MIRA INFORM REPORT

Report Date :

05.01.2013

IDENTIFICATION DETAILS

Name :	LAFPROM
Registered Office :	6 Rue Victor Lafuma, 26140 Anneyron
Country :	France
Financials (as on) :	30.09.2011
Date of Incorporation :	Jan 1994
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (intercompany trade) of other household goods
No. of Employees :	Not Available

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 :	Good
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

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

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
France	A1	A1

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

France - ECONOMIC OVERVIEW

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

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name

LAFPROM

company summary

Activity (APE)	Commerce de gros (commerce interentreprises) d'autres biens domestiques (4649Z)	Legal form	Simplified joint stock company
Phone	01 45 00 65 40	RCS Registration	RCS Romans 1 393 708 748
Fax		Share capital	94,240 Euros
Address	LAFPROM 6 RUE VICTOR LAFUMA 26140 ANNEYRON	Incorporated Date	01/1994
Nationality	France	Status	Economically active

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'autres biens domestiques  (4649Z)
Postal Address	LAFPROM 6 RUE VICTOR LAFUMA 26140 ANNEYRON	Trading Address	6 RUE VICTOR LAFUMA 26140 ANNEYRON
Telephone	01 45 00 65 40
Fax

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Name	M. JOFFARD PHILIPPE
Manager position	Président	Date of birth	20/08/1955
Place of birth	LYON(69)
Type of manager	Individual	Name at birth of manager

Previous Directors

Vous pouvez consulter ici l'historique des dirigeants de l'entreprise.
Si vous souhaitez consulter l'historique d'un dirigeant, il vous suffit de cliquer sur le lien voir le détail pour y accéder.

Manager position	Title and name	Date of Birth/Place of Birth
Président	M PHILIPPE JOFFARD
Président	M PHILIPPE JOFFARD
Président	M PHILIPPE JOFFARD
Président	M PHILIPPE JOFFARD
Directeur général	MME SYLVIE ROLL

NEGATIVE INFORMATION

Last published preferential right

No social security and tax office preferential right to date

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	05/01/2011
Status of Monitoring	No social security and tax office preferential right to date
Recent publications in Gazettes

Publication date	Gazette Name	Description
23/04/2012	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 3474 - 393708748 RCS. LAFPROM. Forme : Société par Actions Simplifiée. Adresse : 6 rue Victor Lafuma 26140 Anneyron. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2011.
18/05/2011	Bodacc A	Vente et cession : Vendeur
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1165 - 524 584 067 RCS Paris. OBER. Forme : Société par actions simplifiée à associé unique. Capital : 5622690 EUR. Adresse : 5 rue de la Terrasse, 75017 Paris. Origine du fonds : Fonds acquis par apport partiel d'actif. Etablissement : Etablissement principal. Activité : Commercialisation de tous articles textiles de prêt à porter dans tous les genres de l'habillement. Adresse : 5 rue de la Terrasse, 75017 Paris. Précédent propriétaire : LAFPROM. 393 708 748 RCS Paris. A dater du : 01/09/2010. Date de commencement de l’activité : 31/03/2011. Oppositions : sans oppositions. Descriptif : modification survenue sur le capital (augmentation), la prise d'activité, l'activité de l'établissement principal, l'adresse de l'établissement et la date de début d'activité. Commentaires : Autre achat, apport, attribution.
04/04/2011	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 2831 - 393708748 RCS. LAFPROM. Forme : Société par Actions Simplifiée. Adresse : 6 rue Victor Lafuma 26140 Anneyron. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2010.
23/06/2010	Bodacc A	Immatriculation
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 381 - 393 708 748 RCS Romans. LAFPROM. Forme : Société par Actions Simplifiée. Adresse : 6 rue Victor Lafuma, 26140 Anneyron. Date de commencement de l’activité : 01/01/0001. Descriptif : Immatriculation d'une personne morale suite au transfert du si¿ge hors ressort. Commentaires : Immatriculation d'une personne morale suite à transfert de son siège social.
14/06/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 5708 - 393708748 RCS. LAFPROM. Forme : Société par actions simplifiée. Adresse : 5 R DE LA TERRASSE 75017 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2009.
19/04/2010	JAL	Head Office Transfer
AFFICHES PARISIENNES ET DEPARTEMENTALES Date de décision : 30/03/2010 Transfert du siège social de la société 393708748 -  LAFPROM Adresse du nouveau siège : 6 RUE VICTOR LAFUMA, 26140 ANNEYRON Ancienne localisation : 5 RUE DE LA TERRASSE, 75017 PARIS 17
18/07/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6921 - 393708748 RCS. LAFPROM. Forme : Société par actions simplifiée. Adresse : 5 rue de la Terrasse 75017 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2008.
05/06/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 831 - 393 708 748 RCS Paris. LAFPROM. Forme : Société par actions simplifiée. Administration : Directeur général partant : Cazin, nom d'usage : Roll, Sylvie. Capital : 94240 EUR. Adresse du siège social : 5 rue de la Terrasse, 75017 Paris. Commentaires : modification survenue sur l'administration.
02/06/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8112 - 393708748 RCS. LAFPROM. Forme : Société par actions simplifiée. Adresse : 5 rue de la Terrasse 75017 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2007.
13/06/2007	Bodacc B	Modifications et mutations diverses
1774 - RCS Paris B 393 708 748. RC 94-B 1252. LAFPROM. Forme : S.A.S. Capital : 94 240 euros. Adresse du siège social : 5 rue de la Terrasse,, 75017 Commentaires : modification survenue sur le capital (augmentation). Société ayant participé à l'opération de fusion : OBER S.A.S., 5 rue de la Terrasse, 75017 Paris, RCS Paris 398 107 912.
05/06/2007	Bodacc C	Avis de dépôt des comptes
6221 - RCS Paris B 393 708 748. RC 94-B 1252. LAFPROM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 5, R de la Terrasse,Paris, 75017 Paris. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2006.
18/01/2007	Bodacc B	Modifications et mutations diverses
1253 - RCS Paris B 393 708 748. RC 94-B 1252. LAFPROM. Forme : S.A.S. Capital : 80 000 euros. Adresse du siège social : 5 rue de la Terrasse,, 75017 Commentaires : modification survenue sur l'adresse du siège social. Etablissement principal - Adresse : 5 rue de la Terrasse, 75017
02/07/2006	Bodacc C	Avis de dépôt des comptes
3966 - RCS Paris B 393 708 748. RC 94-B 1252. LAFPROM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 59, avenue de la Grande Armée,Paris, 75116 Paris. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2005.
26/06/2005	Bodacc B	Modifications et mutations diverses
1351 - RCS Paris B 393 708 748. RC 94-B 01252. LAFPROM. Forme : S.A.S. Administration : ancienne dénomination du commissaire aux comptes titulaire : DELOITTE TOUCHE TOHMATSU AUDIT. Nouvelle dénomination du commissaire aux comptes titulaire : DELOITTE & ASSOCIES. Commentaires : modification survenue sur l'administration. Date d'effet : 29 avril 2005.
17/05/2005	Bodacc C	Avis de dépôt des comptes
1713 - RCS Paris B 393 708 748. RC 94-B 1252. LAFPROM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 59, avenue de la Grande Armée,75116 Paris. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2004.
19/12/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 393708748 RC 94-B 1252 LAFPROM. Forme : S.A.S. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : nomination du président JOFFARD (Philippe). Modification du directeur général : CAZIN (Sylvie) ( Nom d'usage : ROLL).
25/05/2000	Bodacc B	Modifications et mutations diverses
*. RCS Paris B 393 708 748 RC 94-B 1252 LAFPROM. Forme : S.A.R.L. Activité : négoce et représentation de tous articles liés au sport et aux loisirs. Commentaires : modification survenue sur l'activité.
20/04/2000	Bodacc B	Modifications et mutations diverses
*. RCS Paris B 393 708 748 RC 94-B 1252 LAFPROM. Forme : S.A.R.L. Capital : 80 000 euros. Commentaires : modification survenue sur le capital (augmentation).
19/04/1998	Bodacc B	Modifications et mutations diverses
RCS Paris B 393 708 748 RC 94-B 1252 LAFPROM. Forme : S.A.R.L. Commentaires : modification survenue sur l' administration. Administration : nomination du commissaire aux comptes titulaire : DELOITTE TOUCHE TOHMATSU AUDIT. Nomination du commissaire aux comptes suppléant : JULLIEN (Joel).

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

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GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Safe Number	Company number	Click here to view the affiliation links
	LAFUMA SA	FR02657032	380192807

Ultimate Parent

1 ultimate parent company for this company
>  LAFUMA SA  - Fabrication d'autres vêtements et accessoires (1419Z)  in ANNEYRON  (26140)

Group data

Ultimate parent company	LAFUMA SA
Direct parent	LAFUMA SA - 100 %
Group – Number of companies	32
Linkages – Number of companies	-
Number of countries	-

Go directly to the current company

Display only where participation % > 33 %

Display all participations

Raison sociale	SIREN	Parts	Score	Limite	Derniers comptes publiés
LAFUMA SA	380192807	-	32	50 000 €	30/09/2010
LAFPROM	393708748	100%	100	2 000 000 €	30/09/2011
LAFPROM HONG KONG LTD	-	98%	-	-	-
OBER	524584067	100%	82	250 000 €	30/09/2010
LAFPROM TUNISIE	-	99.99%	-	-	-
L.W.A. SA	441664061	100%	78	52 000 €	30/09/2011
BIG PACK NEW TECHNOLOGY	-	100%	-	-	-
MILLET	400313318	100%	99	1 270 000 €	30/09/2010
SCI EVEREST	451115380	80%	95	-	-
LAFUMA GROUP GMBH	HRB 230372	100%	68	13 000 €	30/09/2010
BIG PACK FAR EAST OUTDOOR PRODUCT	-	55%	-	-	-
LAFUMA HONG KONG LTD	-	99%	-	-	-
LAFUMA OUTDOOR TRADING	-	99%	-	-	-
LALLEMAND SAS	773201108	100%	100	190 000 €	30/09/2011
SCI LE CHEVRIL	316807239	100%	95	-	-
LAFUMA MILLET K.K.	-	100%	-	-	-
L.M.O. SRL	-	100%	-	-	-
LAFUMA CHINA TRADING CO LTD	-	100%	-	-	-
LAFUMA GROUP SL	-	100%	-	-	-
PACCARD DIFFUSION	379675044	100%	40	15 000 €	30/09/2010
LAFUMA HUNGARIA KFT	-	100%	-	-	-
LAFUMA AMERICA INC	-	100%	-	-	-
OXBOW	332349232	100%	98	1 890 000 €	30/09/2011
OXBOW DISTRIBUTION	483450946	100%	39	50 000 €	30/09/2011
OXBOW USA INC	-	88%	-	-	-
LAFUMA B.V.	31046799	100%	29	0 €	30/09/2011
EIDER	796480374	100%	19	0 €	30/09/2010
LE CHAMEAU	345046536	100%	39	50 000 €	30/09/2011
SOCIÉTÉ CAOUTCHOUTIÈRE DES ZÉNATAS SA	-	98.57%	-	-	-
SHERPA LOGISTIQUE	439531005	100%	100	150 000 €	30/09/2011
LAFUMA BEIJING COMPANY LTD	-	49%	-	-	-
KANION	-	51%	-	-	-

Type of shareholder

Shareholders

FINANCIAL INFORMATION

Trading to Date

09/30/2011

09/30/2010

09/30/2009

Turnover

109,120,896 €

76,010,097 €

87,242,072 €

Gross Operating Surplus

4,17 % Turnover

5,85 % Turnover

7,62 % Turnover

Net worth

19,990,667 €

18,641,123 €

20,850,090 €

Employees

20 to 49 employees

-

-

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	30/09/2011	30/09/2010	30/09/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	16/04/2012	05/04/2011	04/05/2010
Activity Code	4649Z	4649Z	4649Z
Employees	0	0	56

Active account

Annual Accounts	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	5 285 498	44,2%	3 664 252	-73,8%	13 985 703	21 490,50	24494,6%
- Intangible assets	0	0%	14 729 679	-0,7%	14 833 547	01	0%
- Tangible assets	25 805	-48,1%	49 676	-38,4%	80 612	6 093,50	323,5%
- Financial assets	5 259 693	3782,2%	135 483	-98,6%	9 991 680	913	575989,0%
Net current assets	56 169 207	42,8%	39 325 240	-5,8%	41 759 603	197 719	28308,6%
- Stocks	14 157 448	103,5%	6 955 768	-9,2%	7 662 381	42 217,50	33434,5%
- Advanced payments	0	42,8%	0	0%	0	0	0%
- Receivables	41 151 001	27,8%	32 191 728	-5,2%	33 970 232	60 156,50	68306,6%
- Securities and cash	860 758	384,3%	177 744	40,0%	126 987	26 206	3184,6%
- Prepaid expenses	-	-	-	-	-	224	-
Accounts of regularization	70 693	229,2%	21 475	760,4%	2 496	0	0%
Total Assets	61 525 398	43,0%	43 010 967	-22,8%	55 747 802	246 086	24901,6%

Passive Account

Annual Accounts	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Shareholders' equity	19 990 667	7,2%	18 641 123	-10,6%	20 850 090	81 385	24463,1%
Share capital	94 240	0%	94 240	0%	94 240	10 671	783,1%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	325 994	-30,6%	469 463	-19,1%	580 414	0	0%
Liabilities	40 104 213	68,6%	23 790 878	-26,8%	32 502 802	140 771,50	28388,9%
- Financial liabilities	4 355 071	307,4%	1 069 032	-71,4%	3 739 659	17 933,50	24184,6%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	34 240 897	60,4%	21 351 927	18,7%	17 981 741	40 512	84420,4%
- Tax and social liabilities	1 205 293	21,8%	989 816	-66,4%	2 947 821	34 251	3419,0%
- Other debts and fixed assets liabilities	1 406 550	187,3%	489 605	-94,9%	9 648 069	3 762	37288,4%
Account regularization	922	0%	0	0%	0	0	0%
Total liabilities	61 525 394	43,0%	43 010 966	-22,8%	55 747 801	245 633	24947,7%

Results

Annual Accounts	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Sales of Goods	112 502 668	46,3%	76 881 214	-12,3%	87 679 197	386 870,50	28980,2%
Net turnover	109 120 896	43,6%	76 010 097	-12,9%	87 242 072	380 698	28563,4%
- of which net export turnover	249 039	392,8%	-85 068	-117,3%	492 093	0	0%
Operating charges	107 206 626	47,2%	72 839 815	-11,1%	81 896 902	365 771	29209,8%
Operating profit/loss	5 296 042	31,0%	4 041 399	-30,1%	5 782 295	11 246,50	46990,6%
Financial income	97 563	-45,3%	178 226	55,6%	114 520	29	336324,1%
Financial charges	598 056	1438,0%	38 885	-82,6%	223 728	937	63726,7%
Financial profit/loss	-500 493	-459,2%	139 341	227,6%	-109 208	-265	-188765,3%
Pretax net operating income	4 795 549	14,7%	4 180 740	-26,3%	5 673 087	10 033,50	47695,4%
Extraordinary income	14 834 359	4341,1%	334 027	-16,4%	399 459	06	247239216,7%
Extraordinary charges	15 381 713	2343,7%	629 437	-39,2%	1 034 638	150	10254375,3%
Extraordinary profit/loss	-547 354	1538,2%	-295 410	53,5%	-635 179	0	0%
Net result	4 248 593	42,0%	2 991 076	-7,4%	3 228 746	10 137	41811,7%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	30/09/2011	30/09/2010	30/09/2009
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			30/09/2011		30/09/2010		30/09/2009
	Grand Total (I to VI)	Net	61 525 398	43,0%	43 010 967	-22,8%	55 747 802
	Gross	CO	62 596 153	11,8%	55 997 383	-18,7%	68 878 565
	Amortisation	1A	1 070 755	-91,8%	12 986 416	-1,1%	13 130 763

Non declared distributed capital (I)

		30/09/2011		30/09/2010		30/09/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			30/09/2011		30/09/2010		30/09/2009
	Total Active fixed asset (II)	Net	5 285 498	44,2%	3 664 252	-73,8%	13 985 703
	Gross	BJ	5 850 083	-62,9%	15 780 410	-38,7%	25 721 997
	Amortisation	BK	564 585	-95,3%	12 116 158	3,2%	11 736 294

Intangilble fixed assets

			30/09/2011		30/09/2010		30/09/2009
	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%	3 478 001	-2,9%	3 582 552
	Gross	AF	0	0%	3 583 229	0%	3 583 229
	Amortisation	AG	0	0%	105 228	15443,3%	677
	Goodwill	Net	0	0%	11 250 586	0%	11 250 586
	Gross	AH	0	0%	11 250 586	0%	11 250 586
	Amortisation	AI	0	0%	11 250 586	3,0%	10 920 136
	Other intangible fixed assets	Net	0	0%	1 092	167,0%	409
	Gross	AJ	0	0%	49 951	2,9%	48 564
	Amortisation	AK	0	0%	48 859	1,5%	48 155
	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%	14 729 679	-0,7%	14 833 547

Tangilble fixed assets

			30/09/2011		30/09/2010		30/09/2009
	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%	17 482	-29,3%	24 723
	Gross	AP	0	0%	46 579	-14,1%	54 220
	Amortisation	AQ	0	0%	29 097	-1,4%	29 497
	Plant	Net	12 282	4735,4%	254	-85,1%	1 706
	Gross	AR	66 825	-9,4%	73 737	0%	73 737
	Amortisation	AS	54 543	-25,8%	73 483	2,0%	72 031
	Other tangible fixed assets	Net	13 523	-57,7%	31 940	-41,1%	54 183
	Gross	AT	48 631	-92,4%	640 845	-11,0%	719 981
	Amortisation	AU	35 108	-94,2%	608 905	-8,5%	665 798
	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	25 805		49 676		80 612

Financial assets

			30/09/2011		30/09/2010		30/09/2009
	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	5 203 400	9086,1%	56 644	4453,4%	1 244
	Gross	CU	5 678 334	9924,6%	56 644	4453,4%	1 244
	Amortisation	CV	474 934	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	9 916 444
	Gross	BB	0	0%	0	0%	9 916 444
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	381	0%	381	0%	381
	Gross	BD	381	0%	381	0%	381
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	55 912	18,5%	47 196	31,1%	36 011
	Gross	BF	55 912	0%	47 196	0%	36 011
	Amortisation	BG	0		0		0
	Other financial assets	Net	0	0%	31 262	-16,9%	37 600
	Gross	BH	0	0%	31 262	-16,9%	37 600
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		5 259 693		135 483		9 991 680

Current Assets (III)

			30/09/2011		30/09/2010		30/09/2009
	Total Assets	Net	56 169 207	42,8%	39 325 240	-5,8%	41 759 603
	Gross	CJ	56 675 377	41,0%	40 195 498	-6,9%	43 154 067
	Amortisation	CK	506 170	-41,8%	870 258	-37,6%	1 394 464

Stocks

			30/09/2011		30/09/2010		30/09/2009
	Raw materials	Net	4 795 122	257,1%	1 342 889	34,9%	995 112
	Gross	BL	5 263 614	269,0%	1 426 569	15,8%	1 231 600
	Amortisation	BM	468 492	459,9%	83 680	-64,6%	236 488
	Work in progress (goods)	Net	1 877 860	0%	0	0%	0
	Gross	BN	1 877 860	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	7 484 466	33,3%	5 612 879	-15,8%	6 667 269
	Gross	BT	7 484 466	18,7%	6 304 427	-18,1%	7 694 575
	Amortisation	BU	0	0%	691 548	-32,7%	1 027 306
	Sub Total Stocks	Net	14 157 448	103,5%	6 955 768	-9,2%	7 662 381

Advance payments to suppliers

			30/09/2011		30/09/2010		30/09/2009
	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

			30/09/2011		30/09/2010		30/09/2009
	Trade accounts receivable	Net	38 704 164	45,4%	26 611 762	-2,3%	27 242 677
	Gross	BX	38 741 842	45,1%	26 706 792	-2,4%	27 373 347
	Amortisation	BY	37 678	-60,4%	95 030	-27,3%	130 670
	Other debtors	Net	2 336 176	-57,2%	5 462 017	-18,4%	6 690 448
	Gross	BZ	2 336 176	-57,2%	5 462 017	-18,4%	6 690 448
	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	41 040 340	28,0%	32 073 779	-5,5%	33 933 125

Divers

			30/09/2011		30/09/2010		30/09/2009
	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	860 758	384,3%	177 744	40,0%	126 987
	Gross	CF	860 758	384,3%	177 744	40,0%	126 987
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	860 758	384,3%	177 744	40,0%	126 987

Prepaid expenses

			30/09/2011		30/09/2010		30/09/2009
	Prepaid expenses	Net	110 661	-6,2%	117 949	217,9%	37 107
	Gross	CH	110 661	-6,2%	117 949	217,9%	37 107
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		30/09/2011		30/09/2010		30/09/2009
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	70 693	229,2%	21 475	760,4%	2 496
Gross		70 693	229,2%	21 475	760,4%	2 496

References

		30/09/2011		30/09/2010		30/09/2009
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)

		30/09/2011		30/09/2010		30/09/2009
Grand Total (I to V)	EE	61 525 394	43,0%	43 010 966	-22,8%	55 747 801

Shareholder Equity (I)

			30/09/2011		30/09/2010		30/09/2009
	Total shareholders' equity (Total I)	DL	19 990 667	7,2%	18 641 123	-10,6%	20 850 090
	Equity and shareholders' equity	DA	94 240	0%	94 240	0%	94 240
	Issue and merger premiums	DB	6 596 237	0%	6 596 237	0%	6 596 237
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	9 424	0%	9 424	0%	9 424
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	9 037 714	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	0	0%	8 946 638	-18,1%	10 917 891
	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	4 248 593	42,0%	2 991 076	-7,4%	3 228 746
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	4 459	27,1%	3 508	-1,2%	3 552

Other capital resources (II)

			30/09/2011		30/09/2010		30/09/2009
	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)

			30/09/2011		30/09/2010		30/09/2009
	Total provisions for risks and charges (Total III)	DR	325 994	-30,6%	469 463	-19,1%	580 414
	Risk provisions	DP	70 693	-73,5%	266 475	-28,5%	372 496
	Reserves for charges	DQ	255 301	25,8%	202 988	-2,4%	207 918

Liabilities (IV)

			30/09/2011		30/09/2010		30/09/2009
	Total Liabilities (Total IV)	EC	40 104 213	68,6%	23 790 878	-26,8%	32 502 802
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	1 252 275	370,5%	266 146	-87,6%	2 148 913
	Sundry loans and financial liabilities	DV	3 102 796	286,5%	802 886	-49,5%	1 590 746
	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	34 240 897	60,4%	21 351 927	18,7%	17 981 741
	Tax and social security liabilities	DY	1 205 293	21,8%	989 816	-66,4%	2 947 821
	Fixed asset liabilities	DZ	0	0%	0	0%	2 896
	Other debts	EA	302 030	-20,5%	380 103	-95,1%	7 830 683

Translation loss (V)

		30/09/2011		30/09/2010		30/09/2009
Translation loss (Total V)	ED	1 104 520	908,7%	109 502	-94,0%	1 814 490

Equalization accounts

		30/09/2011		30/09/2010		30/09/2009
Deferred income	EB	922	0%	0	0%	0

References

		30/09/2011		30/09/2010		30/09/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	23 790 879	-26,8%	32 502 800
Of which current bank facilities	EH	742 816	181,8%	263 635	-86,7%	1 984 988

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)

		30/09/2011		30/09/2010		30/09/2009
Operating result (Total I-II)	GG	5 296 042	31,0%	4 041 399	-30,1%	5 782 295

2 - Financial result (V - VI)

		30/09/2011		30/09/2010		30/09/2009
Financial result (Total V-VI)	GV	-500 493	-459,2%	139 341	227,6%	-109 208

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

		30/09/2011		30/09/2010		30/09/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	4 795 549	14,7%	4 180 740	-26,3%	5 673 087

4 - Extraordinary result (VII-VIII)

		30/09/2011		30/09/2010		30/09/2009
Extraordinary result (Total VII-VIII)	HI	-547 354	-85,3%	-295 410	53,5%	-635 179

Profit or loss

		30/09/2011		30/09/2010		30/09/2009
Profit or loss	HN	4 248 593	42,0%	2 991 076	-7,4%	3 228 746

Total Income (I+III+V+VII)

		30/09/2011		30/09/2010		30/09/2009
Total Income (I+III+V+VII)	HL	127 434 590	64,7%	77 393 467	-12,2%	88 193 176

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

		30/09/2011		30/09/2010		30/09/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	123 185 995	65,6%	74 402 386	-12,4%	84 964 426

Operating income (I)

		30/09/2011		30/09/2010		30/09/2009
Total operating income (Total I)	FR	112 502 668	46,3%	76 881 214	-12,3%	87 679 197

Operating income (details)

			30/09/2011		30/09/2010		30/09/2009
	Sale of goods for resale	FC	89 417 412	22,3%	73 138 479	-11,6%	82 775 201
	France	FA	89 417 481	22,1%	73 223 564	-11,1%	82 320 631
	Export	FB	-69	99,9%	-85 085	-118,7%	454 570
	Sale of goods produced	FF	15 788 485	44859,6%	-35 274	0%	0
	France	FD	15 788 485	44859,6%	-35 274	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	3 914 999	34,7%	2 906 892	-34,9%	4 466 871
	France	FG	3 665 891	26,1%	2 906 875	-34,4%	4 429 348
	Export	FH	249 108	1465241,2%	17	-100,0%	37 523
	Net turnover	FL	109 120 896	43,6%	76 010 097	-12,9%	87 242 072
	France	FJ	108 871 857	43,1%	76 095 165	-12,3%	86 749 979
	Export	FK	249 039	392,8%	-85 068	-117,3%	492 093
	Stocked production	FM	1 877 860	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	869 685	0%	0
	Release of reserves and provisions	FP	1 503 798	104913,8%	1 432	-99,7%	436 930
	Other income	FQ	114	0%	0	0%	195

Operating charges (II)

		30/09/2011		30/09/2010		30/09/2009
Total operating charges (Total II)	GF	107 206 626	47,2%	72 839 815	-11,1%	81 896 902

Exploitation charges

		30/09/2011		30/09/2010		30/09/2009
Purchase of goods for resale	FS	84 955 365	34,8%	63 031 801	-12,8%	72 312 305
Change in stocks of goods for resale	FT	-3 114 201	-324,0%	1 390 147	218,3%	-1 175 295
Purchase of raw materials	FU	17 628 487	742,8%	2 091 642	48,4%	1 409 119
Change in stocks of raw materials	FV	-4 060 313	-1982,5%	-194 969	49,4%	-385 181
Other external purchases and charges	FW	9 311 572	196,6%	3 139 666	-30,4%	4 512 001
Tax, duty and similar payments	FX	326 731	5,4%	309 927	-29,0%	436 241
Payroll	FY	990 734	-45,9%	1 832 860	-26,2%	2 485 110
Social security costs	FZ	407 307	-51,1%	832 268	-16,5%	996 752

Depreciation

		30/09/2011		30/09/2010		30/09/2009
Depreciation of fixed assets	GA	9 628	-76,5%	40 978	-66,3%	121 767
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	627 085	184,6%	220 361	-62,2%	583 128
Provisions for risks and charges	GD	71 756	-34,7%	109 906	-40,0%	183 317

Other charges

		30/09/2011		30/09/2010		30/09/2009
Other charges	GE	52 475	49,0%	35 228	-91,6%	417 638

Operating charges (III-IV)

		30/09/2011		30/09/2010		30/09/2009
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)

			30/09/2011		30/09/2010		30/09/2009
	Total financial income (Total V)	GP	97 563	-45,3%	178 226	55,6%	114 520
	Share financial income	GJ	9 262	-93,5%	141 483	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	71 171	96,4%	36 244	-68,4%	114 520
	Released provisions and transferred charges	GM	0	0%	467	0%	0
	Exchange gains	GN	17 130	53431,2%	32	0%	0
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			30/09/2011		30/09/2010		30/09/2009
	Total financial charge (Total VI)	GU	598 056	1438,0%	38 885	-82,6%	223 728
	Financial reserves and provisions	GQ	474 934	0%	0	0%	467
	Interest and similar charges	GR	37 829	-2,6%	38 845	-78,3%	179 300
	Exchange losses	GS	85 293	213132,5%	40	-99,9%	43 961
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			30/09/2011		30/09/2010		30/09/2009
	Total extraordinary income (Total VII)	HD	14 834 359	4341,1%	334 027	-16,4%	399 459
	Extraordinary operating income	HA	904	-99,5%	190 707	-7,6%	206 381
	Extraordinary income from capital transactions	HB	3 478 001	1900447,0%	183	0%	0
	Released provisions and transferred charges	HC	11 355 454	7833,3%	143 137	-25,9%	193 078

Extraordinary charges (VIII)

			30/09/2011		30/09/2010		30/09/2009
	Total extraordinary charges (Total VIII)	HH	15 381 713	2343,7%	629 437	-39,2%	1 034 638
	Extraordinary operating charges	HE	330 296	115,8%	153 075	1104,7%	12 706
	Extraordinary charges from capital transactions	HF	14 833 137	1168783,9%	1 269	-93,0%	18 179
	Extraordinary reserves and provisions	HG	218 280	-54,1%	475 093	-52,7%	1 003 753

Employee profit sharing (IX)

		30/09/2011		30/09/2010		30/09/2009
Employee profit sharing (Total IX)	HJ	0	0%	91 363	-58,2%	218 412

Tax on profits (X)

		30/09/2011		30/09/2010		30/09/2009
Tax on profits (Total X)	HK	-400	-100,0%	802 886	-49,5%	1 590 746

References

		30/09/2011		30/09/2010		30/09/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	14 884
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%	297 953

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)

			30/09/2011		30/09/2010		30/09/2009
	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%	108 631
	Gross value at the end of period	OL	0	0%	0	0%	25 722 001

Research and development Charge (Total I)

			30/09/2011		30/09/2010		30/09/2009
	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)

			30/09/2011		30/09/2010		30/09/2009
	Gross value at begin of period	KD	0	0%	0	0%	14 891 394
	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%	9 013
	Gross value at the end of period	LW	0	0%	0	0%	14 882 381

Tangible fixed assets (Total III)

			30/09/2011		30/09/2010		30/09/2009
	Gross value at begin of period	LN	0	0%	0	0%	931 059
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	0	0%	16 495
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	0	0%	99 616
	Gross value at the end of period	NH	0	0%	0	0%	847 938

Fiancial assets (Total IV)

			30/09/2011		30/09/2010		30/09/2009
	Gross value at begin of period	LQ	0	0%	0	0%	9 723 277
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	268 403
	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	0	0%	0	0%	9 991 680

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

			30/09/2011		30/09/2010		30/09/2009
	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)

			30/09/2011		30/09/2010		30/09/2009
	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)

			30/09/2011		30/09/2010		30/09/2009
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	56 403
Increases		PF	0	0%	0	0%	1 443
Decreasess		PG	0	0%	0	0%	9 013
	Decreasess by budget item transfer	PH	0	0%	0	0%	48 833

Total fixed assets amotisation (Total III)

			30/09/2011		30/09/2010		30/09/2009
	Reserve for depreciation value at begin of period	QU	0	0%	0	0%	728 440
Increases		QV	0	0%	0	0%	120 322
Decreases		QW	0	0%	0	0%	81 437
	Decreasess by budget item transfer	QX	0	0%	0	0%	767 325

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

			30/09/2011		30/09/2010		30/09/2009
	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

			30/09/2011		30/09/2010		30/09/2009
	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)

			30/09/2011		30/09/2010		30/09/2009
	Value at begining of period	7C	0	0%	0	0%	11 743 027
Increases		UB	0	0%	0	0%	1 770 665
Decreases		UC	0	0%	0	0%	615 123
	Value at the end of period	UD	0	0%	0	0%	12 898 569

Includes Total allocations

Operating	UE	0	0%	0	0%	766 446
Financial	UG	0	0%	0	0%	467
Exceptional	UJ	0	0%	0	0%	1 003 753

Includes Total Withdrawal

Operating	UF	0	0%	0	0%	422 045
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	193 078

Total regulated provisions (Total I)

			30/09/2011		30/09/2010		30/09/2009
	Value at begining of period	3Z	0	0%	0	0%	8 877
Increases		TS	0	0%	0	0%	1 753
Decreases		TT	0	0%	0	0%	7 078
	Value at the end of period	TU	0	0%	0	0%	3 552

Total risk and charge provisions (Total II)

			30/09/2011		30/09/2010		30/09/2009
	Value at begining of period	5Z	0	0%	0	0%	545 792
Increases		TV	0	0%	0	0%	248 784
Decreases		TW	0	0%	0	0%	214 162
	Value at the end of period	TX	0	0%	0	0%	580 414

Total Provision for depreciation (Total III)

			30/09/2011		30/09/2010		30/09/2009
	Value at begining of period	7B	0	0%	0	0%	11 188 355
Increases		TY	0	0%	0	0%	1 520 127
Decreases		TZ	0	0%	0	0%	393 883
	Value at the end of period	UA	0	0%	0	0%	12 314 599

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

		30/09/2011		30/09/2010		30/09/2009
Gross value	VT	0	0%	0	0%	44 090 960
1 year at most	VU	0	0%	0	0%	44 090 960
More than one year	VV	0	0%	0	0%	0

State of loans

		30/09/2011		30/09/2010		30/09/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	9 916 444
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	9 916 444
Loans (gross)	UP	0	0%	0	0%	36 011
Loans (1 year at most)	UR	0	0%	0	0%	36 011
Other financial assets (gross)	UT	0	0%	0	0%	37 600
Other financial assets (1 year at most)	UV	0	0%	0	0%	37 600

Receivables statement of assets

		30/09/2011		30/09/2010		30/09/2009
Customers doubtful or disputed	VA	0	0%	0	0%	170 961
Other claims customer	UX	0	0%	0	0%	27 202 386
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%	935
Social Security and other social organizations	UZ	0	0%	0	0%	23 145
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	562 883
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	0	0%	0	0%	6 103 484

Prepaid

		30/09/2011		30/09/2010		30/09/2009
Prepaid	VS	0	0%	0	0%	37 107

State Debt

			30/09/2011		30/09/2010		30/09/2009
	Total debt (gross)	VY	0	0%	0	0%	32 502 802
1 year at most		VZ2	0	0%	0	0%	32 502 802
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

			30/09/2011		30/09/2010		30/09/2009
	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	0	0%	0	0%	2 148 913
1 year at most		VG2	0	0%	0	0%	2 148 913
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%	1 590 746
1 year at most		8A2	0	0%	0	0%	1 590 746
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	0	0%	17 981 741
1 year at most		8B2	0	0%	0	0%	17 981 741
More than 1 year and 5 years at most		8B3	0	0%	0	0%	17 981 741
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	588 324
1 year at most		8C2	0	0%	0	0%	588 324
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	0	0%	0	0%	509 668
1 year at most		8D2	0	0%	0	0%	509 668
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	1 668 345
1 year at most		VW2	0	0%	0	0%	1 668 345
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	0	0%	0	0%	181 483
1 year at most		VQ2	0	0%	0	0%	181 483
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%	2 896
1 year at most		8J2	0	0%	0	0%	2 896
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	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	0	0%	0	0%	7 830 683
1 year at most		8K2	0	0%	0	0%	7 830 683
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

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
Average number of employees	YP	0	0%	0	0%	56

Groups and Shareholders

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Fixed Asset Financing		4,19	106,4%	2,03	49,3%	1,36	2,62	59,9%
Global Debt		132 days	16,8%	113 days	-15,7%	134 days	118 days	11,9%
Working Capital Fund overall net		62 days	-19,5%	77 days	102,6%	38 days	74 days	-16,2%
Financial independence		1596,35%	-77,2%	7004,10%	621,9%	970,26%	407,64%	291,6%
More ratios
Solvability		32,49%	-25,0%	43,34%	15,9%	37,40%	36,04%	-9,9%
Capacity debt futures		%	-	%	-	970,26%	932,01%	-
Coverage of current assets by net working capital overall		32,96%	-18,7%	40,55%	90,0%	21,34%	45,72%	-27,9%
General Liquidity			-		-	1,36	0,58	-
Restricted Liquidity			-		-	1,36	1,01	-

Management or rotation

		30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Need background in operating working capital		64 days	-16,9%	77 days	45,3%	53 days	31 days	106,5%
Treasury		0 days	0%	0 days	0%	-8 days	11 days	0%
Inventory turnover of goods		33 days	-5,7%	35 days	-10,3%	39 days	94 days	-64,9%
Average length of credit granted to customers		128 days	1,6%	126 days	11,5%	113 days	41 days	212,2%
Average length of credit obtained suppliers		118 days	6,3%	111 days	32,1%	84 days	51 days	131,4%
More ratios
Inventory turnover of raw materials in industrial enterprises		107 days	-58,2%	256 days	7,6%	238 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	1153 days	-
Rotation tangible assets		%	-	%	-	10288,73%	1344,45%	-

Profitability of the business

		30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Margin trading		6,94%	-39,5%	11,47%	-14,0%	13,34	33,25%	-79,1%
Profitability of the business		4,17	-28,7%	5,85	-23,2%	7,62	3,98%	4,8%
Net profit		3,89%	-1,3%	3,94%	6,5%	3,70%	2,21%	76,0%
More ratios
Growth rate of turnover (excluding VAT)		43,56%	438,5%	-12,87%	1,2%	-13,03%	1,79%	2333,5%
Rates integration		5,75%	-33,3%	8,62%	-28,8%	12,11%	22,44%	-74,4%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		22,27%	-45,3%	40,68%	23,5%	32,94%	68,42%	-67,5%
Weight interests		0,55	1000%	0,05%	-80,8%	0,26%	0,27%	103,7%

Return on capital

		30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Cash flow from the overall profitability		14,94%	223,4%	4,62%	7,2%	4,31%	3,09%	383,5%
Rates of economic profitability		19%	-17,4%	23%	-14,8%	27%	12,05%	57,7%
Financial profitability		19990667%	7,2%	18641123%	-10,6%	20850090%	54835%	36356,0%
Return on investment		19,91%	29,5%	15,37%	9,5%	14,04%	9,78%	103,6%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Turnover	109 120 896	43,6%	76 010 097	-12,9%	87 242 072	380 698 €	28563,4%

Sales of goods	89 417 412	22,3%	73 138 479	-11,6%	82 775 201
- Purchase of goods	84 955 365	34,8%	63 031 801	-12,8%	72 312 305
+/- Stock of goods variation	-3 114 201	-324,0%	1 390 147	218,3%	-1 175 295
Trading margin	7 576 248 €	-13,1%	8 716 531 €	-25,1%	11 638 191 €	108 792,50 €	6863,9%
	6,94 % CA	-39,5%	11,47 % CA	-14,0%	13,34 % CA	33,97 % CA	-79,6%

Sale of goods produced	19 703 484	586,1%	2 871 618	-35,7%	4 466 871
+/- Stocked production	1 877 860	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	21 581 344 €	651,5%	2 871 618 €	-35,7%	4 466 871 €	7 693 €	280432,2%
	19,78 % CA	423,3%	3,78 % CA	-26,2%	5,12 % CA	2,38 % CA	731,1%

Trading margin	7 576 248	-13,1%	8 716 531	-25,1%	11 638 191	108 792,50	6863,9%
+ Period Production	21 581 344	651,5%	2 871 618	-35,7%	4 466 871	7 693	280432,2%
- Purchase of raw materials	17 628 487	742,8%	2 091 642	48,4%	1 409 119
+/- Change in stocks of raw materiels	-4 060 313	-1982,5%	-194 969	49,4%	-385 181
- Other external purchases and charges	9 311 572	196,6%	3 139 666	-30,4%	4 512 001
Added value	6 277 846 €	-4,2%	6 551 810 €	-38,0%	10 569 123 €	93 604,50 €	6606,8%
	5,75 % CA	-33,3%	8,62 % CA	-28,8%	12,11 % CA	22,44 % CA	-74,4%

Added value	6 277 846 €	-4,2%	6 551 810 €	-38,0%	10 569 123 €	93 604,50 €	6606,8%
+ Operating grants	0	0%	869 685	0%	0
- Tax, duty and similar payments	326 731	5,4%	309 927	-29,0%	436 241
- Personal charges	1 398 041	-47,5%	2 665 128	-23,5%	3 481 862
Gross operating surplus	4 553 074 €	2,4%	4 446 440 €	-33,1%	6 651 020 €	14 636,50 €	31007,7%
	4,17 % CA	-28,7%	5,85 % CA	-23,2%	7,62 % CA	3,98 % CA	4,8%

Gross operating surplus	4 553 074 €	2,4%	4 446 440 €	-33,1%	6 651 020 €	14 636,50 €	31007,7%
+ Release of reserves and provisions	1 503 798	104913,8%	1 432	-99,7%	436 930
+ Other operating income	114	0%	0	0%	195
- Depreciation/Amortisation	708 469	90,8%	371 245	-58,2%	888 212
- Other charges	52 475	49,0%	35 228	-91,6%	417 638
Operating result	5 296 042 €	31,0%	4 041 399 €	-30,1%	5 782 295 €	11 247 €	46988,5%
	4,85 % CA	-8,8%	5,32 % CA	-19,8%	6,63 % CA	2,98 % CA	62,8%

Operating result	5 296 042 €	31,0%	4 041 399 €	-30,1%	5 782 295 €	11 247 €	46988,5%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	97 563	-45,3%	178 226	55,6%	114 520
- Financial charges	598 056	1438,0%	38 885	-82,6%	223 728
Pre-tax result	4 795 549 €	14,7%	4 180 740 €	-26,3%	5 673 087 €	10 034 €	47693,0%
	4,39 % CA	-20,2%	5,50 % CA	-15,4%	6,50 % CA	2,52 % CA	74,2%

Extraordinary income	14 834 359	4341,1%	334 027	-16,4%	399 459	06	247239216,7%
- Extraordinary charges	15 381 713	2343,7%	629 437	-39,2%	1 034 638
Extraordinary result	-547 354 €	-85,3%	-295 410 €	53,5%	-635 179 €	0 €	0%
	-0,50 % CA	-28,2%	-0,39 % CA	46,6%	-1 % CA	0 % CA	0%

Pre-tax result	4 795 549 €	14,7%	4 180 740 €	-26,3%	5 673 087 €	10 034 €	47693,0%
Extraordinary result	-547 354 €	-85,3%	-295 410 €	53,5%	-635 179 €	0 €	0%
- Employee profit sharing	0	0%	91 363	-58,2%	218 412
- Tax on profits	-400	-100,0%	802 886	-49,5%	1 590 746
Net result	4 248 595 €	42,0%	2 991 081 €	-7,4%	3 228 750 €	10 136,50 €	41813,8%
	3,89 % CA	-1,3%	3,94 % CA	6,5%	3,70 % CA	2,23 % CA	74,4%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'autres biens domestiques  (4649Z)
RCS Registration	RCS Romans 1 393 708 748	Share capital	94,240 Euros
Registration Court	Romans (26)	Legal form	Simplified joint stock company
Court Registry Number	20 1 0B005	EU VAT Number	FR33393708748
Incorporation Date	01/1994	Formation Date	01/1994
Deregistration Date		Last account Date	30/09/2011
Nationality	France

Type	Head office	Status	Economically active
	Formation Date	03/2010	Reason for formation	Formation
	Closure Date		Reason for closure
	Reactivation Date		Production Role
	Activity Nature		Activity Location
	Location surface		Seasonality

Department		Region	Rhône-Alpes
District		Area
City	ANNEYRON	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> LAFPROM <<<  - Commerce de gros (commerce interentreprises) d'autres biens domestiques (4649Z)  in ANNEYRON  (26140)
Secondary establishments	>  LAFPROM  - Commerce de gros (commerce interentreprises) d'autres biens domestiques (4649Z)  in PARIS 17  (75017) >  LAFPROM  - Commerce de gros (commerce interentreprises) d'autres biens domestiques (4649Z)  in PARIS 16  (75116) >  LAFPROM  - Commerce de gros (commerce interentreprises) d'autres biens domestiques (4649Z)  in SAINT JULIEN LES VILLAS  (10800) >  LAFPROM  - Commerce de gros (commerce interentreprises) d'autres biens domestiques (4649Z)  in SAINT JULIEN LES VILLAS  (10800) > ...

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce 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
Company events history

Date	Description
23/04/2012	Bodacc C : Deposit accounts notice
17/04/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/01/2012	New subsidiarie(s) detected
30/09/2011	New accounts available
18/05/2011	Bodacc A : Sale and transfer
06/05/2011	New subsidiarie(s) detected
06/04/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
04/04/2011	Bodacc C : Deposit accounts notice
05/01/2011	Collection of preferential rights activated for this company
31/12/2010	Update of Company Workforce
31/12/2010	Update of Company Activity
31/12/2010	Modification of Company Activity
20/12/2010	Application and court order
30/09/2010	New accounts available
23/06/2010	Bodacc A : Registration
14/06/2010	Bodacc C : Deposit accounts notice
08/06/2010	Payment incident closed
18/05/2010	Amendment
18/05/2010	Updated articles of association
22/04/2010	Payment incident detected
19/04/2010	Legal Gazette: Head Office Transfer
30/03/2010	Transfer of Establishment
30/03/2010	Update of Company Head Office Identifier
23/02/2010	Payment incident closed
30/09/2009	New accounts available
18/07/2009	Bodacc C : Deposit accounts notice
05/06/2009	Bodacc B: Various editing or changing
20/05/2009	Minutes of general meeting of shareholders
20/05/2009	Amendment
20/05/2009	Appointment/resignation of company officers
20/05/2009	Private document
20/05/2009	Changes to the Board of Directors
20/05/2009	Updated articles of association
30/09/2008	New accounts available
02/06/2008	Bodacc C : Deposit accounts notice
30/09/2007	New accounts available
04/05/2007	PV d'Assemblée
04/05/2007	Amendment
04/05/2007	Acte modificatif
04/05/2007	Updated articles of association
04/05/2007	Statuts mis à jour
04/05/2007	Minutes of general meeting of shareholders
04/05/2007	Declaration of conformity
04/05/2007	Déclaration de conformité
04/05/2007	Private document
04/05/2007	Capital increase
04/05/2007	Augmentation de Capital
06/03/2007	Audit or Management Report
06/03/2007	Private document
05/03/2007	Audit or Management Report
05/03/2007	Rapport des Commissaires ou du Gérant
22/02/2007	Projet de Fusion
22/02/2007	Merger
22/02/2007	Planned merger
22/02/2007	Private document
07/02/2007	Application and court order
06/02/2007	Requête et Ordonnance
06/02/2007	Application and court order
02/01/2007	Updated articles of association
02/01/2007	Transfert du Siège dans le ressort du Tribunal de Commerce
02/01/2007	Statuts mis à jour
02/01/2007	Private document
02/01/2007	Acte modificatif
02/01/2007	Minutes of general meeting of shareholders
02/01/2007	Registered office transferred inside jurisdiction of the Commercial Court
30/09/2006	New accounts available
30/09/2005	New accounts available
29/04/2005	Private document
29/04/2005	Minutes of general meeting of shareholders
29/04/2005	Statuts mis à jour
29/04/2005	Updated articles of association
29/04/2005	Acte sous seing privé
29/04/2005	PV d'Assemblée
30/09/2004	New accounts available
30/09/2003	New accounts available
06/12/2001	Changement de Forme Juridique avec changement de catégorie
06/12/2001	Changement de Forme Juridique sans changement de catégorie
06/12/2001	Acte sous seing privé
06/12/2001	Nomination/démission des organes de gestion
06/12/2001	PV d'Assemblée
06/12/2001	Statuts mis à jour
06/12/2001	Rapport des Commissaires ou du Gérant
25/08/2000	Changement de date de clôture
25/08/2000	PV d'Assemblée
25/08/2000	Acte sous seing privé
25/08/2000	Statuts mis à jour
10/05/2000	Fusion
10/05/2000	Acte sous seing privé
10/05/2000	Rapport des Commissaires ou du Gérant
10/05/2000	Statuts mis à jour
10/05/2000	PV d'Assemblée
10/05/2000	Déclaration de conformité
04/04/2000	PV d'Assemblée
04/04/2000	Augmentation de Capital
04/04/2000	Modification de l'objet social
04/04/2000	Statuts mis à jour
04/04/2000	Acte sous seing privé
04/04/2000	Conversion du Capital Social en Euros
08/03/2000	Nomination/démission des organes de gestion
08/03/2000	Requête et Ordonnance
25/02/2000	Fusion
25/02/2000	Acte sous seing privé
25/02/2000	Projet de Fusion
08/02/2000	Acte sous seing privé
08/02/2000	Cession de parts
05/01/2000	Acte sous seing privé
05/01/2000	Cession de parts
06/04/1998	PV d'Assemblée
06/04/1998	Nomination/démission des organes de gestion
06/04/1998	Acte sous seing privé
26/01/1994	Statuts
26/01/1994	PV d'Assemblée
26/01/1994	Nomination/démission des organes de gestion
26/01/1994	Déclaration de conformité
26/01/1994	Acte sous seing privé
26/01/1994	Formation de Société

Establishment events history

Date	Description
28/06/2011	Update of phone numbers
21/04/2011	Update Rating
06/04/2011	Update Rating
31/12/2010	Modification of Head office
08/06/2010	Update Limit
08/06/2010	Update Rating
30/03/2010	Formation of Head office (after transfer)

event history

Status history

Date	Description
30/03/2010	Economically active

NOTES & COMMENTS

Na

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 :

NLM

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.