MIRA INFORM REPORT

Report Date :

17.12.2013

IDENTIFICATION DETAILS

Name :	SETHNESS-ROQUETTE
Registered Office :	Rte D Estaires, 59660 Merville
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	02.2004
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of other food products n.c.a
No. of Employees :	20 to 49

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 4.8% of GDP in 2012, while France's public debt rose from 68% of GDP to 90% 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

		EUR VAT Number	FR47451886766
Activity (APE)	Manufacture of other food products n.c.a (1089Z)	Legal form	Simplified joint stock company
Phone	03 28 50 00 50	RCS Registration	RCS Hazebrouck B 451 886 766
Fax		Share capital	11,000,000 Euros
Address	SETHNESS-ROQUETTE RTE D ESTAIRES 59660 MERVILLE	Incorporated Date	02/2004
Nationality	France	Status	Economically active

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	27,478,967 €	25,107,072 €	23,933,347 €
Gross Operating Surplus	8,68 % Turnover	17,04 % Turnover	24,36 % Turnover
Shareholders’ equity	14,947,971 €	14,649,867 €	15,123,837 €
Net result	-647,963 €	1,715,320 €	2,664,933 €
Employees	20 to 49 employees	-	-

DIRECTORS/MANAGEMENT

Current Directors

Directors

Name	M. SETHNESS CHARLES
Manager position	President	Date of birth	15/09/1946
Place of birth	CHICAGO USA
Type	Individual	Name at birth

Name	M. MULET JEAN-FRANCOIS
Manager position	Managing director	Date of birth	19/01/1957
Place of birth	SAINT AVOLD
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

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	01/03/2012
Status of Monitoring	No social security and tax office preferential right to date

SHARE & SHARE CAPITAL INFORMATION

Share capital

11,000,000 Euros

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	ROQUETTE FRÈRES	357200054

Group data

Ultimate parent company	ROQUETTE FRÈRES
Direct parent	ROQUETTE FRÈRES - 50 %
Group – Number of companies	27
Linkages – Number of companies	9
Number of countries	5

Group Structure

Go directly to the current company

Display only where participation % > 33 %

Linkages

Ultimate parent company	ROQUETTE FRÈRES
Direct parent	ROQUETTE FRÈRES - 50 %
Group – Number of companies	27
Linkages – Number of companies	9
Number of countries	5

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	20/09/2013	12/11/2012	22/09/2011
Activity Code	1089Z	1089Z	1089Z
Employees	0	39	0

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	8 304 448	23,2%	6 740 688	15,4%	5 840 524	116 579	7023,5%
- Intangible assets	8 565	-62,2%	22 650	-22,1%	29 077	3 798,50	125,5%
- Tangible assets	6 633 533	-1,2%	6 715 888	15,6%	5 809 297	64 544,50	10177,5%
- Financial assets	1 662 350	77218,6%	2 150	0%	2 150	1 654,50	100374,5%
Net current assets	10 852 562	-4,7%	11 390 862	-4,4%	11 912 765	263 748	4014,7%
- Stocks	2 084 685	27,8%	1 631 689	65,8%	983 906	50 074	4063,2%
- Advanced payments	107 950	-4,7%	122 400	-38,0%	197 339	0	0%
- Receivables	5 072 760	26,0%	4 026 941	12,0%	3 595 789	118 602	4177,1%
- Securities and cash	3 587 167	-36,1%	5 609 832	-21,4%	7 135 731	35 635,50	9966,3%
- Prepaid expenses	-	-	-	-	-	416	-
Accounts of regularization	8 019	671,1%	1 040	134,8%	443	0	0%
Total Assets	19 165 029	5,7%	18 132 591	2,1%	17 753 732	402 337	4663,4%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	14 947 971	2,0%	14 649 867	-3,1%	15 123 837	110 943	13373,6%
Share capital	11 000 000	0%	11 000 000	0%	11 000 000	31 745	34551,1%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	25 455	91,2%	13 313	23,9%	10 747	0	0%
Liabilities	4 190 923	21,2%	3 457 162	32,1%	2 617 000	281 606	1388,2%
- Financial liabilities	0	0%	0	0%	0	69 329	0%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	3 138 559	14,7%	2 735 384	40,4%	1 948 890	59 562,50	5169,4%
- Tax and social liabilities	988 969	97,8%	499 864	-19,8%	623 636	68 204	1350,0%
- Other debts and fixed assets liabilities	64 073	-72,6%	234 162	402,2%	46 623	11 978	434,9%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	19 165 029	5,7%	18 132 591	2,1%	17 753 732	402 336,50	4663,4%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	27 892 705	8,5%	25 711 517	8,2%	23 753 233	596 181,50	4578,6%
Net turnover	27 478 967	9,4%	25 107 072	4,9%	23 933 347	591 204	4548,0%
- of which net export turnover	26 614 909	9,6%	24 291 126	3,1%	23 550 246	0	0%
Operating charges	27 282 214	16,6%	23 396 860	16,1%	20 156 380	605 692,50	4404,3%
Operating profit/loss	610 491	-73,6%	2 314 657	-35,6%	3 596 853	5 913,50	10223,7%
Financial income	128 751	-21,8%	164 573	53,9%	106 944	18,50	695851,4%
Financial charges	76 538	25,3%	61 061	43,6%	42 507	2 992,50	2457,7%
Financial profit/loss	52 213	-49,6%	103 512	60,6%	64 437	-1 395,50	3841,5%
Pretax net operating income	662 704	-72,6%	2 418 169	-34,0%	3 661 290	4 242	15522,4%
Extraordinary income	57 825	-83,8%	357 284	-47,9%	686 175	1 917,50	2915,6%
Extraordinary charges	6 972	-96,3%	186 827	167,9%	69 746	783,50	789,9%
Extraordinary profit/loss	50 853	-70,2%	170 457	-72,3%	616 429	0	0%
Net result	-647 963	-137,8%	1 715 320	-35,6%	2 664 933	4 850	-13460,1%

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	19 165 029	5,7%	18 132 591	2,1%	17 753 732
	Gross	CO	32 821 319	7,1%	30 635 232	6,6%	28 727 722
	Amortisation	1A	13 656 290	9,2%	12 502 641	13,9%	10 973 990

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	8 304 448	23,2%	6 740 688	15,4%	5 840 524
	Gross	BJ	21 879 728	13,9%	19 212 189	14,3%	16 813 534
	Amortisation	BK	13 575 280	8,9%	12 471 501	13,7%	10 973 010

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	8 565	-62,2%	22 650	-22,1%	29 077
	Gross	AF	2 366 003	0%	2 366 003	0,3%	2 359 899
	Amortisation	AG	2 357 438	0,6%	2 343 353	0,5%	2 330 822
	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	8 565	-62,2%	22 650	-22,1%	29 077

Tangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Lands	Net	237 015	-21,0%	300 115	30,4%	230 187
	Gross	AN	732 392	-0,2%	733 762	21,8%	602 659
	Amortisation	AO	495 377	14,2%	433 647	16,4%	372 472
	Buildings	Net	3 471 304	-3,1%	3 583 021	33,5%	2 683 664
	Gross	AP	5 793 946	5,8%	5 474 041	29,2%	4 237 345
	Amortisation	AQ	2 322 642	22,8%	1 891 020	21,7%	1 553 681
	Plant	Net	2 191 683	4,1%	2 104 368	-21,6%	2 682 872
	Gross	AR	10 469 127	6,5%	9 826 337	5,2%	9 336 823
	Amortisation	AS	8 277 444	7,2%	7 721 969	16,1%	6 653 951
	Other tangible fixed assets	Net	95 319	-25,6%	128 073	106,6%	61 989
	Gross	AT	217 698	3,9%	209 585	68,9%	124 073
	Amortisation	AU	122 379	50,1%	81 512	31,3%	62 084
	Fixed assets in construction	Net	638 212	6,3%	600 311	298,7%	150 585
	Gross	AV	638 212	6,3%	600 311	298,7%	150 585
	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	6 633 533		6 715 888		5 809 297

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	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	1 662 350	77218,6%	2 150	0%	2 150
	Gross	BH	1 662 350	77218,6%	2 150	0%	2 150
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		1 662 350		2 150		2 150

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	10 852 562	-4,7%	11 390 862	-4,4%	11 912 765
	Gross	CJ	10 933 572	-4,3%	11 422 003	-4,1%	11 913 744
	Amortisation	CK	81 010	160,1%	31 141	3080,9%	979

Stocks

			31/12/2012		31/12/2011		31/12/2010
	Raw materials	Net	340 887	37,1%	248 603	53,7%	161 694
	Gross	BL	340 887	37,1%	248 603	53,7%	161 694
	Amortisation	BM	0	0%	0	0%	0
	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	1 743 798	26,1%	1 383 086	68,2%	822 212
	Gross	BR	1 743 798	25,8%	1 386 260	68,4%	823 191
	Amortisation	BS	0	0%	3 174	224,2%	979
	Goods for resale	Net	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	2 084 685	27,8%	1 631 689	65,8%	983 906

Advance payments to suppliers

			31/12/2012		31/12/2011		31/12/2010
	Advance payments to suppliers	Net	107 950	-11,8%	122 400	-38,0%	197 339
	Gross	BV	107 950	-11,8%	122 400	-38,0%	197 339
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2012		31/12/2011		31/12/2010
	Trade accounts receivable	Net	4 393 840	46,8%	2 992 737	-8,2%	3 260 340
	Gross	BX	4 474 850	48,1%	3 020 704	-7,4%	3 260 340
	Amortisation	BY	81 010	189,7%	27 967	0%	0
	Other debtors	Net	568 459	-43,3%	1 002 432	222,2%	311 092
	Gross	BZ	568 459	-43,3%	1 002 432	222,2%	311 092
	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	4 962 299	24,2%	3 995 169	11,9%	3 571 432

Divers

			31/12/2012		31/12/2011		31/12/2010
	Investment securities	Net	2 550 000	-43,3%	4 500 000	-29,8%	6 409 194
	Gross	CD	2 550 000	-43,3%	4 500 000	-29,8%	6 409 194
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	1 037 167	-6,5%	1 109 832	52,8%	726 537
	Gross	CF	1 037 167	-6,5%	1 109 832	52,8%	726 537
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	3 587 167	-36,1%	5 609 832	-21,4%	7 135 731

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	110 461	247,7%	31 772	30,4%	24 357
	Gross	CH	110 461	247,7%	31 772	30,4%	24 357
	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	8 019	671,1%	1 040	134,8%	443
Gross		8 019	671,1%	1 040	134,8%	443

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	19 165 029	5,7%	18 132 591	2,1%	17 753 732

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	14 947 971	2,0%	14 649 867	-3,1%	15 123 837
	Equity and shareholders' equity	DA	11 000 000	0%	11 000 000	0%	11 000 000
	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	403 915	27,0%	318 149	72,1%	184 902
	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	0	0%	0	0%	0
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	924 387	-28,6%	1 294 833	69,7%	763 147
	Profit or loss for the period	DI	2 353 948	37,2%	1 715 320	-35,6%	2 664 933
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	265 721	-17,4%	321 565	-37,1%	510 855

Other capital resources (II)

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

			31/12/2012		31/12/2011		31/12/2010
	Total provisions for risks and charges (Total III)	DR	25 455	91,2%	13 313	23,9%	10 747
	Risk provisions	DP	8 019	671,1%	1 040	134,8%	443
	Reserves for charges	DQ	17 436	42,1%	12 273	19,1%	10 304

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2010
	Total Liabilities (Total IV)	EC	4 190 923	21,2%	3 457 162	32,1%	2 617 000
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	0	0%	0	0%	0
	Sundry loans and financial liabilities	DV	0	0%	0	0%	0
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	3 138 559	14,7%	2 735 384	40,4%	1 948 890
	Tax and social security liabilities	DY	988 969	97,8%	499 864	-19,8%	623 636
	Fixed asset liabilities	DZ	42 846	-80,5%	219 911	409,8%	43 137
	Other debts	EA	20 549	925,9%	2 003	49,9%	1 336

Translation loss (V)

		31/12/2012		31/12/2011		31/12/2010
Translation loss (Total V)	ED	678	-94,5%	12 248	469,7%	2 150

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	4 192 442	21,3%	3 457 470	32,1%	2 617 000
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	610 491	-73,6%	2 314 657	-35,6%	3 596 853

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	52 213	-49,6%	103 512	60,6%	64 437

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	662 704	-72,6%	2 418 169	-34,0%	3 661 290

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	50 853	-70,2%	170 457	-72,3%	616 429

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	-647 963	-137,8%	1 715 320	-35,6%	2 664 933

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	28 079 281	7,0%	26 233 374	6,9%	24 546 352

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	28 727 243	17,2%	24 518 054	12,0%	21 881 421

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	27 892 705	8,5%	25 711 517	8,2%	23 753 233

Operating income (details)

			31/12/2012		31/12/2011		31/12/2010
	Sale of goods for resale	FC	-1 277	-147,7%	2 675	251,5%	761
	France	FA	-2 037	-176,1%	2 675	251,5%	761
	Export	FB	760	0%	0	0%	0
	Sale of goods produced	FF	27 480 043	9,5%	25 100 493	4,9%	23 928 052
	France	FD	865 894	7,0%	809 367	114,2%	377 916
	Export	FE	26 614 149	9,6%	24 291 126	3,1%	23 550 136
	Sale of services	FI	201	-94,9%	3 904	-13,9%	4 534
	France	FG	201	-94,9%	3 904	-11,8%	4 424
	Export	FH	0	0%	0	0%	110
	Net turnover	FL	27 478 967	9,4%	25 107 072	4,9%	23 933 347
	France	FJ	864 058	5,9%	815 946	113,0%	383 101
	Export	FK	26 614 909	9,6%	24 291 126	3,1%	23 550 246
	Stocked production	FM	357 637	-36,5%	563 069	379,5%	-201 437
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	1 800	0%	0	0%	0
	Release of reserves and provisions	FP	31 140	3080,8%	979	-72,8%	3 600
	Other income	FQ	23 161	-42,7%	40 397	127,9%	17 723

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	27 282 214	16,6%	23 396 860	16,1%	20 156 380

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	0	0%	0	0%	0
Purchase of raw materials	FU	15 744 168	23,8%	12 717 125	35,0%	9 421 505
Change in stocks of raw materials	FV	-92 283	-6,2%	-86 909	-156,4%	154 225
Other external purchases and charges	FW	6 860 289	12,1%	6 119 752	4,5%	5 854 217
Tax, duty and similar payments	FX	425 081	12,5%	377 790	-0,8%	380 883
Payroll	FY	1 708 455	10,9%	1 541 204	7,7%	1 430 904
Social security costs	FZ	808 658	12,0%	721 792	9,3%	660 151

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	1 122 646	-25,5%	1 506 419	-16,4%	1 801 428
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	81 010	160,1%	31 140	3080,8%	979
Provisions for risks and charges	GD	5 165	162,3%	1 969	-74,6%	7 764

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	619 025	32,7%	466 578	5,0%	444 324

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	128 751	-21,8%	164 573	53,9%	106 944
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	60 227	20,2%	50 113	141,6%	20 744
Released provisions and transferred charges	GM	1 039	134,5%	443	-60,1%	1 111
Exchange gains	GN	60 445	-25,9%	81 593	75,2%	46 567
Net income from disposal of investment securities	GO	7 040	-78,3%	32 424	-15,8%	38 522

Financial Charge (VI)

			31/12/2012		31/12/2011		31/12/2010
	Total financial charge (Total VI)	GU	76 538	25,3%	61 061	43,6%	42 507
	Financial reserves and provisions	GQ	8 019	671,1%	1 040	134,8%	443
	Interest and similar charges	GR	0	0%	0	0%	0
	Exchange losses	GS	68 519	16,9%	58 610	41,5%	41 420
	Net loss from disposal of investment securities	GT	0	0%	1 411	119,1%	644

Extraordinary income (VII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary income (Total VII)	HD	57 825	-83,8%	357 284	-47,9%	686 175
	Extraordinary operating income	HA	1 982	0%	0	0%	0
	Extraordinary income from capital transactions	HB	0	0%	0	0%	1 600
	Released provisions and transferred charges	HC	55 843	-84,4%	357 284	-47,8%	684 575

Extraordinary charges (VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	6 972	-96,3%	186 827	167,9%	69 746
	Extraordinary operating charges	HE	4 060	-76,1%	16 988	-73,8%	64 962
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	929
	Extraordinary reserves and provisions	HG	2 912	-98,3%	169 839	4305,7%	3 855

Employee profit sharing (IX)

		31/12/2012		31/12/2011		31/12/2010
Employee profit sharing (Total IX)	HJ	157 690	15892,9%	986	-99,3%	134 958

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	1 203 829	38,0%	872 320	-41,0%	1 477 830

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%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	464 395	4,6%	443 969

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	600 311	298,7%	150 585	0%	0
	Decreasess by transfers	OK2	21 780	-45,2%	39 773	0%	0
	Gross value at the end of period	OL	21 879 728	13,9%	19 212 189	0%	0

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	2 366 002	0,3%	2 359 899	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	6 104	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	2 366 002	0,0%	2 366 003	0%	0

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	16 944 032	17,2%	14 451 485	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	1 621 427	-36,5%	2 552 908	0%	0
	Decreasess by budget item transfer	NG1	600 311	298,7%	150 585	0%	0
	Decreasess by transfers	NG2	21 780	122,8%	9 774	0%	0
	Gross value at the end of period	NH	17 943 368	6,5%	16 844 034	0%	0

Fiancial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LQ	2 150	0%	2 150	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	1 660 200	5434,0%	30 000	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	30 000	0%	0
	Gross value at the end of period	NK	1 662 350	77218,6%	2 150	0%	0

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	2 343 352	0,5%	2 330 822	0%	0
Increases		PF	14 085	12,4%	12 531	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	2 357 437	0,6%	2 343 353	0%	0

Total fixed assets amotisation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	10 128 152	17,2%	8 642 188	0%	0
Increases		QV	1 108 561	-25,8%	1 493 889	0%	0
Decreases		QW	18 866	137,9%	7 929	0%	0
	Decreasess by budget item transfer	QX	11 217 847	10,8%	10 128 148	0%	0

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	0	0%	522 580	0%	0
Increases		UB	0	0%	202 144	0%	0
Decreases		UC	0	0%	358 706	0%	0
	Value at the end of period	UD	0	0%	366 018	0%	0

Includes Total allocations

Operating	UE	0	0%	33 110	0%	0
Financial	UG	0	0%	1 040	0%	0
Exceptional	UJ	0	0%	167 995	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	979	0%	0
Financial	UH	0	0%	443	0%	0
Exceptional	UK	0	0%	357 284	0%	0

Total regulated provisions (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	3Z	0	0%	510 855	0%	0
Increases		TS	0	0%	167 995	0%	0
Decreases		TT	0	0%	357 284	0%	0
	Value at the end of period	TU	0	0%	321 566	0%	0

Total risk and charge provisions (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	5Z	0	0%	10 747	0%	0
Increases		TV	0	0%	3 009	0%	0
Decreases		TW	0	0%	443	0%	0
	Value at the end of period	TX	0	0%	13 313	0%	0

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7B	0	0%	979	0%	0
Increases		TY	0	0%	31 141	0%	0
Decreases		TZ	0	0%	979	0%	0
	Value at the end of period	UA	0	0%	31 141	0%	0

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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	6 817 638	68,0%	4 057 365	0%	0
1 year at most	VU	5 155 288	27,1%	4 055 215	0%	0
More than one year	VV	1 662 350	77218,6%	2 150	0%	0

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	1 662 350	77218,6%	2 150	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	81 010	171,8%	29 809	0%	0
Other claims customer	UX	4 393 839	46,9%	2 990 895	0%	0
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	07	-99,8%	4 616	0%	0
Social Security and other social organizations	UZ	16 143	380,4%	3 360	0%	0
Income taxes	VM	0	0%	605 513	0%	0
Value added tax	VB	526 136	46,6%	358 922	0%	0
Other taxes and payments assimilated	VN	0	0%	20 689	0%	0
State and other public - Miscellaneous	VP	0	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	28 690	197,6%	9 639	0%	0

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	110 460	247,7%	31 772	0%	0

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	4 192 441	21,3%	3 457 470	0%	0
1 year at most		VZ2	4 192 441	21,3%	3 457 470	0%	0
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

			31/12/2012		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	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
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	3 138 558	14,7%	2 735 384	0%	0
1 year at most		8B2	3 138 558	14,7%	2 735 384	0%	0
More than 1 year and 5 years at most		8B3	3 138 558	14,7%	2 735 384	0%	0
	Personnel and associated accounts (gross)	8C1	323 202	37,2%	235 501	0%	0
1 year at most		8C2	323 202	37,2%	235 501	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	314 626	19,1%	264 136	0%	0
1 year at most		8D2	314 626	19,1%	264 136	0%	0
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	332 041	0%	0	0%	0
1 year at most		8E2	332 041	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	274	0%	0	0%	0
1 year at most		VW2	274	0%	0	0%	0
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	20 443	3721,1%	535	0%	0
1 year at most		VQ2	20 443	3721,1%	535	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	42 845	-80,5%	219 911	0%	0
1 year at most		8J2	42 845	-80,5%	219 911	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	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	20 549	925,9%	2 003	0%	0
1 year at most		8K2	20 549	925,9%	2 003	0%	0
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%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2012		31/12/2011		31/12/2010
Dividends	ZE	0	0%	2 000 000	0%	0

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%	3 910	0%	0

Other charges Externes

		31/12/2012		31/12/2011		31/12/2010
Subcontracting	YT	0	0%	1 480 426	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	51 006	0%	0
Staff outside the company	YU	0	0%	-44 225	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	283 900	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	4 348 645	0%	0
Total Other purchases and external	ZJ	0	0%	6 119 752	0%	0

Taxes and Fees

		31/12/2012		31/12/2011		31/12/2010
Business tax	YW	0	0%	186 637	0%	0
Other taxes and payments assimilated	9Z	0	0%	191 153	0%	0
Total taxes and fees	YX	0	0%	377 790	0%	0

VAT

		31/12/2012		31/12/2011		31/12/2010
Amount VAT collected	YY	0	0%	29 733	0%	0
Total VAT on goods and services	YZ	0	0%	2 053 962	0%	0

Average number of employees

		31/12/2012		31/12/2011		31/12/2010
Average number of employees	YP	0	0%	39	0%	0

Groups and Shareholders

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

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Fixed Asset Financing		1,30	-7,8%	1,41	-9,0%	1,55	1,31	-0,8%
Global Debt		55 days	10,0%	50 days	28,2%	39 days	123,50 days	-55,5%
Working Capital Fund overall net		87 days	-23,7%	114 days	-18,6%	140 days	45,50 days	91,2%
Financial independence		%	-	%	-	%	158,40%	-
More ratios
Solvability		78%	-3,5%	80,79%	-5,2%	85,19%	33,76%	131,0%
Capacity debt futures		%	-	%	-	%	608,85%	-
Coverage of current assets by net working capital overall		49,87%	0,0%	49,86%	-1,8%	50,79%	37,46%	33,1%
General Liquidity		1,23	5,1%	1,17	-		0,58	112,1%
Restricted Liquidity		2,09	-25,4%	2,80	-		0,85	145,9%

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital		39 days	18,2%	33 days	3,1%	32 days	17,50 days	122,9%
Treasury		47 days	-41,2%	80 days	-25,2%	107 days	5 days	840,0%
Inventory turnover of goods		days	-	days	-	days	23,50 days	-
Average length of credit granted to customers		59 days	37,2%	43 days	-12,2%	49 days	42 days	40,5%
Average length of credit obtained suppliers		50 days	6,4%	47 days	4,4%	45 days	50 days	0%
More ratios
Inventory turnover of raw materials in industrial enterprises		8 days	14,3%	7 days	16,7%	6 days	47 days	-83,0%
Inventory turnover of intermediate and finished products in the industrial enterprise		153 days	2,7%	149 days	-	days	303 days	-49,5%
Rotation tangible assets		153,14%	2,7%	149,06%	-	%	311,59%	-50,9%

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading		0%	0%	0,01%	0%	0	0,06%	0%
Profitability of the business		8,68	-49,1%	17,04	-30,0%	24,36	4,46%	94,6%
Net profit		-2,36%	-134,6%	6,83%	-38,6%	11,13%	1,51%	-256,3%
More ratios
Growth rate of turnover (excluding VAT)		9,45%	92,9%	4,90%	175,3%	1,78%	4,72%	100,2%
Rates integration		19,38%	-29,7%	27,56%	-20,6%	34,69%	26,09%	-25,7%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		47,27%	44,6%	32,70%	29,8%	25,19%	69,55%	-32,0%
Weight interests		0,28	16,7%	0,24%	33,3%	0,18%	0,42%	-33,3%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability		1,77%	-85,3%	12,08%	-35,3%	18,68%	4,76%	-62,8%
Rates of economic profitability		16%	-44,8%	29%	-25,6%	39%	13,32%	20,1%
Financial profitability		14947971%	2,0%	14649867%	-3,1%	15123837%	89642,50%	16575,1%
Return on investment		-3,82%	-131,5%	12,13%	-32,2%	17,90%	6,38%	-159,9%

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	27 478 967	9,4%	25 107 072	4,9%	23 933 347	591 204 €	4548,0%

Sales of goods	-1 277	-147,7%	2 675	251,5%	761
- Purchase of goods	0	0%	0	0%	0
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	-1 277 €	-147,7%	2 675 €	251,5%	761 €	56,50 €	-23 0,2%
	0,00 % CA	0%	0,01 % CA	0%	0,00 % CA	0,45 % CA	0%

Sale of goods produced	27 480 244	9,5%	25 104 397	4,9%	23 932 586
+/- Stocked production	357 637	-36,5%	563 069	379,5%	-201 437
+ Self-constructed as	0	0%	0	0%	0
Period production	27 837 881 €	8,5%	25 667 466 €	8,2%	23 731 149 €	332 630,50 €	8269,0%
	101,31 % CA	-0,9%	102,23 % CA	3,1%	99,16 % CA	99,39 % CA	1,9%

Trading margin	-1 277	-147,7%	2 675	251,5%	761	0	-2360,2%
+ Period Production	27 837  81	8,5%	25 667 466	8,2%	23 731 149	332 630,50	8269,0%
- Purchase of raw materials	15 744 168	23,8%	12 717 125	35,0%	9 421 505
+/- Change in stocks of raw materiels	-92 283	-6,2%	-86 909	-156,4%	154 225
- Other external purchases and charges	6 860 289	12,1%	6 119 752	4,5%	5 854 217
Added value	5 324 430 €	-23,1%	6 920 173 €	-16,6%	8 301 963 €	164 810,50 €	3130,6%
	19,38 % CA	-29,7%	27,56 % CA	-20,6%	34,69 % CA	26,09 % CA	-25,7%

Added value	5 324 430 €	-23,1%	6 920 173 €	-16,6%	8 301 963 €	164 810,50 €	3130,6%
+ Operating grants	1 800	0%	0	0%	0
- Tax, duty and similar payments	425 081	12,5%	377 790	-0,8%	380 883
- Personal charges	2 517 113	11,2%	2 262 996	8,2%	2 091 055
Gross operating surplus	2 384 036 €	-44,3%	4 279 387 €	-26,6%	5 830 025 €	17 735 €	13342,5%
	8,68 % CA	-49,1%	17,04 % CA	-30,0%	24,36 % CA	4,46 % CA	94,6%

Gross operating surplus	2 384 036 €	-44,3%	4 279 387 €	-26,6%	5 830 025 €	17 735 €	13342,5%
+ Release of reserves and provisions	31 140	3080,8%	979	-72,8%	3 600
+ Other operating income	23 161	-42,7%	40 397	127,9%	17 723
- Depreciation/Amortisation	1 208 821	-21,5%	1 539 528	-15,0%	1 810 171
- Other charges	619 025	32,7%	466 578	5,0%	444 324
Operating result	610 491 €	-73,6%	2 314 657 €	-35,6%	3 596 853 €	5 913,50 €	10223,7%
	2,22 % CA	-75,9%	9,22 % CA	-38,7%	15,03 % CA	2,03 % CA	9,4%

Operating result	610 491 €	-73,6%	2 314 657 €	-35,6%	3 596 853 €	5 913,50 €	10223,7%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	128 751	-21,8%	164 573	53,9%	106 944
- Financial charges	76 538	25,3%	61 061	43,6%	42 507
Pre-tax result	662 704 €	-72,6%	2 418 169 €	-34,0%	3 661 290 €	4 242 €	15522,4%
	2,41 % CA	-75,0%	9,63 % CA	-37,1%	15,30 % CA	1,60 % CA	50,6%

Extraordinary income	57 825	-83,8%	357 284	-47,9%	686 175	1 917,50	2915,6%
- Extraordinary charges	6 972	-96,3%	186 827	167,9%	69 746
Extraordinary result	50 853 €	-70,2%	170 457 €	-72,3%	616 429 €	0 €	0%
	0,19 % CA	-72,1%	0,68 % CA	-73,6%	3 % CA	0 % CA	0%

Pre-tax result	662 704 €	-72,6%	2 418 169 €	-34,0%	3 661 290 €	4 242 €	15522,4%
Extraordinary result	50 853 €	-70,2%	170 457 €	-72,3%	616 429 €	0 €	0%
- Employee profit sharing	157 690	15892,9%	986	-99,3%	134 958
- Tax on profits	1 203 829	38,0%	872 320	-41,0%	1 477 830
Net result	-647 962 €	-137,8%	1 715 320 €	-35,6%	2 664 931 €	4 850,50 €	-13458,7%
	-2,36 % CA	-134,6%	6,83 % CA	-38,6%	11,13 % CA	1,51 % CA	-256,3%

FOREIGN EXCHANGE RATES

Na

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 14,947,971 €
	The ratio total assets to total liabilities is 4,55
	The creditor days are 41.69
	The deviation in the gearing percentage over the last two accounting periods is 187.39 %
	Low risk workforce size
	Industry code with low risk rating
	Department code with medium risk rating
	The company has 2 director(s)
	The risk provisions are 25,455 €
	The total assets are 19,165,029 €
	The liabilities are 4,190,923 €
	The net current assets are 10,852,562 €
	The net turnover is 27,478,967 €
	The pre-tax profit is 555,866 €
	The sales to current assets ratio is 2,53
	The stock to turnover ratio is 7,59
	The return on total assets employed is 2,9
	The deviation of tangible fixed assets over the last two accounting periods is 98.77 %

Linkages

Company Name	SIREN	Parts	Last account published
ROQUETTE FRERES	357200054	-	-
ROQUETTE CHINA	-	100%	-
GNPC	-	100%	-
ROQUETTE JAPAN KK	-	100%	-
ROQUETTE KOREA LTD	-	100%	-
ROQUETTE INDIA PRIVATE LTD	-	100%	-
ROQUETTE AMERICA INC	US11874032	100%	-
ROQUETTE MEXICO SA DE CV	-	99%	-
OOO ROQUETTE RUS	-	100%	-
ROQUETTE NORDICA OY	19084435	86.87%	31/12/2011
ROQUETTE GMBH	-	100%	-
ROQUETTE UK LIMITED	01486339	100%	31/12/2012
ROQUETTE ITALIA S.P.A.	AL73302	100%	31/12/2012
ROQUETTE ROMANIA SA	-	99.97%	-
ROQUETTE LAISA ESPAÑA	343302	88.88%	31/12/2012
ROQUETTE MALAUSE	363200452	99.63%	31/12/2011
ROQUETTE LIANYUNGANG CO	-	100%	-
ROQUETTE RE S.A.	B90657	99.95%	31/12/2012
ROQUETTE MANAGEMENT	-	100%	-
SETHNESS-ROQUETTE	451886766	50%	31/12/2012
ROQUETTE STARCH	-	100%	-
ROQUETTE ASIA ENTERPRISE	-	100%	-
BPS CO KG	-	100%	-
BPS GMBH	-	100%	-
ADMINISTRADORA MERIDIONAL SC	-	50%	-
AMILINA AB	-	Min blocking	-
ROQUETTE RIDDHI SIDDHI	-	Majority	-

Linkages

Company Name	SIREN	Last account	Turnover
ROQUETTE KLÖTZE GMBH & CO. KG	HRA 830	31/12/2012	-
ROQUETTE GESELLSCHAFT MIT BESCHRÄNKTER H...	HRB 15774	31/12/2011	260 335 666 €
ROQUETTE KLÖTZE VERWALTUNGS-GMBH	HRB 4122	31/12/2012	-
ALGOPHARM GMBH	HRB 4532	31/12/2012	-
ROQUETTE B.V.	5 238221	31/12/2011	-
ABR FOODS LIMITED	00860691	31/12/2012	-
ROQUETTE (CORBY) LIMITED	01692171	31/1 /2012	-
ROQUETTE FRESES SA	-	-	-
ROQUETTE GROUP	-	-	-

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
03/10/2013	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DUNKERQUE 4770 - 451886766 RCS. SETHNESS-ROQUETTE. Forme : Société par actions simplifiée. Adresse : route d'Estaires 59660 Merville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
08/10/2012	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DUNKERQUE 8125 - 451886766 RCS. SETHNESS-ROQUETTE. Forme : Société par actions simplifiée. Adresse : route d'Estaires 59660 Merville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
29/09/2010	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DUNKERQUE 5932 - 451886766 RCS. SETHNESS-ROQUETTE. Forme : Société par actions simplifiée. Adresse : route d'Estaires 59660 Merville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
23/09/2009	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DUNKERQUE 6363 - 451886766 RCS. SETHNESS-ROQUETTE. Forme : Société par actions simplifiée. Adresse : route d'Estaires 59660 Merville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
06/02/2008	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE GRANDE INSTANCE D'HAZEBROUCK 976 - 451886766 RCS. SETHNESS-ROQUETTE. Forme : S.A.S. Adresse : route d'Estaires, 59660 Merville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
28/11/2006	Bodacc C	Avis de dépôt des comptes
1197 - RCS Hazebrouck B 451 886 766. RC 04-B 12. SETHNESS-ROQUETTE. Forme: S.A.S. Adresse du siège social: route d'Estaires,59660 Merville. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
26/10/2005	Bodacc C	Avis de dépôt des comptes
2029 - RCS Hazebrouck B 451 886 766. RC 04-B 12. SETHNESS-ROQUETTE. Forme: S.A.S. Adresse du siège social: route d'Estaires,59660 Merville. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
10/02/2005	Bodacc B	Modifications et mutations diverses
805 - Ancienne situation du siège social : RCS Hazebrouck 451 886 766. RC 04-B 12. SETHNESS-ROQUETTE. Forme : S.A.S. Capital : 6 000 000 d'euros. Adresse : route d'Estaires, 59660 Nouvelle situation du siège social - Capital : 11 000 000 d'euros. Date d'effet : 1er décembre 2004.
17/08/2004	Bodacc B	Modifications et mutations diverses
RCS Hazebrouck 451886766 RC 04-B 12 SETHNESS-ROQUETTE. Forme : S.A.S. Capital : 6 000 000 d'euros. Adresse du siège social : route d'Estaires, 59660 Merville. Administration : ancien président : ROQUETTE (Edouard). Nouveau président : SETHNESS (Charles). Ancien directeur général : PHILLIPART (Alain). Nouveau directeur général : MULET (Jean). Date d'effet : 5 mai 2004.
22/02/2004	Bodacc A	Création d'établissement
RCS Hazebrouck 451886766 A dater du: 5 février 2004 RC 04-B 12 SETHNESS- ROQUETTE. Forme : S.A.S. Capital : 6 000 000 euros. Adresse du siège social : route d'Estaires, 59660 Merville. Administration : président : ROQUETTE ( Edouard). Directeur général : PHILIPPART (Alain). Commissaire aux comptes titulaire : K.P.M.G. AUDIT, représentée par DE BRIANSON (Christian). Commissaire aux comptes suppléant : S.C. P. DE COMMISSAIRES AUX COMPTES JEAN- CLAUDE ANDRE ET AUTRES, représentée par PRU-FOULATIERE (Danielle) Cette société se constitue Etablissement principal: Activité : fabrication, commercialisation de caramels, de colorants et de substances aromatisées destinés à l'industrie. Adresse : route d' Estaires, 59660 Merville Date de début d'activité: 30 janvier 2004.

Company events history

Date	Description
17/10/2013	Update Rating
17/10/2013	Update Limit
03/10/2013	Bodacc C : Deposit accounts notice
21/09/2013	Update Limit
21/09/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/07/2013	Update Rating
17/07/2013	Update Limit
31/12/2012	New accounts available
14/11/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
08/10/2012	Bodacc C : Deposit accounts notice
02/03/2012	New ultimate parent
01/03/2012	Collection of preferential rights activated for this company
31/12/2011	New accounts available
27/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
21/09/2011	Bodacc C : Deposit accounts notice
01/04/2011	New ultimate parent
01/04/2011	New parent detected
31/12/2010	New accounts available
29/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
19/11/2009	Payment incident closed
23/09/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
06/02/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
18/01/2005	Updated articles of association
18/01/2005	Statuts mis à jour
18/01/2005	PV d'Assemblée
18/01/2005	Minutes of general meeting of shareholders
18/01/2005	Private document
18/01/2005	Acte sous seing privé
18/01/2005	Capital increase
18/01/2005	Augmentation de Capital
31/12/2004	New accounts available
09/07/2004	Acte modificatif
09/07/2004	Amendment
09/07/2004	Minutes of general meeting of shareholders
09/07/2004	Acte sous seing privé
09/07/2004	Private document
09/07/2004	PV d'Assemblée
05/02/2004	Acte sous seing privé
05/02/2004	Certificat de dépôt des fonds
05/02/2004	Acte modificatif
05/02/2004	Formation de Société
05/02/2004	Statuts

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.10
UK Pound	1	Rs.101.27
Euro	1	Rs.85.43

INFORMATION DETAILS

Report Prepared by :

NNA

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.