MIRA INFORM REPORT

Report Date :

07.06.2013

IDENTIFICATION DETAILS

Name :	SYNKEM
Registered Office :	Cordenpharma, 47 Rue De Longvic, Bp 50, 21301 Chenove Cedex
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	December 1998
Com. Reg. No.:	RCS Dijon 9 421 181 819
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	Manufacture of other organic basic chemicals
No. of Employees :	111 (2010)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
France	A2	A2

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

france ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 79 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, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.5% of GDP in 2012, while France's public debt rose from 68% of GDP to 89% over the same period. Under President SARKOZY, Paris implemented some austerity measures 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. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, and hiring an additional 60,000 teachers during his five-year term. The government's attempt to introduce a 75% wealth tax on income over one million euros for two years was struck down by the French Constitutional Council in December 2012 because it applied to individuals rather than households. France ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's government has maintained France's commitment to meeting the budget deficit target of 3% of GDP during 2013 even amid signs that economic growth will be lower than the government's forecast of 0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs declined during the second half of 2012 to euro-era lows.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name

SYNKEM

SIRET

421 181 819 00010

company summary

		EUR VAT Number	FR92421181819
Activity (APE)	Fabrication d'autres produits chimiques organiques de base (2014Z) (Manufacture of other organic basic chemicals (2014Z))	Legal form	Simplified Joint Stock Company with Single Associate
Phone	03 80 44 72 72	RCS Registration	RCS Dijon 9 421 181 819
Fax	03 80 44 72 70
Address	SYNKEM CORDENPHARMA 47 RUE DE LONGVIC BP 50 21301 CHENOVE CEDEX	Incorporated Date	12/1998
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

Current Directors

2

Directors

Name	M. MICHON YVES JEAN
Manager position	President	Date of birth	15/03/1960
Place of birth	LYON 07 (69)
Type	Individual	Name at birth

Name	M. LEBORNE DIDIER
Manager position	Managing director	Date of birth	28/01/1963
Place of birth	DIJON (21)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	LABORATOIRES FOURNIER SA	- - -
President	LABORATOIRES FOURNIER SA	- - -
Managing director	M DIDIER LEBORNE	- - -

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

8,587,500 Euros

GROUP STRUCTURE & AFFILIATED COMPANIES

Linkages

No linked companies

FINANCIAL INFORMATION

Trading to Date

12/31/2011

12/31/2010

12/31/2009

Turnover

19,993,604 €

23,486,616 €

31,210,281 €

Gross Operating Surplus

-2,21 % Turnover

11,21 % Turnover

17,16 % Turnover

Shareholders’ equity

10,810,401 €

16,040,873 €

19,770,624 €

Net result

-3,315,006 €

701,385 €

2,589,258 €

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	10/05/2013	16/08/2011	04/09/2010
Activity Code	2014Z	2014Z	2014Z
Employees	0	111	130

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	10 638 670	-13,2%	12 254 953	-4,3%	12 801 273	653 004	1529,2%
- Intangible assets	98 537	-43,0%	172 730	-28,4%	241 158	13 873,50	610,3%
- Tangible assets	10 539 433	-12,8%	12 082 123	-3,8%	12 560 015	366 935	2772,3%
- Financial assets	700	600%	100	0%	100	5 211,50	-86,6%
Net current assets	7 603 206	-31,4%	11 080 927	-25,0%	14 769 466	2 006 473	278,9%
- Stocks	4 815 477	-20,8%	6 080 858	-6,0%	6 469 564	321 121,50	1399,6%
- Advanced payments	21 904	-31,4%	81 223	23,7%	65 661	0	0%
- Receivables	2 528 295	-48,6%	4 915 253	-36,9%	7 789 948	967 233,50	161,4%
- Securities and cash	237 530	6510,9%	3 593	-99,2%	444 293	115 289,50	106,0%
- Prepaid expenses	-	-	-	-	-	573	-
Accounts of regularization	1 291	339,1%	294	-20,1%	368	0	0%
Total Assets	18 243 164	-21,8%	23 336 174	-15,4%	27 571 106	3 448 480	429,0%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	10 810 401	-32,6%	16 040 873	-18,9%	19 770 624	950 676,50	1037,1%
Share capital	8 587 500	0%	8 587 500	0%	8 587 500	225 000	3716,7%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1 609 456	257,9%	449 659	145,4%	183 233	4 315,50	37194,8%
Liabilities	5 816 565	-15,0%	6 845 642	-10,0%	7 607 323	1 039 216,50	459,7%
- Financial liabilities	2 022 621	-6,6%	2 165 791	10,7%	1 955 685	145 599	1289,2%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	2 715 182	-8,2%	2 959 045	-1,9%	3 016 587	412 285	558,6%
- Tax and social liabilities	1 031 268	-31,7%	1 509 128	-34,8%	2 313 301	198 076,50	420,6%
- Other debts and fixed assets liabilities	54 231	-74,4%	211 677	-36,2%	331 676	35 216	54,0%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	18 243 164	-21,8%	23 336 174	-15,4%	27 571 107	3 448 480	429,0%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	19 357 895	-20,2%	24 244 519	-26,4%	32 959 699	2 828 081	584,5%
Net turnover	19 993 604	-14,9%	23 486 616	-24,7%	31 210 281	2 233 606,50	795,1%
- of which net export turnover	6 067 713	-11,7%	6 873 490	-38,6%	11 199 875	0	0%
Operating charges	23 150 157	-2,8%	23 809 410	-18,7%	29 272 319	2 920 862	692,6%
Operating profit/loss	-3 792 262	-971,6%	435 109	-88,2%	3 687 380	40 508	-9461,8%
Financial income	13 127	-86,8%	99 617	-13,9%	115 673	8 799	49,2%
Financial charges	68 796	-16,0%	81 855	-26,8%	111 846	15 974	330,7%
Financial profit/loss	-55 669	-413,4%	17 762	364,1%	3 827	-898,50	-6095,8%
Pretax net operating income	-3 847 931	-949,7%	452 871	-87,7%	3 691 207	37 102,50	-10471,1%
Extraordinary income	711 832	14,1%	623 744	15,7%	538 954	9 857	7121,6%
Extraordinary charges	351 536	-31,6%	514 266	-40,5%	864 136	8 179	4198,0%
Extraordinary profit/loss	360 296	229,1%	109 478	133,7%	-325 182	0	0%
Net result	-3 315 006	-572,6%	701 385	-72,9%	2 589 258	38 902,50	-8621,3%

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	18 243 164	-21,8%	23 336 174	-15,4%	27 571 106
Gross	CO	40 584 952	-6,4%	43 378 735	-5,1%	45 712 040
Amortisation	1A	22 341 788	11,5%	20 042 561	10,5%	18 140 934

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	10 638 670	-13,2%	12 254 953	-4,3%	12 801 273
Gross	BJ	32 424 803	1,0%	32 117 513	4,5%	30 746 538
Amortisation	BK	21 786 133	9,7%	19 862 560	10,7%	17 945 265

Intangible 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	2 788	0%	2 788	0%	2 788
	Gross	AF	7 889	0,0%	7 890	0%	7 890
	Amortisation	AG	5 101	0,0%	5 102	0%	5 102
	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	95 749	-43,7%	169 942	-28,7%	238 370
	Gross	AJ	486 429	0%	486 429	4,0%	467 558
	Amortisation	AK	390 680	23,4%	316 487	38,1%	229 188
	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	98 537	-43,0%	172 730	-28,4%	241 158

Tangible fixed assets

		31/12/2011		31/12/2010		31/12/2009
Lands	Net	1 045 679	-7,8%	1 134 279	-5,7%	1 202 557
Gross	AN	1 489 786	0%	1 489 786	1,3%	1 469 979
Amortisation	AO	444 107	24,9%	355 507	32,9%	267 422
Buildings	Net	1 824 378	-3,3%	1 887 037	-0,8%	1 901 431
Gross	AP	5 654 016	3,0%	5 488 825	4,1%	5 273 004
Amortisation	AQ	3 829 638	6,3%	3 601 788	6,8%	3 371 573
Plant	Net	6 056 162	-14,9%	7 112 838	-8,2%	7 747 442
Gross	AR	20 113 058	1,1%	19 888 474	3,4%	19 227 620
Amortisation	AS	14 056 896	10,0%	12 775 636	11,3%	11 480 178
Other tangible fixed assets	Net	1 463 972	9,4%	1 338 438	5,2%	1 272 101
Gross	AT	4 523 683	9,1%	4 146 478	7,3%	3 863 903
Amortisation	AU	3 059 711	9,0%	2 808 040	8,3%	2 591 802
Fixed assets in construction	Net	148 062	-75,7%	609 531	50,6%	404 760
Gross	AV	148 062	-75,7%	609 531	50,6%	404 760
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	1 180	0%	0	0%	31 724
Gross	AX	1 180	0%	0	0%	31 724
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	10 539 433		12 082 123		12 560 015

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	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0		0		0
Other financial assets	Net	700	600%	100	0%	100
Gross	BH	700	600%	100	0%	100
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		700		100		100

Current Assets (III)

		31/12/2011		31/12/2010		31/12/2009
Total Assets	Net	7 603 206	-31,4%	11 080 927	-25,0%	14 769 466
Gross	CJ	8 158 858	-27,5%	11 260 927	-24,8%	14 965 135
Amortisation	CK	555 652	208,7%	180 000	-8,0%	195 669

Stocks

		31/12/2011		31/12/2010		31/12/2009
Raw materials	Net	1 093 821	42,2%	768 960	-52,0%	1 602 336
Gross	BL	1 179 354	43,4%	822 282	-49,9%	1 642 203
Amortisation	BM	85 533	60,4%	53 322	33,7%	39 867
Work in progress (goods)	Net	104 463	-10,6%	116 830	276,3%	31 049
Gross	BN	104 463	-10,6%	116 830	276,3%	31 049
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	3 617 193	-30,4%	5 195 068	7,4%	4 836 179
Gross	BR	4 087 312	-23,2%	5 321 746	6,6%	4 991 981
Amortisation	BS	470 119	271,1%	126 678	-18,7%	155 802
Goods for resale	Net	0	0%	0	0%	0
Gross	BT	0	0%	0	0%	0
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	4 815 477	-20,8%	6 080 858	-6,0%	6 469 564

Advance payments to suppliers

		31/12/2011		31/12/2010		31/12/2009
Advance payments to suppliers	Net	21 904	-73,0%	81 223	23,7%	65 661
Gross	BV	21 904	-73,0%	81 223	23,7%	65 661
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2011		31/12/2010		31/12/2009
Trade accounts receivable	Net	2 254 778	-50,7%	4 577 406	7,6%	4 254 474
Gross	BX	2 254 778	-50,7%	4 577 406	7,6%	4 254 474
Amortisation	BY	0	0%	0	0%	0
Other debtors	Net	200 914	-0,2%	201 293	-94,2%	3 492 129
Gross	BZ	200 914	-0,2%	201 293	-94,2%	3 492 129
Amortisation	CA	0	0%	0	0%	0
Capital subscribed and called up	Net	0	0%	0	0%	0
Gross	CB	0	0%	0	0%	0
Amortisation	CC	0	0%	0	0%	0
Sub Total Debtors	Net	2 455 692	-48,6%	4 778 699	-38,3%	7 746 603

Divers

		31/12/2011		31/12/2010		31/12/2009
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	237 530	6510,9%	3 593	-99,2%	444 293
Gross	CF	237 530	6510,9%	3 593	-99,2%	444 293
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	237 530	6510,9%	3 593	-99,2%	444 293

Prepaid expenses

		31/12/2011		31/12/2010		31/12/2009
Prepaid expenses	Net	72 603	-46,8%	136 554	215,0%	43 345
Gross	CH	72 603	-46,8%	136 554	215,0%	43 345
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	1 291	339,1%	294	-20,1%	368
Gross		1 291	339,1%	294	-20,1%	368

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	18 243 164	-21,8%	23 336 174	-15,4%	27 571 107

Shareholder Equity (I)

		31/12/2011		31/12/2010		31/12/2009
Total shareholders' equity (Total I)	DL	10 810 401	-32,6%	16 040 873	-18,9%	19 770 624
Equity and shareholders' equity	DA	8 587 500	0%	8 587 500	0%	8 587 500
Issue and merger premiums	DB	58 813	0,0%	58 814	0%	58 814
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	742 320	5,0%	707 252	22,4%	577 789
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	0	0%	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	74 082	-92,2%	953 515	-65,8%	2 787 470
Profit or loss for the period	DI	-3 315 006	-572,6%	701 386	-72,9%	2 589 258
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	4 662 692	-7,3%	5 032 406	-2,7%	5 169 793

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	1 609 456	257,9%	449 659	145,4%	183 233
Risk provisions	DP	1 551 291	301,1%	386 794	221,3%	120 368
Reserves for charges	DQ	58 165	-7,5%	62 865	0%	62 865

Liabilities (IV)

		31/12/2011		31/12/2010		31/12/2009
Total Liabilities (Total IV)	EC	5 816 565	-15,0%	6 845 642	-10,0%	7 607 323
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	295 723	-47,6%	563 980	-61,2%	1 453 745
Sundry loans and financial liabilities	DV	1 726 898	7,8%	1 601 811	219,1%	501 940
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	0
Trade accounts payables	DX	2 715 182	-8,2%	2 959 045	-1,9%	3 016 587
Tax and social security liabilities	DY	1 031 268	-31,7%	1 509 128	-34,8%	2 313 301
Fixed asset liabilities	DZ	47 494	-72,9%	175 065	-45,6%	321 750
Other debts	EA	0	0%	36 612	0%	0

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	6 737	0%	0	0%	9 926

Equalization accounts

		31/12/2011		31/12/2010		31/12/2009
Deferred income	EB	0	0%	0	0%	0

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	0	0%		5 913 460	-22,3%	7 607 323
	Of which current bank facilities		EH	0	0%		563 980	-61,2%	1 453 745
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	-3 792 262	-971,6%	435 109	-88,2%	3 687 380

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	-55 669	-413,4%	17 762	364,1%	3 827

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	-3 847 931	-949,7%	452 871	-87,7%	3 691 207

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	360 296	229,1%	109 478	133,7%	-325 182

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	-3 315 006	-572,6%	701 385	-72,9%	2 589 258

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	20 082 854	-19,6%	24 967 880	-25,7%	33 614 326

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	23 397 860	-3,6%	24 266 495	-21,8%	31 025 067

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	19 357 895	-20,2%	24 244 519	-26,4%	32 959 699

Operating income (details)

		31/12/2011		31/12/2010		31/12/2009
Sale of goods for resale	FC	0	0%	472 175	-57,9%	1 120 765
France	FA	0	0%	472 175	-57,9%	1 120 765
Export	FB	0	0%	0	0%	0
Sale of goods produced	FF	19 717 779	-13,3%	22 754 750	-20,1%	28 488 308
France	FD	13 847 292	-14,0%	16 094 729	-7,5%	17 407 450
Export	FE	5 870 487	-11,9%	6 660 021	-39,9%	11 080 858
Sale of services	FI	275 825	6,2%	259 691	-83,8%	1 601 208
France	FG	78 599	70,0%	46 222	-96,9%	1 482 191
Export	FH	197 226	-7,6%	213 469	79,4%	119 017
Net turnover	FL	19 993 604	-14,9%	23 486 616	-24,7%	31 210 281
France	FJ	13 925 891	-16,2%	16 613 126	-17,0%	20 010 406
Export	FK	6 067 713	-11,7%	6 873 490	-38,6%	11 199 875
Stocked production	FM	-1 246 801	-400,0%	415 546	-60,7%	1 057 625
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	30 000	0%	0
Release of reserves and provisions	FP	595 534	92,7%	308 995	-17,5%	374 736
Other income	FQ	15 558	362,8%	3 362	-98,9%	317 057

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	23 150 157	-2,8%	23 809 410	-18,7%	29 272 319

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	69 551	43,7%	48 399	-29,2%	68 405
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	6 680 765	14,5%	5 835 696	-44,1%	10 445 695
Change in stocks of raw materials	FV	-357 072	-142,7%	836 993	206,3%	-787 125
Other external purchases and charges	FW	6 120 273	-15,0%	7 196 871	-15,9%	8 561 606
Tax, duty and similar payments	FX	555 290	-21,0%	703 008	-24,3%	928 273
Payroll	FY	4 204 211	-9,2%	4 628 739	-16,3%	5 533 158
Social security costs	FZ	1 914 807	-6,6%	2 049 578	-5,2%	2 161 606

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	1 934 980	-0,3%	1 940 254	-2,3%	1 985 136
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	555 652	208,7%	180 001	-8,0%	195 669
Provisions for risks and charges	GD	1 449 250	314,7%	349 500	191,2%	120 000

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	22 450	-44,4%	40 371	-32,6%	59 896

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

13 127

-86,8%

99 617

-13,9%

115 673

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

3 252

-89,1%

29 791

-56,4%

68 355

Released provisions and transferred charges

GM

293

-20,4%

368

-98,6%

25 766

Exchange gains

GN

9 582

-86,2%

69 458

222,3%

21 552

Net income from disposal of investment securities

GO

0

0%

0

0%

0

Financial Charge (VI)

		31/12/2011		31/12/2010		31/12/2009
Total financial charge (Total VI)	GU	68 796	-16,0%	81 855	-26,8%	111 846
Financial reserves and provisions	GQ	1 291	339,1%	294	-20,1%	368
Interest and similar charges	GR	61 570	16,1%	53 013	17,5%	45 109
Exchange losses	GS	5 935	-79,2%	28 548	-57,0%	66 369
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	711 832	14,1%	623 744	15,7%	538 954
Extraordinary operating income	HA	0	0%	703	-98,1%	37 968
Extraordinary income from capital transactions	HB	0	0%	0	0%	0
Released provisions and transferred charges	HC	711 832	14,3%	623 041	24,4%	500 986

Extraordinary charges (VIII)

		31/12/2011		31/12/2010		31/12/2009
Total extraordinary charges (Total VIII)	HH	351 536	-31,6%	514 266	-40,5%	864 136
Extraordinary operating charges	HE	0	0%	0	0%	0
Extraordinary charges from capital transactions	HF	9 418	-67,1%	28 612	0%	0
Extraordinary reserves and provisions	HG	342 118	-29,6%	485 654	-43,8%	864 136

Employee profit sharing (IX)

		31/12/2011		31/12/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	-205	-100,3%	63 500	-79,5%	310 314

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	-172 424	14,9%	-202 536	-143,4%	466 452

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	128 061	-27,1%	175 727	16,6%	150 747
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	111 659	468,7%	19 634	-53,9%	42 621
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%	84 142
Of which royalties on licences and patents (charges)	A4	21 706	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
Increases due to revaluation	OH	0	0%	0	0%	0
Decreases, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreases by budget item transfer	OK1	579 469	0%	0	0%	634 391
Decreases by transfers	OK2	14 562	-95,0%	291 028	143,3%	119 600
Gross value at the end of period	OL	32 424 800	1,0%	32 117 513	4,5%	30 746 539

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
Increases due to revaluation	KB	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreases by budget item transfer	C01	0	0%	0	0%	0
Decreases 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	494 318	4,0%	475 447	2,4%	464 264
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	0	0%	18 871	68,7%	11 184
Decreases by budget item transfer	LV1	0	0%	0	0%	0
Decreases by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	494 318	0%	494 318	4,0%	475 448

Tangible fixed assets (Total III)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LN	31 623 092	4,5%	30 270 991	7,7%	28 109 153
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	900 716	-45,2%	1 643 131	-43,6%	2 915 290
Decreases by budget item transfer	NG1	579 469	0%	0	0%	634 391
Decreases by transfers	NG2	14 562	-95,0%	291 028	144,4%	119 060
Gross value at the end of period	NH	31 929 777	1,0%	31 623 094	4,5%	30 270 992

Financial assets (Total IV)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LQ	100	0%	100	-81,5%	540
Increases due to revaluation	LR	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	600	0%	0	0%	100
Decreases by budget item transfer	NJ1	0	0%	0	0%	0
Decreases by transfers	NJ2	0	0%	0	0%	540
Gross value at the end of period	NK	700	600%	100	0%	100

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
Decreases		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
Decreases		PC	0	0%	0	0%	0
	Decreases 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	321 588	37,3%	234 290	58,5%	147 772
Increases		PF	74 193	-15,0%	87 299	0,9%	86 518
Decreases		PG	0	0%	0	0%	0
	Decreases by budget item transfer	PH	395 781	23,1%	321 589	37,3%	234 290

Total fixed assets amortisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	19 540 974	10,3%	17 710 976	11,6%	15 874 054
Increases		QV	1 860 783	0,4%	1 852 955	-2,4%	1 898 619
Decreases		QW	11 405	-50,3%	22 958	-62,8%	61 695
	Decreases by budget item transfer	QX	21 390 352	9,5%	19 540 973	10,3%	17 710 978

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
	Decreases 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 beginning 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 beginning of period	7C	5 662 065	2,0%	5 548 695	6,3%	5 218 835
Increases		UB	2 348 314	131,3%	1 015 448	-14,0%	1 180 173
Decreases		UC	1 182 578	31,1%	902 078	6,1%	850 312
	Value at the end of period	UD	6 827 801	20,6%	5 662 065	2,0%	5 548 696

Includes Total allocations

Operating	UE	2 004 904	278,6%	529 501	67,7%	315 669
Financial	UG	1 291	339,1%	294	-20,1%	368
Exceptional	UJ	342 119	-29,6%	485 654	-43,8%	864 136

Includes Total Withdrawal

Operating	UF	470 451	68,8%	278 669	-13,9%	323 560
Financial	UH	294	-20,1%	368	-98,6%	25 766
Exceptional	UK	711 833	14,3%	623 041	24,4%	500 986

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	3Z	5 032 406	-2,7%	5 169 793	7,6%	4 806 644
Increases		TS	342 119	-29,6%	485 654	-43,8%	864 136
Decreases		TT	711 833	14,3%	623 041	24,4%	500 986
	Value at the end of period	TU	4 662 692	-7,3%	5 032 406	-2,7%	5 169 794

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	5Z	449 658	145,4%	183 233	88,8%	97 031
Increases		TV	1 450 541	314,7%	349 794	190,6%	120 368
Decreases		TW	290 744	248,7%	83 368	144,0%	34 166
	Value at the end of period	TX	1 609 455	257,9%	449 659	145,4%	183 233

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	7B	180 000	-8,0%	195 669	-37,9%	315 161
Increases		TY	555 653	208,7%	180 001	-8,0%	195 669
Decreases		TZ	180 001	-8,0%	195 669	-37,9%	315 161
	Value at the end of period	UA	555 652	208,7%	180 001	-8,0%	195 669

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	2 528 997	-48,5%	4 915 353	-36,9%	7 790 048
1 year at most	VU	2 502 884	-48,6%	4 865 353	-37,5%	7 786 948
More than one year	VV	26 113	-47,8%	50 000	1512,9%	3 100

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	700	600%	100	0%	100
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	2 254 778	-50,7%	4 577 406	7,6%	4 254 474
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	3 000	0%	3 000	-26,2%	4 067
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	120 915	-12,6%	138 293	8,9%	126 949
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	77 000	28,3%	60 000	-40,0%	100 000
Group and Associates	VC	0	0%	0	0%	3 257 744
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	0	0%	3 369

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	72 603	-46,8%	136 554	215,0%	43 345

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	5 816 566	-15,0%	6 845 642	-10,0%	7 607 323
1 year at most		VZ2	5 134 691	-13,2%	5 913 460	-22,3%	7 607 323
More than 1 year and 5 years at most		VZ3	681 875	-23,1%	887 182	0%	0
More than 5 years		VZ4	0	0%	45 000	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

295 723

-47,6%

563 980

-61,2%

1 453 745

1 year at most

VG2

295 723

-47,6%

563 980

-61,2%

1 453 745

More than 1 year and 5 years at most

VG3

0

0%

0

0%

0

Borrowing & debts to more than 1 year at the origin (gross)

VH1

0

0%

0

0%

0

1 year at most

VH2

0

0%

0

0%

0

More than 1 year and 5 years at most

VH3

0

0%

0

0%

0

Loans and various financial liabilities (gross)

8A1

952 851

-19,1%

1 178 318

0%

0

1 year at most

8A2

270 976

10,1%

246 136

0%

0

More than 1 year and 5 years at most

8A3

681 875

-23,1%

887 182

0%

0

Suppliers and associated accounts (gross)

8B1

2 715 185

-8,2%

2 959 045

-1,9%

3 016 587

1 year at most

8B2

2 715 185

-8,2%

2 959 045

-1,9%

3 016 587

More than 1 year and 5 years at most

8B3

2 715 185

-8,2%

2 959 045

-1,9%

3 016 587

Personnel and associated accounts (gross)

8C1

416 470

-31,1%

604 492

-54,8%

1 336 294

1 year at most

8C2

416 470

-31,1%

604 492

-54,8%

1 336 294

More than 1 year and 5 years at most

8C3

0

0%

0

0%

0

Social Security and other social organizations (gross)

8D1

490 134

-14,0%

570 004

-21,1%

722 634

1 year at most

8D2

490 134

-14,0%

570 004

-21,1%

722 634

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%

187 573

98,8%

94 368

1 year at most

VW2

0

0%

187 573

98,8%

94 368

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

124 664

-15,2%

147 058

-8,1%

160 006

1 year at most

VQ2

124 664

-15,2%

147 058

-8,1%

160 006

More than 1 year and 5 years at most

VQ3

0

0%

0

0%

0

Assets and liabilities associated accounts (gross)

8J1

47 494

-72,9%

175 065

-45,6%

321 750

1 year at most

8J2

47 494

-72,9%

175 065

-45,6%

321 750

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

774 047

82,8%

423 493

-15,6%

501 940

1 year at most

VI2

774 047

82,8%

423 493

-15,6%

501 940

More than 1 year and 5 years at most

VI3

0

0%

0

0%

0

More 5 years

VI4

0

0%

0

0%

0

Other liabilities (gross)

8K1

0

0%

36 612

0%

0

1 year at most

8K2

0

0%

36 612

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

		31/12/2011		31/12/2010		31/12/2009
Loans made during the period	VJ	0	0%	1 320 000	0%	0
Debt repaid during the period	VK	225 467	59,1%	141 682	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%	111	-14,6%	130

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	1,12	-5,1%	1,18	-5,6%	1,25	1,26	-11,1%
Global Debt	105 days	0%	105 days	19,3%	88 days	151 days	-30,5%
Working Capital Fund overall net	68 days	-23,6%	89 days	1,1%	88 days	92 days	-26,1%
Financial independence	3655,58%	28,5%	2844,23%	109,1%	1359,98%	763,23%	379,0%
More ratios
Solvability	59,26%	-13,8%	68,74%	-4,1%	71,71%	46,67%	27,0%
Capacity debt futures	3655,58%	28,5%	2844,23%	109,1%	1359,98%	2183,81%	67,4%
Coverage of current assets by net working capital overall	47,04%	-10,3%	52,47%	2,3%	51,30%	48,67%	-3,3%
General Liquidity	0,49	-40,2%	0,82	-19,6%	1,02	0,77	-36,4%
Restricted Liquidity	0,53	-35,4%	0,82	-24,1%	1,08	1,13	-53,1%

Management or rotation

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital	63 days	-34,4%	96 days	-4,0%	100 days	59 days	6,8%
Treasury	4 days	144,4%	-9 days	25,0%	-12 days	10 days	-60,0%
Inventory turnover of goods	0 days	0%	0 days	0%	0 days	17 days	0%
Average length of credit granted to customers	41 days	-41,4%	70 days	42,9%	49 days	61 days	-32,8%
Average length of credit obtained suppliers	78 days	1,3%	77 days	30,5%	59 days	62 days	25,8%
More ratios
Inventory turnover of raw materials in industrial enterprises	64 days	25,5%	51 days	-10,5%	57 days	50,50 days	26,7%
Inventory turnover of intermediate and finished products in the industrial enterprise	63 days	-14,9%	74 days	-28,2%	103 days	131 days	-51,9%
Rotation tangible assets	62,62%	-15,7%	74,27%	-28,0%	103,10%	117,33%	-46,6%

Profitability of the business

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading	-0,35%	-119,4%	1,80%	-46,6%	3,37	0%	0%
Profitability of the business	-2,21	-119,7%	11,21	-34,7%	17,16	6,68%	-133,1%
Net profit	-16,58%	-654,5%	2,99%	-64,0%	8,30%	3,26%	-608,6%
More ratios
Growth rate of turnover (excluding VAT)	-14,87%	39,9%	-24,75%	-365,8%	9,31%	6,46%	-330,2%
Rates integration	31,18%	-26,7%	42,51%	-5,1%	44,79%	25,42%	22,7%
Rate leasing furniture	0,64%	-14,7%	0,75%	56,2%	0,48%	0%	0%
Work Factor	98,17%	46,8%	66,89%	21,5%	55,04%	51,63%	90,1%
Weight interests	0,34	-2,9%	0,35%	-2,8%	0,36%	0,58%	-41,4%

Return on capital

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability	-11,05%	-215,1%	9,60%	-34,7%	14,70%	7,38%	-249,7%
Rates of economic profitability	-3%	-121,4%	14%	-44,0%	25%	9%	-133,3%
Financial profitability	10810401%	-32,6%	16040873%	-18,9%	19770624%	950676,50%	1037,1%
Return on investment	-25,30%	-688,4%	4,30%	-65,4%	12,43%	7,33%	-445,2%

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	19 993 604	-14,9%	23 486 616	-24,7%	31 210 281	2 233 606 €	795,1%

Sales of goods	0	0%	472 175	-57,9%	1 120 765
- Purchase of goods	69 551	43,7%	48 399	-29,2%	68 405
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	-69 551 €	-116,4%	423 776 €	-59,7%	1 052 360 €	0 €	0%
	-0,35 % CA	-119,4%	1,80 % CA	-46,6%	3,37 % CA	0 % CA	0%

Sale of goods produced	19 993 604	-13,1%	23 014 441	-23,5%	30 089 516
+/- Stocked production	-1 246 801	-400,0%	415 546	-60,7%	1 057 625
+ Self-constructed assets	0	0%	0	0%	0
Period production	18 746 803 €	-20,0%	23 429 987 €	-24,8%	31 147 141 €	2 053 215 €	813,0%
	93,76 % CA	-6,0%	99,76 % CA	0,0%	99,80 % CA	100 % CA	-6,2%

Trading margin	-69 551	-116,4%	423 776	-59,7%	1 052 360	0	0%
+ Period Production	18 746 803	-20,0%	23 429 987	-24,8%	31 147 141	2 053 215	813,0%
- Purchase of raw materials	6 680 765	14,5%	5 835 696	-44,1%	10 445 695
+/- Change in stocks of raw materiels	-357 072	-142,7%	836 993	206,3%	-787 125
- Other external purchases and charges	6 120 273	-15,0%	7 196 871	-15,9%	8 561 606
Added value	6 233 286 €	-37,6%	9 984 203 €	-28,6%	13 979 325 €	331 391,50 €	1780,9%
	31,18 % CA	-26,7%	42,51 % CA	-5,1%	44,79 % CA	25,42 % CA	22,7%

Added value	6 233 286 €	-37,6%	9 984 203 €	-28,6%	13 979 325 €	331 391,50 €	1780,9%
+ Operating grants	0	0%	30 000	0%	0
- Tax, duty and similar payments	555 290	-21,0%	703 008	-24,3%	928 273
- Personal charges	6 119 018	-8,4%	6 678 317	-13,2%	7 694 764
Gross operating surplus	-441 022 €	-116,8%	2 632 878 €	-50,8%	5 356 288 €	79 712,50 €	-653,3%
	-2,21 % CA	-119,7%	11,21 % CA	-34,7%	17,16 % CA	6,68 % CA	-133,1%

Gross operating surplus	-441 022 €	-116,8%	2 632 878 €	-50,8%	5 356 288 €	79 712,50 €	-653,3%
+ Release of reserves and provisions	595 534	92,7%	308 995	-17,5%	374 736
+ Other operating income	15 558	362,8%	3 362	-98,9%	317 057
- Depreciation/Amortisation	3 939 882	59,5%	2 469 755	7,3%	2 300 805
- Other charges	22 450	-44,4%	40 371	-32,6%	59 896
Operating result	-3 792 262 €	-971,6%	435 109 €	-88,2%	3 687 380 €	40 508 €	-9461,8%
	-18,97 % CA	-1125,4%	1,85 % CA	-84,3%	11,81 % CA	3,10 % CA	-711,9%

Operating result	-3 792 262 €	-971,6%	435 109 €	-88,2%	3 687 380 €	40 508 €	-9461,8%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	13 127	-86,8%	99 617	-13,9%	115 673
- Financial charges	68 796	-16,0%	81 855	-26,8%	111 846
Pre-tax result	-3 847 931 €	-949,7%	452 871 €	-87,7%	3 691 207 €	38 053 €	-10212,0%
	-19,25 % CA	-1097,4%	1,93 % CA	-83,7%	11,83 % CA	2,99 % CA	-743,8%

Extraordinary income	711 832	14,1%	623 744	15,7%	538 954	9 857	7121,6%
- Extraordinary charges	351 536	-31,6%	514 266	-40,5%	864 136
Extraordinary result	360 296 €	229,1%	109 478 €	133,7%	-325 182 €	0 €	0%
	1,80 % CA	283,0%	0,47 % CA	145,2%	-1 % CA	0 % CA	0%

Pre-tax result	-3 847 931 €	-949,7%	452 871 €	-87,7%	3 691 207 €	38 053 €	-10212,0%
Extraordinary result	360 296 €	229,1%	109 478 €	133,7%	-325 182 €	0 €	0%
- Employee profit sharing	-205	-100,3%	63 500	-79,5%	310 314
- Tax on profits	-172 424	14,9%	-202 536	-143,4%	466 452
Net result	-3 315 006 €	-572,6%	701 385 €	-72,9%	2 589 259 €	41 264 €	-8133,7%
	-16,58 % CA	-654,5%	2,99 % CA	-64,0%	8,30 % CA	3,29 % CA	-604,0%

ADDITIONAL INFORMATION

Company details

Activity (APE)	Fabrication d'autres produits chimiques organiques de base (2014Z)
RCS Registration	RCS Dijon 9 421 181 819	Share capital	8,587,500 Euros
Registration Court	Dijon (21)	Legal form	Simplified Joint Stock Company with Single Associate
Court Registry Number	19 9 8B005	EUR VAT Number	FR92421181819
Incorporation Date	12/1998	Formation Date	12/1998
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Fabrication d'autres produits chimiques organiques de base (2014Z)	Business Pages FT®	INDUSTRIE CHIMIQUE APPAREIL MACHINE PROCEDE
Postal Address	SYNKEM CORDENPHARMA 47 RUE DE LONGVIC BP 50 21301 CHENOVE CEDEX	Trading Address	47 RUE DE LONGVIC 21300 CHENOVE
Telephone	03 80 44 72 72
Fax	03 80 44 72 70

Type	Head office (one site company)	Status	Economically active
Formation Date	12/1998	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Côte-d'Or (21)	Region	Bourgogne
District	2	Area	97
City	CHENOVE	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	1 branch entities in this company
Head office	> SYNKEM <<<  - Fabrication d'autres produits chimiques organiques de base (2014Z)  in CHENOVE  (21300)
Secondary establishments

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

Workforces

Workforce at address

100 to 199 employees

Company workforce

100 to 199 employees

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
21/05/2013	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 1995 - 421181819 RCS. SYNKEM. Forme : Société par actions simplifiée. Adresse : 47 rue de Longvic 21300 Chenôve. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
03/07/2011	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 150 - 421 181 819 RCS Dijon. SYNKEM. Forme : Société par actions simplifiée. Enseigne : CORDENPHARMA. Activité : . Commentaires : Modification survenue sur le nom commercial.
20/02/2011	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 145 - 421 181 819 RCS Dijon. SYNKEM. Forme : Société par actions simplifiée. Administration : Président : MICHON Yves, Jean Directeur général : LEBORNE Didier Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA) Commissaire aux comptes suppléant : BORIS Etienne. Activité : . Commentaires : Modification survenue sur l'administration.
06/02/2011	JAL	Appointment of the social representative
Journal du Palais de Bourgogne (Le) Société faisant l'objet d'une nomination : 421181819 - SYNKEM, 47 RUE DE LONGVIC, 21300 CHENOVE Nominé : Monsieur Yves MICHON En la fonction de : Président Date d'effet : 08/01/2011
06/02/2011	JAL	Resignation / Revocation of the social representative
Journal du Palais de Bourgogne (Le) Date de décision : 08/01/2011 La société 421181819 - SYNKEM, 47 RUE DE LONGVIC, 21300 CHENOVE Fait l'objet du départ de Date d'effet : 08/01/2011
14/09/2010	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 423 - 421181819 RCS. SYNKEM. Forme : Société par actions simplifiée. Adresse : 47 rue de Longvic 21300 Chenôve. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
31/07/2009	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 1966 - 421181819 RCS. SYNKEM. Forme : Société par actions simplifiée. Adresse : 47 rue de Longvic 21300 Chenôve. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
27/11/2008	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 155 - 421 181 819 RCS Dijon. SYNKEM. Forme : Société par actions simplifiée. Administration : Président : MANDRILLON Henri, Léo, Marcel. Directeur général : LEBORNE Didier. Commissaire aux comptes titulaire : DELOITTE & ASSOCIES (SA). Commissaire aux comptes suppléant : B.E.A.S. SARL (SARL). Co-commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA). Co-commissaire aux comptes suppléant : BORIS Etienne. Commentaires : Modification survenue sur l'administration.
27/11/2008	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 156 - 421 181 819 RCS Dijon. SYNKEM. Forme : Société par actions simplifiée. Administration : Président : MANDRILLON Henri, Léo, Marcel. Directeur général : LEBORNE Didier. Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA). Commissaire aux comptes suppléant : BORIS Etienne. Commentaires : Modification survenue sur l'administration.
25/11/2008	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 3449 - 421181819 RCS. SYNKEM. Forme : Société par actions simplifiée. Adresse : 47 rue de Longvic 21300 Chenôve. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2008.
20/10/2008	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 1374 - 421181819 RCS. SYNKEM. Forme : Société par actions simplifiée. Adresse : 47 rue de Longvic 21300 Chenôve. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
31/03/2008	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 562 - 421 181 819 RCS Dijon. SYNKEM. Forme : Société par actions simplifiée. Administration : Président : MANDRILLON Henri, Léo, Marcel. Directeur général : LEBORNE Didier. Commissaire aux comptes titulaire : KPMG SA. Commissaire aux comptes titulaire : DELOITTE & ASSOCIES (SA). Commissaire aux comptes suppléant : RIVIERE Gerard. Commissaire aux comptes suppléant : B.E.A.S. SARL (SARL). Co-commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA). Co-commissaire aux comptes suppléant : BORIS Etienne. Commentaires : Modification survenue sur l'administration.
04/03/2008	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 978 - 421 181 819 RCS Dijon. SYNKEM. Forme : Société par actions simplifiée. Administration : Président : MANDRILLON Henri, Léo, Marcel. Directeur général : LEBORNE Didier. Commissaire aux comptes titulaire : KPMG SA (). Commissaire aux comptes titulaire : DELOITTE & ASSOCIES (SA). Commissaire aux comptes suppléant : RIVIERE Gerard. Commissaire aux comptes suppléant : B.E.A.S. SARL (SARL). Commentaires : Modification survenue sur l'administration.
25/01/2008	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 688 - 421 181 819 RCS Dijon. SYNKEM. Forme : Société par actions simplifiée. Administration : Président : LABORATOIRES FOURNIER SA (SACA) représenté par DENHAERYNCK Luc. Directeur général : LEBORNE Didier. Commissaire aux comptes titulaire : KPMG SA (). Commissaire aux comptes titulaire : DELOITTE & ASSOCIES (SA). Commissaire aux comptes suppléant : RIVIERE Gerard. Commissaire aux comptes suppléant : B.E.A.S. SARL (SARL). Commentaires : Modification survenue sur l'administration.
06/11/2007	Bodacc C	Avis de dépôt des comptes
3515 - 421 181 819. RCS Dijon SYNKEM. Forme: Société par actions simplifiée. Adresse du siège social: 47 rue de Longvic 21300 Chenôve. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
07/01/2007	Bodacc B	Modifications et mutations diverses
0252 - RCS Dijon B 421 181 819. RC 98-B 578. SYNKEM. Forme : S.A.S. Adresse du siège social : 47 rue de Longvic,, 21300 Commentaires : modification survenue sur l'administration. Administration : président : LABORATOIRES FOURNIER S.A., représentée par DENHAERYNCK (Luc, R.) (Nom d'usage : DENHAERYNCK). Commissaires aux comptes titulaires : K.P.M.G. S.A. DELOITTE & ASSOCIES. Commissaires aux comptes suppléants : RIVIERE (Gérard) (Nom d'usage : RIVIERE) BEAS S.A.R.L. Date d'effet : 1er novembre 2006.
24/10/2006	Bodacc C	Avis de dépôt des comptes
3082 - RCS Dijon B 421 181 819. RC 98-B 578. SYNKEM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 47, rue de Longvic,21300 Chenove. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
24/03/2006	Bodacc B	Modifications et mutations diverses
0620 - RCS Dijon B 421 181 819. RC 98-B 578. SYNKEM. Forme : S.A.S. Adresse du siège social : 47 rue de Longvic,, 21300 Commentaires : modification survenue sur l'administration. Administration : président : LABORATOIRES FOURNIER S.A., représentée par DE GRAAF (Coenrad, Foppe) (Nom d'usage : DE GRAAF). Commissaires aux comptes titulaires : K.P.M.G. S.A. DELOITTE & ASSOCIES. Commissaires aux comptes suppléants : RIVIERE (Gérard) (Nom d'usage : RIVIERE) BEAS S.A.R.L. Date d'effet : 5 décembre 2005.
28/08/2005	Bodacc C	Avis de dépôt des comptes
3018 - RCS Dijon B 421 181 819. RC 98-B 578. SYNKEM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 47, rue de Longvic,21300 Chenove. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
28/05/2004	Bodacc B	Modifications et mutations diverses
RCS Dijon B 421181819 RC 98-B 578 SYNKEM. Forme : S.A.S. Capital : 8 587 500 euros. Adresse du siège social : 47 rue de Longvic, 21300 Chenove. Commentaires : modification survenue sur l' administration. Administration : président : LABORATOIRES FOURNIER S.A., représentés par MOUSTIAL (Pierre, Georges, André) ( Nom d'usage : MOUSTIAL). Commissaire aux comptes titulaire : K.P.M.G. S.A. Commissaire aux comptes suppléant : RIVIERE (Gérard) ( Nom d'usage : RIVIERE). Date d'effet : 18 novembre 2003.
26/12/2002	Bodacc B	Modifications et mutations diverses
RCS Dijon B 421181819 RC 98-B 578 SYNKEM. Forme : S.A.S. Capital : 8 587 500 euros. Activité : recherche, fabrication, distribution de tous produits chimiques et de matières premières à usage pharmaceutique. Adresse du siège social : 47 rue de Longvic, 21300 Chenove. Commentaires : modification survenue sur l'activité. Date d'effet : 1 e r juillet 1999 (régularisation).
25/08/2002	Bodacc B	Modifications et mutations diverses
RCS Dijon B 421181819 RC 98-B 578 SYNKEM. Forme : S.A.S. Capital : 8 587 500 euros. Adresse du siège social : 47 rue de Longvic, 21300 Chenove. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : président : LABORATOIRES FOURNIER S.A., représentée par HELAIN (Bernard, Jean, Marie) ( Nom d'usage : HELAIN). Commissaire aux comptes titulaire : K.P.M.G. S.A. Commissaire aux comptes suppléant : RIVIERE (Gérard) ( Nom d'usage : RIVIERE). Date d'effet : 3 juin 2002.
12/07/2002	Bodacc B	Modifications et mutations diverses
RCS Dijon B 421181819 RC 98-B 578 SYNKEM. Forme : S.A. Capital : 8 587 500 euros. Adresse du siège social : 47 rue de Longvic, 21300 Chenove. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : HELAIN (Bernard, Jean, Marie) ( Nom d' usage : HELAIN). Administrateurs : PICART (François, Marie) ( Nom d'usage : PICART) FINAS (Philippe, Michel, Henri) ( Nom d'usage : FINAS). Commissaire aux comptes titulaire : K.P. M.G. S.A. Commissaire aux comptes suppléant : RIVIERE (Gérard) ( Nom d' usage : RIVIERE). Date d'effet : 11 avril 2002.
12/08/2001	Bodacc B	Modifications et mutations diverses
RCS Dijon B 421181819 RC 98-B 578 SYNKEM. Forme : S.A. Capital : 8 587 500 euros. Adresse du siège social : 47 rue de Longvic, 21300 Chenove. Commentaires : modification survenue sur le capital ( diminution et conversion en euros) et l' administration. Administration : président du conseil d'administration : HELAIN (Bernard, Jean, Marie) ( Nom d' usage : HELAIN). Administrateurs : LE LOUS (Jean, François) ( Nom d'usage : LE LOUS) PICART (François, Marie) ( Nom d'usage : PICART) FINAS ( Philippe, Michel, Henri) ( Nom d'usage : FINAS). Commissaire aux comptes titulaire : K.P.M.G. S.A. Commissaire aux comptes suppléant : RIVIERE (Gérard) ( Nom d'usage : RIVIERE). Date d'effet : 20 juin 2001.
14/01/2000	Bodacc B	Modifications et mutations diverses
421 181 819. RCS Dijon. RC 98-B 578 SYNKEM. Forme : S.A. Capital : 57 250 000 F (fixe). Adresse du siège social : 47 rue de Longvic, 21300 Chenove. Administration : ancien président- directeur général et administrateur : MAJOIE (Bernard) nouveau président- directeur général et administrateur : HELAIN (Bernard). Date d'effet : 25 novembre 1999.
27/08/1999	Bodacc A	Création d'établissement
RCS Dijon 421181819 A dater du: 27 juillet 1999 RC 98-B 578 SYNKEM. Forme : S.A. Capital : 57 250 000 F. Adresse du siège social : 47 rue de Longvic, 21300 Chenove Etablissement principal: Activité : recherche, fabrication et distribution de tous produits chimiques. Adresse : 47 rue de Longvic, 21300 Chenove Etablissement principal acquis par apport partiel d'actif au montant évalué à 57 385 793 F. Commentaires : ancien capital : 250 000 F. Date d'effet : 1er janvier 1999. Précédent propriétaire : S.A. PLASTO. RCS Dijon 316523018 Publication légale: Le Journal du Palais du 10 juillet 1999. Oppositions : déclaration de créances: au tribunal de commerce de Dijon.
06/02/1999	Bodacc A	Création d'établissement
Rectificatif: Annonce numéro: 233 Date de parution: 14 janvier 1999 Page: 14 Numéro de parution: 8 A Au lieu de : RCS Dijon B 421 181 504 lire. RCS Dijon B 421 181 819 SYNKEM.
14/01/1999	Bodacc A	Création d'établissement
RCS Dijon B 421 181 819 RC 98-B 577 PRESTAFIB. Forme : E.U.R.L. Capital : 50 000 F (fixe). Adresse du siège social : 105 rue de Longvic, 21000 Dijon. Administration : gérant : DURGET ( Patrick) Cette société se constitue Etablissement principal: Activité : réalisation de toutes prestations de services à caractère administratif pour le compte des particuliers, entreprises, membres des professions libérales. Adresse : 105 rue de Longvic, 21000 Dijon Date de début d'activité: 15 novembre 1998.
14/01/1999	Bodacc A	Création d'établissement
RCS Dijon B 421 181 504 RC 98-B 578 SYNKEM. Forme : S.A. Capital : 250 000 F ( fixe). Adresse du siège social : 47 rue de Longvic, 21300 Chenove. Administration : président du conseil d' administration : MAJOIE (Bernard) administrateurs : LE LOUS (Jean- François), PICART (François, Marie), FINAS (Philippe, Michel, Henri) commissaire aux comptes titulaire : K.P. M.G. AUDIT FIDUCIAIRE DE FRANCE commissaire aux comptes suppléant : RIVIERE (Gérard) Cette société se constitue Cette société se constitue, mais n'exploite provisoirement aucun établissement.

Company events history

Date	Description
21/05/2013	Bodacc C : Deposit accounts notice
11/05/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
22/08/2011	Modification to Establishment Address or Identifier
18/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
03/07/2011	Bodacc B: Various editing or changing
20/02/2011	Bodacc B: Various editing or changing
08/02/2011	New chairman (CEO, CoB)
06/02/2011	Legal Gazette: Resignation / Revocation of the social representative
08/01/2011	Legal Gazette: Appointment of the social representative
31/12/2010	New accounts available
14/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
31/07/2009	Bodacc C : Deposit accounts notice
24/03/2009	Collection of preferential rights activated for this company
31/12/2008	Modification of Company Activity
31/12/2008	Update of Company Activity
31/12/2008	New accounts available
27/11/2008	New Bodacc B ads detected
27/11/2008	Bodacc B: Various editing or changing
25/11/2008	Bodacc C : Deposit accounts notice
10/11/2008	Minutes of general meeting of shareholders
10/11/2008	New auditor
10/11/2008	Private document
10/11/2008	Amendment
10/11/2008	Appointment/resignation of company officers
20/10/2008	Bodacc C : Deposit accounts notice
30/07/2008	Updated articles of association
30/07/2008	Minutes of general meeting of shareholders
30/07/2008	New closing date
30/07/2008	Private document
30/07/2008	Amendment
31/03/2008	Bodacc B: Various editing or changing
31/03/2008	New accounts available
31/03/2008	Amendment
31/03/2008	Updated articles of association
31/03/2008	Minutes of general meeting of shareholders
31/03/2008	Appointment/resignation of company officers
31/03/2008	Private document
31/03/2008	New closing date
31/03/2008	New Bodacc B ads detected
04/03/2008	New Bodacc B ads detected
04/03/2008	Bodacc B: Various editing or changing
14/02/2008	Minutes of general meeting of shareholders
14/02/2008	Appointment/resignation of company officers
14/02/2008	Private document
14/02/2008	New chairman (CEO, CoB)
14/02/2008	Amendment
25/01/2008	Bodacc B: Various editing or changing
25/01/2008	New Bodacc B ads detected
04/01/2008	Appointment/resignation of company officers
04/01/2008	Acte modificatif
04/01/2008	Minutes of general meeting of shareholders
04/01/2008	Private document
01/01/2008	Modification of Company Activity
01/01/2008	Update of Company Activity
31/12/2007	New accounts available
18/12/2007	Minutes of general meeting of shareholders
18/12/2007	Statuts mis à jour
18/12/2007	Updated articles of association
18/12/2007	Private document
18/12/2007	Acte modificatif
31/12/2006	New accounts available
20/12/2006	Acte sous seing privé
20/12/2006	Private document
20/12/2006	Minutes of Board meeting
20/12/2006	Changes to the Board of Directors
20/12/2006	Appointment/resignation of company officers
16/08/2006	Other modification of Establishment (error correction)
16/08/2006	Update of Company Legal Form
14/02/2006	Private document
14/02/2006	Appointment/resignation of company officers
14/02/2006	Minutes of general meeting of shareholders
14/02/2006	Changement de Commissaire aux Comptes
14/02/2006	Acte modificatif
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
01/08/2002	Changement de Forme Juridique sans changement de catégorie
01/08/2002	Acte modificatif
01/08/2002	Rapport des Commissaires ou du Gérant
01/08/2002	Statuts mis à jour
01/08/2002	PV d'Assemblée
01/08/2002	Nomination/démission des organes de gestion
01/08/2002	Acte sous seing privé
01/08/2002	Changement de Gérant
27/06/2002	Modification du Conseil d'Administration
27/06/2002	Acte modificatif
27/06/2002	Acte sous seing privé
27/06/2002	PV du Conseil d'Administration
23/07/2001	Conversion du Capital Social en Euros
23/07/2001	Statuts mis à jour
23/07/2001	PV du Conseil d'Administration
23/07/2001	Acte modificatif
23/07/2001	Réduction de Capital
23/07/2001	Acte sous seing privé
23/07/2001	PV d'Assemblée
16/12/1999	Modification du Conseil d'Administration
16/12/1999	Acte sous seing privé
16/12/1999	Nomination/démission des organes de gestion
16/12/1999	PV du Conseil d'Administration
16/12/1999	Changement de Président (PDG, PCA)
27/07/1999	Statuts mis à jour
27/07/1999	PV d'Assemblée
27/07/1999	Déclaration de conformité
27/07/1999	Acte modificatif
27/07/1999	Acte sous seing privé
27/07/1999	Augmentation de Capital
10/06/1999	Acte sous seing privé
10/06/1999	Rapport des Commissaires ou du Gérant
19/05/1999	Projet de Fusion
19/05/1999	Acte sous seing privé
16/12/1998	Acte sous seing privé
16/12/1998	Statuts
16/12/1998	PV du Conseil d'Administration
16/12/1998	Nomination/démission des organes de gestion
16/12/1998	Certificat de dépôt des fonds
16/12/1998	Formation de Société

Establishment events history

Date	Description
11/05/2013	Update Limit
11/05/2013	Update Rating
28/03/2013	Update of phone numbers
12/01/2013	Update of phone numbers
12/10/2012	Update Limit
27/09/2012	Update Rating
22/08/2011	Update of Establishment Address
22/08/2011	Modification of Head office Identification
18/08/2011	Update Rating
18/08/2011	Update Limit
11/02/2011	Update Rating
07/09/2010	Update Limit
30/12/2009	Update Rating
10/08/2009	Update Limit
10/08/2009	Update Rating
31/12/2008	Update of Establishment Activity
31/12/2008	Modification of Head office Activity
10/11/2008	Update Limit
15/10/2008	Update Limit
15/10/2008	Update Rating
13/10/2008	Update Limit
04/09/2008	Update Rating
27/05/2008	Update Rating
19/03/2008	Update Rating
11/02/2008	Update Rating
13/01/2008	Update Limit
01/01/2008	Update of Establishment Activity
01/01/2008	Modification of Head office Activity
16/12/2007	Update Limit
09/12/2007	Update Limit
04/09/2007	Update Rating

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.87
UK Pound	1	Rs.87.65
Euro	1	Rs.74.52

INFORMATION DETAILS

Report Prepared by :

MNL

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.