MIRA INFORM REPORT

Report Date :

21.09.2012

IDENTIFICATION DETAILS

Name :	CAMECA
Registered Office :	23 A 29 23 Quai Des Gresillons 92230 Gennevilliers
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	December 1995
Com. Reg. No.:	RCS Nanterre 9 403 092 216
Legal Form :	Simplified Joint Stock Company
Line of Business :	Production of scientific and technical instruments
No. of Employees :	178 Approximately

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	A1	A1

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

Name

CAMECA

company summary

Activity (APE)	Production of scientific and technical instruments (2651B)	Legal form	Simplified joint stock company
Phone	01 43 34 30 60	RCS Registration	RCS Nanterre 9 403 092 216
Fax		Share capital	6,782,100 Euros
Address	CAMECA 23 A 29 23 QUAI DES GRESILLONS 92230 GENNEVILLIERS	Incorporated Date	12/1995
Nationality	France	Status	Economically active

Establishment details

Activity (APE)	Fabrication d'instrumentation scientifique et technique (2651B)	Business Pages FT®
Postal Address	CAMECA 23 A 29 23 QUAI DES GRESILLONS 92230 GENNEVILLIERS	Trading Address	23 QUAI DES GRESILLONS 92230 GENNEVILLIERS
Telephone	01 43 34 30 60
Fax

DIRECTORS/MANAGEMENT

Current Directors

2

directors

Name	M. ANTIER GEORGES
Manager position	Directeur général	Date of birth	23/04/1951
Place of birth	ATHIS MONS
Type	Individual	Name at birth

Name	M. OSCHER RONALD JOHN
Manager position	Président	Date of birth	04/04/1967
Place of birth	OHIO(ETATS-UNIS D'AMERIQUE)
Type	Individual	Name at birth

Previous Directors

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
Président	M GEORGES ANTIER
Président	M ALAN DEVENISH
Président	M ALAN DEVENISH
Directeur général	M GEORGES ANTIER

NEGATIVE INFORMATION

Last published preferential right

No social security and tax office preferential right to date

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	22/06/2012
Status of Monitoring	No social security and tax office preferential right to date

Recent publications in Gazettes

Publication date	Gazette Name	Description
15/11/2011	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 10775 - 403092216 RCS. CAMECA. Forme : Société par actions simplifiée. Adresse : 23/29 Quai des Gresillons 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
19/12/2010	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 3422 - 403 092 216 RCS Nanterre. CAMECA. Forme : Société par actions simplifiée. Sigle : M S I. Administration : Commissaire aux comptes suppléant : CART-TANNEUR Gilles en fonction le 08 Février 2002 Directeur général : ANTIER Georges modification le 29 Octobre 2007 Commissaire aux comptes suppléant : AUDITEX en fonction le 08 Octobre 2007 Commissaire aux comptes titulaire : ERNST & YOUNG et Autres en fonction le 08 Octobre 2007 Commissaire aux comptes titulaire : SOCIETE CONSTANTIN ET ASSOCIES en fonction le 22 Octobre 2007 Président : OSCHER Ronald John en fonction le 10 Décembre 2010. Activité : . Commentaires : Modification de représentant.
07/12/2010	JAL	Appointment of the social representative
Journal spécial des sociétés (Le) Société faisant l'objet d'une nomination : 403092216 - CAMECA, 23 QUAI DES GRESILLONS, 23 A 29, 92230 GENNEVILLIERS Nominé : Monsieur Ronald John OSCHER, 63 Silvermont Drive The Woodlands, 77382 TEXAS En la fonction de : Président Date d'effet : 30/06/2010
07/12/2010	JAL	Resignation / Revocation of the social representative
Journal spécial des sociétés (Le) Date de décision : 30/06/2010 La société 403092216 - CAMECA, 23 QUAI DES GRESILLONS, 23 A 29, 92230 GENNEVILLIERS Fait l'objet du départ de Date d'effet : 30/06/2010
07/09/2010	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 5982 - 403092216 RCS. CAMECA. Forme : Société par actions simplifiée. Adresse : 23/29 Quai des Gresillons 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
22/12/2009	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 9684 - 403092216 RCS. CAMECA. Forme : Société par actions simplifiée. Adresse : 23/29 Quai des Gresillons 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
29/09/2008	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 10950 - 403092216 RCS. CAMECA. Forme : Société par actions simplifiée. Adresse : 23/29 Quai des Gresillons 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
09/11/2007	Bodacc B	Modifications et mutations diverses
1713 - RCS Nanterre B 403 092 216. RC 95-B 5603. CAMECA. Sigle : MSI. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : modification d'un directeur général : ANTIER (Georges). Nomination du président : DEVENISH (Alan).
25/10/2007	Bodacc B	Modifications et mutations diverses
2915 - RCS Nanterre B 403 092 216. RC 95-B 5603. CAMECA. Sigle : MSI. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : commissaires aux comptes titulaires partants : SOCIETE CONSTANTIN ET ASSOCIES PRICEWATERHOUSECOOPERS AUDIT. Nomination d'un commissaire aux comptes suppléant : AUDITEX. Nomination d'un commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES.
13/09/2007	Bodacc C	Avis de dépôt des comptes
5044 - 403 092 216. RCS Nanterre CAMECA. Sigle: M S I Forme: Société par actions simplifiée. Adresse du siège social: 23/29 Quai des Gresillons 92230 Gennevilliers. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
21/10/2006	Bodacc C	Avis de dépôt des comptes
7445 - RCS Nanterre B 403 092 216. RC 95-B 5603. CAMECA. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 23/29, quai des Gresillons,92230 Gennevilliers. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
21/12/2005	Bodacc C	Avis de dépôt des comptes
2111 - RCS Nanterre B 403 092 216. RC 95-B 5603. CAMECA. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 103, boulevard Saint Denis,92400 Courbevoie. Comptes annuels et rapports de l'exercice clos le: 30 avril 2005.
20/07/2005	Bodacc C	Avis de dépôt des comptes
4158 - RCS Nanterre B 403 092 216. RC 95-B 5603. CAMECA. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 103, boulevard Saint Denis,92400 Courbevoie. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
08/04/2003	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 403092216 RC 95-B 5603 CAMECA. Sigle : MSI. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : GUIGON (Roland). Commissaire aux comptes suppléant partant : ELKAIM ( Jean-Jacques).
23/10/2002	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 403092216 RC 95-B 5603 CAMECA. Sigle : MSI. Forme : S.A.S. Capital : 6 782 100 euros. Adresse du siège social : 103 boulevard Saint-Denis, 92400 Courbevoie. Commentaires : modification survenue sur la dénomination, la forme juridique, le nom commercial ( suppression), l'adresse du siège social, l'activité, l'adresse de l' établissement principal et l' administration. Fusion-absorption de la STE CAMECA,. RCS Nanterre 552 037 426, à compter du 5 aout 2002. Administration : président du conseil d'administration partant : SARFATI (Max). Administrateurs partants : MICRO ANALYSE INSTRUMENTS-M.A.I., représentée par FOSSORIER (Gabriel) ANTIER ( Georges). Nomination du président : ANTIER (Georges) Etablissement principal: Activité : fabrication, vente de tous appareils ou éléments d' appareils électroniques et mécaniques de haute précision, en particulier d' instruments scientifiques. Adresse : 103 boulevard Saint-Denis, 92400 Courbevoie.
10/03/2002	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 403092216 RC 95-B 5603 MATERIELS SCIENTIFIQUES INTERNATIONAL. Sigle : MSI. Forme : S.A. Capital : 6 782 100 euros Nom commercial: M.S.I. Commentaires : modification survenue sur le capital (augmentation) et l' administration. Administration : administrateurs partants : DAUPLE ( Véronique) DOGIMONT (Jean). Nomination d'un administrateur : MICRO ANALYSE INSTRUMENTS-M.A.I, représentée par FOSSORIER (Gabriel). Nomination d' un commissaire aux comptes suppléant : CART-TANNEUR (Gilles). Nomination d'un commissaire aux comptes titulaire : STE CONSTANTIN ET ASSOCIES. Nomination d'un administrateur : ANTIER (Georges).
08/07/2001	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 403092216 RC 95-B 5603 MATERIELS SCIENTIFIQUES INTERNATIONAL. Sigle : M.S.I. Forme : S.A Nom commercial: M.S.I. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : MULLIEZ VIANNEY. Nomination du commissaire aux comptes titulaire : GUIGON (Roland). Commissaire aux comptes suppléant partant : AUBRY (Xavier). Nomination du commissaire aux comptes suppléant : ELKAIM (Jean-Jacques).
29/12/1995	Bodacc A	Création d'établissement
RCS Nanterre B 403 092 216 RC 95-B 5603 MATERIELS SCIENTIFIQUES INTERNATIONAL. Sigle : M.S.I. Forme : S.A.R.L. Capital : 50 568 F Nom commercial: M.S.I. Activité : instrumentation scientifique. Adresse du siège social : 14 rue Jules-Ferry 92403 Courbevoie. Administration : gérant : ANTIER (Georges) Cette société se constitue Date de début d'activité: 6 décembre 1995.

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Payment Information Summary – Safe Trade

GROUP STRUCTURE & AFFILIATED COMPANIES

Trading to Date	12/31/2010	12/31/2009	12/31/2008
	Turnover	44,005,286 €	32,028,947 €	45,840,617 €
	Gross Operating Surplus	19,48 % Turnover	-1,16 % Turnover	19,12 % Turnover
	Net worth	41,789,230 €	36,749,248 €	35,949,724 €
	Employees	100 to 199 employees	-	-

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	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	08/11/2011	16/08/2010	10/12/2009
Activity Code	2651B	2651B	2651B
Employees	178	0	0

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	29 674 296	63,5%	18 148 839	-2,0%	18 522 862	72 511	40823,9%
- Intangible assets	12 959 299	0,1%	12 952 569	-0,1%	12 970 516	5 099	254053,7%
- Tangible assets	1 218 659	-13,0%	1 400 026	7,5%	1 302 104	26 298,50	4533,9%
- Financial assets	15 496 335	308,2%	3 796 244	-10,7%	4 250 242	3 499	442779,0%
Net current assets	39 202 301	-0,6%	39 445 108	-19,1%	48 765 680	591 786	6524,4%
- Stocks	17 689 109	-11,2%	19 929 497	-15,1%	23 460 840	107 522,50	16351,5%
- Advanced payments	78 020	-0,6%	41 553	9,0%	38 119	0	0%
- Receivables	18 218 813	7,3%	16 982 433	-21,0%	21 487 046	260 255	6900,4%
- Securities and cash	3 216 359	29,1%	2 491 625	-34,1%	3 779 671	115 824,50	2676,9%
- Prepaid expenses	-	-	-	-	-	448	-
Accounts of regularization	269 248	24,7%	215 835	-38,2%	349 262	0	0%
Total Assets	69 145 842	19,6%	57 809 780	-14,5%	67 637 803	712 293	9607,5%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	41 789 230	13,7%	36 749 248	2,2%	35 949 724	285 963	14513,5%
Share capital	6 782 100	0%	6 782 100	0%	6 782 100	76 224,50	8797,5%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	6 043 595	17,2%	5 156 281	-5,4%	5 450 486	0	0%
Liabilities	21 277 831	34,4%	15 835 600	-39,1%	26 011 837	344 171	6082,3%
- Financial liabilities	2 134 087	-24,8%	2 837 632	-64,9%	8 086 660	50 141	4156,2%
- Advanced payments received	4 785 499	74,6%	2 741 274	-35,7%	4 265 353	0	0%
- Trade account payables	3 972 860	-2,7%	4 082 489	-39,9%	6 787 747	101 490	3814,5%
- Tax and social liabilities	6 030 082	147,8%	2 433 114	-33,1%	3 638 815	111 307	5317,5%
- Other debts and fixed assets liabilities	1 641 812	16,2%	1 412 630	-5,0%	1 487 760	6 814,50	23992,9%
Account regularization	2 748 669	14,7%	2 397 108	21,6%	1 971 255	0	0%
Total liabilities	69 145 841	19,6%	57 809 780	-14,5%	67 637 803	712 293	9607,5%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	46 389 337	48,6%	31 210 401	-33,6%	47 019 761	874 487,50	5204,7%
Net turnover	44 005 286	37,4%	32 028 947	-30,1%	45 840 617	793 502	5445,7%
- of which net export turnover	39 627 723	58,8%	24 961 100	-41,7%	42 784 519	12 069,50	328229,5%
Operating charges	38 559 122	22,0%	31 603 597	-22,0%	40 522 645	874 315,50	4310,2%
Operating profit/loss	7 830 215	2091,4%	-393 196	-106,1%	6 497 116	24 550	31795,0%
Financial income	1 364 566	-26,1%	1 847 260	42,8%	1 293 387	644	211789,1%
Financial charges	1 045 854	-9,4%	1 154 720	21,0%	954 281	2 615	39894,4%
Financial profit/loss	318 712	-54,0%	692 540	104,2%	339 106	-242	131799,2%
Pretax net operating income	8 148 927	2622,3%	299 344	-95,6%	6 836 222	22 970,50	35375,6%
Extraordinary income	67 790	-88,9%	608 147	648,1%	81 288	1 091	6113,6%
Extraordinary charges	114 746	-81,7%	626 542	238,9%	184 883	773,50	14734,6%
Extraordinary profit/loss	-46 956	27545,9%	-18 395	82,2%	-103 595	0	0%
Net result	5 048 669	522,4%	811 181	-80,4%	4 147 052	30 621,50	16387,3%

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	69 145 842	19,6%	57 809 780	-14,5%	67 637 803
	Gross	CO	72 576 645	18,5%	61 258 498	-13,6%	70 873 907
	Amortisation	1A	3 430 803	-0,5%	3 448 718	6,6%	3 236 104

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	29 674 296	63,5%	18 148 839	-2,0%	18 522 862
	Gross	BJ	31 396 314	60,1%	19 606 576	-1,3%	19 854 922
	Amortisation	BK	1 722 018	18,1%	1 457 737	9,4%	1 332 060

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	27 499	32,4%	20 769	-46,4%	38 716
	Gross	AF	377 998	-0,3%	379 108	-6,4%	404 872
	Amortisation	AG	350 499	-2,2%	358 339	-2,1%	366 156
	Goodwill	Net	12 931 800	0%	12 931 800	0%	12 931 800
	Gross	AH	12 931 800	0%	12 931 800	0%	12 931 800
	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	12 959 299	0,1%	12 952 569	-0,1%	12 970 516

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	140 687	-12,8%	161 396	-10,4%	180 193
	Gross	AP	225 811	0%	225 811	0,8%	223 915
	Amortisation	AQ	85 124	32,1%	64 415	47,3%	43 722
	Plant	Net	772 363	-13,0%	887 919	14,4%	776 142
	Gross	AR	1 782 796	5,9%	1 684 242	13,4%	1 485 113
	Amortisation	AS	1 010 433	26,9%	796 323	12,3%	708 971
	Other tangible fixed assets	Net	305 609	-3,9%	317 911	16,0%	274 177
	Gross	AT	550 169	4,8%	525 169	15,2%	455 986
	Amortisation	AU	244 560	18,0%	207 258	14,0%	181 809
	Fixed assets in construction	Net	0	0%	32 800	-54,2%	71 592
	Gross	AV	0	0%	32 800	-54,2%	71 592
	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	1 218 659		1 400 026		1 302 104

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	430 944	0%	430 944	-41,4%	735 674
	Gross	CU	462 346	0%	462 346	-39,7%	767 076
	Amortisation	CV	31 402	0%	31 402	0%	31 402
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	14 650 613	520,4%	2 361 446	5,0%	2 248 993
	Gross	BF	14 650 613	0%	2 361 446	0%	2 248 993
	Amortisation	BG	0		0		0
	Other financial assets	Net	414 778	-58,7%	1 003 854	-20,7%	1 265 575
	Gross	BH	414 778	-58,7%	1 003 854	-20,7%	1 265 575
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		15 496 335		3 796 244		4 250 242

Current Assets (III)

			31/12/2010		31/12/2009		31/12/2008
	Total Assets	Net	39 202 301	-0,6%	39 445 108	-19,1%	48 765 680
	Gross	CJ	40 911 083	-1,3%	41 436 084	-18,2%	50 669 719
	Amortisation	CK	1 708 782	-14,2%	1 990 976	4,6%	1 904 039

Stocks

			31/12/2010		31/12/2009		31/12/2008
	Raw materials	Net	1 996 528	-29,5%	2 831 048	-12,9%	3 249 882
	Gross	BL	2 628 894	-25,3%	3 518 232	-8,7%	3 854 271
	Amortisation	BM	632 366	-8,0%	687 184	13,7%	604 389
	Work in progress (goods)	Net	14 545 511	-7,5%	15 721 291	-14,2%	18 332 703
	Gross	BN	14 879 173	-8,5%	16 263 354	-12,8%	18 657 941
	Amortisation	BO	333 662	-38,4%	542 063	66,7%	325 238
	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	1 125 496	-13,9%	1 307 598	-26,3%	1 774 229
	Gross	BR	1 562 255	-11,1%	1 756 748	-23,7%	2 301 408
	Amortisation	BS	436 759	-2,8%	449 150	-14,8%	527 179
	Goods for resale	Net	21 574	-69,0%	69 560	-33,1%	104 026
	Gross	BT	26 190	-67,6%	80 760	-43,5%	143 061
	Amortisation	BU	4 616	-58,8%	11 200	-71,3%	39 035
	Sub Total Stocks	Net	17 689 109	-11,2%	19 929 497	-15,1%	23 460 840

Advance payments to suppliers

			31/12/2010		31/12/2009		31/12/2008
	Advance payments to suppliers	Net	78 020	87,8%	41 553	9,0%	38 119
	Gross	BV	78 020	87,8%	41 553	9,0%	38 119
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2010		31/12/2009		31/12/2008
	Trade accounts receivable	Net	4 998 097	11,6%	4 479 869	-61,3%	11 561 300
	Gross	BX	5 089 476	11,3%	4 571 248	-60,9%	11 694 498
	Amortisation	BY	91 379	0%	91 379	-31,4%	133 198
	Other debtors	Net	13 055 400	5,4%	12 386 658	26,3%	9 810 615
	Gross	BZ	13 265 400	5,3%	12 596 658	24,9%	10 085 615
	Amortisation	CA	210 000	0%	210 000	-23,6%	275 000
	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	18 053 497	7,0%	16 866 527	-21,1%	21 371 915

Divers

			31/12/2010		31/12/2009		31/12/2008
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	3 216 359	29,1%	2 491 625	-34,1%	3 779 671
	Gross	CF	3 216 359	29,1%	2 491 625	-34,1%	3 779 671
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	3 216 359	29,1%	2 491 625	-34,1%	3 779 671

Prepaid expenses

			31/12/2010		31/12/2009		31/12/2008
	Prepaid expenses	Net	165 316	42,6%	115 906	0,7%	115 131
	Gross	CH	165 316	42,6%	115 906	0,7%	115 131
	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	269 248	24,7%	215 835	-38,2%	349 262
Gross		269 248	24,7%	215 835	-38,2%	349 262

References

		31/12/2010		31/12/2009		31/12/2008
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	91 379	-32,9%	136 196

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	69 145 841	19,6%	57 809 780	-14,5%	67 637 803

Shareholder Equity (I)

			31/12/2010		31/12/2009		31/12/2008
	Total shareholders' equity (Total I)	DL	41 789 230	13,7%	36 749 248	2,2%	35 949 724
	Equity and shareholders' equity	DA	6 782 100	0%	6 782 100	0%	6 782 100
	Issue and merger premiums	DB	11 274 420	0%	11 274 420	0%	11 274 420
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	681 479	0%	681 479	0%	681 479
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	71 828	0%	71 828	0%	71 828
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	5 690 944	0%	5 690 944	0%	5 690 944
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	12 231 270	7,1%	11 420 089	57,0%	7 273 036
	Profit or loss for the period	DI	5 048 669	522,4%	811 181	-80,4%	4 147 052
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	8 520	-50,5%	17 207	-40,4%	28 865

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	6 043 595	17,2%	5 156 281	-5,4%	5 450 486
	Risk provisions	DP	2 233 281	18,9%	1 877 748	-19,4%	2 330 839
	Reserves for charges	DQ	3 810 314	16,2%	3 278 533	5,1%	3 119 647

Liabilities (IV)

			31/12/2010		31/12/2009		31/12/2008
	Total Liabilities (Total IV)	EC	21 277 831	34,4%	15 835 600	-39,1%	26 011 837
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	0	0%	01	0%	0
	Sundry loans and financial liabilities	DV	2 134 087	-24,8%	2 837 631	-64,9%	8 086 660
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	4 785 499	74,6%	2 741 274	-35,7%	4 265 353
	Trade accounts payables	DX	3 972 860	-2,7%	4 082 489	-39,9%	6 787 747
	Tax and social security liabilities	DY	6 030 082	147,8%	2 433 114	-33,1%	3 638 815
	Fixed asset liabilities	DZ	0	0%	39 228	-45,2%	71 592
	Other debts	EA	1 606 632	23,1%	1 304 755	9,6%	1 190 415

Translation loss (V)

		31/12/2010		31/12/2009		31/12/2008
Translation loss (Total V)	ED	35 180	-48,8%	68 647	-69,6%	225 753

Equalization accounts

		31/12/2010		31/12/2009		31/12/2008
Deferred income	EB	2 748 669	14,7%	2 397 108	21,6%	1 971 255

References

		31/12/2010		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	76 098	0%	0	0%	75 098
Deferred income and liabilities	EG	0	0%	13 715 234	-43,4%	24 251 835
Of which current bank facilities	EH	0	0%	01	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2010		31/12/2009		31/12/2008
Operating result (Total I-II)	GG	7 830 215	2091,4%	-393 196	-106,1%	6 497 116

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	318 712	-54,0%	692 540	104,2%	339 106

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	8 148 927	2622,3%	299 344	-95,6%	6 836 222

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	-46 956	-155,3%	-18 395	82,2%	-103 595

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	5 048 669	522,4%	811 181	-80,4%	4 147 052

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	47 821 693	42,0%	33 665 808	-30,4%	48 394 436

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	42 773 024	30,2%	32 854 624	-25,7%	44 247 384

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	46 389 337	48,6%	31 210 401	-33,6%	47 019 761

Operating income (details)

			31/12/2010		31/12/2009		31/12/2008
	Sale of goods for resale	FC	0	0%	0	0%	0
	France	FA	0	0%	0	0%	0
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	41 200 793	37,8%	29 900 396	-28,6%	41 897 257
	France	FD	1 573 070	-74,8%	6 238 891	251,7%	1 774 065
	Export	FE	39 627 723	67,5%	23 661 505	-41,0%	40 123 192
	Sale of services	FI	2 804 493	31,8%	2 128 550	-46,0%	3 943 359
	France	FG	2 804 493	238,3%	828 956	-35,3%	1 282 033
	Export	FH	0	0%	1 299 594	-51,2%	2 661 326
	Net turnover	FL	44 005 286	37,4%	32 028 947	-30,1%	45 840 617
	France	FJ	4 377 563	-38,1%	7 067 847	131,3%	3 056 098
	Export	FK	39 627 723	58,8%	24 961 100	-41,7%	42 784 519
	Stocked production	FM	-1 578 678	46,3%	-2 939 245	-524,7%	692 032
	Self-constructed assets	FN	17 638	-87,2%	138 266	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	3 821 806	137,0%	1 612 839	936,8%	155 553
	Other income	FQ	123 285	-66,6%	369 594	11,5%	331 556

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	38 559 122	22,0%	31 603 597	-22,0%	40 522 645

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	54 570	-12,4%	62 300	207,5%	-57 975
Purchase of raw materials	FU	8 511 248	41,4%	6 019 466	-43,2%	10 600 501
Change in stocks of raw materials	FV	889 338	164,7%	336 039	140,5%	-830 310
Other external purchases and charges	FW	10 797 427	16,5%	9 270 312	-31,9%	13 612 698
Tax, duty and similar payments	FX	1 081 491	16,7%	926 572	-15,2%	1 092 078
Payroll	FY	8 341 097	-3,1%	8 606 565	-4,0%	8 964 464
Social security costs	FZ	4 196 110	-4,2%	4 378 461	-0,2%	4 388 199

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	280 284	-1,5%	284 536	16,7%	243 841
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	667 353	82,1%	366 491	-17,9%	446 405
Provisions for risks and charges	GD	3 605 892	177,6%	1 299 105	-35,0%	1 999 418

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	134 312	149,9%	53 750	-15,1%	63 322

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	1 364 566	-26,1%	1 847 260	42,8%	1 293 387
	Share financial income	GJ	0	0%	546 991	0%	0
	Other investment income & capitalised receivables	GK	189 166	68,2%	112 452	-14,8%	131 936
	Other interest and similar income	GL	278 092	-7,1%	299 362	-17,4%	362 321
	Released provisions and transferred charges	GM	215 835	-38,2%	349 262	116,3%	161 459
	Exchange gains	GN	681 473	26,4%	539 193	-15,4%	637 670
	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	1 045 854	-9,4%	1 154 720	21,0%	954 281
	Financial reserves and provisions	GQ	269 248	24,7%	215 835	-38,2%	349 262
	Interest and similar charges	GR	437 153	-8,9%	479 810	203,4%	158 166
	Exchange losses	GS	339 453	-26,1%	459 075	2,7%	446 852
	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	67 790	-88,9%	608 147	648,1%	81 288
	Extraordinary operating income	HA	54 410	0%	0	0%	0
	Extraordinary income from capital transactions	HB	0	0%	375 488	0%	0
	Released provisions and transferred charges	HC	13 380	-94,2%	232 659	186,2%	81 288

Extraordinary charges (VIII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	114 746	-81,7%	626 542	238,9%	184 883
	Extraordinary operating charges	HE	6 770	-95,7%	156 651	1,9%	153 714
	Extraordinary charges from capital transactions	HF	0	0%	375 488	0%	0
	Extraordinary reserves and provisions	HG	107 976	14,4%	94 403	202,9%	31 168

Employee profit sharing (IX)

		31/12/2010		31/12/2009		31/12/2008
Employee profit sharing (Total IX)	HJ	835 814	0%	0	0%	896 525

Tax on profits (X)

		31/12/2010		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	2 217 488	518,2%	-530 235	-131,4%	1 689 050

References

		31/12/2010		31/12/2009		31/12/2008
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	863 412	-8,0%	938 011	-27,6%	1 295 773
Of which transferred charges	A1	0	0%	0	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	118 207	238,7%	34 899	-10,8%	39 129

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	0	0%	179 837	0%	0
	Decreasess by transfers	OK2	51 819	-93,1%	751 120	0%	0
	Gross value at the end of period	OL	31 396 314	60,1%	19 606 577	0%	0

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	13 310 908	-0,2%	13 336 672	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	23 926	268,1%	6 500	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	25 036	-22,4%	32 263	0%	0
	Gross value at the end of period	LW	13 309 798	0,0%	13 310 909	0%	0

Tangible fixed assets (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LN	2 468 022	10,3%	2 236 606	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	117 538	-72,6%	429 602	0%	0
	Decreasess by budget item transfer	NG1	0	0%	71 592	0%	0
	Decreasess by transfers	NG2	26 782	-78,8%	126 595	0%	0
	Gross value at the end of period	NH	2 558 778	3,7%	2 468 021	0%	0

Fiancial assets (Total IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LQ	3 827 645	-10,6%	4 281 645	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	11 700 092	4646,4%	246 504	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	108 245	0%	0
	Decreasess by transfers	NJ2	0	0%	592 259	0%	0
	Gross value at the end of period	NK	15 527 737	305,7%	3 827 645	0%	0

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	358 339	-2,1%	366 156	0%	0
Increases		PF	15 620	-36,1%	24 446	0%	0
Decreasess		PG	23 460	-27,3%	32 263	0%	0
	Decreasess by budget item transfer	PH	350 499	-2,2%	358 339	0%	0

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	1 067 996	14,3%	934 502	0%	0
Increases		QV	264 662	1,8%	260 089	0%	0
Decreases		QW	-7 458	-105,9%	126 595	0%	0
	Decreasess by budget item transfer	QX	1 340 116	25,5%	1 067 996	0%	0

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	7 195 870	-3,0%	7 414 796	0%	0
Increases		UB	4 647 453	135,2%	1 975 835	0%	0
Decreases		UC	4 051 022	84,6%	2 194 761	0%	0
	Value at the end of period	UD	7 792 301	8,3%	7 195 870	0%	0

Includes Total allocations

Operating	UE	4 273 245	156,6%	1 665 596	0%	0
Financial	UG	269 248	24,7%	215 835	0%	0
Exceptional	UJ	104 959	11,2%	94 403	0%	0

Includes Total Withdrawal

Operating	UF	3 821 806	137,0%	1 612 839	0%	0
Financial	UH	215 835	-38,2%	349 262	0%	0
Exceptional	UK	13 380	-94,2%	232 659	0%	0

Total regulated provisions (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	3Z	17 207	-40,4%	28 865	0%	0
Increases		TS	4 693	-11,8%	5 323	0%	0
Decreases		TT	13 380	-21,2%	16 981	0%	0
	Value at the end of period	TU	8 520	-50,5%	17 207	0%	0

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	5Z	5 156 280	-5,4%	5 450 486	0%	0
Increases		TV	3 975 406	147,8%	1 604 020	0%	0
Decreases		TW	3 088 091	62,7%	1 898 225	0%	0
	Value at the end of period	TX	6 043 595	17,2%	5 156 281	0%	0

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	2 022 380	4,5%	1 935 442	0%	0
Increases		TY	667 353	82,1%	366 491	0%	0
Decreases		TZ	949 549	239,7%	279 554	0%	0
	Value at the end of period	UA	1 740 184	-14,0%	2 022 379	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	33 663 605	62,7%	20 690 662	0%	0
1 year at most	VU	18 810 918	5,1%	17 902 558	0%	0
More than one year	VV	14 852 687	432,7%	2 788 104	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	14 650 613	520,4%	2 361 446	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	414 778	-58,7%	1 003 852	0%	0
Other financial assets (1 year at most)	UV	311 828	-53,4%	668 574	0%	0

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	99 124	8,5%	91 379	0%	0
Other claims customer	UX	4 990 351	11,4%	4 479 868	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	12 067	-65,0%	34 473	0%	0
Social Security and other social organizations	UZ	21 250	-83,1%	125 612	0%	0
Income taxes	VM	344 260	-39,3%	567 565	0%	0
Value added tax	VB	333 193	68,1%	198 227	0%	0
Other taxes and payments assimilated	VN	0	0%	149 687	0%	0
State and other public - Miscellaneous	VP	0	0%	240 884	0%	0
Group and Associates	VC	12 514 670	11,8%	11 194 556	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	117 979	-7,3%	127 206	0%	0

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	165 316	42,6%	115 903	0%	0

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	01	-100,0%	15 835 600	0%	0
1 year at most		VZ2	01	-100,0%	13 715 234	0%	0
More than 1 year and 5 years at most		VZ3	0	0%	2 120 366	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2010		31/12/2009		31/12/2008
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	01	0%	0
1 year at most		VG2	0	0%	01	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%	2 120 366	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	2 120 366	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	4 082 489	0%	0
1 year at most		8B2	0	0%	4 082 489	0%	0
More than 1 year and 5 years at most		8B3	0	0%	4 082 489	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	1 114 451	0%	0
1 year at most		8C2	0	0%	1 114 451	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	0	0%	1 291 862	0%	0
1 year at most		8D2	0	0%	1 291 862	0%	0
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	4 886	0%	0
1 year at most		VW2	0	0%	4 886	0%	0
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	0	0%	21 913	0%	0
1 year at most		VQ2	0	0%	21 913	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	39 228	0%	0
1 year at most		8J2	0	0%	39 228	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%	717 268	0%	0
1 year at most		VI2	0	0%	717 268	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	0	0%	4 046 026	0%	0
1 year at most		8K2	0	0%	4 046 026	0%	0
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	2 397 108	0%	0
1 year at most		8L2	0	0%	2 397 108	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%	0	0%	0
Debt repaid during the period	VK	0	0%	3 635 318	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2010		31/12/2009		31/12/2008
Dividends	ZE	0	0%	0	0%	0

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	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

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

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

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	178	0%	0	0%	0

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		1,65	-30,1%	2,36	-7,8%	2,56	2,33	-29,2%
Global Debt		174 days	-2,2%	178 days	-12,7%	204 days	135 days	28,9%
Working Capital Fund overall net		166 days	-44,5%	299 days	23,0%	243 days	134 days	23,9%
Financial independence		%	-	3674924800%	-	%	859,69%	-
More ratios
Solvability		60,44%	-4,9%	63,57%	19,6%	53,15%	49,88%	21,2%
Capacity debt futures		%	-	3674924800%	-	%	2081,32%	-
Coverage of current assets by net working capital overall		49,80%	-22,6%	64,36%	5,1%	61,25%	51,82%	-3,9%
General Liquidity		18810918	1435947838,9%	1,31	-		0,94	2001161389,4%
Restricted Liquidity		22027277	1478340638,3%	1,49	-		1,55	1421114545,2%

Management or rotation

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital		159 days	-46,1%	295 days	30,0%	227 days	71 days	123,9%
Treasury		26 days	-7,1%	28 days	-6,7%	30 days	35 days	-25,7%
Inventory turnover of goods		173 days	-63,0%	467 days	152,6%	-888 days	15 days	1053,3%
Average length of credit granted to customers		42 days	-17,6%	51 days	-44,6%	92 days	83 days	-49,4%
Average length of credit obtained suppliers		71 days	-24,5%	94 days	-10,5%	105 days	70 days	1,4%
More ratios
Inventory turnover of raw materials in industrial enterprises		111 days	-47,1%	210 days	60,3%	131 days	98 days	13,3%
Inventory turnover of intermediate and finished products in the industrial enterprise		1720 days	32,5%	1298 days	-	days	609,50 days	182,2%
Rotation tangible assets		1719,78%	32,5%	1297,76%	-	%	652,40%	163,6%

Profitability of the business

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading		-0,12%	36,8%	-0,19%	-246,2%	0,13	0%	0%
Profitability of the business		19,48	1779,3%	-1,16	-106,1%	19,12	6,75%	188,6%
Net profit		11,47%	353,4%	2,53%	-72,0%	9,05%	4,82%	138,0%
More ratios
Growth rate of turnover (excluding VAT)		37,39%	224,1%	-30,13%	-1792,7%	1,78%	6,10%	513,0%
Rates integration		50,43%	19,3%	42,27%	-16,5%	50,63%	44,52%	13,3%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		56,50%	-41,1%	95,90%	66,7%	57,54%	79,77%	-29,2%
Weight interests		2,38	-34,1%	3,61%	73,6%	2,08%	0,32%	643,8%

Return on capital

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability		3,76%	252,8%	-2,46%	-123,6%	10,41%	6,47%	-41,9%
Rates of economic profitability		20%	2100%	-1%	-105,0%	20%	13%	53,8%
Financial profitability		41789230%	13,7%	36749248%	2,2%	35949724%	291008,50%	14260,1%
Return on investment		13,88%	179,3%	4,97%	-57,1%	11,58%	10,01%	38,7%

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	44 005 286	37,4%	32 028 947	-30,1%	45 840 617	793 502 €	5445,7%

Sales of goods	0	0%	0	0%	0
- Purchase of goods	0	0%	0	0%	0
+/- Stock of goods variation	54 570	-12,4%	62 300	207,5%	-57 975
Trading margin	-54 570 €	12,4%	-62 300 €	-207,5%	57 975 €	0 €	0%
	-0,12 % CA	36,8%	-0,19 % CA	-246,2%	0,13 % CA	0 % CA	0%

Sale of goods produced	44 005 286	37,4%	32 028 946	-30,1%	45 840 616
+/- Stocked production	-1 578 678	46,3%	-2 939 245	-524,7%	692 032
+ Self-constructed assets	17 638	-87,2%	138 266	0%	0
Period production	42 444 246 €	45,2%	29 227 967 €	-37,2%	46 532 648 €	604 308 €	6923,6%
	96,45 % CA	5,7%	91,25 % CA	-10,1%	101,51 % CA	99,63 % CA	-3,2%

Trading margin	-54 570	12,4%	-62 300	-207,5%	57 975	0	0%
+ Period Production	42 444 246	45,2%	29 227 967	-37,2%	46 532 648	604 308	6923,6%
- Purchase of raw materials	8 511 248	41,4%	6 019 466	-43,2%	10 600 501
+/- Change in stocks of raw materiels	889 338	164,7%	336 039	140,5%	-830 310
- Other external purchases and charges	10 797 427	16,5%	9 270 312	-31,9%	13 612 698
Added value	22 191 663 €	63,9%	13 539 850 €	-41,7%	23 207 734 €	337 026 €	6484,6%
	50,43 % CA	19,3%	42,27 % CA	-16,5%	50,63 % CA	44,52 % CA	13,3%

Added value	22 191 663 €	63,9%	13 539 850 €	-41,7%	23 207 734 €	337 026 €	6484,6%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	1 081 491	16,7%	926 572	-15,2%	1 092 078
- Personal charges	12 537 207	-3,4%	12 985 026	-2,8%	13 352 663
Gross operating surplus	8 572 965 €	2406,1%	-371 748 €	-104,2%	8 762 993 €	38 940,50 €	21915,5%
	19,48 % CA	1779,3%	-1,16 % CA	-106,1%	19,12 % CA	6,75 % CA	188,6%

Gross operating surplus	8 572 965 €	2406,1%	-371 748 €	-104,2%	8 762 993 €	38 940,50 €	21915,5%
+ Release of reserves and provisions	3 821 806	137,0%	1 612 839	936,8%	155 553
+ Other operating income	123 285	-66,6%	369 594	11,5%	331 556
- Depreciation/Amortisation	4 553 529	133,5%	1 950 132	-27,5%	2 689 664
- Other charges	134 312	149,9%	53 750	-15,1%	63 322
Operating result	7 830 215 €	2091,4%	-393 197 €	-106,1%	6 497 116 €	24 550 €	31795,0%
	17,79 % CA	1546,3%	-1,23 % CA	-108,7%	14,17 % CA	4,23 % CA	320,6%

Operating result	7 830 215 €	2091,4%	-393 197 €	-106,1%	6 497 116 €	24 550 €	31795,0%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	1 364 566	-26,1%	1 847 260	42,8%	1 293 387
- Financial charges	1 045 854	-9,4%	1 154 720	21,0%	954 281
Pre-tax result	8 148 927 €	2622,3%	299 343 €	-95,6%	6 836 222 €	22 970 €	35376,4%
	18,52 % CA	1891,4%	0,93 % CA	-93,8%	14,91 % CA	4,13 % CA	348,4%

Extraordinary income	67 790	-88,9%	608 147	648,1%	81 288	1 091	6113,6%
- Extraordinary charges	114 746	-81,7%	626 542	238,9%	184 883
Extraordinary result	-46 956 €	-155,3%	-18 395 €	82,2%	-103 595 €	0 €	0%
	-0,11 % CA	-83,3%	-0,06 % CA	73,9%	0 % CA	0 % CA	0%

Pre-tax result	8 148 927 €	2622,3%	299 343 €	-95,6%	6 836 222 €	22 970 €	35376,4%
Extraordinary result	-46 956 €	-155,3%	-18 395 €	82,2%	-103 595 €	0 €	0%
- Employee profit sharing	835 814	0%	0	0%	896 525
- Tax on profits	2 217 488	518,2%	-530 235	-131,4%	1 689 050
Net result	5 048 669 €	522,4%	811 183 €	-80,4%	4 147 052 €	30 861 €	16259,4%
	11,47 % CA	353,4%	2,53 % CA	-72,0%	9,05 % CA	4,78 % CA	140,0%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Company details

Activity (APE)	Fabrication d'instrumentation scientifique et technique (2651B)
RCS Registration	RCS Nanterre 9 403 092 216	Share capital	6,782,100 Euros
Registration Court	Nanterre (92)	Legal form	Simplified joint stock company
Court Registry Number	19 9 5B056	EU VAT Number	FR67403092216
Incorporation Date	12/1995	Formation Date	12/1995
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Type	Head office (one site company)	Status	Economically active
	Formation Date	07/2006	Reason for formation	Formation
	Closure Date		Reason for closure
	Reactivation Date		Production Role
	Activity Nature		Activity Location
	Location surface		Seasonality

Department	Hauts-de-Seine (92)	Region	Ile-de-France
District	2	Area	86
City	GENNEVILLIERS	Size of urban area	Paris conglomeration

Other establishments

Branches	1 branch entities in this company
Head office	> CAMECA <<<  - Fabrication d'instrumentation scientifique et technique (2651B)  in GENNEVILLIERS  (92230)
Secondary establishments	>  MATERIELS SCIENTIFIQUES INTERNATIONAL  - Fabrication d'instrumentation scientifique et technique (332B)  in COURBEVOIE  (92400) >  CAMECA  - Fabrication d'instrumentation scientifique et technique (332B)  in COURBEVOIE  (92400)

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

Workforce unknown

Company workforce

100 to 199 employees

event history

Status history

Date

Description

No Status History

Company events history

Date	Description
22/06/2012	Collection of preferential rights activated for this company
15/11/2011	Bodacc C : Deposit accounts notice
10/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
19/12/2010	Bodacc B: Various editing or changing
10/12/2010	New chairman (CEO, CoB)
07/12/2010	Legal Gazette: Resignation / Revocation of the social representative
07/09/2010	Bodacc C : Deposit accounts notice
30/06/2010	Legal Gazette: Appointment of the social representative
31/12/2009	New accounts available
22/12/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
29/09/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
29/10/2007	Updated articles of association
29/10/2007	Appointment/resignation of company officers
29/10/2007	Statuts mis à jour
29/10/2007	Acte modificatif
29/10/2007	Nomination/démission des organes de gestion
29/10/2007	PV du Conseil d'Administration
29/10/2007	Minutes of Board meeting
29/10/2007	Private document
29/10/2007	Minutes of general meeting of shareholders
08/10/2007	Acte modificatif
08/10/2007	Changement de Commissaire aux Comptes
08/10/2007	Updated articles of association
08/10/2007	Minutes of general meeting of shareholders
08/10/2007	Appointment/resignation of company officers
08/10/2007	Private document
16/01/2007	Minutes of general meeting of shareholders
16/01/2007	Private document
16/01/2007	Amendment
31/12/2006	New accounts available
23/08/2006	Registered office transferred inside jurisdiction of the Commercial Court
23/08/2006	Private document
23/08/2006	Statuts mis à jour
23/08/2006	Updated articles of association
23/08/2006	Transfert du Siège dans le ressort du Tribunal de Commerce
23/08/2006	Minutes of general meeting of shareholders
31/12/2005	New accounts available
22/08/2005	New closing date
22/08/2005	Private document
22/08/2005	Statuts mis à jour
22/08/2005	Updated articles of association
22/08/2005	Acte modificatif
22/08/2005	Changement de date de clôture
22/08/2005	Minutes of general meeting of shareholders
30/04/2005	New accounts available
22/04/2005	Acte modificatif
22/04/2005	Statuts mis à jour
22/04/2005	Private document
22/04/2005	Changement de date de clôture
22/04/2005	Updated articles of association
22/04/2005	Minutes of general meeting of shareholders
22/04/2005	New closing date
31/12/2004	New accounts available
07/09/2004	PV d'Assemblée
07/09/2004	Minutes of general meeting of shareholders
07/09/2004	Acte sous seing privé
07/09/2004	Private document
07/09/2004	Acte modificatif
07/09/2004	Amendment
31/12/2003	New accounts available
27/03/2003	Nomination/démission des organes de gestion
27/03/2003	Acte sous seing privé
27/03/2003	PV d'Assemblée
10/10/2002	Acte sous seing privé
10/10/2002	Modification du Conseil d'Administration
10/10/2002	Changement de Président (PDG, PCA)
10/10/2002	Changement de dénomination sociale
10/10/2002	Transfert du Siège dans le ressort du Tribunal de Commerce
10/10/2002	Modification de l'objet social
10/10/2002	Fusion
10/10/2002	Projet de Fusion
10/10/2002	Changement de Forme Juridique avec changement de catégorie
10/10/2002	Changement de Forme Juridique sans changement de catégorie
10/10/2002	Rapport des Commissaires ou du Gérant
10/10/2002	Statuts mis à jour
10/10/2002	PV du Conseil d'Administration
10/10/2002	PV d'Assemblée
10/10/2002	Nomination/démission des organes de gestion
10/10/2002	Déclaration de conformité
10/07/2002	Requête et Ordonnance
28/06/2002	Projet de Fusion
28/06/2002	Acte sous seing privé
08/02/2002	Modification du Conseil d'Administration
08/02/2002	PV du Conseil d'Administration
08/02/2002	Fusion
08/02/2002	Statuts mis à jour
08/02/2002	Acte sous seing privé
08/02/2002	Augmentation de Capital
08/02/2002	Déclaration de conformité
08/02/2002	PV d'Assemblée
08/02/2002	Nomination/démission des organes de gestion
08/02/2002	Acte modificatif
08/02/2002	Conversion du Capital Social en Euros
06/11/2001	Requête et Ordonnance
25/10/2001	Projet de Fusion
25/10/2001	Acte sous seing privé
25/07/2001	Prorogation de durée
25/07/2001	Requête et Ordonnance
22/06/2001	Nomination/démission des organes de gestion
22/06/2001	Acte sous seing privé
22/06/2001	PV d'Assemblée
22/06/2001	Changement de Commissaire aux Comptes
07/06/2001	Requête et Ordonnance
07/06/2001	Nomination/démission des organes de gestion
26/06/1996	Changement de Forme Juridique sans changement de catégorie
26/06/1996	Rapport des Commissaires ou du Gérant
26/06/1996	Statuts mis à jour
26/06/1996	PV du Conseil d'Administration
26/06/1996	PV d'Assemblée
26/06/1996	Nomination/démission des organes de gestion
26/06/1996	Augmentation de Capital
26/06/1996	Acte modificatif
06/06/1996	Rapport des Commissaires ou du Gérant
06/06/1996	Acte modificatif
12/04/1996	Acte modificatif
12/04/1996	Requête et Ordonnance
13/12/1995	Statuts
13/12/1995	Acte sous seing privé
13/12/1995	Formation de Société
13/12/1995	PV d'Assemblée
13/12/1995	Certificat de dépôt des fonds

Establishment events history

Date	Description
06/09/2012	Update Rating
01/02/2012	Update of phone numbers
10/11/2011	Update Rating
10/11/2011	Update Limit
24/10/2011	Update Rating
24/10/2011	Update Limit
14/12/2010	Update Rating
19/10/2010	Update of phone numbers
18/08/2010	Update Limit
21/01/2010	Update of phone numbers
11/12/2009	Update Rating
11/12/2009	Update Limit
11/10/2009	Update Limit
06/09/2009	Update Rating
05/09/2008	Update Rating
05/09/2008	Update Limit
03/09/2008	Update Rating
16/12/2007	Update Limit
10/12/2007	Update Limit
09/12/2007	Update Limit
28/08/2007	Update Limit
28/08/2007	Update Rating
25/07/2006	Formation of Establishment (after transfer)

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.87.91
Euro	1	Rs.70.57

INFORMATION DETAILS

Report Prepared by :

PRL

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.