MIRA INFORM REPORT

Report Date :

22.09.2012

IDENTIFICATION DETAILS

Name :	COOPERATIVE BUREAU
Registered Office :	Villa Aranoa - Rn 10 Rue Aranoa 64200 Biarritz
Country :	France
Financials (as on) :	30.06.2011
Date of Incorporation :	January1983
Com. Reg. No.:	RCS Bayonne 8 325 589 372
Legal Form :	Worker production cooperative society in the form of a Ltd
Line of Business :	Other intermediaries sale of food, beverages and tobacco
No. of Employees :	3 to 5 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

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

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

company summary

Activity (APE)	Other intermediaries sale of food, beverages and tobacco (4617B)	Legal form	Worker production cooperative society in the form of a Ltd
Phone	05 59 43 92 77	RCS Registration	RCS Bayonne 8 325 589 372
Fax	05 59 41 24 57	Share capital	3,900 Euros
Address	COOPERATIVE BUREAU COUECOU VILLA ARANOA - RN 10 RUE ARANOA 64200 BIARRITZ	Incorporated Date	01/1983
Nationality	France	Status	Economically active

Establishment details

Activity (APE)	Autres intermédiaires du commerce en denrées, boissons et tabac (4617B)	Business Pages FT®	AGENCE AGENT COMMERCIAUX
Postal Address	COOPERATIVE BUREAU COUECOU VILLA ARANOA - RN 10 RUE ARANOA 64200 BIARRITZ	Trading Address	RUE ARANOA 64200 BIARRITZ
Telephone	05 59 43 92 77
Fax	05 59 41 24 57

DIRECTORS/MANAGEMENT

Current Directors

2

directors

Name	Mme. LAJOUVEIGNE CHRISTINE
Manager position	Co-gérant	Date of birth	31/03/1959
Place of birth	TALENCE (33)
Type	Individual	Name at birth	LAMOUROUX

Name	M. GUNZ PIERRE
Manager position	Co-gérant	Date of birth	28/01/1959
Place of birth	BORDEAUX (33)
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
Co-gérant	M PIERRE GUNZ
Co-gérant	MME CHRISTINE LAJOUVEIGNE

NEGATIVE INFORMATION

Last published preferential right

This company is not under monitoring

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Status of collection

This company is not under monitoring

Recent publications in Gazettes

Publication date	Gazette Name	Description
27/01/2012	Bodacc C	Comptes annuels et rapports
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 7562 - 325589372 RCS. COOPERATIVE BUREAU COUECOU. Forme : Société coopérative ouvrière de production à responsabilité limitée. Adresse : rue N. 10, Villa Aranoa 64200 Biarritz. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2011.
17/01/2011	Bodacc C	Comptes annuels et rapports
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 7290 - 325589372 RCS. COOPERATIVE BUREAU COUECOU. Forme : Coopérative ouvrière de production à responsabilité limitée. Adresse : rue N. 10, Villa Aranoa 64200 Biarritz. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2010.
17/01/2010	Bodacc B	Modification et mutation diverse
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 2227 - 325 589 372 RCS Bayonne. COOPERATIVE BUREAU COUECOU. Forme : Coopérative ouvrière de production à responsabilité limitée. Administration : Co-Gérant : LAJOUVEIGNE Christine né(e) LAMOUROUX Co-Gérant : GUNZ Pierre Commissaire aux comptes titulaire : CABINET D'AUDIT JEAN-FRANCOIS LASSALLE (EURL) Commissaire aux comptes suppléant : GRENET HARRIET ET ASSOCIES (SARL). Commentaires : Modification survenue sur l'administration.
14/01/2010	Bodacc C	Comptes annuels et rapports
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 5857 - 325589372 RCS. COOPERATIVE BUREAU COUECOU. Forme : Coopérative ouvrière de production à responsabilité limitée. Adresse : rue N. 10, Villa Aranoa 64200 Biarritz. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2009.
09/07/2009	Bodacc B	Modification et mutation diverse
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 757 - 325 589 372 RCS Bayonne. COOPERATIVE BUREAU COUECOU. Forme : Coopérative ouvrière de production à responsabilité limitée. Activité : Courtage, commission de vins, jus de fruits et dérives, produits à base de jus, achat, vente de toute marchandise et matières premières en gros ou au détail. Commentaires : Modification survenue sur l'activité.
24/01/2009	Bodacc C	Comptes annuels et rapports
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 5245 - 325589372 RCS. COOPERATIVE BUREAU COUECOU. Forme : Coopérative ouvrière de production à responsabilité limitée. Adresse : rue N. 10, Villa Aranoa 64200 Biarritz. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2008.
07/02/2008	Bodacc C	Comptes annuels et rapports
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 7380 - 325589372 RCS. COOPERATIVE BUREAU COUECOU. Forme : Coopérative ouvrière de production à responsabilité limitée. Adresse : rue N. 10, Villa Aranoa 64200 Biarritz. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2007.
12/01/2007	Bodacc C	Avis de dépôt des comptes
5710 - RCS Bayonne B 325 589 372. RC 83-B 10. COOPERATIVE BUREAU COUECOU. Forme: COOPERATIVE OUVRIERE DE PRODUCTION A RESPONSABILITE LIMITEE. Adresse du siège social: rue N 10, villa Aranoa,64200 Biarritz. Comptes annuels et rapports de l'exercice clos le: 30 juin 2006.
24/01/2006	Bodacc C	Avis de dépôt des comptes
3717 - RCS Bayonne B 325 589 372. RC 83-B 10. COOPERATIVE BUREAU COUECOU. Forme: COOPERATIVE OUVRIERE DE PRODUCTION A RESPONSABILITE LIMITEE. Adresse du siège social: rue N 10, villa Aranoa,64200 Biarritz. Comptes annuels et rapports de l'exercice clos le: 30 juin 2005.
29/01/2005	Bodacc C	Avis de dépôt des comptes
4160 - RCS Bayonne B 325 589 372. RC 83-B 10. COOPERATIVE BUREAU COUECOU. Forme: COOPERATIVE OUVRIERE DE PRODUCTION A RESPONSABILITE LIMITEE. Adresse du siège social: rue N 10, villa Aranoa,64200 Biarritz. Comptes annuels et rapports de l'exercice clos le: 30 juin 2004.
13/02/2004	Bodacc B	Modifications et mutations diverses
RCS Bayonne B 325589372 RC 83-B 10 COOPERATIVE BUREAU COUECOU. Forme : coopérative ouvrière de production à responsabilite limitée. Adresse du siège social : villa Aranoa, 10 rue Nationale, 64200 Biarritz. Commentaires : modification survenue sur l' administration. Administration : cogérants : LAMOUROUX (Christine) ( Nom d'usage : LAJOUVEIGNE) GUNZ (Pierre) ( Nom d'usage : GUNZ). Commissaire aux comptes titulaire : LASSALLE (Jean, François) ( Nom d'usage : LASSALLE). Commissaire aux comptes suppléant : GRENET HARRIET ET ASSOCIES. Date d'effet : 12 décembre 2003.
18/01/2002	Bodacc B	Modifications et mutations diverses
RCS Bayonne B 325589372 RC 83-B 10 COOPERATIVE BUREAU COUECOU. Forme : S.C.O. P. à responsabilité limitée. Capital : 3 900 euros. Adresse du siège social : R.N. 10, villa Aranoa, 64200 Biarritz. Commentaires : modification survenue sur le capital (diminution et conversion en euros). Date d'effet : 17 décembre 2001.
08/10/2000	Bodacc B	Modifications et mutations diverses
RCS Bayonne B 325589372 RC 83-B 10 COOPERATIVE BUREAU COUECOU. Forme : S.C.O. P. à responsabilité limitée. Capital : 30 000 F. Adresse du siège social : R.N. 10, villa Aranoa, 64200 Biarritz. Commentaires : modification survenue sur l'administration. Administration : cogérants : LAMOUROUX (Christine) ( Nom d'usage : LAJOUVEIGNE) GUNZ (Pierre) ( Nom d'usage : GUNZ). Commissaire aux comptes : JACQMIN (Bernard) ( Nom d' usage : JACQMIN). Commissaire aux comptes suppléant : FAVARD (Patrice) ( Nom d'usage : FAVARD). Date d'effet : 1er juillet 2000.
25/07/1998	Bodacc A	Création d'établissement
RCS Bayonne B 325 589 372 RC 83-B 10 COOPERATIVE BUREAU COUECOU. Forme : Société coopérative ouvrière de production à responsabilité limitée à capital variable. Capital : 30 000 F ( variable). Adresse du siège social : route nationale 10, villa Aranoa, 64200 Biarritz Fusion-absorption de la société S.A. BUREAU COUECOU COURTAGE au montant évalué à 7 575 848 F. Commentaires : changement de dénomination : ancienne dénomination : COOPERATIVE D'EXPLOITATION DU BUREAU COUECOU. Date d'effet : 15 mai 1998 Sociétée absorbée S.A. BUREAU COUECOU COURTAGE. RCS Bayonne B 465 200 731 Publication légale: Les Petites Affiches des P.A. du 3 juin 1998 déclaration de créances: au greffe du tribunal de commerce de Bayonne.
25/05/1996	Bodacc B	Modifications et mutations diverses
RCS Bayonne B 325 589 372 RC 83-B 10 COOPERATIVE D'EXPLOITATION DU BUREAU COUECOU. Forme : S.C.O.P. à responsabilité limitée et à capital variable. Capital : 30 000 F. Adresse du siège social : villa Aranda, R.N. 10 64200 Biarritz. Administration : nouveau commissaire aux comptes suppléant : FAVARD (Patrice). Date d'effet : 28 décembre 1995.

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Payment Information Summary - SafeTrade

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

Trading to Date	06/30/2011	06/30/2010	06/30/2009
	Turnover	3,614,618 €	3,932,458 €	3,524,472 €
	Gross Operating Surplus	15,49 % Turnover	23,21 % Turnover	19,19 % Turnover
	Net worth	3,405,469 €	3,610,861 €	3,356,304 €
	Employees	3 to 5 employees	-	-

Active account

Annual Accounts	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	2 617 233	5,9%	2 471 868	31,9%	1 873 535	17 644	14733,6%
- Intangible assets	1 201 362	0,0%	1 201 084	0,7%	1 192 995	0	0%
- Tangible assets	257 251	186,6%	89 774	-26,1%	121 471	2 760	9220,7%
- Financial assets	1 158 620	-1,9%	1 181 010	111,2%	559 069	70	1655071,4%
Net current assets	3 581 921	-9,4%	3 953 610	3,1%	3 833 813	131 517	2623,5%
- Stocks	0	0%	0	0%	0	0	0%
- Advanced payments	0	-9,4%	0	0%	0	0	0%
- Receivables	1 771 620	-16,2%	2 113 450	24,6%	1 696 218	51 471	3342,0%
- Securities and cash	1 810 301	-1,6%	1 840 160	-13,9%	2 137 595	39 774	4451,5%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	91 848	0%	0	0%	53 846	0	0%
Total Assets	6 291 002	-2,1%	6 425 477	11,5%	5 761 192	199 824	3048,3%

Passive Account

Annual Accounts	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Shareholders' equity	3 405 469	-5,7%	3 610 861	7,6%	3 356 304	84 060	3951,2%
Share capital	39 945	3,2%	38 725	3,3%	37 505	8 000	399,3%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	91 848	156,4%	35 823	-33,5%	53 846	0	0%
Liabilities	2 793 686	1,6%	2 750 876	17,0%	2 351 042	70 061	3887,5%
- Financial liabilities	1 084 334	18,3%	916 558	19,7%	765 856	6 382	16890,5%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	507 809	-11,1%	571 270	21,4%	470 388	10 811	4597,2%
- Tax and social liabilities	1 035 763	-17,6%	1 257 311	14,3%	1 099 929	26 998,50	3736,4%
- Other debts and fixed assets liabilities	165 780	392,6%	33 653	126,6%	14 849	2 254	7254,9%
Account regularization	0	0%	0	0%	20	0	0%
Total liabilities	6 291 002	-2,1%	6 425 477	11,5%	5 761 192	199 824	3048,3%

Results

Annual Accounts	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Sales of Goods	3 632 660	-9,3%	4 003 363	10,3%	3 630 770	220 345	1548,6%
Net turnover	3 614 618	-8,1%	3 932 458	11,6%	3 524 472	215 431	1577,9%
- of which net export turnover	3 339 925	-9,6%	3 693 694	0%	0	0	0%
Operating charges	3 209 049	3,4%	3 102 066	5,4%	2 942 505	197 985	1520,9%
Operating profit/loss	423 611	-53,0%	901 297	31,0%	688 265	18 195	2228,2%
Financial income	51 727	41,6%	36 532	-58,1%	87 145	10	517170,0%
Financial charges	133 859	40,4%	95 365	-30,2%	136 631	158	84620,9%
Financial profit/loss	-82 132	-39,6%	-58 833	-18,9%	-49 486	0	0%
Pretax net operating income	341 479	-59,5%	842 464	31,9%	638 779	19 149	1683,3%
Extraordinary income	43 059	6483,9%	654	547,5%	101	0	0%
Extraordinary charges	68 666	24,5%	55 171	463,5%	9 791	20	343230,0%
Extraordinary profit/loss	-25 607	640,6%	-54 517	-462,6%	-9 690	0	0%
Net result	294 746	-55,9%	668 477	20,8%	553 519	16 307	1707,5%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	30/06/2011	30/06/2010	30/06/2009
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			30/06/2011		30/06/2010		30/06/2009
	Grand Total (I to VI)	Net	6 291 002	-2,1%	6 425 477	11,5%	5 761 192
	Gross	CO	6 696 585	-1,8%	6 822 495	11,2%	6 135 803
	Amortisation	1A	405 583	2,2%	397 018	6,0%	374 611

Non declared distributed capital (I)

		30/06/2011		30/06/2010		30/06/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			30/06/2011		30/06/2010		30/06/2009
	Total Active fixed asset (II)	Net	2 617 233	5,9%	2 471 868	31,9%	1 873 535
	Gross	BJ	3 022 816	5,6%	2 861 975	27,3%	2 248 145
	Amortisation	BK	405 583	4,0%	390 107	4,1%	374 610

Intangilble fixed assets

			30/06/2011		30/06/2010		30/06/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	1 715	0%	1 715	0%	1 715
	Gross	CX	1 715	0%	1 715	0%	1 715
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	15 397	1,8%	15 119	115,1%	7 030
	Gross	AF	90 877	16,2%	78 208	18,2%	66 182
	Amortisation	AG	75 480	19,6%	63 089	6,7%	59 152
	Goodwill	Net	934 620	0%	934 620	0%	934 620
	Gross	AH	934 620	0%	934 620	0%	934 620
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	249 630	0%	249 630	0%	249 630
	Gross	AJ	249 630	0%	249 630	0%	249 630
	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	1 201 362	0,0%	1 201 084	0,7%	1 192 995

Tangilble fixed assets

			30/06/2011		30/06/2010		30/06/2009
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	0	0%	0	0%	0
	Gross	AP	6 860	0%	6 860	0%	6 860
	Amortisation	AQ	6 860	0%	6 860	0%	6 860
	Plant	Net	0	0%	0	0%	0
	Gross	AR	0	0%	0	0%	0
	Amortisation	AS	0	0%	0	0%	0
	Other tangible fixed assets	Net	257 251	186,6%	89 774	-26,1%	121 471
	Gross	AT	580 494	41,6%	409 932	-4,7%	430 069
	Amortisation	AU	323 243	1,0%	320 158	3,7%	308 598
	Fixed assets in construction	Net	0	0%	0	0%	0
	Gross	AV	0	0%	0	0%	0
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	0	0%	0	0%	0
	Gross	AX	0	0%	0	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	257 251		89 774		121 471

Financial assets

			30/06/2011		30/06/2010		30/06/2009
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	37 500	0%	37 500	0%	37 500
	Gross	CU	37 500	0%	37 500	0%	37 500
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	1 115 760	-2,0%	1 138 454	118,3%	521 430
	Gross	BB	1 115 760	-2,0%	1 138 454	118,3%	521 430
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	5 360	6,0%	5 056	0%	0
	Gross	BD	5 360	6,0%	5 056	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	0	0%	0	0%	139
	Gross	BH	0	0%	0	0%	139
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		1 158 620		1 181 010		559 069

Current Assets (III)

			30/06/2011		30/06/2010		30/06/2009
	Total Assets	Net	3 581 921	-9,4%	3 953 610	3,1%	3 833 813
	Gross	CJ	3 581 921	-9,6%	3 960 520	3,3%	3 833 813
	Amortisation	CK	0	0%	6 910	0%	0

Stocks

			30/06/2011		30/06/2010		30/06/2009
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	0	0%	0	0%	0

Advance payments to suppliers

			30/06/2011		30/06/2010		30/06/2009
	Advance payments to suppliers	Net	0	0%	0	0%	0
	Gross	BV	0	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			30/06/2011		30/06/2010		30/06/2009
	Trade accounts receivable	Net	1 151 416	1020,6%	102 749	-12,7%	117 755
	Gross	BX	1 151 416	1020,6%	102 749	-12,7%	117 755
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	600 013	-69,9%	1 995 596	28,0%	1 558 832
	Gross	BZ	600 013	-69,9%	1 995 596	28,0%	1 558 832
	Amortisation	CA	0	0%	0	0%	0
	Capital subscribed and called up	Net	0	0%	0	0%	0
	Gross	CB	0	0%	0	0%	0
	Amortisation	CC	0	0%	0	0%	0
	Sub Total Debtors	Net	1 751 429	-16,5%	2 098 345	25,2%	1 676 587

Divers

			30/06/2011		30/06/2010		30/06/2009
	Investment securities	Net	978 022	-20,4%	1 229 169	-23,8%	1 613 994
	Gross	CD	978 022	-20,9%	1 236 079	-23,4%	1 613 994
	Amortisation	CE	0	0%	6 910	0%	0
	Cash and cash equivalents	Net	832 279	36,2%	610 991	16,7%	523 601
	Gross	CF	832 279	36,2%	610 991	16,7%	523 601
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	1 810 301	-1,6%	1 840 160	-13,9%	2 137 595

Prepaid expenses

			30/06/2011		30/06/2010		30/06/2009
	Prepaid expenses	Net	20 191	33,7%	15 105	-23,1%	19 631
	Gross	CH	20 191	33,7%	15 105	-23,1%	19 631
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		30/06/2011		30/06/2010		30/06/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	91 848	0%	0	0%	53 846
Gross		91 848	0%	0	0%	53 846

References

		30/06/2011		30/06/2010		30/06/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		30/06/2011		30/06/2010		30/06/2009
Grand Total (I to V)	EE	6 291 002	-2,1%	6 425 477	11,5%	5 761 192

Shareholder Equity (I)

			30/06/2011		30/06/2010		30/06/2009
	Total shareholders' equity (Total I)	DL	3 405 469	-5,7%	3 610 861	7,6%	3 356 304
	Equity and shareholders' equity	DA	39 945	3,2%	38 725	3,3%	37 505
	Issue and merger premiums	DB	0	0%	0	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	36 285	0%	36 285	0%	36 285
	Statutory or contractual reserve	DE	2 638 992	6,8%	2 471 873	5,9%	2 333 494
	Special regulated reserves	DF	172 180	0%	172 180	0%	172 180
	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	0	0%	0	0%	0
	Profit or loss for the period	DI	294 746	-55,9%	668 477	20,8%	553 519
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	223 321	0%	223 321	0%	223 321

Other capital resources (II)

			30/06/2011		30/06/2010		30/06/2009
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			30/06/2011		30/06/2010		30/06/2009
	Total provisions for risks and charges (Total III)	DR	91 848	156,4%	35 823	-33,5%	53 846
	Risk provisions	DP	91 848	156,4%	35 823	-33,5%	53 846
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			30/06/2011		30/06/2010		30/06/2009
	Total Liabilities (Total IV)	EC	2 793 686	1,6%	2 750 876	17,0%	2 351 042
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	124 429	13109,0%	942	-58,5%	2 272
	Sundry loans and financial liabilities	DV	959 905	4,8%	915 616	19,9%	763 584
	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	507 809	-11,1%	571 270	21,4%	470 388
	Tax and social security liabilities	DY	1 035 763	-17,6%	1 257 311	14,3%	1 099 929
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	165 780	2790,2%	5 736	-61,4%	14 849

Translation loss (V)

		30/06/2011		30/06/2010		30/06/2009
Translation loss (Total V)	ED	0	0%	27 917	0%	0

Equalization accounts

		30/06/2011		30/06/2010		30/06/2009
Deferred income	EB	0	0%	0	0%	20

References

		30/06/2011		30/06/2010		30/06/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	2 727 606	0,8%	2 706 891	0%	0
Of which current bank facilities	EH	1 023	8,6%	942	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)

		30/06/2011		30/06/2010		30/06/2009
Operating result (Total I-II)	GG	423 611	-53,0%	901 297	31,0%	688 265

2 - Financial result (V - VI)

		30/06/2011		30/06/2010		30/06/2009
Financial result (Total V-VI)	GV	-82 132	-39,6%	-58 833	-18,9%	-49 486

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

		30/06/2011		30/06/2010		30/06/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	341 479	-59,5%	842 464	31,9%	638 779

4 - Extraordinary result (VII-VIII)

		30/06/2011		30/06/2010		30/06/2009
Extraordinary result (Total VII-VIII)	HI	-25 607	53,0%	-54 517	-462,6%	-9 690

Profit or loss

		30/06/2011		30/06/2010		30/06/2009
Profit or loss	HN	294 746	-55,9%	668 477	20,8%	553 519

Total Income (I+III+V+VII)

		30/06/2011		30/06/2010		30/06/2009
Total Income (I+III+V+VII)	HL	3 727 446	-7,7%	4 040 549	8,7%	3 718 016

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

		30/06/2011		30/06/2010		30/06/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	3 432 703	1,8%	3 372 072	6,6%	3 164 500

Operating income (I)

		30/06/2011		30/06/2010		30/06/2009
Total operating income (Total I)	FR	3 632 660	-9,3%	4 003 363	10,3%	3 630 770

Operating income (details)

			30/06/2011		30/06/2010		30/06/2009
	Sale of goods for resale	FC	47	-93,8%	762	594,8%	-154
	France	FA	47	-93,8%	762	594,8%	-154
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	3 614 571	-8,1%	3 931 696	11,5%	3 524 626
	France	FG	274 646	15,4%	238 002	-93,2%	3 524 626
	Export	FH	3 339 925	-9,6%	3 693 694	0%	0
	Net turnover	FL	3 614 618	-8,1%	3 932 458	11,6%	3 524 472
	France	FJ	274 693	15,0%	238 764	-93,2%	3 524 472
	Export	FK	3 339 925	-9,6%	3 693 694	0%	0
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	17 633	-75,0%	70 608	-33,4%	105 980
	Other income	FQ	409	37,7%	297	-6,6%	318

Operating charges (II)

		30/06/2011		30/06/2010		30/06/2009
Total operating charges (Total II)	GF	3 209 049	3,4%	3 102 066	5,4%	2 942 505

Exploitation charges

		30/06/2011		30/06/2010		30/06/2009
Purchase of goods for resale	FS	0	0%	637	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	0	0%	414	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	1 286 549	-2,5%	1 319 829	2,2%	1 291 400
Tax, duty and similar payments	FX	30 479	47,1%	20 715	-2,3%	21 197
Payroll	FY	1 201 155	5,4%	1 139 326	7,9%	1 056 330
Social security costs	FZ	536 571	-0,4%	538 912	12,4%	479 330

Depreciation

		30/06/2011		30/06/2010		30/06/2009
Depreciation of fixed assets	GA	60 809	40,0%	43 447	8,2%	40 166
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	91 848	156,4%	35 823	-33,5%	53 846

Other charges

		30/06/2011		30/06/2010		30/06/2009
Other charges	GE	1 638	-44,7%	2 963	1155,5%	236

Operating charges (III-IV)

		30/06/2011		30/06/2010		30/06/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			30/06/2011		30/06/2010		30/06/2009
	Total financial income (Total V)	GP	51 727	41,6%	36 532	-58,1%	87 145
	Share financial income	GJ	2 799	-6,7%	2 999	-22,8%	3 887
	Other investment income & capitalised receivables	GK	5 765	-68,9%	18 518	-25,6%	24 897
	Other interest and similar income	GL	28 214	91,9%	14 701	-74,0%	56 500
	Released provisions and transferred charges	GM	6 910	0%	0	0%	753
	Exchange gains	GN	8 039	2460,2%	314	-71,7%	1 108
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			30/06/2011		30/06/2010		30/06/2009
	Total financial charge (Total VI)	GU	133 859	40,4%	95 365	-30,2%	136 631
	Financial reserves and provisions	GQ	0	0%	6 910	0%	0
	Interest and similar charges	GR	96 441	12,2%	85 942	2,8%	83 622
	Exchange losses	GS	37 367	1386,9%	2 513	-91,5%	29 718
	Net loss from disposal of investment securities	GT	51	0%	0	0%	23 291

Financial Charge (VII)

			30/06/2011		30/06/2010		30/06/2009
	Total extraordinary income (Total VII)	HD	43 059	6483,9%	654	547,5%	101
	Extraordinary operating income	HA	753	15,1%	654	547,5%	101
	Extraordinary income from capital transactions	HB	6 483	0%	0	0%	0
	Released provisions and transferred charges	HC	35 823	0%	0	0%	0

Extraordinary charges (VIII)

			30/06/2011		30/06/2010		30/06/2009
	Total extraordinary charges (Total VIII)	HH	68 666	24,5%	55 171	463,5%	9 791
	Extraordinary operating charges	HE	66 834	93,3%	34 572	253,1%	9 791
	Extraordinary charges from capital transactions	HF	1 832	-91,1%	20 599	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		30/06/2011		30/06/2010		30/06/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		30/06/2011		30/06/2010		30/06/2009
Tax on profits (Total X)	HK	21 129	-82,3%	119 470	58,1%	75 573

References

		30/06/2011		30/06/2010		30/06/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	17 633	5,2%	16 762	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%	2 300	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			30/06/2011		30/06/2010		30/06/2009
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	0	0%	0
	Gross value at the end of period	OL	0	0%	0	0%	0

Research and development Charge (Total I)

			30/06/2011		30/06/2010		30/06/2009
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			30/06/2011		30/06/2010		30/06/2009
	Gross value at begin of period	KD	0	0%	0	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	0	0%	0	0%	0

Tangible fixed assets (Total III)

			30/06/2011		30/06/2010		30/06/2009
	Gross value at begin of period	LN	0	0%	0	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	0	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	0	0%	0
	Gross value at the end of period	NH	0	0%	0	0%	0

Fiancial assets (Total IV)

			30/06/2011		30/06/2010		30/06/2009
	Gross value at begin of period	LQ	0	0%	0	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	0
	Gross value at the end of period	NK	0	0%	0	0%	0

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

			30/06/2011		30/06/2010		30/06/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			30/06/2011		30/06/2010		30/06/2009
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			30/06/2011		30/06/2010		30/06/2009
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation (Total III)

			30/06/2011		30/06/2010		30/06/2009
	Reserve for depreciation value at begin of period	QU	0	0%	0	0%	0
Increases		QV	0	0%	0	0%	0
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	0	0%	0	0%	0

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

			30/06/2011		30/06/2010		30/06/2009
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			30/06/2011		30/06/2010		30/06/2009
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			30/06/2011		30/06/2010		30/06/2009
	Value at begining of period	7C	266 053	-4,0%	277 167	0%	0
Increases		UB	91 848	114,9%	42 733	0%	0
Decreases		UC	42 732	-20,6%	53 846	0%	0
	Value at the end of period	UD	315 169	18,5%	266 054	0%	0

Includes Total allocations

Operating	UE	0	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	0	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			30/06/2011		30/06/2010		30/06/2009
	Value at begining of period	3Z	223 321	0%	223 321	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	223 321	0%	223 321	0%	0

Total risk and charge provisions (Total II)

			30/06/2011		30/06/2010		30/06/2009
	Value at begining of period	5Z	35 823	-33,5%	53 846	0%	0
Increases		TV	91 848	156,4%	35 823	0%	0
Decreases		TW	35 823	-33,5%	53 846	0%	0
	Value at the end of period	TX	91 848	156,4%	35 823	0%	0

Total Provision for depreciation (Total III)

			30/06/2011		30/06/2010		30/06/2009
	Value at begining of period	7B	6 910	0%	0	0%	0
Increases		TY	0	0%	6 910	0%	0
Decreases		TZ	6 910	0%	0	0%	0
	Value at the end of period	UA	0	0%	6 910	0%	0

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

		30/06/2011		30/06/2010		30/06/2009
Gross value	VT	2 887 379	-11,2%	3 251 904	0%	0
1 year at most	VU	1 771 619	-16,2%	2 113 450	0%	0
More than one year	VV	1 115 760	-2,0%	1 138 454	0%	0

State of loans

		30/06/2011		30/06/2010		30/06/2009
Claims related to holdings (gross)	UL	1 115 760	-2,0%	1 138 454	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		30/06/2011		30/06/2010		30/06/2009
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	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	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	1 771 619	-16,2%	2 113 450	0%	0

Prepaid

		30/06/2011		30/06/2010		30/06/2009
Prepaid	VS	0	0%	0	0%	0

State Debt

			30/06/2011		30/06/2010		30/06/2009
	Total debt (gross)	VY	2 793 685	1,6%	2 750 876	0%	0
1 year at most		VZ2	2 726 606	-0,9%	2 750 876	0%	0
More than 1 year and 5 years at most		VZ3	67 079	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			30/06/2011		30/06/2010		30/06/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	124 429	13109,0%	942	0%	0
1 year at most		VG2	57 350	5988,1%	942	0%	0
More than 1 year and 5 years at most		VG3	67 079	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	959 905	4,8%	915 616	0%	0
1 year at most		8A2	959 905	4,8%	915 616	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	507 809	-11,1%	571 270	0%	0
1 year at most		8B2	507 809	-11,1%	571 270	0%	0
More than 1 year and 5 years at most		8B3	507 809	-11,1%	571 270	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most		8C2	0	0%	0	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	1 035 763	-17,6%	1 257 311	0%	0
1 year at most		8D2	1 035 763	-17,6%	1 257 311	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%	0	0%	0
1 year at most		VW2	0	0%	0	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%	0	0%	0
1 year at most		VQ2	0	0%	0	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%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	165 780	2790,2%	5 736	0%	0
1 year at most		8K2	165 780	2790,2%	5 736	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%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		30/06/2011		30/06/2010		30/06/2009
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		30/06/2011		30/06/2010		30/06/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		30/06/2011		30/06/2010		30/06/2009
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		30/06/2011		30/06/2010		30/06/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		30/06/2011		30/06/2010		30/06/2009
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		30/06/2011		30/06/2010		30/06/2009
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		30/06/2011		30/06/2010		30/06/2009
Average number of employees	YP	04	0%	04	0%	0

Groups and Shareholders

		30/06/2011		30/06/2010		30/06/2009
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Fixed Asset Financing		1,65	-4,6%	1,73	-14,4%	2,02	2,58	-36,0%
Global Debt		278 days	10,3%	252 days	5,0%	240 days	104 days	167,3%
Working Capital Fund overall net		196 days	2,6%	191 days	-18,7%	235 days	86 days	127,9%
Financial independence		2736,88%	-99,3%	383318,58%	159,5%	147724,65%	573,12%	377,5%
More ratios
Solvability		54,13%	-3,7%	56,20%	-3,5%	58,26%	49,17%	10,1%
Capacity debt futures		1778,24%	-99,5%	383318,58%	-	%	1778,24%	0%
Coverage of current assets by net working capital overall		43,25%	7,2%	40,34%	-4,9%	42,42%	49,92%	-13,4%
General Liquidity		0,65	-15,6%	0,77	-		0,82	-20,7%
Restricted Liquidity		1,31	-9,0%	1,44	-		1,58	-17,1%

Management or rotation

		30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Need background in operating working capital		4 days	-83,3%	24 days	166,7%	9 days	14 days	-71,4%
Treasury		180 days	6,5%	169 days	-22,5%	218 days	19 days	847,4%
Inventory turnover of goods		days	-	0 days	-	days	4,50 days	-
Average length of credit granted to customers		115 days	1177,8%	9 days	-25,0%	12 days	60 days	91,7%
Average length of credit obtained suppliers		142 days	-9,0%	156 days	19,1%	131 days	43 days	230,2%
More ratios
Inventory turnover of raw materials in industrial enterprises		days	-	0 days	-	days	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	779 days	-
Rotation tangible assets		%	-	%	-	%	1776,65%	-

Profitability of the business

		30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Margin trading		0%	0%	0%	0%	0	0%	0%
Profitability of the business		15,49	-33,3%	23,21	20,9%	19,19	7,28%	112,8%
Net profit		8,15%	-52,1%	17%	8,2%	15,71%	5,70%	43,0%
More ratios
Growth rate of turnover (excluding VAT)		-8,08%	-169,8%	11,58%	-15,2%	13,65%	4,66%	-273,4%
Rates integration		64,41%	-3,0%	66,41%	4,8%	63,36%	41,37%	55,7%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		74,64%	16,2%	64,26%	-6,6%	68,77%	60,43%	23,5%
Weight interests		3,70	52,3%	2,43%	-37,4%	3,88%	0,07%	5185,7%

Return on capital

		30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Cash flow from the overall profitability		9,71%	-48,4%	18,80%	11,6%	16,84%	7,63%	27,3%
Rates of economic profitability		12%	-40,0%	20%	25,0%	16%	22%	-45,5%
Financial profitability		3405469%	-5,7%	3610861%	7,6%	3356304%	47736%	7034,0%
Return on investment		9,55%	-43,4%	16,87%	0,8%	16,74%	18,56%	-48,5%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	30/06/2011		30/06/2010		30/06/2009	Sector Median 2011
Turnover	3 614 618	-8,1%	3 932 458	11,6%	3 524 472	215 431 €	1577,9%

Sales of goods	47	-93,8%	762	594,8%	-154
- Purchase of goods	0	0%	637	0%	0
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	47 €	-62,4%	125 €	181,2%	-154 €	0 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	0,47 % CA	0%

Sale of goods produced	3 614 571	-8,1%	3 931 696	11,5%	3 524 626
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	3 614 571 €	-8,1%	3 931 696 €	11,5%	3 524 626 €	81 204 €	4351,2%
	100,00 % CA	0,0%	99,98 % CA	0,0%	100,00 % CA	100 % CA	0%

Trading margin	47	-62,4%	125	181,2%	-154	0	0%
+ Period Production	3 614 571	-8,1%	3 931 696	11,5%	3 524 626	81 204	4351,2%
- Purchase of raw materials	0	0%	414	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	1 286 549	-2,5%	1 319 829	2,2%	1 291 400
Added value	2 328 069 €	-10,9%	2 611 578 €	17,0%	2 233 072 €	84 468 €	2656,2%
	64,41 % CA	-3,0%	66,41 % CA	4,8%	63,36 % CA	41,37 % CA	55,7%

Added value	2 328 069 €	-10,9%	2 611 578 €	17,0%	2 233 072 €	84 468 €	2656,2%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	30 479	47,1%	20 715	-2,3%	21 197
- Personal charges	1 737 726	3,5%	1 678 238	9,3%	1 535 660
Gross operating surplus	559 864 €	-38,7%	912 625 €	35,0%	676 215 €	20 447 €	2638,1%
	15,49 % CA	-33,3%	23,21 % CA	20,9%	19,19 % CA	7,28 % CA	112,8%

Gross operating surplus	559 864 €	-38,7%	912 625 €	35,0%	676 215 €	20 447 €	2638,1%
+ Release of reserves and provisions	17 633	-75,0%	70 608	-33,4%	105 980
+ Other operating income	409	37,7%	297	-6,6%	318
- Depreciation/Amortisation	152 657	92,6%	79 270	-15,7%	94 012
- Other charges	1 638	-44,7%	2 963	1155,5%	236
Operating result	423 611 €	-53,0%	901 297 €	31,0%	688 265 €	18 195 €	2228,2%
	11,72 % CA	-48,9%	22,92 % CA	17,4%	19,53 % CA	6,09 % CA	92,4%

Operating result	423 611 €	-53,0%	901 297 €	31,0%	688 265 €	18 195 €	2228,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	51 727	41,6%	36 532	-58,1%	87 145
- Financial charges	133 859	40,4%	95 365	-30,2%	136 631
Pre-tax result	341 479 €	-59,5%	842 464 €	31,9%	638 779 €	19 149 €	1683,3%
	9,45 % CA	-55,9%	21,42 % CA	18,2%	18,12 % CA	6,56 % CA	44,1%

Extraordinary income	43 059	6483,9%	654	547,5%	101	0	0%
- Extraordinary charges	68 666	24,5%	55 171	463,5%	9 791
Extraordinary result	-25 607 €	53,0%	-54 517 €	-462,6%	-9 690 €	0 €	0%
	-0,71 % CA	48,9%	-1,39 % CA	-414,8%	0 % CA	0 % CA	0%

Pre-tax result	341 479 €	-59,5%	842 464 €	31,9%	638 779 €	19 149 €	1683,3%
Extraordinary result	-25 607 €	53,0%	-54 517 €	-462,6%	-9 690 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	21 129	-82,3%	119 470	58,1%	75 573
Net result	294 743 €	-55,9%	668 477 €	20,8%	553 516 €	16 309 €	1707,2%
	8,15 % CA	-52,1%	17,00 % CA	8,3%	15,70 % CA	5,70 % CA	43,0%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	Autres intermédiaires du commerce en denrées, boissons et tabac (4617B)
RCS Registration	RCS Bayonne 8 325 589 372	Share capital	3,900 Euros
Registration Court	Bayonne (64)	Legal form	Worker production cooperative society in the form of a Ltd
Court Registry Number	19 8 3B000	EU VAT Number	FR50325589372
Incorporation Date	01/1983	Formation Date	10/1982
Deregistration Date		Last account Date	30/06/2011
Nationality	France

Type	Head office (one site company)	Status	Economically active
	Formation Date	01/1983	Reason for formation	Lease management
	Closure Date		Reason for closure
	Reactivation Date		Production Role
	Activity Nature	-	Activity Location	Other
	Location surface		Seasonality

Department	Pyrénées-Atlantiques (64)	Region	Aquitaine
District	1	Area	91
City	BIARRITZ	Size of urban area	Urban unit with 100 000 to 199 999 inhabitants

Other establishments

Branches	1 branch entities in this company
Head office	> COOPERATIVE BUREAU COUECOU <<<  - Autres intermédiaires du commerce en denrées, boissons et tabac (4617B)  in BIARRITZ  (64200)
Secondary establishments

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

Workforces

Workforce at address

3 to 5 employees

Company workforce

3 to 5 employees

event history

Status history

Date	Description
No Status History

Company events history

Date	Description
27/01/2012	Bodacc C : Deposit accounts notice
18/01/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/11/2011	Extension of term
14/11/2011	Updated articles of association
14/11/2011	Minutes of general meeting of shareholders
30/06/2011	New accounts available
17/01/2011	Bodacc C : Deposit accounts notice
30/06/2010	New accounts available
17/01/2010	Bodacc B: Various editing or changing
14/01/2010	Bodacc C : Deposit accounts notice
22/12/2009	Minutes of general meeting of shareholders
09/07/2009	Bodacc B: Various editing or changing
30/06/2009	New accounts available
24/06/2009	Updated articles of association
24/06/2009	Minutes of general meeting of shareholders
24/06/2009	Private document
24/06/2009	Change to corporate purpose
24/01/2009	Bodacc C : Deposit accounts notice
30/06/2008	New accounts available
07/02/2008	Bodacc C : Deposit accounts notice
30/06/2007	New accounts available
24/08/2006	Updated articles of association
24/08/2006	Minutes of general meeting of shareholders
24/08/2006	PV d'Assemblée
24/08/2006	Private document
24/08/2006	Statuts mis à jour
24/08/2006	Acte sous seing privé
30/06/2006	New accounts available
30/06/2005	New accounts available
30/06/2004	New accounts available
20/01/2004	Modification du Conseil d'Administration
20/01/2004	Acte sous seing privé
20/01/2004	PV d'Assemblée
20/01/2004	Nomination/démission des organes de gestion
20/01/2004	Augmentation de Capital
30/06/2003	New accounts available
23/12/2002	Statuts mis à jour
23/12/2002	PV d'Assemblée
23/12/2002	Acte sous seing privé
31/12/2001	Conversion du Capital Social en Euros
31/12/2001	Réduction de Capital
31/12/2001	Acte sous seing privé
31/12/2001	PV d'Assemblée
31/12/2001	Statuts mis à jour
05/09/2000	Nomination/démission des organes de gestion
05/09/2000	Changement de Gérant
05/09/2000	PV d'Assemblée
05/09/2000	Acte sous seing privé
05/09/2000	Statuts mis à jour
25/06/1998	Nomination/démission des organes de gestion
25/06/1998	Déclaration de conformité
25/06/1998	Acte sous seing privé
25/06/1998	Statuts mis à jour
25/06/1998	Changement de dénomination sociale
25/06/1998	PV d'Assemblée
25/06/1998	Acte modificatif
12/02/1998	Acte sous seing privé
12/02/1998	Acte modificatif
12/02/1998	Rapport des Commissaires ou du Gérant
03/12/1997	Projet de Fusion
03/12/1997	Acte sous seing privé
19/11/1997	Requête et Ordonnance
19/11/1997	Acte modificatif
19/11/1997	Acte sous seing privé
19/04/1996	PV d'Assemblée
19/04/1994	PV d'Assemblée
08/12/1992	PV d'Assemblée
08/12/1992	Acte modificatif
08/12/1992	Déclaration de conformité
08/12/1992	Statuts mis à jour

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.90
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

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.