MIRA INFORM REPORT

Report Date :

14.09.2012

IDENTIFICATION DETAILS

Name :	VAPORMATIC FRANCE SAS
Registered Office :	Vapormatic France Sas, Cite Noiret, 02250 Marle
Country :	France
Financials (as on) :	31.10.2011
Date of Incorporation :	February 1993
Com. Reg. No.:	RCS Laon B 390 269 520
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale (intercompany trade) of agricultural equipment
No. of Employees :	10 to 19 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 :	Satisfactory
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 matériel agricole (4661Z) (Wholesale (intercompany trade) of agricultural equipment (4661Z))	Legal form	Simplified joint stock company
Phone	03 23 20 04 51	RCS Registration	RCS Laon B 390 269 520
Fax		Share capital	502,240 Euros
Address	VAPORMATIC FRANCE SAS CITE NOIRET 02250 MARLE	Incorporated Date	02/1993
Nationality	France	Status	Economically active

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) de matériel agricole (4661Z)
RCS Registration	RCS Laon B 390 269 520	Share capital	502,240 Euros
Registration Court	Laon (02)	Legal form	Simplified joint stock company
Court Registry Number	94 B 00005	EU VAT Number	FR45390269520
Incorporation Date	02/1993	Formation Date	02/1993
Deregistration Date		Last account Date	31/10/2011
Nationality	France

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) de matériel agricole (4661Z)	Business Pages FT®
Postal Address	VAPORMATIC FRANCE SAS CITE NOIRET 02250 MARLE	Trading Address	CITE NOIRET 02250 MARLE
Telephone	03 23 20 04 51
Fax

Type	Head office (one site company)	Status	Economically active
Formation Date	03/1993	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Store
Location surface	From 300 m² to less than 400 m²	Seasonality

Department	Aisne (02)	Region	Picardie
District	2	Area	19
City	MARLE	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> VAPORMATIC FRANCE SAS <<<  - Commerce de gros (commerce interentreprises) de matériel agricole (4661Z)  in MARLE  (02250)
Secondary establishments

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Shareholder(s)

Name	STE THE VAPORMATIC LTD
Name of representative	M BRENNAN PETER
Manager position	Président	Date of birth	29/07/1964
Place of birth	LEICESTER ANGLETERRE
Type	Moral person	Name at birth

Manager position

Title and name

Date of Birth/Place of Birth

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

502,240 Euros

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

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

Linkages

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

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/10/2011	31/10/2010	31/10/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	30/04/2012	02/06/2011	28/03/2011
Activity Code	4661Z	4661Z	4661Z
Employees	0	16	16

Active account

Annual Accounts	31/10/2011		31/10/2010		31/10/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	9 932	-17,2%	11 996	-28,4%	16 760	81 601	-87,8%
- Intangible assets	0	0%	0	0%	0	7 623	0%
- Tangible assets	4 667	-30,7%	6 731	-41,4%	11 495	39 503	-88,2%
- Financial assets	5 265	0%	5 265	0%	5 265	2 179	141,6%
Net current assets	3 069 873	25,5%	2 445 247	10,6%	2 211 193	805 079	281,3%
- Stocks	746 913	0,3%	744 378	5,6%	704 949	333 872	123,7%
- Advanced payments	2 996	25,5%	2 996	-5,6%	3 173	0	0%
- Receivables	2 260 286	48,0%	1 527 617	13,7%	1 343 329	249 061	807,5%
- Securities and cash	59 678	-64,9%	170 256	6,6%	159 742	74 416	-19,8%
- Prepaid expenses	-	-	-	-	-	767,50	-
Accounts of regularization	0	0%	0	0%	8 609	0	0%
Total Assets	3 079 803	25,3%	2 457 243	9,9%	2 236 562	903 687	240,8%

Passive Account

Annual Accounts	31/10/2011		31/10/2010		31/10/2009	Sector Median 2011
Shareholders' equity	1 307 221	-25,9%	1 763 674	10,7%	1 592 659	326 123	300,8%
Share capital	502 240	0%	502 240	0%	502 240	40 000	1155,6%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	30 697	0,1%	30 666	-36,4%	48 188	0	0%
Liabilities	1 741 885	162,8%	662 903	11,3%	595 714	505 099	244,9%
- Financial liabilities	0	0%	0	0%	0	117 101	0%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	1 277 280	257,3%	357 524	6,5%	335 685	201 499	533,9%
- Tax and social liabilities	429 313	58,3%	271 285	14,2%	237 452	90 443	374,7%
- Other debts and fixed assets liabilities	35 293	3,5%	34 094	51,0%	22 577	4 211	738,1%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	3 079 803	25,3%	2 457 243	9,9%	2 236 562	903 686	240,8%

Results

Annual Accounts	31/10/2011		31/10/2010		31/10/2009	Sector Median 2011
Sales of Goods	7 013 171	45,1%	4 834 414	6,7%	4 529 022	1 836 975	281,8%
Net turnover	6 901 601	44,8%	4 765 178	6,9%	4 459 670	1 782 616	287,2%
- of which net export turnover	462 640	6,9%	432 681	-30,9%	626 483	0	0%
Operating charges	6 808 237	49,0%	4 569 095	8,7%	4 203 547	1 765 084	285,7%
Operating profit/loss	204 934	-22,8%	265 319	-18,5%	325 475	41 560	393,1%
Financial income	36 439	-47,0%	68 791	-40,3%	115 227	580	6182,6%
Financial charges	21 020	-71,4%	73 395	18,5%	61 956	4 651	351,9%
Financial profit/loss	15 419	434,9%	-4 604	-108,6%	53 271	-1 699	1007,5%
Pretax net operating income	220 353	-15,5%	260 715	-31,2%	378 746	36 754	499,5%
Extraordinary income	0	0%	0	0%	21	1 195	0%
Extraordinary charges	59	-84,8%	388	34,7%	288	597	-90,1%
Extraordinary profit/loss	-59	37096,6%	-388	-45,3%	-267	0	0%
Net result	143 547	-16,1%	171 014	-31,4%	249 301	33 480	328,8%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/10/2011	31/10/2010	31/10/2009
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/10/2011		31/10/2010		31/10/2009
	Grand Total (I to VI)	Net	3 079 803	25,3%	2 457 243	9,9%	2 236 562
	Gross	CO	3 292 381	20,5%	2 731 350	11,1%	2 459 279
	Amortisation	1A	212 578	-22,4%	274 107	23,1%	222 717

Non declared distributed capital (I)

		31/10/2011		31/10/2010		31/10/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/10/2011		31/10/2010		31/10/2009
	Total Active fixed asset (II)	Net	9 932	-17,2%	11 996	-28,4%	16 760
	Gross	BJ	153 162	-4,6%	160 496	1,4%	158 287
	Amortisation	BK	143 230	-3,5%	148 500	4,9%	141 527

Intangilble fixed assets

			31/10/2011		31/10/2010		31/10/2009
	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	9 940	0%	9 940	0%	9 940
	Amortisation	AG	9 940	0%	9 940	0%	9 940
	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

			31/10/2011		31/10/2010		31/10/2009
	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	666	-20,3%	836	0%	0
	Gross	AR	24 648	0%	24 648	3,6%	23 798
	Amortisation	AS	23 982	0,7%	23 812	0,1%	23 798
	Other tangible fixed assets	Net	4 001	-32,1%	5 895	-48,7%	11 495
	Gross	AT	113 309	-6,1%	120 643	1,1%	119 284
	Amortisation	AU	109 308	-4,7%	114 748	6,5%	107 789
	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	4 667		6 731		11 495

Financial assets

			31/10/2011		31/10/2010		31/10/2009
	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	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	5 265	0%	5 265	0%	5 265
	Gross	BH	5 265	0%	5 265	0%	5 265
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		5 265		5 265		5 265

Current Assets (III)

			31/10/2011		31/10/2010		31/10/2009
	Total Assets	Net	3 069 873	25,5%	2 445 247	10,6%	2 211 193
	Gross	CJ	3 139 221	22,1%	2 570 854	12,1%	2 292 385
	Amortisation	CK	69 348	-44,8%	125 607	54,7%	81 192

Stocks

			31/10/2011		31/10/2010		31/10/2009
	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	746 913	0,3%	744 378	5,6%	704 949
	Gross	BT	792 875	-2,8%	815 952	9,1%	748 236
	Amortisation	BU	45 962	-35,8%	71 574	65,3%	43 287
	Sub Total Stocks	Net	746 913	0,3%	744 378	5,6%	704 949

Advance payments to suppliers

			31/10/2011		31/10/2010		31/10/2009
	Advance payments to suppliers	Net	2 996	0%	2 996	-5,6%	3 173
	Gross	BV	2 996	0%	2 996	-5,6%	3 173
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/10/2011		31/10/2010		31/10/2009
	Trade accounts receivable	Net	1 532 044	81,6%	843 748	26,0%	669 898
	Gross	BX	1 555 430	73,3%	897 781	26,8%	707 803
	Amortisation	BY	23 386	-56,7%	54 033	42,5%	37 905
	Other debtors	Net	711 897	6,3%	669 466	1,3%	661 138
	Gross	BZ	711 897	6,3%	669 466	1,3%	661 138
	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	2 243 941	48,3%	1 513 214	13,7%	1 331 036

Divers

			31/10/2011		31/10/2010		31/10/2009
	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	59 678	-64,9%	170 256	6,6%	159 742
	Gross	CF	59 678	-64,9%	170 256	6,6%	159 742
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	59 678	-64,9%	170 256	6,6%	159 742

Prepaid expenses

			31/10/2011		31/10/2010		31/10/2009
	Prepaid expenses	Net	16 345	13,5%	14 403	17,2%	12 293
	Gross	CH	16 345	13,5%	14 403	17,2%	12 293
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/10/2011		31/10/2010		31/10/2009
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	0	0%	0	0%	8 609
Gross		0	0%	0	0%	8 609

References

		31/10/2011		31/10/2010		31/10/2009
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)

		31/10/2011		31/10/2010		31/10/2009
Grand Total (I to V)	EE	3 079 803	25,3%	2 457 243	9,9%	2 236 562

Shareholder Equity (I)

			31/10/2011		31/10/2010		31/10/2009
	Total shareholders' equity (Total I)	DL	1 307 221	-25,9%	1 763 674	10,7%	1 592 659
	Equity and shareholders' equity	DA	502 240	0%	502 240	0%	502 240
	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	50 224	0%	50 224	0%	50 224
	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	611 209	-41,2%	1 040 196	31,5%	790 894
	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	143 547	-16,1%	171 014	-31,4%	249 301
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/10/2011		31/10/2010		31/10/2009
	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)

			31/10/2011		31/10/2010		31/10/2009
	Total provisions for risks and charges (Total III)	DR	30 697	0,1%	30 666	-36,4%	48 188
	Risk provisions	DP	30 697	0,1%	30 666	-36,4%	48 188
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/10/2011		31/10/2010		31/10/2009
	Total Liabilities (Total IV)	EC	1 741 885	162,8%	662 903	11,3%	595 714
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	0	0%	0	0%	0
	Sundry loans and financial liabilities	DV	0	0%	0	0%	0
	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	1 277 280	257,3%	357 524	6,5%	335 685
	Tax and social security liabilities	DY	429 313	58,3%	271 285	14,2%	237 452
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	35 293	3,5%	34 094	51,0%	22 577

Translation loss (V)

		31/10/2011		31/10/2010		31/10/2009
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/10/2011		31/10/2010		31/10/2009
Deferred income	EB	0	0%	0	0%	0

References

		31/10/2011		31/10/2010		31/10/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	1 741 885	162,8%	662 903	11,3%	595 715
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/10/2011		31/10/2010		31/10/2009
Operating result (Total I-II)	GG	204 934	-22,8%	265 319	-18,5%	325 475

2 - Financial result (V - VI)

		31/10/2011		31/10/2010		31/10/2009
Financial result (Total V-VI)	GV	15 419	434,9%	-4 604	-108,6%	53 271

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

		31/10/2011		31/10/2010		31/10/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	220 353	-15,5%	260 715	-31,2%	378 746

4 - Extraordinary result (VII-VIII)

		31/10/2011		31/10/2010		31/10/2009
Extraordinary result (Total VII-VIII)	HI	-59	84,8%	-388	-45,3%	-267

Profit or loss

		31/10/2011		31/10/2010		31/10/2009
Profit or loss	HN	143 547	-16,1%	171 014	-31,4%	249 301

Total Income (I+III+V+VII)

		31/10/2011		31/10/2010		31/10/2009
Total Income (I+III+V+VII)	HL	7 049 610	43,8%	4 903 205	5,6%	4 644 270

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

		31/10/2011		31/10/2010		31/10/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	6 906 063	45,9%	4 732 192	7,7%	4 394 968

Operating income (I)

		31/10/2011		31/10/2010		31/10/2009
Total operating income (Total I)	FR	7 013 171	45,1%	4 834 414	6,7%	4 529 022

Operating income (details)

			31/10/2011		31/10/2010		31/10/2009
	Sale of goods for resale	FC	6 719 971	45,5%	4 620 119	7,3%	4 305 291
	France	FA	6 263 594	49,5%	4 190 843	13,8%	3 681 432
	Export	FB	456 377	6,3%	429 276	-31,2%	623 859
	Sale of goods produced	FF	0	0%	-12 501	0%	0
	France	FD	0	0%	-12 501	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	181 630	15,3%	157 560	2,1%	154 379
	France	FG	175 366	13,8%	154 155	1,6%	151 755
	Export	FH	6 264	84,0%	3 405	29,8%	2 624
	Net turnover	FL	6 901 601	44,8%	4 765 178	6,9%	4 459 670
	France	FJ	6 438 960	48,6%	4 332 497	13,0%	3 833 187
	Export	FK	462 640	6,9%	432 681	-30,9%	626 483
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	111 230	61,7%	68 808	-0,8%	69 343
	Other income	FQ	340	-20,6%	428	4655,6%	09

Operating charges (II)

		31/10/2011		31/10/2010		31/10/2009
Total operating charges (Total II)	GF	6 808 237	49,0%	4 569 095	8,7%	4 203 547

Exploitation charges

		31/10/2011		31/10/2010		31/10/2009
Purchase of goods for resale	FS	4 944 570	70,8%	2 894 159	7,8%	2 685 412
Change in stocks of goods for resale	FT	-28 121	-141,5%	67 716	617,3%	-13 091
Purchase of raw materials	FU	29 592	22,6%	24 128	-0,8%	24 328
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	832 083	33,8%	621 755	7,7%	577 369
Tax, duty and similar payments	FX	36 144	5,9%	34 126	-17,1%	41 157
Payroll	FY	592 583	4,8%	565 497	-0,8%	570 052
Social security costs	FZ	317 066	25,8%	252 087	3,8%	242 895

Depreciation

		31/10/2011		31/10/2010		31/10/2009
Depreciation of fixed assets	GA	4 182	-46,6%	7 833	6,7%	7 343
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	50 802	-43,9%	90 560	94,4%	46 594
Provisions for risks and charges	GD	3 338	-62,1%	8 818	-58,1%	21 037

Other charges

		31/10/2011		31/10/2010		31/10/2009
Other charges	GE	25 999	976,1%	2 416	435,7%	451

Operating charges (III-IV)

		31/10/2011		31/10/2010		31/10/2009
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)

			31/10/2011		31/10/2010		31/10/2009
	Total financial income (Total V)	GP	36 439	-47,0%	68 791	-40,3%	115 227
	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	9 576	114,9%	4 457	6,9%	4 169
	Released provisions and transferred charges	GM	0	0%	8 609	0%	0
	Exchange gains	GN	26 863	-51,8%	55 725	-49,8%	111 058
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/10/2011		31/10/2010		31/10/2009
	Total financial charge (Total VI)	GU	21 020	-71,4%	73 395	18,5%	61 956
	Financial reserves and provisions	GQ	0	0%	0	0%	8 609
	Interest and similar charges	GR	1 101	62,4%	678	-11,3%	764
	Exchange losses	GS	19 919	-72,6%	72 717	38,3%	52 583
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			31/10/2011		31/10/2010		31/10/2009
	Total extraordinary income (Total VII)	HD	0	0%	0	0%	21
	Extraordinary operating income	HA	0	0%	0	0%	21
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/10/2011		31/10/2010		31/10/2009
	Total extraordinary charges (Total VIII)	HH	59	-84,8%	388	34,7%	288
	Extraordinary operating charges	HE	0	0%	388	34,7%	288
	Extraordinary charges from capital transactions	HF	59	0%	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/10/2011		31/10/2010		31/10/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/10/2011		31/10/2010		31/10/2009
Tax on profits (Total X)	HK	76 747	-14,1%	89 314	-30,9%	129 177

References

		31/10/2011		31/10/2010		31/10/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	862	-82,5%	4 934	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/10/2011		31/10/2010		31/10/2009
	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%	0
	Decreasess by transfers	OK2	9 511	0%	0	0%	0
	Gross value at the end of period	OL	153 161	-4,6%	160 495	1,4%	158 286

Research and development Charge (Total I)

			31/10/2011		31/10/2010		31/10/2009
	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)

			31/10/2011		31/10/2010		31/10/2009
	Gross value at begin of period	KD	9 940	0%	9 940	0%	9 940
	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	9 940	0%	9 940	0%	9 940

Tangible fixed assets (Total III)

			31/10/2011		31/10/2010		31/10/2009
	Gross value at begin of period	LN	145 291	1,5%	143 082	1,3%	141 186
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	2 176	-1,5%	2 209	16,6%	1 895
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	9 511	0%	0	0%	0
	Gross value at the end of period	NH	137 956	-5,0%	145 291	1,5%	143 081

Fiancial assets (Total IV)

			31/10/2011		31/10/2010		31/10/2009
	Gross value at begin of period	LQ	5 265	0%	5 265	0%	5 265
	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	5 265	0%	5 265	0%	5 265

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

			31/10/2011		31/10/2010		31/10/2009
	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)

			31/10/2011		31/10/2010		31/10/2009
	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)

			31/10/2011		31/10/2010		31/10/2009
	Reserve for depreciation value at begin of period	PE	9 940	0%	9 940	0%	9 940
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	9 940	0%	9 940	0%	9 940

Total fixed assets amotisation (Total III)

			31/10/2011		31/10/2010		31/10/2009
	Reserve for depreciation value at begin of period	QU	138 560	5,3%	131 587	5,9%	124 243
Increases		QV	4 182	-46,6%	7 833	6,7%	7 343
Decreases		QW	9 452	999,1%	860	0%	0
	Decreasess by budget item transfer	QX	133 290	-3,8%	138 560	5,3%	131 586

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

			31/10/2011		31/10/2010		31/10/2009
	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

			31/10/2011		31/10/2010		31/10/2009
	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)

			31/10/2011		31/10/2010		31/10/2009
	Value at begining of period	7C	156 273	20,8%	129 379	12,6%	114 911
Increases		UB	54 140	-45,5%	99 377	30,3%	76 240
Decreases		UC	110 368	52,3%	72 483	17,3%	61 772
	Value at the end of period	UD	100 045	-36,0%	156 273	20,8%	129 379

Includes Total allocations

Operating	UE	54 140	-45,5%	99 377	46,9%	67 631
Financial	UG	0	0%	0	0%	8 609
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	110 368	72,8%	63 874	3,4%	61 772
Financial	UH	0	0%	8 609	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/10/2011		31/10/2010		31/10/2009
	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)

			31/10/2011		31/10/2010		31/10/2009
	Value at begining of period	5Z	30 666	-36,4%	48 187	45,9%	33 022
Increases		TV	3 338	-62,1%	8 818	-70,3%	29 646
Decreases		TW	3 307	-87,4%	26 339	81,9%	14 481
	Value at the end of period	TX	30 697	0,1%	30 666	-36,4%	48 187

Total Provision for depreciation (Total III)

			31/10/2011		31/10/2010		31/10/2009
	Value at begining of period	7B	125 607	54,7%	81 192	-0,8%	81 888
Increases		TY	50 802	-43,9%	90 559	94,4%	46 594
Decreases		TZ	107 061	132,0%	46 144	-2,4%	47 292
	Value at the end of period	UA	69 348	-44,8%	125 607	54,7%	81 190

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

		31/10/2011		31/10/2010		31/10/2009
Gross value	VT	2 288 937	44,2%	1 586 915	14,5%	1 386 498
1 year at most	VU	2 283 672	44,4%	1 581 650	14,5%	1 381 233
More than one year	VV	5 265	0%	5 265	0%	5 265

State of loans

		31/10/2011		31/10/2010		31/10/2009
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	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	5 265	0%	5 265	0%	5 265
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/10/2011		31/10/2010		31/10/2009
Customers doubtful or disputed	VA	26 080	-57,3%	61 117	34,8%	45 346
Other claims customer	UX	1 529 351	82,8%	836 664	26,3%	662 457
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	171	-39,8%	284	0%	0
Social Security and other social organizations	UZ	2 649	-14,9%	3 113	0%	0
Income taxes	VM	12 551	-68,5%	39 863	0%	0
Value added tax	VB	137 811	1204,7%	10 563	9,0%	9 694
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	554 295	-9,9%	614 940	-5,3%	649 290
Accounts receivable (including claims relating to the operation of pension titles)	VR	4 419	528,6%	703	-67,4%	2 154

Prepaid

		31/10/2011		31/10/2010		31/10/2009
Prepaid	VS	16 345	13,5%	14 403	17,2%	12 293

State Debt

			31/10/2011		31/10/2010		31/10/2009
	Total debt (gross)	VY	1 741 885	162,8%	662 903	11,3%	595 715
1 year at most		VZ2	1 741 885	162,8%	662 903	11,3%	595 715
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/10/2011		31/10/2010		31/10/2009
	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%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	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	1 277 280	257,3%	357 524	6,5%	335 685
1 year at most		8B2	1 277 280	257,3%	357 524	6,5%	335 685
More than 1 year and 5 years at most		8B3	1 277 280	257,3%	357 524	6,5%	335 685
	Personnel and associated accounts (gross)	8C1	134 486	14,9%	117 005	33,3%	87 790
1 year at most		8C2	134 486	14,9%	117 005	33,3%	87 790
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	92 545	17,1%	79 009	38,5%	57 047
1 year at most		8D2	92 545	17,1%	79 009	38,5%	57 047
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	42 999
1 year at most		8E2	0	0%	0	0%	42 999
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	201 931	169,7%	74 864	61,6%	46 324
1 year at most		VW2	201 931	169,7%	74 864	61,6%	46 324
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	351	-13,8%	407	-87,6%	3 292
1 year at most		VQ2	351	-13,8%	407	-87,6%	3 292
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	35 293	3,5%	34 094	51,0%	22 577
1 year at most		8K2	35 293	3,5%	34 094	51,0%	22 577
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

		31/10/2011		31/10/2010		31/10/2009
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

		31/10/2011		31/10/2010		31/10/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/10/2011		31/10/2010		31/10/2009
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

		31/10/2011		31/10/2010		31/10/2009
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

		31/10/2011		31/10/2010		31/10/2009
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

		31/10/2011		31/10/2010		31/10/2009
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

		31/10/2011		31/10/2010		31/10/2009
Average number of employees	YP	0	0%	16	0%	16

Groups and Shareholders

		31/10/2011		31/10/2010		31/10/2009
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

		31/10/2011		31/10/2010		31/10/2009	Sector Median 2011
Fixed Asset Financing		9,67	-20,1%	12,11	7,5%	11,26	2,87	236,9%
Global Debt		91 days	82,0%	50 days	4,2%	48 days	101 days	-9,9%
Working Capital Fund overall net		69 days	-48,9%	135 days	3,1%	131 days	77 days	-10,4%
Financial independence		%	-	%	-	%	408,73%	-
More ratios
Solvability		42,44%	-40,9%	71,77%	0,8%	71,21%	38,90%	9,1%
Capacity debt futures		%	-	%	-	%	828,36%	-
Coverage of current assets by net working capital overall		42,52%	-39,0%	69,72%	-2,1%	71,23%	48,55%	-12,4%
General Liquidity		1,31	-45,2%	2,39	3,0%	2,32	0,57	129,8%
Restricted Liquidity		1,35	-48,9%	2,64	1,9%	2,59	0,84	60,7%

Management or rotation

		31/10/2011		31/10/2010		31/10/2009	Sector Median 2011
Need background in operating working capital		65 days	-46,3%	121 days	3,4%	117 days	55 days	18,2%
Treasury		3 days	-76,9%	13 days	0%	13 days	11 days	-72,7%
Inventory turnover of goods		58 days	-41,4%	99 days	-2,0%	101 days	111 days	-47,7%
Average length of credit granted to customers		81 days	19,1%	68 days	19,3%	57 days	40 days	102,5%
Average length of credit obtained suppliers		80 days	122,2%	36 days	-2,7%	37 days	49 days	63,3%
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	-	3280 days	-	days	1164 days	-
Rotation tangible assets		5002,76%	52,5%	3279,75%	5,2%	3116,88%	1170,99%	327,2%

Profitability of the business

		31/10/2011		31/10/2010		31/10/2009	Sector Median 2011
Margin trading		26,13%	-24,9%	34,80%	-5,0%	36,62	18,74%	39,4%
Profitability of the business		2,57	-60,0%	6,42	-13,6%	7,43	3,17%	-18,9%
Net profit		2,08%	-42,1%	3,59%	-35,8%	5,59%	1,82%	14,3%
More ratios
Growth rate of turnover (excluding VAT)		44,83%	554,5%	6,85%	289,2%	-3,62%	6,43%	597,2%
Rates integration		16,28%	-33,0%	24,29%	-8,6%	26,59%	18,47%	-11,9%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		80,97%	14,6%	70,64%	3,0%	68,57%	76,52%	5,8%
Weight interests		0,30	-80,5%	1,54%	10,8%	1,39%	0,27%	11,1%

Return on capital

		31/10/2011		31/10/2010		31/10/2009	Sector Median 2011
Cash flow from the overall profitability		0,54%	-75,8%	2,23%	-51,1%	4,56%	2,22%	-75,7%
Rates of economic profitability		14%	-17,6%	17%	-19,0%	21%	11%	27,3%
Financial profitability		1307221%	-25,9%	1763674%	10,7%	1592659%	324009,50%	303,5%
Return on investment		12,59%	-9,2%	13,86%	-29,1%	19,54%	8,13%	54,9%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/10/2011		31/10/2010		31/10/2009	Sector Median 2011
Turnover	6 901 601	44,8%	4 765 178	6,9%	4 459 670	1 782 616 €	287,2%

Sales of goods	6 719 971	45,5%	4 620 119	7,3%	4 305 291
- Purchase of goods	4 944 570	70,8%	2 894 159	7,8%	2 685 412
+/- Stock of goods variation	-28 121	-141,5%	67 716	617,3%	-13 091
Trading margin	1 803 522 €	8,8%	1 658 244 €	1,5%	1 632 970 €	341 810 €	427,6%
	26,13 % CA	-24,9%	34,80 % CA	-5,0%	36,62 % CA	18,91 % CA	38,2%

Sale of goods produced	181 630	25,2%	145 059	-6,0%	154 379
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	181 630 €	25,2%	145 059 €	-6,0%	154 379 €	136 449 €	33,1%
	2,63 % CA	-13,5%	3,04 % CA	-12,1%	3,46 % CA	6,91 % CA	-61,9%

Trading margin	1 803 522	8,8%	1 658 244	1,5%	1 632 970	341 810	427,6%
+ Period Production	181 630	25,2%	145 059	-6,0%	154 379	136 449	33,1%
- Purchase of raw materials	29 592	22,6%	24 128	-0,8%	24 328
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	832 083	33,8%	621 755	7,7%	577 369
Added value	1 123 477 €	-2,9%	1 157 420 €	-2,4%	1 185 652 €	339 499 €	230,9%
	16,28 % CA	-33,0%	24,29 % CA	-8,6%	26,59 % CA	18,47 % CA	-11,9%

Added value	1 123 477 €	-2,9%	1 157 420 €	-2,4%	1 185 652 €	339 499 €	230,9%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	36 144	5,9%	34 126	-17,1%	41 157
- Personal charges	909 649	11,3%	817 584	0,6%	812 947
Gross operating surplus	177 684 €	-41,9%	305 710 €	-7,8%	331 548 €	50 203 €	253,9%
	2,57 % CA	-60,0%	6,42 % CA	-13,6%	7,43 % CA	3,17 % CA	-18,9%

Gross operating surplus	177 684 €	-41,9%	305 710 €	-7,8%	331 548 €	50 203 €	253,9%
+ Release of reserves and provisions	111 230	61,7%	68 808	-0,8%	69 343
+ Other operating income	340	-20,6%	428	4655,6%	09
- Depreciation/Amortisation	58 322	-45,6%	107 211	43,0%	74 974
- Other charges	25 999	976,1%	2 416	435,7%	451
Operating result	204 933 €	-22,8%	265 319 €	-18,5%	325 475 €	41 544 €	393,3%
	2,97 % CA	-46,7%	5,57 % CA	-23,7%	7,30 % CA	2,51 % CA	18,3%

Operating result	204 933 €	-22,8%	265 319 €	-18,5%	325 475 €	41 544 €	393,3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	36 439	-47,0%	68 791	-40,3%	115 227
- Financial charges	21 020	-71,4%	73 395	18,5%	61 956
Pre-tax result	220 352 €	-15,5%	260 715 €	-31,2%	378 746 €	36 618 €	501,8%
	3,19 % CA	-41,7%	5,47 % CA	-35,6%	8,49 % CA	2,23 % CA	43,0%

Extraordinary income	0	0%	0	0%	21	1 195	0%
- Extraordinary charges	59	-84,8%	388	34,7%	288
Extraordinary result	-59 €	84,8%	-388 €	-45,3%	-267 €	0 €	0%
	0,00 % CA	0%	-0,01 % CA	0%	0 % CA	0 % CA	0%

Pre-tax result	220 352 €	-15,5%	260 715 €	-31,2%	378 746 €	36 618 €	501,8%
Extraordinary result	-59 €	84,8%	-388 €	-45,3%	-267 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	76 747	-14,1%	89 314	-30,9%	129 177
Net result	143 546 €	-16,1%	171 013 €	-31,4%	249 302 €	33 303 €	331,0%
	2,08 % CA	-42,1%	3,59 % CA	-35,8%	5,59 % CA	1,80 % CA	15,6%

ADDITIONAL INFORMATION

Last published preferential right

This company is not under monitoring

Trading to Date	10/31/2011	10/31/2010	10/31/2009
Turnover	6,901,601 €	4,765,178 €	4,459,670 €
Gross Operating Surplus	2,57 % Turnover	6,42 % Turnover	7,43 % Turnover
Net worth	1,307,221 €	1,763,674 €	1,592,659 €
Employees	10 to 19 employees	-	-

Trends
Profitability
Liquidity
Net worth

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 15 years old

the company has no known financial debts

The financial result is up to 15 419 €, which is good

The company has a share capital of 502 240 €, which is excellent

The net result is up to 204 934 €, which is good

The company has an activity with no specific increased risk

Tangible fixed assets are up to 4 667 €

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
04/06/2012	Bodacc C	Comptes annuels et rapports
02 - AISNE GREFFE DU TRIBUNAL DE COMMERCE DE SAINT-QUENTIN 217 - 390269520 RCS. VAPORMATIC FRANCE - SAS. Forme : Société par actions simplifiée. Adresse : cité Noiret 2250 Marle. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/10/2011.
11/07/2011	Bodacc C	Comptes annuels et rapports
02 - AISNE GREFFE DU TRIBUNAL DE COMMERCE DE SAINT-QUENTIN 199 - 390269520 RCS. VAPORMATIC FRANCE - SAS. Forme : Société par actions simplifiée. Adresse : cité Noiret 2250 Marle. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/10/2010.
28/03/2011	Bodacc C	Comptes annuels et rapports
02 - AISNE GREFFE DU TRIBUNAL DE COMMERCE DE SAINT-QUENTIN 43 - 390269520 RCS. VAPORMATIC FRANCE - SAS. Forme : Société par actions simplifiée. Adresse : cité Noiret 2250 Marle. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/10/2009.
15/09/2010	Bodacc C	Comptes annuels et rapports
02 - AISNE GREFFE DU TRIBUNAL DE COMMERCE DE SAINT-QUENTIN 217 - 390269520 RCS. VAPORMATIC FRANCE - SAS. Forme : Société par actions simplifiée. Adresse : cité Noiret 2250 Marle. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/10/2009.
09/07/2009	Bodacc C	Comptes annuels et rapports
02 - AISNE GREFFE DU TRIBUNAL DE COMMERCE DE SAINT-QUENTIN 250 - 390269520 RCS. VAPORMATIC FRANCE - SAS. Forme : Société par actions simplifiée. Adresse : cité Noiret 2250 Marle. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/10/2008.
21/07/2007	Bodacc C	Avis de dépôt des comptes
70 - Laon B 390 269 520. RC 94-B 5. VAPORMATIC FRANCE S.A.S. Forme: S.A.S. Adresse du siège social: cité Noiret,02250 Marle. Comptes annuels et rapports de l'exercice clos le: 31 octobre 2006.
27/06/2006	Bodacc B	Modifications et mutations diverses
0023 - Ancienne situation du siège social : RCS Laon 390 269 520. RC 94-B 5. VAPORMATIC FRANCE S.A.R.L. Forme : S.A.R.L. à associé unique. Capital : 502 240 euros. Adresse : cité Noiret, 02250 Nouvelle situation du siège social - Dénomination : VAPORMATIC FRANCE S.A.S. Forme : S.A.S. Administration : président : STE THE VAPORMATIC Co LTD, représentée par BRENNAN (Peter). Commissaire aux comptes titulaire maintenu : DELOITTE ET ASSOCIES. Commissaire aux comptes suppléant maintenu : ROZES (Olivier). Date d'effet : 28 mars 2006.
24/05/2006	Bodacc C	Avis de dépôt des comptes
66 - RCS Laon B 390 269 520. RC 94-B 5. VAPORMATIC FRANCE S.A.R.L. Forme: S.A.R.L.. Adresse du siège social: cité Noiret,02250 Marle. Comptes annuels et rapports de l'exercice clos le: 31 octobre 2005.
13/05/2005	Bodacc C	Avis de dépôt des comptes
43 - RCS Laon B 390 269 520. RC 94-B 5. VAPORMATIC FRANCE S.A.R.L. Forme: S.A.R.L.. Adresse du siège social: cité Noiret,02250 Marle. Comptes annuels et rapports de l'exercice clos le: 31 octobre 2004.
09/06/2002	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Laon 390269520 RC 94-B 5 VAPORMATIC FRANCE S.A.R.L. Forme : S.A.R.L. Capital : 502 240 euros. Adresse : cité Noiret, 02250 Marle Nouvelle situation du siège social. Forme : S.A.R.L. à associé unique. Date d'effet : 19 novembre 2001.
24/06/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Laon B 390269520 RC 94-B 5 VAPORMATIC FRANCE S.A.R.L. Forme : S.A.R.L. Capital : 3 139 000 F. Adresse : cité Noiret, 02250 Marle Nouvelle situation du siège social. Capital : 502 240 euros. Administration : nomination en qualité de commissaire aux comptes titulaire : STE DELOITTE TOUCHE TOHMATSU AUDIT, représentée par GROUSSIN (Bernard), en remplacement du CABINET COOPERS ET LYBRAND ENTREPRISES, démissionnaire. Nomination en qualité de commissaire aux comptes suppléant : ROZES (Olivier), en remplacement de BOULANGER (Dominique) démissionnaire. Commentaires : augmentation du capital et conversion en euros. Date d'effet : 10 mai 2001.
10/10/2000	Bodacc B	Modifications et mutations diverses
RCS Laon B 390269520 RC 94-B 5 VAPORMATIC FRANCE S.A.R.L. Forme : S.A.R. L. Capital : 3 139 000 F. Adresse du siège social : cité Noiret, 02250 Marle. Administration : nomination en qualité de commissaire aux comptes titulaire : COOPERS ET LYBRAND ENTREPRISES, en remplacement de BEFEC-PRICE WATERHOUSE. Nomination en qualité de commissaire aux comptes suppléant : BOULANGER ( Dominique), en remplacement de FALASSE ( Daniel). Date d'effet : 22 juin 2000.
29/11/1995	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Laon B 390 269 520 RC 94-B 5 VAPORMATIC FRANCE S.A.R.L. Forme : S.A.R.L. Capital : 1 000 000 de F (fixe). Adresse : cité Noiret, 02250 Marle Nouvelle situation du siège social. Capital : 3 139 000 F. Date d'effet : 30 aout 1995.
09/11/1995	Bodacc B	Modifications et mutations diverses
RCS Laon B 390 269 520 RC 94-B 5 VAPORMATIC FRANCE S.A.R.L. Forme : S.A.R. L. Capital : 1 000 000 de F. Adresse du siège social : cité Noiret 02250 Marle. Administration : démission de ses fonctions de gérant : GRAHAM (James). Nomination en qualité de gérant : BILLET (Francis). Date d'effet : 10 aout 1995.

Company events history

Date	Description
04/06/2012	Bodacc C : Deposit accounts notice
01/05/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/10/2011	New accounts available
11/07/2011	Bodacc C : Deposit accounts notice
05/06/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
28/03/2011	Bodacc C : Deposit accounts notice
31/10/2010	New accounts available
15/09/2010	Bodacc C : Deposit accounts notice
31/10/2009	New accounts available
09/07/2009	Bodacc C : Deposit accounts notice
31/10/2008	New accounts available
31/10/2007	New accounts available
31/10/2006	New accounts available
22/05/2006	Private document
22/05/2006	Appointment/resignation of company officers
22/05/2006	New company name
22/05/2006	Minutes of general meeting of shareholders
22/05/2006	New legal form – no new category
22/05/2006	Audit or Management Report
22/05/2006	Updated articles of association
31/10/2005	New accounts available
17/02/2005	Minutes of general meeting of shareholders
17/02/2005	Updated articles of association
17/02/2005	New closing date
17/02/2005	Private document
31/10/2004	New accounts available
31/10/2003	New accounts available
02/04/2002	Nomination/démission des organes de gestion
02/04/2002	Cession de parts
02/04/2002	PV d'Assemblée
02/04/2002	Statuts mis à jour
02/04/2002	Acte sous seing privé
22/05/2001	Augmentation de Capital
22/05/2001	Réduction de Capital
22/05/2001	Changement de date de clôture
22/05/2001	Acte sous seing privé
22/05/2001	Nomination/démission des organes de gestion
22/05/2001	PV d'Assemblée
22/05/2001	Statuts mis à jour
22/05/2001	Changement de Commissaire aux Comptes
11/09/2000	Changement de date de clôture
11/09/2000	Statuts mis à jour
11/09/2000	PV d'Assemblée
11/09/2000	Acte sous seing privé
16/12/1999	PV d'Assemblée
16/12/1999	Nomination/démission des organes de gestion
16/12/1999	Acte sous seing privé
26/01/1998	Acte sous seing privé
26/01/1998	Nomination/démission des organes de gestion
26/01/1998	PV d'Assemblée
06/12/1996	Acte sous seing privé
06/12/1996	Nomination/démission des organes de gestion
06/12/1996	PV d'Assemblée
17/10/1995	Augmentation de Capital
17/10/1995	Statuts mis à jour
17/10/1995	PV d'Assemblée
29/09/1995	PV d'Assemblée
29/09/1995	Statuts mis à jour
09/02/1994	PV d'Assemblée
09/02/1994	Changement de Gérant
09/02/1994	Nomination/démission des organes de gestion
17/01/1994	Immatriculation suite à transfert
17/01/1994	PV d'Assemblée
17/01/1994	Statuts mis à jour
17/01/1994	Déclaration de conformité
12/03/1993	PV d'Assemblée
12/03/1993	Transfert du Siège hors du ressort du Tribunal de Commerce
26/02/1993	Nomination/démission des organes de gestion
26/02/1993	Statuts
26/02/1993	Formation de Société
26/02/1993	PV d'Assemblée
26/02/1993	Acte sous seing privé
26/02/1993	Certificat de dépôt des fonds
26/02/1993	Déclaration de conformité

Establishment events history

Date	Description
01/05/2012	Update Limit
28/06/2011	Update of phone numbers
05/06/2011	Update Limit
16/08/2010	Update Rating
02/07/2010	Update Rating
20/11/2009	Update of phone numbers
06/07/2009	Update Limit
05/06/2008	Update Rating
13/01/2008	Update Limit
16/12/2007	Update Limit
10/12/2007	Update Limit
09/12/2007	Update Limit
08/12/2007	Update Rating

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.44
UK Pound	1	Rs.89.31
Euro	1	Rs.71.62

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.