MIRA INFORM REPORT

Report Date :

26.04.2013

IDENTIFICATION DETAILS

Name :	LISE CHARMEL LINGERIE
Registered Office :	45 Rue Saint Pierre De Vaise 69009 Lyon 9eme
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	December 1999
Com. Reg. No.:	RCS Lyon 0 428 688 634
Legal Form :	Public limited company with board of directors
Line of Business :	Manufacturer of Underwear
No. of Employees :	50 to 99 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
France	A1	A1

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

FRANCE - ECONOMIC OVERVIEW

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

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name

LISE CHARMEL LINGERIE

SIRET

428 688 634 00040

Personal comment

company summary

Trade name	LISE CHARMEL LINGERIE
		EUR VAT Number	FR47428688634
Activity (APE)	Manufacturer of Underwear (1414Z)	Legal form	Public limited company with board of directors
Phone	04 37 50 17 00	RCS Registration	RCS Lyon 0 428 688 634
Fax		Share capital	6,000,000 Euros
Address	LISE CHARMEL LINGERIE 45 RUE SAINT PIERRE DE VAISE 69009 LYON 9EME	Incorporated Date	12/1999
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Name	SAS LISE CHARMEL INDUSTRIE
Name of representative	M DAUMAL JACQUES
Manager position	Président	Date of birth
Place of birth	PARIS
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Président	SAS LISE CHARMEL INDUSTRIE	- - -

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

N/a

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	LISE CHARMEL INDUSTRIE	304538549

Ultimate Parent

1 ultimate parent company for this company >  LISE CHARMEL INDUSTRIE  - Activités des sièges sociaux (7010Z)  in LYON 9EME  (69009)

Group data

Ultimate parent company	LISE CHARMEL INDUSTRIE
Direct parent	LISE CHARMEL INDUSTRIE - 100 %
Group – Number of companies	5
Linkages – Number of companies	2
Number of countries	1

Company Name	SIREN	Parts	Last account published
LISE CHARMEL INDUSTRIE	304538549	-	31/12/2011
LISE CHARMEL LINGERIE	428688634	100%	31/12/2011
PROMINTIME	440411478	100%	31/12/2011
PROMINTIME IBER	3673628	100%	31/12/2011
PROMINTIME GMBH	-	100%	-

Company Name	SIREN	Last account	Turnover
PROMINTIME GMBH	HRB 16375	31/12/2011	-
CLAUDIA RÜDINGER GMBH	HRB 27239	31/12/2010	-

FINANCIAL INFORMATION

Turnover	42,215,218 €	39,744,823 €	38,871,935 €
Gross Operating Surplus	15,63 % Turnover	14,38 % Turnover	10,07 % Turnover
Shareholders’ equity	12,684,161 €	11,995,879 €	11,536,936 €
Net result	3,438,283 €	2,799,320 €	2,300,343 €

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	28/08/2012	14/09/2011	19/08/2010
Activity Code	1414Z	1414Z	1414Z
Employees	0	0	0

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	123 960	15,0%	107 809	5,6%	102 055	52 642	135,5%
- Intangible assets	87 246	101,7%	43 246	34,1%	32 246	12 001	627,0%
- Tangible assets	7 769	-28,4%	10 844	-43,5%	19 205	15 163	-48,8%
- Financial assets	28 945	-46,1%	53 718	6,2%	50 604	3 798	662,1%
Net current assets	26 283 846	6,6%	24 654 210	-4,9%	25 931 839	613 738	4182,6%
- Stocks	10 667 497	5,1%	10 146 555	2,1%	9 933 334	78 132	13553,2%
- Advanced payments	137 048	6,6%	58 013	36,1%	42 632	0	0%
- Receivables	14 433 643	8,3%	13 329 954	-12,4%	15 211 148	212 228	6701,0%
- Securities and cash	1 045 659	-6,6%	1 119 687	50,3%	744 725	77 390	1251,2%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	46 655	-14,3%	54 443	23,3%	44 157	0	0%
Total Assets	26 454 462	6,6%	24 816 462	-4,8%	26 078 051	749 764	3428,4%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	12 684 161	5,7%	11 995 879	4,0%	11 536 936	274 748	4516,7%
Share capital	6 000 000	0%	6 000 000	0%	6 000 000	71 160	8331,7%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	113 224	-13,6%	131 013	-11,9%	148 726	0	0%
Liabilities	13 653 111	7,6%	12 684 134	-11,8%	14 389 132	334 237	3984,9%
- Financial liabilities	328 674	1771,3%	17 564	-97,5%	697 025	23 059	1325,4%
- Advanced payments received	175 785	22,6%	143 430	0%	0	0	0%
- Trade account payables	10 437 744	24,4%	8 388 361	-12,7%	9 603 760	61 121	16977,2%
- Tax and social liabilities	1 161 493	1,3%	1 146 172	-5,7%	1 216 035	117 755,50	886,4%
- Other debts and fixed assets liabilities	1 553 380	-48,1%	2 994 043	4,1%	2 875 566	6 049	25579,9%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	26 454 461	6,6%	24 816 462	-4,8%	26 078 048	749 764	3428,4%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	43 564 436	5,9%	41 125 277	4,7%	39 286 008	958 747	4443,9%
Net turnover	42 215 218	6,2%	39 744 823	2,2%	38 871 935	990 443	4162,3%
- of which net export turnover	20 298 185	13,9%	17 826 542	-1,0%	18 009 074	0	0%
Operating charges	37 623 319	3,5%	36 342 342	2,9%	35 331 597	1 104 457	3306,5%
Operating profit/loss	5 941 117	24,2%	4 782 935	21,0%	3 954 411	4 863	122069,8%
Financial income	170 992	99,9%	85 546	-58,3%	205 322	1 820	9295,2%
Financial charges	504 255	-1,7%	512 752	-22,8%	663 836	2 116	23730,6%
Financial profit/loss	-333 263	22,0%	-427 206	6,8%	-458 514	-145	-229736,6%
Pre tax net operating income	5 607 854	28,7%	4 355 729	24,6%	3 495 897	4 174	134252,0%
Extraordinary income	23 885	-68,3%	75 414	109,2%	36 043	600	3880,8%
Extraordinary charges	80 542	-59,9%	200 956	42,8%	140 696	2 349	3328,8%
Extraordinary profit/loss	-56 657	54,9%	-125 542	-20,0%	-104 653	0	0%
Net result	3 438 283	22,8%	2 799 320	21,7%	2 300 343	4 173	82293,6%

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	26 454 462	6,6%	24 816 462	-4,8%	26 078 051
Gross	CO	31 195 879	5,3%	29 637 046	-2,9%	30 526 051
Amortisation	1A	4 741 418	-1,6%	4 820 583	8,4%	4 448 000

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	123 960	15,0%	107 809	5,6%	102 055
Gross	BJ	1 937 970	-3,6%	2 010 781	0,7%	1 996 137
Amortisation	BK	1 814 010	-4,7%	1 902 972	0,5%	1 894 082

Intangible fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	55 000	400%	11 000	0%	0
	Gross	AF	55 000	400%	11 000	0%	0
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	32 246	0%	32 246	0%	32 246
	Gross	AH	32 246	0%	32 246	0%	32 246
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	87 246	101,7%	43 246	34,1%	32 246

Tangible 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	7 129	-28,3%	9 937	-46,5%	18 560
Gross	AR	1 802 352	-4,0%	1 877 636	0%	1 877 636
Amortisation	AS	1 795 223	-3,9%	1 867 699	0,5%	1 859 076
Other tangible fixed assets	Net	640	-29,4%	907	40,6%	645
Gross	AT	19 427	-46,3%	36 181	1,5%	35 651
Amortisation	AU	18 787	-46,7%	35 273	0,8%	35 006
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	7 769		10 844		19 205

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	28 945	-46,1%	53 718	6,2%	50 604
Gross	BH	28 945	-46,1%	53 718	6,2%	50 604
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		28 945		53 718		50 604

Current Assets (III)

		31/12/2011		31/12/2010		31/12/2009
Total Assets	Net	26 283 846	6,6%	24 654 210	-4,9%	25 931 839
Gross	CJ	29 211 254	5,9%	27 571 821	-3,2%	28 485 757
Amortisation	CK	2 927 408	0,3%	2 917 611	14,2%	2 553 918

Stocks

		31/12/2011		31/12/2010		31/12/2009
Raw materials	Net	5 747 352	6,6%	5 389 116	5,6%	5 104 587
Gross	BL	6 870 100	8,7%	6 321 158	8,4%	5 828 742
Amortisation	BM	1 122 748	20,5%	932 042	28,7%	724 155
Work in progress (goods)	Net	225 373	-4,7%	236 410	35,4%	174 620
Gross	BN	225 373	-4,7%	236 410	35,4%	174 620
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	4 193 792	7,7%	3 892 654	-3,2%	4 021 148
Gross	BR	5 095 372	2,7%	4 959 545	2,9%	4 819 850
Amortisation	BS	901 579	-15,5%	1 066 890	33,6%	798 702
Goods for resale	Net	500 980	-20,3%	628 375	-0,7%	632 979
Gross	BT	500 980	-20,3%	628 375	-0,7%	632 979
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	10 667 497	5,1%	10 146 555	2,1%	9 933 334

Advance payments to suppliers

		31/12/2011		31/12/2010		31/12/2009
Advance payments to suppliers	Net	137 048	136,2%	58 013	36,1%	42 632
Gross	BV	137 048	136,2%	58 013	36,1%	42 632
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2011		31/12/2010		31/12/2009
Trade accounts receivable	Net	11 736 993	-0,5%	11 790 257	-14,7%	13 819 278
Gross	BX	12 640 073	-0,5%	12 708 936	-14,4%	14 850 339
Amortisation	BY	903 080	-1,7%	918 679	-10,9%	1 031 061
Other debtors	Net	2 233 400	66,6%	1 340 178	3,4%	1 295 686
Gross	BZ	2 233 400	66,6%	1 340 178	3,4%	1 295 686
Amortisation	CA	0	0%	0	0%	0
Capital subscribed and called up	Net	0	0%	0	0%	0
Gross	CB	0	0%	0	0%	0
Amortisation	CC	0	0%	0	0%	0
Sub Total Debtors	Net	13 970 393	6,4%	13 130 435	-13,1%	15 114 964

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	1 045 659	-6,6%	1 119 687	50,3%	744 725
Gross	CF	1 045 659	-6,6%	1 119 687	50,3%	744 725
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1 045 659	-6,6%	1 119 687	50,3%	744 725

Prepaid expenses

		31/12/2011		31/12/2010		31/12/2009
Prepaid expenses	Net	463 250	132,2%	199 519	107,4%	96 184
Gross	CH	463 250	132,2%	199 519	107,4%	96 184
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	46 655	-14,3%	54 443	23,3%	44 157
Gross		46 655	-14,3%	54 443	23,3%	44 157

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	26 454 461	6,6%	24 816 462	-4,8%	26 078 048

Shareholder Equity (I)

		31/12/2011		31/12/2010		31/12/2009
Total shareholders' equity (Total I)	DL	12 684 161	5,7%	11 995 879	4,0%	11 536 936
Equity and shareholders' equity	DA	6 000 000	0%	6 000 000	0%	6 000 000
Issue and merger premiums	DB	0	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	600 000	0%	600 000	0,0%	599 999
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	32 353	0%	32 353	0%	32 353
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	2 550 000	0%	2 550 000	0%	2 550 000
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	63 525	347,2%	14 205	-73,6%	53 862
Profit or loss for the period	DI	3 438 283	22,8%	2 799 320	21,7%	2 300 343
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	379

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	113 224	-13,6%	131 013	-11,9%	148 726
Risk provisions	DP	113 224	-13,6%	131 013	-11,9%	148 726
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2011		31/12/2010		31/12/2009
Total Liabilities (Total IV)	EC	13 653 111	7,6%	12 684 134	-11,8%	14 389 132
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	328 674	1771,3%	17 564	-97,5%	697 025
Sundry loans and financial liabilities	DV	0	0%	0	0%	0
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	175 785	22,6%	143 430	0%	0
Trade accounts payables	DX	10 437 744	24,4%	8 388 361	-12,7%	9 603 760
Tax and social security liabilities	DY	1 161 493	1,3%	1 146 172	-5,7%	1 216 035
Fixed asset liabilities	DZ	16 371	0%	16 371	0,0%	16 370
Other debts	EA	1 533 044	-48,4%	2 972 235	4,1%	2 855 942

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	3 965	-27,1%	5 437	67,1%	3 254

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	13 653 111	7,6%	12 684 134	0%	0
Of which current bank facilities	EH	328 674	1771,3%	17 564	-97,5%	697 025

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	5 941 117	24,2%	4 782 935	21,0%	3 954 411

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	-333 263	22,0%	-427 206	6,8%	-458 514

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	5 607 854	28,7%	4 355 729	24,6%	3 495 897

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-56 657	54,9%	-125 542	-20,0%	-104 653

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	3 438 283	22,8%	2 799 320	21,7%	2 300 343

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	43 759 313	6,0%	41 286 237	4,4%	39 527 373

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	40 321 031	4,8%	38 486 918	3,4%	37 227 026

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	43 564 436	5,9%	41 125 277	4,7%	39 286 008

Operating income (details)

		31/12/2011		31/12/2010		31/12/2009
Sale of goods for resale	FC	643 663	13,6%	566 368	-13,4%	654 199
France	FA	267 807	249,2%	76 697	0,1%	76 615
Export	FB	375 856	-23,2%	489 671	-15,2%	577 584
Sale of goods produced	FF	41 326 262	6,3%	38 890 382	2,4%	37 962 802
France	FD	21 506 501	-0,8%	21 682 274	5,1%	20 621 729
Export	FE	19 819 761	15,2%	17 208 107	-0,8%	17 341 073
Sale of services	FI	245 293	-14,9%	288 074	13,0%	254 934
France	FG	142 725	-10,4%	159 310	-3,2%	164 517
Export	FH	102 568	-20,3%	128 764	42,4%	90 417
Net turnover	FL	42 215 218	6,2%	39 744 823	2,2%	38 871 935
France	FJ	21 917 033	0,0%	21 918 281	5,1%	20 862 861
Export	FK	20 298 185	13,9%	17 826 542	-1,0%	18 009 074
Stocked production	FM	124 789	-38,1%	201 485	110,9%	-1 843 553
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	24 890	-10,4%	27 765	-94,6%	515 539
Release of reserves and provisions	FP	1 198 761	5,2%	1 139 374	-34,4%	1 737 665
Other income	FQ	778	-93,4%	11 829	167,5%	4 422

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	37 623 319	3,5%	36 342 342	2,9%	35 331 597

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	276 609	-42,1%	478 110	-8,7%	523 469
Change in stocks of goods for resale	FT	127 395	2667,1%	4 604	101,4%	-333 930
Purchase of raw materials	FU	11 927 040	0,8%	11 833 114	2,6%	11 530 013
Change in stocks of raw materials	FV	-548 942	-11,5%	-492 416	58,7%	-1 192 510
Other external purchases and charges	FW	20 697 443	7,8%	19 193 589	-3,7%	19 939 713
Tax, duty and similar payments	FX	425 478	4,8%	406 044	18,6%	342 449
Payroll	FY	2 007 007	0,0%	2 006 757	-1,9%	2 044 908
Social security costs	FZ	854 943	3,3%	827 596	6,9%	773 944

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	3 076	-65,4%	8 890	-40,1%	14 852
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	1 074 304	-20,4%	1 349 238	46,7%	919 615
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	778 966	7,2%	726 816	-5,5%	769 074

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	170 992	99,9%	85 546	-58,3%	205 322
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	27 700	181,2%	9 849	-87,9%	81 350
Released provisions and transferred charges	GM	54 443	23,3%	44 158	-23,7%	57 874
Exchange gains	GN	88 849	181,7%	31 539	-52,3%	66 098
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	504 255	-1,7%	512 752	-22,8%	663 836
Financial reserves and provisions	GQ	46 655	-14,3%	54 443	23,3%	44 157
Interest and similar charges	GR	251 020	-18,5%	308 071	-28,8%	432 855
Exchange losses	GS	206 580	37,5%	150 238	-19,6%	186 824
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	23 885	-68,3%	75 414	109,2%	36 043
Extraordinary operating income	HA	13 885	-48,6%	27 035	1296,4%	1 936
Extraordinary income from capital transactions	HB	0	0%	0	0%	2 300
Released provisions and transferred charges	HC	10 000	-79,3%	48 379	52,1%	31 807

Extraordinary charges (VIII)

		31/12/2011		31/12/2010		31/12/2009
Total extraordinary charges (Total VIII)	HH	80 542	-59,9%	200 956	42,8%	140 696
Extraordinary operating charges	HE	6 750	-96,3%	180 956	1674,8%	10 196
Extraordinary charges from capital transactions	HF	73 792	0%	0	0%	0
Extraordinary reserves and provisions	HG	0	0%	20 000	-84,7%	130 500

Employee profit sharing (IX)

		31/12/2011		31/12/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	320 361	24,5%	257 218	22,6%	209 742

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	1 792 554	52,7%	1 173 650	33,2%	881 155

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	134 253	-12,7%	153 828	-45,8%	283 873
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	638 747	6,7%	598 456	2,0%	586 840

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
Increases due to revaluation	OH	0	0%	0	0%	0
Decreases, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreases by budget item transfer	OK1	0	0%	0	0%	0
Decreases by transfers	OK2	116 811	2127,1%	5 245	48,9%	3 523
Gross value at the end of period	OL	1 937 970	-3,6%	2 010 780	0,7%	1 996 138

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
Increases due to revaluation	KB	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreases by budget item transfer	C01	0	0%	0	0%	0
Decreases 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	43 246	34,1%	32 246	0%	32 246
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	44 000	300%	11 000	0%	0
Decreases by budget item transfer	LV1	0	0%	0	0%	0
Decreases by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	87 246	101,7%	43 246	34,1%	32 246

Tangible fixed assets (Total III)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LN	1 913 817	0,0%	1 913 287	-0,2%	1 916 810
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	0	0%	529	0%	0
Decreases by budget item transfer	NG1	0	0%	0	0%	0
Decreases by transfers	NG2	92 038	0%	0	0%	3 523
Gross value at the end of period	NH	1 821 779	-4,8%	1 913 816	0,0%	1 913 287

Financial assets (Total IV)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LQ	53 718	6,2%	50 605	0%	50 605
Increases due to revaluation	LR	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	0	0%	8 358	0%	0
Decreases by budget item transfer	NJ1	0	0%	0	0%	0
Decreases by transfers	NJ2	24 773	372,3%	5 245	0%	0
Gross value at the end of period	NK	28 945	-46,1%	53 718	6,2%	50 605

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
Decreases		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
Decreases		PC	0	0%	0	0%	0
	Decreases 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	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreases		PG	0	0%	0	0%	0
	Decreases by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amortisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	1 902 973	0,5%	1 894 082	0,6%	1 882 753
Increases		QV	3 076	-65,4%	8 890	-40,1%	14 853
Decreases		QW	92 038	0%	0	0%	3 523
	Decreases by budget item transfer	QX	1 814 011	-4,7%	1 902 972	0,5%	1 894 083

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
	Decreases 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 beginning 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 beginning of period	7C	3 048 624	0%	0	0%	3 151 691
Increases		UB	1 120 959	0%	0	0%	1 094 274
Decreases		UC	1 128 951	0%	0	0%	1 542 938
	Value at the end of period	UD	3 040 632	0%	0	0%	2 703 027

Includes Total allocations

Operating	UE	1 074 304	0%	0	0%	919 616
Financial	UG	46 655	0%	0	0%	44 158
Exceptional	UJ	0	0%	0	0%	130 500

Includes Total Withdrawal

Operating	UF	1 064 508	0%	0	0%	1 453 793
Financial	UH	54 443	0%	0	0%	57 338
Exceptional	UK	10 000	0%	0	0%	31 808

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	3Z	0	0%	0	0%	6 256
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	5 877
	Value at the end of period	TU	0	0%	0	0%	379

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	5Z	131 012	0%	0	0%	57 338
Increases		TV	46 655	0%	0	0%	174 658
Decreases		TW	64 443	0%	0	0%	83 269
	Value at the end of period	TX	113 224	0%	0	0%	148 727

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	7B	2 917 612	0%	0	0%	3 088 097
Increases		TY	1 074 304	0%	0	0%	919 616
Decreases		TZ	1 064 508	0%	0	0%	1 453 792
	Value at the end of period	UA	2 927 408	0%	0	0%	2 553 921

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	15 365 668	7,4%	14 302 351	-12,2%	16 292 817
1 year at most	VU	15 336 723	7,6%	14 248 633	-12,3%	16 242 212
More than one year	VV	28 945	-46,1%	53 718	6,2%	50 605

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	28 945	-46,1%	53 718	6,2%	50 605
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	1 134 141	-6,4%	1 211 833	-10,9%	1 359 611
Other claims customer	UX	11 505 932	0,1%	11 497 102	-14,8%	13 490 729
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	6 759	61,0%	4 197	-39,9%	6 985
Social Security and other social organizations	UZ	0	0%	235	-99,3%	34 908
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	427 478	93,5%	220 883	-58,1%	527 100
Other taxes and payments assimilated	VN	0	0%	3 395	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	39 316
Group and Associates	VC	899 633	0%	0	0%	662 155
Accounts receivable (including claims relating to the operation of pension titles)	VR	899 530	-19,1%	1 111 469	4306,6%	25 223

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	463 250	132,2%	199 519	107,4%	96 185

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	13 477 327	7,5%	12 540 704	-12,8%	14 389 136
1 year at most		VZ2	13 477 327	7,5%	12 540 704	-12,8%	14 389 136
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	328 674	1771,3%	17 564	-97,5%	697 025
1 year at most		VG2	328 674	1771,3%	17 564	-97,5%	697 025
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	10 437 744	24,4%	8 388 361	-12,7%	9 603 761
1 year at most		8B2	10 437 744	24,4%	8 388 361	-12,7%	9 603 761
More than 1 year and 5 years at most		8B3	10 437 744	24,4%	8 388 361	-12,7%	9 603 761
	Personnel and associated accounts (gross)	8C1	563 293	5,4%	534 447	1,8%	524 784
1 year at most		8C2	563 293	5,4%	534 447	1,8%	524 784
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	415 629	4,7%	396 868	-16,8%	477 255
1 year at most		8D2	415 629	4,7%	396 868	-16,8%	477 255
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	161 209	-11,2%	181 547	-13,0%	208 769
1 year at most		VW2	161 209	-11,2%	181 547	-13,0%	208 769
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	21 363	-35,9%	33 310	537,1%	5 228
1 year at most		VQ2	21 363	-35,9%	33 310	537,1%	5 228
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	16 371	0%	16 371	0%	16 371
1 year at most		8J2	16 371	0%	16 371	0%	16 371
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	439 438	0%	0	0%	1 708 270
1 year at most		VI2	439 438	0%	0	0%	1 708 270
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	1 093 606	-63,2%	2 972 236	159,0%	1 147 673
1 year at most		8K2	1 093 606	-63,2%	2 972 236	159,0%	1 147 673
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	0	0%	0	0%	0

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		7,54	8,0%	6,98	2,6%	6,80	2,10	259,0%
Global Debt		116 days	0,9%	115 days	-13,5%	133 days	113,50 days	2,2%
Working Capital Fund overall net		108 days	-0,9%	109 days	1,9%	107 days	106,50 days	1,4%
Financial independence		3859,19%	-94,3%	68298,10%	4026,3%	1655,17%	750,81%	414,0%
More ratios
Solvability		47,95%	-0,8%	48,34%	9,3%	44,24%	47,95%	0%
Capacity debt futures		3859,19%	-94,3%	68298,10%	4026,3%	1655,17%	1644,80%	134,6%
Coverage of current assets by net working capital overall		44,08%	0,4%	43,91%	7,6%	40,80%	52,64%	-16,3%
General Liquidity		1,14	0%	1,14	0,9%	1,13	0,76	50,0%
Restricted Liquidity		1,22	-0,8%	1,23	4,2%	1,18	1,37	-10,9%

Management or rotation

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital	98 days	1,0%	97 days	-8,5%	106 days	48 days	104,2%
Treasury	6 days	-40,0%	10 days	0%	0 days	29 days	-79,3%
Inventory turnover of goods	446 days	-4,9%	469 days	-61,0%	1202 days	77 days	479,2%
Average length of credit granted to customers	108 days	-6,1%	115 days	-16,7%	138 days	47,50 days	127,4%
Average length of credit obtained suppliers	116 days	19,6%	97 days	-14,2%	113 days	46 days	152,2%
More ratios
Inventory turnover of raw materials in industrial enterprises	201 days	8,6%	185 days	6,9%	173 days	121 days	66,1%
Inventory turnover of intermediate and finished products in the industrial enterprise	2317 days	11,6%	2077 days	2,2%	2032 days	1277,50 days	81,4%
Rotation tangible assets	2317,25%	11,6%	2076,73%	2,2%	2031,68%	956,28%	142,3%

Profitability of the business

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading	0,57%	171,4%	0,21%	-82,5%	1,20	0%	0%
Profitability of the business	15,63	8,7%	14,38	42,8%	10,07	2,21%	607,2%
Net profit	8,14%	15,6%	7,04%	18,9%	5,92%	1,10%	640,0%
More ratios
Growth rate of turnover (excluding VAT)	6,22%	176,4%	2,25%	129,3%	-7,68%	1,93%	222,3%
Rates integration	23,36%	4,0%	22,47%	33,1%	16,88%	33,05%	-29,3%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	29,02%	-8,6%	31,74%	-26,1%	42,96%	84,29%	-65,6%
Weight interests	1,19	-7,8%	1,29%	-24,6%	1,71%	0,43%	176,7%

Return on capital

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability	5,76%	-20,6%	7,25%	198,4%	2,43%	1,98%	190,9%
Rates of economic profitability	51%	6,2%	48%	50,0%	32%	7%	628,6%
Financial profitability	12684161%	5,7%	11995879%	4,0%	11536936%	274748%	4516,7%
Return on investment	30,30%	9,9%	27,57%	13,8%	24,23%	6,19%	389,5%

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	42 215 218	6,2%	39 744 823	2,2%	38 871 935	990 443 €	4162,3%

Sales of goods	643 663	13,6%	566 368	-13,4%	654 199
- Purchase of goods	276 609	-42,1%	478 110	-8,7%	523 469
+/- Stock of goods variation	127 395	2667,1%	4 604	101,4%	-333 930
Trading margin	239 659 €	186,5%	83 654 €	-82,0%	464 660 €	0 €	0%
	0,57 % CA	171,4%	0,21 % CA	-82,5%	1,20 % CA	0 % CA	0%

Sale of goods produced	41 571 555	6,1%	39 178 456	2,5%	38 217 736
+/- Stocked production	124 789	-38,1%	201 485	110,9%	-1 843 553
+ Self-constructed assets	0	0%	0	0%	0
Period production	41 696 344 €	5,9%	39 379 941 €	8,3%	36 374 183 €	590 298 €	6963,6%
	98,77 % CA	-0,3%	99,08 % CA	5,9%	93,57 % CA	99,87 % CA	-1,1%

Trading margin	239 659	186,5%	83 654	-82,0%	464 660	0	0%
+ Period Production	41 696 344	5,9%	39 379 941	8,3%	36 374 183	590 298	6963,6%
- Purchase of raw materials	11 927 040	0,8%	11 833 114	2,6%	11 530 013
+/- Change in stocks of raw materiels	-548 942	-11,5%	-492 416	58,7%	-1 192 510
- Other external purchases and charges	20 697 443	7,8%	19 193 589	-3,7%	19 939 713
Added value	9 860 462 €	10,4%	8 929 308 €	36,1%	6 561 627 €	389 580 €	2431,0%
	23,36 % CA	4,0%	22,47 % CA	33,1%	16,88 % CA	33,05 % CA	-29,3%

Added value	9 860 462 €	10,4%	8 929 308 €	36,1%	6 561 627 €	389 580 €	2431,0%
+ Operating grants	24 890	-10,4%	27 765	-94,6%	515 539
- Tax, duty and similar payments	425 478	4,8%	406 044	18,6%	342 449
- Personal charges	2 861 950	1,0%	2 834 353	0,5%	2 818 852
Gross operating surplus	6 597 924 €	15,4%	5 716 676 €	46,0%	3 915 865 €	5 854 €	112608,0%
	15,63 % CA	8,7%	14,38 % CA	42,8%	10,07 % CA	2,21 % CA	607,2%

Gross operating surplus	6 597 924 €	15,4%	5 716 676 €	46,0%	3 915 865 €	5 854 €	112608,0%
+ Release of reserves and provisions	1 198 761	5,2%	1 139 374	-34,4%	1 737 665
+ Other operating income	778	-93,4%	11 829	167,5%	4 422
- Depreciation/Amortisation	1 077 380	-20,7%	1 358 128	45,3%	934 467
- Other charges	778 966	7,2%	726 816	-5,5%	769 074
Operating result	5 941 117 €	24,2%	4 782 935 €	21,0%	3 954 411 €	4 863 €	122069,8%
	14,07 % CA	17,0%	12,03 % CA	18,3%	10,17 % CA	1,27 % CA	1007,9%

Operating result	5 941 117 €	24,2%	4 782 935 €	21,0%	3 954 411 €	4 863 €	122069,8%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	170 992	99,9%	85 546	-58,3%	205 322
- Financial charges	504 255	-1,7%	512 752	-22,8%	663 836
Pre-tax result	5 607 854 €	28,7%	4 355 729 €	24,6%	3 495 897 €	4 174 €	134252,0%
	13,28 % CA	21,2%	10,96 % CA	21,9%	8,99 % CA	1,36 % CA	876,5%

Extraordinary income	23 885	-68,3%	75 414	109,2%	36 043	600	3880,8%
- Extraordinary charges	80 542	-59,9%	200 956	42,8%	140 696
Extraordinary result	-56 657 €	54,9%	-125 542 €	-20,0%	-104 653 €	0 €	0%
	-0,13 % CA	59,4%	-0,32 % CA	-18,5%	0 % CA	-00,02 % CA	-550,0%

Pre-tax result	5 607 854 €	28,7%	4 355 729 €	24,6%	3 495 897 €	4 174 €	134252,0%
Extraordinary result	-56 657 €	54,9%	-125 542 €	-20,0%	-104 653 €	0 €	0%
- Employee profit sharing	320 361	24,5%	257 218	22,6%	209 742
- Tax on profits	1 792 554	52,7%	1 173 650	33,2%	881 155
Net result	3 438 282 €	22,8%	2 799 319 €	21,7%	2 300 347 €	4 174 €	82273,8%
	8,14 % CA	15,6%	7,04 % CA	18,9%	5,92 % CA	1,10 % CA	640,0%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

company details

Activity (APE)	Fabrication de vêtements de dessous (1414Z)
RCS Registration	RCS Lyon 0 428 688 634	Share capital	6,000,000 Euros
Registration Court	Lyon (69)	Legal form	Public limited company with board of directors
Court Registry Number	20 0 2B029	EUR VAT Number	FR47428688634
Incorporation Date	12/1999	Formation Date	12/1999
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Trade name	LISE CHARMEL LINGERIE
Activity (APE)	Fabrication de vêtements de dessous (1414Z)	Business Pages FT®
Postal Address	LISE CHARMEL LINGERIE 45 RUE SAINT PIERRE DE VAISE 69009 LYON 9EME	Trading Address	45 RUE SAINT PIERRE DE VAISE 69009 LYON 9EME
Telephone	04 37 50 17 00
Fax

Type	Head office (one site company)	Status	Economically active
Formation Date	05/2006	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Rhône (69)	Region	Rhône-Alpes
District	1	Area	99
City	LYON 9EME	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	1 branch entities in this company
Head office	> LISE CHARMEL LINGERIE <<<  - Fabrication de vêtements de dessous (1414Z)  in LYON 9EME  (69009)
Secondary establishments

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

Workforces

Workforce at address

Workforce unknown

Company workforce

50 to 99 employees

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
06/09/2012	Bodacc C	Comptes annuels et rapports
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 7546 - 428688634 RCS. LISE CHARMEL LINGERIE. Forme : Société par Actions Simplifiée. Adresse : 45 rue Saint Pierre de Vaise 69009 Lyon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
16/09/2010	Bodacc C	Comptes annuels et rapports
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 7640 - 428688634 RCS. LISE CHARMEL LINGERIE. Forme : Société par Actions Simplifiée. Adresse : 45 rue Saint Pierre de Vaise 69009 Lyon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
22/02/2010	Bodacc C	Comptes annuels et rapports
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 8092 - 428688634 RCS. LISE CHARMEL LINGERIE. Forme : Société par Actions Simplifiée. Adresse : 45 rue Saint Pierre de Vaise 69009 Lyon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
05/12/2008	Bodacc C	Comptes annuels et rapports
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE LYON 6380 - 428688634 RCS. LISE CHARMEL LINGERIE. Forme : Société par Actions Simplifiée. Adresse : 45 rue Saint Pierre de Vaise 69009 Lyon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
14/12/2007	Bodacc C	Avis de dépôt des comptes
7534 - 428 688 634. RCS Lyon LISE CHARMEL LINGERIE. Forme: société par actions simplifiée. Adresse du siège social: 45 rue Saint Pierre de Vaise 69009 Lyon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
19/12/2006	Bodacc C	Avis de dépôt des comptes
3907 - RCS Lyon B 428 688 634. RC 02-B 2971. LISE CHARMEL LINGERIE. Forme: S.A.S. Adresse du siège social: 45, Rue Saint Pierre de Vais,69009 Lyon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
27/08/2006	Bodacc B	Modifications et mutations diverses
1097 - RCS Lyon 428 688 634. RC 02-B 02971. LISE CHARMEL LINGERIE. Forme : S.A.S. Adresse du siège social : 45 rue Saint-Pierre-de-Vaise,, 69009 Commentaires : modification survenue sur l'adresse du siège social.
25/12/2005	Bodacc C	Avis de dépôt des comptes
2986 - RCS Lyon B 428 688 634. RC 02-B 2971. LISE CHARMEL LINGERIE. Forme: S.A.S. Adresse du siège social: 66, Cours Charlemagne,69002 Lyon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
15/01/2004	Bodacc B	Modifications et mutations diverses
RCS Lyon 428688634 RC 02-B 02971 LISE CHARMEL LINGERIE. Forme : S.A.S. Adresse du siège social : 66 cours Charlemagne, 69002 Lyon. Administration : président : S.A.S. LISE CHARMEL INDUSTRIE. Commentaires : modification survenue sur l'administration.
25/02/2003	Bodacc B	Modifications et mutations diverses
RCS Lyon 428688634 RC 02-B 02971 LISE CHARMEL LINGERIE. Forme : S.A.S. Capital : 6 000 000 d'euros. Adresse du siège social : 66 cours Charlemagne, 69002 Lyon Etablissement principal: Activité : création, fabrication, distribution sous toutes formes, représentation et import-export d'articles de confection, de bonneterie et de corsèterie d'une manière générale, toutes activités liées à l'industrie de l'habillement pour hommes, femmes et enfants. Vente de tous accessoires tel que sacs, chaussures, ceintures, bijoux et parfums pour hommes, femmes et enfants. Adresse : 66 cours Charlemagne, 69002 Lyon. Administration : nomination en qualité de président : LISE CHARMEL, représentée par DAUMAL (Jacques), ancien président du conseil d' administration. Administrateurs partants : DAUMAL (Emmanuelle, Béatrice, Antoinette, Simone) et DONNET (Gilles, Maurice). Commentaires : modification survenue sur la forme juridique, le capital, l'activité et l'adresse de l' établissement principal.
29/01/2003	Bodacc B	Modifications et mutations diverses
RCS Lyon 428688634 A dater du: 3 octobre 2002 RC 02-B 02971 LISE CHARMEL LINGERIE. Forme : S.A. à conseil d' administration. Capital : 40 000 euros. Adresse du siège social : 66 cours Charlemagne, 69002 Lyon. Administration : président du conseil d'administration : DAUMAL (Jacques). Administrateurs : DAUMAL (Emmanuelle, Béatrice, Antoinette, Simone) DONNET (Gilles, Maurice). Commissaire aux comptes titulaire : H.L.B. ORFIS. Commissaire aux comptes suppléant : GENEVOIS (Bruno). Commentaires : cette société transfère son siège social du 39 rue de Bassano, 75008 Paris Etablissement principal: Activité : création, fabrication, vente de tous articles en soie naturelle, en textile naturel ou artificiel en général, tout tissu propre aux vetements et sous-vetements masculins, féminins ou pour enfants, y compris gaines, soutiens-gorge, corsets, maillots de bain et coordonnés. Création, fabrication, commercialisation, distribution sous toutes ses formes, représentation, import-export de tous accessoires, sacs, chaussures, ceintures, foulards, bijoux et parfums. Adresse : 66 cours Charlemagne, 69002 Lyon. Date d'effet : 18 septembre 2002.
09/01/2000	Bodacc A	Création d'établissement
RCS Paris B 428688634 RC 99-B 19348 DEM 4. Forme : S.A. Capital : 40 000 euros. Activité : études, mise au point et réalisation de tous projets financiers, industriels, agricoles, miniers, commerciaux et immobiliers création, réorganisation, controle sous toutes formes, prise de participations dans toutes entreprises financières, industrielles, agricoles, minières, commerciales et immobilières. Adresse du siège social : 39 rue de Bassano, 75008 Paris. Administration : président du conseil d'administration : MANGIN D' OUINCE (Didier). Administrateurs : BELLEAU (Jean-Marc) MARCHAND (Bruno). Commissaire aux comptes titulaire : FLEURY (Pascal). Commissaire aux comptes suppléant : KAYSER (Jean) Cette société se constitue Date de début d' activité: 10 décembre 1999.

Company events history

Date	Description
06/09/2012	Bodacc C : Deposit accounts notice
29/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
06/07/2012	New ultimate parent
06/07/2012	New parent detected
31/12/2011	New accounts available
19/09/2011	Bodacc C : Deposit accounts notice
15/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
16/09/2010	Bodacc C : Deposit accounts notice
22/02/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
11/09/2009	Collection of preferential rights activated for this company
31/12/2008	New accounts available
05/12/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
11/07/2006	Updated articles of association
11/07/2006	Statuts mis à jour
11/07/2006	Minutes of general meeting of shareholders
11/07/2006	PV d'Assemblée
11/07/2006	Private document
11/07/2006	Registered office transferred inside jurisdiction of the Commercial Court
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
20/01/2003	Apport Partiel
20/01/2003	Acte modificatif
20/01/2003	Statuts mis à jour
20/01/2003	PV du Conseil d'Administration
20/01/2003	PV d'Assemblée
20/01/2003	Nomination/démission des organes de gestion
20/01/2003	Déclaration de conformité
20/01/2003	Acte sous seing privé
20/01/2003	Modification de l'objet social
20/01/2003	Augmentation de Capital
20/01/2003	Changement de Forme Juridique sans changement de catégorie
13/12/2002	Rapport des Commissaires ou du Gérant
13/12/2002	Acte sous seing privé
02/12/2002	Acte sous seing privé
02/12/2002	PV d'Assemblée
02/12/2002	Réduction de Capital
20/11/2002	Acte sous seing privé
20/11/2002	Projet de Fusion
06/11/2002	Requête et Ordonnance
03/10/2002	Changement de Forme Juridique sans changement de catégorie
03/10/2002	PV du Conseil d'Administration
03/10/2002	Modification du Conseil d'Administration
03/10/2002	Statuts mis à jour
03/10/2002	PV d'Assemblée
03/10/2002	Nomination/démission des organes de gestion
03/10/2002	Modification de l'objet social
03/10/2002	Changement de Commissaire aux Comptes
03/10/2002	Acte sous seing privé
03/10/2002	Changement de Président (PDG, PCA)
03/10/2002	Immatriculation suite à transfert
03/10/2002	Changement de dénomination sociale
10/09/2002	PV du Conseil d'Administration
10/09/2002	PV d'Assemblée
10/09/2002	Acte sous seing privé
10/09/2002	Acte modificatif
21/12/1999	Formation de Société
21/12/1999	Statuts
21/12/1999	Acte sous seing privé
21/12/1999	Certificat de dépôt des fonds
21/12/1999	PV du Conseil d'Administration

Establishment events history

Date	Description
29/08/2012	Update Limit
06/07/2012	Update Rating
06/04/2012	Update Rating
07/01/2012	Update Rating
08/10/2011	Update Rating
15/09/2011	Update Limit
15/09/2011	Update Rating
03/09/2011	Update Limit
03/09/2011	Update Rating
08/08/2011	Update Rating
21/01/2011	Update Rating
20/08/2010	Update Limit
20/08/2010	Update Rating
23/07/2010	Update Rating
27/01/2010	Update Rating
27/01/2010	Update Limit
14/09/2009	Update Limit
14/09/2009	Update Rating
06/09/2009	Update Limit
05/09/2009	Update Rating
03/12/2008	Update Rating
03/12/2008	Update Limit
28/09/2008	Update Limit
27/09/2008	Update Rating
13/01/2008	Update Limit
16/12/2007	Update Limit
15/12/2007	Update Rating
10/12/2007	Update Limit
09/12/2007	Update Limit
12/11/2007	Update Rating
01/05/2006	Formation of Establishment (after transfer)

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.17
UK Pound	1	Rs.82.98
Euro	1	Rs.70.62

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

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

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

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

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