MIRA INFORM REPORT

Report Date :

06.02.2013

IDENTIFICATION DETAILS

Name :	AC COLLECTION
Registered Office :	Autre Chose 43 Rue D Aboukir 75002 Paris 2
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	Not Available
Com. Reg. No.:	RCS Paris B 305 256 810
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of outerwear
No. of Employees :	10 to 19 employees

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

NOTES :

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

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

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

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

FRANCE - ECONOMIC OVERVIEW

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

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Trade name	AUTRE CHOSE
EUR VAT Number		FR38305256810
Activity (APE)	Manufacture of outerwear (1413Z)		Legal form	Limited Liability Company
Phone	01 42 36 32 31		RCS Registration	RCS Paris B 305 256 810
Fax	01 42 36 32 54		Share capital	112,500 Euros
Address	AC COLLECTION AUTRE CHOSE 43 RUE D ABOUKIR 75002 PARIS 2		Incorporated Date
Nationality	France		Status	Economically active

company details

Activity (APE)	Fabrication de vêtements de dessus (1413Z)
RCS Registration	RCS Paris B 305 256 810	Share capital	112,500 Euros
Registration Court	Paris (75)	Legal form	Limited Liability Company
Court Registry Number	76 B 00683	EUR VAT Number	FR38305256810
Incorporation Date		Formation Date	01/1976
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Establishment details

Trade name	AUTRE CHOSE
Activity (APE)	Fabrication de vêtements de dessus (1413Z)	Business Pages FT®
Postal Address	AC COLLECTION AUTRE CHOSE 43 RUE D ABOUKIR 75002 PARIS 2	Trading Address	43 RUE D ABOUKIR 75002 PARIS 2
Telephone	01 42 36 32 31
Fax	01 42 36 32 54

DIRECTORS/MANAGEMENT

Current Directors

1

Previous Directors

No data about previous directors is available for this company

NEGATIVE INFORMATION

No social security and tax office preferential right to date.

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	23/11/2010
Status of Monitoring	No social security and tax office preferential right to date

Recent publications in Gazettes

Publication date	Gazette Name	Description
16/04/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7785 - 305256810 RCS. AC COLLECTION. Forme : Société à responsabilité limitée. Adresse : 43 rue d'Aboukir 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
26/04/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9668 - 305256810 RCS. AC COLLECTION. Forme : Société à responsabilité limitée. Adresse : 43 rue d'Aboukir 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
29/12/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4276 - 305256810 RCS. AC COLLECTION. Forme : Société à responsabilité limitée. Adresse : 43 R D ABOUKIR 75002 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
05/06/2008	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1541 - 305 256 810 RCS Paris. AC COLLECTION. Forme : Société à responsabilité limitée. Sigle : AUTRE CHOSE. Capital : 112500 EUR. Adresse de l’établissement principal : 43 rue d'Aboukir, 75002 Paris. Adresse du siège social : 43 rue d'Aboukir, 75002 Paris. Commentaires : modification survenue sur l'adresse du siège et la date de début d'activité. Date de commencement de l’activité : 16/02/1976.
25/03/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6661 - 305256810 RCS. AC COLLECTION. Forme : Société à responsabilité limitée. Adresse : 43 rue d'Aboukir 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
23/01/2008	Bodacc A	Vente et cession : Vendeur
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 717 - 582 002 150 RCS Paris. DANTON ET FONTAINE. Forme : S.A.R.L. Capital : 38112 EUR. Adresse : 2 rue des Rosiers, 13 R Malher, 75004 Paris. Origine du fonds : Fonds principal acquis par cession, au prix stipulé de 340 000 euros. Etablissement : Etablissement principal. Activité : vente de prêt-à-porter féminin. Adresse : 142 boulevard Saint Germain, 75006 Paris. Précédent propriétaire : AC COLLECTION. 305 256 810 RCS Paris. Date de commencement de l’activité : 17/12/2007. Publication légale : Le Publicateur Légal du 26/12/2007. Oppositions : au fonds cédé, 142, boulevard Saint Germain, 75006 Paris. Commentaires : Autre achat, apport, attribution.
17/01/2008	Bodacc A	Vente et cession : Vendeur
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 291 - 582 002 150 RCS Paris. DANTON ET FONTAINE. Forme : Société à Responsabilité Limitée. Capital : 38112 EUR. Adresse : 2 rue des Rosiers, 75004 Paris. Origine du fonds : Fonds complémentaire acquis par achat, au prix stipulé de 340 000 euros. Etablissement : Etablissement complémentaire. Activité : prêt-à-porter féminin. Adresse : 142 boulevard Saint-Germain, 75006 Paris. Précédent propriétaire : AC COLLECTION. 305 256 810 RCS Paris. Date de commencement de l’activité : 17/12/2007. Publication légale : Le Publicateur Légal du 26/12/2007. Oppositions : au fonds cédé, 142 boulevard Saint Germain 75006 Paris pour la validité, et la correspondance. Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
02/08/2007	Bodacc C	Avis de dépôt des comptes
3318 - 305 256 810. RCS PARIS AC COLLECTION. Sigle: AUTRE CHOSE Forme: Société à responsabilité limitée. Adresse du siège social: 142 boulevard St Germain 75006 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
01/07/2007	Bodacc C	Avis de dépôt des comptes
4879 - Paris B 305 256 810. RC 76-B 683. AC COLLECTION. Forme: S.A.R.L.. Adresse du siège social: 142, boulevard Saint Germain,Paris, 75006 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
03/08/2006	Bodacc C	Avis de dépôt des comptes
3757 - RCS Paris B 305 256 810. RC 76-B 683. AC COLLECTION. Forme: S.A.R.L.. Adresse du siège social: 142, boulevard Saint Germain,Paris, 75006 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
22/06/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 305256810 RC 76-B 683 A.C. COLLECTION. Sigle : AUTRE CHOSE. Forme : S. A.R.L. Commentaires : modification survenue sur l'administration. Administration : modification du gérant : COHEN (Arlene).
09/01/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 305256810 RC 76-B 683 A.C. COLLECTION. Sigle : AUTRE CHOSE. Forme : S. A.R.L. Capital : 112 500 euros. Commentaires : modification survenue sur le capital (augmentation).
30/07/2000	Bodacc B	Modifications et mutations diverses
RCS Paris B 305256810 RC 76-B 683 A.C. COLLECTION. Sigle : AUTRE CHOSE. Forme : S. A.R.L. Commentaires : modification survenue sur la dénomination et le sigle.
20/02/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 305 256 810 RC RC 76- B 683 SOCIETE DE DIFFUSION DU CUIR. Sigle : S.D.C. Forme : S.A.R.L. Administration : modification : gérant : COHEN (Arlette). Suppression : administrateurs : PESSIA COHEN ( Raymond, Félix) COHEN (Maurice). Suppression : commissaire aux comptes titulaire : KORNGOLD (Eric). Suppression : commissaire aux comptes suppléant : MERCADAL (Pierre). Commentaires : modification survenue sur la forme juridique et l'administration.

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

This company is not identified as one of the biggest french chip.

Linkages

This company is not identified as one of the biggest french chip.

FINANCIAL INFORMATION

Trading to Date	12/31/2010	12/31/2009	12/31/2008
Turnover	1,186,188 €	1,034,029 €	1,135,640 €
Gross Operating Surplus	3,04 % Turnover	-9,62 % Turnover	-10,27 % Turnover
Shareholders’ equity	2,221,720 €	2,182,569 €	2,051,534 €
Net result	39,152 €	131,035 €	48,656 €
Employees	10 to 19 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	15/03/2012	05/04/2011	05/01/2011
Activity Code	1413Z	1413Z	1413Z
Employees	0	0	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	650 816	-4,5%	681 533	-4,0%	710 167	22 484,50	2794,5%
- Intangible assets	506 858	0%	506 858	0%	506 858	982,50	51488,6%
- Tangible assets	114 835	-21,2%	145 706	-16,2%	173 817	4 851	2267,2%
- Financial assets	29 123	0,5%	28 969	-1,8%	29 492	2 747	960,2%
Net current assets	2 103 810	-0,7%	2 118 209	7,8%	1 965 606	124 472,50	1590,2%
- Stocks	281 480	-7,4%	304 132	23,1%	247 107	21 614	1202,3%
- Advanced payments	15 511	-0,7%	13 632	-42,2%	23 568	0	0%
- Receivables	213 134	15,7%	184 205	23,9%	148 654	35 002	508,9%
- Securities and cash	1 593 685	-1,4%	1 616 240	4,5%	1 546 277	16 482	9569,2%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	2 754 627	-1,6%	2 799 744	4,6%	2 675 774	168 680	1533,0%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	2 221 720	1,8%	2 182 569	6,4%	2 051 534	34 968,50	6253,5%
Share capital	112 500	0%	112 500	0%	112 500	8 000	1306,2%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	532 906	-13,7%	617 177	-1,1%	624 241	109 073	388,6%
- Financial liabilities	376 092	-7,8%	407 990	36,3%	299 277	10 984	3324,0%
- Advanced payments received	2 356	-74,1%	9 079	0%	0	0	0%
- Trade account payables	66 277	-40,6%	111 621	-21,5%	142 268	21 609	206,7%
- Tax and social liabilities	48 078	-8,1%	52 305	-26,8%	71 428	38 098	26,2%
- Other debts and fixed assets liabilities	40 103	10,8%	36 182	-67,5%	111 268	4 500,50	791,1%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	2 754 626	-1,6%	2 799 744	4,6%	2 675 774	168 679	1533,1%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	1 249 017	9,7%	1 138 174	-12,1%	1 294 298	240 333,50	419,7%
Net turnover	1 186 188	14,7%	1 034 029	-8,9%	1 135 640	227 258,50	422,0%
- of which net export turnover	276 786	93,7%	142 924	-45,3%	261 301	0	0%
Operating charges	1 302 600	10,6%	1 177 995	-14,1%	1 371 763	245 373,50	430,9%
Operating profit/loss	-53 583	-34,6%	-39 821	48,6%	-77 465	1 808,50	-3062,8%
Financial income	25 672	13,9%	22 530	-4,7%	23 646	02	1283500%
Financial charges	19 549	33,8%	14 609	77,0%	8 253	472	4041,7%
Financial profit/loss	6 123	-22,7%	7 921	-48,5%	15 393	-121	5160,3%
Pretax net operating income	-47 460	-48,8%	-31 900	48,6%	-62 072	1 556,50	-3149,1%
Extraordinary income	41 809	-49,6%	82 950	-8,9%	91 027	0	0%
Extraordinary charges	64 039	5769,8%	1 091	-82,3%	6 153	135	47336,3%
Extraordinary profit/loss	-22 230	-52,2%	81 859	-3,6%	84 874	0	0%
Net result	39 152	-70,1%	131 035	169,3%	48 656	2 761	1318,0%

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	2 754 627	-1,6%	2 799 744	4,6%	2 675 774
	Gross	CO	3 126 288	0,2%	3 120 697	2,0%	3 059 784
	Amortisation	1A	371 661	15,8%	320 953	-16,4%	384 010

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	650 816	-4,5%	681 533	-4,0%	710 167
	Gross	BJ	974 312	0,0%	974 158	0,4%	970 213
	Amortisation	BK	323 496	10,5%	292 625	12,5%	260 046

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	0	0%	0	0%	0
	Gross	AF	20 208	0%	20 208	0%	20 208
	Amortisation	AG	20 208	0%	20 208	0%	20 208
	Goodwill	Net	506 858	0%	506 858	0%	506 858
	Gross	AH	506 858	0%	506 858	0%	506 858
	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	506 858	0%	506 858	0%	506 858

Tangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	65 229	-17,1%	78 694	-14,6%	92 159
	Gross	AP	211 664	0%	211 664	0%	211 664
	Amortisation	AQ	146 435	10,1%	132 970	11,3%	119 505
	Plant	Net	2 582	-35,2%	3 982	-26,0%	5 382
	Gross	AR	20 492	0%	20 492	0%	20 492
	Amortisation	AS	17 910	8,5%	16 510	9,3%	15 110
	Other tangible fixed assets	Net	47 024	-25,4%	63 030	-17,4%	76 276
	Gross	AT	185 967	0%	185 967	2,5%	181 499
	Amortisation	AU	138 943	13,0%	122 937	16,8%	105 223
	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	114 835		145 706		173 817

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	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%	29 492
	Gross	BF	0	0%	0	0%	29 492
	Amortisation	BG	0		0		0
	Other financial assets	Net	29 123	0,5%	28 969	0%	0
	Gross	BH	29 123	0,5%	28 969	0%	0
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		29 123		28 969		29 492

Current Assets (III)

			31/12/2010		31/12/2009		31/12/2008
	Total Assets	Net	2 103 810	-0,7%	2 118 209	7,8%	1 965 606
	Gross	CJ	2 151 975	0,3%	2 146 536	2,7%	2 089 570
	Amortisation	CK	48 165	70,0%	28 327	-77,1%	123 964

Stocks

			31/12/2010		31/12/2009		31/12/2008
	Raw materials	Net	15 303	-61,2%	39 474	-4,2%	41 226
	Gross	BL	15 303	-61,2%	39 474	-27,8%	54 658
	Amortisation	BM	0	0%	0	0%	13 432
	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	266 177	0,6%	264 658	28,5%	205 881
	Gross	BR	299 160	13,0%	264 658	-7,0%	284 477
	Amortisation	BS	32 983	0%	0	0%	78 596
	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	281 480	-7,4%	304 132	23,1%	247 107

Advance payments to suppliers

			31/12/2010		31/12/2009		31/12/2008
	Advance payments to suppliers	Net	15 511	13,8%	13 632	-42,2%	23 568
	Gross	BV	15 511	13,8%	13 632	-42,2%	23 568
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2010		31/12/2009		31/12/2008
	Trade accounts receivable	Net	63 016	10,3%	57 156	-28,0%	79 383
	Gross	BX	78 198	-8,5%	85 483	-23,2%	111 319
	Amortisation	BY	15 182	-46,4%	28 327	-11,3%	31 936
	Other debtors	Net	117 478	26,0%	93 272	172,3%	34 248
	Gross	BZ	117 478	26,0%	93 272	172,3%	34 248
	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	180 494	20,0%	150 428	32,4%	113 631

Divers

			31/12/2010		31/12/2009		31/12/2008
	Investment securities	Net	1 529 240	-3,5%	1 585 280	6,6%	1 487 273
	Gross	CD	1 529 240	-3,5%	1 585 280	6,6%	1 487 273
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	64 445	108,2%	30 960	-47,5%	59 004
	Gross	CF	64 445	108,2%	30 960	-47,5%	59 004
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	1 593 685	-1,4%	1 616 240	4,5%	1 546 277

Prepaid expenses

			31/12/2010		31/12/2009		31/12/2008
	Prepaid expenses	Net	32 640	-3,4%	33 777	-3,6%	35 023
	Gross	CH	32 640	-3,4%	33 777	-3,6%	35 023
	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	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)

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to V)	EE	2 754 626	-1,6%	2 799 744	4,6%	2 675 774

Shareholder Equity (I)

			31/12/2010		31/12/2009		31/12/2008
	Total shareholders' equity (Total I)	DL	2 221 720	1,8%	2 182 569	6,4%	2 051 534
	Equity and shareholders' equity	DA	112 500	0%	112 500	0%	112 500
	Issue and merger premiums	DB	2 287	0%	2 287	0%	2 287
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	11 250	0%	11 250	0%	11 250
	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	2 055 192	6,8%	1 924 158	2,6%	1 875 502
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	1 339	0%	1 339	0%	1 339
	Profit or loss for the period	DI	39 152	-70,1%	131 035	169,3%	48 656
	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	0	0%	0	0%	0
	Risk provisions	DP	0	0%	0	0%	0
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2010		31/12/2009		31/12/2008
	Total Liabilities (Total IV)	EC	532 906	-13,7%	617 177	-1,1%	624 241
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	156 592	-27,6%	216 164	85,0%	116 838
	Sundry loans and financial liabilities	DV	219 500	14,4%	191 826	5,1%	182 439
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	2 356	-74,1%	9 079	0%	0
	Trade accounts payables	DX	66 277	-40,6%	111 621	-21,5%	142 268
	Tax and social security liabilities	DY	48 078	-8,1%	52 305	-26,8%	71 428
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	40 103	10,8%	36 182	-67,5%	111 268

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	0	0%	0	0%	0

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	405 079	-10,8%	454 216	-18,5%	557 229
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)

		31/12/2010		31/12/2009		31/12/2008
Operating result (Total I-II)	GG	-53 583	-34,6%	-39 821	48,6%	-77 465

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	6 123	-22,7%	7 921	-48,5%	15 393

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	-47 460	-48,8%	-31 900	48,6%	-62 072

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	-22 230	-127,2%	81 859	-3,6%	84 874

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	39 152	-70,1%	131 035	169,3%	48 656

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	1 316 498	5,9%	1 243 654	-11,7%	1 408 971

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	1 277 344	14,8%	1 112 620	-18,2%	1 360 316

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	1 249 017	9,7%	1 138 174	-12,1%	1 294 298

Operating income (details)

			31/12/2010		31/12/2009		31/12/2008
	Sale of goods for resale	FC	0	0%	1 032 252	-9,0%	1 134 337
	France	FA	0	0%	890 250	1,9%	873 676
	Export	FB	0	0%	142 002	-45,5%	260 661
	Sale of goods produced	FF	1 181 411	0%	0	0%	0
	France	FD	906 537	0%	0	0%	0
	Export	FE	274 874	0%	0	0%	0
	Sale of services	FI	4 777	168,8%	1 777	36,4%	1 303
	France	FG	2 865	235,1%	855	29,0%	663
	Export	FH	1 912	107,4%	922	44,1%	640
	Net turnover	FL	1 186 188	14,7%	1 034 029	-8,9%	1 135 640
	France	FJ	909 402	2,1%	891 105	1,9%	874 339
	Export	FK	276 786	93,7%	142 924	-45,3%	261 301
	Stocked production	FM	34 501	274,1%	-19 819	37,3%	-31 619
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	28 327	-77,1%	123 964	-34,9%	190 277
	Other income	FQ	01	0%	0	0%	0

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	1 302 600	10,6%	1 177 995	-14,1%	1 371 763

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	69 182	-81,2%	367 165	-13,0%	422 023
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	240 072	421,3%	46 052	-34,4%	70 204
Change in stocks of raw materials	FV	24 211	59,5%	15 184	-48,9%	29 690
Other external purchases and charges	FW	480 782	76,4%	272 521	5,5%	258 305
Tax, duty and similar payments	FX	8 121	-6,1%	8 647	-35,8%	13 471
Payroll	FY	264 987	-9,0%	291 061	-8,7%	318 704
Social security costs	FZ	97 226	-14,0%	113 008	4,4%	108 227

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	30 871	-5,2%	32 580	25,0%	26 068
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	48 165	70,0%	28 327	-77,1%	123 964
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	38 983	1029,9%	3 450	211,7%	1 107

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	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)

			31/12/2010		31/12/2009		31/12/2008
	Total financial income (Total V)	GP	25 672	13,9%	22 530	-4,7%	23 646
	Share financial income	GJ	2 138	0%	2 138	0%	2 138
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	23 534	33,4%	17 647	-18,0%	21 508
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	0	0%	2 745	0%	0
	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	19 549	33,8%	14 609	77,0%	8 253
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	11 113	9,7%	10 129	22,7%	8 253
	Exchange losses	GS	8 436	88,3%	4 480	0%	0
	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	41 809	-49,6%	82 950	-8,9%	91 027
	Extraordinary operating income	HA	41 809	-49,6%	82 950	7976,9%	1 027
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	90 000

Extraordinary charges (VIII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	64 039	5769,8%	1 091	-82,3%	6 153
	Extraordinary operating charges	HE	64 039	5769,8%	1 091	-82,3%	6 153
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
	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	0	0%	0	0%	0

Tax on profits (X)

		31/12/2010		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	-108 844	-34,3%	-81 075	-213,6%	-25 853

References

		31/12/2010		31/12/2009		31/12/2008
Of which equipment leases	HP	4 951	17,0%	4 231	0%	4 231
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	31 856	-5,8%	33 819	-18,5%	41 496
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	4 230	105,1%	2 062	86,3%	1 107

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	28	-94,6%	523	0%	0
	Gross value at the end of period	OL	974 313	0,0%	974 160	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	527 066	0%	527 066	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	527 066	0%	527 066	0%	0

Tangible fixed assets (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LN	418 124	1,1%	413 655	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	4 469	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	418 124	0%	418 124	0%	0

Fiancial assets (Total IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LQ	28 969	-1,8%	29 492	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	182	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	28	-94,6%	523	0%	0
	Gross value at the end of period	NK	29 123	0,5%	28 969	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	20 208	0%	20 208	0%	0
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	20 208	0%	20 208	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	272 417	13,6%	239 837	0%	0
Increases		QV	30 871	-5,2%	32 580	0%	0
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	303 288	11,3%	272 417	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	28 327	-77,1%	123 964	0%	0
Increases		UB	48 165	70,0%	28 327	0%	0
Decreases		UC	28 327	-77,1%	123 964	0%	0
	Value at the end of period	UD	48 165	70,0%	28 327	0%	0

Includes Total allocations

Operating	UE	48 165	70,0%	28 327	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	28 327	-77,1%	123 964	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	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	0	0%	0	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	0	0%	0
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	28 327	-77,1%	123 964	0%	0
Increases		TY	48 165	70,0%	28 327	0%	0
Decreases		TZ	28 327	-77,1%	123 964	0%	0
	Value at the end of period	UA	48 165	70,0%	28 327	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	257 439	6,6%	241 502	0%	0
1 year at most	VU	228 316	7,4%	212 533	0%	0
More than one year	VV	29 123	0,5%	28 969	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	29 123	0,5%	28 969	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	18 160	-46,4%	33 881	0%	0
Other claims customer	UX	60 038	16,3%	51 602	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	300	-64,1%	836	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	115 969	25,9%	92 112	0%	0
Value added tax	VB	915	182,4%	324	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	294	0%	0	0%	0

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	32 640	-3,4%	33 777	0%	0

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	530 550	-12,8%	608 097	0%	0
1 year at most		VZ2	405 079	-10,8%	454 216	0%	0
More than 1 year and 5 years at most		VZ3	125 471	-18,5%	153 881	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	1 161	-17,3%	1 404	0%	0
1 year at most		VG2	1 161	-17,3%	1 404	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	155 431	-27,6%	214 759	0%	0
1 year at most		VH2	29 960	-50,8%	60 878	0%	0
More than 1 year and 5 years at most		VH3	125 471	-18,5%	153 881	0%	0
	Loans and various financial liabilities (gross)	8A1	261	-39,9%	434	0%	0
1 year at most		8A2	261	-39,9%	434	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	66 277	-40,6%	111 621	0%	0
1 year at most		8B2	66 277	-40,6%	111 621	0%	0
More than 1 year and 5 years at most		8B3	66 277	-40,6%	111 621	0%	0
	Personnel and associated accounts (gross)	8C1	13 375	-6,1%	14 250	0%	0
1 year at most		8C2	13 375	-6,1%	14 250	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	18 755	-25,7%	25 243	0%	0
1 year at most		8D2	18 755	-25,7%	25 243	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	10 688	32,6%	8 060	0%	0
1 year at most		VW2	10 688	32,6%	8 060	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	5 260	10,7%	4 751	0%	0
1 year at most		VQ2	5 260	10,7%	4 751	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	219 239	14,6%	191 391	0%	0
1 year at most		VI2	219 239	14,6%	191 391	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	40 103	10,8%	36 182	0%	0
1 year at most		8K2	40 103	10,8%	36 182	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	0	0%	0	0%	0

Groups and Shareholders

		31/12/2010		31/12/2009		31/12/2008
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comarison 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		3	1,4%	2,96	10,0%	2,69	1,77	69,5%
Global Debt		162 days	-24,7%	215 days	8,6%	198 days	137 days	18,2%
Working Capital Fund overall net		591 days	-11,1%	665 days	27,9%	520 days	61 days	868,9%
Financial independence		1418,80%	40,5%	1009,68%	-42,5%	1755,88%	323,07%	339,2%
More ratios
Solvability		80,65%	3,5%	77,96%	1,7%	76,67%	32,88%	145,3%
Capacity debt futures		7138,97%	103,7%	3504,33%	-	%	964,08%	640,5%
Coverage of current assets by net working capital overall		53,36%	3,4%	51,62%	11,4%	46,32%	39,05%	36,6%
General Liquidity		0,56	19,1%	0,47	-		0,45	24,4%
Restricted Liquidity		4,50	11,7%	4,03	-		0,88	411,4%

Management or rotation

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital		97 days	7,8%	90 days	373,7%	19 days	12 days	708,3%
Treasury		484 days	-14,0%	563 days	14,9%	490 days	7 days	6814,3%
Inventory turnover of goods		0 days	0%	0 days	0%	0 days	42,50 days	0%
Average length of credit granted to customers		24 days	-20,0%	30 days	-14,3%	35 days	30 days	-20,0%
Average length of credit obtained suppliers		29 days	-49,1%	57 days	-13,6%	66 days	51 days	-43,1%
More ratios
Inventory turnover of raw materials in industrial enterprises		23 days	-69,7%	76 days	28,8%	59 days	40 days	-42,5%
Inventory turnover of intermediate and finished products in the industrial enterprise		284 days	-	days	-	days	990 days	-71,3%
Rotation tangible assets		283,69%	14,7%	247,30%	-	%	781,59%	-63,7%

Profitability of the business

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading		-5,83%	-109,1%	64,32%	2,6%	62,72	0%	0%
Profitability of the business		3,04	131,6%	-9,62	6,3%	-10,27	2,06%	47,6%
Net profit		3,30%	-74,0%	12,67%	196,0%	4,28%	1,61%	105,0%
More ratios
Growth rate of turnover (excluding VAT)		14,72%	264,5%	-8,95%	32,6%	-13,28%	-0,44%	3445,5%
Rates integration		34,26%	13,1%	30,30%	6,3%	28,51%	27,03%	26,7%
Rate leasing furniture		0,42%	2,4%	0,41%	10,8%	0,37%	0%	0%
Work Factor		81,28%	-31,2%	118,18%	-0,7%	119,04%	79,09%	2,8%
Weight interests		1,65	17,0%	1,41%	93,2%	0,73%	0,24%	587,5%

Return on capital

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability		3,52%	-8,1%	3,83%	-41,8%	6,58%	2,49%	41,4%
Rates of economic profitability		1%	125,0%	-4%	20,0%	-5%	7%	-85,7%
Financial profitability		2221720%	1,8%	2182569%	6,4%	2051534%	12199,50%	18111,6%
Return on investment		2,26%	-59,8%	5,62%	132,2%	2,42%	8,39%	-73,1%

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	1 186 188	14,7%	1 034 029	-8,9%	1 135 640	227 258 €	422,0%

Sales of goods	0	0%	1 032 252	-9,0%	1 134 337
- Purchase of goods	69 182	-81,2%	367 165	-13,0%	422 023
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	-69 182 €	-110,4%	665 087 €	-6,6%	712 314 €	0 €	0%
	-5,83 % CA	-109,1%	64,32 % CA	2,6%	62,72 % CA	0,25 % CA	-2432,0%

Sale of goods produced	1 186 188	66652,3%	1 777	36,4%	1 303
+/- Stocked production	34 501	274,1%	-19 819	37,3%	-31 619
+ Self-constructed assets	0	0%	0	0%	0
Period production	1 220 689 €	6865,8%	-18 042 €	40,5%	-30 316 €	68 707 €	1676,7%
	102,91 % CA	6014,4%	-1,74 % CA	34,8%	-2,67 % CA	99,52 % CA	3,4%

Trading margin	-69 182	-110,4%	665 087	-6,6%	712 314	0	0%
+ Period Production	1 220 689	6865,8%	-18 042	40,5%	-30 316	68 707	1676,7%
- Purchase of raw materials	240 072	421,3%	46 052	-34,4%	70 204
+/- Change in stocks of raw materiels	24 211	59,5%	15 184	-48,9%	29 690
- Other external purchases and charges	480 782	76,4%	272 521	5,5%	258 305
Added value	406 442 €	29,7%	313 288 €	-3,2%	323 799 €	63 503,50 €	540,0%
	34,26 % CA	13,1%	30,30 % CA	6,3%	28,51 % CA	27,03 % CA	26,7%

Added value	406 442 €	29,7%	313 288 €	-3,2%	323 799 €	63 503,50 €	540,0%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	8 121	-6,1%	8 647	-35,8%	13 471
- Personal charges	362 213	-10,4%	404 069	-5,4%	426 931
Gross operating surplus	36 108 €	136,3%	-99 428 €	14,7%	-116 603 €	2 326,50 €	1452,0%
	3,04 % CA	131,6%	-9,62 % CA	6,3%	-10,27 % CA	2,06 % CA	47,6%

Gross operating surplus	36 108 €	136,3%	-99 428 €	14,7%	-116 603 €	2 326,50 €	1452,0%
+ Release of reserves and provisions	28 327	-77,1%	123 964	-34,9%	190 277
+ Other operating income	01	0%	0	0%	0
- Depreciation/Amortisation	79 036	29,8%	60 907	-59,4%	150 032
- Other charges	38 983	1029,9%	3 450	211,7%	1 107
Operating result	-53 583 €	-34,6%	-39 821 €	48,6%	-77 465 €	1 808,50 €	-3062,8%
	-4,52 % CA	-17,4%	-3,85 % CA	43,5%	-6,82 % CA	1,52 % CA	-397,4%

Operating result	-53 583 €	-34,6%	-39 821 €	48,6%	-77 465 €	1 808,50 €	-3062,8%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	25 672	13,9%	22 530	-4,7%	23 646
- Financial charges	19 549	33,8%	14 609	77,0%	8 253
Pre-tax result	-47 460 €	-48,8%	-31 900 €	48,6%	-62 072 €	1 595 €	-3075,5%
	-4,00 % CA	-29,4%	-3,09 % CA	43,5%	-5,47 % CA	1,18 % CA	-439,0%

Extraordinary income	41 809	-49,6%	82 950	-8,9%	91 027	0	0%
- Extraordinary charges	64 039	5769,8%	1 091	-82,3%	6 153
Extraordinary result	-22 230 €	-127,2%	81 859 €	-3,6%	84 874 €	0 €	0%
	-1,87 % CA	-123,6%	7,92 % CA	6,0%	7 % CA	0 % CA	0%

Pre-tax result	-47 460 €	-48,8%	-31 900 €	48,6%	-62 072 €	1 595 €	-3075,5%
Extraordinary result	-22 230 €	-127,2%	81 859 €	-3,6%	84 874 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-108 844	-34,3%	-81 075	-213,6%	-25 853
Net result	39 154 €	-70,1%	131 034 €	169,3%	48 655 €	2 835,50 €	1280,8%
	3,30 % CA	-74,0%	12,67 % CA	196,0%	4,28 % CA	1,64 % CA	101,2%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends
Profitability
Liquidity
Net worth

Type		Head office	Status		Economically active
Formation Date		02/1997	Reason for formation		Formation
Closure Date			Reason for closure
Reactivation Date			Production Role
Activity Nature		-	Activity Location		Other
Location surface			Seasonality
	Department	Paris (75)	Region	Ile-de-France
	District	1	Area	99
	City	PARIS 2	Size of urban area	Paris conglomeration

Other establishments

Branches	4 branch entities in this company
Head office	> AC COLLECTION <<< - Fabrication de vêtements de dessus (1413Z) in PARIS 2 (75002)
Secondary establishments	> AC COLLECTION - Fabrication de vêtements de dessus pour femmes et fillettes (182E) in PARIS 6 (75006) > AC COLLECTION - Fabrication de vêtements de dessus (1413Z) in PARIS 17 (75017) > AC COLLECTION - Fabrication de vêtements de dessus (1413Z) in LEVALLOIS PERRET (92300) > AC COLLECTION - Fabrication de vêtements de dessus (1413Z) in PARIS 6 (75006) > ...

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which no activity grouping more than 50% of workforce

Workforces

Workforce at address

3 to 5 employees

Company workforce

10 to 19 employees

event history

Status history

Date	Description
No Status History

Company events history

Date	Description
16/04/2012	Bodacc C : Deposit accounts notice
20/03/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/04/2011	Bodacc C : Deposit accounts notice
08/04/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/02/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
23/11/2010	Collection of preferential rights activated for this company
31/12/2009	New accounts available
29/12/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
05/06/2008	Bodacc B: Various editing or changing
05/06/2008	New Bodacc B ads detected
25/03/2008	Bodacc C : Deposit accounts notice
18/02/2008	Registered office transferred inside jurisdiction of the Commercial Court
18/02/2008	Updated articles of association
18/02/2008	Minutes of general meeting of shareholders
18/02/2008	Private document
23/01/2008	New Bodacc A ads detected
23/01/2008	Bodacc A : Sale and transfer
17/01/2008	Bodacc A : Sale and transfer
17/01/2008	New Bodacc A ads detected
10/01/2008	Update of Company Head Office Identifier
10/01/2008	Transfer of Establishment
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
27/12/2001	Acte sous seing privé
27/12/2001	Conversion du Capital Social en Euros
27/12/2001	Augmentation de Capital
27/12/2001	Statuts mis à jour
27/12/2001	PV d'Assemblée
17/07/2000	Statuts mis à jour
17/07/2000	PV d'Assemblée
17/07/2000	Changement de dénomination sociale
17/07/2000	Cession de parts
17/07/2000	Acte sous seing privé
17/07/2000	Modification du sigle ou du nom commercial
05/02/1998	Changement de Forme Juridique sans changement de catégorie
05/02/1998	Changement de Gérant
05/02/1998	Acte sous seing privé
05/02/1998	PV d'Assemblée
05/02/1998	Statuts mis à jour
05/02/1998	Nomination/démission des organes de gestion
21/01/1998	Acte sous seing privé
21/01/1998	Rapport des Commissaires ou du Gérant
21/10/1994	PV d'Assemblée

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.29
UK Pound	1	Rs.83.96
Euro	1	Rs.71.88

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

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

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

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

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

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.