MIRA INFORM REPORT

Report Date :

18.04.2013

IDENTIFICATION DETAILS

Name :	ARMOR DEVELOPPEMENT

Registered Office :	Zone De Kerjaouen, 21 Rue Louison Bobet, 29000 Quimper

Country :	France

Financials (as on) :	31.12.2011

Date of Incorporation :	December 1992

Com. Reg. No.:	RCS Quimper 9 389 451 352

Legal Form :	Public limited company with board of directors

Line of Business :	Wholesale trader of Clothing and shoes

No. of Employees :	1 or 2 employees

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good
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

(31.03.2012)

Current Rating

(30.06.2012)

France

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

France - ECONOMIC OVERVIEW

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

Source : CIA

Company summary

Name

ARMOR DEVELOPPEMENT

SIRET

389 451 352 00030

		EUR VAT Number	FR29389451352
Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z) (Wholesale (intercompany trade) Clothing and shoes (4642Z))	Legal form	Public limited company with board of directors
Phone	02 98 94 69 87	RCS Registration	RCS Quimper 9 389 451 352
Fax		Share capital	4,500,000 Euros
Address	ARMOR DEVELOPPEMENT ZONE DE KERJAOUEN 21 RUE LOUISON BOBET 29000 QUIMPER	Incorporated Date	12/1992
Nationality	France	Status	Economically active

This company is not under monitoring

	Ultimate Holding Company
	Company Name		Company number
	ARMOR DEVELOPPEMENT		389451352

Current Directors

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	27,143,435 €	27,223,306 €	26,294,815 €
Gross Operating Surplus	7,28 % Turnover	8,43 % Turnover	7,76 % Turnover
Shareholdersâ€™ equity	12,509,122 €	11,794,567 €	11,201,085 €
Net result	1,150,638 €	1,055,117 €	1,027,701 €
Employees	1 or 2 employees	-	-

	Trends
	Liquidity
	Net worth

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)
RCS Registration	RCS Quimper 9 389 451 352	Share capital	4,500,000 Euros
Registration Court	Quimper (29)	Legal form	Public limited company with board of directors
Court Registry Number	19 9 3B002	EUR VAT Number	FR29389451352
Incorporation Date	12/1992	Formation Date	12/1992
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)	Business Pages FT®
Telephone	02 98 94 69 87
Fax

Type	Head office (one site company)	Status	Economically active
Formation Date	08/2004	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	Wholesale or intermediary of trade	Activity Location	Deposit, warehouse
Location surface		Seasonality

Department	FinistÃ¨re (29)	Region	Bretagne
District	4	Area	98
City	QUIMPER	Size of urban area

Other establishments

	Branches	1 branch entities in this company


	Head office	> ARMOR DEVELOPPEMENT <<< - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z) in QUIMPER (29000)

	Secondary establishments	> ARMOR DEVELOPPEMENT - Gestion de portefeuilles (671C) in QUIMPER (29000)

	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

1 or 2 employees

Company workforce

1 or 2 employees

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	11Â 636	-83,2%	69Â 333	-65,5%	201Â 046
Decreasess by transfers	OK2	5Â 865	-89,2%	54Â 518	493,9%	9Â 180
Gross value at the end of period	OL	11Â 462Â 177	2,9%	11Â 138Â 513	3,3%	10Â 784Â 552

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	1Â 170Â 385	10,2%	1Â 061Â 689	93,1%	549Â 747
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	144Â 667	-18,7%	178Â 029	-75,0%	712Â 848
Decreasess by budget item transfer	LV1	11Â 636	-83,2%	69Â 333	-65,5%	200Â 906
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	1Â 303Â 416	11,4%	1Â 170Â 385	10,2%	1Â 061Â 689

Tangible fixed assets (Total III)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LN	1Â 307Â 761	4,0%	1Â 257Â 644	40,4%	896Â 032
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	99Â 671	98,9%	50Â 115	-86,1%	361Â 752
Decreasess by budget item transfer	NG1	0	0%	0	0%	140
Decreasess by transfers	NG2	5Â 865	0%	0	0%	0
Gross value at the end of period	NH	1Â 401Â 567	7,2%	1Â 307Â 759	4,0%	1Â 257Â 644

Fiancial assets (Total IV)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LQ	8Â 660Â 368	2,3%	8Â 465Â 218	0,4%	8Â 434Â 731
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	96Â 827	-61,2%	249Â 667	529,4%	39Â 667
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	54Â 518	493,9%	9Â 180
Gross value at the end of period	NK	8Â 757Â 195	1,1%	8Â 660Â 367	2,3%	8Â 465Â 218

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	508Â 066	99,0%	255Â 362	70,2%	150Â 066
Increases		PF	211Â 563	-16,3%	252Â 705	140,0%	105Â 296
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	719Â 629	41,6%	508Â 067	99,0%	255Â 362

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	353Â 575	76,5%	200Â 278	224,0%	61Â 816
Increases		QV	159Â 131	3,8%	153Â 297	10,7%	138Â 462
Decreases		QW	4Â 574	0%	0	0%	0
	Decreasess by budget item transfer	QX	508Â 132	43,7%	353Â 575	76,5%	200Â 278

Movements during period affecting charge allocated over several period
Charges Ã rÃ©partir ou frais d'Ã©mission 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	447Â 454	92,6%	232Â 324	136,2%	98Â 353
Increases		UB	38Â 036	-85,4%	260Â 125	94,2%	133Â 972
Decreases		UC	161Â 135	258,1%	44Â 996	0%	0
	Value at the end of period	UD	324Â 355	-27,5%	447Â 453	92,6%	232Â 325

Includes Total allocations

Operating	UE	0	0%	161Â 135	321,0%	38Â 270
Financial	UG	24Â 392	0%	0	0%	0
Exceptional	UJ	13Â 644	-86,2%	98Â 990	3,4%	95Â 702

Includes Total Withdrawal

Operating	UF	161Â 135	0%	0	0%
Financial	UH	0	0%	0	0%
Exceptional	UK	0	0%	44Â 996	0%

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	3Z	134Â 692	40,7%	95Â 702	0%	0
Increases		TS	13Â 644	-65,0%	38Â 990	-59,3%	95Â 702
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	148Â 336	10,1%	134Â 692	40,7%	95Â 702

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	161Â 135	0%	0	0%	0
Increases		TV	0	0%	161Â 135	0%	0
Decreases		TW	161Â 135	0%	0	0%	0
	Value at the end of period	TX	0	0%	161Â 135	0%	0

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	151Â 627	11,0%	136Â 623	38,9%	98Â 353
Increases		TY	24Â 392	-59,3%	60Â 000	56,8%	38Â 270
Decreases		TZ	0	0%	44Â 996	0%	0
	Value at the end of period	UA	176Â 019	16,1%	151Â 627	11,0%	136Â 623

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	11Â 651Â 098	5,6%	11Â 035Â 851	15,5%	9Â 553Â 404
1 year at most	VU	11Â 580Â 542	5,6%	10Â 964Â 603	15,6%	9Â 482Â 156
More than one year	VV	70Â 556	-1,0%	71Â 248	0%	71Â 248

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	61Â 357	0%	61Â 357	0%	61Â 357
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	9Â 199	-7,0%	9Â 891	0%	9Â 891
Other claims customer	UX	5Â 042Â 808	-17,3%	6Â 095Â 469	44,5%	4Â 218Â 381
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	305	0%	305
Social Security and other social organizations	UZ	0	0%	0	0%	2Â 141
Income taxes	VM	907Â 220	44,2%	629Â 245	12,4%	559Â 671
Value added tax	VB	201Â 687	-32,4%	298Â 271	84,6%	161Â 536
Other taxes and payments assimilated	VN	3Â 200	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	5Â 029Â 692	36,9%	3Â 674Â 231	-12,2%	4Â 186Â 358
Accounts receivable (including claims relating to the operation of pension titles)	VR	199Â 380	147,9%	80Â 438	36,6%	58Â 887

Prepaid

			31/12/2011		31/12/2010		31/12/2009
	Prepaid	VS	196Â 555	5,3%	186Â 643	-36,7%	294Â 877

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	14Â 910Â 416	-7,5%	16Â 124Â 643	37,9%	11Â 690Â 154
1 year at most		VZ2	11Â 801Â 209	-2,1%	12Â 060Â 015	43,7%	8Â 392Â 256
More than 1 year and 5 years at most		VZ3	2Â 828Â 826	-13,5%	3Â 269Â 596	24,0%	2Â 636Â 594
More than 5 years		VZ4	280Â 381	-64,7%	795Â 032	20,2%	661Â 304

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	1Â 858Â 955	53,0%	1Â 215Â 150	-13,8%	1Â 410Â 097
1 year at most		VG2	1Â 858Â 955	53,0%	1Â 215Â 150	-13,8%	1Â 410Â 097
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	4Â 289Â 353	-17,8%	5Â 215Â 353	24,6%	4Â 186Â 021
1 year at most		VH2	1Â 180Â 146	2,6%	1Â 150Â 725	29,6%	888Â 123
More than 1 year and 5 years at most		VH3	2Â 828Â 826	-13,5%	3Â 269Â 596	24,0%	2Â 636Â 594
	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	3Â 761Â 523	-24,5%	4Â 983Â 664	76,1%	2Â 829Â 552
1 year at most		8B2	3Â 761Â 523	-24,5%	4Â 983Â 664	76,1%	2Â 829Â 552
More than 1 year and 5 years at most		8B3	3Â 761Â 523	-24,5%	4Â 983Â 664	76,1%	2Â 829Â 552
	Personnel and associated accounts (gross)	8C1	21Â 961	-0,5%	22Â 078	11,9%	19Â 724
1 year at most		8C2	21Â 961	-0,5%	22Â 078	11,9%	19Â 724
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	23Â 058	-7,6%	24Â 966	-11,7%	28Â 287
1 year at most		8D2	23Â 058	-7,6%	24Â 966	-11,7%	28Â 287
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	915Â 453	89,7%	482Â 619	25,4%	384Â 841
1 year at most		8E2	915Â 453	89,7%	482Â 619	25,4%	384Â 841
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	338Â 755	-26,5%	461Â 050	29,8%	355Â 242
1 year at most		VW2	338Â 755	-26,5%	461Â 050	29,8%	355Â 242
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	48Â 835	-0,7%	49Â 181	-16,9%	59Â 165
1 year at most		VQ2	48Â 835	-0,7%	49Â 181	-16,9%	59Â 165
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	3Â 473Â 364	-1,0%	3Â 507Â 704	0%	0
1 year at most		VI2	3Â 473Â 364	-1,0%	3Â 507Â 704	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	86Â 659	135,4%	36Â 806	-98,4%	2Â 310Â 637
1 year at most		8K2	86Â 659	135,4%	36Â 806	-98,4%	2Â 310Â 637
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	92Â 500	-26,6%	126Â 072	18,3%	106Â 589
1 year at most		8L2	92Â 500	-26,6%	126Â 072	18,3%	106Â 589
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	225Â 000	-90,2%	2Â 300Â 000	-15,6%	2Â 726Â 298
Debt repaid during the period	VK	1Â 151Â 542	-9,7%	1Â 275Â 935	136,3%	539Â 969

Table allocation results and other information
Dividends distributed

			31/12/2011		31/12/2010		31/12/2009
	Dividends	ZE	0	0%	0	0%	402Â 188

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%	2Â 687Â 263	-1,1%	2Â 716Â 777
Rentals, rental charges and condominiums	XQ	0	0%	654Â 579	3,8%	630Â 666
Staff outside the company	YU	0	0%	2Â 338Â 986	2,0%	2Â 293Â 959
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	1Â 153Â 228	41,4%	815Â 436
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	3Â 133Â 973	6,2%	2Â 950Â 265
Total Other purchases and external	ZJ	0	0%	9Â 968Â 029	6,0%	9Â 407Â 103

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	0	0%	47Â 783	3,8%	46Â 030
Other taxes and payments assimilated	9Z	0	0%	97Â 286	15,6%	84Â 137
Total taxes and fees	YX	0	0%	145Â 069	11,4%	130Â 167

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	0	0%	5Â 433Â 541	10,2%	4Â 929Â 322
Total VAT on goods and services	YZ	0	0%	4Â 549Â 891	10,4%	4Â 122Â 496

Average number of employees

			31/12/2011		31/12/2010		31/12/2009
	Average number of employees	YP	04	33,3%	03	-40,0%	05

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 Median2011
Fixed Asset Financing	1,75	0,6%	1,74	8,1%	1,61	1,90	-7,9%
Global Debt	198 days	-9,2%	218 days	35,4%	161 days	144 days	37,5%
Working Capital Fund overall net	114 days	4,6%	109 days	21,1%	90 days	46 days	147,8%
Financial independence	203,46%	10,9%	183,42%	-8,4%	200,16%	352,71%	-42,3%

Solvability	45,62%	9,9%	41,50%	-14,9%	48,77%	26,51%	72,1%
Capacity debt futures	411,61%	-17,4%	498,53%	2,3%	487,38%	799,22%	-48,5%
Coverage of current assets by net working capital overall	50,05%	9,8%	45,58%	-13,8%	52,85%	32,47%	54,1%
General Liquidity	0,98	7,7%	0,91	-19,5%	1,13	0,39	151,3%
Restricted Liquidity	1,23	-8,2%	1,34	5,5%	1,27	0,71	73,2%

Management or rotation

	31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Need background in operating working capital	73 days	82,5%	40 days	-43,7%	71 days	9 days	711,1%
Treasury	40 days	-42,0%	69 days	331,2%	16 days	6 days	566,7%
Inventory turnover of goods	66 days	32,0%	50 days	-2,0%	51 days	92 days	-28,3%
Average length of credit granted to customers	67 days	0%	67 days	36,7%	49 days	29 days	131,0%
Average length of credit obtained suppliers	55 days	-11,3%	62 days	67,6%	37 days	61 days	-9,8%

Inventory turnover of raw materials in industrial enterprises	67 days	42,6%	47 days	62,1%	29 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	1937 days	-7,0%	2082 days	-0,4%	2091 days	1957 days	-1,0%
Rotation tangible assets	1936,65%	-7,0%	2081,68%	-0,4%	2090,80%	2074,70%	-6,7%

Profitability of the business

	31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Margin trading	14,67%	0,7%	14,57%	-9,1%	16,03	31,75%	-53,8%
Profitability of the business	7,28	-13,6%	8,43	8,6%	7,76	2,77%	162,8%
Net profit	4,24%	9,3%	3,88%	-0,8%	3,91%	1,57%	170,1%

Growth rate of turnover (excluding VAT)	-0,29%	-108,2%	3,53%	21,7%	2,90%	0%	0%
Rates integration	8,93%	-7,8%	9,69%	-1,9%	9,88%	18,50%	-51,7%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	12,38%	64,2%	7,54%	-54,1%	16,41%	69,17%	-82,1%
Weight interests	1,49	30,7%	1,14%	-5,0%	1,20%	0,21%	609,5%

Return on capital

	31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Cash flow from the overall profitability	5,15%	-10,3%	5,74%	7,9%	5,32%	2,03%	153,7%
Rates of economic profitability	11%	-15,4%	13%	8,3%	12%	13%	-15,4%
Financial profitability	12509122%	6,1%	11794567%	5,3%	11201085%	29087%	42905,9%
Return on investment	8,34%	11,3%	7,49%	-6,4%	8%	10,31%	-19,1%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes IntermÃ©diaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Turnover	27Â 143Â 435	-0,3%	27Â 223Â 306	3,5%	26Â 294Â 815	430Â 272 €	6208,4%

Sales of goods	18Â 411Â 240	0,7%	18Â 283Â 995	-0,6%	18Â 385Â 907
- Purchase of goods	15Â 074Â 520	5,3%	14Â 317Â 056	17,2%	12Â 210Â 950
+/- Stock of goods variation	-644Â 552	-466966,7%	-138	-100,0%	1Â 960Â 938
Trading margin	3Â 981Â 272 €	0,4%	3Â 967Â 077 €	-5,9%	4Â 214Â 019 €	112Â 473 €	3439,8%
	14,67 % CA	0,7%	14,57 % CA	-9,1%	16,03 % CA	32,76 % CA	-55,2%

Sale of goods produced	8Â 732Â 195	-2,3%	8Â 939Â 311	13,0%	7Â 908Â 908
+/- Stocked production	0	0%	0	0%	73Â 917
+ Self-constructed assets	0	0%	0	0%	0
Period production	8Â 732Â 195 €	-2,3%	8Â 939Â 311 €	12,0%	7Â 982Â 825 €	2Â 050 €	425860,7%
	32,17 % CA	-2,0%	32,84 % CA	8,2%	30,36 % CA	1,06 % CA	2934,9%

Trading margin	3Â 981Â 272	0,4%	3Â 967Â 077	-5,9%	4Â 214Â 019	112Â 473	3439,8%
+ Period Production	8Â 732Â 195	-2,3%	8Â 939Â 311	12,0%	7Â 982Â 825	2Â 050	425860,7%
- Purchase of raw materials	252Â 678	-27,2%	347Â 188	68,8%	205Â 712
+/- Change in stocks of raw materiels	-29Â 589	37,0%	-47Â 003	-263,8%	-12Â 920
- Other external purchases and charges	10Â 065Â 720	1,0%	9Â 968Â 029	6,0%	9Â 407Â 103
Added value	2Â 424Â 658 €	-8,1%	2Â 638Â 174 €	1,6%	2Â 596Â 949 €	87Â 413,50 €	2673,8%
	8,93 % CA	-7,8%	9,69 % CA	-1,9%	9,88 % CA	18,50 % CA	-51,7%

Added value	2Â 424Â 658 €	-8,1%	2Â 638Â 174 €	1,6%	2Â 596Â 949 €	87Â 413,50 €	2673,8%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	148Â 277	2,2%	145Â 069	11,4%	130Â 167
- Personal charges	300Â 224	51,0%	198Â 854	-53,3%	426Â 209
Gross operating surplus	1Â 976Â 157 €	-13,9%	2Â 294Â 251 €	12,4%	2Â 040Â 573 €	10Â 054,50 €	19554,5%
	7,28 % CA	-13,6%	8,43 % CA	8,6%	7,76 % CA	2,77 % CA	162,8%

Gross operating surplus	1Â 976Â 157 €	-13,9%	2Â 294Â 251 €	12,4%	2Â 040Â 573 €	10Â 054,50 €	19554,5%
+ Release of reserves and provisions	163Â 971	20577,3%	793	0%	0
+ Other operating income	4Â 580	-10,8%	5Â 133	-41,0%	8Â 704
- Depreciation/Amortisation	384Â 965	-32,1%	567Â 137	101,1%	282Â 028
- Other charges	0	0%	13Â 000	-7,1%	14Â 000
Operating result	1Â 759Â 743 €	2,3%	1Â 720Â 040 €	-1,9%	1Â 753Â 249 €	7Â 559,50 €	23178,6%
	6,48 % CA	2,5%	6,32 % CA	-5,2%	6,67 % CA	2,08 % CA	211,5%

Operating result	1Â 759Â 743 €	2,3%	1Â 720Â 040 €	-1,9%	1Â 753Â 249 €	7Â 559,50 €	23178,6%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	393Â 945	10,6%	356Â 166	218,5%	111Â 830
- Financial charges	404Â 875	30,8%	309Â 439	-1,8%	315Â 248
Pre-tax result	1Â 748Â 813 €	-1,0%	1Â 766Â 767 €	14,0%	1Â 549Â 831 €	6Â 506 €	26780,0%
	6,44 % CA	-0,8%	6,49 % CA	10,2%	5,89 % CA	1,70 % CA	278,8%

Extraordinary income	18Â 048	-72,5%	65Â 510	438,5%	12Â 165	0	0%
- Extraordinary charges	93Â 651	-67,5%	288Â 063	148,1%	116Â 119
Extraordinary result	-75Â 603 €	66,0%	-222Â 553 €	-114,1%	-103Â 954 €	0 €	0%
	-0,28 % CA	65,9%	-0,82 % CA	-105,0%	0 % CA	0 % CA	0%

Pre-tax result	1Â 748Â 813 €	-1,0%	1Â 766Â 767 €	14,0%	1Â 549Â 831 €	6Â 506 €	26780,0%
Extraordinary result	-75Â 603 €	66,0%	-222Â 553 €	-114,1%	-103Â 954 €	0 €	0%
- Employee profit sharing	522Â 571	0%	0	0%	0
- Tax on profits	0	0%	489Â 096	17,0%	418Â 175
Net result	1Â 150Â 639 €	9,1%	1Â 055Â 118 €	2,7%	1Â 027Â 702 €	6Â 491 €	17626,7%
	4,24 % CA	9,3%	3,88 % CA	-0,8%	3,91 % CA	1,57 % CA	170,1%

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Status of collection

This company is not under monitoring

Group data

Ultimate parent company	ARMOR DEVELOPPEMENT
Direct parent	-
Group â€“ Number of companies	12
Linkages â€“ Number of companies	-
Number of countries	-

Company Name	SIREN	Parts	Last account published
ARMOR DEVELO PEMENT	389451352	-	31/12/2011
BONNETERIE D'ARMOR	375680139	99.95%	31/12/2011
SOCIETE DE DISTRIBUTION TEXTILE	323277327	100%	31/12/2009
SNC STRASBOURG MAILLE	352137285	99%	31/12/2009
SNC SIAM MAILLE	343317574	99%	31/12/2009
SNC BREST MAILLE	343317509	99%	31/12/2009
SNC LAVAL MAILLE	379454663	99%	31/12/2009
LA COMPAGNIE D'ARMOR	483300232	100%	31/12/2006
GUY DE BERAC SAS	392641478	97.50%	31/12/2011
A L'ORIGINE	504908310	Majority	31/12/2011
BERMUDES	444519201	99.92%	31/12/2011
SARL FRANCOIS LE VILLEC	349975565	100%	30/09/2009

Consolidated Accounts

Active Account | Passive Account | Account Results | Consolidation

Synthesized Accounts

Annual Accounts	31/12/2010	31/12/2009	31/12/2007
Account period (month)	12	12	12
Account Type	Consolidated	Consolidated	Consolidated
Activity Code	4642Z	4642Z	4642Z

Active account

Annual Accounts	31/12/2010		31/12/2009		31/12/2007
Capital not called	0	0%	0	0%	0
Total fixed assets	7Â 987Â 841	-2,5%	8Â 193Â 939	18,4%	6Â 919Â 461
- Intangible assets	2Â 861Â 113	-7,8%	3Â 104Â 281	19,7%	2Â 593Â 265
- Tangible assets	4Â 520Â 949	-2,3%	4Â 629Â 367	20,4%	3Â 845Â 453
- Financial assets	371Â 719	-5,0%	391Â 453	-18,6%	480Â 743
Net current assets	39Â 064Â 014	18,2%	33Â 047Â 509	-15,8%	39Â 229Â 574
- Stocks	18Â 330Â 631	1,3%	18Â 088Â 471	-16,9%	21Â 756Â 958
- Advanced payments	59Â 387	107,7%	28Â 593	379,3%	5Â 965
- Receivables	14Â 980Â 754	18,3%	12Â 659Â 655	-25,5%	16Â 991Â 341
- Securities and cash	5Â 693Â 242	150,7%	2Â 270Â 790	377,7%	475Â 310
Accounts of regularization	0	0%	0	0%	0
Total Assets	47Â 051Â 855	14,1%	41Â 241Â 448	-10,6%	46Â 149Â 035

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2007
Shareholders' equity	19Â 464Â 969	9,8%	17Â 733Â 930	17,6%	15Â 078Â 959
Share capital	4Â 500Â 000	0%	4Â 500Â 000	0%	4Â 500Â 000
Other capital resources	0	0%	0	0%	140Â 000
Risk Provisions	680Â 943	6,4%	639Â 790	-6,6%	685Â 226
Liabilities	26Â 763Â 110	17,8%	22Â 725Â 007	-24,0%	29Â 892Â 998
- Financial liabilities	10Â 221Â 851	5,8%	9Â 662Â 708	-36,3%	15Â 173Â 513
- Advanced payments received	339Â 364	252,2%	96Â 346	0%	0
- Trade account payables	10Â 397Â 215	33,5%	7Â 785Â 431	-21,1%	9Â 865Â 393
- Tax and social liabilities	5Â 346Â 100	15,1%	4Â 646Â 126	6,7%	4Â 352Â 919
- Other debts and fixed assets liabilities	332Â 507	3,0%	322Â 785	-7,9%	350Â 326
Account regularization	126Â 073	-40,4%	211Â 611	40,3%	150Â 847
Total liabilities	47Â 051Â 855	14,1%	41Â 241Â 448	-10,6%	46Â 149Â 035

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2007
Sales of Goods	75Â 792Â 083	11,8%	67Â 812Â 897	-6,3%	72Â 408Â 428
Net turnover	75Â 206Â 918	7,6%	69Â 899Â 305	-1,4%	70Â 909Â 321
- of which net export turnover	0	0%	0	0%	0
Operating charges	71Â 627Â 537	11,0%	64Â 528Â 464	-6,5%	69Â 027Â 031
Operating profit/loss	4Â 164Â 546	26,8%	3Â 284Â 433	-2,9%	3Â 381Â 397
Financial income	176Â 917	129,0%	77Â 265	26,2%	61Â 209
Financial charges	525Â 079	-19,7%	653Â 562	-35,2%	1Â 008Â 178
Financial profit/loss	-348Â 162	39,6%	-576Â 297	39,1%	-946Â 969
Pretax net operating income	3Â 816Â 384	40,9%	2Â 708Â 136	11,2%	2Â 434Â 428
Extraordinary income	780Â 476	271,0%	210Â 386	-62,0%	554Â 240
Extraordinary charges	981Â 710	152,2%	389Â 271	-21,2%	493Â 978
Extraordinary profit/loss	-201Â 234	-12,5%	-178Â 885	-396,8%	60Â 262

Consolidation

Annual Accounts	31/12/2010		31/12/2009		31/12/2007
Net result before amortisation of goodwill	2Â 331Â 446	32,9%	1Â 754Â 289	5,6%	1Â 661Â 875
Goodwill amortisation allocation	-38Â 695	0%	0	0%	0
Net result of equity affiliates companies	10Â 539	-20,2%	13Â 215	255,2%	-8Â 515
Net result of integrated companies	0	0%	0	0%	0
Group result (consolidated net result)	2Â 303Â 290	30,3%	1Â 767Â 504	6,9%	1Â 653Â 360
Share of minority interest (Result except group)	31Â 891	5,6%	30Â 201	231,1%	-23Â 029
Net result - group share (part of parent company)	2Â 271Â 399	30,7%	1Â 737Â 303	3,6%	1Â 676Â 389

Display parameter
Currency	Euro	Kilo Euro

	Normal Account		31/12/2010		31/12/2009		31/12/2007
	Months		12		12		12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2010		31/12/2009		31/12/2007
Grand Total (I to VI)	Net	47Â 051Â 855	14,1%	41Â 241Â 448	-10,6%	46Â 149Â 035
Gross	CO	47Â 051Â 855	14,1%	41Â 241Â 448	-10,6%	46Â 149Â 035
Amortisation	1A	0	0%	0	0%	0

Capital subscribed not called (I)

			31/12/2010		31/12/2009		31/12/2007
	Capital suscribed not called (I)	AA3	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2010		31/12/2009		31/12/2007
Total Active fixed asset (II)	Net	7Â 987Â 841	-2,5%	8Â 193Â 939	18,4%	6Â 919Â 461
Gross	BJ	7Â 987Â 841	-2,5%	8Â 193Â 939	18,4%	6Â 919Â 461
Amortisation	BK	0	0%	0	0%	0

Intangilble fixed assets

		31/12/2010		31/12/2009		31/12/2007
Start-up cost	Net	0	0%	0	0%	0
Gross	AB	0	0%	0	0%	0
Amortisation	AC	0	0%	0	0%	0
R&D expenses	Net	0	0%	0	0%	0
Gross	CX	0	0%	0	0%	0
Amortisation	AE	0	0%	0	0%	0
Distributorships, patents	Net	110Â 504	-31,3%	160Â 879	-17,4%	194Â 879
Gross	AF	110Â 504	-31,3%	160Â 879	-17,4%	194Â 879
Amortisation	AG	0	0%	0	0%	0
Goodwill	Net	2Â 109Â 394	-0,1%	2Â 110Â 929	-2,0%	2Â 152Â 928
Gross	AH	2Â 109Â 394	-0,1%	2Â 110Â 929	-2,0%	2Â 152Â 928
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	629Â 579	-17,5%	763Â 140	210,9%	245Â 458
Gross	AJ	629Â 579	-17,5%	763Â 140	210,9%	245Â 458
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	11Â 636	-83,2%	69Â 333	0%	0
Gross	AL	11Â 636	-83,2%	69Â 333	0%	0
Amortisation	AM	0	0%	0	0%	0

Tangilble fixed assets

		31/12/2010		31/12/2009		31/12/2007
Acquisition difference	Net	167Â 679	0%	0	0%	0
Gross	A11	167Â 679	0%	0	0%	0
Amortisation	A12	0	0%	0	0%	0
Goodwill	Net	0	0%	0	0%	0
Gross	A21	0	0%	0	0%	0
Amortisation	A22	0	0%	0	0%	0
Difference from the first consolidation	Net	0	0%	0	0%	0
Gross	A31	0	0%	0	0%	0
Amortisation	A32	0	0%	0	0%	0
Lands	Net	53Â 691	-46,4%	100Â 124	-1,2%	101Â 370
Gross	AN	53Â 691	-46,4%	100Â 124	-1,2%	101Â 370
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	1Â 233Â 708	-1,7%	1Â 254Â 771	164,7%	474Â 072
Gross	AP	1Â 233Â 708	-1,7%	1Â 254Â 771	164,7%	474Â 072
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	1Â 440Â 575	4,6%	1Â 377Â 229	-7,5%	1Â 489Â 659
Gross	AR	1Â 440Â 575	4,6%	1Â 377Â 229	-7,5%	1Â 489Â 659
Amortisation	AS	0	0%	0	0%	0
Other tangible fixed assets	Net	1Â 792Â 975	-5,5%	1Â 897Â 243	7,3%	1Â 767Â 994
Gross	AT	1Â 792Â 975	-5,5%	1Â 897Â 243	7,3%	1Â 767Â 994
Amortisation	AU	0	0%	0	0%	0
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	12Â 358
Gross	AX	0	0%	0	0%	12Â 358
Amortisation	AY	0	0%	0	0%	0

Financial assets

		31/12/2010		31/12/2009		31/12/2007
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	68Â 994	24,3%	55Â 502	23,0%	45Â 126
Gross	CU	68Â 994	24,3%	55Â 502	23,0%	45Â 126
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	39Â 079	-16,3%	46Â 686	0%	46Â 686
Gross	BD	39Â 079	-16,3%	46Â 686	0%	46Â 686
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	50Â 000
Gross	BF	0	0%	0	0%	50Â 000
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	263Â 646	-8,9%	289Â 265	-14,7%	338Â 931
Gross	BH	263Â 646	-8,9%	289Â 265	-14,7%	338Â 931
Amortisation	BI	0	0%	0	0%	0
Other financial assets	Net	66Â 381	-3,6%	68Â 838	0%	0
Gross	A41	66Â 381	-3,6%	68Â 838	0%	0
Amortisation	A42	0	0%	0	0%	0

Current Assets (III)

		31/12/2010		31/12/2009		31/12/2007
Total Assets	Net	39Â 064Â 014	18,2%	33Â 047Â 509	-15,8%	39Â 229Â 574
Gross	CJ	39Â 064Â 014	18,2%	33Â 047Â 509	-15,8%	39Â 229Â 574
Amortisation	CK	0	0%	0	0%	0

Stocks

		31/12/2010		31/12/2009		31/12/2007
Raw materials	Net	2Â 573Â 171	30,5%	1Â 971Â 901	-33,7%	2Â 975Â 610
Gross	BL	2Â 573Â 171	30,5%	1Â 971Â 901	-33,7%	2Â 975Â 610
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	1Â 490Â 054	26,7%	1Â 175Â 937	-37,4%	1Â 877Â 787
Gross	BN	1Â 490Â 054	26,7%	1Â 175Â 937	-37,4%	1Â 877Â 787
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	6Â 162Â 845	-11,3%	6Â 944Â 433	-21,6%	8Â 859Â 092
Gross	BR	6Â 162Â 845	-11,3%	6Â 944Â 433	-21,6%	8Â 859Â 092
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	8Â 104Â 561	1,4%	7Â 996Â 200	-0,6%	8Â 044Â 469
Gross	BT	8Â 104Â 561	1,4%	7Â 996Â 200	-0,6%	8Â 044Â 469
Amortisation	BU	0	0%	0	0%	0

Advance payments to suppliers

		31/12/2010		31/12/2009		31/12/2007
Advance payments to suppliers	Net	59Â 387	107,7%	28Â 593	379,3%	5Â 965
Gross	BV	59Â 387	107,7%	28Â 593	379,3%	5Â 965
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2010		31/12/2009		31/12/2007
Trade accounts receivable	Net	11Â 983Â 164	25,2%	9Â 573Â 765	-31,1%	13Â 885Â 791
Gross	BX	11Â 983Â 164	25,2%	9Â 573Â 765	-31,1%	13Â 885Â 791
Amortisation	BY	0	0%	0	0%	0
Other debtors	Net	1Â 943Â 021	11,3%	1Â 746Â 299	-5,1%	1Â 840Â 409
Gross	BZ	1Â 943Â 021	11,3%	1Â 746Â 299	-5,1%	1Â 840Â 409
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

Divers

		31/12/2010		31/12/2009		31/12/2007
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	5Â 693Â 242	150,7%	2Â 270Â 790	377,7%	475Â 310
Gross	CF	5Â 693Â 242	150,7%	2Â 270Â 790	377,7%	475Â 310
Amortisation	CG	0	0%	0	0%	0

Prepaid expenses

		31/12/2010		31/12/2009		31/12/2007
Prepaid expenses	Net	1Â 054Â 569	-21,3%	1Â 339Â 591	5,9%	1Â 265Â 141
Gross	CH	1Â 054Â 569	-21,3%	1Â 339Â 591	5,9%	1Â 265Â 141
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010		31/12/2009		31/12/2007
Multi-period charges	CW3	0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0

References

		31/12/2010		31/12/2009		31/12/2007
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

			31/12/2010		31/12/2009		31/12/2007
	Grand Total (I to IV)	EE	47Â 051Â 855	14,1%	41Â 241Â 448	-10,6%	46Â 149Â 035

Shareholder Equity (I)

		31/12/2010		31/12/2009		31/12/2007
Total shareholders' equity (Total I)	DL	19Â 464Â 969	9,8%	17Â 733Â 930	17,6%	15Â 078Â 959
Equity and shareholders' equity	DA	4Â 500Â 000	0%	4Â 500Â 000	0%	4Â 500Â 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
Other reserves	DG	12Â 693Â 570	10,4%	11Â 496Â 627	29,1%	8Â 902Â 570
Profits or losses brought forward	DH	0	0%	0	0%	0
Conversion differences	P1	0	0%	0	0%	0
Net result - group part	P2	2Â 271Â 399	30,7%	1Â 737Â 303	3,6%	1Â 676Â 389
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2010		31/12/2009		31/12/2007
Total other capital resources (Total II)	DO	0	0%	0	0%	140Â 000
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0
Others	P3	0	0%	0	0%	140Â 000

Provisions for risks and charges (III)

		31/12/2010		31/12/2009		31/12/2007
Total provisions for risks and charges (Total III)	DR	680Â 943	6,4%	639Â 790	-6,6%	685Â 226
Conversion differences	P4	0	0%	0	0%	0
In reserves	P5	142Â 833	0,1%	142Â 721	-61,9%	374Â 881
In results	P6	0	0%	0	0%	-23Â 029
Total III	P7	142Â 833	0,1%	142Â 721	-59,4%	351Â 852
Delayed tax	P8	0	0%	0	0%	0
Acquisition differences	P9	0	0%	0	0%	0
Risk provisions	DP	68Â 000	0%	0	0%	182Â 220
Reserves for charges	DQ	612Â 943	-4,2%	639Â 790	27,2%	503Â 006

Liabilities (IV)

		31/12/2010		31/12/2009		31/12/2007
Total Liabilities (Total IV)	EC	26Â 763Â 110	17,8%	22Â 725Â 007	-24,0%	29Â 892Â 998
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	10Â 219Â 685	5,8%	9Â 660Â 393	-36,1%	15Â 127Â 128
Sundry loans and financial liabilities	DV	2Â 166	-6,4%	2Â 315	-95,0%	46Â 385
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	339Â 364	252,2%	96Â 346	0%	0
Trade accounts payables	DX	10Â 397Â 215	33,5%	7Â 785Â 431	-21,1%	9Â 865Â 393
Tax and social security liabilities	DY	5Â 346Â 100	15,1%	4Â 646Â 126	6,7%	4Â 352Â 919
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	332Â 507	3,0%	322Â 785	-7,9%	350Â 326

Translation loss (V)

			31/12/2010		31/12/2009		31/12/2007
	Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

			31/12/2010		31/12/2009		31/12/2007
	Deferred income	EB	126Â 073	-40,4%	211Â 611	40,3%	150Â 847

References

		31/12/2010		31/12/2009		31/12/2007
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

			31/12/2010		31/12/2009		31/12/2007
	Operating result (Total I-II)	GG	4Â 164Â 546	26,8%	3Â 284Â 433	-2,9%	3Â 381Â 397

2 - Financial result (V - VI)

			31/12/2010		31/12/2009		31/12/2007
	Financial result (Total V-VI)	GV	-348Â 162	39,6%	-576Â 297	39,1%	-946Â 969

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

			31/12/2010		31/12/2009		31/12/2007
	Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	3Â 816Â 384	40,9%	2Â 708Â 136	11,2%	2Â 434Â 428

4 - Extraordinary result (VII-VIII)

			31/12/2010		31/12/2009		31/12/2007
	Extraordinary result (Total VII-VIII)	HI	-201Â 234	-12,5%	-178Â 885	-396,8%	60Â 262

Consolidation

		31/12/2010		31/12/2009		31/12/2007
Delayed tax	R1	0	0%	0	0%	0
Net result before amortisation of acquisition differences	R2	2Â 331Â 446	32,9%	1Â 754Â 289	5,6%	1Â 661Â 875
Endowment to amortisation of acquisition differences	R3	-38Â 695	0%	0	0%	0
Net result of companies set in equivalence	R4	10Â 539	-20,2%	13Â 215	255,2%	-8Â 515
Net result of integrated companies	R5	0	0%	0	0%	0
Group result (consolidated net result)	R6	2Â 303Â 290	30,3%	1Â 767Â 504	6,9%	1Â 653Â 360
Cross-reference : equipment leasing	R7	31Â 891	5,6%	30Â 201	231,1%	-23Â 029
Cross-reference : property leasing	R8	2Â 271Â 399	30,7%	1Â 737Â 303	3,6%	1Â 676Â 389

Operating income (I)

			31/12/2010		31/12/2009		31/12/2007
	Total operating income (Total I)	FR	75Â 792Â 083	11,8%	67Â 812Â 897	-6,3%	72Â 408Â 428

Operating income (details)

		31/12/2010		31/12/2009		31/12/2007
Sale of goods for resale	FC	42Â 103Â 812	4,7%	40Â 232Â 765	1,6%	39Â 617Â 401
France	FA	42Â 103Â 812	4,7%	40Â 232Â 765	1,6%	39Â 617Â 401
Export	FB	0	0%	0	0%	0
Sale of goods produced	FF	24Â 093Â 099	11,7%	21Â 568Â 489	-21,7%	27Â 558Â 230
France	FD	24Â 093Â 099	11,7%	21Â 568Â 489	-21,7%	27Â 558Â 230
Export	FE	0	0%	0	0%	0
Sale of services	FI	9Â 010Â 007	11,3%	8Â 098Â 051	116,9%	3Â 733Â 690
France	FG	9Â 010Â 007	11,3%	8Â 098Â 051	116,9%	3Â 733Â 690
Export	FH	0	0%	0	0%	0
Net turnover	FL	75Â 206Â 918	7,6%	69Â 899Â 305	-1,4%	70Â 909Â 321
France	FJ	75Â 206Â 918	7,6%	69Â 899Â 305	-1,4%	70Â 909Â 321
Export	FK	0	0%	0	0%	0
Stocked production	FM	-467Â 471	83,0%	-2Â 753Â 154	-352,7%	1Â 089Â 442
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	12Â 973
Release of reserves and provisions	FP	614Â 883	55,5%	395Â 362	-0,3%	396Â 669
Other income	FQ	437Â 753	61,3%	271Â 384	1179830,4%	23

Operating charges (II)

			31/12/2010		31/12/2009		31/12/2007
	Total operating charges (Total II)	GF	71Â 627Â 537	11,0%	64Â 528Â 464	-6,5%	69Â 027Â 031

Exploitation charges

		31/12/2010		31/12/2009		31/12/2007
Purchase of goods for resale	FS	24Â 830Â 893	27,3%	19Â 510Â 568	-19,7%	24Â 306Â 623
Change in stocks of goods for resale	FT	-12Â 796	-100,4%	2Â 918Â 211	310,6%	-1Â 385Â 814
Purchase of raw materials	FU	7Â 115Â 048	60,4%	4Â 435Â 480	-46,3%	8Â 254Â 834
Change in stocks of raw materials	FV	-557Â 806	-241,1%	395Â 214	492,4%	-100Â 705
Other external purchases and charges	FW	20Â 359Â 292	15,9%	17Â 565Â 014	-6,0%	18Â 681Â 527
Tax, duty and similar payments	FX	1Â 104Â 095	-8,2%	1Â 203Â 151	3,7%	1Â 160Â 073
Payroll	FY	12Â 726Â 343	-0,2%	12Â 755Â 793	-0,6%	12Â 833Â 317
Social security costs	FZ	4Â 564Â 498	0,9%	4Â 522Â 849	2,2%	4Â 427Â 339

Depreciation

		31/12/2010		31/12/2009		31/12/2007
Depreciation of fixed assets	GA	1Â 145Â 584	28,5%	891Â 790	69,8%	525Â 072
Amortisation of fixed assets	GB	0	0%	30Â 000	-84,6%	195Â 033
Depreciation/amortisation of current assets	GC	266Â 420	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	188Â 574	0%	0

Other charges

			31/12/2010		31/12/2009		31/12/2007
	Other charges	GE	85Â 966	-23,1%	111Â 820	-13,8%	129Â 732

Operating charges (III-IV)

		31/12/2010		31/12/2009		31/12/2007
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2010		31/12/2009		31/12/2007
Total financial income (Total V)	GP	176Â 917	129,0%	77Â 265	26,2%	61Â 209
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	2Â 681	-8,9%	2Â 943	-51,5%	6Â 065
Other interest and similar income	GL	141Â 382	309,4%	34Â 533	99,8%	17Â 288
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	32Â 854	-17,4%	39Â 789	5,1%	37Â 856
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/12/2010		31/12/2009		31/12/2007
Total financial charge (Total VI)	GU	525Â 079	-19,7%	653Â 562	-35,2%	1Â 008Â 178
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	506Â 002	-20,3%	634Â 560	-36,0%	992Â 103
Exchange losses	GS	19Â 077	0,4%	19Â 002	18,2%	16Â 075
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2010		31/12/2009		31/12/2007
Total extraordinary income (Total VII)	HD	780Â 476	271,0%	210Â 386	-62,0%	554Â 240
Extraordinary operating income	HA	0	0%	210Â 386	-62,0%	554Â 240
Extraordinary income from capital transactions	HB	780Â 476	0%	0	0%	0
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2010		31/12/2009		31/12/2007
Total extraordinary charges (Total VIII)	HH	981Â 710	152,2%	389Â 271	-21,2%	493Â 978
Extraordinary operating charges	HE	0	0%	389Â 271	-21,2%	493Â 978
Extraordinary charges from capital transactions	HF	981Â 710	0%	0	0%	0
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

			31/12/2010		31/12/2009		31/12/2007
	Employee profit sharing (Total IX)	HJ	335Â 746	0%	0	0%	205Â 834

Tax on profits (X)

			31/12/2010		31/12/2009		31/12/2007
	Tax on profits (Total X)	HK	947Â 958	22,3%	774Â 962	23,6%	626Â 981

References

		31/12/2010		31/12/2009		31/12/2007
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0

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

Structure and Liquidity

	31/12/2010		31/12/2009		31/12/2007
Fixed Asset Financing	3,80	11,1%	3,42	-23,8%	4,49
Global Debt	128,11 days	9,5%	117,04 days	-22,9%	151,76 days
Working Capital Fund overall net	107,13 days	4,8%	102,19 days	-16,7%	122,65 days
Financial independence	190,47%	3,8%	183,57%	84,2%	99,68%
More ratios
Solvability	41,37%	-3,8%	43%	30,4%	32,98%

Management or rotation

	31/12/2010		31/12/2009		31/12/2007
Need background in operating working capital	76,11 days	-10,9%	85,42 days	-26,6%	116,37 days
Treasury	27,25 days	132,9%	11,70 days	385,5%	2,41 days
Inventory turnover of goods	117,56 days	-8,4%	128,35 days	1,6%	126,35 days
More ratios
Inventory turnover of raw materials in industrial enterprises	130,19 days	-18,7%	160,05 days	23,3%	129,77 days
Inventory turnover of intermediate and finished products in the industrial enterprise	0 days	0%	0 days	0%	0,65 days

Profitability of the business

	31/12/2010		31/12/2009		31/12/2007
Margin trading	42103779%	4,7%	40232732,91%	1,6%	39617368,68
Profitability of the business	6,13	11,7%	5,49	1,5%	5,41
More ratios
Rates integration	30,59%	-4,2%	31,93%	1,8%	31,37%
Rate leasing furniture	0%	0%	0%	0%	0%
Weight interests	0,70	-25,5%	0,94%	-33,8%	1,42%

Return on capital

	31/12/2010		31/12/2009		31/12/2007
Rates of economic profitability	15,53%	10,8%	14,02%	11,1%	12,62%

Event history

Status history

Date	Description
No Status History

Publication date	Gazette Name	Description
25/02/2013	Bodacc C	Comptes annuels, consolidÃ©s et rapports

29 - FINISTERE GREFFE DU TRIBUNAL DE COMMERCE DE QUIMPER 4105 - 389451352 RCS. ARMOR DEVELOPPEMENT. Forme : SociÃ©tÃ© anonyme. Adresse : 21/23 rue Louison Bobet - Zone de Kerjaouen 29000 Quimper.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
25/02/2013	Bodacc C	Comptes annuels et rapports

29 - FINISTERE GREFFE DU TRIBUNAL DE COMMERCE DE QUIMPER 4106 - 389451352 RCS. ARMOR DEVELOPPEMENT. Forme : SociÃ©tÃ© anonyme. Adresse : 21/23 rue Louison Bobet - Zone de Kerjaouen 29000 Quimper.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
07/01/2011	Bodacc B	Modification et mutation diverse

29 - FINISTERE GREFFE DU TRIBUNAL DE COMMERCE DE QUIMPER 256 - 389 451 352 RCS Quimper. ARMOR DEVELOPPEMENT. Forme : SociÃ©tÃ© anonyme. Administration : PrÃ©sident du conseil d'administration et Directeur gÃ©nÃ©ral : LE FLOCH Jean-Guy Administrateur : V.F.P. XII reprÃ©sentÃ© par KEREZEON Gilles Administrateur : GUEGUEN Michel Administrateur : IPO - INSTITUT DE PARTICIPATIONS DE L'OUEST reprÃ©sentÃ© par ROUAULT DE LA VIGNE FranÃ§ois Administrateur : LE FLOC'H JoÃ«lle nÃ©(e) PERROT Administrateur : OUEST CROISSANCE (SA) reprÃ©sentÃ© par GUICHARD Anne nÃ©(e) SULGER Administrateur : BEBON Marc Commissaire aux comptes titulaire : FARO Claude Commissaire aux comptes titulaire : SOCIETE CONSTANTIN ASSOCIES Co-commissaire aux comptes titulaire : VESQUE Danielle Commissaire aux comptes supplÃ©ant : QUERON Thierry. ActivitÃ© : . Commentaires : Modification survenue sur l'administration.
02/09/2010	Bodacc C	Comptes annuels et rapports

29 - FINISTERE GREFFE DU TRIBUNAL DE COMMERCE DE QUIMPER 5644 - 389451352 RCS. ARMOR DEVELOPPEMENT. Forme : SociÃ©tÃ© anonyme. Adresse : 21/23 rue Louison Bobet - Zone de Kerjaouen 29000 Quimper.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
02/09/2010	Bodacc C	Comptes annuels, consolidÃ©s et rapports

29 - FINISTERE GREFFE DU TRIBUNAL DE COMMERCE DE QUIMPER 5645 - 389451352 RCS. ARMOR DEVELOPPEMENT. Forme : SociÃ©tÃ© anonyme. Adresse : 21/23 rue Louison Bobet - Zone de Kerjaouen 29000 Quimper.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
26/08/2009	Bodacc C	Comptes annuels et rapports

29 - FINISTERE GREFFE DU TRIBUNAL DE COMMERCE DE QUIMPER 6109 - 389451352 RCS. ARMOR DEVELOPPEMENT. Forme : SociÃ©tÃ© anonyme. Adresse : 21/23 rue Louison Bobet - Zone de Kerjaouen 29000 Quimper.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
12/08/2009	Bodacc B	Modification et mutation diverse

29 - FINISTERE GREFFE DU TRIBUNAL DE COMMERCE DE QUIMPER 807 - 389 451 352 RCS Quimper. ARMOR DEVELOPPEMENT. Forme : SociÃ©tÃ© anonyme. Administration : PrÃ©sident du conseil d'administration et Directeur gÃ©nÃ©ral : LE FLOCH Jean-Guy Administrateur : V.F.P. XII reprÃ©sentÃ© par KEREZEON Gilles Administrateur : GUEGUEN Michel Administrateur : IPO - INSTITUT DE PARTICIPATIONS DE L'OUEST reprÃ©sentÃ© par ROUAULT DE LA VIGNE FranÃ§ois Administrateur : LE FLOC'H JoÃ«lle nÃ©(e) PERROT Administrateur : OUEST CROISSANCE (SA) reprÃ©sentÃ© par GUICHARD Anne nÃ©(e) SULGER Administrateur : BEBON Marc Commissaire aux comptes titulaire : FARO Claude Commissaire aux comptes titulaire : SOCIETE CONSTANTIN ASSOCIES Co-commissaire aux comptes titulaire : VESQUE Danielle Commissaire aux comptes supplÃ©ant : CART-TANNEUR Gilles. Commentaires : Modification survenue sur l'administration.
25/09/2008	Bodacc C	Comptes consolidÃ©s et rapports

29 - FINISTERE GREFFE DU TRIBUNAL DE COMMERCE DE QUIMPER 3566 - 389451352 RCS. ARMOR DEVELOPPEMENT. Forme : SociÃ©tÃ© anonyme. Adresse : 21/23 rue Louison Bobet - Zone de Kerjaouen 29000 Quimper.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
25/09/2008	Bodacc C	Comptes annuels et rapports

29 - FINISTERE GREFFE DU TRIBUNAL DE COMMERCE DE QUIMPER 3567 - 389451352 RCS. ARMOR DEVELOPPEMENT. Forme : SociÃ©tÃ© anonyme. Adresse : 21/23 rue Louison Bobet - Zone de Kerjaouen 29000 Quimper.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
06/02/2008	Bodacc B	Modification et mutation diverse

29 - FINISTERE GREFFE DU TRIBUNAL DE COMMERCE DE QUIMPER 2440 - 389 451 352 RCS Quimper. ARMOR DEVELOPPEMENT. Forme : SociÃ©tÃ© anonyme. ActivitÃ© : Ã€) acquisition et gestion de valeurs mobiliÃ¨res, prise de participations dans toutes entreprises exploitation, location, vente de tous fonds de commerce, terrains, immeubles l'exercice d'achat et de vente de marques, la gestion desdites marques et, de maniÃ¨re gÃ©nÃ©rale, toutes opÃ©rations liÃ©es Ã ces marques ; B) nÃ©goce de textiles - commerce en gros de l'habillement -. Commentaires : Modification survenue sur l'activitÃ©, l'activi Ã©.
08/11/2007	Bodacc C	Avis de dÃ©pÃ´t des comptes

4960 - 389 451 352. RCS Quimper ARMOR DEVELOPPEMENT. Forme: SociÃ©tÃ© anonyme. Adresse du siÃ¨ge social: 21/23 rue Louison Bobet - Zone de Kerjaouen 29000 Quimper. Comptes annuels et rapports de l'exercice clos le: 31 dÃ©cembre 2006.
08/10/2007	Bodacc C	Avis de dÃ©pÃ´t des comptes

5441 - 389 451 352. RCS Quimper ARMOR DEVELOPPEMENT. Forme: SociÃ©tÃ© anonyme. Adresse du siÃ¨ge social: 21/23 rue Louison Bobet - Zone de Kerjaouen 29000 Quimper. Comptes consolidÃ©s et rapport de l'exercice clos le: 31 dÃ©cembre 2006.
24/05/2007	Bodacc B	Modifications et mutations diverses

348 - RCS Quimper B 389 451 352. RC 93-B 264. ARMOR DEVELOPPEMENT. Forme : S.A. Adresse du siÃ¨ge social : zone de Kerjaouen, 21-23 rue Louison-Bobet,, 29000 Commentaires : modification survenue sur l'administration. Administration : prÃ©sident du conseil d'administration et directeur gÃ©nÃ©ral : LE FLOCH (Jean, Guy) (Nom d'usage : LE FLOCH). Administrateurs : V.F.P. XII, reprÃ©sentÃ©e par KEREZEON (Gilles) (Nom d'usage : KEREZEON) GUEGUEN (Michel) (Nom d'usage : GUEGUEN) IPO-INSTITUT DE PARTICIPATIONS DE L'OUEST, reprÃ©sentÃ©e par ROUAULT DE LA VIGNE (FranÃ§ois) (Nom d'usage : ROUAULT DE LA VIGNE) PERROT (JoÃ«lle) (Nom d'usage : LE FLOC'H) OUEST CROISSANCE, reprÃ©sentÃ©e par SULGER (Anne) (Nom d'usage : GUICHARD). Commissaires aux comptes titulaires : FARO (Claude) (Nom d'usage : FARO) SOCIETE CONSTANTIN ASSOCIES. Co-commissaire aux comptes titulaire : VESQUE (Danielle) (Nom d'usage : VESQUE). Commissaire aux comptes supplÃ©ant : CART-TANNEUR (Gilles) (Nom d'usage : CART-TANNEUR). Date d'effet : 25 janvier 2007.
30/03/2007	Bodacc C	Avis de dÃ©pÃ´t des comptes

1724 - RCS Quimper B 389 451 352. RC 93-B 264. ARMOR DEVELOPPEMENT. Forme: S.A. Adresse du siÃ¨ge social: 21/23, rue Louison Bobet - Zone de Kerjaouen,29000 Quimper. Comptes annuels et rapports de l'exercice clos le: 31 dÃ©cembre 2005.
16/03/2007	Bodacc C	Avis de dÃ©pÃ´t des comptes

2769 - RCS Quimper B 389 451 352. RC 93-B 264. ARMOR DEVELOPPEMENT. Forme: S.A. Adresse du siÃ¨ge social: 21/23, rue Louison Bobet - Zone de Kerjaouen,29000 Quimper. Comptes annuels et rapports de l'exercice clos le: 31 dÃ©cembre 2005.
11/01/2006	Bodacc B	Modifications et mutations diverses

0512 - RCS Quimper B 389 451 352. RC 93-B 264. ARMOR DEVELOPPEMENT. Forme : S.A. Adresse du siÃ¨ge social : zone de Kerjaouen, 21-23 rue Louison-Bobet,, 29000 Commentaires : modification survenue sur l'administration. Administration : prÃ©sident du conseil d'administration et directeur gÃ©nÃ©ral : LE FLOCH (Jean, Guy) (Nom d'usage : LE FLOCH). Administrateurs : V.F.P. XII, reprÃ©sentÃ©e par KEREZEON (Gilles) (Nom d'usage : KEREZEON) GUEGUEN (Michel) (Nom d'usage : GUEGUEN) SIGEFI, reprÃ©sentÃ©e par PUGET (Antoine) (Nom d'usage : PUGET) IPO-INSTITUT DE PARTICIPATIONS DE L'OUEST, reprÃ©sentÃ©e par ROUAULT DE LA VIGNE (FranÃ§ois) (Nom d'usage : ROUAULT DE LA VIGNE) PERROT (JoÃ«lle) (Nom d'usage : LE FLOC'H). Commissaires aux comptes titulaires : FARO (Claude) (Nom d'usage : FARO) STE CONSTANTIN ASSOCIES. Co-commissaire aux comptes titulaire : VESQUE (Danielle) (Nom d'usage : VESQUE). Commissaire aux comptes supplÃ©ant : CART-TANNEUR (Gilles) (Nom d'usage : CART-TANNEUR). Date d'effet : 20 juin 2005.
28/12/2005	Bodacc C	Avis de dÃ©pÃ´t des comptes

2453 - RCS Quimper B 389 451 352. RC 93-B 264. ARMOR DEVELOPPEMENT. Forme: S.A. Adresse du siÃ¨ge social: 21/23, rue Louison Bobet - Zone de Kerjaouen,29000 Quimper. Comptes annuels et rapports de l'exercice clos le: 31 dÃ©cembre 2004.
28/12/2005	Bodacc C	Avis de dÃ©pÃ´t des comptes

2454 - RCS Quimper B 389 451 352. RC 93-B 264. ARMOR DEVELOPPEMENT. Forme: S.A. Adresse du siÃ¨ge social: 21/23, rue Louison Bobet - Zone de Kerjaouen,29000 Quimper. Comptes annuels et rapports de l'exercice clos le: 31 dÃ©cembre 2004.
14/10/2004	Bodacc B	Modifications et mutations diverses

RCS Quimper B 389451352 RC 93-B 264 ARMOR DEVELOPPEMENT. Forme : S.A. Adresse du siÃ¨ge social : zone de Kerjaouen, 21- 23 rue Louison-Bobet, 29000 Quimper. Commentaires : modification survenue sur l'adresse du siÃ¨ge social. Date d'effet : 24 juin 2004.
08/08/2004	Bodacc B	Modifications et mutations diverses

RCS Paris B 389451352 RC 92-B 15142 V.F. P. XI. Forme : S.A. Adresse du siÃ¨ge social : 13 rue d'UzÃ¨s, 75002 Paris Date de radiation: 26 juillet 2004.
06/05/2004	Bodacc B	Modifications et mutations diverses

RCS Quimper B 389451352 RC 93-B 264 ARMOR DEVELOPPEMENT. Forme : S.A. Adresse du siÃ¨ge social : 60 B rue Guy-Autret, 29000 Quimper. Commentaires : modification survenue sur l' administration. Administration : prÃ©sident du conseil d'administration et directeur gÃ©nÃ©ral : LE FLOCH (Jean, Guy) ( Nom d'usage : LE FLOCH). Administrateurs : V.F.P. XII, reprÃ©sentÃ©e par KEREZEON (Gilles) ( Nom d'usage : KEREZEON) GUEGUEN (Michel) ( Nom d'usage : GUEGUEN) SIGEFI, reprÃ©sentÃ©e par TOUX (Jean, Christophe) ( Nom d'usage : TOUX) IPO-INSTITUT DE PARTICIPATIONS DE L'OUEST, reprÃ©sentÃ© par ROUAULT DE LA VIGNE ( FranÃ§ois) ( Nom d'usage : ROUAULT DE LA VIGNE) PERROT (Joelle) ( Nom d' usage : LE FLOC'H). Commissaire aux comptes titulaire : STE CONSTANTIN ASSOCIES. Co-commissaires aux comptes titulaires : STE GORIOUX FARO ET ASSOCIES VESQUE (Danielle) ( Nom d' usage : VESQUE). Commissaire aux comptes supplÃ©ant : CART-TANNEUR ( Gilles) ( Nom d'usage : CART-TANNEUR). Date d'effet : 14 octobre 2003.
08/01/2004	Bodacc B	Modifications et mutations diverses

RCS Quimper B 389451352 RC 93-B 264 ARMOR DEVELOPPEMENT. Forme : S.A. Capital : 4 500 000 euros. Adresse du siÃ¨ge social : 60 bis rue Guy-Autret, 29000 Quimper. Commentaires : modification survenue sur le capital (augmentation) et l' administration. Administration : prÃ©sident du conseil d'administration et directeur gÃ©nÃ©ral : LE FLOCH (Jean, Guy) ( Nom d'usage : LE FLOCH). Administrateurs : V.F.P. XII, reprÃ©sentÃ©e par PERROT (Joelle) ( Nom d' usage : LE FLOCH) GUEGUEN (Michel) ( Nom d'usage : GUEGUEN) SIGEFI, reprÃ©sentÃ©e par TOUX (Jean, Christophe) ( Nom d'usage : TOUX). Commissaire aux comptes titulaire : STE CONSTANTIN ASSOCIES. Co-commissaires aux comptes titulaires : STE GORIOUX FARO ET ASSOCIES VESQUE (Danielle) ( Nom d' usage : VESQUE). Commissaire aux comptes supplÃ©ant : CART-TANNEUR ( Gilles) ( Nom d'usage : CART-TANNEUR). Date d'effet : 28 octobre 2003.
24/02/2002	Bodacc B	Modifications et mutations diverses

RCS Quimper B 389451352 RC 93-B 264 ARMOR DEVELOPPEMENT. Forme : S.A. Capital : 4 452 822,36 euros. Adresse du siÃ¨ge social : 60 bis rue Guy-Autret, 29000 Quimper. Commentaires : modification survenue sur l'administration. Administration : P.-D.G. : LE FLOCH ( Jean, Guy) ( Nom d'usage : LE FLOCH). Administrateurs : V.F.P. XII, reprÃ©sentÃ©e par PERROT (Joelle) ( Nom d' usage : LE FLOCH) GUEGUEN (Michel) ( Nom d'usage : GUEGUEN) SIGEFI, reprÃ©sentÃ©e par TOUX (Jean, Christophe) ( Nom d'usage : TOUX). Commissaire aux comptes titulaire : STE CONSTANTIN ASSOCIES. Co-commissaires aux comptes titulaires : STE GORIOUX FARO ET ASSOCIES VESQUE (Danielle) ( Nom d' usage : VESQUE). Commissaire aux comptes supplÃ©ant : CART-TANNEUR ( Gilles) ( Nom d'usage : CART-TANNEUR). Date d'effet : 27 fÃ©vrier 2001.
12/07/2000	Bodacc B	Modifications et mutations diverses

RCS Quimper B 389451352 RC 93-B 264 ARMOR DEVELOPPEMENT. Forme : S.A. Capital : 29 208 600 F. Adresse du siÃ¨ge social : 60 bis rue Guy-Autret, 29000 Quimper. Commentaires : modification survenue sur l'administration. Administration : P.-D.G. LE FLOCH (Jean, Guy) ( Nom d'usage : LE FLOCH). Administrateurs : V.F.P. XII, reprÃ©sentÃ©e par PERROT (Joelle) ( Nom d' usage : LE FLOCH) GUEGUEN (Michel) ( Nom d'usage : GUEGUEN) SIGEFI, reprÃ©sentÃ©e par DUVAL-ARNOUX (Joel) ( Nom d'usage : DUVAL-ARNOUX). Co- commissaire aux comptes titulaire : STE SOCOGERE. Commissaire aux comptes titulaire : STE CONSTANTIN ASSOCIES. Co- commissaire aux comptes supplÃ©ant : THOMAZO (Yves) ( Nom d'usage : THOMAZO) . Commissaire aux comptes supplÃ©ant : CART-TANNEUR (Gilles) ( Nom d'usage : CART-TANNEUR). Date d'effet : 31 aout 1999.
12/07/2000	Bodacc B	Modifications et mutations diverses

RCS Quimper B 389451352 RC 93-B 264 ARMOR DEVELOPPEMENT. Forme : S.A. Capital : 29 208 600 F. Adresse du siÃ¨ge social : 60 bis rue Guy-Autret, 29000 Quimper. Commentaires : modification survenue sur l'administration. Administration : P.-D.G. LE FLOCH (Jean, Guy) ( Nom d'usage : LE FLOCH). Administrateurs : V.F.P. XII, reprÃ©sentÃ©e par PERROT (Joelle) ( Nom d' usage : LE FLOCH) GUEGUEN (Michel) ( Nom d'usage : GUEGUEN) SIGEFI, reprÃ©sentÃ©e par DUVAL-ARNOUX (Joel) ( Nom d'usage : DUVAL-ARNOUX). Co- commissaire aux comptes titulaire : STE SOCOGERE. Commissaire aux comptes titulaire : STE CONSTANTIN ASSOCIES. Co- commissaire aux comptes supplÃ©ant : THOMAZO (Yves) ( Nom d'usage : THOMAZO) . Commissaire aux comptes supplÃ©ant : CART-TANNEUR (Gilles) ( Nom d'usage : CART-TANNEUR). Date d'effet : 26 octobre 1999.
13/04/1999	Bodacc B	Modifications et mutations diverses

Ancienne situation du siÃ¨ge social. RCS Quimper B 389 451 352 RC 93-B 264 ARMOR DEVELOPPEMENT. Forme : S.A. Capital : 36 000 200 F. Adresse : 60 bis rue Guy- Autret 29000 Quimper Nouvelle situation du siÃ¨ge social. Capital : 29 208 600 F. Administration : anciens administrateurs CAPITAL PRIVE et HOCHE INVESTISSEMENTS. Nouvel administrateur : STE SIGEFI, reprÃ©sentÃ©e par AUBERT (Philippe). Ancien co-commissaire aux comptes titulaire : B.D.O. GENDROT. Nouveau co- commissaire aux comptes titulaire : STE CONSTANTIN ASSOCIES. Ancien co- commissaire aux comptes supplÃ©ant : GUIFFAUT (Patrick). Nouveau co- commissaire aux comptes supplÃ©ant : CART-TANNEUR (Gilles) Ã compter du:30 octobre 1998. Commentaires : rÃ©duction du capital de 36 000 200 F Ã 25 300 600 F, puis augmentation pour le porter Ã 29 208 600 F. Date d'effet : 29 dÃ©cembre 1998.
14/05/1995	Bodacc B	Modifications et mutations diverses

Ancienne situation du siÃ¨ge social. RCS Quimper B 389451352 RC 93-b 264 ARMOR DEVELOPPEMENT. Forme : S.A. Capital : 15 000 000 F (fixe). Adresse : rue de la Bonneterie, 29000 Quimper Nouvelle situation du siÃ¨ge social. Capital : 18 000 100 F Extention d'activitÃ©: nÃ©goce de textiles. Administration : ancien administrateur : HOCHE INVESTISSEMENT nouveaux administrateurs : GUEGUEN ( Michel) et HOCHE INVESTISSEMENTS Ã compter du:3 octobre 1994. Date d'effet : 24 octobre 1994.

Company events history

Date	Description
25/02/2013	Bodacc C : Deposit accounts notice
22/02/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
06/07/2012	New subsidiarie(s) detected
03/02/2012	New shareholders detected
03/02/2012	New subsidiarie(s) detected
07/01/2012	New shareholders detected
31/12/2011	New accounts available
21/09/2011	Bodacc C : Deposit accounts notice
11/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/01/2011	Bodacc B: Various editing or changing
31/12/2010	New consolidated accounts available
31/12/2010	New accounts available
17/12/2010	New auditor
17/12/2010	Minutes of general meeting of shareholders
03/12/2010	New shareholders detected
12/11/2010	New subsidiarie(s) detected
02/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New consolidated accounts available
31/12/2009	New accounts available
26/08/2009	Bodacc C : Deposit accounts notice
12/08/2009	Bodacc B: Various editing or changing
24/07/2009	Minutes of general meeting of shareholders
24/07/2009	Appointment/resignation of company officers
24/07/2009	Private document
24/07/2009	Changes to the Board of Directors
31/12/2008	New accounts available
25/09/2008	Bodacc C : Deposit accounts notice
06/02/2008	Bodacc B: Various editing or changing
06/02/2008	New Bodacc B ads detected
31/12/2007	New accounts available
31/12/2007	New consolidated accounts available
11/12/2007	Update of Company Activity
11/12/2007	Modification of Company Activity
03/12/2007	Minutes of general meeting of shareholders
03/12/2007	PV d'AssemblÃ©e
03/12/2007	Statuts mis Ã jour
03/12/2007	Private document
03/12/2007	Change to corporate purpose
03/12/2007	Modification de l'objet social
03/12/2007	Updated articles of association
20/06/2007	Update of Company Activity
20/06/2007	Modification of Company Activity
20/04/2007	Changes to the Board of Directors
20/04/2007	Minutes of Board meeting
20/04/2007	Appointment/resignation of company officers
20/04/2007	PV du Conseil d'Administration
20/04/2007	Private document
31/12/2006	New consolidated accounts available
31/12/2006	New accounts available
31/12/2005	New consolidated accounts available
31/12/2005	New accounts available
15/12/2005	Modification du Conseil d'Administration
15/12/2005	Acte sous seing privÃ©
15/12/2005	Private document
15/12/2005	Appointment/resignation of company officers
15/12/2005	Nomination/dÃ©mission des organes de gestion
15/12/2005	Minutes of general meeting of shareholders
15/12/2005	PV d'AssemblÃ©e
15/12/2005	Minutes of Board meeting
15/12/2005	PV du Conseil d'Administration
15/12/2005	Changement de Commissaire aux Comptes
15/12/2005	New auditor
15/12/2005	Acte modificatif
15/12/2005	Amendment
31/12/2004	New accounts available
30/09/2004	Transfert du SiÃ¨ge dans le ressort du Tribunal de Commerce
30/09/2004	Updated articles of association
30/09/2004	Registered office transferred inside jurisdiction of the Commercial Court
30/09/2004	PV d'AssemblÃ©e
30/09/2004	Acte sous seing privÃ©
30/09/2004	Minutes of general meeting of shareholders
30/09/2004	Private document
30/09/2004	Statuts mis Ã jour
08/04/2004	Acte sous seing privÃ©
08/04/2004	Nomination/dÃ©mission des organes de gestion
08/04/2004	PV d'AssemblÃ©e
08/04/2004	Modification du Conseil d'Administration
31/12/2003	New accounts available
17/12/2003	Acte sous seing privÃ©
17/12/2003	Augmentation de Capital
17/12/2003	Acte modificatif
17/12/2003	Changement de date de clÃ´ture
17/12/2003	Statuts mis Ã jour
17/12/2003	PV du Conseil d'Administration
17/12/2003	PV d'AssemblÃ©e
30/04/2003	New accounts available
05/02/2002	PV d'AssemblÃ©e
05/02/2002	Acte sous seing privÃ©
05/02/2002	Acte modificatif
21/06/2000	Nomination/dÃ©mission des organes de gestion
21/06/2000	PV du Conseil d'Administration
21/06/2000	Acte sous seing privÃ©
21/06/2000	Modification du Conseil d'Administration
20/06/2000	Acte sous seing privÃ©
20/06/2000	PV d'AssemblÃ©e
20/06/2000	Nomination/dÃ©mission des organes de gestion
20/06/2000	Changement de Commissaire aux Comptes
19/03/1999	Modification du Conseil d'Administration
19/03/1999	Augmentation de Capital
19/03/1999	Acte modificatif
19/03/1999	Acte sous seing privÃ©
19/03/1999	PV du Conseil d'Administration
19/03/1999	Statuts mis Ã jour
19/03/1999	Nomination/dÃ©mission des organes de gestion
19/03/1999	PV d'AssemblÃ©e
19/03/1999	RÃ©duction de Capital
19/03/1999	Changement de Commissaire aux Comptes
23/11/1998	Acte sous seing privÃ©
23/11/1998	PV d'AssemblÃ©e
23/11/1998	RÃ©duction de Capital
06/12/1996	Statuts mis Ã jour
06/12/1996	Augmentation de Capital
06/12/1996	PV d'AssemblÃ©e
06/12/1996	Acte sous seing privÃ©
10/01/1995	Modification de l'objet social
10/01/1995	PV d'AssemblÃ©e
10/01/1995	Modification du Conseil d'Administration
10/01/1995	PV du Conseil d'Administration
10/01/1995	Nomination/dÃ©mission des organes de gestion
10/01/1995	Acte modificatif
10/01/1995	Augmentation de Capital
10/01/1995	Statuts mis Ã jour
29/09/1994	Acte modificatif
29/09/1994	Modification du Conseil d'Administration
29/09/1994	Changement de PrÃ©sident (PDG, PCA)
29/09/1994	PV du Conseil d'Administration
29/09/1994	Nomination/dÃ©mission des organes de gestion
05/03/1994	PV d'AssemblÃ©e
28/04/1993	PV du Conseil d'Administration
28/04/1993	Nomination/dÃ©mission des organes de gestion
28/04/1993	Changement de dÃ©nomination sociale
28/04/1993	Immatriculation suite Ã transfert
28/04/1993	Modification du Conseil d'Administration
28/04/1993	Modification de l'objet social
28/04/1993	Statuts mis Ã jour
28/04/1993	PV d'AssemblÃ©e
28/04/1993	Changement de date de clÃ´ture
28/04/1993	DÃ©claration de conformitÃ©
28/04/1993	Acte modificatif
28/04/1993	Changement de Commissaire aux Comptes
28/04/1993	Augmentation de Capital
09/04/1993	PV d'AssemblÃ©e
09/04/1993	Nomination/dÃ©mission des organes de gestion
09/04/1993	Changement de date de clÃ´ture
09/04/1993	Modification du Conseil d'Administration
09/04/1993	Changement de dÃ©nomination sociale
09/04/1993	Transfert du SiÃ¨ge hors du ressort du Tribunal de Commerce
09/04/1993	Modification de l'objet social
09/04/1993	Augmentation de Capital
09/04/1993	Acte modificatif
14/12/1992	Nomination/dÃ©mission des organes de gestion
14/12/1992	Certificat de dÃ©pÃ´t des fonds
14/12/1992	Formation de SociÃ©tÃ©
14/12/1992	DÃ©claration de conformitÃ©
14/12/1992	Acte sous seing privÃ©
14/12/1992	PV d'AssemblÃ©e
14/12/1992	Statuts

Recent publications in Gazettes

Establishment events history

Date	Description
22/02/2013	Update Limit
22/02/2013	Update Rating
12/01/2013	Update of phone numbers
24/10/2012	Update of phone numbers
06/10/2012	Update Limit
08/09/2012	Update Rating
11/09/2011	Update Rating
11/09/2011	Update Limit
03/09/2011	Update Rating
06/05/2011	Update Rating
15/07/2010	Update Limit
29/12/2009	Update Rating
20/11/2009	Update of phone numbers
26/08/2009	Update Rating
26/08/2009	Update Limit
29/08/2008	Update Limit
03/07/2008	Update Rating
17/12/2007	Update Rating
14/12/2007	Update Limit
11/12/2007	Update of Establishment Activity
11/12/2007	Modification of Head office Activity
10/12/2007	Update Limit
09/12/2007	Update Limit
07/12/2007	Update Rating
06/12/2007	Update Limit
06/12/2007	Update Rating
28/08/2007	Update Limit
20/06/2007	Modification of Head office Activity
20/06/2007	Update of Establishment Activity

directors

Shareholder(s)

Name	V.F.P. XII
Name of representative	M KEREZEON GILLES
Manager position	Administrateur	Date of birth	15/03/1960
Place of birth	BREST (29)
Type	Moral person	Name at birth

Name	OUEST CROISSANCE
Name of representative	Mme SULGER ANNE
Manager position	Administrateur	Date of birth	06/04/1965
Place of birth	ANTONY (92)
Type	Moral person	Name at birth

Name	IPO - INSTITUT DE PARTICIPATIONS DE L'OUEST
Name of representative	M ROUAULT DE LA VIGNE FRANÃ‡OIS
Manager position	Administrateur	Date of birth	15/04/1950
Place of birth	ST MALO (35)
Type	Moral person	Name at birth

Name	M. LE FLOCH JEAN-GUY
Manager position	PrÃ©sident du conseil d'administration, Directeur gÃ©nÃ©ral	Date of birth	09/11/1953
Place of birth	CARHAIX PLOUGUER (29)
Type	Individual	Name at birth

Name	M. GUEGUEN MICHEL
Manager position	Administrateur	Date of birth	16/03/1954
Place of birth	CORAY (29)
Type	Individual	Name at birth

Name	Mme. LE FLOC'H JOÃ‹LLE
Manager position	Administrateur	Date of birth	15/11/1955
Place of birth	DOUARNENEZ (29)
Type	Individual	Name at birth	PERROT

Name	M. BEBON MARC
Manager position	Administrateur	Date of birth	30/01/1948
Place of birth	DINARD (35)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
PrÃ©sident du conseil d'administration	M JEAN-GUY LE FLOCH	09/11/1953 - CARHAIX-PLOUGUER
PrÃ©sident du conseil d'administration	M JEAN LE FLOCH	09/11/1953 - CARHAIX-PLOUGUER
Directeur gÃ©nÃ©ral	M JEAN-GUY LE FLOCH	09/11/1953 - CARHAIX-PLOUGUER
Directeur gÃ©nÃ©ral	M JEAN LE FLOCH	09/11/1953 - CARHAIX-PLOUGUER
Administrateur	M MARC BEBON	- - -
Administrateur	M MARC BEBON	30/01/1948 - DINARD
Administrateur	M MICHEL GUEGUEN	16/03/1954 - CORAY
Administrateur	IPO INSTITUT DE PARTICIPATIONS DE L'OUEST	15/04/1950 - SAINT MALO
Administrateur	IPO INSTITUT DE PARTICIPATIONS DE L'OUEST	15/04/1950 - SAINT MALO
Administrateur	MME JOELLE LE FLOC'H	- - -
Administrateur	MME JOELLE LE FLOC'H	- - -
Administrateur	OUEST CROISSANCE SA	06/04/1965 - ANTONY
Administrateur	OUEST CROISSANCE	- - -
Administrateur	SIGEFI	- - -
Administrateur	VFP XII	15/03/1960 - BREST

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.03
UK Pound	1	Rs.82.43
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

Company summary

accounts

judgements

Event history

Company events history

directors

Unit