MIRA INFORM REPORT

Report Date :

02.02.2013

IDENTIFICATION DETAILS

Name :	LACTALIS INGREDIENTS

Registered Office :	Lactalis Ingredients Les Placis 35230 Bourgbarre

Country :	France

Financials (as on) :	31.12.2010

Date of Incorporation :	October, 1995

Com. Reg. No.:	RCS Rennes 9 402 737 936

Legal Form :	Partnership

Line of Business :	Wholesale (intercompany trade) of dairy products, eggs and edible oils and fats

No. of Employees :	50 to 99 employees

RATING & COMMENTS

MIRA’s Rating :

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

France

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

France - ECONOMIC OVERVIEW

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

Source : CIA

Company name

Name

LACTALIS INGREDIENTS

SIRET

402 737 936 00011

Personal comment

company summary

Trade name	LACTALIS INGREDIENTS
		EUR VAT Number	FR56402737936
Activity (APE)	Wholesale (intercompany trade) of dairy products, eggs and edible oils and fats (4633Z)	Legal form	Partnership
Phone	02 99 26 63 33	RCS Registration	RCS Rennes 9 402 737 936
Fax	02 99 47 50 65	Share capital	8,649,584 Euros
Address	LACTALIS INGREDIENTS LES PLACIS 35230 BOURGBARRE	Incorporated Date	11/1995
Nationality	France	Status	Economically active

No social security and tax office preferential right to date

	Ultimate Holding Company
	Company Name		Company number
	JEMA 1		499621431

Current Directors

Trading to Date	12/31/2010	12/31/2009	12/31/2008
Turnover	783,574,289 €	606,263,550 €	808,473,420 €
Gross Operating Surplus	-3,25 % Turnover	-10,57 % Turnover	1,18 % Turnover
Shareholders’ equity	8,650,361 €	8,650,362 €	8,650,362 €
Net result	0 €	0 €	1 €
Employees	50 to 99 employees	-	-

	Trends
	Profitability
	Liquidity
	et worth

company details

Company details

Activity (APE)	Wholesale (intercompany trade) of dairy products, eggs and edible oils and fats (4633Z)
RCS Registration	RCS Rennes 9 402 737 936	Share capital	8,649,584 Euros
Registration Court	Rennes (35)	Legal form	Partnership
Court Registry Number	19 9 5B009	EUR VAT Number	FR56402737936
Incorporation Date	11/1995	Formation Date	10/1995
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Ultimate Parent

1 ultimate parent company for this company
> JEMA 1 - Activités des sociétés holding (6420Z) in PARIS 15 (75015)

Establishment details

Trade name	LACTALIS INGREDIENTS
Activity (APE)	Wholesale (intercompany trade) of dairy products, eggs and edible oils and fats (4633Z)	Business Pages FT®
Postal Address	LACTALIS INGREDIENTS LES PLACIS 35230 BOURGBARRE	Trading Address	LES PLACIS 35230 BOURGBARRE
Telephone	02 99 26 63 33
Fax	02 99 47 50 65

Type	Head office	Status	Economically active
Formation Date	10/1995	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Ille-et-Vilaine (35)	Region	Bretagne
District	3	Area	47
City	BOURGBARRE	Size of urban area	Establishment in a rural municipality

Other establishments

	Branches	3 branch entities in this company


	Head office	> LACTALIS INGREDIENTS <<< - Commerce de gros (commerce interentreprises) de produits laitiers, œufs, huiles et matières grasses comestibles (4633Z) in BOURGBARRE (35230)

	Secondary establishments	> LACTALIS INGREDIENTS - Commerce de gros (commerce interentreprises) de produits laitiers, œufs, huiles et matières grasses comestibles (4633Z) in BOURGBARRE (35230) > LACTALIS INDUSTRIE - Commerce de gros de produits laitiers, oeufs, huiles (513G) in MAYENNE (53100) > LACTALIS INDUSTRIE - Commerce de gros de produits laitiers, oeufs, huiles (513G) in RETIERS (35240) > LACTALIS INGREDIENTS - Commerce de gros (commerce interentreprises) de produits laitiers, œufs, huiles et matières grasses comestibles (4633Z) in BOURGBARRE (35230) > ...

	Regionality	Legal unit with all establishments in same area

	Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 80 to 99% of workforce

Workforces

Workforce at address

50 to 99 employees

Company workforce

50 to 99 employees

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	03/10/2011	16/09/2010	25/09/2009
Activity Code	4633Z	4633Z	4633Z
Employees	89	80	0

Active account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	513 375	-9,9%	569 558	-17,8%	692 523	162 090	216,7%
- Intangible assets	50 680	0%	50 680	0%	50 680	5 671	793,7%
- Tangible assets	97 124	-6,8%	104 160	-24,6%	138 217	54 964	76,7%
- Financial assets	365 571	-11,9%	414 718	-17,7%	503 626	5 989	6004,0%
Net current assets	149 881 231	-14,3%	174 793 086	22,7%	142 403 858	801 453	18601,2%
- Stocks	2 880 715	-25,3%	3 858 367	54,1%	2 503 644	44 461	6379,2%
- Advanced payments	0	-14,3%	0	0%	0	0	0%
- Receivables	145 373 082	-14,2%	169 414 392	22,8%	137 994 987	459 502	31537,1%
- Securities and cash	1 627 434	7,0%	1 520 327	-20,2%	1 905 227	90 851	1691,3%
- Prepaid expenses	-	-	-	-	-	10,50	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	150 394 606	-14,2%	175 362 643	22,5%	143 096 378	1 138 174	13113,7%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	8 650 361	0,0%	8 650 362	0%	8 650 362	352 305	2355,4%
Share capital	8 649 584	0%	8 649 584	0%	8 649 584	55 906	15371,7%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	81 784	60,4%	51 000	-48,0%	98 000	0	0%
Liabilities	141 662 459	-15,0%	166 661 281	24,1%	134 348 017	588 715	23963,0%
- Financial liabilities	51 677 463	-42,9%	90 442 625	132,7%	38 864 127	63 307	81529,9%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	80 405 735	29,4%	62 144 340	7,6%	57 735 772	294 390	27212,7%
- Tax and social liabilities	2 391 521	6,2%	2 251 453	23,7%	1 820 721	81 273	2842,6%
- Other debts and fixed assets liabilities	7 178 795	-39,2%	11 816 780	-67,1%	35 919 936	5 179	138513,5%
Account regularization	8 945	47,0%	6 083	-18,5%	7 460	0	0%
Total liabilities	150 394 606	-14,2%	175 362 643	22,5%	143 096 379	1 138 174	13113,7%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	785 031 637	29,4%	606 675 805	-25,0%	809 345 446	3 457 225	22607,0%
Net turnover	783 574 289	29,2%	606 263 550	-25,0%	808 473 420	3 361 362	23211,2%
- of which net export turnover	503 012 011	42,6%	352 787 263	-29,0%	496 703 789	0	0%
Operating charges	810 366 593	20,5%	672 370 365	-15,9%	799 394 522	3 339 702	24164,6%
Operating profit/loss	-25 334 956	61,4%	-65 694 560	-760,2%	9 950 924	28 854	-87904,0%
Financial income	100 832	-46,5%	188 508	-84,5%	1 217 262	598	16761,5%
Financial charges	1 196 549	-14,1%	1 392 748	68,1%	828 293	2 826	42240,7%
Financial profit/loss	-1 095 717	9,0%	-1 204 240	-409,6%	388 969	-349	-313859,0%
Pretax net operating income	-461 365	-3,5%	-445 946	86,4%	-3 283 880	30 604	-1607,5%
Extraordinary income	467 886	-37,7%	750 651	-77,4%	3 316 108	2 760	16852,4%
Extraordinary charges	74 575	-80,9%	390 653	172,8%	143 196	1 725	4223,2%
Extraordinary profit/loss	393 311	0%	359 998	-88,7%	3 172 912	0	0%
Net result	0	0%	0	0%	01	24 335	0%

Display parameter
Currency	Euro	Kilo Euro

	Normal Account		31/12/2010		31/12/2009		31/12/2008
	Months		12		12		12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to VI)	Net	150 394 606	-14,2%	175 362 643	22,5%	143 096 378
Gross	CO	153 327 687	-14,1%	178 512 095	23,2%	144 854 910
Amortisation	1A	2 933 081	-6,9%	3 149 452	79,1%	1 758 532

Non declared distributed capital (I)

		31/12/2010		31/12/2009		31/12/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2010		31/12/2009		31/12/2008
Total Active fixed asset (II)	Net	513 375	-9,9%	569 558	-17,8%	692 523
Gross	BJ	922 718	-5,0%	970 865	-16,1%	1 157 296
Amortisation	BK	409 343	2,0%	401 307	-13,7%	464 773

Intangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	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	5 250	0%	5 250	0%	5 250
	Gross	AF	5 250	0%	5 250	0%	5 250
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	45 430	0%	45 430	0%	45 430
	Gross	AH	45 430	0%	45 430	0%	45 430
	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	50 680	0%	50 680	0%	50 680

Tangilble fixed assets

		31/12/2010		31/12/2009		31/12/2008
Lands	Net	57 000	0%	57 000	-1,1%	57 642
Gross	AN	75 751	0%	75 751	0%	75 751
Amortisation	AO	18 751	0%	18 751	3,5%	18 109
Buildings	Net	31 804	-13,6%	36 828	-14,1%	42 892
Gross	AP	380 745	0%	380 745	0%	380 745
Amortisation	AQ	348 941	1,5%	343 917	1,8%	337 853
Plant	Net	8 003	-17,9%	9 749	95,2%	4 995
Gross	AR	38 005	2,7%	37 005	20,6%	30 677
Amortisation	AS	30 002	10,1%	27 256	6,1%	25 682
Other tangible fixed assets	Net	317	-45,6%	583	-98,2%	32 688
Gross	AT	11 966	0%	11 966	-89,7%	115 817
Amortisation	AU	11 649	2,3%	11 383	-86,3%	83 129
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	97 124		104 160		138 217

Financial assets

		31/12/2010		31/12/2009		31/12/2008
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	210 881	1,8%	207 056	-5,8%	219 856
Gross	CU	210 881	1,8%	207 056	-5,8%	219 856
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	17 716	0%	17 716	-23,0%	23 008
Gross	BD	17 716	0%	17 716	-23,0%	23 008
Amortisation	BE	0	0%	0	0%	0
Loans	Net	135 450	-28,1%	188 422	-23,4%	245 985
Gross	BF	135 450	0%	188 422	0%	245 985
Amortisation	BG	0		0		0
Other financial assets	Net	1 524	0%	1 524	-89,7%	14 777
Gross	BH	1 524	0%	1 524	-89,7%	14 777
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		365 571		414 718		503 626

Current Assets (III)

		31/12/2010		31/12/2009		31/12/2008
Total Assets	Net	149 881 231	-14,3%	174 793 086	22,7%	142 403 858
Gross	CJ	152 404 970	-14,2%	177 541 231	23,6%	143 697 616
Amortisation	CK	2 523 739	-8,2%	2 748 145	112,4%	1 293 758

Stocks

		31/12/2010		31/12/2009		31/12/2008
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
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	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	2 880 715	-25,3%	3 858 367	54,1%	2 503 644
Gross	BT	3 048 752	-42,3%	5 282 808	86,0%	2 840 597
Amortisation	BU	168 037	-88,2%	1 424 441	322,7%	336 953
Sub Total Stocks	Net	2 880 715	-25,3%	3 858 367	54,1%	2 503 644

Advance payments to suppliers

		31/12/2010		31/12/2009		31/12/2008
Advance payments to suppliers	Net	0	0%	0	0%	0
Gross	BV	0	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2010		31/12/2009		31/12/2008
Trade accounts receivable	Net	39 701 600	-53,9%	86 099 052	-6,0%	91 570 106
Gross	BX	42 057 302	-51,9%	87 422 756	-5,5%	92 526 911
Amortisation	BY	2 355 702	78,0%	1 323 704	38,3%	956 805
Other debtors	Net	105 562 965	26,8%	83 253 847	79,6%	46 345 842
Gross	BZ	105 562 965	26,8%	83 253 847	79,6%	46 345 842
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	145 264 565	-14,2%	169 352 899	22,8%	137 915 948

Divers

		31/12/2010		31/12/2009		31/12/2008
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1 627 434	7,0%	1 520 327	-20,2%	1 905 227
Gross	CF	1 627 434	7,0%	1 520 327	-20,2%	1 905 227
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1 627 434	7,0%	1 520 327	-20,2%	1 905 227

Prepaid expenses

		31/12/2010		31/12/2009		31/12/2008
Prepaid expenses	Net	108 517	76,5%	61 493	-22,2%	79 039
Gross	CH	108 517	76,5%	61 493	-22,2%	79 039
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010		31/12/2009		31/12/2008
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

		31/12/2010		31/12/2009		31/12/2008
Due within one year	CP	71 521	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

			31/12/2010		31/12/2009		31/12/2008
	Grand Total (I to V)	EE	150 394 606	-14,2%	175 362 643	22,5%	143 096 379

Shareholder Equity (I)

		31/12/2010		31/12/2009		31/12/2008
Total shareholders' equity (Total I)	DL	8 650 361	0,0%	8 650 362	0%	8 650 362
Equity and shareholders' equity	DA	8 649 584	0%	8 649 584	0%	8 649 584
Issue and merger premiums	DB	777	0%	777	0%	777
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	0	0%	0	0%	0
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
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	0	0%	0	0%	0
Profit or loss for the period	DI	0	0%	01	0%	01
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2010		31/12/2009		31/12/2008
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)

		31/12/2010		31/12/2009		31/12/2008
Total provisions for risks and charges (Total III)	DR	81 784	60,4%	51 000	-48,0%	98 000
Risk provisions	DP	64 784	85,1%	35 000	-57,8%	83 000
Reserves for charges	DQ	17 000	6,2%	16 000	6,7%	15 000

Liabilities (IV)

		31/12/2010		31/12/2009		31/12/2008
Total Liabilities (Total IV)	EC	141 662 459	-15,0%	166 661 281	24,1%	134 348 017
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	8 100	12,5%	7 200	110,2%	3 426
Sundry loans and financial liabilities	DV	51 669 363	-42,9%	90 435 425	132,7%	38 860 701
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	80 405 735	29,4%	62 144 340	7,6%	57 735 772
Tax and social security liabilities	DY	2 391 521	6,2%	2 251 453	23,7%	1 820 721
Fixed asset liabilities	DZ	0	0%	0	0%	160
Other debts	EA	7 178 795	-39,2%	11 816 780	-67,1%	35 919 776

Translation loss (V)

			31/12/2010		31/12/2009		31/12/2008
	Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

			31/12/2010		31/12/2009		31/12/2008
	Deferred income	EB	8 945	47,0%	6 083	-18,5%	7 460

References

		31/12/2010		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	138 055 477	-17,2%	166 661 281	24,1%	134 348 017
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

			31/12/2010		31/12/2009		31/12/2008
	Operating result (Total I-II)	GG	-25 334 956	61,4%	-65 694 560	-760,2%	9 950 924

2 - Financial result (V - VI)

			31/12/2010		31/12/2009		31/12/2008
	Financial result (Total V-VI)	GV	-1 095 717	9,0%	-1 204 240	-409,6%	388 969

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

			31/12/2010		31/12/2009		31/12/2008
	Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-461 365	-3,5%	-445 946	86,4%	-3 283 880

4 - Extraordinary result (VII-VIII)

			31/12/2010		31/12/2009		31/12/2008
	Extraordinary result (Total VII-VIII)	HI	393 311	9,3%	359 998	-88,7%	3 172 912

Profit or loss

			31/12/2010		31/12/2009		31/12/2008
	Profit or loss	HN	0	0%	0	0%	01

Total Income (I+III+V+VII)

			31/12/2010		31/12/2009		31/12/2008
	Total Income (I+III+V+VII)	HL	816 730 595	19,4%	683 747 179	-18,1%	834 444 462

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

			31/12/2010		31/12/2009		31/12/2008
	Total charges (Total II+IV+VI+VIII+IX+X)	HM	816 730 595	19,4%	683 747 179	-18,1%	834 444 461

Operating income (I)

			31/12/2010		31/12/2009		31/12/2008
	Total operating income (Total I)	FR	785 031 637	29,4%	606 675 805	-25,0%	809 345 446

Operating income (details)

		31/12/2010		31/12/2009		31/12/2008
Sale of goods for resale	FC	780 490 788	29,3%	603 458 222	-25,0%	805 044 550
France	FA	278 016 940	10,7%	251 114 992	-18,7%	308 779 364
Export	FB	502 473 848	42,6%	352 343 230	-29,0%	496 265 186
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	3 083 501	9,9%	2 805 328	-18,2%	3 428 870
France	FG	2 545 338	7,8%	2 361 295	-21,0%	2 990 267
Export	FH	538 163	21,2%	444 033	1,2%	438 603
Net turnover	FL	783 574 289	29,2%	606 263 550	-25,0%	808 473 420
France	FJ	280 562 278	10,7%	253 476 287	-18,7%	311 769 631
Export	FK	503 012 011	42,6%	352 787 263	-29,0%	496 703 789
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	14 000	33,3%	10 500	0%	0
Release of reserves and provisions	FP	1 424 441	270,0%	384 953	-55,3%	860 740
Other income	FQ	18 907	12,5%	16 802	48,9%	11 286

Operating charges (II)

			31/12/2010		31/12/2009		31/12/2008
	Total operating charges (Total II)	GF	810 366 593	20,5%	672 370 365	-15,9%	799 394 522

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	765 728 051	20,5%	635 262 870	-16,3%	758 614 573
Change in stocks of goods for resale	FT	2 234 056	191,5%	-2 442 211	-367,2%	913 842
Purchase of raw materials	FU	467 160	6,1%	440 140	29,0%	341 316
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	34 798 059	9,5%	31 776 530	-6,2%	33 876 544
Tax, duty and similar payments	FX	494 785	4,2%	474 784	-23,9%	623 677
Payroll	FY	3 707 183	10,0%	3 371 576	1,5%	3 320 666
Social security costs	FZ	1 642 409	13,3%	1 449 643	13,6%	1 275 936

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	8 036	-46,3%	14 955	-24,9%	19 907
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	1 221 071	-39,6%	2 021 078	431,2%	380 455
Provisions for risks and charges	GD	65 784	6478,4%	1 000	0%	0

Other charges

			31/12/2010		31/12/2009		31/12/2008
	Other charges	GE	0	0%	0	0%	27 606

Operating charges (III-IV)

		31/12/2010		31/12/2009		31/12/2008
Share of joint-venture transferred to other partner(s) (Total III)	GH	31 130 240	-59,1%	76 132 213	270,2%	20 565 646
Share of joint venture transferred from other partner(s) (Total IV)	GI	5 160 932	-46,7%	9 679 359	-71,7%	34 189 419

Financial income (V)

		31/12/2010		31/12/2009		31/12/2008
Total financial income (Total V)	GP	100 832	-46,5%	188 508	-84,5%	1 217 262
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	46 745	-22,4%	60 255	37,1%	43 962
Other interest and similar income	GL	54 051	-57,7%	127 848	-89,1%	1 171 266
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	36	-91,1%	405	-80,1%	2 034
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/12/2010		31/12/2009		31/12/2008
Total financial charge (Total VI)	GU	1 196 549	-14,1%	1 392 748	68,1%	828 293
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	1 194 407	-11,3%	1 346 398	62,7%	827 430
Exchange losses	GS	2 142	-95,4%	46 350	5270,8%	863
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2010		31/12/2009		31/12/2008
Total extraordinary income (Total VII)	HD	467 886	-37,7%	750 651	-77,4%	3 316 108
Extraordinary operating income	HA	411 849	-13,5%	475 913	-84,9%	3 156 394
Extraordinary income from capital transactions	HB	0	0%	45 000	0%	0
Released provisions and transferred charges	HC	56 037	-75,6%	229 738	43,8%	159 714

Extraordinary charges (VIII)

		31/12/2010		31/12/2009		31/12/2008
Total extraordinary charges (Total VIII)	HH	74 575	-80,9%	390 653	172,8%	143 196
Extraordinary operating charges	HE	74 575	-78,6%	348 573	143,6%	143 114
Extraordinary charges from capital transactions	HF	0	0%	42 080	51217,1%	82
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

			31/12/2010		31/12/2009		31/12/2008
	Employee profit sharing (Total IX)	HJ	43 400	17,9%	36 800	26,0%	29 200

Tax on profits (X)

			31/12/2010		31/12/2009		31/12/2008
	Tax on profits (Total X)	HK	-111 455	9,2%	-122 746	12,4%	-140 169

References

		31/12/2010		31/12/2009		31/12/2008
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Other incomer tax return forms
Reserve for depreciation | Provisions included in balance sheet | State deadlines claims and debts at the end of period
Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

		31/12/2010		31/12/2009		31/12/2008
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	0	0%	0	0%	0
Gross value at the end of period	OL	0	0%	0	0%	0

Research and development Charge (Total I)

		31/12/2010		31/12/2009		31/12/2008
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)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	KD	0	0%	0	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	0	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	0	0%	0	0%	0

Tangible fixed assets (Total III)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	LN	0	0%	0	0%	0
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	0	0%	0	0%	0
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	0	0%	0
Gross value at the end of period	NH	0	0%	0	0%	0

Fiancial assets (Total IV)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	LQ	0	0%	0	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	0	0%	0	0%	0

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

			31/12/2010		31/12/2009		31/12/2008
	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)

			31/12/2010		31/12/2009		31/12/2008
	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)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	0	0%	0	0%	0
Increases		QV	0	0%	0	0%	0
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	0	0%	0	0%	0

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

			31/12/2010		31/12/2009		31/12/2008
	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

			31/12/2010		31/12/2009		31/12/2008
	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)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7C	2 799 145	101,1%	1 391 758	0%	0
Increases		UB	1 286 855	-36,4%	2 022 078	0%	0
Decreases		UC	1 480 476	157,6%	574 830	0%	0
	Value at the end of period	UD	2 605 524	-8,2%	2 839 006	0%	0

Includes Total allocations

Operating	UE	0%	0%
Financial	UG	0%	0%
Exceptional	UJ	0%	0%

Includes Total Withdrawal

Operating	UF	0%	0%
Financial	UH	0%	0%
Exceptional	UK	0%	0%

Total regulated provisions (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	5Z	51 000	-48,0%	98 000	0%	0
Increases		TV	65 784	6478,4%	1 000	0%	0
Decreases		TW	35 000	-22,1%	44 902	0%	0
	Value at the end of period	TX	81 784	51,2%	54 098	0%	0

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	2 748 145	112,4%	1 293 758	0%	0
Increases		TY	1 221 071	-39,6%	2 021 078	0%	0
Decreases		TZ	1 445 477	172,8%	529 928	0%	0
	Value at the end of period	UA	2 523 739	-9,4%	2 784 908	0%	0

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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	0	0%	0	0%	0
1 year at most	VU	0	0%	0	0%	0
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2010		31/12/2009		31/12/2008
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	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	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	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
Other taxes and payments assimilated	VN	0	0%	0	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	0	0%	0	0%	0

Prepaid

			31/12/2010		31/12/2009		31/12/2008
	Prepaid	VS	0	0%	0	0%	0

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	0	0%	0	0%	0
1 year at most		VZ2	0	0%	0	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

			31/12/2010		31/12/2009		31/12/2008
	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	0	0%	0	0%	0
1 year at most		8B2	0	0%	0	0%	0
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most		8C2	0	0%	0	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	0	0%	0	0%	0
1 year at most		8D2	0	0%	0	0%	0
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%	0
1 year at most		VW2	0	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	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	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	0	0%	0	0%	0
1 year at most		8K2	0	0%	0	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

		31/12/2010		31/12/2009		31/12/2008
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

			31/12/2010		31/12/2009		31/12/2008
	Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2010		31/12/2009		31/12/2008
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

		31/12/2010		31/12/2009		31/12/2008
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2010		31/12/2009		31/12/2008
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2010		31/12/2009		31/12/2008
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

			31/12/2010		31/12/2009		31/12/2008
	Average number of employees	YP	89	11,2%	80	0%	0

Groups and Shareholders

			31/12/2010		31/12/2009		31/12/2008
	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

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Fixed Asset Financing	65,91	-35,7%	102,53	146,8%	41,54	1,56	4125,0%
Global Debt	65 days	-34,3%	99 days	65,0%	60 days	64 days	1,6%
Working Capital Fund overall net	28 days	-52,5%	59 days	181,0%	21 days	25 days	12,0%
Financial independence	106794,58%	-11,1%	120143,92%	-52,4%	252491,59%	513,73%	20688,1%
More ratios
Solvability	5,75%	16,6%	4,93%	-18,5%	6,05%	33,81%	-83,0%
Capacity debt futures	%	-	%	-	%	1001,90%	-
Coverage of current assets by net working capital overall	39,33%	-29,2%	55,54%	70,0%	32,67%	29,69%	32,5%
General Liquidity		-		-		0,88	-
Restricted Liquidity		-		-		1,13	-

Management or rotation

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital	27 days	-53,4%	58 days	190,0%	20 days	8 days	237,5%
Treasury	1 days	0%	1 days	0%	1 days	9 days	-88,9%
Inventory turnover of goods	1 days	-66,7%	3 days	200%	1 days	8 days	-87,5%
Average length of credit granted to customers	19 days	-63,5%	52 days	26,8%	41 days	41 days	-53,7%
Average length of credit obtained suppliers	36 days	5,9%	34 days	30,8%	26 days	40,50 days	-11,1%
More ratios
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	days	-	days	1065 days	-
Rotation tangible assets	%	-	%	-	%	1257,16%	-

Profitability of the business

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading	1,60%	133,1%	-4,84%	-186,0%	5,63	16,20%	-90,1%
Profitability of the business	-3,25	69,3%	-10,57	-995,8%	1,18	1,99%	-263,3%
Net profit	0%	0%	0%	0%	0%	0,78%	0%
More ratios
Growth rate of turnover (excluding VAT)	29,25%	217,0%	-25,01%	-2328,2%	-1,03%	1,47%	1889,8%
Rates integration	-2,51%	74,1%	-9,69%	-632,4%	1,82%	10,80%	-123,2%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	-27,22%	-232,0%	-8,20%	-126,3%	31,21%	67,17%	-140,5%
Weight interests	0,15	-34,8%	0,23%	130,0%	0,10%	0,09%	66,7%

Return on capital

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability	0%	0%	0%	0%	0%	1,47%	0%
Rates of economic profitability	-42%	35,4%	-65%	-425,0%	20%	14%	-400%
Financial profitability	8650361%	0,0%	8650362%	0%	8650362%	353408%	2347,7%
Return on investment	1,98%	40,4%	1,41%	-19,0%	1,74%	8,82%	-77,6%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Turnover	783 574 289	29,2%	606 263 550	-25,0%	808 473 420	3 361 362 €	23211,2%

Sales of goods	780 490 788	29,3%	603 458 222	-25,0%	805 044 550
- Purchase of go ds	765 728 051	20,5%	635 262 870	-16,3%	758 614 573
+/- Stock of goods variation	2 234 056	191,5%	-2 442 211	-367,2%	913 842
Trading margin	12 528 681 €	142,7%	-29 362 437 €	-164,5%	45 516 135 €	298 076 €	4103,2%
	1,60 % CA	133,1%	-4,84 % CA	-186 0%	5,63 % CA	16,23 % CA	-90,1%

Sale of goods produced	3 083 501	9,9%	2 805 328	-18,2%	3 428 870
+/- Stocked production	0	0%	0	0%	0
+ Self-cons ructed assets	0	0%	0	0%	0
Period production	3 083 501 €	9,9%	2 805 328 €	-18,2%	3 428 870 €	35 249 €	8647,8%
	0,39 % CA	-15,2%	0,46 % CA	9,5%	0,42 % CA	1,03 % CA	-62,1%

Trading margin	12 528 681	142,7%	-29 362 437	-164,5%	45 516 135	298 076	410 ,2%
+ Period Production	3 083 501	9,9%	2 805 328	-18,2%	3 428 870	35 249	8647,8%
- Purchase of ra materials	467 160	6,1%	440 140	29,0%	341 316
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	34 798 059	9,5%	31 776 530	-6,2%	33 876 544
Added value	-19 653 037 €	66,6%	-58 773 779 €	-499,1%	14 727 145 €	311 189 €	-6415,5%
	-2,51 % CA	74,1%	-9,69 % CA	-632,4%	1,82 % CA	10,80 % CA	-123,2%

Added value	-19 653 037 €	66,6%	-58 773 779 €	-499,1%	14 727 145 €	311 189 €	-6415,5%
+ Operating grants	14 000	33,3%	10 500	0%	0
- Tax, duty and similar paym nts	494 785	4,2%	474 784	-23,9%	623 677
- Personal charges	5 349 592	11,0%	4 821 219	4,9%	4 596 602
Gross operating surplus	-25 483 414 €	60,2%	-64 059 282 €	-773,8%	9 506 866 €	52 339 €	-48789,1%
	-3,25 % CA	69,3%	-10,57 % CA	-995,8%	1,18 % CA	1 99 % CA	-263,3%

Gross operating surplus	-25 483 414 €	60,2%	-64 059 282 €	-773,8%	9 506 866 €	52 339 €	-48789,1%
+ Release of reserves and provisions	1 424 441	270,0%	384 953	-55,3%	860 740
+ Other operating income	18 907	12,5%	16 802	48,9%	11 2 6
- Depreciation/Amortisation	1 294 891	-36,4%	2 037 033	408,8%	400 362
- Other charges	0	0%	0	0%	27 606
Operating result	-25 334 957 €	61,4%	-65 694 560 €	-760,2%	9 950 924 €	28 854 €	-87904,0%
	-3,23 % CA	70,2%	-10,84 % CA	-981,3%	1,23 % CA	,25 % CA	-358,4%

Operating result	-25 334 957 €	61,4%	-65 694 560 €	-760,2%	9 950 924 €	28 854 €	-87904,0%
+/- Result of joint-venture transferred from/to other partners	25 969 308	-60,9%	66 452 854	587,8%	-13 623 773
+ Financial income	100 832	46,5%	188 508	-84,5%	1 217 262
- Financial charges	1 196 549	-14,1%	1 392 748	68,1%	828 293
Pre-tax result	-52 399 982 €	60,7%	-133 351 654 €	-656,5%	23 963 666 €	29 529 €	-177552,6%
	-6,69 % CA	69,6%	-22,00 % CA	-843,2%	2,96 % CA	1,02 % CA	-755 9%

Extraordinary income	467 886	-37,7%	750 651	-77,4%	3 316 108	2 760	16852,4%
- Extraordinary charges	74 575	-80,9%	390 653	172,8%	143 196
Extraordinary result	393 311 €	9,3%	359 998 €	-88,7%	3 172 912 €	0 €	0%
	0,05 % CA	-16,7%	0,06 % CA	-84 6%	0 % CA	0 % CA	0%

Pre-tax result	-52 399 982 €	60,7%	-133 351 654 €	-656,5%	23 963 666 €	29 529 €	-177552,6%
Extraordinary result	393 311 €	9,3%	359 998 €	-88,7%	3 172 912 €	0 €	0%
- Employee profit sharing	43 400	17,9%	36 800	26,0%	29 200
Tax on profits	-111 455	9,2%	-122 746	12,4%	-140 169
Net result	-51 938 616 €	60,9%	-132 905 710 €	-587,8%	27 247 547 €	24 078 €	-215809,8%
	-6,63 % CA	69,8%	-21,92 % CA	-750,4%	3,37 % CA	0,78 % CA	-950,0%

judgements

Collective procedure

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	11/03/2008
Status of Monitoring	No social security and tax office preferential right to date

Group data

Ultimate parent company	JEMA 1
Direct parent	GROUPE LACTALIS - 100 %
Group – Number of companies	164
Linkages – Number of companies	131
Number of countries	32
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JEMA 1

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Company Name	Parts	Last account published
JEMA 1	-	-
B.S.A	50.71%	-
CLAUDEL ROUSTANG GALAC	99.99%	-
LACTALIS LOGISTIQUE	99.96%	-
LACTALIS GESTION PLANIFICATION O...	99.96%	-
SOC FINANCEMENT INDUSTRIE LAITIE...	64.56%	-
BPA	69.44%	-
GROUPE LACTALIS	49.18%	-
TENDRIADE-COLLET	99.99%	31/12/2008
LACTALIS MCLELLAND	100%	-
SOCIETE FROMAGERE DE RIOM	100%	-
SOCIETE BEURRIERE DE RETIERS	80%	31/12/2010
LACTEL	99.97%	-
SOCIETE LAITIERE MONTAUBAN	80%	-
SOCIETE LAITIERE DE VITRE	80%	31/12/2010
SOCIETE LAITIERE DE RODEZ	80%	-
SOCIETE FROMAGERE DE SAINTE CE...	80%	-
SOCIETE LAITIERE DE CLERMONT	80%	31/12/2009
SOC FINANCEMENT INDUSTRIE LAIT...	35.44%	-
LACTO SERUM FRANCE	52%	31/12/2011
SAS VERGERS DE CHATEAUBOURG	100%	31/12/2010
DELIS SA	99%	31/12/2010
LES POMMIAUX	50%	31/12/2010
SOCIETE FROMAGERE DE RETIERS	60%	31/12/2010
LACTALIS FROMAGES	100%	-
SOCIETE FROMAGERE DE RAIVAL	Majority	-
SOCIETE FROMAGERE DE LONS LE...	Min blocking	-
SOCIETE FROMAGERE DE CHARCHI...	99.90%	-
SOCIETE FROMAGERE DE RETIERS	40%	31/12/2010
SOCIETE BEURRIERE D'ISIGNY	99.90%	-
SOCIETE FROMAGERE DE BOUVRON	99.90%	31/12/2009
SOCIETE FROMAGERE DE VERCEL	80%	-
SOCIETE FROMAGERE DE DOMFRON...	99.90%	-
SOCIETE FROMAGERE DE RODEZ	80%	-
SAS WALCHLI	100%	31/12/2009
LACTALIS BEURRES & CREMES	99%	31/12/2010
ETABLISSEMENTS AVENEL	71.98%	-
LACTALIS INTERNATIONAL	99.96%	-
LACTALIS	100%	-
LACTALIS ITALIA SPA	100%	-
LACTALIS EUROPE DU NORD SA	100%	-
GRUPO LACTALIS IBERIA	100%	31/12/2011
LACTALIS DEUTSCHLAND GMBH	100%	-
LACTALIS UNITED KINGDOM	100%	-
EGIDIO GALBANI SPA	Majority	-
EDIGIO GALBANI SA	100%	-
SOC CAVES PRODUCTEURS REUNIS R...	65%	31/12/2009
SOC FROMAGERE DE SAINT GEORG...	100%	31/12/2007
SOC FROMAGERE CORSE	99.90%	31/12/2005
SOC DIVERSIFICATION INDUSTRI...	77.24%	31/12/2009
PYRENEFROM	80%	-
SOCIETE AFFINAGE-CONDITIONNE...	100%	31/12/2007
SOCIETE FROMAGERE DE REQUIST...	60%	-
SOCIETE FROMAGERE DE SAINT A...	80%	31/12/2007
SNC MATOCQ	Majority	31/12/2011
CELIA	Majority	-
VALPIFORM	100%	31/12/2008
LACTALIS NESTLE ULTRA-FRAIS MA...	60%	31/12/2008
FROMAGERIES DE L'ETOILE	100%	31/12/2008
ETOILE DU VERCORS	100%	31/12/2010
LE CHARTROUSIN	100%	31/12/2010
LACTALIS CONSOMMATION HORS FOY...	100%	31/12/2010
SOC DES PRODUITS LAITIERS DE...	Min blocking	31/12/2010
LACTALIS POLSKA	Majority	-
LACTALIS INGREDIENTS	100%	31/12/2010
SOCIETE LAITIERE DE RETIERS	Min blocking	31/12/2010
STE LAITIERE DE MAYENNE	Min blocking	-
SOCIETE LAITIERE DE PONTIVY	Min blocking	31/12/2010
SOCIETE FROMAGERE DE PONTIVY	Min blocking	31/12/2010
SOCIETE LAITIERE DU BLAVET	Min blocking	31/12/2010
SOCIETE FROMAGERE DE SAINT MAC...	Majority	-
SOCIETE LAITIERE DE L'HERMITAG...	80%	31/12/2010
CIE ASS NORD EST LAIT INDUSTR ...	51%	31/12/2010
CANELIA ROUVROY POUDRE	Majority	31/12/2009
CANELIA PETIT FAYT BEURRE	Majority	31/12/2010
CANELIA PETIT FAYT LAIT	Majority	31/12/2010
RAGUIN-TERROIRS AUTHENTIQUES	100%	31/12/2010
FROMAGERIES POCHAT ET FILS	100%	-
SOC LAITIERE DES HAUTS DE SA...	66%	31/12/2010
SOCIETE LAITIERE DES HAUTS...	99%	-
FROMAGERIES DES HAUTS DE...	51%	-
PARMALAT	83.40%	31/12/2011
LACTALIS AMERICAN GROUP INC	Majority	-
PARMALAT CANADA INC	100%	-
PARMALAT AFRICA S.P.A.	100%	-
PARMALAT SOUTH AFRICA LTD	89.17%	-
ANDIAMO AFRIKA (PTY) LTD	51%	-
PARMALAT BOTSWANA (PTY) LTD	100%	-
PARMALAT PRODUTOS ALIMENTARES SARL	92.74%	-
PARMALAT SWAZILAND (PTY) LTD	60%	-
PARMALAT ZAMBIA LIMITED	71.50%	-
PARMALAT AUSTRALIA LTD	89.97%	-
QUANTUM DISTRIBUTION SERV. PTY LTD	100%	-
QBB SINGAPORE PTE LTD	33.80%	-
PARMALAT BELGIUM SA	100%	-
CENTRALE DEL LATTE DI ROMA S.P.A.	75.01%	-
PARMALAT PORTUGAL PRODUTOS ALIMENTARES L...	99.96%	-
LATTE SOLE S.P.A	100%	-
PARMALAT DISTRIBUZIONE ALIMENTI S.R.L	100%	-
PROCESADORA DE LECHES SA	94.77%	-
DALMATA SPA	100%	-
DALMATA DUE SRL	100%	-
CURCASTLE CORPORATION NV	100%	-
PARMALAT NICARAGUA SA	97.15%	-
COMPAGNIA FINANZIARIA ALIMENTI SRL	100%	-
DAIRIES HOLDING INTERNATIONAL BV IN A.S.	100%	-
OLEX SA IN A.S	99%	-
DEUTSCHE PARMALAT GMBH IN A.S	100%	-
PARMALAT MOLKEREI GMBH IN A.S	90%	-
FIORDILATTE SRL	40%	-
PARMALAT COLOMBIA LTDA	91%	-
OAO BELGORODSKIJ MOLOCNIJ KOMBINAT	99.75%	-
SATA SRL	100%	-
PARMALAT INVESTMENTS PTY	100%	-
PARMALAT FOOD PRODUCTS PTY LTD	100%	-
PIPPAK PTY LTD	70%	-
WOODVALE MOULDERS PTY LTD	50%	-
BOSCHI LUIGI & FIGLI S.P.A.	100%	-
CARNINI S.P.A	100%	-
OOO PARMALAT MK	100%	-
OOO FORUM	100%	-
OOO URALLAT	100%	-
PARMALAT ROMANIA SA	100%	-
CITRUS INTERNATIONAL CORP	55%	-
LA SANTAMARA SRL	84.25%	-
PARMALAT DE MEXICO S.A. DE C.V.	100%	-
PRM ADMIN E PART DO BRASIL LTDA	81.04%	-
PARMALAT CHILE SA	100%	-
LACTEOSMILK SA	100%	-
PARMALAT DEL ECUADOR	64.89%	-
PARMALAT PARAGUAY SA	98.99%	-
AIRETCAL SA	100%	-
INDUSTRIA LACTEA VENEZOLANA CA	98.82%	-
DISTRIBUIDORA MIXTA DE ALIMENTOS CA	100%	-
QUESOS NACIONALES CA QUENACA	100%	-
PARMALAT (ZHAODONG) DAIRY CORP. LTD	94.31%	-
SWOJAS ENERGY FOODS LIMITED	69.84%	-
LACTALIS NESTLE PRODUITS FRAIS	60%	-
BAER AG	100%	-
DUKAT	Majority	-
MORAVSKOSLEZKE MLEKARNA	Majority	-
MLEKARNA KUNIN AS	Majority	-
MLEKARNA KLATOVY AS	Min blocking	-
FANNI	Majority	-
MOZZARELLA FRESCA INC	Majority	-
LACTALIS CZ SRO	Majority	-
LACTALIS HONGRIE SRO	Majority	-
LACTALIS VOSTOK	Majority	-
FOODMASTER COMPANY JSC	Majority	-
LACTALIS UKRAINE	Majority	-
LACTALIS ALBA	Majority	-
UNITED FOOD INDUSTRIES CORPORATION	70%	-
COLLECTE LAIT SARREBOURG	99.90%	-
L.N.U.F. MDD	99.90%	31/12/2010
L.N.U.F. LAVAL	80%	-
L.N.U.F BAYEUX	79.99%	-
SOCIETE LAITIERE DU BLAVET	Min blocking	31/12/2010
SOCIETE FROMAGERE DE SAINT MACLO...	Min blocking	-
LACTALIS INGENIERIE	99.99%	-
BSA FINANCES	99.90%	-
GROUPE LACTALIS	50.82%	-
TENDRIADE-COLLET	99.99%	31/12/2008
LACTALIS MCLELLAND	100%	-
SOCIETE FROMAGERE DE RIOM	100%	-
SOCIETE BEURRIERE DE RETIERS	80%	31/12/2010
LACTEL	99.97%	-
SOCIETE LAITIERE MONTAUBAN	80%	-
SOCIETE LAITIERE DE VITRE	80%	31/12/2010
SOCIETE LAITIERE DE RODEZ	80%	-
SOCIETE FROMAGERE DE SAINTE CECI...	80%	-
SOCIETE LAITIERE DE CLERMONT	80%	31/12/2009
SOC FINANCEMENT INDUSTRIE LAITIE...	35.44%	-
LACTO SERUM FRANCE	52%	31/12/2011
SAS VERGERS DE CHATEAUBOURG	100%	31/12/2010
DELIS SA	99%	31/12/2010
LES POMMIAUX	50%	31/12/2010
SOCIETE FROMAGERE DE RETIERS	60%	31/12/2010
LACTALIS FROMAGES	100%	-
SOCIETE FROMAGERE DE RAIVAL	Majority	-
SOCIETE FROMAGERE DE LONS LE S...	Min blocking	-
SOCIETE FROMAGERE DE CHARCHIGN...	99.90%	-
SOCIETE FROMAGERE DE RETIERS	40%	31/12/2010
SOCIETE BEURRIERE D'ISIGNY	99.90%	-
SOCIETE FROMAGERE DE BOUVRON	99.90%	31/12/2009
SOCIETE FROMAGERE DE VERCEL	80%	-
SOCIETE FROMAGERE DE DOMFRONT	99.90%	-
SOCIETE FROMAGERE DE RODEZ	80%	-
SAS WALCHLI	100%	31/12/2009
LACTALIS BEURRES & CREMES	99%	31/12/2010
ETABLISSEMENTS AVENEL	71.98%	-
LACTALIS INTERNATIONAL	99.96%	-
LACTALIS	100%	-
LACTALIS ITALIA SPA	100%	-
LACTALIS EUROPE DU NORD SA	100%	-
GRUPO LACTALIS IBERIA	100%	31/12/2011
LACTALIS DEUTSCHLAND GMBH	100%	-
LACTALIS UNITED KINGDOM	100%	-
EGIDIO GALBANI SPA	Majority	-
EDIGIO GALBANI SA	100%	-
SOC CAVES PRODUCTEURS REUNIS ROQ...	65%	31/12/2009
SOC FROMAGERE DE SAINT GEORGES	100%	31/12/2007
SOC FROMAGERE CORSE	99.90%	31/12/2005
SOC DIVERSIFICATION INDUSTRIEL...	77.24%	31/12/2009
PYRENEFROM	80%	-
SOCIETE AFFINAGE-CONDITIONNEME...	100%	31/12/2007
SOCIETE FROMAGERE DE REQUISTA	60%	-
SOCIETE FROMAGERE DE SAINT AFR...	80%	31/12/2007
SNC MATOCQ	Majority	31/12/2011
CELIA	Majority	-
VALPIFORM	100%	31/12/2008
LACTALIS NESTLE ULTRA-FRAIS MARQ...	60%	31/12/2008
FROMAGERIES DE L'ETOILE	100%	31/12/2008
ETOILE DU VERCORS	100%	31/12/2010
LE CHARTROUSIN	100%	31/12/2010
LACTALIS CONSOMMATION HORS FOYER	100%	31/12/2010
SOC DES PRODUITS LAITIERS DE L...	Min blocking	31/12/2010
LACTALIS POLSKA	Majority	-
LACTALIS INGREDIENTS	100%	31/12/2010
SOCIETE LAITIERE DE RETIERS	Min blocking	31/12/2010
STE LAITIERE DE MAYENNE	Min blocking	-
SOCIETE LAITIERE DE PONTIVY	Min blocking	31/12/2010
SOCIETE FROMAGERE DE PONTIVY	Min blocking	31/12/2010
SOCIETE LAITIERE DU BLAVET	Min blocking	31/12/2010
SOCIETE FROMAGERE DE SAINT MACLO...	Majority	-
SOCIETE LAITIERE DE L'HERMITAGE	80%	31/12/2010
CIE ASS NORD EST LAIT INDUSTR AL...	51%	31/12/2010
CANELIA ROUVROY POUDRE	Majority	31/12/2009
CANELIA PETIT FAYT BEURRE	Majority	31/12/2010
CANELIA PETIT FAYT LAIT	Majority	31/12/2010
RAGUIN-TERROIRS AUTHENTIQUES	100%	31/12/2010
FROMAGERIES POCHAT ET FILS	100%	-
SOC LAITIERE DES HAUTS DE SAVO...	66%	31/12/2010
SOCIETE LAITIERE DES HAUTS D...	99%	-
FROMAGERIES DES HAUTS DE S...	51%	-
PARMALAT	83.40%	31/12/2011
LACTALIS AMERICAN GROUP INC	Majority	-
PARMALAT CANADA INC	100%	-
PARMALAT AFRICA S.P.A.	100%	-
PARMALAT SOUTH AFRICA LTD	89.17%	-
ANDIAMO AFRIKA (PTY) LTD	51%	-
PARMALAT BOTSWANA (PTY) LTD	100%	-
PARMALAT PRODUTOS ALIMENTARES SARL	92.74%	-
PARMALAT SWAZILAND (PTY) LTD	60%	-
PARMALAT ZAMBIA LIMITED	71.50%	-
PARMALAT AUSTRALIA LTD	89.97%	-
QUANTUM DISTRIBUTION SERV. PTY LTD	100%	-
QBB SINGAPORE PTE LTD	33.80%	-
PARMALAT BELGIUM SA	100%	-
CENTRALE DEL LATTE DI ROMA S.P.A.	75.01%	-
PARMALAT PORTUGAL PRODUTOS ALIMENTARES L...	99.96%	-
LATTE SOLE S.P.A	100%	-
PARMALAT DISTRIBUZIONE ALIMENTI S.R.L	100%	-
PROCESADORA DE LECHES SA	94.77%	-
DALMATA SPA	100%	-
DALMATA DUE SRL	100%	-
CURCASTLE CORPORATION NV	100%	-
PARMALAT NICARAGUA SA	97.15%	-
COMPAGNIA FINANZIARIA ALIMENTI SRL	100%	-
DAIRIES HOLDING INTERNATIONAL BV IN A.S.	100%	-
OLEX SA IN A.S	99%	-
DEUTSCHE PARMALAT GMBH IN A.S	100%	-
PARMALAT MOLKEREI GMBH IN A.S	90%	-
FIORDILATTE SRL	40%	-
PARMALAT COLOMBIA LTDA	91%	-
OAO BELGORODSKIJ MOLOCNIJ KOMBINAT	99.75%	-
SATA SRL	100%	-
PARMALAT INVESTMENTS PTY	100%	-
PARMALAT FOOD PRODUCTS PTY LTD	100%	-
PIPPAK PTY LTD	70%	-
WOODVALE MOULDERS PTY LTD	50%	-
BOSCHI LUIGI & FIGLI S.P.A.	100%	-
CARNINI S.P.A	100%	-
OOO PARMALAT MK	100%	-
OOO FORUM	100%	-
OOO URALLAT	100%	-
PARMALAT ROMANIA SA	100%	-
CITRUS INTERNATIONAL CORP	55%	-
LA SANTAMARA SRL	84.25%	-
PARMALAT DE MEXICO S.A. DE C.V.	100%	-
PRM ADMIN E PART DO BRASIL LTDA	81.04%	-
PARMALAT CHILE SA	100%	-
LACTEOSMILK SA	100%	-
PARMALAT DEL ECUADOR	64.89%	-
PARMALAT PARAGUAY SA	98.99%	-
AIRETCAL SA	100%	-
INDUSTRIA LACTEA VENEZOLANA CA	98.82%	-
DISTRIBUIDORA MIXTA DE ALIMENTOS CA	100%	-
QUESOS NACIONALES CA QUENACA	100%	-
PARMALAT (ZHAODONG) DAIRY CORP. LTD	94.31%	-
SWOJAS ENERGY FOODS LIMITED	69.84%	-
LACTALIS NESTLE PRODUITS FRAIS	60%	-
BAER AG	100%	-
DUKAT	Majority	-
MORAVSKOSLEZKE MLEKARNA	Majority	-
MLEKARNA KUNIN AS	Majority	-
MLEKARNA KLATOVY AS	Min blocking	-
FANNI	Majority	-
MOZZARELLA FRESCA INC	Majority	-
LACTALIS CZ SRO	Majority	-
LACTALIS HONGRIE SRO	Majority	-
LACTALIS VOSTOK	Majority	-
FOODMASTER COMPANY JSC	Majority	-
LACTALIS UKRAINE	Majority	-
LACTALIS ALBA	Majority	-
UNITED FOOD INDUSTRIES CORPORATION	70%	-
COLLECTE LAIT SARREBOURG	99.90%	-
L.N.U.F. MDD	99.90%	31/12/ 010
L.N.U.F. LAVAL	80%	-
L.N.U.F BAYEUX	79.99%	-
SOCIETE LA TIERE DU BLAVET	Min blocking	31/12/2010
LACTALIS PRODUITS LAITIERS	Majority	31/12/2004
SOC LYONN APPLICATION METALL	Majority	31/12/2004
TRANSPORTS GUY ROBIN	99.61%	31/12/2004

Linkages

Ultimate parent company	JEMA 1
Direct parent	GROUPE LACTALIS - 100 %
Group – Number of companies	164
Linkages – Number of companies	131
Number of countries	32
Company Name		SIREN	Last account	Turnover
FCN INTERNATIONAL LIMITED		02525741	31/03/2011	-
PARMALAT IBERICA		115821	-	-
PARMALAT NETHERLANDS B.V.		24182597	-	-
PARMALAT FINANCE CORPORATION B.V.		24182598	-	-
LACTALIS SUISSE S.A.		29792	-	-
PARMALAT FRANCE		317615250	-	-
PRODUITS GALBANI NV		405675972	31/12/2007	43 013 000 €
B.S.A. INTERNATIONAL SA		443205173	31/12/2011	74 384 663 €
LACTALIS NOORD EUROPA LACTALIS EUROPE ...		443872394	31/12/2011	132 242 742 €
L.G.P.I. SA		5288213	-	-
PARMALAT MOLKEREI GMBH		HRB 5295 NP	-	-
BAVARESE HOLDING GESEL SCHAFT MBH		HRB 98279	-	-
FOOD REINSURANCE S.A.		B39041	-	-
ITALUSA CORP		US08343718	-	5 664 000 $
PARMALAT BAKERY		US09914018	-	221 000 $
ITAL TRADE CORP		US13234831	-	0 $
LACTALIS USA, INC		US44623109	-	4 000 000 $
AL NOUR COMPANY FOR DAIRY PRODUCTS		-	-	-
ALILINE SRL		-	-	-
ANTHEUS ADM PART LTDA		-	-	-
BEST CHEESE COMPANY		-	-	-
BEST OF FRANCE FOR DAIRY PRODUCTS		-	-	-
BONLAT SRL		-	-	-
BOSCHI LUIGI & FIGLI SPA		-	-	-
BSA		-	-	-
CE.DI CENTRO SRL		-	-	-
CE.DI PONENTE SRL		-	-	-
CE.DI SPEZIA SRL		-	-	-
CENRAL DEL LATTE BRIANZA SRL		-	-	-
CENRALE DEL LATTE DI GENOCA		-	-	-
CENTOR PASTORIZZAZIONE LATTE		-	-	-
CENTRALE DEL LATTE BRIANZA SRL		-	-	-
CENTRALE DEL LATTE DI GENOVA S		-	-	-
CENTRO LATTE BOVISIO SPA		-	-	-
CENTRO LATTE CENTALLO SRL		-	-	-
CENTRO NORD IBERICA SA		-	-	-
CEREAL SOLE SPA		-	-	-
CONTAL SRL		-	-	-
CORRADINI SPA LATTERIA CENTRAL		-	-	-
CREMERIA EMILIANA SPA		-	-	-
DELIMO A/S		-	-	-
DEUTSCHE PARMALAT GMBH		-	-	-
DIETALAT SRL		-	-	-
DORNA HELLAS - FOOD AND BEVERAGES TRADIN...		-	-	-
DUKAT DAIRY INDUSTRY INC.		-	-	-
EKABE		-	-	-
ELI AIR SRL		-	-	-
EMILAT SRL		-	-	-
EMMEGI AGRO INDUSTRIALE SRL		-	-	-
EMMEGI AGRO INDUSTRIALE SRL		-	-	-
EUDOSIA SRL		-	-	-
FEJERTEJ PARMALAT		-	-	-
FELEGARA FOOD SRL		-	-	-
FERRARETTO SPA		-	-	-
FIORLAT IND E COMMERCIO DE LAT		-	-	-
FOOD CONSULTING SERVICES LTD		-	-	-
FOODMASTER COMPANY		-	-	-
GESLAT SRL		-	-	-
GIGLIO SERVICE SPA		-	-	-
GIGLIO SPA		-	-	-
GIOGLIO SPA		-	-	-
GROUPE LACTALIS		-	-	-
I.M. FABRICA DE BRINZETURI DIN SOROCA SA		-	-	-
I.M. FABRICA DE PRODUSE LACTATE HINCESTI...		-	-	-
IL GIARDINO DELLE ESPERIDI		-	-	-
IMPIANTI SPORTIVI PARMA SRL		-	-	-
KIROVA LLP		-	-	-
LACTALIS ALBA		-	-	-
LACTALIS CASPI SPRL		-	-	-
LACTALIS CZ, S.R.O.		-	-	-
LACTALIS DEUTSCHLAND GMBH		-	-	-
LACTALIS DO BRASIL SPRL		-	-	-
LACTALIS GEORGIA		-	-	-
LACTALIS HUNGARIA KFT		-	-	-
LACTALIS MC LELLAND		-	-	-
LACTALIS MYKOLA??V Z.A.T.		-	-	-
LACTALIS PORTUGAL, PRODUTOS LACTEOS, LDA...		-	-	-
LACTALIS ROMANIA S.R.L		-	-	-
LACTALIS UK LIMITED		-	-	-
LACTALIS VOSTOK		-	-	-
LACTALIS-UMAN		-	-	-
LAITERIE BENI TAMOU		-	-	-
LAITERIE DE CARPIQUET SA		-	-	-
LATERIE DE CARPIQUET SA		-	-	-
LUCANA CLUB SRL		-	-	-
LUCANA LATTE		-	-	-
LUCANA LATTE SRL		-	-	-
MAGAZZINI GENERALI REGGIANI SP		-	-	-
MAX BAKER SPA		-	-	-
MOLKEREI WEISSENHORN GMBH		-	-	-
MOLOCHNIY DIM LLC (HNIVAN)		-	-	-
MOLOCHNIY DIM LLC (PAVLOHRAD)		-	-	-
NEWCO SRL		-	-	-
NORD FINANZIARIA SRL		-	-	-
NOVA UCAL PROD. ALIMENTARES		-	-	-
PANDORA SRL		-	-	-
PANDORA SRL		-	-	-
PANNA ELENA CPC SRL		-	-	-
PARLAMAT PORTUGAL SA		-	-	-
PARMA ASSOCIAZIONE CALCIO SPA		-	-	-
PARMA;AT EAST		-	-	-
PARMALAT BRASIL		-	-	-
PARMALAT COLOMBIA		-	-	-
PARMALAT DE MEXICO		-	-	-
PARMALAT FRANCE SARL		-	-	-
PARMALAT INDUSTRIA E COMMERCIO		-	-	-
PARMALAT NETHERLAND BV		-	-	-
PARMALAT PAESTUM SPA		-	-	-
PARMALAT RECEIVABLES CORPORATI		-	-	-
PARMALAT ROMANIA SRL		-	-	-
PARMALAT UCRAINA		-	-	-
PEGASO SRL		-	-	-
PRODOTTI DEL SOLE SRL		-	-	-
PVF MATERA CLUB SRL		-	-	-
R. TETTAMANTI FIGLI RTF SPA		-	-	-
R. TETTAMANTI & FIGLI RTF SPA		-	-	-
RACHEL'S DAIRY LTD		-	-	-
RES SRL		-	-	-
ROADSIDE INVESMENTS LIMITED		-	-	-
SAKURA LLC		-	-	-
SARAL SRL		-	-	-
SIRIO FINANZIARIA SRL		-	-	-
SOCIETE COLLECTE PONTAUMUR SAR		-	-	-
SOCIETE FROMAGERE D ATHIS SA		-	-	-
SODILAT SRL		-	-	-
SOUMMAN LACTALIS ALGERIE SPA		-	-	-
SUT		-	-	-
TALAT SPA		-	-	-
UNITED FOOD INDUSTRIES COMPANY		-	-	-
YEFREMOVSKY BUTTER AND CHEESE PLANT		-	-	-
ZAKLAD MLECZARSKI KUROW, SP Z.O.O.		-	-	-

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
10/02/2012	Bodacc B	Modification et mutation diverse

35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 955 - 402 737 936 RCS Rennes. LACTALIS INGREDIENTS. Forme : Société en nom collectif. Administration : Gérant non associé : KLEIN Ollivier Pierre Associé en nom collectif : CLAUDEL ROUSTANG GALAC Associé en nom collectif : GROUPE LACTALIS Commissaire aux comptes titulaire : KPMG Commissaire aux comptes suppléant : BLEUEZ Eric. Capital : 8649584 EUR. Activité : Achat, vente de tous produits laitiers. Adresse de l’établissement principal : les Placis, 35230 Bourgbarré. Adresse du siège social : les Placis, 35230 Bourgbarré. Commentaires : Changement de gérant. Date de commencement de l’activité : 23/10/1995. Date d’effet : 04/01/2012.
27/01/2012	JAL	Appointment of the social representative

7 jours - Les Petites affiches de Bretagne Date de décision : 30/12/2011 Société faisant l'objet d'une nomination : 402737936 - LACTALIS INGREDIENTS, LACTALIS INGREDIENTS, LES PLACIS, 35230 BOURGBARRE Nominé : Monsieur Olivier KLEIN, 35000 RENNES En la fonction de : Gérant
27/01/2012	JAL	Resignation / Revocation of the social representative

7 jours - Les Petites affiches de Bretagne Date de décision : 30/12/2011 La société 402737936 - LACTALIS INGREDIENTS, LACTALIS INGREDIENTS, LES PLACIS, 35230 BOURGBARRE Fait l'objet du départ de Monsieur Yvon GUERIN
25/10/2011	Bodacc C	Comptes annuels et rapports

35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 5331 - 402737936 RCS. LACTALIS INGREDIENTS. Forme : Société en nom collectif. Adresse : les Placis 35230 Bourgbarré. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
11/10/2010	Bodacc C	Comptes annuels et rapports

35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 4697 - 402737936 RCS. LACTALIS INGREDIENTS. Forme : Société en nom collectif. Adresse : les Placis 35230 Bourgbarré. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
22/10/2009	Bodacc C	Comptes annuels et rapports

35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 1961 - 402737936 RCS. LACTALIS INGREDIENTS. Forme : Société en nom collectif. Adresse : les Placis 35230 Bourgbarré. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
05/12/2008	Bodacc C	Comptes annuels et rapports

35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 2974 - 402737936 RCS. LACTALIS INGREDIENTS. Forme : Société en nom collectif. Adresse : les Placis 35230 Bourgbarré. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
13/10/2008	Bodacc B	Modification et mutation diverse

35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 908 - 402 737 936 RCS Rennes. LACTALIS INGREDIENTS. Forme : Société en nom collectif. Administration : Gérant non associé : GUERIN Yvon. Associé en nom collectif : CLAUDEL ROUSTANG GALAC. Associé en nom collectif : GROUPE LACTALIS. Commissaire aux comptes titulaire : KPMG. Commissaire aux comptes suppléant : BLEUEZ Eric. Capital : 8649584 EUR. Activité : Tous produits laitiers (achat, vente de) (début : 23.10.1995). Adresse de l’établissement principal : les Placis, 35230 Bourgbarré. Adresse du siège social : les Placis, 35230 Bourgbarré. Commentaires : Changement de commissaire aux comptes. Date de commencement de l’activité : 23/10/1995. Date d’effet : 25/04/2008.
30/11/2007	Bodacc C	Avis de dépôt des comptes

2704 - 402 737 936. RCS Rennes LACTALIS INDUSTRIE. Forme: Société en nom collectif. Adresse du siège social: les Placis 35230 Bourgbarré. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
14/10/2006	Bodacc C	Avis de dépôt des comptes

1077 - RCS Rennes B 402 737 936. RC 95-B 915. LACTALIS INDUSTRIE. Forme: S.N.C. . Adresse du siège social: les Placis,35230 Bourgbarre. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
30/10/2005	Bodacc C	Avis de dépôt des comptes

1481 - RCS Rennes B 402 737 936. RC 95-B 915. LACTALIS INDUSTRIE. Forme: S.N.C. . Adresse du siège social: les Placis,35230 Bourgbarre. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
28/03/2004	Bodacc B	Modifications et mutations diverses

RCS Rennes B 402737936 RC 95-B 915 LACTALIS INDUSTRIE. Forme : S.N.C. Capital : 8 649 584 euros. Adresse du siège social : Les Placis, Bourgbarré 35230 Saint- Erblon. Administration : gérant non associé : GUERIN (Yvon, Philippe). Associés en nom collectif : GROUPE LACTALIS CLAUDEL ROUSTANG GALAC. Commissaire aux comptes titulaire : L.N. A. LEGUIDE NAIM ET ASSOCIES. Commissaire aux comptes suppléant : LEGUIDE (Serge). Ancien gérant non associé : LEONARD (Michel) Etablissement principal: Activité : achat et vente de tous produits laitiers. Adresse : Les Placis, Bourgbarré 35230 Saint-Erblon. Date d'effet : 9 février 2004.
07/08/2003	Bodacc B	Modifications et mutations diverses

RCS Rennes B 402737936 RC 95-B 915 LACTALIS INDUSTRIE. Forme : S.N.C. Capital : 8 649 584 euros. Adresse du siège social : Les Placis, Bourgbarré 35230 Saint- Erblon. Administration : gérant non associé : LEONARD (Michel). Associés en nom collectif : GROUPE LACTALIS CLAUDEL ROUSTANG GALAC. Commissaire aux comptes titulaire : L.N.A. LEGUIDE NAIM ET ASSOCIES. Commissaire aux comptes suppléant : LEGUIDE (Serge). Ancien gérant non associé : URION (Marcel, Marie, Edmond) Etablissement principal: Activité : achat et vente de tous produits laitiers. Adresse : Les Placis, Bourgbarré 35230 Saint-Erblon. Date d'effet : 30 juin 2003.
15/12/2002	Bodacc B	Modifications et mutations diverses

Ancienne situation du siège social. RCS Rennes B 402737936 RC 95-B 915 LACTALIS INDUSTRIE. Forme : S.N.C. Capital : 516 784 euros. Adresse : Les Placis, Bourgbarre 35230 Saint-Erblon Nouvelle situation du siège social. Capital : 8 649 584 euros Etablissement principal: Activité : achat et vente de tous produits laitiers. Adresse : Les Placis, Bourgbarre 35230 Saint-Erblon. Date d'effet : 31 octobre 2002.
11/09/2001	Bodacc B	Modifications et mutations diverses

Ancienne situation du siège social. RCS Rennes B 402737936 RC 95-B 915 LACTALIS INDUSTRIE. Forme : S.N.C. Capital : 3 229 900 F. Adresse : Les Placis, Bourgbarré 35230 Saint-Erblon Nouvelle situation du siège social. Capital : 516 784 euros Etablissement principal: Activité : achat et vente de tous produits laitiers. Adresse : Les Placis, Bourgbarré 35230 Saint-Erblon. Commentaires : augmentation du capital et conversion en euros. Date d'effet : 26 avril 2001.
26/02/1999	Bodacc B	Modifications et mutations diverses

RCS o. RCS Rennes B 402 737 936 RC RC 95- B 915 LACTALIS INDUSTRIE. Forme : S.N.C. Capital : 3 229 900 F. Adresse du siège social : Les Placis Bourgbarre 35230 Saint-Erblon. Commentaires : ancienne dénomination : BESNIER INDUSTRIE Etablissement principal: Activité : achat et vente de tous produits laitiers. Adresse : Les Placis Bourgbarre 35230 Saint-Erblon Date de début d' activité: 23 octobre 1995. Date d'effet : 31 décembre 1998.
16/03/1997	Bodacc B	Modifications et mutations diverses

RCS Rennes B 402 737 936 RC 95-B 915 BESNIER INDUSTRIE. Forme : S.N.C. Capital : 3 229 900 F. Adresse du siège social : Les Placis Bourgbarré 35230 Saint- Erblon. Administration : gérant non associé : URION (Marcel, Marie, Edmond). Associés en nom collectif : CLAUDEL ROUSTANG GALAC COMPAGNIE LAITIERE BESNIER. Commissaire aux comptes titulaire : LEGUIDE ET ASSOCIES. Commissaire aux comptes suppléant : LEGUIDE (Serge). Ancien associé en nom collectif : : BESNIER BRIDEL INDUSTRIE Etablissement principal: Activité : achat, vente de tous produits laitiers. Adresse : Les Placis Bourgbarré 35230 Saint-Erblon. Date d'effet : 27 décembre 1996.
16/03/1997	Bodacc B	Modifications et mutations diverses

RCS Rennes B 402 737 936 RC 95-B 915 BESNIER INDUSTRIE. Forme : S.N.C. Capital : 3 229 900 F. Adresse du siège social : Les Placis Bourgbarré 35230 Saint- Erblon. Administration : gérant non associé : URION (Marcel, Marie, Edmond). Associés en nom collectif : CLAUDEL ROUSTANG GALAC COMPAGNIE LAITIERE BESNIER. Nomination d'un commissaire aux comptes titulaire : LEGUIDE ET ASSOCIES. Nomination d'un commissaire aux comptes suppléant : LEGUIDE (Serge) Etablissement principal: Activité : achat et vente de tous produits laitiers. Adresse : Les Placis Bourgbarré 35230 Saint-Erblon. Date d'effet : 31 octobre 1996.
28/06/1996	Bodacc B	Modifications et mutations diverses

RCS o. RCS Rennes B 402 737 936 RC RC 95- B 915 BESNIER INDUSTRIE. Forme : S.N.C. Capital : 3 229 900 F. Adresse du siège social : les Placis Bourgbarre 35230 Saint-Erblon. Administration : gérant non associé : URION (Marcel, Marie, Edmond) . Associés en nom collectif : CLAUDEL ROUSTANG GALAC COMPAGNIE LAITIERE BESNIER. Nouvel associé : BESNIER BRIDEL INDUSTRIE. Commentaires : ancien capital : 400 000 F Etablissement principal: Activité : achat et vente de tous produits laitiers. Adresse : les Placis Bourgbarre 35230 Saint-Erblon Date de début d'activité: 23 octobre 1995. Date d'effet : 30 mars 1996.
30/11/1995	Bodacc A	Création d'établissement

RCS o. RCS Rennes B 402 737 936 A dater du: 7 novembre 1995 RC RC 95-B 915 BESNIER INDUSTRIE. Forme : S.N.C. Capital : 400 000 F. Adresse du siège social : Les Placis Bourgbarre 35230 Saint-Erblon. Administration : gérant non associé : URION (Marcel, Marie, Edmond). Associés en nom collectif : CLAUDEL ROUSTANG GALAC COMPAGNIE LAITIERE BESNIER Etablissement principal: Activité : achat, vente de tous produits laitiers. Adresse : Les Placis Bourgbarre 35230 Saint-Erblon Cette société se constitue Date de début d'activité: 23 octobre 1995.

Company events history

Date	Description
10/02/2012	Bodacc B: Various editing or changing
03/02/2012	New subsidiarie(s) detected
31/01/2012	Appointment/resignation of company officers
31/01/2012	Minutes of general meeting of shareholders
27/01/2012	Legal Gazette: Resignation / Revocation of the social representative
30/12/2011	Legal Gazette: Appointment of the social representative
25/10/2011	Bodacc C : Deposit accounts notice
05/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
03/06/2011	New ultimate parent
31/12/2010	New accounts available
11/10/2010	Bodacc C : Deposit accounts notice
09/07/2010	New subsidiarie(s) detected
22/02/2010	New ultimate parent
31/12/2009	New accounts available
22/10/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
05/12/2008	Bodacc C : Deposit accounts notice
13/10/2008	New Bodacc B ads detected
13/10/2008	Bodacc B: Various editing or changing
01/10/2008	New auditor
01/10/2008	Changement de Commissaire aux Comptes
01/10/2008	Minutes of general meeting of shareholders
01/10/2008	PV d'Assemblée
01/10/2008	Appointment/resignation of company officers
01/10/2008	Private document
05/05/2008	Statuts mis à jour
05/05/2008	Private document
05/05/2008	Updated articles of association
05/05/2008	Déclaration de conformité
05/05/2008	Declaration of conformity
05/05/2008	Minutes of general meeting of shareholders
05/05/2008	PV d'Assemblée
11/03/2008	Collection of preferential rights activated for this company
17/01/2008	PV d'Assemblée
17/01/2008	New company name
17/01/2008	Changement de dénomination sociale
17/01/2008	Minutes of general meeting of shareholders
17/01/2008	Private document
17/01/2008	Updated articles of association
17/01/2008	Statuts mis à jour
01/01/2008	Update of Company Name
01/01/2008	Modification to Establishment Address or Identifier
01/01/2008	Modification to Company Identifier
31/12/2007	New accounts available
08/11/2007	Projet de Fusion
08/11/2007	Planned merger
08/11/2007	Private document
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
15/03/2004	Acte sous seing privé
15/03/2004	PV d'Assemblée
15/03/2004	Changement de Gérant
15/03/2004	Nomination/démission des organes de gestion
31/12/2003	New accounts available
24/07/2003	Acte sous seing privé
24/07/2003	PV d'Assemblée
24/07/2003	Changement de Gérant
24/07/2003	Nomination/démission des organes de gestion
02/12/2002	Acte sous seing privé
02/12/2002	Statuts mis à jour
02/12/2002	PV d'Assemblée
02/12/2002	Déclaration de conformité
02/12/2002	Augmentation de Capital
25/09/2002	Acte sous seing privé
25/09/2002	Fusion
25/09/2002	Projet de Fusion
06/08/2002	Acte modificatif
06/08/2002	Acte sous seing privé
06/08/2002	PV d'Assemblée
27/08/2001	Augmentation de Capital
27/08/2001	Conversion du Capital Social en Euros
27/08/2001	Statuts mis à jour
27/08/2001	PV d'Assemblée
27/08/2001	Acte sous seing privé
10/02/1999	Changement de dénomination sociale
10/02/1999	Acte sous seing privé
10/02/1999	PV d'Assemblée
10/02/1999	Statuts mis à jour
28/02/1997	Statuts mis à jour
28/02/1997	Nomination/démission des organes de gestion
28/02/1997	Déclaration de conformité
28/02/1997	PV d'Assemblée
28/02/1997	Acte sous seing privé
19/09/1996	Projet de Fusion
19/09/1996	Acte sous seing privé
10/06/1996	Nomination/démission des organes de gestion
10/06/1996	Acte sous seing privé
10/06/1996	Augmentation de Capital
10/06/1996	Statuts mis à jour
10/06/1996	PV d'Assemblée
07/11/1995	Formation de Société
07/11/1995	Acte sous seing privé
07/11/1995	Statuts
07/11/1995	PV d'Assemblée
07/11/1995	Nomination/démission des organes de gestion

directors

Name	M. KLEIN OLLIVIER PIERRE
Manager position	Gérant non associé	Date of birth	21/11/1953
Place of birth	75 PARIS
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Gérant	M YVON GUERIN	17/05/1965 - FOUGERES

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.32
UK Pound	1	Rs.84.60
Euro	1	Rs.72.63

INFORMATION DETAILS

Report Prepared by :

SDA

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

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