MIRA INFORM REPORT

Report Date :

12.09.2012

IDENTIFICATION DETAILS

Name :	SOCIETE MAG
Registered Office :	Centra 366, 1 Rue De La Corderie, 94596 Rungis Cedex
Country :	France
Financials (as on) :	30.09.2011
Date of Incorporation :	September 1982
Com. Reg. No.:	RCS Creteil 8 325 423 572
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale (intercompany trade) of frozen products
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

Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

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

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

Activity (APE)	Commerce de gros (commerce interentreprises) de produits surgelés (4639A) (Wholesale (intercompany trade) of frozen products (4639A))	Legal form	Simplified joint stock company
Phone	01 56 70 03 46	RCS Registration	RCS Creteil 8 325 423 572
Fax		Share capital	2,100,000 Euros
Address	SOCIETE MAG CENTRA 366 1 RUE DE LA CORDERIE 94596 RUNGIS CEDEX	Incorporated Date	09/1982
Nationality	France	Status	Economically active

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) de produits surgelés (4639A)
RCS Registration	RCS Creteil 8 325 423 572	Share capital	2,100,000 Euros
Registration Court	Creteil (94)	Legal form	Simplified joint stock company
Court Registry Number	19 8 6B238	EU VAT Number	FR66325423572
Incorporation Date	09/1982	Formation Date	10/1982
Deregistration Date		Last account Date	30/09/2011
Nationality	France

Ultimate Parent

1 ultimate parent company for this company >  LMG FINANCE  - Activités des sociétés holding (6420Z)  in CHEVILLY LARUE  (94550)

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) de produits à base de viande (4632B)	Business Pages FT®
Postal Address	SOCIETE MAG CENTRA 366 1 RUE DE LA CORDERIE 94596 RUNGIS CEDEX	Trading Address	1 RUE DE LA CORDERIE 94550 CHEVILLY LARUE
Telephone	01 56 70 03 46
Fax

Type	Head office	Status	Economically active
Formation Date	09/2001	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Val-de-Marne (94)	Region	Ile-de-France
District	3	Area	42
City	CHEVILLY LARUE	Size of urban area	Paris conglomeration

Other establishments

Branches	2 branch entities in this company
Head office	> SOCIETE MAG <<<  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A)  in CHEVILLY LARUE  (94550)
Secondary establishments	>  SOCIETE MAG  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A)  in MARSEILLE 6  (13006) >  SOCIETE MAG  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A)  in MARSEILLE 1  (13001)

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 50 to 80% of workforce

Workforces

Workforce at address

10 to 19 employees

Company workforce

20 to 49 employees

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Shareholder(s)

Name	LMG FINANCE
Name of representative	M GERARDIN JEAN-CLAUDE
Manager position	Président	Date of birth	07/07/1955
Place of birth	PARIS
Type	Moral person	Name at birth

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

2,100,000 Euros

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	LMG FINANCE	438983645

Group data

Ultimate parent company	LMG FINANCE
Direct parent	LMG FINANCE - 99.99 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

Go directly to the current company

Display only where participation % > 33 %

Raison sociale	SIREN	Parts	Score	Limite	Derniers comptes publiés
LMG FINANCE	438983645	-	98	77 500 €	30/09/2011
HUBCO	339273492	100%	100	870 000 €	30/09/2011
SOCIETE MAG	325423572	99.99%	100	1 470 000 €	30/09/2011

Type of shareholder

Shareholders

Linkages

Ultimate parent company	LMG FINANCE
Direct parent	LMG FINANCE - 99.99 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	30/09/2011	30/09/2010	30/09/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	30/04/2012	02/03/2011	15/02/2010
Activity Code	4639A	4639A	4639A
Employees	0	0	0

Active account

Annual Accounts	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	257 687	-19,0%	318 265	7,9%	294 839	100 217	157,1%
- Intangible assets	0	0%	0	0%	0	319	0%
- Tangible assets	202 914	-23,5%	265 196	12,7%	235 289	31 761	538,9%
- Financial assets	54 773	3,2%	53 069	-10,9%	59 550	9 634	468,5%
Net current assets	20 183 382	16,4%	17 338 242	24,2%	13 955 181	1 990 323	914,1%
- Stocks	12 754 125	76,2%	7 239 875	1,2%	7 154 724	375 155	3299,7%
- Advanced payments	0	16,4%	0	0%	0	0	0%
- Receivables	6 682 994	-28,6%	9 359 403	57,2%	5 954 766	1 009 864	561,8%
- Securities and cash	746 263	1,0%	738 964	-12,6%	845 691	172 826	331,8%
- Prepaid expenses	-	-	-	-	-	2 032	-
Accounts of regularization	9 560	0%	0	0%	0	0	0%
Total Assets	20 450 629	15,8%	17 656 507	23,9%	14 250 020	2 251 385	808,4%

Passive Account

Annual Accounts	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Shareholders' equity	5 121 143	46,7%	3 491 970	13,7%	3 070 633	693 370	638,6%
Share capital	2 000 000	0%	2 000 000	0%	2 000 000	80 000	2400%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	134 560	-36,9%	213 219	10,8%	192 450	0	0%
Liabilities	15 191 310	8,9%	13 951 319	27,0%	10 986 936	1 459 751	940,7%
- Financial liabilities	8 324 351	30,3%	6 389 909	60,8%	3 972 843	94 864	8675,0%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	5 281 007	-13,3%	6 090 787	4,8%	5 812 355	747 644	606,4%
- Tax and social liabilities	1 568 339	9,1%	1 437 543	20,4%	1 193 734	132 807,50	1080,9%
- Other debts and fixed assets liabilities	21 060	-36,3%	33 079	313,3%	8 004	11 373	85,2%
Account regularization	170	0%	0	0%	0	0	0%
Total liabilities	20 450 629	15,8%	17 656 507	23,9%	14 250 020	2 251 385	808,4%

Results

Annual Accounts	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Sales of Goods	69 323 403	5,7%	65 611 858	0,5%	65 287 659	5 759 655	1103,6%
Net turnover	68 824 799	6,0%	64 951 640	0,1%	64 879 743	5 749 583	1097,0%
- of which net export turnover	0	0%	0	0%	0	0	0%
Operating charges	65 811 890	3,0%	63 879 054	0,3%	63 661 372	5 595 823	1076,1%
Operating profit/loss	3 511 513	102,6%	1 732 804	6,5%	1 626 287	107 843	3156,1%
Financial income	120 646	501,1%	20 070	23,2%	16 294	2 472	4780,5%
Financial charges	261 301	45,2%	179 904	-57,0%	418 188	6 295	4050,9%
Financial profit/loss	-140 655	12,0%	-159 834	60,2%	-401 894	-1 668	-8332,6%
Pretax net operating income	3 370 858	114,3%	1 572 970	28,5%	1 224 393	98 476	3323,0%
Extraordinary income	214 981	-9,5%	237 657	272,1%	63 875	3 761	5616,1%
Extraordinary charges	1 559 095	1521,7%	96 137	30,4%	73 729	3 042	51152,3%
Extraordinary profit/loss	-1 344 114	835,7%	141 520	1536,2%	-9 854	0	0%
Net result	1 324 234	16,4%	1 137 648	41,8%	802 265	74 848	1669,2%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	30/09/2011	30/09/2010	30/09/2009
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			30/09/2011		30/09/2010		30/09/2009
	Grand Total (I to VI)	Net	20 450 629	15,8%	17 656 507	23,9%	14 250 020
	Gross	CO	21 070 683	13,9%	18 507 171	21,0%	15 294 196
	Amortisation	1A	620 054	-27,1%	850 664	-18,5%	1 044 176

Non declared distributed capital (I)

		30/09/2011		30/09/2010		30/09/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			30/09/2011		30/09/2010		30/09/2009
	Total Active fixed asset (II)	Net	257 687	-19,0%	318 265	7,9%	294 839
	Gross	BJ	743 057	-2,5%	762 308	-0,1%	763 252
	Amortisation	BK	485 370	9,3%	444 043	-5,2%	468 413

Intangilble fixed assets

			30/09/2011		30/09/2010		30/09/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	0	0%	0
	Gross	AF	112 070	-9,7%	124 040	-4,3%	129 569
	Amortisation	AG	112 070	-9,7%	124 040	-4,3%	129 569
	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	0	0%	0	0%	0

Tangilble fixed assets

			30/09/2011		30/09/2010		30/09/2009
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	0	0%	0	0%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	0	0%	0	0%	0
	Gross	AR	0	0%	0	0%	0
	Amortisation	AS	0	0%	0	0%	0
	Other tangible fixed assets	Net	202 914	-23,5%	265 196	12,7%	235 289
	Gross	AT	576 214	-1,5%	585 199	1,9%	574 133
	Amortisation	AU	373 300	16,7%	320 003	-5,6%	338 844
	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	202 914		265 196		235 289

Financial assets

			30/09/2011		30/09/2010		30/09/2009
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	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	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	14 112	-6,6%	15 112	-37,4%	24 137
	Gross	BF	14 112	0%	15 112	0%	24 137
	Amortisation	BG	0		0		0
	Other financial assets	Net	40 661	7,1%	37 957	7,2%	35 413
	Gross	BH	40 661	7,1%	37 957	7,2%	35 413
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		54 773		53 069		59 550

Current Assets (III)

			30/09/2011		30/09/2010		30/09/2009
	Total Assets	Net	20 183 382	16,4%	17 338 242	24,2%	13 955 181
	Gross	CJ	20 318 066	14,5%	17 744 863	22,1%	14 530 944
	Amortisation	CK	134 684	-66,9%	406 621	-29,4%	575 763

Stocks

			30/09/2011		30/09/2010		30/09/2009
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	12 754 125	76,2%	7 239 875	1,2%	7 154 724
	Gross	BT	12 870 644	69,5%	7 594 177	-0,8%	7 656 783
	Amortisation	BU	116 519	-67,1%	354 302	-29,4%	502 059
	Sub Total Stocks	Net	12 754 125	76,2%	7 239 875	1,2%	7 154 724

Advance payments to suppliers

			30/09/2011		30/09/2010		30/09/2009
	Advance payments to suppliers	Net	0	0%	0	0%	0
	Gross	BV	0	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			30/09/2011		30/09/2010		30/09/2009
	Trade accounts receivable	Net	5 147 874	-0,9%	5 193 840	183,5%	1 832 346
	Gross	BX	5 166 039	-1,5%	5 246 159	175,2%	1 906 050
	Amortisation	BY	18 165	-65,3%	52 319	-29,0%	73 704
	Other debtors	Net	1 415 697	17,4%	1 205 959	3,8%	1 162 052
	Gross	BZ	1 415 697	17,4%	1 205 959	3,8%	1 162 052
	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	6 563 571	2,6%	6 399 799	113,7%	2 994 398

Divers

			30/09/2011		30/09/2010		30/09/2009
	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	746 263	1,0%	738 964	-12,6%	845 691
	Gross	CF	746 263	1,0%	738 964	-12,6%	845 691
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	746 263	1,0%	738 964	-12,6%	845 691

Prepaid expenses

			30/09/2011		30/09/2010		30/09/2009
	Prepaid expenses	Net	119 423	-96,0%	2 959 604	0,0%	2 960 368
	Gross	CH	119 423	-96,0%	2 959 604	0,0%	2 960 368
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		30/09/2011		30/09/2010		30/09/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	9 560	0%	0	0%	0
Gross		9 560	0%	0	0%	0

References

		30/09/2011		30/09/2010		30/09/2009
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)

		30/09/2011		30/09/2010		30/09/2009
Grand Total (I to V)	EE	20 450 629	15,8%	17 656 507	23,9%	14 250 020

Shareholder Equity (I)

			30/09/2011		30/09/2010		30/09/2009
	Total shareholders' equity (Total I)	DL	5 121 143	46,7%	3 491 970	13,7%	3 070 633
	Equity and shareholders' equity	DA	2 000 000	0%	2 000 000	0%	2 000 000
	Issue and merger premiums	DB	0	0%	0	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	200 000	0%	200 000	0%	200 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	02
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	161 906	4,9%	154 322	125,7%	68 366
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	0	0%	0
	Profit or loss for the period	DI	1 324 234	16,4%	1 137 648	41,8%	802 265
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	1 435 003	0%	0	0%	0

Other capital resources (II)

			30/09/2011		30/09/2010		30/09/2009
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			30/09/2011		30/09/2010		30/09/2009
	Total provisions for risks and charges (Total III)	DR	134 560	-36,9%	213 219	10,8%	192 450
	Risk provisions	DP	134 560	-36,9%	213 219	10,8%	192 450
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			30/09/2011		30/09/2010		30/09/2009
	Total Liabilities (Total IV)	EC	15 191 310	8,9%	13 951 319	27,0%	10 986 936
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	7 504 652	18,0%	6 359 149	81,7%	3 499 864
	Sundry loans and financial liabilities	DV	819 699	2564,8%	30 760	-93,5%	472 979
	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	5 281 007	-13,3%	6 090 787	4,8%	5 812 355
	Tax and social security liabilities	DY	1 568 339	9,1%	1 437 543	20,4%	1 193 734
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	17 444	-47,3%	33 079	313,3%	8 004

Translation loss (V)

		30/09/2011		30/09/2010		30/09/2009
Translation loss (Total V)	ED	3 616	0%	0	0%	0

Equalization accounts

		30/09/2011		30/09/2010		30/09/2009
Deferred income	EB	170	0%	0	0%	0

References

		30/09/2011		30/09/2010		30/09/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	15 188 670	8,9%	13 951 880	27,2%	10 969 156
Of which current bank facilities	EH	7 504 737	18,0%	6 359 149	81,7%	3 499 864

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)

		30/09/2011		30/09/2010		30/09/2009
Operating result (Total I-II)	GG	3 511 513	102,6%	1 732 804	6,5%	1 626 287

2 - Financial result (V - VI)

		30/09/2011		30/09/2010		30/09/2009
Financial result (Total V-VI)	GV	-140 655	12,0%	-159 834	60,2%	-401 894

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

		30/09/2011		30/09/2010		30/09/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	3 370 858	114,3%	1 572 970	28,5%	1 224 393

4 - Extraordinary result (VII-VIII)

		30/09/2011		30/09/2010		30/09/2009
Extraordinary result (Total VII-VIII)	HI	-1 344 114	-1049,8%	141 520	1536,2%	-9 854

Profit or loss

		30/09/2011		30/09/2010		30/09/2009
Profit or loss	HN	1 324 234	16,4%	1 137 648	41,8%	802 265

Total Income (I+III+V+VII)

		30/09/2011		30/09/2010		30/09/2009
Total Income (I+III+V+VII)	HL	69 659 030	5,8%	65 869 585	0,8%	65 367 828

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

		30/09/2011		30/09/2010		30/09/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	68 334 796	5,6%	64 731 936	0,3%	64 565 564

Operating income (I)

		30/09/2011		30/09/2010		30/09/2009
Total operating income (Total I)	FR	69 323 403	5,7%	65 611 858	0,5%	65 287 659

Operating income (details)

			30/09/2011		30/09/2010		30/09/2009
	Sale of goods for resale	FC	68 249 888	5,4%	64 737 880	0,4%	64 481 578
	France	FA	68 249 888	5,4%	64 737 880	0,4%	64 481 578
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	574 911	169,0%	213 760	-46,3%	398 165
	France	FG	574 911	169,0%	213 760	-46,3%	398 165
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	68 824 799	6,0%	64 951 640	0,1%	64 879 743
	France	FJ	68 824 799	6,0%	64 951 640	0,1%	64 879 743
	Export	FK	0	0%	0	0%	0
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	858	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	493 863	-19,4%	612 692	52,9%	400 626
	Other income	FQ	4 741	-89,8%	46 668	540,2%	7 290

Operating charges (II)

		30/09/2011		30/09/2010		30/09/2009
Total operating charges (Total II)	GF	65 811 890	3,0%	63 879 054	0,3%	63 661 372

Exploitation charges

		30/09/2011		30/09/2010		30/09/2009
Purchase of goods for resale	FS	62 108 525	15,6%	53 739 980	-1,5%	54 543 268
Change in stocks of goods for resale	FT	-5 276 467	-8528,1%	62 606	-12,4%	71 464
Purchase of raw materials	FU	91 442	-86,6%	681 333	14,8%	593 643
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	6 247 155	-3,0%	6 441 236	16,0%	5 552 981
Tax, duty and similar payments	FX	298 706	21,7%	245 391	-7,3%	264 585
Payroll	FY	1 386 004	-2,0%	1 413 968	8,7%	1 300 220
Social security costs	FZ	734 020	1,4%	724 097	4,7%	691 757

Depreciation

		30/09/2011		30/09/2010		30/09/2009
Depreciation of fixed assets	GA	100 953	38,6%	72 845	-1,0%	73 616
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	119 194	-70,1%	398 907	-27,7%	551 695
Provisions for risks and charges	GD	0	0%	5 000	0%	0

Other charges

		30/09/2011		30/09/2010		30/09/2009
Other charges	GE	2 358	-97,5%	93 691	416,4%	18 143

Operating charges (III-IV)

		30/09/2011		30/09/2010		30/09/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			30/09/2011		30/09/2010		30/09/2009
	Total financial income (Total V)	GP	120 646	501,1%	20 070	23,2%	16 294
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	32 326	61,1%	20 070	25,7%	15 965
	Released provisions and transferred charges	GM	88 219	0%	0	0%	0
	Exchange gains	GN	100	0%	0	0%	329
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			30/09/2011		30/09/2010		30/09/2009
	Total financial charge (Total VI)	GU	261 301	45,2%	179 904	-57,0%	418 188
	Financial reserves and provisions	GQ	9 560	-85,5%	65 917	-56,8%	152 450
	Interest and similar charges	GR	165 133	45,5%	113 500	-57,3%	265 733
	Exchange losses	GS	86 608	17684,0%	487	9640,0%	05
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			30/09/2011		30/09/2010		30/09/2009
	Total extraordinary income (Total VII)	HD	214 981	-9,5%	237 657	272,1%	63 875
	Extraordinary operating income	HA	1 267	-99,2%	155 176	41280,3%	375
	Extraordinary income from capital transactions	HB	213 714	2030,5%	10 031	-84,2%	63 500
	Released provisions and transferred charges	HC	0	0%	72 450	0%	0

Extraordinary charges (VIII)

			30/09/2011		30/09/2010		30/09/2009
	Total extraordinary charges (Total VIII)	HH	1 559 095	1521,7%	96 137	30,4%	73 729
	Extraordinary operating charges	HE	30 550	1321,6%	2 149	-85,0%	14 288
	Extraordinary charges from capital transactions	HF	93 328	-0,7%	93 988	58,1%	59 441
	Extraordinary reserves and provisions	HG	1 435 217	0%	0	0%	0

Employee profit sharing (IX)

		30/09/2011		30/09/2010		30/09/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		30/09/2011		30/09/2010		30/09/2009
Tax on profits (Total X)	HK	702 510	21,8%	576 841	39,9%	412 275

References

		30/09/2011		30/09/2010		30/09/2009
Of which equipment leases	HP	0	0%	3 540	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	102 732	53,5%	66 946	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			30/09/2011		30/09/2010		30/09/2009
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	492
	Decreasess by transfers	OK2	130 928	13,8%	115 047	1,4%	113 481
	Gross value at the end of period	OL	743 058	-2,5%	762 308	-0,1%	763 252

Research and development Charge (Total I)

			30/09/2011		30/09/2010		30/09/2009
	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)

			30/09/2011		30/09/2010		30/09/2009
	Gross value at begin of period	KD	124 040	-4,3%	129 569	0%	129 569
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	11 970	116,5%	5 529	0%	0
	Gross value at the end of period	LW	112 070	-9,7%	124 040	-4,3%	129 569

Tangible fixed assets (Total III)

			30/09/2011		30/09/2010		30/09/2009
	Gross value at begin of period	LN	585 199	1,9%	574 133	6,5%	538 979
	Increasess due to revaluation	LO	0	0%	0	0%	127 107
	Increasess, acquisitions, creations, contributions	LP	85 673	-24,9%	114 103	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	492
	Decreasess by transfers	NG2	94 659	-8,1%	103 037	12,7%	91 461
	Gross value at the end of period	NH	576 213	-1,5%	585 199	1,9%	574 133

Fiancial assets (Total IV)

			30/09/2011		30/09/2010		30/09/2009
	Gross value at begin of period	LQ	53 069	-10,9%	59 550	-26,7%	81 231
	Increasess due to revaluation	LR	0	0%	0	0%	339
	Increasess, acquisitions, creations, contributions	LS	26 005	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	24 300	274,9%	6 481	-70,6%	22 020
	Gross value at the end of period	NK	54 774	3,2%	53 069	-10,9%	59 550

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

			30/09/2011		30/09/2010		30/09/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			30/09/2011		30/09/2010		30/09/2009
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			30/09/2011		30/09/2010		30/09/2009
	Reserve for depreciation value at begin of period	PE	124 040	-4,3%	129 569	3,7%	125 000
Increases		PF	0	0%	0	0%	4 569
Decreasess		PG	11 970	116,5%	5 529	0%	0
	Decreasess by budget item transfer	PH	112 070	-9,7%	124 040	-4,3%	129 569

Total fixed assets amotisation (Total III)

			30/09/2011		30/09/2010		30/09/2009
	Reserve for depreciation value at begin of period	QU	320 000	-5,6%	338 845	4,6%	323 837
Increases		QV	101 166	38,9%	72 845	5,5%	69 047
Decreases		QW	47 869	-47,8%	91 690	69,7%	54 040
	Decreasess by budget item transfer	QX	373 297	16,7%	320 000	-5,6%	338 844

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

			30/09/2011		30/09/2010		30/09/2009
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			30/09/2011		30/09/2010		30/09/2009
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	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)

			30/09/2011		30/09/2010		30/09/2009
	Value at begining of period	7C	619 840	-19,3%	768 213	65,3%	464 693
Increases		UB	1 563 757	217,8%	492 126	-30,1%	704 145
Decreases		UC	479 350	-22,5%	618 196	54,3%	400 626
	Value at the end of period	UD	1 704 247	165,4%	642 143	-16,4%	768 212

Includes Total allocations

Operating	UE	0	0%	398 907	-27,7%	551 695
Financial	UG	0	0%	93 219	-38,9%	152 450
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	545 746	36,2%	400 626
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	72 450	0%	0

Total regulated provisions (Total I)

			30/09/2011		30/09/2010		30/09/2009
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	1 435 003	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	1 435 003	0%	0	0%	0

Total risk and charge provisions (Total II)

			30/09/2011		30/09/2010		30/09/2009
	Value at begining of period	5Z	213 219	10,8%	192 450	381,1%	40 000
Increases		TV	9 560	-89,7%	93 219	-38,9%	152 450
Decreases		TW	88 219	21,8%	72 450	0%	0
	Value at the end of period	TX	134 560	-36,9%	213 219	10,8%	192 450

Total Provision for depreciation (Total III)

			30/09/2011		30/09/2010		30/09/2009
	Value at begining of period	7B	406 621	-29,4%	575 763	35,6%	424 693
Increases		TY	119 194	-70,1%	398 906	-27,7%	551 695
Decreases		TZ	391 131	-28,3%	545 746	36,2%	400 625
	Value at the end of period	UA	134 684	-68,6%	428 923	-25,5%	575 763

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

		30/09/2011		30/09/2010		30/09/2009
Gross value	VT	6 755 933	-28,6%	9 464 791	55,5%	6 088 020
1 year at most	VU	6 682 037	-29,0%	9 411 722	56,1%	6 028 470
More than one year	VV	73 896	39,2%	53 069	-10,9%	59 550

State of loans

		30/09/2011		30/09/2010		30/09/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	14 112	-6,6%	15 112	-37,4%	24 137
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	40 661	7,1%	37 957	7,2%	35 413
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		30/09/2011		30/09/2010		30/09/2009
Customers doubtful or disputed	VA	19 123	-39,6%	31 668	-69,2%	102 820
Other claims customer	UX	5 146 916	-1,3%	5 214 491	189,2%	1 803 230
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%	1 470	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	12 378
Income taxes	VM	535 709	35,0%	396 717	32,6%	299 203
Value added tax	VB	186 319	3,3%	180 397	102,9%	88 920
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%	200 000	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	693 669	62,3%	427 375	-43,9%	761 551

Prepaid

		30/09/2011		30/09/2010		30/09/2009
Prepaid	VS	119 423	-96,0%	2 959 604	0,0%	2 960 368

State Debt

			30/09/2011		30/09/2010		30/09/2009
	Total debt (gross)	VY	15 191 310	8,9%	13 951 319	27,0%	10 986 936
1 year at most		VZ2	15 188 670	8,9%	13 951 319	27,0%	10 986 936
More than 1 year and 5 years at most		VZ3	2 640	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			30/09/2011		30/09/2010		30/09/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	6 359 149	81,7%	3 499 864
1 year at most		VG2	0	0%	6 359 149	81,7%	3 499 864
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	7 504 652	0%	0	0%	0
1 year at most		VH2	7 504 652	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	2 640	0%	2 640	0%	2 640
1 year at most		8A2	0	0%	2 640	0%	2 640
More than 1 year and 5 years at most		8A3	2 640	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	5 281 007	-13,3%	6 090 787	4,8%	5 812 355
1 year at most		8B2	5 281 007	-13,3%	6 090 787	4,8%	5 812 355
More than 1 year and 5 years at most		8B3	5 281 007	-13,3%	6 090 787	4,8%	5 812 355
	Personnel and associated accounts (gross)	8C1	375 402	11,6%	336 362	25,9%	267 144
1 year at most		8C2	375 402	11,6%	336 362	25,9%	267 144
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	255 997	2,0%	250 881	53,0%	164 003
1 year at most		8D2	255 997	2,0%	250 881	53,0%	164 003
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	702 510	21,8%	576 841	39,9%	412 275
1 year at most		8E2	702 510	21,8%	576 841	39,9%	412 275
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	64 158	-55,0%	142 476	-3,5%	147 716
1 year at most		VW2	64 158	-55,0%	142 476	-3,5%	147 716
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	170 272	30,0%	130 983	-35,3%	202 596
1 year at most		VQ2	170 272	30,0%	130 983	-35,3%	202 596
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	817 059	2805,6%	28 120	-94,0%	470 339
1 year at most		VI2	817 059	2805,6%	28 120	-94,0%	470 339
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	17 444	-47,3%	33 079	313,3%	8 004
1 year at most		8K2	17 444	-47,3%	33 079	313,3%	8 004
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	170	0%	0	0%	0
1 year at most		8L2	170	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

		30/09/2011		30/09/2010		30/09/2009
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Fixed Asset Financing		8,83	61,1%	5,48	-0,5%	5,51	3,51	151,6%
Global Debt		79 days	2,6%	77 days	26,2%	61 days	79 days	0%
Working Capital Fund overall net		30 days	57,9%	19 days	0%	19 days	34 days	-11,8%
Financial independence		68,24%	24,3%	54,91%	-37,4%	87,74%	336,21%	-79,7%
More ratios
Solvability		25,04%	26,6%	19,78%	-8,2%	21,55%	29,65%	-15,5%
Capacity debt futures		68,24%	24,3%	54,91%	-37,4%	87,74%	804,49%	-91,5%
Coverage of current assets by net working capital overall		28,80%	24,6%	23,12%	-22,3%	29,74%	34,17%	-15,7%
General Liquidity		0,44	-34,3%	0,67	21,8%	0,55	0,81	-45,7%
Restricted Liquidity		0,49	-32,9%	0,73	15,9%	0,63	1,04	-52,9%

Management or rotation

		30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Need background in operating working capital		65 days	91,2%	34 days	100%	17 days	20 days	225,0%
Treasury		-35 days	-12,9%	-31 days	-106,7%	-15 days	11 days	-418,2%
Inventory turnover of goods		82 days	60,8%	51 days	2,0%	50 days	30 days	173,3%
Average length of credit granted to customers		27 days	-6,9%	29 days	163,6%	11 days	44 days	-38,6%
Average length of credit obtained suppliers		30 days	-16,7%	36 days	5,9%	34 days	49 days	-38,8%
More ratios
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	3982,50 days	-
Rotation tangible assets		11944,33%	7,6%	11099,07%	-1,8%	11300,47%	5201,24%	129,6%

Profitability of the business

		30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Margin trading		16,59%	-1,5%	16,84%	10,7%	15,21	19,47%	-14,8%
Profitability of the business		4,70	85,8%	2,53	-11,8%	2,87	3,40%	38,2%
Net profit		1,92%	9,7%	1,75%	41,1%	1,24%	1,92%	0%
More ratios
Growth rate of turnover (excluding VAT)		5,96%	5318,2%	0,11%	102,9%	-3,83%	6,26%	-4,8%
Rates integration		8,22%	32,6%	6,20%	-2,4%	6,35%	10,91%	-24,7%
Rate leasing furniture		0%	0%	0,01%	0%	0%	0%	0%
Work Factor		37,50%	-29,4%	53,09%	9,8%	48,37%	59,55%	-37,0%
Weight interests		0,38	35,7%	0,28%	-56,2%	0,64%	0,18%	111,1%

Return on capital

		30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Cash flow from the overall profitability		4%	250,9%	1,14%	18,8%	0,96%	2,05%	95,1%
Rates of economic profitability		24%	41,2%	17%	-34,6%	26%	23%	4,3%
Financial profitability		5121143%	46,7%	3491970%	13,7%	3070633%	693370%	638,6%
Return on investment		11,79%	-11,6%	13,33%	-23,1%	17,33%	15,37%	-23,3%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Turnover	68 824 799	6,0%	64 951 640	0,1%	64 879 743	5 749 583 €	1097,0%

Sales of goods	68 249 888	5,4%	64 737 880	0,4%	64 481 578
- Purchase of goods	62 108 525	15,6%	53 739 980	-1,5%	54 543 268
+/- Stock of goods variation	-5 276 467	-8528,1%	62 606	-12,4%	71 464
Trading margin	11 417 830 €	4,4%	10 935 294 €	10,8%	9 866 846 €	903 000 €	1164,4%
	16,59 % CA	-1,5%	16,84 % CA	10,7%	15,21 % CA	19,47 % CA	-14,8%

Sale of goods produced	574 911	169,0%	213 760	-46,3%	398 165
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	858	0%	0
Period production	574 911 €	167,9%	214 618 €	-46,1%	398 165 €	21 229 €	2608,1%
	0,84 % CA	154,5%	0,33 % CA	-45,9%	0,61 % CA	0,38 % CA	121,1%

Trading margin	11 417 830	4,4%	10 935 294	10,8%	9 866 846	903 000	1164,4%
+ Period Production	574 911	167,9%	214 618	-46,1%	398 165	21 229	2608,1%
- Purchase of raw materials	91 442	-86,6%	681 333	14,8%	593 643
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	6 247 155	-3,0%	6 441 236	16,0%	5 552 981
Added value	5 654 144 €	40,4%	4 027 343 €	-2,2%	4 118 387 €	571 966 €	888,5%
	8,22 % CA	32,6%	6,20 % CA	-2,4%	6,35 % CA	10,91 % CA	-24,7%

Added value	5 654 144 €	40,4%	4 027 343 €	-2,2%	4 118 387 €	571 966 €	888,5%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	298 706	21,7%	245 391	-7,3%	264 585
- Personal charges	2 120 024	-0,8%	2 138 065	7,3%	1 991 977
Gross operating surplus	3 235 414 €	96,8%	1 643 887 €	-11,7%	1 861 825 €	150 000 €	2056,9%
	4,70 % CA	85,8%	2,53 % CA	-11,8%	2,87 % CA	3,40 % CA	38,2%

Gross operating surplus	3 235 414 €	96,8%	1 643 887 €	-11,7%	1 861 825 €	150 000 €	2056,9%
+ Release of reserves and provisions	493 863	-19,4%	612 692	52,9%	400 626
+ Other operating income	4 741	-89,8%	46 668	540,2%	7 290
- Depreciation/Amortisation	220 147	-53,8%	476 752	-23,8%	625 311
- Other charges	2 358	-97,5%	93 691	416,4%	18 143
Operating result	3 511 513 €	102,6%	1 732 804 €	6,5%	1 626 287 €	107 843 €	3156,1%
	5,10 % CA	91,0%	2,67 % CA	6,4%	2,51 % CA	2,95 % CA	72,9%

Operating result	3 511 513 €	102,6%	1 732 804 €	6,5%	1 626 287 €	107 843 €	3156,1%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	120 646	501,1%	20 070	23,2%	16 294
- Financial charges	261 301	45,2%	179 904	-57,0%	418 188
Pre-tax result	3 370 858 €	114,3%	1 572 970 €	28,5%	1 224 393 €	98 476 €	3323,0%
	4,90 % CA	102,5%	2,42 % CA	28,0%	1,89 % CA	2,75 % CA	78,2%

Extraordinary income	214 981	-9,5%	237 657	272,1%	63 875	3 761	5616,1%
- Extraordinary charges	1 559 095	1521,7%	96 137	30,4%	73 729
Extraordinary result	-1 344 114 €	-1049,8%	141 520 €	1536,2%	-9 854 €	0 €	0%
	-1,95 % CA	-986,4%	0,22 % CA	1200%	0 % CA	0 % CA	0%

Pre-tax result	3 370 858 €	114,3%	1 572 970 €	28,5%	1 224 393 €	98 476 €	3323,0%
Extraordinary result	-1 344 114 €	-1049,8%	141 520 €	1536,2%	-9 854 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	702 510	21,8%	576 841	39,9%	412 275
Net result	1 324 234 €	16,4%	1 137 649 €	41,8%	802 264 €	74 847 €	1669,3%
	1,92 % CA	9,7%	1,75 % CA	41,1%	1,24 % CA	1,92 % CA	0%

ADDITIONAL INFORMATION

Last published preferential right

This company is not under monitoring

Trading to Date	09/30/2011	09/30/2010	09/30/2009
	Turnover	68,824,799 €	64,951,640 €	64,879,743 €
	Gross Operating Surplus	4,70 % Turnover	2,53 % Turnover	2,87 % Turnover
	Net worth	5,121,143 €	3,491,970 €	3,070,633 €
	Employees	20 to 49 employees	-	-

Trends
Profitability
Liquidity
Net worth

Commentary

The comments are arranged in decreasing order of importance

The company has a parent

The company is more than 15 years old

The company has a share capital of 2 100 000 €, which is excellent

The net result is up to 3 511 513 €, which is good

The company has an activity with no specific increased risk

Tangible fixed assets are up to 202 914 €

The company is in financial debt of 8 324 351 €

The financial result is negative on the period : -140 655 €

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

Preferential rights details and history

Status of collection

This company is not under monitoring

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
26/04/2012	Bodacc C	Comptes annuels et rapports
94 - VAL-DE-MARNE GREFFE DU TRIBUNAL DE COMMERCE DE CRÉTEIL 13226 - 325423572 RCS. MAG. Forme : Société par actions simplifiée. Adresse : 1 rue de la Corderie Centra 366 94150 Rungis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2011.
01/03/2012	Bodacc B	Modification et mutation diverse
94 - VAL-DE-MARNE GREFFE DU TRIBUNAL DE COMMERCE DE CRÉTEIL 1564 - 325 423 572 RCS Créteil. MAG. Forme : Société par actions simplifiée. Capital : 2100000 EUR. Activité : . Commentaires : Modification du capital.
21/02/2012	JAL	Modification of the share capital
Affiches parisiennes (Les) Date de décision : 28/01/2010 La société : 325423572 - SOCIETE MAG, 1 RUE DE LA CORDERIE, CENTRA 366, CENTRA 366, 94550 CHEVILLY LARUE a subi une augmentation de son capital social désormais de 2 100 000 € Date d'effet : 28/01/2010
15/12/2011	Bodacc B	Modification et mutation diverse
94 - VAL-DE-MARNE GREFFE DU TRIBUNAL DE COMMERCE DE CRÉTEIL 2226 - 325 423 572 RCS Créteil. MAG. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes suppléant : LECUYER François en fonction le 11 Avril 2007 Commissaire aux comptes titulaire : GHISLAIN HERY SARL en fonction le 11 Avril 2007 Commissaire aux comptes suppléant : SARDET Pierre en fonction le 08 Mars 2011 Commissaire aux comptes titulaire : MAZARS en fonction le 08 Mars 2011 Président : LMG FINANCE représenté par GERARDIN Jean-Claude en fonction le 27 Octobre 2011. Activité : . Commentaires : Modification de représentant.
03/12/2011	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 29/09/2011 La société 325423572 - SOCIETE MAG, 1 RUE DE LA CORDERIE, CENTRA 366, CENTRA 366, 94550 CHEVILLY LARUE Fait l'objet du départ de Monsieur Frédéric MATHAS Date d'effet : 29/09/2011
06/11/2011	Bodacc B	Modification et mutation diverse
94 - VAL-DE-MARNE GREFFE DU TRIBUNAL DE COMMERCE DE CRÉTEIL 2128 - 325 423 572 RCS Créteil. MAG. Forme : Société par actions simplifiée. Administration : Directeur général : MATHAS Frédéric modification le 22 Décembre 2004 Commissaire aux comptes suppléant : LECUYER François en fonction le 11 Avril 2007 Commissaire aux comptes titulaire : GHISLAIN HERY SARL en fonction le 11 Avril 2007 Commissaire aux comptes suppléant : SARDET Pierre en fonction le 08 Mars 2011 Commissaire aux comptes titulaire : MAZARS en fonction le 08 Mars 2011 Président : LMG FINANCE représenté par GERARDIN Jean-Claude en fonction le 27 Octobre 2011. Activité : . Commentaires : Modification de représentant.
20/10/2011	JAL	Appointment of the social representative
Affiches parisiennes (Les) Société faisant l'objet d'une nomination : 325423572 - SOCIETE MAG, 1 RUE DE LA CORDERIE, CENTRA 366, CENTRA 366, 94550 CHEVILLY LARUE Nominé : En la fonction de : Président Date d'effet : 14/09/2011
20/10/2011	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 14/09/2011 La société 325423572 - SOCIETE MAG, 1 RUE DE LA CORDERIE, CENTRA 366, CENTRA 366, 94550 CHEVILLY LARUE Fait l'objet du départ de Monsieur Jean-Claude GERARDIN Date d'effet : 14/09/2011
17/03/2011	Bodacc B	Modification et mutation diverse
94 - VAL-DE-MARNE GREFFE DU TRIBUNAL DE COMMERCE DE CRÉTEIL 1764 - 325 423 572 RCS Créteil. MAG. Forme : Société par actions simplifiée. Administration : Président : GERARDIN Jean Claude Roland Gaston modification le 22 Décembre 2004 Directeur général : MATHAS Frédéric modification le 22 Décembre 2004 Commissaire aux comptes suppléant : LECUYER François en fonction le 11 Avril 2007 Commissaire aux comptes titulaire : GHISLAIN HERY SARL en fonction le 11 Avril 2007 Commissaire aux comptes suppléant : SARDET Pierre en fonction le 08 Mars 2011 Commissaire aux comptes titulaire : MAZARS en fonction le 08 Mars 2011. Activité : . Commentaires : Modification de représentant.
15/03/2011	Bodacc C	Comptes annuels et rapports
94 - VAL-DE-MARNE GREFFE DU TRIBUNAL DE COMMERCE DE CRÉTEIL 13620 - 325423572 RCS. MAG. Forme : Société par actions simplifiée. Adresse : 1 rue de la Corderie Centra 366 94150 Rungis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2010.
08/03/2010	Bodacc C	Comptes annuels et rapports
94 - VAL-DE-MARNE GREFFE DU TRIBUNAL DE COMMERCE DE CRETEIL 10826 - 325423572 RCS. MAG. Forme : Société par actions simplifiée. Adresse : 1 rue de la Corderie Centra 366 94150 Rungis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2009.
03/04/2009	Bodacc C	Comptes annuels et rapports
94 - VAL-DE-MARNE GREFFE DU TRIBUNAL DE COMMERCE DE CRETEIL 11571 - 325423572 RCS. MAG. Forme : Société par actions simplifiée. Adresse : 1 rue de la Corderie Centra 366, 94150 Rungis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2008.
16/04/2008	Bodacc C	Comptes annuels et rapports
94 - VAL-DE-MARNE GREFFE DU TRIBUNAL DE COMMERCE DE CRETEIL 9700 - 325423572 RCS. MAG. Forme : Société par actions simplifiée. Adresse : 1 rue de la Corderie Centra 366, 94150 Rungis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2007.
24/05/2007	Bodacc C	Avis de dépôt des comptes
8449 - RCS Créteil B 325 423 572. RC 86-B 23875. MAG. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: Centra 366, 1, rue de la Corderie,94150 Rungis. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2006.
10/05/2007	Bodacc B	Modifications et mutations diverses
2699 - RCS Créteil B 325 423 572. RC 86-B 23875. MAG. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : S.A.R.L. FRANCE AUDIT CONSULTANTS INTERNATIONAL. Commissaire aux comptes suppléant partant : LORTHIOIS (Eric). Nomination d'un commissaire aux comptes suppléant : LECUYER (François). Nomination d'un commissaire aux comptes titulaire : GHISLAIN HERY S.A.R.L.
30/04/2006	Bodacc C	Avis de dépôt des comptes
4727 - RCS Créteil B 325 423 572. RC 86-B 23875. MAG. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE - SAS. Adresse du siège social: Centra 366, 1, rue de la Corderie,94150 Rungis. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2005.
09/01/2005	Bodacc B	Modifications et mutations diverses
2783 - RCS Créteil B 325 423 572. RC 86-B 23875. MAG. Forme : S.A.S. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : modification du président : GERARDIN (Jean, Claude, Roland, Gaston). Administrateur partant : LACHAUD (Frédéric, Laurent). Modification d'un directeur général : MATHAS (Frédéric).
11/12/2003	Bodacc B	Modifications et mutations diverses
RCS Créteil B 325423572 RC 86-B 23875 MAG. Forme : S.A. Capital : 2 000 000 d' euros. Commentaires : modification survenue sur le capital (augmentation).
25/12/2002	Bodacc B	Modifications et mutations diverses
RCS Créteil B 325423572 RC 86-B 23875 MAG. Forme : S.A. Capital : 1 534 950 euros. Commentaires : modification survenue sur le capital (augmentation) et l' administration. Administration : commissaire aux comptes suppléant partant : CARRIER (Françoise). Nomination d'un commissaire aux comptes suppléant : LORTHIOIS (Eric).
24/12/2002	Bodacc B	Modifications et mutations diverses
RCS Créteil B 325423572 RC 86-B 23875 MAG. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : modification du président du conseil d' administration et directeur général : GERARDIN (Jean, Claude, Roland, Gaston). Modification d'un directeur général délégué et administrateur : MATHAS ( Frédéric).
22/11/2001	Bodacc B	Modifications et mutations diverses
RCS Créteil B 325423572 RC 86-B 23875 MAG. Forme : S.A. Capital : 767 475 euros. Adresse du siège social : Centra 366, 1 rue de la Corderie, 94150 Rungis. Commentaires : modification survenue sur la forme juridique, le capital ( augmentation), l'adresse du siège social, l'adresse de l'établissement principal et l'administration. Administration : modification du président du conseil d'administration : GERARDIN (Jean, Claude, Roland, Gaston). Nomination d'administrateurs : LACHAUD ( Frédéric, Laurent) MATHAS (Frédéric) Etablissement principal: Adresse : Centra 366, 1 rue de la Corderie, 94150 Rungis.
09/05/2001	Bodacc B	Modifications et mutations diverses
RCS Créteil B 325423572 RC 86-B 23875 MAG. Forme : S.A.R.L. Capital : 260 000 euros. Commentaires : modification survenue sur le capital (augmentation) et l'administration. Administration : nomination du commissaire aux comptes titulaire : S.A.R.L. FRANCE AUDIT CONSULTANTS INTERNATIONAL. Nomination du commissaire aux comptes suppléant : CARRIER (Françoise).
11/08/1999	Bodacc B	Modifications et mutations diverses
RCS Créteil B 325423572 RC 86-B 23875 MAG. Forme : S.A.R.L. Commentaires : modification survenue sur l' administration. Administration : commissaire aux comptes titulaire partant : MARIANI (François). Commissaire aux comptes suppléant partant : ERBRECH (Gérald).
13/11/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Créteil B 325 423 572 RC RC 86-B 23875 MAG. Forme : S.A.R.L. Adresse du siège social : 31, rue du Limousin, Min-de-Paris-Rungis 94150 Rungis Etablissement principal: Adresse : 31, rue du Limousin, Min-de-Paris-Rungis 94150 Rungis. Commentaires : modification survenue sur l'adresse du siège social et de l'établissement principal.

Company events history

Date	Description
01/05/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/04/2012	Bodacc C : Deposit accounts notice
01/03/2012	Bodacc B: Various editing or changing
22/02/2012	Updated articles of association
22/02/2012	Capital increase
30/01/2012	Other modification of Establishment
30/01/2012	Update of Company Workforce
15/12/2011	Bodacc B: Various editing or changing
07/12/2011	Changes to the Board of Directors
07/12/2011	Minutes of general meeting of shareholders
03/12/2011	Legal Gazette: Resignation / Revocation of the social representative
06/11/2011	Bodacc B: Various editing or changing
27/10/2011	Appointment/resignation of company officers
27/10/2011	Minutes of general meeting of shareholders
27/10/2011	New chairman (CEO, CoB)
20/10/2011	Legal Gazette: Resignation / Revocation of the social representative
30/09/2011	New accounts available
14/09/2011	Legal Gazette: Appointment of the social representative
17/03/2011	Bodacc B: Various editing or changing
15/03/2011	Bodacc C : Deposit accounts notice
03/12/2010	New ultimate parent
03/12/2010	New parent detected
30/09/2010	New accounts available
08/03/2010	Bodacc C : Deposit accounts notice
09/02/2010	Capital increase
28/01/2010	Legal Gazette: Modification of the share capital
30/09/2009	New accounts available
03/04/2009	Bodacc C : Deposit accounts notice
30/09/2008	New accounts available
16/04/2008	Bodacc C : Deposit accounts notice
30/09/2007	New accounts available
11/04/2007	New auditor
11/04/2007	Changement de Commissaire aux Comptes
11/04/2007	PV d'Assemblée
11/04/2007	Private document
11/04/2007	Appointment/resignation of company officers
11/04/2007	Minutes of general meeting of shareholders
28/03/2007	Modification to Establishment Address or Identifier
30/09/2006	New accounts available
30/09/2005	New accounts available
22/12/2004	Changement de Forme Juridique avec changement de catégorie
22/12/2004	New legal form – no new category
22/12/2004	Changement de Président (PDG, PCA)
22/12/2004	Modification du Conseil d'Administration
22/12/2004	Changement de date de clôture
22/12/2004	Private document
22/12/2004	Appointment/resignation of company officers
22/12/2004	PV d'Assemblée
22/12/2004	Minutes of general meeting of shareholders
22/12/2004	Statuts mis à jour
22/12/2004	Updated articles of association
30/06/2004	New accounts available
01/12/2003	Augmentation de Capital
01/12/2003	Acte sous seing privé
01/12/2003	PV d'Assemblée
01/12/2003	Statuts mis à jour
30/06/2003	New accounts available
12/12/2002	Augmentation de Capital
12/12/2002	Nomination/démission des organes de gestion
12/12/2002	Changement de Commissaire aux Comptes
12/12/2002	Statuts mis à jour
12/12/2002	PV d'Assemblée
12/12/2002	Acte sous seing privé
11/12/2002	Acte modificatif
11/12/2002	PV du Conseil d'Administration
11/12/2002	Acte sous seing privé
11/12/2002	Modification du Conseil d'Administration
29/10/2001	Changement de Forme Juridique avec changement de catégorie
29/10/2001	Changement de Forme Juridique sans changement de catégorie
29/10/2001	Augmentation de Capital
29/10/2001	Conversion du Capital Social en Euros
29/10/2001	Transfert du Siège dans le ressort du Tribunal de Commerce
29/10/2001	Cession de parts
29/10/2001	Changement de Président (PDG, PCA)
29/10/2001	Acte sous seing privé
29/10/2001	Nomination/démission des organes de gestion
29/10/2001	PV d'Assemblée
29/10/2001	PV du Conseil d'Administration
29/10/2001	Statuts mis à jour
29/10/2001	Rapport des Commissaires ou du Gérant
20/04/2001	Acte sous seing privé
20/04/2001	Statuts mis à jour
20/04/2001	Augmentation de Capital
20/04/2001	PV d'Assemblée
20/04/2001	Changement de Commissaire aux Comptes
20/04/2001	Nomination/démission des organes de gestion
20/04/2001	Conversion du Capital Social en Euros
13/09/1999	Reconstitution de l'Actif Net
13/09/1999	Acte sous seing privé
13/09/1999	PV d'Assemblée
13/09/1999	Acte modificatif
27/07/1999	Changement de Commissaire aux Comptes
27/07/1999	PV d'Assemblée
27/07/1999	Nomination/démission des organes de gestion
27/07/1999	Acte sous seing privé
26/10/1998	Changement de date de clôture
26/10/1998	Transfert du Siège dans le ressort du Tribunal de Commerce
26/10/1998	Statuts mis à jour
26/10/1998	PV d'Assemblée
26/10/1998	Acte sous seing privé
26/02/1998	Certificat de dépôt des fonds
26/02/1998	Acte sous seing privé
26/02/1998	Cession de parts
26/02/1998	Acte modificatif
26/02/1998	Statuts mis à jour
26/02/1998	PV d'Assemblée
02/10/1995	Acte modificatif
02/10/1995	Cession de parts
02/10/1995	Acte sous seing privé
07/10/1994	Continuation malgré perte supérieure à la moitié du capital
07/10/1994	Acte modificatif
07/10/1994	PV d'Assemblée
20/09/1994	Statuts mis à jour
20/09/1994	Changement de date de clôture
20/09/1994	PV d'Assemblée
20/09/1994	Acte modificatif
10/11/1993	Acte modificatif
10/11/1993	PV d'Assemblée
18/05/1993	PV d'Assemblée
18/05/1993	Déclaration de conformité
18/05/1993	Augmentation de Capital
18/05/1993	Statuts mis à jour
18/05/1993	Acte modificatif

Establishment events history

Date	Description
01/05/2012	Update Limit
07/05/2011	Update Rating
04/03/2011	Update Limit
30/11/2010	Update of phone numbers
17/02/2010	Update Limit
17/02/2010	Update Rating
30/12/2009	Update Rating
30/03/2009	Update Limit
07/04/2008	Update Limit
16/12/2007	Update Limit
10/12/2007	Update Limit
08/12/2007	Update Limit
20/05/2007	Update Limit
28/03/2007	Update of Establishment Address
28/03/2007	Modification of Head office Identification

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.52
UK Pound	1	Rs.88.85
Euro	1	Rs.70.85

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.