MIRA INFORM REPORT

Report Date :

05.01.2013

IDENTIFICATION DETAILS

Name :	KARIBAN FRANCE
Registered Office :	Kariban 13 Av Du Girou 31620 Villeneuve Les Bouloc
Country :	France
Financials (as on) :	30.06.2011
Date of Incorporation :	December 1998
Com. Reg. No.:	RCS Toulouse 0 421 346 461
Legal Form :	Limited Liability Company
Line of Business :	Wholesale (intercompany trade) clothing and shoes
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

Maximum Credit Limit:	1,270,000 €
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

KARIBAN FRANCE

SIRET

421 346 461 00039

Personal comment

company summary

		EUR VAT Number	FR94421346461
Activity (APE)	Wholesale (intercompany trade) clothing and shoes (4642Z)	Legal form	Limited Liability Company
Phone	05 62 22 97 03	RCS Registration	RCS Toulouse 0 421 346 461
Fax		Share capital	400,000 Euros
Address	KARIBAN FRANCE KARIBAN 13 AV DU GIROU 31620 VILLENEUVE LES BOULOC	Incorporated Date	12/1998
Nationality	France	Status	Economically active

CREDIT recommendation

Current Credit Limit: 1,270,000 €

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Name	M. MARTI LAURENT
Manager position	Gérant	Date of birth	13/08/1967
Place of birth	BERGERAC(24)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Gérant	M LAURENT MARTI	13/07/1967 - BERGERAC

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

N/a

PAYMENT INFORMATION

N/a

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	06/30/2011	06/30/2010	12/31/2009
Turnover	26,435,243 €	11,459,504 €	17,177,011 €
Gross Operating Surplus	18,75 % Turnover	14,56 % Turnover	16,58 % Turnover
Shareholders’ equity	15,983,987 €	13,096,190 €	11,786,303 €
Net result	2,887,797 €	1,115,271 €	1,813,738 €

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	30/06/2011	30/06/2010	31/12/2009
Account period (month)	12	06	12
Account Type	Normal	Normal	Normal
Deposit date	26/03/2012	04/02/2011	27/08/2010
Activity Code	4642Z	4642Z	4642Z
Employees	0	23	34

Active account

Annual Accounts	30/06/2011		30/06/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1 751 658	65,1%	1 061 185	184,0%	373 675	40 831,50	4190,0%
- Intangible assets	181 125	4959,4%	3 580	0%	0	5 008,50	3516,4%
- Tangible assets	535 521	42,3%	376 222	16,2%	323 675	5 499	9638,5%
- Financial assets	1 035 012	51,9%	681 383	1262,8%	50 000	4 947,50	20819,9%
Net current assets	28 203 856	71,8%	16 417 868	6,0%	15 486 470	215 940	12961,0%
- Stocks	13 935 931	100,3%	6 958 832	-5,7%	7 378 813	53 035	26176,9%
- Advanced payments	7 606	71,8%	47 396	91,2%	24 793	0	0%
- Receivables	13 996 773	56,2%	8 960 417	28,9%	6 951 032	65 544	21254,8%
- Securities and cash	263 546	-41,6%	451 223	-60,1%	1 131 832	32 932,50	700,3%
- Prepaid expenses	-	-	-	-	-	144	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	29 955 514	71,4%	17 479 052	10,2%	15 860 144	305 672,50	9699,9%

Passive Account

Annual Accounts	30/06/2011		30/06/2010		31/12/2009	Sector Median 2011
Shareholders' equity	15 983 987	22,1%	13 096 190	11,1%	11 786 303	67 089,50	23724,9%
Share capital	294 600	0%	294 600	194,6%	100 000	9 854,50	2889,5%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	13 971 526	218,8%	4 382 862	7,6%	4 073 841	198 648	6933,3%
- Financial liabilities	7 850 572	200,5%	2 612 389	7,6%	2 426 808	17 425	44953,5%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	3 790 635	152,8%	1 499 378	-1,9%	1 528 542	65 851,50	5656,3%
- Tax and social liabilities	433 931	63,2%	265 957	144,1%	108 965	45 141	861,3%
- Other debts and fixed assets liabilities	1 896 388	36809,1%	5 138	-46,1%	9 526	7 977	23673,2%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	29 955 513	71,4%	17 479 052	10,2%	15 860 144	305 672,50	9699,9%

Results

Annual Accounts	30/06/2011		30/06/2010		31/12/2009	Sector Median 2011
Sales of Goods	26 451 153	130,6%	11 471 984	-33,2%	17 182 462	454 487,50	5720,0%
Net turnover	26 435 243	130,7%	11 459 504	-33,3%	17 177 011	442 728,50	5871,0%
- of which net export turnover	12 964 910	159,9%	4 988 665	-32,1%	7 345 709	1 896	683703,3%
Operating charges	21 617 852	119,9%	9 829 430	-31,7%	14 398 414	447 663	4729,0%
Operating profit/loss	4 833 301	194,3%	1 642 554	-41,0%	2 784 048	8 911	54139,7%
Financial income	30 576	-71,5%	107 183	-8,6%	117 221	01	3057500%
Financial charges	919 405	1159,3%	73 009	-61,0%	187 085	901,50	101886,1%
Financial profit/loss	-888 829	-2700,9%	34 174	148,9%	-69 864	-103,50	-858672,0%
Pretax net operating income	3 944 472	135,2%	1 676 728	-38,2%	2 714 184	7 449	52853,0%
Extraordinary income	5 400	-10,6%	6 039	-60,1%	15 122	0	0%
Extraordinary charges	770	-77,0%	3 348	182,1%	1 187	193	299,0%
Extraordinary profit/loss	4 630	107213,2%	2 691	-80,7%	13 935	0	0%
Net result	2 887 797	158,9%	1 115 271	-38,5%	1 813 738	7 623,50	37780,2%

Display parameter
Currency		Euro		Kilo Euro
	Normal Account		30/06/2011		30/06/2010	31/12/2009
	Months		12		06	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		30/06/2011		30/06/2010		31/12/2009
Grand Total (I to VI)	Net	29 955 514	71,4%	17 479 052	10,2%	15 860 144
Gross	CO	30 370 274	71,0%	17 760 716	10,3%	16 103 943
Amortisation	1A	414 760	47,3%	281 664	15,5%	243 799

Non declared distributed capital (I)

		30/06/2011		30/06/2010		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)

		30/06/2011		30/06/2010		31/12/2009
Total Active fixed asset (II)	Net	1 751 658	65,1%	1 061 185	184,0%	373 675
Gross	BJ	2 164 589	61,2%	1 342 850	117,5%	617 474
Amortisation	BK	412 931	46,6%	281 665	15,5%	243 799

Intangilble fixed assets

			30/06/2011		30/06/2010		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	31 707	785,7%	3 580	0%	0
	Gross	AF	81 744	209,1%	26 450	15,8%	22 850
	Amortisation	AG	50 037	118,8%	22 870	0,1%	22 850
	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	149 418	0%	0	0%	0
	Gross	AJ	149 418	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	181 125	4959,4%	3 580	0%	0

Tangilble fixed assets

		30/06/2011		30/06/2010		31/12/2009
Lands	Net	36 667	115,8%	16 993	-6,0%	18 078
Gross	AN	43 736	101,5%	21 702	0%	21 702
Amortisation	AO	7 069	50,1%	4 709	29,9%	3 624
Buildings	Net	33 857	8,6%	31 180	-6,1%	33 213
Gross	AP	47 876	17,8%	40 648	0%	40 648
Amortisation	AQ	14 019	48,1%	9 468	27,3%	7 435
Plant	Net	101 008	51,0%	66 911	113,7%	31 317
Gross	AR	228 050	43,0%	159 468	40,8%	113 254
Amortisation	AS	127 042	37,3%	92 557	13,0%	81 937
Other tangible fixed assets	Net	343 613	31,6%	261 138	8,3%	241 067
Gross	AT	558 377	35,1%	413 199	12,0%	369 020
Amortisation	AU	214 764	41,2%	152 061	18,8%	127 953
Fixed assets in construction	Net	20 376	0%	0	0%	0
Gross	AV	20 376	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	535 521		376 222		323 675

Financial assets

		30/06/2011		30/06/2010		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	976 920	55,8%	626 883	0%	0
Gross	CU	976 920	55,8%	626 883	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	58 092	6,6%	54 500	9,0%	50 000
Gross	BH	58 092	6,6%	54 500	9,0%	50 000
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		1 035 012		681 383		50 000

Current Assets (III)

		30/06/2011		30/06/2010		31/12/2009
Total Assets	Net	28 203 856	71,8%	16 417 868	6,0%	15 486 470
Gross	CJ	28 205 685	71,8%	16 417 868	6,0%	15 486 470
Amortisation	CK	1 829	0%	0	0%	0

Stocks

		30/06/2011		30/06/2010		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	13 935 931	100,3%	6 958 832	-5,7%	7 378 813
Gross	BT	13 935 931	100,3%	6 958 832	-5,7%	7 378 813
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	13 935 931	100,3%	6 958 832	-5,7%	7 378 813

Advance payments to suppliers

		30/06/2011		30/06/2010		31/12/2009
Advance payments to suppliers	Net	7 606	-84,0%	47 396	91,2%	24 793
Gross	BV	7 606	-84,0%	47 396	91,2%	24 793
Amortisation	BW	0	0%	0	0%	0

Debtors

		30/06/2011		30/06/2010		31/12/2009
Trade accounts receivable	Net	7 306 363	11,5%	6 553 187	46,6%	4 469 122
Gross	BX	7 308 192	11,5%	6 553 187	46,6%	4 469 122
Amortisation	BY	1 829	0%	0	0%	0
Other debtors	Net	2 565 492	271,0%	691 470	153,2%	273 069
Gross	BZ	2 565 492	271,0%	691 470	153,2%	273 069
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	9 871 855	36,3%	7 244 657	52,8%	4 742 191

Divers

		30/06/2011		30/06/2010		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	263 546	-41,6%	451 223	-60,1%	1 131 832
Gross	CF	263 546	-41,6%	451 223	-60,1%	1 131 832
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	263 546	-41,6%	451 223	-60,1%	1 131 832

Prepaid expenses

		30/06/2011		30/06/2010		31/12/2009
Prepaid expenses	Net	4 124 918	140,4%	1 715 760	-22,3%	2 208 841
Gross	CH	4 124 918	140,4%	1 715 760	-22,3%	2 208 841
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

30/06/2011

30/06/2010

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

		30/06/2011		30/06/2010		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)

		30/06/2011		30/06/2010		31/12/2009
Grand Total (I to V)	EE	29 955 513	71,4%	17 479 052	10,2%	15 860 144

Shareholder Equity (I)

		30/06/2011		30/06/2010		31/12/2009
Total shareholders' equity (Total I)	DL	15 983 987	22,1%	13 096 190	11,1%	11 786 303
Equity and shareholders' equity	DA	294 600	0%	294 600	194,6%	100 000
Issue and merger premiums	DB	16	0%	16	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	29 460	194,6%	10 000	0%	10 000
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	12 772 114	9,4%	11 676 303	18,4%	9 862 565
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	2 887 797	158,9%	1 115 271	-38,5%	1 813 738
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		30/06/2011		30/06/2010		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)

		30/06/2011		30/06/2010		31/12/2009
Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	0
Risk provisions	DP	0	0%	0	0%	0
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		30/06/2011		30/06/2010		31/12/2009
Total Liabilities (Total IV)	EC	13 971 526	218,8%	4 382 862	7,6%	4 073 841
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	5 053 219	713,9%	620 853	7024,0%	8 715
Sundry loans and financial liabilities	DV	2 797 353	40,5%	1 991 536	-17,6%	2 418 093
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	0
Trade accounts payables	DX	3 790 635	152,8%	1 499 378	-1,9%	1 528 542
Tax and social security liabilities	DY	433 931	63,2%	265 957	144,1%	108 965
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	1 896 388	36809,1%	5 138	-46,1%	9 526

Translation loss (V)

		30/06/2011		30/06/2010		31/12/2009
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		30/06/2011		30/06/2010		31/12/2009
Deferred income	EB	0	0%	0	0%	0

References

		30/06/2011		30/06/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	13 464 972	207,2%	4 382 862	7,6%	4 073 841
Of which current bank facilities	EH	4 194 858	1260,1%	308 421	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)

		30/06/2011		30/06/2010		31/12/2009
Operating result (Total I-II)	GG	4 833 301	194,3%	1 642 554	-41,0%	2 784 048

2 - Financial result (V - VI)

		30/06/2011		30/06/2010		31/12/2009
Financial result (Total V-VI)	GV	-888 829	-2700,9%	34 174	148,9%	-69 864

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

		30/06/2011		30/06/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	3 944 472	135,2%	1 676 728	-38,2%	2 714 184

4 - Extraordinary result (VII-VIII)

		30/06/2011		30/06/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	4 630	72,1%	2 691	-80,7%	13 935

Profit or loss

		30/06/2011		30/06/2010		31/12/2009
Profit or loss	HN	2 887 797	158,9%	1 115 271	-38,5%	1 813 738

Total Income (I+III+V+VII)

		30/06/2011		30/06/2010		31/12/2009
Total Income (I+III+V+VII)	HL	26 487 129	128,6%	11 585 206	-33,1%	17 314 805

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

		30/06/2011		30/06/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	23 599 333	125,4%	10 469 934	-32,5%	15 501 068

Operating income (I)

		30/06/2011		30/06/2010		31/12/2009
Total operating income (Total I)	FR	26 451 153	130,6%	11 471 984	-33,2%	17 182 462

Operating income (details)

		30/06/2011		30/06/2010		31/12/2009
Sale of goods for resale	FC	26 210 818	129,6%	11 418 341	-33,2%	17 100 379
France	FA	13 365 793	107,2%	6 450 710	-34,2%	9 801 494
Export	FB	12 845 025	158,6%	4 967 631	-31,9%	7 298 885
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	224 425	445,2%	41 163	-46,3%	76 632
France	FG	104 540	419,4%	20 129	-32,5%	29 808
Export	FH	119 885	470,0%	21 034	-55,1%	46 824
Net turnover	FL	26 435 243	130,7%	11 459 504	-33,3%	17 177 011
France	FJ	13 470 333	108,2%	6 470 839	-34,2%	9 831 302
Export	FK	12 964 910	159,9%	4 988 665	-32,1%	7 345 709
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	15 831	189,6%	5 466	7,0%	5 107
Other income	FQ	79	-98,9%	7 014	1939,0%	344

Operating charges (II)

		30/06/2011		30/06/2010		31/12/2009
Total operating charges (Total II)	GF	21 617 852	119,9%	9 829 430	-31,7%	14 398 414

Exploitation charges

		30/06/2011		30/06/2010		31/12/2009
Purchase of goods for resale	FS	23 391 215	229,8%	7 092 474	-33,9%	10 735 168
Change in stocks of goods for resale	FT	-6 977 099	-1761,3%	419 980	-29,7%	597 766
Purchase of raw materials	FU	104 515	441,4%	19 304	-47,3%	36 646
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	3 240 189	111,5%	1 531 822	-22,0%	1 962 781
Tax, duty and similar payments	FX	218 900	128,6%	95 760	-26,1%	129 600
Payroll	FY	1 105 438	138,4%	463 674	-29,2%	654 982
Social security costs	FZ	395 633	134,8%	168 485	-20,5%	211 994

Depreciation

		30/06/2011		30/06/2010		31/12/2009
Depreciation of fixed assets	GA	136 723	261,1%	37 865	-45,5%	69 473
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	1 829	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		30/06/2011		30/06/2010		31/12/2009
Other charges	GE	509	671,2%	66	1550,0%	04

Operating charges (III-IV)

		30/06/2011		30/06/2010		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)

		30/06/2011		30/06/2010		31/12/2009
Total financial income (Total V)	GP	30 576	-71,5%	107 183	-8,6%	117 221
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	967	3619,2%	26	-95,1%	529
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	29 355	-72,6%	107 001	-8,3%	116 692
Net income from disposal of investment securities	GO	254	62,8%	156	0%	0

Financial Charge (VI)

		30/06/2011		30/06/2010		31/12/2009
Total financial charge (Total VI)	GU	919 405	1159,3%	73 009	-61,0%	187 085
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	849 865	1760,0%	45 691	-64,0%	126 996
Exchange losses	GS	69 540	154,6%	27 318	-54,5%	60 089
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

		30/06/2011		30/06/2010		31/12/2009
Total extraordinary income (Total VII)	HD	5 400	-10,6%	6 039	-60,1%	15 122
Extraordinary operating income	HA	0	0%	6 039	-60,1%	15 122
Extraordinary income from capital transactions	HB	5 400	0%	0	0%	0
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		30/06/2011		30/06/2010		31/12/2009
Total extraordinary charges (Total VIII)	HH	770	-77,0%	3 348	182,1%	1 187
Extraordinary operating charges	HE	770	-77,0%	3 348	182,1%	1 187
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)

		30/06/2011		30/06/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	92 348	0%	0	0%	0

Tax on profits (X)

		30/06/2011		30/06/2010		31/12/2009
Tax on profits (Total X)	HK	968 958	71,8%	564 147	-38,3%	914 382

References

				30/06/2011			30/06/2010		31/12/2009
	Of which equipment leases		HP	0	0%		2 933	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)

		30/06/2011		30/06/2010		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	0	0%	0	0%	2 029
Gross value at the end of period	OL	2 164 584	61,2%	1 342 849	117,5%	617 473

Research and development Charge (Total I)

		30/06/2011		30/06/2010		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)

		30/06/2011		30/06/2010		31/12/2009
Gross value at begin of period	KD	26 450	15,8%	22 849	0,0%	22 850
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	204 712	5586,4%	3 600	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	231 162	774,0%	26 449	15,8%	22 850

Tangible fixed assets (Total III)

		30/06/2011		30/06/2010		31/12/2009
Gross value at begin of period	LN	635 015	16,6%	544 622	14,7%	474 654
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	263 396	191,4%	90 392	25,5%	71 998
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	0	0%	2 029
Gross value at the end of period	NH	898 411	41,5%	635 014	16,6%	544 623

Financial assets (Total IV)

		30/06/2011		30/06/2010		31/12/2009
Gross value at begin of period	LQ	681 383	1262,8%	50 000	0%	50 000
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	353 628	-44,0%	631 383	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	1 035 011	51,9%	681 383	1262,8%	50 000

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

			30/06/2011		30/06/2010		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)

			30/06/2011		30/06/2010		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)

			30/06/2011		30/06/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	22 869	0,1%	22 850	18,0%	19 367
Increases		PF	32 623	163015,0%	20	-99,4%	3 483
Decreasess		PG	5 456	0%	0	0%	0
	Decreasess by budget item transfer	PH	50 036	118,8%	22 870	0,1%	22 850

Total fixed assets amotisation (Total III)

			30/06/2011		30/06/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	258 791	17,1%	220 948	40,7%	156 988
Increases		QV	104 096	175,1%	37 844	-42,7%	65 989
Decreases		QW	0	0%	0	0%	2 029
	Decreasess by budget item transfer	QX	362 887	40,2%	258 792	17,1%	220 948

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

			30/06/2011		30/06/2010		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

			30/06/2011		30/06/2010		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)

			30/06/2011		30/06/2010		31/12/2009
	Value at begining of period	7C	0	0%	0	0%	0
Increases		UB	1 829	0%	0	0%	0
Decreases		UC	0	0%	0	0%	0
	Value at the end of period	UD	1 829	0%	0	0%	0

Includes Total allocations

Operating	UE	1 829	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

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

Total regulated provisions (Total I)

			30/06/2011		30/06/2010		31/12/2009
	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)

			30/06/2011		30/06/2010		31/12/2009
	Value at begining of period	5Z	0	0%	0	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	0	0%	0
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			30/06/2011		30/06/2010		31/12/2009
	Value at begining of period	7B	0	0%	0	0%	0
Increases		TY	1 829	0%	0	0%	0
Decreases		TZ	0	0%	0	0%	0
	Value at the end of period	UA	1 829	0%	0	0%	0

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

		30/06/2011		30/06/2010		31/12/2009
Gross value	VT	14 056 690	55,9%	9 014 916	28,8%	7 001 032
1 year at most	VU	14 056 690	55,9%	9 014 916	28,8%	7 001 032
More than one year	VV	0	0%	0	0%	0

State of loans

		30/06/2011		30/06/2010		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	58 091	6,6%	54 500	9,0%	50 000
Other financial assets (1 year at most)	UV	58 091	6,6%	54 500	9,0%	50 000

Receivables statement of assets

		30/06/2011		30/06/2010		31/12/2009
Customers doubtful or disputed	VA	5 044	0%	0	0%	0
Other claims customer	UX	7 303 147	11,4%	6 553 187	46,6%	4 469 122
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	1 846	285,4%	479	2421,1%	19
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	219 668	0%	0	0%	201 917
Value added tax	VB	1 738 000	330,4%	403 777	595,3%	58 071
Other taxes and payments assimilated	VN	0	0%	0	0%	13 061
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	602 756	110,4%	286 430	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	3 221	310,8%	784	0%	0

Prepaid

		30/06/2011		30/06/2010		31/12/2009
Prepaid	VS	4 124 917	140,4%	1 715 760	-22,3%	2 208 840

State Debt

			30/06/2011		30/06/2010		31/12/2009
	Total debt (gross)	VY	13 971 521	218,8%	4 382 862	7,6%	4 073 840
1 year at most		VZ2	13 464 968	207,2%	4 382 862	7,6%	4 073 840
More than 1 year and 5 years at most		VZ3	506 553	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			30/06/2011		30/06/2010		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	4 216 265	579,1%	620 852	7024,8%	8 714
1 year at most		VG2	4 216 265	579,1%	620 852	7024,8%	8 714
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	836 952	0%	0	0%	0
1 year at most		VH2	330 399	0%	0	0%	0
More than 1 year and 5 years at most		VH3	506 553	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	2 050 000	0%	0	0%	0
1 year at most		8A2	2 050 000	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	3 790 634	152,8%	1 499 378	-1,9%	1 528 541
1 year at most		8B2	3 790 634	152,8%	1 499 378	-1,9%	1 528 541
More than 1 year and 5 years at most		8B3	3 790 634	152,8%	1 499 378	-1,9%	1 528 541
	Personnel and associated accounts (gross)	8C1	180 168	258,5%	50 253	107,3%	24 245
1 year at most		8C2	180 168	258,5%	50 253	107,3%	24 245
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	92 710	37,2%	67 597	58,9%	42 532
1 year at most		8D2	92 710	37,2%	67 597	58,9%	42 532
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	171	-99,8%	106 553	0%	0
1 year at most		8E2	171	-99,8%	106 553	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	21 707	0%	0	0%	0
1 year at most		VW2	21 707	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	139 174	234,9%	41 554	-1,5%	42 187
1 year at most		VQ2	139 174	234,9%	41 554	-1,5%	42 187
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	747 353	-62,5%	1 991 536	-17,6%	2 418 093
1 year at most		VI2	747 353	-62,5%	1 991 536	-17,6%	2 418 093
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	1 896 387	36809,1%	5 138	-46,1%	9 526
1 year at most		8K2	1 896 387	36809,1%	5 138	-46,1%	9 526
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

		30/06/2011		30/06/2010		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

		30/06/2011		30/06/2010		31/12/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		30/06/2011		30/06/2010		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

		30/06/2011		30/06/2010		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

		30/06/2011		30/06/2010		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

		30/06/2011		30/06/2010		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

		30/06/2011		30/06/2010		31/12/2009
Average number of employees	YP	0	0%	23	-32,4%	34

Groups and Shareholders

		30/06/2011		30/06/2010		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

	30/06/2011		30/06/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing	9,26	-20,7%	11,68	-50,1%	23,41	1,99	365,3%
Global Debt	190 days	175,4%	69 days	-18,8%	85 days	143 days	32,9%
Working Capital Fund overall net	244 days	8,4%	225 days	-22,4%	290 days	51 days	378,4%
Financial independence	316,31%	-85,0%	2109,39%	-98,4%	135241,57%	369,83%	-14,5%
More ratios
Solvability	53,36%	-28,8%	74,93%	0,8%	74,31%	28,20%	89,2%
Capacity debt futures	351,55%	-83,3%	2109,39%	-98,4%	135257,09%	941,59%	-62,7%
Coverage of current assets by net working capital overall	74,28%	-23,8%	97,53%	-6,4%	104,23%	34,52%	115,2%
General Liquidity	1,04	-49,5%	2,06	19,8%	1,72	0,41	153,7%
Restricted Liquidity	1,06	-50,9%	2,16	8,0%	2	0,75	41,3%

Management or rotation

	30/06/2011		30/06/2010		31/12/2009	Sector Median 2011
Need background in operating working capital	241 days	23,0%	196 days	-10,9%	220 days	12 days	1908,3%
Treasury	-54 days	-2800%	2 days	-91,7%	24 days	7 days	-871,4%
Inventory turnover of goods	306 days	-8,1%	333 days	42,3%	234 days	93 days	229,0%
Average length of credit granted to customers	100 days	-51,5%	206 days	119,1%	94 days	30 days	233,3%
Average length of credit obtained suppliers	69 days	15,0%	60 days	46,3%	41 days	62 days	11,3%
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	1872 days	-
Rotation tangible assets	2942,44%	63,1%	1804,61%	-42,8%	3153,93%	2037,72%	44,4%

Profitability of the business

	30/06/2011		30/06/2010		31/12/2009	Sector Median 2011
Margin trading	37,06%	8,7%	34,08%	1,5%	33,58	32,22%	15,0%
Profitability of the business	18,75	28,8%	14,56	-12,2%	16,58	3,12%	501,0%
Net profit	10,92%	12,2%	9,73%	-7,9%	10,56%	1,75%	524,0%
More ratios
Growth rate of turnover (excluding VAT)	130,68%	492,6%	-33,29%	-354,2%	-7,33%	0%	0%
Rates integration	25,26%	20,8%	20,91%	-6,6%	22,38%	18,97%	33,2%
Rate leasing furniture	0%	0%	0,03%	0%	0%	0%	0%
Work Factor	22,48%	-14,8%	26,38%	17,0%	22,55%	67,97%	-66,9%
Weight interests	3,48	443,8%	0,64%	-41,3%	1,09%	0,23%	1413,0%

Return on capital

	30/06/2011		30/06/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability	11,42%	13,5%	10,06%	-8,2%	10,96%	2,32%	392,2%
Rates of economic profitability	21%	90,9%	11%	-45,0%	20%	13,46%	56,0%
Financial profitability	15983987%	22,1%	13096190%	11,1%	11786303%	35318%	45157,3%
Return on investment	15,97%	111,2%	7,56%	-46,3%	14,08%	10,70%	49,3%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	30/06/2011		30/06/2010		31/12/2009	Sector Median 2011
Turnover	26 435 243	130,7%	11 459 504	-33,3%	17 177 011	442 728 €	5871,0%

Sales of goods	26 210 818	129,6%	11 418 341	-33,2%	17 100 379
- Purchase of goods	23 391 215	229,8%	7 092 474	-33,9%	10 735 168
+/- Stock of goods variation	-6 977 099	-1761,3%	419 980	-29,7%	597 766
Trading margin	9 796 702 €	150,8%	3 905 887 €	-32,3%	5 767 445 €	116 116,50 €	8337,0%
	37,06 % CA	8,7%	34,08 % CA	1,5%	33,58 % CA	33,12 % CA	11,9%

Sale of goods produced	224 425	445,2%	41 163	-46,3%	76 632
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	224 425 €	445,2%	41 163 €	-46,3%	76 632 €	2 824 €	7847,1%
	0,85 % CA	136,1%	0,36 % CA	-20,0%	0,45 % CA	1,20 % CA	-29,2%

Trading margin	9 796 702	150,8%	3 905 887	-32,3%	5 767 445	116 116,50	8337,0%
+ Period Production	224 425	445,2%	41 163	-46,3%	76 632	2 824	7847,1%
- Purchase of raw materials	104 515	441,4%	19 304	-47,3%	36 646
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	3 240 189	111,5%	1 531 822	-22,0%	1 962 781
Added value	6 676 423 €	178,7%	2 395 924 €	-37,7%	3 844 650 €	93 709,50 €	7024,6%
	25,26 % CA	20,8%	20,91 % CA	-6,6%	22,38 % CA	18,97 % CA	33,2%

Added value	6 676 423 €	178,7%	2 395 924 €	-37,7%	3 844 650 €	93 709,50 €	7024,6%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	218 900	128,6%	95 760	-26,1%	129 600
- Personal charges	1 501 071	137,5%	632 159	-27,1%	866 976
Gross operating surplus	4 956 452 €	197,1%	1 668 005 €	-41,4%	2 848 074 €	12 286,50 €	40240,6%
	18,75 % CA	28,8%	14,56 % CA	-12,2%	16,58 % CA	3,12 % CA	501,0%

Gross operating surplus	4 956 452 €	197,1%	1 668 005 €	-41,4%	2 848 074 €	12 286,50 €	40240,6%
+ Release of reserves and provisions	15 831	189,6%	5 466	7,0%	5 107
+ Other operating income	79	-98,9%	7 014	1939,0%	344
- Depreciation/Amortisation	138 552	265,9%	37 865	-45,5%	69 473
- Other charges	509	671,2%	66	1550,0%	04
Operating result	4 833 301 €	194,3%	1 642 554 €	-41,0%	2 784 048 €	8 911,50 €	54136,7%
	18,28 % CA	27,6%	14,33 % CA	-11,6%	16,21 % CA	2,33 % CA	684,5%

Operating result	4 833 301 €	194,3%	1 642 554 €	-41,0%	2 784 048 €	8 911,50 €	54136,7%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	30 576	-71,5%	107 183	-8,6%	117 221
- Financial charges	919 405	1159,3%	73 009	-61,0%	187 085
Pre-tax result	3 944 472 €	135,2%	1 676 728 €	-38,2%	2 714 184 €	7 458 €	52789,1%
	14,92 % CA	2,0%	14,63 % CA	-7,4%	15,80 % CA	1,92 % CA	677,1%

Extraordinary income	5 400	-10,6%	6 039	-60,1%	15 122	0	0%
- Extraordinary charges	770	-77,0%	3 348	182,1%	1 187
Extraordinary result	4 630 €	72,1%	2 691 €	-80,7%	13 935 €	0 €	0%
	0,02 % CA	0%	0,02 % CA	-75,0%	0 % CA	0 % CA	0%

Pre-tax result	3 944 472 €	135,2%	1 676 728 €	-38,2%	2 714 184 €	7 458 €	52789,1%
Extraordinary result	4 630 €	72,1%	2 691 €	-80,7%	13 935 €	0 €	0%
- Employee profit sharing	92 348	0%	0	0%	0
- Tax on profits	968 958	71,8%	564 147	-38,3%	914 382
Net result	2 887 796 €	158,9%	1 115 272 €	-38,5%	1 813 737 €	7 623,50 €	37780,2%
	10,92 % CA	12,2%	9,73 % CA	-7,9%	10,56 % CA	1,75 % CA	524,0%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)
RCS Registration	RCS Toulouse 0 421 346 461	Share capital	400,000 Euros
Registration Court	Toulouse (31)	Legal form	Limited Liability Company
Court Registry Number	20 0 1B005	EUR VAT Number	FR94421346461
Incorporation Date	12/1998	Formation Date	12/1998
Deregistration Date		Last account Date	30/06/2011
Nationality	France

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)	Business Pages FT®
Postal Address	KARIBAN FRANCE KARIBAN 13 AV DU GIROU 31620 VILLENEUVE LES BOULOC	Trading Address	13 AVENUE DU GIROU 31620 VILLENEUVE LES BOULOC
Telephone	05 62 22 97 03
Fax

Type	Head office	Status	Economically active
Formation Date	12/2004	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Haute-Garonne (31)	Region	Midi-Pyrénées
District	3	Area	14
City	VILLENEUVE LES BOULOC	Size of urban area	Establishment in a rural municipality

Other establishments

Branches	1 branch entities in this company
Head office	> KARIBAN FRANCE <<<  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in VILLENEUVE LES BOULOC  (31620)
Secondary establishments	>  KARIBAN FRANCE  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in SAINT ORENS DE GAMEVILLE  (31650)

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
15/06/2012	JAL	Modification of the share capital
Opinion indépendante (L') Date de décision : 21/05/2012 La société : 421346461 - KARIBAN FRANCE, 13 AV DU GIROU, 31620 VILLENEUVE LES BOULOC a subi une augmentation de son capital social désormais de 400 000 € Date d'effet : 21/05/2012
02/04/2012	Bodacc C	Comptes annuels et rapports
31 - HAUTE-GARONNE GREFFE DU TRIBUNAL DE COMMERCE DE TOULOUSE 3599 - 421346461 RCS. KARIBAN FRANCE. Forme : Société à Responsabilité Limitée. Adresse : 13 avenue du Girou 31620 Villeneuve-lès-Bouloc. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2011.
21/02/2011	Bodacc C	Comptes annuels et rapports
31 - HAUTE-GARONNE GREFFE DU TRIBUNAL DE COMMERCE DE TOULOUSE 3873 - 421346461 RCS. KARIBAN FRANCE. Forme : Société à Responsabilité Limitée. Adresse : 13 avenue du Girou 31620 Villeneuve-lès-Bouloc. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2010.
16/09/2010	Bodacc C	Comptes annuels et rapports
31 - HAUTE-GARONNE GREFFE DU TRIBUNAL DE COMMERCE DE TOULOUSE 3470 - 421346461 RCS. KARIBAN FRANCE. Forme : Société à Responsabilité Limitée. Adresse : 13 avenue du Girou 31620 Villeneuve-lès-Bouloc. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
30/07/2010	JAL	Modification of the share capital
L'OPINION INDEPENDANTE Date de décision : 30/06/2010 La société : 421346461 - KARIBAN FRANCE, KARIBAN, 13 AV DU GIROU, 31620 VILLENEUVE LES BOULOC a subi une augmentation de son capital social désormais de 294 600 €
30/10/2009	Bodacc C	Comptes annuels et rapports
31 - HAUTE-GARONNE GREFFE DU TRIBUNAL DE COMMERCE DE TOULOUSE 4178 - 421346461 RCS. KARIBAN FRANCE. Forme : Société à Responsabilité Limitée Constituée d'un Associé Unique. Adresse : 13 avenue du Girou 31620 Villeneuve-lès-Bouloc. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
30/10/2009	Bodacc C	Comptes annuels et rapports
31 - HAUTE-GARONNE GREFFE DU TRIBUNAL DE COMMERCE DE TOULOUSE 4179 - 421346461 RCS. KARIBAN FRANCE. Forme : Société à Responsabilité Limitée Constituée d'un Associé Unique. Adresse : 13 avenue du Girou 31620 Villeneuve-lès-Bouloc. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
17/09/2009	Bodacc C	Comptes annuels et rapports
31 - HAUTE-GARONNE GREFFE DU TRIBUNAL DE COMMERCE DE TOULOUSE 2571 - 421346461 RCS. KARIBAN FRANCE. Forme : Société à Responsabilité Limitée Constituée d'un Associé Unique. Adresse : 13 avenue du Girou 31620 Villeneuve-lès-Bouloc. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
30/01/2007	Bodacc B	Modifications et mutations diverses
0651 - RCS Toulouse 421 346 461. RC 01-B 00529. KARIBAN FRANCE. Forme : S.A.R.L. à associé unique. Nom commercial : Kariban. Adresse du siège social : 13 avenue du Girou,, 31620 Administration : nouveau commissaire aux comptes titulaire : VAYSSADE (Guy). Nouveau commissaire aux comptes suppléant : NOBLET (Laurent). Commentaires : modification survenue sur le nom commercial.
17/12/2006	Bodacc C	Avis de dépôt des comptes
1040 - RCS Toulouse B 421 346 461. RC 01-B 529. KARIBAN FRANCE. Forme: S.A.R.L. Adresse du siège social: 13, Avenue du Girou,31620 Villeneuve-les-Bouloc. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
21/06/2006	Bodacc C	Avis de dépôt des comptes
1622 - RCS Toulouse B 421 346 461. RC 01-B 529. KARIBAN FRANCE. Forme: SOCIETE A RESPONSABILITE LIMITEE A ASSOCIE UNIQUE. Adresse du siège social: 13, avenue du Girou,31620 Villeneuve-les-Bouloc. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
05/04/2005	Bodacc B	Modifications et mutations diverses
761 - RCS Toulouse B 421 346 461. RC 01-B 529. KARIBAN FRANCE. Forme : S.A.R.L. à associé unique. Nom commercial : Top Tex Paris. Adresse du siège social : 13 avenue du Girou,, 31620 Commentaires : modification survenue sur l'adresse du siège social. Date d'effet : 15 décembre 2004.
19/12/2002	Bodacc B	Modifications et mutations diverses
RCS Toulouse B 421346461 RC 01-B 529 KARIBAN FRANCE. Forme : S.A.R.L. à associé unique. Capital : 100 000 euros Nom commercial: Top Tex Paris. Adresse du siège social : 11 rue de la Rivière, 31650 Saint-Orens-de-Gameville. Commentaires : modification survenue sur le capital (augmentation). Date d'effet : 31 octobre 2002.
22/03/2001	Bodacc B	Modifications et mutations diverses
RCS Toulouse B 421346461 RC 01-B 529 KARIBAN FRANCE. Forme : S.A.R.L. Capital : 50 000 F Nom commercial: Top Tex Paris. Adresse du siège social : 11 rue de la Rivière, 31650 Saint-Orens-de-Gameville. Administration : gérant : MARTI (Laurent) ( Nom d'usage : MARTI) Etablissement principal: Activité : négoce en gros, en demi-gros ou au détail d'articles textiles et de tous accessoires vestimentaires. Adresse : 11 rue de la Rivière, 31650 Saint-Orens-de-Gameville. Commentaires : immatriculation d'une personne morale suite au transfert du siège hors ressort du greffe du tribunal de commerce de Créteil. Date d'effet : 1er janvier 2001.
24/02/2000	Bodacc B	Modifications et mutations diverses
*. RCS Créteil B 421 346 461 RC 98-B 3306 KARIBAN FRANCE. Forme : S.A.R.L Nom commercial: Top Tex Paris. Commentaires : modification survenue sur le nom commercial.
22/01/1999	Bodacc A	Création d'établissement
RCS *. RCS Créteil B 421 346 461 RC RC 98-B 3306 KARIBAN FRANCE. Forme : S.A.R.L. Capital : 50 000 F. Activité : négoce au détail, en gros et demi-gros d'articles textiles et de tous accessoires vestimentaires. Adresse du siège social : 72, quai des Carrières 94220 Charenton- le-Pont. Administration : gérant : MARTI (Laurent) Cette société se constitue Date de début d'activité: 1er décembre 1998.

Company events history

Date	Description
04/07/2012	Amendment
13/06/2012	Updated articles of association
13/06/2012	Amendment
21/05/2012	Other modification of Establishment
21/05/2012	Legal Gazette: Modification of the share capital
02/04/2012	Bodacc C : Deposit accounts notice
27/03/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/06/2011	New accounts available
21/02/2011	Bodacc C : Deposit accounts notice
16/09/2010	Bodacc C : Deposit accounts notice
05/08/2010	Updated articles of association
05/08/2010	Amendment
30/06/2010	New accounts available
30/06/2010	Legal Gazette: Modification of the share capital
30/06/2010	Update of Company Workforce
30/06/2010	Other modification of Establishment
22/06/2010	Audit or Management Report
02/06/2010	Amendment
02/06/2010	Updated articles of association
31/12/2009	New accounts available
30/10/2009	Bodacc C : Deposit accounts notice
17/09/2009	Bodacc C : Deposit accounts notice
10/07/2009	Collection of preferential rights activated for this company
31/12/2008	New accounts available
31/12/2007	New accounts available
10/01/2007	Appointment/resignation of company officers
10/01/2007	Minutes of general meeting of shareholders
10/01/2007	Private document
10/01/2007	New auditor
10/01/2007	Acte modificatif
31/12/2006	New accounts available
31/12/2005	New accounts available
24/02/2005	Updated articles of association
24/02/2005	Private document
24/02/2005	Minutes of general meeting of shareholders
24/02/2005	Statuts mis à jour
24/02/2005	Acte modificatif
24/02/2005	Registered office transferred inside jurisdiction of the Commercial Court
31/12/2004	New accounts available
08/11/2004	Private document
08/11/2004	Acte sous seing privé
08/11/2004	Planned merger
31/12/2003	New accounts available
04/12/2002	Acte modificatif
04/12/2002	Statuts mis à jour
04/12/2002	PV d'Assemblée
04/12/2002	Augmentation de Capital
04/12/2002	Acte sous seing privé
06/03/2001	Statuts mis à jour
06/03/2001	Immatriculation suite à transfert
06/03/2001	PV d'Assemblée
06/03/2001	Acte modificatif
06/03/2001	Acte sous seing privé
09/02/2000	Modification du sigle ou du nom commercial
09/02/2000	Acte sous seing privé
09/02/2000	PV d'Assemblée
31/12/1998	Statuts
31/12/1998	Formation de Société
31/12/1998	Acte sous seing privé

Establishment events history

Date	Description
27/09/2012	Update of phone numbers
08/06/2012	Update Rating
21/05/2012	Modification of Head office
19/05/2012	Update of phone numbers
27/03/2012	Update Limit
27/03/2012	Update Rating
08/02/2011	Update Limit
08/02/2011	Update Rating
31/08/2010	Update Limit
30/06/2010	Modification of Head office
30/06/2010	Update of Establishment Workforce
30/12/2009	Update Rating
04/12/2009	Update Rating
17/08/2009	Update Limit
17/08/2009	Update Rating
11/04/2009	Update Rating
11/04/2009	Update Limit
05/02/2008	Update Limit
03/02/2008	Update Rating
13/01/2008	Update Limit
16/12/2007	Update Limit
10/12/2007	Update Limit

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.84
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

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.