MIRA INFORM REPORT

Report Date :

18.01.2013

IDENTIFICATION DETAILS

Name :	MESSIKA DESIGN
Registered Office :	64 Rue La Fayette 75009 Paris 9
Country :	France
Financials (as on) :	28.02.2011
Date of Incorporation :	January, 2006
Com. Reg. No.:	RCS Paris 0 487 779 514
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (intercompany trade) of watches, clocks and jewelery
No. of Employees :	10 to 19 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

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

Country Name	Previous Rating (31.03.2012)	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

COMPANY SUMMARY

		EUR VAT Number	FR46487779514
Activity (APE)	Wholesale (intercompany trade) of watches, clocks and jewelery (4648Z)	Legal form	Simplified joint stock company
Phone	01 48 01 65 84	RCS Registration	RCS Paris 0 487 779 514
Fax		Share capital	50,000 Euros
Address	MESSIKA DESIGN 64 RUE LA FAYETTE 75009 PARIS 9	Incorporated Date	01/2006
Nationality	France	Status	Economically active

COMPANY DETAILS

Activity (APE)	Wholesale (intercompany trade) of watches, clocks and jewelery (4648Z)
RCS Registration	RCS Paris 0 487 779 514	Share capital	50,000 Euros
Registration Court	Paris (75)	Legal form	Simplified joint stock company
Court Registry Number	20 0 6B017	EUR VAT Number	FR46487779514
Incorporation Date	01/2006	Formation Date	12/2005
Deregistration Date		Last account Date	28/02/2011
Nationality	France

Establishment details

Activity (APE)	Wholesale (intercompany trade) of watches, clocks and jewelery (4648Z)	Business Pages FT®
Postal Address	MESSIKA DESIGN 64 RUE LA FAYETTE 75009 PARIS 9	Trading Address	64 RUE LA FAYETTE 75009 PARIS 9
Telephone	01 48 01 65 84
Fax

Type	Head office	Status	Economically active
Formation Date	08/2008	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Paris (75)	Region	Ile-de-France
District		Area
City	PARIS 9	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> MESSIKA DESIGN <<<  - Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)  in PARIS 9  (75009)
Secondary establishments	>  MESSIKA DESIGN  - Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)  in PARIS 9  (75009)

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

Workforce unknown

Company workforce

10 to 19 employees

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Name	Mme. GOLDMAN VALERIE
Manager position	Président	Date of birth	26/08/1976
Place of birth	BOULOGNE BILLANCOURT (92100)
Type	Individual	Name at birth	MESSIKA

Previous Directors

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
Président	MME VALERIE GOLDMAN	26/08/1976 - BOULGNE BILLANCOURT
Président	Mme VALERIE GOLDMAN	- - BOULOGNE BILLANCOURT (92100

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

50,000 Euros

PAYMENT INFORMATION

Na

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

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	28/02/2011	28/02/2010	28/02/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	02/11/2011	18/03/2011	01/10/2009
Activity Code	4648Z	4648Z	4648Z
Employees	18	9	0

Active account

Annual Accounts	28/02/2011		28/02/2010		28/02/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	589 498	-20,9%	744 993	1,2%	736 324	38 666	1424,6%
- Intangible assets	0	0%	0	0%	356	1 861	0%
- Tangible assets	589 198	-20,9%	744 993	1,2%	735 968	9 145	6342,8%
- Financial assets	300	0%	0	0%	0	2 262	-86,7%
Net current assets	11 276 640	18,8%	9 495 609	13,4%	8 376 872	401 586	2708,0%
- Stocks	4 645 940	37,5%	3 379 412	-7,0%	3 632 448	127 832	3534,4%
- Advanced payments	0	18,8%	0	0%	0	0	0%
- Receivables	5 670 326	4,6%	5 418 510	15,8%	4 677 804	81 025	6898,2%
- Securities and cash	960 374	37,7%	697 687	947,3%	66 620	36 998	2495,7%
- Prepaid expenses	-	-	-	-	-	29	-
Accounts of regularization	19 077	-70,3%	64 293	-24,3%	84 953	0	0%
Total Assets	11 885 215	15,3%	10 304 896	12,0%	9 198 150	490 153	2324,8%

Passive Account

Annual Accounts	28/02/2011		28/02/2010		28/02/2009	Sector Median 2011
Shareholders' equity	1 367 482	101,4%	678 960	12,5%	603 319	106 414	1185,1%
Share capital	50 000	0%	50 000	0%	50 000	14 788	238,1%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	75 292	-1,5%	76 417	-23,5%	99 955	0	0%
Liabilities	10 375 784	9,0%	9 522 473	12,2%	8 488 091	265 837	3803,1%
- Financial liabilities	8 113 635	-2,2%	8 295 702	12,0%	7 408 898	46 153	17479,9%
- Advanced payments received	12 223	0%	0	0%	0	0	0%
- Trade account payables	1 602 677	57,8%	1 015 415	6,4%	954 405	68 841	2228,1%
- Tax and social liabilities	167 902	53,5%	109 403	-12,3%	124 788	71 708	134,1%
- Other debts and fixed assets liabilities	546 002	323,3%	128 999	1801,2%	6 785	10 972	4876,3%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	11 885 215	15,3%	10 304 895	12,0%	9 198 150	490 153	2324,8%

Results

Annual Accounts	28/02/2011		28/02/2010		28/02/2009	Sector Median 2011
Sales of Goods	14 351 950	49,1%	9 623 095	10,7%	8 694 257	676 078	2022,8%
Net turnover	14 317 283	50,1%	9 539 942	12,0%	8 517 337	665 334	2051,9%
- of which net export turnover	5 682 700	45,2%	3 914 720	19,8%	3 266 922	966	588171,2%
Operating charges	13 001 294	39,7%	9 305 080	11,0%	8 383 119	632 460	1955,7%
Operating profit/loss	1 350 656	324,7%	318 015	2,2%	311 138	17 207	7749,5%
Financial income	367 109	24,2%	295 559	75,1%	168 797	18	2039394,4%
Financial charges	672 401	37,7%	488 407	-39,9%	812 467	2 938	22786,4%
Financial profit/loss	-305 292	-58,3%	-192 848	70,0%	-643 670	-762	-39964,6%
Pretax net operating income	1 045 364	735,2%	125 167	137,6%	-332 532	16 700	6159,7%
Extraordinary income	20 150	2021,1%	950	0%	0	40	50275,0%
Extraordinary charges	5 585	58,8%	3 518	-6,8%	3 776	336	1562,2%
Extraordinary profit/loss	14 565	26911,6%	-2 568	32,0%	-3 776	0	0%
Net result	688 522	810,3%	75 640	143,9%	-172 157	12 667	5335,6%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	28/02/2011	28/02/2010	28/02/2009
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			28/02/2011		28/02/2010		28/02/2009
	Grand Total (I to VI)	Net	11 885 215	15,3%	10 304 896	12,0%	9 198 150
	Gross	CO	12 771 869	16,6%	10 958 083	15,7%	9 468 040
	Amortisation	1A	886 654	35,7%	653 187	142,0%	269 890

Non declared distributed capital (I)

		28/02/2011		28/02/2010		28/02/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			28/02/2011		28/02/2010		28/02/2009
	Total Active fixed asset (II)	Net	589 498	-20,9%	744 993	1,2%	736 324
	Gross	BJ	1 086 884	4,2%	1 043 187	19,7%	871 641
	Amortisation	BK	497 386	66,8%	298 194	120,4%	135 317

Intangilble fixed assets

			28/02/2011		28/02/2010		28/02/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	0	0%	356
	Gross	AF	5 000	0%	5 000	0%	5 000
	Amortisation	AG	5 000	0%	5 000	7,7%	4 644
	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%	356

Tangilble fixed assets

			28/02/2011		28/02/2010		28/02/2009
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	0	0%	0	0%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	0	0%	0	0%	0
	Gross	AR	0	0%	0	0%	0
	Amortisation	AS	0	0%	0	0%	0
	Other tangible fixed assets	Net	589 198	-20,9%	744 993	7,1%	695 574
	Gross	AT	1 081 584	4,2%	1 038 187	25,7%	826 247
	Amortisation	AU	492 386	67,9%	293 194	124,4%	130 673
	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%	40 394
	Gross	AX	0	0%	0	0%	40 394
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	589 198		744 993		735 968

Financial assets

			28/02/2011		28/02/2010		28/02/2009
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	300	0%	0	0%	0
	Gross	BH	300	0%	0	0%	0
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		300		0		0

Current Assets (III)

			28/02/2011		28/02/2010		28/02/2009
	Total Assets	Net	11 276 640	18,8%	9 495 609	13,4%	8 376 872
	Gross	CJ	11 665 909	18,4%	9 850 603	15,7%	8 511 446
	Amortisation	CK	389 269	9,7%	354 994	163,8%	134 574

Stocks

			28/02/2011		28/02/2010		28/02/2009
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	4 645 940	37,5%	3 379 412	-7,0%	3 632 448
	Gross	BT	4 681 887	38,5%	3 379 412	-7,0%	3 632 448
	Amortisation	BU	35 947	0%	0	0%	0
	Sub Total Stocks	Net	4 645 940	37,5%	3 379 412	-7,0%	3 632 448

Advance payments to suppliers

			28/02/2011		28/02/2010		28/02/2009
	Advance payments to suppliers	Net	0	0%	0	0%	0
	Gross	BV	0	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			28/02/2011		28/02/2010		28/02/2009
	Trade accounts receivable	Net	5 042 951	1,2%	4 984 970	19,5%	4 173 113
	Gross	BX	5 396 273	1,1%	5 339 964	24,0%	4 307 687
	Amortisation	BY	353 322	-0,5%	354 994	163,8%	134 574
	Other debtors	Net	421 515	54,7%	272 437	-28,6%	381 607
	Gross	BZ	421 515	54,7%	272 437	-28,6%	381 607
	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	5 464 466	3,9%	5 257 407	15,4%	4 554 720

Divers

			28/02/2011		28/02/2010		28/02/2009
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	960 374	37,7%	697 687	947,3%	66 620
	Gross	CF	960 374	37,7%	697 687	947,3%	66 620
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	960 374	37,7%	697 687	947,3%	66 620

Prepaid expenses

			28/02/2011		28/02/2010		28/02/2009
	Prepaid expenses	Net	205 860	27,8%	161 103	30,9%	123 084
	Gross	CH	205 860	27,8%	161 103	30,9%	123 084
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		28/02/2011		28/02/2010		28/02/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	19 077	-70,3%	64 293	-24,3%	84 953
Gross		19 077	-70,3%	64 293	-24,3%	84 953

References

		28/02/2011		28/02/2010		28/02/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	400 294	-0,5%	402 294	150,9%	160 313

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)

		28/02/2011		28/02/2010		28/02/2009
Grand Total (I to V)	EE	11 885 215	15,3%	10 304 895	12,0%	9 198 150

Shareholder Equity (I)

			28/02/2011		28/02/2010		28/02/2009
	Total shareholders' equity (Total I)	DL	1 367 482	101,4%	678 960	12,5%	603 319
	Equity and shareholders' equity	DA	50 000	0%	50 000	0%	50 000
	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	5 000	0%	5 000	0%	5 000
	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	720 477	0%	720 477	0%	720 477
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	-96 517	43,9%	-172 158	0%	0
	Profit or loss for the period	DI	688 522	810,2%	75 641	143,9%	-172 158
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			28/02/2011		28/02/2010		28/02/2009
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			28/02/2011		28/02/2010		28/02/2009
	Total provisions for risks and charges (Total III)	DR	75 292	-1,5%	76 417	-23,5%	99 955
	Risk provisions	DP	55 065	-5,7%	58 389	-31,3%	84 953
	Reserves for charges	DQ	20 227	12,2%	18 028	20,2%	15 002

Liabilities (IV)

			28/02/2011		28/02/2010		28/02/2009
	Total Liabilities (Total IV)	EC	10 375 784	9,0%	9 522 473	12,2%	8 488 091
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	1 191 642	10,9%	1 074 632	-21,5%	1 368 223
	Sundry loans and financial liabilities	DV	6 921 993	-4,1%	7 221 070	19,5%	6 040 675
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	12 223	0%	0	0%	0
	Trade accounts payables	DX	1 602 677	57,8%	1 015 415	6,4%	954 405
	Tax and social security liabilities	DY	167 902	53,5%	109 403	-12,3%	124 788
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	479 347	370,2%	101 953	0%	0

Translation loss (V)

		28/02/2011		28/02/2010		28/02/2009
Translation loss (Total V)	ED	66 655	146,5%	27 046	298,6%	6 785

Equalization accounts

		28/02/2011		28/02/2010		28/02/2009
Deferred income	EB	0	0%	0	0%	0

References

		28/02/2011		28/02/2010		28/02/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	231 730
Deferred income and liabilities	EG	10 250 126	9,6%	9 348 443	13,2%	8 256 360
Of which current bank facilities	EH	1 017 614	20,7%	842 901	-22,1%	1 081 545

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)

		28/02/2011		28/02/2010		28/02/2009
Operating result (Total I-II)	GG	1 350 656	324,7%	318 015	2,2%	311 138

2 - Financial result (V - VI)

		28/02/2011		28/02/2010		28/02/2009
Financial result (Total V-VI)	GV	-305 292	-58,3%	-192 848	70,0%	-643 670

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

		28/02/2011		28/02/2010		28/02/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1 045 364	735,2%	125 167	137,6%	-332 532

4 - Extraordinary result (VII-VIII)

		28/02/2011		28/02/2010		28/02/2009
Extraordinary result (Total VII-VIII)	HI	14 565	667,2%	-2 568	32,0%	-3 776

Profit or loss

		28/02/2011		28/02/2010		28/02/2009
Profit or loss	HN	688 522	810,3%	75 640	143,9%	-172 157

Total Income (I+III+V+VII)

		28/02/2011		28/02/2010		28/02/2009
Total Income (I+III+V+VII)	HL	14 739 209	48,6%	9 919 604	11,9%	8 863 054

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

		28/02/2011		28/02/2010		28/02/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	14 050 687	42,7%	9 843 964	9,0%	9 035 211

Operating income (I)

		28/02/2011		28/02/2010		28/02/2009
Total operating income (Total I)	FR	14 351 950	49,1%	9 623 095	10,7%	8 694 257

Operating income (details)

			28/02/2011		28/02/2010		28/02/2009
	Sale of goods for resale	FC	14 317 283	50,1%	9 539 942	12,0%	8 517 337
	France	FA	8 634 583	53,5%	5 625 222	7,1%	5 250 415
	Export	FB	5 682 700	45,2%	3 914 720	19,8%	3 266 922
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	0	0%	0	0%	0
	France	FG	0	0%	0	0%	0
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	14 317 283	50,1%	9 539 942	12,0%	8 517 337
	France	FJ	8 634 583	53,5%	5 625 222	7,1%	5 250 415
	Export	FK	5 682 700	45,2%	3 914 720	19,8%	3 266 922
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	28 370	-51,4%	58 320	-64,6%	164 669
	Other income	FQ	6 297	-74,6%	24 833	102,7%	12 251

Operating charges (II)

		28/02/2011		28/02/2010		28/02/2009
Total operating charges (Total II)	GF	13 001 294	39,7%	9 305 080	11,0%	8 383 119

Exploitation charges

		28/02/2011		28/02/2010		28/02/2009
Purchase of goods for resale	FS	9 441 235	70,9%	5 524 176	8,0%	5 114 363
Change in stocks of goods for resale	FT	-1 302 475	-614,7%	253 036	6,2%	238 366
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	3 135 238	41,5%	2 215 395	15,9%	1 911 765
Tax, duty and similar payments	FX	237 447	39,2%	170 529	-1,3%	172 807
Payroll	FY	849 883	65,2%	514 497	5,1%	489 304
Social security costs	FZ	355 699	61,5%	220 283	4,5%	210 748

Depreciation

		28/02/2011		28/02/2010		28/02/2009
Depreciation of fixed assets	GA	199 921	21,8%	164 092	65,5%	99 160
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	65 947	-71,4%	230 576	71,3%	134 574
Provisions for risks and charges	GD	8 188	170,6%	3 026	219,5%	947

Other charges

		28/02/2011		28/02/2010		28/02/2009
Other charges	GE	10 211	7,8%	9 470	-14,6%	11 085

Operating charges (III-IV)

		28/02/2011		28/02/2010		28/02/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			28/02/2011		28/02/2010		28/02/2009
	Total financial income (Total V)	GP	367 109	24,2%	295 559	75,1%	168 797
	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	6 445	35905,6%	-18	-102,8%	643
	Released provisions and transferred charges	GM	58 389	-31,3%	84 953	276,6%	22 555
	Exchange gains	GN	302 275	43,5%	210 624	44,7%	145 599
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			28/02/2011		28/02/2010		28/02/2009
	Total financial charge (Total VI)	GU	672 401	37,7%	488 407	-39,9%	812 467
	Financial reserves and provisions	GQ	19 077	-67,3%	58 389	-31,3%	84 953
	Interest and similar charges	GR	284 954	-2,9%	293 573	5,1%	279 356
	Exchange losses	GS	368 370	170,0%	136 445	-69,6%	448 158
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			28/02/2011		28/02/2010		28/02/2009
	Total extraordinary income (Total VII)	HD	20 150	2021,1%	950	0%	0
	Extraordinary operating income	HA	19 000	0%	0	0%	0
	Extraordinary income from capital transactions	HB	1 150	21,1%	950	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			28/02/2011		28/02/2010		28/02/2009
	Total extraordinary charges (Total VIII)	HH	5 585	58,8%	3 518	-6,8%	3 776
	Extraordinary operating charges	HE	4 214	83,0%	2 303	-27,5%	3 176
	Extraordinary charges from capital transactions	HF	1 371	12,8%	1 215	102,5%	600
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		28/02/2011		28/02/2010		28/02/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		28/02/2011		28/02/2010		28/02/2009
Tax on profits (Total X)	HK	371 407	690,9%	46 959	128,6%	-164 151

References

		28/02/2011		28/02/2010		28/02/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	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)

			28/02/2011		28/02/2010		28/02/2009
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	40 394	0%	0
	Decreasess by transfers	OK2	2 100	-13,5%	2 429	-97,3%	88 419
	Gross value at the end of period	OL	1 086 884	4,2%	1 043 187	19,7%	871 641

Research and development Charge (Total I)

			28/02/2011		28/02/2010		28/02/2009
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			28/02/2011		28/02/2010		28/02/2009
	Gross value at begin of period	KD	5 000	0%	5 000	0%	5 000
	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	5 000	0%	5 000	0%	5 000

Tangible fixed assets (Total III)

			28/02/2011		28/02/2010		28/02/2009
	Gross value at begin of period	LN	1 038 187	19,8%	866 641	266,5%	236 440
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	45 497	-78,8%	214 369	-70,2%	718 620
	Decreasess by budget item transfer	NG1	0	0%	40 394	0%	0
	Decreasess by transfers	NG2	2 100	-13,5%	2 429	-97,3%	88 419
	Gross value at the end of period	NH	1 081 584	4,2%	1 038 187	19,8%	866 641

Fiancial assets (Total IV)

			28/02/2011		28/02/2010		28/02/2009
	Gross value at begin of period	LQ	0	0%	0	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	300	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	0
	Gross value at the end of period	NK	300	0%	0	0%	0

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

			28/02/2011		28/02/2010		28/02/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			28/02/2011		28/02/2010		28/02/2009
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			28/02/2011		28/02/2010		28/02/2009
	Reserve for depreciation value at begin of period	PE	5 000	7,7%	4 644	56,0%	2 977
Increases		PF	0	0%	356	-78,6%	1 667
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	5 000	0%	5 000	7,7%	4 644

Total fixed assets amotisation (Total III)

			28/02/2011		28/02/2010		28/02/2009
	Reserve for depreciation value at begin of period	QU	293 193	124,4%	130 673	273,6%	34 978
Increases		QV	199 921	22,1%	163 735	67,9%	97 494
Decreases		QW	729	-40,0%	1 215	-32,5%	1 799
	Decreasess by budget item transfer	QX	492 385	67,9%	293 193	124,4%	130 673

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

			28/02/2011		28/02/2010		28/02/2009
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			28/02/2011		28/02/2010		28/02/2009
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			28/02/2011		28/02/2010		28/02/2009
	Value at begining of period	7C	431 411	83,9%	234 529	21,4%	193 136
Increases		UB	93 211	-68,1%	291 991	32,4%	220 475
Decreases		UC	60 061	-36,9%	95 109	-46,9%	179 082
	Value at the end of period	UD	464 561	7,7%	431 411	83,9%	234 529

Includes Total allocations

Operating	UE	74 135	-68,3%	233 602	72,4%	135 522
Financial	UG	19 077	-67,3%	58 389	-31,3%	84 953
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	1 672	-83,5%	10 155	-93,5%	156 527
Financial	UH	58 389	-31,3%	84 953	276,6%	22 555
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			28/02/2011		28/02/2010		28/02/2009
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			28/02/2011		28/02/2010		28/02/2009
	Value at begining of period	5Z	76 417	-23,5%	99 955	173,0%	36 610
Increases		TV	57 265	-6,8%	61 415	-28,5%	85 900
Decreases		TW	58 389	-31,3%	84 953	276,6%	22 555
	Value at the end of period	TX	75 293	-1,5%	76 417	-23,5%	99 955

Total Provision for depreciation (Total III)

			28/02/2011		28/02/2010		28/02/2009
	Value at begining of period	7B	354 994	163,8%	134 574	-14,0%	156 527
Increases		TY	35 947	-84,4%	230 576	71,3%	134 574
Decreases		TZ	1 672	-83,5%	10 156	-93,5%	156 527
	Value at the end of period	UA	389 269	9,7%	354 994	163,8%	134 574

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

		28/02/2011		28/02/2010		28/02/2009
Gross value	VT	6 023 948	4,3%	5 773 504	20,0%	4 812 378
1 year at most	VU	5 623 354	4,7%	5 371 210	15,5%	4 652 065
More than one year	VV	400 594	-0,4%	402 294	150,9%	160 313

State of loans

		28/02/2011		28/02/2010		28/02/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	300	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		28/02/2011		28/02/2010		28/02/2009
Customers doubtful or disputed	VA	400 294	-0,5%	402 294	150,9%	160 313
Other claims customer	UX	4 995 978	1,2%	4 937 670	19,1%	4 147 373
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	1 875	-74,5%	7 341	0%	0
Social Security and other social organizations	UZ	1 082	57,3%	688	-72,7%	2 518
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	212 732	75,3%	121 373	-37,1%	193 071
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%	117 192	-28,6%	164 151
Accounts receivable (including claims relating to the operation of pension titles)	VR	205 826	696,4%	25 843	18,2%	21 868

Prepaid

		28/02/2011		28/02/2010		28/02/2009
Prepaid	VS	205 860	27,8%	161 103	30,9%	123 084

State Debt

			28/02/2011		28/02/2010		28/02/2009
	Total debt (gross)	VY	10 363 562	8,8%	9 522 472	12,2%	8 488 090
1 year at most		VZ2	10 250 126	9,6%	9 348 443	13,2%	8 256 360
More than 1 year and 5 years at most		VZ3	113 436	-34,8%	174 029	-24,9%	231 730
More than 5 years		VZ4	0	0%	0	0%	0

Details

			28/02/2011		28/02/2010		28/02/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	1 017 614	20,7%	842 901	-22,1%	1 081 545
1 year at most		VG2	1 017 614	20,7%	842 901	-22,1%	1 081 545
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	174 029	-24,9%	231 730	-19,2%	286 678
1 year at most		VH2	60 593	5,0%	57 701	5,0%	54 948
More than 1 year and 5 years at most		VH3	113 436	-34,8%	174 029	-24,9%	231 730
	Loans and various financial liabilities (gross)	8A1	998	33,6%	747	-64,6%	2 111
1 year at most		8A2	998	33,6%	747	-64,6%	2 111
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	1 602 677	57,8%	1 015 415	6,4%	954 405
1 year at most		8B2	1 602 677	57,8%	1 015 415	6,4%	954 405
More than 1 year and 5 years at most		8B3	1 602 677	57,8%	1 015 415	6,4%	954 405
	Personnel and associated accounts (gross)	8C1	49 376	34,7%	36 664	-24,4%	48 491
1 year at most		8C2	49 376	34,7%	36 664	-24,4%	48 491
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	73 018	53,6%	47 545	-0,5%	47 785
1 year at most		8D2	73 018	53,6%	47 545	-0,5%	47 785
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	9 093	352,2%	2 011	-82,0%	11 185
1 year at most		VW2	9 093	352,2%	2 011	-82,0%	11 185
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	36 414	57,1%	23 183	33,8%	17 328
1 year at most		VQ2	36 414	57,1%	23 183	33,8%	17 328
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	6 920 994	-4,1%	7 220 323	19,6%	6 038 564
1 year at most		VI2	6 920 994	-4,1%	7 220 323	19,6%	6 038 564
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	479 347	370,2%	101 953	0%	0
1 year at most		8K2	479 347	370,2%	101 953	0%	0
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

		28/02/2011		28/02/2010		28/02/2009
Loans made during the period	VJ	0	0%	0	0%	300 000
Debt repaid during the period	VK	57 701	0%	0	0%	13 322

Table allocation results and other information
Dividends distributed

		28/02/2011		28/02/2010		28/02/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		28/02/2011		28/02/2010		28/02/2009
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		28/02/2011		28/02/2010		28/02/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		28/02/2011		28/02/2010		28/02/2009
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		28/02/2011		28/02/2010		28/02/2009
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		28/02/2011		28/02/2010		28/02/2009
Average number of employees	YP	18	100%	09	0%	0

Groups and Shareholders

		28/02/2011		28/02/2010		28/02/2009
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		28/02/2011		28/02/2010		28/02/2009	Sector Median 2011
Fixed Asset Financing		8,31	2,0%	8,15	-0,9%	8,22	2,97	179,8%
Global Debt		261 days	-27,3%	359 days	0%	359 days	147,50 days	76,9%
Working Capital Fund overall net		200 days	-29,1%	282 days	6,0%	266 days	89 days	124,7%
Financial independence		114,76%	81,6%	63,18%	43,3%	44,10%	411,97%	-72,1%
More ratios
Solvability		11,51%	74,7%	6,59%	0,5%	6,56%	35,92%	-68,0%
Capacity debt futures		126,83%	68,2%	75,39%	42,0%	53,09%	725,67%	-82,5%
Coverage of current assets by net working capital overall		69,37%	-9,9%	77,02%	2,6%	75,04%	48,63%	42,6%
General Liquidity		0,55	-3,5%	0,57	1,8%	0,56	0,55	0%
Restricted Liquidity		0,64	-1,5%	0,65	14,0%	0,57	0,89	-28,1%

Management or rotation

		28/02/2011		28/02/2010		28/02/2009	Sector Median 2011
Need background in operating working capital		197 days	-29,6%	280 days	-6,7%	300 days	60,50 days	225,6%
Treasury		-1 days	80,0%	-5 days	88,4%	-43 days	6 days	-116,7%
Inventory turnover of goods		207 days	-1,9%	211 days	-13,5%	244 days	187 days	10,7%
Average length of credit granted to customers		136 days	-32,7%	202 days	11,0%	182 days	43 days	216,3%
Average length of credit obtained suppliers		51 days	10,9%	46 days	-2,1%	47 days	57 days	-10,5%
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	1042 days	-
Rotation tangible assets		1323,73%	44,1%	918,90%	-6,5%	982,80%	1576,24%	-16,0%

Profitability of the business

		28/02/2011		28/02/2010		28/02/2009	Sector Median 2011
Margin trading		43,15%	9,4%	39,44%	6,2%	37,15	39,94%	8,0%
Profitability of the business		11,18	66,1%	6,73	50,9%	4,46	3,92%	185,2%
Net profit		4,81%	508,9%	0,79%	139,1%	-2,02%	2,18%	120,6%
More ratios
Growth rate of turnover (excluding VAT)		50,08%	317,0%	12,01%	288,7%	3,09%	5,88%	751,7%
Rates integration		21,26%	31,1%	16,22%	10,3%	14,71%	21,73%	-2,2%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		39,61%	-16,6%	47,49%	-15,0%	55,88%	65,26%	-39,3%
Weight interests		4,70	-8,2%	5,12%	-46,3%	9,54%	0,55%	754,5%

Return on capital

		28/02/2011		28/02/2010		28/02/2009	Sector Median 2011
Cash flow from the overall profitability		5,92%	177,9%	2,13%	208,7%	-1,96%	2,85%	107,7%
Rates of economic profitability		17%	142,9%	7%	40,0%	5%	12%	41,7%
Financial profitability		1367482%	101,4%	678960%	12,5%	603319%	83975%	1528,4%
Return on investment		14,35%	128,5%	6,28%	-21,4%	7,99%	9,78%	46,7%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	28/02/2011		28/02/2010		28/02/2009	Sector Median 2011
Turnover	14 317 283	50,1%	9 539 942	12,0%	8 517 337	665 334 €	2051,9%

Sales of goods	14 317 283	50,1%	9 539 942	12,0%	8 517 337
- Purchase of goods	9 441 235	70,9%	5 524 176	8,0%	5 114 363
+/- Stock of goods variation	-1 302 475	-614,7%	253 036	6,2%	238 366
Trading margin	6 178 523 €	64, %	3 762 730 €	18,9%	3 164 608 €	255 704 €	2316,3%
	43,15 % CA	9,4%	39,44 % CA	6,2%	37,15 % CA	41,47 % CA	4,1%

Sale of goods produced	0	0%	0	0%	0
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period producti n	0 €	0%	0 €	0%	0 €	10 840 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	1,76 % CA	0%

Trading margin	6 178 523	64,2%	3 762 730	18,9%	3 164 608	255 704	2316,3%
+ Period Production	0	0%	0	0%	0	10 840	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	3 135 238	41,5%	2 215 395	15,9%	1 911 765
Added value	3 043 285 €	96,7%	1 547 335 €	23,5%	1 252 843 €	162 225 €	1776,0%
	21,26 % CA	31,1%	16,22 % CA	10,3%	14,71 % CA	21,73 % CA	-2,2%

Added value	3 043 285 €	96,7%	1 547 335 €	23,5%	1 252 843 €	162 225 €	1776,0%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	237 447	39,2%	170 529	-1,3%	172 807
- Personal charges	1 205 582	64, %	734 780	5,0%	700 052
Gross operating surplus	1 600 256 €	149,3%	642 026 €	69,0%	379 984 €	17 884 €	8848,0%
	11,18 % CA	66,1%	6,73 % CA	50,9%	4,46 % CA	3,92 % CA	185,2%

Gross operating surplus	1 600 256 €	149,3%	642 026 €	69,0%	379 984 €	17 884 €	8848,0%
+ Release of reserves and provisions	28 370	-51,4%	58 320	-64,6%	164 669
+ Other operating income	6 297	-74,6%	24 833	102,7%	12 251
- Depreciation/Amortisation	274 056	-31,1%	397 694	69,5%	234 681
- Other charges	10 211	7,8%	470	-14,6%	11 085
Operating result	1 350 656 €	324,7%	318 015 €	2,2%	311 138 €	17 207 €	7749,5%
	9,43 % CA	183,2%	3,33 % CA	-8,8%	3,65 % CA	2,78 % CA	239,2%

Operating result	1 350 656 €	324,7%	318 015 €	2,2%	311 138 €	17 207 €	7749,5%
+/- esult of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	367 109	24,2%	295 559	75,1%	168 797
- Financial charges	672 401	37,7%	488 407	-39,9%	812 467
Pre-tax result	1 045 364 €	735,2%	125 167 €	137,6%	-332 532 €	16 700 €	6159,7%
	7,30 % CA	457,3%	1,31 % CA	133,6%	-3,90 % CA	2,62 % CA	178,6%

Extraordinary income	20 150	2021,1%	950	0%	0	40	50275,0%
- Extraordinary charges	5 585	58,8%	3 518	-6,8%	3 776
Extraordinary result	14 565 €	667,2%	-2 568 €	2,0%	-3 776 €	0 €	0%
	0,10 % CA	433,3%	-0,03 % CA	25,0%	0 % CA	0 % CA	0%

Pre-tax result	1 045 364 €	735,2%	125 167 €	137,6%	-332 532 €	16 700 €	6159,7%
Extraordinary result	14 565 €	667,2%	-2 568 €	32,0%	-3 776 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	371 407	690,9%	46 959	128,6%	-164 151
Net result	688 522 €	810,3%	75 640 €	143,9%	-172 157 €	12 633 €	5350,2%
	4,81 % CA	508,9%	0,79 % CA	139,1%	-2,02 % CA	2,11 % CA	128,0%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

This company is not under monitoring

Trading to Date	02/28/2011	02/28/2010	02/28/2009
Turnover	14,317,283 €	9,539,942 €	8,517,337 €
Gross Operating Surplus	11,18 % Turnover	6,73 % Turnover	4,46 % Turnover
Shareholders’ equity	1,367,482 €	678,960 €	603,319 €
Net result	688,522 €	75,640 €	-172,157 €
Employees	10 to 19 employees	-	-

Trends
Profitability
Liquidity
Net worth

Commentary

The comments are arranged in decreasing order of importance

The company is less than 9 years old

The latest figures are too old

The company has a share capital of 50 000 €, which is average

Tangible fixed assets are up to 589 198 €

The net result is up to 1 350 656 €, which is good

The company is in financial debt of 8 113 635 €

The financial result is negative on the period : -305 292 €

The company has an activity with no specific increased risk

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

Preferential rights details and history

Status of collection

This company is not under monitoring

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
23/03/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1448 - 487 779 514 RCS Paris. MESSIKA DESIGN. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire partant : SOCIETE FIDUCIAIRE INTERNATIONALE D'EXPERTISE COMPTABLE SOFINTEX, Commissaire aux comptes suppléant partant : Assayah, Joel. Capital : 50000 EUR. Activité : . Adresse du siège social : 64 rue Lafayette, 75009 Paris. Commentaires : modification survenue sur l'administration.
14/11/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7842 - 487779514 RCS. MESSIKA DESIGN. Forme : Société par actions simplifiée. Adresse : 64 rue Lafayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2011.
18/11/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7537 - 487779514 RCS. MESSIKA DESIGN. Forme : Société par actions simplifiée. Adresse : 64 rue Lafayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2007.
18/11/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7539 - 487779514 RCS. MESSIKA DESIGN. Forme : Société par actions simplifiée. Adresse : 64 rue Lafayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2009.
18/11/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7538 - 487779514 RCS. MESSIKA DESIGN. Forme : Société par actions simplifiée. Adresse : 64 rue Lafayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 29/02/2008.
28/10/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2454 - 487 779 514 RCS Paris. MESSIKA DESIGN. Forme : Société par actions simplifiée. Administration : nomination du Commissaire aux comptes titulaire : CABINET GUINARD, Commissaire aux comptes suppléant partant : Messageot, Patrick, nomination du Commissaire aux comptes suppléant : Assayah, Joel, nomination du Commissaire aux comptes suppléant : Roumagne, Jean Thierry. Capital : 50000 EUR. Activité : Achat vente fabrication de bijoux. Adresse du siège social : 64 rue Lafayette, 75009 Paris. Commentaires : modification survenue sur l'administration.
05/10/2008	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1408 - 487 779 514 RCS Paris. MESSIKA DESIGN. Forme : Société par actions simplifiée. Capital : 50000 EUR. Activité : Achat vente fabrication de bijoux. Adresse de l’établissement principal : 64 rue Lafayette, 75009 Paris. Adresse du siège social : 64 rue Lafayette, 75009 Paris. Commentaires : Mise en activité de la société, modification survenue sur la prise d'activité et l'adresse du siège.
11/08/2006	Bodacc B	Modifications et mutations diverses
2333 - RCS Paris B 487 779 514. RC 06-B 1781. MESSIKA DESIGN. Forme : S.A.S. Capital : 50 000 euros. Adresse du siège social : 62 rue Lafayette,, 75009 Commentaires : mise en activité de la société. Etablissement principal - Activité : achat et vente de fabrication de bijoux. Adresse : 62 rue Lafayette, 75009 Date de début d'activité : 1er mars 2006.
25/05/2006	Bodacc A	Création d'établissement
0887 - RCS Paris B 487 779 514. RC 06-B 1781. MESSIKA DESIGN. Forme : S.A.S. Capital : 50 000 euros. Adresse du siège social : 62 rue Lafayette, 75009 Paris. Administration : président : MESSIKA (Valérie) (Nom d'usage : GOLDMAN). Commissaire aux comptes titulaire : STE FIDUCIAIRE INTERNATIONALE D'EXPERTISE COMPTABLE-SOFINTEX. Commissaire aux comptes suppléant : MESSAGEOT (Patrick). Cette société se constitue , mais n'exploite provisoirement aucun établissement.

Company events history

Date	Description
23/03/2012	Bodacc B: Various editing or changing
21/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/11/2011	Bodacc C : Deposit accounts notice
04/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
11/04/2011	Bodacc C : Deposit accounts notice
28/02/2011	New accounts available
28/02/2010	New accounts available
18/11/2009	Bodacc C : Deposit accounts notice
28/10/2009	Bodacc B: Various editing or changing
12/10/2009	New auditor
12/10/2009	Minutes of general meeting of shareholders
28/02/2009	New accounts available
31/12/2008	Update of Company Activity
31/12/2008	Modification of Company Activity
05/10/2008	Bodacc B: Various editing or changing
05/10/2008	New Bodacc B ads detected
16/09/2008	Updated articles of association
16/09/2008	PV d'Assemblée
16/09/2008	Minutes of general meeting of shareholders
16/09/2008	Statuts mis à jour
16/09/2008	Private document
16/09/2008	Transfert du Siège dans le ressort du Tribunal de Commerce
16/09/2008	Registered office transferred inside jurisdiction of the Commercial Court
01/08/2008	Transfer of Establishment
01/08/2008	Update of Company Head Office Identifier
29/02/2008	New accounts available
28/02/2007	New accounts available
26/01/2006	Private document
26/01/2006	Fund deposit certificate
26/01/2006	Statuts
26/01/2006	Articles of association
26/01/2006	Company formation

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.64
UK Pound	1	Rs.87.45
Euro	1	Rs.72.65

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.