MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	SADAS
Registered Office :	216 Rue Winoc Chocqueel 59200 Tourcoing
Country :	France
Financials (as on) :	31.12.2010
Year of Establishment :	December 1997
Com. Reg. No.:	RCS Roubaix-Tourcoing 9 414 766 576
Legal Form :	Simplified joint stock company
Line of Business :	Distance selling on catalog
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	2,000,000 €
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
France	A1	A1

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

REGISTERED NAME & COMPANY SUMMARY

Name

SADAS

SIRET

414 766 576 00022

company summary

B	Safe Number	FR04753869
	Activity (APE)	Distance selling on catalog (4791A)	Legal form	Simplified joint stock company
	Phone	08 92 70 02 01	RCS Registration	RCS Roubaix-Tourcoing 9 414 766 576
	Fax		Share capital	21,281,200 Euros
	Address	SADAS 216 RUE WINOC CHOCQUEEL 59200 TOURCOING	Incorporated Date	12/1997
	Nationality	France	Status	Economically active

Company details

Activity (APE)	Vente à distance sur catalogue général (4791A)
RCS Registration	RCS Roubaix-Tourcoing 9 414 766 576	Share capital	21,281,200 Euros
Registration Court	Roubaix-Tourcoing (59)	Legal form	Simplified joint stock company
Court Registry Number	19 9 7B009	EU VAT Number	FR36414766576
Incorporation Date	12/1997	Formation Date	12/1997
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Establishment details

Activity (APE)	Vente à distance sur catalogue général (4791A)	Business Pages FT®
Postal Address	SADAS 216 RUE WINOC CHOCQUEEL 59200 TOURCOING	Trading Address	216 RUE WINOC CHOCQUEEL 59200 TOURCOING
Telephone	08 92 70 02 01
Fax

Type	Head office	Status	Economically active
Formation Date	05/2007	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Nord (59)	Region	Nord-Pas-de-Calais
District	5	Area	97
City	TOURCOING	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	4 branch entities in this company
Head office	> SADAS <<<  - Vente à distance sur catalogue général (4791A)  in TOURCOING  (59200)
Secondary establishments	>  SADAS  - Vente à distance sur catalogue général (4791A)  in WAMBRECHIES  (59118) >  SADAS  - Vente à distance sur catalogue général (4791A)  in MARQUETTE LEZ LILLE  (59520) >  SADAS  - Vente à distance sur catalogue général (4791A)  in WASQUEHAL  (59290) >  SADAS  - Vente à distance sur catalogue général (4791A)  in TOURCOING  (59200) > ...

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which no activity grouping more than 50% of workforce

CREDIT RECOMENDATION

Current Credit Limit: 2,000,000 €

DIRECTORS/MANAGEMENT

Current Directors

1

Trading to Date	12/31/2010	12/31/2008	12/31/2007
Turnover	211,614,962 €	247,261,972 €	258,561,377 €
Gross Operating Surplus	2,53 % Turnover	-0,67 % Turnover	4,11 % Turnover
Net worth	29,797,072 €	27,391,948 €	27,969,018 €
Employees	0 employee	-	-

directors

Name	M. GIUSIANO DOMINIQUE
Manager position	Président	Date of birth	21/08/1958
Place of birth	13 MARSEILLE
Type of manager	Individual	Name at birth of manager

Previous Directors

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

Manager position	Title and name	Date of Birth/Place of Birth
Président	M NICOLAS BERNARD
Président	M NICOLAS BERNARD
Président	DOMINIQUE GIUSIANO
Président	M DOMINIQUE GIUSIANO
Président	M DOMINIQUE GIUSIANO
Président Directeur Général	M THIBAUT DERVILLE
Directeur général	M ANTOINE LEROY
Administrateur	M THIBAUT DERVILLE
Administrateur	LA REDOUTE
Administrateur	REDCATS
Administrateur	SOGEP STE GENERALE DE PRESTATIONS DE SERVICES

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
Company Name	Safe Number	Company number	Click here to view the affiliation links
PPR	FR11727999	552075020	84 companies in 18 countries. Click here to visit linked companies

Ultimate Parent

1 ultimate parent company for this company >  PPR  - Activités des sièges sociaux (7010Z)  in PARIS 8  (75008)

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2008	31/12/2007
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	28/09/2011	15/07/2010	-
Activity Code	4791A	4791A	4791A
Employees	0	0	0

Active account

Annual Accounts	31/12/2010		31/12/2008		31/12/2007	Sector Median 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	18 665 542	14,5%	16 306 838	2,5%	15 914 245	4 113	453718,2%
- Intangible assets	1 045 094	-15,1%	1 231 256	11,9%	1 100 255	104	1004798,1%
- Tangible assets	17 747 788	23,1%	14 415 627	1,3%	14 233 604	988,50	1795326,2%
- Financial assets	817 844	23,9%	659 955	13,7%	580 386	0	0%
Net current assets	77 731 359	2,6%	75 762 210	-10,6%	84 728 680	42 865	181239,9%
- Stocks	35 562 136	-8,1%	38 698 758	-4,4%	40 486 076	7 968	446211,9%
- Advanced payments	104 419	2,6%	85 318	91,0%	44 667	0	0%
- Receivables	41 013 909	15,1%	35 619 418	-17,8%	43 356 731	7 134,50	574767,3%
- Securities and cash	1 050 895	-22,7%	1 358 716	61,5%	841 205	8 677,50	12010,6%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	96 396 906	4,7%	92 069 048	-8,5%	100 642 925	51 957	185432,1%

Passive Account

Annual Accounts	31/12/2010		31/12/2008		31/12/2007	Sector Median 2010
Shareholders' equity	29 797 072	8,8%	27 391 948	-2,1%	27 969 018	8 595,50	346559,0%
Share capital	21 281 200	0%	21 281 200	0%	21 281 200	8 000	265915,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1 734 586	22,1%	1 421 077	-47,7%	2 715 286	0	0%
Liabilities	64 865 244	2,5%	63 256 022	-9,6%	69 958 621	39 248	165170,2%
- Financial liabilities	1 027 659	-84,7%	6 733 850	-10,9%	7 559 260	2 901	35324,3%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	40 127 588	17,2%	34 246 618	-7,6%	37 072 231	9 071,50	442247,9%
- Tax and social liabilities	17 222 907	22,5%	14 054 622	14,1%	12 321 689	7 863	218937,4%
- Other debts and fixed assets liabilities	6 487 090	-21,1%	8 220 932	-35,9%	12 825 441	3 696,50	175392,8%
Account regularization	0	0%	0	0%	180 000	0	0%
Total liabilities	96 396 906	4,7%	92 069 049	-8,5%	100 642 925	52 186	184617,9%

Results

Annual Accounts	31/12/2010		31/12/2008		31/12/2007	Sector Median 2010
Sales of Goods	220 863 373	-18,1%	269 640 109	-0,9%	272 140 669	83 615,50	264041,7%
Net turnover	211 614 962	-14,4%	247 261 972	-4,4%	258 561 377	81 030,50	261054,7%
- of which net export turnover	24 649 511	-18,5%	30 243 155	20,0%	25 198 918	0	0%
Operating charges	212 980 193	-19,1%	263 264 773	0,4%	262 113 429	87 245,50	244016,0%
Operating profit/loss	7 883 180	23,7%	6 375 336	-36,4%	10 027 240	-228,50	3450069,4%
Financial income	1 800 294	-58,4%	4 327 844	66,5%	2 599 229	0	0%
Financial charges	2 663 131	-16,3%	3 181 346	31,8%	2 414 359	70,50	3777390,8%
Financial profit/loss	-862 837	-175,3%	1 146 498	520,2%	184 869	0	0%
Pretax net operating income	7 020 343	-2,3%	7 185 831	-27,6%	9 921 031	-373,50	1879709,9%
Extraordinary income	3 679 740	3234,6%	110 351	-0,8%	111 197	0	0%
Extraordinary charges	4 152 001	530,5%	658 477	278,6%	173 932	0	0%
Extraordinary profit/loss	-472 261	759,8%	-548 126	-773,7%	-62 735	0	0%
Net result	3 616 772	-19,4%	4 488 131	-28,3%	6 260 305	34	10637464,7%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2010	31/12/2008	31/12/2007
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2010		31/12/2008		31/12/2007
	Grand Total (I to VI)	Net	96 396 906	4,7%	92 069 048	-8,5%	100 642 925
	Gross	CO	119 640 030	2,7%	116 517 422	-3,5%	120 694 910
	Amortisation	1A	23 243 124	-4,9%	24 448 374	21,9%	20 051 985

Non declared distributed capital (I)

		31/12/2010		31/12/2008		31/12/2007
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

			31/12/2010		31/12/2008		31/12/2007
	Total Active fixed asset (II)	Net	18 665 542	14,5%	16 306 838	2,5%	15 914 245
	Gross	BJ	39 323 836	17,7%	33 419 486	9,2%	30 595 142
	Amortisation	BK	20 658 294	20,7%	17 112 648	16,6%	14 680 897

Intangilble fixed assets

			31/12/2010		31/12/2008		31/12/2007
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	0	0%	0
	Gross	AF	0	0%	0	0%	0
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	945 184	0%	945 184	0%	0
	Gross	AH	945 184	0%	945 184	0%	0
	Amortisation	AI	945 184	0%	0	0%	0
	Other intangible fixed assets	Net	99 910	-65,1%	286 072	-69,7%	945 184
	Gross	AJ	746 828	-13,8%	866 586	-8,3%	945 184
	Amortisation	AK	646 918	11,4%	580 514	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	155 071
	Gross	AL	0	0%	0	0%	609 058
	Amortisation	AM	0	0%	0	0%	453 987
Sub Total Intangible Assets		Net	1 045 094	-15,1%	1 231 256	11,9%	1 100 255

Tangilble fixed assets

			31/12/2010		31/12/2008		31/12/2007
	Lands	Net	662 602	0%	662 602	0%	662 602
	Gross	AN	662 602	0%	662 602	0%	662 602
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	12 851 923	41,8%	9 060 339	1,0%	8 972 770
	Gross	AP	26 884 387	34,3%	20 018 267	7,1%	18 687 801
	Amortisation	AQ	14 032 464	28,1%	10 957 928	12,8%	9 715 031
	Plant	Net	2 346 267	67,5%	1 400 394	1,1%	1 385 028
	Gross	AR	5 513 072	12,5%	4 898 441	21,3%	4 037 724
	Amortisation	AS	3 166 805	-9,5%	3 498 047	31,9%	2 652 696
	Other tangible fixed assets	Net	208 459	-55,4%	466 996	-16,0%	556 088
	Gross	AT	2 075 382	-7,3%	2 239 171	6,1%	2 111 287
	Amortisation	AU	1 866 923	5,3%	1 772 175	14,0%	1 555 199
	Fixed assets in construction	Net	1 648 517	-41,7%	2 825 296	6,3%	2 657 116
	Gross	AV	1 648 517	-41,7%	2 825 296	6,3%	2 657 116
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	30 020	0%	0	0%	0
	Gross	AX	30 020	0%	0	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	17 747 788		14 415 627		14 233 604

Financial assets

			31/12/2010		31/12/2008		31/12/2007
	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	309 376	12215,9%	2 512	0%	2 512
	Gross	CU	309 376	0,9%	306 496	0%	306 496
	Amortisation	CV	0	0%	303 984	0%	303 984
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	23 837	-59,7%	59 124	51,2%	39 111
	Gross	BF	23 837	0%	59 124	0%	39 111
	Amortisation	BG	0		0		0
	Other financial assets	Net	484 631	-19,0%	598 319	11,1%	538 763
	Gross	BH	484 631	-19,0%	598 319	11,1%	538 763
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		817 844		659 955		580 386

Current Assets (III)

			31/12/2010		31/12/2008		31/12/2007
	Total Assets	Net	77 731 359	2,6%	75 762 210	-10,6%	84 728 680
	Gross	CJ	80 316 192	-3,3%	83 097 935	-7,8%	90 099 768
	Amortisation	CK	2 584 833	-64,8%	7 335 725	36,6%	5 371 088

Stocks

			31/12/2010		31/12/2008		31/12/2007
	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	35 562 136	-8,1%	38 698 758	-4,4%	40 486 076
	Gross	BT	37 592 707	-11,1%	42 271 468	-2,7%	43 440 471
	Amortisation	BU	2 030 571	-43,2%	3 572 710	20,9%	2 954 395
	Sub Total Stocks	Net	35 562 136	-8,1%	38 698 758	-4,4%	40 486 076

Advance payments to suppliers

			31/12/2010		31/12/2008		31/12/2007
	Advance payments to suppliers	Net	104 419	22,4%	85 318	91,0%	44 667
	Gross	BV	104 419	22,4%	85 318	91,0%	44 667
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2010		31/12/2008		31/12/2007
	Trade accounts receivable	Net	9 891 222	-13,0%	11 364 739	-46,8%	21 364 601
	Gross	BX	10 334 222	-20,5%	13 002 081	-44,3%	23 344 601
	Amortisation	BY	443 000	-72,9%	1 637 342	-17,3%	1 980 000
	Other debtors	Net	27 619 300	49,0%	18 530 605	21,0%	15 309 073
	Gross	BZ	27 730 562	34,2%	20 656 278	31,2%	15 745 766
	Amortisation	CA	111 262	-94,8%	2 125 673	386,8%	436 693
	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	37 510 522	25,5%	29 895 344	-18,5%	36 673 674

Divers

			31/12/2010		31/12/2008		31/12/2007
	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	1 050 895	-22,7%	1 358 716	61,5%	841 205
	Gross	CF	1 050 895	-22,7%	1 358 716	61,5%	841 205
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	1 050 895	-22,7%	1 358 716	61,5%	841 205

Prepaid expenses

			31/12/2010		31/12/2008		31/12/2007
	Prepaid expenses	Net	3 503 387	-38,8%	5 724 074	-14,3%	6 683 057
	Gross	CH	3 503 387	-38,8%	5 724 074	-14,3%	6 683 057
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010		31/12/2008		31/12/2007
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		31/12/2008		31/12/2007
Due within one year	CP	23 837	39,0%	17 150	-56,2%	39 111
Due after one year	CR	484 631	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		31/12/2008		31/12/2007
Grand Total (I to V)	EE	96 396 906	4,7%	92 069 049	-8,5%	100 642 925

Shareholder Equity (I)

			31/12/2010		31/12/2008		31/12/2007
	Total shareholders' equity (Total I)	DL	29 797 072	8,8%	27 391 948	-2,1%	27 969 018
	Equity and shareholders' equity	DA	21 281 200	0%	21 281 200	0%	21 281 200
	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	690 326	120,5%	313 015	0%	0
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	612	0%	612	0%	612
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	0	0%	0	0%	0
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	2 905 219	6398,1%	44 709	107,7%	-582 280
	Profit or loss for the period	DI	3 616 772	-19,4%	4 488 131	-28,3%	6 260 304
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	1 302 943	3,1%	1 264 281	25,3%	1 009 181

Other capital resources (II)

			31/12/2010		31/12/2008		31/12/2007
	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		31/12/2008		31/12/2007
	Total provisions for risks and charges (Total III)	DR	1 734 586	22,1%	1 421 077	-47,7%	2 715 286
	Risk provisions	DP	1 308 870	-7,9%	1 421 077	-47,7%	2 715 286
	Reserves for charges	DQ	425 716	0%	0	0%	0

Liabilities (IV)

			31/12/2010		31/12/2008		31/12/2007
	Total Liabilities (Total IV)	EC	64 865 244	2,5%	63 256 022	-9,6%	69 958 621
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	621 205	-89,3%	5 832 778	73,2%	3 367 777
	Sundry loans and financial liabilities	DV	406 454	-54,9%	901 072	-78,5%	4 191 483
	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	40 127 588	17,2%	34 246 618	-7,6%	37 072 231
	Tax and social security liabilities	DY	17 222 907	22,5%	14 054 622	14,1%	12 321 689
	Fixed asset liabilities	DZ	784 802	-59,4%	1 934 453	-41,8%	3 324 804
	Other debts	EA	5 702 288	-9,3%	6 286 479	-33,8%	9 500 637

Translation loss (V)

		31/12/2010		31/12/2008		31/12/2007
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2010		31/12/2008		31/12/2007
Deferred income	EB	0	0%	0	0%	180 000

References

		31/12/2010		31/12/2008		31/12/2007
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	64 055 668	12,0%	57 171 819	0%	0
Of which current bank facilities	EH	621 205	-89,3%	5 832 778	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2010		31/12/2008		31/12/2007
Operating result (Total I-II)	GG	7 883 180	23,7%	6 375 336	-36,4%	10 027 240

2 - Financial result (V - VI)

		31/12/2010		31/12/2008		31/12/2007
Financial result (Total V-VI)	GV	-862 837	-175,3%	1 146 498	520,2%	184 869

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

		31/12/2010		31/12/2008		31/12/2007
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	7 020 343	-2,3%	7 185 831	-27,6%	9 921 031

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2008		31/12/2007
Extraordinary result (Total VII-VIII)	HI	-472 261	13,8%	-548 126	-773,7%	-62 735

Profit or loss

		31/12/2010		31/12/2008		31/12/2007
Profit or loss	HN	3 616 772	-19,4%	4 488 131	-28,3%	6 260 305

Total Income (I+III+V+VII)

		31/12/2010		31/12/2008		31/12/2007
Total Income (I+III+V+VII)	HL	226 343 407	-17,4%	274 078 304	-0,3%	274 851 095

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

		31/12/2010		31/12/2008		31/12/2007
Total charges (Total II+IV+VI+VIII+IX+X)	HM	222 726 635	-17,4%	269 590 173	0,4%	268 590 790

Operating income (I)

		31/12/2010		31/12/2008		31/12/2007
Total operating income (Total I)	FR	220 863 373	-18,1%	269 640 109	-0,9%	272 140 669

Operating income (details)

			31/12/2010		31/12/2008		31/12/2007
	Sale of goods for resale	FC	174 388 879	-15,7%	206 889 625	-6,7%	221 767 245
	France	FA	149 739 368	-15,2%	176 646 470	-10,1%	196 568 327
	Export	FB	24 649 511	-18,5%	30 243 155	20,0%	25 198 918
	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	37 226 083	-7,8%	40 372 347	9,7%	36 794 132
	France	FG	37 226 083	-7,8%	40 372 347	9,7%	36 794 132
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	211 614 962	-14,4%	247 261 972	-4,4%	258 561 377
	France	FJ	186 965 451	-13,8%	217 018 817	-7,0%	233 362 459
	Export	FK	24 649 511	-18,5%	30 243 155	20,0%	25 198 918
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	6 080 188	-71,6%	21 388 977	67,2%	12 789 239
	Other income	FQ	3 168 223	220,3%	989 160	25,2%	790 052

Operating charges (II)

		31/12/2010		31/12/2008		31/12/2007
Total operating charges (Total II)	GF	212 980 193	-19,1%	263 264 773	0,4%	262 113 429

Exploitation charges

		31/12/2010		31/12/2008		31/12/2007
Purchase of goods for resale	FS	108 377 339	-11,7%	122 727 461	-3,4%	127 104 219
Change in stocks of goods for resale	FT	-10 716 327	-1016,7%	1 169 002	-64,9%	3 327 885
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	75 238 260	-19,7%	93 693 635	6,4%	88 076 424
Tax, duty and similar payments	FX	2 780 443	-12,4%	3 172 735	21,5%	2 610 994
Payroll	FY	22 764 555	11,2%	20 479 289	5,5%	19 418 636
Social security costs	FZ	7 807 765	1,7%	7 679 594	3,8%	7 401 447

Depreciation

		31/12/2010		31/12/2008		31/12/2007
Depreciation of fixed assets	GA	2 538 632	6,7%	2 378 797	20,1%	1 979 965
Amortisation of fixed assets	GB	0	0%	669 877	0%	0
Depreciation/amortisation of current assets	GC	2 509 928	-63,7%	6 920 773	25,6%	5 511 046
Provisions for risks and charges	GD	1 093 458	-64,0%	3 038 633	-31,2%	4 418 284

Other charges

		31/12/2010		31/12/2008		31/12/2007
Other charges	GE	586 140	-56,1%	1 334 977	-41,0%	2 264 528

Operating charges (III-IV)

		31/12/2010		31/12/2008		31/12/2007
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%	336 003	15,4%	291 077

Financial income (V)

			31/12/2010		31/12/2008		31/12/2007
	Total financial income (Total V)	GP	1 800 294	-58,4%	4 327 844	66,5%	2 599 229
	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	439 395	-63,4%	1 199 958	-2,7%	1 233 072
	Released provisions and transferred charges	GM	303 984	0%	0	0%	0
	Exchange gains	GN	1 056 915	-66,2%	3 127 886	129,0%	1 366 157
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2010		31/12/2008		31/12/2007
	Total financial charge (Total VI)	GU	2 663 131	-16,3%	3 181 346	31,8%	2 414 359
	Financial reserves and provisions	GQ	432	0%	0	0%	303 984
	Interest and similar charges	GR	209 350	-71,7%	740 672	7,4%	689 708
	Exchange losses	GS	2 453 349	0,5%	2 440 674	71,8%	1 420 667
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			31/12/2010		31/12/2008		31/12/2007
	Total extraordinary income (Total VII)	HD	3 679 740	3234,6%	110 351	-0,8%	111 197
	Extraordinary operating income	HA	27 599	0%	0	0%	0
	Extraordinary income from capital transactions	HB	0	0%	0	0%	01
	Released provisions and transferred charges	HC	3 652 141	3209,6%	110 351	-0,8%	111 196

Extraordinary charges (VIII)

			31/12/2010		31/12/2008		31/12/2007
	Total extraordinary charges (Total VIII)	HH	4 152 001	530,5%	658 477	278,6%	173 932
	Extraordinary operating charges	HE	2 625 378	875026,0%	300	-97,0%	9 955
	Extraordinary charges from capital transactions	HF	26 058	-91,1%	292 726	32976,4%	885
	Extraordinary reserves and provisions	HG	1 500 565	310,6%	365 451	124,1%	163 092

Employee profit sharing (IX)

		31/12/2010		31/12/2008		31/12/2007
Employee profit sharing (Total IX)	HJ	872 206	93,3%	451 221	-49,2%	887 694

Tax on profits (X)

		31/12/2010		31/12/2008		31/12/2007
Tax on profits (Total X)	HK	2 059 104	21,2%	1 698 353	-37,3%	2 710 299

References

		31/12/2010		31/12/2008		31/12/2007
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2010		31/12/2008		31/12/2007
	Gross value at begin of period	OG	0	0%	0	0%	2 512
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	33 500 309
	Decreasess by budget item transfer	OK1	0	0%	2 336 312	122,3%	1 050 920
	Decreasess by transfers	OK2	0	0%	962 018	-48,2%	1 856 759
	Gross value at the end of period	OL	0	0%	33 419 486	9,2%	30 595 142

Research and development Charge (Total I)

			31/12/2010		31/12/2008		31/12/2007
	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)

B			31/12/2010		31/12/2008		31/12/2007
	Gross value at begin of period	KD	0	0%	1 554 242	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	257 527	-84,5%	1 660 964
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	106 722
	Gross value at the end of period	LW	0	0%	1 811 769	16,6%	1 554 242

Tangible fixed assets (Total III)

			31/12/2010		31/12/2008		31/12/2007
	Gross value at begin of period	LN	0	0%	28 156 526	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	5 733 206	-81,4%	30 845 139
	Decreasess by budget item transfer	NG1	0	0%	2 336 312	122,3%	1 050 920
	Decreasess by transfers	NG2	0	0%	909 647	-44,5%	1 637 688
	Gross value at the end of period	NH	0	0%	30 643 773	8,8%	28 156 531

Fiancial assets (Total IV)

			31/12/2010		31/12/2008		31/12/2007
	Gross value at begin of period	LQ	0	0%	884 369	35105,8%	2 512
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	131 939	-86,7%	994 206
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	52 369	-53,4%	112 349
	Gross value at the end of period	NK	0	0%	963 939	9,0%	884 370

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

			31/12/2010		31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	16 110 708
Decreasess		0Q	0	0%	0	0%	1 733 794
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	14 376 914

Research and development charge (Total I)

			31/12/2010		31/12/2008		31/12/2007
	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		31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	PE	0	0%	453 986	0%	0
Increases		PF	0	0%	126 527	-77,0%	550 746
Decreasess		PG	0	0%	0	0%	96 759
	Decreasess by budget item transfer	PH	0	0%	580 513	27,9%	453 987

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	QU	0	0%	13 922 924	0%	0
Increases		QV	0	0%	2 252 267	-85,5%	15 559 962
Decreases		QW	0	0%	616 921	-62,3%	1 637 035
	Decreasess by budget item transfer	QX	0	0%	15 558 270	11,7%	13 922 926

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

			31/12/2010		31/12/2008		31/12/2007
	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		31/12/2008		31/12/2007
	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		31/12/2008		31/12/2007
	Value at begining of period	7C	4 767 000	-49,3%	9 399 538	0%	0
Increases		UB	1 395 000	-87,3%	10 994 733	-50,7%	22 299 974
Decreases		UC	4 428 000	-52,9%	9 399 327	-27,1%	12 900 435
	Value at the end of period	UD	1 734 000	-84,2%	10 994 944	17,0%	9 399 539

Includes Total allocations

Operating	UE	0	0%	10 629 282	-49,1%	20 875 613
Financial	UG	0	0%	0	0%	303 984
Exceptional	UJ	0	0%	365 450	-67,4%	1 120 377

Includes Total Withdrawal

Operating	UF	0	0%	9 288 977	-27,4%	12 789 239
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	110 350	-0,8%	111 196

Total regulated provisions (Total I)

			31/12/2010		31/12/2008		31/12/2007
	Value at begining of period	3Z	0	0%	1 009 180	0%	0
Increases		TS	0	0%	365 450	-67,4%	1 120 377
Decreases		TT	0	0%	110 350	-0,8%	111 196
	Value at the end of period	TU	0	0%	1 264 280	25,3%	1 009 181

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2008		31/12/2007
	Value at begining of period	5Z	4 767 000	75,6%	2 715 286	0%	0
Increases		TV	1 395 000	-54,1%	3 038 633	-55,0%	6 748 312
Decreases		TW	4 428 000	2,2%	4 332 842	7,4%	4 033 026
	Value at the end of period	TX	1 734 000	22,0%	1 421 077	-47,7%	2 715 286

Total Provision for depreciation (Total III)

B			31/12/2010		31/12/2008		31/12/2007
	Value at begining of period	7B	0	0%	5 675 071	0%	0
Increases		TY	0	0%	7 590 649	-47,4%	14 431 285
Decreases		TZ	0	0%	4 956 135	-43,4%	8 756 213
	Value at the end of period	UA	0	0%	8 309 585	46,4%	5 675 072

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

		31/12/2010		31/12/2008		31/12/2007
Gross value	VT	0	0%	40 039 875	-13,6%	46 351 298
1 year at most	VU	0	0%	39 399 583	-14,0%	45 812 535
More than one year	VV	0	0%	640 292	18,8%	538 763

State of loans

		31/12/2010		31/12/2008		31/12/2007
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%	59 124	51,2%	39 111
Loans (1 year at most)	UR	0	0%	17 150	-56,2%	39 111
Other financial assets (gross)	UT	0	0%	598 318	11,1%	538 763
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2010		31/12/2008		31/12/2007
Customers doubtful or disputed	VA	0	0%	1 048 142	-50,3%	2 110 962
Other claims customer	UX	0	0%	11 953 938	-43,7%	21 233 639
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%	34 224	16,9%	29 273
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	9 338 353	16,8%	7 992 331
Other taxes and payments assimilated	VN	0	0%	136 735	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	9 760 760	81,5%	5 377 354
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	1 386 205	-40,9%	2 346 809

Prepaid

		31/12/2010		31/12/2008		31/12/2007
Prepaid	VS	0	0%	5 724 073	-14,3%	6 683 057

State Debt

			31/12/2010		31/12/2008		31/12/2007
	Total debt (gross)	VY	0	0%	63 256 022	-9,6%	69 958 621
1 year at most		VZ2	0	0%	62 201 508	-8,4%	67 885 210
More than 1 year and 5 years at most		VZ3	0	0%	560 871	-52,7%	1 185 718
More than 5 years		VZ4	0	0%	493 643	-44,4%	887 693

Details

			31/12/2010		31/12/2008		31/12/2007
	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%	5 829 489	73,1%	3 367 777
1 year at most		VG2	0	0%	5 829 489	73,1%	3 367 777
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	901 072	-42,2%	1 559 320
1 year at most		8A2	0	0%	340 201	-8,9%	373 602
More than 1 year and 5 years at most		8A3	0	0%	560 871	-52,7%	1 185 718
	Suppliers and associated accounts (gross)	8B1	0	0%	34 246 618	-7,6%	37 072 231
1 year at most		8B2	0	0%	34 246 618	-7,6%	37 072 231
More than 1 year and 5 years at most		8B3	0	0%	34 246 618	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	4 034 160	-1,7%	4 104 901
1 year at most		8C2	0	0%	3 540 517	10,0%	3 217 208
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	0	0%	2 517 176	0,9%	2 495 494
1 year at most		8D2	0	0%	2 517 176	0,9%	2 495 494
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	6 187 602	40,3%	4 409 562
1 year at most		VW2	0	0%	6 187 602	40,3%	4 409 562
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%	1 315 681	0,3%	1 311 732
1 year at most		VQ2	0	0%	1 315 681	0,3%	1 311 732
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	1 934 453	-41,8%	3 324 804
1 year at most		8J2	0	0%	1 934 453	-41,8%	3 324 804
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	3 289	-99,9%	2 666 140
1 year at most		VI2	0	0%	3 289	-99,9%	2 666 140
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	0	0%	6 286 479	-33,6%	9 466 660
1 year at most		8K2	0	0%	6 286 479	-33,6%	9 466 660
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%	180 000
1 year at most		8L2	0	0%	0	0%	180 000
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

B			31/12/2010		31/12/2008		31/12/2007
	Loans made during the period	VJ	0	0%	0	0%	0
	Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2010		31/12/2008		31/12/2007
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2010		31/12/2008		31/12/2007
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

B			31/12/2010		31/12/2008		31/12/2007
	Subcontracting	YT	0	0%	0	0%	0
	Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
	Staff outside the company	YU	0	0%	0	0%	0
	Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
	Fees, commissions and brokerage	YV	0	0%	0	0%	0
	Other accounts	ST	0	0%	0	0%	0
	Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2010		31/12/2008		31/12/2007
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2010		31/12/2008		31/12/2007
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2010		31/12/2008		31/12/2007
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

		31/12/2010		31/12/2008		31/12/2007
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2010		31/12/2008		31/12/2007	Sector Median 2010
Fixed Asset Financing		1,34	-4,3%	1,40	-19,1%	1,73	2,02	-33,7%
Global Debt		110 days	19,6%	92 days	-5,2%	97 days	140 days	-21,4%
Working Capital Fund overall net		23 days	15,0%	20 days	-35,5%	31 days	47 days	-51,1%
Financial independence		4796,66%	921,4%	469,62%	-43,5%	830,49%	114,09%	4104,3%
More ratios
Solvability		30,91%	3,9%	29,75%	7,1%	27,79%	21,23%	45,6%
Capacity debt futures		%	-	469,89%	-43,4%	830,49%	511,84%	-
Coverage of current assets by net working capital overall		17,28%	-0,3%	17,33%	-35,3%	26,77%	33,11%	-47,8%
General Liquidity			-	0,63	-6,0%	0,67	0,24	-
Restricted Liquidity			-	0,66	-4,3%	0,69	0,73	-

Management or rotation

		31/12/2010		31/12/2008		31/12/2007	Sector Median 2010
Need background in operating working capital		16 days	-11,1%	18 days	-14,3%	21 days	-5 days	420,0%
Treasury		1 days	114,3%	-7 days	-800%	1 days	3 days	-66,7%
Inventory turnover of goods		139 days	13,0%	123 days	2,5%	120 days	86 days	61,6%
Average length of credit granted to customers		18 days	-5,3%	19 days	-42,4%	33 days	6 days	200%
Average length of credit obtained suppliers		84 days	47,4%	57 days	-6,6%	61 days	45 days	86,7%
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	3495 days	-
Rotation tangible assets		%	-	806,89%	-12,1%	918,30%	1705,65%	-

Profitability of the business

		31/12/2010		31/12/2008		31/12/2007	Sector Median 2010
Margin trading		36,26%	8,0%	33,56%	-5,0%	35,32	34,93%	3,8%
Profitability of the business		2,53	477,6%	-0,67	-116,3%	4,11	1,21%	109,1%
Net profit		1,71%	-6,0%	1,82%	-24,8%	2,42%	0,43%	297,7%
More ratios
Growth rate of turnover (excluding VAT)		0%	0%	-4,37%	0%	0%	6,47%	0%
Rates integration		18,30%	52,5%	12%	-22,5%	15,49%	11,66%	56,9%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		78,97%	-16,8%	94,90%	41,7%	66,96%	13,56%	482,4%
Weight interests		1,26	-2,3%	1,29%	38,7%	0,93%	0,07%	1700%

Return on capital

		31/12/2010		31/12/2008		31/12/2007	Sector Median 2010
Cash flow from the overall profitability		3,63%	840,8%	-0,49%	69,8%	-1,62%	1,67%	117,4%
Rates of economic profitability		17%	440,0%	-5%	-116,7%	30%	14%	21,4%
Financial profitability		29797072%	8,8%	27391948%	-2,1%	27969018%	90,89%	32783563,8%
Return on investment		20,37%	-9,3%	22,47%	-8,0%	24,42%	10,13%	101,1%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2010		31/12/2008		31/12/2007	Sector Median 2010
Turnover	211 614 962	-14,4%	247 261 972	-4,4%	258 561 377	81 030 €	261054,7%

Sales of goods	174 388 879	-15,7%	206 889 625	-6,7%	221 767 245
- Purchase of goods	108 377 339	-11,7%	122 727 461	-3,4%	127 104 219
+/- Stock of goods variation	-10 716 327	-1016,7%	1 169 002	-64,9%	3 327 885
Trading margin	76 727 867 €	-7,5%	82 993 162 €	-9,1%	91 335 141 €	19 705 €	389282,7%
	36,26 % CA	8,0%	33,56 % CA	-5,0%	35,32 % CA	36,19 % CA	0,2%

Sale of goods produced	37 226 083	-7,8%	40 372 347	9,7%	36 794 132
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	37 226 083 €	-7,8%	40 372 347 €	9,7%	36 794 132 €	2 183,50 €	1704781,3%
	17,59 % CA	7,7%	16,33 % CA	14,8%	14,23 % CA	8,18 % CA	115,0%

Trading margin	76 727 867	-7,5%	82 993 162	-9,1%	91 335 141	19 705	389282,7%
+ Period Production	37 226 083	-7,8%	40 372 347	9,7%	36 794 132	2 183,50	1704781,3%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	75 238 260	-19,7%	93 693 635	6,4%	88 076 424
Added value	38 715 690 €	30,5%	29 671 874 €	-25,9%	40 052 849 €	7 046,50 €	549331,5%
	18,30 % CA	52,5%	12,00 % CA	-22,5%	15,49 % CA	11,66 % CA	56,9%

Added value	38 715 690 €	30,5%	29 671 874 €	-25,9%	40 052 849 €	7 046,50 €	549331,5%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	2 780 443	-12,4%	3 172 735	21,5%	2 610 994
- Personal charges	30 572 320	8,6%	28 158 883	5,0%	26 820 083
Gross operating surplus	5 362 927 €	423,1%	-1 659 744 €	-115,6%	10 621 772 €	352 €	1523458,8%
	2,53 % CA	477,6%	-0,67 % CA	-116,3%	4,11 % CA	1,21 % CA	109,1%

Gross operating surplus	5 362 927 €	423,1%	-1 659 744 €	-115,6%	10 621 772 €	352 €	1523458,8%
+ Release of reserves and provisions	6 080 188	-71,6%	21 388 977	67,2%	12 789 239
+ Other operating income	3 168 223	220,3%	989 160	25,2%	790 052
- Depreciation/Amortisation	6 142 018	-52,8%	13 008 080	9,2%	11 909 295
- Other charges	586 140	-56,1%	1 334 977	-41,0%	2 264 528
Operating result	7 883 180 €	23,7%	6 375 336 €	-36,4%	10 027 240 €	-228,50 €	3450069,4%
	3,73 % CA	44,6%	2,58 % CA	-33,5%	3,88 % CA	0,38 % CA	881,6%

Operating result	7 883 180 €	23,7%	6 375 336 €	-36,4%	10 027 240 €	-228,50 €	3450069,4%
+/- Result of joint-venture transferred from/to other partners	0	0%	-336 003	-15,4%	-291 077
+ Financial income	1 800 294	-58,4%	4 327 844	66,5%	2 599 229
- Financial charges	2 663 131	-16,3%	3 181 346	31,8%	2 414 359
Pre-tax result	7 020 343 €	-10,7%	7 857 837 €	-25,2%	10 503 187 €	-373,50 €	1879709,9%
	3,32 % CA	4,4%	3,18 % CA	-21,7%	4,06 % CA	0,09 % CA	3588,9%

Extraordinary income	3 679 740	3234,6%	110 351	-0,8%	111 197	0	0%
- Extraordinary charges	4 152 001	530,5%	658 477	278,6%	173 932
Extraordinary result	-472 261 €	13,8%	-548 126 €	-773,7%	-62 735 €	0 €	0%
	-0,22 % CA	0%	-0,22 % CA	-1000%	0 % CA	0 % CA	0%

Pre-tax result	7 020 343 €	-10,7%	7 857 837 €	-25,2%	10 503 187 €	-373,50 €	1879709,9%
Extraordinary result	-472 261 €	13,8%	-548 126 €	-773,7%	-62 735 €	0 €	0%
- Employee profit sharing	872 206	93,3%	451 221	-49,2%	887 694
- Tax on profits	2 059 104	21,2%	1 698 353	-37,3%	2 710 299
Net result	3 616 772 €	-29,9%	5 160 137 €	-24,6%	6 842 459 €	27,50 €	13151798,2%
	1,71 % CA	-18,2%	2,09 % CA	-21,1%	2,65 % CA	0,43 % CA	297,7%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Other establishments

Branches	4 branch entities in this company
Head office	> SADAS <<<  - Vente à distance sur catalogue général (4791A)  in TOURCOING  (59200)
Secondary establishments	>  SADAS  - Vente à distance sur catalogue général (4791A)  in WAMBRECHIES  (59118) >  SADAS  - Vente à distance sur catalogue général (4791A)  in MARQUETTE LEZ LILLE  (59520) >  SADAS  - Vente à distance sur catalogue général (4791A)  in WASQUEHAL  (59290) >  SADAS  - Vente à distance sur catalogue général (4791A)  in TOURCOING  (59200) > ...

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which no activity grouping more than 50% of workforce

Preferential rights details and history

Summary of preferential rights

Company monitored since

02/06/2009

Status of Monitoring

No social security and tax office preferential right to date

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
26/09/2011	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE ROUBAIX-TOURCOING 5562 - 414766576 RCS. SADAS. Forme : Société par actions simplifiée. Adresse : 216 rue Winoc Chocquéel 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
31/01/2011	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE ROUBAIX-TOURCOING 5689 - 414766576 RCS. SADAS. Forme : Société par actions simplifiée. Adresse : 216 rue Winoc Chocquéel 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
28/06/2010	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE ROUBAIX-TOURCOING 5752 - 414766576 RCS. SADAS. Forme : Société par actions simplifiée. Adresse : 216 rue Winoc Chocquéel 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
13/02/2009	Bodacc B	Modification et mutation diverse
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE ROUBAIX-TOURCOING 2811 - 414 766 576 RCS Roubaix-Tourcoing. SADAS. Forme : Société par actions simplifiée. Administration : Président de la société : GIUSIANO Dominique. Commissaire aux comptes titulaire : DELOITTE & ASSOCIES. Commissaire aux comptes suppléant : BEAS. Capital : 21281200 EUR. Activité : Commerce de détail et distribution notamment vente de marchandises et produits par correspondance courtage d'assurance et toute activité d'inter- médiation en assurance. Adresse de l’établissement principal : 216 rue Winoc Chocquéel, 59200 Tourcoing. Adresse du siège social : 216 rue Winoc Chocquéel, 59200 Tourcoing. Commentaires : Changement de président de S.A.S. Date de commencement de l’activité : 13/11/2006. Date d’effet : 29/10/2008.
12/01/2009	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE ROUBAIX-TOURCOING 5559 - 414766576 RCS. SADAS. Forme : Société par actions simplifiée. Adresse : 216 rue Winoc Chocquéel 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
07/12/2007	Bodacc C	Avis de dépôt des comptes
6974 - 414 766 576. RCS Roubaix SADAS. Forme: Société par actions simplifiée. Adresse du siège social: 216 rue Winoc Chocquéel 59200 Tourcoing. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
28/09/2007	Bodacc B	Modifications et mutations diverses
1670 - Ancienne situation du siège social : RCS Roubaix-Tourcoing B 414 766 576. RC 97-B 966. A.M. P.M. Forme : S.A.S. Capital : 45 000 euros. Adresse : 110 rue de Blanchemaille, 59100 Nouvelle situation du siège social - Dénomination : SADAS. Capital : 21 281 200 euros. Adresse : 216 rue Winoc-Chocqueel, 59200 Etablissement principal - Activité : commerce au détail et distribution, notamment, vente de marchandises et de produits par correspondance courtage d'assurances et toute activité d'intermédiation en assurances . Adresse : 110 rue de Blanchemaille, 59100 Etablissement principal - nouvelle situation - Adresse : 216 rue Winoc-Chocqueel, 59200 Date d'effet : 31 mai 2007.
30/08/2007	Bodacc B	Modifications et mutations diverses
765 - RCS Roubaix-Tourcoing B 414 766 576. RC 97-B 966. A.M. P.M. Forme : S.A.S. Capital : 45 000 euros. Nom commercial : A.M. P.M. Adresse du siège social : 110 rue de Blanchemaille,, 59100 Etablissement principal - Activité : commerce au détail, distribution, notamment vente de marchandises et de produits, par correspondance. Adresse : 110 rue de Blanchemaille, 59100 Etablissement principal - nouvelle situation - Adjonction d'activité : courtage d'assurances et toute activité d'intermédiation en assurances. Date d'effet : 23 avril 2007.
16/02/2007	Bodacc B	Modifications et mutations diverses
1835 - Ancienne situation du siège social : RCS Roubaix-Tourcoing B 414 766 576. RC 97-B 966. A.M. P.M. Forme : S.A. à conseil d'administration. Capital : 37 500 euros. Adresse : 110 rue de Blanchemaille, 59100 Nouvelle situation du siège social - Capital : 45 000 euros. Date d'effet : 25 septembre 2006.
16/02/2007	Bodacc B	Modifications et mutations diverses
1836 - RCS Roubaix-Tourcoing B 414 766 576. RC 97-B 966. A.M. P.M. Forme : S.A.S. Capital : 45 000 euros. Nom commercial : A.M. P.M. Adresse du siège social : 110 rue de Blanchemaille,, 59100 Administration : président : BERNARD (Nicolas). Commissaire aux comptes titulaire : DELOITTE & ASSOCIES. Commissaire aux comptes suppléant : BUREAU D'ETUDES ADMINISTRATIVES SOCIALES ET COMPTABLES-BEAS. Ancienne administration : ancien président du conseil d'administration : DERVILLE (Thibaut). Anciens administrateurs : S.A.S. SOGEP STE REDCATS DERVILLE (Thibaut). Etablissement principal - Activité : commerce au détail, distribution, notamment vente de marchandises et de produits, par correspondance. Adresse : 110 rue de Blanchemaille, 59100 Commentaires : modification survenue sur la forme juridique. Ancienne : S.A. à conseil d'administration. Date d'effet : 13 novembre 2006.
18/11/2006	Bodacc C	Avis de dépôt des comptes
3588 - RCS Roubaix-Tourcoing B 414 766 576. RC 97-B 966. A.M. P.M.. Forme: S.A. à conseil d'administration . Adresse du siège social: 110, rue de Blanchemaille,59100 Roubaix. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
17/03/2006	Bodacc C	Avis de dépôt des comptes
2795 - RCS Roubaix-Tourcoing B 414 766 576. RC 97-B 966. A.M. P.M.. Forme: S.A. à conseil d'administration . Adresse du siège social: 110, rue de Blanchemaille,59100 Roubaix. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
06/11/2005	Bodacc B	Modifications et mutations diverses
852 - RCS Roubaix-Tourcoing B 414 766 576. RC 97-B 966. A.M. P.M. Forme : S.A. à conseil d'administration. Capital : 37 500 euros. Adresse du siège social : 110 rue de Blanchemaille,, 59100 Administration : P.-D.G. : DERVILLE (Thibaut). Administrateurs : SOGEP-STE GENERALE DE PRESTATIONS DE SERVICES REDCATS DERVILLE (Thibaut) LA REDOUTE. Commissaire aux comptes titulaire : K.P.M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : PETIT (Patrick, Hubert). Ancienne administration : ancien administrateur : STE REDINVEST. Date d'effet : 31 mai 2005.
07/10/2004	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 414766576 RC 97- B 966 A.M. P.M. Forme : S.A. à conseil d' administration. Capital : 37 500 euros. Adresse du siège social : 110 rue de Blanchemaille, 59100 Roubaix. Administration : P.-D.G. : DERVILLE ( Thibaut). Administrateurs : STE AUXILIAIRE DE PARTICIPATIONS ET D' INVESTISSEMENTS LA REDOUTE-REDINVEST SOGEP STE GENERALE DE PRESTATIONS DE SERVICES REDCATS DERVILLE (Thibaut). Commissaire aux comptes titulaire : K.P. M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : PETIT (Patrick, Hubert). Ancienne administration : ancien commissaire aux comptes suppléant : BLEUEZ (Eric). Date d'effet : 1 e r juin 2004.
08/02/2004	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 414766576 RC 97- B 966 A.M. P.M. Forme : S.A. à conseil d' administration. Capital : 37 500 euros. Adresse du siège social : 110 rue de Blanchemaille, 59100 Roubaix. Administration : P.-D.G. : DERVILLE ( Thibaut). Administrateurs : STE AUXILIAIRE DE PARTICIPATIONS ET D' INVESTISSEMENTS LA REDOUTE-REDINVEST SOGEP STE GENERALE DE PRESTATIONS DE SERVICES STE REDCATS, représentée par BELHOMME DE FRANQUEVILLE (Aymar), en remplacement de FEGE (Anne) DERVILLE ( Thibaut). Commissaire aux comptes titulaire : K.P.M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : BLEUEZ (Eric). Date d'effet : 16 octobre 2003.
10/06/2003	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 414766576 RC 97- B 966 A.M. P.M. Forme : S.A. à conseil d' administration. Capital : 37 500 euros. Adresse du siège social : 110 rue de Blanchemaille, 59100 Roubaix. Administration : P.-D.G. : DERVILLE ( Thibaut). Administrateurs : STE AUXILIAIRE DE PARTICIPATIONS ET D' INVESTISSEMENTS LA REDOUTE-REDINVEST SOGEP-STE GENERALE DE PRESTATIONS DE SERVICES REDCATS DERVILLE (Thibaut). Commissaire aux comptes titulaire : K.P. M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : BLEUEZ (Eric). Changement de représentant permanent de la STE REDCATS, administrateur. Ancien : SARTON (Matthieu). Nouveau : FEGE (Anne).
04/03/2003	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 414766576 RC 97- B 966 A.M. P.M. Forme : S.A. à conseil d' administration. Capital : 37 500 euros. Adresse du siège social : 110 rue de Blanchemaille, 59100 Roubaix. Administration : P.-D.G. : DERVILLE ( Thibaut). Administrateurs : STE AUXILIAIRE DE PARTICIPATIONS ET D' INVESTISSEMENTS LA REDOUTE-REDINVEST SOGEP STE GENERALE DE PRESTATIONS DE SERVICES REDCATS DERVILLE (Thibaut). Commissaire aux comptes titulaire : K.P. M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : BLEUEZ (Eric). Ancien P.-D.G. : LAFFAILLE (Olivier). Ancien administrateur : LAFFAILLE ( Olivier). Date d'effet : 11 octobre 2002.
11/07/2002	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 414766576 RC 97- B 966 A.M. P.M. Forme : S.A. à conseil d' administration. Capital : 37 500 euros. Adresse du siège social : 110 rue de Blanchemaille, 59100 Roubaix. Administration : P.-D.G. : LAFFAILLE ( Olivier). Administrateurs : STE AUXILIAIRE DE PARTICIPATIONS ET D' INVESTISSEMENTS LA REDOUTE-REDINVEST SOGEP-STE GENERALE DE PRESTATIONS DE SERVICES LAFFAILLE (Olivier) REDCATS. Commissaire aux comptes titulaire : K.P.M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : BLEUEZ (Eric). Ancien représentant permanent de la STE REDINVEST, administrateur : BRUN ( Jacques). Nouveau représentant permanent de la STE REDINVEST, administrateur : LUCHEZ (Alain). Date d'effet : 19 avril 2002.
04/06/2002	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 414766576 RC 97- B 966 A.M. P.M. Forme : S.A. à conseil d' administration. Capital : 37 500 euros. Adresse du siège social : 110 rue de Blanchemaille, 59100 Roubaix. Administration : P.-D.G. : LAFFAILLE ( Olivier). Administrateurs : REDCATS STE AUXILIAIRE DE PARTICIPATIONS ET D' INVESTISSEMENTS LA REDOUTE-REDINVEST SOGEP-STE GENERALE DE PRESTATIONS DE SERVICES LAFFAILLE (Olivier). Commissaire aux comptes titulaire : K.P. M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : BLEUEZ (Eric). Ancien représentant permanent de la STE REDCATS : KRAMER (Hartmut). Nouveau représentant permanent de la STE REDCATS : SARTON (Matthieu). Date d'effet : 20 décembre 2001.
10/02/2002	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Roubaix-Tourcoing B 414766576 RC 97-B 966 A.M. P.M. Forme : S.A. à conseil d' administration. Capital : 38 112,25 euros. Adresse : 110 rue de Blanchemaille, 59100 Roubaix. Administration : P.-D.G. : LAFFAILLE (Olivier). Administrateurs : REDCATS STE AUXILIAIRE DE PARTICIPATIONS ET D'INVESTISSEMENTS LA REDOUTE-REDINVEST SOGEP-STE GENERALE DE PRESTATIONS DE SERVICES LAFFAILLE ( Olivier). Commissaire aux comptes titulaire : K.P.M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : BLEUEZ (Eric). Ancien président du conseil d'administration : PENET (Alain). Ancien administrateur : PENET (Alain) Nouvelle situation du siège social. Capital : 37 500 euros. Date d'effet : 5 novembre 2001.
10/08/2000	Bodacc B	Modifications et mutations diverses
o. RCS Roubaix-Tourcoing B 414 766 576 RC 1997-B 966 A.M.-P.M. Forme : S.A. à conseil d'administration. Capital : 250 000 F. Adresse du siège social : 110, rue de Blanchemaille 59100 Roubaix. Administration : président du conseil d' administration et administrateur : PENET (Alain) Administrateurs : REDCATS SOCIETE AUXILIAIRE DE PARTICIPATIONS ET D'INVESTISSEMENTS LA REDOUTE - REDINVEST SOGEP - SOCIETE GENERALE DE PRESTATIONS DE SERVICES. Commissaire aux comptes titulaire : K.P.M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : BLEUEZ (Eric). Ancien président du conseil d' administration : DELANNOY (Hervé). Date d'effet : 28 février 2000.
06/08/2000	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 414766576 RC 97- B 966 A.M. P.M. Forme : S.A. à conseil d' administration. Capital : 250 000 F. Adresse du siège social : 110 rue de Blanchemaille, 59100 Roubaix. Administration : président du conseil d' administration : DELANNOY (Hervé). Administrateurs : REDCATS STE AUXILIAIRE DE PARTICIPATIONS ET D' INVESTISSEMENTS LA REDOUTE-REDINVEST, représentée par BRUN (Jacques), en remplacement de METZGER (Antoine) SOGEP-STE GENERALE DE PRESTATIONS DE SERVICES DELANNOY (Hervé). Commissaire aux comptes titulaire : K.P. M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : BLEUEZ (Eric) Etablissement principal: Date d'effet : 24 janvier 2000.
11/08/1999	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 414766576 RC 97- B 966 A.M. P.M. Forme : S.A. à conseil d' administration. Capital : 250 000 F. Adresse du siège social : 110 rue de Blanchemaille, 59100 Roubaix. Administration : président du conseil d' administration : DELANNOY (Hervé). Administrateurs : REDCATS STE AUXILIAIRE DE PARTICIPATIONS ET D' INVESTISSEMENTS LA REDOUTE-REDINVEST SOGEP-STE GENERALE DE PRESTATIONS DE SERVICES DELANNOY (Hervé). Commissaire aux comptes titulaire : K.P. M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : BLEUEZ (Eric). Changement de raison sociale d'un administrateur : LA REDOUTE devient REDCATS Etablissement principal: Date d'effet : 5 mars 1999.
02/01/1998	Bodacc A	Création d'établissement
RCS o. RCS Roubaix-Tourcoing B 414 766 576 A dater du: 11 décembre 1997 RC RC 97-B 966 A.M. P.M. Forme : S.A. à conseil d'administration. Capital : 250 000 F. Adresse du siège social : 110, rue de Blanchemaille 59100 Roubaix. Administration : président du conseil d' administration : DELANNOY (Hervé) Administrateurs : LA REDOUTE SOCIETE D'AUXILIAIRE DE PARTICIPATIONS ET D' INVESTISSEMENTS LA REDOUTE REDINVEST SOCIETE DE GESTION DU PERSONNEL MATERIEL ET ENTREPOT DELANNOY (Hervé) . Commissaire aux comptes titulaire : K. P.M.G. FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : BLEUEZ (Eric).

COMPANY EVENTS HISTORY

Date	Description
29/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/09/2011	Bodacc C : Deposit accounts notice
31/01/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
28/06/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
02/06/2009	Collection of preferential rights activated for this company
13/02/2009	Bodacc B: Various editing or changing
13/02/2009	New Bodacc B ads detected
02/02/2009	New chairman (CEO, CoB)
02/02/2009	Appointment/resignation of company officers
02/02/2009	Private document
02/02/2009	Minutes of general meeting of shareholders
02/02/2009	Amendment
12/01/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
14/02/2008	Minutes of Board meeting
14/02/2008	Minutes of general meeting of shareholders
14/02/2008	Appointment/resignation of company officers
14/02/2008	Private document
14/02/2008	Modification du Conseil d'Administration
14/02/2008	Changes to the Board of Directors
14/02/2008	PV du Conseil d'Administration
31/12/2007	New accounts available
22/08/2007	Capital increase
22/08/2007	Augmentation de Capital
22/08/2007	Partial contribution
22/08/2007	Modification du Conseil d'Administration
22/08/2007	Appointment/resignation of company officers
22/08/2007	PV d'Assemblée
22/08/2007	Minutes of general meeting of shareholders
22/08/2007	Declaration of conformity
22/08/2007	Déclaration de conformité
22/08/2007	Private document
22/08/2007	Transfert du Siège dans le ressort du Tribunal de Commerce
22/08/2007	Changement de dénomination sociale
22/08/2007	New company name
22/08/2007	Updated articles of association
22/08/2007	Statuts mis à jour
25/07/2007	Private document
25/07/2007	PV d'Assemblée
25/07/2007	Statuts mis à jour
25/07/2007	Updated articles of association
25/07/2007	Minutes of general meeting of shareholders
25/07/2007	Change to corporate purpose
25/07/2007	Modification de l'objet social
31/05/2007	Update of Company Name
31/05/2007	Update of Company Head Office Identifier
31/05/2007	Transfer of Establishment
22/05/2007	Audit or Management Report
22/05/2007	Rapport des Commissaires ou du Gérant
22/05/2007	Private document
26/04/2007	Private document
26/04/2007	Planned merger
26/04/2007	Acte sous seing privé
31/01/2007	Augmentation de Capital
31/01/2007	New legal form – no new category
31/01/2007	Fund deposit certificate
31/01/2007	Appointment/resignation of company officers
31/01/2007	PV d'Assemblée
31/01/2007	Capital increase
31/01/2007	Private document
31/01/2007	Updated articles of association
31/01/2007	Statuts mis à jour
31/01/2007	Minutes of general meeting of shareholders
31/01/2007	PV du Conseil d'Administration
31/01/2007	Minutes of Board meeting
31/12/2006	New accounts available
06/11/2006	Audit or Management Report
06/11/2006	Private document
06/11/2006	Rapport des Commissaires ou du Gérant
31/12/2005	New accounts available
05/10/2005	Changes to the Board of Directors
05/10/2005	Modification du Conseil d'Administration
05/10/2005	Acte sous seing privé
05/10/2005	Private document
05/10/2005	Appointment/resignation of company officers
05/10/2005	Nomination/démission des organes de gestion
05/10/2005	Minutes of general meeting of shareholders
05/10/2005	PV d'Assemblée
05/10/2005	Acte modificatif
05/10/2005	Amendment
31/12/2004	New accounts available
24/09/2004	Appointment/resignation of company officers
24/09/2004	Nomination/démission des organes de gestion
24/09/2004	Minutes of general meeting of shareholders
24/09/2004	PV d'Assemblée
24/09/2004	Private document
24/09/2004	Acte sous seing privé
24/09/2004	Changement de Commissaire aux Comptes
09/01/2004	Nomination/démission des organes de gestion
09/01/2004	Acte sous seing privé
09/01/2004	Acte modificatif
31/12/2003	New accounts available
23/05/2003	Acte sous seing privé
23/05/2003	Nomination/démission des organes de gestion
23/05/2003	Acte modificatif
14/02/2003	Changement de Président (PDG, PCA)
14/02/2003	Nomination/démission des organes de gestion
14/02/2003	Acte sous seing privé
14/02/2003	Modification du Conseil d'Administration
14/02/2003	PV du Conseil d'Administration
22/07/2002	Acte sous seing privé
22/07/2002	PV d'Assemblée
22/07/2002	Statuts mis à jour
28/06/2002	Nomination/démission des organes de gestion
28/06/2002	Acte sous seing privé
28/06/2002	Acte modificatif
21/05/2002	Nomination/démission des organes de gestion
21/05/2002	Acte sous seing privé
21/05/2002	Acte modificatif
28/01/2002	Nomination/démission des organes de gestion
28/01/2002	Acte sous seing privé
28/01/2002	Modification du Conseil d'Administration
28/01/2002	Changement de Président (PDG, PCA)
28/01/2002	Réduction de Capital
28/01/2002	Conversion du Capital Social en Euros
28/01/2002	Statuts mis à jour
28/01/2002	PV du Conseil d'Administration
28/01/2002	PV d'Assemblée
25/07/2000	Acte sous seing privé
25/07/2000	Modification du Conseil d'Administration
25/07/2000	Nomination/démission des organes de gestion
25/07/2000	PV du Conseil d'Administration
25/07/2000	Changement de Président (PDG, PCA)
24/07/2000	Acte sous seing privé
24/07/2000	PV du Conseil d'Administration
24/07/2000	Nomination/démission des organes de gestion
24/07/2000	Changement de Président (PDG, PCA)
11/12/1997	PV d'Assemblée
11/12/1997	Acte sous seing privé
11/12/1997	Formation de Société
11/12/1997	Statuts
11/12/1997	Changement de Président (PDG, PCA)
11/12/1997	PV du Conseil d'Administration
11/12/1997	Nomination/démission des organes de gestion
11/12/1997	Certificat de dépôt des fonds

ESTABLISHMENT EVENTS HISTORY

Date	Description
29/09/2011	Update Limit
07/05/2011	Update Rating
08/10/2010	Update Limit
03/09/2010	Update Rating
19/07/2010	Update Limit
19/07/2010	Update Rating
04/01/2010	Update Rating
29/12/2009	Update Rating
02/10/2009	Update Limit
05/09/2009	Update Rating
30/12/2008	Update Limit
30/12/2008	Update Rating
03/09/2008	Update Limit
03/09/2008	Update Rating
13/01/2008	Update Limit
16/12/2007	Update Limit
08/12/2007	Update Rating
28/09/2007	Update Rating
31/05/2007	Formation of Head office (after transfer)

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.79
UK Pound	1	Rs.78.79
Euro	1	Rs.65.74

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.