MIRA INFORM REPORT

Report Date :

25.06.2013

IDENTIFICATION DETAILS

Name :	CELTAT
Registered Office :	Zi De La Mottais, 4 Rue De Haute Bretagne, 35140 Saint Aubin Du Cormier
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	January 2007
Com. Reg. No.:	RCS Rennes 0 493 821 821
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	Retail sale of clothing in specialized stores
No. of Employees :	500 to 999 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 – March 31^st 2013

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

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

company summary

Trade name	DISTRI-CENTER
EUR VAT Number	FR92493821821
Activity (APE)	Commerce de détail d'habillement en magasin spécialisé (4771Z) (Retail sale of clothing in specialized stores)	Legal form	Simplified Joint Stock Company with Single Associate
Phone	02 31 40 12 43	RCS Registration	RCS Rennes 0 493 821 821
Fax	02 31 90 10 13	Share capital	5,000,000 Euros
Address	CELTAT ZI DE LA MOTTAIS 4 RUE DE HAUTE BRETAGNE 35140 SAINT AUBIN DU CORMIER	Incorporated Date	01/2007
Nationality	France	Status	Economically active

	Trading to Date	12/31/2010	12/31/2009	12/31/2008
	Turnover	107,409,652 €	102,042,692 €	102,126,929 €
	Gross Operating Surplus	3,40 % Turnover	5,37 % Turnover	6,10 % Turnover
	Shareholders’ equity	38,171,778 €	37,199,754 €	34,480,118 €
	Net result	820,780 €	2,578,082 €	3,869,465 €
	Employees	500 to 999 employees	-	-
Company details

Activity (APE)	Commerce de détail d'habillement en magasin spécialisé (4771Z)
RCS Registration	RCS Rennes 0 493 821 821	Share capital	5,000,000 Euros
Registration Court	Rennes (35)	Legal form	Simplified Joint Stock Company with Single Associate
Court Registry Number	20 0 7B001	EUR VAT Number	FR92493821821
Incorporation Date	01/2007	Formation Date	01/2007
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Ultimate Parent

1 ultimate parent company for this company >  PB PARTICIPATIONS  - Activités des sociétés holding (6420Z)  in PORTBAIL  (50580)

Establishment details

Trade name	DISTRI-CENTER
Activity (APE)	Commerce de détail d'habillement en magasin spécialisé (4771Z)	Business Pages FT®
Postal Address	CELTAT ZI DE LA MOTTAIS 4 RUE DE HAUTE BRETAGNE 35140 SAINT AUBIN DU CORMIER	Trading Address	4 RUE DE HAUTE BRETAGNE 35140 SAINT AUBIN DU CORMIER
Telephone	02 31 40 12 43
Fax	02 31 90 10 13

Type	Secondary establishment	Status	Economically active
Formation Date	01/2007	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	Retail trade	Activity Location	Store
Location surface		Seasonality

Department	Ille-et-Vilaine (35)	Region	Bretagne
District	1	Area	35
City	SAINT AUBIN DU CORMIER	Size of urban area	Establishment in a rural municipality

Other establishments

Branches	123 branch entities in this company
Head office	> CELTAT <<<  - Commerce de détail d'habillement en magasin spécialisé (4771Z)  in SAINT AUBIN DU CORMIER  (35140)
Secondary establishments	>  CELTAT  - Commerce de détail d'habillement en magasin spécialisé (4771Z)  in LES PIEUX  (50340) >  CELTAT  - Commerce de détail d'habillement en magasin spécialisé (4771Z)  in SAINT VAAST LA HOUGUE  (50550) >  CELTAT  - Commerce de détail d'habillement en magasin spécialisé (4771Z)  in MARSAC SUR L'ISLE  (24430) >  CELTAT  - Commerce de détail d'habillement en magasin spécialisé (4771Z)  in FALAISE  (14700) > ...

Regionality	Legal unit with multiple establishments in many areas but no one grouping more than 50% of workforce
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 80 to 99% of workforce

Workforces

Workforce at address

Workforce unknown

Company workforce

500 to 999 employees

DIRECTORS/MANAGEMENT

Current Directors

3

directors

Name	M. DESPREZ JEAN-EMILE
Manager position	President	Date of birth	26/11/1955
Place of birth	PORTBAIL
Type	Individual	Name at birth

Name	M. DESPREZ ERIC JEAN LOUIS EMILE
Manager position	Managing director	Date of birth	13/05/1952
Place of birth	ST SAUVEUR LE VICOMTE
Type	Individual	Name at birth

Name	Mme. DESPREZ FRANÇOISE
Manager position	President of the supervisory council	Date of birth	14/05/1953
Place of birth	PERIERS
Type	Individual	Name at birth	DUPLANNE

Manager position	Title and name	Date of Birth/Place of Birth
Managing director	M ERIC DESPREZ	- - -
President	M JEAN-EMILE DESPREZ	26/11/1955 - 50 PORTBAIL

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	14/02/2011
Status of Monitoring	No social security and tax office preferential right to date

SHARE & SHARE CAPITAL INFORMATION

Share capital

5,000,000 Euros

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	PB PARTICIPATIONS	319569596

Group data

Ultimate parent company	PB PARTICIPATIONS
Direct parent	PB PARTICIPATIONS - 100 %
Group – Number of companies	4
Linkages – Number of companies	-
Number of countries	-

Go directly to the current company

Display only where participation % > 33 %

Company Name

SIREN

Parts

Last account published

PB PARTICIPATIONS

319569596

-

-

CELTAT

493821821

100%

31/12/2010

SCI DISTRI CENTER

432510030

99.50%

-

DESPREZ SERVICES

348681347

100%

31/12/2010

Linkages

Ultimate parent company	PB PARTICIPATIONS
Direct parent	PB PARTICIPATIONS - 100 %
Group – Number of companies	4
Linkages – Number of companies	-
Number of countries	-
No linked companies

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	30/12/2011	16/09/2010	-
Activity Code	4771Z	4771Z	4771Z
Employees	598	0	524

Active account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	20 494 943	14,5%	17 898 294	9,6%	16 323 506	73 293	27863,0%
- Intangible assets	6 147 227	2,9%	5 972 227	3,4%	5 776 730	41 937	14558,2%
- Tangible assets	12 056 579	22,6%	9 830 819	14,1%	8 618 257	10 908,50	110424,6%
- Financial assets	2 291 137	9,3%	2 095 248	8,6%	1 928 519	1 532,50	149403,2%
Net current assets	37 768 155	7,7%	35 061 914	-4,7%	36 785 517	94 317	39943,8%
- Stocks	20 747 906	26,2%	16 435 884	-0,2%	16 464 653	43 619	47466,2%
- Advanced payments	0	7,7%	0	0%	0	0	0%
- Receivables	3 073 445	-0,5%	3 087 888	28,3%	2 406 332	7 875	38927,9%
- Securities and cash	13 946 804	-10,2%	15 538 142	-13,3%	17 914 531	13 601,50	102438,7%
- Prepaid expenses	-	-	-	-	-	358	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	58 263 097	10,0%	52 960 207	-0,3%	53 109 023	191 507,50	30323,4%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	38 171 778	2,6%	37 199 754	7,9%	34 480 118	39 010,50	97750,0%
Share capital	5 000 000	0%	5 000 000	0%	5 000 000	8 000	62400%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	819 525	16,3%	704 698	3,4%	681 640	0	0%
Liabilities	19 271 794	28,0%	15 055 755	-16,1%	17 947 265	128 728,50	14870,9%
- Financial liabilities	52 647	-51,5%	108 635	-96,4%	3 055 943	42 929,50	22,6%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	14 632 463	41,9%	10 311 903	4,2%	9 897 168	25 541,50	57189,0%
- Tax and social liabilities	3 902 505	-4,4%	4 082 568	-10,5%	4 560 102	20 242	19179,2%
- Other debts and fixed assets liabilities	648 157	17,3%	552 649	27,3%	434 052	4 682,50	13742,1%
Account regularization	36 022	0%	0	0%	0	0	0%
Total liabilities	58 263 097	10,0%	52 960 206	-0,3%	53 109 023	191 525,50	30320,5%

Results

Annual Accounts	31/12/2010			31/12/2009			31/12/2008	Sector Median 2010
Sales of Goods	109 654 298	5,3%		104 097 341	-0,1%		104 249 535	240 850		45428,0%
Net turnover	107 409 652	5,3%		102 042 692	-0,1%		102 126 929	235 207,50		45565,9%
- of which net export turnover	0	0%		0	0%		0	0		0%
Operating charges	108 800 487	8,4%		100 342 274	1,0%		99 395 341	234 621,50		46272,8%
Operating profit/loss	853 811	-77,3%		3 755 067	-22,6%		4 854 194	6 085		13931,4%
Financial income	529 034	13,1%		467 857	-35,5%		725 742	0		0%
Financial charges	1 782	-91,4%		20 653	-89,2%		191 805	1 619,50		10,0%
Financial profit/loss	527 252	17,9%		447 204	-16,2%		533 937	-1 193,50		44277,0%
Pretax net operating income	1 381 063	-67,1%		4 202 271	-22,0%		5 388 131	3 992		34495,8%
Extraordinary income	181 812	-3,9%		189 166	-86,3%		1 378 221	0		0%
Extraordinary charges	359 567	-29,8%		512 117	8,6%		471 548	73,50		489106,8%
Extraordinary profit/loss	-177 755	45,0%		-322 951	-135,6%		906 673	0		0%
Net result	820 780	-68,2%		2 578 082	-33,4%		3 869 465	4 212,50		19384,4%
Normal Account			31/12/2010			31/12/2009			31/12/2008
Months			12			12			12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2010		31/12/2009		31/12/2008
	Grand Total (I to VI)	Net	58 263 097	10,0%	52 960 207	-0,3%	53 109 023
	Gross	CO	82 614 138	10,5%	74 792 704	1,9%	73 429 647
	Amortisation	1A	24 351 041	11,5%	21 832 497	7,4%	20 320 623

Non declared distributed capital (I)

		31/12/2010		31/12/2009		31/12/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

			31/12/2010		31/12/2009		31/12/2008
	Total Active fixed asset (II)	Net	20 494 943	14,5%	17 898 294	9,6%	16 323 506
	Gross	BJ	42 273 287	11,4%	37 950 507	8,7%	34 927 200
	Amortisation	BK	21 778 344	8,6%	20 052 213	7,8%	18 603 693

Intangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	0	0%	0
	Gross	AF	0	0%	0	0%	0
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	6 147 227	2,9%	5 972 227	3,4%	5 776 730
	Gross	AH	6 147 227	2,9%	5 972 227	3,4%	5 776 730
	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	6 147 227	2,9%	5 972 227	3,4%	5 776 730

Tangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Lands	Net	307 523	2,7%	299 400	22,1%	245 249
	Gross	AN	806 828	6,0%	761 483	8,9%	699 480
	Amortisation	AO	499 305	8,1%	462 083	1,7%	454 231
	Buildings	Net	1 241 204	-0,7%	1 250 451	11,8%	1 118 182
	Gross	AP	3 041 363	5,2%	2 889 750	9,5%	2 638 215
	Amortisation	AQ	1 800 159	9,8%	1 639 299	7,8%	1 520 033
	Plant	Net	2 084 488	203,8%	686 058	46,8%	467 207
	Gross	AR	9 892 838	20,1%	8 238 111	4,5%	7 879 846
	Amortisation	AS	7 808 350	3,4%	7 552 053	1,9%	7 412 639
	Other tangible fixed assets	Net	8 299 084	14,1%	7 273 950	11,4%	6 530 592
	Gross	AT	19 967 109	13,0%	17 670 223	12,2%	15 744 876
	Amortisation	AU	11 668 025	12,2%	10 396 273	12,8%	9 214 284
	Fixed assets in construction	Net	124 280	-61,3%	320 960	24,9%	257 027
	Gross	AV	124 280	-61,3%	320 960	24,9%	257 027
	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	12 056 579		9 830 819		8 618 257

Financial assets

			31/12/2010		31/12/2009		31/12/2008
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	15 333	0%	15 333	0%	15 333
	Gross	CU	15 333	0%	15 333	0%	15 333
	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	11 998	0%	11 998	0%	11 998
	Gross	BD	12 821	0%	12 821	0%	12 821
	Amortisation	BE	823	0%	823	0%	823
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	2 263 806	9,5%	2 067 917	8,8%	1 901 188
	Gross	BH	2 265 488	9,5%	2 069 599	8,8%	1 902 870
	Amortisation	BI	1 682	0%	1 682	0%	1 682
	Sub Total Financial Assets		2 291 137		2 095 248		1 928 519

Current Assets (III)

			31/12/2010		31/12/2009		31/12/2008
	Total Assets	Net	37 768 155	7,7%	35 061 914	-4,7%	36 785 517
	Gross	CJ	40 340 852	9,5%	36 842 197	-4,3%	38 502 447
	Amortisation	CK	2 572 697	44,5%	1 780 283	3,7%	1 716 930

Stocks

			31/12/2010		31/12/2009		31/12/2008
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	20 747 906	26,2%	16 435 884	-0,2%	16 464 653
	Gross	BT	23 233 156	28,0%	18 157 150	0,2%	18 120 705
	Amortisation	BU	2 485 250	44,4%	1 721 266	3,9%	1 656 052
	Sub Total Stocks	Net	20 747 906	26,2%	16 435 884	-0,2%	16 464 653

Advance payments to suppliers

			31/12/2010		31/12/2009		31/12/2008
	Advance payments to suppliers	Net	0	0%	0	0%	0
	Gross	BV	0	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2010		31/12/2009		31/12/2008
	Trade accounts receivable	Net	520 770	75,6%	296 602	-26,2%	401 791
	Gross	BX	580 473	63,7%	354 557	-22,0%	454 378
	Amortisation	BY	59 703	3,0%	57 955	10,2%	52 587
	Other debtors	Net	2 364 170	-5,8%	2 509 334	34,5%	1 865 355
	Gross	BZ	2 391 914	-4,7%	2 510 396	34,0%	1 873 646
	Amortisation	CA	27 744	2512,4%	1 062	-87,2%	8 291
	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	2 884 940	2,8%	2 805 936	23,8%	2 267 146

Divers

			31/12/2010		31/12/2009		31/12/2008
	Investment securities	Net	12 932 567	-8,8%	14 176 452	-16,9%	17 056 851
	Gross	CD	12 932 567	-8,8%	14 176 452	-16,9%	17 056 851
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	1 014 237	-25,5%	1 361 690	58,8%	857 680
	Gross	CF	1 014 237	-25,5%	1 361 690	58,8%	857 680
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	13 946 804	-10,2%	15 538 142	-13,3%	17 914 531

Prepaid expenses

			31/12/2010		31/12/2009		31/12/2008
	Prepaid expenses	Net	188 505	-33,1%	281 952	102,6%	139 186
	Gross	CH	188 505	-33,1%	281 952	102,6%	139 186
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010		31/12/2009		31/12/2008
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	-	-

References

		31/12/2010		31/12/2009		31/12/2008
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

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

Grand Total - Passive Accounts (I to IV)

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to V)	EE	58 263 097	10,0%	52 960 206	-0,3%	53 109 023

Shareholder Equity (I)

			31/12/2010		31/12/2009		31/12/2008
	Total shareholders' equity (Total I)	DL	38 171 778	2,6%	37 199 754	7,9%	34 480 118
	Equity and shareholders' equity	DA	5 000 000	0%	5 000 000	0%	5 000 000
	Issue and merger premiums	DB	19 636 967	0%	19 636 967	0%	19 636 967
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	500 000	34,2%	372 493	108,1%	179 020
	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	10 956 771	54,8%	7 077 365	108,1%	3 401 374
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	1 428 831	0%	1 428 831
	Profit or loss for the period	DI	820 780	-68,2%	2 578 082	-33,4%	3 869 465
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	1 257 261	13,7%	1 106 016	14,7%	964 462

Other capital resources (II)

			31/12/2010		31/12/2009		31/12/2008
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			31/12/2010		31/12/2009		31/12/2008
	Total provisions for risks and charges (Total III)	DR	819 525	16,3%	704 698	3,4%	681 640
	Risk provisions	DP	129 259	10,2%	117 259	-16,5%	140 359
	Reserves for charges	DQ	690 266	17,5%	587 439	8,5%	541 281

Liabilities (IV)

			31/12/2010		31/12/2009		31/12/2008
	Total Liabilities (Total IV)	EC	19 271 794	28,0%	15 055 755	-16,1%	17 947 265
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	18 190	9276,3%	194	-0,5%	195
	Sundry loans and financial liabilities	DV	34 457	-68,2%	108 441	-96,5%	3 055 748
	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	14 632 463	41,9%	10 311 903	4,2%	9 897 168
	Tax and social security liabilities	DY	3 902 505	-4,4%	4 082 568	-10,5%	4 560 102
	Fixed asset liabilities	DZ	626 762	19,4%	525 034	57,5%	333 312
	Other debts	EA	21 395	-22,5%	27 615	-72,6%	100 740

Translation loss (V)

		31/12/2010		31/12/2009		31/12/2008
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2010		31/12/2009		31/12/2008
Deferred income	EB	36 022	0%	0	0%	0

References

		31/12/2010		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	19 271 794	28,0%	15 055 206	-16,1%	17 947 265
Of which current bank facilities	EH	18 079	40988,6%	44	0%	44

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)

		31/12/2010		31/12/2009		31/12/2008
Operating result (Total I-II)	GG	853 811	-77,3%	3 755 067	-22,6%	4 854 194

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	527 252	17,9%	447 204	-16,2%	533 937

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

		31/12/2010		31/12/2009		31/12/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1 381 063	-67,1%	4 202 271	-22,0%	5 388 131

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	-177 755	45,0%	-322 951	-135,6%	906 673

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	820 780	-68,2%	2 578 082	-33,4%	3 869 465

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	110 365 144	5,4%	104 754 364	-1,5%	106 353 497

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

		31/12/2010		31/12/2009		31/12/2008
Total charges (Total II+IV+VI+VIII+IX+X)	HM	109 544 364	7,2%	102 176 282	-0,3%	102 484 032

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	109 654 298	5,3%	104 097 341	-0,1%	104 249 535

Operating income (details)

			31/12/2010		31/12/2009		31/12/2008
	Sale of goods for resale	FC	107 338 080	5,3%	101 970 161	0,1%	101 887 266
	France	FA	107 338 080	5,3%	101 970 161	0,1%	101 887 266
	Export	FB	0	0%	0	0%	0
	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	71 573	-1,3%	72 531	-69,7%	239 663
	France	FG	71 573	-1,3%	72 531	-69,7%	239 663
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	107 409 652	5,3%	102 042 692	-0,1%	102 126 929
	France	FJ	107 409 652	5,3%	102 042 692	-0,1%	102 126 929
	Export	FK	0	0%	0	0%	0
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	2 147 366	9,2%	1 965 622	-4,1%	2 050 166
	Other income	FQ	97 280	9,3%	89 027	22,9%	72 440

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	108 800 487	8,4%	100 342 274	1,0%	99 395 341

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	66 718 035	13,3%	58 875 804	0,7%	58 447 170
Change in stocks of goods for resale	FT	-5 081 318	-17635,2%	-28 651	-101,5%	1 854 925
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	5 312	168,1%	-7 795	-113,4%	58 033
Other external purchases and charges	FW	25 092 047	12,3%	22 347 802	7,9%	20 706 723
Tax, duty and similar payments	FX	2 398 456	20,0%	1 998 047	4,8%	1 905 736
Payroll	FY	11 956 887	9,4%	10 931 266	3,9%	10 522 666
Social security costs	FZ	2 672 221	9,4%	2 442 462	1,6%	2 405 157

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	2 236 522	21,5%	1 840 851	11,1%	1 657 345
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	2 543 314	45,2%	1 751 064	3,7%	1 688 010
Provisions for risks and charges	GD	122 287	128,1%	53 618	33,0%	40 314

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	136 723	-0,8%	137 805	26,1%	109 263

Operating charges (III-IV)

		31/12/2010		31/12/2009		31/12/2008
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			31/12/2010		31/12/2009		31/12/2008
	Total financial income (Total V)	GP	529 034	13,1%	467 857	-35,5%	725 742
	Share financial income	GJ	2 265	-37,4%	3 619	-54,8%	8 000
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	514 414	17,9%	436 283	-9,3%	480 969
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	0	0%	0	0%	0
	Net income from disposal of investment securities	GO	12 355	-55,8%	27 954	-88,2%	236 773

Financial Charge (VI)

			31/12/2010		31/12/2009		31/12/2008
	Total financial charge (Total VI)	GU	1 782	-91,4%	20 653	-89,2%	191 805
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	1 782	-91,4%	20 653	-89,2%	191 805
	Exchange losses	GS	0	0%	0	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary income (Total VII)	HD	181 812	-3,9%	189 166	-86,3%	1 378 221
	Extraordinary operating income	HA	0	0%	0	0%	105
	Extraordinary income from capital transactions	HB	0	0%	30 000	-97,5%	1 212 250
	Released provisions and transferred charges	HC	181 812	14,2%	159 166	-4,0%	165 866

Extraordinary charges (VIII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	359 567	-29,8%	512 117	8,6%	471 548
	Extraordinary operating charges	HE	1 200	0%	0	0%	721
	Extraordinary charges from capital transactions	HF	0	0%	9 272	-80,0%	46 317
	Extraordinary reserves and provisions	HG	358 367	-28,7%	502 845	18,5%	424 511

Employee profit sharing (IX)

		31/12/2010		31/12/2009		31/12/2008
Employee profit sharing (Total IX)	HJ	0	0%	147 188	-71,0%	507 028

Tax on profits (X)

		31/12/2010		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	382 529	-66,9%	1 154 050	-39,8%	1 918 309

References

		31/12/2010		31/12/2009		31/12/2008
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	396 465	55,6%	254 812	-26,4%	346 343
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	240

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)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	0	0%	0	0%	0
Gross value at the end of period	OL	0	0%	0	0%	0

Research and development Charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	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)

			31/12/2010		31/12/2009		31/12/2008
	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)

			31/12/2010		31/12/2009		31/12/2008
	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)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	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)

			31/12/2010		31/12/2009		31/12/2008
	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

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2010		31/12/2009		31/12/2008
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7C	0	0%	0	0%	654 000
Increases		UB	0	0%	0	0%	40 000
Decreases		UC	0	0%	0	0%	13 000
	Value at the end of period	UD	0	0%	0	0%	681 000

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)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	5Z	0	0%	0	0%	654 000
Increases		TV	0	0%	0	0%	40 000
Decreases		TW	0	0%	0	0%	13 000
	Value at the end of period	TX	0	0%	0	0%	681 000

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	0	0%	0	0%	0
1 year at most	VU	0	0%	0	0%	0
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2010		31/12/2009		31/12/2008
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
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	0	0%	0	0%	0

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	0	0%	0	0%	0

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	0	0%	0	0%	0
1 year at most		VZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2010		31/12/2009		31/12/2008
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	0	0%	0
1 year at most		8B2	0	0%	0	0%	0
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	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	0	0%	0	0%	0
1 year at most		8D2	0	0%	0	0%	0
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	0	0%	0	0%	0
1 year at most		8K2	0	0%	0	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

		31/12/2010		31/12/2009		31/12/2008
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2010		31/12/2009		31/12/2008
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2010		31/12/2009		31/12/2008
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2010		31/12/2009		31/12/2008
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

		31/12/2010		31/12/2009		31/12/2008
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

		31/12/2010		31/12/2009		31/12/2008
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

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	598	0%	0	0%	524

Groups and Shareholders

		31/12/2010		31/12/2009		31/12/2008
Groups and Shareholders	ZR	0	-	0	-	-

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

Structure and Liquidity

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Fixed Asset Financing		1,44	-5,9%	1,53	-6,1%	1,63	1,24	16,1%
Global Debt		65 days	22,6%	53 days	-15,9%	63 days	182 days	-64,3%
Working Capital Fund overall net		62 days	-12,7%	71 days	-7,8%	77 days	38 days	63,2%
Financial independence		209850,35%	-98,9%	19175130,93%	8,4%	17682111,79%	92,25%	227380,1%
More ratios
Solvability		65,52%	-6,7%	70,24%	8,2%	64,92%	24,38%	168,7%
Capacity debt futures		%	-	%	-	%	381,51%	-
Coverage of current assets by net working capital overall		34,91%	-12,0%	39,65%	0,4%	39,51%	29,36%	18,9%
General Liquidity			-		-		0,09	-
Restricted Liquidity			-		-		0,31	-

Management or rotation

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital		15 days	0%	15 days	7,1%	14 days	0 days	0%
Treasury		47 days	-14,5%	55 days	-12,7%	63 days	2 days	2250,0%
Inventory turnover of goods		136 days	22,5%	111 days	2,8%	108 days	147 days	-7,5%
Average length of credit granted to customers		2 days	100%	1 days	-50,0%	2 days	0 days	0%
Average length of credit obtained suppliers		61 days	32,6%	46 days	4,5%	44 days	50 days	22,0%
More ratios
Inventory turnover of raw materials in industrial enterprises		days	-	days	-	days	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	485 days	-
Rotation tangible assets		%	-	%	-	%	565,77%	-

Profitability of the business

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading		42,55%	0,7%	42,26%	3,8%	40,72	42,56%	0,0%
Profitability of the business		3,40	-36,7%	5,37	-12,0%	6,10	4,43%	-23,3%
Net profit		0,76%	-70,0%	2,53%	-33,2%	3,79%	1,84%	-58,7%
More ratios
Growth rate of turnover (excluding VAT)		5,26%	6675,0%	-0,08%	-100,2%	33,59%	-0,66%	897,0%
Rates integration		19,25%	-5,8%	20,44%	-0,9%	20,62%	25,06%	-23,2%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		70,76%	10,3%	64,13%	4,5%	61,39%	71,55%	-1,1%
Weight interests		0	0%	0,02%	-89,5%	0,19%	0,66%	0%

Return on capital

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability		3,18%	-33,8%	4,80%	2,3%	4,69%	3,97%	-19,9%
Rates of economic profitability		10%	-33,3%	15%	-11,8%	17%	10,77%	-7,1%
Financial profitability		38171778%	2,6%	37199754%	7,9%	34480118%	4478%	852329,2%
Return on investment		2,15%	-69,2%	6,97%	-35,6%	10,82%	7,33%	-70,7%

Soldes Intermédiaires de Gestion

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Turnover	107 409 652	5,3%	102 042 692	-0,1%	102 126 929	235 208 €	45565,9%

Sales of goods	107 338 080	5,3%	101 970 161	0,1%	101 887 266
- Purchase of goods	66 718 035	13,3%	58 875 804	0,7%	58 447 170
+/- Stock of goods variation	-5 081 318	-17635,2%	-28 651	-101,5%	1 854 925
Trading margin	45 701 363 €	6,0%	43 123 008 €	3,7%	41 585 171 €	94 579 €	48220,8%
	42,55 % CA	0,7%	42,26 % CA	3,8%	40,72 % CA	42,89 % CA	-0,8%

Sale of goods produced	71 573	-1,3%	72 531	-69,7%	239 663
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	71 573 €	-1,3%	72 531 €	-69,7%	239 663 €	0 €	0%
	0,07 % CA	0%	0,07 % CA	-69,6%	0,23 % CA	0 % CA	0%

Trading margin	45 701 363	6,0%	43 123 008	3,7%	41 585 171	94 579	48220,8%
+ Period Production	71 573	-1,3%	72 531	-69,7%	239 663	0	0%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	5 312	168,1%	-7 795	-113,4%	58 033
- Other external purchases and charges	25 092 047	12,3%	22 347 802	7,9%	20 706 723
Added value	20 675 577 €	-0,9%	20 855 532 €	-1,0%	21 060 078 €	60 854,50 €	33875,4%
	19,25 % CA	-5,8%	20,44 % CA	-0,9%	20,62 % CA	25,06 % CA	-23,2%

Added value	20 675 577 €	-0,9%	20 855 532 €	-1,0%	21 060 078 €	60 854,50 €	33875,4%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	2 398 456	20,0%	1 998 047	4,8%	1 905 736
- Personal charges	14 629 108	9,4%	13 373 728	3,4%	12 927 823
Gross operating surplus	3 648 013 €	-33,5%	5 483 757 €	-11,9%	6 226 519 €	9 580 €	37979,5%
	3,40 % CA	-36,7%	5,37 % CA	-12,0%	6,10 % CA	4,43 % CA	-23,3%

Gross operating surplus	3 648 013 €	-33,5%	5 483 757 €	-11,9%	6 226 519 €	9 580 €	37979,5%
+ Release of reserves and provisions	2 147 366	9,2%	1 965 622	-4,1%	2 050 166
+ Other operating income	97 280	9,3%	89 027	22,9%	72 440
- Depreciation/Amortisation	4 902 123	34,5%	3 645 533	7,7%	3 385 669
- Other charges	136 723	-0,8%	137 805	26,1%	109 263
Operating result	853 813 €	-77,3%	3 755 068 €	-22,6%	4 854 193 €	6 073 €	13959,2%
	0,79 % CA	-78,5%	3,68 % CA	-22,5%	4,75 % CA	2,74 % CA	-71,2%

Operating result	853 813 €	-77,3%	3 755 068 €	-22,6%	4 854 193 €	6 073 €	13959,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	529 034	13,1%	467 857	-35,5%	725 742
- Financial charges	1 782	-91,4%	20 653	-89,2%	191 805
Pre-tax result	1 381 065 €	-67,1%	4 202 272 €	-22,0%	5 388 130 €	3 959,50 €	34779,8%
	1,29 % CA	-68,7%	4,12 % CA	-22,0%	5,28 % CA	1,85 % CA	-30,3%

Extraordinary income	181 812	-3,9%	189 166	-86,3%	1 378 221	0	0%
- Extraordinary charges	359 567	-29,8%	512 117	8,6%	471 548
Extraordinary result	-177 755 €	45,0%	-322 951 €	-135,6%	906 673 €	0 €	0%
	-0,17 % CA	46,9%	-0,32 % CA	-136,0%	1 % CA	0 % CA	0%

Pre-tax result	1 381 065 €	-67,1%	4 202 272 €	-22,0%	5 388 130 €	3 959,50 €	34779,8%
Extraordinary result	-177 755 €	45,0%	-322 951 €	-135,6%	906 673 €	0 €	0%
- Employee profit sharing	0	0%	147 188	-71,0%	507 028
- Tax on profits	382 529	-66,9%	1 154 050	-39,8%	1 918 309
Net result	820 781 €	-68,2%	2 578 083 €	-33,4%	3 869 466 €	4 192 €	19479,7%
	0,76 % CA	-70,0%	2,53 % CA	-33,2%	3,79 % CA	1,84 % CA	-58,7%

ADDITIONAL INFORMATION

Trends

Profitability

Liquidity

Net worth

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
16/01/2013	JAL	Appointment of the social representative
Infos (Les) Date de décision : 31/12/2012 Société faisant l'objet d'une nomination : 493821821 - CELTAT, 4 RUE DE HAUTE BRETAGNE, ZI DE LA MOTTAIS, 35140 SAINT AUBIN DU CORMIER Nominé : Madame Françoise DESPREZ, 35700 RENNES En la fonction de : Président du Conseil de Surveillance Nominé : Mademoiselle Marie DESPREZ, 35000 RENNES En la fonction de : Membre du Directoire Nominé : Monsieur Pierre DESPREZ, 35000 RENNES En la fonction de : Membre du Directoire Nominé : Monsieur Edouard DESPREZ, 35000 RENNES En la fonction de : Membre du Directoire Nominé : Monsieur Éric DESPREZ, 35700 RENNES En la fonction de : Membre du Directoire Nominé : Monsieur Jean-Emile DESPREZ, 50400 GRANVILLE En la fonction de : Membre du Directoire Nominé : Monsieur François DESPREZ, 75018 PARIS 18 En la fonction de : Membre du Conseil de Surveillance Nominé : Mademoiselle Elise DESPREZ, 50400 GRANVILLE En la fonction de : Membre du Conseil de Surveillance Nominé : Mademoiselle Clarisse DESPREZ, 35510 CESSON SEVIGNE En la fonction de : Membre du Conseil de Surveillance Nominé : Madame Françoise DESPREZ, 35700 RENNES En la fonction de : Membre du Conseil de Surveillance
09/10/2012	Bodacc A	Vente et cession : Vendeur
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE SAINT-NAZAIRE 417 - 752 980 078 RCS Vannes. MANODIS. Forme : Société à responsabilité limitée. Adresse : 27 rue du Lac, 56800 Ploermel. Origine du fonds : Achat au prix stipulé de 70000,00 euros. Etablissement : Etablissement principal. Activité : Vente d'articles d'équipement de la personne notamment vente de vêtements adultes et enfants accessoires de mode articles de maroquinerie chaussures. Adresse : centre commercial de l'Europe, Zac les Terres Jarries, 44210 Pornic. Précédent propriétaire : CELTAT. 493 821 821 RCS Saint-Nazaire. A dater du : 01/10/2012. Date de commencement de l’activité : 01/10/2012. Publication légale : Loire Atlantique Agricole du 21/09/2012. Oppositions : Au siège du fonds vendu ZAC les Terres Jarries Centre Commercial de l'Europe 44210 Pornic pour la validité. Commentaires : Achat d'un établissement principal par une personne morale lors de l'immatriculation.
21/09/2012	JAL	Activity or goodwill cession
Loire Atlantique Agricole Date de décision : 05/09/2012 Cédant : 493821821 - CELTAT, 4 RUE DE HAUTE BRETAGNE, ZI DE LA MOTTAIS, 35140 SAINT AUBIN DU CORMIER Cessionnaire : 752980078 - MANODIS, 27 RUE DU LAC, 56800 PLOERMEL Prix de vente : 70000 € Date d’effet : 01/10/2012
20/12/2011	Bodacc C	Comptes annuels et rapports
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 5180 - 493821821 RCS. CELTAT. Forme : S.A.S. unipersonnelle. Adresse : 4 rue de Haute Bretagne Z.I. de la Mottais 35140 Saint-Aubin-du-Cormier. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
11/10/2010	Bodacc C	Comptes annuels et rapports
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 5035 - 493821821 RCS. CELTAT. Forme : S.A.S. unipersonnelle. Adresse : 4 rue de Haute Bretagne Z.I. de la Mottais 35140 Saint-Aubin-du-Cormier. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
02/10/2009	Bodacc C	Comptes annuels et rapports
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 2311 - 493821821 RCS. CELTAT. Forme : Société par actions simplifiée unipersonnelle. Adresse : 4 rue de Haute Bretagne Z.I. de la Mottais 35140 Saint-Aubin-du-Cormier. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
05/12/2008	Bodacc C	Comptes annuels et rapports
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 3349 - 493821821 RCS. CELTAT. Forme : Société par actions simplifiée. Adresse : 4 rue de Haute Bretagne Z.I. de la Mottais 35140 Saint-Aubin-du-Cormier. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
01/02/2007	Bodacc A	Création d'établissement
0552 - RCS Rennes B 493 821 821. A dater du : 18 janvier 2007. RC 07-B 103. CELTAT. Forme : S.A.S. Capital : 5 000 000 d'euros. Adresse du siège social : Z.I. de la Mottais, 4 rue de Haute-Bretagne, 35140 Saint-Aubin-du-Cormier. Administration : directeur général : DESPREZ (Eric, Jean, Louis, Emile). Commissaire aux comptes titulaire : K.M.P.G. S.A. Commissaire aux comptes suppléant : THOUVENEL (Eric). Cette société se constitue . Etablissement principal - Activité : vente d'articles d'équipement de la personne et toutes activités complémentaires, connexes ou accessoires. Adresse : Z.I. de la Mottais, 4 rue de Haute-Bretagne, 35140 Saint-Aubin-du-Cormier. Date de début d'activité : 19 janvier 2007.

Company events history

Date	Description
14/01/2013	New legal form – new category
14/01/2013	New chairman (CEO, CoB)
14/01/2013	Appointment/resignation of company officers
14/01/2013	Updated articles of association
14/01/2013	Amendment
31/12/2012	Legal Gazette: Appointment of the social representative
09/10/2012	Bodacc A : Sale and transfer
17/09/2012	Formation of Establishment
05/09/2012	Legal Gazette: Activity or goodwill cession
12/06/2012	Formation of Establishment
02/03/2012	New subsidiarie(s) detected
02/03/2012	New ultimate parent
02/03/2012	New parent detected
31/12/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
20/12/2011	Bodacc C : Deposit accounts notice
14/02/2011	Collection of preferential rights activated for this company
31/12/2010	New accounts available
11/10/2010	Bodacc C : Deposit accounts notice
25/01/2010	Update of Company Workforce
25/01/2010	Formation of Establishment
31/12/2009	New accounts available
02/10/2009	Bodacc C : Deposit accounts notice
20/07/2009	Statuts mis à jour
20/07/2009	Amendment
20/07/2009	Acte modificatif
20/07/2009	Updated articles of association
20/07/2009	Private document
20/07/2009	Minutes of general meeting of shareholders
03/07/2009	Update of Company Legal Form
03/07/2009	Other modification of Establishment (error correction)
28/05/2009	Formation of Establishment
31/12/2008	New accounts available
05/12/2008	Bodacc C : Deposit accounts notice
16/05/2008	Projet de Fusion
16/05/2008	Planned merger
16/05/2008	Merger
16/05/2008	Minutes of general meeting of shareholders
16/05/2008	Déclaration de conformité
16/05/2008	Private document
16/05/2008	Declaration of conformity
16/05/2008	Amendment
16/05/2008	Acte modificatif
01/04/2008	Formation of Establishment
12/03/2008	Audit or Management Report
12/03/2008	Rapport des Commissaires ou du Gérant
12/03/2008	Private document
22/02/2008	Projet de Fusion
22/02/2008	Private document
22/02/2008	Planned merger
20/02/2008	Acte modificatif
20/02/2008	Application and court order
20/02/2008	Requête et Ordonnance
18/02/2008	Application and court order
31/12/2007	New accounts available
18/01/2007	Private document
18/01/2007	Company formation
18/01/2007	Formation de Société
18/01/2007	Articles of association
18/01/2007	Rapport des Commissaires ou du Gérant
18/01/2007	Audit or Management Report
18/01/2007	Statuts

Establishment events history

Date	Description
13/01/2013	Update of phone numbers
03/10/2012	Update Limit
17/09/2012	Modification of Head office
08/09/2012	Update Rating
12/06/2012	Modification of Head office
03/03/2012	Update Rating
31/12/2011	Update Limit
31/12/2011	Update Rating
21/10/2011	Update Limit
12/10/2011	Update Rating
07/09/2011	Update Rating
20/09/2010	Update Rating
10/09/2010	Update Rating
25/01/2010	Modification of Head office
30/12/2009	Update Rating
23/09/2009	Update Rating
05/09/2009	Update Rating
03/07/2009	Modification of Head office
28/05/2009	Modification of Head office
26/11/2008	Update Limit
26/11/2008	Update Rating
30/06/2008	Update Rating
30/06/2008	Update Limit
25/06/2008	Update Limit
25/06/2008	Update Rating
16/06/2008	Update Rating
01/04/2008	Modification of Head office
19/01/2007	Formation of Establishment

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.73
UK Pound	1	Rs.91.82
Euro	1	Rs.78.23

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.