MIRA INFORM REPORT

Report Date :

26.04.2013

IDENTIFICATION DETAILS

Name :	M C LEM
Registered Office :	20 Bd Ampere, 13014 Marseille 14
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	May 2009
Com. Reg. No.:	RCS Marseille 9 378 644 603
Legal Form :	Simplified Joint Stock Company
Line of Business :	Manufacturer of outerwear
No. of Employees :	20 to 49 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 (31.03.2012)	Current Rating (30.06.2012)
France	A2	A2

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

france ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 79 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, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.5% of GDP in 2012, while France's public debt rose from 68% of GDP to 89% over the same period. Under President SARKOZY, Paris implemented some austerity measures 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. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, and hiring an additional 60,000 teachers during his five-year term. The government's attempt to introduce a 75% wealth tax on income over one million euros for two years was struck down by the French Constitutional Council in December 2012 because it applied to individuals rather than households. France ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's government has maintained France's commitment to meeting the budget deficit target of 3% of GDP during 2013 even amid signs that economic growth will be lower than the government's forecast of 0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs declined during the second half of 2012 to euro-era lows.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name	M C LEM		SIRET		378 644 603 00060
				EUR VAT Number		FR92378644603
Activity (APE)		Fabrication de vêtements de dessus (1413Z) (Manufacture of outerwear (1413Z))		Legal form		Simplified joint stock company
Phone		04 91 18 60 21		RCS Registration		RCS Marseille 9 378 644 603
Fax				Share capital		153,000 Euros
Address		M C LEM 20 BD AMPERE 13014 MARSEILLE 14		Incorporated Date		07/1990
Nationality		France		Status		Economically active

Establishment details

Activity (APE)	Fabrication de vêtements de dessus (1413Z)	Business Pages FT®
Postal Address	M C LEM 20 BD AMPERE 13014 MARSEILLE 14	Trading Address	20 BOULEVARD AMPERE 13014 MARSEILLE 14
Telephone	04 91 18 60 21
Fax

Type	Head office	Status	Economically active
Formation Date	05/2009	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Bouches-du-Rhône (13)	Region	Côte d'Azur
District		Area
City	MARSEILLE 14	Size of urban area

DIRECTORS/MANAGEMENT

Directors

Shareholder(s)

Name	RESERVOIR TEAM
Name of representative	M EMSELLEM LAURENT HENRI
Manager position	Président	Date of birth	16/07/1971
Place of birth	MARSEILLE
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Président	M LAURENT ENSELLEM	16/07/1971 - MARSEILLE

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

FINANCIAL INFORMATION

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	81,918,048 €	71,784,754 €	52,613,607 €
Gross Operating Surplus	12,24 % Turnover	19,12 % Turnover	18,35 % Turnover
Shareholders’ equity	12,243,810 €	15,027,350 €	12,560,217 €
Net result	3,035,646 €	7,667,603 €	5,205,816 €
Employees	20 to 49 employees	-	-

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	06/09/2012	26/10/2011	29/07/2010
Activity Code	1413Z	1413Z	1413Z
Employees	47	42	33

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	1 988 748	-10,5%	2 222 461	156,1%	867 979	23 554	8343,4%
- Intangible assets	93 905	-46,3%	174 803	35,3%	129 216	1 209	7667,2%
- Tangible assets	896 347	-5,8%	951 091	53,3%	620 263	5 104	17461,7%
- Financial assets	998 496	-8,9%	1 096 567	825,4%	118 500	2 687	37060,3%
Net current assets	45 815 978	31,0%	34 977 381	47,3%	23 748 811	132 247	34544,2%
- Stocks	19 958 305	64,9%	12 101 557	24,6%	9 714 358	25 475	78244,7%
- Advanced payments	358 025	31,0%	35 256	-54,3%	77 169	0	0%
- Receivables	21 313 225	40,2%	15 198 457	62,2%	9 368 111	40 710	52253,8%
- Securities and cash	4 186 423	-45,2%	7 642 111	66,5%	4 589 173	16 559	25181,9%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	1 877	12,3%	1 671	155,1%	655	0	0%
Total Assets	47 806 604	28,5%	37 201 514	51,1%	24 617 444	182 602	26080,8%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	12 243 810	-18,5%	15 027 350	19,6%	12 560 217	37 122	32882,6%
Share capital	153 000	0%	153 000	0%	153 000	8 000	1812,5%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	619 808	26,8%	488 622	10,4%	442 655	0	0%
Liabilities	34 942 826	61,1%	21 685 320	86,7%	11 613 232	115 255	30217,8%
- Financial liabilities	15 882 324	150,9%	6 330 725	839,2%	674 067	11 895	133421,0%
- Advanced payments received	49 408	-60,1%	123 766	258,7%	34 500	0	0%
- Trade account payables	18 066 574	39,1%	12 991 982	27,3%	10 206 434	21 321	84636,1%
- Tax and social liabilities	503 925	-72,1%	1 803 188	180,9%	641 831	39 064,50	1190,0%
- Other debts and fixed assets liabilities	440 757	1,1%	435 882	654,9%	57 742	4 383	9956,1%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	47 806 604	28,5%	37 201 514	51,1%	24 617 444	182 602	26080,8%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	83 953 400	13,5%	73 954 112	38,7%	53 336 903	244 426	34247,2%
Net turnover	81 918 048	14,1%	71 784 754	36,4%	52 613 607	223 488	36554,3%
- of which net export turnover	8 589 901	21,0%	7 098 550	50,5%	4 716 779	0	0%
Operating charges	76 853 297	23,9%	62 051 665	36,9%	45 331 665	249 763	30670,5%
Operating profit/loss	7 100 103	-40,3%	11 902 447	48,7%	8 005 238	1 786	397442,2%
Financial income	522 700	37,4%	380 436	-28,6%	533 183	02	26134900%
Financial charges	1 421 127	84,5%	770 314	-35,6%	1 195 673	511	278007,0%
Financial profit/loss	-898 427	-130,4%	-389 878	41,1%	-662 490	-158	-568524,7%
Pretax net operating income	6 201 676	-46,1%	11 512 569	56,8%	7 342 748	1 515	409251,6%
Extraordinary income	189 731	-35,4%	293 856	-9,6%	324 966	0	0%
Extraordinary charges	2 117 173	1569,0%	126 850	38,6%	91 505	129	1641119,4%
Extraordinary profit/loss	-1 927 442	-1254,1%	167 006	-28,5%	233 461	0	0%
Net result	3 035 646	-60,4%	7 667 603	47,3%	5 205 816	2 851	106376,5%

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	47 806 604	28,5%	37 201 514	51,1%	24 617 444
	Gross	CO	50 356 453	29,9%	38 751 118	51,2%	25 626 577
	Amortisation	1A	2 549 849	64,5%	1 549 604	53,6%	1 009 133

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	1 988 748	-10,5%	2 222 461	156,1%	867 979
	Gross	BJ	2 666 040	0,4%	2 655 804	135,9%	1 125 608
	Amortisation	BK	677 292	56,3%	433 343	68,2%	257 629

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	3 905	-92,1%	49 328	929,0%	4 794
	Gross	AF	125 068	9,2%	114 519	129,5%	49 909
	Amortisation	AG	121 163	85,9%	65 191	44,5%	45 115
	Goodwill	Net	90 000	0%	90 000	0%	90 000
	Gross	AH	90 000	0%	90 000	0%	90 000
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	35 475	0%	0
	Gross	AJ	0	0%	35 475	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	34 422
	Gross	AL	0	0%	0	0%	34 422
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	93 905	-46,3%	174 803	35,3%	129 216

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	486 177	4,9%	463 459	72,2%	269 065
	Gross	AP	645 664	15,1%	561 189	77,9%	315 499
	Amortisation	AQ	159 487	63,2%	97 730	110,5%	46 434
	Plant	Net	19 687	-26,8%	26 909	-17,7%	32 678
	Gross	AR	51 306	0%	51 306	2,8%	49 896
	Amortisation	AS	31 619	29,6%	24 397	41,7%	17 218
	Other tangible fixed assets	Net	390 483	-15,2%	460 723	48,9%	309 335
	Gross	AT	755 506	6,9%	706 748	54,2%	458 197
	Amortisation	AU	365 023	48,4%	246 025	65,3%	148 862
	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%	9 185
	Gross	AX	0	0%	0	0%	9 185
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	896 347		951 091		620 263

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	27 800	0%	27 800	-32,0%	40 900
	Gross	CU	27 800	0%	27 800	-32,0%	40 900
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	648 996	-22,4%	836 860	2643,8%	30 500
	Gross	BB	648 996	-22,4%	836 860	2643,8%	30 500
	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	3 100	-41,0%	5 250	-83,1%	31 100
	Gross	BF	3 100	0%	5 250	0%	31 100
	Amortisation	BG	0		0		0
	Other financial assets	Net	318 600	40,6%	226 657	1316,6%	16 000
	Gross	BH	318 600	40,6%	226 657	1316,6%	16 000
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		998 496		1 096 567		118 500

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	45 815 978	31,0%	34 977 381	47,3%	23 748 811
	Gross	CJ	47 688 534	32,1%	36 093 642	47,3%	24 500 315
	Amortisation	CK	1 872 556	67,8%	1 116 261	48,5%	751 504

Stocks

			31/12/2011		31/12/2010		31/12/2009
	Raw materials	Net	2 342 071	2,5%	2 285 967	-27,7%	3 161 552
	Gross	BL	2 553 682	6,1%	2 406 191	-25,8%	3 242 734
	Amortisation	BM	211 611	76,0%	120 224	48,1%	81 182
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	4 182 276	28,1%	3 265 405	61,7%	2 019 698
	Gross	BR	4 332 772	25,1%	3 462 776	59,6%	2 169 491
	Amortisation	BS	150 496	-23,7%	197 371	31,8%	149 793
	Goods for resale	Net	13 433 958	105,1%	6 550 185	44,5%	4 533 108
	Gross	BT	14 140 635	107,3%	6 820 767	47,2%	4 633 398
	Amortisation	BU	706 677	161,2%	270 582	169,8%	100 290
	Sub Total Stocks	Net	19 958 305	64,9%	12 101 557	24,6%	9 714 358

Advance payments to suppliers

			31/12/2011		31/12/2010		31/12/2009
	Advance payments to suppliers	Net	358 025	915,5%	35 256	-54,3%	77 169
	Gross	BV	358 025	915,5%	35 256	-54,3%	77 169
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2011		31/12/2010		31/12/2009
	Trade accounts receivable	Net	16 584 696	19,9%	13 833 768	70,6%	8 108 485
	Gross	BX	17 388 468	21,1%	14 361 852	68,4%	8 528 724
	Amortisation	BY	803 772	52,2%	528 084	25,7%	420 239
	Other debtors	Net	4 074 147	534,4%	642 174	-17,5%	778 417
	Gross	BZ	4 074 147	534,4%	642 174	-17,5%	778 417
	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	20 658 843	42,7%	14 475 942	62,9%	8 886 902

Divers

			31/12/2011		31/12/2010		31/12/2009
	Investment securities	Net	34 409	0%	34 409	0%	34 409
	Gross	CD	34 409	0%	34 409	0%	34 409
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	4 152 014	-45,4%	7 607 702	67,0%	4 554 764
	Gross	CF	4 152 014	-45,4%	7 607 702	67,0%	4 554 764
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	4 186 423	-45,2%	7 642 111	66,5%	4 589 173

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	654 382	-9,4%	722 515	50,1%	481 209
	Gross	CH	654 382	-9,4%	722 515	50,1%	481 209
	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	1 877	12,3%	1 671	155,1%	655
Gross		1 877	12,3%	1 671	155,1%	655

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	0	0%	1 068 767	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	47 806 604	28,5%	37 201 514	51,1%	24 617 444

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	12 243 810	-18,5%	15 027 350	19,6%	12 560 217
	Equity and shareholders' equity	DA	153 000	0%	153 000	0%	153 000
	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	15 300	0%	15 300	0%	15 300
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	167 623	11,7%	150 020	3,7%	144 674
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	7 041 427	0%	7 041 427	0%	7 041 427
	Profit or loss for the period	DI	3 035 646	-60,4%	7 667 603	47,3%	5 205 816
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	1 830 814	0%	0	0%	0

Other capital resources (II)

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

Provisions for risks and charges (III)

			31/12/2011		31/12/2010		31/12/2009
	Total provisions for risks and charges (Total III)	DR	619 808	26,8%	488 622	10,4%	442 655
	Risk provisions	DP	619 808	80,3%	343 671	-22,4%	442 655
	Reserves for charges	DQ	0	0%	144 951	0%	0

Liabilities (IV)

			31/12/2011		31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	34 942 826	61,1%	21 685 320	86,7%	11 613 232
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	2 979 439	569,8%	444 817	983,9%	41 039
	Sundry loans and financial liabilities	DV	12 902 885	119,2%	5 885 908	829,8%	633 028
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	49 408	-60,1%	123 766	258,7%	34 500
	Trade accounts payables	DX	18 066 574	39,1%	12 991 982	27,3%	10 206 434
	Tax and social security liabilities	DY	503 925	-72,1%	1 803 188	180,9%	641 831
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	440 595	1,1%	435 659	672,4%	56 400

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	162	-27,4%	223	-83,4%	1 342

Equalization accounts

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

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	21 685 320	86,7%	11 613 230
Of which current bank facilities	EH	0	0%	443 856	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	7 100 103	-40,3%	11 902 447	48,7%	8 005 238

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	-898 427	-130,4%	-389 878	41,1%	-662 490

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	6 201 676	-46,1%	11 512 569	56,8%	7 342 748

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-1 927 442	-1254,1%	167 006	-28,5%	233 461

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	3 035 646	-60,4%	7 667 603	47,3%	5 205 816

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	84 665 831	13,4%	74 628 404	37,7%	54 195 052

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	81 630 186	21,9%	66 960 800	36,7%	48 989 234

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	83 953 400	13,5%	73 954 112	38,7%	53 336 903

Operating income (details)

			31/12/2011		31/12/2010		31/12/2009
	Sale of goods for resale	FC	81 117 295	14,1%	71 075 481	36,5%	52 068 753
	France	FA	72 566 656	13,3%	64 047 548	35,2%	47 377 366
	Export	FB	8 550 639	21,7%	7 027 933	49,8%	4 691 387
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	800 753	12,9%	709 273	30,2%	544 854
	France	FG	761 491	19,2%	638 656	22,9%	519 462
	Export	FH	39 262	-44,4%	70 617	178,1%	25 392
	Net turnover	FL	81 918 048	14,1%	71 784 754	36,4%	52 613 607
	France	FJ	73 328 147	13,4%	64 686 204	35,1%	47 896 828
	Export	FK	8 589 901	21,0%	7 098 550	50,5%	4 716 779
	Stocked production	FM	869 996	-32,7%	1 293 285	1700,4%	-80 812
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	21 100	43,8%	14 670	-35,7%	22 828
	Release of reserves and provisions	FP	1 143 129	33,4%	856 647	9,7%	781 070
	Other income	FQ	1 127	-76,3%	4 756	2164,8%	210

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	76 853 297	23,9%	62 051 665	36,9%	45 331 665

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	35 553 072	70,2%	20 893 129	62,7%	12 842 729
Change in stocks of goods for resale	FT	-7 319 868	-234,6%	-2 187 369	9,3%	-2 410 540
Purchase of raw materials	FU	10 550 680	24,5%	8 476 918	-5,3%	8 954 322
Change in stocks of raw materials	FV	-147 491	-117,6%	836 543	158,6%	-1 427 072
Other external purchases and charges	FW	31 713 028	8,4%	29 243 275	25,6%	23 280 388
Tax, duty and similar payments	FX	505 184	0,6%	502 276	28,8%	389 934
Payroll	FY	1 373 623	16,6%	1 177 992	23,9%	950 523
Social security costs	FZ	558 229	30,7%	427 220	34,0%	318 758

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	294 792	67,1%	176 382	94,3%	90 780
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	1 872 556	67,8%	1 116 261	48,5%	751 504
Provisions for risks and charges	GD	0	0%	0	0%	442 000

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	1 899 492	36,7%	1 389 038	21,0%	1 148 339

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	522 700	37,4%	380 436	-28,6%	533 183
	Share financial income	GJ	77 136	-4,0%	80 360	33,9%	60 000
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	17 202	17,5%	14 634	-89,2%	135 885
	Released provisions and transferred charges	GM	1 671	155,1%	655	0%	0
	Exchange gains	GN	426 691	49,8%	284 787	-15,6%	337 298
	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	1 421 127	84,5%	770 314	-35,6%	1 195 673
	Financial reserves and provisions	GQ	1 877	12,3%	1 671	155,1%	655
	Interest and similar charges	GR	1 157 245	54,9%	746 903	15,4%	647 472
	Exchange losses	GS	262 005	1105,2%	21 740	-96,0%	547 546
	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	189 731	-35,4%	293 856	-9,6%	324 966
	Extraordinary operating income	HA	0	0%	11 560	0%	0
	Extraordinary income from capital transactions	HB	189 731	-32,8%	282 296	-13,1%	324 966
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	2 117 173	1569,0%	126 850	38,6%	91 505
	Extraordinary operating charges	HE	10 428	-39,8%	17 315	383,9%	3 578
	Extraordinary charges from capital transactions	HF	0	0%	109 535	24,6%	87 927
	Extraordinary reserves and provisions	HG	2 106 745	0%	0	0%	0

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	1 238 589	-69,1%	4 011 971	69,3%	2 370 391

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	10 593	-3,6%	10 988	-48,9%	21 523
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	5 142	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%	1 379 960	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	35 475	-55,0%	78 749	2659,3%	2 854
	Decreasess by transfers	OK2	845 343	509,6%	138 682	-31,5%	202 435
	Gross value at the end of period	OL	2 666 041	0,4%	2 655 805	135,9%	1 125 608

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	239 994	37,7%	174 331	33,4%	130 700
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	10 549	-91,7%	127 727	192,7%	43 631
	Decreasess by budget item transfer	LV1	35 475	-42,8%	62 064	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	215 068	-10,4%	239 994	37,7%	174 331

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	1 319 243	58,4%	832 777	101,5%	413 232
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	195 079	-64,0%	542 183	-0,1%	542 567
	Decreasess by budget item transfer	NG1	0	0%	16 185	467,1%	2 854
	Decreasess by transfers	NG2	61 846	56,4%	39 531	-67,1%	120 168
	Gross value at the end of period	NH	1 452 476	10,1%	1 319 244	58,4%	832 777

Financial assets (Total IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LQ	1 096 567	825,4%	118 500	32,0%	89 768
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	685 426	-36,4%	1 077 717	870,9%	111 000
	Decreasess by budget item transfer	NJ1	0	0%	500	0%	0
	Decreasess by transfers	NJ2	783 497	690,2%	99 150	20,5%	82 268
	Gross value at the end of period	NK	998 496	-8,9%	1 096 567	825,4%	118 500

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	65 191	44,5%	45 115	17,7%	38 343
Increases		PF	55 972	178,8%	20 076	196,5%	6 772
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	121 163	85,9%	65 191	44,5%	45 115

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	368 152	73,2%	212 514	32,2%	160 746
Increases		QV	238 820	52,8%	156 306	86,1%	84 009
Decreases		QW	50 842	7511,1%	668	-97,9%	32 241
	Decreases by budget item transfer	QX	556 130	51,1%	368 152	73,2%	212 514

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

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

Premium refund of obligations

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

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

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7C	1 604 883	34,4%	1 194 159	111,8%	563 929
Increases		UB	3 981 178	215,2%	1 262 882	5,8%	1 194 159
Decreases		UC	1 262 883	48,2%	852 158	51,1%	563 928
	Value at the end of period	UD	4 323 178	169,4%	1 604 883	34,4%	1 194 160

Includes Total allocations

Operating	UE	1 872 556	67,8%	1 116 261	0%	0
Financial	UG	1 877	12,3%	1 671	0%	0
Exceptional	UJ	2 106 745	1353,4%	144 951	0%	0

Includes Total Withdrawal

Operating	UF	1 116 261	31,1%	851 504	0%	0
Financial	UH	1 671	155,1%	655	0%	0
Exceptional	UK	144 951	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	1 830 814	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	1 830 814	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	488 622	10,4%	442 655	0%	0
Increases		TV	277 808	89,5%	146 622	-66,9%	442 655
Decreases		TW	146 622	45,7%	100 655	0%	0
	Value at the end of period	TX	619 808	26,8%	488 622	10,4%	442 655

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	1 116 260	48,5%	751 505	33,3%	563 929
Increases		TY	1 872 556	67,8%	1 116 260	48,5%	751 504
Decreases		TZ	1 116 261	48,5%	751 504	33,3%	563 928
	Value at the end of period	UA	1 872 555	67,8%	1 116 261	48,5%	751 505

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	23 087 694	37,5%	16 795 309	70,2%	9 865 950
1 year at most	VU	23 087 694	37,5%	16 795 309	70,2%	9 865 950
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	648 996	-22,4%	836 860	2643,8%	30 500
Claims related to shareholdings (1 year at most)	UM	648 996	-22,4%	836 860	2643,8%	30 500
Loans (gross)	UP	3 100	-41,0%	5 250	-83,1%	31 100
Loans (1 year at most)	UR	3 100	-41,0%	5 250	-83,1%	31 100
Other financial assets (gross)	UT	318 600	40,6%	226 657	1316,6%	16 000
Other financial assets (1 year at most)	UV	318 600	40,6%	226 657	1316,6%	16 000

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	24 435	-51,6%	50 515	-0,7%	50 864
Other claims customer	UX	17 364 033	21,3%	14 311 337	68,8%	8 477 860
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%	5 200	0%	0
Social Security and other social organizations	UZ	1 541	-73,5%	5 825	-12,3%	6 640
Income taxes	VM	2 638 832	0%	0	0%	203 416
Value added tax	VB	1 162 002	119,7%	528 789	-7,0%	568 360
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	45 990	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	225 783	120,6%	102 360	0%	0

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	654 382	-9,4%	722 515	50,1%	481 209

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	34 893 418	61,8%	21 561 554	86,2%	11 578 730
1 year at most		VZ2	34 893 418	61,8%	21 561 554	86,2%	11 578 730
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	2 979 439	569,8%	444 817	983,9%	41 039
1 year at most		VG2	2 979 439	569,8%	444 817	983,9%	41 039
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	18 066 574	39,1%	12 991 982	27,3%	10 206 434
1 year at most		8B2	18 066 574	39,1%	12 991 982	27,3%	10 206 434
More than 1 year and 5 years at most		8B3	18 066 574	39,1%	12 991 982	27,3%	10 206 434
	Personnel and associated accounts (gross)	8C1	116 135	10,2%	105 369	-12,0%	119 679
1 year at most		8C2	116 135	10,2%	105 369	-12,0%	119 679
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	198 532	14,4%	173 540	5,4%	164 693
1 year at most		8D2	198 532	14,4%	173 540	5,4%	164 693
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	1 304 118	491,3%	220 562
1 year at most		8E2	0	0%	1 304 118	491,3%	220 562
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	5 671	-32,4%	8 386	113,1%	3 935
1 year at most		VW2	5 671	-32,4%	8 386	113,1%	3 935
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	183 587	-13,3%	211 775	59,3%	132 961
1 year at most		VQ2	183 587	-13,3%	211 775	59,3%	132 961
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	12 902 885	119,2%	5 885 908	829,8%	633 028
1 year at most		VI2	12 902 885	119,2%	5 885 908	829,8%	633 028
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	440 595	1,1%	435 658	672,4%	56 400
1 year at most		8K2	440 595	1,1%	435 658	672,4%	56 400
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	2 979 439	0%	0	0%	0
Debt repaid during the period	VK	444 817	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	47	11,9%	42	27,3%	33

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		11,04	34,3%	8,22	-33,6%	12,38	1,90	481,1%
Global Debt		154 days	41,3%	109 days	38,0%	79 days	139 days	10,8%
Working Capital Fund overall net		118 days	22,9%	96 days	9,1%	88 days	70 days	68,6%
Financial independence		410,94%	-87,8%	3378,32%	-89,0%	30605,56%	291,62%	40,9%
More ratios
Solvability		25,61%	-36,6%	40,39%	-20,8%	51,02%	33,79%	-24,2%
Capacity debt futures		410,94%	-87,8%	3378,32%	-89,0%	30605,56%	969,50%	-57,6%
Coverage of current assets by net working capital overall		56,85%	4,9%	54,17%	1,7%	53,25%	41,05%	38,5%
General Liquidity		0,66	-15,4%	0,78	-8,2%	0,85	0,50	32,0%
Restricted Liquidity		0,78	-31,0%	1,13	-9,6%	1,25	0,90	-13,3%

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		96 days	71,4%	56 days	5,7%	53 days	20 days	380,0%
Treasury		18 days	-50,0%	36 days	16,1%	31 days	7 days	157,1%
Inventory turnover of goods		180 days	37,4%	131 days	-18,1%	160 days	45 days	300%
Average length of credit granted to customers		76 days	5,6%	72 days	24,1%	58 days	32 days	137,5%
Average length of credit obtained suppliers		92 days	12,2%	82 days	-7,9%	89 days	49 days	87,8%
More ratios
Inventory turnover of raw materials in industrial enterprises		48 days	-14,3%	56 days	-34,9%	86 days	43 days	11,6%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	946 days	-
Rotation tangible assets		5639,89%	3,6%	5441,36%	-13,9%	6317,85%	760,07%	642,0%

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		64,56%	-11,5%	72,95%	-7,8%	79,14	0%	0%
Profitability of the business		12,24	-36,0%	19,12	4,2%	18,35	2,32%	427,6%
Net profit		3,71%	-65,3%	10,68%	8,0%	9,89%	1,69%	119,5%
More ratios
Growth rate of turnover (excluding VAT)		14,12%	-61,3%	36,44%	109,7%	17,38%	0,58%	2334,5%
Rates integration		15,18%	-31,1%	22,03%	2,7%	21,46%	27,68%	-45,2%
Rate leasing furniture		0,01%	-50,0%	0,02%	-50,0%	0,04%	0%	0%
Work Factor		15,53%	53,0%	10,15%	-9,7%	11,24%	77,29%	-79,9%
Weight interests		1,73	61,7%	1,07%	-52,9%	2,27%	0,28%	517,9%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		4,87%	-48,7%	9,50%	-1,2%	9,62%	2,71%	79,7%
Rates of economic profitability		36%	-43,8%	64%	-12,3%	73%	8%	350,0%
Financial profitability		12243810%	-18,5%	15027350%	19,6%	12560217%	18606%	65705,7%
Return on investment		15,85%	-59,9%	39,51%	-18,3%	48,37%	8,27%	91,7%

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	81 918 048	14,1%	71 784 754	36,4%	52 613 607	223 488 €	36554,3%

Sales of goods	81 117 295	14,1%	71 075 481	36,5%	52 068 753
- Purchase of goods	35 553 072	70,2%	20 893 129	62,7%	12 842 729
+/- Stock of goods variation	-7 319 868	-234,6%	-2 187 369	9,3%	-2 410 540
Trading margin	52 884 091 €	1,0%	52 369 721 €	25,8%	41 636 564 €	0 €	0%
	64,56 % CA	-11,5%	72,95 % CA	-7,8%	79,14 % CA	0,11 % CA	58590,9%

Sale of goods produced	800 753	12,9%	709 273	30,2%	544 854
+/- Stocked production	869 996	-32,7%	1 293 285	1700,4%	-80 812
+ Self-constructed assets	0	0%	0	0%	0
Period production	1 670 749 €	-16,6%	2 002 558 €	331,5%	464 042 €	74 773 €	2134,4%
	2,04 % CA	-26,9%	2,79 % CA	217,0%	0,88 % CA	99,95 % CA	-98,0%

Trading margin	52 884 091	1,0%	52 369 721	25,8%	41 636 564	0	0%
+ Period Production	1 670 749	-16,6%	2 002 558	331,5%	464 042	74 773	2134,4%
- Purchase of raw materials	10 550 680	24,5%	8 476 918	-5,3%	8 954 322
+/- Change in stocks of raw materiels	-147 491	-117,6%	836 543	158,6%	-1 427 072
- Other external purchases and charges	31 713 028	8,4%	29 243 275	25,6%	23 280 388
Added value	12 438 623 €	-21,4%	15 815 543 €	40,0%	11 292 968 €	62 454 €	19816,5%
	15,18 % CA	-31,1%	22,03 % CA	2,7%	21,46 % CA	27,68 % CA	-45,2%

Added value	12 438 623 €	-21,4%	15 815 543 €	40,0%	11 292 968 €	62 454 €	19816,5%
+ Operating grants	21 100	43,8%	14 670	-35,7%	22 828
- Tax, duty and similar payments	505 184	0,6%	502 276	28,8%	389 934
- Personal charges	1 931 852	20,3%	1 605 212	26,5%	1 269 281
Gross operating surplus	10 022 687 €	-27,0%	13 722 725 €	42,1%	9 656 581 €	2 667 €	375703,8%
	12,24 % CA	-36,0%	19,12 % CA	4,2%	18,35 % CA	2,32 % CA	427,6%

Gross operating surplus	10 022 687 €	-27,0%	13 722 725 €	42,1%	9 656 581 €	2 667 €	375703,8%
+ Release of reserves and provisions	1 143 129	33,4%	856 647	9,7%	781 070
+ Other operating income	1 127	-76,3%	4 756	2164,8%	210
- Depreciation/ Amortisation	2 167 348	67,7%	1 292 643	0,7%	1 284 284
- Other charges	1 899 492	36,7%	1 389 038	21,0%	1 148 339
Operating result	7 100 103 €	-40,3%	11 902 447 €	48,7%	8 005 238 €	1 786 €	397442,2%
	8,67 % CA	-47,7%	16,58 % CA	8,9%	15,22 % CA	1,56 % CA	455,8%

Operating result	7 100 103 €	-40,3%	11 902 447 €	48,7%	8 005 238 €	1 786 €	397442,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	522 700	37,4%	380 436	-28,6%	533 183
- Financial charges	1 421 127	84,5%	770 314	-35,6%	1 195 673
Pre-tax result	6 201 676 €	-46,1%	11 512 569 €	56,8%	7 342 748 €	1 515 €	409251,6%
	7,57 % CA	-52,8%	16,04 % CA	14,9%	13,96 % CA	1,28 % CA	491,4%

Extraordinary income	189 731	-35,4%	293 856	-9,6%	324 966	0	0%
- Extraordinary charges	2 117 173	1569,0%	126 850	38,6%	91 505
Extraordinary result	-1 927 442 €	-1254,1%	167 006 €	-28,5%	233 461 €	0 €	0%
	-2,35 % CA	-1121,7%	0,23 % CA	-47,7%	0 % CA	0 % CA	0%

Pre-tax result	6 201 676 €	-46,1%	11 512 569 €	56,8%	7 342 748 €	1 515 €	409251,6%
Extraordinary result	-1 927 442 €	-1254,1%	167 006 €	-28,5%	233 461 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	1 238 589	-69,1%	4 011 971	69,3%	2 370 391
Net result	3 035 645 €	-60,4%	7 667 604 €	47,3%	5 205 818 €	2 851 €	106376,5%
	3,71 % CA	-65,3%	10,68 % CA	8,0%	9,89 % CA	1,69 % CA	119,5%

ADDITIONAL INFORMATION

Other establishments

Branches	2 branch entities in this company
Head office	> M C LEM <<<  - Fabrication de vêtements de dessus (1413Z)  in MARSEILLE 14  (13014)
Secondary establishments	>  M C LEM  - Fabrication de vêtements de dessus (1413Z)  in MARSEILLE 1  (13001) >  M C LEM  - Fabrication de vêtements de dessus (1413Z)  in PARIS 16  (75016) >  M C LEM  - Fabrication de vêtements de dessus pour femmes et fillettes (182E)  in MARSEILLE 1  (13001) >  M C LEM  - Fabrication de vêtements de dessus (1413Z)  in MARSEILLE 12  (13012)

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

Workforces

Workforce at address

3 to 5 employees

Company workforce

20 to 49 employees

Preferential rights details and history

Summary of preferential rights

Company monitored since	09/04/2008
Status of Monitoring	No social security and tax office preferential right to date

Linkages

No linked companies.

Event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
03/09/2012	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1765 - 378644603 RCS. MC LEM. Forme : Société par actions simplifiée. Adresse : 20 boulevard Ampère 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
09/03/2012	Bodacc A	Vente et cession : Vendeur
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 201 - Réctificatif. Parution avis précédent : BODACC A. Numéro de parution : . Date de parution : 9 février 2012. Numéro d’annonce : 267. Cet avis est annulé et remplacé par le suivant. 330 456 880 RCS Marseille. BEST ACADEMY. Forme : SARL. Capital : 41923.48 EUR. Adresse : 22 RUE Tapis Vert, 13001 Marseille. Origine du fonds : Achat d'un fonds de commerce au prix stipulé de 180000 Euros. Etablissement : Etablissement principal. Activité : la fabrication, la vente en gros et au détail, l'importation et l'exportation de vêtements pour hommes, femmes, enfants de tous articles de confection et de tous articles et accessoires dérivant du prêt à porter, de la chaussure, de la chapellerie. Adresse : 44 rue Longue des Capucins, 13001 Marseille. Précédent propriétaire : MC LEM. 378 644 603 RCS Marseille. Date de commencement de l’activité : 16/01/2012. Publication légale : Les Nouvelles Publications du 27/01/2012. Oppositions : Au Mandataire Me Frédéric AMSELLEM 22 rue Edouard de Langlade 13006 MARSEILLE pour la validité et pour la correspondance. Commentaires : Achat d'un fonds par une personne morale (insertion provisoire).
09/02/2012	Bodacc A	Vente et cession : Vendeur
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 267 - 378 644 603 RCS Marseille. MC LEM. Forme : Société par actions simplifiée. Capital : 153000 EUR. Adresse : 20 boulevard Ampère, 13014 Marseille. Origine du fonds : Achat d'un fonds de commerce au prix stipulé de 180000 Euros. Etablissement : Etablissement principal. Activité : la fabrication, la vente en gros et au détail, l'importation et l'exportation de vêtements pour hommes, femmes, enfants de tous articles de confection et de tous articles et accessoires dérivant du prêt à porter, de la chaussure, de la chapellerie. Adresse : 44 rue Longue des Capucins, 13001 Marseille. Précédent propriétaire : MC LEM. 378 644 603 RCS Marseille. Date de commencement de l’activité : 16/01/2012. Publication légale : Les Nouvelles Publications du 27/01/2012. Oppositions : Au Mandataire Me Frédéric AMSELLEM 22 rue Edouard de Langlade 13006 MARSEILLE pour la validité et pour la correspondance. Descriptif : . Commentaires : Achat d'un fonds par une personne morale (insertion provisoire).
21/01/2012	JAL	Activity or goodwill cession
Nouvelles Publications (Les) Date de décision : 16/01/2012 Cédant : 378644603 - M C LEM, 20 BD AMPERE, 13014 MARSEILLE 14 Cessionnaire : 330456880 - BEST ACADEMY, 22 RUE TAPIS VERT, REZ DE CHAUSSEE, 13001 MARSEILLE 1 Prix de vente : 180000 € Date d’effet : 16/01/2012
17/10/2011	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1218 - 378644603 RCS. MC LEM. Forme : Société par actions simplifiée. Adresse : 20 boulevard Ampère 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
30/08/2010	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1094 - 378644603 RCS. MC LEM. Forme : Société par actions simplifiée. Adresse : 20 boulevard Ampère 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
12/08/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1040 - 378644603 RCS. MC LEM. Forme : Société par actions simplifiée. Adresse : 219 boulevard Ampère 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
24/05/2009	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 181 - 378 644 603 RCS Marseille. MC LEM. Forme : Société par actions simplifiée. Adresse du siège social : 219 boulevard Ampère, 13014 Marseille. Commentaires : Modification de l'adresse du siège.
23/12/2008	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 423 - 378 644 603 RCS Marseille. MC LEM. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : BESOIAN Bernard en fonction le 18 Septembre 2001. Commissaire aux comptes suppléant : FLOSI Michel en fonction le 18 Septembre 2001. Président : RESERVOIR TEAM représenté par EMSELLEM Laurent Henri en fonction le 11 Décembre 2008. Commentaires : Modification de représentant.
24/04/2008	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1272 - 378644603 RCS. MC LEM. Forme : Société par actions simplifiée. Adresse : 44 rue Longue des Capucins 13001 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
12/12/2007	Bodacc C	Avis de dépôt des comptes
455 - 378 644 603. RCS Marseille MC LEM. Forme: Société par actions simplifiée. Adresse du siège social: 44 rue Longue des Capucins 13001 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
20/11/2006	Bodacc C	Avis de dépôt des comptes
2285 - RCS Marseille B 378 644 603. RC 90-B 1331. MC LEM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 44, rue Longue des Capucins,13001 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
20/11/2006	Bodacc C	Avis de dépôt des comptes
2286 - RCS Marseille B 378 644 603. RC 90-B 1331. MC LEM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 44, rue Longue des Capucins,13001 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
31/10/2005	Bodacc B	Modifications et mutations diverses
169 - RCS Marseille B 378 644 603. RC 90-B 1331. MC LEM. Forme : S.A.S. Activité : fabrication, vente en gros, au détail, import-export de vêtements pour hommes, femmes et enfants, de tous articles de confection de tous articles et d'accessoires dérivant du prêt-à-porter, de la chaussure et de la chapellerie . Commentaires : modification survenue sur l'activité.
04/04/2004	Bodacc B	Modifications et mutations diverses
RCS Marseille B 378644603 RC 90-B 1331 MC LEM. Forme : S.A.S. Commentaires : modification survenue sur l'adresse de l'établissement principal Etablissement principal: Adresse : 44 rue Longue-des- Capucins, 13001 Marseille.
20/02/2004	Bodacc A	Création d'établissement
RCS Marseille B 378644603 RC 90-B 1331 MC LEM. Forme : S.A.S. Capital : 153 000 euros. Activité : vente en gros de vetements. Adresse du siège social : 19 rue Tapis-Vert, 13001 Marseille Etablissement Complémentaire. Adresse : 44 rue Longue-des-Capucins, 13001 Marseille Etablissement complémentaire acquis par achat au prix stipulé de 122 000 euros Date de début d'activité: 1 e r janvier 2004. Précédent propriétaire : S. A.R.L. NEU PAP Publication légale: Les Nouvelles publications du 17 janvier 2004. Oppositions : au fonds.
05/02/2004	Bodacc A	Création d'établissement
RCS Marseille B 378644603 RC AP-B 40053 MC LEM. Forme : S.A.S. Capital : 153 000 euros. Adresse du siège social : 19 rue Tapis-Vert, 13001 Marseille Etablissement principal: Activité : vente en gros de vetements. Adresse : 44 rue Longue-des-Capucins, 13001 Marseille Etablissement principal acquis par achat au prix stipulé de 122 000 euros. Date d'effet : 9 janvier 2004. Précédent propriétaire : SOCIETE BAT. RCS 720800184 Publication légale: Les Nouvelles publications du 23 janvier 2004. Oppositions : au fonds, pour la validité et la correspondance.
30/09/2001	Bodacc B	Modifications et mutations diverses
RCS Marseille B 378644603 RC 90-B 1331 M.C. LEM. Forme : S.A.S. Capital : 153 000 euros. Commentaires : modification survenue sur la forme juridique, le capital (augmentation) et l' administration. Administration : modification du président : ENSELLEM ( Laurent, Henri). Nomination du commissaire aux comptes titulaire : BESOIAN (Bernard). Nomination du commissaire aux comptes suppléant : FLOSI (Michel).
16/09/1999	Bodacc B	Modifications et mutations diverses
*. RCS Marseille B 378 644 603 RC 90-B 1331 MC LEM. Forme : S.A.R.L. Capital : 738 890 F. Commentaires : modification survenue sur le capital (augmentation).

Company events history

Date	Description
08/09/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
03/09/2012	Bodacc C : Deposit accounts notice
09/03/2012	Bodacc A : Sale and transfer
21/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
09/02/2012	Bodacc A : Sale and transfer
16/01/2012	Legal Gazette: Activity or goodwill cession
31/12/2011	New accounts available
17/10/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
30/08/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
27/10/2009	Updated articles of association
27/10/2009	Acte modificatif
27/10/2009	Statuts mis à jour
30/09/2009	Modification to Establishment Address or Identifier
12/08/2009	Bodacc C : Deposit accounts notice
24/05/2009	Bodacc B: Various editing or changing
13/05/2009	Registered office transferred inside jurisdiction of the Commercial Court
13/05/2009	Private document
13/05/2009	Minutes of general meeting of shareholders
13/05/2009	Statuts mis à jour
13/05/2009	Updated articles of association
13/05/2009	Acte modificatif
13/05/2009	Transfert du Siège dans le ressort du Tribunal de Commerce
01/05/2009	Update of Company Head Office Identifier
01/05/2009	Transfer of Establishment
31/12/2008	New accounts available
23/12/2008	New Bodacc B ads detected
23/12/2008	Bodacc B: Various editing or changing
11/12/2008	Changement de Président (PDG, PCA)
11/12/2008	New chairman (CEO, CoB)
11/12/2008	Private document
11/12/2008	Appointment/resignation of company officers
11/12/2008	PV d'Assemblée
11/12/2008	Minutes of general meeting of shareholders
11/12/2008	Statuts mis à jour
11/12/2008	Updated articles of association
24/04/2008	Bodacc C : Deposit accounts notice
09/04/2008	Collection of preferential rights activated for this company
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
10/01/2005	Cession de parts
10/01/2005	Acte sous seing privé
31/12/2004	New accounts available
04/03/2004	Statuts mis à jour
04/03/2004	Acte sous seing privé
04/03/2004	PV d'Assemblée
04/03/2004	Transfert du Siège dans le ressort du Tribunal de Commerce
18/09/2001	Conversion du Capital Social en Euros
18/09/2001	Augmentation de Capital
18/09/2001	Changement de Forme Juridique avec changement de catégorie
18/09/2001	Changement de Forme Juridique sans changement de catégorie
18/09/2001	Rapport des Commissaires ou du Gérant
18/09/2001	Statuts mis à jour
18/09/2001	PV d'Assemblée
18/09/2001	Nomination/démission des organes de gestion
18/09/2001	Acte sous seing privé
31/08/1999	Augmentation de Capital
31/08/1999	Statuts mis à jour
31/08/1999	PV d'Assemblée
31/08/1999	Acte sous seing privé
18/02/1997	Cession de parts
18/02/1997	Statuts mis à jour
18/02/1997	Acte sous seing privé
17/02/1994	Statuts mis à jour
17/02/1994	Cession de parts
17/02/1994	Acte sous seing privé
17/02/1994	Déclaration de conformité
17/02/1994	Acte modificatif
17/02/1994	PV d'Assemblée
01/01/1994	PV d'Assemblée
22/12/1993	Acte modificatif
22/12/1993	Nomination/démission des organes de gestion
22/12/1993	Changement de Gérant
22/12/1993	PV d'Assemblée
15/12/1993	Acte sous seing privé
15/12/1993	PV d'Assemblée
15/12/1993	Cession de parts
15/12/1993	Déclaration de conformité
15/12/1993	Statuts mis à jour
15/12/1993	Acte modificatif
19/10/1993	Statuts mis à jour
19/10/1993	Acte modificatif
19/10/1993	Augmentation de Capital
19/10/1993	PV d'Assemblée
19/10/1993	Déclaration de conformité
09/08/1993	Acte modificatif
09/08/1993	Continuation malgré perte supérieure à la moitié du capital
09/08/1993	PV d'Assemblée
17/02/1940	Cession de parts
17/02/1940	Acte sous seing privé

Establishment events history

Date	Description
10/04/2013	Update Rating
08/09/2012	Update Rating
21/02/2012	Update Rating
21/02/2012	Update Limit
08/02/2012	Update Limit
01/02/2012	Update of phone numbers
14/09/2011	Update Rating
28/06/2011	Update of phone numbers
11/01/2011	Update Rating
19/08/2010	Update Rating
02/08/2010	Update Limit
02/08/2010	Update Rating
30/12/2009	Update Rating
30/09/2009	Modification of Head office Identification
30/09/2009	Update of Establishment Address
06/08/2009	Update Limit
01/05/2009	Formation of Head office (after transfer)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.17
UK Pound	1	Rs.82.99
Euro	1	Rs.70.62

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.