MIRA INFORM REPORT

Report Date :

09.02.2013

IDENTIFICATION DETAILS

Name :	GELAZUR
Registered Office :	Porte De Arenas Entreec 455 Pro Des Anglais 06000 Nice
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	January, 1960
Com. Reg. No.:	RCS Nice 6 960 802 619
Legal Form :	Public limited company with board of directors
Line of Business :	Wholesale (intercompany trade) of frozen
No. of Employees :	20 to 49 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

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

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
France	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

Personal comment

company summary

Name	GELAZUR	EUR VAT Number	FR04960802619
Activity (APE)	Wholesale (intercompany trade) of frozen (4639A)	Legal form	Public limited company with board of directors
Phone	04 93 35 34 60	RCS Registration	RCS Nice 6 960 802 619
Fax		Share capital	3,000,000 Euros
Address	GELAZUR PORTE DE ARENAS ENTREEC 455 PRO DES ANGLAIS 06000 NICE	Incorporated Date	06/1960
Nationality	France	Status	Economically active

Company details

Activity (APE)	Wholesale (intercompany trade) of frozen (4639A)
RCS Registration	RCS Nice 6 960 802 619	Share capital	3,000,000 Euros
Registration Court	Nice (06)	Legal form	Public limited company with board of directors
Court Registry Number	19 6 0B002	EUR VAT Number	FR04960802619
Incorporation Date	06/1960	Formation Date	01/1960
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Ultimate Parent

1 ultimate parent company for this company >  ANCIENNE MAISON MARCEL BAUCHE  - Commerce de gros (commerce interentreprises) de sucre, chocolat et confiserie (4636Z)  in PARIS 7  (75007)

Establishment details

Activity (APE)	Wholesale (intercompany trade) of frozen (4639A)	Business Pages FT®
Postal Address	GELAZUR PORTE DE ARENAS ENTREEC 455 PRO DES ANGLAIS 06000 NICE	Trading Address	455 PRO DES ANGLAIS 06000 NICE
Telephone	04 93 35 34 60
Fax

Type	Head office	Status	Economically active
Formation Date	11/1989	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Store
Location surface	From 300 m² to less than 400 m²	Seasonality

Department	Alpes-Maritimes (06)	Region	Côte d'Azur
District	2	Area	99
City	NICE	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	5 branch entities in this company
Head office	> GELAZUR <<<  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A)  in NICE  (06000)
Secondary establishments	>  GELAZUR  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A)  in LA GARDE  (83130) >  GELAZUR  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A)  in SAINT LAURENT DU VAR  (06700) >  GELAZUR  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A)  in LA FARLEDE  (83210) >  GELAZUR  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A)  in SAINT MARTIN DES CHAMPS  (29600) > ...

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 50 to 80% of workforce

Workforces

Workforce at address

20 to 49 employees

Company workforce

50 to 99 employees

DIRECTORS/MANAGEMENT

Current Directors

5

directors

Name	M. BAUCHE FREDERIC GERARD CHRISTIAN
Manager position	Administrateur	Date of birth	10/07/1953
Place of birth	NEUILLY SUR SEINE 92
Type	Individual	Name at birth

Name	M. CEYRAC DOMINIQUE MARIE FRANÇOIS
Manager position	Administrateur	Date of birth	06/11/1950
Place of birth	COLLONGES LA ROUGE
Type	Individual	Name at birth

Name	M. LAUSSINOTTE EMMANUEL PHILIPPE CHRISTIAN
Manager position	Administrateur	Date of birth	22/10/1955
Place of birth	NEUILLY SUR SEINE
Type	Individual	Name at birth

Name	M. BAUCHE FRÉDÉRIC GÉRARD CHRISTIAN
Manager position	Directeur général délégué, Président du conseil d'administration	Date of birth	10/07/1953
Place of birth	NEUILLY SUR SEINE
Type	Individual	Name at birth

Name	M. CHATAIGNER JEAN
Manager position	Administrateur	Date of birth	19/01/1934
Place of birth	VINCENNES
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Président	MME MONIQUE KOURCIA	03/09/1949 - ORAN ALGERIE
Président du conseil d'administration	KOURCIA MONIQUE JULIE	03/09/1949 - ORAN(ALGERIE)
Président du conseil d'administration	KOURCIA MONIQUE JULIE	03/09/1949 - ORAN(ALGERIE)
Président Directeur Général	Mme KOURCIA MONIQUE JULIE	03/09/1949 - ORAN(ALGERIE)
Administrateur	ANCIENNE MAISON MARCEL BAUCHE	- - -
Administrateur	ANCIENNE MAISON MARCEL BAUCHE	14/02/1979 - NEUILLY SUR SEINE
Administrateur	ANCIENNE MAISON MARCEL BAUCHE	10/07/1938 - EL BIAR
Administrateur	ANCIENNE MAISON MARCEL BAUCHE	08/05/1949 - BOULOGNE BILLANCOURT
Administrateur	ANCIENNE MAISON MARCEL BAUCHE	08/05/1949 - BOULOGNE BILLANCOURT
Administrateur	BAUCHE FREDERIC GERARD CHRISTIAN	10/07/1953 - NEUILLY SUR SEINE 92
Administrateur	BAUCHE NICOLAS CHARLES HENRI	08/05/1949 - BOULOGNE BILLANCOURT 92
Administrateur	M FREDERIC BAUCHE	10/07/1953 - NEUILLY SUR SEINE
Administrateur	M NICOLAS BAUCHE	08/05/1949 - BOULOGNE BILLANCOURT
Administrateur	M DOMINIQUE MARIE FRANÇOIS CEYRAC	06/11/1950 - COLLONGES LA ROUGE
Administrateur	M DOMINIQUE CEYRAC	06/11/1950 - COLLONGES LA ROUGE
Administrateur	M EMMANUEL PHILIPPE CHRISTIAN LAUSSINOTTE	22/10/1955 - NEUILLY SUR SEINE
Administrateur	M MICHAËL VICTOR MEDINA	19/06/1974 - TUNIS(TUNISIE)
Administrateur	M MICHAËL VICTOR MEDINA	19/06/1974 - TUNIS(TUNISIE)

NEGATIVE INFORMATION

judgements

Collective procedures

 No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

3,000,000 Euros

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Safe Number	Company number	Click here to view the affiliation links
	ANCIENNE MAISON MARCEL BAUCHE	FR11913143	775665060

Group data

Ultimate parent company	ANCIENNE MAISON MARCEL BAUCHE
Direct parent	ANCIENNE MAISON MARCEL BAUCHE - 57 %
Group – Number of companies	9
Linkages – Number of companies	-
Number of countries	-

Go directly to the current company

Display only where participation % > 33 %

Company Name	SIREN	Parts	Last account published
ANCIENNE MAISON MARCEL BAUCHE	775665060	-	31/12/2010
BAUCHE ENERGY BRASIL	-	100%	-
BAUCHE VOSTOK	-	100%	-
SOC ANONYME PRODUITS ALIMENTAIRES RE...	542058946	99%	31/12/2010
BAUCHE TERME	722011400	99%	31/12/2010
GELAZUR	960802619	57%	31/12/2010
AVANGOUT	301009130	99%	31/12/2010
GALASIE	521150474	85%	31/12/2011
BAUMOND GROUP SA	5225317	34%	-

Type of shareholder

Shareholders

Linkages

Ultimate parent company	ANCIENNE MAISON MARCEL BAUCHE
Direct parent	ANCIENNE MAISON MARCEL BAUCHE - 57 %
Group – Number of companies	9
Linkages – Number of companies	-
Number of countries	-
No linked companies

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	08/09/2011	16/08/2010	-
Activity Code	4639A	4639A	4639A
Employees	25	48	50

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	3 092 559	53,2%	2 019 273	-0,6%	2 032 194	105 453,50	2832,6%
- Intangible assets	11 594	0%	0	0%	0	250	4537,6%
- Tangible assets	67 306	-41,4%	114 773	-10,2%	127 752	34 493,50	95,1%
- Financial assets	3 013 659	58,2%	1 904 500	0,0%	1 904 440	8 370	35905,5%
Net current assets	12 026 960	13,8%	10 567 725	-11,6%	11 956 986	1 395 669	761,7%
- Stocks	6 059 050	23,3%	4 912 333	-13,2%	5 662 240	206 514	2834,0%
- Advanced payments	0	13,8%	0	0%	0	0	0%
- Receivables	5 786 419	18,6%	4 877 120	-21,2%	6 188 857	851 422,50	579,6%
- Securities and cash	181 491	-76,7%	778 272	635,0%	105 888	141 097,50	28,6%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	15 119 522	20,1%	12 587 001	-10,0%	13 989 180	1 554 701,50	872,5%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	7 688 264	12,7%	6 819 872	-4,5%	7 138 602	476 981,50	1511,9%
Share capital	3 000 000	0%	3 000 000	0%	3 000 000	80 000	3650,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	40 000	0%	40 000	0%	40 000	0	0%
Liabilities	7 391 257	29,1%	5 727 128	-15,9%	6 810 578	1 026 726,50	619,9%
- Financial liabilities	3 172 927	148,3%	1 278 005	56,8%	815 173	92 568	3327,7%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	3 155 432	-5,0%	3 322 795	-32,3%	4 908 569	639 929	393,1%
- Tax and social liabilities	793 649	-1,3%	804 388	8,3%	742 608	122 536	547,7%
- Other debts and fixed assets liabilities	269 247	-16,4%	321 938	-6,5%	344 227	14 011	1821,7%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	15 119 521	20,1%	12 587 000	-10,0%	13 989 180	1 554 701,50	872,5%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	33 976 716	-0,8%	34 266 439	-18,1%	41 818 258	5 528 978	514,5%
Net turnover	33 198 642	-3,1%	34 266 439	-18,1%	41 818 258	5 506 081,50	502,9%
- of which net export turnover	1 856 627	-13,0%	2 134 853	-11,6%	2 416 203	0	0%
Operating charges	33 374 592	-2,9%	34 374 805	-16,4%	41 129 693	5 424 915,50	515,2%
Operating profit/loss	602 124	655,6%	-108 366	-115,7%	688 565	78 284,50	669,1%
Financial income	447 582	68864,9%	649	-54,1%	1 414	961,50	46450,4%
Financial charges	49 270	-5,7%	52 255	-72,2%	188 291	4 915,50	902,3%
Financial profit/loss	398 312	871,8%	-51 606	72,4%	-186 876	-1 076	37117,8%
Pretax net operating income	1 000 436	725,4%	-159 972	-131,9%	501 688	64 598	1448,7%
Extraordinary income	118 096	109,8%	56 279	-21,6%	71 757	4 049	2816,7%
Extraordinary charges	29 238	-86,4%	215 035	-7,1%	231 422	2 691,50	986,3%
Extraordinary profit/loss	88 858	647,0%	-158 756	0,6%	-159 665	0	0%
Net result	868 392	372,5%	-318 730	-244,4%	220 791	57 452	1411,5%

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	15 119 522	20,1%	12 587 001	-10,0%	13 989 180
	Gross	CO	15 885 498	10,4%	14 395 241	-8,0%	15 651 976
	Amortisation	1A	765 976	-57,6%	1 808 240	8,7%	1 662 795

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

Active fixed asset (II)

			31/12/2010		31/12/2009		31/12/2008
	Total Active fixed asset (II)	Net	3 092 559	53,2%	2 019 273	-0,6%	2 032 194
	Gross	BJ	3 340 582	31,3%	2 543 936	-3,8%	2 645 357
	Amortisation	BK	248 023	-52,7%	524 663	-14,4%	613 163

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	0	0%	0	0%	0
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	11 594	0%	0	0%	0
	Gross	AJ	13 768	-69,4%	44 968	0%	44 968
	Amortisation	AK	2 174	-95,2%	44 968	0%	44 968
	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	11 594	0%	0	0%	0

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	0	0%	0	0%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	0	0%	243	-69,0%	784
	Gross	AR	0	0%	110 599	0%	110 599
	Amortisation	AS	0	0%	110 356	0,5%	109 815
	Other tangible fixed assets	Net	67 306	-41,2%	114 530	-9,8%	126 968
	Gross	AT	313 155	-35,3%	483 869	-17,3%	585 348
	Amortisation	AU	245 849	-33,4%	369 339	-19,4%	458 380
	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	67 306		114 773		127 752

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	2 968 899	57,7%	1 882 714	0%	1 882 714
	Gross	CU	2 968 899	57,7%	1 882 714	0%	1 882 714
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	44 760	105,5%	21 786	0,3%	21 726
	Gross	BH	44 760	105,5%	21 786	0,3%	21 726
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		3 013 659		1 904 500		1 904 440

Current Assets (III)

			31/12/2010		31/12/2009		31/12/2008
	Total Assets	Net	12 026 960	13,8%	10 567 725	-11,6%	11 956 986
	Gross	CJ	12 544 913	5,9%	11 851 302	-8,9%	13 006 618
	Amortisation	CK	517 953	-59,6%	1 283 577	22,3%	1 049 632

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	6 059 050	23,3%	4 912 333	-13,2%	5 662 240
	Gross	BT	6 059 050	23,3%	4 912 333	-13,2%	5 662 240
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	6 059 050	23,3%	4 912 333	-13,2%	5 662 240

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	5 300 457	24,3%	4 265 011	-20,8%	5 382 115
	Gross	BX	5 312 907	23,9%	4 289 368	-20,3%	5 382 115
	Amortisation	BY	12 450	-48,9%	24 357	0%	0
	Other debtors	Net	456 900	-22,5%	589 503	-25,2%	788 230
	Gross	BZ	962 403	-47,9%	1 848 723	0,6%	1 837 862
	Amortisation	CA	505 503	-59,9%	1 259 220	20,0%	1 049 632
	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	5 757 357	18,6%	4 854 514	-21,3%	6 170 345

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	181 491	-76,7%	778 272	635,0%	105 888
	Gross	CF	181 491	-76,7%	778 272	635,0%	105 888
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	181 491	-76,7%	778 272	635,0%	105 888

Prepaid expenses

			31/12/2010		31/12/2009		31/12/2008
	Prepaid expenses	Net	29 062	28,6%	22 606	22,1%	18 512
	Gross	CH	29 062	28,6%	22 606	22,1%	18 512
	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	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		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	15 119 521	20,1%	12 587 000	-10,0%	13 989 180

Shareholder Equity (I)

			31/12/2010		31/12/2009		31/12/2008
	Total shareholders' equity (Total I)	DL	7 688 264	12,7%	6 819 872	-4,5%	7 138 602
	Equity and shareholders' equity	DA	3 000 000	0%	3 000 000	0%	3 000 000
	Issue and merger premiums	DB	0	0%	0	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	300 000	0%	300 000	0%	300 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	3 519 872	-8,3%	3 838 602	6,1%	3 617 810
	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	868 392	372,5%	-318 730	-244,4%	220 791
	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	40 000	0%	40 000	0%	40 000
	Risk provisions	DP	40 000	0%	40 000	0%	40 000
	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	7 391 257	29,1%	5 727 128	-15,9%	6 810 578
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	2 362 255	3070,6%	74 505	-90,3%	769 843
	Sundry loans and financial liabilities	DV	810 672	-32,6%	1 203 500	2555,0%	45 330
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	3 155 432	-5,0%	3 322 795	-32,3%	4 908 569
	Tax and social security liabilities	DY	793 649	-1,3%	804 388	8,3%	742 608
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	269 247	-16,4%	321 938	-6,5%	344 227

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	7 373 833	29,5%	5 693 088	-15,8%	6 760 691
Of which current bank facilities	EH	2 328 215	9357,4%	24 618	-96,4%	691 046

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	602 124	655,6%	-108 366	-115,7%	688 565

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	398 312	871,8%	-51 606	72,4%	-186 876

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	1 000 436	725,4%	-159 972	-131,9%	501 688

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	88 858	156,0%	-158 756	0,6%	-159 665

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	868 392	372,5%	-318 730	-244,4%	220 791

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	34 542 394	0,6%	34 323 367	-18,1%	41 891 429

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	33 674 001	-2,8%	34 642 095	-16,9%	41 670 637

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	33 976 716	-0,8%	34 266 439	-18,1%	41 818 258

Operating income (details)

			31/12/2010		31/12/2009		31/12/2008
	Sale of goods for resale	FC	33 040 892	-3,6%	34 266 439	-18,1%	41 818 258
	France	FA	31 184 265	-2,9%	32 131 586	-18,5%	39 402 054
	Export	FB	1 856 627	-13,0%	2 134 853	-11,6%	2 416 203
	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	157 750	0%	0	0%	0
	France	FG	157 750	0%	0	0%	0
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	33 198 642	-3,1%	34 266 439	-18,1%	41 818 258
	France	FJ	31 342 015	-2,5%	32 131 586	-18,5%	39 402 054
	Export	FK	1 856 627	-13,0%	2 134 853	-11,6%	2 416 203
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	778 074	0%	0	0%	0
	Other income	FQ	0	0%	0	0%	0

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	33 374 592	-2,9%	34 374 805	-16,4%	41 129 693

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	31 088 394	10,4%	28 165 026	-19,6%	35 018 837
Change in stocks of goods for resale	FT	-2 114 889	-382,0%	749 907	183,1%	264 884
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	2 378 618	-20,6%	2 994 364	-6,5%	3 203 630
Tax, duty and similar payments	FX	184 802	-14,9%	217 179	12,5%	193 022
Payroll	FY	1 243 219	-19,1%	1 535 955	-9,0%	1 688 782
Social security costs	FZ	501 678	-17,3%	606 962	-8,3%	661 646

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	26 584	-42,4%	46 190	-2,3%	47 284
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	12 450	-48,9%	24 357	0%	0
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	53 736	54,1%	34 865	-32,4%	51 605

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	447 582	68864,9%	649	-54,1%	1 414
	Share financial income	GJ	359 808	0%	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	87 774	13424,5%	649	-54,1%	1 414
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	0	0%	0	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	49 270	-5,7%	52 255	-72,2%	188 291
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	49 270	-5,7%	52 255	-72,2%	188 291
	Exchange losses	GS	0	0%	0	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	118 096	109,8%	56 279	-21,6%	71 757
	Extraordinary operating income	HA	112 837	177,8%	40 612	-43,4%	71 757
	Extraordinary income from capital transactions	HB	5 259	-66,4%	15 667	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	29 238	-86,4%	215 035	-7,1%	231 422
	Extraordinary operating charges	HE	27 960	3166,4%	856	-6,1%	912
	Extraordinary charges from capital transactions	HF	1 278	-72,2%	4 591	-48,0%	8 828
	Extraordinary reserves and provisions	HG	0	0%	209 588	-5,5%	221 682

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	220 901	0%	0	0%	121 231

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%	2 587 451
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	90 575
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	416 247	209,0%	134 690	312,3%	32 669
	Gross value at the end of period	OL	3 340 584	31,3%	2 543 938	-3,8%	2 645 357

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	44 968	0%	44 968	0%	44 968
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	13 768	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	44 968	0%	0	0%	0
	Gross value at the end of period	LW	13 768	-69,4%	44 968	0%	44 968

Tangible fixed assets (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LN	594 467	-14,6%	695 946	8,5%	641 164
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	89 967	170,9%	33 211	-62,0%	87 453
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	371 279	175,7%	134 690	312,3%	32 669
	Gross value at the end of period	NH	313 155	-47,3%	594 467	-14,6%	695 947

Fiancial assets (Total IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LQ	1 904 500	0,0%	1 904 440	0,2%	1 901 318
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	1 109 159	1848498,3%	60	-98,1%	3 122
	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	3 013 659	58,2%	1 904 500	0,0%	1 904 441

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%	598 548
Increases		0P	0	0%	0	0%	47 284
Decreasess		0Q	0	0%	0	0%	32 669
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	613 163

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	44 968	0%	44 968	0,1%	44 941
Increases		PF	2 174	0%	0	0%	27
Decreasess		PG	44 968	0%	0	0%	0
	Decreasess by budget item transfer	PH	2 174	-95,2%	44 968	0%	44 968

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	479 694	-15,6%	568 193	2,6%	553 606
Increases		QV	24 410	-47,2%	46 190	-2,3%	47 257
Decreases		QW	258 255	91,7%	134 690	312,3%	32 669
	Decreasess by budget item transfer	QX	245 849	-48,7%	479 693	-15,6%	568 195

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	1 323 577	21,5%	1 089 632	25,5%	867 950
Increases		UB	12 450	-94,7%	233 945	5,5%	221 682
Decreases		UC	778 074	0%	0	0%	0
	Value at the end of period	UD	557 953	-57,8%	1 323 577	21,5%	1 089 632

Includes Total allocations

Operating	UE	12 450	-48,9%	24 357	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	209 588	-5,5%	221 682

Includes Total Withdrawal

Operating	UF	778 074	0%	0	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	40 000	0%	40 000	0%	40 000
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	0	0%	0
	Value at the end of period	TX	40 000	0%	40 000	0%	40 000

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	1 283 577	22,3%	1 049 632	26,8%	827 950
Increases		TY	12 450	-94,7%	233 945	5,5%	221 682
Decreases		TZ	778 074	0%	0	0%	0
	Value at the end of period	UA	517 953	-59,6%	1 283 577	22,3%	1 049 632

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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	6 349 133	2,7%	6 182 484	-14,8%	7 260 216
1 year at most	VU	6 304 373	2,3%	6 160 698	-14,9%	7 238 489
More than one year	VV	44 760	105,5%	21 786	0,3%	21 726

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	44 760	105,5%	21 786	0,3%	21 726
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	15 543	-74,6%	61 153	2850,0%	2 073
Other claims customer	UX	5 297 363	25,3%	4 228 215	-21,4%	5 380 042
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%	500	0%	500
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	167 746	-55,2%	374 306	207,4%	121 764
Value added tax	VB	119 403	58,0%	75 590	-15,0%	88 909
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%	46 000
Accounts receivable (including claims relating to the operation of pension titles)	VR	675 253	-51,7%	1 398 326	-11,5%	1 580 689

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	29 062	28,6%	22 606	22,1%	18 512

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	7 391 257	29,1%	5 727 128	-15,9%	6 810 578
1 year at most		VZ2	7 373 834	29,5%	5 693 089	-15,8%	6 760 691
More than 1 year and 5 years at most		VZ3	17 423	-48,8%	34 039	-31,8%	49 886
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	2 328 215	9357,4%	24 618	-96,4%	691 046
1 year at most		VG2	2 328 215	9357,4%	24 618	-96,4%	691 046
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	34 039	-31,8%	49 886	-36,7%	78 796
1 year at most		VH2	16 616	4,9%	15 847	-45,2%	28 910
More than 1 year and 5 years at most		VH3	17 423	-48,8%	34 039	-31,8%	49 886
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	3 155 432	-5,0%	3 322 795	-32,3%	4 908 569
1 year at most		8B2	3 155 432	-5,0%	3 322 795	-32,3%	4 908 569
More than 1 year and 5 years at most		8B3	3 155 432	-5,0%	3 322 795	0%	0
	Personnel and associated accounts (gross)	8C1	107 820	3,3%	104 400	-29,4%	147 840
1 year at most		8C2	107 820	3,3%	104 400	-29,4%	147 840
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	179 750	-23,9%	236 142	0,5%	234 948
1 year at most		8D2	179 750	-23,9%	236 142	0,5%	234 948
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	220 901	-18,3%	270 303	79,0%	151 040
1 year at most		8E2	220 901	-18,3%	270 303	79,0%	151 040
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	196 075	149,0%	78 737	-28,8%	110 530
1 year at most		VW2	196 075	149,0%	78 737	-28,8%	110 530
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	89 103	-22,4%	114 806	16,9%	98 250
1 year at most		VQ2	89 103	-22,4%	114 806	16,9%	98 250
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	810 672	-32,6%	1 203 500	2555,0%	45 330
1 year at most		VI2	810 672	-32,6%	1 203 500	2555,0%	45 330
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	269 247	-16,4%	321 938	-6,5%	344 227
1 year at most		8K2	269 247	-16,4%	321 938	-6,5%	344 227
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%	65 000
Debt repaid during the period	VK	0	0%	28 910	119,6%	13 165

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	1 666 857	412,7%	325 106	-71,5%	1 140 092

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	1 459 221	-30,7%	2 104 284	-4,3%	2 198 467
Staff outside the company	YU	0	0%	0	0%	5 049
Remuneration intermediaries and fees (excluding fees)	SS	234 084	182,5%	82 863	-19,7%	103 244
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	685 312	-15,1%	807 216	-10,0%	896 868
Total Other purchases and external	ZJ	2 378 617	995,2%	2 994 363	-6,5%	3 203 630

Taxes and Fees

		31/12/2010		31/12/2009		31/12/2008
Business tax	YW	63 722	-30,0%	91 011	71,8%	52 985
Other taxes and payments assimilated	9Z	121 079	-4,0%	126 168	-9,9%	140 037
Total taxes and fees	YX	184 801	-14,9%	217 179	12,5%	193 022

VAT

		31/12/2010		31/12/2009		31/12/2008
Amount VAT collected	YY	3 041 773	12,7%	2 698 145	-16,6%	3 235 855
Total VAT on goods and services	YZ	2 241 816	-1,1%	2 267 896	-21,4%	2 887 193

Average number of employees

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	25	-47,9%	48	-4,0%	50

Groups and Shareholders

		31/12/2010		31/12/2009		31/12/2008
Groups and Shareholders	ZR	01	-	01	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Fixed Asset Financing		2,64	-22,4%	3,40	13,7%	2,99	2,64	0%
Global Debt		80 days	33,3%	60 days	1,7%	59 days	74 days	8,1%
Working Capital Fund overall net		59 days	-7,8%	64 days	42,2%	45 days	33 days	78,8%
Financial independence		325,46%	-96,4%	9153,58%	887,1%	927,28%	486,35%	-33,1%
More ratios
Solvability		50,85%	-6,1%	54,18%	6,2%	51,03%	31,40%	61,9%
Capacity debt futures		327,88%	-98,1%	16853,76%	1599,8%	991,53%	1247,02%	-73,7%
Coverage of current assets by net working capital overall		43,79%	-15,0%	51,52%	27,0%	40,58%	33,19%	31,9%
General Liquidity		0,85	-21,3%	1,08	0,9%	1,07	0,83	2,4%
Restricted Liquidity		0,88	-27,9%	1,22	11,9%	1,09	1,07	-17,8%

Management or rotation

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital		82 days	46,4%	56 days	12,0%	50 days	16 days	412,5%
Treasury		-23 days	-387,5%	8 days	260,0%	-5 days	8 days	-387,5%
Inventory turnover of goods		75 days	23,0%	61 days	5,2%	58 days	29 days	158,6%
Average length of credit granted to customers		69 days	53,3%	45 days	-13,5%	52 days	44 days	56,8%
Average length of credit obtained suppliers		34 days	-2,9%	35 days	-18,6%	43 days	50 days	-32,0%
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	1716 days	-
Rotation tangible assets		10601,35%	83,9%	5764,23%	-4,1%	6008,83%	3323,17%	219,0%

Profitability of the business

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading		12,25%	-21,6%	15,62%	-0,1%	15,63	20,87%	-41,3%
Profitability of the business		-0,25	-2400%	-0,01	-100,5%	1,88	2,82%	-108,9%
Net profit		2,62%	381,7%	-0,93%	-275,5%	0,53%	1,49%	75,8%
More ratios
Growth rate of turnover (excluding VAT)		-3,12%	82,7%	-18,06%	-102,7%	-8,91%	1,56%	-300%
Rates integration		5,56%	-19,2%	6,88%	-13,7%	7,97%	12,41%	-55,2%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		94,50%	3,9%	90,91%	28,8%	70,56%	65,29%	44,7%
Weight interests		0,15	0%	0,15%	-66,7%	0,45%	0,11%	36,4%

Return on capital

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability		0,34%	254,5%	-0,22%	-118,5%	1,19%	1,94%	-82,5%
Rates of economic profitability		-1%	0%	0%	0%	10%	20%	-105,0%
Financial profitability		7688264%	12,7%	6819872%	-4,5%	7138602%	476981,50%	1511,9%
Return on investment		8,45%	356,8%	-3,29%	-164,0%	5,14%	12,20%	-30,7%

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	33 198 642	-3,1%	34 266 439	-18,1%	41 818 258	5 506 082 €	502,9%

Sales of goods	33 040 892	-3,6%	34 266 439	-18,1%	41 818 258
- Purchase of goods	31 088 394	10,4%	28 165 026	-19,6%	35 018 837
+/- Stock of goods variation	-2 114 88	-382,0%	749 907	183,1%	264 884
Trading margin	4 067 387 €	-24,0%	5 351 506 €	-18,1%	6 534 537 €	886 470,50 €	358,8%
	12,25 % CA	-21,6%	15,62 % CA	-0,1%	15,63 % CA	20,87 % CA	-41,3%

Sale of goods produced	157 750	0%	0	0%	0
+/- Stocked pro uction	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	157 750 €	0%	0 €	0%	0 €	13 961 €	1029,9%
	0,48 % CA	0%	0,00 % CA	0%	0,00 % CA	0,41 % CA	17,1%

Trading margin	4 067 387	-24,0%	5 351 506	-18,1%	6 534 537	886 470,50	358,8%
+ Period Production	157 750	0%	0	0%	0	13 961	1029,9%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	2 378 618	-20,6%	2 994 364	-6,5%	3 203 630
Added value	1 846 519 €	-21,7%	2 357 142 €	-29,2%	3 330 907 €	496 340,50 €	272,0%
	5,56 % CA	-19,2%	6,88 % CA	-13,7%	7,97 % CA	12,41 % CA	-55,2%

Added value	1 846 519 €	-21,7%	2 357 142 €	-29,2%	3 330 907 €	496 340,50 €	272,0%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	184 802	-14,9%	217 179	12,5%	193 022
- Personal charges	1 744 897	-18,6%	2 142 917	-8,8%	2 350 428
Gross operating surplus	-83 180 €	-2715,8%	-2 954 €	-100,4%	787 457 €	101 722,50 €	-181,8%
	-0,25 % CA	-2 00%	-0,01 % CA	-100,5%	1,88 % CA	2,82 % CA	-108,9%

Gross operating surplus	-83 180 €	-2715,8%	-2 954 €	-100,4%	787 457 €	101 722,50 €	-181,8%
+ Release of reserves and provisions	778 074	0%	0	0%	0
+ Other operating income	0	0%	0	0%	0
- De reciation/Amortisation	39 034	-44,7%	70 547	49,2%	47 284
- Other charges	53 736	54,1%	34 865	-32,4%	51 605
Operating result	602 124 €	655,6%	-108 366 €	-115,7%	688 568 €	73 771,50 €	716,2%
	1,81 % CA	665,6%	-0,32 % CA	-119,4%	1,65 % CA	2,12 % CA	-14,6%

Operating result	602 124 €	655,6%	-108 366 €	-115,7%	688 568 €	73 771,50 €	716,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	447 582	68864,9%	649	-54,1%	1 414
- Financial charge	49 270	-5,7%	52 255	-72,2%	188 291
Pre-tax result	1 000 436 €	725,4%	-159 972 €	-131,9%	501 691 €	61 716,50 €	1521,0%
	3,01 % CA	740,4%	-0,47 % CA	-139,2%	1,20 % CA	2,03 % CA	48,3%

Extraordinary income	118 096	109,8%	56 279	-21,6%	71 757	4 04	2816,7%
- Extraordinary charges	29 238	-86,4%	215 035	-7,1%	231 422
Extraordinary result	88 858 €	156,0%	-158 756 €	0,6%	-159 665 €	0 €	0%
	0,27 % CA	158,7%	-0,46 % CA	-21,1%	0 % CA	0 % CA	0%

Pre-tax result	1 000 436 €	725,4%	-159 972 €	-1 1,9%	501 691 €	61 716,50 €	1521,0%
Extraordinary result	88 858 €	156,0%	-158 756 €	0,6%	-159 665 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	220 901	0%	0	0%	121 231
Net result	868 393 €	372,5%	-318 728 €	-244,4%	220 795 €	54 091,50 €	1505,4%
	2,62 % CA	381,7%	-0,93 % CA	-275,5%	0,53 % CA	1,47 % CA	78,2%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

No social security and tax office preferential right to date

Trading to Date	12/31/2010	12/31/2009	12/31/2008
	Turnover	33,198,642 €	34,266,439 €	41,818,258 €
	Gross Operating Surplus	-0,25 % Turnover	-0,01 % Turnover	1,88 % Turnover
	Shareholders’ equity	7,688,264 €	6,819,872 €	7,138,602 €
	Net result	868,392 €	-318,730 €	220,791 €
	Employees	50 to 99 employees	-	-

Trends
Profitability
Liquidity
Net worth

Limit history

Date	International Score	Description
07/04/2012	A	Very Good Credit Worthiness
11/09/2011	A	Very Good Credit Worthiness
29/01/2011	C	Credit Worthy
08/10/2010	C	Credit Against Collateral
01/10/2010	C	Credit Worthy
18/08/2010	C	Credit Against Collateral
23/06/2010	A	Very Good Credit Worthiness
29/12/2009	A	Very Good Credit Worthiness
21/08/2008	A	Very Good Credit Worthiness
11/04/2007	A	Very Good Credit Worthiness

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	30/03/2009
Status of Monitoring	No social security and tax office preferential right to date

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
17/06/2012	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE NICE 95 - Réctificatif. Parution avis précédent : BODACC B. Numéro de parution : . Date de parution : 31 mai 2012. Numéro d’annonce : 55. Cet avis est annulé et remplacé par le suivant. 960 802 619 RCS Nice. GELAZUR. Forme : Société anonyme. Administration : Commissaire aux comptes titulaire : ASSAS PAUL modification le 29 Septembre 2010 Commissaire aux comptes suppléant : SABAH RENE Administrateur : BAUCHE FREDERIC GERARD CHRISTIAN Administrateur : KOURCIA Monique Administrateur : CEYRAC Dominique Marie François en fonction le 03 Juin 2003 Administrateur : LAUSSINOTTE Emmanuel Philippe Christian en fonction le 29 Septembre 2010 Directeur général délégué : BAUCHE Frédéric Gérard Christian modification le 16 Décembre 2011 Administrateur : CHATAIGNER Jean en fonction le 22 Mai 2012 Président du conseil d'administration : BAUCHE Frédéric Gérard Christian en fonction le 22 Mai 2012. Activité : . Commentaires : Modification de représentant.
31/05/2012	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE NICE 52 - 960 802 619 RCS Nice. GELAZUR. Forme : Société anonyme. Administration : Commissaire aux comptes titulaire : ASSAS PAUL modification le 29 Septembre 2010 Commissaire aux comptes suppléant : SABAH RENE Administrateur : BAUCHE FREDERIC GERARD CHRISTIAN Président directeur général : KOURCIA MONIQUE JULIE modification le 02 Décembre 2011 Administrateur : CEYRAC Dominique Marie François en fonction le 03 Juin 2003 Administrateur : LAUSSINOTTE Emmanuel Philippe Christian en fonction le 29 Septembre 2010 Administrateur : MEDINA Michaël Victor modification le 06 Octobre 2010 Directeur général délégué : BAUCHE Frédéric Gérard Christian modification le 16 Décembre 2011 Administrateur : CHATAIGNER Jean en fonction le 22 Mai 2012. Activité : . Commentaires : Modification de représentant.
31/05/2012	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE NICE 55 - 960 802 619 RCS Nice. GELAZUR. Forme : Société anonyme. Administration : Commissaire aux comptes titulaire : ASSAS PAUL modification le 29 Septembre 2010 Commissaire aux comptes suppléant : SABAH RENE Administrateur : BAUCHE FREDERIC GERARD CHRISTIAN Administrateur : CEYRAC Dominique Marie François en fonction le 03 Juin 2003 Administrateur : LAUSSINOTTE Emmanuel Philippe Christian en fonction le 29 Septembre 2010 Directeur général délégué : BAUCHE Frédéric Gérard Christian modification le 16 Décembre 2011 Administrateur : CHATAIGNER Jean en fonction le 22 Mai 2012 Président du conseil d'administration : BAUCHE Frédéric Gérard Christian en fonction le 22 Mai 2012. Activité : . Commentaires : Modification de représentant.
31/05/2012	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE NICE 54 - 960 802 619 RCS Nice. GELAZUR. Forme : Société anonyme. Administration : Commissaire aux comptes titulaire : ASSAS PAUL modification le 29 Septembre 2010 Commissaire aux comptes suppléant : SABAH RENE Administrateur : BAUCHE FREDERIC GERARD CHRISTIAN Président directeur général : KOURCIA MONIQUE JULIE modification le 02 Décembre 2011 Administrateur : CEYRAC Dominique Marie François en fonction le 03 Juin 2003 Administrateur : LAUSSINOTTE Emmanuel Philippe Christian en fonction le 29 Septembre 2010 Directeur général délégué : BAUCHE Frédéric Gérard Christian modification le 16 Décembre 2011 Administrateur : CHATAIGNER Jean en fonction le 22 Mai 2012. Activité : . Commentaires : Modification de représentant.
09/03/2012	JAL	Appointment of the social representative
Tribune (La) - Le bulletin de la côte d azur Date de décision : 27/10/2011 Société faisant l'objet d'une nomination : 960802619 - GELAZUR, 455 PRO DES ANGLAIS, PORTE DE ARENAS ENTREEC, 06000 NICE Nominé : Monsieur Frédéric BAUCHE, 75016 PARIS 16 En la fonction de : Président du Conseil d'Administration Nominé : Monsieur Jean CHATAIGNER, 92400 VAUCRESSON En la fonction de : Administrateur Nominé : Monsieur Frédéric BAUCHE, 75016 PARIS 16 En la fonction de : Directeur général
09/03/2012	JAL	Resignation / Revocation of the social representative
Tribune (La) - Le bulletin de la côte d azur Date de décision : 27/10/2011 La société 960802619 - GELAZUR, 455 PRO DES ANGLAIS, PORTE DE ARENAS ENTREEC, 06000 NICE Fait l'objet du départ de Madame Monique KOURCIA, De Monsieur Michael MEDINA, De Monsieur Nicolas BAUCHE, De Madame Monique KOURCIA
13/12/2011	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE NICE 101 - 960 802 619 RCS Nice. GELAZUR. Forme : Société anonyme. Administration : Commissaire aux comptes titulaire : ASSAS PAUL modification le 29 Septembre 2010 Commissaire aux comptes suppléant : SABAH RENE Administrateur : BAUCHE FREDERIC GERARD CHRISTIAN Président directeur général : KOURCIA MONIQUE JULIE modification le 02 Décembre 2011 Administrateur : ANCIENNE MAISON MARCEL BAUCHE représenté par BAUCHE Nicolas modification le 29 Septembre 2010 Administrateur : CEYRAC Dominique Marie François en fonction le 03 Juin 2003 Administrateur : LAUSSINOTTE Emmanuel Philippe Christian en fonction le 29 Septembre 2010 Administrateur : MEDINA Michaël Victor modification le 06 Octobre 2010 Directeur général délégué : BAUCHE Frédéric Gérard Christian en fonction le 02 Décembre 2011. Activité : . Commentaires : Modification de représentant.
13/12/2011	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE NICE 102 - 960 802 619 RCS Nice. GELAZUR. Forme : Société anonyme. Administration : Commissaire aux comptes titulaire : ASSAS PAUL modification le 29 Septembre 2010 Commissaire aux comptes suppléant : SABAH RENE Administrateur : BAUCHE FREDERIC GERARD CHRISTIAN Président directeur général : KOURCIA MONIQUE JULIE modification le 02 Décembre 2011 Administrateur : ANCIENNE MAISON MARCEL BAUCHE représenté par BAUCHE Nicolas modification le 29 Septembre 2010 Administrateur : CEYRAC Dominique Marie François en fonction le 03 Juin 2003 Administrateur : LAUSSINOTTE Emmanuel Philippe Christian en fonction le 29 Septembre 2010 Administrateur : MEDINA Michaël Victor modification le 06 Octobre 2010 Directeur général délégué : BAUCHE Frédéric Gérard Christian en fonction le 02 Décembre 2011. Activité : . Commentaires : Modification de représentant.
25/11/2011	JAL	Appointment of the social representative
Tribune (La) - Le bulletin de la côte d'azur Société faisant l'objet d'une nomination : 960802619 - GELAZUR, 455 PRO DES ANGLAIS, PORTE DE ARENAS ENTREEC, 06000 NICE Nominé : Madame Monique KOURCIA, 06200 NICE En la fonction de : Directeur général Date d'effet : 30/06/2010
05/08/2011	JAL	Appointment of the social representative
Tribune (La) - Le bulletin de la côte d'azur Société faisant l'objet d'une nomination : 960802619 - GELAZUR, 455 PRO DES ANGLAIS, PORTE DE ARENAS ENTREEC, 06000 NICE Nominé : Monsieur Frédéric BAUCHE, 75016 PARIS 16 En la fonction de : Directeur général Date d'effet : 29/06/2011
10/10/2010	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE NICE 44 - 960 802 619 RCS Nice. GELAZUR. Forme : Société anonyme. Administration : Commissaire aux comptes titulaire : ASSAS PAUL modification le 29 Septembre 2010 Commissaire aux comptes suppléant : SABAH RENE Administrateur : BAUCHE FREDERIC GERARD CHRISTIAN Président du conseil d'administration : KOURCIA MONIQUE JULIE modification le 22 Septembre 1998 Administrateur : ANCIENNE MAISON MARCEL BAUCHE représenté par BAUCHE Nicolas modification le 29 Septembre 2010 Administrateur : CEYRAC Dominique Marie François en fonction le 03 Juin 2003 Administrateur : LAUSSINOTTE Emmanuel Philippe Christian en fonction le 29 Septembre 2010 Administrateur : MEDINA Michaël Victor en fonction le 29 Septembre 2010. Commentaires : Modification de représentant.
24/09/2010	JAL	Appointment of the social representative
LE BULLETIN DE LA COTE D'AZUR- LA TRIBUNE Société faisant l'objet d'une nomination : 960802619 - GELAZUR, 455 PRO DES ANGLAIS, PORTE DE ARENAS ENTREEC, 06000 NICE Nominé : Monsieur Emmanuel LAUSSINOTTE, 46 RUE DE LA FAISANDERIE, 75116 PARIS En la fonction de : Administrateur
24/09/2010	JAL	Appointment of the social representative
LE BULLETIN DE LA COTE D'AZUR- LA TRIBUNE Société faisant l'objet d'une nomination : 960802619 - GELAZUR, 455 PRO DES ANGLAIS, PORTE DE ARENAS ENTREEC, 06000 NICE Nominé : Monsieur Michael MEDINA, 2 B BOULEVARD DE MONTREAL, IMM CEPHEE 1, 06200 NICE En la fonction de : Administrateur
07/09/2010	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE NICE 1617 - 960802619 RCS. GELAZUR. Forme : Société anonyme. Adresse : 455 promenade des Anglais les Portes de l'Arenas 6200 Nice. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
02/09/2009	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE NICE 1160 - 960802619 RCS. GELAZUR. Forme : Société anonyme. Adresse : 455 promenade des Anglais les Portes de l'Arenas 6200 Nice. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
26/08/2008	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE NICE 1445 - 960802619 RCS. GELAZUR. Forme : Société anonyme. Adresse : 455 promenade des Anglais les Portes de l'Arenas, 6200 Nice. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
26/10/2007	Bodacc C	Avis de dépôt des comptes
1201 - 960 802 619. RCS Nice GELAZUR. Forme: Société anonyme. Adresse du siège social: 455 promenade des Anglais les Portes de l'Arenas, 06200 Nice. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
25/09/2006	Bodacc C	Avis de dépôt des comptes
1289 - RCS Nice B 960 802 619. RC 60-B 261. GELAZUR. Forme: S.A. Adresse du siège social: les Portes de l'Arenas 455, Promenade des Anglais,06200 Nice. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
31/08/2006	Bodacc B	Modifications et mutations diverses
0117 - RCS Nice B 960 802 619. RC 60-B 261. GELAZUR. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification d'un administrateur : ANCIENNE MAISON MARCEL BAUCHE, représentée par BAUCHE (Alexandre, Charles, Edouard).
22/11/2005	Bodacc C	Avis de dépôt des comptes
1317 - RCS Nice B 960 802 619. RC 60-B 261. GELAZUR. Forme: S.A. Adresse du siège social: les Portes de l'Arenas 455, Promenade des Anglais,06200 Nice. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
03/11/2004	Bodacc B	Modifications et mutations diverses
RCS Nice B 960802619 RC 60-B 261 GELAZUR. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : nomination d'un commissaire aux comptes suppléant : ALFONSI (Gérard). Nomination d'un commissaire aux comptes titulaire : AUDIT ASSISTANCE COMMISARIAT.
17/06/2003	Bodacc B	Modifications et mutations diverses
RCS Nice B 960802619 RC 60-B 261 GELAZUR. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : administrateur partant : KOURCIA (Roger, Emile). Nomination d'un administrateur : CEYRAC (Dominique, Marie, François).
27/08/2000	Bodacc B	Modifications et mutations diverses
RCS Nice B 960802619 RC 60-B 261 GELAZUR. Forme : S.A. Capital : 3 000 000 d' euros. Commentaires : modification survenue sur le capital (augmentation).
09/10/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Nice B 960 802 619 RC RC 60-B 261 GELAZUR. Forme : S.A. Administration : modification : président du conseil d' administration : KOURCIA (Monique, Julie) Suppression : administrateurs : BAUCHE (Gérard, Henri, Christian) CONAGRA INTERNATIONAL INC CONAGRA INTERNATIONAL S.A. BAUCHE (Olivier, Marcel, Henri) B.C.F. INC SOCIEDAD ANONIMA DO PROTUCTOS GALLEDOS SAPROGAL S.A. S.A. CONAGRA FRANCE WATKINS (James, David). Nomination en qualité d'administrateur : ANCIENNE MAISON MARCEL BAUCHE. Commentaires : modification survenue sur l' administration.
06/02/1996	Bodacc B	Modifications et mutations diverses
RCS Nice B 960 802 619 RC 60-B 261 GELAZUR. Forme : S.A. Administration : président du conseil d'administration : BOMEL (Monique, Julie). Administrateurs KOURCIA (Roger, Emile) BAUCHE (Gérard, Henri, Christian) CONAGRA INTERNATIONAL INC. CONAGRA INTERNATIONAL S.A. BAUCHE (Frédéric, Gérard, Christian) BAUCHE (Olivier, Marcel, Henri) BAUCHE (Nicolas, Charles, Henri) B.C.F. INC. SOCIEDAD ANONIMA DO PROTUCTOS GALLEDOS- SAPROGAL S.A. S.A. CONAGRA FRANCE WATKINS (James, David). Commissaires aux comptes titulaires : ASSAS (Paul) ALFONSI (Gérard). Commissaires aux comptes suppléants : SABAH (René) HUGO (Philippe). Commentaires : modification survenue sur l' administration.
06/02/1996	Bodacc B	Modifications et mutations diverses
RCS Nice B 960 802 619 RC 60-B 261 GELAZUR. Forme : S.A. Administration : président du conseil d'administration : BOMEL (Monique, Julie). Administrateurs KOURCIA (Roger, Emile) BAUCHE (Gérard, Henri, Christian) CONAGRA INTERNATIONAL INC. CONAGRA INTERNATIONAL S.A. BAUCHE (Frédéric, Gérard, Christian) BAUCHE (Olivier, Marcel, Henri) BAUCHE (Nicolas, Charles, Henri) B.C.F. INC. SOCIEDAD ANONIMA DO PROTUCTOS GALLEDOS- SAPROGAL S.A. S.A. CONAGRA FRANCE THOMAS (Lawrence, Bruce). Commissaires aux comptes titulaires : ASSAS (Paul) ALFONSI (Gérard). Commissaires aux comptes suppléants : SABAH (René) HUGO (Philippe). Commentaires : modification survenue sur l' administration.
26/11/1995	Bodacc B	Modifications et mutations diverses
RCS Nice B 960 802 619 RC 60-B 261 GELAZUR. Forme : S.A. Capital : 10 000 000 de F. Commentaires : modification survenue sur le capital.

Company events history

Date	Description
17/06/2012	Bodacc B: Various editing or changing
31/05/2012	Bodacc B: Various editing or changing
22/05/2012	Changes to the Board of Directors
22/05/2012	Amendment
22/05/2012	New chairman (CEO, CoB)
06/04/2012	New subsidiarie(s) detected
06/04/2012	New ultimate parent
06/04/2012	New parent detected
09/03/2012	Legal Gazette: Resignation / Revocation of the social representative
13/12/2011	Bodacc B: Various editing or changing
02/12/2011	Minutes of Board meeting
02/12/2011	Amendment
02/12/2011	Changes to the Board of Directors
27/10/2011	Legal Gazette: Appointment of the social representative
19/09/2011	Bodacc C : Deposit accounts notice
11/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
29/06/2011	Legal Gazette: Appointment of the social representative
31/12/2010	New accounts available
10/10/2010	Bodacc B: Various editing or changing
29/09/2010	Appointment/resignation of company officers
29/09/2010	Amendment
29/09/2010	Changes to the Board of Directors
07/09/2010	Bodacc C : Deposit accounts notice
19/07/2010	Partial contribution
19/07/2010	Declaration of conformity
19/07/2010	Minutes of general meeting of shareholders
30/06/2010	Legal Gazette: Appointment of the social representative
21/06/2010	Audit or Management Report
15/03/2010	Application and court order
15/03/2010	Amendment
31/12/2009	New accounts available
02/09/2009	Bodacc C : Deposit accounts notice
30/03/2009	Collection of preferential rights activated for this company
31/12/2008	New accounts available
26/08/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
11/08/2006	Private document
11/08/2006	PV du Conseil d'Administration
11/08/2006	Minutes of Board meeting
11/08/2006	Acte modificatif
11/08/2006	Amendment
11/08/2006	Nomination/démission des organes de gestion
31/12/2005	New accounts available
31/12/2004	New accounts available
19/10/2004	Minutes of general meeting of shareholders
19/10/2004	PV d'Assemblée
19/10/2004	Nomination/démission des organes de gestion
19/10/2004	Appointment/resignation of company officers
19/10/2004	New auditor
19/10/2004	Private document
19/10/2004	Acte sous seing privé
19/10/2004	Changement de Commissaire aux Comptes
31/12/2003	New accounts available
03/06/2003	PV du Conseil d'Administration
03/06/2003	Acte sous seing privé
03/06/2003	Modification du Conseil d'Administration
03/06/2003	Acte modificatif
10/08/2000	PV d'Assemblée
10/08/2000	Acte sous seing privé
10/08/2000	Conversion du Capital Social en Euros
10/08/2000	Augmentation de Capital
10/08/2000	Statuts mis à jour
22/09/1998	Modification du Conseil d'Administration
22/09/1998	PV d'Assemblée
22/09/1998	PV du Conseil d'Administration
22/09/1998	Acte sous seing privé
22/09/1998	Nomination/démission des organes de gestion
22/09/1998	Statuts mis à jour
22/09/1998	Acte modificatif
22/09/1998	Procuration
19/01/1996	Modification du Conseil d'Administration
19/01/1996	Nomination/démission des organes de gestion
19/01/1996	PV d'Assemblée
18/01/1996	Modification du Conseil d'Administration
18/01/1996	Nomination/démission des organes de gestion
18/01/1996	PV du Conseil d'Administration
10/11/1995	Augmentation de Capital
10/11/1995	Acte modificatif
10/11/1995	Statuts mis à jour
10/11/1995	PV d'Assemblée
01/03/1994	PV du Conseil d'Administration
01/03/1994	Changement de Président (PDG, PCA)
01/03/1994	Modification du Conseil d'Administration
01/03/1994	Nomination/démission des organes de gestion
20/09/1993	Modification du Conseil d'Administration
20/09/1993	PV du Conseil d'Administration
20/09/1993	Nomination/démission des organes de gestion
20/09/1993	PV d'Assemblée
02/09/1992	PV d'Assemblée
02/09/1992	Nomination/démission des organes de gestion

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.57
UK Pound	1	Rs.84.25
Euro	1	Rs.71.78

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.