MIRA INFORM REPORT

Report Date :

18.01.2013

IDENTIFICATION DETAILS

Name :	SOC DANIEL H PIAT SARL PIAT
Registered Office :	12 Rue De La Paix 75002 Paris 2
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	January, 1983
Com. Reg. No.:	RCS Paris 8 326 170 420
Legal Form :	Limited Liability Company
Line of Business :	Training of adults
No. of Employees :	6 to 9 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

Acronym	DHP
		EUR VAT Number	FR07326170420
Activity (APE)	Training of adults (8559A)	Legal form	Limited Liability Company
Phone	01 49 27 04 25	RCS Registration	RCS Paris 8 326 170 420
Fax		Share capital	45,000 Euros
Address	SOC DANIEL H PIAT SARL PIAT 12 RUE DE LA PAIX 75002 PARIS 2	Incorporated Date	01/1983
Nationality	France	Status	Economically active

COMPANY DETAILS

Activity (APE)	Training of adults (8559A)
RCS Registration	RCS Paris 8 326 170 420	Share capital	45,000 Euros
Registration Court	Paris (75)	Legal form	Limited Liability Company
Court Registry Number	19 8 3B002	EUR VAT Number	FR07326170420
Incorporation Date	01/1983	Formation Date	12/1982
Deregistration Date		Last account Date	31/12/2011
Nationality	France

ESTABLISHMENT DETAILS

Acronym	DHP
Activity (APE)	Training of adults (8559A)	Business Pages FT®
Postal Address	SOC DANIEL H PIAT SARL PIAT 12 RUE DE LA PAIX 75002 PARIS 2	Trading Address	12 RUE DE LA PAIX 75002 PARIS 2
Telephone	01 49 27 04 25
Fax

Type	Head office	Status	Economically active
Formation Date	11/2010	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department		Region	Ile-de-France
District		Area
City	PARIS 2	Size of urban area

OTHER ESTABLISHMENTS

Branches	1 branch entities in this company
Head office	> SOC DANIEL H PIAT <<<  - Formation continue d'adultes (8559A)  in PARIS 2  (75002)
Secondary establishments	>  SOC DANIEL H PIAT  - Formation continue d'adultes (8559A)  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

6 to 9 employees

Company workforce

3 to 5 employees

DIRECTORS/MANAGEMENT

CURRENT DIRECTORS

DIRECTORS

Name	M. PIAT EMMANUEL
Manager position	Gérant	Date of birth	31/10/1968
Place of birth	BOULOGNE BILLANCOURT (92100)
Type	Individual	Name at birth

PREVIOUS DIRECTORS

Manager position	Title and name	Date of Birth/Place of Birth
Gérant	M EMMANUEL PIAT	31/10/1968 - BOULOGNE BILLANCOURT (92100)
Gérant	M EMMANUEL PIAT	31/10/1968 - BOULOGNE BILLANCOURT

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

45,000 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	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	11/10/2012	20/09/2011	08/10/2010
Activity Code	8559A	8559A	8559A
Employees	0	0	0

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	187 411	-0,3%	187 919	353,4%	41 450	4 836	3775,3%
- Intangible assets	0	0%	0	0%	91	0	0%
- Tangible assets	152 998	-3,2%	158 104	332,6%	36 544	1 873	8068,6%
- Financial assets	34 413	15,4%	29 815	519,2%	4 815	45	76373,3%
Net current assets	1 627 346	-29,8%	2 317 108	213,0%	740 201	61 130	2562,1%
- Stocks	772 863	33,8%	577 564	39,1%	415 315	0	0%
- Advanced payments	55 446	-29,8%	691 330	1422,9%	45 397	0	0%
- Receivables	269 581	-54,2%	588 533	207,6%	191 359	28 016	862,2%
- Securities and cash	529 456	15,2%	459 681	421,6%	88 130	18 581	2749,4%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	20 886	-11,6%	23 621	1539,2%	1 441	0	0%
Total Assets	1 835 644	-27,4%	2 528 652	222,9%	783 095	74 885	2351,3%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	686 521	12,6%	609 967	70,0%	358 809	26 487	2491,9%
Share capital	45 000	0%	45 000	0%	45 000	7 622	490,4%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	47 546	-5,4%	50 281	78,9%	28 101	0	0%
Liabilities	1 097 443	-40,9%	1 855 437	377,1%	388 918	40 095	2637,1%
- Financial liabilities	398 416	104,0%	195 263	21476,0%	905	2 059	19250,0%
- Advanced payments received	0	0%	948 182	2270,5%	40 000	0	0%
- Trade account payables	461 818	-23,9%	606 753	220,7%	189 175	5 852	7791,6%
- Tax and social liabilities	192 893	194,6%	65 481	-37,1%	104 102	22 986,50	739,2%
- Other debts and fixed assets liabilities	30 104	-18,0%	36 693	15,0%	31 894	2 400	1154,3%
Account regularization	18 341	14,4%	16 028	-46,8%	30 104	0	0%
Total liabilities	1 835 643	-27,4%	2 528 652	222,9%	783 094	75 010	2347,2%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	4 778 129	78,1%	2 682 807	111,9%	1 266 089	121 503	3832,5%
Net turnover	4 777 326	78,3%	2 679 589	111,7%	1 265 994	118 679	3925,4%
- of which net export turnover	3 327 657	110,5%	1 580 847	205,1%	518 065	0	0%
Operating charges	4 682 340	90,8%	2 454 474	64,6%	1 490 891	109 257	4185,6%
Operating profit/loss	95 789	-58,0%	228 333	201,6%	-224 802	5 689	1583,8%
Financial income	125 290	114,3%	58 477	175,4%	21 230	0	0%
Financial charges	113 471	43,4%	79 147	138,8%	33 149	22	515677,3%
Financial profit/loss	11 819	157,2%	-20 670	-73,4%	-11 919	0	0%
Pretax net operating income	107 608	-48,2%	207 663	187,7%	-236 721	5 483	1862,6%
Extraordinary income	0	0%	58 615	461,7%	10 436	0	0%
Extraordinary charges	3 928	-32,3%	5 802	1489,6%	365	0	0%
Extraordinary profit/loss	-3 928	45,0%	52 813	424,4%	10 071	0	0%
Net result	76 553	-69,5%	251 158	210,8%	-226 651	4 981	1436,9%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2011	31/12/2010	31/12/2009
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Grand Total (I to VI)	Net	1 835 644	-27,4%	2 528 652	222,9%	783 095
	Gross	CO	1 893 644	-26,2%	2 565 982	200,6%	853 479
	Amortisation	1A	58 000	55,4%	37 330	-47,0%	70 384

Non declared distributed capital (I)

		31/12/2011		31/12/2010		31/12/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2011		31/12/2010		31/12/2009
	Total Active fixed asset (II)	Net	187 411	-0,3%	187 919	353,4%	41 450
	Gross	BJ	245 410	9,0%	225 248	101,4%	111 833
	Amortisation	BK	57 999	55,4%	37 329	-47,0%	70 383

Intangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	0	0%	91
	Gross	AF	4 704	-27,1%	6 449	0%	6 449
	Amortisation	AG	4 704	-27,1%	6 449	1,4%	6 358
	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%	91

Tangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	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%	1 395
	Gross	AP	0	0%	0	0%	5 619
	Amortisation	AQ	0	0%	0	0%	4 224
	Plant	Net	7 397	161,9%	2 824	-92,0%	35 149
	Gross	AR	13 497	75,1%	7 707	-91,9%	94 950
	Amortisation	AS	6 100	24,9%	4 883	-91,8%	59 801
	Other tangible fixed assets	Net	145 601	-6,2%	155 280	0%	0
	Gross	AT	192 796	6,4%	181 277	0%	0
	Amortisation	AU	47 195	81,5%	25 997	0%	0
	Fixed assets in construction	Net	0	0%	0	0%	0
	Gross	AV	0	0%	0	0%	0
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	0	0%	0	0%	0
	Gross	AX	0	0%	0	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	152 998		158 104		36 544

Financial assets

			31/12/2011		31/12/2010		31/12/2009
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	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	8 915	0%	0	0%	0
	Gross	BF	8 915	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	25 498	-14,5%	29 815	519,2%	4 815
	Gross	BH	25 498	-14,5%	29 815	519,2%	4 815
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		34 413		29 815		4 815

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	1 627 346	-29,8%	2 317 108	213,0%	740 201
	Gross	CJ	1 627 346	-29,8%	2 317 108	213,0%	740 201
	Amortisation	CK	0	0%	0	0%	0

Stocks

			31/12/2011		31/12/2010		31/12/2009
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	772 863	33,8%	577 564	39,1%	415 315
	Gross	BT	772 863	33,8%	577 564	39,1%	415 315
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	772 863	33,8%	577 564	39,1%	415 315

Advance payments to suppliers

			31/12/2011		31/12/2010		31/12/2009
	Advance payments to suppliers	Net	55 446	-92,0%	691 330	1422,9%	45 397
	Gross	BV	55 446	-92,0%	691 330	1422,9%	45 397
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2011		31/12/2010		31/12/2009
	Trade accounts receivable	Net	179 325	-61,9%	470 850	241,0%	138 085
	Gross	BX	179 325	-61,9%	470 850	241,0%	138 085
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	17 265	-68,5%	54 804	4644,9%	1 155
	Gross	BZ	17 265	-68,5%	54 804	4644,9%	1 155
	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	196 590	-62,6%	525 654	277,5%	139 240

Divers

			31/12/2011		31/12/2010		31/12/2009
	Investment securities	Net	170 361	114236,2%	149	-98,6%	10 818
	Gross	CD	170 361	114236,2%	149	-98,6%	10 818
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	359 095	-21,9%	459 532	494,4%	77 312
	Gross	CF	359 095	-21,9%	459 532	494,4%	77 312
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	529 456	15,2%	459 681	421,6%	88 130

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	72 991	16,1%	62 879	20,6%	52 119
	Gross	CH	72 991	16,1%	62 879	20,6%	52 119
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2011		31/12/2010		31/12/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	20 886	-11,6%	23 621	1539,2%	1 441
Gross		20 886	-11,6%	23 621	1539,2%	1 441

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	1 835 643	-27,4%	2 528 652	222,9%	783 094

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	686 521	12,6%	609 967	70,0%	358 809
	Equity and shareholders' equity	DA	45 000	0%	45 000	0%	45 000
	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	4 500	0%	4 500	0%	4 500
	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	263 502	0%	263 502	0%	263 502
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	296 965	548,3%	45 807	-83,2%	272 458
	Profit or loss for the period	DI	76 553	-69,5%	251 158	210,8%	-226 651
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2011		31/12/2010		31/12/2009
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			31/12/2011		31/12/2010		31/12/2009
	Total provisions for risks and charges (Total III)	DR	47 546	-5,4%	50 281	78,9%	28 101
	Risk provisions	DP	47 546	-5,4%	50 281	78,9%	28 101
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2011		31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	1 097 443	-40,9%	1 855 437	377,1%	388 918
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	30 014	-47,8%	57 519	12034,8%	474
	Sundry loans and financial liabilities	DV	368 402	167,5%	137 744	31859,2%	431
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	948 182	2270,5%	40 000
	Trade accounts payables	DX	461 818	-23,9%	606 753	220,7%	189 175
	Tax and social security liabilities	DY	192 893	194,6%	65 481	-37,1%	104 102
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	25 971	9,5%	23 728	-3,7%	24 632

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	4 133	-68,1%	12 965	78,5%	7 262

Equalization accounts

		31/12/2011		31/12/2010		31/12/2009
Deferred income	EB	18 341	14,4%	16 028	-46,8%	30 104

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	1 084 434	23,6%	877 436	151,5%	348 920
Of which current bank facilities	EH	196	-98,3%	11 483	2322,6%	474

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	95 789	-58,0%	228 333	201,6%	-224 802

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	11 819	157,2%	-20 670	-73,4%	-11 919

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

		31/12/2011		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	107 608	-48,2%	207 663	187,7%	-236 721

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-3 928	-107,4%	52 813	424,4%	10 071

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	76 553	-69,5%	251 158	210,8%	-226 651

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	4 903 419	75,1%	2 799 899	115,7%	1 297 755

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

		31/12/2011		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	4 826 865	89,4%	2 548 742	67,2%	1 524 405

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	4 778 129	78,1%	2 682 807	111,9%	1 266 089

Operating income (details)

			31/12/2011		31/12/2010		31/12/2009
	Sale of goods for resale	FC	4 623 686	79,1%	2 581 640	108,8%	1 236 681
	France	FA	1 343 734	27,8%	1 051 095	41,2%	744 254
	Export	FB	3 279 952	114,3%	1 530 545	210,8%	492 427
	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	153 640	56,9%	97 949	234,1%	29 313
	France	FG	105 935	122,3%	47 647	1196,5%	3 675
	Export	FH	47 705	-5,2%	50 302	96,2%	25 638
	Net turnover	FL	4 777 326	78,3%	2 679 589	111,7%	1 265 994
	France	FJ	1 449 669	31,9%	1 098 742	46,9%	747 929
	Export	FK	3 327 657	110,5%	1 580 847	205,1%	518 065
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	3 000	0%	0
	Release of reserves and provisions	FP	800	272,1%	215	0%	0
	Other income	FQ	03	0%	03	-96,8%	95

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	4 682 340	90,8%	2 454 474	64,6%	1 490 891

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	3 584 698	109,7%	1 709 508	97,7%	864 791
Change in stocks of goods for resale	FT	-195 299	-20,4%	-162 249	-369,3%	60 251
Purchase of raw materials	FU	107	-88,6%	935	207,6%	304
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	452 820	12,5%	402 355	70,0%	236 660
Tax, duty and similar payments	FX	30 270	139,5%	12 638	-20,1%	15 818
Payroll	FY	521 650	39,1%	375 122	92,4%	194 994
Social security costs	FZ	262 130	152,0%	104 004	-1,7%	105 777

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	25 840	112,5%	12 160	10,5%	11 003
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	124	12300%	01	-99,9%	1 293

Operating charges (III-IV)

		31/12/2011		31/12/2010		31/12/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2011		31/12/2010		31/12/2009
Total financial income (Total V)	GP	125 290	114,3%	58 477	175,4%	21 230
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	15	0%	0	0%	0
Other interest and similar income	GL	323	47,5%	219	0,9%	217
Released provisions and transferred charges	GM	23 621	1539,2%	1 441	0%	0
Exchange gains	GN	101 032	77,9%	56 801	173,8%	20 747
Net income from disposal of investment securities	GO	299	1768,8%	16	-94,0%	266

Financial Charge (VI)

			31/12/2011		31/12/2010		31/12/2009
	Total financial charge (Total VI)	GU	113 471	43,4%	79 147	138,8%	33 149
	Financial reserves and provisions	GQ	20 886	-11,6%	23 621	1539,2%	1 441
	Interest and similar charges	GR	2 629	354,8%	578	179,2%	207
	Exchange losses	GS	89 956	63,7%	54 948	74,4%	31 501
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary income (Total VII)	HD	0	0%	58 615	461,7%	10 436
	Extraordinary operating income	HA	0	0%	58 615	461,7%	10 436
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	3 928	-32,3%	5 802	1489,6%	365
	Extraordinary operating charges	HE	2 469	0%	0	0%	171
	Extraordinary charges from capital transactions	HF	1 459	-74,9%	5 802	2890,7%	194
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	27 126	191,1%	9 319	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	0	0%	0	0%	8 713
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	800	272,1%	215	0%	0
Of which trader's own contributions	A2	137 398	185,9%	48 055	-23,1%	62 459
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	0	0%	0
	Gross value at the end of period	OL	0	0%	0	0%	0

Research and development Charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	KD	0	0%	0	0%	0
	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	0	0%	0	0%	0

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	0	0%	0	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	0	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	0	0%	0
	Gross value at the end of period	NH	0	0%	0	0%	0

Fiancial assets (Total IV)

			31/12/2011		31/12/2010		31/12/2009
	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	0	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	0	0%	0	0%	0

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

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	0	0%	0	0%	0
Increases		QV	0	0%	0	0%	0
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	0	0%	0	0%	0

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

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2011		31/12/2010		31/12/2009
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7C	50 281	78,9%	28 101	5,4%	26 660
Increases		UB	20 886	-11,6%	23 621	1539,2%	1 441
Decreases		UC	23 621	1539,2%	1 441	0%	0
	Value at the end of period	UD	47 546	-5,4%	50 281	78,9%	28 101

Includes Total allocations

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

Includes Total Withdrawal

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

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	50 281	78,9%	28 101	5,4%	26 660
Increases		TV	20 886	-11,6%	23 621	1539,2%	1 441
Decreases		TW	23 621	1539,2%	1 441	0%	0
	Value at the end of period	TX	47 546	-5,4%	50 281	78,9%	28 101

Total Provision for depreciation (Total III)

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

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	303 992	-50,8%	618 350	215,2%	196 176
1 year at most	VU	269 579	-54,2%	588 535	207,6%	191 361
More than one year	VV	34 413	15,4%	29 815	519,2%	4 815

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	34 413	15,4%	29 815	519,2%	4 815
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
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	269 579	-54,2%	588 534	207,6%	191 360

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	0	0%	0	0%	0

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	1 097 443	21,0%	907 254	160,0%	348 920
1 year at most		VZ2	1 084 435	23,6%	877 437	151,5%	348 920
More than 1 year and 5 years at most		VZ3	13 008	-56,4%	29 817	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	30 014	-47,8%	57 519	12034,8%	474
1 year at most		VG2	17 006	-38,6%	27 702	5744,3%	474
More than 1 year and 5 years at most		VG3	13 008	-56,4%	29 817	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	368 402	167,5%	137 744	31859,2%	431
1 year at most		8A2	368 402	167,5%	137 744	31859,2%	431
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	461 818	-23,9%	606 753	220,7%	189 175
1 year at most		8B2	461 818	-23,9%	606 753	220,7%	189 175
More than 1 year and 5 years at most		8B3	461 818	-23,9%	606 753	220,7%	189 175
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most		8C2	0	0%	0	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	192 893	194,6%	65 481	-37,1%	104 102
1 year at most		8D2	192 893	194,6%	65 481	-37,1%	104 102
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	0%	0	0%	0
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
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	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	25 971	9,5%	23 728	-3,7%	24 632
1 year at most		8K2	25 971	9,5%	23 728	-3,7%	24 632
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	18 341	14,4%	16 028	-46,8%	30 104
1 year at most		8L2	18 341	14,4%	16 028	-46,8%	30 104
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

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

Commitments

		31/12/2011		31/12/2010		31/12/2009
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2011		31/12/2010		31/12/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

		31/12/2011		31/12/2010		31/12/2009
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing		4,85	24,0%	3,91	-4,4%	4,09	2,46	97,2%
Global Debt		83 days	-66,7%	249 days	124,3%	111 days	118 days	-29,7%
Working Capital Fund overall net		71 days	-19,3%	88 days	-10,2%	98 days	75 days	-5,3%
Financial independence		2287,34%	115,7%	1060,46%	-98,6%	75698,10%	347,63%	558,0%
More ratios

Solvability		37,40%	55,1%	24,12%	-47,4%	45,82%	41,16%	-9,1%
Capacity debt futures		1595,74%	128,5%	698,41%	-99,1%	75698,10%	1122,81%	42,1%
Coverage of current assets by net working capital overall		54,78%	88,2%	29,10%	-41,2%	49,49%	44,05%	24,4%
General Liquidity		0,25	-62,7%	0,67	21,8%	0,55	0,83	-69,9%
Restricted Liquidity		0,74	-37,8%	1,19	48,8%	0,80	1,54	-51,9%

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		26 days	30,0%	20 days	-71,0%	69 days	4 days	550,0%
Treasury		40 days	-33,3%	60 days	140,0%	25 days	13 days	207,7%
Inventory turnover of goods		82 days	-38,8%	134 days	-17,3%	162 days	0 days	0%
Average length of credit granted to customers		14 days	-77,8%	63 days	61,5%	39 days	67 days	-79,1%
Average length of credit obtained suppliers		43 days	-61,6%	112 days	89,8%	59 days	43 days	0%
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	915 days	-
Rotation tangible assets		%	-	%	-	%	1252,23%	-

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		25,84%	-33,1%	38,60%	56,8%	24,62	0%	0%
Profitability of the business		2,53	-71,8%	8,97	153,4%	-16,79	6,65%	-62,0%
Net profit		1,60%	-82,9%	9,37%	152,3%	-17,90%	4,02%	-60,2%
More ratios
Growth rate of turnover (excluding VAT)		78,29%	-29,9%	111,66%	292,1%	-58,12%	2,57%	2946,3%
Rates integration		19,57%	-28,1%	27,21%	231,4%	8,21%	51,91%	-62,3%
Rate leasing furniture		0%	0%	0%	0%	0,69%	0%	0%
Work Factor		69,13%	16,9%	59,13%	-74,2%	229,17%	72,92%	-5,2%
Weight interests		2,38	-19,3%	2,95%	12,6%	2,62%	0,02%	11800%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		2,61%	-76,1%	10,92%	164,6%	-16,90%	6,15%	-57,6%
Rates of economic profitability		11%	-63,3%	30%	150,8%	-59%	23%	-52,2%
Financial profitability		686521%	12,6%	609967%	70,0%	358809%	7863%	8631,0%
Return on investment		17,51%	-57,3%	41,02%	176,3%	-53,79%	15,96%	9,7%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	4 777 326	78,3%	2 679 589	111,7%	1 265 994	118 679 €	3925,4%

Sales of goods	4 623 686	79,1%	2 581 640	108,8%	1 236 681
- Purchase of goods	3 584 698	109,7%	1 709 508	97,7%	864 791
+/- Stock of goods variation	-195 299	-20,4%	-162 249	-369,3%	60 251
Trading margin	1 234 287 €	19, %	1 034 381 €	231,9%	311 639 €	0 €	0%
	25,84 % CA	-33,1%	38,60 % CA	56,8%	24,62 % CA	0 % CA	0%

Sale of goods produced	153 640	56,9%	97 949	234,1%	29 313
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period roduction	153 640 €	56,9%	97 949 €	234,1%	29 313 €	115 769 €	32,7%
	3,22 % CA	-12,0%	3,66 % CA	57,8%	2,32 % CA	100 % CA	-96,8%

Trading margin	1 234 287	19,3%	1 034 381	231,9%	311 639	0	0%
+ Period Production	153 640	56,9%	97 949	234,1%	29 313	11  769	32,7%
- Purchase of raw materials	107	-88,6%	935	207,6%	304
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	452 820	12,5%	402 355	70,0%	236 660
Added value	935 000 €	28,3%	729 040 €	601,1%	103 988 €	57 088 €	1537,8%
	19,57 % CA	-28,1%	27,21 % CA	231,4%	8,21 % CA	51,91 % CA	-62,3%

Added value	935 000 €	28,3%	729 040 €	601,1%	103 988 €	57 088 €	1537,8%
+ Operating grants	0	0%	3 000	0%	0
- Tax, duty and similar payments	30 270	139, %	12 638	-20,1%	15 818
- Personal charges	783 780	63,6%	479 126	59,3%	300 771
Gross operating surplus	120 950 €	-49,7%	240 276 €	213,0%	-212 601 €	7 608 €	1489,8%
	2,53 % CA	-71,8%	8,97 % CA	153,4%	-16,79 % CA	6,65 % CA	-62,0%

Gross opera ing surplus	120 950 €	-49,7%	240 276 €	213,0%	-212 601 €	7 608 €	1489,8%
+ Release of reserves and provisions	800	272,1%	215	0%	0
+ Other operating income	03	0%	03	-96,8%	95
- Depreciation/Amortisation	25 840	112,5%	12 160	10,5%	11 003
- Other charges	124	12300%	01	-99,9%	1 293
Operating result	95 789 €	-58,0%	228 333 €	201,6%	-224 802 €	5 689 €	1583,8%
	2,01 % CA	-76,4%	8,52 % CA	148,0%	-17,76 % CA	4,84 % CA	-58,5%

Operating result	95 789 €	-58,0%	228 333 €	201,6%	-224 802 €	5 689 €	1583,8%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	125 290	114,3%	58 477	175,4%	21 230
- Financial charges	113 471	43,4%	79 147	138,8%	33 149
Pre-tax result	107 608 €	-48,2%	207 663 €	187,7%	-236 721 €	5 482 €	1862,9%
	2,25 % CA	-71,0%	7,75 % CA	141,4%	-18,70 % CA	4,70 % CA	-52,1%

Extraordinary income	0	0%	58 615	461,7%	10 436	0	0%
- Extraordinary charges	3 928	-32,3%	5 802	1489,6%	365
Extraordinary result	-3 928 €	- 07,4%	52 813 €	424,4%	10 071 €	0 €	0%
	-0,08 % CA	-104,1%	1,97 % CA	146,2%	1 % CA	0 % CA	0%

Pre-tax result	107 608 €	-48,2%	207 663 €	187,7%	-236 721 €	5 482 €	1862,9%
Extraordinary result	-3 928 €	-107,4%	52 813 €	424,4%	10 071 €	0 €	0%
- Em loyee profit sharing	0	0%	0	0%	0
- Tax on profits	27 126	191,1%	9 319	0%	0
Net result	76 554 €	-69,5%	251 157 €	210,8%	-226 650 €	4 982 €	1436,6%
	1,60 % CA	-82,9%	9,37 % CA	152,3%	-17,90 % CA	4,02 % CA	-60,2%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

This company is not under monitoring

Trading to Date	12/31/2011	12/31/2010	12/31/2009
	Turnover	4,777,326 €	2,679,589 €	1,265,994 €
	Gross Operating Surplus	2,53 % Turnover	8,97 % Turnover	-16,79 % Turnover
	Shareholders’ equity	686,521 €	609,967 €	358,809 €
	Net result	76,553 €	251,158 €	-226,651 €
	Employees	3 to 5 employees	-	-

Trends
Profitability
Liquidity
Net worth

Commentary

The comments are arranged in decreasing order of importance

The company has filed its accounts since the last rating

The financial result is up to 11 819 €, which is good

The company is more than 11 years old

The net result is up to 95 789 €, which is good

The non current assets are up to 187 411 €, which is correct

The company has an activity with no specific increased risk

The company only has one registered director

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
26/11/2010	Economically active

Recent publications in Gazettes

Publication date	Gazette Name	Description
09/09/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 596 - 326 170 420 RCS Paris. DANIEL H. PIAT. Forme : Société à responsabilité limitée. Sigle : D.H.P. Administration : nomination du Commissaire aux comptes titulaire : HAUSSMANN AUDIT CONSULTANTS, nomination du Commissaire aux comptes suppléant : SELAFA CABINET SKORNIK. Capital : 45000 EUR. Activité : . Adresse du siège social : 12 rue de la Paix, 75002 Paris. Commentaires : modification survenue sur l'administration.
08/09/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4981 - 326170420 RCS. DANIEL H. PIAT. Forme : Société à responsabilité limitée. Adresse : 12 rue de la Paix 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
24/10/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7618 - 326170420 RCS. DANIEL H. PIAT. Forme : Société à responsabilité limitée. Adresse : 12 rue de la Paix 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
09/01/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 569 - 326 170 420 RCS Paris. DANIEL H. PIAT. Forme : Société à responsabilité limitée. Sigle : D.H.P. Capital : 45000 EUR. Activité : Achat, vente en gros et en détail, importation, exportation, commission de tous diamants, pierres précieuses et perles fines, négoce de tous articles de bijouterie, joaillerie, orfèvrerie. Dispense de formation professionnelle de vente et de présentation dans le domaine de la bijouterie, de pierres précieuses, perles fines, de gemmologie, conception et fourniture aux entreprises ainsi qu'à toutes entités économiques ou juridiques de stages spécifiques établis en fonction de leurs besoins, au profit de leur personnel et des objectifs de formation à atteindre, la fourniture aux demandeurs d'emploi de formations qualifiantes leur permettant de s'insérer ou de se réinsérer sur le marché du travail, accompagnement social et professionnel des stagiaires. Adresse de l’établissement principal : 12 rue de la Paix, 75002 Paris. Adresse du siège social : 12 rue de la Paix, 75002 Paris. Commentaires : modification survenue sur l'adresse du siège.
08/12/2010	JAL	Head Office Transfer
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 26/11/2010 Transfert du siège social de la société 326170420 -  SOC DANIEL H PIAT, SARL PIAT, DHP Adresse du nouveau siège : 12 Rue de la Paix, 75002 PARIS 02 Ancienne localisation : 54 RUE LA FAYETTE, 75009 PARIS 9 Date d'effet : 26/11/2010
08/11/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6572 - 326170420 RCS. DANIEL H. PIAT. Forme : Société à responsabilité limitée. Adresse : 54 R LA FAYETTE 75009 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
14/01/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6849 - 326170420 RCS. DANIEL H. PIAT. Forme : Société à responsabilité limitée. Adresse : 54 R LA FAYETTE 75009 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
23/10/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1231 - 326 170 420 RCS Paris. DANIEL H. PIAT. Forme : Société à responsabilité limitée. Enseigne : SARL PIAT. Sigle : D.H.P. Capital : 45000 EUR. Activité : Achat, vente en gros et en détail, importation, exportation, commission de tous diamants, pierres précieuses et perles fines, négoce de tous articles de bijouterie, joaillerie, orfèvrerie. Dispense de formation professionnelle de vente et de présentation dans le domaine de la bijouterie, de pierres précieuses, perles fines, de gemmologie, conception et fourniture aux entreprises ainsi qu'à toutes entités économiques ou juridiques de stages spécifiques établis en fonction de leurs besoins, au profit de leur personnel et des objectifs de formation à atteindre, la fourniture aux demandeurs d'emploi de formations qualifiantes leur permettant de s'insérer ou de se réinsérer sur le marché du travail, accompagnement social et professionnel des stagiaires. Adresse de l’établissement principal : 54 rue La Fayette, 75009 Paris. Adresse du siège social : 54 rue La Fayette, 75009 Paris. Commentaires : modification survenue sur l'activité de l'établissement principal et l'adresse de l'établissement.
29/09/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4641 - 326170420 RCS. DANIEL H. PIAT. Forme : Société à responsabilité limitée. Adresse : 54 rue La Fayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
20/05/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6114 - 326170420 RCS. DANIEL H. PIAT. Forme : Société à responsabilité limitée. Adresse : 54 rue La Fayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
04/12/2007	Bodacc C	Avis de dépôt des comptes
2189 - 326 170 420. RCS PARIS DANIEL H. PIAT. Sigle: D.H.P. Forme: Société à responsabilité limitée. Adresse du siège social: 54 rue La Fayette 75009 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
18/11/2006	Bodacc C	Avis de dépôt des comptes
4950 - RCS Paris B 326 170 420. RC 83-B 271. DANIEL H. PIAT. Forme: S.A.R.L.. Adresse du siège social: 54, R la Fayette,Paris, 75009 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
03/12/2005	Bodacc C	Avis de dépôt des comptes
1652 - RCS Paris B 326 170 420. RC 83-B 271. DANIEL H. PIAT. Forme: S.A.R.L.. Adresse du siège social: 54, R la Fayette,Paris, 75009 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
31/01/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 326170420 RC 83-B 271 DANIEL H. PIAT. Sigle : DHP. Forme : S.A.R. L Nom commercial: S.A.R.L. Piat. Commentaires : modification survenue sur la forme juridique, le nom commercial et l'administration. Administration : modification du gérant : PIAT (Emmanuel) . Directeur général et administrateur partant : PIAT (Daniel, Hubert). Administrateur partant : LANGLOIS, née PIAT (Isabelle, Marie). Commissaire aux comptes titulaire partant : NEVEUX ( Olivier). Commissaire aux comptes suppléant partant : TOUCHAIS (Philippe).
08/01/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 326170420 RC 83-B 271 DANIEL H. PIAT. Sigle : D.H.P. Forme : S.A. Capital : 45 000 euros. Commentaires : modification survenue sur le capital ( augmentation).
17/10/1999	Bodacc B	Modifications et mutations diverses
RCS Paris B 326170420 RC 83-B 271 DANIEL H. PIAT. Sigle : D.H.P. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d' administration : PIAT (Emmanuel). Modification du directeur général et administrateur : PIAT (Daniel, Hubert).
27/03/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 326 170 420 RC RC 83- B 271 DANIEL H. PIAT. Sigle : D.H.P. Forme : S.A. Administration : nomination en qualité de directeur général et administrateur : PIAT (Emmanuel). Suppression : administrateur : PIAT ( Jean, René, Eric). Commentaires : modification survenue sur l' administration.

Company events history

Date	Description
13/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
09/09/2012	Bodacc B: Various editing or changing
08/09/2012	Bodacc C : Deposit accounts notice
24/08/2012	Minutes of general meeting of shareholders
08/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
24/10/2011	Bodacc C : Deposit accounts notice
09/01/2011	Bodacc B: Various editing or changing
31/12/2010	New accounts available
24/12/2010	Minutes of general meeting of shareholders
24/12/2010	Updated articles of association
24/12/2010	Registered office transferred inside jurisdiction of the Commercial Court
08/12/2010	Legal Gazette: Head Office Transfer
26/11/2010	Update of Company Head Office Identifier
26/11/2010	Transfer of Establishment
08/11/2010	Bodacc C : Deposit accounts notice
14/01/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
23/10/2009	Bodacc B: Various editing or changing
06/10/2009	Updated articles of association
06/10/2009	Change to corporate purpose
06/10/2009	Minutes of general meeting of shareholders
31/12/2008	New accounts available
29/09/2008	Bodacc C : Deposit accounts notice
20/05/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
20/01/2004	Nomination/démission des organes de gestion
20/01/2004	Changement de Forme Juridique sans changement de catégorie
20/01/2004	Acte sous seing privé
20/01/2004	Statuts mis à jour
20/01/2004	PV d'Assemblée
20/01/2004	Rapport des Commissaires ou du Gérant
20/01/2004	Changement de Forme Juridique avec changement de catégorie
26/12/2001	Augmentation de Capital
26/12/2001	Statuts mis à jour
26/12/2001	Acte sous seing privé
26/12/2001	Conversion du Capital Social en Euros
26/12/2001	PV d'Assemblée
04/10/1999	Acte sous seing privé
04/10/1999	Modification du Conseil d'Administration
04/10/1999	Changement de Président (PDG, PCA)
04/10/1999	Nomination/démission des organes de gestion
04/10/1999	PV du Conseil d'Administration
12/03/1998	Nomination/démission des organes de gestion
12/03/1998	PV du Conseil d'Administration
12/03/1998	Acte sous seing privé
12/03/1998	Modification du Conseil d'Administration
12/03/1998	PV d'Assemblée
14/09/1994	Changement de date de clôture
14/09/1994	PV d'Assemblée
14/09/1994	Statuts mis à jour
14/09/1994	Acte modificatif

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.