/06/2009
Gross value at begin of period	LN	838Â 504	1,2%	828Â 243	33,2%	621Â 796
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	91Â 008	-41,0%	154Â 150	-48,6%	300Â 179
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	17Â 610	-87,8%	143Â 889	53,5%	93Â 732
Gross value at the end of period	NH	911Â 902	8,8%	838Â 504	1,2%	828Â 243

Fiancial assets (Total IV)

		30/06/2011		30/06/2010		30/06/2009
Gross value at begin of period	LQ	230Â 672	-0,8%	232Â 613	6,9%	217Â 612
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	914	471,2%	160	-98,9%	15Â 000
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	28Â 972	1279,6%	2Â 100	0%	0
Gross value at the end of period	NK	202Â 614	-12,2%	230Â 673	-0,8%	232Â 612

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

			30/06/2011		30/06/2010		30/06/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			30/06/2011		30/06/2010		30/06/2009
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			30/06/2011		30/06/2010		30/06/2009
	Reserve for depreciation value at begin of period	PE	6Â 489	0%	0	0%	10Â 197
Increases		PF	3Â 475	0%	0	0%	755
Decreasess		PG	0	0%	0	0%	4Â 794
	Decreasess by budget item transfer	PH	9Â 964	0%	0	0%	6Â 158

Total fixed assets amotisation (Total III)

			30/06/2011		30/06/2010		30/06/2009
	Reserve for depreciation value at begin of period	QU	423Â 937	0%	0	0%	491Â 605
Increases		QV	68Â 076	0%	0	0%	39Â 505
Decreases		QW	17Â 610	0%	0	0%	38Â 230
	Decreasess by budget item transfer	QX	474Â 403	0%	0	0%	492Â 880

Movements during period affecting charge allocated over several period
Charges Ã rÃ©partir ou frais d'Ã©mission d'emprunt

			30/06/2011		30/06/2010		30/06/2009
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			30/06/2011		30/06/2010		30/06/2009
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	4Â 170	0%	0	0%	4Â 170
	Net value at the end of period	SR	0	0%	0	0%	0

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

			30/06/2011		30/06/2010		30/06/2009
	Value at begining of period	7C	790Â 450	121134,7%	652	-99,9%	591Â 684
Increases		UB	675Â 182	5562,9%	11Â 923	-98,2%	659Â 282
Decreases		UC	703Â 050	107729,8%	652	-99,9%	489Â 037
	Value at the end of period	UD	762Â 582	6295,9%	11Â 923	-98,4%	761Â 929

Includes Total allocations

Operating	UE	673Â 578	0%	0%	658Â 630
Financial	UG	1Â 604	0%	0%	652
Exceptional	UJ	0	0%	0%	0

Includes Total Withdrawal

Operating	UF	691Â 128	0%	0%	477Â 826
Financial	UH	11Â 923	0%	0%	11Â 211
Exceptional	UK	0	0%	0%	0

Total regulated provisions (Total I)

			30/06/2011		30/06/2010		30/06/2009
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			30/06/2011		30/06/2010		30/06/2009
	Value at begining of period	5Z	11Â 923	1728,7%	652	-94,2%	11Â 211
Increases		TV	1Â 604	-86,5%	11Â 923	1728,7%	652
Decreases		TW	11Â 923	1728,7%	652	-94,2%	11Â 211
	Value at the end of period	TX	1Â 604	-86,5%	11Â 923	1728,7%	652

Total Provision for depreciation (Total III)

			30/06/2011		30/06/2010		30/06/2009
	Value at begining of period	7B	778Â 528	0%	0	0%	580Â 474
Increases		TY	673Â 578	0%	0	0%	658Â 630
Decreases		TZ	691Â 128	0%	0	0%	477Â 826
	Value at the end of period	UA	760Â 978	0%	0	0%	761Â 278

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

		30/06/2011		30/06/2010		30/06/2009
Gross value	VT	3Â 014Â 333	17,9%	2Â 557Â 040	-21,4%	3Â 252Â 969
1 year at most	VU	2Â 838Â 297	19,7%	2Â 371Â 393	-22,4%	3Â 053Â 973
More than one year	VV	176Â 036	-5,2%	185Â 647	-6,7%	198Â 996

State of loans

		30/06/2011		30/06/2010		30/06/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	65Â 267	-30,7%	94Â 239	-2,2%	96Â 339
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		30/06/2011		30/06/2010		30/06/2009
Customers doubtful or disputed	VA	110Â 769	0%	0	0%	102Â 657
Other claims customer	UX	2Â 747Â 056	0%	0	0%	2Â 924Â 747
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	5Â 539	0%	0	0%	3Â 153
Income taxes	VM	0	0%	0	0%	34Â 231
Value added tax	VB	38Â 536	0%	0	0%	35Â 154
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	8Â 956	-99,6%	2Â 462Â 802	20688,4%	11Â 847

Prepaid

			30/06/2011		30/06/2010		30/06/2009
	Prepaid	VS	38Â 211	0%	0	0%	44Â 841

State Debt

			30/06/2011		30/06/2010		30/06/2009
	Total debt (gross)	VY	2Â 915Â 540	45,9%	1Â 998Â 496	20,7%	1Â 655Â 198
1 year at most		VZ2	2Â 725Â 165	54,5%	1Â 764Â 099	35,4%	1Â 303Â 011
More than 1 year and 5 years at most		VZ3	190Â 375	-18,8%	234Â 397	-23,7%	307Â 187
More than 5 years		VZ4	0	0%	0	0%	45Â 000

Details

			30/06/2011		30/06/2010		30/06/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	366Â 820	0%	0
1 year at most		VG2	0	0%	132Â 423	0%	0
More than 1 year and 5 years at most		VG3	0	0%	234Â 397	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	276Â 282	0%	0	0%	431Â 969
1 year at most		VH2	85Â 907	0%	0	0%	79Â 782
More than 1 year and 5 years at most		VH3	190Â 375	0%	0	0%	307Â 187
	Loans and various financial liabilities (gross)	8A1	0	0%	4Â 610	0%	0
1 year at most		8A2	0	0%	4Â 610	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	900Â 122	-19,5%	1Â 117Â 897	37,2%	815Â 080
1 year at most		8B2	900Â 122	-19,5%	1Â 117Â 897	37,2%	815Â 080
More than 1 year and 5 years at most		8B3	900Â 122	-19,5%	1Â 117Â 897	37,2%	815Â 080
	Personnel and associated accounts (gross)	8C1	212Â 650	0%	0	0%	167Â 637
1 year at most		8C2	212Â 650	0%	0	0%	167Â 637
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	189Â 284	-42,6%	329Â 935	118,1%	151Â 284
1 year at most		8D2	189Â 284	-42,6%	329Â 935	118,1%	151Â 284
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	222Â 846	0%	0	0%	0
1 year at most		8E2	222Â 846	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	256
1 year at most		VW2	0	0%	0	0%	256
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	45Â 838	0%	0	0%	22Â 278
1 year at most		VQ2	45Â 838	0%	0	0%	22Â 278
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	534	-56,8%	1Â 236	-52,4%	2Â 594
1 year at most		8J2	534	-56,8%	1Â 236	-52,4%	2Â 594
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	285Â 990	0%	0	0%	15Â 750
1 year at most		VI2	285Â 990	0%	0	0%	15Â 750
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	781Â 993	339,3%	177Â 998	268,2%	48Â 349
1 year at most		8K2	781Â 993	339,3%	177Â 998	268,2%	48Â 349
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

		30/06/2011		30/06/2010		30/06/2009
Loans made during the period	VJ	50Â 000	0%	0	0%	423Â 406
Debt repaid during the period	VK	140Â 392	0%	0	0%	12Â 956

Table allocation results and other information
Dividends distributed

			30/06/2011		30/06/2010		30/06/2009
	Dividends	ZE	0	0%	850Â 000	372,2%	180Â 000

Commitments

		30/06/2011		30/06/2010		30/06/2009
Commitments leasing furniture	YQ	0	0%	175Â 932	-26,2%	238Â 506
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

		30/06/2011		30/06/2010		30/06/2009
Subcontracting	YT	0	0%	54Â 747	48,5%	36Â 873
Rentals, rental charges and condominiums	XQ	0	0%	344Â 617	104,5%	168Â 510
Staff outside the company	YU	0	0%	19Â 850	3,0%	19Â 280
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	69Â 610	-30,3%	99Â 942
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	967Â 024	26,3%	765Â 528
Total Other purchases and external	ZJ	0	0%	1Â 455Â 848	33,5%	1Â 090Â 133

Taxes and Fees

		30/06/2011		30/06/2010		30/06/2009
Business tax	YW	0	0%	45Â 515	-4,7%	47Â 749
Other taxes and payments assimilated	9Z	0	0%	64Â 640	11,4%	58Â 027
Total taxes and fees	YX	0	0%	110Â 155	4,1%	105Â 776

VAT

		30/06/2011		30/06/2010		30/06/2009
Amount VAT collected	YY	0	0%	4Â 759	-73,6%	18Â 059
Total VAT on goods and services	YZ	0	0%	223Â 444	36,2%	164Â 042

Average number of employees

			30/06/2011		30/06/2010		30/06/2009
	Average number of employees	YP	0	0%	23	15,0%	20

Groups and Shareholders

			30/06/2011		30/06/2010		30/06/2009
	Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Fixed Asset Financing	5,72	11,5%	5,13	-0,4%	5,15	1,26	354,0%
Global Debt	104 days	4,0%	100 days	11,1%	90 days	342,50 days	-69,6%
Working Capital Fund overall net	195 days	-13,3%	225 days	-8,2%	245 days	181 days	7,7%
Financial independence	2020,85%	54,9%	1304,75%	22,1%	1068,25%	115,61%	1648,0%

Solvability	65,63%	-6,7%	70,36%	-4,4%	73,57%	35,14%	86,8%
Capacity debt futures	6499,18%	716,4%	796,07%	-86,2%	5783,89%	489,57%	1227,5%
Coverage of current assets by net working capital overall	58,57%	-6,2%	62,42%	-7,3%	67,34%	56,62%	3,4%
General Liquidity	1,04	-22,4%	1,34	-42,7%	2,34	0,46	126,1%
Restricted Liquidity	1,82	-5,7%	1,93	-37,1%	3,07	0,81	124,7%

Management or rotation

	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Need background in operating working capital	118 days	-30,6%	170 days	-11,0%	191 days	91 days	29,7%
Treasury	76 days	49,0%	51 days	0%	51 days	13,50 days	463,0%
Inventory turnover of goods	282 days	-31,1%	409 days	32,8%	308 days	0 days	0%
Average length of credit granted to customers	102 days	-3,8%	106 days	-35,8%	165 days	35 days	191,4%
Average length of credit obtained suppliers	55 days	-38,2%	89 days	18,7%	75 days	65 days	-15,4%

Inventory turnover of raw materials in industrial enterprises	7 days	-	days	-	6 days	38,50 days	-81,8%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	days	-	days	51 days	-
Rotation tangible assets	1108,38%	28,5%	862,36%	8,4%	795,86%	54,07%	1949,9%

Profitability of the business

	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Margin trading	52,76%	-4,9%	55,50%	0,1%	55,46	0%	0%
Profitability of the business	23,76	9,5%	21,70	-4,6%	22,74	26,61%	-10,7%
Net profit	16,99%	20,2%	14,13%	0,2%	14,10%	12,62%	34,6%

Growth rate of turnover (excluding VAT)	39,78%	310,1%	9,70%	78,0%	5,45%	18,17%	118,9%
Rates integration	41,35%	2,8%	40,21%	-6,6%	43,07%	30,56%	35,3%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	39,70%	-6,0%	42,25%	-2,8%	43,47%	39,45%	0,6%
Weight interests	0,69	-71,1%	2,39%	171,6%	0,88%	1,75%	-60,6%

Return on capital

	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Cash flow from the overall profitability	10,72%	-56,2%	24,45%	238,6%	7,22%	27,83%	-61,5%
Rates of economic profitability	39%	30,0%	30%	0%	30%	16%	143,8%
Financial profitability	5583254%	16,7%	4786079%	3,7%	4614505%	153107%	3546,6%
Return on investment	29,08%	25,6%	23,16%	18,7%	19,51%	8,98%	223,8%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Turnover	10Â 107Â 380	39,8%	7Â 230Â 932	9,7%	6Â 591Â 631	282Â 556 €	3477,1%

Sales of goods	9Â 589Â 486	39,4%	6Â 880Â 548	9,4%	6Â 292Â 220
- Purchase of goods	4Â 360Â 967	10,9%	3Â 931Â 003	42,3%	2Â 761Â 697
+/- Stock of goods variation	-104Â 502	90,2%	-1Â 063Â 408	-747,4%	-125Â 494
Trading margin	5Â 333Â 021 €	32,9%	4Â 012Â 953 €	9,8%	3Â 656Â 017 €	0 €	0%
	52,76 % CA	-4,9%	55,50 % CA	0,1%	55,46 % CA	0 % CA	0%

Sale of goods produced	517Â 894	47,8%	350Â 384	17,0%	299Â 411
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	517Â 894 €	47,8%	350Â 384 €	17,0%	299Â 411 €	234Â 291 €	121,0%
	5,12 % CA	5,6%	4,85 % CA	6,8%	4,54 % CA	100 % CA	-94,9%

Trading margin	5Â 333Â 021	32,9%	4Â 012Â 953	9,8%	3Â 656Â 017	0	0%
+ Period Production	517Â 894	47,8%	350Â 384	17,0%	299Â 411	234Â 291	121,0%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	26Â 376
- Other external purchases and charges	1Â 671Â 583	14,8%	1Â 455Â 848	33,5%	1Â 090Â 133
Added value	4Â 179Â 332 €	43,7%	2Â 907Â 489 €	2,4%	2Â 838Â 919 €	82Â 100 €	4990,5%
	41,35 % CA	2,8%	40,21 % CA	-6,6%	43,07 % CA	30,56 % CA	35,3%

Added value	4Â 179Â 332 €	43,7%	2Â 907Â 489 €	2,4%	2Â 838Â 919 €	82Â 100 €	4990,5%
+ Operating grants	7Â 136	0%	0	0%	0
- Tax, duty and similar payments	125Â 226	13,7%	110Â 155	4,1%	105Â 776
- Personal charges	1Â 659Â 394	35,1%	1Â 228Â 439	-0,4%	1Â 233Â 972
Gross operating surplus	2Â 401Â 848 €	53,1%	1Â 568Â 895 €	4,7%	1Â 499Â 171 €	74Â 946 €	3104,8%
	23,76 % CA	9,5%	21,70 % CA	-4,6%	22,74 % CA	26,61 % CA	-10,7%

Gross operating surplus	2Â 401Â 848 €	53,1%	1Â 568Â 895 €	4,7%	1Â 499Â 171 €	74Â 946 €	3104,8%
+ Release of reserves and provisions	725Â 195	0%	0	0%	488Â 075
+ Other operating income	21Â 303	-97,0%	720Â 392	1621,5%	41Â 847
- Depreciation/Amortisation	745Â 129	-0,2%	746Â 737	6,8%	698Â 890
- Other charges	47Â 959	-26,5%	65Â 253	-0,5%	65Â 549
Operating result	2Â 355Â 258 €	59,4%	1Â 477Â 297 €	16,8%	1Â 264Â 654 €	32Â 177 €	7219,7%
	23,30 % CA	14,0%	20,43 % CA	6,5%	19,19 % CA	12,24 % CA	90,4%

Operating result	2Â 355Â 258 €	59,4%	1Â 477Â 297 €	16,8%	1Â 264Â 654 €	32Â 177 €	7219,7%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	111Â 187	195,2%	37Â 664	-25,9%	50Â 848
- Financial charges	69Â 964	-59,6%	173Â 015	197,1%	58Â 240
Pre-tax result	2Â 396Â 481 €	78,6%	1Â 341Â 946 €	6,7%	1Â 257Â 262 €	27Â 972 €	8467,4%
	23,71 % CA	27,7%	18,56 % CA	-2,7%	19,07 % CA	11,20 % CA	111,7%

Extraordinary income	4Â 168	-70,7%	14Â 236	-77,5%	63Â 250	3Â 269	27,5%
- Extraordinary charges	27Â 053	-27,7%	37Â 408	-32,8%	55Â 669
Extraordinary result	-22Â 885 €	1,2%	-23Â 172 €	-405,7%	7Â 581 €	794 €	-2982,2%
	-0,23 % CA	28,1%	-0,32 % CA	-366,7%	0 % CA	0,37 % CA	-162,2%

Pre-tax result	2Â 396Â 481 €	78,6%	1Â 341Â 946 €	6,7%	1Â 257Â 262 €	27Â 972 €	8467,4%
Extraordinary result	-22Â 885 €	1,2%	-23Â 172 €	-405,7%	7Â 581 €	794 €	-2982,2%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	656Â 422	120,9%	297Â 199	-11,4%	335Â 393
Net result	1Â 717Â 174 €	68,1%	1Â 021Â 575 €	9,9%	929Â 450 €	33Â 954 €	4957,4%
	16,99 % CA	20,2%	14,13 % CA	0,2%	14,10 % CA	12,62 % CA	34,6%

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

Group data

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

Linkages

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

event history

Status history

Date	Description
01/03/2010	Economically active

Recent publications in Gazettes

Publication date	Gazette Name	Description
15/11/2011	Bodacc C	Comptes annuels et rapports

49 - MAINE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE D'ANGERS 5945 - 332250836 RCS. TECHNISEM. Forme : SociÃ©tÃ© par actions simplifiÃ©e. Adresse : Zone d'ActivitÃ©s Commerciales Anjou Actiparc de Jumelles 49160 LonguÃ©-Jumelles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2011.
20/12/2010	Bodacc C	Comptes annuels et rapports

49 - MAINE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE D'ANGERS 8319 - 332250836 RCS. TECHNISEM. Forme : SociÃ©tÃ© par actions simplifiÃ©e. Adresse : Zone d'ActivitÃ©s Commerciales Anjou Actiparc de Jumelles 49160 LonguÃ©-Jumelles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2010.
27/10/2010	Bodacc B	Modification et mutation diverse

49 - MAINE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE D'ANGERS 1148 - 332 250 836 RCS Angers. TECHNISEM. Forme : SociÃ©tÃ© par actions simplifiÃ©e. Administration : PrÃ©sident : GORIN Ronan Commissaire aux comptes titulaire : CABINET D'EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES ITHIER (SAS) Commissaire aux comptes supplÃ©ant : GILBERT Jean, Paul. Commentaires : Modification survenue sur l'administration.
15/10/2010	JAL	Resignation / Revocation of the social representative

Anjou agricole (L') Date de dÃ©cision : 22/09/2010 La sociÃ©tÃ© 332250836 - TECHNISEM, ZONE ANJOU ACTIPARC, ZAC ANJOU ACTIPARC JUMELLES, 49160 LONGUE JUMELLES Fait l'objet du dÃ©part de
25/03/2010	Bodacc B	Modification et mutation diverse

49 - MAINE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE D'ANGERS 518 - 332 250 836 RCS Angers. TECHNISEM. Forme : SociÃ©tÃ© par actions simplifiÃ©e. Adresse de lâ€™Ã©tablissement principal : Zone d'ActivitÃ©s Commerciales Anjou Actiparc de Jumelles, 49160 LonguÃ©-Jumelles. Adresse du siÃ¨ge social : Zone d'ActivitÃ©s Commerciales Anjou Actiparc de Jumelles, 49160 LonguÃ©-Jumelles. Commentaires : Transfert de l'Ã©tablissement principal, transfert du siÃ¨ge social.
02/03/2010	JAL	Head Office Transfer

LA SEMAINE DE Lâ€™ILE DE FRANCE Date de dÃ©cision : 18/02/2010 Transfert du siÃ¨ge social de la sociÃ©tÃ© 332250836 -Â TECHNISEM Adresse du nouveau siÃ¨ge : ZONE D ACTIVITE ANJOU ACTIPARC, ACTIPARC DE JUMELLES, 49160 LONGUE JUMELLES Ancienne localisation : 7 AV DU GARIGLIANO, ZA DES GATINES, 91600 SAVIGNY SUR ORGE
19/02/2010	Bodacc C	Comptes annuels et rapports

91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'EVRY 7097 - 332250836 RCS. TECHNISEM. Forme : SociÃ©tÃ© par actions simplifiÃ©e. Adresse : 7 avenue du Garigliano Zone Artisanale des Gatines 91601 Savigny-sur-Orge Cedex. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2009.
03/03/2009	Bodacc C	Comptes annuels et rapports

91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'EVRY 9813 - 332250836 RCS. TECHNISEM. Forme : SociÃ©tÃ© par actions simplifiÃ©e. Adresse : 7 avenue du Garigliano 91601 Savigny-sur-Orge Cedex. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2008.
22/02/2009	Bodacc B	Modification et mutation diverse

91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'EVRY 1526 - 332 250 836 RCS Evry. TECHNISEM. Forme : SociÃ©tÃ© par actions simplifiÃ©e. Administration : Commissaire aux comptes titulaire : CABINET D EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES ITHIER modification le 13 DÃ©cembre 2004. Commissaire aux comptes supplÃ©ant : GILBERT Jean Paul en fonction le 22 Mars 2004. PrÃ©sident : GORIN Ronan en fonction le 14 AoÃ»t 2007. Membre du conseil de surveillance : CHAPPE Christiane Jacqueline FranÃ§oise en fonction le 03 Octobre 2007. PrÃ©sident du conseil de surveillance : CHAPPE Christiane Jacqueline FranÃ§oise en fonction le 03 Octobre 2007. Vice prÃ©sident du conseil de surveillance : GORIN Muriel Anne en fonction le 11 FÃ©vrier 2009. Commentaires : Modification de reprÃ©sentant.
24/10/2007	Bodacc B	Modifications et mutations diverses

3653 - RCS Evry B 332 250 836. RC 85-B 520. TECHNISEM. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : nomination d'un membre du conseil de surveillance : CHAPPE (Christiane, Jacqueline, FranÃ§oise) (Nom d'usage : GORIN). Nomination du prÃ©sident du conseil de surveillance : CHAPPE (Christiane, Jacqueline, FranÃ§oise) (Nom d'usage : GORIN).
23/09/2007	Bodacc B	Modifications et mutations diverses

1567 - RCS Evry B 332 250 836. RC 85-B 520. TECHNISEM. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : prÃ©sident partant : GORIN (Emile). Nomination du prÃ©sident : GORIN (Ronan).
26/07/2007	Bodacc B	Modifications et mutations diverses

2253 - RCS Evry B 332 250 836. RC 85-B 520. TECHNISEM. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : directeur gÃ©nÃ©ral dÃ©lÃ©guÃ© partant : GORIN (Christiane).
15/04/2007	Bodacc C	Avis de dÃ©pÃ´t des comptes

8875 - RCS Evry B 332 250 836. RC 85-B 520. TECHNISEM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siÃ¨ge social: 7, avenue du Garigliano,Z.A. des Gatines, 91601 Savigny-sur-Orge-Cedex. Comptes annuels et rapports de l'exercice clos le: 30 juin 2006.
20/01/2006	Bodacc C	Avis de dÃ©pÃ´t des comptes

1633 - RCS Evry B 332 250 836. RC 85-B 520. TECHNISEM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siÃ¨ge social: 7, avenue du Garigliano,Z.A. des Gatines, 91601 Savigny-sur-Orge-Cedex. Comptes annuels et rapports de l'exercice clos le: 30 juin 2005.
20/03/2005	Bodacc C	Avis de dÃ©pÃ´t des comptes

3881 - RCS Evry B 332 250 836. RC 85-B 520. TECHNISEM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siÃ¨ge social: 7, avenue du Garigliano,Z.A. des Gatines, 91601 Savigny-sur-Orge-Cedex. Comptes annuels et rapports de l'exercice clos le: 30 juin 2004.
29/12/2004	Bodacc B	Modifications et mutations diverses

RCS Evry B 332250836 RC 85-B 520 TECHNISEM. Forme : S.A.S. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : modification du prÃ©sident : GORIN (Emile). Modification d'un directeur gÃ©nÃ©ral dÃ©lÃ©guÃ© : GORIN ( Christiane). Administrateur partant : KIKANO (Nemer). Modification d'un commissaire aux comptes titulaire : CABINET D'EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES ITHIER.
04/04/2004	Bodacc B	Modifications et mutations diverses

RCS Evry B 332250836 RC 85-B 520 TECHNISEM. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : commissaire aux comptes supplÃ©ant partant : CORDIER (Jean). Nomination d' un commissaire aux comptes supplÃ©ant : GILBERT (Jean, Paul).
29/04/2003	Bodacc B	Modifications et mutations diverses

RCS Pointe-Ã -Pitre 332250836 TECHNISEM. Forme : S.A. ActivitÃ© : production, import- export, distribution de toutes semences horticoles et agricoles. Adresse du siÃ¨ge social : Z.A. des Gatines, 7 avenue du Garigliano, 91601 Savigny-sur- Orge Date de radiation: 3 dÃ©cembre 2002. Commentaires : radiation d'un Ã©tablissement secondaire dans le ressort de Pointe-Ã -Pitre.
07/03/2002	Bodacc B	Modifications et mutations diverses

RCS Evry B 332250836 RC 85-B 520 TECHNISEM. Forme : S.A. Capital : 150 000 euros. Commentaires : modification survenue sur le capital (augmentation).
24/08/2001	Bodacc A	CrÃ©ation d'Ã©tablissement

RCS Pointe-Ã -Pitre B 438206674 RC 01-B 500 CARAIBES SEMENCES. Forme : S.A.R.L. Capital : 30 000 euros. Adresse du siÃ¨ge social : Z.C.I. de Jarry, local B 24, 97622 Baie-Mahault. Administration : gÃ©rant : GORIN (Renan) Etablissement principal: ActivitÃ© : commercialisation de semences horticoles et d'intrants agricoles. Adresse : Z.C.I. de Jarry, local B 24, 97622 Baie-Mahault Etablissement principal acquis par achat au prix stipulÃ© de 404 158 F. Date d'effet : 1 e r juillet 2001. PrÃ©cÃ©dent propriÃ©taire : TECANISEM. RCS Pointe-Ã - Pitre B 332250836 Publication lÃ©gale: Etincelles du 19 juillet 2001. Oppositions : au fonds.
15/04/2001	Bodacc B	Modifications et mutations diverses

RCS Evry B 332250836 RC 85-B 520 TECHNISEM. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : modification du prÃ©sident du conseil d' administration : GORIN (Emile). Modification du directeur gÃ©nÃ©ral et administrateur : GORIN (Christiane). Administrateurs partants : Mme GORIN ( Christiane) EL KORMA (Shaban). Modification d'un administrateur : KIKANO (Nemer).
07/11/1999	Bodacc B	Modifications et mutations diverses

RCS Evry B 332250836 RC 85-B 520 TECHNISEM. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : commissaire aux comptes titulaire partant : Mme ITHIER (AndrÃ©e). Modification du commissaire aux comptes titulaire : CORDIER (Jean). Nomination du commissaire aux comptes supplÃ©ant : CABINET ANDREE ITHIER.

Company events history

Date	Description
01/12/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
15/11/2011	Bodacc C : Deposit accounts notice
30/06/2011	New accounts available
20/12/2010	Bodacc C : Deposit accounts notice
27/10/2010	Bodacc B: Various editing or changing
15/10/2010	Legal Gazette: Resignation / Revocation of the social representative
07/10/2010	Minutes of general meeting of shareholders
07/10/2010	Updated articles of association
30/06/2010	New accounts available
25/03/2010	Bodacc B: Various editing or changing
10/03/2010	Registered office transferred inside jurisdiction of the Commercial Court
10/03/2010	Updated articles of association
02/03/2010	Legal Gazette: Head Office Transfer
01/03/2010	Closure of Establishment
01/03/2010	Transfer of Establishment
01/03/2010	Update of Company Head Office Identifier
19/02/2010	Bodacc C : Deposit accounts notice
30/06/2009	New accounts available
04/06/2009	Formation of Establishment
03/03/2009	Bodacc C : Deposit accounts notice
22/02/2009	New Bodacc B ads detected
22/02/2009	Bodacc B: Various editing or changing
11/02/2009	Minutes of general meeting of shareholders
11/02/2009	Appointment/resignation of company officers
11/02/2009	Private document
30/06/2008	New accounts available
28/03/2008	Updated articles of association
28/03/2008	Minutes of general meeting of shareholders
28/03/2008	Private document
03/10/2007	PV d'AssemblÃ©e
03/10/2007	Changement de PrÃ©sident (PDG, PCA)
03/10/2007	Private document
03/10/2007	Minutes of general meeting of shareholders
03/10/2007	Updated articles of association
03/10/2007	Statuts mis Ã jour
14/08/2007	Minutes of general meeting of shareholders
14/08/2007	PV d'AssemblÃ©e
14/08/2007	Appointment/resignation of company officers
14/08/2007	Private document
14/08/2007	New chairman (CEO, CoB)
14/08/2007	Changement de PrÃ©sident (PDG, PCA)
05/07/2007	Minutes of general meeting of shareholders
05/07/2007	PV d'AssemblÃ©e
05/07/2007	Appointment/resignation of company officers
05/07/2007	Private document
30/06/2007	New accounts available
30/06/2006	New accounts available
30/06/2005	New accounts available
13/12/2004	Changement de Forme Juridique sans changement de catÃ©gorie
13/12/2004	New legal form â€“ no new category
13/12/2004	Changement de PrÃ©sident (PDG, PCA)
13/12/2004	Modification du Conseil d'Administration
13/12/2004	Acte sous seing privÃ©
13/12/2004	Private document
13/12/2004	Minutes of general meeting of shareholders
13/12/2004	PV d'AssemblÃ©e
13/12/2004	Statuts mis Ã jour
13/12/2004	Updated articles of association
13/12/2004	Audit or Management Report
13/12/2004	Rapport des Commissaires ou du GÃ©rant
30/06/2004	New accounts available
22/03/2004	Acte sous seing privÃ©
22/03/2004	Changement de Commissaire aux Comptes
22/03/2004	PV d'AssemblÃ©e
22/03/2004	Nomination/dÃ©mission des organes de gestion
30/06/2003	New accounts available
22/02/2002	Acte sous seing privÃ©
22/02/2002	Augmentation de Capital
22/02/2002	Conversion du Capital Social en Euros
22/02/2002	Statuts mis Ã jour
22/02/2002	PV d'AssemblÃ©e
02/04/2001	Acte sous seing privÃ©
02/04/2001	PV d'AssemblÃ©e
02/04/2001	Modification du Conseil d'Administration
02/04/2001	Nomination/dÃ©mission des organes de gestion
21/10/1999	Acte sous seing privÃ©
21/10/1999	PV d'AssemblÃ©e
21/10/1999	Changement de Commissaire aux Comptes
06/08/1992	PV d'AssemblÃ©e
06/08/1992	Changement de Commissaire aux Comptes
06/08/1992	Transfert du SiÃ¨ge dans le ressort du Tribunal de Commerce

directors

Name	M. GORIN RONAN
Manager position	PrÃ©sident	Date of birth	27/10/1969
Place of birth	BOUAR(REPUBLIQUE CENTRAFRICAINE)
Type of manager	Individual	Name at birth of manager

Previous Directors

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Manager position	Title and name	Date of Birth/Place of Birth
PrÃ©sident	M RONAN GORIN
PrÃ©sident du conseil d'administration	M EMILE GORIN
Directeur gÃ©nÃ©ral dÃ©lÃ©guÃ©	MME CHRISTIANE GORIN
PrÃ©sident du conseil de surveillance	MME CHRISTIANE CHAPPE
PrÃ©sident du conseil de surveillance	MME CHRISTIANE GORIN
PrÃ©sident du conseil de surveillance	Mme CHRISTIANE JACQUELINE FRANÃ‡OISE GORIN
PrÃ©sident du conseil de surveillance	MME CHRISTIANE GORIN
PrÃ©sident du conseil de surveillance	Mme CHRISTIANE GORIN

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.85
UK Pound	1	Rs.86.88
Euro	1	Rs.69.88

INFORMATION DETAILS

Report Prepared by :

PRL

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.

MIRA INFORM REPORT

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