MIRA INFORM REPORT

Report Date :

27.06.2013

IDENTIFICATION DETAILS

Name :	PRODITEC
Registered Office :	3 Rue Eugene Chevreul 33600 Pessac
Country :	France
Financials (as on) :	31.12.2006
Date of Incorporation :	December, 1987
Com. Reg. No.:	RCS Bordeaux 8 342 874 013
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of scientific and technical instruments
No. of Employees :	20 to 49 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	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

Name

PRODITEC

SIRET

342 874 013 00051

Personal comment

Company summary

Name	PRODITEC	EUR VAT Number	FR04342874013
Activity (APE)	Manufacture of scientific and technical instruments (2651B)	Legal form	Simplified joint stock company
Phone	05 57 89 17 20	RCS Registration	RCS Bordeaux 8 342 874 013
Fax		Share capital	969,133 Euros
Address	PRODITEC 3 RUE EUGENE CHEVREUL 33600 PESSAC	Incorporated Date	12/1987
Nationality	France	Status	Economically active

Establishment details

Activity (APE)	Manufacture of scientific and technical instruments (2651B)	Business Pages FT®
Postal Address	PRODITEC 3 RUE EUGENE CHEVREUL 33600 PESSAC	Trading Address	3 RUE EUGENE CHEVREUL 33600 PESSAC
Telephone	05 57 89 17 20
Fax

DIRECTORS/MANAGEMENT

Current Directors

2

Directors

Shareholder(s)

Name	CECOFI
Name of representative	M RIBOULET CHRISTOPHE JEAN MICHEL
Manager position	President	Date of birth	15/04/1967
Place of birth	MONTPELLIER
Type	Moral person	Name at birth

Name	M. RIBOULET CHRISTOPHE
Manager position	President of the supervisory council	Date of birth	15/04/1967
Place of birth	MONTPELLIER
Type	Individual	Name at birth

Previous Directors

If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
President	M CHRISTOPHE RIBOULET	15/04/1967 - MONTPELLIER
Chairman of the Board	M CHRISTOPHE RIBOULET	15/04/1967 - MONTPELLIER
Vice-president	M MARK WILLIAMS	03/03/1950 - TUSCALOOSA USA

NEGATIVE INFORMATION

No social security and tax office preferential right to date.

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	13/04/2010
Status of Monitoring	No social security and tax office preferential right to date

Recent publications in Gazettes

Publication date	Gazette Name	Description
31/10/2012	Bodacc B	Modification et mutation diverse
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 881 - 342 874 013 RCS Bordeaux. PRODITEC. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : FABRE Eric en fonction le 04 Juillet 2000 Commissaire aux comptes suppléant : BLOCK Dominique en fonction le 04 Juillet 2000 Vice président du comité de surveillance : WILLIAMS Mark modification le 27 Juillet 2006 Membre : WILLIAMS Mark en fonction le 27 Juillet 2006 Président du comité de surveillance : RIBOULET Christophe en fonction le 27 Juillet 2006 Président : CECOFI représenté par RIBOULET Christophe Jean Michel en fonction le 23 Octobre 2012. Activité : . Commentaires : Modification de représentant.
19/10/2012	JAL	Appointment of the social representative
Echos Judiciaires Girondins (Les) Date de décision : 05/10/2012 Société faisant l'objet d'une nomination : 342874013 - PRODITEC, 3 RUE EUGENE CHEVREUL, 33600 PESSAC Nominé : 509109666 - CECOFI, 34 ALL DU BOIS D ANDUCHE, 33170 GRADIGNAN En la fonction de : Président
19/10/2012	JAL	Resignation / Revocation of the social representative
Echos Judiciaires Girondins (Les) Date de décision : 05/10/2012 La société 342874013 - PRODITEC, 3 RUE EUGENE CHEVREUL, 33600 PESSAC Fait l'objet du départ de Monsieur Christophe RIBOULET
26/10/2011	Bodacc B	Modification et mutation diverse
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 1451 - 342 874 013 RCS Bordeaux. PRODITEC. Forme : Société par actions simplifiée. Capital : 969133.95 EUR. Activité : . Commentaires : Modification du capital.
14/10/2011	JAL	Modification of the share capital
Echos Judiciaires Girondins (Les) Date de décision : 10/10/2011 La société : 342874013 - PRODITEC, 3 RUE EUGENE CHEVREUL, 33600 PESSAC a subi une augmentation de son capital social désormais de 969 134 € Date d'effet : 10/10/2011
27/03/2008	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 3011 - 342874013 RCS. PRODITEC. Forme : Société par actions simplifiée. Adresse : 3 rue Eugène Chevreul 33600 Pessac. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
23/08/2006	Bodacc B	Modifications et mutations diverses
0767 - RCS Bordeaux B 342 874 013. RC 87-B 1613. PRODITEC. Forme : S.A.S. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : modification d'un vice-président du comité de surveillance : WILLIAMS (Mark) (Nom d'usage : WILLIAMS). Administrateur partant : PRODIFINANCE, représentée par RIBOULET (Olivier). Modification du président : RIBOULET (Christophe). Nomination d'un membre : WILLIAMS (Mark). Nomination d'un président du comité de surveillance : RIBOULET (Christophe).
21/07/2006	Bodacc C	Avis de dépôt des comptes
160 - RCS Bordeaux B 342 874 013. RC 87-B 1613. PRODITEC. Forme: S.A. Adresse du siège social: 3, rue Eugène Chevreul,33600 Pessac. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
30/03/2006	Bodacc B	Modifications et mutations diverses
1014 - RCS Bordeaux B 342 874 013. RC 87-B 1613. PRODITEC. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration partant : RIBOULET (Philippe, Jean, Julien). Administrateur partant : RIBOULET (Danielle, Pierrette, Georgette). Directeur général et administrateur partant : RIBOULET (Christophe, Jean, Michel). Administrateur partant : RZELTENY (Michel). Nomination d'administrateurs : WILLIAMS (Mark) (Nom d'usage : WILLIAMS) PRODIFINANCE, représentée par RIBOULET (Olivier). Nomination du président du conseil d'administration et directeur général : RIBOULET (Christophe).
17/11/2005	Bodacc B	Modifications et mutations diverses
382 - RCS Bordeaux B 342 874 013. RC 87-B 1613. PRODITEC. Forme : S.A. Capital : 953 351,35 euros. Commentaires : modification survenue sur le capital (augmentation).
21/06/2005	Bodacc C	Avis de dépôt des comptes
199 - RCS Bordeaux B 342 874 013. RC 87-B 1613. PRODITEC. Forme: S.A. Adresse du siège social: 3, rue Eugène Chevreul,33600 Pessac. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
05/09/2004	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 342874013 RC 87-B 1613 PRODITEC. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : administrateur partant : RIBOULET ( Olivier).
05/09/2004	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 342874013 RC 87-B 1613 PRODITEC. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : nomination d'un administrateur : RZELTENY (Michel).
23/08/2001	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 342874013 RC 87-B 1613 PRODITEC. Forme : S.A. Capital : 1 000 000 d'euros. Commentaires : modification survenue sur le capital (augmentation) et l'administration. Administration : modification du directeur général et administrateur : RIBOULET (Christophe, Jean, Michel).
20/07/2000	Bodacc B	Modifications et mutations diverses
*. RCS Bordeaux B 342 874 013 RC 87-B 1613 PRODITEC. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : suppression : commissaire aux comptes titulaire : PUECH (Christian). Nomination en qualité de commissaire aux comptes titulaire : FABRE (Eric). Suppression : commissaire aux comptes suppléant : S.A. J.P.A. WANLIN GRELIER. Nomination en qualité de commissaire aux comptes suppléant : BLOCK ( Dominique).
20/07/2000	Bodacc B	Modifications et mutations diverses
*. RCS Bordeaux B 342 874 013 RC 87-B 1613 PRODITEC. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : nomination en qualité de directeur général non administrateur : RIBOULET ( Christophe, Jean, Michel).
17/07/1997	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 342 874 013 RC 87-B 1613 PRODITEC. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : administrateur partant : RIBOULET ( Christophe, Jean, Michel). Nomination d' un administrateur : RIBOULET (Olivier).
07/03/1997	Bodacc B	Modifications et mutations diverses
RCS *. RCS Bordeaux B 342 874 013 RC RC 87-B 1613 PRODITEC. Forme : S.A. Capital : 1 850 000 F. Commentaires : modification survenue sur le capital.
28/04/1996	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 342 874 013 RC 87-B 1613 PRODITEC. Forme : S.A. Adresse du siège social : 3 rue Eugène-Chevreul 33600 Pessac. Commentaires : modification survenue sur l'adresse du siège social.

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Payment Information Summary - Trade Payment Data

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GROUP STRUCTURE & AFFILIATED COMPANIES

Linkages

No linked companies

FINANCIAL INFORMATION

Trading to Date	12/31/2006	12/31/2005	12/31/2004
	Turnover	7,416,594 €	6,297,011 €	8,540,190 €
	Gross Operating Surplus	12,61 % Turnover	9,90 % Turnover	21,19 % Turnover
	Shareholders’ equity	2,832,287 €	2,720,949 €	2,924,009 €
	Net result	508,799 €	208,756 €	610,506 €
	Employees	20 to 49 employees	-	-

Accounts

Active Account | Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	ilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2006	31/12/2005	31/12/2004
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	-	-	-
Activity Code	2651B	2651B	2651B
Employees	28	30	31

Active account

Annual Accounts	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	584 061	-28,2%	813 311	-27,1%	1 115 060	57 479	916,1%
- Intangible assets	418 111	-40,2%	699 578	-29,0%	985 567	4 065	10185,6%
- Tangible assets	101 951	93,0%	52 811	-23,4%	68 918	22 916	344,9%
- Financial assets	63 999	5,1%	60 921	0,6%	60 574	3 182	1911,3%
Net current assets	5 219 922	11,8%	4 668 006	-5,3%	4 931 298	484 574	977,2%
- Stocks	992 420	-10,5%	1 109 235	-2,4%	1 136 306	76 985	1189,1%
- Advanced payments	213 589	11,8%	0	0%	96 660	0	0%
- Receivables	1 273 994	-28,8%	1 790 142	12,2%	1 595 798	258 118	393,6%
- Securities and cash	2 739 918	54,9%	1 768 629	-15,9%	2 102 535	67 774	3942,7%
- Prepaid expenses	-	-	-	-	-	234	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	5 803 982	5,9%	5 481 317	-9,3%	6 046 358	616 639	841,2%

Passive Account

Annual Accounts	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Shareholders' equity	2 832 287	4,1%	2 720 949	-6,9%	2 924 009	203 021	1295,1%
Share capital	953 351	0%	953 351	-4,7%	1 000 000	60 000	1488,9%
Other capital resources	638 799	-20,8%	806 915	9,0%	740 191	0	0%
Risk Provisions	198 933	-44,6%	359 340	12,1%	320 460	0	0%
Liabilities	2 133 963	36,2%	1 567 237	-24,0%	2 061 698	318 434	570,1%
- Financial liabilities	200 823	100,4%	100 236	-23,1%	130 307	40 677	393,7%
- Advanced payments received	2 900	0%	0	0%	0	0	0%
- Trade account payables	1 057 917	37,3%	770 331	-8,9%	845 207	99 711	961,0%
- Tax and social liabilities	497 631	3,5%	480 941	-34,5%	734 385	107 284	363,8%
- Other debts and fixed assets liabilities	56	-99,9%	72 610	121,9%	32 720	5 840	-99,0%
Account regularization	374 636	120,4%	169 995	-46,7%	319 078	0	0%
Total liabilities	5 803 982	5,9%	5 481 317	-9,3%	6 046 358	630 622	820,4%

Results

Annual Accounts	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Sales of Goods	8 017 366	24,6%	6 433 914	-26,0%	8 691 135	759 635	955,4%
Net turnover	7 416 594	17,8%	6 297 011	-26,3%	8 540 190	732 683	912,3%
- of which net export turnover	7 057 242	24,5%	5 668 643	-29,5%	8 044 874	12 395	56836,2%
Operating charges	7 233 313	16,5%	6 210 041	-18,7%	7 637 520	744 324	871,8%
Operating profit/loss	784 053	250,2%	223 872	-78,8%	1 053 615	29 338	2572,5%
Financial income	63 207	-34,3%	96 190	116,7%	44 383	685	9127,3%
Financial charges	39 605	-30,6%	57 073	-37,2%	90 934	2 568	1442,3%
Financial profit/loss	23 602	-39,7%	39 117	184,0%	-46 551	-504	4782,9%
Pretax net operating income	807 654	207,1%	262 989	-73,9%	1 007 065	26 770	2917,0%
Extraordinary income	33 519	-48,5%	65 029	8869,5%	725	1 129	2868,9%
Extraordinary charges	7 600	-58,5%	18 305	136,0%	7 757	1 074	607,6%
Extraordinary profit/loss	25 919	-44,5%	46 724	764,4%	-7 032	0	0%
Net result	508 799	143,7%	208 756	-65,8%	610 506	27 496	1750,4%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2006	31/12/2005	31/12/2004
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2006		31/12/2005		31/12/2004
	Grand Total (I to VI)	Net	5 803 982	5,9%	5 481 317	-9,3%	6 046 358
	Gross	CO	7 220 529	7,6%	6 710 124	-3,9%	6 984 863
	Amortisation	1A	1 416 547	15,3%	1 228 807	30,9%	938 505

Non declared distributed capital (I)

		31/12/2006		31/12/2005		31/12/2004
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	-	-	-	-	-

Active fixed asset (II)

			31/12/2006		31/12/2005		31/12/2004
	Total Active fixed asset (II)	Net	584 061	-28,2%	813 311	-27,1%	1 115 060
	Gross	BJ	1 887 967	6,1%	1 779 406	0,7%	1 767 206
	Amortisation	BK	1 303 906	35,0%	966 094	48,1%	652 146

Intangible fixed assets

			31/12/2006		31/12/2005		31/12/2004
	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	414 997	-40,3%	695 323	-28,7%	975 649
	Gross	CX	1 401 630	0%	1 401 630	0%	1 401 630
	Amortisation	AE	986 633	39,7%	706 307	65,8%	425 981
	Distributorships, patents	Net	3 114	-26,8%	4 255	-57,1%	9 918
	Gross	AF	49 935	11,6%	44 762	12,7%	39 702
	Amortisation	AG	46 821	15,6%	40 507	36,0%	29 784
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and down payments	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	418 111	-40,2%	699 578	-29,0%	985 567

Tangible fixed assets

			31/12/2006		31/12/2005		31/12/2004
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	0	0%	0	0%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	62 365	1602,6%	3 663	203,2%	1 208
	Gross	AR	107 706	498,4%	17 998	23,5%	14 574
	Amortisation	AS	45 341	216,3%	14 335	7,2%	13 366
	Other tangible fixed assets	Net	39 586	-19,5%	49 148	-27,4%	67 710
	Gross	AT	264 696	4,2%	254 094	1,3%	250 725
	Amortisation	AU	225 110	9,8%	204 946	12,0%	183 015
	Fixed assets in construction	Net	0	0%	0	0%	0
	Gross	AV	0	0%	0	0%	0
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	0	0%	0	0%	0
	Gross	AX	0	0%	0	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	101 951		52 811		68 918

Financial assets

			31/12/2006		31/12/2005		31/12/2004
	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	838	0%	0	0%	0
	Gross	CU	838	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	63 161	3,7%	60 921	0,6%	60 574
	Gross	BH	63 161	3,7%	60 921	0,6%	60 574
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		63 999		60 921		60 574

Current Assets (III)

			31/12/2006		31/12/2005		31/12/2004
	Total Assets	Net	5 219 922	11,8%	4 668 006	-5,3%	4 931 298
	Gross	CJ	5 332 562	8,1%	4 930 719	-5,5%	5 217 657
	Amortisation	CK	112 641	-57,1%	262 713	-8,3%	286 359

Stocks

			31/12/2006		31/12/2005		31/12/2004
	Raw materials	Net	970 356	-9,2%	1 068 682	7,0%	998 366
	Gross	BL	1 082 997	-12,1%	1 231 962	7,4%	1 147 580
	Amortisation	BM	112 641	-31,0%	163 280	9,4%	149 214
	Work in progress (goods)	Net	5 360	-73,4%	20 160	-55,4%	45 200
	Gross	BN	5 360	-73,4%	20 160	-55,4%	45 200
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	16 704	-18,1%	20 393	-78,0%	92 740
	Gross	BP	16 704	-18,1%	20 393	-78,0%	92 740
	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	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	992 420	-10,5%	1 109 235	-2,4%	1 136 306

Advance payments to suppliers

			31/12/2006		31/12/2005		31/12/2004
	Advance payments to suppliers	Net	213 589	0%	0	0%	96 660
	Gross	BV	213 589	0%	0	0%	96 660
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2006		31/12/2005		31/12/2004
	Trade accounts receivable	Net	1 199 563	-30,5%	1 726 203	13,1%	1 525 881
	Gross	BX	1 199 563	-34,3%	1 825 636	12,3%	1 625 314
	Amortisation	BY	0	0%	99 433	0%	99 433
	Other debtors	Net	62 850	27,0%	49 492	13,3%	43 685
	Gross	BZ	62 850	27,0%	49 492	13,3%	43 685
	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	1 262 413	-28,9%	1 775 695	13,1%	1 569 566

Divers

			31/12/2006		31/12/2005		31/12/2004
	Investment securities	Net	919 583	-11,5%	1 038 948	-46,6%	1 945 063
	Gross	CD	919 583	-11,5%	1 038 948	-47,6%	1 982 775
	Amortisation	CE	0	0%	0	0%	37 712
	Cash and cash equivalents	Net	1 820 335	149,5%	729 681	363,4%	157 472
	Gross	CF	1 820 335	149,5%	729 681	363,4%	157 472
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	2 739 918	54,9%	1 768 629	-15,9%	2 102 535

Prepaid expenses

			31/12/2006		31/12/2005		31/12/2004
	Prepaid expenses	Net	11 581	-19,8%	14 447	-44,9%	26 232
	Gross	CH	11 581	-19,8%	14 447	-44,9%	26 232
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2006		31/12/2005		31/12/2004
Multi-period charges	CW3	0	0%	0	0%	0
Gross		-	-	-	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		-	-	-	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		-	-	-	-	-

References

		31/12/2006		31/12/2005		31/12/2004
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)

		31/12/2006		31/12/2005		31/12/2004
Grand Total (I to V)	EE	5 803 982	5,9%	5 481 317	-9,3%	6 046 358

Shareholder Equity (I)

			31/12/2006		31/12/2005		31/12/2004
	Total shareholders' equity (Total I)	DL	2 832 287	4,1%	2 720 949	-6,9%	2 924 009
	Equity and shareholders' equity	DA	953 351	0%	953 351	-4,7%	1 000 000
	Issue and merger premiums	DB	27 670	0%	27 670	0%	27 670
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	79 195	15,2%	68 758	79,8%	38 232
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	858	0%	0	0%	99 000
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	1 262 414	-13,7%	1 462 414	27,3%	1 148 601
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	0	0%	0
	Profit or loss for the period	DI	508 799	143,7%	208 756	-65,8%	610 506
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2006		31/12/2005		31/12/2004
	Total other capital resources (Total II)	DO	638 799	-20,8%	806 915	9,0%	740 191
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	638 799	-20,8%	806 915	9,0%	740 191

Provisions for risks and charges (III)

			31/12/2006		31/12/2005		31/12/2004
	Total provisions for risks and charges (Total III)	DR	198 933	-44,6%	359 340	12,1%	320 460
	Risk provisions	DP	49 869	-84,1%	313 800	13,4%	276 600
	Reserves for charges	DQ	149 064	227,3%	45 540	3,8%	43 860

Liabilities (IV)

			31/12/2006		31/12/2005		31/12/2004
	Total Liabilities (Total IV)	EC	2 133 963	36,2%	1 567 237	-24,0%	2 061 698
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	66 809	-33,3%	100 236	-23,1%	130 307
	Sundry loans and financial liabilities	DV	134 014	0%	0	0%	0
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	2 900	0%	0	0%	0
	Trade accounts payables	DX	1 057 917	37,3%	770 331	-8,9%	845 207
	Tax and social security liabilities	DY	497 631	3,5%	480 941	-34,5%	734 385
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	56	-99,9%	45 734	39,8%	32 720

Translation loss (V)

		31/12/2006		31/12/2005		31/12/2004
Translation loss (Total V)	ED	0	0%	26 876	0%	0

Equalization accounts

		31/12/2006		31/12/2005		31/12/2004
Deferred income	EB	374 636	120,4%	169 995	-46,7%	319 078

References

		31/12/2006		31/12/2005		31/12/2004
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	1 502 737	0%	0
Of which current bank facilities	EH	0	0%	2 061	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2006		31/12/2005		31/12/2004
Operating result (Total I-II)	GG	784 053	250,2%	223 872	-78,8%	1 053 615

2 - Financial result (V - VI)

		31/12/2006		31/12/2005		31/12/2004
Financial result (Total V-VI)	GV	23 602	-39,7%	39 117	184,0%	-46 551

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

		31/12/2006		31/12/2005		31/12/2004
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	807 654	207,1%	262 989	-73,9%	1 007 065

4 - Extraordinary result (VII-VIII)

		31/12/2006		31/12/2005		31/12/2004
Extraordinary result (Total VII-VIII)	HI	25 919	-44,5%	46 724	764,4%	-7 032

Profit or loss

		31/12/2006		31/12/2005		31/12/2004
Profit or loss	HN	508 799	143,7%	208 756	-65,8%	610 506

Total Income (I+III+V+VII)

		31/12/2006		31/12/2005		31/12/2004
Total Income (I+III+V+VII)	HL	8 114 092	23,0%	6 595 133	-24,5%	8 736 244

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

		31/12/2006		31/12/2005		31/12/2004
Total charges (Total II+IV+VI+VIII+IX+X)	HM	7 605 293	19,1%	6 386 377	-21,4%	8 125 738

Operating income (I)

		31/12/2006		31/12/2005		31/12/2004
Total operating income (Total I)	FR	8 017 366	24,6%	6 433 914	-26,0%	8 691 135

Operating income (details)

			31/12/2006		31/12/2005		31/12/2004
	Sale of goods for resale	FC	0	0%	6 980	-87,4%	55 500
	France	FA	0	0%	0	0%	0
	Export	FB	0	0%	6 980	-87,4%	55 500
	Sale of goods produced	FF	6 979 823	17,1%	5 960 099	-27,5%	8 224 789
	France	FD	276 386	-54,0%	601 406	27,8%	470 717
	Export	FE	6 703 442	25,1%	5 358 693	-30,9%	7 754 073
	Sale of services	FI	436 766	32,4%	329 933	26,9%	259 901
	France	FG	82 966	207,7%	26 963	9,6%	24 600
	Export	FH	353 800	16,8%	302 970	28,8%	235 301
	Net turnover	FL	7 416 594	17,8%	6 297 011	-26,3%	8 540 190
	France	FJ	359 352	-42,8%	628 369	26,9%	495 317
	Export	FK	7 057 242	24,5%	5 668 643	-29,5%	8 044 874
	Stocked production	FM	-18 489	81,0%	-97 381	26,3%	-132 104
	Self-constructed assets	FN	0	0%	0	0%	91 100
	Operating grants	FO	1 980	-80,0%	9 898	-65,4%	28 572
	Release of reserves and provisions	FP	614 931	174,3%	224 195	37,6%	162 952
	Other income	FQ	2 350	1099,0%	196	-53,9%	425

Operating charges (II)

		31/12/2006		31/12/2005		31/12/2004
Total operating charges (Total II)	GF	7 233 313	16,5%	6 210 041	-18,7%	7 637 520

Exploitation charges

		31/12/2006		31/12/2005		31/12/2004
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	2 453 561	8,3%	2 265 826	-11,8%	2 570 232
Change in stocks of raw materials	FV	148 965	276,5%	-84 382	15,1%	-99 409
Other external purchases and charges	FW	2 057 652	35,0%	1 524 704	-32,9%	2 272 172
Tax, duty and similar payments	FX	101 809	16,4%	87 470	-23,2%	113 889
Payroll	FY	1 157 750	-6,9%	1 242 996	-3,6%	1 289 346
Social security costs	FZ	544 943	-0,9%	549 726	-3,9%	571 877

Depreciation

		31/12/2006		31/12/2005		31/12/2004
Depreciation of fixed assets	GA	345 373	8,6%	318 087	3,0%	308 889
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	112 641	-31,0%	163 280	-3,5%	169 214
Provisions for risks and charges	GD	189 064	80,2%	104 940	-67,3%	320 460

Other charges

		31/12/2006		31/12/2005		31/12/2004
Other charges	GE	121 555	225,1%	37 395	-69,1%	120 849

Operating charges (III-IV)

		31/12/2006		31/12/2005		31/12/2004
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)

			31/12/2006		31/12/2005		31/12/2004
	Total financial income (Total V)	GP	63 207	-34,3%	96 190	116,7%	44 383
	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	41 128	92,9%	21 320	245,5%	6 171
	Released provisions and transferred charges	GM	0	0%	37 712	7,6%	35 057
	Exchange gains	GN	22 079	-40,2%	36 906	1069,8%	3 155
	Net income from disposal of investment securities	GO	0	0%	252	0%	0

Financial Charge (VI)

			31/12/2006		31/12/2005		31/12/2004
	Total financial charge (Total VI)	GU	39 605	-30,6%	57 073	-37,2%	90 934
	Financial reserves and provisions	GQ	1 069	0%	0	0%	37 712
	Interest and similar charges	GR	7 818	-30,0%	11 172	-72,6%	40 794
	Exchange losses	GS	30 718	287,0%	7 938	-36,0%	12 395
	Net loss from disposal of investment securities	GT	0	0%	37 963	114939,4%	33

Extraordinary income (VII)

			31/12/2006		31/12/2005		31/12/2004
	Total extraordinary income (Total VII)	HD	33 519	-48,5%	65 029	8869,5%	725
	Extraordinary operating income	HA	33 119	-47,8%	63 429	8648,8%	725
	Extraordinary income from capital transactions	HB	400	0%	0	0%	0
	Released provisions and transferred charges	HC	0	0%	1 600	0%	0

Extraordinary charges (VIII)

			31/12/2006		31/12/2005		31/12/2004
	Total extraordinary charges (Total VIII)	HH	7 600	-58,5%	18 305	136,0%	7 757
	Extraordinary operating charges	HE	7 600	-58,5%	18 305	2340,7%	750
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	6 195
	Extraordinary reserves and provisions	HG	0	0%	0	0%	813

Employee profit sharing (IX)

		31/12/2006		31/12/2005		31/12/2004
Employee profit sharing (Total IX)	HJ	97 969	1167,9%	7 727	-84,2%	48 951

Tax on profits (X)

		31/12/2006		31/12/2005		31/12/2004
Tax on profits (Total X)	HK	226 806	143,3%	93 230	-72,6%	340 576

References

		31/12/2006		31/12/2005		31/12/2004
Of which equipment leases	HP	0	0%	59 041	0%	0
Of which property leases	HQ	60 096	0%	0	0%	58 600
Of which transferred charges	A1	0	0%	8 920	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	34 301	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)

			31/12/2006		31/12/2005		31/12/2004
	Gross value at begin of period	OG	1 779 405	0,7%	1 767 206	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	116 123	610,8%	16 338	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	7 562	82,7%	4 138	0%	0
	Gross value at the end of period	OL	1 887 967	6,1%	1 779 406	0%	0

Research and development Charge (Total I)

			31/12/2006		31/12/2005		31/12/2004
	Gross value at begin of period	CZ	0	0%	1 401 630	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	1 401 630	0%	1 401 630	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2006		31/12/2005		31/12/2004
	Gross value at begin of period	KD	0	0%	39 702	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	5 060	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	49 935	11,6%	44 762	0%	0

Tangible fixed assets (Total III)

			31/12/2006		31/12/2005		31/12/2004
	Gross value at begin of period	LN	272 092	2,6%	265 299	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	107 872	886,8%	10 931	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	7 562	82,7%	4 138	0%	0
	Gross value at the end of period	NH	372 402	36,9%	272 092	0%	0

Fiancial assets (Total IV)

			31/12/2006		31/12/2005		31/12/2004
	Gross value at begin of period	LQ	60 921	0,6%	60 574	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	3 078	787,0%	347	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	63 999	5,1%	60 921	0%	0

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

			31/12/2006		31/12/2005		31/12/2004
	Reserve for depreciation value at begin of period	0N	966 094	48,1%	652 146	83,0%	356 374
Increases		0P	345 373	8,6%	318 086	2,7%	309 701
Decreasess		0Q	7 562	82,7%	4 138	-70,3%	13 929
	Reserve for depreciation value at the end of period	0R	1 303 905	35,0%	966 094	48,1%	652 146

Research and development charge (Total I)

			31/12/2006		31/12/2005		31/12/2004
	Reserve for depreciation value at begin of period	CY	0	0%	425 981	0%	0
Increases		PB	0	0%	280 326	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	986 633	39,7%	706 307	0%	0

Other intangible assets (Total II)

			31/12/2006		31/12/2005		31/12/2004
	Reserve for depreciation value at begin of period	PE	0	0%	29 784	0%	0
Increases		PF	0	0%	10 723	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	46 821	15,6%	40 507	-91,1%	455 765

Total fixed assets amotisation (Total III)

			31/12/2006		31/12/2005		31/12/2004
	Reserve for depreciation value at begin of period	QU	219 280	11,7%	196 381	0%	0
Increases		QV	58 733	117,2%	27 037	0%	0
Decreases		QW	7 562	82,7%	4 138	0%	0
	Decreasess by budget item transfer	QX	270 452	23,3%	219 280	11,7%	196 381

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

			31/12/2006		31/12/2005		31/12/2004
	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

			31/12/2006		31/12/2005		31/12/2004
	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)

			31/12/2006		31/12/2005		31/12/2004
	Value at begining of period	7C	622 053	2,5%	606 819	0%	0
Increases		UB	302 774	12,9%	268 220	0%	0
Decreases		UC	613 223	142,4%	252 986	0%	0
	Value at the end of period	UD	311 604	-49,9%	622 053	0%	0

Includes Total allocations

Operating	UE	0	0%	268 220	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	215 274	0%	0
Financial	UH	0	0%	37 712	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2006		31/12/2005		31/12/2004
	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)

			31/12/2006		31/12/2005		31/12/2004
	Value at begining of period	5Z	359 340	12,1%	320 460	0%	0
Increases		TV	190 133	81,2%	104 940	0%	0
Decreases		TW	350 540	430,6%	66 060	0%	0
	Value at the end of period	TX	198 933	-44,6%	359 340	0%	0

Total Provision for depreciation (Total III)

			31/12/2006		31/12/2005		31/12/2004
	Value at begining of period	7B	262 713	-8,3%	286 359	15,9%	247 007
Increases		TY	112 641	-31,0%	163 280	-21,1%	206 926
Decreases		TZ	262 683	40,5%	186 926	11,5%	167 574
	Value at the end of period	UA	112 641	-57,1%	262 713	-8,3%	286 359

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

		31/12/2006		31/12/2005		31/12/2004
Gross value	VT	1 337 156	-31,4%	1 950 496	11,1%	1 755 804
1 year at most	VU	1 273 995	-32,6%	1 889 575	11,5%	1 695 230
More than one year	VV	63 161	3,7%	60 921	0,6%	60 574

State of loans

		31/12/2006		31/12/2005		31/12/2004
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	63 161	3,7%	60 921	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2006		31/12/2005		31/12/2004
Customers doubtful or disputed	VA	0	0%	99 433	0%	0
Other claims customer	UX	0	0%	1 726 203	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%	119	0%	0
Income taxes	VM	0	0%	503	0%	0
Value added tax	VB	43 116	316,7%	10 347	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	5 400	0%	0
Group and Associates	VC	0	0%	25 643	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	7 480	0%	0

Prepaid

		31/12/2006		31/12/2005		31/12/2004
Prepaid	VS	11 581	-19,8%	14 447	0%	0

State Debt

			31/12/2006		31/12/2005		31/12/2004
	Total debt (gross)	VY	2 131 063	36,0%	1 567 237	-24,0%	2 061 698
1 year at most		VZ2	2 099 563	39,7%	1 502 737	-23,5%	1 964 198
More than 1 year and 5 years at most		VZ3	31 500	-51,2%	64 500	-33,8%	97 500
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2006		31/12/2005		31/12/2004
	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%	2 061	0%	0
1 year at most		VG2	0	0%	2 061	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	66 809	-31,9%	98 175	-24,7%	130 307
1 year at most		VH2	35 309	-83,1%	208 327	0%	0
More than 1 year and 5 years at most		VH3	31 500	-51,2%	64 500	0%	0
	Loans and various financial liabilities (gross)	8A1	134 014	0%	0	0%	0
1 year at most		8A2	134 014	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	1 057 917	37,3%	770 331	0%	0
1 year at most		8B2	1 057 917	37,3%	770 331	-8,9%	845 207
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	208 327	0%	0
1 year at most		8C2	0	0%	208 327	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	497 632	110,3%	236 586	-67,8%	734 385
1 year at most		8D2	497 632	110,3%	236 586	-67,8%	734 385
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%	36 027	0%	0
1 year at most		VQ2	0	0%	36 027	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	56	-99,9%	45 734	0%	0
1 year at most		8K2	56	-99,9%	45 734	39,8%	32 720
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	374 636	120,4%	169 995	0%	0
1 year at most		8L2	374 636	120,4%	169 995	-46,7%	319 078
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2006		31/12/2005		31/12/2004
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	30 000	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2006		31/12/2005		31/12/2004
Dividends	ZE	0	0%	299 999	0%	0

Commitments

		31/12/2006		31/12/2005		31/12/2004
Commitments leasing furniture	YQ	63 161	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	312 661	-15,9%	371 732
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2006		31/12/2005		31/12/2004
Subcontracting	YT	0	0%	232 448	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	16 358	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	414 715	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	861 183	0%	0
Total Other purchases and external	ZJ	0	0%	1 524 704	0%	0

Taxes and Fees

		31/12/2006		31/12/2005		31/12/2004
Business tax	YW	0	0%	31 892	0%	0
Other taxes and payments assimilated	9Z	0	0%	55 578	0%	0
Total taxes and fees	YX	0	0%	87 470	0%	0

VAT

		31/12/2006		31/12/2005		31/12/2004
Amount VAT collected	YY	0	0%	108 632	0%	0
Total VAT on goods and services	YZ	0	0%	106 945	0%	0

Average number of employees

		31/12/2006		31/12/2005		31/12/2004
Average number of employees	YP	28	-6,7%	30	-3,2%	31

Groups and Shareholders

		31/12/2006		31/12/2005		31/12/2004
Groups and Shareholders	ZR	-	-	-	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Fixed Asset Financing		2,74	-1,4%	2,78	3,0%	2,70	2,27	20,7%
Global Debt		104 days	15,6%	90 days	3,4%	87 days	134 days	-22,4%
Working Capital Fund overall net		160 days	-11,6%	181 days	43,7%	126 days	117 days	36,8%
Financial independence		4239,38%	56,2%	2714,54%	21,0%	2243,94%	730,58%	480,3%
More ratios
Solvability		59,81%	-7,1%	64,36%	6,2%	60,60%	45,73%	30,8%
Capacity debt futures		8021,43%	520,2%	1293,30%	-	%	1517,31%	428,7%
Coverage of current assets by net working capital overall		52,67%	-1,1%	53,27%	27,4%	41,82%	47,87%	10,0%
General Liquidity		0,61	-51,6%	1,26	46,5%	0,86	0,95	-35,8%
Restricted Liquidity		1,91	-21,4%	2,43	24,6%	1,95	1,34	42,5%

Management or rotation

		31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Need background in operating working capital		44 days	-51,6%	91 days	82,0%	50 days	65 days	-32,3%
Treasury		133 days	31,7%	101 days	12,2%	90 days	20 days	565,0%
Inventory turnover of goods		days	-	days	-	days	17 days	-
Average length of credit granted to customers		58 days	-43,7%	103 days	49,3%	69 days	96 days	-39,6%
Average length of credit obtained suppliers		82 days	12,3%	73 days	14,1%	64 days	80 days	2,5%
More ratios
Inventory turnover of raw materials in industrial enterprises		159 days	-18,5%	195 days	24,2%	157 days	84,50 days	88,2%
Inventory turnover of intermediate and finished products in the industrial enterprise		1992 days	-13,9%	2314 days	-	days	660 days	201,8%
Rotation tangible assets		1991,56%	-13,9%	2314,29%	-	%	697,60%	185,5%

Profitability of the business

		31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Margin trading		0%	0%	0,11%	-83,1%	0,65	0%	0%
Profitability of the business		12,61	27,4%	9,90	-53,3%	21,19	7,40%	70,4%
Net profit		6,86%	106,6%	3,32%	-53,6%	7,15%	4,43%	54,9%
More ratios
Growth rate of turnover (excluding VAT)		17,78%	167,7%	-26,27%	-127,5%	95,67%	5,57%	219,2%
Rates integration		36,92%	-6,8%	39,60%	-10,0%	43,98%	44,48%	-17,0%
Rate leasing furniture		0%	0%	0,94%	0%	0%	0%	0%
Work Factor		62,19%	-13,5%	71,90%	45,1%	49,55%	76,67%	-18,9%
Weight interests		0,53	-41,8%	0,91%	-14,2%	1,06%	0,43%	23,3%

Return on capital

		31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Cash flow from the overall profitability		11,53%	165,1%	4,35%	-61,5%	11,29%	6,28%	83,6%
Rates of economic profitability		25%	47,1%	17%	-64,6%	48%	15%	66,7%
Financial profitability		3471086%	-1,6%	3527864%	-3,7%	3664200%	207977%	1569,0%
Return on investment		14,94%	103,8%	7,33%	-60,4%	18,49%	10,84%	37,8%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Turnover	7 416 594	17,8%	6 297 011	-26,3%	8 540 190	734 256 €	910,1%

Sales of goods	0	0%	6 980	-87,4%	55 500
- Purchase of goods	0	0%	0	0%	0
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	0 €	0%	6 980 €	-87,4%	55 500 €	0 €	0%
	0,00 % CA	0%	0,11 % CA	-83,1%	0,65 % CA	0 % CA	0

Sale of goods produced	7 416 589	17,9%	6 290 032	-25,9%	8 484 690
+/- Stocked production	-18 489	81,0%	-97 381	26,3%	-132 104
+ Self-constructed assets	0	0%	0	0%	91 100
Period production	7 398 100 €	19,5%	6 192 651 €	-26,7%	8 443 686 €	587 596 €	1159,0%
	99,75 % CA	1,4%	98,34 % CA	-0,5%	98,87 % CA	99,72 % CA	0,0%

Trading margin	0	0%	6 980	-87,4%	55 500	0	0%
+ Period Production	7 398 100	19,5%	6 192 651	-26,7%	8 443 686	587 596	1159,0%
- Purchase of raw materials	2 453 561	8, %	2 265 826	-11,8%	2 570 232
+/- Change in stocks of raw materiels	148 965	276,5%	-84 382	15,1%	-99 409
- Other external purchases and charges	2 057 652	35,0%	1 524 704	-32,9%	2 272 172
Added value	2 737 922 €	9,8%	2 493 483 €	-33,6%	3 756 191 €	341 971,50 €	700,6%
	36,92 % CA	-6,8%	39,60 % CA	-10,0%	43,98 % CA	44,48 % CA	-17,0%

Added value	2 737 922 €	9,8%	2 493 483 €	-33,6%	3 756 191 €	341 971,50 €	700,6%
+ Operating grants	1 980	-80,0%	9 898	-65,4%	28 572
- Tax, duty and similar payments	101 809	16,4%	87 470	-23,2%	113 889
- Personal charges	1 702 693	-5,0%	1 792 722	-3,7%	1 861 223
Gross operating surplus	935 400 €	50,1%	623 189 €	-65,6%	1 809 651 €	36 998 €	2428,2%
	12,61 % CA	27,4%	9,90 % CA	-53,3%	21,19 % CA	7,40 % CA	70,4%

Gross operating surplus	935 400 €	50,1%	623 189 €	-65,6%	1 809 651 €	36 998 €	2428,2%
+ Release of reserves and provisions	614 931	174,3%	224 195	37,6%	162 952
+ Other operating income	2 350	1099,0%	196	-53,9%	425
- Depreciation/Amortisation	647 078	10,4%	586 307	-26,6%	798 563
- Other charges	121 555	225,1%	37 395	-69,1%	120 849
Operating result	784 048 €	250,2%	223 878 €	-78,8%	1 053 616 €	30 141 €	2501,3%
	10,57 % CA	196,9%	3,56 % CA	-71,2%	12,34 % CA	4,88 % CA	116,6%

Operating result	784 048 €	250,2%	223 878 €	-78,8%	1 053 616 €	30 141 €	2501,3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	63 207	-34,3%	96 190	116,7%	44 383
- Financial charges	39 605	-30,6%	57 073	-37,2%	90 934
Pre-tax result	807 650 €	207,1%	262 995 €	-73,9%	1 007 065 €	27 579,50 €	2828,4%
	10,89 % CA	160,5%	4,18 % CA	-64,5%	11,79 % CA	4,45 % CA	144,7%

Extraordinary income	33 519	-48,5%	65 029	8869,5%	725	1 131	2863,7%
- Extraordinary charges	7 600	-58,5%	18 305	136,0%	7 757
Extraordinary result	25 919 €	-44,5%	46 724 €	764,4%	-7 032 €	0 €	0%
	0,35 % CA	-52,7%	0,74 % CA	1025,0%	0 % CA	0 % CA	0%

Pre-tax result	807 650 €	207,1%	262 995 €	-73,9%	1 007 065 €	27 579,50 €	2828,4%
Extraordinary result	25 919 €	-44,5%	46 724 €	764,4%	-7 032 €	0 €	0%
- Employee profit sharing	97 969	1167,9%	7 727	-84,2%	48 951
- Tax on profits	226 806	143,3%	93 230	-72,6%	340 576
Net result	508 794 €	143,7%	208 762 €	-65,8%	610 506 €	27 568 €	1745,6%
	6,86 % CA	106,6%	3,32 % CA	-53,6%	7,15 % CA	4,36 % CA	57,3%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends
	Profitability
	Liquidity
	Net worth

Company details

Activity (APE)	Fabrication d'instrumentation scientifique et technique (2651B)
RCS Registration	RCS Bordeaux 8 342 874 013	Share capital	969,133 Euros
Registration Court	Bordeaux (33)	Legal form	Simplified joint stock company
Court Registry Number	19 8 7B016	EUR VAT Number	FR04342874013
Incorporation Date	12/1987	Formation Date	10/1987
Deregistration Date		Last account Date	31/12/2006
Nationality	France

Type	Head office (one site company)	Status	Economically active
	Formation Date	01/1996	Reason for formation	Other
	Closure Date		Reason for closure
	Reactivation Date		Production Role
	Activity Nature	-	Activity Location	Other
	Location surface		Seasonality

Department	Gironde (33)	Region	Aquitaine
District	2	Area	97
City	PESSAC	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches

1 branch entities in this company

Secondary establishments

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

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

Event history

Status history

Date	Description
No Status History

Company events history

Date	Description
31/10/2012	Bodacc B: Various editing or changing
23/10/2012	New chairman (CEO, CoB)
23/10/2012	Amendment
19/10/2012	Legal Gazette: Resignation / Revocation of the social representative
05/10/2012	Legal Gazette: Appointment of the social representative
26/10/2011	Bodacc B: Various editing or changing
18/10/2011	Amendment
18/10/2011	Audit or Management Report
18/10/2011	Updated articles of association
18/10/2011	Minutes of general meeting of shareholders
18/10/2011	Partial contribution
18/10/2011	Capital increase
10/10/2011	Legal Gazette: Modification of the share capital
10/10/2011	Other modification of Establishment
26/09/2011	Amendment
26/09/2011	Application and court order
13/04/2010	Collection of preferential rights activated for this company
31/12/2009	Modification of Company Activity
31/12/2009	Update of Company Activity
27/03/2008	Bodacc C : Deposit accounts notice
31/12/2006	New accounts available
27/07/2006	Changement de Forme Juridique avec changement de catégorie
27/07/2006	New legal form – no new category
27/07/2006	Changement de Président (PDG, PCA)
27/07/2006	Changes to the Board of Directors
27/07/2006	Private document
27/07/2006	Appointment/resignation of company officers
27/07/2006	PV d'Assemblée
27/07/2006	Minutes of general meeting of shareholders
27/07/2006	Minutes of Board meeting
27/07/2006	Statuts mis à jour
27/07/2006	Updated articles of association
27/07/2006	Rapport des Commissaires ou du Gérant
27/07/2006	Audit or Management Report
27/07/2006	Procuration
27/07/2006	Acte modificatif
28/02/2006	Acte modificatif
28/02/2006	Appointment/resignation of company officers
28/02/2006	Nomination/démission des organes de gestion
28/02/2006	PV d'Assemblée
28/02/2006	Minutes of general meeting of shareholders
28/02/2006	Private document
28/02/2006	PV du Conseil d'Administration
28/02/2006	Changes to the Board of Directors
28/02/2006	Modification du Conseil d'Administration
28/02/2006	Minutes of Board meeting
28/02/2006	Procuration
28/02/2006	New chairman (CEO, CoB)
28/02/2006	Changement de Président (PDG, PCA)
18/01/2006	Procuration
18/01/2006	PV du Conseil d'Administration
18/01/2006	Acte modificatif
18/01/2006	PV d'Assemblée
18/01/2006	Modification du Conseil d'Administration
31/12/2005	New accounts available
21/10/2005	Statuts mis à jour
18/08/2005	PV d'Assemblée
18/08/2005	Réduction de Capital
18/08/2005	Capital reduction
18/08/2005	Private document
18/08/2005	Minutes of general meeting of shareholders
31/12/2004	New accounts available
23/08/2004	Updated articles of association
23/08/2004	Minutes of general meeting of shareholders
23/08/2004	PV du Conseil d'Administration
23/08/2004	Appointment/resignation of company officers
23/08/2004	Acte modificatif
23/08/2004	Procuration
23/08/2004	Statuts mis à jour
23/08/2004	Minutes of Board meeting
23/08/2004	Private document
23/08/2004	Modification du Conseil d'Administration
23/08/2004	Changes to the Board of Directors
23/08/2004	PV d'Assemblée
31/12/2003	New accounts available
07/08/2001	Statuts mis à jour
07/08/2001	PV d'Assemblée
07/08/2001	Augmentation de Capital
07/08/2001	Conversion du Capital Social en Euros
07/08/2001	Modification du Conseil d'Administration
07/08/2001	Procuration
04/07/2000	Modification du Conseil d'Administration
04/07/2000	Acte modificatif
04/07/2000	Nomination/démission des organes de gestion
04/07/2000	PV d'Assemblée
04/07/2000	PV du Conseil d'Administration
04/07/2000	Changement de Président (PDG, PCA)
04/07/2000	Changement de Commissaire aux Comptes
04/07/2000	Acte sous seing privé
12/07/1999	Acte sous seing privé
12/07/1999	PV d'Assemblée
12/07/1999	Statuts mis à jour
03/07/1997	Nomination/démission des organes de gestion
03/07/1997	PV d'Assemblée
03/07/1997	Modification du Conseil d'Administration
03/07/1997	Acte sous seing privé
19/02/1997	Acte sous seing privé
19/02/1997	Acte modificatif
19/02/1997	Augmentation de Capital
19/02/1997	Rapport des Commissaires ou du Gérant
19/02/1997	Statuts mis à jour
19/02/1997	PV du Conseil d'Administration
19/02/1997	Certificat de dépôt des fonds
15/04/1996	PV du Conseil d'Administration
15/04/1996	Statuts mis à jour
15/04/1996	Transfert du Siège dans le ressort du Tribunal de Commerce
26/07/1994	PV d'Assemblée
26/07/1994	Nomination/démission des organes de gestion
26/07/1994	Changement de Commissaire aux Comptes
27/01/1993	PV du Conseil d'Administration
27/01/1993	Transfert du Siège dans le ressort du Tribunal de Commerce
27/01/1993	Déclaration de conformité
27/01/1993	Statuts mis à jour
13/03/1992	Déclaration de conformité
13/03/1992	Augmentation de Capital
13/03/1992	PV du Conseil d'Administration
13/03/1992	Statuts mis à jour

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.85
UK Pound	1	Rs.92.30
Euro	1	Rs.78.22

INFORMATION DETAILS

Report Prepared by :

SDA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.