MIRA INFORM REPORT

Report Date :

13.09.2012

IDENTIFICATION DETAILS

Name :	STELLA MARE
Registered Office :	Place La Tour Fondue , Ham De Giens , 83400 Hyeres
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	April 1985
Com. Reg. No.:	RCS Toulon B 332 292 440
Legal Form :	Limited Liability Company
Line of Business :	Repair of machinery and mechanical equipment
No. of Employees :	Not Available

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 :	Satisfactory
Payment Behaviour :	Slow but Correct
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 details

Activity (APE)	Réparation de machines et équipements mécaniques (3312Z) (Repair of machinery and mechanical equipment (3312Z))
RCS Registration	RCS Toulon B 332 292 440	Share capital	7,622 Euros
Registration Court	Toulon (83)	Legal form	Limited Liability Company
Court Registry Number	85 B 00209	EU VAT Number	FR87332292440
Incorporation Date	04/1985	Formation Date	04/1985
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Establishment details

Activity (APE)	Réparation de machines et équipements mécaniques (3312Z)	Business Pages FT®
Postal Address	STELLA MARE PLACE LA TOUR FONDUE HAM DE GIENS 83400 HYERES	Trading Address	HAMEAU DE GIENS 83400 HYERES
Telephone
Fax

Type	Head office	Status	Economically active
Formation Date	04/1985	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	Repair	Activity Location	Other
Location surface		Seasonality

Department	Var (83)	Region	Côte d'Azur
District	2	Area	97
City	HYERES	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

DIRECTORS/MANAGEMENT

Directors

Name	M. ORMAYER MICKAEL
Manager position	Gérant	Date of birth	12/08/1978
Place of birth	REVIN
Type	Individual	Name at birth

Name	MME. ORMAYER FLORIANA
Manager position	Gérant	Date of birth	04/08/1945
Place of birth	COLERE ITALIE
Type	Individual	Name at birth	LAZZARONI

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Gérant	MME FLORIANA ORMAYER
Gérant	M JEAN ORMAYER
Gérant	M MICKAEL ORMAYER

NEGATIVE INFORMATION

Judgements

Collective procedures

No judgment information for the company

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

FINANCIAL INFORMATION

Trading to Date	12/31/2010	12/31/2009	12/31/2008
	Turnover	690,364 €	769,034 €	414,641 €
	Gross Operating Surplus	19,23 % Turnover	19,67 % Turnover	14,29 % Turnover
	Net worth	378,289 €	315,656 €	216,278 €
	Employees	3 to 5 employees	-	-

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	17/12/2011	18/10/2010	20/10/2009
Activity Code	3312Z	3312Z	3312Z
Employees	3	5	5

Active account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	184 649	-8,9%	202 600	40,7%	143 996	24 997,50	638,7%
- Intangible assets	15 245	0%	15 245	0%	15 245	0	0%
- Tangible assets	148 245	-10,8%	166 196	54,5%	107 592	13 851,50	970,2%
- Financial assets	21 159	0%	21 159	0%	21 159	460	4499,8%
Net current assets	358 678	12,3%	319 530	25,1%	255 415	139 153	157,8%
- Stocks	76 080	36,6%	55 680	-33,9%	84 243	13 070	482,1%
- Advanced payments	0	12,3%	0	0%	0	0	0%
- Receivables	124 887	168,3%	46 539	-62,5%	124 059	62 138,50	101,0%
- Securities and cash	157 711	-27,4%	217 311	361,3%	47 113	29 039	443,1%
- Prepaid expenses	-	-	-	-	-	644	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	543 327	4,1%	522 128	30,7%	399 411	179 874,50	202,1%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	378 289	19,8%	315 656	45,9%	216 278	64 255,50	488,7%
Share capital	7 622	0%	7 622	0%	7 622	8 000	-4,7%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	165 037	-20,1%	206 471	12,7%	183 133	99 406,50	66,0%
- Financial liabilities	113 858	3,2%	110 338	10,8%	99 562	18 906,50	502,2%
- Advanced payments received	0	0%	6 110	0%	0	0	0%
- Trade account payables	12 141	-40,3%	20 346	17,0%	17 393	23 749,50	-48,9%
- Tax and social liabilities	37 101	-46,8%	69 677	8,2%	64 384	38 304	-3,1%
- Other debts and fixed assets liabilities	1 937	0%	0	0%	1 794	3 171	-38,9%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	543 327	4,1%	522 128	30,7%	399 411	179 782,50	202,2%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	690 365	-16,1%	822 525	62,4%	506 402	283 439	143,6%
Net turnover	690 364	-10,2%	769 034	85,5%	414 641	278 987	147,5%
- of which net export turnover	55 484	1187,9%	4 308	-62,2%	11 410	0	0%
Operating charges	576 348	-16,0%	685 873	48,9%	460 509	267 722,50	115,3%
Operating profit/loss	114 017	-16,6%	136 652	197,8%	45 894	11 909,50	857,4%
Financial income	17	13,3%	15	-99,1%	1 737	08	112,5%
Financial charges	3 427	-29,2%	4 838	-34,4%	7 374	776,50	341,3%
Financial profit/loss	-3 410	29,3%	-4 823	14,4%	-5 637	-488,50	-598,1%
Pretax net operating income	110 607	-16,1%	131 829	227,5%	40 257	10 687,50	934,9%
Extraordinary income	750	20,2%	624	-92,4%	8 232	07	10614,3%
Extraordinary charges	1 716	3,9%	1 651	-76,3%	6 959	124,50	1278,3%
Extraordinary profit/loss	-966	9192,8%	-1 027	-180,7%	1 273	0	0%
Net result	93 383	-7,7%	101 128	144,7%	41 320	10 151,50	819,9%

Display parameter
Currency	Euro	Kilo Euro

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

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to VI)	Net	543 327	4,1%	522 128	30,7%	399 411
Gross	CO	695 800	6,1%	655 951	26,4%	519 136
Amortisation	1A	152 473	13,9%	133 823	11,8%	119 725

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2010		31/12/2009		31/12/2008
Total Active fixed asset (II)	Net	184 649	-8,9%	202 600	40,7%	143 996
Gross	BJ	337 122	0,2%	336 422	27,6%	263 720
Amortisation	BK	152 473	13,9%	133 822	11,8%	119 724

Intangilble fixed assets

				31/12/2010				31/12/2009		31/12/2008
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		29 243		0%		29 243	0%	29 243
Amortisation		AG		29 243		0%		29 243	0%	29 243
Goodwill		Net		15 245		0%		15 245	0%	15 245
Gross		AH		15 245		0%		15 245	0%	15 245
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
Net	15 245	0%	15 245		0%		15 245

Tangilble fixed assets

		31/12/2010		31/12/2009		31/12/2008
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	2 825	-16,3%	3 375	72,4%	1 958
Gross	AP	5 052	0%	5 052	54,9%	3 262
Amortisation	AQ	2 227	32,8%	1 677	28,6%	1 304
Plant	Net	48 544	102,2%	24 009	38,1%	17 383
Gross	AR	122 251	48,6%	82 251	22,3%	67 251
Amortisation	AS	73 707	26,6%	58 242	16,8%	49 868
Other tangible fixed assets	Net	2 734	-41,5%	4 670	-43,4%	8 251
Gross	AT	50 030	1,4%	49 330	3,7%	47 560
Amortisation	AU	47 296	5,9%	44 660	13,6%	39 309
Fixed assets in construction	Net	94 142	-29,8%	134 142	67,7%	80 000
Gross	AV	94 142	-29,8%	134 142	67,7%	80 000
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	148 245		166 196		107 592

Financial assets

		31/12/2010		31/12/2009		31/12/2008
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	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	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0		0		0
Other financial assets	Net	21 159	0%	21 159	0%	21 159
Gross	BH	21 159	0%	21 159	0%	21 159
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		21 159		21 159		21 159

Current Assets (III)

		31/12/2010		31/12/2009		31/12/2008
Total Assets	Net	358 678	12,3%	319 530	25,1%	255 415
Gross	CJ	358 678	12,3%	319 530	25,1%	255 415
Amortisation	CK	0	0%	0	0%	0

Stocks

		31/12/2010		31/12/2009		31/12/2008
Raw materials	Net	70 000	40,0%	50 000	-35,1%	77 000
Gross	BL	70 000	40,0%	50 000	-35,1%	77 000
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	6 080	7,0%	5 680	-21,6%	7 243
Gross	BT	6 080	7,0%	5 680	-21,6%	7 243
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	76 080	36,6%	55 680	-33,9%	84 243

Advance payments to suppliers

		31/12/2010		31/12/2009		31/12/2008
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

		31/12/2010		31/12/2009		31/12/2008
Trade accounts receivable	Net	86 482	245,9%	24 999	-73,1%	92 974
Gross	BX	86 482	245,9%	24 999	-73,1%	92 974
Amortisation	BY	0	0%	0	0%	0
Other debtors	Net	32 508	190,5%	11 189	-39,0%	18 352
Gross	BZ	32 508	190,5%	11 189	-39,0%	18 352
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	118 990	228,8%	36 188	-67,5%	111 326

Divers

		31/12/2010		31/12/2009		31/12/2008
Investment securities	Net	116 908	-30,5%	168 237	340,2%	38 222
Gross	CD	116 908	-30,5%	168 237	340,2%	38 222
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	40 803	-16,9%	49 074	452,0%	8 891
Gross	CF	40 803	-16,9%	49 074	452,0%	8 891
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	157 711	-27,4%	217 311	361,3%	47 113

Prepaid expenses

		31/12/2010		31/12/2009		31/12/2008
Prepaid expenses	Net	5 897	-43,0%	10 351	-18,7%	12 733
Gross	CH	5 897	-43,0%	10 351	-18,7%	12 733
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

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

References

		31/12/2010		31/12/2009		31/12/2008
Due within one year	CP	21 159	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to V)	EE	543 327	4,1%	522 128	30,7%	399 411

Shareholder Equity (I)

		31/12/2010		31/12/2009		31/12/2008
Total shareholders' equity (Total I)	DL	378 289	19,8%	315 656	45,9%	216 278
Equity and shareholders' equity	DA	7 622	0%	7 622	0%	7 622
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	762	0%	762	0%	762
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	273 022	35,2%	201 894	21,2%	166 574
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	93 383	-7,7%	101 128	144,7%	41 320
Investment grants	DJ	3 500	-17,6%	4 250	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

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

Provisions for risks and charges (III)

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

Liabilities (IV)

		31/12/2010		31/12/2009		31/12/2008
Total Liabilities (Total IV)	EC	165 037	-20,1%	206 471	12,7%	183 133
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	41 990	16,0%	36 185	-34,4%	55 193
Sundry loans and financial liabilities	DV	71 868	-3,1%	74 153	67,1%	44 369
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	6 110	0%	0
Trade accounts payables	DX	12 141	-40,3%	20 346	17,0%	17 393
Tax and social security liabilities	DY	37 101	-46,8%	69 677	8,2%	64 384
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	1 937	0%	0	0%	1 794

Translation loss (V)

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

Equalization accounts

		31/12/2010		31/12/2009		31/12/2008
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2010		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	158 557	-13,5%	183 226	12,2%	163 367
Of which current bank facilities	EH	24 854	462,3%	4 420	-77,3%	19 442

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2010		31/12/2009		31/12/2008
Operating result (Total I-II)	GG	114 017	-16,6%	136 652	197,8%	45 894

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	-3 410	29,3%	-4 823	14,4%	-5 637

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

		31/12/2010		31/12/2009		31/12/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	110 607	-16,1%	131 829	227,5%	40 257

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	-966	5,9%	-1 027	-180,7%	1 273

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	93 383	-7,7%	101 128	144,7%	41 320

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	691 132	-16,0%	823 164	59,4%	516 371

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

		31/12/2010		31/12/2009		31/12/2008
Total charges (Total II+IV+VI+VIII+IX+X)	HM	597 747	-17,2%	722 037	52,0%	475 051

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	690 365	-16,1%	822 525	62,4%	506 402

Operating income (details)

			31/12/2010		31/12/2009		31/12/2008
	Sale of goods for resale	FC	110 628	61,6%	68 458	-41,2%	116 470
	France	FA	110 628	61,6%	68 458	-41,2%	116 470
	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	579 736	-17,2%	700 576	135,0%	298 170
	France	FG	524 252	-24,7%	696 268	142,8%	286 760
	Export	FH	55 484	1187,9%	4 308	-62,2%	11 410
	Net turnover	FL	690 364	-10,2%	769 034	85,5%	414 641
	France	FJ	634 880	-17,0%	764 726	89,7%	403 230
	Export	FK	55 484	1187,9%	4 308	-62,2%	11 410
	Stocked production	FM	0	0%	0	0%	-5 000
	Self-constructed assets	FN	0	0%	21 726	-72,8%	80 000
	Operating grants	FO	0	0%	31 484	121,5%	14 214
	Release of reserves and provisions	FP	0	0%	167	-93,3%	2 477
	Other income	FQ	01	-99,1%	114	58,3%	72

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	576 348	-16,0%	685 873	48,9%	460 509

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	52 106	85,0%	28 173	-31,0%	40 838
Change in stocks of goods for resale	FT	-400	-125,6%	1 563	177,6%	-2 015
Purchase of raw materials	FU	222 378	24,4%	178 737	43,3%	124 725
Change in stocks of raw materials	FV	-20 000	-174,1%	27 000	162,8%	-43 000
Other external purchases and charges	FW	112 214	-15,8%	133 293	21,2%	109 975
Tax, duty and similar payments	FX	7 410	-53,7%	16 003	-4,2%	16 702
Payroll	FY	129 001	-40,7%	217 676	48,3%	146 790
Social security costs	FZ	54 927	-19,9%	68 537	35,5%	50 571

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	18 650	25,8%	14 823	-6,5%	15 855
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	62	-8,8%	68	1,5%	67

Operating charges (III-IV)

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

Financial income (V)

			31/12/2010		31/12/2009		31/12/2008
	Total financial income (Total V)	GP	17	13,3%	15	-99,1%	1 737
	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	17	13,3%	15	-99,1%	1 737
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	0	0%	0	0%	0
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2010		31/12/2009		31/12/2008
	Total financial charge (Total VI)	GU	3 427	-29,2%	4 838	-34,4%	7 374
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	3 427	-29,2%	4 838	-34,4%	7 374
	Exchange losses	GS	0	0%	0	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary income (Total VII)	HD	750	20,2%	624	-92,4%	8 232
	Extraordinary operating income	HA	0	0%	0	0%	232
	Extraordinary income from capital transactions	HB	750	20,2%	624	-92,2%	8 000
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	1 716	3,9%	1 651	-76,3%	6 959
	Extraordinary operating charges	HE	1 716	31,7%	1 303	215,5%	413
	Extraordinary charges from capital transactions	HF	0	0%	348	-94,7%	6 546
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2010		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	16 256	-45,2%	29 675	14098,6%	209

References

		31/12/2010		31/12/2009		31/12/2008
Of which equipment leases	HP	6 764	-11,1%	7 609	-33,7%	11 471
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	167	-93,3%	2 477
Of which trader's own contributions	A2	30 211	-9,0%	33 204	16,9%	28 415
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2010		31/12/2009		31/12/2008
	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	40 000	3999900%	01	0%	0
	Decreasess by transfers	OK2	0	0%	1 073	-95,2%	22 584
	Gross value at the end of period	OL	337 122	0,2%	336 422	27,6%	263 720

Research and development Charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	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)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	KD	44 488	0%	44 488	0%	44 488
	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	0	0%	0	0%	0
	Gross value at the end of period	LW	44 488	0%	44 488	0%	44 488

Tangible fixed assets (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LN	270 775	36,7%	198 073	42,1%	139 414
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	40 700	-44,8%	73 774	-9,2%	81 243
	Decreasess by budget item transfer	NG1	40 000	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	1 073	-95,2%	22 584
	Gross value at the end of period	NH	271 475	0,3%	270 775	36,7%	198 073

Fiancial assets (Total IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LQ	21 159	0%	21 159	0%	21 159
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	0
	Gross value at the end of period	NK	21 159	0%	21 159	0%	21 159

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

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	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)

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

Other intangible assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	29 243	0%	29 243	0%	29 243
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	29 243	0%	29 243	0%	29 243

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	104 578	15,6%	90 482	-0,2%	90 665
Increases		QV	18 650	25,8%	14 823	-6,5%	15 854
Decreases		QW	0	0%	725	-95,5%	16 038
	Decreasess by budget item transfer	QX	123 228	17,8%	104 580	15,6%	90 481

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

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

Premium refund of obligations

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

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

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7C	0	0%	0	0%	0
Increases		UB	0	0%	0	0%	0
Decreases		UC	0	0%	0	0%	0
	Value at the end of period	UD	0	0%	0	0%	0

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)

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

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	5Z	0	0%	0	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	0	0%	0
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	0	0%	0	0%	0
Increases		TY	0	0%	0	0%	0
Decreases		TZ	0	0%	0	0%	0
	Value at the end of period	UA	0	0%	0	0%	0

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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	146 045	115,7%	67 697	-53,4%	145 218
1 year at most	VU	146 045	115,7%	67 697	-53,4%	145 218
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2010		31/12/2009		31/12/2008
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	21 159	0%	21 159	0%	21 159
Other financial assets (1 year at most)	UV	21 159	0%	21 159	0%	21 159

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	86 482	245,9%	24 999	-73,1%	92 974
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	20 401	0%	0	0%	8 811
Value added tax	VB	9 992	9,9%	9 093	38,0%	6 590
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	2 115	0,9%	2 096	-29,0%	2 952

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	5 897	-43,0%	10 351	-18,7%	12 733

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	165 037	-17,6%	200 361	9,4%	183 133
1 year at most		VZ2	158 557	-13,5%	183 225	12,2%	163 368
More than 1 year and 5 years at most		VZ3	6 480	-62,2%	17 136	-13,3%	19 765
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2010		31/12/2009		31/12/2008
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	24 854	462,3%	4 420	-77,3%	19 442
1 year at most		VG2	24 854	462,3%	4 420	-77,3%	19 442
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	17 136	-46,1%	31 765	-11,1%	35 751
1 year at most		VH2	10 656	-27,2%	14 629	-8,5%	15 986
More than 1 year and 5 years at most		VH3	6 480	-62,2%	17 136	-13,3%	19 765
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	12 141	-40,3%	20 346	17,0%	17 393
1 year at most		8B2	12 141	-40,3%	20 346	17,0%	17 393
More than 1 year and 5 years at most		8B3	12 141	-40,3%	20 346	17,0%	17 393
	Personnel and associated accounts (gross)	8C1	3 587	-37,7%	5 759	-34,4%	8 776
1 year at most		8C2	3 587	-37,7%	5 759	-34,4%	8 776
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	20 228	-49,2%	39 824	22,0%	32 636
1 year at most		8D2	20 228	-49,2%	39 824	22,0%	32 636
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	22 683	0%	0
1 year at most		8E2	0	0%	22 683	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	13 286	841,6%	1 411	-92,3%	18 436
1 year at most		VW2	13 286	841,6%	1 411	-92,3%	18 436
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%	4 537
1 year at most		VQ2	0	0%	0	0%	4 537
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	71 868	-3,1%	74 153	67,1%	44 369
1 year at most		VI2	71 868	-3,1%	74 153	67,1%	44 369
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	1 937	0%	0	0%	1 794
1 year at most		8K2	1 937	0%	0	0%	1 794
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

		31/12/2010		31/12/2009		31/12/2008
Loans made during the period	VJ	0	0%	12 000	0%	0
Debt repaid during the period	VK	14 630	-8,5%	15 986	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2010		31/12/2009		31/12/2008
Dividends	ZE	30 000	400%	6 000	-40,0%	10 000

Commitments

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

Other charges Externes

		31/12/2010		31/12/2009		31/12/2008
Subcontracting	YT	8 210	-66,1%	24 226	237,4%	7 180
Rentals, rental charges and condominiums	XQ	28 395	1,8%	27 893	1,2%	27 571
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	10 276	-11,6%	11 625	23,9%	9 380
Fees, commissions and brokerage	YV	438	0%	0	0%	0
Other accounts	ST	64 895	-6,7%	69 549	5,6%	65 844
Total Other purchases and external	ZJ	112 214	601,2%	133 293	21,2%	109 975

Taxes and Fees

		31/12/2010		31/12/2009		31/12/2008
Business tax	YW	1 604	-82,3%	9 067	6,8%	8 492
Other taxes and payments assimilated	9Z	5 806	-16,3%	6 936	-15,5%	8 210
Total taxes and fees	YX	7 410	-53,7%	16 003	-4,2%	16 702

VAT

		31/12/2010		31/12/2009		31/12/2008
Amount VAT collected	YY	123 165	23,7%	99 579	29,7%	76 780
Total VAT on goods and services	YZ	59 606	-4,8%	62 617	57,2%	39 830

Average number of employees

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	03	-40,0%	05	0%	05

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Fixed Asset Financing		1,84	11,5%	1,65	4,4%	1,58	1,92	-4,2%
Global Debt		86 days	-11,3%	97 days	-39,0%	159 days	121 days	-28,9%
Working Capital Fund overall net		147 days	42,7%	103 days	-22,0%	132 days	79 days	86,1%
Financial independence		900,90%	3,3%	872,34%	122,6%	391,86%	324,30%	177,8%
More ratios
Solvability		69,62%	15,2%	60,46%	11,7%	54,15%	39,20%	77,6%
Capacity debt futures		1065,30%	-35,7%	1657,07%	171,4%	610,47%	1279,76%	-16,8%
Coverage of current assets by net working capital overall		60,18%	31,2%	45,87%	-15,4%	54,25%	46,71%	28,8%
General Liquidity		0,92	148,6%	0,37	-58,4%	0,89	0,80	15,0%
Restricted Liquidity		1,92	23,1%	1,56	32,2%	1,18	1,26	52,4%

Management or rotation

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital		75 days	3850,0%	-2 days	-102,1%	97 days	29 days	158,6%
Treasury		69 days	-31,0%	100 days	316,7%	24 days	8 days	762,5%
Inventory turnover of goods		42 days	-39,1%	69 days	3,0%	67 days	57 days	-26,3%
Average length of credit granted to customers		38 days	280,0%	10 days	-85,3%	68 days	70 days	-45,7%
Average length of credit obtained suppliers		10 days	-41,2%	17 days	-26,1%	23 days	53 days	-81,1%
More ratios
Inventory turnover of raw materials in industrial enterprises		113 days	11,9%	101 days	-54,5%	222 days	21 days	438,1%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	468,50 days	-
Rotation tangible assets		254,30%	-10,5%	284,01%	35,7%	209,34%	558,51%	-54,5%

Profitability of the business

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading		8,53%	69,2%	5,04%	-73,1%	18,73	0,04%	21225,0%
Profitability of the business		19,23	-2,2%	19,67	37,6%	14,29	6,17%	211,7%
Net profit		13,53%	2,9%	13,15%	31,9%	9,97%	3,30%	310,0%
More ratios
Growth rate of turnover (excluding VAT)		-10,23%	-112,0%	85,47%	358,2%	-33,10%	0%	0%
Rates integration		46,94%	-14,5%	54,87%	-12,2%	62,49%	41,83%	12,2%
Rate leasing furniture		0,98%	-1,0%	0,99%	-64,3%	2,77%	0%	0%
Work Factor		47,43%	-20,9%	59,96%	-8,0%	65,20%	78,33%	-39,4%
Weight interests		0,50	-20,6%	0,63%	-64,6%	1,78%	0,26%	92,3%

Return on capital

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability		16,12%	7,2%	15,04%	11,9%	13,44%	5,63%	186,3%
Rates of economic profitability		27%	-25,0%	36%	89,5%	19%	18%	50,0%
Financial profitability		378289%	19,8%	315656%	45,9%	216278%	29765,50%	1170,9%
Return on investment		19,67%	-20,9%	24,87%	61,3%	15,42%	11,47%	71,5%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Turnover	690 364	-10,2%	769 034	85,5%	414 641	278 987 €	147,5%

Sales of goods	110 628	61,6%	68 458	-41,2%	116 470
- Purchase of goods	52 106	85,0%	28 173	-31,0%	40 838
+/- Stock of goods variation	-400	-125,6%	1 563	177,6%	-2 015
Trading margin	58 922 €	52,2%	38 722 €	-50,1%	77 647 €	4,50 €	1309277,8%
	8,53 % CA	69,2%	5,04 % CA	-73,1%	18,73 % CA	3,49 % CA	144,4%

Sale of goods produced	579 736	-17,2%	700 576	135,0%	298 170
+/- Stocked production	0	0%	0	0%	-5 000
+ Self-constructed assets	0	0%	21 726	-72,8%	80 000
Period production	579 736 €	-19,7%	722 302 €	93,6%	373 170 €	164 151,50 €	253,2%
	83,98 % CA	-10,6%	93,92 % CA	4,4%	90,00 % CA	96,97 % CA	-13,4%

Trading margin	58 922	52,2%	38 722	-50,1%	77 647	4,50	1309277,8%
+ Period Production	579 736	-19,7%	722 302	93,6%	373 170	164 151,50	253,2%
- Purchase of raw materials	222 378	24,4%	178 737	43,3%	124 725
+/- Change in stocks of raw materiels	-20 000	-174,1%	27 000	162,8%	-43 000
- Other external purchases and charges	112 214	-15,8%	133 293	21,2%	109 975
Added value	324 066 €	-23,2%	421 994 €	62,9%	259 117 €	114 586,50 €	182,8%
	46,94 % CA	-14,5%	54,87 % CA	-12,2%	62,49 % CA	41,84 % CA	12,2%

Added value	324 066 €	-23,2%	421 994 €	62,9%	259 117 €	114 586,50 €	182,8%
+ Operating grants	0	0%	31 484	121,5%	14 214
- Tax, duty and similar payments	7 410	-53,7%	16 003	-4,2%	16 702
- Personal charges	183 928	-35,7%	286 213	45,0%	197 361
Gross operating surplus	132 728 €	-12,3%	151 262 €	155,2%	59 268 €	17 042,50 €	678,8%
	19,23 % CA	-2,2%	19,67 % CA	37,6%	14,29 % CA	6,17 % CA	211,7%

Gross operating surplus	132 728 €	-12,3%	151 262 €	155,2%	59 268 €	17 042,50 €	678,8%
+ Release of reserves and provisions	0	0%	167	-93,3%	2 477
+ Other operating income	01	-99,1%	114	58,3%	72
- Depreciation/Amortisation	18 650	25,8%	14 823	-6,5%	15 855
- Other charges	62	-8,8%	68	1,5%	67
Operating result	114 017 €	-16,6%	136 652 €	197,7%	45 895 €	11 925 €	856,1%
	16,52 % CA	-7,0%	17,77 % CA	60,5%	11,07 % CA	4,06 % CA	306,9%

Operating result	114 017 €	-16,6%	136 652 €	197,7%	45 895 €	11 925 €	856,1%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	17	13,3%	15	-99,1%	1 737
- Financial charges	3 427	-29,2%	4 838	-34,4%	7 374
Pre-tax result	110 607 €	-16,1%	131 829 €	227,5%	40 258 €	10 687,50 €	934,9%
	16,02 % CA	-6,5%	17,14 % CA	76,5%	9,71 % CA	3,67 % CA	336,5%

Extraordinary income	750	20,2%	624	-92,4%	8 232	07	10614,3%
- Extraordinary charges	1 716	3,9%	1 651	-76,3%	6 959
Extraordinary result	-966 €	5,9%	-1 027 €	-180,7%	1 273 €	0 €	0%
	-0,14 % CA	-7,7%	-0,13 % CA	-141,9%	0 % CA	0 % CA	0%

Pre-tax result	110 607 €	-16,1%	131 829 €	227,5%	40 258 €	10 687,50 €	934,9%
Extraordinary result	-966 €	5,9%	-1 027 €	-180,7%	1 273 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	16 256	-45,2%	29 675	14098,6%	209
Net result	93 385 €	-7,7%	101 127 €	144,7%	41 322 €	10 151,50 €	819,9%
	13,53 % CA	2,9%	13,15 % CA	31,9%	9,97 % CA	3,31 % CA	308,8%

ADDITIONAL INFORMATION

Last published preferential right

This company is not under monitoring

Current Directors

2

Other establishments

Branches	2 branch entities in this company
Head office	> STELLA MARE <<<  - Réparation de machines et équipements mécaniques (3312Z)  in HYERES  (83400)
Secondary establishments	>  STELLA MARE  - Réparation de machines et équipements mécaniques (3312Z)  in HYERES  (83400)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 80 to 99% of workforce

Workforces

Workforce at address

1 or 2 employees

Company workforce

3 to 5 employees

Preferential rights details and history

Status of collection

This company is not under monitoring

Group data

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

Linkages

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

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
31/10/2011	Bodacc C	Comptes annuels et rapports

83 – VAR GREFFE DU TRIBUNAL DE COMMERCE DE TOULON 10425 - 332292440 RCS. STELLA MARE. Forme : Société à responsabilité limitée. Adresse : de la Tour Fondue 83400 Ayguade Ceinturon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
02/11/2010	Bodacc C	Comptes annuels et rapports
83 – VAR GREFFE DU TRIBUNAL DE COMMERCE DE TOULON 9942 - 332292440 RCS. STELLA MARE. Forme : Société à responsabilité limitée. Adresse : de la Tour Fondue 83400 Ayguade Ceinturon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
18/11/2009	Bodacc C	Comptes annuels et rapports
83 – VAR GREFFE DU TRIBUNAL DE COMMERCE DE TOULON 8695 - 332292440 RCS. STELLA MARE. Forme : Société à responsabilité limitée. Adresse : de la Tour Fondue 83400 Ayguade Ceinturon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
16/10/2008	Bodacc C	Comptes annuels et rapports
83 – VAR GREFFE DU TRIBUNAL DE COMMERCE DE TOULON 6319 - 332292440 RCS. STELLA MARE. Forme : Société à responsabilité limitée. Adresse : de la Tour Fondue 83400 Ayguade Ceinturon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
23/11/2007	Bodacc C	Avis de dépôt des comptes
8826 - 332 292 440. RCS Toulon STELLA MARE. Forme: Société à responsabilité limitée. Adresse du siège social: de la Tour Fondue 83400 Ayguade Ceinturon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
16/11/2007	Bodacc B	Modifications et mutations diverses
687 - RCS Toulon B 332 292 440. RC 85-B 209. STELLA MARE. Forme : S.A.R.L. Commentaires : modification survenue sur l'administration. Administration : gérant partant : ORMAYER (Jean, Pierre). Nomination de gérants : ORMAYER (Mickaël) LAZZARONI (Floriana) (Nom d'usage : ORMAYER).
21/11/2006	Bodacc C	Avis de dépôt des comptes
3391 - RCS Toulon B 332 292 440. RC 85-B 209. STELLA MARE. Forme: S.A.R.L.. Adresse du siège social: Hameau de Giens,83400 Hyères. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
20/12/2005	Bodacc C	Avis de dépôt des comptes
2499 - RCS Toulon B 332 292 440. RC 85-B 209. STELLA MARE. Forme: S.A.R.L.. Adresse du siège social: La Tour Fondue,Giens, 83400 Hyères. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
10/12/1995	Bodacc B	Modifications et mutations diverses
RCS Toulon B 332 292 440 RC 85-B 209 STELLA MARE. Forme : S.A.R.L Nom commercial: Stella Mare. Administration : gérant : ORMAYER (Jean, Pierre). Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
20/12/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/10/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
02/11/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
18/11/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
16/10/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/10/2007	Private document
31/10/2007	Appointment/resignation of company officers
31/10/2007	Updated articles of association
31/10/2007	Minutes of general meeting of shareholders
31/10/2007	New manager
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
01/01/1997	Statuts mis à jour
01/01/1997	Cession de parts
01/01/1997	Acte sous seing privé
01/01/1997	Nomination/démission des organes de gestion
01/01/1996	Acte sous seing privé
01/01/1996	Nomination/démission des organes de gestion
01/01/1996	Continuation malgré perte supérieure à la moitié du capital
01/01/1996	Changement de Gérant
01/01/1996	PV d'Assemblée
01/01/1996	Statuts mis à jour
01/01/1995	Modification de l'objet social
01/01/1995	Statuts mis à jour
01/01/1995	PV d'Assemblée

Establishment events history

Date	Description
20/12/2011	Update Rating
20/12/2011	Update Limit
22/10/2011	Update Limit
22/10/2011	Update Rating
20/10/2010	Update Rating
20/10/2010	Update Limit
27/09/2010	Update Rating
27/09/2010	Update Limit
06/02/2010	Update Rating
30/12/2009	Update Rating
22/10/2009	Update Rating
22/10/2009	Update Limit
13/09/2009	Update Rating
13/09/2009	Update Limit
02/10/2008	Update Limit
02/10/2008	Update Rating
28/09/2008	Update Limit
28/09/2008	Update Rating
16/12/2007	Update Limit
13/12/2007	Update Rating
10/12/2007	Update Limit
07/12/2007	Update Rating
07/12/2007	Update Limit
02/10/2007	Update Limit
02/10/2007	Update Rating
25/01/2007	Update Limit
25/01/2007	Update Rating
25/01/2007	Update of phone numbers
21/01/2007	Update of phone numbers
20/01/2007	Update Limit
20/01/2007	Update Rating

NOTES & COMMENTS

Commentary

The comments are arranged in decreasing order of importance

The company has filed its accounts since the last rating

The company is more than 11 years old

The company has several directors

The net result is up to 114 017 €, which is good

The financial result is negative on the period : -3 410 €

The non current assets are up to 184 649 €, which is correct

The company has an activity with no specific increased risk

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.26
UK Pound	1	Rs.88.85
Euro	1	Rs.71.13

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.