MIRA INFORM REPORT

Report Date :

07.01.2013

IDENTIFICATION DETAILS

Name :	AXIOME
Registered Office :	17 Av Felix Louat 60300 Senlis
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	June, 1999
Com. Reg. No.:	RCS Compiegne 9 423 102 433
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (intercompany trade) of various industrial supplies and equipment
No. of Employees :	6

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:	135,000 €
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 (31.03.2012)	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

AXIOME

SIRET

423 102 433 00038

Personal comment

company summary

		EUR VAT Number	FR37423102433
Activity (APE)	Wholesale (intercompany trade) of various industrial supplies and equipment (4669B)	Legal form	Simplified joint stock company
Phone		RCS Registration	RCS Compiegne 9 423 102 433
Fax		Share capital	330,000 Euros
Address	AXIOME 17 AV FELIX LOUAT 60300 SENLIS	Incorporated Date	06/1999
Nationality	France	Status	Economically active

CREDIT RECOMMENDATION

Current Credit Limit: 135,000 €

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Name	M. DURIEU DU PRADEL ARNAUD
Manager position	Président	Date of birth	22/10/1961
Place of birth	PARIS 17EME
Type	Individual	Name at birth

Manager position	Title and name	Date of Birth/Place of Birth
Président	M ARNAUD DURIEU DU PRADEL	22/10/1961 - PARIS 17

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	12/31/2011	12/31/2009	12/31/2008
Turnover	8,985,178 €	4,561,195 €	8,601,609 €
Gross Operating Surplus	0,94 % Turnover	1,50 % Turnover	1,26 % Turnover
Shareholders’ equity	415,021 €	388,185 €	386,458 €
Net result	24,658 €	1,726 €	32,529 €

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	17/12/2012	20/09/2010	11/01/2010
Activity Code	4669B	4669B	4669B
Employees	6	0	7

Active account

Annual Accounts	31/12/2011		31/12/2009		31/12/2008	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	13 152	2,9%	12 778	-37,2%	20 342	30 982	-57,5%
- Intangible assets	0	0%	0	0%	0	0	0%
- Tangible assets	11 070	138,7%	4 638	-49,7%	9 218	13 558	-18,4%
- Financial assets	2 082	-74,4%	8 140	-26,8%	11 124	1 829	13,8%
Net current assets	3 219 966	71,7%	1 874 882	-45,4%	3 436 907	423 234	660,8%
- Stocks	46 111	343,3%	10 401	222,1%	3 229	52 812	-12,7%
- Advanced payments	0	71,7%	0	0%	0	0	0%
- Receivables	2 807 539	54,9%	1 812 273	-46,8%	3 405 490	205 429	1266,7%
- Securities and cash	366 316	601,6%	52 208	85,2%	28 188	65 683	457,7%
- Prepaid expenses	-	-	-	-	-	270	-
Accounts of regularization	89 503	9,8%	81 484	0%	0	0	0%
Total Assets	3 322 622	68,7%	1 969 148	-43,0%	3 457 250	493 355	573,5%

Passive Account

Annual Accounts	31/12/2011		31/12/2009		31/12/2008	Sector Median 2011
Shareholders' equity	415 021	6,9%	388 185	0,4%	386 458	165 832	150,3%
Share capital	330 000	0%	330 000	0%	330 000	35 400	832,2%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	58 753	-27,9%	81 484	0%	0	0	0%
Liabilities	2 818 094	87,9%	1 499 474	-49,3%	2 960 197	276 038	920,9%
- Financial liabilities	52 959	-4,4%	55 416	-91,3%	636 623	21 320	148,4%
- Advanced payments received	202 569	3690,6%	5 344	-53,0%	11 381	0	0%
- Trade account payables	2 414 058	82,2%	1 324 908	-38,8%	2 163 643	112 117	2053,2%
- Tax and social liabilities	119 338	12,2%	106 343	-24,0%	139 838	76 765	55,5%
- Other debts and fixed assets liabilities	59 920	702,9%	7 463	-93,7%	119 303	4 476	1238,7%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	3 322 622	68,7%	1 969 147	-43,0%	3 457 250	493 355	573,5%

Results

Annual Accounts	31/12/2011		31/12/2009		31/12/2008	Sector Median 2011
Sales of Goods	9 051 872	97,3%	4 586 845	-46,8%	8 615 194	853 251	960,9%
Net turnover	8 985 178	97,0%	4 561 195	-47,0%	8 601 609	836 714	973,9%
- of which net export turnover	8 155 673	79,6%	4 541 026	-47,2%	8 598 906	0	0%
Operating charges	8 962 214	95,2%	4 590 757	-46,2%	8 528 612	806 509	1011,2%
Operating profit/loss	89 658	2391,9%	-3 912	-104,5%	86 582	31 090	188,4%
Financial income	13 138	-53,4%	28 205	13,6%	24 834	181	7158,6%
Financial charges	68 726	58,2%	43 446	-1,0%	43 885	1 504	4469,5%
Financial profit/loss	-55 588	-264,7%	-15 241	20,0%	-19 051	-251	-22046,6%
Pretax net operating income	34 070	277,9%	-19 153	-128,4%	67 531	30 110	13,2%
Extraordinary income	16	-63,6%	44	-89,6%	423	222	-92,8%
Extraordinary charges	9 425	-34,6%	14 422	8693,9%	164	303	3010,6%
Extraordinary profit/loss	-9 409	271,5%	-14 378	-5651,4%	259	0	0%
Net result	24 658	1328,6%	1 726	-94,7%	32 529	25 901	-4,8%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2011	31/12/2009	31/12/2008
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2009		31/12/2008
Grand Total (I to VI)	Net	3 322 622	68,7%	1 969 148	-43,0%	3 457 250
Gross	CO	3 532 444	60,9%	2 195 138	-40,5%	3 689 087
Amortisation	1A	209 822	-7,2%	225 990	-2,5%	231 837

Non declared distributed capital (I)

		31/12/2011		31/12/2009		31/12/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2011		31/12/2009		31/12/2008
Total Active fixed asset (II)	Net	13 152	2,9%	12 778	-37,2%	20 342
Gross	BJ	34 095	-24,5%	45 166	-22,9%	58 576
Amortisation	BK	20 943	-35,3%	32 388	-15,3%	38 234

Intangilble fixed assets

			31/12/2011		31/12/2009		31/12/2008
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	0	0%	0
	Gross	AF	6 650	0%	6 650	0%	6 650
	Amortisation	AG	6 650	0%	6 650	0%	6 650
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	0	0%	0	0%

Tangilble fixed assets

		31/12/2011		31/12/2009		31/12/2008
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	0	0%	0	0%	0
Gross	AR	0	0%	0	0%	0
Amortisation	AS	0	0%	0	0%	0
Other tangible fixed assets	Net	11 070	138,7%	4 638	-49,7%	9 218
Gross	AT	25 363	-16,5%	30 376	0%	30 376
Amortisation	AU	14 293	-44,5%	25 738	21,6%	21 158
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	11 070		4 638		9 218

Financial assets

		31/12/2011		31/12/2009		31/12/2008
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	160	0%	0	0%	3 574
Gross	CU	160	0%	0	0%	14 000
Amortisation	CV	0	0%	0	0%	10 426
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	1 922	-76,4%	8 140	7,8%	7 550
Gross	BH	1 922	-76,4%	8 140	7,8%	7 550
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		2 082		8 140		11 124

Current Assets (III)

		31/12/2011		31/12/2009		31/12/2008
Total Assets	Net	3 219 966	71,7%	1 874 882	-45,4%	3 436 907
Gross	CJ	3 408 844	64,8%	2 068 484	-43,0%	3 630 509
Amortisation	CK	188 878	-2,4%	193 602	0%	193 602

Stocks

		31/12/2011		31/12/2009		31/12/2008
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	46 111	343,3%	10 401	222,1%	3 229
Gross	BT	95 121	68,3%	56 513	14,5%	49 341
Amortisation	BU	49 010	6,3%	46 112	0%	46 112
Sub Total Stocks	Net	46 111	343,3%	10 401	222,1%	3 229

Advance payments to suppliers

		31/12/2011		31/12/2009		31/12/2008
Advance payments to suppliers	Net	0	0%	0	0%	0
Gross	BV	0	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2011		31/12/2009		31/12/2008
Trade accounts receivable	Net	2 540 000	48,5%	1 710 313	-49,5%	3 385 917
Gross	BX	2 679 868	44,2%	1 857 803	-47,4%	3 533 407
Amortisation	BY	139 868	-5,2%	147 490	0%	147 490
Other debtors	Net	262 305	180,2%	93 599	424,0%	17 863
Gross	BZ	262 305	180,2%	93 599	424,0%	17 863
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	2 802 305	55,3%	1 803 912	-47,0%	3 403 780

Divers

		31/12/2011		31/12/2009		31/12/2008
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	366 316	601,6%	52 208	85,2%	28 188
Gross	CF	366 316	601,6%	52 208	85,2%	28 188
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	366 316	601,6%	52 208	85,2%	28 188

Prepaid expenses

31/12/2011

31/12/2009

31/12/2008

Prepaid expenses

Net

5 234

-37,4%

8 361

388,9%

1 710

Gross

CH

5 234

-37,4%

8 361

388,9%

1 710

Amortisation

CI

0

0%

0

0%

Equalization accounts (IV to VI)

		31/12/2011		31/12/2009		31/12/2008
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	89 503	9,8%	81 484	0%	0
Gross		89 503	9,8%	81 484	0%	0

References

		31/12/2011		31/12/2009		31/12/2008
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	157 951	0%	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2009		31/12/2008
Grand Total (I to V)	EE	3 322 622	68,7%	1 969 147	-43,0%	3 457 250

Shareholder Equity (I)

		31/12/2011		31/12/2009		31/12/2008
Total shareholders' equity (Total I)	DL	415 021	6,9%	388 185	0,4%	386 458
Equity and shareholders' equity	DA	330 000	0%	330 000	0%	330 000
Issue and merger premiums	DB	0	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	8 524	84,5%	4 620	0%	4 620
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	51 839	0%	51 839	168,5%	19 309
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	24 658	1328,6%	1 726	-94,7%	32 529
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2011		31/12/2009		31/12/2008
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/12/2011		31/12/2009		31/12/2008
Total provisions for risks and charges (Total III)	DR	58 753	-27,9%	81 484	0%	0
Risk provisions	DP	58 753	-27,9%	81 484	0%	0
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2011		31/12/2009		31/12/2008
	Total Liabilities (Total IV)	EC	2 818 094	87,9%	1 499 474	-49,3%	2 960 197
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	51 738	-4,7%	54 291	-91,4%	630 100
	Sundry loans and financial liabilities	DV	1 221	8,5%	1 125	-82,8%	6 523
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	202 569	3690,6%	5 344	-53,0%	11 381
	Trade accounts payables	DX	2 414 058	82,2%	1 324 908	-38,8%	2 163 643
	Tax and social security liabilities	DY	119 338	12,2%	106 343	-24,0%	139 838
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	29 170	290,9%	7 463	-14,3%	8 712

Translation loss (V)

		31/12/2011		31/12/2009		31/12/2008
Translation loss (Total V)	ED	30 750	0%	0	0%	110 591

Equalization accounts

		31/12/2011		31/12/2009		31/12/2008
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2011		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	2 615 527	75,1%	1 494 132	0%	0
Of which current bank facilities	EH	51 738	-4,7%	54 291	0%	0

Display parameter
Currency	Euro	Kilo Euro

Result account
Sales of Goods | Operating charges | Operating charges | Financial income | Financial charges | Financial charges | Extraordinary charges | Employee profit sharing | Tax on profits | References

1- Operating result (I-II)

		31/12/2011		31/12/2009		31/12/2008
Operating result (Total I-II)	GG	89 658	2391,9%	-3 912	-104,5%	86 582

2 - Financial result (V - VI)

		31/12/2011		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	-55 588	-264,7%	-15 241	20,0%	-19 051

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

		31/12/2011		31/12/2009		31/12/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	34 070	277,9%	-19 153	-128,4%	67 531

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	-9 409	34,6%	-14 378	-5651,4%	259

Profit or loss

		31/12/2011		31/12/2009		31/12/2008
Profit or loss	HN	24 658	1328,6%	1 726	-94,7%	32 529

Total Income (I+III+V+VII)

		31/12/2011		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	9 065 026	96,4%	4 615 094	-46,6%	8 640 451

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

		31/12/2011		31/12/2009		31/12/2008
Total charges (Total II+IV+VI+VIII+IX+X)	HM	9 040 365	96,0%	4 613 368	-46,4%	8 607 918

Operating income (I)

		31/12/2011		31/12/2009		31/12/2008
Total operating income (Total I)	FR	9 051 872	97,3%	4 586 845	-46,8%	8 615 194

Operating income (details)

		31/12/2011		31/12/2009		31/12/2008
Sale of goods for resale	FC	8 985 178	100,2%	4 488 805	-47,5%	8 548 959
France	FA	829 505	76352,1%	1 085	-59,9%	2 703
Export	FB	8 155 673	81,7%	4 487 720	-47,5%	8 546 256
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	0	0%	72 390	37,5%	52 650
France	FG	0	0%	19 084	0%	0
Export	FH	0	0%	53 306	1,2%	52 650
Net turnover	FL	8 985 178	97,0%	4 561 195	-47,0%	8 601 609
France	FJ	829 505	4012,8%	20 169	646,2%	2 703
Export	FK	8 155 673	79,6%	4 541 026	-47,2%	8 598 906
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	941	-31,8%	1 380
Release of reserves and provisions	FP	66 694	169,9%	24 709	102,4%	12 205
Other income	FQ	0	0%	0	0%	0

Operating charges (II)

		31/12/2011		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	8 962 214	95,2%	4 590 757	-46,2%	8 528 612

Exploitation charges

		31/12/2011		31/12/2009		31/12/2008
Purchase of goods for resale	FS	7 971 861	104,4%	3 900 157	-49,0%	7 643 739
Change in stocks of goods for resale	FT	56 946	894,0%	-7 172	-103,4%	208 525
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	529 008	139,6%	220 799	-1,6%	224 390
Tax, duty and similar payments	FX	20 861	9,1%	19 114	-9,2%	21 061
Payroll	FY	228 758	-10,0%	254 237	-11,7%	287 819
Social security costs	FZ	93 558	-12,4%	106 797	-2,5%	109 484

Depreciation

		31/12/2011		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	1 102	-75,9%	4 579	-22,2%	5 887
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	27 707
Provisions for risks and charges	GD	58 753	-27,9%	81 484	0%	0

Other charges

		31/12/2011		31/12/2009		31/12/2008
Other charges	GE	1 367	-87,3%	10 762	0%	0

Operating charges (III-IV)

		31/12/2011		31/12/2009		31/12/2008
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2011		31/12/2009		31/12/2008
Total financial income (Total V)	GP	13 138	-53,4%	28 205	13,6%	24 834
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	2 065	65,3%	1 249	-85,7%	8 737
Released provisions and transferred charges	GM	0	0%	10 426	191,7%	3 574
Exchange gains	GN	11 073	-33,0%	16 530	32,0%	12 523
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/12/2011		31/12/2009		31/12/2008
Total financial charge (Total VI)	GU	68 726	58,2%	43 446	-1,0%	43 885
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	63 192	144,7%	25 821	-11,8%	29 265
Exchange losses	GS	5 534	-68,6%	17 625	20,6%	14 620
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

31/12/2011

31/12/2009

31/12/2008

Total extraordinary income (Total VII)

HD

16

-63,6%

44

-89,6%

423

Extraordinary operating income

HA

16

-62,8%

43

-89,8%

423

Extraordinary income from capital transactions

HB

0

0%

0

0%

0

Released provisions and transferred charges

HC

0

0%

01

0%

Extraordinary charges (VIII)

		31/12/2011		31/12/2009		31/12/2008
Total extraordinary charges (Total VIII)	HH	9 425	-34,6%	14 422	8693,9%	164
Extraordinary operating charges	HE	9 425	2133,4%	422	157,3%	164
Extraordinary charges from capital transactions	HF	0	0%	14 000	0%	0
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2011		31/12/2009		31/12/2008
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2011		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	0	0%	-35 257	-200%	35 257

References

		31/12/2011		31/12/2009		31/12/2008
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	24 709	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Other incomer tax return forms
Reserve for depreciation | Provisions included in balance sheet | State deadlines claims and debts at the end of period
Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

		31/12/2011		31/12/2009		31/12/2008
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	6 218	-55,6%	14 000	0%	0
Gross value at the end of period	OL	34 096	-24,5%	45 166	-22,9%	58 576

Research and development Charge (Total I)

		31/12/2011		31/12/2009		31/12/2008
Gross value at begin of period	CZ	0	0%	0	0%	0
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreasess by budget item transfer	C01	0	0%	0	0%	0
Decreasess by transfers	C02	0	0%	0	0%	0
Gross value at the end of period	D0	0	0%	0	0%

Other budget item from Intangible fixed assets (Total II)

		31/12/2011		31/12/2009		31/12/2008
Gross value at begin of period	KD	6 650	0%	6 650	0%	6 650
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	6 650	0%	6 650	0%	6 650

Tangible fixed assets (Total III)

		31/12/2011		31/12/2009		31/12/2008
Gross value at begin of period	LN	15 363	-49,4%	30 375	0%	30 375
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	10 000	0%	0	0%	0
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	0	0%	0
Gross value at the end of period	NH	25 363	-16,5%	30 375	0%	30 375

Financial assets (Total IV)

		31/12/2011		31/12/2009		31/12/2008
Gross value at begin of period	LQ	8 300	-61,5%	21 550	35,5%	15 906
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	590	-89,5%	5 643
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	6 218	-55,6%	14 000	0%	0
Gross value at the end of period	NK	2 082	-74,4%	8 140	-62,2%	21 549

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

			31/12/2011		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2011		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2011		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	6 650	0%	6 650	0%	6 650
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	6 650	0%	6 650	0%	6 650

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	13 190	-37,7%	21 157	38,6%	15 270
Increases		QV	1 102	-75,9%	4 579	-22,2%	5 887
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	14 292	-44,5%	25 736	21,6%	21 158

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

			31/12/2011		31/12/2009		31/12/2008
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2011		31/12/2009		31/12/2008
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet
Grand Total (I-II-III)

			31/12/2011		31/12/2009		31/12/2008
	Value at begining of period	7C	255 573	25,3%	204 028	6,4%	191 816
Increases		UB	58 753	-27,9%	81 484	194,1%	27 707
Decreases		UC	66 694	539,7%	10 426	-32,7%	15 495
	Value at the end of period	UD	247 631	-10,0%	275 086	34,8%	204 028

Includes Total allocations

Operating	UE	58 753	-27,9%	81 484	194,1%	27 707
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	66 694	0%	0	0%	11 921
Financial	UH	0	0%	10 426	191,7%	3 574
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2011		31/12/2009		31/12/2008
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2009		31/12/2008
	Value at begining of period	5Z	66 694	0%	0	0%	11 921
Increases		TV	58 753	-27,9%	81 484	0%	0
Decreases		TW	66 694	0%	0	0%	11 921
	Value at the end of period	TX	58 753	-27,9%	81 484	0%	0

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2009		31/12/2008
	Value at begining of period	7B	188 878	-7,4%	204 028	13,4%	179 895
Increases		TY	0	0%	0	0%	27 707
Decreases		TZ	0	0%	10 426	191,7%	3 574
	Value at the end of period	UA	188 878	-2,4%	193 602	-5,1%	204 028

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

		31/12/2011		31/12/2009		31/12/2008
Gross value	VT	2 949 329	49,9%	1 967 905	-44,7%	3 560 531
1 year at most	VU	2 947 407	63,6%	1 801 813	-46,8%	3 388 967
More than one year	VV	1 922	-98,8%	166 092	-3,2%	171 564

State of loans

		31/12/2011		31/12/2009		31/12/2008
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	1 922	-76,4%	8 140	7,8%	7 550
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	150 329	-4,8%	157 951	-3,7%	164 014
Other claims customer	UX	2 529 539	48,8%	1 699 852	-49,6%	3 369 392
Receivables represent Loaned Securities	UU	0	0%	1 059	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	92	-99,9%	70 514	0%	0
Income taxes	VM	35 257	71,3%	20 578	0%	0
Value added tax	VB	39 856	0%	0	0%	16 027
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	451	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	186 648	12790,1%	1 448	-21,1%	1 835

Prepaid

		31/12/2011		31/12/2009		31/12/2008
Prepaid	VS	5 234	-37,4%	8 361	388,9%	1 710

State Debt

			31/12/2011		31/12/2009		31/12/2008
	Total debt (gross)	VY	2 615 527	75,1%	1 494 132	-49,3%	2 948 817
1 year at most		VZ2	2 615 527	75,1%	1 494 132	-49,3%	2 948 817
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2009		31/12/2008
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	51 738	-4,7%	54 291	-91,4%	630 100
1 year at most		VG2	51 738	-4,7%	54 291	-91,4%	630 100
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	2 414 058	82,2%	1 324 908	-38,8%	2 163 643
1 year at most		8B2	2 414 058	82,2%	1 324 908	-38,8%	2 163 643
More than 1 year and 5 years at most		8B3	2 414 058	82,2%	1 324 908	-38,8%	2 163 643
	Personnel and associated accounts (gross)	8C1	47 486	39,3%	34 089	-0,1%	34 132
1 year at most		8C2	47 486	39,3%	34 089	-0,1%	34 132
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	57 476	-10,1%	63 949	12,6%	56 775
1 year at most		8D2	57 476	-10,1%	63 949	12,6%	56 775
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	35 257
1 year at most		8E2	0	0%	0	0%	35 257
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	1 029	0%	0
1 year at most		VW2	0	0%	1 029	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	14 376	97,6%	7 276	-46,8%	13 674
1 year at most		VQ2	14 376	97,6%	7 276	-46,8%	13 674
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	1 221	8,5%	1 125	-82,8%	6 523
1 year at most		VI2	1 221	8,5%	1 125	-82,8%	6 523
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	29 170	290,9%	7 463	-14,3%	8 712
1 year at most		8K2	29 170	290,9%	7 463	-14,3%	8 712
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2011		31/12/2009		31/12/2008
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2011		31/12/2009		31/12/2008
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2011		31/12/2009		31/12/2008
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2011		31/12/2009		31/12/2008
Subcontracting	YT	63	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	19 968	0%	0	0%	0
Staff outside the company	YU	295 192	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	95 889	0%	0	0%	0
Fees, commissions and brokerage	YV	2 011	0%	0	0%	0
Other accounts	ST	115 884	0%	0	0%	0
Total Other purchases and external	ZJ	529 007	0%	0	0%	0

Taxes and Fees

		31/12/2011		31/12/2009		31/12/2008
Business tax	YW	3 618	0%	0	0%	0
Other taxes and payments assimilated	9Z	17 243	0%	0	0%	0
Total taxes and fees	YX	20 861	0%	0	0%	0

VAT

		31/12/2011		31/12/2009		31/12/2008
Amount VAT collected	YY	162 582	0%	0	0%	0
Total VAT on goods and services	YZ	66 398	0%	0	0%	0

Average number of employees

		31/12/2011		31/12/2009		31/12/2008
Average number of employees	YP	06	0%	0	0%	07

Groups and Shareholders

			31/12/2011			31/12/2009			31/12/2008
	Groups and Shareholders	ZR	0		-	0		-	-
Display parameter
Comparison mode				Average			Median

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

Structure and Liquidity

	31/12/2011		31/12/2009		31/12/2008	Sector Median 2011
Fixed Asset Financing	14,55	30,6%	11,14	-38,5%	18,12	3,13	364,9%
Global Debt	113 days	-4,2%	118 days	-4,8%	124 days	106 days	6,6%
Working Capital Fund overall net	19 days	-47,2%	36 days	-14,3%	42 days	73 days	-74,0%
Financial independence	802,16%	12,2%	715,01%	1065,8%	61,33%	816,26%	-1,7%
More ratios
Solvability	12,49%	-36,6%	19,71%	76,3%	11,18%	39,29%	-68,2%
Capacity debt futures	802,16%	12,2%	715,01%	1065,8%	61,33%	2293,78%	-65,0%
Coverage of current assets by net working capital overall	13,57%	-39,0%	22,23%	-19,5%	27,63%	44,53%	-69,5%
General Liquidity	1,13	-6,6%	1,21	5,2%	1,15	0,89	27,0%
Restricted Liquidity	1,27	2,4%	1,24	6,9%	1,16	1,31	-3,1%

Management or rotation

	31/12/2011		31/12/2009		31/12/2008	Sector Median 2011
Need background in operating working capital	3 days	-89,7%	29 days	-35,6%	45 days	34 days	-91,2%
Treasury	13 days	0%	0 days	0%	1 days	17 days	-23,5%
Inventory turnover of goods	4 days	-20,0%	5 days	150,0%	2 days	52 days	-92,3%
Average length of credit granted to customers	105 days	-28,6%	147 days	-0,7%	148 days	71 days	47,9%
Average length of credit obtained suppliers	101 days	-12,9%	116 days	20,8%	96 days	63 days	60,3%
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	1111 days	-
Rotation tangible assets	35426,32%	135,9%	15016,28%	-47,0%	28318,05%	1598,29%	2116,5%

Profitability of the business

31/12/2011

31/12/2009

31/12/2008

Sector Median 2011

Margin trading

10,64%

-18,5%

13,06%

61,2%

8,10

27,16%

-60,8%

Profitability of the business

0,94

-37,3%

1,50

19,0%

1,26

4,87%

-80,7%

Net profit

0,27%

575,0%

0,04%

-89,5%

0,38%

3,05%

-91,1%

More ratios

Growth rate of turnover (excluding VAT)

96,99%

306,5%

-46,97%

-184,5%

55,60%

8,42%

1051,9%

Rates integration

4,76%

-51,5%

9,81%

60,8%

6,10%

25,29%

-81,2%

Rate leasing furniture

0%

0%

0%

0%

0%

0%

0%

Work Factor

75,42%

-6,5%

80,69%

6,6%

75,68%

71,54%

5,4%

Weight interests

0,76

-20,0%

0,95%

86,3%

0,51%

0,18%

322,2%

Return on capital

	31/12/2011		31/12/2009		31/12/2008	Sector Median 2011
Cash flow from the overall profitability	-0,46%	-309,1%	0,22%	-18,5%	0,27%	3,74%	-112,3%
Rates of economic profitability	18%	20,0%	15%	36,4%	11%	19%	-5,3%
Financial profitability	415021%	6,9%	388185%	0,4%	386458%	152581,50%	172,0%
Return on investment	19,95%	96,0%	10,18%	36,3%	7,47%	13,45%	48,3%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2009		31/12/2008	Sector Median 2011
Turnover	8 985 178	97,0%	4 561 195	-47,0%	8 601 609	836 714 €	973,9%

Sales of goods	8 985 178	100,2%	4 488 805	-47,5%	8 548 959
- Purchase of goods	7 971 861	104,4%	3 900 157	-49,0%	7 643 739
+/- Stock of goods variation	56 946	894,0%	-7 172	-103,4%	208 525
Trading margin	956 371 €	60,5%	595 820 €	-14,5%	696 695 €	183 710 €	420,6%
	10,64 % CA	-18,5%	13,06 % CA	61,2%	8,10 % CA	27,80 % CA	-61,7%

Sale of goods produced	0	0%	72 390	37,5%	52 650
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	0 €	0%	72 390 €	37,5%	52 650 €	73 005 €	0%
	0,00 % CA	0%	1,59 % CA	160,7%	0,61 % CA	9,71 % CA	0%

Trading margin	956 371	60,5%	595 820	-14,5%	696 695	183 710	420,6%
+ Period Production	0	0%	72 390	37,5%	52 650	73 005	0%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	529 008	139,6%	220 799	-1,6%	224 390
Added value	427 363 €	-4,5%	447 411 €	-14,8%	524 955 €	218 797 €	95,3%
	4,76 % CA	-51,5%	9,81 % CA	60,8%	6,10 % CA	25,28 % CA	-81,2%

Added value	427 363 €	-4,5%	447 411 €	-14,8%	524 955 €	218 797 €	95,3%
+ Operating grants	0	0%	941	-31,8%	1 380
- Tax, duty and similar payments	20 861	9,1%	19 114	-9,2%	21 061
- Personal charges	322 316	-10,7%	361 034	-9,1%	397 303
Gross operating surplus	84 186 €	23,4%	68 204 €	-36,8%	107 971 €	37 895 €	122,2%
	0,94 % CA	-37,3%	1,50 % CA	19,0%	1,26 % CA	4,87 % CA	-80,7%

Gross operating surplus	84 186 €	23,4%	68 204 €	-36,8%	107 971 €	37 895 €	122,2%
+ Release of reserves and provisions	66 694	169,9%	24 709	102,4%	12 205
+ Other operating income	0	0%	0	0%	0
- Depreciation/Amortisation	59 855	-30,5%	86 063	156,2%	33 594
- Other charges	1 367	-87,3%	10 762	0%	0
Operating result	89 658 €	2391,9%	-3 912 €	-104,5%	86 582 €	31 090 €	188,4%
	1,00 % CA	1211,1%	-0,09 % CA	-108,9%	1,01 % CA	3,94 % CA	-74,6%

Operating result	89 658 €	2391,9%	-3 912 €	-104,5%	86 582 €	31 090 €	188,4%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	13 138	-53,4%	28 205	13,6%	24 834
- Financial charges	68 726	58,2%	43 446	-1,0%	43 885
Pre-tax result	34 070 €	277,9%	-19 153 €	-128,4%	67 531 €	29 838 €	14,2%
	0,38 % CA	190,5%	-0,42 % CA	-153,2%	0,79 % CA	3,84 % CA	-90,1%

Extraordinary income	16	-63,6%	44	-89,6%	423	222	-92,8%
- Extraordinary charges	9 425	-34,6%	14 422	8693,9%	164
Extraordinary result	-9 409 €	34,6%	-14 378 €	-5651,4%	259 €	0 €	0%
	-0,10 % CA	68,8%	-0,32 % CA	0%	0 % CA	0 % CA	0%

Pre-tax result	34 070 €	277,9%	-19 153 €	-128,4%	67 531 €	29 838 €	14,2%
Extraordinary result	-9 409 €	34,6%	-14 378 €	-5651,4%	259 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	0	0%	-35 257	-200%	35 257
Net result	24 661 €	1328,8%	1 726 €	-94,7%	32 533 €	25 827 €	-4,5%
	0,27 % CA	575,0%	0,04 % CA	-89,5%	0,38 % CA	3,04 % CA	-91,1%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Company details

Activity (APE)	Wholesale (intercompany trade) of various industrial supplies and equipment (4669B)
RCS Registration	RCS Compiegne 9 423 102 433	Share capital	330,000 Euros
Registration Court	Compiegne (60)	Legal form	Simplified joint stock company
Court Registry Number	19 9 9B502	EUR VAT Number	FR37423102433
Incorporation Date	06/1999	Formation Date	04/1999
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Wholesale (intercompany trade) of various industrial supplies and equipment (4669B)	Business Pages FT®
Postal Address	AXIOME 17 AV FELIX LOUAT 60300 SENLIS	Trading Address	17 AVENUE FELIX LOUAT 60300 SENLIS
Telephone
Fax

Type	Head office	Status	Economically active
Formation Date	05/2012	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department		Region	Picardie
District		Area
City	SENLIS	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> AXIOME <<<  - Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)  in SENLIS  (60300)
Secondary establishments	>  AXIOME  - Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)  in CREIL  (60100)

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

Workforces

Workforce at address

6 to 9 employees

Company workforce

3 to 5 employees

event history

Status history

Date	Description
01/05/2012	Economically active

Recent publications in Gazettes

Publication date	Gazette Name	Description
19/11/2012	Bodacc C	Comptes annuels et rapports
60 - OISE GREFFE DU TRIBUNAL DE COMMERCE DE COMPIÈGNE 3989 - 423102433 RCS. AXIOME. Forme : Société par actions simplifiée. Adresse : 17 avenue Félix Louat 60300 Senlis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
07/11/2012	Bodacc B	Modification et mutation diverse
60 - OISE GREFFE DU TRIBUNAL DE COMMERCE DE COMPIÈGNE 1198 - 423 102 433 RCS Compiegne. AXIOME. Forme : Société par actions simplifiée. Activité : . Adresse du siège social : 17 avenue Félix Louat, 60300 Senlis. Commentaires : Modification de l'adresse du siège.
15/11/2011	Bodacc C	Comptes annuels et rapports
60 - OISE GREFFE DU TRIBUNAL DE COMMERCE DE COMPIÈGNE 7060 - 423102433 RCS. AXIOME. Forme : Société par actions simplifiée. Adresse : 36 rue Aristide Briand 60100 Creil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
12/10/2010	Bodacc C	Comptes annuels et rapports
60 - OISE GREFFE DU TRIBUNAL DE COMMERCE DE COMPIÈGNE 7620 - 423102433 RCS. AXIOME. Forme : Société par actions simplifiée. Adresse : 36 rue Aristide Briand 60100 Creil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
19/02/2010	Bodacc C	Comptes annuels et rapports
60 - OISE GREFFE DU TRIBUNAL DE COMMERCE DE COMPIEGNE 4806 - 423102433 RCS. AXIOME. Forme : Société par actions simplifiée. Adresse : 36 rue Aristide Briand 60100 Creil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
29/08/2008	Bodacc C	Comptes annuels et rapports
60 - OISE GREFFE DU TRIBUNAL DE COMMERCE DE SENLIS 4797 - 423102433 RCS. AXIOME. Forme : Société par actions simplifiée. Adresse : 36 rue Aristide Briand 60100 Creil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
30/06/2008	Bodacc B	Modification et mutation diverse
60 - OISE GREFFE DU TRIBUNAL DE COMMERCE DE SENLIS 1223 - 423 102 433 RCS Senlis. AXIOME. Forme : Société par actions simplifiée. Administration : Président de la société : DURIEU DU PRADEL ArnaudCommissaire aux comptes titulaire : FIDORG AUDIT. Commissaire aux comptes suppléant : LEROUX Manuel. Capital : 330000 EUR. Activité : Achat, vente, gestion et administration de tous biens, prestations de services, conseils. Adresse de l’établissement principal : 36 rue Aristide Briand, 60100 Creil. Adresse du siège social : 36 rue Aristide Briand, 60100 Creil. Commentaires : Augmentation de capital. Date de commencement de l’activité : 15/04/1999. Date d’effet : 20/05/2008.
18/10/2007	Bodacc C	Avis de dépôt des comptes
5611 - 423 102 433. RCS Senlis AXIOME. Forme: Société par actions simplifiée. Adresse du siège social: 36 rue Aristide Briand 60100 Creil. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
07/10/2007	Bodacc B	Modifications et mutations diverses
1936 - RCS Senlis B 423 102 433. RC 99-B 247. AXIOME. Forme : S.A.S. Capital : 46 200 euros. Adresse du siège social : 36 rue Aristide-Briand,, 60100 Administration : président : DURIEU DU PRADEL (Arnaud). Commissaire aux comptes titulaire : FIDORG AUDIT. Commissaire aux comptes suppléant : LEROUX (Manuel). Ancienne administration : ancien commissaire aux comptes titulaire : MARETTE (Marc). Ancien commissaire aux comptes suppléant : STE FIDORG WINDSOR. Etablissement principal - Activité : achat, vente, gestion et administration de tous biens, prestations de services et conseil. Adresse : 36 rue Aristide-Briand, 60100 Date d'effet : 29 juin 2007.
21/09/2006	Bodacc C	Avis de dépôt des comptes
2147 - RCS Senlis B 423 102 433. RC 99-B 247. AXIOME. Forme: SAS . Adresse du siège social: 36, rue Aristide Briand,60100 Creil. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
18/08/2005	Bodacc C	Avis de dépôt des comptes
2935 - RCS Senlis B 423 102 433. RC 99-B 247. AXIOME. Forme: SAS . Adresse du siège social: 36, rue Aristide Briand,60100 Creil. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
21/06/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Senlis B 423102433 RC 99-B 247 AXIOME. Forme : S.A.R.L. Capital : 7 700 euros. Adresse : 36 rue Aristide-Briand, 60100 Creil Nouvelle situation du siège social. Forme : S.A.S. Capital : 46 200 euros Etablissement principal: Activité : achat, vente, gestion et administration de tous biens, prestations de services et conseil. Adresse : 36 rue Aristide- Briand, 60100 Creil. Date d'effet : 1 e r avril 2001.
10/12/2000	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Senlis B 423102433 RC 99-B 247 AXIOME. Forme : S.A.R.L. Capital : 7 700 euros. Adresse : 2 rue des Veterans, 60300 Senlis Nouvelle situation du siège social. Adresse : 36 rue Aristide-Briand, 60100 Creil Etablissement principal: Activité : achat, vente, gestion et administration de tous biens, prestations de services et conseil. Adresse : 36 rue Aristide-Briand, 60100 Creil. Date d'effet : 1er juillet 2000.
25/06/1999	Bodacc A	Création d'établissement
RCS Senlis B 423102433 A dater du: 4 juin 1999 RC 99-B 247 AXIOME. Forme : S.A. R.L. Capital : 7 700 euros. Adresse du siège social : 2, rue des Vétérans 60300 Senlis. Administration : gérant : DURIEU DU PRADEL (Arnaud) Etablissement principal: Activité : achat, vente, gestion et administration de tous biens, prestations de services, conseils. Adresse : 2, rue des Vétérans 60300 Senlis Cette société se constitue Date de début d'activité: 15 avril 1999.

Company events history

Date	Description
19/12/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
19/11/2012	Bodacc C : Deposit accounts notice
07/11/2012	Bodacc B: Various editing or changing
26/10/2012	Minutes of general meeting of shareholders
26/10/2012	Updated articles of association
26/10/2012	Registered office transferred inside jurisdiction of the Commercial Court
01/05/2012	Transfer of Establishment
01/05/2012	Update of Company Head Office Identifier
31/12/2011	New accounts available
15/11/2011	Bodacc C : Deposit accounts notice
12/10/2010	Bodacc C : Deposit accounts notice
19/02/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
31/12/2008	New accounts available
29/08/2008	Bodacc C : Deposit accounts notice
30/06/2008	Bodacc B: Various editing or changing
30/06/2008	New Bodacc B ads detected
18/06/2008	Minutes of general meeting of shareholders
18/06/2008	PV d'Assemblée
18/06/2008	Private document
18/06/2008	Capital increase
18/06/2008	Augmentation de Capital
18/06/2008	Statuts mis à jour
18/06/2008	Updated articles of association
31/12/2007	New accounts available
05/09/2007	Appointment/resignation of company officers
05/09/2007	New auditor
05/09/2007	Changement de Commissaire aux Comptes
05/09/2007	Minutes of general meeting of shareholders
05/09/2007	Private document
05/09/2007	PV d'Assemblée
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
06/06/2001	Acte sous seing privé
06/06/2001	Nomination/démission des organes de gestion
06/06/2001	Statuts mis à jour
06/06/2001	PV d'Assemblée
06/06/2001	Rapport des Commissaires ou du Gérant
06/06/2001	Changement de Forme Juridique sans changement de catégorie
06/06/2001	Augmentation de Capital
22/11/2000	PV d'Assemblée
22/11/2000	Statuts mis à jour
22/11/2000	Transfert du Siège dans le ressort du Tribunal de Commerce
22/11/2000	Acte sous seing privé
02/02/2000	Cession de parts
02/02/2000	Acte sous seing privé
04/06/1999	Formation de Société
04/06/1999	Statuts
04/06/1999	Expédition acte notarié

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 :

SDA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.