MIRA INFORM REPORT

Report Date :

17.01.2013

IDENTIFICATION DETAILS

Name :	BIO LOGIC
Registered Office :	Za De Font Ratel 1 Rue De L Europe 38640 Claix
Country :	France
Financials (as on) :	28.02.2012
Date of Incorporation :	December, 1983
Com. Reg. No.:	RCS Grenoble B 328 685 284
Legal Form :	Simplified joint stock company
Line of Business :	Production of scientific and technical instruments
No. of Employees :	20 to 49 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
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

Top of Form

Company name

Name

BIO LOGIC

SIRET

328 685 284 00031

COMPANY SUMMARY

Trade name	BIO LOGIC
Safe Number	FR01311758	EUR VAT Number	FR36328685284
Activity (APE)	Production of scientific and technical instruments (2651B)	Legal form	Simplified joint stock company
Phone	04 76 98 68 31	RCS Registration	RCS Grenoble B 328 685 284
Fax	04 76 98 69 09	Share capital	337,000 Euros
Address	BIO LOGIC ZA DE FONT RATEL 1 RUE DE L EUROPE 38640 CLAIX	Incorporated Date	12/1983
Nationality	France	Status	Economically active

Current Directors

Trading to Date	02/28/2012	02/28/2011	02/28/2010
Turnover	14,623,030 €	14,006,758 €	9,772,095 €
Gross Operating Surplus	28,78 % Turnover	29,74 % Turnover	25,03 % Turnover
Shareholders’ equity	12,321,258 €	9,376,057 €	6,505,360 €
Net result	2,955,566 €	2,881,063 €	2,115,143 €
Employees	20 to 49 employees	-	-

company details

Activity (APE)	Production of scientific and technical instruments (2651B)
RCS Registration	RCS Grenoble B 328 685 284	Share capital	337,000 Euros
Registration Court	Grenoble (38)	Legal form	Simplified joint stock company
Court Registry Number	83 B 00682	EUR VAT Number	FR36328685284
Incorporation Date	12/1983	Formation Date	12/1983
Deregistration Date		Last account Date	28/02/2012
Nationality	France

Establishment details

Trade name	BIO LOGIC
Activity (APE)	Fabrication d'instrumentation scientifique et technique (2651B)	Business Pages FT®
Postal Address	BIO LOGIC ZA DE FONT RATEL 1 RUE DE L EUROPE 38640 CLAIX	Trading Address	1 RUE DE L EUROPE 38640 CLAIX
Telephone	04 76 98 68 31
Fax	04 76 98 69 09

Type	Head office (one site company)	Status	Economically active
Formation Date	10/1990	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Isère (38)	Region	Rhône-Alpes
District	1	Area	40
City	CLAIX	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	1 branch entities in this company
Head office	> BIO LOGIC <<<  - Fabrication d'instrumentation scientifique et technique (2651B)  in CLAIX  (38640)
Secondary establishments

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

Workforces

Workforce at address

20 to 49 employees

Company workforce

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	28/02/2012	28/02/2011	28/02/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	23/08/2012	13/10/2011	08/10/2010
Activity Code	2651B	2651B	2651B
Employees	0	48	49

Active account

Annual Accounts	28/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	950 909	-7,9%	1 032 439	25,1%	825 105	163 720	480,8%
- Intangible assets	26 800	-32,6%	39 746	-26,9%	54 394	6 350	322,0%
- Tangible assets	255 628	-18,3%	313 011	202,9%	103 349	37 857	575,2%
- Financial assets	668 482	-1,6%	679 682	1,8%	667 362	5 213	12723,4%
Net current assets	15 211 655	17,7%	12 924 315	31,9%	9 799 317	823 978	1746,1%
- Stocks	5 422 310	-13,1%	6 239 758	84,7%	3 377 600	206 330	2528,0%
- Advanced payments	0	17,7%	0	0%	0	0	0%
- Receivables	2 460 320	8,1%	2 275 160	-4,3%	2 377 876	394 182	524,2%
- Securities and cash	7 329 024	66,2%	4 409 397	9,0%	4 043 841	183 274	3898,9%
- Prepaid expenses	-	-	-	-	-	1 233	-
Accounts of regularization	20 389	0%	0	0%	5 001	0	0%
Total Assets	16 182 954	16,0%	13 956 753	31,3%	10 629 423	1 283 484	1160,9%

Passive Account

Annual Accounts	28/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Shareholders' equity	12 321 258	31,4%	9 376 057	44,1%	6 505 360	663 719	1756,4%
Share capital	337 000	0%	337 000	0%	337 000	156 000	116,0%
Other capital resources	69 780	-41,0%	118 300	-78,3%	546 300	0	0%
Risk Provisions	20 389	-61,2%	52 561	951,0%	5 001	0	0%
Liabilities	3 770 198	-14,4%	4 404 654	23,3%	3 572 763	352 183	970,5%
- Financial liabilities	113 726	-36,3%	178 601	-39,7%	296 344	21 985	417,3%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	927 392	-25,4%	1 242 342	15,9%	1 072 046	121 791	661,5%
- Tax and social liabilities	2 682 574	-10,0%	2 979 278	38,6%	2 148 912	150 595	1681,3%
- Other debts and fixed assets liabilities	47 834	397,5%	9 614	-82,7%	55 461	5 398	786,1%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	16 182 954	16,0%	13 956 753	31,3%	10 629 424	1 283 484	1160,9%

Results

Annual Accounts	28/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Sales of Goods	15 393 583	-4,4%	16 102 386	53,3%	10 507 104	1 261 503	1120,3%
Net turnover	14 623 030	4,4%	14 006 758	43,3%	9 772 095	1 179 425	1139,8%
- of which net export turnover	12 186 383	8,1%	11 270 571	48,4%	7 592 281	11 403	106770,0%
Operating charges	11 507 321	-5,6%	12 184 370	50,4%	8 099 840	1 227 038	837,8%
Operating profit/loss	3 886 262	-0,8%	3 918 016	62,8%	2 407 264	34 465	11176,0%
Financial income	213 946	133,8%	91 507	35,9%	67 350	889	23965,9%
Financial charges	112 843	-39,4%	186 177	-4,7%	195 381	1 878	5908,7%
Financial profit/loss	101 103	206,8%	-94 670	26,1%	-128 031	-447	22718,1%
Pretax net operating income	3 987 366	4,3%	3 823 346	67,7%	2 279 233	33 130	11935,5%
Extraordinary income	16 611	-48,7%	32 386	-69,0%	104 554	2 410	589,3%
Extraordinary charges	10 517	-57,8%	24 920	84,6%	13 499	630	1569,4%
Extraordinary profit/loss	6 094	39487,0%	7 466	-91,8%	91 055	0	0%
Net result	2 955 566	2,6%	2 881 063	36,2%	2 115 143	51 433	5646,4%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	28/02/2012	28/02/2011	28/02/2010
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			28/02/2012		28/02/2011		28/02/2010
	Grand Total (I to VI)	Net	16 182 954	16,0%	13 956 753	31,3%	10 629 423
	Gross	CO	17 258 806	17,6%	14 680 106	31,4%	11 172 560
	Amortisation	1A	1 075 853	48,7%	723 353	33,2%	543 137

Non declared distributed capital (I)

		28/02/2012		28/02/2011		28/02/2010
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			28/02/2012		28/02/2011		28/02/2010
	Total Active fixed asset (II)	Net	950 909	-7,9%	1 032 439	25,1%	825 105
	Gross	BJ	1 563 633	0,6%	1 554 639	30,3%	1 192 852
	Amortisation	BK	612 723	17,3%	522 200	42,0%	367 747

Intangilble fixed assets

			28/02/2012		28/02/2011		28/02/2010
	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	26 800	-32,6%	39 746	-26,9%	54 394
	Gross	AF	166 797	3,1%	161 857	6,0%	152 628
	Amortisation	AG	139 997	14,6%	122 111	24,3%	98 234
	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	26 800	-32,6%	39 746	-26,9%	54 394

Tangilble fixed assets

			28/02/2012		28/02/2011		28/02/2010
	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	136 326	-20,9%	172 262	603,7%	24 478
	Gross	AR	299 560	5,7%	283 357	268,3%	76 941
	Amortisation	AS	163 235	46,9%	111 095	111,8%	52 463
	Other tangible fixed assets	Net	119 302	-15,2%	140 749	80,7%	77 871
	Gross	AT	428 565	-0,2%	429 514	45,8%	294 692
	Amortisation	AU	309 263	7,1%	288 765	33,2%	216 821
	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%	1 000
	Gross	AX	0	0%	0	0%	1 000
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	255 628		313 011		103 349

Financial assets

			28/02/2012		28/02/2011		28/02/2010
	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	582 316	0%	582 316	3,5%	562 596
	Gross	CU	582 316	0%	582 316	3,5%	562 596
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	53 091	0%	53 091	0%	53 091
	Gross	BB	53 091	0%	53 091	0%	53 091
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	2 105	0%	2 105	0%	2 105
	Gross	BD	2 105	0%	2 105	0%	2 105
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	2 300	-83,0%	13 500	-35,4%	20 900
	Gross	BF	2 300	0%	13 500	0%	20 900
	Amortisation	BG	0		0		0
	Other financial assets	Net	28 670	0%	28 670	0%	28 670
	Gross	BH	28 899	0%	28 899	0%	28 899
	Amortisation	BI	229	0%	229	0%	229
	Sub Total Financial Assets		668 482		679 682		667 362

Current Assets (III)

			28/02/2012		28/02/2011		28/02/2010
	Total Assets	Net	15 211 655	17,7%	12 924 315	31,9%	9 799 317
	Gross	CJ	15 674 785	19,4%	13 125 468	31,6%	9 974 707
	Amortisation	CK	463 129	130,2%	201 153	14,7%	175 390

Stocks

			28/02/2012		28/02/2011		28/02/2010
	Raw materials	Net	1 819 298	-38,0%	2 932 905	108,4%	1 407 026
	Gross	BL	2 015 170	-32,1%	2 968 695	93,1%	1 537 306
	Amortisation	BM	195 872	447,3%	35 790	-72,5%	130 280
	Work in progress (goods)	Net	3 019 429	6,4%	2 837 418	103,4%	1 394 763
	Gross	BN	3 202 946	7,8%	2 970 126	110,5%	1 410 765
	Amortisation	BO	183 517	38,3%	132 708	729,3%	16 002
	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	437 867	26,3%	346 793	-29,8%	493 926
	Gross	BR	510 517	34,8%	378 803	-27,0%	519 219
	Amortisation	BS	72 650	127,0%	32 010	26,6%	25 293
	Goods for resale	Net	145 716	18,8%	122 642	49,8%	81 885
	Gross	BT	156 807	27,2%	123 287	43,9%	85 700
	Amortisation	BU	11 091	1619,5%	645	-83,1%	3 815
	Sub Total Stocks	Net	5 422 310	-13,1%	6 239 758	84,7%	3 377 600

Advance payments to suppliers

			28/02/2012		28/02/2011		28/02/2010
	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

			28/02/2012		28/02/2011		28/02/2010
	Trade accounts receivable	Net	1 948 058	11,0%	1 754 391	-2,9%	1 806 386
	Gross	BX	1 948 058	11,0%	1 754 391	-2,9%	1 806 386
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	455 202	-6,9%	488 893	-11,6%	552 862
	Gross	BZ	455 202	-6,9%	488 893	-11,6%	552 862
	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	2 403 260	7,1%	2 243 284	-4,9%	2 359 248

Divers

			28/02/2012		28/02/2011		28/02/2010
	Investment securities	Net	0	0%	500 000	0%	500 000
	Gross	CD	0	0%	500 000	0%	500 000
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	7 329 024	87,5%	3 909 397	10,3%	3 543 841
	Gross	CF	7 329 024	87,5%	3 909 397	10,3%	3 543 841
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	7 329 024	66,2%	4 409 397	9,0%	4 043 841

Prepaid expenses

			28/02/2012		28/02/2011		28/02/2010
	Prepaid expenses	Net	57 060	79,0%	31 876	71,1%	18 628
	Gross	CH	57 060	79,0%	31 876	71,1%	18 628
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		28/02/2012		28/02/2011		28/02/2010
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	20 389	0%	0	0%	5 001
Gross		20 389	0%	0	0%	5 001

References

		28/02/2012		28/02/2011		28/02/2010
Due within one year	CP	55 291	-5,5%	58 491	-3,7%	60 720
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)

		28/02/2012		28/02/2011		28/02/2010
Grand Total (I to V)	EE	16 182 954	16,0%	13 956 753	31,3%	10 629 424

Shareholder Equity (I)

			28/02/2012		28/02/2011		28/02/2010
	Total shareholders' equity (Total I)	DL	12 321 258	31,4%	9 376 057	44,1%	6 505 360
	Equity and shareholders' equity	DA	337 000	0%	337 000	0%	337 000
	Issue and merger premiums	DB	22 268	0%	22 268	0%	22 268
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	42 000	0%	42 000	0%	42 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	8 964 424	47,1%	6 093 726	52,8%	3 988 949
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	0	0%	0
	Profit or loss for the period	DI	2 955 566	2,6%	2 881 063	36,2%	2 115 143
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			28/02/2012		28/02/2011		28/02/2010
	Total other capital resources (Total II)	DO	69 780	-41,0%	118 300	-78,3%	546 300
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	69 780	-41,0%	118 300	-78,3%	546 300

Provisions for risks and charges (III)

			28/02/2012		28/02/2011		28/02/2010
	Total provisions for risks and charges (Total III)	DR	20 389	-61,2%	52 561	951,0%	5 001
	Risk provisions	DP	20 389	-61,2%	52 561	951,0%	5 001
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			28/02/2012		28/02/2011		28/02/2010
	Total Liabilities (Total IV)	EC	3 770 198	-14,4%	4 404 654	23,3%	3 572 763
	Convertible debentures	DS	0	0%	0	0%	81
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	109 941	-37,1%	174 804	-40,2%	292 478
	Sundry loans and financial liabilities	DV	3 785	-0,3%	3 797	0,3%	3 785
	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	927 392	-25,4%	1 242 342	15,9%	1 072 046
	Tax and social security liabilities	DY	2 682 574	-10,0%	2 979 278	38,6%	2 148 912
	Fixed asset liabilities	DZ	2 069	0%	0	0%	0
	Other debts	EA	44 437	902,2%	4 434	-92,0%	55 461

Translation loss (V)

		28/02/2012		28/02/2011		28/02/2010
Translation loss (Total V)	ED	1 328	-74,4%	5 180	0%	0

Equalization accounts

		28/02/2012		28/02/2011		28/02/2010
Deferred income	EB	0	0%	0	0%	0

References

		28/02/2012		28/02/2011		28/02/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	3 770 198	-12,1%	4 289 923	26,2%	3 399 033
Of which current bank facilities	EH	0	0%	0	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)

		28/02/2012		28/02/2011		28/02/2010
Operating result (Total I-II)	GG	3 886 262	-0,8%	3 918 016	62,8%	2 407 264

2 - Financial result (V - VI)

		28/02/2012		28/02/2011		28/02/2010
Financial result (Total V-VI)	GV	101 103	206,8%	-94 670	26,1%	-128 031

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

		28/02/2012		28/02/2011		28/02/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	3 987 366	4,3%	3 823 346	67,7%	2 279 233

4 - Extraordinary result (VII-VIII)

		28/02/2012		28/02/2011		28/02/2010
Extraordinary result (Total VII-VIII)	HI	6 094	-18,4%	7 466	-91,8%	91 055

Profit or loss

		28/02/2012		28/02/2011		28/02/2010
Profit or loss	HN	2 955 566	2,6%	2 881 063	36,2%	2 115 143

Total Income (I+III+V+VII)

		28/02/2012		28/02/2011		28/02/2010
Total Income (I+III+V+VII)	HL	15 624 140	-3,7%	16 226 279	51,9%	10 679 008

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

		28/02/2012		28/02/2011		28/02/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	12 668 574	-5,1%	13 345 216	55,8%	8 563 865

Operating income (I)

		28/02/2012		28/02/2011		28/02/2010
Total operating income (Total I)	FR	15 393 583	-4,4%	16 102 386	53,3%	10 507 104

Operating income (details)

			28/02/2012		28/02/2011		28/02/2010
	Sale of goods for resale	FC	856 159	30,8%	654 555	54,5%	423 651
	France	FA	296 658	39,4%	212 806	-8,5%	232 599
	Export	FB	559 501	26,7%	441 749	131,2%	191 052
	Sale of goods produced	FF	13 381 333	2,9%	13 006 608	43,1%	9 091 961
	France	FD	2 002 749	-17,4%	2 425 403	31,0%	1 851 770
	Export	FE	11 378 584	7,5%	10 581 205	46,1%	7 240 191
	Sale of services	FI	385 538	11,6%	345 595	34,7%	256 483
	France	FG	137 240	40,1%	97 978	2,7%	95 445
	Export	FH	248 298	0,3%	247 617	53,8%	161 038
	Net turnover	FL	14 623 030	4,4%	14 006 758	43,3%	9 772 095
	France	FJ	2 436 647	-10,9%	2 736 187	25,5%	2 179 814
	Export	FK	12 186 383	8,1%	11 270 571	48,4%	7 592 281
	Stocked production	FM	364 535	-74,3%	1 418 945	160,9%	543 874
	Self-constructed assets	FN	11 469	-93,5%	175 963	0%	0
	Operating grants	FO	313 359	-34,1%	475 831	323,4%	112 379
	Release of reserves and provisions	FP	80 767	224,6%	24 879	-68,3%	78 389
	Other income	FQ	423	4130,0%	10	-97,3%	367

Operating charges (II)

		28/02/2012		28/02/2011		28/02/2010
Total operating charges (Total II)	GF	11 507 321	-5,6%	12 184 370	50,4%	8 099 840

Exploitation charges

		28/02/2012		28/02/2011		28/02/2010
Purchase of goods for resale	FS	624 526	25,5%	497 819	45,9%	341 135
Change in stocks of goods for resale	FT	-33 520	10,8%	-37 587	14,7%	-44 075
Purchase of raw materials	FU	1 272 488	-67,8%	3 957 542	84,9%	2 140 758
Change in stocks of raw materials	FV	953 525	166,6%	-1 431 389	-82,1%	-786 095
Other external purchases and charges	FW	3 550 135	-20,7%	4 478 003	68,9%	2 651 471
Tax, duty and similar payments	FX	261 819	32,9%	196 931	14,8%	171 606
Payroll	FY	3 343 220	6,1%	3 150 687	20,4%	2 616 200
Social security costs	FZ	1 131 239	2,8%	1 100 025	23,4%	891 525

Depreciation

		28/02/2012		28/02/2011		28/02/2010
Depreciation of fixed assets	GA	120 781	6,1%	113 837	89,3%	60 121
Amortisation of fixed assets	GB	0	0%	57 696	0%	0
Depreciation/amortisation of current assets	GC	261 976	916,9%	25 763	29,0%	19 972
Provisions for risks and charges	GD	0	0%	52 561	0%	0

Other charges

		28/02/2012		28/02/2011		28/02/2010
Other charges	GE	21 132	-6,0%	22 482	-39,6%	37 222

Operating charges (III-IV)

		28/02/2012		28/02/2011		28/02/2010
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)

			28/02/2012		28/02/2011		28/02/2010
	Total financial income (Total V)	GP	213 946	133,8%	91 507	35,9%	67 350
	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	55 820	63,6%	34 124	76,3%	19 353
	Released provisions and transferred charges	GM	0	0%	5 001	12,7%	4 438
	Exchange gains	GN	158 127	201,9%	52 382	20,3%	43 559
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			28/02/2012		28/02/2011		28/02/2010
	Total financial charge (Total VI)	GU	112 843	-39,4%	186 177	-4,7%	195 381
	Financial reserves and provisions	GQ	20 389	0%	0	0%	5 001
	Interest and similar charges	GR	6 201	-36,6%	9 785	-30,6%	14 101
	Exchange losses	GS	86 253	-51,1%	176 392	0,1%	176 279
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			28/02/2012		28/02/2011		28/02/2010
	Total extraordinary income (Total VII)	HD	16 611	-48,7%	32 386	-69,0%	104 554
	Extraordinary operating income	HA	6 536	-57,3%	15 292	-85,4%	104 554
	Extraordinary income from capital transactions	HB	10 075	-41,1%	17 094	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			28/02/2012		28/02/2011		28/02/2010
	Total extraordinary charges (Total VIII)	HH	10 517	-57,8%	24 920	84,6%	13 499
	Extraordinary operating charges	HE	4 461	-71,6%	15 731	16,5%	13 499
	Extraordinary charges from capital transactions	HF	6 056	-34,1%	9 189	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		28/02/2012		28/02/2011		28/02/2010
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		28/02/2012		28/02/2011		28/02/2010
Tax on profits (Total X)	HK	1 037 894	9,3%	949 749	272,2%	255 145

References

		28/02/2012		28/02/2011		28/02/2010
Of which equipment leases	HP	2 326	-75,0%	9 306	-27,7%	12 869
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	25 315	1,8%	24 879	69,1%	14 711
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	20 421	-8,6%	22 332	-39,5%	36 926

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)

			28/02/2012		28/02/2011		28/02/2010
	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%	1 000	3803,7%	-27
	Decreasess by transfers	OK2	47 622	41,4%	33 668	440,9%	6 225
	Gross value at the end of period	OL	1 563 633	0,6%	1 554 638	30,3%	1 192 852

Research and development Charge (Total I)

			28/02/2012		28/02/2011		28/02/2010
	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)

			28/02/2012		28/02/2011		28/02/2010
	Gross value at begin of period	KD	161 857	6,0%	152 628	16,0%	131 618
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	4 940	-46,5%	9 229	-56,1%	21 010
	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	166 797	3,1%	161 857	6,0%	152 628

Tangible fixed assets (Total III)

			28/02/2012		28/02/2011		28/02/2010
	Gross value at begin of period	LN	712 871	91,3%	372 633	13,8%	327 487
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	48 676	-86,8%	367 506	714,5%	45 120
	Decreasess by budget item transfer	NG1	0	0%	1 000	3803,7%	-27
	Decreasess by transfers	NG2	33 422	27,2%	26 268	0%	0
	Gross value at the end of period	NH	728 125	2,1%	712 871	91,3%	372 633

Fiancial assets (Total IV)

			28/02/2012		28/02/2011		28/02/2010
	Gross value at begin of period	LQ	679 911	1,8%	667 592	1,2%	659 917
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	3 000	-84,8%	19 720	41,9%	13 900
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	14 200	91,9%	7 400	18,9%	6 225
	Gross value at the end of period	NK	668 711	-1,6%	679 912	1,8%	667 592

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

			28/02/2012		28/02/2011		28/02/2010
	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)

			28/02/2012		28/02/2011		28/02/2010
	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)

			28/02/2012		28/02/2011		28/02/2010
	Reserve for depreciation value at begin of period	PE	122 111	24,3%	98 234	34,8%	72 878
Increases		PF	17 886	-25,1%	23 877	-5,8%	25 355
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	139 997	14,6%	122 111	24,3%	98 233

Total fixed assets amotisation (Total III)

			28/02/2012		28/02/2011		28/02/2010
	Reserve for depreciation value at begin of period	QU	399 860	48,5%	269 284	14,8%	234 519
Increases		QV	102 896	14,4%	89 960	158,8%	34 766
Decreases		QW	30 257	77,2%	17 079	0%	0
	Decreasess by budget item transfer	QX	472 499	38,1%	342 165	27,1%	269 285

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

			28/02/2012		28/02/2011		28/02/2010
	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

			28/02/2012		28/02/2011		28/02/2010
	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)

			28/02/2012		28/02/2011		28/02/2010
	Value at begining of period	7C	311 639	72,5%	180 620	-19,3%	223 763
Increases		UB	282 365	107,6%	136 020	444,7%	24 973
Decreases		UC	55 452	1008,8%	5 001	-92,7%	68 116
	Value at the end of period	UD	538 552	72,8%	311 639	72,5%	180 620

Includes Total allocations

Operating	UE	261 976	92,6%	136 020	581,1%	19 972
Financial	UG	20 389	0%	0	0%	5 001
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	55 452	0%	0	0%	63 678
Financial	UH	0	0%	5 001	12,7%	4 438
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			28/02/2012		28/02/2011		28/02/2010
	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)

			28/02/2012		28/02/2011		28/02/2010
	Value at begining of period	5Z	52 561	951,0%	5 001	12,7%	4 438
Increases		TV	20 389	-61,2%	52 561	951,0%	5 001
Decreases		TW	52 561	951,0%	5 001	12,7%	4 438
	Value at the end of period	TX	20 389	-61,2%	52 561	951,0%	5 001

Total Provision for depreciation (Total III)

			28/02/2012		28/02/2011		28/02/2010
	Value at begining of period	7B	259 078	47,5%	175 619	-19,9%	219 325
Increases		TY	261 976	213,9%	83 459	317,9%	19 972
Decreases		TZ	2 891	0%	0	0%	63 678
	Value at the end of period	UA	518 163	100,0%	259 078	47,5%	175 619

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

		28/02/2012		28/02/2011		28/02/2010
Gross value	VT	2 544 611	7,3%	2 370 650	-4,4%	2 480 766
1 year at most	VU	2 515 612	7,8%	2 333 651	-4,3%	2 438 596
More than one year	VV	28 999	-21,6%	36 999	-12,3%	42 170

State of loans

		28/02/2012		28/02/2011		28/02/2010
Claims related to holdings (gross)	UL	53 091	0%	53 091	0%	53 091
Claims related to shareholdings (1 year at most)	UM	53 091	0%	53 091	0%	53 091
Loans (gross)	UP	2 300	-83,0%	13 500	-35,4%	20 900
Loans (1 year at most)	UR	2 200	-59,3%	5 400	-27,0%	7 400
Other financial assets (gross)	UT	28 899	0%	28 899	0%	28 899
Other financial assets (1 year at most)	UV	0	0%	0	0%	229

Receivables statement of assets

		28/02/2012		28/02/2011		28/02/2010
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	1 948 058	11,0%	1 754 391	-2,9%	1 806 386
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	18 500	19,4%	15 500	-3,1%	16 000
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	315 210	-9,8%	349 531	-33,0%	521 591
Value added tax	VB	16 906	-86,2%	122 370	788,6%	13 771
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	104 586	6909,8%	1 492	-0,5%	1 500

Prepaid

		28/02/2012		28/02/2011		28/02/2010
Prepaid	VS	57 060	79,0%	31 876	71,1%	18 628

State Debt

			28/02/2012		28/02/2011		28/02/2010
	Total debt (gross)	VY	3 770 198	-14,4%	4 404 654	23,3%	3 572 763
1 year at most		VZ2	3 770 198	-12,1%	4 289 923	26,2%	3 399 033
More than 1 year and 5 years at most		VZ3	0	0%	114 731	-34,0%	173 730
More than 5 years		VZ4	0	0%	0	0%	0

Details

			28/02/2012		28/02/2011		28/02/2010
	Convertible bonds (gross)	7Y1	0	0%	0	0%	81
1 year at most		7Y2	0	0%	0	0%	81
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%	1 074	-31,7%	1 573
1 year at most		VG2	0	0%	1 074	-31,7%	1 573
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	109 941	-36,7%	173 730	-40,3%	290 905
1 year at most		VH2	109 941	86,3%	58 999	-49,6%	117 175
More than 1 year and 5 years at most		VH3	0	0%	114 731	-34,0%	173 730
	Loans and various financial liabilities (gross)	8A1	0	0%	12	0%	0
1 year at most		8A2	0	0%	12	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	927 392	-25,4%	1 242 342	15,9%	1 072 046
1 year at most		8B2	927 392	-25,4%	1 242 342	15,9%	1 072 046
More than 1 year and 5 years at most		8B3	927 392	-25,4%	1 242 342	15,9%	1 072 046
	Personnel and associated accounts (gross)	8C1	1 671 374	3,4%	1 616 201	25,4%	1 289 024
1 year at most		8C2	1 671 374	3,4%	1 616 201	25,4%	1 289 024
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	581 197	1,3%	573 850	32,1%	434 329
1 year at most		8D2	581 197	1,3%	573 850	32,1%	434 329
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	53 824	-89,7%	520 975	125,8%	230 752
1 year at most		8E2	53 824	-89,7%	520 975	125,8%	230 752
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	666	-97,9%	32 275	66,0%	19 439
1 year at most		VW2	666	-97,9%	32 275	66,0%	19 439
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	375 514	59,1%	235 977	34,6%	175 368
1 year at most		VQ2	375 514	59,1%	235 977	34,6%	175 368
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	2 069	0%	0	0%	0
1 year at most		8J2	2 069	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	3 785	0%	3 785	0%	3 785
1 year at most		VI2	3 785	0%	3 785	0%	3 785
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	44 437	902,2%	4 434	-92,0%	55 461
1 year at most		8K2	44 437	902,2%	4 434	-92,0%	55 461
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

		28/02/2012		28/02/2011		28/02/2010
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	59 659	-49,1%	117 175	4,2%	112 500

Table allocation results and other information
Dividends distributed

		28/02/2012		28/02/2011		28/02/2010
Dividends	ZE	0	0%	0	0%	0

Commitments

		28/02/2012		28/02/2011		28/02/2010
Commitments leasing furniture	YQ	0	0%	2 326	-80,0%	11 632
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

		28/02/2012		28/02/2011		28/02/2010
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

		28/02/2012		28/02/2011		28/02/2010
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

		28/02/2012		28/02/2011		28/02/2010
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

		28/02/2012		28/02/2011		28/02/2010
Average number of employees	YP	0	0%	48	-2,0%	49

Groups and Shareholders

		28/02/2012		28/02/2011		28/02/2010
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

		28/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Fixed Asset Financing		8,40	27,5%	6,59	1,9%	6,47	2,51	234,7%
Global Debt		93 days	-17,7%	113 days	-14,4%	132 days	110 days	-15,5%
Working Capital Fund overall net		285 days	27,8%	223 days	-7,1%	240 days	146 days	95,2%
Financial independence		11207,15%	108,9%	5363,75%	141,2%	2223,61%	1284,40%	772,6%
More ratios
Solvability		76,57%	12,6%	68,03%	2,5%	66,34%	59,94%	27,7%
Capacity debt futures		11207,15%	-28,2%	15607,77%	184,9%	5478,29%	7228,65%	55,0%
Coverage of current assets by net working capital overall		74,11%	15,9%	63,95%	2,4%	62,43%	62,72%	18,2%
General Liquidity		0,67	24,1%	0,54	-25,0%	0,72	0,95	-29,5%
Restricted Liquidity		2,61	66,2%	1,57	-17,8%	1,91	1,69	54,4%

Management or rotation

		28/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Need background in operating working capital		103 days	-5,5%	109 days	19,8%	91 days	81 days	27,2%
Treasury		180 days	59,3%	113 days	-24,2%	149 days	35 days	414,3%
Inventory turnover of goods		96 days	0%	96 days	-7,7%	104 days	20 days	380,0%
Average length of credit granted to customers		48 days	6,7%	45 days	-32,8%	67 days	77 days	-37,7%
Average length of credit obtained suppliers		52 days	-13,3%	60 days	-33,3%	90 days	61 days	-14,8%
More ratios
Inventory turnover of raw materials in industrial enterprises		396 days	63,0%	243 days	2,5%	237 days	107 days	270,1%
Inventory turnover of intermediate and finished products in the industrial enterprise		2008 days	2,2%	1965 days	-25,1%	2622 days	1480,50 days	35,6%
Rotation tangible assets		2008,31%	2,2%	1964,84%	-25,1%	2622,44%	944,17%	112,7%

Profitability of the business

		28/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Margin trading		1,81%	30,2%	1,39%	6,9%	1,30	0,20%	805,0%
Profitability of the business		28,78	-3,2%	29,74	18,8%	25,03	9,47%	203,9%
Net profit		20,21%	-1,8%	20,57%	-4,9%	21,64%	5,86%	244,9%
More ratios
Growth rate of turnover (excluding VAT)		4,40%	-89,8%	43,33%	130,0%	18,84%	2,14%	105,6%
Rates integration		59,03%	1,6%	58,10%	-5,6%	61,53%	49,67%	18,8%
Rate leasing furniture		0,02%	-71,4%	0,07%	-46,2%	0,13%	0%	0%
Work Factor		51,84%	-0,8%	52,24%	-10,5%	58,34%	77,28%	-32,9%
Weight interests		0,77	-42,1%	1,33%	-33,5%	2%	0,28%	175,0%

Return on capital

		28/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Cash flow from the overall profitability		20,77%	-4,3%	21,70%	0,4%	21,61%	9,10%	128,2%
Rates of economic profitability		34%	-20,9%	43%	30,3%	33%	13%	161,5%
Financial profitability		12391038%	30,5%	9494357%	34,6%	7051660%	728719%	1600,4%
Return on investment		24,54%	-22,6%	31,71%	0,9%	31,44%	9,48%	158,9%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	28/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Turnover	14 623 030	4,4%	14 006 758	43,3%	9 772 095	1 179 425 €	1139,8%

Sales of goods	856 159	30,8%	654 555	54,5%	423 651
- Purchase of goods	624 526	25,5%	497 819	45,9%	341 135
+/- Stock of goods variation	-33 520	10,8%	-37 587	14,7%	-44 075
Trading margin	265 153 €	36,4%	194 323 €	53,5%	126 591 €	3 968 €	6582,3%
	1,81 % CA	30,2%	1,39 % CA	6,9%	1,30 % CA	1,13 % CA	60,2%

Sale of goods produced	13 766 871	3,1%	13 352 203	42,8%	9 348 444
+/- Stocked production	364 535	-74,3%	1 418 945	160,9%	543 874
+ Self-constructed assets	11 469	-93,5%	175 963	0%	0
Period production	14 142 875 €	-5,4%	14 947 111 €	51,1%	9 892 318 €	877 638 €	1511,5%
	96,72 % CA	-9,4%	106,71 % CA	5,4%	101,23 % CA	98,50 % CA	-1,8%

Trading margin	265 153	36,4%	194 323	53,5%	126 591	3 968	6582,3%
+ Period Production	14 142 875	-5,4%	14 947 111	51,1%	9 892 318	877 638	1511,5%
- Purchase of raw materials	1 272 488	-67,8%	3 957 542	84,9%	2 140 758
+/- Change in stocks of raw materiels	953 525	166,6%	-1 431 389	-82,1%	-786 095
- Other external purchases and charges	3 550 135	-20,7%	4 478 003	68,9%	2 651 471
Added value	8 631 880 €	6,1%	8 137 278 €	35,3%	6 012 775 €	588 300 €	1367,3%
	59,03 % CA	1,6%	58,10 % CA	-5,6%	61,53 % CA	49,67 % CA	18,8%

Added value	8 631 880 €	6,1%	8 137 278 €	35,3%	6 012 775 €	588 300 €	1367,3%
+ Operating grants	313 359	-34,1%	475 831	323,4%	112 379
- Tax, duty and similar payments	261 819	32,9%	196 931	14,8%	171 606
- Personal charges	4 474 459	5,3%	4 250 712	21,2%	3 507 725
Gross operating surplus	4 208 961 €	1,0%	4 165 466 €	70,3%	2 445 823 €	82 643 €	4992,9%
	28,78 % CA	-3,2%	29,74 % CA	18,8%	25,03 % CA	9,47 % CA	203,9%

Gross operating surplus	4 208 961 €	1,0%	4 165 466 €	70,3%	2 445 823 €	82 643 €	4992,9%
+ Release of reserves and provisions	80 767	224,6%	24 879	-68,3%	78 389
+ Other operating income	423	4130,0%	10	-97,3%	367
- Depreciation/Amortisation	382 757	53,2%	249 857	212,0%	80 093
- Other charges	21 132	-6,0%	22 482	-39,6%	37 222
Operating result	3 886 262 €	-0,8%	3 918 016 €	62,8%	2 407 264 €	34 465 €	11176,0%
	26,58 % CA	-5,0%	27,97 % CA	13,6%	24,63 % CA	5,26 % CA	405,3%

Operating result	3 886 262 €	-0,8%	3 918 016 €	62,8%	2 407 264 €	34 465 €	11176,0%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	213 946	133,8%	91 507	35,9%	67 350
- Financial charges	112 843	-39,4%	186 177	-4,7%	195 381
Pre-tax result	3 987 365 €	4,3%	3 823 346 €	67,7%	2 279 233 €	33 130 €	11935,5%
	27,27 % CA	-0,1%	27,30 % CA	17,1%	23,32 % CA	5,62 % CA	385,2%

Extraordinary income	16 611	-48,7%	32 386	-69,0%	104 554	2 410	589,3%
- Extraordinary charges	10 517	-57,8%	24 920	84,6%	13 499
Extraordinary result	6 094 €	-18,4%	7 466 €	-91,8%	91 055 €	0 €	0%
	0,04 % CA	-20,0%	0,05 % CA	-94,6%	1 % CA	0 % CA	0%

Pre-tax result	3 987 365 €	4,3%	3 823 346 €	67,7%	2 279 233 €	33 130 €	11935,5%
Extraordinary result	6 094 €	-18,4%	7 466 €	-91,8%	91 055 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	1 037 894	9,3%	949 749	272,2%	255 145
Net result	2 955 565 €	2,6%	2 881 063 €	36,2%	2 115 143 €	51 434 €	5646,3%
	20,21 % CA	-1,8%	20,57 % CA	-4,9%	21,64 % CA	6,01 % CA	236,3%

Commentary

The comments are arranged in decreasing order of importance

The company is more than 15 years old

The financial result is up to 101 103 €, which is good

The company has a share capital of 337 000 €, which is excellent

The net result is up to 3 886 262 €, which is good

The company is in financial debt of 113 726 €

The company has an activity with no specific increased risk

Tangible fixed assets are up to 255 628 €

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	10/04/2009
Status of Monitoring	No social security and tax office preferential right to date

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.

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
24/10/2012	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 2682 - 328685284 RCS. BIO-LOGIC. Forme : Société par Actions Simplifiée. Adresse : 1 rue de l'Europe Zac de Fond Ratel 38640 Claix. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2012.
16/12/2011	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 3780 - 328685284 RCS. BIO-LOGIC. Forme : Société par Actions Simplifiée. Adresse : 1 rue de l'Europe Zac de Fond Ratel 38640 Claix. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2011.
21/12/2010	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 2506 - 328685284 RCS. BIO-LOGIC. Forme : Société par Actions Simplifiée. Adresse : 1 rue de l'Europe Zac de Fond Ratel 38640 Claix. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2010.
07/11/2009	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 2668 - 328685284 RCS. BIO-LOGIC. Forme : Société par Actions Simplifiée. Adresse : 1 rue de l'Europe Zac de Fond Ratel 38640 Claix. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2009.
03/05/2009	Bodacc B	Modification et mutation diverse
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 309 - 328 685 284 RCS Grenoble. BIO-LOGIC. Forme : Société par Actions Simplifiée. Administration : TAGNARD Evelyne nom d'usage : TAGNARD Evelyne n'est plus commissaire aux comptes suppléant.. ROIRON Didier nom d'usage : ROIRON Didier devient commissaire aux comptes suppléant.. Commentaires : Modification de l'administration.
09/10/2008	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 3609 - 328685284 RCS. BIO-LOGIC. Forme : Société par Actions Simplifiée. Adresse : 1 rue de l'Europe Zac de Fond Ratel, 38640 Claix. Commentaires : Comptes annuels et rapports de l'exercice clos le : 29/02/2008.
11/12/2007	Bodacc C	Avis de dépôt des comptes
3531 - 328 685 284. RCS Grenoble BIO-LOGIC. Forme: société par actions simplifiée. Adresse du siège social: 1 rue de l'Europe Zac De Fond Ratel, 38640 Claix. Comptes annuels et rapports de l'exercice clos le: 28 février 2007.
30/01/2007	Bodacc B	Modifications et mutations diverses
0813 - RCS Grenoble 328 685 284. RC 83-B 00682. BIO-LOGIC. Forme : S.A.S. Adresse du siège social : Z.A.C. de Fond Ratel, 1 rue de l'Europe,, 38640 Administration : président : GOY (François), ancien président du conseil d'administration et directeur général. Ancien diecteur général délégué : PIQUEMAL-GUILHAUMARRON (Marguerite) (Nom d'usage : DUPONT). Anciens administrateurs : PIQUEMAL-GUILHAUMARRON (Marguerite) (Nom d'usage : DUPONT) et DUPONT (Yves, Francis, Jean, Baptiste). Commentaires : modification survenue sur la forme juridique.
25/11/2006	Bodacc C	Avis de dépôt des comptes
3123 - RCS Grenoble B 328 685 284. RC 83-B 682. BIO LOGIC. Forme: S.A. Adresse du siège social: 1, Rue de l Europe - Z.A.C. de,38640 Claix. Comptes annuels et rapports de l'exercice clos le: 28 février 2006.
13/06/2006	Bodacc B	Modifications et mutations diverses
1250 - RCS Grenoble 328 685 284. RC 83-B 00682. BIO-LOGIC. Forme : S.A. à conseil d'administration. Capital : 337 000 euros. Adresse du siège social : Z.A.C. de Fond Ratel, 1 rue de l'Europe,, 38640 Commentaires : modification survenue sur le capital.
14/12/2005	Bodacc B	Modifications et mutations diverses
821 - RCS Grenoble 328 685 284. RC 83-B 00682. BIO-LOGIC. Forme : S.A. à conseil d'administration. Adresse du siège social : Z.A.C. de Fond-Ratel, 1 rue de l'Europe,, 38640 Administration : ancien administrateur : COULON (Jean, Claude, Henri).
25/09/2005	Bodacc C	Avis de dépôt des comptes
2744 - RCS Grenoble B 328 685 284. RC 83-B 682. BIO LOGIC. Forme: société anonyme à conseil d'administration. Adresse du siège social: 1, Rue de l Europe - Z.A.C. de,38640 Claix. Comptes annuels et rapports de l'exercice clos le: 28 février 2005.
06/11/2003	Bodacc B	Modifications et mutations diverses
RCS Grenoble 328685284 RC 83-B 00682 BIO-LOGIC. Forme : S.A. à conseil d' administration. Adresse du siège social : Z.A.C. de Fond-Ratel, 1 rue de l'Europe, 38640 Claix. Administration : ancien administrateur : DUPONT (Marc, Adrien, Jean-Baptiste). Nouvel administrateur : DUPONT (Yves, Francis, Jean-Baptiste).
26/09/2000	Bodacc B	Modifications et mutations diverses
328685284. RCS Grenoble. RC 83-B 682 BIOLOGIC. Forme : S.A. Capital : 420 000 $ EU. Adresse du siège social : zone d' activité de Font Ratel, 1, rue de l' Europe, 38640 Claix. Commentaires : modification du capital social porté à 420 000 $EU. Date d'effet : 31 juillet 2000.
07/07/1998	Bodacc B	Modifications et mutations diverses
RCS Grenoble B 328 685 284 RC 83-B 0682 BIO LOGIC. Forme : S.A. Capital : 2 635 500 F. Adresse du siège social : Z.A. de Font- Ratel, 1 rue de l'Europe 38640 Claix. Administration : ancien président : DUPONT (Marguerite), qui reste administrateur. Nouveau président : GOY (François). Date d'effet : 1er avril 1998.
16/12/1997	Bodacc B	Modifications et mutations diverses
RCS Grenoble B 328 685 284 RC 83-B 0682 BIO LOGIC. Forme : S.A. Capital : 2 635 500 F. Adresse du siège social : Z.A. de Font- Ratel, 1 rue de l'Europe 38640 Claix. Administration : nouveau directeur général : GOY (François). Date d'effet : 15 septembre 1997.

Company events history

Date	Description
24/10/2012	Bodacc C : Deposit accounts notice
24/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
28/02/2012	New accounts available
16/12/2011	Bodacc C : Deposit accounts notice
15/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
28/02/2011	New accounts available
21/12/2010	Bodacc C : Deposit accounts notice
28/02/2010	New accounts available
07/11/2009	Bodacc C : Deposit accounts notice
03/05/2009	Bodacc B: Various editing or changing
10/04/2009	Collection of preferential rights activated for this company
19/03/2009	Private document
19/03/2009	Appointment/resignation of company officers
19/03/2009	Minutes of general meeting of shareholders
19/03/2009	New auditor
28/02/2009	New accounts available
09/10/2008	Bodacc C : Deposit accounts notice
29/02/2008	New accounts available
28/02/2007	New accounts available
15/12/2006	Audit or Management Report
15/12/2006	Updated articles of association
15/12/2006	Minutes of general meeting of shareholders
15/12/2006	Changes to the Board of Directors
15/12/2006	Appointment/resignation of company officers
15/12/2006	Private document
16/05/2006	Capital reduction
16/05/2006	Acte sous seing privé
16/05/2006	Private document
16/05/2006	PV d'Assemblée
16/05/2006	Minutes of general meeting of shareholders
16/05/2006	Minutes of Board meeting
16/05/2006	Réduction de Capital
16/05/2006	PV du Conseil d'Administration
16/05/2006	Statuts mis à jour
16/05/2006	Updated articles of association
28/02/2006	New accounts available
01/02/2006	PV d'Assemblée
01/02/2006	Minutes of general meeting of shareholders
01/02/2006	Private document
01/02/2006	Acte sous seing privé
01/02/2006	Capital reduction
01/02/2006	Réduction de Capital
09/11/2005	Changes to the Board of Directors
09/11/2005	Modification du Conseil d'Administration
09/11/2005	Acte sous seing privé
09/11/2005	Private document
09/11/2005	Appointment/resignation of company officers
09/11/2005	Nomination/démission des organes de gestion
09/11/2005	Minutes of general meeting of shareholders
09/11/2005	PV d'Assemblée
28/02/2005	New accounts available
29/02/2004	New accounts available
14/10/2003	Modification du Conseil d'Administration
14/10/2003	Acte sous seing privé
14/10/2003	Nomination/démission des organes de gestion
14/10/2003	PV d'Assemblée
14/10/2003	Changement de Commissaire aux Comptes
28/02/2003	New accounts available
08/10/2002	Acte sous seing privé
08/10/2002	Nomination/démission des organes de gestion
08/10/2002	Statuts mis à jour
08/10/2002	PV du Conseil d'Administration
08/10/2002	PV d'Assemblée
05/10/2001	Acte sous seing privé
05/10/2001	PV d'Assemblée
05/10/2001	Rapport des Commissaires ou du Gérant
05/10/2001	Statuts mis à jour
18/07/2001	Requête et Ordonnance
18/07/2001	Nomination/démission des organes de gestion
01/09/2000	Augmentation de Capital
01/09/2000	Conversion du Capital Social en Euros
01/09/2000	Statuts mis à jour
01/09/2000	PV d'Assemblée
01/09/2000	Acte sous seing privé
06/05/1998	Changement de Président (PDG, PCA)
06/05/1998	PV du Conseil d'Administration
06/05/1998	Nomination/démission des organes de gestion
06/05/1998	Acte sous seing privé
30/10/1997	Acte sous seing privé
30/10/1997	Nomination/démission des organes de gestion
30/10/1997	PV du Conseil d'Administration
08/07/1992	Statuts mis à jour
08/07/1992	PV d'Assemblée
08/07/1992	Changement de date de clôture
08/07/1992	Déclaration de conformité
16/04/1992	Déclaration de conformité
16/04/1992	Augmentation de Capital
16/04/1992	Statuts mis à jour
16/04/1992	PV du Conseil d'Administration
16/04/1992	PV d'Assemblée
19/02/1992	Requête et Ordonnance
24/01/1992	PV du Conseil d'Administration
24/01/1992	Changement de Forme Juridique sans changement de catégorie
24/01/1992	Statuts mis à jour
24/01/1992	PV d'Assemblée
24/01/1992	Nomination/démission des organes de gestion
24/01/1992	Déclaration de conformité
19/11/1991	Acte modificatif

directors

Name	M. GOY FRANCOIS
Manager position	Président	Date of birth	10/05/1962
Place of birth	VOVES
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Président Directeur Général	M FRANCOIS GOY	10/05/1962 - VOVES
Directeur général délégué	MME MARGUERITE DUPONT	18/12/1944 - MARSEILLE
Administrateur	M YVES DUPONT	09/08/1944 - MARSEILLE

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.82
UK Pound	1	Rs.87.9
Euro	1	Rs.72.83

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.