MIRA INFORM REPORT

Report Date :

04.04.2013

IDENTIFICATION DETAILS

Name :	AGORA DISTRIBUTION
Registered Office :	13-15 13 Av De La Metallurgie Saint Denis 93697 Pantin Cedex
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	July 2008
Com. Reg. No.:	RCS Bobigny 0 505 271 528
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale (intercompany trade) clothing and shoes
No. of Employees :	100 to 199 employees

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
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	AGORA DISTRIBUTION

company summary

EUR VAT Number		FR58505271528
Activity (APE)	Wholesale (intercompany trade) clothing and shoes (4642Z)		Legal form	Simplified joint stock company
Phone			RCS Registration	RCS Bobigny 0 505 271 528
Fax			Share capital	4,000,000 Euros
Address	AGORA DISTRIBUTION 13-15 13 AV DE LA METALLURGIE SAINT DENIS 93697 PANTIN CEDEX		Incorporated Date	07/2008
Nationality	France		Status	Economically active

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)	Business Pages FT®
Postal Address	AGORA DISTRIBUTION 13-15 13 AV DE LA METALLURGIE SAINT DENIS 93697 PANTIN CEDEX	Trading Address	13 AVENUE DE LA METALLURGIE 93210 SAINT DENIS
Telephone
Fax

DIRECTORS/MANAGEMENT

Current Directors

1

Directors

Name	M. DEROUDE EMMANUEL, ROGER
Manager position	Président	Date of birth	07/12/1968
Place of birth	AVALLON
Type	Individual	Name at birth

Previous Directors

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

Manager position	Title and name	Date of Birth/Place of Birth
Président	M YANN HINSINGER	- - -
Président	M YANN HINSINGER	18/08/1967 - LYON

NEGATIVE INFORMATION

No social security and tax office preferential right to date.

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	21/10/2010
Status of Monitoring	No social security and tax office preferential right to date

Recent publications in Gazettes

Publication date	Gazette Name	Description
27/09/2012	JAL	Continuation of activity in spite of stockholders' equity become lower in the middle of the share capital
Gazette du palais (La) Date de décision : 25/06/2012 Poursuite d'activité malgré des fonds propres devenus inférieurs à la moitié du capital social de la société 505271528 - AGORA DISTRIBUTION, 81 RUE CARTIER BRESSON, 93500 PANTIN Date d'effet : 25/06/2012
27/09/2012	JAL	Modification of the share capital
Gazette du palais (La) Date de décision : 25/06/2012 La société : 505271528 - AGORA DISTRIBUTION, 81 RUE CARTIER BRESSON, 93500 PANTIN a subi une augmentation de son capital social désormais de 4 000 000 € Date d'effet : 25/06/2012
21/08/2012	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 12969 - 505271528 RCS. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Adresse : 81 rue Cartier Bresson Pantin 93697 Pantin Cedex. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
08/08/2012	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 2399 - 505 271 528 RCS Bobigny. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Activité : . Adresse du siège social : 13/15 rue de la Métallurgie, 93210 SAINT- DENIS La Plaine. Commentaires : Modification de l'adresse du siège.
20/07/2012	JAL	Head Office Transfer
Moniteur des bâtiments et travaux publics Date de décision : 04/07/2012 Transfert du siège social de la société 505271528 - AGORA DISTRIBUTION Adresse du nouveau siège : 13 RUE DE LA METALLURGIE, 93210 ST DENIS Ancienne localisation : 81 RUE CARTIER BRESSON, 93500 PANTIN Date d'effet : 04/07/2012
31/10/2011	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1848 - 505 271 528 RCS Bobigny. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Capital : 4000000 EUR. Activité : . Commentaires : Modification du capital.
07/10/2011	JAL	Modification of the share capital
Moniteur des bâtiments et travaux publics Date de décision : 26/09/2011 La société : 505271528 - AGORA DISTRIBUTION, 81 RUE CARTIER BRESSON, 93500 PANTIN a subi une augmentation de son capital social désormais de 4 000 000 € Date d'effet : 26/09/2011
07/10/2010	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 2898 - 505 271 528 RCS Bobigny. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : LHOMMEAU Philippe en fonction le 25 Juillet 2008 Commissaire aux comptes titulaire : FIDUCIAIRE AUDIT CONSEIL en fonction le 25 Juillet 2008 Commissaire aux comptes suppléant : SCOUPE Florence en fonction le 25 Juillet 2008 Commissaire aux comptes suppléant : CABINET AVEC en fonction le 25 Juillet 2008 Président : DEROUDE Emmanuel, Roger en fonction le 28 Septembre 2010. Commentaires : Modification de représentant.
07/09/2010	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 9282 - 505271528 RCS. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Adresse : 81 rue Cartier Bresson Pantin 93697 Pantin Cedex. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
05/08/2008	Bodacc A	Création d'établissement
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1492 - 505 271 528 RCS Bobigny. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Administration : Président : HINSINGER Yann. Commissaire aux comptes titulaire : LHOMMEAU Philippe. Commissaire aux comptes titulaire : FIDUCIAIRE AUDIT CONSEIL. Commissaire aux comptes suppléant : SCOUPE Florence. Commissaire aux comptes suppléant : CABINET AVEC. Capital : 1000000 EUR. Adresse : 81 rue Cartier Bresson, Pantin 93697 Pantin Cedex. Origine du fonds : Création d'un fonds de commerce. Etablissement : Etablissement principal. Activité : achat vente en gros et demi gros de vêtements articles textiles et en général tous articles d'équipement de la personne. Adresse : . Date de commencement de l’activité : 20/06/2008. Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

Company events history

Date	Description
04/10/2012	Capital increase
04/10/2012	Amendment
04/10/2012	Capital reduction
04/10/2012	Minutes of general meeting of shareholders
04/10/2012	Continuation of business despite loss of equity
02/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
13/09/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
21/08/2012	Bodacc C : Deposit accounts notice
08/08/2012	Bodacc B: Various editing or changing
31/07/2012	Amendment
31/07/2012	Registered office transferred inside jurisdiction of the Commercial Court
31/07/2012	Updated articles of association
20/07/2012	Legal Gazette: Head Office Transfer
04/07/2012	Transfer of Establishment
04/07/2012	Update of Company Head Office Identifier
25/06/2012	Legal Gazette: Modification of the share capital
25/06/2012	Legal Gazette: Continuation of activity
25/06/2012	Modification to Establishment Address or Identifier
01/06/2012	New subsidiarie(s) detected
01/06/2012	New ultimate parent
01/06/2012	New parent detected
31/12/2011	New accounts available
31/10/2011	Bodacc B: Various editing or changing
24/10/2011	Updated articles of association
24/10/2011	Minutes of general meeting of shareholders
24/10/2011	Fund deposit certificate
24/10/2011	Capital increase
26/09/2011	Legal Gazette: Modification of the share capital
06/09/2011	Bodacc C : Deposit accounts notice
01/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
21/10/2010	Collection of preferential rights activated for this company
07/10/2010	Bodacc B: Various editing or changing
28/09/2010	New chairman (CEO, CoB)
28/09/2010	Minutes of general meeting of shareholders
07/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
05/08/2008	New Bodacc A ads detected
05/08/2008	Bodacc A : Establishment creation
25/07/2008	Minutes of general meeting of shareholders
25/07/2008	PV d'Assemblée
25/07/2008	Appointment/resignation of company officers
25/07/2008	Nomination/démission des organes de gestion
25/07/2008	Fund deposit certificate
25/07/2008	Private document
25/07/2008	Acte modificatif
25/07/2008	New chairman (CEO, CoB)
25/07/2008	Changement de Président (PDG, PCA)
25/07/2008	Company formation
25/07/2008	Articles of association
25/07/2008	Statuts
25/07/2008	Changement de Commissaire aux Comptes

Establishment events history

Date	Description
04/07/2012	Formation of Head office (after transfer)
25/06/2012	Modification of Head office Identification
25/06/2012	Update of Establishment Address

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Payment Information Summary - SafeTrade
Total number of Invoices available	8
Total number of Invoices paid within or up to 30 days after the due date	8
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Payment Information Summary - SafeTrade

Payment Information Summary - SafeTrade
Total number of Invoices available	8
Total number of Invoices paid within or up to 30 days after the due date	8
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
Company Name	Company number
ERAM	388583239

Ultimate Parent

1 ultimate parent company for this company > ERAM - Activités des sièges sociaux (7010Z) in SAINT PIERRE MONTLIMART (49110)

Group data

Ultimate parent company	ERAM
Direct parent	ERAM - 96 %
Group – Number of companies	61
Linkages – Number of companies	-
Number of countries	-
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ERAM

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Company Name	SIREN	Parts	Last account published
ERAM	388583239	-	31/12/2011
PROGEFOR	344138599	68.20%	31/12/2011
PARMY	312843394	67.20%	31/12/2011
JORCEL SERVICES	381863265	68.20%	31/12/2011
SOCIETE COMMERCIALE DE REPRESENTATIO...	312695133	70.20%	31/12/2011
TEXTO DEVELOPPEMENT SERVICES	403927056	99%	31/12/2011
TATI DEVELOPPEMENT	478293764	95.08%	31/12/2010
CHAUSSURES LUSI FRANCE	332010214	51%	31/12/2011
TEXTO FRANCE	399861194	100%	31/12/2011
TECHNISYNTHESE	302135256	52.70%	31/12/2011
TECHNI-MAG	330432873	39.98%	31/12/2011
TEXTO FRANCE SERVICES	408402121	99%	31/12/2011
ERAM PRESTATIONS	408025401	99%	31/12/2011
DIVERGENCE	335243531	68.20%	31/12/2011
CHAUSSURES HERVE	312707839	71.20%	31/12/2011
VETIR	322424342	47.95%	31/12/2011
ERAM LOGISTIQUE	381863372	68.20%	31/12/2011
ERAM DIFFUSION	321421380	67.20%	31/12/2011
PARADE	312911902	Majority	31/12/2011
ERAM SERVICES	399943935	99%	31/12/2011
STE DIFFUSION CREATIONS BOCAGE	309930758	70%	31/12/2011
BELLIERE	312911894	67.20%	31/12/2011
ERAM INTERSERVICES	310817457	100%	31/12/2011
CHAUSSURES ERAM	775610306	88.04%	31/12/2011
SAMITECH	331443523	90%	31/12/2011
FRANCE ARNO	689800225	100%	31/12/2011
IS CHAUSSURES	347982605	100%	31/12/2011
VETIR	322424342	47.08%	31/12/2011
STAGGY SERVICES	443486220	100%	31/12/2011
SOBIBA	070202015	50%	31/12/2011
HEYRAUD	754500783	64.99%	31/12/2011
CHAUSSURES BRUNO	312707805	71.20%	31/12/2011
SA DES CHAUSSURES LAURENT	961200060	80%	31/12/2011
PASSAGE	312843352	Majority	31/12/2011
CHAUSSURES RENE	326555612	68.20%	31/12/2011
GEMO SERVICES	381649391	68.20%	31/12/2011
DRESCO	612045864	100%	31/12/2011
CHAUSSURES TEDDY	312707797	68.20%	31/12/2011
GEVRISE	312843311	69.40%	31/12/2011
ERAM SHOP	312706765	67.20%	31/12/2011
SARL IMAGE DE PARIS	312911845	68.20%	31/12/2011
BUGGY	312843303	Min blocking	31/12/2011
MFC ERAM	522957802	Min blocking	31/12/2011
LILNAT	442891628	90%	31/12/2011
REMI	380246488	100%	31/12/2011
AZE	344682141	100%	31/12/2011
C'BO	413890237	100%	31/12/2011
DOUA	493271266	100%	31/12/2011
BCR	348546060	100%	31/12/2011
GROUPEMENT EUROPEEN D'ACHATS	328659115	100%	31/12/2011
GRANDES SURFACES INTERNATIONALES	380246595	100%	31/12/2011
RUBIS	383864444	100%	31/12/2011
M.G.M. CIE	384873840	100%	31/12/2011
EPIS	388257875	100%	31/12/2011
ANA	402454003	100%	31/12/2011
COMBE	451205736	100%	31/12/2011
STAL	380869412	100%	31/12/2011
B.C.G	334326162	67%	31/12/2010
CRETE	388246191	100%	31/12/2011
AGORA DISTRIBUTION	505271528	96%	31/12/2011
TATI WEB	520595570	70%	31/12/2011

FINANCIAL INFORMATION

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	219,397,364 €	233,688,510 €	140,459,915 €
Gross Operating Surplus	2,37 % Turnover	1,67 % Turnover	3,63 % Turnover
Shareholders’ equity	1,476,175 €	648,703 €	774,741 €
Net result	-2,172,528 €	-126,038 €	-225,259 €
Employees	100 to 199 employees	-	-

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	19
Account Type	Normal	Normal	Normal
Deposit date	11/09/2012	31/08/2011	25/08/2010
Activity Code	4642Z	4642Z	4642Z
Employees	164	148	147

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	3 415 017	-43,9%	6 091 555	-21,1%	7 718 993	40 758	8278,8%
- Intangible assets	1 792 313	-32,5%	2 653 541	-42,6%	4 626 211	5 500	32487,5%
- Tangible assets	921 784	-66,3%	2 737 124	-11,5%	3 092 182	5 281	17354,7%
- Financial assets	700 920	0,0%	700 890	116715,0%	600	5 465	12725,6%
Net current assets	91 353 068	31,5%	69 491 087	-19,7%	86 591 911	211 154	43163,7%
- Stocks	31 946 530	8,0%	29 580 369	-13,8%	34 320 509	51 791	61583,6%
- Advanced payments	42 645	31,5%	0	0%	-182	0	0%
- Receivables	50 542 937	28,6%	39 292 310	-22,2%	50 526 256	61 636	81902,3%
- Securities and cash	8 820 956	1326,4%	618 408	-64,6%	1 745 328	32 787	26803,8%
- Prepaid expenses	-	-	-	-	-	92	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	94 768 088	25,4%	75 582 642	-19,9%	94 310 904	295 457	31975,1%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	1 476 175	127,6%	648 703	-16,3%	774 741	61 422	2303,3%
Share capital	4 000 000	300%	1 000 000	0%	1 000 000	8 100	49282,7%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	938 151	-14,1%	1 092 649	123,4%	489 006	0	0%
Liabilities	92 353 763	25,1%	73 841 290	-20,6%	93 047 157	198 480	46430,5%
- Financial liabilities	66 652 074	83,5%	36 328 675	-23,4%	47 404 293	16 305	408683,0%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	22 125 140	-36,3%	34 717 123	-16,6%	41 649 592	66 504	33168,9%
- Tax and social liabilities	3 555 018	32,5%	2 682 175	-32,8%	3 993 272	46 648,50	7520,9%
- Other debts and fixed assets liabilities	21 531	-81,0%	113 317	0%	0	8 190	162,9%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	94 768 088	25,4%	75 582 642	-19,9%	94 310 904	295 242	31998,4%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	221 813 651	-5,7%	235 201 810	67,4%	140 468 335	444 732	49775,8%
Net turnover	219 397 364	-6,1%	233 688 510	66,4%	140 459 915	434 113	50439,2%
- of which net export turnover	10 382 176	-47,6%	19 809 989	-83,0%	116 599 017	2 336	444342,5%
Operating charges	217 420 918	-7,3%	234 426 404	67,6%	139 837 891	442 365	49049,7%
Operating profit/loss	4 392 733	466,5%	775 406	23,0%	630 444	7 831	55994,2%
Financial income	281 519	-35,9%	439 014	251,3%	124 979	0	0%
Financial charges	2 001 445	28,6%	1 556 524	91,8%	811 692	763	262212,6%
Financial profit/loss	-1 719 926	-53,9%	-1 117 510	-62,7%	-686 713	-80	-2149807,5%
Pretax net operating income	2 672 807	881,3%	-342 104	-508,0%	-56 269	6 765	39409,3%
Extraordinary income	6 303	-99,5%	1 367 386	0%	0	0	0%
Extraordinary charges	4 813 412	324,8%	1 133 049	639,1%	153 301	185	2601744,3%
Extraordinary profit/loss	-4 807 109	-1027,1%	234 337	252,9%	-153 301	0	0%
Net result	-2 172 528	-1623,7%	-126 038	44,0%	-225 259	6 764	-32219,0%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2011	31/12/2010	31/12/2009
Months	12	12	19

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Grand Total (I to VI)	Net	94 768 088	25,4%	75 582 642	-19,9%	94 310 904
	Gross	CO	105 162 250	28,4%	81 881 239	-16,7%	98 300 695
	Amortisation	1A	10 394 162	65,0%	6 298 597	57,9%	3 989 791

Non declared distributed capital (I)

		31/12/2011		31/12/2010		31/12/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2011		31/12/2010		31/12/2009
	Total Active fixed asset (II)	Net	3 415 017	-43,9%	6 091 555	-21,1%	7 718 993
	Gross	BJ	11 243 399	5,8%	10 623 370	0,1%	10 609 267
	Amortisation	BK	7 828 382	72,7%	4 531 815	56,8%	2 890 274

Intangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	1 783 813	-32,6%	2 645 041	-42,7%	4 618 711
	Gross	AF	5 755 523	5,3%	5 465 299	-16,9%	6 580 600
	Amortisation	AG	3 971 710	40,8%	2 820 258	43,8%	1 961 889
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	8 500	0%	8 500	13,3%	7 500
	Gross	AJ	8 500	0%	8 500	13,3%	7 500
	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	1 792 313	-32,5%	2 653 541	-42,6%	4 626 211

Tangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	447 811	-77,8%	2 020 954	-9,4%	2 231 540
	Gross	AP	2 766 234	6,0%	2 609 135	4,0%	2 509 183
	Amortisation	AQ	2 318 423	294,2%	588 181	111,8%	277 643
	Plant	Net	42 058	-12,9%	48 272	-34,7%	73 915
	Gross	AR	138 401	14,8%	120 607	9,7%	109 957
	Amortisation	AS	96 343	33,2%	72 335	100,7%	36 042
	Other tangible fixed assets	Net	420 748	-37,0%	667 898	-15,1%	786 727
	Gross	AT	1 862 654	8,4%	1 718 939	22,7%	1 401 427
	Amortisation	AU	1 441 906	37,2%	1 051 041	71,0%	614 700
	Fixed assets in construction	Net	11 167	0%	0	0%	0
	Gross	AV	11 167	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	921 784		2 737 124		3 092 182

Financial assets

			31/12/2011		31/12/2010		31/12/2009
	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	700 000	0%	700 000	0%	0
	Gross	CU	700 000	0%	700 000	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	920	3,4%	890	48,3%	600
	Gross	BH	920	3,4%	890	48,3%	600
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		700 920		700 890		600

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	91 353 068	31,5%	69 491 087	-19,7%	86 591 911
	Gross	CJ	93 918 849	31,8%	71 257 869	-18,7%	87 691 428
	Amortisation	CK	2 565 781	45,2%	1 766 782	60,7%	1 099 517

Stocks

			31/12/2011		31/12/2010		31/12/2009
	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	31 946 530	8,0%	29 580 369	-13,8%	34 320 509
	Gross	BT	32 556 311	4,3%	31 216 048	-11,9%	35 420 026
	Amortisation	BU	609 781	-62,7%	1 635 679	48,8%	1 099 517
	Sub Total Stocks	Net	31 946 530	8,0%	29 580 369	-13,8%	34 320 509

Advance payments to suppliers

			31/12/2011		31/12/2010		31/12/2009
	Advance payments to suppliers	Net	42 645	0%	0	0%	-182
	Gross	BV	42 645	0%	0	0%	-182
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2011		31/12/2010		31/12/2009
	Trade accounts receivable	Net	46 776 808	44,7%	32 334 834	7,1%	30 195 668
	Gross	BX	48 732 808	50,1%	32 465 937	7,5%	30 195 668
	Amortisation	BY	1 956 000	1392,0%	131 103	0%	0
	Other debtors	Net	1 011 307	-77,0%	4 406 138	-75,6%	18 091 535
	Gross	BZ	1 011 307	-77,0%	4 406 138	-75,6%	18 091 535
	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	47 788 115	30,1%	36 740 972	-23,9%	48 287 203

Divers

			31/12/2011		31/12/2010		31/12/2009
	Investment securities	Net	0	0%	0	0%	1 000 000
	Gross	CD	0	0%	0	0%	1 000 000
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	8 820 956	1326,4%	618 408	-17,0%	745 328
	Gross	CF	8 820 956	1326,4%	618 408	-17,0%	745 328
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	8 820 956	1326,4%	618 408	-64,6%	1 745 328

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	2 754 822	8,0%	2 551 338	13,9%	2 239 053
	Gross	CH	2 754 822	8,0%	2 551 338	13,9%	2 239 053
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2011		31/12/2010		31/12/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	94 768 088	25,4%	75 582 642	-19,9%	94 310 904

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	1 476 175	127,6%	648 703	-16,3%	774 741
	Equity and shareholders' equity	DA	4 000 000	300%	1 000 000	0%	1 000 000
	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	0	0%	0	0%	0
	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	-351 297	-56,0%	-225 259	0%	0
	Profit or loss for the period	DI	-2 172 528	-1623,7%	-126 038	44,0%	-225 259
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2011		31/12/2010		31/12/2009
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			31/12/2011		31/12/2010		31/12/2009
	Total provisions for risks and charges (Total III)	DR	938 151	-14,1%	1 092 649	123,4%	489 006
	Risk provisions	DP	528 350	-23,4%	690 000	711,8%	85 000
	Reserves for charges	DQ	409 801	1,8%	402 649	-0,3%	404 006

Liabilities (IV)

			31/12/2011		31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	92 353 763	25,1%	73 841 290	-20,6%	93 047 157
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	48 516 503	58,4%	30 620 274	9,3%	28 006 518
	Sundry loans and financial liabilities	DV	18 135 571	217,7%	5 708 401	-70,6%	19 397 775
	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	22 125 140	-36,3%	34 717 123	-16,6%	41 649 592
	Tax and social security liabilities	DY	3 555 018	32,5%	2 682 175	-32,8%	3 993 272
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	21 531	-81,0%	113 317	0%	0

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2011		31/12/2010		31/12/2009
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	0	0%	0
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	4 392 733	466,5%	775 406	23,0%	630 444

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	-1 719 926	-53,9%	-1 117 510	-62,7%	-686 713

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

		31/12/2011		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	2 672 807	881,3%	-342 104	-508,0%	-56 269

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-4 807 109	-2151,4%	234 337	252,9%	-153 301

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	-2 172 528	-1623,7%	-126 038	44,0%	-225 259

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	222 101 473	-6,3%	237 008 210	68,6%	140 593 314

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

		31/12/2011		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	224 274 000	-5,4%	237 134 249	68,4%	140 818 573

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	221 813 651	-5,7%	235 201 810	67,4%	140 468 335

Operating income (details)

			31/12/2011		31/12/2010		31/12/2009
	Sale of goods for resale	FC	197 627 501	-7,5%	213 630 455	79,6%	118 959 998
	France	FA	188 121 036	-3,2%	194 308 190	8019,8%	2 393 009
	Export	FB	9 506 465	-50,8%	19 322 265	-83,4%	116 566 989
	Sale of goods produced	FF	1 604 346	75,6%	913 509	83,5%	497 865
	France	FD	991 791	14,2%	868 480	86,4%	465 837
	Export	FE	612 555	1260,4%	45 029	40,6%	32 028
	Sale of services	FI	20 165 517	5,3%	19 144 546	-8,8%	21 002 052
	France	FG	19 902 361	6,4%	18 701 851	-11,0%	21 002 052
	Export	FH	263 156	-40,6%	442 695	0%	0
	Net turnover	FL	219 397 364	-6,1%	233 688 510	66,4%	140 459 915
	France	FJ	209 015 188	-2,3%	213 878 521	796,4%	23 860 898
	Export	FK	10 382 176	-47,6%	19 809 989	-83,0%	116 599 017
	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	2 282 096	52,3%	1 498 883	0%	0
	Other income	FQ	134 191	830,8%	14 417	71,2%	8 420

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	217 420 918	-7,3%	234 426 404	67,6%	139 837 891

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	181 717 057	-5,1%	191 433 043	31,0%	146 110 982
Change in stocks of goods for resale	FT	-1 340 262	-131,9%	4 203 977	111,9%	-35 420 026
Purchase of raw materials	FU	1 006 375	-24,7%	1 336 522	88,8%	707 864
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	20 872 538	-2,2%	21 333 093	42,5%	14 971 366
Tax, duty and similar payments	FX	887 778	5,6%	840 534	102,9%	414 185
Payroll	FY	7 712 780	3,3%	7 468 024	24,5%	6 000 254
Social security costs	FZ	3 345 370	5,3%	3 176 038	23,5%	2 571 120

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	1 896 566	1,2%	1 873 999	-35,2%	2 893 848
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	609 781	-65,5%	1 766 782	60,7%	1 099 517
Provisions for risks and charges	GD	360 816	-63,7%	994 392	103,3%	489 006

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	352 119	0%	0	0%	-225

Operating charges (III-IV)

		31/12/2011		31/12/2010		31/12/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			31/12/2011		31/12/2010		31/12/2009
	Total financial income (Total V)	GP	281 519	-35,9%	439 014	251,3%	124 979
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	434 339	325,9%	101 971
	Other interest and similar income	GL	278 302	5853,0%	4 675	-79,7%	23 008
	Released provisions and transferred charges	GM	3 217	0%	0	0%	0
	Exchange gains	GN	0	0%	0	0%	0
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2011		31/12/2010		31/12/2009
	Total financial charge (Total VI)	GU	2 001 445	28,6%	1 556 524	91,8%	811 692
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	2 001 445	28,6%	1 556 524	91,8%	811 692
	Exchange losses	GS	0	0%	0	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary income (Total VII)	HD	6 303	-99,5%	1 367 386	0%	0
	Extraordinary operating income	HA	6 303	-73,8%	24 079	0%	0
	Extraordinary income from capital transactions	HB	0	0%	1 343 307	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	4 813 412	324,8%	1 133 049	639,1%	153 301
	Extraordinary operating charges	HE	1 457 412	18378,7%	7 887	4651,2%	166
	Extraordinary charges from capital transactions	HF	0	0%	1 125 162	634,8%	153 135
	Extraordinary reserves and provisions	HG	3 356 000	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2011		31/12/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	38 225	109,2%	18 272	16,5%	15 689

References

		31/12/2011		31/12/2010		31/12/2009
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	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)

			31/12/2011		31/12/2010		31/12/2009
	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%	102 476 620	8678,9%	1 167 306
	Gross value at the end of period	OL	11 243 400	5,8%	10 623 370	0,1%	10 609 267

Research and development Charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	KD	5 473 799	-16,9%	6 588 100	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	290 224	35,7%	213 825	-96,8%	6 588 100
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	1 328 125	0%	0
	Gross value at the end of period	LW	5 764 023	5,3%	5 473 800	-16,9%	6 588 100

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	4 448 681	10,6%	4 020 567	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	329 775	-27,9%	457 608	-89,0%	4 177 276
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	29 494	-81,2%	156 709
	Gross value at the end of period	NH	4 778 456	7,4%	4 448 681	10,6%	4 020 567

Fiancial assets (Total IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LQ	700 890	116715,0%	600	-99,9%	1 010 597
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	30	-100,0%	101 819 290	16969781,7%	600
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	101 119 000	9905,9%	1 010 597
	Gross value at the end of period	NK	700 920	0,0%	700 890	116715,0%	600

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

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	2 820 258	43,8%	1 961 889	0%	0
Increases		PF	1 151 452	6,0%	1 085 802	-44,7%	1 961 889
Decreasess		PG	0	0%	227 433	0%	0
	Decreasess by budget item transfer	PH	3 971 710	40,8%	2 820 258	43,8%	1 961 889

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	1 711 557	84,4%	928 385	0%	0
Increases		QV	745 114	-5,5%	788 197	-15,4%	931 959
Decreases		QW	0	0%	5 025	40,6%	3 574
	Decreasess by budget item transfer	QX	2 456 671	43,5%	1 711 557	84,4%	928 385

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

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2011		31/12/2010		31/12/2009
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7C	2 859 431	80,0%	1 588 523	0%	0
Increases		UB	4 326 597	56,7%	2 761 174	73,8%	1 588 523
Decreases		UC	2 282 096	53,1%	1 490 266	0%	0
	Value at the end of period	UD	4 903 932	71,5%	2 859 431	80,0%	1 588 523

Includes Total allocations

Operating	UE	2 318 413	31,2%	1 766 782	11,2%	1 588 523
Financial	UG	1 089 760	0%	0	0%	0
Exceptional	UJ	918 423	-7,6%	994 392	0%	0

Includes Total Withdrawal

Operating	UF	2 282 096	107,6%	1 099 517	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	390 749	0%	0

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	1 092 649	123,4%	489 006	0%	0
Increases		TV	360 816	-63,7%	994 392	103,3%	489 006
Decreases		TW	515 314	31,9%	390 749	0%	0
	Value at the end of period	TX	938 151	-14,1%	1 092 649	123,4%	489 006

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	1 766 782	60,7%	1 099 517	0%	0
Increases		TY	3 965 781	124,5%	1 766 782	60,7%	1 099 517
Decreases		TZ	1 766 782	60,7%	1 099 517	0%	0
	Value at the end of period	UA	3 965 781	124,5%	1 766 782	60,7%	1 099 517

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	52 499 858	33,2%	39 424 303	-22,0%	50 526 856
1 year at most	VU	46 609 308	18,2%	39 423 413	-22,0%	50 526 256
More than one year	VV	5 890 550	661759,6%	890	48,3%	600

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	920	3,4%	890	48,3%	600
Other financial assets (1 year at most)	UV	920	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	48 732 808	50,1%	32 465 937	7,5%	30 195 668
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	1 442	160,8%	553	-58,2%	1 322
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	12 282	0%	0
Value added tax	VB	969 201	-77,5%	4 304 684	-54,3%	9 425 222
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%	7 270 455
Accounts receivable (including claims relating to the operation of pension titles)	VR	40 664	-54,1%	88 618	-93,6%	1 394 536

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	2 754 822	8,0%	2 551 338	13,9%	2 239 053

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	92 353 762	25,0%	73 860 703	-20,6%	93 047 339
1 year at most		VZ2	25 718 191	-65,2%	73 860 703	-20,6%	93 047 339
More than 1 year and 5 years at most		VZ3	66 635 571	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	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	48 516 503	58,4%	30 620 274	9,3%	28 006 518
1 year at most		VG2	16 503	-99,9%	30 620 274	9,3%	28 006 518
More than 1 year and 5 years at most		VG3	48 500 000	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	18 135 571	217,7%	5 708 401	-70,6%	19 397 775
1 year at most		8A2	0	0%	5 708 401	-70,6%	19 397 775
More than 1 year and 5 years at most		8A3	18 135 571	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	22 125 140	-36,3%	34 736 536	-16,6%	41 649 774
1 year at most		8B2	22 125 140	-36,3%	34 736 536	-16,6%	41 649 774
More than 1 year and 5 years at most		8B3	22 125 140	-36,3%	34 736 536	-16,6%	41 649 774
	Personnel and associated accounts (gross)	8C1	817 458	-13,8%	947 856	58,3%	598 894
1 year at most		8C2	817 458	-13,8%	947 856	58,3%	598 894
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	1 079 951	2,0%	1 058 372	20,1%	881 278
1 year at most		8D2	1 079 951	2,0%	1 058 372	20,1%	881 278
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	15 689
1 year at most		8E2	0	0%	0	0%	15 689
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	1 074 080	1462,7%	68 731	-96,7%	2 097 186
1 year at most		VW2	1 074 080	1462,7%	68 731	-96,7%	2 097 186
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	583 529	-3,9%	607 218	51,7%	400 224
1 year at most		VQ2	583 529	-3,9%	607 218	51,7%	400 224
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%	50 000	0%	0
1 year at most		VI2	0	0%	50 000	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	21 531	-66,0%	63 317	0%	0
1 year at most		8K2	21 531	-66,0%	63 317	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

		31/12/2011		31/12/2010		31/12/2009
Loans made during the period	VJ	20 500 000	-87,2%	160 372 457	171,3%	59 110 000
Debt repaid during the period	VK	2 000 000	-98,9%	174 061 831	1350,5%	12 000 000

Table allocation results and other information
Dividends distributed

		31/12/2011		31/12/2010		31/12/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2011		31/12/2010		31/12/2009
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2011		31/12/2010		31/12/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	164	10,8%	148	0,7%	147

Groups and Shareholders

		31/12/2011		31/12/2010		31/12/2009
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing		6,84	70,6%	4,01	-17,5%	4,86	1,93	254,4%
Global Debt		152 days	33,3%	114 days	-69,8%	378 days	144 days	5,6%
Working Capital Fund overall net		108 days	120,4%	49 days	-70,5%	166 days	48 days	125,0%
Financial independence		3,04%	43,4%	2,12%	-23,5%	2,77%	373,59%	-99,2%
More ratios
Solvability		1,56%	81,4%	0,86%	4,9%	0,82%	27,25%	-94,3%
Capacity debt futures		1,52%	-28,3%	2,12%	-23,5%	2,77%	898,30%	-99,8%
Coverage of current assets by net working capital overall		72,01%	54,7%	46,54%	-1,8%	47,37%	33,57%	114,5%
General Liquidity		1,81	241,5%	0,53	-1,9%	0,54	0,40	352,5%
Restricted Liquidity		2,16	300%	0,54	-3,6%	0,56	0,73	195,9%

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		89 days	102,3%	44 days	-70,7%	150 days	10 days	790,0%
Treasury		14 days	1300%	1 days	-85,7%	7 days	7 days	100%
Inventory turnover of goods		65 days	14,0%	57 days	-50,4%	115 days	92 days	-29,3%
Average length of credit granted to customers		80 days	60,0%	50 days	-35,1%	77 days	29 days	175,9%
Average length of credit obtained suppliers		39 days	-31,6%	57 days	-52,1%	119 days	62 days	-37,1%
More ratios
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		4591 days	-12,6%	5253 days	50,3%	3494 days	1923 days	138,7%
Rotation tangible assets		4591,39%	-12,6%	5252,98%	50,4%	3493,53%	2066,60%	122,2%

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		7,86%	2,1%	7,70%	30,7%	5,89	31,75%	-75,2%
Profitability of the business		2,37	41,9%	1,67	-54,0%	3,63	2,93%	-19,1%
Net profit		-0,99%	-1880,0%	-0,05%	68,8%	-0,16%	1,65%	-160,0%
More ratios
Growth rate of turnover (excluding VAT)		-6,12%	-109,2%	66,37%	-	%	0%	0%
Rates integration		7,81%	18,7%	6,58%	-34,4%	10,03%	18,72%	-58,3%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		64,51%	-6,8%	69,20%	13,8%	60,83%	68,41%	-5,7%
Weight interests		0,91	35,8%	0,67%	15,5%	0,58%	0,21%	333,3%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		0,36%	1700%	0,02%	-99,0%	2,01%	2,14%	-83,2%
Rates of economic profitability		8%	-27,3%	11%	0%	11%	14%	-42,9%
Financial profitability		1476175%	127,6%	648703%	-16,3%	774741%	32143,50%	4492,5%
Return on investment		-0,25%	-106,5%	3,87%	217,2%	1,22%	10,73%	-102,3%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	219 397 364	-6,1%	233 688 510	66,4%	140 459 915	434 113 €	50439,2%

Sales of goods	197 627 501	-7,5%	213 630 455	79,6%	118 959 998
- Purchase of goods	181 717 057	-5,1%	191 433 043	31,0%	146 110 982
+/- Stock of goods variation	-1 340 262	-131,9%	4 203 977	111,9%	-35 420 026
Trading margin	17 250 706 €	-4,1%	17 993 435 €	117,6%	8 269 042 €	112 247 €	15268,5%
	7,86 % CA	2,1%	7,70 % CA	30,7%	5,89 % CA	32,72 % CA	-76,0%

Sale of goods produced	21 769 863	8,5%	20 058 055	-6,7%	21 499 917
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	21 769 863 €	8,5%	20 058 055 €	-6,7%	21 499 917 €	2 706 €	804403,4%
	9,92 % CA	15,6%	8,58 % CA	-44,0%	15,31 % CA	1,20 % CA	726,7%

Trading margin	17 250 706	-4,1%	17 993 435	117,6%	8 269 042	112 247	15268,5%
+ Period Production	21 769 863	8,5%	20 058 055	-6,7%	21 499 917	2 706	804403,4%
- Purchase of raw materials	1 006 375	-24,7%	1 336 522	88,8%	707 864
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	20 872 538	-2,2%	21 333 093	42,5%	14 971 366
Added value	17 141 656 €	11,4%	15 381 875 €	9,2%	14 089 729 €	90 204 €	18903,2%
	7,81 % CA	18,7%	6,58 % CA	-34,4%	10,03 % CA	18,72 % CA	-58,3%

Added value	17 141 656 €	11,4%	15 381 875 €	9,2%	14 089 729 €	90 204 €	18903,2%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	887 778	5,6%	840 534	102,9%	414 185
- Personal charges	11 058 150	3,9%	10 644 062	24,2%	8 571 374
Gross operating surplus	5 195 728 €	33,3%	3 897 279 €	-23,6%	5 104 170 €	10 525 €	49265,6%
	2,37 % CA	41,9%	1,67 % CA	-54,0%	3,63 % CA	2,93 % CA	-19,1%

Gross operating surplus	5 195 728 €	33,3%	3 897 279 €	-23,6%	5 104 170 €	10 525 €	49265,6%
+ Release of reserves and provisions	2 282 096	52,3%	1 498 883	0%	0
+ Other operating income	134 191	830,8%	14 417	71,2%	8 420
- Depreciation/Amortisation	2 867 163	-38,1%	4 635 173	3,4%	4 482 371
- Other charges	352 119	0%	0	0%	-225
Operating result	4 392 733 €	466,5%	775 406 €	23,0%	630 444 €	7 821 €	56065,9%
	2,00 % CA	506,1%	0,33 % CA	-26,7%	0,45 % CA	2,15 % CA	-7,0%

Operating result	4 392 733 €	466,5%	775 406 €	23,0%	630 444 €	7 821 €	56065,9%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	281 519	-35,9%	439 014	251,3%	124 979
- Financial charges	2 001 445	28,6%	1 556 524	91,8%	811 692
Pre-tax result	2 672 807 €	881,3%	-342 104 €	-508,0%	-56 269 €	6 765 €	39409,3%
	1,22 % CA	913,3%	-0,15 % CA	-275,0%	-0,04 % CA	1,77 % CA	-31,1%

Extraordinary income	6 303	-99,5%	1 367 386	0%	0	0	0%
- Extraordinary charges	4 813 412	324,8%	1 133 049	639,1%	153 301
Extraordinary result	-4 807 109 €	-2151,4%	234 337 €	252,9%	-153 301 €	0 €	0%
	-2,19 % CA	-2290,0%	0,10 % CA	190,9%	0 % CA	0 % CA	0%

Pre-tax result	2 672 807 €	881,3%	-342 104 €	-508,0%	-56 269 €	6 765 €	39409,3%
Extraordinary result	-4 807 109 €	-2151,4%	234 337 €	252,9%	-153 301 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	38 225	109,2%	18 272	16,5%	15 689
Net result	-2 172 527 €	-1623,7%	-126 039 €	44,0%	-225 259 €	6 765 €	-32214,2%
	-0,99 % CA	-1880,0%	-0,05 % CA	68,8%	-0,16 % CA	1,65 % CA	-160,0%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends
Profitability
Liquidity
Net worth

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)
RCS Registration	RCS Bobigny 0 505 271 528	Share capital	4,000,000 Euros
Registration Court	Bobigny (93)	Legal form	Simplified joint stock company
Court Registry Number	20 0 8B048	EUR VAT Number	FR58505271528
Incorporation Date	07/2008	Formation Date	06/2008
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Type	Head office	Status	Economically active
Formation Date	07/2012	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department		Region	Ile-de-France
District		Area
City	SAINT DENIS	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> AGORA DISTRIBUTION <<< - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z) in SAINT DENIS (93210)
Secondary establishments	> AGORA DISTRIBUTION - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z) in PANTIN (93500)

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

100 to 199 employees

Company workforce

100 to 199 employees

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.38
UK Pound	1	Rs.82.04
Euro	1	Rs.69.58

INFORMATION DETAILS

Report Prepared by :

PDT

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.