MIRA INFORM REPORT

Report Date :

16.03.2013

IDENTIFICATION DETAILS

Name :	GREIF FLEXIBLES FRANCE
Registered Office :	Zi Sainte Elisabeth Bois Du Verne 71300 Montceau Les Mines
Country :	France
Financials (as on) :	31.10.2011
Date of Incorporation :	May 2003
Com. Reg. No.:	RCS Chalon-sur-Saone 1 448 681 064
Legal Form :	Sole proprietorship Ltd
Line of Business :	Wholesale (intercompany trade) of various industrial supplies and equipment
No. of Employees :	1 or 2 employees

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

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

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

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
France	A1	A1

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

FRANCE - ECONOMIC OVERVIEW

France was transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Under President SARKOZY, Paris implemented austerity measures that eliminated tax credits and froze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, as well as measures such as forcing banks to separate their traditional deposit taking and lending activities from more speculative businesses, increasing taxes on bank profits, introducing a new top bracket on income taxes for people earning over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil servants during his five-year term of office.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name

GREIF FLEXIBLES FRANCE

SIRET

448 681 064 00029

Personal comment

company summary

		EUR VAT Number	FR06448681064
Activity (APE)	Wholesale (intercompany trade) of various industrial supplies and equipment (4669B)	Legal form	Sole proprietorship Ltd
Phone		RCS Registration	RCS Chalon-sur-Saone 1 448 681 064
Fax		Share capital	50,000 Euros
Address	GREIF FLEXIBLES FRANCE ZI SAINTE ELISABETH BOIS DU VERNE 71300 MONTCEAU LES MINES	Incorporated Date	05/2003
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

Current Directors

3

directors

Name	M. KRACHT CHRISTIAN
Manager position	Gérant	Date of birth	19/04/1981
Place of birth	NEUWIED(ALLEMAGNE)
Type	Individual	Name at birth

Name	M. PLATON LAURENT ROGER MARIE
Manager position	Gérant	Date of birth	28/12/1971
Place of birth	MONTBRISON (42)
Type	Individual	Name at birth

Name	M. KING JAMES, CUNNINGHAM
Manager position	Gérant	Date of birth	24/08/1963
Place of birth	SYRACUSE (00)(ETATS-UNIS D'AMERIQUE)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Gérant	M METIN LEVI	10/10/1961 - ISTANBUL(TURQUIE)
Gérant	M METIN LEVI	10/10/1964 - ISTANBUL TURQUIE
Gérant	M METIN LEVI	10/10/1961 - ISTANBUL(TURQUIE)

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

N/a

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

This company is not identified as one of the biggest french chip.

Linkages

This company is not identified as one of the biggest french chip.

FINANCIAL INFORMATION

Trading to Date	10/31/2011	10/31/2010	12/31/2009
Turnover	4,230,903 €	4,842,258 €	4,474,212 €
Gross Operating Surplus	5,07 % Turnover	6,77 % Turnover	5,23 % Turnover
Shareholders’ equity	694,335 €	433,127 €	213,491 €
Net result	147,327 €	219,404 €	158,276 €

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/10/2011	31/10/2010	31/12/2009
Account period (month)	12	10	12
Account Type	Normal	Normal	Normal
Deposit date	19/11/2012	14/10/2011	23/08/2010
Activity Code	4669B	4669B	4669B
Employees	0	0	0

Active account

Annual Accounts	31/10/2011		31/10/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1 020 480	45620,4%	2 232	-32,5%	3 307	30 602	3234,7%
- Intangible assets	422 643	93612,4%	451	-32,3%	666	0	0%
- Tangible assets	591 930	33135,8%	1 781	-32,6%	2 641	13 317	4344,9%
- Financial assets	5 907	0%	0	0%	0	1 812	226,0%
Net current assets	10 199 697	563,5%	1 537 255	17,0%	1 313 831	416 343	2349,8%
- Stocks	1 185 512	58705,2%	2 016	-63,7%	5 552	51 582	2198,3%
- Advanced payments	0	563,5%	0	0%	0	0	0%
- Receivables	8 259 985	521,9%	1 328 099	21,9%	1 089 101	205 051	3928,3%
- Securities and cash	754 200	264,1%	207 140	-5,5%	219 178	64 139	1075,9%
- Prepaid expenses	-	-	-	-	-	240	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	11 220 179	628,8%	1 539 489	16,9%	1 317 138	491 599	2182,4%

Passive Account

Annual Accounts	31/10/2011		31/10/2010		31/12/2009	Sector Median 2011
Shareholders' equity	694 335	60,3%	433 127	102,9%	213 491	160 296	333,2%
Share capital	50 000	0%	50 000	0%	50 000	36 000	38,9%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	214 175	0%	0	0%	0	0	0%
Liabilities	10 311 664	832,0%	1 106 359	0,2%	1 103 645	279 324	3591,6%
- Financial liabilities	4 938 275	571459,6%	864	0%	864	21 056	23353,1%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	3 027 779	211,5%	972 062	-6,1%	1 035 690	112 210	2598,3%
- Tax and social liabilities	2 273 544	1725,3%	124 560	86,9%	66 640	76 615,50	2867,5%
- Other debts and fixed assets liabilities	72 066	712,2%	8 873	1867,4%	451	4 504	1500,0%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	11 220 179	628,8%	1 539 489	16,9%	1 317 138	491 599	2182,4%

Results

Annual Accounts	31/10/2011		31/10/2010		31/12/2009	Sector Median 2011
Sales of Goods	4 238 525	-12,7%	4 854 327	8,4%	4 478 383	849 735	398,8%
Net turnover	4 230 903	-12,6%	4 842 258	8,2%	4 474 212	835 569	406,3%
- of which net export turnover	0	0%	862 043	-1,9%	878 448	0	0%
Operating charges	4 017 558	-11,2%	4 524 718	6,7%	4 240 970	806 509	398,1%
Operating profit/loss	220 967	-33,0%	329 609	38,8%	237 413	30 271	630,0%
Financial income	108	0%	0	0%	0	171	-36,8%
Financial charges	3 570	0%	0	0%	0	1 469	143,0%
Financial profit/loss	-3 462	0%	0	0%	0	-247	-1301,6%
Pretax net operating income	217 505	-34,0%	329 609	38,8%	237 413	29 168	645,7%
Extraordinary income	4 388	163,2%	1 667	7,6%	1 549	212	1969,8%
Extraordinary charges	0	0%	232	-30,5%	334	307	0%
Extraordinary profit/loss	4 388	205,8%	1 435	18,1%	1 215	0	0%
Net result	147 327	-32,9%	219 404	38,6%	158 276	24 831	493,3%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/10/2011	31/10/2010	31/12/2009
Months	12	10	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		31/10/2011		31/10/2010		31/12/2009
Grand Total (I to VI)	Net	11 220 179	628,8%	1 539 489	16,9%	1 317 138
Gross	CO	12 342 201	695,9%	1 550 783	16,4%	1 332 586
Amortisation	1A	1 122 022	9834,7%	11 294	-26,9%	15 448

Non declared distributed capital (I)

		31/10/2011		31/10/2010		31/12/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/10/2011		31/10/2010		31/12/2009
Total Active fixed asset (II)	Net	1 020 480	45620,4%	2 232	-32,5%	3 307
Gross	BJ	1 795 037	15496,8%	11 509	0,0%	11 510
Amortisation	BK	774 557	8249,2%	9 277	13,1%	8 203

Intangible fixed assets

			31/10/2011		31/10/2010		31/12/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	29 385	6415,5%	451	-32,3%	666
	Gross	AF	67 151	8564,6%	775	0%	775
	Amortisation	AG	37 766	11556,2%	324	197,2%	109
	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	393 258	0%	0	0%	0
	Gross	AJ	393 258	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	422 643	93612,4%	451	-32,3%	666

Tangible fixed assets

		31/10/2011		31/10/2010		31/12/2009
Lands	Net	6 098	0%	0	0%	0
Gross	AN	6 098	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	254 185	0%	0	0%	0
Gross	AP	320 679	0%	0	0%	0
Amortisation	AQ	66 494	0%	0	0%	0
Plant	Net	193 839	0%	0	0%	0
Gross	AR	769 810	0%	0	0%	0
Amortisation	AS	575 971	0%	0	0%	0
Other tangible fixed assets	Net	136 692	7575,0%	1 781	-32,6%	2 641
Gross	AT	231 018	2052,2%	10 734	0,0%	10 735
Amortisation	AU	94 326	953,6%	8 953	10,6%	8 094
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	1 116	0%	0	0%	0
Gross	AX	1 116	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	591 930		1 781		2 641

Financial assets

		31/10/2011		31/10/2010		31/12/2009
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0		0		0
Other financial assets	Net	5 907	0%	0	0%	0
Gross	BH	5 907	0%	0	0%	0
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		5 907		0		0

Current Assets (III)

		31/10/2011		31/10/2010		31/12/2009
Total Assets	Net	10 199 697	563,5%	1 537 255	17,0%	1 313 831
Gross	CJ	10 547 162	585,2%	1 539 271	16,5%	1 321 076
Amortisation	CK	347 465	17135,4%	2 016	-72,2%	7 245

Stocks

		31/10/2011		31/10/2010		31/12/2009
Raw materials	Net	206 675	0%	0	0%	0
Gross	BL	242 625	0%	0	0%	0
Amortisation	BM	35 950	0%	0	0%	0
Work in progress (goods)	Net	20 793	0%	0	0%	0
Gross	BN	20 793	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	547	0%	0	0%	0
Gross	BR	701	0%	0	0%	0
Amortisation	BS	154	0%	0	0%	0
Goods for resale	Net	957 497	47394,9%	2 016	-63,7%	5 552
Gross	BT	1 115 903	27576,2%	4 032	-27,4%	5 552
Amortisation	BU	158 406	7757,4%	2 016	0%	0
Sub Total Stocks	Net	1 185 512	58705,2%	2 016	-63,7%	5 552

Advance payments to suppliers

		31/10/2011		31/10/2010		31/12/2009
Advance payments to suppliers	Net	0	0%	0	0%	0
Gross	BV	0	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/10/2011		31/10/2010		31/12/2009
Trade accounts receivable	Net	6 580 380	396,7%	1 324 772	22,5%	1 081 194
Gross	BX	6 733 335	408,3%	1 324 772	21,7%	1 088 439
Amortisation	BY	152 955	0%	0	0%	7 245
Other debtors	Net	1 668 009	155063,6%	1 075	-83,9%	6 681
Gross	BZ	1 668 009	155063,6%	1 075	-83,9%	6 681
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	8 248 389	522,1%	1 325 847	21,9%	1 087 875

Divers

		31/10/2011		31/10/2010		31/12/2009
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	754 200	264,1%	207 140	-5,5%	219 178
Gross	CF	754 200	264,1%	207 140	-5,5%	219 178
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	754 200	264,1%	207 140	-5,5%	219 178

Prepaid expenses

		31/10/2011		31/10/2010		31/12/2009
Prepaid expenses	Net	11 596	414,9%	2 252	83,7%	1 226
Gross	CH	11 596	414,9%	2 252	83,7%	1 226
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/10/2011		31/10/2010		31/12/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/10/2011		31/10/2010		31/12/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	67

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)

		31/10/2011		31/10/2010		31/12/2009
Grand Total (I to V)	EE	11 220 179	628,8%	1 539 489	16,9%	1 317 138

Shareholder Equity (I)

		31/10/2011		31/10/2010		31/12/2009
Total shareholders' equity (Total I)	DL	694 335	60,3%	433 127	102,9%	213 491
Equity and shareholders' equity	DA	50 000	0%	50 000	0%	50 000
Issue and merger premiums	DB	491 139	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	5 000	0%	5 000	0%	5 000
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	0	0%	158 273	0%	0
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	677	0%	0	0%	0
Profit or loss for the period	DI	147 327	-32,9%	219 404	38,6%	158 273
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	192	-57,3%	450	106,4%	218

Other capital resources (II)

		31/10/2011		31/10/2010		31/12/2009
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/10/2011		31/10/2010		31/12/2009
Total provisions for risks and charges (Total III)	DR	214 175	0%	0	0%	0
Risk provisions	DP	0	0%	0	0%	0
Reserves for charges	DQ	214 175	0%	0	0%	0

Liabilities (IV)

		31/10/2011		31/10/2010		31/12/2009
Total Liabilities (Total IV)	EC	10 311 664	832,0%	1 106 359	0,2%	1 103 645
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	3 160	0%	0	0%	0
Sundry loans and financial liabilities	DV	4 935 115	571093,9%	864	0%	864
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	3 027 779	211,5%	972 062	-6,1%	1 035 690
Tax and social security liabilities	DY	2 273 544	1725,3%	124 560	86,9%	66 640
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	72 066	712,2%	8 873	1867,4%	451

Translation loss (V)

		31/10/2011		31/10/2010		31/12/2009
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/10/2011		31/10/2010		31/12/2009
Deferred income	EB	0	0%	0	0%	0

References

		31/10/2011		31/10/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	101 487	0%	0	0%	1 103 645
Of which current bank facilities	EH	0	0%	0	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)

		31/10/2011		31/10/2010		31/12/2009
Operating result (Total I-II)	GG	220 967	-33,0%	329 609	38,8%	237 413

2 - Financial result (V - VI)

		31/10/2011		31/10/2010		31/12/2009
Financial result (Total V-VI)	GV	-3 462	0%	0	0%	0

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

		31/10/2011		31/10/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	217 505	-34,0%	329 609	38,8%	237 413

4 - Extraordinary result (VII-VIII)

		31/10/2011		31/10/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	4 388	205,8%	1 435	18,1%	1 215

Profit or loss

		31/10/2011		31/10/2010		31/12/2009
Profit or loss	HN	147 327	-32,9%	219 404	38,6%	158 276

Total Income (I+III+V+VII)

		31/10/2011		31/10/2010		31/12/2009
Total Income (I+III+V+VII)	HL	4 243 021	-12,6%	4 855 994	8,4%	4 479 932

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

		31/10/2011		31/10/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	4 095 694	-11,7%	4 636 589	7,3%	4 321 658

Operating income (I)

		31/10/2011		31/10/2010		31/12/2009
Total operating income (Total I)	FR	4 238 525	-12,7%	4 854 327	8,4%	4 478 383

Operating income (details)

		31/10/2011		31/10/2010		31/12/2009
Sale of goods for resale	FC	4 211 101	-12,2%	4 797 733	8,5%	4 421 258
France	FA	4 211 101	7,0%	3 935 690	11,1%	3 542 810
Export	FB	0	0%	862 043	-1,9%	878 448
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	19 802	-55,5%	44 525	-15,9%	52 954
France	FG	19 802	-55,5%	44 525	-15,9%	52 954
Export	FH	0	0%	0	0%	0
Net turnover	FL	4 230 903	-12,6%	4 842 258	8,2%	4 474 212
France	FJ	4 230 903	6,3%	3 980 215	10,7%	3 595 764
Export	FK	0	0%	862 043	-1,9%	878 448
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	6 860	-41,1%	11 654	179,9%	4 164
Other income	FQ	762	83,6%	415	5828,6%	07

Operating charges (II)

		31/10/2011		31/10/2010		31/12/2009
Total operating charges (Total II)	GF	4 017 558	-11,2%	4 524 718	6,7%	4 240 970

Exploitation charges

		31/10/2011		31/10/2010		31/12/2009
Purchase of goods for resale	FS	3 731 006	-13,7%	4 321 552	8,5%	3 984 439
Change in stocks of goods for resale	FT	4 032	165,3%	1 520	-94,4%	27 133
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	89 731	59,0%	56 419	-32,1%	83 048
Tax, duty and similar payments	FX	14 401	9,9%	13 098	-17,6%	15 894
Payroll	FY	124 345	45,3%	85 590	-6,3%	91 353
Social security costs	FZ	52 728	45,9%	36 140	-5,3%	38 159

Depreciation

		31/10/2011		31/10/2010		31/12/2009
Depreciation of fixed assets	GA	1 290	20,0%	1 075	49,1%	721
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	2 016	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/10/2011		31/10/2010		31/12/2009
Other charges	GE	25	-99,7%	7 308	3177,1%	223

Operating charges (III-IV)

		31/10/2011		31/10/2010		31/12/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/10/2011		31/10/2010		31/12/2009
Total financial income (Total V)	GP	108	0%	0	0%	0
Share financial income	GJ	108	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	0	0%	0	0%	0
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	0	0%	0	0%	0

Financial Charge (VI)

		31/10/2011		31/10/2010		31/12/2009
Total financial charge (Total VI)	GU	3 570	0%	0	0%	0
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	3 570	0%	0	0%	0
Exchange losses	GS	0	0%	0	0%	0
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/10/2011		31/10/2010		31/12/2009
Total extraordinary income (Total VII)	HD	4 388	163,2%	1 667	7,6%	1 549
Extraordinary operating income	HA	4 130	147,8%	1 667	7,6%	1 549
Extraordinary income from capital transactions	HB	0	0%	0	0%	0
Released provisions and transferred charges	HC	258	0%	0	0%	0

Extraordinary charges (VIII)

		31/10/2011		31/10/2010		31/12/2009
Total extraordinary charges (Total VIII)	HH	0	0%	232	-30,5%	334
Extraordinary operating charges	HE	0	0%	0	0%	90
Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
Extraordinary reserves and provisions	HG	0	0%	232	-4,9%	244

Employee profit sharing (IX)

		31/10/2011		31/10/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/10/2011		31/10/2010		31/12/2009
Tax on profits (Total X)	HK	74 566	-33,2%	111 639	38,9%	80 354

References

		31/10/2011		31/10/2010		31/12/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

		31/10/2011		31/10/2010		31/12/2009
Gross value at begin of period	OG	0	0%	0	0%	0
Increases due to revaluation	OH	0	0%	0	0%	0
Decreases, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreases by budget item transfer	OK1	0	0%	0	0%	0
Decreases by transfers	OK2	1 535 000	0%	0	0%	7 812
Gross value at the end of period	OL	1 795 037	15495,5%	11 510	0%	11 510

Research and development Charge (Total I)

		31/10/2011		31/10/2010		31/12/2009
Gross value at begin of period	CZ	0	0%	0	0%	0
Increases due to revaluation	KB	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreases by budget item transfer	C01	0	0%	0	0%	0
Decreases by transfers	C02	0	0%	0	0%	0
Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/10/2011		31/10/2010		31/12/2009
Gross value at begin of period	KD	775	0%	775	-48,0%	1 489
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	459 633	0%	0	0%	775
Decreases by budget item transfer	LV1	0	0%	0	0%	0
Decreases by transfers	LV2	0	0%	0	0%	1 489
Gross value at the end of period	LW	460 408	59307,5%	775	0%	775

Tangible fixed assets (Total III)

		31/10/2011		31/10/2010		31/12/2009
Gross value at begin of period	LN	10 734	0%	10 734	-23,1%	13 962
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	1 317 985	0%	0	0%	3 095
Decreases by budget item transfer	NG1	0	0%	0	0%	0
Decreases by transfers	NG2	0	0%	0	0%	6 323
Gross value at the end of period	NH	1 328 719	12278,6%	10 734	0%	10 734

Financial assets (Total IV)

		31/10/2011		31/10/2010		31/12/2009
Gross value at begin of period	LQ	0	0%	0	0%	0
Increases due to revaluation	LR	1 535 000	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	5 907	0%	0	0%	0
Decreases by budget item transfer	NJ1	0	0%	0	0%	0
Decreases by transfers	NJ2	1 535 000	0%	0	0%	0
Gross value at the end of period	NK	5 907	0%	0	0%	0

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

			31/10/2011		31/10/2010		31/12/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreases		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/10/2011		31/10/2010		31/12/2009
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreases		PC	0	0%	0	0%	0
	Decreases by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/10/2011		31/10/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	324	197,2%	109	-92,7%	1 489
Increases		PF	37 441	17314,4%	215	97,2%	109
Decreases		PG	0	0%	0	0%	1 489
	Decreases by budget item transfer	PH	37 765	11555,9%	324	197,2%	109

Total fixed assets amortisation (Total III)

			31/10/2011		31/10/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	8 953	10,6%	8 094	-41,3%	13 779
Increases		QV	727 834	84630,4%	859	34,6%	638
Decreases		QW	0	0%	0	0%	6 323
	Decreases by budget item transfer	QX	736 787	8129,5%	8 953	10,6%	8 094

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

			31/10/2011		31/10/2010		31/12/2009
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreases by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/10/2011		31/10/2010		31/12/2009
	Net value at beginning of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/10/2011		31/10/2010		31/12/2009
	Value at beginning of period	7C	2 467	-66,9%	7 463	3,0%	7 244
Increases		UB	561 640	24872,9%	2 249	931,7%	218
Decreases		UC	2 274	-68,6%	7 245	0%	0
	Value at the end of period	UD	561 833	22673,9%	2 467	-66,9%	7 462

Includes Total allocations

Operating	UE	0	0%	2 016	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	233	6,9%	218

Includes Total Withdrawal

Operating	UF	2 016	-72,2%	7 245	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	258	0%	0	0%	0

Total regulated provisions (Total I)

			31/10/2011		31/10/2010		31/12/2009
	Value at beginning of period	3Z	451	106,9%	218	0%	0
Increases		TS	0	0%	233	6,9%	218
Decreases		TT	258	0%	0	0%	0
	Value at the end of period	TU	193	-57,2%	451	106,9%	218

Total risk and charge provisions (Total II)

			31/10/2011		31/10/2010		31/12/2009
	Value at beginning of period	5Z	0	0%	0	0%	0
Increases		TV	214 175	0%	0	0%	0
Decreases		TW	0	0%	0	0%	0
	Value at the end of period	TX	214 175	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/10/2011		31/10/2010		31/12/2009
	Value at beginning of period	7B	2 016	-72,2%	7 245	0,0%	7 244
Increases		TY	347 466	17135,4%	2 016	0%	0
Decreases		TZ	2 016	-72,2%	7 245	0%	0
	Value at the end of period	UA	347 466	17135,4%	2 016	-72,2%	7 244

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

		31/10/2011		31/10/2010		31/12/2009
Gross value	VT	8 418 848	533,9%	1 328 100	21,1%	1 096 346
1 year at most	VU	7 370 107	454,9%	1 328 100	21,1%	1 096 346
More than one year	VV	1 048 741	0%	0	0%	0

State of loans

		31/10/2011		31/10/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	5 907	0%	0	0%	0
Other financial assets (1 year at most)	UV	5 907	0%	0	0%	0

Receivables statement of assets

		31/10/2011		31/10/2010		31/12/2009
Customers doubtful or disputed	VA	117 642	0%	0	0%	7 472
Other claims customer	UX	6 615 693	399,4%	1 324 773	22,6%	1 080 966
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	1 011	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	6 073
Value added tax	VB	1 664 886	154773,1%	1 075	77,1%	607
Other taxes and payments assimilated	VN	2 030	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	70	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	12	0%	0	0%	0

Prepaid

		31/10/2011		31/10/2010		31/12/2009
Prepaid	VS	11 596	414,9%	2 252	83,7%	1 226

State Debt

			31/10/2011		31/10/2010		31/12/2009
	Total debt (gross)	VY	10 311 667	832,0%	1 106 361	0,2%	1 103 646
1 year at most		VZ2	9 350 037	745,1%	1 106 361	0,2%	1 103 646
More than 1 year and 5 years at most		VZ3	961 630	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/10/2011		31/10/2010		31/12/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	3 160	0%	0	0%	0
1 year at most		VG2	3 160	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	864	0%	864	0%	864
1 year at most		8A2	864	0%	864	0%	864
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	3 027 780	211,5%	972 063	-6,1%	1 035 690
1 year at most		8B2	3 027 780	211,5%	972 063	-6,1%	1 035 690
More than 1 year and 5 years at most		8B3	3 027 780	211,5%	972 063	-6,1%	1 035 690
	Personnel and associated accounts (gross)	8C1	355 154	1634,2%	20 480	19,7%	17 112
1 year at most		8C2	355 154	1634,2%	20 480	19,7%	17 112
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	209 728	738,8%	25 002	-10,0%	27 775
1 year at most		8D2	209 728	738,8%	25 002	-10,0%	27 775
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	270 194	441,1%	49 932	0%	0
1 year at most		8E2	270 194	441,1%	49 932	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	1 347 491	4860,8%	27 163	27,1%	21 379
1 year at most		VW2	385 861	1320,5%	27 163	27,1%	21 379
More than 1 year and 5 years at most		VW3	961 630	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	90 977	4487,8%	1 983	433,1%	372
1 year at most		VQ2	90 977	4487,8%	1 983	433,1%	372
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	4 934 252	0%	0	0%	0
1 year at most		VI2	4 934 252	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	72 067	712,2%	8 873	1867,4%	451
1 year at most		8K2	72 067	712,2%	8 873	1867,4%	451
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

		31/10/2011		31/10/2010		31/12/2009
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/10/2011		31/10/2010		31/12/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/10/2011		31/10/2010		31/12/2009
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/10/2011		31/10/2010		31/12/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/10/2011		31/10/2010		31/12/2009
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/10/2011		31/10/2010		31/12/2009
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/10/2011		31/10/2010		31/12/2009
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

		31/10/2011		31/10/2010		31/12/2009
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	31/10/2011		31/10/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing	3,69	-90,4%	38,51	99,1%	19,34	3,09	19,4%
Global Debt	877 days	1171,0%	69 days	-22,5%	89 days	106 days	727,4%
Working Capital Fund overall net	411 days	1422,2%	27 days	58,8%	17 days	72 days	470,8%
Financial independence	21972,63%	-	%	-	%	798,62%	2651,3%
More ratios
Solvability	6,19%	-78,0%	28,13%	73,5%	16,21%	39,07%	-84,2%
Capacity debt futures	21972,63%	-	%	-	%	2214,53%	892,2%
Coverage of current assets by net working capital overall	45,81%	63,1%	28,09%	75,7%	15,99%	44,23%	3,6%
General Liquidity	0,79	-34,2%	1,20	21,2%	0,99	0,88	-10,2%
Restricted Liquidity	0,87	-37,4%	1,39	16,8%	1,19	1,30	-33,1%

Management or rotation

	31/10/2011		31/10/2010		31/12/2009	Sector Median 2011
Need background in operating working capital	346 days	2371,4%	14 days	1500%	-1 days	33 days	948,5%
Treasury	64 days	392,3%	13 days	-27,8%	18 days	17 days	276,5%
Inventory turnover of goods	108 days	0%	0 days	0%	1 days	52 days	107,7%
Average length of credit granted to customers	573 days	484,7%	98 days	11,4%	88 days	71 days	707,0%
Average length of credit obtained suppliers	285 days	256,2%	80 days	-12,1%	91 days	64 days	345,3%
More ratios
Inventory turnover of raw materials in industrial enterprises	days	-	0 days	0%	0 days	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	days	-	days	1118 days	-
Rotation tangible assets	318,42%	-99,3%	45111,40%	8,2%	41682,62%	1595,93%	-80,0%

Profitability of the business

	31/10/2011		31/10/2010		31/12/2009	Sector Median 2011
Margin trading	11,25%	14,8%	9,80%	7,0%	9,16	27%	-58,3%
Profitability of the business	5,07	-25,1%	6,77	29,4%	5,23	4,74%	7,0%
Net profit	3,48%	-23,2%	4,53%	28,0%	3,54%	2,99%	16,4%
More ratios
Growth rate of turnover (excluding VAT)	-12,63%	-253,5%	8,23%	157,6%	-14,29%	8,27%	-252,7%
Rates integration	9,60%	0,4%	9,56%	12,7%	8,48%	25,10%	-61,8%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	43,60%	65,8%	26,30%	-22,9%	34,12%	71,60%	-39,1%
Weight interests	0,08	0%	0%	0%	0%	0,18%	-55,6%

Return on capital

	31/10/2011		31/10/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability	3,46%	-21,5%	4,41%	23,9%	3,56%	3,66%	-5,5%
Rates of economic profitability	4%	-94,7%	76%	-30,3%	109%	18%	-77,8%
Financial profitability	694335%	60,3%	433127%	102,9%	213491%	147677%	370,2%
Return on investment	2,68%	-94,7%	50,55%	-31,5%	73,84%	13,15%	-79,6%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/10/2011		31/10/2010		31/12/2009	Sector Median 2011
Turnover	4 230 903	-12,6%	4 842 258	8,2%	4 474 212	835 569 €	406,3%

Sales of goods	4 211 101	-12,2%	4 797 733	8,5%	4 421 258
- Purchase of goods	3 731 006	-13,7%	4 321 552	8,5%	3 984 439
+/- Stock of goods variation	4 032	165,3%	1 520	-94,4%	27 133
Trading margin	476 063 €	0,3%	474 661 €	15,9%	409 686 €	178 648 €	166,5%
	11,25 % CA	14,8%	9,80 % CA	7,0%	9,16 % CA	27,74 % CA	-59,4%

Sale of goods produced	19 802	-55,5%	44 525	-15,9%	52 954
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	19 802 €	-55,5%	44 525 €	-15,9%	52 954 €	71 704 €	-72,4%
	0,47 % CA	-48,9%	0,92 % CA	-22,0%	1,18 % CA	9,67 % CA	-95,1%

Trading margin	476 063	0,3%	474 661	15,9%	409 686	178 648	166,5%
+ Period Production	19 802	-55,5%	44 525	-15,9%	52 954	71 704	-72,4%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	89 731	59,0%	56 419	-32,1%	83 048
Added value	406 134 €	-12,2%	462 767 €	21,9%	379 592 €	216 216 €	87,8%
	9,60 % CA	0,4%	9,56 % CA	12,7%	8,48 % CA	25,10 % CA	-61,8%

Added value	406 134 €	-12,2%	462 767 €	21,9%	379 592 €	216 216 €	87,8%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	14 401	9,9%	13 098	-17,6%	15 894
- Personal charges	177 073	45,5%	121 730	-6,0%	129 512
Gross operating surplus	214 660 €	-34,5%	327 939 €	40,0%	234 186 €	36 894 €	481,8%
	5,07 % CA	-25,1%	6,77 % CA	29,4%	5,23 % CA	4,74 % CA	7,0%

Gross operating surplus	214 660 €	-34,5%	327 939 €	40,0%	234 186 €	36 894 €	481,8%
+ Release of reserves and provisions	6 860	-41,1%	11 654	179,9%	4 164
+ Other operating income	762	83,6%	415	5828,6%	07
- Depreciation/Amortisation	1 290	-58,3%	3 091	328,7%	721
- Other charges	25	-99,7%	7 308	3177,1%	223
Operating result	220 967 €	-33,0%	329 609 €	38,8%	237 413 €	30 271 €	630,0%
	5,22 % CA	-23,3%	6,81 % CA	28,2%	5,31 % CA	3,81 % CA	37,0%

Operating result	220 967 €	-33,0%	329 609 €	38,8%	237 413 €	30 271 €	630,0%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	108	0%	0	0%	0
- Financial charges	3 570	0%	0	0%	0
Pre-tax result	217 505 €	-34,0%	329 609 €	38,8%	237 413 €	29 084 €	647,9%
	5,14 % CA	-24,5%	6,81 % CA	28,2%	5,31 % CA	3,71 % CA	38,5%

Extraordinary income	4 388	163,2%	1 667	7,6%	1 549	212	1969,8%
- Extraordinary charges	0	0%	232	-30,5%	334
Extraordinary result	4 388 €	205,8%	1 435 €	18,1%	1 215 €	0 €	0%
	0,10 % CA	233,3%	0,03 % CA	0%	0 % CA	0 % CA	0%

Pre-tax result	217 505 €	-34,0%	329 609 €	38,8%	237 413 €	29 084 €	647,9%
Extraordinary result	4 388 €	205,8%	1 435 €	18,1%	1 215 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	74 566	-33,2%	111 639	38,9%	80 354
Net result	147 327 €	-32,9%	219 405 €	38,6%	158 274 €	24 807 €	493,9%
	3,48 % CA	-23,2%	4,53 % CA	28,0%	3,54 % CA	2,99 % CA	16,4%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)
RCS Registration	RCS Chalon-sur-Saone 1 448 681 064	Share capital	50,000 Euros
Registration Court	Chalon-sur-Saone (71)	Legal form	Sole proprietorship Ltd
Court Registry Number	20 1 1B005	EUR VAT Number	FR06448681064
Incorporation Date	05/2003	Formation Date	06/2003
Deregistration Date		Last account Date	31/10/2011
Nationality	France

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)	Business Pages FT®
Postal Address	GREIF FLEXIBLES FRANCE ZI SAINTE ELISABETH BOIS DU VERNE 71300 MONTCEAU LES MINES	Trading Address	BOIS DU VERNE 71300 MONTCEAU LES MINES
Telephone
Fax

Type	Head office	Status	Economically active
Formation Date	10/2011	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department		Region	Bourgogne
District		Area
City	MONTCEAU LES MINES	Size of urban area

Other establishments

Branches	3 branch entities in this company
Head office	> GREIF FLEXIBLES FRANCE <<<  - Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)  in MONTCEAU LES MINES  (71300)
Secondary establishments	>  GREIF FLEXIBLES FRANCE  - Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)  in BOIS-GUILLAUME-BIHOREL  (76420) >  GREIF FLEXIBLES FRANCE  - Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)  in MERIGNAC  (33700)

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

1 or 2 employees

event history

Status history

Date	Description
31/10/2011	Economically active

Recent publications in Gazettes

Publication date	Gazette Name	Description
07/11/2012	Bodacc B	Modification et mutation diverse
71 - SAONE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE DE CHALON-SUR-SAÔNE 1573 - 448 681 064 RCS Chalon-sur-Saône. GREIF FLEXIBLES FRANCE. Forme : Société à responsabilité limitée. Administration : Gérant(e) : KRACHT Christian Gérant(e) : PLATON Laurent, Roger, Marie Gérant(e) : KING James, Cunningham Commissaire aux comptes titulaire : BDO FRANCE - LEGER ET ASSOCIES (SARL) Commissaire aux comptes suppléant : DYNA2 (SARL). Activité : . Commentaires : Modification survenue sur l'administration.
26/10/2012	JAL	Appointment of the social representative
Documents AP (Actualités profesionnelles) Date de décision : 08/10/2012 Société faisant l'objet d'une nomination : 448681064 - GREIF FLEXIBLES FRANCE, BOIS DU VERNE, ZI SAINTE ELISABETH, 71300 MONTCEAU LES MINES Nominé : Monsieur James Cunningham KING, 2316 XC LIEDEN En la fonction de : Co-Gérant
08/10/2012	Bodacc C	Comptes annuels et rapports
71 - SAONE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE DE CHALON-SUR-SAÔNE 9322 - 448681064 RCS. GREIF FLEXIBLES FRANCE. Forme : Société à responsabilité limitée. Adresse : zi Sainte-Elisabeth Bois du Verne 71300 Montceau-les-Mines. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/10/2011.
13/12/2011	Bodacc A	Immatriculation
71 - SAONE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE DE CHALON-SUR-SAÔNE 831 - 448 681 064 RCS Chalon-sur-Saône. GREIF FLEXIBLES FRANCE. Forme : Société à responsabilité limitée. Administration : Gérant(e) : KRACHT Christian Gérant(e) : PLATON Laurent, Roger, Marie Commissaire aux comptes titulaire : BDO FRANCE - LEGER ET ASSOCIES (SARL) Commissaire aux comptes suppléant : DYNA2 (SARL). Capital : 50000 EUR. Adresse : zi Sainte Elisabeth, bois du verne, 71300 Montceau-les-Mines. Etablissement : Etablissement principal. Activité : confection distribution de "big bag" et de toute autre forme d'emballage. Adresse : zi Sainte Elisabeth, bois du verne, 71300 Montceau-les-Mines. A dater du : 25/11/2011. Date de commencement de l’activité : 31/10/2011. Descriptif : Immatriculation suite ¿ transfert de son si¿ge social hors ressort. Commentaires : Immatriculation d'une personne morale suite à transfert de son siège social.
18/11/2011	JAL	Appointment of the social representative
Documents AP (Actualités profesionnelles) Société faisant l'objet d'une nomination : 448681064 - EURL SUNJUT FRANCE, 216 RTE DE NEUFCHATEL, LE BLANC LOGIS, 76420 BIHOREL Nominé : Monsieur Laurent Platon, 01090 MONTMERLE SUR SAONE En la fonction de : Co-Gérant Nominé : Monsieur Christian Kracht, 56070 KOBLENZ En la fonction de : Co-Gérant Date d'effet : 31/10/2011
18/11/2011	JAL	Resignation / Revocation of the social representative
Documents AP (Actualités profesionnelles) Date de décision : 31/10/2011 La société 448681064 - EURL SUNJUT FRANCE, 216 RTE DE NEUFCHATEL, LE BLANC LOGIS, 76420 BIHOREL Fait l'objet du départ de Monsieur Metin Levi Date d'effet : 31/10/2011
18/11/2011	JAL	Head Office Transfer
Documents AP (Actualités profesionnelles) Date de décision : 31/10/2011 Transfert du siège social de la société 448681064 -  EURL SUNJUT FRANCE Adresse du nouveau siège : Zl Sainte-Elisabeth Bois du Verne, 71300 MONTCEAU LES MINES Ancienne localisation : 216 RTE DE NEUFCHATEL, LE BLANC LOGIS, 76420 BIHOREL Date d'effet : 31/10/2011
16/11/2011	JAL	Head Office Transfer
Affiches de normandie (Les) Date de décision : 31/10/2011 Transfert du siège social de la société 448681064 -  EURL SUNJUT FRANCE Adresse du nouveau siège : Zone Industrielle Sainte-Elisabeth,, 71300 MONTCEAU LES MINES Ancienne localisation : 216 RTE DE NEUFCHATEL, LE BLANC LOGIS, 76420 BIHOREL Date d'effet : 31/10/2011
14/11/2011	Bodacc C	Comptes annuels et rapports
76 - SEINE-MARITIME GREFFE DU TRIBUNAL DE COMMERCE DE ROUEN 9257 - 448681064 RCS. EURL SUNJUT FRANCE. Forme : Entreprise unipersonnelle à responsabilité limitée. Adresse : 216 route de Neufchâtel le Blanc Logis 76420 Bihorel. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/10/2010.
21/09/2010	Bodacc C	Comptes annuels et rapports
76 - SEINE-MARITIME GREFFE DU TRIBUNAL DE COMMERCE DE ROUEN 9060 - 448681064 RCS. EURL SUNJUT FRANCE. Forme : Entreprise unipersonnelle à responsabilité limitée. Adresse : 216 route de Neufchâtel le Blanc Logis 76420 Bihorel. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
13/08/2009	Bodacc C	Comptes annuels et rapports
76 - SEINE-MARITIME GREFFE DU TRIBUNAL DE COMMERCE DE ROUEN 10258 - 448681064 RCS. EURL SUNJUT FRANCE. Forme : Entreprise unipersonnelle à responsabilité limitée. Adresse : 216 route de Neufchâtel le Blanc Logis 76420 Bihorel. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
02/09/2008	Bodacc C	Comptes annuels et rapports
76 - SEINE-MARITIME GREFFE DU TRIBUNAL DE COMMERCE DE ROUEN 10226 - 448681064 RCS. EURL SUNJUT FRANCE. Forme : Entreprise unipersonnelle à responsabilité limitée. Adresse : 216 route de Neufchâtel le Blanc Logis, 76420 Bihorel. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
06/11/2007	Bodacc C	Avis de dépôt des comptes
9054 - 448 681 064. RCS Rouen EURL SUNJUT FRANCE. Forme: Entreprise unipersonnelle à responsabilité limitée. Adresse du siège social: 216 route de Neufchâtel le Blanc Logis, 76420 Bihorel. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
01/10/2006	Bodacc C	Avis de dépôt des comptes
5864 - RCS Rouen B 448 681 064. RC 03-B 365. EURL SUNJUT FRANCE. Forme: E.U.R.L. Adresse du siège social: 216, route de Neufchatel,le Blanc Logis, 76420 Bihorel. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
01/10/2005	Bodacc C	Avis de dépôt des comptes
4982 - RCS Rouen B 448 681 064. RC 03-B 365. EURL SUNJUT FRANCE. Forme: E.U.R.L. Adresse du siège social: 216, route de Neufchatel,le Blanc Logis, 76420 Bihorel. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
28/07/2004	Bodacc B	Modifications et mutations diverses
RCS Rouen B 448681064 RC 03-B 365 E.U.R. L. SUNJUT FRANCE. Forme : S.A.R.L. à associé unique. Adresse du siège social : 216 route de Neufchatel, Le Blanc-Logis, 76420 Bihorel. Commentaires : modification survenue sur l' administration. Administration : gérant : LEVI (Metin) ( Nom d'usage : LEVI). Date d'effet : 24 mai 2004.
20/06/2003	Bodacc A	Création d'établissement
RCS Rouen B 448681064 RC 03-B 365 E.U.R. L. SUNJUT FRANCE. Forme : S.A.R.L. à associé unique. Capital : 50 000 euros. Adresse du siège social : 216 route de Neufchatel, Le Blanc-Logis, 76420 Bihorel. Administration : gérant : COUTELIER (Frédérique, Alberte, Suzanne) ( Nom d'usage : CHARREL) Cette société se constitue Etablissement principal: Activité : confection, distribution de big bags et de toutes autres formes d' emballages. Adresse : 216 route de Neufchatel, Le Blanc-Logis, 76420 Bihorel Date de début d'activité: 10 juin 2003.

Company events history

Date	Description
21/11/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/11/2012	Bodacc B: Various editing or changing
23/10/2012	Amendment
23/10/2012	Appointment/resignation of company officers
08/10/2012	Bodacc C : Deposit accounts notice
08/10/2012	Legal Gazette: Appointment of the social representative
15/12/2011	Other modification of Establishment
13/12/2011	Bodacc A : Registration
24/11/2011	Updated articles of association
24/11/2011	Minutes of general meeting of shareholders
24/11/2011	Appointment/resignation of company officers
24/11/2011	New manager
24/11/2011	New company name
24/11/2011	Registered office transferred inside jurisdiction of the Commercial Court
18/11/2011	Legal Gazette: Resignation / Revocation of the social representative
18/11/2011	Legal Gazette: Head Office Transfer
16/11/2011	Legal Gazette: Head Office Transfer
14/11/2011	Bodacc C : Deposit accounts notice
31/10/2011	Update of Company Name
31/10/2011	Update of Company Head Office Identifier
31/10/2011	Transfer of Establishment
31/10/2011	Modification to Company Identifier
31/10/2011	Legal Gazette: Appointment of the social representative
31/10/2011	New accounts available
19/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
29/09/2011	Amendment
29/09/2011	Private document
29/09/2011	Updated articles of association
17/06/2011	Extension of term
17/06/2011	Application and court order
23/11/2010	Amendment
23/11/2010	New closing date
23/11/2010	Updated articles of association
31/10/2010	New accounts available
21/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
13/08/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
02/09/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
30/08/2006	Reconstitution of net assets
30/08/2006	Reconstitution de l'Actif Net
30/08/2006	Acte modificatif
30/08/2006	Minutes of general meeting of shareholders
30/08/2006	Private document
31/12/2005	New accounts available
19/09/2005	Continuation of business despite loss of equity
19/09/2005	Minutes of general meeting of shareholders
19/09/2005	Private document
16/09/2005	Acte modificatif
16/09/2005	Continuation malgré perte supérieure à la moitié du capital
31/12/2004	New accounts available
01/07/2004	Minutes of general meeting of shareholders
01/07/2004	PV d'Assemblée
01/07/2004	Appointment/resignation of company officers
01/07/2004	Changement de Gérant
01/07/2004	Private document
01/07/2004	New manager
01/07/2004	Nomination/démission des organes de gestion
26/05/2003	Statuts
26/05/2003	Acte sous seing privé
26/05/2003	Formation de Société
26/05/2003	Nomination/démission des organes de gestion

Establishment events history

Date	Description
04/02/2013	Update Rating
21/11/2012	Update Rating
21/11/2012	Update Limit
16/09/2012	Update Rating
02/07/2012	Update Rating
02/07/2012	Update Limit
14/05/2012	Update Rating
15/12/2011	Modification of Head office
31/10/2011	Modification of Head office
31/10/2011	Formation of Head office (after transfer)

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

PRL

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.