MIRA INFORM REPORT

Report Date :

18.02.2013

IDENTIFICATION DETAILS

Name :	ALMIMET
Registered Office :	18 Rue De La Michodiere 75002 Paris 2
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	September 1954
Com. Reg. No.:	RCS Paris 5 542 058 789
Legal Form :	Public limited company with board of directors
Line of Business :	Wholesale (intercompany trade) of chemicals
No. of Employees :	6 to 9 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 & CO MPANY SUMMARY

Name

ALMIMET

Personal comment

company summary

		EUR VAT Number	FR91542058789
Activity (APE)	Wholesale (intercompany trade) of chemicals (4675Z)	Legal form	Public limited company with board of directors
Phone	01 47 42 06 33	RCS Registration	RCS Paris 5 542 058 789
Fax		Share capital	152,250 Euros
Address	ALMIMET 18 RUE DE LA MICHODIERE 75002 PARIS 2	Incorporated Date	09/1954
Nationality	France	Status	Economically active

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) de produits chimiques (4675Z)	Business Pages FT®
Postal Address	ALMIMET 18 RUE DE LA MICHODIERE 75002 PARIS 2	Trading Address	18 RUE DE LA MICHODIERE 75002 PARIS 2
Telephone	01 47 42 06 33
Fax

DIRECTORS/MANAGEMENT

Current Directors

3

directors

Name	Mme. PAULET SYLVIE IRMA
Manager position	Président du conseil d'administration	Date of birth	11/03/1946
Place of birth	LEVALLOIS PERRET -92-
Type	Individual	Name at birth	KOPPENHEIM

Name	M. STOURDZE MARCEL
Manager position	Administrateur	Date of birth	09/07/1913
Place of birth	BOULOGNE -S ST D-
Type	Individual	Name at birth

Name	M. PAULET MARTIAL LAZARE ANDRE
Manager position	Administrateur	Date of birth	17/04/1947
Place of birth	75013 PARIS
Type	Individual	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	MME SYLVIE PAULET	11/03/1946 - LEVALLOIS PERRET
Administrateur	MME ANDREE BERG	- - -
Administrateur	M MARTIAL PAULET	- - -
Administrateur	M MARCEL STOURDZE	- - -

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Status of collection

This company is not under monitoring

Recent publications in Gazettes

Publication date	Gazette Name	Description
06/12/2012	JAL	Appointment of the social representative
Annonces de la seine (Les) Date de décision : 21/06/2012 Société faisant l'objet d'une nomination : 542058789 - ALMIMET, 18 RUE DE LA MICHODIERE, 75002 PARIS 2 Nominé : Madame Martine HANOTELLE, 92400 COURBEVOIE En la fonction de : Administrateur
05/11/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10948 - 542058789 RCS. ALMIMET. Forme : Société anonyme. Adresse : 18 rue de La Michodière 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
28/11/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10546 - 542058789 RCS. ALMIMET. Forme : Société anonyme. Adresse : 18 rue de La Michodière 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
26/09/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1221 - 542 058 789 RCS Paris. ALMIMET. Forme : Société anonyme. Administration : Administrateur partant : BLOCH ANDREE VEUVE BERG. Capital : 152250 EUR. Adresse de l’établissement principal : 18 rue de La Michodière, 75002 Paris. Adresse du siège social : 18 rue de La Michodière, 75002 Paris. Commentaires : modification survenue sur l'adresse de l'établissement et l'administration.
23/09/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9856 - 542058789 RCS. ALMIMET. Forme : Société anonyme. Adresse : 18 R DE LA MICHODIERE 75002 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
01/10/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9422 - 542058789 RCS. ALMIMET. Forme : Société anonyme. Adresse : 18 rue de La Michodière 75002 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 9178 - 542058789 RCS. ALMIMET. Forme : Société anonyme. Adresse : 18 rue de La Michodière 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
04/03/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11281 - 542058789 RCS. ALMIMET. Forme : Société anonyme. Adresse : 18 rue de La Michodière 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
27/11/2007	Bodacc C	Avis de dépôt des comptes
10751 - 542 058 789. RCS Paris ALMIMET. Forme: Société anonyme. Adresse du siège social: 18 rue de La Michodière 75002 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
29/12/2006	Bodacc C	Avis de dépôt des comptes
7831 - RCS Paris B 542 058 789. RC 54-B 5878. ALMIMET. Forme: S.A. Adresse du siège social: 18, R de la Michodiere,Paris, 75002 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
07/10/2005	Bodacc C	Avis de dépôt des comptes
5036 - RCS Paris B 542 058 789. RC 54-B 5878. ALMIMET. Forme: S.A. Adresse du siège social: 18, R de la Michodiere,Paris, 75002 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
06/02/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 542058789 RC 54-B 5878 ALMIMET. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : président d'honneur et administrateur partant : KOPPENHEIM (Alfred).
06/02/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 542058789 RC 54-B 5878 ALMIMET. Forme : S.A. Capital : 152 250 euros. Commentaires : modification survenue sur le capital (augmentation).
12/10/1997	Bodacc B	Modifications et mutations diverses
RCS Paris B 542 058 789 RC 54-B 5878 ALMIMET. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : nomination d'un administrateur : PAULET (Martial, Lazare, André). Modification du commissaire aux comptes titulaire : STE FIDUCIAIRE D'EXPERTISE COMPTABLE ET DE REVISION-SOFECOR.
18/07/1996	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 542 058 789 RC RC 54- B 5878 ALMIMET. Forme : S.A. Administration : président du conseil d' administration : Mme PAULET, née KOPPENHEIM (Sylvie, Irma). Président d'honneur et administrateur : KOPPENHEIM (Alfred). Administrateurs : STOURDZE (Marcel) Mme veuve BERG, née BLOCH (Andrée). Commissaire aux comptes titulaire : SOCIETE FIDUCIAIRE D'EXPERTISE COMPTABLE ET DE REVISION SOFECOR. Commissaire aux comptes suppléant : MORYOUSSEF (Henry). Commentaires : modification survenue sur l'administration.

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Payment Information Summary - SafeTrade

Payment Information Summary - SafeTrade
Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	1
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

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

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

Linkages

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

FINANCIAL INFORMATION

Trading to Date	12/31/2011	12/31/2010	12/31/2009
	Turnover	7,060,056 €	7,001,918 €	4,999,108 €
	Gross Operating Surplus	0,89 % Turnover	2,65 % Turnover	2,03 % Turnover
	Shareholders’ equity	986,583 €	937,435 €	808,694 €
	Net result	78,024 €	145,541 €	93,212 €
	Employees	6 to 9 employees	-	-

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	28/11/2012	17/11/2011	06/08/2010
Activity Code	4675Z	4675Z	4675Z
Employees	0	0	0

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	12 950	-3,4%	13 410	0,9%	13 294	54 908	-76,4%
- Intangible assets	0	0%	0	0%	0	187	0%
- Tangible assets	115	-80,0%	575	25,3%	459	17 762	-99,4%
- Financial assets	12 835	0%	12 835	0%	12 835	2 414	431,7%
Net current assets	2 106 158	21,8%	1 728 774	7,8%	1 604 180	632 539	233,0%
- Stocks	479 603	27,3%	376 634	33,6%	281 880	74 931	540,1%
- Advanced payments	0	21,8%	0	0%	0	0	0%
- Receivables	1 064 390	4,0%	1 023 361	15,7%	884 234	318 925	233,7%
- Securities and cash	562 165	71,0%	328 779	-24,9%	438 066	82 189	584,0%
- Prepaid expenses	-	-	-	-	-	129,50	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	2 119 108	21,6%	1 742 186	7,7%	1 617 473	778 724	172,1%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	986 583	5,2%	937 435	15,9%	808 694	254 158	288,2%
Share capital	152 250	0%	152 250	0%	152 250	42 512	258,1%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	110 896	-1,6%	112 676	25,5%	89 784	0	0%
Liabilities	1 021 629	47,6%	692 075	-3,7%	718 995	409 678	149,4%
- Financial liabilities	115 267	167,5%	43 090	-80,3%	218 976	34 024	238,8%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	717 232	76,4%	406 611	54,5%	263 185	179 704	299,1%
- Tax and social liabilities	185 728	-21,7%	237 210	3,1%	230 141	82 383	125,4%
- Other debts and fixed assets liabilities	3 402	-34,1%	5 163	-22,9%	6 693	8 242	-58,7%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	2 119 108	21,6%	1 742 186	7,7%	1 617 473	776 977	172,7%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	7 234 419	2,4%	7 067 000	40,2%	5 039 163	1 437 592	403,2%
Net turnover	7 060 056	0,8%	7 001 918	40,1%	4 999 108	1 400 654	404,1%
- of which net export turnover	1 213 055	-21,2%	1 539 505	79,8%	856 365	0	0%
Operating charges	7 143 931	3,3%	6 913 157	40,7%	4 912 105	1 355 916	426,9%
Operating profit/loss	90 488	-41,2%	153 843	21,1%	127 058	40 053	125,9%
Financial income	23 799	-76,0%	99 105	129,1%	43 259	770	2990,8%
Financial charges	30 991	-27,7%	42 836	27,0%	33 719	3 107	897,5%
Financial profit/loss	-7 192	-112,8%	56 269	489,8%	9 540	-351	-1949,0%
Pretax net operating income	83 296	-60,4%	210 111	53,8%	136 598	37 352	123,0%
Extraordinary income	6 059	1102,2%	504	14,0%	442	453	1237,5%
Extraordinary charges	76	-92,4%	1 006	-88,2%	8 543	385	-80,3%
Extraordinary profit/loss	5 983	1291,8%	-502	93,8%	-8 101	0	0%
Net result	78 024	-46,4%	145 541	56,1%	93 212	31 937	144,3%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2011	31/12/2010	31/12/2009
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Grand Total (I to VI)	Net	2 119 108	21,6%	1 742 186	7,7%	1 617 473
	Gross	CO	2 255 800	24,1%	1 817 100	5,5%	1 723 133
	Amortisation	1A	136 692	82,5%	74 914	-29,1%	105 660

Non declared distributed capital (I)

		31/12/2011		31/12/2010		31/12/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2011		31/12/2010		31/12/2009
	Total Active fixed asset (II)	Net	12 950	-3,4%	13 410	0,9%	13 294
	Gross	BJ	45 635	-37,1%	72 505	0,2%	72 335
	Amortisation	BK	32 685	-44,7%	59 095	0,1%	59 041

Intangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	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	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	0	0%	0	0%	0

Tangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	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	115	-80,0%	575	25,3%	459
	Gross	AT	32 800	-45,0%	59 670	0,3%	59 500
	Amortisation	AU	32 685	-44,7%	59 095	0,1%	59 041
	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	115		575		459

Financial assets

			31/12/2011		31/12/2010		31/12/2009
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	12 835	0%	12 835	0%	12 835
	Gross	BH	12 835	0%	12 835	0%	12 835
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		12 835		12 835		12 835

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	2 106 158	21,8%	1 728 774	7,8%	1 604 180
	Gross	CJ	2 210 165	26,7%	1 744 592	5,7%	1 650 799
	Amortisation	CK	104 007	557,5%	15 818	-66,1%	46 619

Stocks

			31/12/2011		31/12/2010		31/12/2009
	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	479 603	27,3%	376 634	33,6%	281 880
	Gross	BT	560 802	42,9%	392 452	33,8%	293 380
	Amortisation	BU	81 199	413,3%	15 818	37,5%	11 500
	Sub Total Stocks	Net	479 603	27,3%	376 634	33,6%	281 880

Advance payments to suppliers

			31/12/2011		31/12/2010		31/12/2009
	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

			31/12/2011		31/12/2010		31/12/2009
	Trade accounts receivable	Net	959 464	-5,0%	1 009 958	15,2%	876 641
	Gross	BX	982 272	-2,7%	1 009 958	10,8%	911 760
	Amortisation	BY	22 808	0%	0	0%	35 119
	Other debtors	Net	60 448	385,6%	12 447	86,5%	6 675
	Gross	BZ	60 448	385,6%	12 447	86,5%	6 675
	Amortisation	CA	0	0%	0	0%	0
	Capital subscribed and called up	Net	0	0%	0	0%	0
	Gross	CB	0	0%	0	0%	0
	Amortisation	CC	0	0%	0	0%	0
	Sub Total Debtors	Net	1 019 912	-0,2%	1 022 405	15,7%	883 316

Divers

			31/12/2011		31/12/2010		31/12/2009
	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	562 165	71,0%	328 779	-24,9%	438 066
	Gross	CF	562 165	71,0%	328 779	-24,9%	438 066
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	562 165	71,0%	328 779	-24,9%	438 066

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	44 478	4552,5%	956	4,1%	918
	Gross	CH	44 478	4552,5%	956	4,1%	918
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2011		31/12/2010		31/12/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
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)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	2 119 108	21,6%	1 742 186	7,7%	1 617 473

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	986 583	5,2%	937 435	15,9%	808 694
	Equity and shareholders' equity	DA	152 250	0%	152 250	0%	152 250
	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	15 225	0%	15 225	0%	15 225
	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	76 756	0%	76 756	0%	76 756
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	658 341	21,5%	541 676	16,4%	465 264
	Profit or loss for the period	DI	78 024	-46,4%	145 541	56,1%	93 212
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	5 987	0%	5 987	0%	5 987

Other capital resources (II)

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Total provisions for risks and charges (Total III)	DR	110 896	-1,6%	112 676	25,5%	89 784
	Risk provisions	DP	36 528	284,5%	9 500	216,7%	3 000
	Reserves for charges	DQ	74 368	-27,9%	103 176	18,9%	86 784

Liabilities (IV)

			31/12/2011		31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	1 021 629	47,6%	692 075	-3,7%	718 995
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	859	-97,3%	32 379	5620,7%	566
	Sundry loans and financial liabilities	DV	114 408	968,1%	10 711	-95,1%	218 410
	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	717 232	76,4%	406 611	54,5%	263 185
	Tax and social security liabilities	DY	185 728	-21,7%	237 210	3,1%	230 141
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	3 402	-34,1%	5 163	-22,9%	6 693

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2011		31/12/2010		31/12/2009
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	1 021 628	47,6%	692 075	-3,7%	718 995
Of which current bank facilities	EH	859	-97,3%	32 379	5620,7%	566

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)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	90 488	-41,2%	153 843	21,1%	127 058

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	-7 192	-112,8%	56 269	489,8%	9 540

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

		31/12/2011		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	83 296	-60,4%	210 111	53,8%	136 598

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	5 983	1291,8%	-502	93,8%	-8 101

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	78 024	-46,4%	145 541	56,1%	93 212

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	7 264 277	1,4%	7 166 609	41,0%	5 082 864

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

		31/12/2011		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	7 186 253	2,4%	7 021 067	40,7%	4 989 653

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	7 234 419	2,4%	7 067 000	40,2%	5 039 163

Operating income (details)

			31/12/2011		31/12/2010		31/12/2009
	Sale of goods for resale	FC	7 060 056	0,8%	7 001 918	40,1%	4 999 108
	France	FA	5 847 001	7,0%	5 462 413	31,9%	4 142 743
	Export	FB	1 213 055	-21,2%	1 539 505	79,8%	856 365
	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	0	0%	0	0%	0
	France	FG	0	0%	0	0%	0
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	7 060 056	0,8%	7 001 918	40,1%	4 999 108
	France	FJ	5 847 001	7,0%	5 462 413	31,9%	4 142 743
	Export	FK	1 213 055	-21,2%	1 539 505	79,8%	856 365
	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	174 328	168,8%	64 858	62,4%	39 930
	Other income	FQ	35	-84,4%	224	79,2%	125

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	7 143 931	3,3%	6 913 157	40,7%	4 912 105

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	6 110 629	3,6%	5 899 483	52,9%	3 857 550
Change in stocks of goods for resale	FT	-168 349	-69,9%	-99 073	-197,0%	102 154
Purchase of raw materials	FU	32 741	-39,6%	54 221	5,0%	51 660
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	205 993	-11,4%	232 622	-25,9%	313 894
Tax, duty and similar payments	FX	34 099	46,2%	23 321	21,1%	19 251
Payroll	FY	520 798	47,1%	353 965	0,0%	353 808
Social security costs	FZ	261 582	-25,7%	351 907	76,7%	199 110

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	459	-42,9%	804	60,5%	501
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	102 210	546,1%	15 819	37,6%	11 500
Provisions for risks and charges	GD	42 340	50,1%	28 207	0%	0

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	1 429	-97,2%	51 881	1838,0%	2 677

Operating charges (III-IV)

		31/12/2011		31/12/2010		31/12/2009
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)

			31/12/2011		31/12/2010		31/12/2009
	Total financial income (Total V)	GP	23 799	-76,0%	99 105	129,1%	43 259
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	736	498,4%	123	-82,5%	703
	Released provisions and transferred charges	GM	0	0%	0	0%	2 048
	Exchange gains	GN	23 063	-76,7%	98 982	144,4%	40 508
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2011		31/12/2010		31/12/2009
	Total financial charge (Total VI)	GU	30 991	-27,7%	42 836	27,0%	33 719
	Financial reserves and provisions	GQ	7 791	2397,1%	312	-69,8%	1 032
	Interest and similar charges	GR	23 200	247,0%	6 685	-12,6%	7 651
	Exchange losses	GS	0	0%	35 839	43,1%	25 036
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary income (Total VII)	HD	6 059	1102,2%	504	14,0%	442
	Extraordinary operating income	HA	0	0%	103	0%	103
	Extraordinary income from capital transactions	HB	6 059	1411,0%	401	18,3%	339
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	76	-92,4%	1 006	-88,2%	8 543
	Extraordinary operating charges	HE	0	0%	123	-98,5%	8 480
	Extraordinary charges from capital transactions	HF	76	-91,4%	883	1301,6%	63
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2011		31/12/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	11 255	-82,4%	64 068	81,6%	35 286

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	4 196	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)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	26 870	3487,4%	749	-70,7%	2 552
	Gross value at the end of period	OL	45 635	-37,1%	72 505	0,2%	72 335

Research and development Charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	KD	0	0%	0	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	0	0%	0	0%	0

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	59 670	0,3%	59 500	-4,1%	62 052
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	919	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	26 870	3487,4%	749	-70,7%	2 552
	Gross value at the end of period	NH	32 800	-45,0%	59 670	0,3%	59 500

Fiancial assets (Total IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LQ	12 835	0%	12 835	7,1%	11 987
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	848
	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	12 835	0%	12 835	0%	12 835

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

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	59 096	0,1%	59 041	-3,4%	61 092
Increases		QV	459	-42,9%	804	60,5%	501
Decreases		QW	26 870	3487,4%	749	-70,7%	2 552
	Decreasess by budget item transfer	QX	32 685	-44,7%	59 096	0,1%	59 041

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

			31/12/2011		31/12/2010		31/12/2009
	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

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7C	134 483	0%	0	0%	0
Increases		UB	144 550	0%	0	0%	0
Decreases		UC	58 142	0%	0	0%	0
	Value at the end of period	UD	220 891	0%	0	0%	0

Includes Total allocations

Operating	UE	144 550	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	58 142	0%	0	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	3Z	5 987	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	5 987	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	112 676	0%	0	0%	0
Increases		TV	42 339	0%	0	0%	0
Decreases		TW	44 120	0%	0	0%	0
	Value at the end of period	TX	110 895	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	15 819	0%	0	0%	0
Increases		TY	102 210	0%	0	0%	0
Decreases		TZ	14 022	0%	0	0%	0
	Value at the end of period	UA	104 007	0%	0	0%	0

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	1 100 033	6,2%	1 036 197	11,2%	932 186
1 year at most	VU	1 100 033	6,2%	1 036 197	11,2%	932 186
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2011		31/12/2010		31/12/2009
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	12 835	0%	12 835	0%	12 835
Other financial assets (1 year at most)	UV	12 835	0%	12 835	0%	12 835

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	40 870	0%	0	0%	39 678
Other claims customer	UX	941 402	-6,8%	1 009 958	15,8%	872 081
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	52 813	324,3%	12 447	0%	0
Value added tax	VB	5 635	0%	0	0%	6 674
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	2 000	0%	0	0%	0

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	44 478	4552,5%	956	4,3%	917

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	1 021 628	47,6%	692 074	-3,7%	718 995
1 year at most		VZ2	1 021 628	47,6%	692 074	-3,7%	718 995
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	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	859	-97,3%	32 378	5620,5%	566
1 year at most		VG2	859	-97,3%	32 378	5620,5%	566
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	717 232	76,4%	406 611	54,5%	263 185
1 year at most		8B2	717 232	76,4%	406 611	54,5%	263 185
More than 1 year and 5 years at most		8B3	717 232	76,4%	406 611	54,5%	263 185
	Personnel and associated accounts (gross)	8C1	31 524	-61,2%	81 204	20,2%	67 576
1 year at most		8C2	31 524	-61,2%	81 204	20,2%	67 576
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	89 538	-8,2%	97 571	-18,2%	119 219
1 year at most		8D2	89 538	-8,2%	97 571	-18,2%	119 219
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	20 860	1114,2%	1 718
1 year at most		8E2	0	0%	20 860	1114,2%	1 718
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	45 551	114,0%	21 288	-24,5%	28 206
1 year at most		VW2	45 551	114,0%	21 288	-24,5%	28 206
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	19 115	17,4%	16 285	21,3%	13 420
1 year at most		VQ2	19 115	17,4%	16 285	21,3%	13 420
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	114 408	968,1%	10 711	-95,1%	218 410
1 year at most		VI2	114 408	968,1%	10 711	-95,1%	218 410
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	3 402	-34,1%	5 162	-22,9%	6 692
1 year at most		8K2	3 402	-34,1%	5 162	-22,9%	6 692
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

		31/12/2011		31/12/2010		31/12/2009
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2011		31/12/2010		31/12/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2011		31/12/2010		31/12/2009
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

		31/12/2011		31/12/2010		31/12/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

		31/12/2011		31/12/2010		31/12/2009
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

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing		27,27	76,5%	15,45	-5,0%	16,26	2,69	913,8%
Global Debt		52 days	44,4%	36 days	-30,8%	52 days	97 days	-46,4%
Working Capital Fund overall net		61 days	13,0%	54 days	-31,6%	79 days	66 days	-7,6%
Financial independence		114852,50%	3867,0%	2895,19%	-98,0%	142878,80%	712,56%	16018,3%
More ratios
Solvability		46,56%	-13,5%	53,81%	7,6%	50%	40,59%	14,7%
Capacity debt futures		114852,50%	3866,9%	2895,28%	-98,0%	142878,80%	1675,83%	6753,5%
Coverage of current assets by net working capital overall		55,36%	-7,8%	60,07%	-10,2%	66,89%	46,38%	19,4%
General Liquidity		1,08	-28,0%	1,50	15,4%	1,30	0,88	22,7%
Restricted Liquidity		1,63	-17,3%	1,97	3,1%	1,91	1,29	26,4%

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		30 days	-23,1%	39 days	-18,8%	48 days	34,50 days	-13,0%
Treasury		29 days	93,3%	15 days	-53,1%	32 days	14,50 days	100%
Inventory turnover of goods		34 days	41,7%	24 days	-11,1%	27 days	36 days	-5,6%
Average length of credit granted to customers		50 days	-3,8%	52 days	-21,2%	66 days	63 days	-20,6%
Average length of credit obtained suppliers		42 days	75,0%	24 days	9,1%	22 days	55 days	-23,6%
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	897,50 days	-
Rotation tangible assets		21524,56%	83,4%	11734,40%	39,7%	8401,86%	1438,03%	1396,8%

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		15,83%	-7,8%	17,16%	-17,5%	20,79	19,42%	-18,5%
Profitability of the business		0,89	-66,4%	2,65	30,5%	2,03	4,02%	-77,9%
Net profit		1,11%	-46,6%	2,08%	11,8%	1,86%	2,42%	-54,1%
More ratios
Growth rate of turnover (excluding VAT)		0,83%	-97,9%	40,06%	256,6%	-25,58%	7,97%	-89,6%
Rates integration		12,45%	-4,7%	13,06%	-3,1%	13,48%	17,41%	-28,5%
Rate leasing furniture		0,06%	0%	0%	0%	0%	0%	0%
Work Factor		89%	15,3%	77,17%	-5,9%	82,05%	63,98%	39,1%
Weight interests		0,44	-27,9%	0,61%	-9,0%	0,67%	0,22%	100%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		0,31%	-85,2%	2,10%	11,1%	1,89%	3,11%	-90,0%
Rates of economic profitability		6%	-68,4%	19%	90,0%	10%	15%	-60,0%
Financial profitability		986583%	5,2%	937435%	15,9%	808694%	247392%	298,8%
Return on investment		9,89%	-48,5%	19,21%	55,5%	12,35%	10,14%	-2,5%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	7 060 056	0,8%	7 001 918	40,1%	4 999 108	1 400 654 €	404,1%

Sales of goods	7 060 056	0,8%	7 001 918	40,1%	4 999 108
- Purchase of goods	6 110 629	3,6%	5 899 483	52,9%	3 857 550
+/- Stock of goods variation	-168 349	-69,9%	-99 073	-197,0%	102 154
Trading margin	1 117 776 €	-7,0%	1 201 508 €	15,6%	1 039 404 €	250 598 €	346,0%
	15,83 % CA	-7,8%	17,16 % CA	-17,5%	20,79 % CA	19,77 % CA	-19,9%

Sale of goods produced	0	0%	0	0%	0
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	0 €	0%	0 €	0%	0 €	51 117 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	2,82 % CA	0%

Trading margin	1 117 776	-7,0%	1 201 508	15,6%	1 039 404	250 598	346,0%
+ Period Production	0	0%	0	0%	0	51 117	0%
- Purchase of raw materials	32 741	-39,6%	54 221	5,0%	51 660
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	205 993	-11,4%	232 622	-25,9%	313 894
Added value	879 042 €	-3,9%	914 665 €	35,7%	673 850 €	273 606 €	221,3%
	12,45 % CA	-4,7%	13,06 % CA	-3,1%	13,48 % CA	17,41 % CA	-28,5%

Added value	879 042 €	-3,9%	914 665 €	35,7%	673 850 €	273 606 €	221,3%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	34 099	46,2%	23 321	21,1%	19 251
- Personal charges	782 380	10,8%	705 872	27,7%	552 918
Gross operating surplus	62 563 €	-66,3%	185 472 €	82,4%	101 681 €	50 710 €	23,4%
	0,89 % CA	-66,4%	2,65 % CA	30,5%	2,03 % CA	4,02 % CA	-77,9%

Gross operating surplus	62 563 €	-66,3%	185 472 €	82,4%	101 681 €	50 710 €	23,4%
+ Release of reserves and provisions	174 328	168,8%	64 858	62,4%	39 930
+ Other operating income	35	-84,4%	224	79,2%	125
- Depreciation/Amortisation	145 009	223,5%	44 830	273,6%	12 001
- Other charges	1 429	-97,2%	51 881	1838,0%	2 677
Operating result	90 488 €	-41,2%	153 843 €	21,1%	127 058 €	40 053 €	125,9%
	1,28 % CA	-41,8%	2,20 % CA	-13,4%	2,54 % CA	3,14 % CA	-59,2%

Operating result	90 488 €	-41,2%	153 843 €	21,1%	127 058 €	40 053 €	125,9%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	23 799	-76,0%	99 105	129,1%	43 259
- Financial charges	30 991	-27,7%	42 836	27,0%	33 719
Pre-tax result	83 296 €	-60,4%	210 112 €	53,8%	136 598 €	37 352 €	123,0%
	1,18 % CA	-60,7%	3,00 % CA	9,9%	2,73 % CA	3,09 % CA	-61,8%

Extraordinary income	6 059	1102,2%	504	14,0%	442	453	1237,5%
- Extraordinary charges	76	-92,4%	1 006	-88,2%	8 543
Extraordinary result	5 983 €	1291,8%	-502 €	93,8%	-8 101 €	0 €	0%
	0,08 % CA	900%	-0,01 % CA	93,8%	0 % CA	0 % CA	0%

Pre-tax result	83 296 €	-60,4%	210 112 €	53,8%	136 598 €	37 352 €	123,0%
Extraordinary result	5 983 €	1291,8%	-502 €	93,8%	-8 101 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	11 255	-82,4%	64 068	81,6%	35 286
Net result	78 024 €	-46,4%	145 542 €	56,1%	93 211 €	31 934 €	144,3%
	1,11 % CA	-46,6%	2,08 % CA	11,8%	1,86 % CA	2,42 % CA	-54,1%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends
Profitability
Liquidity
Net worth

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) de produits chimiques (4675Z)
RCS Registration	RCS Paris 5 542 058 789	Share capital	152,250 Euros
Registration Court	Paris (75)	Legal form	Public limited company with board of directors
Court Registry Number	19 5 4B058	EUR VAT Number	FR91542058789
Incorporation Date	09/1954	Formation Date	01/1954
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Type	Head office (one site company)	Status	Economically active
	Formation Date	01/1954	Reason for formation
	Closure Date		Reason for closure
	Reactivation Date		Production Role
	Activity Nature	-	Activity Location	Other
	Location surface		Seasonality

Department	Paris (75)	Region	Ile-de-France
District	1	Area	99
City	PARIS 2	Size of urban area	Paris conglomeration

Other establishments

Branches	1 branch entities in this company
Head office	> ALMIMET <<<  - Commerce de gros (commerce interentreprises) de produits chimiques (4675Z)  in PARIS 2  (75002)

Secondary establishments

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

6 to 9 employees

Company workforce

6 to 9 employees

event history

Status history

Date	Description
No Status History

Company events history

Date	Description
30/11/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/11/2012	Bodacc C : Deposit accounts notice
21/06/2012	Legal Gazette: Appointment of the social representative
31/12/2011	New accounts available
28/11/2011	Bodacc C : Deposit accounts notice
19/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
26/09/2010	Bodacc B: Various editing or changing
23/09/2010	Bodacc C : Deposit accounts notice
09/09/2010	Minutes of general meeting of shareholders
09/09/2010	Changes to the Board of Directors
23/07/2010	Updated articles of association
23/07/2010	Change to corporate purpose
23/07/2010	Minutes of general meeting of shareholders
31/12/2009	New accounts available
01/10/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
26/09/2008	Bodacc C : Deposit accounts notice
04/03/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
27/01/2004	Augmentation de Capital
27/01/2004	PV d'Assemblée
27/01/2004	Statuts mis à jour
27/01/2004	Nomination/démission des organes de gestion
27/01/2004	Modification du Conseil d'Administration
27/01/2004	Acte sous seing privé
31/12/2003	New accounts available
29/09/1997	PV d'Assemblée
29/09/1997	Nomination/démission des organes de gestion
29/09/1997	Modification du Conseil d'Administration
29/09/1997	Acte sous seing privé
04/07/1996	PV du Conseil d'Administration
04/07/1996	Acte modificatif
04/10/1994	PV d'Assemblée
04/10/1994	Nomination/démission des organes de gestion
04/10/1994	Acte modificatif
04/10/1994	Modification du Conseil d'Administration
03/06/1994	PV d'Assemblée
03/06/1994	Acte modificatif
03/06/1994	Changement de Commissaire aux Comptes
16/09/1992	Acte modificatif
16/09/1992	Changement de Président (PDG, PCA)
16/09/1992	Nomination/démission des organes de gestion
16/09/1992	Modification du Conseil d'Administration
16/09/1992	PV d'Assemblée
16/09/1992	PV du Conseil d'Administration

Establishment events history

Date	Description
30/11/2012	Update Rating
30/11/2012	Update Limit
24/10/2012	Update of phone numbers
11/09/2012	Update Rating
19/11/2011	Update Limit
19/11/2011	Update Rating
05/09/2011	Update Rating
10/08/2010	Update Limit
30/12/2009	Update Rating
27/08/2009	Update Rating
27/08/2009	Update Limit
18/08/2008	Update Limit
16/12/2007	Update Limit
11/12/2007	Update Limit
09/12/2007	Update Limit
28/08/2007	Update Limit

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.99
UK Pound	1	Rs.83.72
Euro	1	Rs.72.08

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.