MIRA INFORM REPORT

Report Date :

14.02.2013

IDENTIFICATION DETAILS

Name :	BLANC D'IVOIRE
Registered Office :	18 Rue Yves Toudic 75010 Paris 10
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	November 1994
Com. Reg. No.:	RCS Paris 9 398 872 390
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (intercompany trade) of textiles
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 (31.03.2011)	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

Name

BLANC D'IVOIRE

SIRET

398 872 390 00032

Personal comment

company summary

Trade name	BLANC D'IVOIRE
		EUR VAT Number	FR59398872390
Activity (APE)	Wholesale (intercompany trade) of textiles (4641Z)	Legal form	Simplified joint stock company
Phone	01 53 38 97 00	RCS Registration	RCS Paris 9 398 872 390
Fax	01 53 38 97 09	Share capital	200,000 Euros
Address	BLANC D'IVOIRE 18 RUE YVES TOUDIC 75010 PARIS 10	Incorporated Date	11/1994
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

directors

Name	LA MAISON BLANC D'IVOIRE (SAS)
Name of representative
Manager position	Président	Date of birth
Place of birth
Type	Moral person	Name at birth

Previous Directors

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
Président	LA MAISON BLANC D'IVOIRE	07/07/1949 - PARIS 09

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

N/a

PAYMENT INFORMATION

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

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GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	LA MAISON BLANC D'IVOIRE	480468396

Ultimate Parent

1 ultimate parent company for this company >  LA MAISON BLANC D'IVOIRE  - Activités des sociétés holding (6420Z)  in PARIS 10  (75010)

Group data

Ultimate parent company	LA MAISON BLANC D'IVOIRE
Direct parent	LA MAISON BLANC D'IVOIRE - 100 %
Group – Number of companies	8
Linkages – Number of companies	-
Number of countries	-

Go directly to the current company

Company Name	SIREN	Parts	Last account published
LA MAISON BLANC D'IVOIRE	480468396	-	31/12/2010
BLANC D'IVOIRE	398872390	100%	31/12/2010
LUCAS BAC	407761675	100%	31/12/2009
SOCIETE B.I. SAINTONGE	499971125	100%	31/12/2009
PETIT BLANC D'IVOIRE RIVE DROITE	438309338	100%	31/12/2009
LA MAISON DES LICES	410724249	100%	31/12/2009
BDI BELGIUM	504961129	99%	-
BDI INC	-	100%	-

FINANCIAL INFORMATION

Trading to Date	12/31/2010	12/31/2009	12/31/2008
Turnover	9,032,165 €	10,903,250 €	13,389,435 €
Gross Operating Surplus	3,46 % Turnover	11,87 % Turnover	15,65 % Turnover
Shareholders’ equity	7,480,765 €	7,312,258 €	6,386,044 €
Net result	168,507 €	926,213 €	1,398,275 €

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	16/03/2012	27/12/2010	-
Activity Code	4641Z	4641Z	4641Z
Employees	24	27	30

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	1 846 754	-1,7%	1 879 493	-4,4%	1 965 445	20 393,50	8955,6%
- Intangible assets	61 500	-0,7%	61 955	112,3%	29 178	0	0%
- Tangible assets	68 868	-23,6%	90 155	-37,8%	144 919	4 567	1407,9%
- Financial assets	1 773 308	0,1%	1 772 005	-1,1%	1 791 348	1 801	98362,4%
Net current assets	8 927 815	1,7%	8 780 914	-5,0%	9 239 028	214 497	4062,2%
- Stocks	2 199 728	9,9%	2 002 299	-27,4%	2 757 350	42 514	5074,1%
- Advanced payments	147 686	1,7%	100 342	-44,6%	181 182	0	0%
- Receivables	5 648 497	9,4%	5 165 488	2,9%	5 021 883	74 525,50	7479,3%
- Securities and cash	931 904	-38,4%	1 512 785	18,3%	1 278 613	26 846,50	3371,2%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	1 950	-36,0%	3 049	-90,9%	33 648	0	0%
Total Assets	10 776 521	1,1%	10 663 456	-5,1%	11 238 121	272 861	3849,5%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	7 480 765	2,3%	7 312 258	14,5%	6 386 044	69 298,50	10695,0%
Share capital	200 000	0%	200 000	0%	200 000	15 000	1233,3%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1 950	-89,2%	18 049	-35,3%	27 905	0	0%
Liabilities	3 257 159	-1,7%	3 312 880	-31,3%	4 823 886	171 418	1800,1%
- Financial liabilities	1 072 476	-31,5%	1 566 699	1,9%	1 537 250	16 638,50	6345,7%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	1 471 554	40,0%	1 050 794	-39,8%	1 746 718	52 393	2708,7%
- Tax and social liabilities	192 046	-19,6%	238 751	-9,1%	262 730	35 812,50	436,3%
- Other debts and fixed assets liabilities	557 729	16,9%	476 905	-62,7%	1 277 473	5 296,50	10430,1%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	10 776 521	1,1%	10 663 456	-5,1%	11 238 121	272 860	3849,5%

Results

Annual Accounts		31/12/2010				31/12/2009				31/12/2008	Sector Median 2010
Sales of Goods		9 093 610		-27,2%		12 485 705	-9,0%			13 715 508	390 928		2226,2%
Net turnover		9 032 165		-17,2%		10 903 250	-18,6%			13 389 435	389 149		2221,0%
- of which net export turnover		4 182 892		-11,3%		4 714 461	-23,5%			6 162 366	301		1389565,1%
Operating charges		8 961 862		-11,5%		10 124 287	-16,0%			12 058 780	379 360		2262,4%
Operating profit/loss		131 748		-94,4%		2 361 418	42,5%			1 656 728	6 860,50		1820,4%
Financial income		89 578		-42,9%		156 893	-39,8%			260 439	38,50		232570,1%
Financial charges		114 856		-92,4%		1 516 062	1285,8%			109 398	1 490		7608,5%
Financial profit/loss		-25 278		98,1%		-1 359 169	-999,9%			151 041	-321,50		-7762,5%
Pretax net operating income		106 470		-89,4%		1 002 249	-44,6%			1 807 769	6 442,50		1552,6%
Extraordinary income		377		-83,2%		2 250	-41,9%			3 871	32		1078,1%
Extraordinary charges		817		-92,4%		10 722	791,3%			1 203	296,50		175,5%
Extraordinary profit/loss		-440		94,8%		-8 472	-417,5%			2 668	0		0%
Net result		168 507		-81,8%		926 213	-33,8%			1 398 275	6 301		2574,3%
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	10 776 521	1,1%	10 663 456	-5,1%	11 238 121
Gross	CO	11 781 795	1,5%	11 605 118	-13,5%	13 419 894
Amortisation	1A	1 005 274	6,8%	941 662	-56,8%	2 181 773

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	1 846 754	-1,7%	1 879 493	-4,4%	1 965 445
Gross	BJ	2 554 150	1,0%	2 530 017	1,3%	2 496 781
Amortisation	BK	707 396	8,7%	650 524	22,4%	531 336

Intangible fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Start-up cost	Net	61 500	0%	61 500	110,8%	29 178
	Gross	AB	61 500	0%	61 500	0%	61 500
	Amortisation	AC	56 922	27,6%	44 622	38,1%	32 322
	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%	455	0%	0
	Gross	AF	58 916	0%	58 916	3,5%	56 916
	Amortisation	AG	58 916	0,8%	58 461	2,7%	56 916
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	61 500	-0,7%	61 955	112,3%	29 178

Tangible 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%	0	0%	0
Gross	AR	0	0%	0	0%	0
Amortisation	AS	0	0%	0	0%	0
Other tangible fixed assets	Net	68 868	-23,6%	90 155	-37,8%	144 919
Gross	AT	597 926	4,0%	575 096	-0,3%	576 803
Amortisation	AU	529 058	9,1%	484 941	12,3%	431 884
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	68 868		90 155		144 919

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	1 677 757	0%	1 677 757	-3,6%	1 740 257
Gross	CU	1 740 257	0%	1 740 257	-0,6%	1 750 471
Amortisation	CV	62 500	0%	62 500	511,9%	10 214
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	95 551	1,4%	94 248	84,5%	51 091
Gross	BH	95 551	1,4%	94 248	84,5%	51 091
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		1 773 308		1 772 005		1 791 348

Current Assets (III)

		31/12/2010		31/12/2009		31/12/2008
Total Assets	Net	8 927 815	1,7%	8 780 914	-5,0%	9 239 028
Gross	CJ	9 225 693	1,7%	9 072 052	-16,7%	10 889 465
Amortisation	CK	297 878	2,3%	291 138	-82,4%	1 650 437

Stocks

		31/12/2010		31/12/2009		31/12/2008
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	2 199 728	9,9%	2 002 299	-27,4%	2 757 350
Gross	BT	2 199 728	9,9%	2 002 299	-33,1%	2 995 001
Amortisation	BU	0	0%	0	0%	237 651
Sub Total Stocks	Net	2 199 728	9,9%	2 002 299	-27,4%	2 757 350

Advance payments to suppliers

		31/12/2010		31/12/2009		31/12/2008
Advance payments to suppliers	Net	147 686	47,2%	100 342	-44,6%	181 182
Gross	BV	147 686	47,2%	100 342	-44,6%	181 182
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2010		31/12/2009		31/12/2008
Trade accounts receivable	Net	1 320 977	-22,5%	1 704 819	-15,2%	2 009 890
Gross	BX	1 587 605	-19,2%	1 964 707	-9,7%	2 174 700
Amortisation	BY	266 628	2,6%	259 888	57,7%	164 810
Other debtors	Net	4 148 905	25,0%	3 318 685	15,2%	2 881 531
Gross	BZ	4 180 155	24,8%	3 349 935	-18,9%	4 129 507
Amortisation	CA	31 250	0%	31 250	-97,5%	1 247 976
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	5 469 882	8,9%	5 023 504	2,7%	4 891 421

Divers

		31/12/2010		31/12/2009		31/12/2008
Investment securities	Net	25 605	0,0%	25 604	0%	25 604
Gross	CD	25 605	0,0%	25 604	0%	25 604
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	906 299	-39,1%	1 487 181	18,7%	1 253 009
Gross	CF	906 299	-39,1%	1 487 181	18,7%	1 253 009
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	931 904	-38,4%	1 512 785	18,3%	1 278 613

Prepaid expenses

		31/12/2010		31/12/2009		31/12/2008
Prepaid expenses	Net	178 615	25,8%	141 984	8,8%	130 462
Gross	CH	178 615	25,8%	141 984	8,8%	130 462
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	1 950	-36,0%	3 049	-90,9%	33 648
Gross		1 950	-36,0%	3 049	-	-

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	10 776 521	1,1%	10 663 456	-5,1%	11 238 121

Shareholder Equity (I)

		31/12/2010		31/12/2009		31/12/2008
Total shareholders' equity (Total I)	DL	7 480 765	2,3%	7 312 258	14,5%	6 386 044
Equity and shareholders' equity	DA	200 000	0%	200 000	0%	200 000
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	20 000	0%	20 000	0%	20 000
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	7 092 258	15,0%	6 166 045	29,3%	4 767 768
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	168 507	-81,8%	926 213	-33,8%	1 398 276
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	1 950	-89,2%	18 049	-35,3%	27 905
Risk provisions	DP	1 950	-89,2%	18 049	-35,3%	27 905
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	3 257 159	-1,7%	3 312 880	-31,3%	4 823 886
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	412 825	-28,0%	573 511	-21,6%	731 780
Sundry loans and financial liabilities	DV	659 651	-33,6%	993 188	23,3%	805 470
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	1 471 554	40,0%	1 050 794	-39,8%	1 746 718
Tax and social security liabilities	DY	192 046	-19,6%	238 751	-9,1%	262 730
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	521 083	14,1%	456 635	-64,2%	1 277 188

Translation loss (V)

		31/12/2010		31/12/2009		31/12/2008
Translation loss (Total V)	ED	36 646	80,8%	20 270	7012,3%	285

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	0	0%	3 312 880	0%	0
Of which current bank facilities	EH	0	0%	1 253	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	131 748	-94,4%	2 361 418	42,5%	1 656 728

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	-25 278	98,1%	-1 359 169	-999,9%	151 041

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	106 470	-89,4%	1 002 249	-44,6%	1 807 769

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	-440	94,8%	-8 472	-417,5%	2 668

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	168 507	-81,8%	926 213	-33,8%	1 398 275

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	9 183 565	-27,4%	12 644 848	-9,5%	13 979 818

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	9 015 057	-23,1%	11 718 636	-6,9%	12 581 543

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	9 093 610	-27,2%	12 485 705	-9,0%	13 715 508

Operating income (details)

		31/12/2010		31/12/2009		31/12/2008
Sale of goods for resale	FC	8 496 684	-17,2%	10 262 431	-18,2%	12 538 180
France	FA	4 587 133	-21,8%	5 865 208	-14,8%	6 887 377
Export	FB	3 909 551	-11,1%	4 397 223	-22,2%	5 650 803
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	535 481	-16,4%	640 819	-24,7%	851 255
France	FG	262 140	-19,0%	323 581	-4,7%	339 692
Export	FH	273 341	-13,8%	317 238	-38,0%	511 563
Net turnover	FL	9 032 165	-17,2%	10 903 250	-18,6%	13 389 435
France	FJ	4 849 273	-21,6%	6 188 789	-14,4%	7 227 069
Export	FK	4 182 892	-11,3%	4 714 461	-23,5%	6 162 366
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	60 339	-96,2%	1 580 102	393,9%	319 897
Other income	FQ	1 106	-53,0%	2 353	-61,9%	6 176

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	8 961 862	-11,5%	10 124 287	-16,0%	12 058 780

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	2 969 702	12,8%	2 633 525	-34,8%	4 041 354
Change in stocks of goods for resale	FT	-197 429	-119,9%	992 702	811,9%	-139 448
Purchase of raw materials	FU	22 475	-53,4%	48 273	-27,9%	66 968
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	4 144 572	-5,6%	4 390 362	-26,5%	5 973 377
Tax, duty and similar payments	FX	86 694	-17,3%	104 811	-16,8%	125 969
Payroll	FY	1 164 391	17,6%	990 484	16,6%	849 660
Social security costs	FZ	529 546	18,1%	448 465	19,2%	376 225

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	56 995	-17,7%	69 258	-27,7%	95 758
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	43 113	-79,2%	207 270	-35,7%	322 506
Provisions for risks and charges	GD	0	0%	15 000	0%	0

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	141 803	-36,7%	224 137	-35,3%	346 411

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	89 578	-42,9%	156 893	-39,8%	260 439
Share financial income	GJ	84 764	-17,8%	103 091	-51,2%	211 130
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	-03	-100,1%	2 209	505,2%	365
Released provisions and transferred charges	GM	3 049	-92,0%	38 119	622,6%	5 275
Exchange gains	GN	1 768	-86,9%	13 474	-58,2%	32 222
Net income from disposal of investment securities	GO	0	0%	0	0%	11 447

Financial Charge (VI)

		31/12/2010		31/12/2009		31/12/2008
Total financial charge (Total VI)	GU	114 856	-92,4%	1 516 062	1285,8%	109 398
Financial reserves and provisions	GQ	1 950	-97,0%	65 549	0%	0
Interest and similar charges	GR	112 906	-92,2%	1 450 513	1225,9%	109 398
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	377	-83,2%	2 250	-41,9%	3 871
Extraordinary operating income	HA	255	0%	0	0%	3 871
Extraordinary income from capital transactions	HB	0	0%	2 250	0%	0
Released provisions and transferred charges	HC	122	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2010		31/12/2009		31/12/2008
Total extraordinary charges (Total VIII)	HH	817	-92,4%	10 722	791,3%	1 203
Extraordinary operating charges	HE	817	-92,4%	10 722	791,3%	1 203
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	-62 478	-192,5%	67 565	-83,6%	412 162

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%		13 533	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%		177 366	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%	2 387 879
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	108 901
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	0	0%	12 570	0%	0
Gross value at the end of period	OL	2 554 152	1,0%	2 530 017	1,3%	2 496 781

Research and development Charge (Total I)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	CZ	61 500	0%	61 500	0%	61 500
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	61 500	0%	61 500	0%	61 500

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	58 916	3,5%	56 916	0%	56 916
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	2 000	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	58 916	0%	58 916	3,5%	56 916

Tangible fixed assets (Total III)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	LN	575 096	-0,3%	576 803	7,1%	538 765
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	22 832	3418,0%	649	-98,3%	38 037
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	2 356	0%	0
Gross value at the end of period	NH	597 928	4,0%	575 096	-0,3%	576 802

Financial assets (Total IV)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	LQ	1 834 505	1,8%	1 801 562	4,1%	1 730 698
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	1 304	-97,0%	43 156	-39,1%	70 864
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	10 214	0%	0
Gross value at the end of period	NK	1 835 809	0,1%	1 834 504	1,8%	1 801 562

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%	425 364
Increases		0P	0	0%	0	0%	95 758
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	521 122

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	58 461	2,7%	56 916	-3,6%	59 019
Increases		PF	578	-62,6%	1 544	-94,9%	30 219
Decreasess		PG	122	0%	0	0%	0
	Decreasess by budget item transfer	PH	58 917	0,8%	58 461	-34,5%	89 238

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	484 942	12,3%	431 884	17,9%	366 345
Increases		QV	44 118	-20,4%	55 413	-15,5%	65 539
Decreases		QW	0	0%	2 356	0%	0
	Decreasess by budget item transfer	QX	529 060	9,1%	484 941	12,3%	431 884

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	61 500	0%	61 500	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	371 687	-78,0%	1 688 556	0,4%	1 680 998
Increases		UB	45 063	-84,3%	287 819	0%	0
Decreases		UC	54 422	-96,6%	1 604 688	30320,6%	5 275
	Value at the end of period	UD	362 328	-2,5%	371 687	-77,9%	1 678 343

Includes Total allocations

Operating	UE	43 113	-80,6%	222 270	0%	0
Financial	UG	1 950	-97,0%	65 549	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	51 373	-96,7%	1 566 569	0%	0
Financial	UH	3 049	-92,0%	38 119	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	18 049	-35,3%	27 905	-15,9%	33 181
Increases		TV	1 950	-89,2%	18 049	0%	0
Decreases		TW	18 049	-35,3%	27 905	429,0%	5 275
	Value at the end of period	TX	1 950	-89,2%	18 049	-35,3%	27 906

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	353 638	-78,7%	1 660 651	0,8%	1 647 817
Increases		TY	43 113	-84,0%	269 770	0%	0
Decreases		TZ	36 373	-97,7%	1 576 783	0%	0
	Value at the end of period	UA	360 378	1,9%	353 638	-78,6%	1 650 437

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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	6 041 926	8,8%	5 550 874	-14,4%	6 485 760
1 year at most	VU	5 946 375	9,0%	5 456 626	-15,2%	6 434 668
More than one year	VV	95 551	1,4%	94 248	84,5%	51 092

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	95 551	1,4%	94 248	84,5%	51 091
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	423 248	0,8%	419 819	0%	0
Other claims customer	UX	1 164 357	-24,6%	1 544 888	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	7 596	64,2%	4 627	-34,3%	7 047
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	349 787	6604,8%	5 217
Value added tax	VB	309 603	-6,2%	330 231	16,2%	284 122
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	23 361	492,5%	3 943	0%	0
Group and Associates	VC	3 810 605	43,5%	2 654 930	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	28 990	351,7%	6 418	0%	0

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	178 615	25,8%	141 984	8,8%	130 462

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	3 257 159	-1,7%	3 312 880	-31,3%	4 823 886
1 year at most		VZ2	3 081 330	6,2%	2 902 614	-31,8%	4 253 028
More than 1 year and 5 years at most		VZ3	175 829	-57,1%	410 266	-27,3%	564 080
More than 5 years		VZ4	0	0%	0	0%	6 778

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	1 549	23,6%	1 253	0%	0
1 year at most		VG2	1 549	23,6%	1 253	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	411 276	-28,1%	572 258	-21,8%	731 780
1 year at most		VH2	175 839	8,5%	161 992	0,7%	160 922
More than 1 year and 5 years at most		VH3	235 437	-42,6%	410 266	-27,3%	564 080
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	805 470
1 year at most		8A2	0	0%	0	0%	805 470
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	1 471 554	40,0%	1 050 794	-39,8%	1 746 718
1 year at most		8B2	1 471 554	40,0%	1 050 794	-39,8%	1 746 718
More than 1 year and 5 years at most		8B3	1 471 554	40,0%	1 050 794	0%	0
	Personnel and associated accounts (gross)	8C1	44 921	-39,1%	73 766	0%	0
1 year at most		8C2	44 921	-39,1%	73 766	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	98 454	-18,1%	120 211	-54,2%	262 730
1 year at most		8D2	98 454	-18,1%	120 211	-54,2%	262 730
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	0%	0	0%	0
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	48 671	8,7%	44 774	0%	0
1 year at most		VQ2	48 671	8,7%	44 774	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	659 651	-33,6%	993 188	0%	0
1 year at most		VI2	659 651	-33,6%	993 188	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	521 083	14,1%	456 635	-64,2%	1 277 188
1 year at most		8K2	521 083	14,1%	456 635	-64,2%	1 277 188
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	160 592	3,8%	154 761	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%	978 494	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	938 099	0%	0
Staff outside the company	YU	0	0%	2 687	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	572 689	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	1 898 394	0%	0
Total Other purchases and external	ZJ	0	0%	4 390 363	0%	0

Taxes and Fees

		31/12/2010		31/12/2009		31/12/2008
Business tax	YW	0	0%	37 387	0%	0
Other taxes and payments assimilated	9Z	0	0%	67 424	0%	0
Total taxes and fees	YX	0	0%	104 811	0%	0

VAT

		31/12/2010		31/12/2009		31/12/2008
Amount VAT collected	YY	0	0%	1 186 527	0%	0
Total VAT on goods and services	YZ	0	0%	1 230 091	0%	0

Average number of employees

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	24	-11,1%	27	-10,0%	30

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Fixed Asset Financing	3,63	-3,7%	3,77	10,9%	3,40	2,90	25,2%
Global Debt	130 days	19,3%	109 days	-16,2%	130 days	128 days	1,6%
Working Capital Fund overall net	267 days	15,1%	232 days	44,1%	161 days	77 days	246,8%
Financial independence	1797,19%	42,2%	1264,28%	45,5%	868,69%	381,82%	370,7%
More ratios
Solvability	69,42%	1,2%	68,57%	20,7%	56,82%	33,79%	105,4%
Capacity debt futures	4217,18%	-5,9%	4479,32%	12,9%	3968,41%	1114,89%	278,3%
Coverage of current assets by net working capital overall	73,94%	-5,6%	78,34%	41,2%	55,50%	44,31%	66,9%
General Liquidity	1,93	2,7%	1,88	24,5%	1,51	0,61	216,4%
Restricted Liquidity	2,23	-7,1%	2,40	32,6%	1,81	0,97	129,9%

Management or rotation

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital	225 days	26,4%	178 days	45,9%	122 days	33 days	581,8%
Treasury	37 days	-26,0%	50 days	47,1%	34 days	10,50 days	252,4%
Inventory turnover of goods	286 days	43,7%	199 days	-27,9%	276 days	95,50 days	199,5%
Average length of credit granted to customers	63 days	6,8%	59 days	1,7%	58 days	52 days	21,2%
Average length of credit obtained suppliers	76 days	85,4%	41 days	-34,9%	63 days	61 days	24,6%
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	1203 days	-
Rotation tangible assets	1510,58%	-20,3%	1895,90%	-18,3%	2321,32%	1892,44%	-20,2%

Profitability of the business

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading	63,38%	4,1%	60,86%	-5,6%	64,50	30,25%	109,5%
Profitability of the business	3,46	-70,9%	11,87	-24,2%	15,65	2,96%	16,9%
Net profit	1,87%	-78,0%	8,49%	-18,7%	10,44%	1,58%	18,4%
More ratios
Growth rate of turnover (excluding VAT)	-17,16%	7,6%	-18,57%	-257,1%	11,82%	0%	0%
Rates integration	23,17%	-11,0%	26,03%	1,1%	25,75%	20%	15,8%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	80,94%	59,6%	50,70%	42,6%	35,56%	66,27%	22,1%
Weight interests	1,27	-90,9%	13,90%	1595,1%	0,82%	0,43%	195,3%

Return on capital

	31/12/2010		31/12/2009			31/12/2008		Sector Median 2010
Cash flow from the overall profitability	1,92%	138,3%	-5,01%		-144,9%	11,16%		2,04%	-5,9%
Rates of economic profitability	4%	-73,3%	15%		-42,3%	26%		10%	-60,0%
Financial profitability	7480765%	2,3%	7312258%		14,5%	6386044%		45055%	16503,6%
Return on investment	3,31%	-88,0%	27,51%		44,6%	19,03%		8,93%	-62,9%
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	9 032 165	-17,2%	10 903 250	-18,6%	13 389 435	389 149 €	2221,0%

Sales of goods	8 496 684	-17,2%	10 262 431	-18,2%	12 538 180
- Purchase of goods	2 969 702	12,8%	2 633 525	-34,8%	4 041 354
+/- Stock of goods variation	-197 429	-119,9%	992 702	811,9%	-139 448
Trading margin	5 724 411 €	-13,7%	6 636 204 €	-23,2%	8 636 274 €	88 192 €	6390,9%
	63,38 % CA	4,1%	60,86 % CA	-5,6%	64,50 % CA	31,34 % CA	102,2%

Sale of goods produced	535 481	-16,4%	640 819	-24,7%	851 255
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	535 481 €	-16,4%	640 819 €	-24,7%	851 255 €	8 126,50 €	6489,3%
	5,93 % CA	0,9%	5,88 % CA	-7,5%	6,36 % CA	2,56 % CA	131,6%

Trading margin	5 724 411	-13,7%	6 636 204	-23,2%	8 636 274	88 192	6390,9%
+ Period Production	535 481	-16,4%	640 819	-24,7%	851 255	8 126,50	6489,3%
- Purchase of raw materials	22 475	-53,4%	48 273	-27,9%	66 968
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	4 144 572	-5,6%	4 390 362	-26,5%	5 973 377
Added value	2 092 845 €	-26,3%	2 838 388 €	-17,7%	3 447 184 €	83 692,50 €	2400,6%
	23,17 % CA	-11,0%	26,03 % CA	1,1%	25,75 % CA	20 % CA	15,8%

Added value	2 092 845 €	-26,3%	2 838 388 €	-17,7%	3 447 184 €	83 692,50 €	2400,6%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	86 694	-17,3%	104 811	-16,8%	125 969
- Personal charges	1 693 937	17,7%	1 438 949	17,4%	1 225 885
Gross operating surplus	312 214 €	-75,9%	1 294 628 €	-38,2%	2 095 330 €	8 559,50 €	3547,6%
	3,46 % CA	-70,9%	11,87 % CA	-24,2%	15,65 % CA	2,96 % CA	16,9%

Gross operating surplus	312 214 €	-75,9%	1 294 628 €	-38,2%	2 095 330 €	8 559,50 €	3547,6%
+ Release of reserves and provisions	60 339	-96,2%	1 580 102	393,9%	319 897
+ Other operating income	1 106	-53,0%	2 353	-61,9%	6 176
- Depreciation/Amortisation	100 108	-65,7%	291 528	-30,3%	418 264
- Other charges	141 803	-36,7%	224 137	-35,3%	346 411
Operating result	131 748 €	-94,4%	2 361 418 €	42,5%	1 656 728 €	6 860,50 €	1820,4%
	1,46 % CA	-93,3%	21,66 % CA	75,1%	12,37 % CA	2,34 % CA	-37,6%

Operating result	131 748 €	-94,4%	2 361 418 €	42,5%	1 656 728 €	6 860,50 €	1820,4%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	89 578	-42,9%	156 893	-39,8%	260 439
- Financial charges	114 856	-92,4%	1 516 062	1285,8%	109 398
Pre-tax result	106 470 €	-89,4%	1 002 249 €	-44,6%	1 807 769 €	6 442,50 €	1552,6%
	1,18 % CA	-87,2%	9,19 % CA	-31,9%	13,50 % CA	1,73 % CA	-31,8%

Extraordinary income	377	-83,2%	2 250	-41,9%	3 871	32	1078,1%
- Extraordinary charges	817	-92,4%	10 722	791,3%	1 203
Extraordinary result	-440 €	94,8%	-8 472 €	-417,5%	2 668 €	0 €	0%
	0,00 % CA	0%	-0,08 % CA	-500%	0 % CA	0 % CA	0%

Pre-tax result	106 470 €	-89,4%	1 002 249 €	-44,6%	1 807 769 €	6 442,50 €	1552,6%
Extraordinary result	-440 €	94,8%	-8 472 €	-417,5%	2 668 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-62 478	-192,5%	67 565	-83,6%	412 162
Net result	168 508 €	-81,8%	926 212 €	-33,8%	1 398 275 €	6 283,50 €	2581,8%
	1,87 % CA	-78,0%	8,49 % CA	-18,7%	10,44 % CA	1,58 % CA	18,4%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

company details

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) de textiles (4641Z)
RCS Registration	RCS Paris 9 398 872 390	Share capital	200,000 Euros
Registration Court	Paris (75)	Legal form	Simplified joint stock company
Court Registry Number	19 9 4B145	EUR VAT Number	FR59398872390
Incorporation Date	11/1994	Formation Date	10/1994
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Establishment details

Trade name	BLANC D'IVOIRE
Activity (APE)	Commerce de gros (commerce interentreprises) de textiles (4641Z)	Business Pages FT®
Postal Address	BLANC D'IVOIRE 18 RUE YVES TOUDIC 75010 PARIS 10	Trading Address	18 RUE YVES TOUDIC 75010 PARIS 10
Telephone	01 53 38 97 00
Fax	01 53 38 97 09

Type	Secondary establishment	Status	Economically active
Formation Date	03/1998	Reason for formation	Other
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 10	Size of urban area	Paris conglomeration

Other establishments

Branches	1 branch entities in this company
Head office	> BLANC D'IVOIRE <<<  - Commerce de gros (commerce interentreprises) de textiles (4641Z)  in PARIS 10  (75010)
Secondary establishments	>  BLANC D'IVOIRE  - Commerce de gros (commerce interentreprises) de textiles (4641Z)  in PARIS 3  (75003)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
10/04/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8593 - 398872390 RCS. BLANC D'IVOIRE. Forme : Société par actions simplifiée. Adresse : 18 rue Yves Toudic 75010 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
23/09/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 3505 - 398872390 RCS. BLANC D'IVOIRE. Forme : Société par actions simplifiée. Adresse : 18 R YVES TOUDIC 75010 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
20/09/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 3965 - 398872390 RCS. BLANC D'IVOIRE. Forme : Société par actions simplifiée. Adresse : 18 rue Yves Toudic 75010 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
26/09/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2720 - 398872390 RCS. BLANC D'IVOIRE. Forme : Société par actions simplifiée. Adresse : 18 rue Yves Toudic 75010 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
23/09/2006	Bodacc C	Avis de dépôt des comptes
2551 - RCS Paris B 398 872 390. RC 94-B 14586. BLANC D'IVOIRE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 18, R Yves Toudic,Paris, 75010 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
03/10/2005	Bodacc C	Avis de dépôt des comptes
2208 - RCS Paris B 398 872 390. RC 94-B 14586. BLANC D'IVOIRE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 18, R Yves Toudic,Paris, 75010 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
15/04/2005	Bodacc B	Modifications et mutations diverses
2014 - RCS Paris B 398 872 390. RC 94-B 14586. BLANC D'IVOIRE. Forme : S.A.S. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : gérant partant : BRAUNSCHVIG (Monique). Nomination du président : LA MAISON BLANC D'IVOIRE S.A.S.
05/06/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 398872390 RC 94-B 14586 BLANC D'IVOIRE. Forme : S.A.R.L. Commentaires : modification survenue sur l'administration. Administration : nomination du commissaire aux comptes titulaire : GROUPE A.E.E. Nomination du commissaire aux comptes suppléant : D.M. P. ET ASSOCIES STE D'EXPERTISE COMPTABLE.
05/06/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 398872390 RC 94-B 14586 BLANC D'IVOIRE. Forme : S.A.R.L. Capital : 200 000 euros. Commentaires : modification survenue sur le capital ( augmentation).
20/03/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 398 872 390 RC RC 94- B 14586 BLANC D'IVOIRE. Forme : S.A.R.L. Adresse du siège social : 18, rue Yves- Toudic 75010 Paris Etablissement principal: Adresse : 18, rue Yves-Toudic 75010 Paris. Commentaires : modification survenue sur l'adresse du siège social et de l'établissement principal.
16/10/1996	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 398 872 390 RC RC 94- B 14586 BLANC D'IVOIRE. Forme : S.A.R.L. Adresse du siège social : 43, rue de Charenton 75012 Paris Etablissement principal: Adresse : 43, rue de Charenton 75012 Paris. Commentaires : modification survenue sur l'adresse du siège social et de l'établissement principal.

Company events history

Date	Description
10/04/2012	Bodacc C : Deposit accounts notice
21/03/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
02/03/2012	Disengagement in other companies
03/06/2011	Update of participations in other companies
06/05/2011	Disengagement of the group
06/05/2011	New subsidiarie(s) detected
06/05/2011	New ultimate parent
06/05/2011	New parent detected
04/02/2011	New subsidiarie(s) detected
31/12/2010	New accounts available
23/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
02/10/2009	Payment incident closed
20/09/2009	Bodacc C : Deposit accounts notice
23/07/2009	Payment incident detected
30/01/2009	Payment incident closed
31/12/2008	New accounts available
20/10/2008	Payment incident detected
26/09/2008	Bodacc C : Deposit accounts notice
02/01/2008	Modification of Company Activity
02/01/2008	Update of Company Activity
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
08/03/2005	Rapport des Commissaires ou du Gérant
08/03/2005	Audit or Management Report
08/03/2005	Statuts mis à jour
08/03/2005	Changement de Forme Juridique avec changement de catégorie
08/03/2005	New legal form – no new category
08/03/2005	Changement de Président (PDG, PCA)
08/03/2005	Private document
08/03/2005	Appointment/resignation of company officers
08/03/2005	PV d'Assemblée
08/03/2005	Minutes of general meeting of shareholders
08/03/2005	Updated articles of association
31/12/2004	New accounts available
31/12/2003	New accounts available
21/05/2002	Acte sous seing privé
21/05/2002	Conversion du Capital Social en Euros
21/05/2002	Nomination/démission des organes de gestion
21/05/2002	Changement de Commissaire aux Comptes
21/05/2002	PV d'Assemblée
21/05/2002	Augmentation de Capital
21/05/2002	Statuts mis à jour
03/03/1998	Statuts mis à jour
03/03/1998	Acte modificatif
03/03/1998	Transfert du Siège dans le ressort du Tribunal de Commerce
03/03/1998	Acte sous seing privé
01/10/1996	Transfert du Siège dans le ressort du Tribunal de Commerce
01/10/1996	Acte modificatif
01/10/1996	Statuts mis à jour
22/05/1996	Acte modificatif
22/05/1996	Cession de parts
22/05/1996	Acte sous seing privé
09/11/1994	Nomination/démission des organes de gestion
09/11/1994	PV d'Assemblée
09/11/1994	Statuts
09/11/1994	Formation de Société
09/11/1994	Acte sous seing privé

Establishment events history

Date	Description
12/01/2013	Update of phone numbers
06/10/2012	Update Limit
08/09/2012	Update Rating
21/03/2012	Update Rating
21/03/2012	Update Limit
08/10/2011	Update Limit
03/09/2011	Update Rating
06/05/2011	Update Rating
29/12/2010	Update Limit
29/12/2010	Update Rating
16/10/2010	Update Limit
03/09/2010	Update Rating
29/12/2009	Update Rating
02/10/2009	Update Limit
02/10/2009	Update Rating
10/08/2009	Update Rating
10/08/2009	Update Limit
08/08/2009	Update Rating
30/01/2009	Update Limit
30/01/2009	Update Rating
05/11/2008	Update Rating
05/11/2008	Update Limit
06/08/2008	Update Limit
03/07/2008	Update Rating
13/01/2008	Update Limit
02/01/2008	Modification of Head office Activity
02/01/2008	Update of Establishment Activity
16/12/2007	Update Limit
10/12/2007	Update Limit
09/12/2007	Update Limit
07/12/2007	Update Limit
24/07/2007	Update Limit

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.85
UK Pound	1	Rs.84.42
Euro	1	Rs.72.40

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.