MIRA INFORM REPORT

Report Date :

01.09.2012

IDENTIFICATION DETAILS

Name :	ADRIMEX
Registered Office :	Codimer, Dom Aeroportuaire Nantes-C, Rue Antoine De St Exupery, 44860 Saint Aignan Grandlieu
Country :	France
Financials (as on) :	30.06.2008
Date of Incorporation :	October 1985
Com. Reg. No.:	RCS Nantes B 333 832 434
Legal Form :	Simplified Joint Stock Company
Line of Business :	Processing and preserving of fish, crustaceans and molluscs
No. of Employees :	100 to 199 employees

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Closed
Payment Behaviour :	---
Litigation :	---

NOTES:

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

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

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
France	A2	A2

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

FRANCE - ECONOMIC OVERVIEW

France was transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Under President SARKOZY, Paris implemented austerity measures that eliminated tax credits and froze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, as well as measures such as forcing banks to separate their traditional deposit taking and lending activities from more speculative businesses, increasing taxes on bank profits, introducing a new top bracket on income taxes for people earning over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil servants during his five-year term of office.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

company summary

Trade name	CODIMER
Activity (APE)	Transformation et conservation de poisson, de crustacés et de mollusques (1020Z) (Processing and preserving of fish, crustaceans and molluscs)	Legal form	Simplified joint stock company
Phone	02 28 44 53 05	RCS Registration	RCS Nantes B 333 832 434
Fax	02 40 13 18 09	Share capital	537,342 Euros
Address	ADRIMEX CODIMER DOM AEROPORTUAIRE NANTES-C RUE ANTOINE DE ST EXUPERY 44860 SAINT AIGNAN GRANDLIEU	Incorporated Date	10/1985
Nationality	France	Status	Closed

Company details

Activity (APE)	Transformation et conservation de poisson, de crustacés et de mollusques (1020Z)
RCS Registration	RCS Nantes B 333 832 434	Share capital	537,342 Euros
Registration Court	Nantes (44)	Legal form	Simplified joint stock company
Court Registry Number	85 B 00632	EU VAT Number	FR56333832434
Incorporation Date	10/1985	Formation Date	10/1985
Deregistration Date		Last account Date	30/06/2008
Nationality	France

Establishment details

Trade name	CODIMER
Activity (APE)	Transformation et conservation de poisson, de crustacés et de mollusques (1020Z)	Business Pages FT®
Postal Address	ADRIMEX CODIMER DOM AEROPORTUAIRE NANTES-C RUE ANTOINE DE ST EXUPERY 44860 SAINT AIGNAN GRANDLIEU	Trading Address	RUE ANTOINE DE ST EXUPERY 44860 SAINT AIGNAN GRANDLIEU
Telephone	02 28 44 53 05
Fax	02 40 13 18 09

Type	Head office (one site company)	Status	Closed
Formation Date	01/1986	Reason for formation	Formation
Closure Date	15/05/2009	Reason for closure	No information
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Loire-Atlantique (44)	Region	Pays de La Loire
District	2	Area	04
City	SAINT AIGNAN GRANDLIEU	Size of urban area

Other establishments

Branches	0 branch entities in this company
Head office	> ADRIMEX <<<  - Transformation et conservation de poisson, de crustacés et de mollusques (1020Z)  in SAINT AIGNAN GRANDLIEU  (44860)
Secondary establishments

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

100 to 199 employees

Company workforce

100 to 199 employees

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Name	M. GOVARE XAVIER
Manager position	Président	Date of birth	18/01/1958
Place of birth	SURESNES
Type	Individual	Name at birth

Manager position	Title and name	Date of Birth/Place of Birth
Président	M RENE ADRIEN
Président	M XAVIER GOVARE

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

537,342 Euros

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

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	30/06/2008	30/06/2007	30/09/2006
Account period (month)	12	09	12
Account Type	Normal	Normal	Normal
Deposit date	-	-	-
Activity Code	1020Z	1020Z	1020Z
Employees	143	0	113

Active account

Annual Accounts	30/06/2008		30/06/2007		30/09/2006	Sector Median 2008
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	6 465 420	41,5%	4 569 507	180,2%	1 630 871	264 109	2348,0%
- Intangible assets	24 621	72,9%	14 244	5,2%	13 537	7 623	223,0%
- Tangible assets	6 427 707	51,1%	4 254 620	220,1%	1 328 948	126 971	4962,3%
- Financial assets	13 092	-95,6%	300 645	4,3%	288 385	3 791	245,3%
Net current assets	17 959 152	-14,0%	20 874 092	-12,0%	23 710 486	710 115	2429,0%
- Stocks	8 420 524	5,2%	8 001 128	3,4%	7 739 049	89 784	9278,6%
- Advanced payments	9 588	-14,0%	0	0%	12 356	0	0%
- Receivables	8 444 545	1,1%	8 351 563	-18,1%	10 191 930	388 826	2071,8%
- Securities and cash	1 084 495	-76,0%	4 521 401	-21,6%	5 767 153	63 994	1594,7%
- Prepaid expenses	-	-	-	-	-	467	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	24 424 575	-4,0%	25 443 600	0,4%	25 341 357	1 097 989	2124,5%

Passive Account

Annual Accounts	30/06/2008		30/06/2007		30/09/2006	Sector Median 2008
Shareholders' equity	4 393 798	40,9%	3 117 805	21,6%	2 563 105	230 983	1802,2%
Share capital	537 342	0%	537 342	0%	537 342	100 000	437,3%
Other capital resources	0	0%	47 000	0%	47 000	0	0%
Risk Provisions	126 633	46,2%	86 633	0%	86 633	0	0%
Liabilities	19 904 144	-10,3%	22 192 161	-2,0%	22 644 619	702 561	2733,1%
- Financial liabilities	7 680 653	-5,2%	8 106 115	9,3%	7 418 027	124 200	6084,1%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	8 681 552	58,2%	5 487 390	-22,5%	7 080 219	238 857	3534,6%
- Tax and social liabilities	3 016 409	61,0%	1 873 858	21,9%	1 537 419	188 386	1501,2%
- Other debts and fixed assets liabilities	525 527	-92,2%	6 724 799	4,0%	6 467 350	13 952	3666,7%
Account regularization	0	0%	0	0%	141 604	0	0%
Total liabilities	24 424 575	-4,0%	25 443 600	0,4%	25 341 357	1 097 989	2124,5%

Results

Annual Accounts	30/06/2008		30/06/2007		30/09/2006	Sector Median 2008
Sales of Goods	65 062 656	45,7%	44 642 675	-22,3%	57 463 097	2 582 268	2419,6%
Net turnover	64 966 201	46,5%	44 331 570	-21,4%	56 416 862	2 529 329	2468,5%
- of which net export turnover	0	0%	4 577 391	-22,3%	5 887 647	0	0%
Operating charges	61 364 315	41,4%	43 383 580	-22,3%	55 840 142	2 403 094	2453,6%
Operating profit/loss	3 698 343	193,7%	1 259 095	-22,4%	1 622 955	37 197	9842,6%
Financial income	170 528	220,6%	53 193	-57,8%	126 010	749	22667,4%
Financial charges	693 444	54,7%	448 231	-2,3%	458 805	8 902	7689,8%
Financial profit/loss	-522 916	-32,4%	-395 039	-18,7%	-332 795	-4 713	-10995,2%
Pretax net operating income	3 175 427	267,5%	864 057	-33,0%	1 290 161	25 865	12176,9%
Extraordinary income	200 514	220,3%	62 610	-82,6%	359 773	6 181	3144,0%
Extraordinary charges	111 838	257,4%	31 296	-41,2%	53 201	3 526	3071,8%
Extraordinary profit/loss	88 676	5769,7%	31 314	-89,8%	306 572	0	0%
Net result	1 838 026	229,9%	557 159	-44,2%	999 379	26 055	6954,4%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	30/06/2008	30/06/2007	30/09/2006
Months	12	09	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			30/06/2008		30/06/2007		30/09/2006
	Grand Total (I to VI)	Net	24 424 575	-4,0%	25 443 600	0,4%	25 341 357
	Gross	CO	30 653 431	-3,8%	31 870 398	3,0%	30 943 498
	Amortisation	1A	6 228 855	-3,1%	6 426 799	14,7%	5 602 142

Non declared distributed capital (I)

		30/06/2008		30/06/2007		30/09/2006
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	-	-	-	-	-

Active fixed asset (II)

			30/06/2008		30/06/2007		30/09/2006
	Total Active fixed asset (II)	Net	6 465 420	41,5%	4 569 507	180,2%	1 630 871
	Gross	BJ	12 596 557	24,1%	10 148 675	42,6%	7 118 912
	Amortisation	BK	6 131 133	9,9%	5 579 167	1,7%	5 488 042

Intangilble fixed assets

			30/06/2008		30/06/2007		30/09/2006
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	24 621	72,9%	14 244	5,2%	13 537
	Gross	AF	237 646	10,9%	214 347	6,6%	201 103
	Amortisation	AG	213 025	6,5%	200 103	6,7%	187 566
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	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	24 621	72,9%	14 244	5,2%	13 537

Tangilble fixed assets

			30/06/2008		30/06/2007		30/09/2006
	Lands	Net	439 123	3,1%	425 870	10189,2%	4 139
	Gross	AN	446 765	3,4%	432 261	4241,7%	9 956
	Amortisation	AO	7 642	19,6%	6 391	9,9%	5 817
	Buildings	Net	3 186 395	25,1%	2 546 710	456,5%	457 645
	Gross	AP	5 766 703	18,8%	4 852 778	83,6%	2 643 641
	Amortisation	AQ	2 580 308	11,9%	2 306 068	5,5%	2 185 996
	Plant	Net	1 299 880	28,7%	1 010 144	57,5%	641 346
	Gross	AR	4 220 692	14,6%	3 683 542	9,3%	3 369 927
	Amortisation	AS	2 920 812	9,3%	2 673 398	-2,0%	2 728 581
	Other tangible fixed assets	Net	50 185	5,6%	47 506	-3,8%	49 381
	Gross	AT	459 531	4,3%	440 712	2,6%	429 464
	Amortisation	AU	409 346	4,1%	393 206	3,5%	380 083
	Fixed assets in construction	Net	336 301	78,5%	188 409	61,9%	116 348
	Gross	AV	336 301	78,5%	188 409	61,9%	116 348
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	1 115 823	3001,1%	35 981	-40,1%	60 089
	Gross	AX	1 115 823	3001,1%	35 981	-40,1%	60 089
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	6 427 707		4 254 620		1 328 948

Financial assets

			30/06/2008		30/06/2007		30/09/2006
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	13 092	0%	0	0%	15
	Gross	BD	13 092	0%	0	0%	15
	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	0	0%	300 645	4,3%	288 370
	Gross	BH	0	0%	300 645	4,3%	288 370
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		13 092		300 645		288 385

Current Assets (III)

			30/06/2008		30/06/2007		30/09/2006
	Total Assets	Net	17 959 152	-14,0%	20 874 092	-12,0%	23 710 486
	Gross	CJ	18 056 871	-16,9%	21 721 724	-8,8%	23 824 586
	Amortisation	CK	97 719	-88,5%	847 632	642,9%	114 100

Stocks

			30/06/2008		30/06/2007		30/09/2006
	Raw materials	Net	7 228 663	7,6%	6 721 113	14,0%	5 893 697
	Gross	BL	7 264 063	6,7%	6 805 063	14,8%	5 929 179
	Amortisation	BM	35 400	-57,8%	83 950	136,6%	35 482
	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	699 240	-14,0%	813 290	-46,6%	1 523 084
	Gross	BR	741 609	-52,1%	1 546 677	1,5%	1 523 084
	Amortisation	BS	42 369	-94,2%	733 387	0%	0
	Goods for resale	Net	492 621	5,5%	466 725	44,8%	322 268
	Gross	BT	493 048	3,7%	475 371	24,9%	380 549
	Amortisation	BU	427	-95,1%	8 646	-85,2%	58 281
	Sub Total Stocks	Net	8 420 524	5,2%	8 001 128	3,4%	7 739 049

Advance payments to suppliers

			30/06/2008		30/06/2007		30/09/2006
	Advance payments to suppliers	Net	9 588	0%	0	0%	12 356
	Gross	BV	9 588	0%	0	0%	12 356
	Amortisation	BW	0	0%	0	0%	0

Debtors

			30/06/2008		30/06/2007		30/09/2006
	Trade accounts receivable	Net	6 971 124	7,2%	6 501 616	5,7%	6 150 802
	Gross	BX	6 990 647	7,2%	6 523 265	5,7%	6 171 139
	Amortisation	BY	19 523	-9,8%	21 649	6,5%	20 337
	Other debtors	Net	1 175 346	-27,3%	1 616 179	49,3%	1 082 244
	Gross	BZ	1 175 346	-27,3%	1 616 179	49,3%	1 082 244
	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	8 146 470	0,4%	8 117 795	12,2%	7 233 046

Divers

			30/06/2008		30/06/2007		30/09/2006
	Investment securities	Net	0	0%	0	0%	2 520 000
	Gross	CD	0	0%	0	0%	2 520 000
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	1 084 495	-76,0%	4 521 401	39,2%	3 247 153
	Gross	CF	1 084 495	-76,0%	4 521 401	39,2%	3 247 153
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	1 084 495	-76,0%	4 521 401	-21,6%	5 767 153

Prepaid expenses

			30/06/2008		30/06/2007		30/09/2006
	Prepaid expenses	Net	298 075	27,5%	233 768	-92,1%	2 958 884
	Gross	CH	298 075	27,5%	233 768	-92,1%	2 958 884
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		30/06/2008		30/06/2007		30/09/2006
Multi-period charges	CW3	0	0%	0	0%	0
Gross		-	-	-	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		-	-	-	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		-	-	-	-	-

References

		30/06/2008		30/06/2007		30/09/2006
Due within one year	CP	0	0%	0	0%	273 540
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)

		30/06/2008		30/06/2007		30/09/2006
Grand Total (I to V)	EE	24 424 575	-4,0%	25 443 600	0,4%	25 341 357

Shareholder Equity (I)

			30/06/2008		30/06/2007		30/09/2006
	Total shareholders' equity (Total I)	DL	4 393 798	40,9%	3 117 805	21,6%	2 563 105
	Equity and shareholders' equity	DA	537 342	0%	537 342	0%	537 342
	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	53 734	0%	53 734	0%	53 734
	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	1 933 089	0,0%	1 933 090	104,4%	945 641
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	527	0%	0	0%	-11 930
	Profit or loss for the period	DI	1 838 026	229,9%	557 159	-44,2%	999 379
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	31 078	-14,8%	36 481	-6,3%	38 939

Other capital resources (II)

			30/06/2008		30/06/2007		30/09/2006
	Total other capital resources (Total II)	DO	0	0%	47 000	0%	47 000
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	47 000	0%	47 000

Provisions for risks and charges (III)

			30/06/2008		30/06/2007		30/09/2006
	Total provisions for risks and charges (Total III)	DR	126 633	46,2%	86 633	0%	86 633
	Risk provisions	DP	60 000	200%	20 000	0%	20 000
	Reserves for charges	DQ	66 633	0%	66 633	0%	66 633

Liabilities (IV)

			30/06/2008		30/06/2007		30/09/2006
	Total Liabilities (Total IV)	EC	19 904 144	-10,3%	22 192 161	-2,0%	22 644 619
	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%	7 077 994
	Sundry loans and financial liabilities	DV	7 680 653	-5,2%	8 106 115	2283,9%	340 033
	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	8 681 552	58,2%	5 487 390	-22,5%	7 080 219
	Tax and social security liabilities	DY	3 016 409	61,0%	1 873 858	21,9%	1 537 419
	Fixed asset liabilities	DZ	18 450	0%	0	0%	98 073
	Other debts	EA	507 077	-92,5%	6 724 799	5,6%	6 369 277

Translation loss (V)

		30/06/2008		30/06/2007		30/09/2006
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		30/06/2008		30/06/2007		30/09/2006
Deferred income	EB	0	0%	0	0%	141 604

References

		30/06/2008		30/06/2007		30/09/2006
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	19 692 161	-12,5%	22 505 563
Of which current bank facilities	EH	0	0%	0	0%	6 840 920

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)

		30/06/2008		30/06/2007		30/09/2006
Operating result (Total I-II)	GG	3 698 343	193,7%	1 259 095	-22,4%	1 622 955

2 - Financial result (V - VI)

		30/06/2008		30/06/2007		30/09/2006
Financial result (Total V-VI)	GV	-522 916	-32,4%	-395 039	-18,7%	-332 795

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

		30/06/2008		30/06/2007		30/09/2006
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	3 175 427	267,5%	864 057	-33,0%	1 290 161

4 - Extraordinary result (VII-VIII)

		30/06/2008		30/06/2007		30/09/2006
Extraordinary result (Total VII-VIII)	HI	88 676	183,2%	31 314	-89,8%	306 572

Profit or loss

		30/06/2008		30/06/2007		30/09/2006
Profit or loss	HN	1 838 026	229,9%	557 159	-44,2%	999 379

Total Income (I+III+V+VII)

		30/06/2008		30/06/2007		30/09/2006
Total Income (I+III+V+VII)	HL	65 433 700	46,2%	44 758 477	-22,8%	57 948 881

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

		30/06/2008		30/06/2007		30/09/2006
Total charges (Total II+IV+VI+VIII+IX+X)	HM	63 595 674	43,9%	44 201 319	-22,4%	56 949 502

Operating income (I)

		30/06/2008		30/06/2007		30/09/2006
Total operating income (Total I)	FR	65 062 656	45,7%	44 642 675	-22,3%	57 463 097

Operating income (details)

			30/06/2008		30/06/2007		30/09/2006
	Sale of goods for resale	FC	0	0%	1 913 259	-44,4%	3 442 481
	France	FA	0	0%	1 245 277	-46,7%	2 334 183
	Export	FB	0	0%	667 982	-39,7%	1 108 297
	Sale of goods produced	FF	0	0%	42 177 470	-20,0%	52 752 526
	France	FD	0	0%	38 280 868	-20,5%	48 141 955
	Export	FE	0	0%	3 896 602	-15,5%	4 610 571
	Sale of services	FI	64 966 201	26874,8%	240 840	8,6%	221 855
	France	FG	64 966 201	28389,8%	228 033	329,6%	53 076
	Export	FH	0	0%	12 807	-92,4%	168 779
	Net turnover	FL	64 966 201	46,5%	44 331 570	-21,4%	56 416 862
	France	FJ	64 966 201	63,4%	39 754 178	-21,3%	50 529 215
	Export	FK	0	0%	4 577 391	-22,3%	5 887 647
	Stocked production	FM	-805 068	-3512,2%	23 594	-97,0%	774 037
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	4 922	0%	0	0%	0
	Release of reserves and provisions	FP	896 442	211,8%	287 475	5,6%	272 151
	Other income	FQ	159	329,7%	37	-22,9%	48

Operating charges (II)

		30/06/2008		30/06/2007		30/09/2006
Total operating charges (Total II)	GF	61 364 315	41,4%	43 383 580	-22,3%	55 840 142

Exploitation charges

		30/06/2008		30/06/2007		30/09/2006
Purchase of goods for resale	FS	5 159 877	28,3%	4 023 091	-28,4%	5 618 269
Change in stocks of goods for resale	FT	-17 677	81,4%	-94 822	62,9%	-255 515
Purchase of raw materials	FU	38 716 933	40,1%	27 642 832	-23,0%	35 908 089
Change in stocks of raw materials	FV	-459 000	47,6%	-875 884	-429,7%	265 668
Other external purchases and charges	FW	10 858 789	56,3%	6 947 267	-18,3%	8 504 123
Tax, duty and similar payments	FX	796 145	-71,3%	2 771 078	201,6%	918 829
Payroll	FY	3 934 037	585,9%	573 518	-81,2%	3 044 468
Social security costs	FZ	1 771 290	37,3%	1 289 651	-8,6%	1 411 335

Depreciation

		30/06/2008		30/06/2007		30/09/2006
Depreciation of fixed assets	GA	562 943	90,8%	294 972	-12,7%	337 720
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	31 590	-96,1%	804 719	905,9%	79 998
Provisions for risks and charges	GD	5 144	0%	0	0%	0

Other charges

		30/06/2008		30/06/2007		30/09/2006
Other charges	GE	4 240	-40,8%	7 157	0,0%	7 158

Operating charges (III-IV)

		30/06/2008		30/06/2007		30/09/2006
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			30/06/2008		30/06/2007		30/09/2006
	Total financial income (Total V)	GP	170 528	220,6%	53 193	-57,8%	126 010
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	290	0%	0
	Other interest and similar income	GL	170 528	249,7%	48 771	-59,8%	121 363
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	0	0%	4 132	-11,1%	4 646
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			30/06/2008		30/06/2007		30/09/2006
	Total financial charge (Total VI)	GU	693 444	54,7%	448 231	-2,3%	458 805
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	526 886	19,6%	440 422	-2,1%	450 004
	Exchange losses	GS	166 558	2032,9%	7 809	-11,3%	8 801
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			30/06/2008		30/06/2007		30/09/2006
	Total extraordinary income (Total VII)	HD	200 514	220,3%	62 610	-82,6%	359 773
	Extraordinary operating income	HA	185 528	556,7%	28 253	-65,0%	80 706
	Extraordinary income from capital transactions	HB	0	0%	1 254	-93,9%	20 700
	Released provisions and transferred charges	HC	14 986	-54,7%	33 103	-87,2%	258 367

Extraordinary charges (VIII)

			30/06/2008		30/06/2007		30/09/2006
	Total extraordinary charges (Total VIII)	HH	111 838	257,4%	31 296	-41,2%	53 201
	Extraordinary operating charges	HE	60 896	81094,7%	75	226,1%	23
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
	Extraordinary reserves and provisions	HG	50 942	63,2%	31 221	-41,3%	53 178

Employee profit sharing (IX)

		30/06/2008		30/06/2007		30/09/2006
Employee profit sharing (Total IX)	HJ	367 283	316,7%	88 150	-46,4%	164 606

Tax on profits (X)

		30/06/2008		30/06/2007		30/09/2006
Tax on profits (Total X)	HK	1 058 791	323,4%	250 062	-42,2%	432 748

References

		30/06/2008		30/06/2007		30/09/2006
Of which equipment leases	HP	245 888	35,5%	181 406	-33,0%	270 603
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	216 288	7,2%	201 849
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)

			30/06/2008		30/06/2007		30/09/2006
	Gross value at begin of period	OG	10 147 000	42,6%	7 118 000	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	3 943 000	18,9%	3 315 000	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	1 514 000	429,4%	286 000	0%	0
	Gross value at the end of period	OL	12 597 000	24,1%	10 147 000	0%	0

Research and development Charge (Total I)

			30/06/2008		30/06/2007		30/09/2006
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			30/06/2008		30/06/2007		30/09/2006
	Gross value at begin of period	KD	214 000	6,5%	201 000	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	36 000	111,8%	17 000	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	11 000	175,0%	4 000	0%	0
	Gross value at the end of period	LW	239 000	11,7%	214 000	0%	0

Tangible fixed assets (Total III)

			30/06/2008		30/06/2007		30/09/2006
	Gross value at begin of period	LN	9 633 000	45,3%	6 629 000	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	3 425 000	4,4%	3 281 000	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	713 000	157,4%	277 000	0%	0
	Gross value at the end of period	NH	12 346 000	28,2%	9 633 000	0%	0

Fiancial assets (Total IV)

			30/06/2008		30/06/2007		30/09/2006
	Gross value at begin of period	LQ	300 000	4,2%	288 000	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	482 000	2735,3%	17 000	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	770 000	15300%	5 000	0%	0
	Gross value at the end of period	NK	13 000	-95,7%	300 000	0%	0

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

			30/06/2008		30/06/2007		30/09/2006
	Reserve for depreciation value at begin of period	0N	5 579 000	1,7%	5 487 000	0%	0
Increases		0P	552 000	86,5%	296 000	0%	0
Decreasess		0Q	0	0%	204 000	0%	0
	Reserve for depreciation value at the end of period	0R	6 131 000	9,9%	5 579 000	0%	0

Research and development charge (Total I)

			30/06/2008		30/06/2007		30/09/2006
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			30/06/2008		30/06/2007		30/09/2006
	Reserve for depreciation value at begin of period	PE	200 000	7,0%	187 000	0%	0
Increases		PF	13 000	-23,5%	17 000	0%	0
Decreasess		PG	0	0%	4 000	0%	0
	Decreasess by budget item transfer	PH	213 000	6,5%	200 000	0%	0

Total fixed assets amotisation (Total III)

			30/06/2008		30/06/2007		30/09/2006
	Reserve for depreciation value at begin of period	QU	5 379 000	1,5%	5 300 000	0%	0
Increases		QV	539 000	93,2%	279 000	0%	0
Decreases		QW	0	0%	200 000	0%	0
	Decreasess by budget item transfer	QX	5 918 000	10,0%	5 379 000	0%	0

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

			30/06/2008		30/06/2007		30/09/2006
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			30/06/2008		30/06/2007		30/09/2006
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			30/06/2008		30/06/2007		30/09/2006
	Value at begining of period	7C	972 000	305,0%	240 000	-45,4%	439 403
Increases		UB	85 000	-89,5%	812 000	529,8%	128 937
Decreases		UC	796 000	882,7%	81 000	-75,4%	328 668
	Value at the end of period	UD	261 000	-73,1%	971 000	305,1%	239 672

Includes Total allocations

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

Includes Total Withdrawal

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

Total regulated provisions (Total I)

			30/06/2008		30/06/2007		30/09/2006
	Value at begining of period	3Z	37 000	-5,1%	39 000	0%	0
Increases		TS	9 000	12,5%	8 000	-79,5%	38 939
Decreases		TT	15 000	50,0%	10 000	0%	0
	Value at the end of period	TU	31 000	-16,2%	37 000	-5,0%	38 939

Total risk and charge provisions (Total II)

			30/06/2008		30/06/2007		30/09/2006
	Value at begining of period	5Z	87 000	0%	87 000	-74,0%	335 000
Increases		TV	45 000	0%	0	0%	10 000
Decreases		TW	0	0%	0	0%	258 367
	Value at the end of period	TX	132 000	51,7%	87 000	0,4%	86 633

Total Provision for depreciation (Total III)

			30/06/2008		30/06/2007		30/09/2006
	Value at begining of period	7B	848 000	643,9%	114 000	9,2%	104 403
Increases		TY	31 000	-96,1%	804 000	905,0%	79 998
Decreases		TZ	781 000	1000%	71 000	1,0%	70 301
	Value at the end of period	UA	98 000	-88,4%	848 000	643,2%	114 100

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

		30/06/2008		30/06/2007		30/09/2006
Gross value	VT	8 166 000	0,3%	8 139 000	-64,1%	22 644 619
1 year at most	VU	8 166 000	0,3%	8 139 000	-63,8%	22 505 563
More than one year	VV	0	0%	0	0%	139 056

State of loans

		30/06/2008		30/06/2007		30/09/2006
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		30/06/2008		30/06/2007		30/09/2006
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	0	0%	0

Prepaid

		30/06/2008		30/06/2007		30/09/2006
Prepaid	VS	298 075	0%	0	0%	2 958 884

State Debt

			30/06/2008		30/06/2007		30/09/2006
	Total debt (gross)	VY	19 904 000	-10,3%	22 192 000	0%	0
1 year at most		VZ2	17 404 000	-11,6%	19 692 000	0%	0
More than 1 year and 5 years at most		VZ3	0	0%	2 500 000	0%	0
More than 5 years		VZ4	2 500 000	0%	0	0%	0

Details

			30/06/2008		30/06/2007		30/09/2006
	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	7 681 000	-5,2%	8 106 000	0%	0
1 year at most		8A2	5 181 000	-7,6%	5 606 000	0%	0
More than 1 year and 5 years at most		8A3	0	0%	2 500 000	0%	0
	Suppliers and associated accounts (gross)	8B1	8 682 000	43,0%	6 072 000	0%	0
1 year at most		8B2	8 682 000	43,0%	6 072 000	0%	0
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most		8C2	0	0%	0	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	3 016 000	60,9%	1 874 000	0%	0
1 year at most		8D2	3 016 000	60,9%	1 874 000	0%	0
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%	0	0%	0
1 year at most		VW2	0	0%	0	0%	0
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	18 000	0%	0	0%	0
1 year at most		8J2	18 000	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	507 000	-91,7%	6 140 000	0%	0
1 year at most		8K2	507 000	-91,7%	6 140 000	0%	0
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		30/06/2008		30/06/2007		30/09/2006
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		30/06/2008		30/06/2007		30/09/2006
Dividends	ZE	0	0%	0	0%	0

Commitments

		30/06/2008		30/06/2007		30/09/2006
Commitments leasing furniture	YQ	306 000	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%	20 681

Other charges Externes

		30/06/2008		30/06/2007		30/09/2006
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		30/06/2008		30/06/2007		30/09/2006
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		30/06/2008		30/06/2007		30/09/2006
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		30/06/2008		30/06/2007		30/09/2006
Average number of employees	YP	143	0%	0	0%	113

Groups and Shareholders

		30/06/2008		30/06/2007		30/09/2006
Groups and Shareholders	ZR	-	-	-	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		30/06/2008		30/06/2007		30/09/2006	Sector Median 2008
Fixed Asset Financing		1,46	-12,6%	1,67	35,8%	1,23	1,32	10,6%
Global Debt		110 days	-18,5%	135 days	-6,9%	145 days	101 days	8,9%
Working Capital Fund overall net		32 days	-22,0%	41 days	310,0%	10 days	32 days	0%
Financial independence		%	-	%	-	36,21%	212,41%	-
More ratios
Solvability		17,99%	44,6%	12,44%	20,8%	10,30%	30,21%	-40,5%
Capacity debt futures		%	-	%	-	%	586,38%	-
Coverage of current assets by net working capital overall		32,30%	2,2%	31,59%	349,4%	7,03%	28,35%	13,9%
General Liquidity		0,47	14,6%	0,41	-		0,62	-24,2%
Restricted Liquidity		0,53	-17,2%	0,64	-		0,84	-36,9%

Management or rotation

		30/06/2008		30/06/2007		30/09/2006	Sector Median 2008
Need background in operating working capital		24 days	100%	12 days	1300%	-1 days	15 days	60,0%
Treasury		6 days	-78,6%	28 days	500%	-7 days	4 days	50,0%
Inventory turnover of goods		35 days	-20,5%	44 days	69,2%	26 days	3 days	1066,7%
Average length of credit granted to customers		39 days	-26,4%	53 days	32,5%	40 days	40 days	-2,5%
Average length of credit obtained suppliers		58 days	11,5%	52 days	2,0%	51 days	51 days	13,7%
More ratios
Inventory turnover of raw materials in industrial enterprises		68 days	-21,8%	87 days	50,0%	58 days	38 days	78,9%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	460 days	-	days	397 days	-
Rotation tangible assets		526,21%	14,3%	460,21%	-	%	409,29%	28,6%

Profitability of the business

		30/06/2008		30/06/2007		30/09/2006	Sector Median 2008
Margin trading		-7,92%	-74,1%	-4,55%	-33,8%	-3,40	1,72%	-560,5%
Profitability of the business		5,24	11,7%	4,69	48,9%	3,15	4,56%	14,9%
Net profit		2,83%	124,6%	1,26%	-28,8%	1,77%	1,43%	97,9%
More ratios
Growth rate of turnover (excluding VAT)		46,55%	317,3%	-21,42%	-249,3%	14,35%	2,82%	1550,7%
Rates integration		15,24%	0,7%	15,14%	19,5%	12,67%	24,45%	-37,7%
Rate leasing furniture		0,38%	-7,3%	0,41%	-14,6%	0,48%	0%	0%
Work Factor		57,62%	107,6%	27,76%	-55,5%	62,32%	72,83%	-20,9%
Weight interests		1,07	5,9%	1,01%	24,7%	0,81%	0,49%	118,4%

Return on capital

		30/06/2008		30/06/2007		30/09/2006	Sector Median 2008
Cash flow from the overall profitability		3,77%	89,4%	1,99%	-18,1%	2,43%	3,43%	9,9%
Rates of economic profitability		28%	55,6%	18%	0%	18%	17%	64,7%
Financial profitability		4393798%	38,8%	3164805%	21,3%	2610105%	230983%	1802,2%
Return on investment		20,97%	135,1%	8,92%	-38,7%	14,54%	9,34%	124,5%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	30/06/2008		30/06/2007		30/09/2006	Sector Median 2008
Turnover	64 966 201	46,5%	44 331 570	-21,4%	56 416 862	2 529 329 €	2468,5%

Sales of goods	0	0%	1 913 259	-44,4%	3 442 481
- Purchase of goods	5 159 877	28,3%	4 023 091	-28,4%	5 618 269
+/- Stock of goods variation	-17 677	81,4%	-94 822	62,9%	-255 515
Trading margin	-5 142 200 €	-155,2%	-2 015 010 €	-4,9%	-1 920 273 €	22 789 €	-22664,4%
	-7,92 % CA	-74,1%	-4,55 % CA	-33,8%	-3,40 % CA	2,62 % CA	-402,3%

Sale of goods produced	64 966 201	53,2%	42 418 310	-19,9%	52 974 381
+/- Stocked production	-805 068	-3512,2%	23 594	-97,0%	774 037
+ Self-constructed assets	0	0%	0	0%	0
Period production	64 161 133 €	51,2%	42 441 904 €	-21,0%	53 748 418 €	897 360 €	7050,0%
	98,76 % CA	3,2%	95,74 % CA	0,5%	95,27 % CA	96,33 % CA	2,5%

Trading margin	-5 142 200	-155,2%	-2 015 010	-4,9%	-1 920 273	22 789	-22664,4%
+ Period Production	64 161 133	51,2%	42 441 904	-21,0%	53 748 418	897 360	7050,0%
- Purchase of raw materials	38 716 933	40,1%	27 642 832	-23,0%	35 908 089
+/- Change in stocks of raw materiels	-459 000	47,6%	-875 884	-429,7%	265 668
- Other external purchases and charges	10 858 789	56,3%	6 947 267	-18,3%	8 504 123
Added value	9 902 211 €	47,5%	6 712 679 €	-6,1%	7 150 265 €	673 309 €	1370,7%
	15,24 % CA	0,7%	15,14 % CA	19,5%	12,67 % CA	24,45 % CA	-37,7%

Added value	9 902 211 €	47,5%	6 712 679 €	-6,1%	7 150 265 €	673 309 €	1370,7%
+ Operating grants	4 922	0%	0	0%	0
- Tax, duty and similar payments	796 145	-71,3%	2 771 078	201,6%	918 829
- Personal charges	5 705 327	206,2%	1 863 169	-58,2%	4 455 803
Gross operating surplus	3 405 661 €	63,9%	2 078 432 €	17,1%	1 775 633 €	83 243 €	3991,2%
	5,24 % CA	11,7%	4,69 % CA	48,9%	3,15 % CA	4,56 % CA	14,9%

Gross operating surplus	3 405 661 €	63,9%	2 078 432 €	17,1%	1 775 633 €	83 243 €	3991,2%
+ Release of reserves and provisions	896 442	211,8%	287 475	5,6%	272 151
+ Other operating income	159	329,7%	37	-22,9%	48
- Depreciation/Amortisation	599 677	-45,5%	1 099 691	163,3%	417 718
- Other charges	4 240	-40,8%	7 157	0,0%	7 158
Operating result	3 698 345 €	193,7%	1 259 096 €	-22,4%	1 622 956 €	37 198 €	9842,3%
	5,69 % CA	100,4%	2,84 % CA	-1,4%	2,88 % CA	2,27 % CA	150,7%

Operating result	3 698 345 €	193,7%	1 259 096 €	-22,4%	1 622 956 €	37 198 €	9842,3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	170 528	220,6%	53 193	-57,8%	126 010
- Financial charges	693 444	54,7%	448 231	-2,3%	458 805
Pre-tax result	3 175 429 €	267,5%	864 058 €	-33,0%	1 290 161 €	25 868 €	12175,5%
	4,89 % CA	150,8%	1,95 % CA	-14,8%	2,29 % CA	1,54 % CA	217,5%

Extraordinary income	200 514	220,3%	62 610	-82,6%	359 773	6 181	3144,0%
- Extraordinary charges	111 838	257,4%	31 296	-41,2%	53 201
Extraordinary result	88 676 €	183,2%	31 314 €	-89,8%	306 572 €	0 €	0%
	0,14 % CA	100%	0,07 % CA	-87,0%	1 % CA	0 % CA	0%

Pre-tax result	3 175 429 €	267,5%	864 058 €	-33,0%	1 290 161 €	25 868 €	12175,5%
Extraordinary result	88 676 €	183,2%	31 314 €	-89,8%	306 572 €	0 €	0%
- Employee profit sharing	367 283	316,7%	88 150	-46,4%	164 606
- Tax on profits	1 058 791	323,4%	250 062	-42,2%	432 748
Net result	1 838 031 €	229,9%	557 160 €	-44,2%	999 379 €	26 054 €	6954,7%
	2,83 % CA	124,6%	1,26 % CA	-28,8%	1,77 % CA	1,44 % CA	96,5%

ADDITIONAL INFORMATION

Last published preferential right

This company is not under monitoring

Trading to Date		06/30/2008	06/30/2007		09/30/2006
Turnover		64,966,201 €	44,331,570 €		56,416,862 €
Gross Operating Surplus		5,24 % Turnover	4,69 % Turnover		3,15 % Turnover
Net worth		4,393,798 €	3,117,805 €		2,563,105 €
Employees		100 to 199 employees	-		-
	Trends
	Profitability
	Liquidity
	Net worth

Commentary

The comments are arranged in decreasing order of importance

Company is liquidated or is dissolved

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	15/07/2008	Monitored stopped since	15/07/2009
Status of Monitoring	This company is not under monitoring

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
01/09/2009	Bodacc B	Radiation
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 224 - 333 832 434 RCS Nantes. ADRIMEX. Forme : Société par actions simplifiée. Administration : Président de la société : GOVARE Xavier Daniel Commissaire aux comptes titulaire : DELOITTE & ASSOCIES Commissaire aux comptes suppléant : BEAS. Capital : 537342 EUR. Activité : Vente en gros et détail de surgelés, poissons, crustacés, produits de la mer. Adresse de l’établissement principal : rue Antoine de Saint Exupéry D, Aéroprtuaire Chateau Bougon, 44860 Saint Aignan De Grand Lieu. Adresse du siège social : rue Antoine de Saint Exupéry D, Aéroprtuaire Chateau Bougon, 44860 Saint Aignan De Grand Lieu.
28/06/2009	Bodacc B	Modification et mutation diverse
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 567 - 333 832 434 RCS Nantes. ADRIMEX. Forme : Société par actions simplifiée. Administration : Président de la société : GOVARE Xavier Daniel. Commissaire aux comptes titulaire : DELOITTE & ASSOCIES. Commissaire aux comptes suppléant : BEAS. Capital : 537342 EUR. Activité : Vente en gros et détail de surgelés, poissons, crustacés, produits de la mer. Adresse de l’établissement principal : rue Antoine de Saint Exupéry D, Aéroprtuaire Chateau Bougon, 44860 Saint Aignan De Grand Lieu. Adresse du siège social : rue Antoine de Saint Exupéry D, Aéroprtuaire Chateau Bougon, 44860 Saint Aignan De Grand Lieu. Commentaires : Cessation d'activité avec dissolution. Date de commencement de l’activité : 01/10/1985. Date d’effet : 15/05/2009.
25/02/2009	Bodacc C	Comptes annuels et rapports
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 4968 - 333832434 RCS. ADRIMEX. Forme : Société par actions simplifiée. Adresse : rue Antoine de Saint Exupéry D Aéroprtuaire Chateau Bougon 44860 Saint Aignan De Grand Lieu. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2008.
01/03/2008	Bodacc C	Comptes annuels et rapports
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 4478 - 333832434 RCS. ADRIMEX. Forme : Société par actions simplifiée. Adresse : rue Antoine de Saint Exupéry D Aéroportuaire Chateau Bougon 44860 Saint-Aignan-Grandlieu. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2007.
24/04/2007	Bodacc B	Modifications et mutations diverses
650 - RCS Nantes B 333 832 434. RC 85-B 632. ADRIMEX. Forme : S.A.S. Capital : 537 342 euros. Adresse du siège social : D.I. aéroportuaire Château-Bougon, rue Antoine-de-Saint-Exupéry,, 44860 Administration : président : GOVARE (Xavier, Daniel). Commissaire aux comptes titulaire : K.P.M.G. S.A. Commissaire aux comptes suppléant : DE GOUVILLE (Christian). Ancienne administration : ancien P.-D.G. : ADRIEN (René). Etablissement principal - Activité : vente en gros ou au détail de surgelés, de poisson, de crustacés et de produits de la mer. Adresse : D.I. aéroportuaire Château-Bougon, rue Antoine-de-Saint-Exupéry, 44860 Date d'effet : 19 février 2007.
04/03/2007	Bodacc C	Avis de dépôt des comptes
3114 - RCS Nantes B 333 832 434. RC 85-B 632. ADRIMEX. Forme: SAS . Adresse du siège social: rue Antoine de Saint Exupery- Dia Aeroportuaire Château Bougon,44860 Saint-Aignan-de-Grand-Lieu. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2006.
11/07/2006	Bodacc B	Modifications et mutations diverses
0663 - RCS Nantes B 333 832 434. RC 85-B 632. ADRIMEX. Forme : S.A.S. Capital : 537 342 euros. Adresse du siège social : D.I.A. aéroportuaire Château-Bougon, rue Antoine-de-Saint-Exupéry,, 44860 Administration : président : ADRIEN (René). Commissaire aux comptes titulaire : K.P.M.G. S.A. Commissaire aux comptes suppléant : DE GOUVILLE (Christian). Ancienne administration : ancien commissaire aux comptes suppléant : USUREAU (Jean-Jacques). Etablissement principal - Activité : vente en gros, au détail de surgelés, de poisson, de crustacés et de produits de la mer. Adresse : D.I.A. aéroportuaire Château-Bougon, rue Antoine-de-Saint-Exupéry, 44860 Date d'effet : 8 février 2006.
10/05/2006	Bodacc C	Avis de dépôt des comptes
1556 - RCS Nantes B 333 832 434. RC 85-B 632. ADRIMEX. Forme: SAS . Adresse du siège social: rue Antoine de Saint Exupery- Dia Aeroportuaire Château Bougon,44860 Saint-Aignan-de-Grand-Lieu. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2005.
29/04/2005	Bodacc C	Avis de dépôt des comptes
1807 - RCS Nantes B 333 832 434. RC 85-B 632. ADRIMEX. Forme: SAS . Adresse du siège social: rue Antoine de Saint Exupery- Dia Aeroportuaire Château Bougon,44860 Saint-Aignan-Grandlieu. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2004.
04/06/2002	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Nantes B 333832434 RC 85-B 632 ADRIMEX. Forme : S.A. à conseil d'administration. Capital : 680 000 euros. Adresse : rue Antoine-de-Saint-Exupéry, Dia aéroportuaire Chateau Bougon, 44860 Saint-Aignan-de-Grand-Lieu. Administration : commissaire aux comptes titulaire : K.P.M.G. S.A. Commissaire aux comptes suppléant : USUREAU (Jean- Jacques). Président : ADRIEN (René). Anciens administrateurs : ADRIEN ( Michel, Emile, Léon) S.A. GROUPE ADRIEN ADRIEN (Jean-Michel, Christian) . Ancien président du conseil d' administration : ADRIEN (René) Nouvelle situation du siège social. Forme : S.A.S. Capital : 537 342 euros Etablissement principal: Activité : vente en gros et au détail de surgelés, de poisson, de crustacés et de produits de la mer. Adresse : rue Antoine-de-Saint-Exupéry, Dia aéroportuaire Chateau Bougon, 44860 Saint-Aignan-de-Grand-Lieu. Date d'effet : 14 mars 2002.
31/05/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Nantes B 333832434 RC 85-B 632 ADRIMEX. Forme : S.A. à conseil d'administration. Capital : 5 000 000 de F. Adresse : D.I.A. aéroportuaire Chateau-Bougon, rue Antoine-de-Saint-Exupéry, 44860 Saint- Aignan-Grandlieu Nouvelle situation du siège social. Capital : 680 000 euros Etablissement principal: Activité : vente en gros et au détail de surgelés, de poissons, de crustacés et de produits de la mer. Adresse : D.I.A. aéroportuaire Chateau-Bougon, rue Antoine-de-Saint-Exupéry, 44860 Saint- Aignan-Grandlieu. Commentaires : augmentation du capital. Date d'effet : 20 mars 2001.
20/09/2000	Bodacc B	Modifications et mutations diverses
RCS Nantes B 333832434 RC 85-B 632 ADRIMEX. Forme : S.A. à conseil d' administration. Capital : 5 000 000 de F. Adresse du siège social : D.I.A. Aéroportuaire Chateau Bougon, rue Antoine-de-Saint-Exupéry, 44860 Saint- Aignan-Grandlieu Etablissement principal: Activité : vente en gros, au détail de surgelés, de poisson, de crustacés et de produits de la mer. Adresse : D.I.A. Aéroportuaire Chateau Bougon, rue Antoine-de-Saint-Exupéry, 44860 Saint-Aignan-Grandlieu. Commentaires : fusion-absorption de la S. A. CODIMER-CONDITIONNEMENT ET DISTRIBUTION DES PRODUITS DE LA MER,. RCS Nantes 378 104 954, rus Saint- Exupéry, Chateau-Bougon, 44860 Saint- Aignan-de-Grand-Lieu, sans augmentation de capital social. Date d'effet : 31 juillet 2000.
25/04/1999	Bodacc B	Modifications et mutations diverses
RCS Nantes B 333 832 434 RC 85-B 00632 ADRIMEX. Forme : S.A. Capital : 5 000 000 de F. Adresse du siège social : D.I.A. aéroportuaire Chateau Bougon, rue Antoine-de-Saint-Exupéry 44860 Saint- Aignan-de-Grand-Lieu Etablissement principal: Activité : vente en gros ou au détail de surgelés, de poisson, de crustacés et de produits de la mer. Adresse : D.I.A. aéroportuaire, Chateau Bougon, rue Antoine-de-Saint-Exupéry 44860 Saint-Aignan-de-Grand-Lieu. Administration : président du conseil d' administration : ADRIEN (René). Administrateurs : ADRIEN (Michel, Emile, Léon) et ADRIEN (Jean-Michel, Christian) . Commissaire aux comptes titulaire : FIDUCIAIRE DE FRANCE. Commissaire aux comptes suppléant : USUREAU (Jean- Jacques). Nouveau représentant de la S. A. GROUPE ADRIEN, administrateur : ADRIEN (Jeannine). Date d'effet : 25 janvier 1999.

Company events history

Date	Description
06/05/2011	Disengagement of the group
01/09/2009	Bodacc B: Radiation
28/06/2009	Bodacc B: Various editing or changing
18/06/2009	Winding up
18/06/2009	Private document
15/05/2009	Legal suspension of Company
25/02/2009	Bodacc C : Deposit accounts notice
15/07/2008	Collection of preferential rights activated for this company
30/06/2008	New accounts available
01/03/2008	Bodacc C : Deposit accounts notice
30/01/2008	Private document
30/01/2008	Appointment/resignation of company officers
30/01/2008	Minutes of general meeting of shareholders
30/01/2008	New auditor
30/06/2007	New accounts available
26/06/2007	Updated articles of association
26/06/2007	Minutes of general meeting of shareholders
26/06/2007	Private document
26/06/2007	New closing date
01/06/2007	Private document
01/06/2007	Updated articles of association
01/06/2007	Minutes of general meeting of shareholders
29/03/2007	Appointment/resignation of company officers
29/03/2007	Updated articles of association
29/03/2007	Minutes of general meeting of shareholders
29/03/2007	Private document
30/09/2006	New accounts available
13/06/2006	PV d'Assemblée
13/06/2006	Minutes of general meeting of shareholders
13/06/2006	Acte sous seing privé
13/06/2006	Private document
13/06/2006	Nomination/démission des organes de gestion
13/06/2006	Appointment/resignation of company officers
30/09/2005	New accounts available
30/09/2004	New accounts available
30/09/2003	New accounts available
02/04/2003	Reconstitution de l'Actif Net
02/04/2003	Acte sous seing privé
02/04/2003	PV d'Assemblée
21/05/2002	Nomination/démission des organes de gestion
21/05/2002	Rapport des Commissaires ou du Gérant
21/05/2002	Acte sous seing privé
21/05/2002	Changement de Forme Juridique sans changement de catégorie
21/05/2002	PV d'Assemblée
21/05/2002	Réduction de Capital
21/05/2002	Augmentation de Capital
21/05/2002	Statuts mis à jour
18/10/2001	Augmentation de Capital
18/10/2001	PV du Conseil d'Administration
18/10/2001	Acte sous seing privé
15/05/2001	Acte sous seing privé
15/05/2001	PV d'Assemblée
15/05/2001	Augmentation de Capital
15/05/2001	Conversion du Capital Social en Euros
15/05/2001	Statuts mis à jour
15/05/2001	Réduction de Capital
04/09/2000	Acte sous seing privé
04/09/2000	Déclaration de conformité
04/09/2000	Statuts mis à jour
04/09/2000	PV d'Assemblée
27/06/2000	Projet de Fusion
27/06/2000	Acte sous seing privé
20/04/2000	Nomination/démission des organes de gestion
20/04/2000	Requête et Ordonnance
22/03/1999	PV du Conseil d'Administration
22/03/1999	Nomination/démission des organes de gestion
22/03/1999	Acte sous seing privé
23/04/1992	PV d'Assemblée
23/04/1992	PV du Conseil d'Administration
23/04/1992	Augmentation de Capital
23/04/1992	Statuts mis à jour
23/04/1992	Déclaration de conformité
22/11/1991	Augmentation de Capital
22/11/1991	Déclaration de conformité
22/11/1991	Statuts mis à jour
22/11/1991	PV d'Assemblée

Establishment events history

Date	Description
15/06/2009	Update Limit
15/06/2009	Update Rating
29/05/2009	Update of phone numbers
15/05/2009	Closure of Head office
19/02/2009	Update Limit
22/02/2008	Update Limit
16/12/2007	Update Limit
09/12/2007	Update Limit

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.72
UK Pound	1	Rs.87.95
Euro	1	Rs.69.66

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

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

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

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

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

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

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