MIRA INFORM REPORT

Report Date :

13.12.2013

IDENTIFICATION DETAILS

Name :	CIE ENGREN REDUCTEURS MESSIAN DURAND
Registered Office :	539 Av Du Cateau, 59405 Cambrai Cedex
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	July 1962
Com. Reg. No.:	RCS Douai 6 775 708 225
Legal Form :	Public limited company with board of directors
Line of Business :	Gear manufacturing and mechanical transmission components
No. of Employees :	250 to 499 employees

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

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

company summary

Acronym	CMD
		EUR VAT Number	FR15775708225
Activity (APE)	Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z) (Gear manufacturing and mechanical transmission components (2815Z))	Legal form	Public limited company with board of directors
Sales Offices	36 Avenue Europe, BP 43 78 142 Velizy, France Tel No.: +33 (0) 1 34 63 12 24 Fax No.: +33 (0) 1 34 63 12 12	RCS Registration	RCS Douai 6 775 708 225
		Share capital	10,000,000 Euros
Address	CIE ENGREN REDUCTEURS MESSIAN DURAND CMD 539 AV DU CATEAU 59405 CAMBRAI CEDEX	Incorporated Date	07/1962
Nationality	France	Status	Economically active

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	76,216,151 €	90,500,017 €	75,540,469 €
Gross Operating Surplus	6,78 % Turnover	11,20 % Turnover	10,91 % Turnover
Shareholders’ equity	24,011,637 €	24,135,070 €	21,764,202 €
Net result	1,461,205 €	3,539,608 €	1,505,423 €
Employees	250 to 499 employees	-	-

Company details

Activity (APE)	Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z) (Gear manufacturing and mechanical transmission components (2815Z))
RCS Registration	RCS Douai 6 775 708 225	Share capital	10,000,000 Euros
Registration Court	Douai (59)	Legal form	Public limited company with board of directors
Court Registry Number	19 6 2B50037	EUR VAT Number	FR15775708225
Incorporation Date	07/1962	Formation Date	01/1970
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Acronym	CMD
Activity (APE)	Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z) (Gear manufacturing and mechanical transmission components (2815Z)))	Business Pages FT®
Postal Address	CIE ENGREN REDUCTEURS MESSIAN DURAND CMD 539 AV DU CATEAU 59405 CAMBRAI CEDEX	Trading Address	539 AVENUE DU CATEAU 59400 CAMBRAI
Telephone
Fax

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

Department	Nord (59)	Region	Nord-Pas-de-Calais
District	2	Area	88
City	CAMBRAI	Size of urban area

Other establishments

Branches	7 branch entities in this company
Head office	> CIE ENGREN REDUCTEURS MESSIAN DURAND <<<  - Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z)  in CAMBRAI  (59400)
Secondary establishments	>  CIE ENGREN REDUCTEURS MESSIAN DURAND  - Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z)  in FOURCHAMBAULT  (58600) >  CIE ENGREN REDUCTEURS MESSIAN DURAND  - Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z)  in RONCQ  (59223) >  CIE ENGRENAGES REDUCTEURS MESSIAN DURAND  - Fabrication d'organes mécaniques de transmission (291J)  in VILLEURBANNE  (69100) >  CIE ENGREN REDUCTEURS MESSIAN DURAND  - Fabrication d'engrenages et d'organes mécaniques de transmission (2815Z)  in RONCQ  (59223) > ...

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

250 to 499 employees

Company workforce

250 to 499 employees

DIRECTORS/MANAGEMENT

Current Directors

4

directors

Shareholder(s)

Name	COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY SAS
Name of representative	M FAMY PATRICE
Manager position	Administrator	Date of birth	24/10/1966
Place of birth	TASSIN LA DEMI LUNE (69)
Type	Moral person	Name at birth

Name	Mme. PRUNIER MARTHE
Manager position	Chairman of the Board, Managing director	Date of birth	12/02/1961
Place of birth	PARIS 12 (75)
Type	Individual	Name at birth	FERRY

Name	M. LEONARD DE JUVIGNY GILLES
Manager position	Delegated managing director, Administrator	Date of birth	20/09/1955
Place of birth	MARSEILLE (13)
Type	Individual	Name at birth

Name	M. LAJOYE LAURENT
Manager position	Administrator	Date of birth	26/07/1952
Place of birth	METZ (57)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Chairman of the Board	MME MARTHE PRUNIER	12/02/1961 - PARIS
Managing director	M GILLES LEONARD DE JUVIGNY	20/09/1955 - MARSEILLE 01
Administrator	COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY	- - -
Administrator	M LAURENT LAJOYE	26/07/1952 - METZ
Administrator	SA DES PRODUITS PYROLIGNEUX DE BOLOGNE	- - -
Administrator	SOCIETE ANONYME DES PRODUITS PYROLIGNEUX DE BOLOGNE	- - -
Administrator	SPPB SOCIETE DE PRISE DE PARTICIPATIONS DE BUSSY	- - -
Administrator	SPPB-SOCIETE DE PRISE DE PARTICIPATIONS DE BUSSY	01/01/2000 - (.)

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	27/07/2009
Status of Monitoring	No social security and tax office preferential right to date

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No Shareholders available for this company

PAYMENT INFORMATION

Payment Information Summary - Trade Payment Data
	Total number of Invoices available	7
	Total number of Invoices paid within or up to 30 days after the due date	4
	Total number of Invoices paid more than 30 days after the due date	3
	Total number of Invoices currently outstanding where the due date has not yet been reached	0
	Total number of Invoices currently outstanding beyond the due date	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

Group Structure

No group information available for the company

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2012	31/12/2011	31/12/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	15/07/2013	24/08/2012	19/07/2011
Activity Code	2815Z	2815Z	2815Z
Employees	426	410	410

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	17 312 541	42,3%	12 165 067	-1,1%	12 299 156	530 846,50	3161,3%
- Intangible assets	789 351	-19,2%	977 060	181,9%	346 658	10 874	7159,1%
- Tangible assets	16 473 187	47,8%	11 142 478	-4,3%	11 642 732	411 299	3905,2%
- Financial assets	50 003	9,8%	45 529	-85,3%	309 766	11 214	345,9%
Net current assets	55 557 416	-3,1%	57 348 570	0,3%	57 149 982	2 314 073,50	2300,8%
- Stocks	22 288 305	1,3%	22 007 386	3,4%	21 292 687	772 209,50	2786,3%
- Advanced payments	3 666 388	-3,1%	1 041 892	-63,5%	2 856 742	0	0%
- Receivables	16 855 269	-20,4%	21 178 004	34,1%	15 790 774	818 022,50	1960,5%
- Securities and cash	12 747 454	-2,8%	13 121 288	-23,8%	17 209 779	253 953	4919,6%
- Prepaid expenses	-	-	-	-	-	136,50	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	72 869 958	4,8%	69 513 636	0,1%	69 449 137	3 009 100,50	2321,7%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	24 011 637	-0,5%	24 135 070	10,9%	21 764 202	1 081 936	2119,3%
Share capital	10 000 000	0%	10 000 000	0%	10 000 000	369 750	2604,5%
Other capital resources	740 000	0%	740 000	0%	0	0	0%
Risk Provisions	9 474 604	12,6%	8 414 239	56,0%	5 394 328	15 427	61315,7%
Liabilities	38 643 719	6,7%	36 224 327	-14,3%	42 290 608	1 595 571,50	2321,9%
- Financial liabilities	7 580 750	27,8%	5 931 002	-21,6%	7 566 199	130 212,50	5721,8%
- Advanced payments received	11 735 388	-4,1%	12 237 931	-30,9%	17 702 704	0	0%
- Trade account payables	6 649 432	-23,9%	8 738 434	2,4%	8 534 617	415 144	1501,7%
- Tax and social liabilities	4 929 380	-14,4%	5 760 991	14,8%	5 020 230	336 910	1363,1%
- Other debts and fixed assets liabilities	7 748 769	117,9%	3 555 969	2,6%	3 466 858	25 016,50	30874,6%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	72 869 958	4,8%	69 513 636	0,1%	69 449 137	3 009 100,50	2321,7%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	80 693 540	-14,7%	94 603 405	21,5%	77 874 585	4 474 700	1703,3%
Net turnover	76 216 151	-15,8%	90 500 017	19,8%	75 540 469	4 660 120	1535,5%
- of which net export turnover	51 307 040	-19,2%	63 504 526	37,2%	46 277 126	586 584,50	8646,7%
Operating charges	79 468 501	-11,6%	89 929 398	20,8%	74 472 067	4 536 471,50	1651,8%
Operating profit/loss	1 225 039	-73,8%	4 674 007	37,4%	3 402 518	87 768,50	1295,8%
Financial income	970 292	32,5%	732 413	80,7%	405 278	4 164	23201,9%
Financial charges	606 970	-4,7%	637 163	35,6%	469 971	11 584,50	5139,5%
Financial profit/loss	363 322	281,4%	95 250	247,2%	-64 693	-4 197	8756,7%
Pretax net operating income	1 588 361	-66,7%	4 769 257	42,9%	3 337 825	73 453	2062,4%
Extraordinary income	1 193 676	-60,6%	3 032 921	859,2%	316 189	14 321	8235,1%
Extraordinary charges	772 350	-52,4%	1 623 373	145,8%	660 361	9 808	7774,7%
Extraordinary profit/loss	421 326	-70,1%	1 409 548	509,5%	-344 172	0	0%
Net result	1 461 205	-58,7%	3 539 608	135,1%	1 505 423	56 827,50	2471,3%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2012	31/12/2011	31/12/2010
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2012		31/12/2011		31/12/2010
	Grand Total (I to VI)	Net	72 869 958	4,8%	69 513 636	0,1%	69 449 137
	Gross	CO	131 988 393	4,5%	126 361 543	2,1%	123 770 524
	Amortisation	1A	59 118 435	4,0%	56 847 907	4,7%	54 321 387

Non declared distributed capital (I)

		31/12/2012		31/12/2011		31/12/2010
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2012		31/12/2011		31/12/2010
	Total Active fixed asset (II)	Net	17 312 541	42,3%	12 165 067	-1,1%	12 299 156
	Gross	BJ	70 818 219	12,2%	63 110 644	3,7%	60 879 760
	Amortisation	BK	53 505 678	5,0%	50 945 577	4,9%	48 580 604

Intangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	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	789 351	-19,2%	977 060	181,9%	346 658
	Gross	AF	5 311 522	6,0%	5 009 886	25,6%	3 989 886
	Amortisation	AG	4 522 171	12,1%	4 032 826	10,7%	3 643 228
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	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	789 351	-19,2%	977 060	181,9%	346 658

Tangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Lands	Net	1 351 204	0%	1 351 204	55,9%	866 984
	Gross	AN	1 351 204	0%	1 351 204	55,9%	866 984
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	3 362 486	25,7%	2 675 862	-9,3%	2 948 628
	Gross	AP	14 067 275	8,4%	12 976 476	0,9%	12 861 842
	Amortisation	AQ	10 704 789	3,9%	10 300 614	3,9%	9 913 214
	Plant	Net	8 429 043	23,9%	6 801 065	0,3%	6 781 509
	Gross	AR	45 212 829	7,7%	41 970 900	3,8%	40 420 100
	Amortisation	AS	36 783 786	4,6%	35 169 835	4,6%	33 638 591
	Other tangible fixed assets	Net	71 894	-41,3%	122 438	-25,1%	163 490
	Gross	AT	1 566 826	0,1%	1 564 740	1,0%	1 549 061
	Amortisation	AU	1 494 932	3,6%	1 442 302	4,1%	1 385 571
	Fixed assets in construction	Net	3 258 560	1598,0%	191 909	-78,2%	882 121
	Gross	AV	3 258 560	1598,0%	191 909	-78,2%	882 121
	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	16 473 187		11 142 478		11 642 732

Financial assets

			31/12/2012		31/12/2011		31/12/2010
	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	02	0%	02	-100,0%	275 134
	Gross	CU	02	0%	02	-100,0%	275 134
	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	50 001	9,8%	45 527	31,5%	34 632
	Gross	BH	50 001	9,8%	45 527	31,5%	34 632
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		50 003		45 529		309 766

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	55 557 416	-3,1%	57 348 570	0,3%	57 149 982
	Gross	CJ	61 170 174	-3,3%	63 250 899	0,6%	62 890 765
	Amortisation	CK	5 612 758	-4,9%	5 902 329	2,8%	5 740 783

Stocks

			31/12/2012		31/12/2011		31/12/2010
	Raw materials	Net	8 030 383	3,8%	7 733 329	-1,7%	7 866 124
	Gross	BL	10 101 901	-0,1%	10 112 987	0,6%	10 057 653
	Amortisation	BM	2 071 518	-12,9%	2 379 658	8,6%	2 191 529
	Work in progress (goods)	Net	11 433 196	6,0%	10 789 880	2,1%	10 571 473
	Gross	BN	12 146 942	7,6%	11 293 888	5,6%	10 697 122
	Amortisation	BO	713 746	41,6%	504 008	301,1%	125 649
	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	2 810 228	-18,8%	3 461 864	22,2%	2 832 660
	Gross	BR	3 645 936	-14,5%	4 266 597	21,1%	3 524 098
	Amortisation	BS	835 708	3,8%	804 733	16,4%	691 438
	Goods for resale	Net	14 498	-35,0%	22 313	-0,5%	22 430
	Gross	BT	52 600	-13,0%	60 450	2,3%	59 102
	Amortisation	BU	38 102	-0,1%	38 137	4,0%	36 672
	Sub Total Stocks	Net	22 288 305	1,3%	22 007 386	3,4%	21 292 687

Advance payments to suppliers

			31/12/2012		31/12/2011		31/12/2010
	Advance payments to suppliers	Net	3 666 388	251,9%	1 041 892	-63,5%	2 856 742
	Gross	BV	3 666 388	251,9%	1 041 892	-63,5%	2 856 742
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2012		31/12/2011		31/12/2010
	Trade accounts receivable	Net	11 744 021	-31,9%	17 252 635	19,3%	14 459 438
	Gross	BX	13 697 705	-29,5%	19 428 428	13,3%	17 154 933
	Amortisation	BY	1 953 684	-10,2%	2 175 793	-19,3%	2 695 495
	Other debtors	Net	4 924 377	45,2%	3 390 870	197,9%	1 138 150
	Gross	BZ	4 924 377	45,2%	3 390 870	197,9%	1 138 150
	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	16 668 398	-19,3%	20 643 505	32,4%	15 597 588

Divers

			31/12/2012		31/12/2011		31/12/2010
	Investment securities	Net	9 746 921	-7,4%	10 528 276	-35,5%	16 319 055
	Gross	CD	9 746 921	-7,4%	10 528 276	-35,5%	16 319 055
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	3 000 533	15,7%	2 593 012	191,1%	890 724
	Gross	CF	3 000 533	15,7%	2 593 012	191,1%	890 724
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	12 747 454	-2,8%	13 121 288	-23,8%	17 209 779

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	186 871	-65,0%	534 499	176,7%	193 186
	Gross	CH	186 871	-65,0%	534 499	176,7%	193 186
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2012		31/12/2011		31/12/2010
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
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)

		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to V)	EE	72 869 958	4,8%	69 513 636	0,1%	69 449 137

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	24 011 637	-0,5%	24 135 070	10,9%	21 764 202
	Equity and shareholders' equity	DA	10 000 000	0%	10 000 000	0%	10 000 000
	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	1 000 000	0%	1 000 000	0%	1 000 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	5 491 862	0%	5 491 862	0%	5 491 862
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	3 757 485	98,2%	1 896 002	10,8%	1 710 704
	Profit or loss for the period	DI	1 461 205	-58,7%	3 539 608	135,1%	1 505 423
	Investment grants	DJ	45 735	-28,6%	64 029	-58,2%	153 128
	Special tax-allowable reserves	DK	2 255 350	5,2%	2 143 569	12,6%	1 903 085

Other capital resources (II)

			31/12/2012		31/12/2011		31/12/2010
	Total other capital resources (Total II)	DO	740 000	0%	740 000	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	740 000	0%	740 000	0%	0

Provisions for risks and charges (III)

			31/12/2012		31/12/2011		31/12/2010
	Total provisions for risks and charges (Total III)	DR	9 474 604	12,6%	8 414 239	56,0%	5 394 328
	Risk provisions	DP	8 810 947	12,3%	7 844 048	54,9%	5 062 640
	Reserves for charges	DQ	663 657	16,4%	570 191	71,9%	331 688

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2010
	Total Liabilities (Total IV)	EC	38 643 719	6,7%	36 224 327	-14,3%	42 290 608
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	7 566 670	27,9%	5 916 719	-21,6%	7 547 914
	Sundry loans and financial liabilities	DV	14 080	-1,4%	14 283	-21,9%	18 285
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	11 735 388	-4,1%	12 237 931	-30,9%	17 702 704
	Trade accounts payables	DX	6 649 432	-23,9%	8 738 434	2,4%	8 534 617
	Tax and social security liabilities	DY	4 929 380	-14,4%	5 760 991	14,8%	5 020 230
	Fixed asset liabilities	DZ	5 085 057	687,1%	646 016	-12,1%	734 893
	Other debts	EA	2 663 712	-8,5%	2 909 953	6,5%	2 731 965

Translation loss (V)

		31/12/2012		31/12/2011		31/12/2010
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2012		31/12/2011		31/12/2010
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	21 522 069	9,0%	19 742 718	4,1%	18 960 830
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2012		31/12/2011		31/12/2010
Operating result (Total I-II)	GG	1 225 039	-73,8%	4 674 007	37,4%	3 402 518

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	363 322	281,4%	95 250	247,2%	-64 693

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

		31/12/2012		31/12/2011		31/12/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1 588 361	-66,7%	4 769 257	42,9%	3 337 825

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	421 326	-70,1%	1 409 548	509,5%	-344 172

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	1 461 205	-58,7%	3 539 608	135,1%	1 505 423

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	82 857 508	-15,8%	98 368 739	25,2%	78 596 052

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

		31/12/2012		31/12/2011		31/12/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	81 396 304	-14,2%	94 829 132	23,0%	77 090 628

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	80 693 540	-14,7%	94 603 405	21,5%	77 874 585

Operating income (details)

			31/12/2012		31/12/2011		31/12/2010
	Sale of goods for resale	FC	0	0%	0	0%	0
	France	FA	0	0%	0	0%	0
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	74 128 518	-16,4%	88 622 639	22,6%	72 283 917
	France	FD	23 413 869	-9,0%	25 740 672	-2,9%	26 511 114
	Export	FE	50 714 649	-19,3%	62 881 967	37,4%	45 772 803
	Sale of services	FI	2 087 633	11,2%	1 877 378	-42,4%	3 256 552
	France	FG	1 495 242	19,2%	1 254 819	-54,4%	2 752 229
	Export	FH	592 391	-4,8%	622 559	23,4%	504 323
	Net turnover	FL	76 216 151	-15,8%	90 500 017	19,8%	75 540 469
	France	FJ	24 909 111	-7,7%	26 995 491	-7,7%	29 263 343
	Export	FK	51 307 040	-19,2%	63 504 526	37,2%	46 277 126
	Stocked production	FM	232 393	-82,6%	1 339 265	1294,5%	-112 118
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	4 082 402	51,7%	2 690 557	14,3%	2 354 381
	Other income	FQ	162 594	121,0%	73 566	-19,9%	91 853

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	79 468 501	-11,6%	89 929 398	20,8%	74 472 067

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	7 850	682,3%	-1 348	80,3%	-6 834
Purchase of raw materials	FU	33 178 738	-19,5%	41 234 685	35,5%	30 434 678
Change in stocks of raw materials	FV	11 086	120,0%	-55 334	-103,2%	1 713 084
Other external purchases and charges	FW	14 451 283	-17,0%	17 413 046	28,1%	13 592 905
Tax, duty and similar payments	FX	1 830 039	-3,9%	1 903 363	1,4%	1 877 283
Payroll	FY	15 044 266	3,1%	14 591 904	6,2%	13 736 040
Social security costs	FZ	6 761 005	2,2%	6 617 972	13,3%	5 838 925

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	3 018 154	8,2%	2 788 374	-10,2%	3 105 138
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	510 709	-54,8%	1 130 541	-21,8%	1 445 786
Provisions for risks and charges	GD	4 182 702	6,6%	3 924 774	59,2%	2 464 840

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	472 669	23,9%	381 421	41,2%	270 222

Operating charges (III-IV)

		31/12/2012		31/12/2011		31/12/2010
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)

			31/12/2012		31/12/2011		31/12/2010
	Total financial income (Total V)	GP	970 292	32,5%	732 413	80,7%	405 278
	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	204 131	-14,1%	237 645	127,2%	104 592
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	766 161	54,9%	494 768	64,5%	300 686
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2012		31/12/2011		31/12/2010
	Total financial charge (Total VI)	GU	606 970	-4,7%	637 163	35,6%	469 971
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	244 767	-14,6%	286 679	-16,3%	342 480
	Exchange losses	GS	362 203	3,3%	350 484	174,9%	127 491
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary income (Total VII)	HD	1 193 676	-60,6%	3 032 921	859,2%	316 189
	Extraordinary operating income	HA	335 109	6509,6%	5 070	-7,1%	5 458
	Extraordinary income from capital transactions	HB	352 461	-86,2%	2 559 099	1395,7%	171 099
	Released provisions and transferred charges	HC	506 106	8,0%	468 752	235,7%	139 632

Extraordinary charges (VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	772 350	-52,4%	1 623 373	145,8%	660 361
	Extraordinary operating charges	HE	245 232	204,7%	80 475	70,8%	47 125
	Extraordinary charges from capital transactions	HF	0	0%	275 134	0%	0
	Extraordinary reserves and provisions	HG	527 118	-58,4%	1 267 764	106,7%	613 236

Employee profit sharing (IX)

		31/12/2012		31/12/2011		31/12/2010
Employee profit sharing (Total IX)	HJ	110 598	-84,3%	703 901	50,1%	469 107

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	437 885	-77,4%	1 935 297	89,9%	1 019 122

References

		31/12/2012		31/12/2011		31/12/2010
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	194 472	22,6%	158 595
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%	105 052	53,8%	68 296

Display parameter
Currency	Euro	Kilo Euro

Other incomes 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)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	1 178 627	-77,9%	5 335 435	31,5%	4 056 168
	Gross value at the end of period	OL	70 818 218	12,2%	63 110 643	3,7%	60 879 759

Research and development Charge (Total I)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	KD	5 009 886	25,6%	3 989 886	6,7%	3 739 886
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	481 637	-52,8%	1 020 000	308,0%	250 000
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	180 000	0%	0	0%	0
	Gross value at the end of period	LW	5 311 523	6,0%	5 009 886	25,6%	3 989 886

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	58 055 229	2,6%	56 580 108	1,6%	55 667 706
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	8 391 428	28,4%	6 534 146	32,3%	4 939 993
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	989 963	-80,4%	5 059 025	25,6%	4 027 591
	Gross value at the end of period	NH	65 456 694	12,7%	58 055 229	2,6%	56 580 108

Financial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LQ	45 529	-85,3%	309 766	-7,0%	333 207
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	13 139	7,9%	12 173	137,0%	5 137
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	8 664	-96,9%	276 411	867,2%	28 578
	Gross value at the end of period	NK	50 004	9,8%	45 528	-85,3%	309 766

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

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	PE	4 032 826	10,7%	3 643 228	14,1%	3 193 804
Increases		PF	489 344	25,6%	389 598	-51,7%	806 424
Decreasess		PG	0	0%	0	0%	357 000
	Decreasess by budget item transfer	PH	4 522 170	12,1%	4 032 826	10,7%	3 643 228

Total fixed assets amotisation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	46 912 750	4,4%	44 937 376	1,8%	44 160 010
Increases		QV	2 070 755	-54,4%	4 540 776	-13,8%	5 265 946
Decreases		QW	0	0%	2 565 400	-42,8%	4 488 580
	Decreasess by budget item transfer	QX	48 983 505	4,4%	46 912 752	4,4%	44 937 376

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2012		31/12/2011		31/12/2010
	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

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7C	16 460 138	26,2%	13 038 197	22,3%	10 659 262
Increases		UB	5 220 529	-17,4%	6 323 079	34,1%	4 714 354
Decreases		UC	4 337 954	49,5%	2 901 138	24,2%	2 335 419
	Value at the end of period	UD	17 342 713	5,4%	16 460 138	26,2%	13 038 197

Includes Total allocations

Operating	UE	4 693 411	0%	0	0%	3 910 626
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	527 118	0%	0	0%	803 728

Includes Total Withdrawal

Operating	UF	4 029 848	0%	0	0%	2 195 787
Financial	UH	0	0%	0	0%	0
Exceptional	UK	308 106	0%	0	0%	139 632

Total regulated provisions (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	3Z	2 143 569	12,6%	1 903 085	33,1%	1 429 482
Increases		TS	419 887	-18,4%	514 764	-16,1%	613 236
Decreases		TT	308 106	12,3%	274 280	96,4%	139 632
	Value at the end of period	TU	2 255 350	5,2%	2 143 569	12,6%	1 903 086

Total risk and charge provisions (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	5Z	8 414 239	56,0%	5 394 328	36,1%	3 963 749
Increases		TV	4 289 933	-8,3%	4 677 774	76,2%	2 655 332
Decreases		TW	3 229 568	94,8%	1 657 863	35,4%	1 224 752
	Value at the end of period	TX	9 474 604	12,6%	8 414 239	56,0%	5 394 328

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7B	5 902 329	2,8%	5 740 783	9,0%	5 266 031
Increases		TY	510 709	-54,8%	1 130 541	-21,8%	1 445 786
Decreases		TZ	800 280	-17,4%	968 995	-0,2%	971 034
	Value at the end of period	UA	5 612 758	-4,9%	5 902 329	2,8%	5 740 783

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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	18 858 955	-19,4%	23 399 324	26,3%	18 520 901
1 year at most	VU	18 392 486	-19,8%	22 932 855	27,0%	18 052 881
More than one year	VV	466 469	0%	466 469	-0,3%	468 020

State of loans

		31/12/2012		31/12/2011		31/12/2010
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	50 001	9,8%	45 527	31,5%	34 632
Other financial assets (1 year at most)	UV	50 001	9,8%	45 527	31,5%	34 632

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	466 469	0%	466 469	-0,3%	468 020
Other claims customer	UX	13 231 237	-30,2%	18 961 959	13,6%	16 686 913
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	33 052	33,6%	24 742	13,1%	21 872
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	26 895	56,0%	17 240	-18,6%	21 189
Value added tax	VB	1 680 993	-7,9%	1 825 462	111,1%	864 549
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	68 041	0%	0	0%	0
Group and Associates	VC	1 760 679	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	1 354 717	-11,1%	1 523 426	560,8%	230 540

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	186 871	-65,0%	534 499	176,7%	193 186

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	26 908 330	12,2%	23 986 396	-2,4%	24 587 904
1 year at most		VZ2	21 522 069	9,3%	19 698 775	3,9%	18 960 830
More than 1 year and 5 years at most		VZ3	5 070 151	18,3%	4 287 621	-22,1%	5 507 449
More than 5 years		VZ4	316 110	0%	0	0%	119 625

Details

			31/12/2012		31/12/2011		31/12/2010
	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	7 566 670	27,9%	5 916 719	-21,6%	7 547 914
1 year at most		VG2	2 180 409	33,8%	1 629 098	-15,2%	1 920 840
More than 1 year and 5 years at most		VG3	5 070 151	18,3%	4 287 621	-22,1%	5 507 449
	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	14 080	-1,4%	14 283	-21,9%	18 285
1 year at most		8A2	14 080	-1,4%	14 283	-21,9%	18 285
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	6 649 432	-23,9%	8 738 434	2,4%	8 534 617
1 year at most		8B2	6 649 432	-23,9%	8 738 434	2,4%	8 534 617
More than 1 year and 5 years at most		8B3	6 649 432	-23,9%	8 738 434	2,4%	8 534 617
	Personnel and associated accounts (gross)	8C1	3 029 485	-20,4%	3 805 440	20,4%	3 160 314
1 year at most		8C2	3 029 485	-20,4%	3 805 440	20,4%	3 160 314
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	1 473 663	1,4%	1 452 631	6,6%	1 362 323
1 year at most		8D2	1 473 663	1,4%	1 452 631	6,6%	1 362 323
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	0	0%	0	0%	67 517
1 year at most		VW2	0	0%	0	0%	67 517
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	426 232	-15,2%	502 920	16,9%	430 076
1 year at most		VQ2	426 232	-15,2%	502 920	16,9%	430 076
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	5 085 057	687,1%	646 016	-12,1%	734 893
1 year at most		8J2	5 085 057	687,1%	646 016	-12,1%	734 893
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	36 646	-93,6%	569 711	128,3%	249 561
1 year at most		VI2	36 646	-93,6%	569 711	128,3%	249 561
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	2 627 065	12,3%	2 340 241	-5,7%	2 482 403
1 year at most		8K2	2 627 065	12,3%	2 340 241	-5,7%	2 482 403
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

		31/12/2012		31/12/2011		31/12/2010
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	1 631 464	-14,9%	1 917 393

Table allocation results and other information
Dividends distributed

		31/12/2012		31/12/2011		31/12/2010
Dividends	ZE	1 678 125	27,1%	1 320 125	40,5%	939 750

Commitments

		31/12/2012		31/12/2011		31/12/2010
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

		31/12/2012		31/12/2011		31/12/2010
Subcontracting	YT	716 960	-25,2%	958 140	46,6%	653 421
Rentals, rental charges and condominiums	XQ	737 875	-1,5%	749 016	8,8%	688 465
Staff outside the company	YU	2 494 813	-20,4%	3 134 236	43,6%	2 183 152
Remuneration intermediaries and fees (excluding fees)	SS	1 765 625	-29,3%	2 496 811	6,6%	2 341 221
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	8 736 010	-13,3%	10 074 842	30,4%	7 726 647
Total Other purchases and external	ZJ	14 451 283	659,2%	17 413 045	28,1%	13 592 906

Taxes and Fees

		31/12/2012		31/12/2011		31/12/2010
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	1 830 039	-3,9%	1 903 363	1,4%	1 877 283
Total taxes and fees	YX	1 830 039	-3,9%	1 903 363	1,4%	1 877 283

VAT

		31/12/2012		31/12/2011		31/12/2010
Amount VAT collected	YY	5 068 089	-11,7%	5 741 673	7,0%	5 364 279
Total VAT on goods and services	YZ	6 281 637	-16,2%	7 495 239	28,6%	5 826 996

Average number of employees

		31/12/2012		31/12/2011		31/12/2010
Average number of employees	YP	426	3,9%	410	0%	410

Groups and Shareholders

		31/12/2012		31/12/2011		31/12/2010
Groups and Shareholders	ZR	01	-	01	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Fixed Asset Financing		1,35	-5,6%	1,43	4,4%	1,37	1,59	-15,1%
Global Debt		183 days	27,1%	144 days	-28,7%	202 days	92,50 days	97,8%
Working Capital Fund overall net		116 days	7,4%	108 days	0,9%	107 days	87,50 days	32,6%
Financial independence		317,33%	-22,2%	407,91%	41,5%	288,35%	1743,61%	-81,8%
More ratios
Solvability		33,97%	-5,1%	35,78%	14,2%	31,34%	50,47%	-32,7%
Capacity debt futures		194,89%	-17,6%	236,52%	40,6%	168,25%	2975,23%	-93,4%
Coverage of current assets by net working capital overall		34,63%	-6,3%	36,94%	30,2%	28,38%	51,70%	-33,0%
General Liquidity		0,85	-26,7%	1,16	22,1%	0,95	0,85	0%
Restricted Liquidity		1,45	-20,8%	1,83	-1,6%	1,86	1,51	-4,0%

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital		55 days	3,8%	53 days	120,8%	24 days	52 days	5,8%
Treasury		60 days	15,4%	52 days	-36,6%	82 days	17,50 days	242,9%
Inventory turnover of goods		2412 days	114,9%	-16144 days	-418,6%	-3113 days	26 days	9176,9%
Average length of credit granted to customers		61 days	-16,4%	73 days	-3,9%	76 days	63 days	-3,2%
Average length of credit obtained suppliers		44 days	-8,3%	48 days	-20,0%	60 days	57 days	-22,8%
More ratios
Inventory turnover of raw materials in industrial enterprises		110 days	25,0%	88 days	-26,1%	119 days	65 days	69,2%
Inventory turnover of intermediate and finished products in the industrial enterprise		116 days	-25,6%	156 days	16,4%	134 days	210 days	-44,8%
Rotation tangible assets		116,44%	-25,3%	155,89%	16,8%	133,51%	227,87%	-48,9%

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading		-0,01%	0%	0%	0%	0,01	0%	0%
Profitability of the business		6,78	-39,5%	11,20	2,7%	10,91	4,89%	38,7%
Net profit		1,92%	-50,9%	3,91%	96,5%	1,99%	2,04%	-5,9%
More ratios
Growth rate of turnover (excluding VAT)		-15,78%	-179,7%	19,80%	254,4%	-12,82%	0,12%	-13250,0%
Rates integration		37,79%	2,9%	36,74%	-6,5%	39,31%	39,15%	-3,5%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		75,71%	18,7%	63,79%	-3,2%	65,92%	77,49%	-2,3%
Weight interests		0,80	14,3%	0,70%	12,9%	0,62%	0,34%	135,3%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability		0,41%	-93,0%	5,87%	63,1%	3,60%	4,08%	-90,0%
Rates of economic profitability		16%	-51,5%	33%	17,9%	28%	14,50%	10,3%
Financial profitability		24751637%	-0,5%	24875070%	14,3%	21764202%	1081936%	2187,7%
Return on investment		6,40%	-52,8%	13,56%	101,5%	6,73%	7,41%	-13,6%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Turnover	76 216 151	-15,8%	90 500 017	19,8%	75 540 469	4 660 120 €	1535,5%

Sales of goods	0	0%	0	0%	0
- Purchase of goods	0	0%	0	0%	0
+/- Stock of goods variation	7 850	682,3%	-1 348	80,3%	-6 834
Trading margin	-7 850 €	-682,3%	1 348 €	-80,3%	6 834 €	0 €	0%
	-0,01 % CA	0%	0,00 % CA	0%	0,01 % CA	0 % CA	0%

Sale of goods produced	76 216 151	-15,8%	90 500 017	19,8%	75 540 469
+/- Stocked production	232 393	-82,6%	1 339 265	1294,5%	-112 118
+ Self-constructed assets	0	0%	0	0%	0
Period production	76 448 544 €	-16,8%	91 839 282 €	21,8%	75 428 351 €	4 025 741,50 €	1799,0%
	100,30 % CA	-1,2%	101,48 % CA	1,6%	99,85 % CA	99,64 % CA	0,7%

Trading margin	-7 850	-682,3%	1 348	-80,3%	6 834	0	0%
+ Period Production	76 448 544	-16,8%	91 839 282	21,8%	75 428 351	4 025 741,50	1799,0%
- Purchase of raw materials	33 178 738	-19,5%	41 234 685	35,5%	30 434 678
+/- Change in stocks of raw materiels	11 086	120,0%	-55 334	-103,2%	1 713 084
- Other external purchases and charges	14 451 283	-17,0%	17 413 046	28,1%	13 592 905
Added value	28 799 587 €	-13,4%	33 248 233 €	12,0%	29 694 518 €	1 942 707 €	1382,4%
	37,79 % CA	2,9%	36,74 % CA	-6,5%	39,31 % CA	39,15 % CA	-3,5%

Added value	28 799 587 €	-13,4%	33 248 233 €	12,0%	29 694 518 €	1 942 707 €	1382,4%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	1 830 039	-3,9%	1 903 363	1,4%	1 877 283
- Personal charges	21 805 271	2,8%	21 209 876	8,4%	19 574 965
Gross operating surplus	5 164 277 €	-49,0%	10 134 994 €	23,0%	8 242 270 €	199 118 €	2493,6%
	6,78 % CA	-39,5%	11,20 % CA	2,7%	10,91 % CA	4,89 % CA	38,7%

Gross operating surplus	5 164 277 €	-49,0%	10 134 994 €	23,0%	8 242 270 €	199 118 €	2493,6%
+ Release of reserves and provisions	4 082 402	51,7%	2 690 557	14,3%	2 354 381
+ Other operating income	162 594	121,0%	73 566	-19,9%	91 853
- Depreciation/Amortisation	7 711 565	-1,7%	7 843 689	11,8%	7 015 764
- Other charges	472 669	23,9%	381 421	41,2%	270 222
Operating result	1 225 039 €	-73,8%	4 674 007 €	37,4%	3 402 518 €	87 768,50 €	1295,8%
	1,61 % CA	-68,8%	5,16 % CA	14,7%	4,50 % CA	3,24 % CA	-50,3%

Operating result	1 225 039 €	-73,8%	4 674 007 €	37,4%	3 402 518 €	87 768,50 €	1295,8%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	970 292	32,5%	732 413	80,7%	405 278
- Financial charges	606 970	-4,7%	637 163	35,6%	469 971
Pre-tax result	1 588 361 €	-66,7%	4 769 257 €	42,9%	3 337 825 €	73 453,50 €	2062,4%
	2,08 % CA	-60,5%	5,27 % CA	19,2%	4,42 % CA	3,04 % CA	-31,6%

Extraordinary income	1 193 676	-60,6%	3 032 921	859,2%	316 189	14 321	8235,1%
- Extraordinary charges	772 350	-52,4%	1 623 373	145,8%	660 361
Extraordinary result	421 326 €	-70,1%	1 409 548 €	509,5%	-344 172 €	0 €	0%
	0,55 % CA	-64,7%	1,56 % CA	439,1%	0 % CA	0 % CA	0%

Pre-tax result	1 588 361 €	-66,7%	4 769 257 €	42,9%	3 337 825 €	73 453,50 €	2062,4%
Extraordinary result	421 326 €	-70,1%	1 409 548 €	509,5%	-344 172 €	0 €	0%
- Employee profit sharing	110 598	-84,3%	703 901	50,1%	469 107
- Tax on profits	437 885	-77,4%	1 935 297	89,9%	1 019 122
Net result	1 461 204 €	-58,7%	3 539 607 €	135,1%	1 505 424 €	56 827,50 €	2471,3%
	1,92 % CA	-50,9%	3,91 % CA	96,5%	1,99 % CA	2,04 % CA	-5,9%

ADDITIONAL INFORMATION

No social security and tax office preferential right to date

Trends

Profitability

Liquidity

Net worth

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

The shareholder's equity is 24,011,637 €

The creditor days are 31.84

The deviation of tangible fixed assets over the last two accounting periods is 147.84 %

The liabilities are 38,643,719 €

The net current assets are 55,557,416 €

The net turnover is 76,216,151 €

The pre-tax profit is 1,899,090 €

The risk provisions are 9,474,604 €

The total assets are 72,869,958 €

Low risk workforce size

The company has 6 directors

Industry code with low risk rating

Department code with medium risk rating

The ratio total assets to total liabilities is 1,51

The return on total assets employed is 2,61

The deviation in the gearing percentage over the last two accounting periods is 119.50 %

The sales to current assets ratio is 1,37

The stock to turnover ratio is 29.24

Linkages

Linkages

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
12/10/2013	JAL	Resignation / Revocation of the social representative
Gazette Nord Pas de Calais/Edition du Nord Date de décision : 25/06/2013 La société 775708225 - CIE ENGREN REDUCTEURS MESSIAN DURAND, CMD, 539 AV DU CATEAU, 59400 CAMBRAI Fait l'objet du départ de SPPB Société de Prise de Partici, De SA des Produits Pyroligneux de B, De SA PRICEWATERHOUSECOOPERS Audit, De Monsieur Pierre COLL
18/08/2013	Bodacc B	Modification et mutation diverse
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 829 - 775 708 225 RCS Douai. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Administration : Président du conseil d'administration, Directeur général : PRUNIER Marthe né(e) FERRY Directeur général délégué, Administrateur : LEONARD DE JUVIGNY Gilles Administrateur : SPPB-SOCIETE DE PRISE DE PARTICIPATIONS DE BUSSY (SACA) représenté par DEPPEL Pierre Administrateur : SA DES PRODUITS PYROLIGNEUX DE BOLOGNE (SA) représenté par DEPPEL Pierre Administrateur : LAJOYE Laurent Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT Commissaire aux comptes suppléant : COLL Pierre. Activité : . Commentaires : Modification survenue sur l'administration.
26/07/2013	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 8419 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
06/07/2013	JAL	Appointment of the social representative
Gazette Nord Pas de Calais/Edition du Nord Date de décision : 28/06/2013 Société faisant l'objet d'une nomination : 775708225 - CIE ENGREN REDUCTEURS MESSIAN DURAND, CMD, 539 AV DU CATEAU, 59400 CAMBRAI Nominé : Madame Marthe PRUNIER En la fonction de : Directeur général
27/07/2012	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 7583 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
23/08/2010	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 7547 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
30/07/2009	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 6353 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
14/11/2008	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE CAMBRAI 5177 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
21/11/2007	Bodacc C	Avis de dépôt des comptes
5508 - 775 708 225. RCS Cambrai COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle: ERCMD Forme: Société anonyme. Adresse du siège social: 539 avenue du Cateau 59405 Cambrai. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
03/10/2006	Bodacc C	Avis de dépôt des comptes
4083 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme: S.A. Adresse du siège social: 539, avenue du Cateau,59405 Cambrai. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
25/04/2006	Bodacc B	Modifications et mutations diverses
1295 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : FERRY (Marthe) (Nom d'usage : PRUNIER). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateur : DYNACTION, représentée par LEONARD DE JUVIGNY (Gilles) (Nom d'usage : LEONARD DE JUVIGNY). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 22 décembre 2005.
25/04/2006	Bodacc B	Modifications et mutations diverses
1297 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : FERRY (Marthe) (Nom d'usage : PRUNIER). Directeur général et administrateur : LEONARD DE JUVIGNY (Gilles) (Nom d'usage : LEONARD DE JUVIGNY). Administrateurs : COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY, représentée par FAMY (Patrice) (Nom d'usage : FAMY) S.A. DES PRODUITS PYROLIGNEUX DE BOLOGNE, représentée par DEPPEL (Pierre) (Nom d'usage : DEPPEL) LAJOYE (Laurent) (Nom d'usage : LAJOYE). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 2 février 2006.
25/04/2006	Bodacc B	Modifications et mutations diverses
1296 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : FERRY (Marthe) (Nom d'usage : PRUNIER). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateurs : LEONARD DE JUVIGNY (Gilles) (Nom d'usage : LEONARD DE JUVIGNY) COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY, représentée par FAMY (Patrice) (Nom d'usage : FAMY) S.A. DES PRODUITS PYROLIGNEUX DE BOLOGNE, représentée par DEPPEL (Pierre) (Nom d'usage : DEPPEL) LAJOYE (Laurent) (Nom d'usage : LAJOYE). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 18 janvier 2006.
24/08/2005	Bodacc B	Modifications et mutations diverses
826 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : LEONARD DE JUVIGNY (Gilles, Marie, Henri, Hervé) (Nom d'usage : LEONARD DE JUVIGNY). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateurs : DYNACTION, représentée par MORETTI (Christian, Jacques) (Nom d'usage : MORETTI) CASTEX (Ghislaine) (Nom d'usage : BEAUCHARD) S.C.M. COMED, représentée par SANTINI (Philippe) (Nom d'usage : SANTINI). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 10 décembre 2004.
24/08/2005	Bodacc B	Modifications et mutations diverses
829 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : MORETTI (Christian) (Nom d'usage : MORETTI). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateurs : DYNACTION, représentée par LEONARD DE JUVIGNY (Gilles) (Nom d'usage : LEONARD DE JUVIGNY) CASTEX (Ghislaine) (Nom d'usage : BEAUCHARD) S.C.M. COMED, représentée par SANTINI (Philippe) (Nom d'usage : SANTINI). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 29 mars 2005.
24/08/2005	Bodacc B	Modifications et mutations diverses
828 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : MORETTI (Christian) (Nom d'usage : MORETTI). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateurs : DYNACTION, représentée par LEONARD DE JUVIGNY (Gilles) (Nom d'usage : LEONARD DE JUVIGNY) CASTEX (Ghislaine) (Nom d'usage : BEAUCHARD) S.C.M. COMED, représentée par SANTINI (Philippe) (Nom d'usage : SANTINI). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 22 février 2005.
24/08/2005	Bodacc B	Modifications et mutations diverses
827 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : MORETTI (Christian) (Nom d'usage : MORETTI). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateurs : DYNACTION, représentée par MORETTI (Christian, Jacques) (Nom d'usage : MORETTI) CASTEX (Ghislaine) (Nom d'usage : BEAUCHARD) S.C.M. COMED, représentée par SANTINI (Philippe) (Nom d'usage : SANTINI). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 14 décembre 2004.
31/05/2005	Bodacc C	Avis de dépôt des comptes
3361 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme: S.A. Adresse du siège social: 539, avenue du Cateau,59405 Cambrai. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
11/03/2004	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 00037 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai Cedex. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : LEONARD DE JUVIGNY (Gilles, Marie, Henri, Hervé). Directeur général : BERNARDI (René). Administrateurs : SOFIE, représentée par SANTINI ( Philippe) DYNACTION, représentée par MORETTI (Christian, Jacques) CASTEX ( Ghislaine) ( Nom d'usage : BEAUCHARD) SCM COMED, représentée par SANTINI ( Philippe). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre). Date d'effet : 19 décembre 2003.
11/03/2004	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 00037 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai Cedex. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : LEONARD DE JUVIGNY (Gilles, Marie, Henri, Hervé). Administrateurs : SOFIE, représentée par SANTINI (Philippe) DYNACTION, représentée par MORETTI ( Christian, Jacques) CASTEX (Ghislaine) ( Nom d'usage : BEAUCHARD). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre). Date d'effet : 10 juin 2003.
14/12/2003	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai Cedex. Administration : ancien commissaire aux comptes suppléant : STE RSA SEEC. Nouveau commissaire aux comptes suppléant : COLL (Pierre). Commissaire aux comptes titulaire démissionnaire : NICOT (Bernard). Commissaire aux comptes titulaire : PRICEWATERHOUSE COOPERS AUDIT, en remplacement de FEUILLET ET ASSOCIES. Date d'effet : 10 juin 2003.
03/12/2002	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Capital : 10 000 000 d'euros Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai Cedex. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : LEONARD DE JUVIGNY (Gilles, Marie, Henri, Hervé) ( Nom d'usage : LEONARD DE JUVIGNY). Administrateurs : SOFIE, représentée par SANTINI (Philippe) ( Nom d'usage : SANTINI) DYNACTION, représentée par MORETTI (Christian, Jacques) CASTEX (Ghislaine) ( Nom d' usage : BEAUCHARD). Commissaires aux comptes titulaires : FEUILLET ET ASSOCIES NICOT (Bernard) ( Nom d' usage : NICOT). Commissaires aux comptes suppléants : STE R.S.A. S.E.E.C. VANTALON (Jacques) ( Nom d'usage : VANTALON).
04/02/2001	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 000 000 d'euros Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai Cedex. Commentaires : modification survenue sur le capital ( augmentation et conversion en euros). Date d'effet : 1er décembre 2000.
02/02/2000	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Chateau, 59405 Cambrai Cedex. Commentaires : modification survenue sur le nom commercial. Date d'effet : 30 décembre 1999.
27/10/1998	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775 708 225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F Nom commercial: C.M.D. Transmissions. Adresse du siège social : 539 avenue du Cateau 59405 Cambrai Cedex. Administration : changement de représentant permanent de la STE INDUSTRIELLE DE GESTION, administrateur. Ancien : ENGEL (Xavier). Nouveau : ROEBBEN (Jean-Philippe). Date d'effet : 29 juin 1998.
27/10/1998	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775 708 225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F Nom commercial: C.M.D. Transmissions. Adresse du siège social : 539 avenue du Cateau 59405 Cambrai Cedex. Administration : démission d' administrateurs : STE GIAT INDUSTRIES STE GITECH et RANQUET (Michel). Nomination de la STE DYNACTION, représentée par MORETTI (Christian) en qualité d'administrateur. Date d'effet : 5 juin 1998.
18/09/1997	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775 708 225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F. Adresse du siège social : 539 avenue du Cateau 59405 Cambrai Cedex. Administration : ancien représentant permanent de la STE GIAT INDUSTRIES, administrateur : MOUSLIM (Tahar). Nouveau : PASQUET ( Thierry). Ancien représentant permanent de la STE GITECH, administrateur : POILE (Dominique). Nouveau : Mlle FOURRIER (isabelle). Date d'effet : 2 octobre 1996 (régularisation).
18/09/1997	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775 708 225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F Nom commercial: C.M.D. Transmissions. Adresse du siège social : 539 avenue du Cateau 59405 Cambrai Cedex. Administration : nomination en qualité d' administrateurs : STE INDUSTRIELLE DE GESTION, représentée par ENGEL (Xavier), en remplacement de PERRIN (Hubert), démissionnaire et RANQUET (Michel), en remplacement de CRAPET (Xavier), démissionnaire. Nomination en qualité de commissaire aux comptes suppléant : VANTALON (Jacques), en remplacement de LANGLAIS (Antoine), démissionnaire. Date d'effet : 6 juin 1997.
27/09/1996	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Nom commercial: C.M.D. Transmissions. Forme : S.A. Capital : 10 750 000 F (fixe). Adresse du siège social : 539, avenue du Cateau, 59405 Cambrai Cedex. Administration : cooptation de PERRIN ( Hubert) en qualité d'administrateur en remplacement de la S.A. MECADYNE ( démissionnaire) et de la S.A. SOFIE, représentée par DEBACK (Jean-Luc) en qualité d'administrateur en remplacement de DUQUESNE (Jean-Luc). Date d'effet : 4 juin 1996.
27/09/1996	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C. M.D. Nom commercial: C.M.D. Transmissions. Forme : S.A. Capital : 10 750 000 F (fixe). Adresse du siège social : 539, avenue du Cateau, 59405 Cambrai Cedex. Commentaires : régularisation : changement de représentant permanent de la SOCIETE GIA INDUSTRIES : CARRE (Emmanuel) est remplacé par MOUSLIM (Tahar). Date d'effet : 3 avril 1996.
30/09/1995	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775 708 225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F (fixe) Nom commercial: C.M.D. Transmissions. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai cedex. Administration : nomination en qualité d' administrateur de DUQUESNE (Jean-Luc) en remplacement de la société DYNACTION, démissionnaire. Date d'effet : 8 juin 1995.
03/03/1995	Bodacc B	Modifications et mutations diverses
RCS Cambrai b 775708225 RC 62-b 37 compagnie engrenages et reducteurs messian durand. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F (fixe) Nom commercial: C.M.D. Transmissions. Adresse du siège social : 539, avenue du Cateau, 59405 Cambrai Cedex. Administration : ancien président du conseil d'administration : GUERY (Roger) également démissionnaire de son poste d' administrateur nouveau président du conseil d'administration : JUVIGNY ( Gilles de), ancien directeur général. Date d'effet : 14 décembre 1994.

Company events history

Date	Description
29/11/2013	Update Rating
29/11/2013	Update Limit
26/11/2013	Changes to the Board of Directors
26/11/2013	Minutes of general meeting of shareholders
26/11/2013	New auditor
19/10/2013	Update Rating
19/10/2013	Update Limit
12/10/2013	Legal Gazette: Resignation / Revocation of the social representative
18/08/2013	Bodacc B: Various editing or changing
10/08/2013	Update Limit
10/08/2013	Update Rating
30/07/2013	Update Rating
30/07/2013	Update Limit
29/07/2013	Changes to the Board of Directors
29/07/2013	Minutes of general meeting of shareholders
26/07/2013	Bodacc C : Deposit accounts notice
16/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
28/06/2013	Legal Gazette: Appointment of the social representative
31/12/2012	New accounts available
25/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
27/07/2012	Bodacc C : Deposit accounts notice
13/04/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
21/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
23/08/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
30/07/2009	Bodacc C : Deposit accounts notice
27/07/2009	Collection of preferential rights activated for this company
22/04/2009	Modification du Conseil d'Administration
22/04/2009	Private document
22/04/2009	PV d'Assemblée
22/04/2009	Acte modificatif
22/04/2009	Amendment
01/01/2009	Update of Company Acronym
01/01/2009	Other modification of Establishment (error correction)
31/12/2008	New accounts available
14/11/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
09/03/2006	Modification du Conseil d'Administration
09/03/2006	Changes to the Board of Directors
09/03/2006	New chairman (CEO, CoB)
09/03/2006	Changement de Président (PDG, PCA)
09/03/2006	PV du Conseil d'Administration
09/03/2006	Minutes of Board meeting
09/03/2006	PV d'Assemblée
09/03/2006	Minutes of general meeting of shareholders
09/03/2006	Nomination/démission des organes de gestion
09/03/2006	Appointment/resignation of company officers
09/03/2006	Private document
09/03/2006	Acte sous seing privé
31/12/2005	New accounts available
05/07/2005	Modification du Conseil d'Administration
05/07/2005	Changement de Président (PDG, PCA)
05/07/2005	Appointment/resignation of company officers
05/07/2005	Nomination/démission des organes de gestion
05/07/2005	PV d'Assemblée
05/07/2005	Minutes of general meeting of shareholders
05/07/2005	Minutes of Board meeting
05/07/2005	Changes to the Board of Directors
05/07/2005	Acte sous seing privé
05/07/2005	Private document
05/07/2005	PV du Conseil d'Administration
05/07/2005	Acte modificatif
01/01/2005	PV d'Assemblée
01/01/2005	Minutes of general meeting of shareholders
01/01/2005	Acte sous seing privé
01/01/2005	Amendment
01/01/2005	Private document
01/01/2005	Acte modificatif
31/12/2004	New accounts available
23/01/2004	PV du Conseil d'Administration
23/01/2004	Nomination/démission des organes de gestion
23/01/2004	Acte sous seing privé
23/01/2004	Modification du Conseil d'Administration
23/01/2004	PV d'Assemblée
23/01/2004	Acte modificatif
23/01/2004	Statuts mis à jour
31/12/2003	New accounts available
06/08/2003	Acte sous seing privé
06/08/2003	Nomination/démission des organes de gestion
06/08/2003	Changement de Commissaire aux Comptes
06/08/2003	PV d'Assemblée
25/10/2002	PV d'Assemblée
25/10/2002	PV du Conseil d'Administration
25/10/2002	Acte modificatif
25/10/2002	Modification du Conseil d'Administration
25/10/2002	Acte sous seing privé
25/10/2002	Nomination/démission des organes de gestion
04/01/2001	Acte modificatif
04/01/2001	Acte sous seing privé
04/01/2001	Statuts mis à jour
04/01/2001	Conversion du Capital Social en Euros
04/01/2001	Augmentation de Capital
04/01/2001	PV d'Assemblée
16/09/1998	Modification du Conseil d'Administration
16/09/1998	Nomination/démission des organes de gestion
16/09/1998	PV d'Assemblée
16/09/1998	Acte sous seing privé
30/07/1997	Modification du Conseil d'Administration
30/07/1997	PV d'Assemblée
30/07/1997	Changement de Commissaire aux Comptes
28/07/1997	Modification du Conseil d'Administration
28/07/1997	PV d'Assemblée
28/07/1997	Acte sous seing privé
28/07/1997	Changement de Commissaire aux Comptes
28/07/1997	Nomination/démission des organes de gestion
18/07/1996	Modification du Conseil d'Administration
18/07/1996	Nomination/démission des organes de gestion
18/07/1996	PV d'Assemblée
10/07/1995	Modification du Conseil d'Administration
10/07/1995	PV d'Assemblée
27/01/1995	Acte modificatif
27/01/1995	Modification du Conseil d'Administration
27/01/1995	Changement de Président (PDG, PCA)
27/01/1995	PV du Conseil d'Administration
30/05/1994	PV d'Assemblée
30/05/1994	Nomination/démission des organes de gestion
30/05/1994	Déclaration de conformité
30/05/1994	Modification du Conseil d'Administration
30/05/1994	Acte modificatif
30/05/1994	Statuts mis à jour
30/05/1994	PV du Conseil d'Administration
26/04/1994	Nomination/démission des organes de gestion
26/04/1994	PV du Conseil d'Administration
26/04/1994	Acte modificatif
26/04/1994	Modification du Conseil d'Administration
18/01/1994	Changement de Commissaire aux Comptes
18/01/1994	PV d'Assemblée
05/01/1993	Modification du Conseil d'Administration
05/01/1993	Acte modificatif
05/01/1993	PV du Conseil d'Administration
27/07/1992	Nomination/démission des organes de gestion
27/07/1992	PV d'Assemblée
27/07/1992	Modification du Conseil d'Administration

Establishment events history

Date	Description
10/08/2013	Update Rating
16/07/2013	Update Rating
13/01/2013	Update of phone numbers
25/08/2012	Update Rating
07/10/2011	Update Rating
19/08/2010	Update of phone numbers
22/10/2009	Update of phone numbers
10/08/2009	Update Rating
06/06/2009	Update Rating
29/05/2009	Update of phone numbers
09/12/2007	Update Limit
26/06/2007	Update Rating

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.62
UK Pound	1	Rs.100.84
Euro	1	Rs.84.98

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.