MIRA INFORM REPORT

Report Date :

21.09.2012

IDENTIFICATION DETAILS

Name :	TIMKEN FRANCE

Registered Office :	61 Rte De Foecy, Bp 238, 18100 Vierzon

Country :	France

Financials (as on) :	31.12.2009

Date of Incorporation :	April 1971

Com. Reg. No.:	RCS Bourges 7 709 804 041

Legal Form :	Simplified Joint Stock Company

Line of Business :	Manufacturer of gears and mechanical transmission

No. of Employees :	250 to 499 employees

RATING & COMMENTS

MIRA’s Rating :

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

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

NOTES:

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

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

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

France

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

TIMKEN FRANCE

SIRET

709 804 041 00040

Company Summary


Activity (APE)	Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z) (Manufacture of gears and mechanical transmission (2815Z))	Legal form	Simplified joint stock company
Phone	02 48 52 62 00	RCS Registration	RCS Bourges 7 709 804 041
Fax	02 48 75 61 30	Share capital	25,955,500 Euros
Address	TIMKEN FRANCE 61 RTE DE FOECY BP 238 18100 VIERZON	Incorporated Date	04/1971
Nationality	France	Status	Closed
Units Address	A Branch of the Timken Company 68002 Colmar R S C Colmar TI 775 757 487 ID No 775 757 487 00050 FR70775757487, France

Current Directors

Trading to Date	12/31/2009	12/31/2008	12/31/2007
Turnover	45,604,867 €	64,483,852 €	65,882,971 €
Gross Operating Surplus	-42,83 % Turnover	2,22 % Turnover	-0,85 % Turnover
Net worth	10,962,268 €	25,871,268 €	26,208,280 €
Employees	250 to 499 employees	-	-

DIRECTORS/MANAGEMENT

directors

Name	M. RÖLLGEN ANDRÉAS
Manager position	Président	Date of birth	20/03/1967
Place of birth	KÖLN(ALLEMAGNE)
Type	Individual	Name at birth

Name	Mme. HENRY SABINE
Manager position	Directeur général	Date of birth	15/04/1965
Place of birth	WISSEMBOURG (67)
Type	Individual	Name at birth	MATHIEU

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Président	M MATHEW HAPPACH
Président	M IAN MARSDEN
Président	M IAN MARSDEN
Président	M ANDRÉAS RÖLLGEN
Président	M PETER SPROSON
Directeur général	Mme SABINE HENRY

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

Active account

Annual Accounts	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	749 990	-93,9%	12 249 618	-4,4%	12 813 487	437 840	71,3%
- Intangible assets	0	0%	8 169	-9,4%	9 013	5 833	0%
- Tangible assets	0	0%	8 961 443	-7,7%	9 712 146	309 178	0%
- Financial assets	749 990	-77,1%	3 280 006	6,1%	3 092 329	22 095	3294,4%
Net current assets	19 301 903	-35,0%	29 694 088	-17,6%	36 038 088	1 900 792	915,5%
- Stocks	0	0%	14 484 781	-1,7%	14 737 280	452 991	0%
- Advanced payments	0	-35,0%	8 437	-88,0%	70 083	0	0%
- Receivables	18 213 484	23,3%	14 771 194	-30,1%	21 140 848	715 351	2446,1%
- Securities and cash	1 088 419	153,3%	429 676	378,1%	89 878	186 051	485,0%
- Prepaid expenses	-	-	-	-	-	25	-
Accounts of regularization	0	0%	10 495	-1,4%	10 646	0	0%
Total Assets	20 051 892	-52,2%	41 954 199	-14,1%	48 862 222	2 324 240	762,7%

Passive Account

Annual Accounts	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Shareholders' equity	10 962 268	-57,6%	25 871 268	-1,3%	26 208 280	856 884	1179,3%
Share capital	25 955 500	0%	25 955 500	0%	25 955 500	250 000	10282,2%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	590 447	-85,8%	4 158 755	-9,6%	4 602 126	13 788	4182,3%
Liabilities	8 499 178	-28,5%	11 888 741	-34,1%	18 051 440	1 174 300	623,8%
- Financial liabilities	7 008 516	244,6%	2 033 615	-59,2%	4 989 792	244 161	2770,4%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	9 238	-99,8%	5 654 064	-28,2%	7 874 799	274 874	-96,6%
- Tax and social liabilities	1 436 424	-58,2%	3 437 441	-4,4%	3 596 187	282 513	408,4%
- Other debts and fixed assets liabilities	45 000	-94,4%	799 057	-49,8%	1 591 038	13 939	222,8%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	20 051 892	-52,2%	41 954 199	-14,1%	48 862 222	2 324 240	762,7%

Results

	Annual Accounts		31/12/2009				31/12/2008			31/12/2007	Sector Median 2009
	Sales of Goods		54 684 558	-16,7%			65 653 748	-6,0%		69 822 318	3 307 389		1553,4%
	Net turnover		45 604 867	-29,3%			64 483 852	-2,1%		65 882 971	2 973 259		1433,8%
	- of which net export turnover		14 841 205	-32,6%			22 007 026	-28,8%		30 916 603	268 109		5435,5%
	Operating charges		62 981 239	-4,9%			66 216 164	-1,8%		67 413 847	3 512 680		1693,0%
	Operating profit/loss		-8 296 681	-1375,2%			-562 416	-123,4%		2 408 471	3 171		-261742,4%
	Financial income		235 178	-45,5%			431 693	259,9%		119 952	5 068		4540,4%
	Financial charges		2 792 493	669,2%			363 028	-78,5%		1 688 941	15 410		18021,3%
	Financial profit/loss		-2 557 315	-3824,3%			68 665	104,4%		-1 568 989	-3 527		-72406,8%
	Pretax net operating income		-10 853 996	-2098,3%			-493 751	-158,8%		839 482	-294		-3691735,4%
	Extraordinary income		36 426 054	2941,9%			1 197 493	-79,7%		5 904 465	19 456		187122,7%
	Extraordinary charges		37 376 414	2572,4%			1 398 592	-74,5%		5 491 197	12 877		290157,2%
	Extraordinary profit/loss		-950 360	-5761,3%			-201 099	-148,7%		413 268	811		-117283,7%
	Net result		-11 787 084	-1627,9%			-682 178	-129,3%		2 330 750	3 254		-362333,7%
Display parameter
Currency					Euro				Kilo Euro
		Normal Account				31/12/2009			31/12/2008			31/12/2007
		Months				12			12			12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2009		31/12/2008		31/12/2007
Grand Total (I to VI)	Net	20 051 892	-52,2%	41 954 199	-14,1%	48 862 222
Gross	CO	36 258 421	-65,1%	104 033 635	-5,9%	110 517 734
Amortisation	1A	16 206 529	-73,9%	62 079 434	0,7%	61 655 513

Non declared distributed capital (I)

		31/12/2009		31/12/2008		31/12/2007
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	-	-	-	-

Active fixed asset (II)

		31/12/2009		31/12/2008		31/12/2007
Total Active fixed asset (II)	Net	749 990	-93,9%	12 249 618	-4,4%	12 813 487
Gross	BJ	14 506 519	-79,9%	72 214 116	-0,8%	72 824 423
Amortisation	BK	13 756 529	-77,1%	59 964 498	-0,1%	60 010 937

Intangilble fixed assets

			31/12/2009		31/12/2008		31/12/2007
	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%	28 508	0%	28 508
	Amortisation	AE	0	0%	28 508	0%	28 508
	Distributorships, patents	Net	0	0%	8 169	-9,4%	9 013
	Gross	AF	0	0%	762 305	-7,3%	822 653
	Amortisation	AG	0	0%	754 136	-7,3%	813 640
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	381 123	0%	381 123
	Amortisation	AI	0	0%	381 123	0%	381 123
	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%	8 169	-9,4%	9 013

Tangilble fixed assets

		31/12/2009		31/12/2008		31/12/2007
Lands	Net	0	0%	352 807	0%	352 807
Gross	AN	0	0%	352 807	0%	352 807
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	2 029 297	-5,8%	2 154 410
Gross	AP	0	0%	7 954 241	4,2%	7 634 778
Amortisation	AQ	0	0%	5 924 944	8,1%	5 480 368
Plant	Net	0	0%	5 346 344	-4,9%	5 624 026
Gross	AR	0	0%	39 090 502	-0,2%	39 166 286
Amortisation	AS	0	0%	33 744 158	0,6%	33 542 260
Other tangible fixed assets	Net	0	0%	1 139 401	2,3%	1 113 696
Gross	AT	0	0%	9 034 421	-4,3%	9 439 515
Amortisation	AU	0	0%	7 895 020	-5,2%	8 325 819
Fixed assets in construction	Net	0	0%	67 572	-83,8%	416 498
Gross	AV	0	0%	67 572	-83,8%	416 498
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	26 022	-48,7%	50 709
Gross	AX	0	0%	26 022	-48,7%	50 709
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	0		8 961 443		9 712 146

Financial assets

		31/12/2009		31/12/2008		31/12/2007
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%	2 486 918	10,5%	2 250 818
Gross	CU	13 347 771	0%	13 347 771	0%	13 347 771
Amortisation	CV	13 347 771	22,9%	10 860 853	-2,1%	11 096 953
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	742 178	-5,5%	785 053	-5,8%	833 647
Gross	BF	1 150 936	8,8%	1 160 809	9,8%	1 175 912
Amortisation	BG	408 758		375 756		342 265
Other financial assets	Net	7 812	-2,8%	8 035	2,2%	7 864
Gross	BH	7 812	-2,8%	8 035	2,2%	7 864
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		749 990		3 280 006		3 092 329

Current Assets (III)

		31/12/2009		31/12/2008		31/12/2007
Total Assets	Net	19 301 903	-35,0%	29 694 088	-17,6%	36 038 088
Gross	CJ	21 751 903	-31,6%	31 809 024	-15,6%	37 682 665
Amortisation	CK	2 450 000	15,8%	2 114 936	28,6%	1 644 576

Stocks

		31/12/2009		31/12/2008		31/12/2007
Raw materials	Net	0	0%	5 567 187	1,4%	5 489 858
Gross	BL	0	0%	6 130 882	-2,4%	6 282 209
Amortisation	BM	0	0%	563 695	-28,9%	792 351
Work in progress (goods)	Net	0	0%	0	0%	1 468 000
Gross	BN	0	0%	0	0%	1 468 000
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	1 073 270	0%	0
Gross	BP	0	0%	1 155 761	0%	0
Amortisation	BQ	0	0%	82 491	0%	0
Semi-finished and finished products	Net	0	0%	6 406 942	6,0%	6 046 590
Gross	BR	0	0%	6 900 174	3,7%	6 653 366
Amortisation	BS	0	0%	493 232	-18,7%	606 776
Goods for resale	Net	0	0%	1 437 382	-17,1%	1 732 832
Gross	BT	0	0%	1 626 353	-14,3%	1 896 700
Amortisation	BU	0	0%	188 971	15,3%	163 868
Sub Total Stocks	Net	0	0%	14 484 781	-1,7%	14 737 280

Advance payments to suppliers

		31/12/2009		31/12/2008		31/12/2007
Advance payments to suppliers	Net	0	0%	8 437	-88,0%	70 083
Gross	BV	0	0%	8 437	-88,0%	70 083
Amortisation	BW	0	0%	0	0%	0

Debtors

31/12/2009

31/12/2008

31/12/2007

Trade accounts receivable

Net

582 153

-94,1%

9 891 971

-40,0%

16 495 556

Gross

582 153

-94,5%

10 678 518

-35,6%

16 577 137

Amortisation

786 547

864,1%

81 581

Other debtors

Net

17 548 751

280,8%

4 608 391

6,0%

4 347 635

Gross

19 998 751

334,0%

4 608 391

6,0%

4 347 635

Amortisation

2 450 000

Capital subscribed and called up

Net

Gross

Amortisation

Sub Total Debtors

Net

18 130 904

25,0%

14 500 362

-30,4%

20 843 191

Divers

		31/12/2009		31/12/2008		31/12/2007
Investment securities	Net	0	0%	0	0%	15
Gross	CD	0	0%	0	0%	15
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1 088 419	153,3%	429 676	378,1%	89 863
Gross	CF	1 088 419	153,3%	429 676	378,1%	89 863
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1 088 419	153,3%	429 676	378,1%	89 878

Prepaid expenses

		31/12/2009		31/12/2008		31/12/2007
Prepaid expenses	Net	82 580	-69,5%	270 832	-9,0%	297 657
Gross	CH	82 580	-69,5%	270 832	-9,0%	297 657
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2009		31/12/2008		31/12/2007
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	-	-	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	-	-	-	-
Currency differential gain	CN3	0	0%	10 495	-1,4%	10 646
Gross		0	-	-	-	-

References

		31/12/2009		31/12/2008		31/12/2007
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

			31/12/2009		31/12/2008		31/12/2007
	Grand Total (I to V)	EE	20 051 892	-52,2%	41 954 199	-14,1%	48 862 222

Shareholder Equity (I)

		31/12/2009		31/12/2008		31/12/2007
Total shareholders' equity (Total I)	DL	10 962 268	-57,6%	25 871 268	-1,3%	26 208 280
Equity and shareholders' equity	DA	25 955 500	0%	25 955 500	0%	25 955 500
Issue and merger premiums	DB	1 143 368	0%	1 143 368	0%	1 143 368
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	523 115	0%	523 115	0%	523 115
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	0	0%	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	-4 872 631	-16,3%	-4 190 458	35,7%	-6 521 208
Profit or loss for the period	DI	-11 787 084	-1627,9%	-682 173	-129,3%	2 330 750
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	3 121 916	12,4%	2 776 756

Other capital resources (II)

		31/12/2009		31/12/2008		31/12/2007
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)

		31/12/2009		31/12/2008		31/12/2007
Total provisions for risks and charges (Total III)	DR	590 447	-85,8%	4 158 755	-9,6%	4 602 126
Risk provisions	DP	121 000	-74,9%	481 906	23,1%	391 630
Reserves for charges	DQ	469 447	-87,2%	3 676 849	-12,7%	4 210 496

Liabilities (IV)

		31/12/2009		31/12/2008		31/12/2007
Total Liabilities (Total IV)	EC	8 499 178	-28,5%	11 888 741	-34,1%	18 051 440
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	3 024	-91,0%	33 435	-99,3%	4 989 792
Sundry loans and financial liabilities	DV	7 005 492	250,2%	2 000 180	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	9 238	-99,8%	5 654 064	-28,2%	7 874 799
Tax and social security liabilities	DY	1 436 424	-58,2%	3 437 441	-4,4%	3 596 187
Fixed asset liabilities	DZ	0	0%	185 640	-77,1%	811 637
Other debts	EA	45 000	-92,2%	577 981	-25,8%	779 026

Translation loss (V)

			31/12/2009		31/12/2008		31/12/2007
	Translation loss (Total V)	ED	0	0%	35 436	9349,6%	375

Equalization accounts

			31/12/2009		31/12/2008		31/12/2007
	Deferred income	EB	0	0%	0	0%	0

References

				31/12/2009			31/12/2008		31/12/2007
	Of which tax-allowable reserve		EF	0	0%		0	0%	0
	Deferred income and liabilities		EG	8 499 178	-28,5%		11 888 740	-34,1%	18 051 440
	Of which current bank facilities		EH	0	0%		0	0%	4 959 095
Display parameter
Currency		Euro				Kilo Euro

			31/12/2009		31/12/2008		31/12/2007
	Operating result (Total I-II)	GG	-8 296 681	-1375,2%	-562 416	-123,4%	2 408 471

2 - Financial result (V - VI)

			31/12/2009		31/12/2008		31/12/2007
	Financial result (Total V-VI)	GV	-2 557 315	-3824,3%	68 665	104,4%	-1 568 989

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

			31/12/2009		31/12/2008		31/12/2007
	Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-10 853 996	-2098,3%	-493 751	-158,8%	839 482

4 - Extraordinary result (VII-VIII)

			31/12/2009		31/12/2008		31/12/2007
	Extraordinary result (Total VII-VIII)	HI	-950 360	-372,6%	-201 099	-148,7%	413 268

Profit or loss

			31/12/2009		31/12/2008		31/12/2007
	Profit or loss	HN	-11 787 084	-1627,9%	-682 178	-129,3%	2 330 750

Total Income (I+III+V+VII)

			31/12/2009		31/12/2008		31/12/2007
	Total Income (I+III+V+VII)	HL	91 345 790	35,8%	67 282 934	-11,3%	75 846 735

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

			31/12/2009		31/12/2008		31/12/2007
	Total charges (Total II+IV+VI+VIII+IX+X)	HM	103 132 874	51,7%	67 965 112	-7,6%	73 515 985

Operating income (I)

			31/12/2009		31/12/2008		31/12/2007
	Total operating income (Total I)	FR	54 684 558	-16,7%	65 653 748	-6,0%	69 822 318

Operating income (details)

		31/12/2009		31/12/2008		31/12/2007
Sale of goods for resale	FC	10 383 705	-34,4%	15 819 194	21,8%	12 989 237
France	FA	9 293 778	-34,6%	14 214 784	75,5%	8 100 385
Export	FB	1 089 927	-32,1%	1 604 410	-67,2%	4 888 852
Sale of goods produced	FF	34 879 735	-27,4%	48 025 719	-8,2%	52 312 300
France	FD	21 146 414	-23,8%	27 749 593	5,0%	26 429 088
Export	FE	13 733 321	-32,3%	20 276 126	-21,7%	25 883 212
Sale of services	FI	341 427	-46,6%	638 939	9,9%	581 434
France	FG	323 470	-36,9%	512 449	17,3%	436 895
Export	FH	17 957	-85,8%	126 490	-12,5%	144 539
Net turnover	FL	45 604 867	-29,3%	64 483 852	-2,1%	65 882 971
France	FJ	30 763 662	-27,6%	42 476 826	21,5%	34 966 368
Export	FK	14 841 205	-32,6%	22 007 026	-28,8%	30 916 603
Stocked production	FM	-8 055 935	-12212,1%	-65 431	93,9%	-1 076 044
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	12 693	0%	0	0%	89 366
Release of reserves and provisions	FP	17 035 086	1362,8%	1 164 536	-75,9%	4 837 940
Other income	FQ	87 847	24,1%	70 791	-19,6%	88 085

Operating charges (II)

			31/12/2009		31/12/2008		31/12/2007
	Total operating charges (Total II)	GF	62 981 239	-4,9%	66 216 164	-1,8%	67 413 847

Exploitation charges

		31/12/2009		31/12/2008		31/12/2007
Purchase of goods for resale	FS	8 769 186	-36,6%	13 833 238	36,7%	10 122 998
Change in stocks of goods for resale	FT	1 626 354	501,6%	270 348	-62,1%	713 735
Purchase of raw materials	FU	8 516 863	-37,2%	13 567 063	-9,5%	14 999 042
Change in stocks of raw materials	FV	6 130 881	3951,3%	151 330	-86,5%	1 118 462
Other external purchases and charges	FW	11 988 883	-22,1%	15 397 551	-6,6%	16 491 297
Tax, duty and similar payments	FX	1 425 102	-7,8%	1 546 421	0,2%	1 542 917
Payroll	FY	13 585 302	5,9%	12 832 998	-14,6%	15 018 735
Social security costs	FZ	5 051 071	-6,2%	5 386 517	-1,1%	5 449 102

Depreciation

		31/12/2009		31/12/2008		31/12/2007
Depreciation of fixed assets	GA	1 292 759	-10,1%	1 437 937	1,3%	1 419 468
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	3 889 062	233,0%	1 167 880	5735,9%	20 012
Provisions for risks and charges	GD	374 882	-36,0%	585 621	24,3%	470 998

Other charges

			31/12/2009		31/12/2008		31/12/2007
	Other charges	GE	330 894	742,8%	39 260	-16,6%	47 080

Operating charges (III-IV)

		31/12/2009		31/12/2008		31/12/2007
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)

		31/12/2009		31/12/2008		31/12/2007
Total financial income (Total V)	GP	235 178	-45,5%	431 693	259,9%	119 952
Share financial income	GJ	0	0%	0	0%	32
Other investment income & capitalised receivables	GK	0	0%	0	0%	96 000
Other interest and similar income	GL	54 167	-58,0%	128 984	3192,1%	3 918
Released provisions and transferred charges	GM	123 256	-50,0%	246 747	0%	0
Exchange gains	GN	57 755	3,2%	55 962	179,8%	20 002
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/12/2009		31/12/2008		31/12/2007
Total financial charge (Total VI)	GU	2 792 493	669,2%	363 028	-78,5%	1 688 941
Financial reserves and provisions	GQ	0	0%	43 986	-96,7%	1 347 239
Interest and similar charges	GR	2 632 681	1001,6%	238 997	-10,1%	265 882
Exchange losses	GS	90 277	12,8%	80 045	5,6%	75 820
Net loss from disposal of investment securities	GT	69 535	0%	0	0%	0

Financial Charge (VII)

		31/12/2009		31/12/2008		31/12/2007
Total extraordinary income (Total VII)	HD	36 426 054	2941,9%	1 197 493	-79,7%	5 904 465
Extraordinary operating income	HA	393 160	160,2%	151 084	-60,4%	381 434
Extraordinary income from capital transactions	HB	21 753 413	256003,3%	8 494	-80,1%	42 629
Released provisions and transferred charges	HC	14 279 481	1275,8%	1 037 915	-81,1%	5 480 402

Extraordinary charges (VIII)

31/12/2009

31/12/2008

31/12/2007

Total extraordinary charges (Total VIII)

37 376 414

2572,4%

1 398 592

-74,5%

5 491 197

Extraordinary operating charges

126 924

-74,7%

500 743

-88,0%

4 160 772

Extraordinary charges from capital transactions

31 560 638

44914,6%

70 112

-86,3%

512 991

Extraordinary reserves and provisions

5 688 852

587,3%

827 737

1,3%

817 434

Employee profit sharing (IX)

			31/12/2009		31/12/2008		31/12/2007
	Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

			31/12/2009		31/12/2008		31/12/2007
	Tax on profits (Total X)	HK	-17 272	-36,3%	-12 672	98,8%	-1 078 000

References

		31/12/2009		31/12/2008		31/12/2007
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	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	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

		31/12/2009		31/12/2008		31/12/2007
Gross value at begin of period	OG	0	0%	72 824 423	-2,3%	74 574 913
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	1 660 854	-79,6%	8 147 126
Decreasess by budget item transfer	OK1	0	0%	735 162	-79,7%	3 627 982
Decreasess by transfers	OK2	58 013 209	3676,9%	1 536 000	-75,5%	6 269 632
Gross value at the end of period	OL	14 506 518	-79,9%	72 214 116	-0,8%	72 824 423

Research and development Charge (Total I)

		31/12/2009		31/12/2008		31/12/2007
Gross value at begin of period	CZ	28 508	0%	28 508	0%	28 508
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	28 508	0%	0	0%	0
Gross value at the end of period	D0	0	0%	28 508	0%	28 508

Other budget item from Intangible fixed assets (Total II)

		31/12/2009		31/12/2008		31/12/2007
Gross value at begin of period	KD	1 143 428	-5,0%	1 203 775	-11,1%	1 354 135
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	89 963	1310,5%	6 378	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	1 233 391	1748,4%	66 726	-55,6%	150 360
Gross value at the end of period	LW	0	0%	1 143 428	-5,0%	1 203 776

Tangible fixed assets (Total III)

		31/12/2009		31/12/2008		31/12/2007
Gross value at begin of period	LN	56 525 566	-0,9%	57 060 593	-6,8%	61 194 814
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	159 593	-90,0%	1 603 231	-71,3%	5 577 737
Decreasess by budget item transfer	NG1	0	0%	735 162	-79,7%	3 627 982
Decreasess by transfers	NG2	56 685 159	3940,0%	1 403 097	-76,9%	6 083 975
Gross value at the end of period	NH	0	0%	56 525 565	-0,9%	57 060 594

Fiancial assets (Total IV)

		31/12/2009		31/12/2008		31/12/2007
Gross value at begin of period	LQ	14 516 615	-0,1%	14 531 547	21,1%	11 997 456
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	56 055	9,4%	51 245	-98,0%	2 569 389
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	66 151	0,0%	66 177	87,5%	35 297
Gross value at the end of period	NK	14 506 519	-0,1%	14 516 615	-0,1%	14 531 547

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

			31/12/2009		31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	0N	0	0%	48 457 453	-8,2%	52 759 329
Increases		0P	0	0%	1 437 937	1,3%	1 419 469
Decreasess		0Q	0	0%	1 399 712	-75,5%	5 721 344
	Reserve for depreciation value at the end of period	0R	0	0%	48 495 678	0,1%	48 457 454

Research and development charge (Total I)

			31/12/2009		31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	CY	0	0%	28 508	0%	28 508
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	28 508	0%	28 508

Other intangible assets (Total II)

			31/12/2009		31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	PE	1 135 259	-5,0%	1 194 762	-10,4%	1 333 846
Increases		PF	15 906	120,2%	7 222	-36,0%	11 276
Decreasess		PG	1 151 165	1625,2%	66 726	-55,6%	150 360
	Decreasess by budget item transfer	PH	0	0%	1 135 258	-5,0%	1 194 762

Total fixed assets amotisation (Total III)

			31/12/2009		31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	QU	47 331 913	0,2%	47 234 183	-8,1%	51 396 975
Increases		QV	1 276 853	-10,8%	1 430 715	1,6%	1 408 193
Decreases		QW	48 608 766	3546,6%	1 332 986	-76,1%	5 570 984
	Decreasess by budget item transfer	QX	0	0%	47 331 912	0,2%	47 234 184

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

			31/12/2009		31/12/2008		31/12/2007
	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

			31/12/2009		31/12/2008		31/12/2007
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	28 508	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)

			31/12/2009		31/12/2008		31/12/2007
	Value at begining of period	7C	20 864 427	1,4%	20 576 941	-18,6%	25 274 777
Increases		UB	12 585 477	379,4%	2 625 223	-1,1%	2 655 682
Decreases		UC	16 652 928	612,4%	2 337 741	-68,2%	7 353 517
	Value at the end of period	UD	16 796 976	-19,5%	20 864 423	1,4%	20 576 942

Includes Total allocations

Operating	UE	4 263 944	143,2%	1 753 500	257,1%	491 010
Financial	UG	2 632 681	5885,3%	43 986	-96,7%	1 347 239
Exceptional	UJ	5 688 852	587,3%	827 737	1,3%	817 434

Includes Total Withdrawal

Operating	UF	2 250 191	113,7%	1 053 080	-43,7%	1 869 198
Financial	UH	123 256	-50,0%	246 747	6197,8%	3 918
Exceptional	UK	14 279 481	1275,8%	1 037 915	-81,1%	5 480 402

Total regulated provisions (Total I)

			31/12/2009		31/12/2008		31/12/2007
	Value at begining of period	3Z	3 121 916	12,4%	2 776 756	12,3%	2 472 701
Increases		TS	143 540	-79,5%	698 708	-5,7%	741 136
Decreases		TT	3 265 455	823,6%	353 548	-19,1%	437 081
	Value at the end of period	TU	01	-100,0%	3 121 916	12,4%	2 776 756

Total risk and charge provisions (Total II)

			31/12/2009		31/12/2008		31/12/2007
	Value at begining of period	5Z	4 158 755	-9,6%	4 602 126	-50,9%	9 365 971
Increases		TV	6 007 646	907,8%	596 116	23,8%	481 644
Decreases		TW	9 575 955	821,2%	1 039 486	-80,2%	5 245 489
	Value at the end of period	TX	590 446	-85,8%	4 158 756	-9,6%	4 602 126

Total Provision for depreciation (Total III)

			31/12/2009		31/12/2008		31/12/2007
	Value at begining of period	7B	13 583 755	2,9%	13 198 059	-1,8%	13 436 105
Increases		TY	6 434 291	383,6%	1 330 399	-7,2%	1 432 902
Decreases		TZ	3 811 518	303,5%	944 707	-43,5%	1 670 947
	Value at the end of period	UA	16 206 528	19,3%	13 583 751	2,9%	13 198 060

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

		31/12/2009		31/12/2008		31/12/2007
Gross value	VT	21 822 231	30,5%	16 726 586	-25,3%	22 406 205
1 year at most	VU	20 726 299	32,7%	15 623 669	-26,6%	21 284 042
More than one year	VV	1 095 932	-0,6%	1 102 917	-1,7%	1 122 163

State of loans

		31/12/2009		31/12/2008		31/12/2007
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	1 150 936	-0,9%	1 160 809	-1,3%	1 175 912
Loans (1 year at most)	UR	55 004	-16,6%	65 928	0,4%	65 648
Other financial assets (gross)	UT	7 812	-2,8%	8 035	2,2%	7 864
Other financial assets (1 year at most)	UV	7 812	0%	0	0%	0

Receivables statement of assets

		31/12/2009		31/12/2008		31/12/2007
Customers doubtful or disputed	VA	0	0%	794 182	787,3%	89 508
Other claims customer	UX	582 153	-94,1%	9 884 337	-40,0%	16 487 628
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	14 132	-51,5%	29 124
Social Security and other social organizations	UZ	12 848	461,9%	-3 550	-532,8%	-561
Income taxes	VM	1 117 272	0,0%	1 117 007	-2,4%	1 144 385
Value added tax	VB	254 450	-10,4%	284 113	-68,1%	890 637
Other taxes and payments assimilated	VN	104 055	28,1%	81 258	0%	0
State and other public - Miscellaneous	VP	125 462	298,6%	31 475	-42,7%	54 898
Group and Associates	VC	2 450 000	-18,3%	3 000 000	36,4%	2 200 000
Accounts receivable (including claims relating to the operation of pension titles)	VR	15 934 664	18879,8%	83 956	188,0%	29 152

Prepaid

			31/12/2009		31/12/2008		31/12/2007
	Prepaid	VS	82 580	-69,5%	270 832	-9,0%	297 657

State Debt

			31/12/2009		31/12/2008		31/12/2007
	Total debt (gross)	VY	8 499 178	-28,5%	11 888 741	-34,1%	18 051 441
1 year at most		VZ2	8 499 178	-28,5%	11 888 741	-34,1%	18 051 441
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

31/12/2009

31/12/2008

31/12/2007

Convertible bonds (gross)

7Y1

1 year at most

7Y2

More than 1 year and 5 years at most

7Y3

Other bonds (gross)

7Z1

1 year at most

7Z2

More than 1 year and 5 years at most

7Z3

Borrowing & debts to 1 year maximum at the origin (gross)

VG1

3 024

-91,0%

33 435

-99,3%

4 989 792

1 year at most

VG2

3 024

-91,0%

33 435

-99,3%

4 989 792

More than 1 year and 5 years at most

VG3

Borrowing & debts to more than 1 year at the origin (gross)

VH1

1 year at most

VH2

More than 1 year and 5 years at most

VH3

Loans and various financial liabilities (gross)

8A1

7 005 492

250,2%

2 000 180

1 year at most

8A2

7 005 492

250,2%

2 000 180

More than 1 year and 5 years at most

8A3

Suppliers and associated accounts (gross)

8B1

9 238

-99,8%

5 654 064

-28,2%

7 874 799

1 year at most

8B2

9 238

-99,8%

5 654 064

-28,2%

7 874 799

More than 1 year and 5 years at most

8B3

9 238

Personnel and associated accounts (gross)

8C1

37 397

-97,7%

1 594 558

-1,1%

1 612 880

1 year at most

8C2

37 397

-97,7%

1 594 558

-1,1%

1 612 880

More than 1 year and 5 years at most

8C3

Social Security and other social organizations (gross)

8D1

887 324

-47,7%

1 697 125

-4,6%

1 779 350

1 year at most

8D2

887 324

-47,7%

1 697 125

-4,6%

1 779 350

More than 1 year and 5 years at most

8D3

Taxes on profits (gross)

8E1

1 year at most

8E2

More than 1 year and 5 years at most

8E3

VAT (gross)

VW1

25 917

751,4%

3 044

1 year at most

VW2

25 917

751,4%

3 044

More than 1 year and 5 years at most

VW3

Backed Obligations (gross)

VX1

1 year at most

VX2

More than 1 year and 5 years at most

VX3

Other taxes and assimilated (gross)

VQ1

511 703

327,0%

119 841

-40,4%

200 913

1 year at most

VQ2

511 703

327,0%

119 841

-40,4%

200 913

More than 1 year and 5 years at most

VQ3

Assets and liabilities associated accounts (gross)

8J1

185 640

-77,1%

811 637

1 year at most

8J2

185 640

-77,1%

811 637

More than 1 year and 5 years at most

8J3

More than 5 years

8J4

Groups and associates (gross)

VI1

1 year at most

VI2

More than 1 year and 5 years at most

VI3

More 5 years

VI4

Other liabilities (gross)

8K1

45 000

-92,2%

577 981

-25,8%

779 026

1 year at most

8K2

45 000

-92,2%

577 981

-25,8%

779 026

More than 1 year and 5 years at most

8K3

Debt representative of borrowed securities (gross)

SZ1

1 year at most

SZ2

More than 1 year and 5 years at most

SZ3

Products in advance (gross)

8L1

1 year at most

8L2

More than 1 year and 5 years at most

8L3

References

		31/12/2009		31/12/2008		31/12/2007
Loans made during the period	VJ	7 000 000	250,0%	2 000 000	-44,4%	3 600 000
Debt repaid during the period	VK	2 000 000	0%	0	0%	9 673 091

Table allocation results and other information
Dividends distributed

			31/12/2009		31/12/2008		31/12/2007
	Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2009		31/12/2008		31/12/2007
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

		31/12/2009		31/12/2008		31/12/2007
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

		31/12/2009		31/12/2008		31/12/2007
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

		31/12/2009		31/12/2008		31/12/2007
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

			31/12/2009		31/12/2008		31/12/2007
	Average number of employees	YP	453	-2,6%	465	-1,7%	473

Groups and Shareholders

			31/12/2009		31/12/2008		31/12/2007
	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

	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Fixed Asset Financing	2,23	75,6%	1,27	1,6%	1,25	1,52	46,7%
Global Debt	67 days	1,5%	66 days	-33,3%	99 days	112 days	-40,2%
Working Capital Fund overall net	141 days	27,0%	111 days	12,1%	99 days	100 days	41,0%
Financial independence	362508,86%	368,5%	77377,80%	14631,9%	525,24%	489,37%	73976,6%
More ratios
Solvability	54,67%	-11,4%	61,67%	15,0%	53,64%	48,28%	13,2%
Capacity debt futures	362508,86%	368,5%	77377,80%	14631,9%	525,24%	1649,49%	21877,0%
Coverage of current assets by net working capital overall	82,20%	30,8%	62,83%	30,3%	48,22%	52,13%	57,7%
General Liquidity	2,44	86,3%	1,31	11,0%	1,18	0,89	174,2%
Restricted Liquidity	2,57	90,4%	1,35	14,4%	1,18	1,43	79,7%

Management or rotation

	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Need background in operating working capital	131 days	22,4%	107 days	-13,0%	123 days	61 days	114,8%
Treasury	9 days	350,0%	2 days	107,4%	-27 days	21 days	-57,1%
Inventory turnover of goods	0 days	0%	42 days	-33,3%	63 days	0 days	0%
Average length of credit granted to customers	5 days	-91,7%	60 days	-34,1%	91 days	69 days	-92,8%
Average length of credit obtained suppliers	0 days	0%	47 days	-27,7%	65 days	60 days	0%
More ratios
Inventory turnover of raw materials in industrial enterprises	0 days	0%	145 days	27,2%	114 days	67,50 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	114 days	-0,9%	115 days	216 days	-
Rotation tangible assets	%	-	114,08%	-1,2%	115,46%	215,73%	-

Profitability of the business

	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Margin trading	-0,03%	-101,1%	2,66%	-18,7%	3,27	0%	0%
Profitability of the business	-42,83	-2029,3%	2,22	361,2%	-0,85	2,59%	-1753,7%
Net profit	-25,85%	-2338,7%	-1,06%	-129,9%	3,54%	0,26%	-10042,3%
More ratios
Growth rate of turnover (excluding VAT)	-29,28%	-1281,1%	-2,12%	76,7%	-9,09%	-21,06%	-39,0%
Rates integration	1,13%	-96,6%	32,87%	1,4%	32,42%	41,21%	-97,3%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	3606,35%	4095,9%	85,95%	-10,3%	95,82%	86,17%	4085,2%
Weight interests	6,12	992,9%	0,56%	-78,1%	2,56%	0,61%	903,3%

Return on capital

	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Cash flow from the overall profitability	-25,55%	-2429,7%	-1,01%	31,3%	-1,47%	1,89%	-1451,9%
Rates of economic profitability	-109%	-2280,0%	5%	350,0%	-2%	9%	-1311,1%
Financial profitability	10962268%	-57,6%	25871268%	-1,3%	26208280%	856884%	1179,3%
Return on investment	-50,05%	-4290,4%	-1,14%	-108,9%	12,88%	3,56%	-1505,9%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Turnover	45 604 867	-29,3%	64 483 852	-2,1%	65 882 971	2 973 259 €	1433,8%

Sales of goods	10 383 705	-34,4%	15 819 194	21,8%	12 989 237
- Purchase of goods	8 769 186	-36,6%	13 833 238	36,7%	10 122 998
+/- Stock of goods variation	1 626 354	501,6%	270 348	-62,1%	713 735
Trading margin	-11 835 €	-100,7%	1 715 608 €	-20,3%	2 152 504 €	0 €	0%
	-0,03 % CA	-101,1%	2,66 % CA	-18,7%	3,27 % CA	0 % CA	0%

Sale of goods produced	35 221 162	-27,6%	48 664 658	-8,0%	52 893 734
+/- Stocked production	-8 055 935	-12212,1%	-65 431	93,9%	-1 076 044
+ Self-constructed assets	0	0%	0	0%	0
Period production	27 165 227 €	-44,1%	48 599 227 €	-6,2%	51 817 690 €	2 803 288 €	869,0%
	59,57 % CA	-21,0%	75,37 % CA	-4,2%	78,65 % CA	96,43 % CA	-38,2%

Trading margin	-11 835	-100,7%	1 715 608	-20,3%	2 152 504	0	0%
+ Period Production	27 165 227	-44,1%	48 599 227	-6,2%	51 817 690	2 803 288	869,0%
- Purchase of raw materials	8 516 863	-37,2%	13 567 063	-9,5%	14 999 042
+/- Change in stocks of raw materiels	6 130 881	3951,3%	151 330	-86,5%	1 118 462
- Other external purchases and charges	11 988 883	-22,1%	15 397 551	-6,6%	16 491 297
Added value	516 765 €	-97,6%	21 198 891 €	-0,8%	21 361 393 €	1 154 324 €	-55,2%
	1,13 % CA	-96,6%	32,87 % CA	1,4%	32,42 % CA	41,21 % CA	-97,3%

Added value	516 765 €	-97,6%	21 198 891 €	-0,8%	21 361 393 €	1 154 324 €	-55,2%
+ Operating grants	12 693	0%	0	0%	89 366
- Tax, duty and similar payments	1 425 102	-7,8%	1 546 421	0,2%	1 542 917
- Personal charges	18 636 373	2,3%	18 219 515	-11,0%	20 467 837
Gross operating surplus	-19 532 017 €	-1463,1%	1 432 955 €	355,9%	-559 995 €	36 769 €	-53220,9%
	-42,83 % CA	-2029,3%	2,22 % CA	361,2%	-0,85 % CA	2,59 % CA	-1753,7%

Gross operating surplus	-19 532 017 €	-1463,1%	1 432 955 €	355,9%	-559 995 €	36 769 €	-53220,9%
+ Release of reserves and provisions	17 035 086	1362,8%	1 164 536	-75,9%	4 837 940
+ Other operating income	87 847	24,1%	70 791	-19,6%	88 085
- Depreciation/Amortisation	5 556 703	74,1%	3 191 438	67,0%	1 910 478
- Other charges	330 894	742,8%	39 260	-16,6%	47 080
Operating result	-8 296 681 €	-1375,2%	-562 416 €	-123,4%	2 408 472 €	3 171 €	-261742,4%
	-18,19 % CA	-1990,8%	-0,87 % CA	-123,8%	3,66 % CA	0,28 % CA	-6596,4%

Operating result	-8 296 681 €	-1375,2%	-562 416 €	-123,4%	2 408 472 €	3 171 €	-261742,4%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	235 178	-45,5%	431 693	259,9%	119 952
- Financial charges	2 792 493	669,2%	363 028	-78,5%	1 688 941
Pre-tax result	-10 853 996 €	-2098,3%	-493 751 €	-158,8%	839 483 €	-1 121 €	-968142,3%
	-23,80 % CA	-2990,9%	-0,77 % CA	-160,6%	1,27 % CA	-00,17 % CA	-13900%

Extraordinary income	36 426 054	2941,9%	1 197 493	-79,7%	5 904 465	19 456	187122,7%
- Extraordinary charges	37 376 414	2572,4%	1 398 592	-74,5%	5 491 197
Extraordinary result	-950 360 €	-372,6%	-201 099 €	-148,7%	413 268 €	811 €	-117283,7%
	-2,08 % CA	-571,0%	-0,31 % CA	-149,2%	1 % CA	0,06 % CA	-3566,7%

Pre-tax result	-10 853 996 €	-2098,3%	-493 751 €	-158,8%	839 483 €	-1 121 €	-968142,3%
Extraordinary result	-950 360 €	-372,6%	-201 099 €	-148,7%	413 268 €	811 €	-117283,7%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-17 272	-36,3%	-12 672	98,8%	-1 078 000
Net result	-11 787 084 €	-1627,9%	-682 178 €	-129,3%	2 330 751 €	3 255 €	-362222,4%
	-25,85 % CA	-2338,7%	-1,06 % CA	-129,9%	3,54 % CA	0,26 % CA	-10042,3%

ADDITIONAL INFORMATION

Company details

Activity (APE)	Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z)
RCS Registration	RCS Bourges 7 709 804 041	Share capital	25,955,500 Euros
Registration Court	Bourges (18)	Legal form	Simplified joint stock company
Court Registry Number	19 7 2B000	EU VAT Number	FR41709804041
Incorporation Date	04/1971	Formation Date	01/1972
Deregistration Date	05/09/2011	Last account Date	31/12/2009
Nationality	France

Establishment details

Activity (APE)	Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z)	Business Pages FT®
Postal Address	TIMKEN FRANCE 61 RTE DE FOECY BP 238 18100 VIERZON	Trading Address	61 ROUTE DE FOECY 18100 VIERZON
Telephone	02 48 52 62 00
Fax	02 48 75 61 30

Type	Head office	Status	Closed
Formation Date		Reason for formation
Closure Date	31/03/2011	Reason for closure	No information
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Cher (18)	Region	Centre
District	3	Area	99
City	VIERZON	Size of urban area

Other establishments

	Branches	0 branch entities in this company
	Head office	> TIMKEN FRANCE <<< - Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z) in VIERZON (18100)
	Secondary establishments	> TIMKEN FRANCE - Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z) in MAROMME (76150)

	Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
	Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

100 to 199 employees

Company workforce

250 to 499 employees

event history

Status history

Date	Description
31/03/2011	Closed

Recent publications in Gazettes

Publication date	Gazette Name	Description
21/09/2011	Bodacc B	Modification et mutation diverse

18 - CHER GREFFE DU TRIBUNAL DE COMMERCE DE BOURGES 357 - 709 804 041 RCS Bourges. TIMKEN FRANCE. Forme : Société par actions simplifiée. Activité : . Adresse du siège social : 61 route de Foëcy, 18100 Vierzon. Commentaires : Dissolution de la société suite à réunion de toutes les parts ou actions en une seule main.
21/09/2011	Bodacc B	Radiation

18 - CHER GREFFE DU TRIBUNAL DE COMMERCE DE BOURGES 385 - 709 804 041 RCS Bourges. TIMKEN FRANCE. Forme : Société par actions simplifiée. Activité : . Adresse du siège social : 61 route de Foëcy, 18100 Vierzon.
07/01/2011	JAL	Continuation of activity in spite of stockholders' equity become lower in the middle of the share capital

Information Agricole du Cher (L') Date de décision : 15/09/2010 Poursuite d'activité malgré des fonds propres devenus inférieurs à la moitié du capital social de la société 709804041 - TIMKEN FRANCE, 61 RTE DE FOECY, BP 238, 18100 VIERZON Date d'effet : 15/09/2010
04/10/2010	Bodacc C	Comptes annuels et rapports

18 - CHER GREFFE DU TRIBUNAL DE COMMERCE DE BOURGES 1832 - 709804041 RCS. TIMKEN FRANCE. Forme : Société par actions simplifiée. Adresse : 61 route de Foëcy 18100 Vierzon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
23/05/2010	Bodacc B	Modification et mutation diverse

18 - CHER GREFFE DU TRIBUNAL DE COMMERCE DE BOURGES 315 - 709 804 041 RCS Bourges. TIMKEN FRANCE. Forme : Société par actions simplifiée. Administration : Président : RÖLLGEN Andréas Directeur général : HENRY Sabine né(e) MATHIEU Commissaire aux comptes titulaire : CABINET ERNST AND YOUNG AUDIT Commissaire aux comptes suppléant : CARREGA François. Commentaires : Modification survenue sur l'administration.
14/05/2010	Bodacc B	Modification et mutation diverse

18 - CHER GREFFE DU TRIBUNAL DE COMMERCE DE BOURGES 536 - 709 804 041 RCS Bourges. TIMKEN FRANCE. Forme : Société par actions simplifiée. Administration : Président : HAPPACH Mathew Directeur général : HENRY Sabine né(e) MATHIEU Commissaire aux comptes titulaire : CABINET ERNST AND YOUNG AUDIT Commissaire aux comptes suppléant : CARREGA François. Commentaires : Modification survenue sur l'administration.
30/04/2010	JAL	Appointment of the social representative

L'INFORMATION AGRICOLE DU CHER Société faisant objet d'une nomination : 709804041 - TIMKEN FRANCE, 61 RTE DE FOECY, BP 238, 18100 VIERZON Nominé : Monsieur Anpdreas ROLLGEN En la fonction de : Président
30/04/2010	JAL	Resignation / Revocation of the social representative

L'INFORMATION AGRICOLE DU CHER Date de décision : 08/02/2010 La société 709804041 - TIMKEN FRANCE, 61 RTE DE FOECY, BP 238, 18100 VIERZON Fait l'objet du départ de Monsieur Mathew HAPPACH
12/02/2010	Bodacc A	Vente et cession : Vendeur

76 - SEINE-MARITIME GREFFE DU TRIBUNAL DE COMMERCE DE ROUEN 1519 - 517 720 116 RCS Lyon. KOYO BEARINGS VIERZON MAROMME. Forme : Société par actions simplifiée unipersonnelle. Adresse : Zone Industrielle du Broteau, 69540 Irigny. Origine du fonds : Etablissement secondaire acquis par achat au prix stipulé de 1886381 Euros. Etablissement : Etablissement secondaire. Activité : Fabrication de roulements à aiguilles et articles dérivés. Adresse : 7 rue Ampère, Zone Industrielle de la Maine, 76150 Maromme. Précédent propriétaire : TIMKEN FRANCE. 709 804 041 RCS Bourges. Précédent exploitant : TIMKEN FRANCE. 709 804 041 RCS Bourges. Date de commencement de l’activité : 01/01/2010. Publication légale : Les affiches de Normandie du 13/01/2010. Oppositions : Au fonds cédé et correspondance pour le vendeur : Timken Europe succursale de The Timken Company - Boîte postal N° 82, 2 rue Timken, 68002 Colmar cedex et pour l'acheteur : koyo Bearings Vierzon Maromme, chez JTEKT Europe, Zone industrielle du Broteau, 69540 Irigny. Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
12/02/2010	JAL	Appointment of the social representative

L'INFORMATION AGRICOLE DU CHER Société faisant objet d'une nomination : 709804041 - TIMKEN FRANCE, 61 RTE DE FOECY, BP 238, 18100 VIERZON Nominé : Monsieur Mathew HAPPACH En la fonction de : Président
12/02/2010	JAL	Appointment of the social representative

L'INFORMATION AGRICOLE DU CHER Société faisant objet d'une nomination : 709804041 - TIMKEN FRANCE, 61 RTE DE FOECY, BP 238, 18100 VIERZON Nominé : Madame Sabine MATHIEU, 14 RUE 14 RUE OBERLIN, 67000 STRASBOURG En la fonction de : DG - Directeur Général
12/02/2010	JAL	Resignation / Revocation of the social representative

L'INFORMATION AGRICOLE DU CHER Date de décision : 04/01/2010 La société 709804041 - TIMKEN FRANCE, 61 RTE DE FOECY, BP 238, 18100 VIERZON Fait l'objet du départ de Monsieur Ian MARSDEN
05/02/2010	Bodacc A	Vente et cession : Vendeur

18 - CHER GREFFE DU TRIBUNAL DE COMMERCE DE BOURGES 132 - 517 720 116 RCS Lyon. KOYO BEARINGS VIERZON MAROMME. Forme : Société par actions simplifiée. Adresse : Zone Industrielle du Broteau, 69540 Irigny. Origine du fonds : Etablissement secondaire acquis par achat au prix stipulé de 1886381 Euros. Etablissement : Etablissement secondaire. Activité : Fabrication de roulements à aiguilles et articles dérivés. Adresse : 61 route de Foëcy, 18100 Vierzon. Précédent propriétaire : TIMKEN FRANCE. 709 804 041 RCS Bourges. Date de commencement de l’activité : 01/01/2010. Publication légale : L'écho du Berry du 14/01/2010. Oppositions : au fonds vendu 61, route de Foëcy 18100 Vierzon et une copie au vendeur : TIMKEN EUROPE -68002 Colmar cedex - BP 82 - 2 Rue Timken et une copie à l'acquéreur : KOYO BEARINGS VIERZON MAROMME chez TETK EUROPE ZI du Broteau - 69540 Irigny. Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
13/01/2010	JAL	Activity or goodwill cession

LES AFFICHES DE NORMANDIE Date de décision : 11/01/2010 Cédant : 709804041 - TIMKEN FRANCE, 61 RTE DE FOECY, BP 238, 18100 VIERZON Cessionnaire : 517720116 - KOYO BEARINGS VIERZON MAROMME, ZONE INDUSTRIELLE BROTEAU NORD, ZONE INDUSTRIELLE, 69540 IRIGNY Prix de vente : 1886381 €
13/01/2010	JAL	Activity or goodwill cession

LES AFFICHES DE NORMANDIE Date de décision : 11/01/2010 Fond cédé : 709804041 - TIMKEN FRANCE, 7 RUE AMPERE, 76150 MAROMME Cédant : 709804041 - TIMKEN FRANCE, 61 RTE DE FOECY, BP 238, 18100 VIERZON Cessionnaire : 517720116 - KOYO BEARINGS VIERZON MAROMME, ZONE INDUSTRIELLE BROTEAU NORD, ZONE INDUSTRIELLE, 69540 IRIGNY Prix de vente : 1886381 €
20/08/2009	Bodacc C	Comptes annuels et rapports

18 - CHER GREFFE DU TRIBUNAL DE COMMERCE DE BOURGES 852 - 709804041 RCS. TIMKEN FRANCE. Forme : Société par actions simplifiée. Adresse : 61 route de Foëcy 18100 Vierzon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
12/03/2009	Bodacc B	Modification et mutation diverse

18 - CHER GREFFE DU TRIBUNAL DE COMMERCE DE BOURGES 386 - 709 804 041 RCS Bourges. TIMKEN FRANCE. Forme : Société par actions simplifiée. Administration : Président : MARSDEN Ian. Commissaire aux comptes titulaire : CABINET ERNST AND YOUNG AUDIT. Commissaire aux comptes suppléant : CARREGA François. Commentaires : Modification survenue sur l'administration.
09/10/2008	Bodacc C	Comptes annuels et rapports

18 - CHER GREFFE DU TRIBUNAL DE COMMERCE DE BOURGES 1599 - 709804041 RCS. TIMKEN FRANCE. Forme : Société par actions simplifiée. Adresse : 61 route de Foëcy 18100 Vierzon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
25/01/2008	Bodacc C	Comptes annuels et rapports

18 - CHER GREFFE DU TRIBUNAL DE COMMERCE DE BOURGES 3002 - 709804041 RCS. TIMKEN FRANCE. Forme : Société par actions simplifiée. Adresse : 61 route de Foëcy 18100 Vierzon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
14/01/2007	Bodacc B	Modifications et mutations diverses

0526 - RCS Bourges B 709 804 041. RC 72-B 17. TIMKEN FRANCE. Forme : S.A.S. Capital : 25 955 500 euros. Adresse du siège social : 61 route de Foëcy,, 18100 Commentaires : modification survenue sur le capital (augmentation). Date d'effet : 14 décembre 2006.
12/01/2007	Bodacc C	Avis de dépôt des comptes

1954 - RCS Bourges B 709 804 041. RC 72-B 17. TIMKEN FRANCE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 61, route de Foecy,18100 Vierzon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
08/08/2006	Bodacc C	Avis de dépôt des comptes

794 - RCS Bourges B 709 804 041. RC 72-B 17. TIMKEN FRANCE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 61, route de Foecy,18100 Vierzon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
23/06/2005	Bodacc B	Modifications et mutations diverses

265 - RCS Bourges B 709 804 041. RC 72-B 17. TIMKEN FRANCE. Forme : S.A.S. Capital : 3 505 500 euros. Adresse du siège social : 61 route de Foëcy,, 18100 Commentaires : modification survenue sur le capital (augmentation). Date d'effet : 25 mars 2005.
03/04/2005	Bodacc C	Avis de dépôt des comptes

1064 - RCS Bourges B 709 804 041. RC 72-B 17. TIMKEN FRANCE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 61, route de Foecy,18100 Vierzon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
04/09/2003	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709804041 RC 72-B 17 TIMKEN FRANCE. Forme : S.A.S. Capital : 4 605 500 euros. Adresse du siège social : 61 route de Foecy, 18100 Vierzon. Commentaires : modification survenue sur la dénomination, la forme juridique et l'administration. Administration : président : SPROSON (Peter) ( Nom d' usage : SPROSON). Commissaire aux comptes titulaire : CABINET ERNST & YOUNG AUDIT. Commissaire aux comptes suppléant : CARREGA (François) ( Nom d' usage : CARREGA). Date d'effet : 30 juin 2003.
10/04/2003	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709804041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 4 605 500 euros. Adresse du siège social : 61 route de Foecy, 18100 Vierzon. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : SPROSON (Peter) ( Nom d'usage : SPROSON). Directeur général et administrateur : CLEMENT (Eric) ( Nom d' usage : CLEMENT). Administrateur : MATHIEU (Sabine) ( Nom d'usage : MATHIEU). Commissaire aux comptes titulaire : CABINET ERNST & YOUNG AUDIT, représentée par BELORGEY (Jean-François) ( Nom d'usage : BELORGEY). Commissaire aux comptes suppléant : STOESSEL ( Nom d'usage : STOESSEL). Date d'effet : 17 février 2003.
10/04/2003	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709804041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 4 605 500 euros. Adresse du siège social : 61 route de Foecy, 18100 Vierzon. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : SPROSON (Peter) ( Nom d'usage : SPROSON). Directeur général et administrateur : CLEMENT (Eric) ( Nom d' usage : CLEMENT). Administrateur : MATHIEU (Sabine) ( Nom d'usage : MATHIEU). Commissaire aux comptes titulaire : COOPERS AND LYBRAND AUDIT. Commissaire aux comptes suppléant : BEFEC-PRICE WATERHOUSE. Date d'effet : 20 décembre 2002.
07/06/2002	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709804041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 4 605 500 euros. Adresse du siège social : 61 route de Foecy, 18100 Vierzon. Commentaires : modification survenue sur l' administration. Administration : P.-D.G. : MARSDEN (Ian) ( Nom d'usage : MARSDEN). Directeur général et administrateur : CLEMENT (Eric) ( Nom d'usage : CLEMENT) . Administrateurs : BOWMAN (George) ( Nom d'usage : BOWMAN) MICHAUD ( Thierry) ( Nom d'usage : MICHAUD) GLANVILLE (Rodney, Francis) ( Nom d' usage : GLANVILLE) ZAMEER (Mohamed) ( Nom d'usage : ZAMEER). Commissaire aux comptes titulaire : CABINET ERNST & YOUNG AUDIT, représentée par BELORGEY ( Jean-François) ( Nom d'usage : BELORGEY). Commissaire aux comptes suppléant : STOESSEL ( Nom d'usage : STOESSEL). Date d'effet : 26 février 2002.
01/03/2002	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709804041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 4 605 500 euros. Adresse du siège social : 61 route de Foecy, 18100 Vierzon. Commentaires : modification survenue sur le capital ( augmentation et conversion en euros) et l'administration. Administration : P.-D.G. SMITH (Andrew, Reynolds) ( Nom d'usage : SMITH). Directeur général : MICHAUD ( Thierry) ( Nom d'usage : MICHAUD). Administrateurs : MARSDEN (Ian) ( Nom d' usage : MARSDEN) BURROUGHS (James) ( Nom d'usage : BURROUGHS) MICHAUD ( Thierry) ( Nom d'usage : MICHAUD) GLANVILLE (Rodney, Francis) ( Nom d' usage : GLANVILLE) ZAMEER (Mohamed) ( Nom d'usage : ZAMEER). Commissaire aux comptes titulaire : CABINET ERNST ET YOUNG AUDIT, représentée par BELORGEY ( Jean-François) ( Nom d'usage : BELORGEY). Commissaire aux comptes suppléant : STOESSEL ( Nom d'usage : STOESSEL). Date d'effet : 29 octobre 2001.
30/09/2001	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709804041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 30 200 000 F. Adresse du siège social : 61 route de Foecy, 18100 Vierzon. Commentaires : modification survenue sur l' administration. Administration : P.-D.G. : RAVOUNA (Gérard) ( Nom d'usage : RAVOUNA). Vice-président : SMITH ( Andrew, Reynolds) ( Nom d'usage : SMITH). Directeur général : MICHAUD ( Thierry) ( Nom d'usage : MICHAUD). Administrateurs : BORDEAUX (Paul, Denis, Albert) ( Nom d'usage : BORDEAUX) MARSDEN (Ian) ( Nom d'usage : MARSDEN) BURROUGHS (James) ( Nom d'usage : BURROUGHS) EL HAIK (Régis) ( Nom d' usage : EL HAIK). Commissaire aux comptes titulaire : CABINET ERNST ET YOUNG AUDIT, représentée par BELORGEY ( Jean-François) ( Nom d'usage : BELORGEY). Commissaire aux comptes suppléant : STOESSEL ( Nom d'usage : STOESSEL). Date d'effet : 20 octobre 2000.
01/02/2001	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709804041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 30 200 000 F. Adresse du siège social : 61 route de Foecy, 18100 Vierzon. Commentaires : modification survenue sur l' administration. Administration : P.-D.G. : RAVOUNA (Gérard) ( Nom d'usage : RAVOUNA). Vice-président : GIBBONS ( Richard) ( Nom d'usage : GIBBONS). Directeur général : MICHAUD (Thierry) ( Nom d'usage : MICHAUD). Administrateurs : BORDEAUX (Paul, Denis, Albert) ( Nom d'usage : BORDEAUX) ROUSSEAU (Jean) ( Nom d'usage : ROUSSEAU) JOHNSON (Franck) ( Nom d' usage : JOHNSON) MARSDEN (Ian) ( Nom d'usage : MARSDEN). Commissaire aux comptes titulaire : CABINET ERNST ET YOUNG AUDIT, représentée par BELORGEY ( Jean-François) ( Nom d'usage : BELORGEY). Commissaire aux comptes suppléant : STOESSEL ( Nom d'usage : STOESSEL). Date d'effet : 20 octobre 2000.
01/02/2001	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709804041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 30 200 000 F. Adresse du siège social : 61 route de Foecy, 18100 Vierzon. Commentaires : modification survenue sur l' administration. Administration : P.-D.G. : RAVOUNA (Gérard) ( Nom d'usage : RAVOUNA). Vice-président : SMITH ( Andrew, Reynolds) ( Nom d'usage : SMITH). Directeur général : MICHAUD ( Thierry) ( Nom d'usage : MICHAUD). Administrateurs : BORDEAUX (Paul, Denis, Albert) ( Nom d'usage : BORDEAUX) ROUSSEAU (Jean) ( Nom d'usage : ROUSSEAU) MARSDEN (Ian) ( Nom d'usage MARSDEN) BURROUGHS (James) ( Nom d' usage : BURROUGHS). Commissaire aux comptes titulaire : CABINET ERNST ET YOUNG AUDIT, représenté par BELORGEY ( Jean-François) ( Nom d'usage : BELORGEY). Commissaire aux comptes suppléant : STOESSEL ( Nom d'usage : STOESSEL). Date d'effet : 28 octobre 2000.
01/02/2001	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709804041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 30 200 000 F. Adresse du siège social : 61 route de Foecy, 18100 Vierzon. Commentaires : modification survenue sur l' administration. Administration : P.-D.G. : RAVOUNA (Gérard) ( Nom d'usage : RAVOUNA). Vice-président : SMITH ( Andrew, Reynolds) ( Nom d'usage : SMITH). Directeur général : MICHAUD ( Thierry) ( Nom d'usage : MICHAUD). Administrateurs : BORDEAUX (Paul, Denis, Albert) ( Nom d'usage : BORDEAUX) ROUSSEAU (Jean) ( Nom d'usage : ROUSSEAU) MARSDEN (Ian) ( Nom d'usage MARSDEN) BURROUGHS (James) ( Nom d' usage : BURROUGHS). Commissaire aux comptes titulaire : CABINET ERNST ET YOUNG AUDIT, représentée par BELORGEY ( Jean-François) ( Nom d'usage : BELORGEY). Commissaire aux comptes suppléant : STOESSEL ( Nom d'usage : STOESSEL). Date d'effet : 21 avril 2000.
23/01/2000	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709804041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 30 200 000 F. Adresse du siège social : 61 route de Foecy, 18100 Vierzon. Commentaires : modification survenue sur le capital ( augmentation). Date d'effet : 8 juillet 1999.
29/08/1999	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709804041 RC 72-B 17 NADELLA. Forme : S.A. Adresse du siège social : 61 route de Foecy, 18100 Vierzon. Commentaires : modification survenue sur l'administration. Administration : P.-D.G. : RAVOUNA ( Gérard) ( Nom d'usage : RAVOUNA). Vice- président : GIBBONS (Richard) ( Nom d' usage : GIBBONS). Directeur général : MICHAUD (Thierry) ( Nom d'usage : MICHAUD). Administrateurs : BORDEAUX ( Paul, Denis, Albert) ( Nom d'usage : BORDEAUX) CLUCHIER (Jean-Marie, Eugène) ( Nom d'usage : CLUCHIER) ROUSSEAU (Jean) ( Nom d'usage : ROUSSEAU) JOHNSON (Franck) ( Nom d' usage : JOHNSON). Commissaire aux comptes titulaire : CABINET ERNST ET YOUNG AUDIT, représentée par BELORGEY ( Jean-François) ( Nom d'usage : BELORGEY). Commissaire aux comptes suppléant : STOESSEL ( Nom d'usage : STOESSEL). Date d'effet : 23 mars 1999.
29/09/1998	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709 804 041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 27 700 000 F (fixe). Adresse du siège social : 61 route de Foécy, 18100 Vierzon. Administration : nomination en qualité de commissaire aux comptes titulaire du CABINET ERNST ET YOUNG AUDIT, représenté par : BELORGEY (Jean- François) en remplacement de BEFEC PRICE WATERHOUSE nomination en qualité de commissaire aux comptes suppléant de STOESSEL (Marc) en remplacement de VANTALON (Jacques). Date d'effet : 19 juin 1998.
02/05/1996	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709 804 041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 20 000 000 de F. Adresse du siège social : 61 route de Foecy 18100 Vierzon. Administration : nouvel administrateur : GIBBONS ( Richard), en remplacement de MARTIN ( Steven). Nouveau vice-président : GIBBONS (Richard). Nouvelle dénomination du commissaire aux comptes titulaire : ERNST ET YOUNG AUDIT. Nouvelle dénomination du commissaire aux comptes suppléant : BEFEC PRICE WATERHOUSE. Date d'effet : 23 février 1996.
12/07/1995	Bodacc B	Modifications et mutations diverses

RCS Bourges B 709 804 041 RC 72-B 17 NADELLA. Forme : S.A. Capital : 20 000 000 de F (fixe). Adresse du siège social : 61 route de Foécy, 18100 Vierzon. Administration : nomination en qualité de président-directeur général et administrateur de RAVOUNA (Gérard) en remplacement de BOUGLER (Michel). Date d'effet : 22 mars 1995.

Company events history

Date	Description
21/09/2011	Bodacc B: Radiation
21/09/2011	Bodacc B: Various editing or changing
17/09/2011	Collection of preferential rights for this company has been stopped by the Court
05/09/2011	Minutes of general meeting of shareholders
31/03/2011	Legal suspension of Company
31/03/2011	Update of Company Workforce
31/01/2011	Minutes of general meeting of shareholders
31/01/2011	Continuation of business despite loss of equity
04/10/2010	Bodacc C : Deposit accounts notice
15/09/2010	Legal Gazette: Continuation of activity
23/05/2010	Bodacc B: Various editing or changing
14/05/2010	Bodacc B: Various editing or changing
05/05/2010	Minutes of general meeting of shareholders
05/05/2010	New chairman (CEO, CoB)
30/04/2010	Legal Gazette: Resignation / Revocation of the social representative
22/04/2010	New chairman (CEO, CoB)
22/04/2010	Minutes of general meeting of shareholders
12/02/2010	Legal Gazette: Resignation / Revocation of the social representative
12/02/2010	Bodacc A : Sale and transfer
08/02/2010	Legal Gazette: Appointment of the social representative
05/02/2010	Bodacc A : Sale and transfer
13/01/2010	Legal Gazette: Activity or goodwill cession
04/01/2010	Legal Gazette: Appointment of the social representative
31/12/2009	New accounts available
20/08/2009	Bodacc C : Deposit accounts notice
12/03/2009	Bodacc B: Various editing or changing
20/02/2009	Minutes of general meeting of shareholders
20/02/2009	Appointment/resignation of company officers
20/02/2009	Private document
19/02/2009	Minutes of general meeting of shareholders
19/02/2009	New chairman (CEO, CoB)
31/12/2008	New accounts available
09/10/2008	Bodacc C : Deposit accounts notice
25/01/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
17/09/2007	Collection of preferential rights activated for this company
31/12/2006	New accounts available
28/12/2006	Capital increase
28/12/2006	Private document
28/12/2006	Certificat de dépôt des fonds
28/12/2006	PV d'Assemblée
28/12/2006	Minutes of general meeting of shareholders
28/12/2006	Statuts mis à jour
28/12/2006	Updated articles of association
28/12/2006	Augmentation de Capital
28/12/2006	Fund deposit certificate
31/12/2005	New accounts available
04/05/2005	Statuts mis à jour
04/05/2005	Augmentation de Capital
04/05/2005	PV d'Assemblée
27/04/2005	PV d'Assemblée
27/04/2005	Statuts mis à jour
27/04/2005	Updated articles of association
27/04/2005	Private document
27/04/2005	Acte sous seing privé
27/04/2005	Capital increase
27/04/2005	Augmentation de Capital
27/04/2005	Minutes of general meeting of shareholders
31/12/2004	New accounts available
20/10/2004	Private document
20/10/2004	Minutes of general meeting of shareholders
20/10/2004	Statuts mis à jour
20/10/2004	Updated articles of association
20/10/2004	Acte modificatif
20/10/2004	Acte sous seing privé
20/10/2004	PV d'Assemblée
31/12/2003	New accounts available
13/08/2003	Acte modificatif
13/08/2003	Acte sous seing privé
13/08/2003	Rapport des Commissaires ou du Gérant
12/08/2003	Changement de Forme Juridique sans changement de catégorie
12/08/2003	Changement de dénomination sociale
12/08/2003	Modification du Conseil d'Administration
12/08/2003	Acte sous seing privé
12/08/2003	Nomination/démission des organes de gestion
12/08/2003	PV d'Assemblée
12/08/2003	Statuts mis à jour
12/08/2003	Changement de Commissaire aux Comptes
12/08/2003	Acte modificatif
19/03/2003	Changement de Commissaire aux Comptes
19/03/2003	Acte sous seing privé
19/03/2003	PV d'Assemblée
19/03/2003	Nomination/démission des organes de gestion
17/03/2003	Modification du Conseil d'Administration
17/03/2003	Acte modificatif
17/03/2003	PV du Conseil d'Administration
17/03/2003	PV d'Assemblée
17/03/2003	Acte sous seing privé
17/03/2003	Changement de Président (PDG, PCA)
17/03/2003	Nomination/démission des organes de gestion
22/05/2002	Modification du Conseil d'Administration
22/05/2002	PV du Conseil d'Administration
14/02/2002	Modification du Conseil d'Administration
14/02/2002	Conversion du Capital Social en Euros
14/02/2002	Acte modificatif
14/02/2002	PV d'Assemblée
01/01/2002	Modification du Conseil d'Administration
01/01/2002	Augmentation de Capital
01/01/2002	PV du Conseil d'Administration
01/01/2002	Conversion du Capital Social en Euros
01/01/2002	Changement de Président (PDG, PCA)
01/01/2002	Acte sous seing privé
01/01/2002	Nomination/démission des organes de gestion
13/09/2001	Modification du Conseil d'Administration
13/09/2001	PV du Conseil d'Administration
13/09/2001	PV d'Assemblée
13/09/2001	Acte modificatif
12/01/2001	PV d'Assemblée
12/01/2001	Modification du Conseil d'Administration
05/01/2001	Modification du Conseil d'Administration
05/01/2001	PV d'Assemblée
05/01/2001	Acte modificatif
01/01/2001	PV du Conseil d'Administration
01/01/2001	Réduction de Capital
01/01/2001	PV d'Assemblée
01/01/2001	Modification du Conseil d'Administration
01/01/2001	Nomination/démission des organes de gestion
01/01/2001	Acte sous seing privé
01/01/2001	Augmentation de Capital
01/01/2001	Conversion du Capital Social en Euros
05/01/2000	Acte modificatif
05/01/2000	PV d'Assemblée
05/01/2000	PV du Conseil d'Administration
05/01/2000	Statuts mis à jour
01/01/2000	PV d'Assemblée
01/01/2000	Acte sous seing privé
01/01/2000	PV du Conseil d'Administration
01/01/2000	Statuts mis à jour
01/01/2000	Augmentation de Capital
09/08/1999	PV du Conseil d'Administration
09/08/1999	Modification du Conseil d'Administration
01/01/1999	Acte sous seing privé
01/01/1999	PV du Conseil d'Administration
01/01/1999	Nomination/démission des organes de gestion
09/09/1998	Acte modificatif
09/09/1998	Expédition acte notarié
01/01/1998	PV d'Assemblée
01/01/1998	Changement de Commissaire aux Comptes
01/01/1998	Nomination/démission des organes de gestion
01/01/1998	Acte sous seing privé
01/01/1997	Augmentation de Capital
01/01/1997	Statuts mis à jour
01/01/1997	Nomination/démission des organes de gestion
01/01/1997	Acte sous seing privé
01/01/1997	PV du Conseil d'Administration
01/01/1997	PV d'Assemblée
17/12/1996	PV d'Assemblée
17/12/1996	Acte modificatif
17/12/1996	Statuts mis à jour
17/12/1996	PV du Conseil d'Administration
25/03/1996	PV du Conseil d'Administration
25/03/1996	Modification du Conseil d'Administration
01/01/1996	Modification du Conseil d'Administration
01/01/1996	Nomination/démission des organes de gestion
01/01/1996	PV du Conseil d'Administration
09/06/1995	PV du Conseil d'Administration
09/06/1995	Changement de Président (PDG, PCA)
01/01/1995	Modification du Conseil d'Administration
01/01/1995	Nomination/démission des organes de gestion
01/01/1995	PV du Conseil d'Administration
04/11/1994	PV du Conseil d'Administration
04/11/1994	Changement de Gérant
04/11/1994	Acte modificatif
01/01/1994	PV du Conseil d'Administration
15/07/1993	PV d'Assemblée
15/07/1993	Acte modificatif
15/07/1993	Statuts mis à jour
01/01/1993	PV d'Assemblée
01/01/1993	Statuts mis à jour
03/07/1992	Modification du Conseil d'Administration
03/07/1992	Acte modificatif
03/07/1992	PV d'Assemblée
03/07/1992	PV du Conseil d'Administration
01/01/1992	Modification du Conseil d'Administration
01/01/1992	PV d'Assemblée
01/01/1992	Nomination/démission des organes de gestion
01/01/1992	Changement de Président (PDG, PCA)
01/01/1992	PV du Conseil d'Administration

Establishment events history

Date	Description
27/07/2011	Update Rating
27/07/2011	Update Limit
31/03/2011	Update of Establishment Workforce
31/03/2011	Closure of Head office
21/09/2010	Update Limit
21/09/2010	Update Rating
20/11/2009	Update of phone numbers
21/07/2009	Update Rating
21/07/2009	Update Limit
05/06/2009	Update Rating
29/07/2008	Update Rating
09/12/2007	Update Limit
24/07/2007	Update Rating

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 :

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.

MIRA INFORM REPORT

REGISTERED NAME & COMPANY SUMMARY

DIRECTORS/MANAGEMENT

NEGATIVE INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

FINANCIAL INFORMATION

ADDITIONAL INFORMATION

event history

Unit