MIRA INFORM REPORT

Report Date :

15.04.2013

IDENTIFICATION DETAILS

Name :	BAOBAG
Registered Office :	2 A 16, 2 Bd De Vintimille, 13015 Marseille 15
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	January 1974
Com. Reg. No.:	RCS Marseille 7 301 523 791
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesaler of other intermediate products
No. of Employees :	10 to 19 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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 (31.03.2012)	Current Rating (30.06.2012)
France	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

France - ECONOMIC OVERVIEW

France was transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Under President SARKOZY, Paris implemented austerity measures that eliminated tax credits and froze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, as well as measures such as forcing banks to separate their traditional deposit taking and lending activities from more speculative businesses, increasing taxes on bank profits, introducing a new top bracket on income taxes for people earning over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil servants during his five-year term of office.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

BAOBAG

company summary

Activity (APE)	Commerce de gros (commerce interentreprises) d'autres produits intermédiaires (4676Z) (Wholesale (intercompany trade) of other intermediate products (4676Z))	EUR VAT Number	FR19301523791
Phone	04 91 62 77 19	Legal form	Simplified joint stock company
Fax	04 91 84 56 12	RCS Registration	RCS Marseille 7 301 523 791
Address	BAOBAG 2 A 16 2 BD DE VINTIMILLE 13015 MARSEILLE 15	Share capital	200,000 Euros
Nationality	France	Incorporated Date	10/1974
Sales Offices	P.A. Jean Zay-3rue haroun Tazieff-33150 Cenon, France	Status	Economically active

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	34,104,251 €	29,163,418 €	22,084,270 €
Gross Operating Surplus	3,28 % Turnover	1,51 % Turnover	2,65 % Turnover
Shareholders’ equity	7,403,775 €	6,986,200 €	6,925,782 €
Net result	717,572 €	360,417 €	553,142 €
Employees	10 to 19 employees	-	-

Trends

Profitability

Liquidity

Net worth

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'autres produits intermédiaires (4676Z)
RCS Registration	RCS Marseille 7 301 523 791	Share capital	200,000 Euros
Registration Court	Marseille (13)	Legal form	Simplified joint stock company
Court Registry Number	19 7 4B007	EUR VAT Number	FR19301523791
Incorporation Date	10/1974	Formation Date	01/1974
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'autres produits intermédiaires (4676Z)	Business Pages FT®
Postal Address	BAOBAG 2 A 16 2 BD DE VINTIMILLE 13015 MARSEILLE 15	Trading Address	2 BOULEVARD DE VINTIMILLE 13015 MARSEILLE 15
Telephone	04 91 62 77 19
Fax	04 91 84 56 12

Type	Head office	Status	Economically active
Formation Date	01/1995	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Bouches-du-Rhône (13)	Region	Côte d'Azur
District	3	Area	99
City	MARSEILLE 15	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	2 branch entities in this company
Head office	> BAOBAG <<<  - Commerce de gros (commerce interentreprises) d'autres produits intermédiaires (4676Z)  in MARSEILLE 15  (13015)
Secondary establishments	>  BAOBAG  - Commerce de gros (commerce interentreprises) d'autres produits intermédiaires (4676Z)  in CENON  (33150)

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

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

DIRECTORS/MANAGEMENT

Current Directors

2

directors

Name	M. THIERRY SERGE CLAUDE
Manager position	Président	Date of birth	05/11/1961
Place of birth	TOULON
Type	Individual	Name at birth

Name	M. CAVALIER ALAIN
Manager position	Directeur général	Date of birth	23/10/1957
Place of birth	MARSEILLE
Type	Individual	Name at birth

Manager position	Title and name	Date of Birth/Place of Birth
Président	M ALAIN CAVALIER	23/10/1957 - MARSEILLE
Président	M ALAIN CAVALIER	23/10/1957 - MARSEILLE
Président	M SERGE THIERRY	05/11/1961 - TOULON
Directeur général	M SERGE THIERRY	- - -
Directeur général	M SERGE CLAUDE THIERRY	05/11/1961 - TOULON
Directeur général	M SERGE THIERRY	05/11/1961 - TOULON

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

200,000 Euros

PAYMENT INFORMATION

Payment Information Summary - Trade Payment Data
	Total number of Invoices available	2
	Total number of Invoices paid within or up to 30 days after the due date	1
	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	1
	Total number of Invoices currently outstanding beyond the due date	0

Payment Information Summary - Trade Payment Data

Payment Information Summary - Trade Payment Data
Total number of Invoices available	2
Total number of Invoices paid within or up to 30 days after the due date	1
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	1
Total number of Invoices currently outstanding beyond the due date	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

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

Linkages

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

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	23/10/2012	11/11/2011	05/08/2010
Activity Code	4676Z	4676Z	4676Z
Employees	42	38	38

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	2 561 236	0,3%	2 552 930	0,5%	2 540 963	27 977	9054,8%
- Intangible assets	2 451 281	0,0%	2 451 777	-0,3%	2 460 085	0	0%
- Tangible assets	84 795	12,2%	75 603	34,0%	56 415	7 488	1032,4%
- Financial assets	26 720	0%	26 720	0,3%	26 643	1 299	1957,0%
Net current assets	13 411 544	4,6%	12 822 782	17,6%	10 901 003	341 851	3823,2%
- Stocks	6 171 239	75,2%	3 521 505	57,6%	2 234 381	36 327	16888,0%
- Advanced payments	5 485	4,6%	11 084	0%	11 084	0	0%
- Receivables	7 093 780	-13,0%	8 155 611	26,4%	6 452 013	147 603	4706,0%
- Securities and cash	141 040	-87,6%	1 134 582	-48,5%	2 203 525	47 198	198,8%
- Prepaid expenses	-	-	-	-	-	97,50	-
Accounts of regularization	9 304	560,3%	1 409	0%	0	0	0%
Total Assets	15 982 081	3,9%	15 377 121	14,4%	13 441 966	408 468	3812,7%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	7 403 775	6,0%	6 986 200	0,9%	6 925 782	127 332	5714,5%
Share capital	200 000	0%	200 000	0%	200 000	30 000	566,7%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1 270 180	-8,2%	1 384 169	11,1%	1 245 783	0	0%
Liabilities	7 307 875	4,3%	7 006 752	32,9%	5 270 400	229 435	3085,2%
- Financial liabilities	107 319	69,9%	63 159	-5,1%	66 524	17 423	516,0%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	6 131 252	5,1%	5 833 128	39,5%	4 180 422	93 124	6484,0%
- Tax and social liabilities	1 001 204	-9,2%	1 102 845	17,6%	937 731	56 498	1672,1%
- Other debts and fixed assets liabilities	68 352	797,0%	7 620	-91,1%	85 723	4 429	1443,3%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	15 982 082	3,9%	15 377 121	14,4%	13 441 966	408 467	3812,7%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	34 240 040	15,6%	29 627 048	30,0%	22 781 986	769 321	4350,7%
Net turnover	34 104 251	16,9%	29 163 418	32,1%	22 084 270	752 313	4433,3%
- of which net export turnover	3 694 653	66,0%	2 226 004	189,3%	769 317	0	0%
Operating charges	33 133 640	14,7%	28 887 730	31,1%	22 031 264	746 533	4338,3%
Operating profit/loss	1 106 400	49,7%	739 318	-1,5%	750 722	24 541	4408,4%
Financial income	199 360	-1,6%	202 594	209,6%	65 433	237	84018,1%
Financial charges	263 972	64,6%	160 402	211,2%	51 548	1 481	17723,9%
Financial profit/loss	-64 612	-253,1%	42 192	203,9%	13 885	-286	-22491,6%
Pretax net operating income	1 041 788	33,3%	781 510	2,2%	764 607	23 462	4340,3%
Extraordinary income	152 442	-8,3%	166 308	494,7%	27 967	12	1270250,0%
Extraordinary charges	101 214	-64,9%	288 132	673,1%	37 271	176	57408,0%
Extraordinary profit/loss	51 228	142,1%	-121 824	-1209,4%	-9 304	0	0%
Net result	717 572	99,1%	360 417	-34,8%	553 142	21 049	3309,1%

Display parameter
Currency	Euro	Kilo Euro

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

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	15 982 081	3,9%	15 377 121	14,4%	13 441 966
	Gross	CO	17 161 238	3,9%	16 521 554	11,0%	14 887 222
	Amortisation	1A	1 179 157	3,0%	1 144 433	-20,8%	1 445 256

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	2 561 236	0,3%	2 552 930	0,5%	2 540 963
	Gross	BJ	3 371 250	0,8%	3 344 666	1,1%	3 309 643
	Amortisation	BK	810 014	2,3%	791 736	3,0%	768 680

Intangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Start-up cost	Net	1 950	0%	1 950	-41,8%	3 350
	Gross	AB	1 950	0%	1 950	-41,8%	3 350
	Amortisation	AC	1 560	33,3%	1 170	-46,3%	2 180
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	442	-93,9%	7 296
	Gross	AF	287 972	0,4%	286 756	0%	286 756
	Amortisation	AG	287 972	0,6%	286 314	2,5%	279 460
	Goodwill	Net	2 449 114	0%	2 449 114	0%	2 449 114
	Gross	AH	2 449 114	0%	2 449 114	0%	2 449 114
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	217	-19,9%	271	-16,6%	325
	Gross	AJ	650	0%	650	0%	650
	Amortisation	AK	433	14,2%	379	16,6%	325
	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	2 451 281	0,0%	2 451 777	-0,3%	2 460 085

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	0	0%	0	0%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	1 002	-36,3%	1 573	366,8%	337
	Gross	AR	52 971	0%	52 971	3,6%	51 121
	Amortisation	AS	51 969	1,1%	51 398	1,2%	50 784
	Other tangible fixed assets	Net	58 193	20,2%	48 430	-13,6%	56 078
	Gross	AT	526 273	5,1%	500 905	1,8%	492 009
	Amortisation	AU	468 080	3,4%	452 475	3,8%	435 931
	Fixed assets in construction	Net	25 600	0%	25 600	0%	0
	Gross	AV	25 600	0%	25 600	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	84 795		75 603		56 415

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	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	26 720	0%	26 720	0,3%	26 643
	Gross	BH	26 720	0%	26 720	0,3%	26 643
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		26 720		26 720		26 643

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	13 411 544	4,6%	12 822 782	17,6%	10 901 003
	Gross	CJ	13 780 686	4,6%	13 175 479	13,8%	11 577 578
	Amortisation	CK	369 142	4,7%	352 697	-47,9%	676 575

Stocks

			31/12/2011		31/12/2010		31/12/2009
	Raw materials	Net	0	0%	0	0%	-250 503
	Gross	BL	0	0%	0	0%	151 728
	Amortisation	BM	0	0%	0	0%	402 231
	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	6 171 239	75,2%	3 521 505	41,7%	2 484 884
	Gross	BT	6 177 295	74,0%	3 549 357	42,8%	2 484 884
	Amortisation	BU	6 056	-78,3%	27 852	0%	0
	Sub Total Stocks	Net	6 171 239	75,2%	3 521 505	57,6%	2 234 381

Advance payments to suppliers

			31/12/2011		31/12/2010		31/12/2009
	Advance payments to suppliers	Net	5 485	-50,5%	11 084	0%	11 084
	Gross	BV	5 485	-50,5%	11 084	0%	11 084
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2011		31/12/2010		31/12/2009
	Trade accounts receivable	Net	6 732 984	-14,5%	7 873 702	29,3%	6 089 124
	Gross	BX	7 095 569	-13,4%	8 198 046	28,8%	6 362 967
	Amortisation	BY	362 585	11,8%	324 344	18,4%	273 843
	Other debtors	Net	310 941	26,2%	246 315	-19,2%	304 759
	Gross	BZ	311 442	26,2%	246 816	-19,1%	305 260
	Amortisation	CA	501	0%	501	0%	501
	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	7 043 925	-13,3%	8 120 017	27,0%	6 393 883

Divers

			31/12/2011		31/12/2010		31/12/2009
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	141 040	-87,6%	1 134 582	-48,5%	2 203 525
	Gross	CF	141 040	-87,6%	1 134 582	-48,5%	2 203 525
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	141 040	-87,6%	1 134 582	-48,5%	2 203 525

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	49 855	40,1%	35 594	-38,8%	58 130
	Gross	CH	49 855	40,1%	35 594	-38,8%	58 130
	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	9 304	560,3%	1 409	0%	0
Gross		9 304	560,3%	1 409	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	15 982 082	3,9%	15 377 121	14,4%	13 441 966

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	7 403 775	6,0%	6 986 200	0,9%	6 925 782
	Equity and shareholders' equity	DA	200 000	0%	200 000	0%	200 000
	Issue and merger premiums	DB	3 719 966	0%	3 719 966	0%	0
	Revaluation differentials	DC	0	0%	0	0%	3 719 966
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	20 000	0%	20 000	0%	20 000
	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	2 746 234	2,2%	2 685 817	10,4%	2 432 674
	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	717 575	99,1%	360 417	-34,8%	553 142
	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	1 270 180	-8,2%	1 384 169	11,1%	1 245 783
	Risk provisions	DP	9 304	-92,9%	131 509	0%	0
	Reserves for charges	DQ	1 260 876	0,7%	1 252 660	0,6%	1 245 783

Liabilities (IV)

			31/12/2011		31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	7 307 875	4,3%	7 006 752	32,9%	5 270 400
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	99 590	57,7%	63 159	-5,1%	66 524
	Sundry loans and financial liabilities	DV	7 729	0%	0	0%	0
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	6 131 252	5,1%	5 833 128	39,5%	4 180 422
	Tax and social security liabilities	DY	1 001 204	-9,2%	1 102 845	17,6%	937 731
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	68 100	793,7%	7 620	-91,1%	85 723

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	252	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	1 106 400	49,7%	739 318	-1,5%	750 722

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	-64 612	-253,1%	42 192	203,9%	13 885

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	1 041 788	33,3%	781 510	2,2%	764 607

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	51 228	142,1%	-121 824	-1209,4%	-9 304

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	717 572	99,1%	360 417	-34,8%	553 142

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	34 591 842	15,3%	29 995 950	31,1%	22 875 386

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	33 874 269	14,3%	29 635 534	32,8%	22 322 244

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	34 240 040	15,6%	29 627 048	30,0%	22 781 986

Operating income (details)

			31/12/2011		31/12/2010		31/12/2009
	Sale of goods for resale	FC	33 944 368	16,6%	29 106 281	34,1%	21 708 016
	France	FA	30 329 295	12,8%	26 888 460	28,4%	20 940 799
	Export	FB	3 615 073	63,0%	2 217 821	189,1%	767 217
	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	159 883	179,8%	57 137	-84,8%	376 254
	France	FG	80 303	64,0%	48 954	-86,9%	374 154
	Export	FH	79 580	872,5%	8 183	289,7%	2 100
	Net turnover	FL	34 104 251	16,9%	29 163 418	32,1%	22 084 270
	France	FJ	30 409 598	12,9%	26 937 414	26,4%	21 314 953
	Export	FK	3 694 653	66,0%	2 226 004	189,3%	769 317
	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	98 930	-78,5%	460 254	-34,0%	697 414
	Other income	FQ	36 859	991,8%	3 376	1017,9%	302

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	33 133 640	14,7%	28 887 730	31,1%	22 031 264

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	30 859 404	28,2%	24 066 617	57,1%	15 317 968
Change in stocks of goods for resale	FT	-3 184 859	-795,1%	-355 824	-126,2%	1 360 268
Purchase of raw materials	FU	-31 226	-219,0%	26 250	-34,7%	40 212
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	2 130 799	1,4%	2 100 875	9,9%	1 910 863
Tax, duty and similar payments	FX	272 509	6,3%	256 409	11,1%	230 688
Payroll	FY	2 138 127	11,0%	1 925 600	-0,8%	1 940 155
Social security costs	FZ	799 942	13,6%	704 020	0,8%	698 397

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	18 278	-25,3%	24 456	-57,0%	56 885
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	50 157	-42,2%	86 829	-81,3%	464 042
Provisions for risks and charges	GD	8 216	7,2%	7 665	14,5%	6 692

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	72 293	61,2%	44 833	780,1%	5 094

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	199 360	-1,6%	202 594	209,6%	65 433
	Share financial income	GJ	578	-23,9%	760	-75,6%	3 113
	Other investment income & capitalised receivables	GK	113	-91,6%	1 340	0%	0
	Other interest and similar income	GL	3 714	-90,3%	38 102	167,8%	14 229
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	194 955	20,1%	162 392	237,7%	48 091
	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	263 972	64,6%	160 402	211,2%	51 548
	Financial reserves and provisions	GQ	9 304	0%	0	0%	0
	Interest and similar charges	GR	34 149	174,3%	12 451	-11,9%	14 133
	Exchange losses	GS	220 519	49,0%	147 951	295,4%	37 415
	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	152 442	-8,3%	166 308	494,7%	27 967
	Extraordinary operating income	HA	20 052	-87,8%	164 228	487,2%	27 967
	Extraordinary income from capital transactions	HB	881	-57,6%	2 080	0%	0
	Released provisions and transferred charges	HC	131 509	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	101 214	-64,9%	288 132	673,1%	37 271
	Extraordinary operating charges	HE	101 214	-35,4%	156 623	320,2%	37 271
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	131 509	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	375 443	25,5%	299 270	48,0%	202 161

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	333	-76,2%	1 400	0%	0
	Gross value at the end of period	OL	3 371 250	0,8%	3 344 666	1,1%	3 309 643

Research and development Charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	CZ	1 950	-41,8%	3 350	0%	3 350
	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%	1 400	0%	0
	Gross value at the end of period	D0	1 950	0%	1 950	-41,8%	3 350

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	2 736 520	0%	2 736 520	0%	2 736 520
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	1 216	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	2 737 736	0,0%	2 736 520	0%	2 736 520

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	579 475	6,7%	543 130	5,4%	515 347
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	25 701	-29,3%	36 345	30,8%	27 783
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	333	0%	0	0%	0
	Gross value at the end of period	NH	604 843	4,4%	579 475	6,7%	543 130

Fiancial assets (Total IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LQ	26 720	0,3%	26 643	0,6%	26 493
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	77	-48,7%	150
	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	26 720	0%	26 720	0,3%	26 643

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	286 693	2,5%	279 785	10,3%	253 551
Increases		PF	1 712	-75,2%	6 908	-73,7%	26 234
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	288 405	0,6%	286 693	2,5%	279 785

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	503 872	3,5%	486 715	6,6%	456 455
Increases		QV	16 177	-5,7%	17 157	-43,3%	30 260
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	520 049	3,2%	503 872	3,5%	486 715

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%	1 400	0%	0
Depreciation of fixed assets during period		SP	1 950	0%	1 950	-41,8%	3 350
	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	1 736 866	-9,6%	1 922 359	-8,0%	2 088 600
Increases		UB	67 677	-70,0%	225 215	-52,2%	470 673
Decreases		UC	165 221	-59,0%	403 166	-36,8%	637 418
	Value at the end of period	UD	1 639 322	-6,0%	1 744 408	-9,2%	1 921 855

Includes Total allocations

Operating	UE	58 373	-38,2%	94 493	-79,9%	470 735
Financial	UG	9 304	0%	0	0%	0
Exceptional	UJ	0	0%	131 509	0%	0

Includes Total Withdrawal

Operating	UF	33 712	-91,6%	403 166	-36,8%	637 418
Financial	UH	0	0%	0	0%	0
Exceptional	UK	131 509	0%	0	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	1 384 169	11,1%	1 245 783	-10,8%	1 396 386
Increases		TV	17 520	-87,3%	138 386	1987,0%	6 631
Decreases		TW	131 509	0%	0	0%	157 234
	Value at the end of period	TX	1 270 180	-8,2%	1 384 169	11,1%	1 245 783

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	352 697	-47,9%	676 575	-2,3%	692 215
Increases		TY	50 157	-42,2%	86 829	-81,3%	464 042
Decreases		TZ	33 712	-91,6%	403 166	-16,0%	480 183
	Value at the end of period	UA	369 142	2,5%	360 238	-46,7%	676 074

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	7 483 586	-12,0%	8 507 176	26,0%	6 753 000
1 year at most	VU	7 456 866	-8,6%	8 160 703	26,5%	6 452 514
More than one year	VV	26 720	-92,3%	346 473	15,3%	300 486

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	26 720	0%	26 720	0,3%	26 643
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	108 858	0%	108 858	0%	108 858
Other claims customer	UX	6 986 711	-13,6%	8 089 189	29,3%	6 254 109
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	5 608	-6,6%	6 007	32,7%	4 526
Social Security and other social organizations	UZ	2 703	-80,4%	13 773	149,1%	5 530
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	98 533	121,9%	44 399	402,8%	8 831
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	8 452	227,1%	2 584	-68,0%	8 075
Group and Associates	VC	83 357	-37,6%	133 492	-16,4%	159 663
Accounts receivable (including claims relating to the operation of pension titles)	VR	112 789	142,2%	46 561	-60,8%	118 634

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	49 855	40,1%	35 594	-38,8%	58 130

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	7 307 875	4,3%	7 006 752	32,9%	5 270 400
1 year at most		VZ2	7 307 875	4,3%	7 006 752	32,9%	5 270 400
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		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	99 590	57,7%	63 159	-5,1%	66 524
1 year at most		VG2	99 590	57,7%	63 159	-5,1%	66 524
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	6 131 252	5,1%	5 833 128	39,5%	4 180 422
1 year at most		8B2	6 131 252	5,1%	5 833 128	39,5%	4 180 422
More than 1 year and 5 years at most		8B3	6 131 252	5,1%	5 833 128	39,5%	4 180 422
	Personnel and associated accounts (gross)	8C1	609 999	10,1%	553 841	12,1%	494 226
1 year at most		8C2	609 999	10,1%	553 841	12,1%	494 226
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	261 058	7,7%	242 478	-0,9%	244 665
1 year at most		8D2	261 058	7,7%	242 478	-0,9%	244 665
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	53 348	-42,4%	92 558	73,2%	53 452
1 year at most		8E2	53 348	-42,4%	92 558	73,2%	53 452
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	3 450	-96,4%	95 874	-5,2%	101 157
1 year at most		VW2	3 450	-96,4%	95 874	-5,2%	101 157
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	73 349	-37,9%	118 095	167,0%	44 231
1 year at most		VQ2	73 349	-37,9%	118 095	167,0%	44 231
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	7 729	0%	0	0%	0
1 year at most		VI2	7 729	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	68 100	793,7%	7 620	-91,1%	85 723
1 year at most		8K2	68 100	793,7%	7 620	-91,1%	85 723
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	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2011		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	42	10,5%	38	0%	38

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		2,85	3,3%	2,76	1,5%	2,72	2,96	-3,7%
Global Debt		77 days	-10,5%	86 days	0%	86 days	101 days	-23,8%
Working Capital Fund overall net		66 days	-9,6%	73 days	-21,5%	93 days	64 days	3,1%
Financial independence		7432,30%	-32,8%	11058,20%	6,3%	10405,92%	626,52%	1086,3%
More ratios
Solvability		46,33%	2,0%	45,43%	-11,8%	51,52%	36,83%	25,8%
Capacity debt futures		7434,26%	-32,8%	11061,29%	6,2%	10410,95%	1543,52%	381,6%
Coverage of current assets by net working capital overall		45,30%	1,2%	44,75%	-9,5%	49,46%	45,01%	0,6%
General Liquidity		1,02	-12,1%	1,16	-4,9%	1,22	0,82	24,4%
Restricted Liquidity		1,04	-21,8%	1,33	-18,9%	1,64	1,17	-11,1%

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		64 days	10,3%	58 days	3,6%	56 days	28 days	128,6%
Treasury		1 days	-92,9%	14 days	-61,1%	36 days	14 days	-92,9%
Inventory turnover of goods		80 days	48,1%	54 days	0%	54 days	44 days	81,8%
Average length of credit granted to customers		75 days	-25,7%	101 days	-2,9%	104 days	60 days	25,0%
Average length of credit obtained suppliers		74 days	-8,6%	81 days	0%	81 days	58,50 days	26,5%
More ratios
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	68 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	1161 days	-
Rotation tangible assets		5638,53%	12,0%	5032,73%	23,8%	4066,11%	1884,97%	199,1%

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		18,38%	-0,6%	18,50%	-18,8%	22,78	24,42%	-24,7%
Profitability of the business		3,28	117,2%	1,51	-43,0%	2,65	4,05%	-19,0%
Net profit		2,10%	69,4%	1,24%	-50,4%	2,50%	2,32%	-9,5%
More ratios
Growth rate of turnover (excluding VAT)		16,94%	-47,2%	32,06%	281,4%	-17,67%	5,48%	209,1%
Rates integration		12,70%	11,4%	11,40%	-27,1%	15,64%	18,49%	-31,3%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		67,85%	-14,2%	79,07%	3,5%	76,37%	65,64%	3,4%
Weight interests		0,77	40,0%	0,55%	139,1%	0,23%	0,23%	234,8%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		1,70%	347,4%	0,38%	416,7%	-0,12%	3,07%	-44,6%
Rates of economic profitability		15%	150,0%	6%	-25,0%	8%	18%	-16,7%
Financial profitability		7403775%	6,0%	6986200%	0,9%	6925782%	107135%	6810,7%
Return on investment		13,07%	76,9%	7,39%	-14,6%	8,65%	13,28%	-1,6%

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	34 104 251	16,9%	29 163 418	32,1%	22 084 270	752 313 €	4433,3%

Sales of goods	33 944 368	16,6%	29 106 281	34,1%	21 708 016
- Purchase of goods	30 859 404	28,2%	24 066 617	57,1%	15 317 968
+/- Stock of goods variation	-3 184 859	-795,1%	-355 824	-126,2%	1 360 268
Trading margin	6 269 823 €	16,2%	5 395 488 €	7,3%	5 029 780 €	170 797 €	3570,9%
	18,38 % CA	-0,6%	18,50 % CA	-18,8%	22,78 % CA	25,15 % CA	-26,9%

Sale of goods produced	159 883	179,8%	57 137	-84,8%	376 254
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	159 883 €	179,8%	57 137 €	-84,8%	376 254 €	17 046 €	838,0%
	0,47 % CA	135,0%	0,20 % CA	-88,2%	1,70 % CA	2,19 % CA	-78,5%

Trading margin	6 269 823	16,2%	5 395 488	7,3%	5 029 780	170 797	3570,9%
+ Period Production	159 883	179,8%	57 137	-84,8%	376 254	17 046	838,0%
- Purchase of raw materials	-31 226	-219,0%	26 250	-34,7%	40 212
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	2 130 799	1,4%	2 100 875	9,9%	1 910 863
Added value	4 330 133 €	30,2%	3 325 500 €	-3,7%	3 454 959 €	167 161 €	2490,4%
	12,70 % CA	11,4%	11,40 % CA	-27,1%	15,64 % CA	18,49 % CA	-31,3%

Added value	4 330 133 €	30,2%	3 325 500 €	-3,7%	3 454 959 €	167 161 €	2490,4%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	272 509	6,3%	256 409	11,1%	230 688
- Personal charges	2 938 069	11,7%	2 629 620	-0,3%	2 638 552
Gross operating surplus	1 119 555 €	154,8%	439 471 €	-25,0%	585 719 €	29 033 €	3756,1%
	3,28 % CA	117,2%	1,51 % CA	-43,0%	2,65 % CA	4,05 % CA	-19,0%

Gross operating surplus	1 119 555 €	154,8%	439 471 €	-25,0%	585 719 €	29 033 €	3756,1%
+ Release of reserves and provisions	98 930	-78,5%	460 254	-34,0%	697 414
+ Other operating income	36 859	991,8%	3 376	1017,9%	302
- Depreciation/Amortisation	76 651	-35,6%	118 950	-77,5%	527 619
- Other charges	72 293	61,2%	44 833	780,1%	5 094
Operating result	1 106 400 €	49,7%	739 318 €	-1,5%	750 722 €	24 541 €	4408,4%
	3,24 % CA	27,6%	2,54 % CA	-25,3%	3,40 % CA	3,09 % CA	4,9%

Operating result	1 106 400 €	49,7%	739 318 €	-1,5%	750 722 €	24 541 €	4408,4%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	199 360	-1,6%	202 594	209,6%	65 433
- Financial charges	263 972	64,6%	160 402	211,2%	51 548
Pre-tax result	1 041 788 €	33,3%	781 510 €	2,2%	764 607 €	23 462 €	4340,3%
	3,05 % CA	13,8%	2,68 % CA	-22,5%	3,46 % CA	2,93 % CA	4,1%

Extraordinary income	152 442	-8,3%	166 308	494,7%	27 967	12	1270250,0%
- Extraordinary charges	101 214	-64,9%	288 132	673,1%	37 271
Extraordinary result	51 228 €	142,1%	-121 824 €	-1209,4%	-9 304 €	0 €	0%
	0,15 % CA	135,7%	-0,42 % CA	-950,0%	0 % CA	0 % CA	0%

Pre-tax result	1 041 788 €	33,3%	781 510 €	2,2%	764 607 €	23 462 €	4340,3%
Extraordinary result	51 228 €	142,1%	-121 824 €	-1209,4%	-9 304 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	375 443	25,5%	299 270	48,0%	202 161
Net result	717 573 €	99,1%	360 416 €	-34,8%	553 142 €	21 047 €	3309,4%
	2,10 % CA	69,4%	1,24 % CA	-50,4%	2,50 % CA	2,32 % CA	-9,5%

ADDITIONAL INFORMATION

No social security and tax office preferential right to date

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	14/02/2008
Status of Monitoring	No social security and tax office preferential right to date

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
17/09/2012	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 701 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
28/02/2012	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 68 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 20 Février 2012 Président : THIERRY Serge Claude modification le 20 Février 2012 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Activité : . Commentaires : Modification de représentant.
11/02/2012	JAL	Appointment of the social representative
Nouvelles Publications (Les) Date de décision : 31/12/2011 Société faisant l'objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Nominé : Monsieur Serge THIERRY En la fonction de : Président Nominé : Monsieur Alain CAVALIER En la fonction de : Directeur général
11/02/2012	JAL	Resignation / Revocation of the social representative
Nouvelles Publications (Les) Date de décision : 31/12/2011 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Fait l'objet du départ de Monsieur Alain CAVALIER, De Monsieur Serge THIERRY
15/11/2011	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1061 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
10/02/2011	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 247 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Président : CAVALIER Alain modification le 02 Février 2011 Directeur général : THIERRY Serge Claude modification le 02 Février 2011 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Activité : . Commentaires : Modification de représentant.
04/09/2010	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1386 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
06/04/2010	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 160 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 25 Mars 2010 Président : THIERRY Serge Claude modification le 25 Mars 2010 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Commentaires : Modification de représentant.
19/03/2010	JAL	Appointment of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Société faisant objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Nominé : Monsieur Alain CAVALIER En la fonction de : DG - Directeur Général
19/03/2010	JAL	Appointment of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Société faisant objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Nominé : Monsieur Serge THIERRY En la fonction de : Président
19/03/2010	JAL	Resignation / Revocation of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Date de décision : 29/01/2010 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Fait l'objet du départ de Monsieur Alain CAVALIER
19/03/2010	JAL	Resignation / Revocation of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Date de décision : 29/01/2010 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Fait l'objet du départ de Monsieur Serge THIERRY
09/12/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 775 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
07/04/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1546 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
01/03/2009	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 322 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 25 Janvier 2008. Président : THIERRY Serge Claude modification le 25 Janvier 2008. Commissaire aux comptes suppléant : RIUZ Anne-Laure en fonction le 18 Février 2009. Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES en fonction le 18 Février 2009. Commentaires : Modification de représentant.
01/03/2009	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 323 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Président : CAVALIER Alain modification le 18 Février 2009. Directeur général : THIERRY Serge Claude modification le 18 Février 2009. Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009. Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Commentaires : Modification de représentant.
21/02/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1209 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
31/01/2008	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 173 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Enseigne : SACHERIE DU MIDI. Administration : Directeur général : CAVALIER Alain modification le 25 Janvier 2008. Commissaire aux comptes titulaire : GADRAS Jean-Pierre modification le 25 Janvier 2008. Commissaire aux comptes suppléant : 3G AUDIT modification le 25 Janvier 2008. Président : THIERRY Serge Claude modification le 25 Janvier 2008 . Commentaires : Modification de représentant.
14/03/2007	Bodacc B	Modifications et mutations diverses
137 - RCS Marseille B 301 523 791. RC 74-B 718. BAOBAG. Forme : S.A.S. Capital : 200 000 euros. Commentaires : modification survenue sur la dénomination, le capital (augmentation) et l'administration. Administration : commissaire aux comptes titulaire partant : BURGUIERE (Hervé). Commissaire aux comptes suppléant partant : COMPAGNIE PHOCEENNE DE CONTROLE COMPTABLE ET DE REVISION INDICIAIRE COPHOTRI S.A. Nomination d'un commissaire aux comptes titulaire : GADRAS (Jean, Pierre). Nomination d'un commissaire aux comptes suppléant : 3G AUDIT. Nomination d'un directeur général : THIERRY (Serge, Claude, Roger).
22/12/2006	Bodacc C	Avis de dépôt des comptes
1615 - RCS Marseille B 301 523 791. RC 74-B 718. SACHERIE DU MIDI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 2/16, boulevard Vintimille,13015 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
21/10/2005	Bodacc C	Avis de dépôt des comptes
122 - RCS Marseille B 301 523 791. RC 74-B 718. SACHERIE DU MIDI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 2/16, boulevard Vintimille,13015 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
24/02/2004	Bodacc B	Modifications et mutations diverses
RCS Marseille B 301523791 RC 74-B 718 SACHERIE DU MIDI. Forme : S.A.S Nom commercial: Sacherie du Midi. Commentaires : modification survenue sur la dénomination, la forme juridique, l' adresse de l'établissement principal et l'administration. Administration : modification du président : CAVALIER ( Alain) Etablissement principal: Adresse : 2-16 boulevard Vintimille, 13015 Marseille.
10/03/2002	Bodacc B	Modifications et mutations diverses
RCS Marseille B 301523791 RC 74-B 718 S. A.R.L. SACHERIE DU MIDI. Forme : S.A.R.L. Capital : 100 000 euros Nom commercial: Sacherie du Midi. Commentaires : modification survenue sur le capital ( augmentation).
15/04/1999	Bodacc B	Modifications et mutations diverses
RCS *. RCS Marseille B 301 523 791 RC RC 74-B 718 S.A.R.L. SACHERIE DU MIDI. Forme : S.A.R.L Nom commercial: Sacherie du Midi. Administration : nomination en qualité de commissaire aux comptes titulaire : BURGUIERE (Hervé). Nomination en qualité de commissaire aux comptes suppléant : COMPAGNIE PHOCEENNE DE CONTROLE COMPTABLE ET DE REVISION INDICIAIRE COPHOTRI S.A. Commentaires : modification survenue sur l'administration.
19/03/1995	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Marseille B 301 523 791 RC 74-B 718 S.A. R.L. SACHERIE DU MIDI. Forme : S.A.R.L. Capital : 300 000 F (fixe) Nom commercial: Sacherie du Midi. Adresse : 39, rue Toussaint, 13003 Marseille Nouvelle situation du siège social. Adresse : 2-16, boulevard de Vintimille, 13015 Marseille Etablissement principal: Adresse : 39, rue Toussaint, 13003 Marseille ETABLISSEMENT PRINCIPAL nouvelle situation. Adresse : 2-16, boulevard de Vintimille, 13015 Marseille. Date d'effet : 20 janvier 1995.

Company events history

Date	Description
25/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/09/2012	Bodacc C : Deposit accounts notice
26/04/2012	Payment incident detected
28/02/2012	Bodacc B: Various editing or changing
17/02/2012	Changes to the Board of Directors
17/02/2012	New chairman (CEO, CoB)
17/02/2012	Amendment
11/02/2012	Legal Gazette: Resignation / Revocation of the social representative
31/12/2011	New accounts available
31/12/2011	Legal Gazette: Appointment of the social representative
15/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
15/11/2011	Bodacc C : Deposit accounts notice
10/02/2011	Bodacc B: Various editing or changing
02/02/2011	Changes to the Board of Directors
02/02/2011	New chairman (CEO, CoB)
02/02/2011	Minutes of general meeting of shareholders
31/12/2010	New accounts available
04/09/2010	Bodacc C : Deposit accounts notice
06/04/2010	Bodacc B: Various editing or changing
25/03/2010	Changes to the Board of Directors
25/03/2010	New chairman (CEO, CoB)
25/03/2010	Minutes of general meeting of shareholders
19/03/2010	Legal Gazette: Resignation / Revocation of the social representative
29/01/2010	Legal Gazette: Appointment of the social representative
31/12/2009	New accounts available
09/12/2009	Bodacc C : Deposit accounts notice
07/04/2009	Bodacc C : Deposit accounts notice
01/03/2009	Bodacc B: Various editing or changing
01/03/2009	New Bodacc B ads detected
21/02/2009	Bodacc C : Deposit accounts notice
18/02/2009	Minutes of general meeting of shareholders
18/02/2009	PV d'Assemblée
18/02/2009	New auditor
18/02/2009	Private document
18/02/2009	New chairman (CEO, CoB)
18/02/2009	Changement de Président (PDG, PCA)
18/02/2009	Changement de Commissaire aux Comptes
18/02/2009	Appointment/resignation of company officers
31/12/2008	New accounts available
27/11/2008	Payment incident closed
20/10/2008	Payment incident detected
14/02/2008	Collection of preferential rights activated for this company
31/01/2008	New Bodacc B ads detected
31/01/2008	Bodacc B: Various editing or changing
24/01/2008	Changement de Président (PDG, PCA)
24/01/2008	New chairman (CEO, CoB)
24/01/2008	Private document
24/01/2008	PV d'Assemblée
24/01/2008	Minutes of general meeting of shareholders
24/01/2008	Appointment/resignation of company officers
31/12/2007	New accounts available
21/02/2007	Private document
21/02/2007	Déclaration de conformité
21/02/2007	Declaration of conformity
21/02/2007	Appointment/resignation of company officers
21/02/2007	PV d'Assemblée
21/02/2007	Minutes of general meeting of shareholders
21/02/2007	Updated articles of association
21/02/2007	New auditor
21/02/2007	Amendment
21/02/2007	New company name
21/02/2007	Changement de dénomination sociale
21/02/2007	Partial contribution
21/02/2007	Capital increase
31/12/2006	New accounts available
30/12/2006	Modification to Company Identifier
22/12/2006	Audit or Management Report
22/12/2006	Private document
22/12/2006	Rapport des Commissaires ou du Gérant
29/11/2006	Planned merger
29/11/2006	Apport Partiel
29/11/2006	Private document
10/11/2006	Requête et Ordonnance
10/11/2006	Application and court order
31/12/2005	New accounts available
31/12/2004	New accounts available
06/02/2004	Changement de Président (PDG, PCA)
06/02/2004	Changement de Forme Juridique sans changement de catégorie
06/02/2004	Rapport des Commissaires ou du Gérant
06/02/2004	Statuts mis à jour
06/02/2004	PV d'Assemblée
06/02/2004	Nomination/démission des organes de gestion
06/02/2004	Acte sous seing privé
31/12/2003	New accounts available
26/02/2002	Donation/Partage
26/02/2002	Acte sous seing privé
26/02/2002	Expédition acte notarié
26/02/2002	Statuts mis à jour
26/02/2002	Augmentation de Capital
26/02/2002	Conversion du Capital Social en Euros
26/02/2002	PV d'Assemblée
29/03/1999	PV d'Assemblée
01/01/1999	Nomination/démission des organes de gestion
01/01/1999	PV d'Assemblée
01/01/1999	Acte sous seing privé
01/01/1999	Changement de Commissaire aux Comptes
10/02/1995	Statuts mis à jour
10/02/1995	Transfert du Siège dans le ressort du Tribunal de Commerce
10/02/1995	Acte modificatif
10/02/1995	PV d'Assemblée
09/02/1995	Acte modificatif
09/02/1995	Statuts mis à jour
09/02/1995	Acte sous seing privé
09/02/1995	Cession de parts
16/11/1994	Acte modificatif
16/11/1994	Cession de parts
16/11/1994	Statuts mis à jour
16/11/1994	Expédition acte notarié
16/11/1994	PV d'Assemblée
15/10/1993	Déclaration de conformité
15/10/1993	PV d'Assemblée
15/10/1993	Augmentation de Capital
15/10/1993	Statuts mis à jour

Establishment events history

Date	Description
11/05/2012	Update Limit
11/05/2012	Update Rating
15/11/2011	Update Limit
15/11/2011	Update Rating
17/10/2011	Update Rating
17/10/2011	Update Limit
09/08/2010	Update Limit
09/08/2010	Update Rating
29/12/2009	Update Rating
29/12/2009	Update Limit
11/10/2009	Update Limit
05/09/2009	Update Rating
12/03/2009	Update Rating
12/03/2009	Update Limit
27/11/2008	Update Limit
27/11/2008	Update Rating
05/11/2008	Update Rating
05/11/2008	Update Limit
27/09/2008	Update Rating
25/01/2008	Update Limit
25/01/2008	Update Rating
10/12/2007	Update Limit
08/12/2007	Update Limit

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.44
UK Pound	1	Rs.83.78
Euro	1	Rs.71.33

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.