MIRA INFORM REPORT

Report Date :

16.03.2012

IDENTIFICATION DETAILS

Correct Name :	VASSEL
Registered Office :	Zac Du Chene, Bd Des Droits De L Homme, 69500 Bron
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	January 1958
Com. Reg. No.:	RCS Lyon 5 958 512 196
Legal Form :	Simplified Joint Stock Company
Line of Business :
	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.
No. of Employees :	20 to 49 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	190,000 €
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^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
France	a2	a2

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

REGISTERED NAME & COMPANY SUMMARY

VASSEL

company summary

Activity (APE)	Autre imprimerie (labeur) (1812Z) (Other printing (work) (1812Z))	Legal form	Simplified joint stock company
Phone	04 72 81 02 02	RCS Registration	RCS Lyon 5 958 512 196
Fax	04 78 26 50 70	Share capital	1,100,000 Euros
Address	VASSEL ZAC DU CHENE BD DES DROITS DE L HOMME 69500 BRON	Incorporated Date	10/1958
Nationality	France	Status	Economically active

company details

Company details
	Activity (APE)	Autre imprimerie (labeur) (1812Z) (Other printing (work) (1812Z))
	RCS Registration	RCS Lyon 5 958 512 196	Share capital	1,100,000 Euros
	Registration Court	Lyon (69)	Legal form	Simplified joint stock company
	Court Registry Number	19 5 8B012	EU VAT Number	FR21958512196
	Incorporation Date	10/1958	Formation Date	01/1958
	Deregistration Date		Last account Date	31/12/2010
	Nationality	France

Establishment details
	Activity (APE)	Autre imprimerie (labeur) (1812Z)	Business Pages FT®	IMPRIMEUR
	Postal Address	VASSEL ZAC DU CHENE BD DES DROITS DE L HOMME 69500 BRON	Trading Address	BOULEVARD DES DROITS DE L HOMME 69500 BRON
	Telephone	04 72 81 02 02
	Fax	04 78 26 50 70

CREDIT RECOMENDATION

Current Credit Limit: 190,000 €

DIRECTORS/MANAGEMENT

Current Directors

3

directors

Name	M. MALAVAL PHILIPPE JEAN ANTOINE
Manager position	Président	Date of birth	05/09/1963
Place of birth	TREVOUX(01)
Type of manager	Individual	Name at birth of manager
Name	M. JACQUELINE DENIS FRANÇOIS SYLVAIN PAUL
Manager position	Directeur général	Date of birth	15/07/1946
Place of birth	ROUEN(76)
Type of manager	Individual	Name at birth of manager
Name	M. BRAULT BERNARD FRANÇOIS JEAN
Manager position	Directeur général	Date of birth	01/11/1952
Place of birth	LYON(69)
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 THIERRY NOEL
Président	M ETIENNE RIGAUD
Directeur général	M PHILIPPE MALAVAL

NEGATIVE INFORMATION

Last published preferential right

No social security and tax office preferential right to date

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	02/10/2008
Status of Monitoring	No social security and tax office preferential right to date

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

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.

FINANCIAL INFORMATION

Trading to Date	12/31/2010		12/31/2009		12/31/2008
	Turnover		5,145,658 €		4,742,485 €		5,630,525 €
		Gross Operating Surplus		9,89 % Turnover		-7,45 % Turnover		2,86 % Turnover
		Net worth		2,591,554 €		2,506,363 €		3,230,759 €
		Employees		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	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	19/08/2011	29/07/2010	-
Activity Code	1812Z	1812Z	1812Z
Employees	44	45	56

Active account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	388 226	-29,3%	548 734	-59,5%	1 356 187	71 758	441,0%
- Intangible assets	126 981	16,2%	109 293	86,3%	58 654	9 147	1288,2%
- Tangible assets	283 699	-38,6%	461 743	-33,6%	695 131	30 903	818,0%
- Financial assets	2 494	-5,7%	2 645	-99,6%	602 398	1 654	50,8%
Net current assets	3 360 354	20,1%	2 797 985	-11,6%	3 166 826	198 441	1593,4%
- Stocks	234 257	-20,1%	293 167	3,4%	283 526	15 251	1436,0%
- Advanced payments	181	20,1%	284	-97,8%	12 930	0	0%
- Receivables	1 638 979	11,4%	1 471 086	-32,4%	2 177 600	115 228	1322,4%
- Securities and cash	1 486 937	43,9%	1 033 443	49,2%	692 765	30 579	4762,6%
- Prepaid expenses	-	-	-	-	-	760	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	3 748 580	12,0%	3 346 720	-26,0%	4 523 014	289 245	1196,0%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	2 591 554	3,4%	2 506 363	-22,4%	3 230 759	90 660	2758,5%
Share capital	1 100 000	0%	1 100 000	0%	1 100 000	25 000	4300%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	289 569	335,0%	66 569	0%	0	0	0%
Liabilities	867 458	12,1%	773 784	-40,1%	1 292 254	172 442	403,0%
- Financial liabilities	0	0%	60 000	0%	60 000	36 349	0%
- Advanced payments received	6 404	559,5%	971	378,3%	203	0	0%
- Trade account payables	405 167	40,5%	288 396	-56,8%	667 426	48 781	730,6%
- Tax and social liabilities	384 525	9,1%	352 359	-26,8%	481 416	67 107	473,0%
- Other debts and fixed assets liabilities	20 770	143,0%	8 549	-55,2%	19 063	3 328	524,1%
Account regularization	50 592	-20,3%	63 509	-1,0%	64 145	0	0%
Total liabilities	3 748 581	12,0%	3 346 716	-26,0%	4 523 014	289 245	1196,0%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	5 153 897	2,1%	5 046 769	-15,3%	5 959 256	477 686	978,9%
Net turnover	5 145 658	8,5%	4 742 485	-15,8%	5 630 525	467 830	999,9%
- of which net export turnover	155 297	199,1%	51 926	0%	0	0	0%
Operating charges	5 088 803	-8,8%	5 578 943	-3,6%	5 785 665	458 801	1009,2%
Operating profit/loss	65 094	112,2%	-532 174	-406,6%	173 590	6 819	854,6%
Financial income	20 059	4,6%	19 172	-50,6%	38 824	34	58897,1%
Financial charges	297	-99,8%	189 157	10408,7%	1 800	1 906	-84,4%
Financial profit/loss	19 762	111,6%	-169 985	-559,1%	37 023	-1 021	2035,6%
Pretax net operating income	84 856	112,1%	-702 159	-433,4%	210 614	4 680	1713,2%
Extraordinary income	11 845	-26,7%	16 167	-87,1%	124 988	1 233	860,7%
Extraordinary charges	11 511	-91,8%	140 471	16,8%	120 301	461	2397,0%
Extraordinary profit/loss	334	168,5%	-124 304	-2752,1%	4 687	0	0%
Net result	85 190	112,6%	-674 776	-547,3%	150 857	5 868	1351,8%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2010	31/12/2009	31/12/2008
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2010		31/12/2009		31/12/2008
	Grand Total (I to VI)	Net	3 748 580	12,0%	3 346 720	-26,0%	4 523 014
	Gross	CO	7 807 560	8,6%	7 187 083	-11,2%	8 093 821
	Amortisation	1A	4 058 980	5,7%	3 840 363	7,5%	3 570 807

Non declared distributed capital (I)

		31/12/2010		31/12/2009		31/12/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

			31/12/2010		31/12/2009		31/12/2008
	Total Active fixed asset (II)	Net	388 226	-29,3%	548 734	-59,5%	1 356 187
	Gross	BJ	4 273 361	0,8%	4 238 508	-11,5%	4 789 654
	Amortisation	BK	3 885 135	5,3%	3 689 773	7,5%	3 433 466

Intangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Start-up cost	Net	21 976	0%	21 976	0%	0
	Gross	AB	21 976	0%	21 976	0%	21 976
	Amortisation	AC	21 976	0%	21 976	0%	21 976
	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	17 688	0%	0	0%	5 606
	Gross	AF	162 424	12,2%	144 719	0%	144 719
	Amortisation	AG	144 736	0,0%	144 719	4,0%	139 113
	Goodwill	Net	87 317	0%	87 317	64,6%	53 048
	Gross	AH	87 317	0%	87 317	64,6%	53 048
	Amortisation	AI	2 972	0%	2 972	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	126 981	16,2%	109 293	86,3%	58 654

Tangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Lands	Net	11 598	-14,1%	13 494	-12,3%	15 390
	Gross	AN	18 964	0%	18 964	0%	18 964
	Amortisation	AO	7 366	34,7%	5 470	53,0%	3 574
	Buildings	Net	12 372	-75,7%	50 863	-43,1%	89 355
	Gross	AP	347 651	0%	347 651	0%	347 651
	Amortisation	AQ	335 279	13,0%	296 788	14,9%	258 296
	Plant	Net	116 974	-44,5%	210 688	-40,5%	353 942
	Gross	AR	3 123 060	0,3%	3 112 315	0,0%	3 110 815
	Amortisation	AS	3 006 086	3,6%	2 901 627	5,3%	2 756 873
	Other tangible fixed assets	Net	142 755	-23,5%	186 698	-21,0%	236 444
	Gross	AT	509 475	1,3%	502 917	2,6%	490 079
	Amortisation	AU	366 720	16,0%	316 219	24,7%	253 635
	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	283 699		461 743		695 131

Financial assets

			31/12/2010		31/12/2009		31/12/2008
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	0	0%	0	0%	600 000
	Gross	CU	0	0%	0	0%	600 000
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	01
	Gross	BD	0	0%	0	0%	01
	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	2 494	-5,7%	2 645	10,3%	2 397
	Gross	BH	2 494	-5,7%	2 645	10,3%	2 397
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		2 494		2 645		602 398

Current Assets (III)

			31/12/2010		31/12/2009		31/12/2008
	Total Assets	Net	3 360 354	20,1%	2 797 985	-11,6%	3 166 826
	Gross	CJ	3 534 199	19,9%	2 948 574	-10,8%	3 304 166
	Amortisation	CK	173 845	15,4%	150 589	9,6%	137 340

Stocks

			31/12/2010		31/12/2009		31/12/2008
	Raw materials	Net	59 675	-2,0%	60 912	0,3%	60 723
	Gross	BL	59 675	-2,0%	60 912	-0,4%	61 135
	Amortisation	BM	0	0%	0	0%	412
	Work in progress (goods)	Net	28 657	-43,5%	50 744	-21,5%	64 617
	Gross	BN	28 657	-43,5%	50 744	-21,5%	64 617
	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	142 943	-19,6%	177 845	15,5%	153 991
	Gross	BR	168 966	-16,7%	202 896	22,4%	165 794
	Amortisation	BS	26 023	3,9%	25 051	112,2%	11 803
	Goods for resale	Net	2 982	-18,7%	3 666	-12,6%	4 195
	Gross	BT	3 078	-19,4%	3 817	-11,8%	4 329
	Amortisation	BU	96	-36,4%	151	12,7%	134
	Sub Total Stocks	Net	234 257	-20,1%	293 167	3,4%	283 526

Advance payments to suppliers

			31/12/2010		31/12/2009		31/12/2008
	Advance payments to suppliers	Net	181	-36,3%	284	-97,8%	12 930
	Gross	BV	181	-36,3%	284	-97,8%	12 930
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2010		31/12/2009		31/12/2008
	Trade accounts receivable	Net	1 389 623	15,9%	1 199 198	-37,1%	1 906 364
	Gross	BX	1 537 349	16,1%	1 324 585	-34,8%	2 031 356
	Amortisation	BY	147 726	17,8%	125 387	0,3%	124 992
	Other debtors	Net	210 234	-11,7%	237 958	-9,4%	262 676
	Gross	BZ	210 234	-11,7%	237 958	-9,4%	262 676
	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	1 599 857	11,3%	1 437 156	-33,7%	2 169 040

Divers

			31/12/2010		31/12/2009		31/12/2008
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	1 486 937	43,9%	1 033 443	49,2%	692 765
	Gross	CF	1 486 937	43,9%	1 033 443	49,2%	692 765
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	1 486 937	43,9%	1 033 443	49,2%	692 765

Prepaid expenses

			31/12/2010		31/12/2009		31/12/2008
	Prepaid expenses	Net	39 122	15,3%	33 930	296,4%	8 560
	Gross	CH	39 122	15,3%	33 930	296,4%	8 560
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010		31/12/2009		31/12/2008
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	-	-

References

		31/12/2010		31/12/2009		31/12/2008
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to V)	EE	3 748 581	12,0%	3 346 716	-26,0%	4 523 014

Shareholder Equity (I)

			31/12/2010		31/12/2009		31/12/2008
	Total shareholders' equity (Total I)	DL	2 591 554	3,4%	2 506 363	-22,4%	3 230 759
	Equity and shareholders' equity	DA	1 100 000	0%	1 100 000	0%	1 100 000
	Issue and merger premiums	DB	381	0%	381	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	110 000	0%	110 000	0%	110 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	1 753 915	0%	1 753 915	0%	1 753 915
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	-457 932	-311,2%	216 843	87,0%	115 985
	Profit or loss for the period	DI	85 190	112,6%	-674 776	-547,3%	150 857
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

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

Provisions for risks and charges (III)

			31/12/2010		31/12/2009		31/12/2008
	Total provisions for risks and charges (Total III)	DR	289 569	335,0%	66 569	0%	0
	Risk provisions	DP	289 569	335,0%	66 569	0%	0
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2010		31/12/2009		31/12/2008
	Total Liabilities (Total IV)	EC	867 458	12,1%	773 784	-40,1%	1 292 254
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	0	0%	0	0%	0
	Sundry loans and financial liabilities	DV	0	0%	60 000	0%	60 000
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	6 404	559,5%	971	378,3%	203
	Trade accounts payables	DX	405 167	40,5%	288 396	-56,8%	667 426
	Tax and social security liabilities	DY	384 525	9,1%	352 359	-26,8%	481 416
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	20 770	143,0%	8 549	-55,2%	19 063

Translation loss (V)

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

Equalization accounts

		31/12/2010		31/12/2009		31/12/2008
Deferred income	EB	50 592	-20,3%	63 509	-1,0%	64 145

References

		31/12/2010		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	867 459	12,1%	773 786	-40,1%	1 292 254
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2010		31/12/2009		31/12/2008
Operating result (Total I-II)	GG	65 094	112,2%	-532 174	-406,6%	173 590

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	19 762	111,6%	-169 985	-559,1%	37 023

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

		31/12/2010		31/12/2009		31/12/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	84 856	112,1%	-702 159	-433,4%	210 614

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	334	100,3%	-124 304	-2752,1%	4 687

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	85 190	112,6%	-674 776	-547,3%	150 857

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	5 185 803	2,0%	5 082 112	-17,0%	6 123 069

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

		31/12/2010		31/12/2009		31/12/2008
Total charges (Total II+IV+VI+VIII+IX+X)	HM	5 100 612	-11,4%	5 756 888	-3,6%	5 972 212

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	5 153 897	2,1%	5 046 769	-15,3%	5 959 256

Operating income (details)

			31/12/2010		31/12/2009		31/12/2008
	Sale of goods for resale	FC	14 364	-38,7%	23 427	0%	0
	France	FA	14 364	-38,7%	23 427	0%	0
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	5 121 017	8,7%	4 711 833	-15,8%	5 598 612
	France	FD	4 965 720	6,6%	4 659 907	-16,8%	5 598 612
	Export	FE	155 297	199,1%	51 926	0%	0
	Sale of services	FI	10 276	42,2%	7 225	-77,4%	31 913
	France	FG	10 276	42,2%	7 225	-77,4%	31 913
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	5 145 658	8,5%	4 742 485	-15,8%	5 630 525
	France	FJ	4 990 361	6,4%	4 690 559	-16,7%	5 630 525
	Export	FK	155 297	199,1%	51 926	0%	0
	Stocked production	FM	-56 017	-341,2%	23 228	-25,3%	31 080
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	6 000	0%	0
	Release of reserves and provisions	FP	63 678	-76,8%	275 049	-7,6%	297 640
	Other income	FQ	577	8142,9%	07	-30,0%	10

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	5 088 803	-8,8%	5 578 943	-3,6%	5 785 665

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	7 061	-51,9%	14 674	0%	0
Change in stocks of goods for resale	FT	739	44,6%	511	-89,3%	4 776
Purchase of raw materials	FU	760 010	4,1%	730 020	-19,6%	907 920
Change in stocks of raw materials	FV	1 236	454,3%	223	101,0%	-23 318
Other external purchases and charges	FW	1 660 683	-7,0%	1 785 071	-9,5%	1 971 726
Tax, duty and similar payments	FX	87 517	-43,2%	154 009	-12,0%	175 060
Payroll	FY	1 411 795	-15,9%	1 677 947	-1,4%	1 701 132
Social security costs	FZ	651 759	-14,6%	762 762	-0,1%	763 176

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	210 605	-16,9%	253 334	-2,3%	259 348
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	65 256	47,4%	44 260	72,0%	25 732
Provisions for risks and charges	GD	231 000	2787,5%	8 000	0%	0

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	1 137	-99,2%	148 132	133352,3%	111

Operating charges (III-IV)

		31/12/2010		31/12/2009		31/12/2008
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			31/12/2010		31/12/2009		31/12/2008
	Total financial income (Total V)	GP	20 059	4,6%	19 172	-50,6%	38 824
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	7 261	-26,8%	9 918	-58,6%	23 966
	Other interest and similar income	GL	12 798	38,3%	9 254	-37,6%	14 828
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	0	0%	0	0%	29
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2010		31/12/2009		31/12/2008
	Total financial charge (Total VI)	GU	297	-99,8%	189 157	10408,7%	1 800
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	297	-99,8%	189 157	10408,7%	1 800
	Exchange losses	GS	0	0%	0	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary income (Total VII)	HD	11 845	-26,7%	16 167	-87,1%	124 988
	Extraordinary operating income	HA	11 745	-27,4%	16 167	99,9%	8 088
	Extraordinary income from capital transactions	HB	100	0%	0	0%	116 900
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	11 511	-91,8%	140 471	16,8%	120 301
	Extraordinary operating charges	HE	11 511	-91,8%	140 471	504,4%	23 240
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	97 061
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2010		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	0	0%	-151 687	-335,4%	64 444

References

		31/12/2010		31/12/2009		31/12/2008
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	13 678	-88,6%	119 999	-47,0%	226 419
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	66	0%	66	3,1%	64

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	OG	0	0%	0	0%	4 880 863
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	320 384
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	15 541	-97,4%	600 001	45,8%	411 593
	Gross value at the end of period	OL	4 273 361	0,8%	4 238 508	-11,5%	4 789 654

Research and development Charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	CZ	21 976	0%	21 976	0%	21 976
	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	21 976	0%	21 976	0%	21 976

Other budget item from Intangible fixed assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	KD	232 037	17,3%	197 768	9,7%	180 286
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	17 705	-48,3%	34 268	96,0%	17 482
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	249 742	7,6%	232 037	17,3%	197 768

Tangible fixed assets (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LN	3 981 846	0,4%	3 967 511	-2,7%	4 076 304
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	32 543	127,0%	14 338	-95,3%	302 800
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	15 240	0%	0	0%	411 593
	Gross value at the end of period	NH	3 999 149	0,4%	3 981 849	0,4%	3 967 511

Fiancial assets (Total IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LQ	2 645	-99,6%	602 398	0,0%	602 296
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	150	-39,3%	247	142,2%	102
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	301	-99,9%	600 001	0%	0
	Gross value at the end of period	NK	2 494	-5,7%	2 645	-99,6%	602 398

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

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	3 488 651
Increases		0P	0	0%	0	0%	259 348
Decreasess		0Q	0	0%	0	0%	314 532
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	3 433 466

Research and development charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	21 976
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	21 976

Other intangible assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	147 692	3,9%	142 085	14,6%	123 954
Increases		PF	16	-99,7%	5 606	-63,0%	15 158
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	147 708	0,0%	147 692	6,2%	139 112

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	3 520 105	7,6%	3 272 378	-2,1%	3 342 720
Increases		QV	210 589	-15,0%	247 727	1,4%	244 189
Decreases		QW	15 240	0%	0	0%	314 532
	Decreasess by budget item transfer	QX	3 715 454	5,5%	3 520 105	7,6%	3 272 378

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

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

Premium refund of obligations

			31/12/2010		31/12/2009		31/12/2008
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	21 976	0%	21 976	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7C	217 159	-32,1%	319 947	75,0%	182 828
Increases		UB	296 256	466,9%	52 260	103,1%	25 732
Decreases		UC	49 999	-67,8%	155 049	117,7%	71 220
	Value at the end of period	UD	463 416	113,4%	217 158	58,1%	137 340

Includes Total allocations

Operating	UE	296 256	466,9%	52 260	103,1%	25 732
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	49 999	-67,8%	155 049	117,7%	71 220
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

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

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	5Z	66 569	13,7%	58 569	284,5%	15 234
Increases		TV	231 000	2787,5%	8 000	0%	0
Decreases		TW	8 000	0%	0	0%	15 234
	Value at the end of period	TX	289 569	335,0%	66 569	0%	0

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	150 589	-42,4%	261 378	56,0%	167 594
Increases		TY	65 256	47,4%	44 260	72,0%	25 732
Decreases		TZ	41 999	-72,9%	155 049	176,9%	55 986
	Value at the end of period	UA	173 846	15,4%	150 589	9,6%	137 340

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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	1 789 379	11,9%	1 599 401	-31,0%	2 317 921
1 year at most	VU	1 786 885	21,7%	1 468 841	-36,6%	2 315 523
More than one year	VV	2 494	-98,1%	130 560	5346,8%	2 397

State of loans

		31/12/2010		31/12/2009		31/12/2008
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	2 494	-5,7%	2 645	10,3%	2 397
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	127 683	-0,2%	127 915	2,0%	125 364
Other claims customer	UX	1 409 665	17,8%	1 196 670	-37,2%	1 905 992
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	38	-93,7%	600	5900%	10
Social Security and other social organizations	UZ	3 694	-22,6%	4 770	0%	0
Income taxes	VM	151 687	-1,8%	154 539	0%	0
Value added tax	VB	46 492	-22,7%	60 114	700,2%	7 512
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	17 080	-74,6%	67 120
Group and Associates	VC	0	0%	0	0%	170 000
Accounts receivable (including claims relating to the operation of pension titles)	VR	8 504	647,3%	1 138	-96,3%	30 964

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	39 122	15,3%	33 930	296,4%	8 560

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	867 457	12,1%	773 783	-40,1%	1 292 254
1 year at most		VZ2	867 457	12,1%	773 783	-40,1%	1 292 254
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2010		31/12/2009		31/12/2008
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	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%	60 000	0%	60 000
1 year at most		8A2	0	0%	60 000	0%	60 000
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	405 167	40,5%	288 396	-56,8%	667 426
1 year at most		8B2	405 167	40,5%	288 396	-56,8%	667 426
More than 1 year and 5 years at most		8B3	405 167	40,5%	288 396	0%	0
	Personnel and associated accounts (gross)	8C1	79 906	-0,8%	80 542	-29,6%	114 388
1 year at most		8C2	79 906	-0,8%	80 542	-29,6%	114 388
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	179 578	4,8%	171 387	-27,7%	237 044
1 year at most		8D2	179 578	4,8%	171 387	-27,7%	237 044
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	22 496
1 year at most		8E2	0	0%	0	0%	22 496
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	77 251	52,3%	50 737	-7,3%	54 729
1 year at most		VW2	77 251	52,3%	50 737	-7,3%	54 729
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	47 789	-3,8%	49 692	-5,8%	52 757
1 year at most		VQ2	47 789	-3,8%	49 692	-5,8%	52 757
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	27 174	185,4%	9 520	-50,6%	19 266
1 year at most		8K2	27 174	185,4%	9 520	-50,6%	19 266
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	50 592	-20,3%	63 509	-1,0%	64 145
1 year at most		8L2	50 592	-20,3%	63 509	-1,0%	64 145
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

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

Table allocation results and other information
Dividends distributed

		31/12/2010		31/12/2009		31/12/2008
Dividends	ZE	0	0%	50 000	-50,0%	100 000

Commitments

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

Other charges Externes

		31/12/2010		31/12/2009		31/12/2008
Subcontracting	YT	798 276	2,9%	775 901	-35,7%	1 205 788
Rentals, rental charges and condominiums	XQ	212 643	-54,0%	461 896	112,9%	216 945
Staff outside the company	YU	18 788	12,3%	16 733	-35,4%	25 888
Remuneration intermediaries and fees (excluding fees)	SS	75 102	67,8%	44 755	8,3%	41 330
Fees, commissions and brokerage	YV	540	-86,7%	4 054	0%	0
Other accounts	ST	555 333	15,3%	481 730	0,0%	481 773
Total Other purchases and external	ZJ	1 660 683	978,3%	1 785 071	-9,5%	1 971 726

Taxes and Fees

		31/12/2010		31/12/2009		31/12/2008
Business tax	YW	39 565	-58,9%	96 247	-14,5%	112 570
Other taxes and payments assimilated	9Z	47 952	-17,0%	57 762	-7,6%	62 490
Total taxes and fees	YX	87 517	-43,2%	154 009	-12,0%	175 060

VAT

		31/12/2010		31/12/2009		31/12/2008
Amount VAT collected	YY	953 047	5,9%	899 721	-21,7%	1 148 799
Total VAT on goods and services	YZ	479 513	-7,1%	515 960	-4,6%	540 976

Average number of employees

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	44	-2,2%	45	-19,6%	56

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Fixed Asset Financing		1,58	6,0%	1,49	6,4%	1,40	1,34	17,9%
Global Debt		61 days	3,4%	59 days	-28,9%	83 days	121 days	-49,6%
Working Capital Fund overall net		174 days	10,1%	158 days	27,4%	124 days	53 days	228,3%
Financial independence		%	-	%	-	%	255,04%	-
More ratios
Solvability		69,13%	-7,7%	74,89%	4,8%	71,43%	37,13%	86,2%
Capacity debt futures		%	-	%	-	%	716,38%	-
Coverage of current assets by net working capital overall		71,33%	-0,3%	71,51%	21,8%	58,70%	38,08%	87,3%
General Liquidity		2,06	8,4%	1,90	6,1%	1,79	0,83	148,2%
Restricted Liquidity		3,77	16,7%	3,23	38,6%	2,33	1,16	225,0%

Management or rotation

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital		71 days	-13,4%	82 days	-1,2%	83 days	20 days	255,0%
Treasury		104 days	33,3%	78 days	77,3%	44 days	12 days	766,7%
Inventory turnover of goods		142 days	57,8%	90 days	-72,4%	326 days	0 days	0%
Average length of credit granted to customers		91 days	7,1%	85 days	-21,3%	108 days	70 days	30,0%
Average length of credit obtained suppliers		50 days	47,1%	34 days	-52,1%	71 days	63 days	-20,6%
More ratios
Inventory turnover of raw materials in industrial enterprises		28 days	-6,7%	30 days	25,0%	24 days	45 days	-37,8%
Inventory turnover of intermediate and finished products in the industrial enterprise		129 days	8,4%	119 days	-16,2%	142 days	281 days	-54,1%
Rotation tangible assets		128,67%	8,0%	119,10%	-16,1%	141,92%	306,21%	-58,0%

Profitability of the business

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading		0,13%	-23,5%	0,17%	312,5%	-0,08	0%	0%
Profitability of the business		9,89	232,8%	-7,45	-360,5%	2,86	4,34%	127,9%
Net profit		1,66%	111,7%	-14,23%	-631,0%	2,68%	1,52%	9,2%
More ratios
Growth rate of turnover (excluding VAT)		8,50%	153,9%	-15,77%	-47,9%	-10,66%	-0,22%	3963,6%
Rates integration		51,69%	9,7%	47,13%	-5,2%	49,74%	40,84%	26,6%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		77,58%	-28,9%	109,19%	24,1%	88%	82,50%	-6,0%
Weight interests		0,01	-99,7%	3,99%	13200%	0,03%	0,40%	-97,5%

Return on capital

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability		4,77%	139,2%	-12,16%	-314,5%	5,67%	3,99%	19,5%
Rates of economic profitability		20%	242,9%	-14%	-380,0%	5%	13,24%	51,1%
Financial profitability		2591554%	3,4%	2506363%	-22,4%	3230759%	73486%	3426,6%
Return on investment		3,30%	117,4%	-18,92%	-507,8%	4,64%	7,18%	-54,0%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Turnover	5 145 658	8,5%	4 742 485	-15,8%	5 630 525	467 830 €	999,9%

Sales of goods	14 364	-38,7%	23 427	0%	0
- Purchase of goods	7 061	-51,9%	14 674	0%	0
+/- Stock of goods variation	739	44,6%	511	-89,3%	4 776
Trading margin	6 564 €	-20,4%	8 242 €	272,6%	-4 776 €	0 €	0%
	0,13 % CA	-23,5%	0,17 % CA	312,5%	-0,08 % CA	0 % CA	0%

Sale of goods produced	5 131 293	8,7%	4 719 058	-16,2%	5 630 525
+/- Stocked production	-56 017	-341,2%	23 228	-25,3%	31 080
+ Self-constructed assets	0	0%	0	0%	0
Period production	5 075 276 €	7,0%	4 742 286 €	-16,2%	5 661 605 €	409 261 €	1140,1%
	98,63 % CA	-1,4%	100,00 % CA	-0,5%	100,55 % CA	100 % CA	-1,4%

Trading margin	6 564	-20,4%	8 242	272,6%	-4 776	0	0%
+ Period Production	5 075 276	7,0%	4 742 286	-16,2%	5 661 605	409 261	1140,1%
- Purchase of raw materials	760 010	4,1%	730 020	-19,6%	907 920
+/- Change in stocks of raw materiels	1 236	454,3%	223	101,0%	-23 318
- Other external purchases and charges	1 660 683	-7,0%	1 785 071	-9,5%	1 971 726
Added value	2 659 911 €	19,0%	2 235 214 €	-20,2%	2 800 501 €	204 035 €	1203,7%
	51,69 % CA	9,7%	47,13 % CA	-5,2%	49,74 % CA	40,84 % CA	26,6%

Added value	2 659 911 €	19,0%	2 235 214 €	-20,2%	2 800 501 €	204 035 €	1203,7%
+ Operating grants	0	0%	6 000	0%	0
- Tax, duty and similar payments	87 517	-43,2%	154 009	-12,0%	175 060
- Personal charges	2 063 554	-15,5%	2 440 709	-1,0%	2 464 308
Gross operating surplus	508 840 €	243,9%	-353 504 €	-319,4%	161 133 €	16 208 €	3039,4%
	9,89 % CA	232,8%	-7,45 % CA	-360,5%	2,86 % CA	4,34 % CA	127,9%

Gross operating surplus	508 840 €	243,9%	-353 504 €	-319,4%	161 133 €	16 208 €	3039,4%
+ Release of reserves and provisions	63 678	-76,8%	275 049	-7,6%	297 640
+ Other operating income	577	8142,9%	07	-30,0%	10
- Depreciation/Amortisation	506 861	65,9%	305 594	7,2%	285 080
- Other charges	1 137	-99,2%	148 132	133352,3%	111
Operating result	65 097 €	112,2%	-532 174 €	-406,6%	173 592 €	6 845 €	851,0%
	1,27 % CA	111,3%	-11,22 % CA	-464,3%	3,08 % CA	1,79 % CA	-29,1%

Operating result	65 097 €	112,2%	-532 174 €	-406,6%	173 592 €	6 845 €	851,0%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	20 059	4,6%	19 172	-50,6%	38 824
- Financial charges	297	-99,8%	189 157	10408,7%	1 800
Pre-tax result	84 859 €	112,1%	-702 159 €	-433,4%	210 616 €	4 658 €	1721,8%
	1,65 % CA	111,1%	-14,81 % CA	-496,0%	3,74 % CA	1,26 % CA	31,0%

Extraordinary income	11 845	-26,7%	16 167	-87,1%	124 988	1 233	860,7%
- Extraordinary charges	11 511	-91,8%	140 471	16,8%	120 301
Extraordinary result	334 €	100,3%	-124 304 €	-2752,1%	4 687 €	0 €	0%
	0,01 % CA	100,4%	-2,62 % CA	-3375,0%	0 % CA	0 % CA	0%

Pre-tax result	84 859 €	112,1%	-702 159 €	-433,4%	210 616 €	4 658 €	1721,8%
Extraordinary result	334 €	100,3%	-124 304 €	-2752,1%	4 687 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	0	0%	-151 687	-335,4%	64 444
Net result	85 193 €	112,6%	-674 776 €	-547,3%	150 859 €	5 862 €	1353,3%
	1,66 % CA	111,7%	-14,23 % CA	-631,0%	2,68 % CA	1,52 % CA	9,2%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends
					Profitability
					Liquidity
					Net worth
Type	Head office	Status	Economically active
	Formation Date	04/2002	Reason for formation	Purchase
	Closure Date		Reason for closure
	Reactivation Date		Production Role
	Activity Nature	-	Activity Location	Other
	Location surface		Seasonality

Department	Rhône (69)	Region	Rhône-Alpes
District	1	Area	35
City	BRON	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments
		Branches	2 branch entities in this company
		Head office	> VASSEL <<<  - Autre imprimerie (labeur) (1812Z)  in BRON  (69500)
		Secondary establishments	>  VASSEL SA  - Autre imprimerie (labeur) (222C)  in LYON 3EME  (69003) >  VASSEL  - Autre imprimerie (labeur) (1812Z)  in MOIRANS  (38430)
		Regionality	Legal unit with all establishments in same area
		Mono-activity status	Legal unit having all establishments with the same main activity
Workforces
	Workforce at address		20 to 49 employees	Company workforce	20 to 49 employees

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
28/10/2011	Bodacc B	Modification et mutation diverse
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 1202 - 958 512 196 RCS Lyon. VASSEL. Forme : Société par Actions Simplifiée. Enseigne : VASSEL GRAPHIQUE, IMPRIMERIE RHODANIENNE, A PLUS. Activité : L'impression et le façonnage par tous procédés, de papier, carton et autres supports, et de toute nature. L'édition, la création, la réalisation, la mise en oeuvre de tous supports de communication. Le négoce direct ou par voie électronique de tous papiers, supports et cartons manufacturés avec ou sans impression. Le routage et l'affranchissement pour le compte de tiers. Commentaires : Modification de l'activité.
08/09/2010	Bodacc C	Comptes annuels et rapports
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 10424 - 958512196 RCS. VASSEL. Forme : Société par Actions Simplifiée. Adresse : boulevard des Droits de l'Homme 69500 Bron. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
02/04/2010	Bodacc B	Modification et mutation diverse
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 2226 - 958 512 196 RCS Lyon. VASSEL. Forme : Société par Actions Simplifiée. Enseigne : VASSEL GRAPHIQUE, IMPRIMERIE RHODANIENNE, A PLUS. Commentaires : Adjonction du nom commercial.
12/03/2010	Bodacc B	Modification et mutation diverse
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 3523 - 958 512 196 RCS Lyon. VASSEL. Forme : Société par Actions Simplifiée. Administration : MALAVAL Philippe nom d'usage : MALAVAL Philippe n'est plus directeur général. Commentaires : Modification de l'administration.
26/02/2010	Bodacc B	Modification et mutation diverse
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 1761 - 958 512 196 RCS Lyon. VASSEL. Forme : Société par Actions Simplifiée. Administration : RIGAUD Etienne nom d'usage : RIGAUD Etienne n'est plus président. MALAVAL Philippe Jean Antoine nom d'usage : MALAVAL Philippe devient président. Commentaires : Modification de l'administration.
13/02/2010	JAL	Resignation / Revocation of the social representative
LE TOUT LYON ET LE MONITEUR JUDICIAIRE Date de décision : 23/11/2009 La société 958512196 - VASSEL, BD DES DROITS DE L HOMME, ZAC DU CHENE, 69500 BRON Fait l'objet du départ de Monsieur Philippe MALAVAL, LA CROIX BLANCHE, 69930 ST LAURENT DE CHAMOUSSET
07/01/2010	JAL	Appointment of the social representative
LE JOURNAL DU BATIMENT ET DES TP Société faisant objet d'une nomination : 958512196 - VASSEL, BD DES DROITS DE L HOMME, ZAC DU CHENE, 69500 BRON Nominé : Monsieur Philippe MALAVAL, LA CROIX BLANCHE, 69930 ST LAURENT DE CHAMOUSSET En la fonction de : Président
07/01/2010	JAL	Resignation / Revocation of the social representative
LE JOURNAL DU BATIMENT ET DES TP Date de décision : 23/11/2009 La société 958512196 - VASSEL, BD DES DROITS DE L HOMME, ZAC DU CHENE, 69500 BRON Fait l'objet du départ de Monsieur Etienne RIGAUD
17/09/2009	Bodacc C	Comptes annuels et rapports
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 9850 - 958512196 RCS. VASSEL. Forme : Société par Actions Simplifiée. Adresse : boulevard des Droits de l'Homme 69500 Bron. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
05/12/2008	Bodacc C	Comptes annuels et rapports
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 7724 - 958512196 RCS. VASSEL. Forme : Société par Actions Simplifiée. Adresse : boulevard des Droits de l'Homme 69500 Bron. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
20/03/2008	Bodacc B	Modification et mutation diverse
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 2446 - 958 512 196 RCS Lyon. VASSEL. Forme : Société par Actions Simplifiée. Administration : MALAVAL Philippe nom d'usage : MALAVAL Philippe devient directeur général.. Commentaires : Modification de l'administration.
04/03/2008	Bodacc C	Comptes annuels et rapports
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 3022 - 958512196 RCS. VASSEL. Forme : société par actions simplifiée. Adresse : boulevard des Droits de l'Homme 69500 Bron. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
24/01/2008	Bodacc B	Modification et mutation diverse
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 2489 - 958 512 196 RCS Lyon. VASSEL. Forme : société par actions simplifiée. Administration : NOEL Thierry Marie Edouard nom d'usage : NOEL Thierry n'est plus président.. RIGAUD Etienne nom d'usage : RIGAUD Etienne devient président.. Commentaires : Modification de l'administration.
08/10/2006	Bodacc C	Avis de dépôt des comptes
5123 - RCS Lyon B 958 512 196. RC 58-B 1219. VASSEL. Forme: S.A.S. Adresse du siège social: Boulevard des Droits de l Homm,69500 Bron. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
23/01/2006	Bodacc C	Avis de dépôt des comptes
4850 - RCS Lyon B 958 512 196. RC 58-B 1219. VASSEL. Forme: S.A.S. Adresse du siège social: Boulevard des Droits de l Homm,69500 Bron. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
05/10/2004	Bodacc B	Modifications et mutations diverses
RCS Lyon 958512196 RC 58-B 01219 VASSEL. Forme : S.A.S. Adresse du siège social : boulevard des Droits-de-l'Homme, 69500 Bron. Administration : ancien commissaire aux comptes titulaire : LECAUDE ( Philippe). Ancien commissaire aux comptes suppléant : BLOQUET (Thierry). Nouveau commissaire aux comptes titulaire : S.A. AUDIT FISCALITE ET CONSEILS. Nouveau commissaire aux comptes suppléant : S.A.R.L. SOFIAL RHONE-ALPES.
09/09/2004	Bodacc B	Modifications et mutations diverses
RCS Lyon 958512196 RC 58-B 01219 VASSEL. Forme : S.A.S. Adresse du siège social : boulevard des Droits-de-l'Homme, 69500 Bron. Administration : ancien président : ABOAB (Laurent). Nouveau président : NOEL (Thierry, Marie, Edouard).
01/04/2004	Bodacc B	Modifications et mutations diverses
RCS Lyon 958512196 RC 58-B 01219 VASSEL. Forme : S.A.S. Capital : 1 100 000 euros. Adresse du siège social : boulevard des Droits-de-l'Homme, 69500 Bron. Commentaires : modification survenue sur le capital.
20/11/2003	Bodacc B	Modifications et mutations diverses
RCS Lyon 958512196 RC 58-B 01219 VASSEL. Forme : S.A.S. Adresse du siège social : boulevard des Droits-de-l'Homme, 69500 Bron. Administration : nomination de directeurs généraux : JACQUELINE (Denis, François, Sylvain, Paul) et BRAULT ( Bernard, François, Jean).
24/04/2003	Bodacc B	Modifications et mutations diverses
RCS Lyon 958512196 RC 58-B 01219 VASSEL. Forme : S.A.S. Adresse du siège social : boulevard des Droits-de-L'Homme, 69500 Bron. Administration : président : ABOAB ( Laurent), ancien président du conseil d' administration. Anciens directeurs généraux : BRAULT (Bernard) et JACQUELINE (Denis). Anciens administrateurs : JACQUELINE (Pascale) JACQUELINE (Elise) et JACQUELINE (Maud). Commentaires : modification survenue sur la forme juridique.
24/04/2003	Bodacc B	Modifications et mutations diverses
RCS Lyon 958512196 RC 58-B 01219 VASSEL S.A. Forme : S.A. à conseil d' administration. Adresse du siège social : boulevard des Droits-de-l'Homme, 69500 Bron. Commentaires : modification survenue sur l'adresse du siège social.
24/04/2003	Bodacc B	Modifications et mutations diverses
RCS Lyon 958512196 RC 58-B 01219 VASSEL S.A. Forme : S.A. à conseil d' administration. Adresse du siège social : 74 route de Génas, 69003 Lyon. Administration : ancien président du conseil d'administration : CHABERT ( Bertrand). Nouveau président du conseil d'administration : ABOAB (Laurent).
23/05/2002	Bodacc A	Création d'établissement
RCS Lyon 958512196 A dater du: 29 octobre 1958 RC 58-B 01219 VASSEL S.A. Forme : S.A. Capital : 1 000 000 d'euros. Adresse du siège social : 74 route de Genas, 69003 Lyon Etablissement principal: Activité : imprimerie. Adresse : Z.A.C. du Chene, boulevard des Droits- de-l'Homme, 69500 Bron Branche d' activité, dépendant de l'établissement principal, acquise par achat au prix stipulé de 354 900 euros. Date d'effet : 1 e r avril 2002. Précédent propriétaire : LIPS REPROGRAPHIE. RCS Lyon 334121498 Publication légale: Les Petites affiches lyonnaises du 19 avril 2002. Oppositions : au fonds.
06/03/2002	Bodacc B	Modifications et mutations diverses
RCS Lyon 958512196 RC 58-B 01219 VASSEL S.A. Forme : S.A. Capital : 1 000 000 d' euros. Adresse du siège social : 74 route de Genas, 69003 Lyon. Commentaires : modification survenue sur le capital.
15/05/2001	Bodacc B	Modifications et mutations diverses
RCS Lyon 958512196 RC 58-B 01219 VASSEL S.A. Forme : S.A. Adresse du siège social : 74 route de Genas, 69003 Lyon. Administration : ancien président du conseil d'administration : JACQUELINE ( Denis). Nouveau président du conseil d' administration : CHABERT (Bertrand). Nouveaux directeurs généraux: BRAULT ( Bernard) et JACQUELINE (Denis).
24/09/1999	Bodacc B	Modifications et mutations diverses
958512196. RCS Lyon. RC 58-B 1219 VASSEL S.A. Forme : S.A. Capital : 1 600 000 F. Adresse du siège social : 74, route de Genas, 69003 Lyon. Commentaires : modification survenue sur le capital social. Administration : ancien administrateur et directeur général : KOSSOBOUTZKY (Serge) nouveaux administrateurs : JACQUELINE (Pascale) et JACQUELINE (Elise). Date d'effet : 23 juin 1999.
07/08/1996	Bodacc B	Modifications et mutations diverses
RCS Lyon B 958 512 196 RC 58-B 01219 VASSEL S.A. Forme : S.A. Capital : 1 000 000 de F. Adresse du siège social : 74 route de Genas, 69003 Lyon. Administration : ancien administrateur : RIGAUD (Michel) nouvel administrateur Mme MAUD JACQUELINE. Date d'effet : 14 mai 1996.

Company events history

Date	Description
28/10/2011	Bodacc B: Various editing or changing
28/09/2011	Updated articles of association
28/09/2011	Minutes of general meeting of shareholders
08/09/2011	Bodacc C : Deposit accounts notice
20/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
08/09/2010	Bodacc C : Deposit accounts notice
02/04/2010	Bodacc B: Various editing or changing
12/03/2010	Bodacc B: Various editing or changing
26/02/2010	Bodacc B: Various editing or changing
15/02/2010	Minutes of general meeting of shareholders
13/02/2010	Legal Gazette: Resignation / Revocation of the social representative
01/02/2010	Amendment
07/01/2010	Legal Gazette: Resignation / Revocation of the social representative
31/12/2009	New accounts available
23/11/2009	Legal Gazette: Appointment of the social representative
17/09/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
05/12/2008	Bodacc C : Deposit accounts notice
02/10/2008	Collection of preferential rights activated for this company
20/03/2008	New Bodacc B ads detected
20/03/2008	Bodacc B: Various editing or changing
04/03/2008	Bodacc C : Deposit accounts notice
28/02/2008	Amendment
28/02/2008	Acte modificatif
28/02/2008	Private document
28/02/2008	Appointment/resignation of company officers
24/01/2008	Bodacc B: Various editing or changing
24/01/2008	New Bodacc B ads detected
31/12/2007	New accounts available
21/12/2007	Appointment/resignation of company officers
21/12/2007	Minutes of general meeting of shareholders
21/12/2007	Acte modificatif
21/12/2007	Private document
21/12/2007	Amendment
31/12/2006	New accounts available
31/12/2005	New accounts available
30/08/2005	Private document
30/08/2005	Minutes of general meeting of shareholders
30/08/2005	PV d'Assemblée
30/08/2005	Updated articles of association
30/08/2005	Acte modificatif
30/08/2005	Amendment
30/08/2005	Acte sous seing privé
30/08/2005	Statuts mis à jour
31/12/2004	New accounts available
30/08/2004	Nomination/démission des organes de gestion
30/08/2004	Acte modificatif
30/08/2004	New auditor
30/08/2004	Changement de Commissaire aux Comptes
30/08/2004	PV d'Assemblée
30/08/2004	Acte sous seing privé
30/08/2004	Private document
30/08/2004	Appointment/resignation of company officers
30/08/2004	Minutes of general meeting of shareholders
02/08/2004	Nomination/démission des organes de gestion
02/08/2004	Appointment/resignation of company officers
02/08/2004	Acte sous seing privé
02/08/2004	Acte modificatif
02/08/2004	Private document
19/02/2004	Augmentation de Capital
19/02/2004	Acte sous seing privé
19/02/2004	PV d'Assemblée
19/02/2004	Statuts mis à jour
31/12/2003	New accounts available
08/10/2003	Nomination/démission des organes de gestion
08/10/2003	PV d'Assemblée
08/10/2003	Acte sous seing privé
13/03/2003	Changement de Président (PDG, PCA)
13/03/2003	Transfert du Siège dans le ressort du Tribunal de Commerce
13/03/2003	PV d'Assemblée
13/03/2003	PV du Conseil d'Administration
13/03/2003	Nomination/démission des organes de gestion
13/03/2003	Statuts mis à jour
13/03/2003	Acte sous seing privé
13/03/2003	Modification du Conseil d'Administration
13/03/2003	Changement de Forme Juridique sans changement de catégorie
18/07/2002	Rapport des Commissaires ou du Gérant
18/07/2002	Acte sous seing privé
17/01/2002	Statuts mis à jour
17/01/2002	PV d'Assemblée
17/01/2002	Acte sous seing privé
17/01/2002	Augmentation de Capital
17/01/2002	Conversion du Capital Social en Euros
05/04/2001	Changement de Président (PDG, PCA)
05/04/2001	Nomination/démission des organes de gestion
05/04/2001	Modification du Conseil d'Administration
05/04/2001	Acte sous seing privé
05/04/2001	PV du Conseil d'Administration
17/08/1999	PV d'Assemblée
17/08/1999	Nomination/démission des organes de gestion
17/08/1999	Acte sous seing privé
17/08/1999	Modification du Conseil d'Administration
17/08/1999	Augmentation de Capital
17/08/1999	Acte modificatif
17/08/1999	Statuts mis à jour
17/08/1999	Statuts
26/06/1996	Nomination/démission des organes de gestion
26/06/1996	Modification du Conseil d'Administration
26/06/1996	Acte modificatif
26/06/1996	PV d'Assemblée
25/08/1992	PV d'Assemblée
25/08/1992	Acte modificatif

Establishment events history

Date	Description
20/08/2011	Update Rating
20/08/2011	Update Limit
30/07/2010	Update Limit
30/07/2010	Update Rating
30/12/2009	Update Rating
31/08/2009	Update Limit
31/08/2009	Update Rating
10/11/2008	Update Rating
10/11/2008	Update Limit
03/09/2008	Update Rating
16/12/2007	Update Limit
11/12/2007	Update Limit
07/12/2007	Update Limit
27/09/2007	Update Limit

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.22
UK Pound	1	Rs.78.64
Euro	1	Rs.65.54

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%)