MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	SI GROUP- RIBECOURT
Registered Office :	1111 Av Georges Washington 62400 Bethune
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	December 2003
Com. Reg. No.:	RCS Arras 0 451 254 486
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of plastics in primary forms
No. of Employees :	20 to 49 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 :	No Complaints
Litigation :	Clear

NOTES :

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

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

Country Name	Previous Rating (31.03.2011)	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

Company name

Top of Form

Name

SI GROUP- RIBECOURT

SIRET

451 254 486 00017

company summary

		EUR VAT Number	FR42451254486
Activity (APE)	Manufacture of plastics in primary forms (2016Z)	Legal form	Simplified joint stock company
Phone	03 21 68 67 67	RCS Registration	RCS Arras 0 451 254 486
Fax		Share capital	19,300,000 Euros
Address	SI GROUP- RIBECOURT 1111 AV GEORGES WASHINGTON 62400 BETHUNE	Incorporated Date	12/2003
Nationality	France	Status	Economically active

This company is not under monitoring

Current Directors

1

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	26,207,939 €	25,074,189 €	18,146,443 €
Gross Operating Surplus	12,83 % Turnover	13,74 % Turnover	9,90 % Turnover
Shareholders’ equity	23,258,638 €	19,533,144 €	13,913,921 €
Net result	3,746,342 €	5,600,331 €	3,218,011 €
Employees	20 to 49 employees	-	-

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	Fabrication de matières plastiques de base (2016Z)
RCS Registration	RCS Arras 0 451 254 486	Share capital	19,300,000 Euros
Registration Court	Arras (62)	Legal form	Simplified joint stock company
Court Registry Number	20 0 3B406	EUR VAT Number	FR42451254486
Incorporation Date	12/2003	Formation Date	12/2003
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Activités des sièges sociaux (7010Z)	Business Pages FT®
Postal Address	SI GROUP- RIBECOURT 1111 AV GEORGES WASHINGTON 62400 BETHUNE	Trading Address	1111 AVENUE GEORGES WASHINGTON 62400 BETHUNE
Telephone	03 21 68 67 67
Fax

Type	Head office	Status	Economically active
Formation Date	12/2003	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Pas-de-Calais (62)	Region	Nord-Pas-de-Calais
District	2	Area	92
City	BETHUNE	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	2 branch entities in this company
Head office	> SI GROUP- RIBECOURT <<< - Fabrication de matières plastiques de base (2016Z) in BETHUNE (62400)
Secondary establishments	> SI GROUP- RIBECOURT - Fabrication de matières plastiques de base (2016Z) in RIBECOURT DRESLINCOURT (60170)

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 80 to 99% of workforce

Workforces

Workforce at address

1 or 2 employees

Company workforce

20 to 49 employees

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	10/08/2012	10/08/2011	10/08/2010
Activity Code	2016Z	2016Z	2016Z
Employees	39	40	42

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	23 353 248	-2,1%	23 853 896	-0,8%	24 038 669	581 667	3914,9%
- Intangible assets	1 470 000	0,0%	1 470 008	-0,1%	1 470 888	7 469	19581,3%
- Tangible assets	2 811 510	-15,1%	3 312 150	-5,3%	3 496 042	459 933,50	511,3%
- Financial assets	19 071 738	0%	19 071 738	0%	19 071 738	9 292	205149,0%
Net current assets	9 976 988	-8,6%	10 917 306	22,6%	8 905 942	2 543 282	292,3%
- Stocks	1 718 886	5,0%	1 637 324	-6,1%	1 743 897	384 934,50	346,5%
- Advanced payments	0	-8,6%	0	0%	0	0	0%
- Receivables	4 920 613	-19,1%	6 084 823	24,0%	4 907 347	1 284 754	283,0%
- Securities and cash	3 337 489	4,5%	3 195 159	41,7%	2 254 699	83 304,50	3906,4%
- Prepaid expenses	-	-	-	-	-	692,50	-
Accounts of regularization	3 191	590,7%	462	-54,8%	1 021	0	0%
Total Assets	33 333 429	-4,1%	34 771 665	5,5%	32 945 632	3 620 511	820,7%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	23 258 638	19,1%	19 533 144	40,4%	13 913 921	887 767	2519,9%
Share capital	19 300 000	0%	19 300 000	0%	19 300 000	415 561,50	4544,3%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	151 607	19,0%	127 397	73,5%	73 448	17 297,50	776,5%
Liabilities	9 890 157	-34,3%	15 061 633	-20,3%	18 906 508	1 606 713	515,6%
- Financial liabilities	4 500 000	-50,0%	9 000 000	-37,9%	14 500 000	165 729,50	2615,3%
- Advanced payments received	3 879	0%	0	0%	630	0	0%
- Trade account payables	3 501 117	-24,9%	4 661 948	24,9%	3 732 982	604 033,50	479,6%
- Tax and social liabilities	1 827 148	51,7%	1 204 195	182,1%	426 935	344 714	430,0%
- Other debts and fixed assets liabilities	91 041	-62,8%	244 983	-17,7%	297 717	19 521	366,4%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	33 333 429	-4,1%	34 771 665	5,5%	32 945 632	3 620 510,50	820,7%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	26 176 140	4,8%	24 979 297	39,1%	17 956 875	4 370 198,50	499,0%
Net turnover	26 207 939	4,5%	25 074 189	38,2%	18 146 443	4 314 880,50	507,4%
- of which net export turnover	23 100 912	5,7%	21 863 072	47,9%	14 784 955	93 514	24603,2%
Operating charges	24 257 753	5,7%	22 939 036	32,4%	17 330 360	4 161 599	482,9%
Operating profit/loss	1 918 387	-6,0%	2 040 261	225,7%	626 514	77 423	2377,8%
Financial income	2 965 287	-19,3%	3 674 393	-9,3%	4 052 038	7 056,50	41922,1%
Financial charges	601 227	-3,5%	623 022	-73,2%	2 324 683	13 397	4387,8%
Financial profit/loss	2 364 060	-22,5%	3 051 371	76,6%	1 727 355	-2 650,50	89293,0%
Pretax net operating income	4 282 447	-15,9%	5 091 632	116,3%	2 353 869	45 192	9376,1%
Extraordinary income	128 508	-25,4%	172 284	52,9%	112 710	28 387,50	352,7%
Extraordinary charges	95 426	-11,0%	107 215	-39,5%	177 196	23 381	308,1%
Extraordinary profit/loss	33 082	-49,2%	65 069	200,9%	-64 486	0	0%
Net result	3 746 342	-33,1%	5 600 331	74,0%	3 218 011	81 181	4514,8%

Display parameter
Currency	Euro	Kilo Euro

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

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Grand Total (I to VI)	Net	33 333 429	-4,1%	34 771 665	5,5%	32 945 632
	Gross	CO	38 452 904	-2,1%	39 276 809	6,7%	36 825 948
	Amortisation	1A	5 119 475	13,6%	4 505 144	16,1%	3 880 316

Non declared distributed capital (I)

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

Active fixed asset (II)

			31/12/2011		31/12/2010		31/12/2009
	Total Active fixed asset (II)	Net	23 353 248	-2,1%	23 853 896	-0,8%	24 038 669
	Gross	BJ	28 409 888	0,4%	28 285 337	1,6%	27 842 895
	Amortisation	BK	5 056 640	14,1%	4 431 441	16,5%	3 804 227

Intangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	0	0%	0
	Gross	AF	0	0%	0	0%	0
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	1 470 000	0%	1 470 000	0%	1 470 000
	Gross	AH	1 470 000	0%	1 470 000	0%	1 470 000
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	08	-99,1%	888
	Gross	AJ	13 685	0%	13 685	0%	13 685
	Amortisation	AK	13 685	0,1%	13 677	6,9%	12 797
	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	1 470 000	0,0%	1 470 008	-0,1%	1 470 888

Tangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	105 548	-27,3%	145 202	-9,0%	159 644
	Gross	AP	201 902	0%	201 902	0%	201 902
	Amortisation	AQ	96 354	69,9%	56 700	34,2%	42 258
	Plant	Net	2 547 981	-12,7%	2 917 005	-10,1%	3 246 396
	Gross	AR	7 369 469	2,9%	7 162 097	4,0%	6 886 855
	Amortisation	AS	4 821 488	13,6%	4 245 092	16,6%	3 640 459
	Other tangible fixed assets	Net	24 086	20,6%	19 965	-23,8%	26 197
	Gross	AT	149 199	9,8%	135 937	0,8%	134 909
	Amortisation	AU	125 113	7,9%	115 972	6,7%	108 712
	Fixed assets in construction	Net	133 895	-41,8%	229 978	260,4%	63 805
	Gross	AV	133 895	-41,8%	229 978	260,4%	63 805
	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	2 811 510		3 312 150		3 496 042

Financial assets

			31/12/2011		31/12/2010		31/12/2009
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	19 071 281	0%	19 071 281	0%	19 071 281
	Gross	CU	19 071 281	0%	19 071 281	0%	19 071 281
	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	457	0%	457	0%	457
	Gross	BH	457	0%	457	0%	457
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		19 071 738		19 071 738		19 071 738

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	9 976 988	-8,6%	10 917 306	22,6%	8 905 942
	Gross	CJ	10 039 823	-8,7%	10 991 009	22,4%	8 982 031
	Amortisation	CK	62 835	-14,7%	73 703	-3,1%	76 089

Stocks

			31/12/2011		31/12/2010		31/12/2009
	Raw materials	Net	806 046	15,7%	696 654	-0,4%	699 761
	Gross	BL	808 842	14,3%	707 632	0,7%	702 605
	Amortisation	BM	2 796	-74,5%	10 978	286,0%	2 844
	Work in progress (goods)	Net	38 319	0%	0	0%	0
	Gross	BN	38 319	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	781 274	-13,3%	901 484	-11,9%	1 022 924
	Gross	BR	781 274	-13,5%	903 091	-11,7%	1 022 924
	Amortisation	BS	0	0%	1 607	0%	0
	Goods for resale	Net	93 247	138,0%	39 186	84,7%	21 212
	Gross	BT	130 051	40,3%	92 725	24,0%	74 751
	Amortisation	BU	36 804	-31,3%	53 539	0%	53 539
	Sub Total Stocks	Net	1 718 886	5,0%	1 637 324	-6,1%	1 743 897

Advance payments to suppliers

			31/12/2011		31/12/2010		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

			31/12/2011		31/12/2010		31/12/2009
	Trade accounts receivable	Net	3 946 432	-24,1%	5 199 549	34,4%	3 869 252
	Gross	BX	3 969 667	-23,8%	5 207 128	33,9%	3 888 957
	Amortisation	BY	23 235	206,6%	7 579	-61,5%	19 706
	Other debtors	Net	880 929	2,3%	861 035	-15,3%	1 016 381
	Gross	BZ	880 929	2,3%	861 035	-15,3%	1 016 381
	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	4 827 361	-20,3%	6 060 584	24,0%	4 885 633

Divers

			31/12/2011		31/12/2010		31/12/2009
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	3 337 489	4,5%	3 195 159	41,7%	2 254 699
	Gross	CF	3 337 489	4,5%	3 195 159	41,7%	2 254 699
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	3 337 489	4,5%	3 195 159	41,7%	2 254 699

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	93 252	284,7%	24 239	11,6%	21 714
	Gross	CH	93 252	284,7%	24 239	11,6%	21 714
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2011		31/12/2010		31/12/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	3 191	590,7%	462	-54,8%	1 021
Gross		3 191	590,7%	462	-54,8%	1 021

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	457	0%	457	0%	457
Due after one year	CR	27 789	206,6%	9 065	-61,5%	23 568

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	33 333 429	-4,1%	34 771 665	5,5%	32 945 632

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	23 258 638	19,1%	19 533 144	40,4%	13 913 921
	Equity and shareholders' equity	DA	19 300 000	0%	19 300 000	0%	19 300 000
	Issue and merger premiums	DB	0	0%	0	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	0	0%	0	0%	0
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	0	0%	0	0%	0
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	-570 700	90,8%	-6 171 031	34,3%	-9 389 042
	Profit or loss for the period	DI	3 746 342	-33,1%	5 600 331	74,0%	3 218 011
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	782 996	-2,6%	803 844	2,4%	784 952

Other capital resources (II)

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

Provisions for risks and charges (III)

			31/12/2011		31/12/2010		31/12/2009
	Total provisions for risks and charges (Total III)	DR	151 607	19,0%	127 397	73,5%	73 448
	Risk provisions	DP	3 191	590,7%	462	-54,8%	1 021
	Reserves for charges	DQ	148 416	16,9%	126 935	75,3%	72 426

Liabilities (IV)

			31/12/2011		31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	9 890 157	-34,3%	15 061 633	-20,3%	18 906 508
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	0	0%	0	0%	0
	Sundry loans and financial liabilities	DV	4 500 000	-50,0%	9 000 000	-37,9%	14 500 000
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	3 879	0%	0	0%	630
	Trade accounts payables	DX	3 501 117	-24,9%	4 661 948	24,9%	3 732 982
	Tax and social security liabilities	DY	1 827 148	51,7%	1 204 195	182,1%	426 935
	Fixed asset liabilities	DZ	47 599	-73,5%	179 638	90,6%	94 248
	Other debts	EA	10 414	-34,3%	15 854	-89,6%	151 713

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	33 028	-33,3%	49 491	-4,4%	51 756

Equalization accounts

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

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	6 386 278	5,4%	6 061 633	-56,1%	13 805 978
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)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	1 918 387	-6,0%	2 040 261	225,7%	626 514

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	2 364 060	-22,5%	3 051 371	76,6%	1 727 355

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

		31/12/2011		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	4 282 447	-15,9%	5 091 632	116,3%	2 353 869

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	33 082	-49,2%	65 069	200,9%	-64 486

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	3 746 342	-33,1%	5 600 331	74,0%	3 218 011

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	29 269 935	1,5%	28 825 974	30,3%	22 121 622

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

		31/12/2011		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	25 523 596	9,9%	23 225 644	22,9%	18 903 612

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	26 176 140	4,8%	24 979 297	39,1%	17 956 875

Operating income (details)

			31/12/2011		31/12/2010		31/12/2009
	Sale of goods for resale	FC	54 318	-38,1%	87 758	-4,3%	91 737
	France	FA	28 938	-13,1%	33 300	-44,0%	59 464
	Export	FB	25 380	-53,4%	54 458	68,7%	32 273
	Sale of goods produced	FF	26 153 621	4,7%	24 986 431	38,4%	18 054 706
	France	FD	3 078 089	-3,1%	3 177 817	-3,8%	3 302 023
	Export	FE	23 075 532	5,8%	21 808 614	47,8%	14 752 682
	Sale of services	FI	0	0%	0	0%	0
	France	FG	0	0%	0	0%	0
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	26 207 939	4,5%	25 074 189	38,2%	18 146 443
	France	FJ	3 107 027	-3,2%	3 211 117	-4,5%	3 361 488
	Export	FK	23 100 912	5,7%	21 863 072	47,9%	14 784 955
	Stocked production	FM	-83 499	30,3%	-119 833	45,9%	-221 646
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	2 625	0%	0	0%	0
	Release of reserves and provisions	FP	36 913	190,2%	12 720	-32,7%	18 910
	Other income	FQ	12 162	-0,5%	12 221	-7,2%	13 168

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	24 257 753	5,7%	22 939 036	32,4%	17 330 360

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	93 045	-0,7%	93 658	184,7%	32 902
Change in stocks of goods for resale	FT	-37 326	-107,7%	-17 974	-135,0%	51 425
Purchase of raw materials	FU	13 944 632	17,3%	11 887 208	55,9%	7 623 680
Change in stocks of raw materials	FV	-101 210	-1912,9%	-5 028	87,9%	-41 659
Other external purchases and charges	FW	6 646 971	-8,6%	7 270 835	15,6%	6 291 280
Tax, duty and similar payments	FX	245 609	-1,2%	248 623	55,0%	160 398
Payroll	FY	1 308 499	-4,5%	1 369 703	0,4%	1 364 112
Social security costs	FZ	663 618	0,1%	663 185	2,8%	645 273

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	704 671	8,6%	648 730	-8,3%	707 220
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	26 046	152,0%	10 334	-18,9%	12 735
Provisions for risks and charges	GD	21 482	-60,6%	54 508	0%	0

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	741 716	3,7%	715 254	48,1%	482 996

Operating charges (III-IV)

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

Financial income (V)

			31/12/2011		31/12/2010		31/12/2009
	Total financial income (Total V)	GP	2 965 287	-19,3%	3 674 393	-9,3%	4 052 038
	Share financial income	GJ	2 647 880	-11,7%	2 997 600	30,4%	2 298 083
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	0	0%	08	-97,4%	305
	Released provisions and transferred charges	GM	276	-50,6%	559	-100,0%	1 400 745
	Exchange gains	GN	302 273	-54,9%	670 806	93,2%	347 194
	Net income from disposal of investment securities	GO	14 858	174,1%	5 420	-5,1%	5 711

Financial Charge (VI)

			31/12/2011		31/12/2010		31/12/2009
	Total financial charge (Total VI)	GU	601 227	-3,5%	623 022	-73,2%	2 324 683
	Financial reserves and provisions	GQ	3 004	0%	0	0%	291 000
	Interest and similar charges	GR	207 542	-30,2%	297 426	-38,7%	484 896
	Exchange losses	GS	390 681	20,0%	325 596	-79,0%	1 548 787
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary income (Total VII)	HD	128 508	-25,4%	172 284	52,9%	112 710
	Extraordinary operating income	HA	28 732	-74,3%	111 871	39,7%	80 088
	Extraordinary income from capital transactions	HB	8 500	0%	0	0%	0
	Released provisions and transferred charges	HC	91 276	51,1%	60 413	85,2%	32 621

Extraordinary charges (VIII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	95 426	-11,0%	107 215	-39,5%	177 196
	Extraordinary operating charges	HE	1 636	-92,5%	21 951	-44,8%	39 795
	Extraordinary charges from capital transactions	HF	23 362	292,0%	5 959	-73,3%	22 297
	Extraordinary reserves and provisions	HG	70 428	-11,2%	79 305	-31,1%	115 104

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	569 190	228,3%	-443 629	52,2%	-928 628

References

		31/12/2011		31/12/2010		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	732 860	5,5%	694 710	44,3%	481 489

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	323 468	6,5%	303 744	-0,4%	304 993
	Decreasess by transfers	OK2	102 834	274,3%	27 474	-42,8%	48 013
	Gross value at the end of period	OL	28 409 889	0,4%	28 285 338	1,6%	27 842 895

Research and development Charge (Total I)

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

Other budget item from Intangible fixed assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	KD	1 483 685	0%	1 483 685	0%	1 483 685
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	1 483 685	0%	1 483 685	0%	1 483 685

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	7 729 914	6,1%	7 287 471	2,2%	7 129 143
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	550 851	-28,8%	773 661	51,3%	511 335
	Decreasess by budget item transfer	NG1	323 468	6,5%	303 744	-0,4%	304 993
	Decreasess by transfers	NG2	102 834	274,3%	27 474	-42,8%	48 014
	Gross value at the end of period	NH	7 854 463	1,6%	7 729 914	6,1%	7 287 471

Fiancial assets (Total IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LQ	19 071 738	0%	19 071 738	0%	19 071 738
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	0
	Gross value at the end of period	NK	19 071 738	0%	19 071 738	0%	19 071 738

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

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

Research and development charge (Total I)

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

Other intangible assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	13 677	6,9%	12 797	18,6%	10 789
Increases		PF	08	-99,1%	880	-56,2%	2 009
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	13 685	0,1%	13 677	6,9%	12 798

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	4 417 764	16,5%	3 791 429	21,8%	3 111 934
Increases		QV	704 663	8,8%	647 850	-8,8%	710 313
Decreases		QW	79 472	269,4%	21 515	-30,2%	30 818
	Decreasess by budget item transfer	QX	5 042 955	14,2%	4 417 764	16,5%	3 791 429

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

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

Premium refund of obligations

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

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

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7C	1 004 944	7,5%	934 489	-52,5%	1 967 926
Increases		UB	120 960	-16,1%	144 148	-65,6%	418 839
Decreases		UC	128 466	74,3%	73 692	-94,9%	1 452 277
	Value at the end of period	UD	997 438	-0,7%	1 004 945	7,5%	934 488

Includes Total allocations

Operating	UE	47 527	-26,7%	64 842	409,2%	12 735
Financial	UG	3 004	0%	0	0%	291 000
Exceptional	UJ	70 428	-11,2%	79 305	-31,1%	115 104

Includes Total Withdrawal

Operating	UF	36 913	190,2%	12 720	-32,7%	18 910
Financial	UH	276	-50,6%	559	-100,0%	1 400 745
Exceptional	UK	91 276	51,1%	60 413	85,2%	32 621

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	3Z	803 844	2,4%	784 952	11,7%	702 469
Increases		TS	70 428	-11,2%	79 305	-31,1%	115 104
Decreases		TT	91 276	51,1%	60 413	85,2%	32 621
	Value at the end of period	TU	782 996	-2,6%	803 844	2,4%	784 952

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	127 397	73,5%	73 447	-93,8%	1 190 519
Increases		TV	24 486	-55,1%	54 508	-81,3%	291 000
Decreases		TW	276	-50,6%	559	-100,0%	1 408 072
	Value at the end of period	TX	151 607	19,0%	127 396	73,5%	73 447

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	73 702	-3,1%	76 089	1,5%	74 937
Increases		TY	26 045	152,0%	10 334	-18,9%	12 735
Decreases		TZ	36 913	190,2%	12 721	9,8%	11 583
	Value at the end of period	UA	62 834	-14,7%	73 702	-3,1%	76 089

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	4 944 306	-18,9%	6 092 859	23,6%	4 927 510
1 year at most	VU	4 916 517	-19,2%	6 083 794	24,1%	4 903 942
More than one year	VV	27 789	206,6%	9 065	-61,5%	23 568

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	457	0%	457	0%	457
Other financial assets (1 year at most)	UV	457	0%	457	0%	457

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	27 789	206,6%	9 065	-61,5%	23 568
Other claims customer	UX	3 941 878	-24,2%	5 198 064	34,5%	3 865 389
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%	962
Social Security and other social organizations	UZ	668	-56,3%	1 529	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	407 367	6,0%	384 413	22,8%	312 936
Other taxes and payments assimilated	VN	2 953	-97,4%	113 012	-25,6%	151 959
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	405 288	43,3%	282 808	-20,5%	355 735
Accounts receivable (including claims relating to the operation of pension titles)	VR	64 653	-18,4%	79 273	-59,3%	194 789

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	93 252	284,7%	24 239	11,6%	21 714

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	9 886 278	-34,4%	15 061 633	-20,3%	18 905 878
1 year at most		VZ2	6 386 278	5,4%	6 061 633	-56,1%	13 805 878
More than 1 year and 5 years at most		VZ3	3 500 000	-61,1%	9 000 000	76,5%	5 100 000
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	4 500 000	-50,0%	9 000 000	-37,9%	14 500 000
1 year at most		8A2	1 000 000	0%	0	0%	9 400 000
More than 1 year and 5 years at most		8A3	3 500 000	-61,1%	9 000 000	76,5%	5 100 000
	Suppliers and associated accounts (gross)	8B1	3 501 117	-24,9%	4 661 948	24,9%	3 732 982
1 year at most		8B2	3 501 117	-24,9%	4 661 948	24,9%	3 732 982
More than 1 year and 5 years at most		8B3	3 501 117	-24,9%	4 661 948	24,9%	3 732 982
	Personnel and associated accounts (gross)	8C1	112 444	-2,8%	115 626	11,1%	104 095
1 year at most		8C2	112 444	-2,8%	115 626	11,1%	104 095
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	282 226	1,3%	278 473	-4,3%	291 051
1 year at most		8D2	282 226	1,3%	278 473	-4,3%	291 051
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	1 418 107	84,7%	767 807	0%	0
1 year at most		8E2	1 418 107	84,7%	767 807	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	7 056	88,3%	3 748	-70,0%	12 479
1 year at most		VW2	7 056	88,3%	3 748	-70,0%	12 479
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	7 315	-81,0%	38 540	99,6%	19 311
1 year at most		VQ2	7 315	-81,0%	38 540	99,6%	19 311
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	47 599	-73,5%	179 638	90,6%	94 248
1 year at most		8J2	47 599	-73,5%	179 638	90,6%	94 248
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	10 414	-34,3%	15 854	-89,6%	151 713
1 year at most		8K2	10 414	-34,3%	15 854	-89,6%	151 713
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Loans made during the period	VJ	5 000 000	0%	0	0%	5 100 000
Debt repaid during the period	VK	500 000	-90,9%	5 500 000	-1,8%	5 600 000

Table allocation results and other information
Dividends distributed

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

Commitments

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

Other charges Externes

		31/12/2011		31/12/2010		31/12/2009
Subcontracting	YT	0	0%	29	0%	0
Rentals, rental charges and condominiums	XQ	344 468	1,6%	339 178	8,6%	312 271
Staff outside the company	YU	52 298	-34,1%	79 402	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	3 557 715	-15,0%	4 186 940	24,8%	3 356 127
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	2 692 490	1,0%	2 665 285	1,6%	2 622 881
Total Other purchases and external	ZJ	6 646 971	2573,5%	7 270 834	15,6%	6 291 279

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	136 588	4,5%	130 736	27,5%	102 517
Other taxes and payments assimilated	9Z	105 021	-10,9%	117 887	103,7%	57 881
Total taxes and fees	YX	241 609	-2,8%	248 623	55,0%	160 398

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	848 416	4,3%	813 716	-5,9%	865 111
Total VAT on goods and services	YZ	2 528 730	0,5%	2 516 131	-13,7%	2 914 170

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	39	-2,5%	40	-4,8%	42

Groups and Shareholders

		31/12/2011		31/12/2010		31/12/2009
Groups and Shareholders	ZR	01	-	01	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing		1,16	-0,9%	1,17	0,9%	1,16	1,35	-14,1%
Global Debt		136 days	-37,0%	216 days	-42,4%	375 days	115 days	18,3%
Working Capital Fund overall net		63 days	-8,7%	69 days	-21,6%	88 days	67,50 days	-6,7%
Financial independence		%	-	%	-	%	539,68%	-
More ratios
Solvability		69,78%	24,2%	56,18%	33,0%	42,23%	43,09%	61,9%
Capacity debt futures		%	-	%	-	%	1132,39%	-
Coverage of current assets by net working capital overall		45,81%	4,5%	43,83%	-11,7%	49,65%	46,52%	-1,5%
General Liquidity		0,77	-23,0%	1	177,8%	0,36	0,92	-16,3%
Restricted Liquidity		1,29	-15,7%	1,53	194,2%	0,52	1,20	7,5%

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		16 days	-30,4%	23 days	-47,7%	44 days	44 days	-63,6%
Treasury		46 days	0%	46 days	2,2%	45 days	8,50 days	441,2%
Inventory turnover of goods		840 days	90,5%	441 days	38,2%	319 days	14 days	5900%
Average length of credit granted to customers		53 days	-26,4%	72 days	-2,7%	74 days	64 days	-17,2%
Average length of credit obtained suppliers		55 days	-28,6%	77 days	-3,8%	80 days	60,50 days	-9,1%
More ratios
Inventory turnover of raw materials in industrial enterprises		21 days	0%	21 days	-36,4%	33 days	41 days	-48,8%
Inventory turnover of intermediate and finished products in the industrial enterprise		334 days	3,1%	324 days	30,1%	249 days	257,50 days	29,7%
Rotation tangible assets		333,67%	2,9%	324,38%	30,3%	249,01%	264,34%	26,2%

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		-0,01%	-120,0%	0,05%	25,0%	0,04	0%	0%
Profitability of the business		12,83	-6,6%	13,74	38,8%	9,90	6,03%	112,8%
Net profit		14,29%	-36,0%	22,34%	26,0%	17,73%	2,35%	508,1%
More ratios
Growth rate of turnover (excluding VAT)		4,52%	-88,2%	38,18%	219,3%	-31,99%	11,55%	-60,9%
Rates integration		21,28%	-6,8%	22,83%	4,4%	21,86%	27,10%	-21,5%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		35,35%	-0,4%	35,50%	-29,9%	50,65%	68,02%	-48,0%
Weight interests		2,29	-7,7%	2,48%	-80,6%	12,81%	0,55%	316,4%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		16,83%	-32,6%	24,97%	56,2%	15,99%	5,13%	228,1%
Rates of economic profitability		12%	0%	12%	100%	6%	15%	-20,0%
Financial profitability		23258638%	19,1%	19533144%	40,4%	13913921%	887767%	2519,9%
Return on investment		15,66%	-28,2%	21,81%	11,8%	19,51%	9,92%	57,9%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	26 207 939	4,5%	25 074 189	38,2%	18 146 443	4 314 880 €	507,4%

Sales of goods	54 318	-38,1%	87 758	-4,3%	91 737
- Purchase of goods	93 045	-0,7%	93 658	184,7%	32 902
+/- Stock of goods variation	-37 326	-107,7%	-17 974	-135,0%	51 425
Trading margin	-1 401 €	-111,6%	12 074 €	62,9%	7 410 €	0 €	0%
	-0,01 % CA	-120,0%	0,05 % CA	25,0%	0,04 % CA	0 % CA	0%

Sale of goods produced	26 153 621	4,7%	24 986 431	38,4%	18 054 706
+/- Stocked production	-83 499	30,3%	-119 833	45,9%	-221 646
+ Self-constructed assets	0	0%	0	0%	0
Period production	26 070 122 €	4,8%	24 866 598 €	39,4%	17 833 060 €	3 743 336,50 €	596,4%
	99,47 % CA	0,3%	99,17 % CA	0,9%	98,27 % CA	99,85 % CA	-0,4%

Trading margin	-1 401	-111,6%	12 074	62,9%	7 410	0	0%
+ Period Production	26 070 122	4,8%	24 866 598	39,4%	17 833 060	3 743 336,50	596,4%
- Purchase of raw materials	13 944 632	17,3%	11 887 208	55,9%	7 623 680
+/- Change in stocks of raw materiels	-101 210	-1912,9%	-5 028	87,9%	-41 659
- Other external purchases and charges	6 646 971	-8,6%	7 270 835	15,6%	6 291 280
Added value	5 578 328 €	-2,6%	5 725 657 €	44,3%	3 967 169 €	1 086 724 €	413,3%
	21,28 % CA	-6,8%	22,83 % CA	4,4%	21,86 % CA	27,10 % CA	-21,5%

Added value	5 578 328 €	-2,6%	5 725 657 €	44,3%	3 967 169 €	1 086 724 €	413,3%
+ Operating grants	2 625	0%	0	0%	0
- Tax, duty and similar payments	245 609	-1,2%	248 623	55,0%	160 398
- Personal charges	1 972 117	-3,0%	2 032 888	1,2%	2 009 385
Gross operating surplus	3 363 227 €	-2,3%	3 444 146 €	91,6%	1 797 386 €	129 885,50 €	2489,4%
	12,83 % CA	-6,6%	13,74 % CA	38,8%	9,90 % CA	6,03 % CA	112,8%

Gross operating surplus	3 363 227 €	-2,3%	3 444 146 €	91,6%	1 797 386 €	129 885,50 €	2489,4%
+ Release of reserves and provisions	36 913	190,2%	12 720	-32,7%	18 910
+ Other operating income	12 162	-0,5%	12 221	-7,2%	13 168
- Depreciation/Amortisation	752 199	5,4%	713 572	-0,9%	719 955
- Other charges	741 716	3,7%	715 254	48,1%	482 996
Operating result	1 918 387 €	-6,0%	2 040 261 €	225,7%	626 513 €	77 422 €	2377,8%
	7,32 % CA	-10,1%	8,14 % CA	135,9%	3,45 % CA	2,93 % CA	149,8%

Operating result	1 918 387 €	-6,0%	2 040 261 €	225,7%	626 513 €	77 422 €	2377,8%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	2 965 287	-19,3%	3 674 393	-9,3%	4 052 038
- Financial charges	601 227	-3,5%	623 022	-73,2%	2 324 683
Pre-tax result	4 282 447 €	-15,9%	5 091 632 €	116,3%	2 353 868 €	45 192 €	9376,1%
	16,34 % CA	-19,5%	20,31 % CA	56,6%	12,97 % CA	2,66 % CA	514,3%

Extraordinary income	128 508	-25,4%	172 284	52,9%	112 710	28 387,50	352,7%
- Extraordinary charges	95 426	-11,0%	107 215	-39,5%	177 196
Extraordinary result	33 082 €	-49,2%	65 069 €	200,9%	-64 486 €	0 €	0%
	0,13 % CA	-50,0%	0,26 % CA	172,2%	0 % CA	0 % CA	0%

Pre-tax result	4 282 447 €	-15,9%	5 091 632 €	116,3%	2 353 868 €	45 192 €	9376,1%
Extraordinary result	33 082 €	-49,2%	65 069 €	200,9%	-64 486 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	569 190	228,3%	-443 629	52,2%	-928 628
Net result	3 746 339 €	-33,1%	5 600 330 €	74,0%	3 218 010 €	81 180,50 €	4514,8%
	14,29 % CA	-36,0%	22,34 % CA	26,0%	17,73 % CA	2,35 % CA	508,1%

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Status of collection

This company is not under monitoring

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.

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
23/08/2012	Bodacc B	Modification et mutation diverse
62 - PAS-DE-CALAIS GREFFE DU TRIBUNAL DE COMMERCE D'ARRAS 3572 - 451 254 486 RCS Arras. SI GROUP - RIBECOURT. Forme : Société par actions simplifiée. Administration : Président : HALLER Stephen Commissaire aux comptes titulaire : KPMG SA DEPARTEMENT AUDIT représenté par NIRSIMIOO Jay Commissaire aux comptes titulaire : THELIER Christian Commissaire aux comptes suppléant : DESBARRIERES Bertrand Commissaire aux comptes suppléant : CABINET D'EXPERTISE & DE COMMISSARIAT JEAN PIERRE DAIRE. Activité : . Commentaires : Modification survenue sur l'administration.
27/07/2012	Bodacc C	Comptes annuels et rapports
62 - PAS-DE-CALAIS GREFFE DU TRIBUNAL DE COMMERCE D'ARRAS 7927 - 451254486 RCS. SI GROUP - RIBECOURT. Forme : Société par actions simplifiée. Adresse : 1111 avenue Georges Washington 62400 Béthune. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
27/07/2012	Bodacc C	Comptes annuels, consolidés et rapports
62 - PAS-DE-CALAIS GREFFE DU TRIBUNAL DE COMMERCE D'ARRAS 7928 - 451254486 RCS. SI GROUP - RIBECOURT. Forme : Société par actions simplifiée. Adresse : 1111 avenue Georges Washington 62400 Béthune. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
06/09/2010	Bodacc C	Comptes annuels et rapports
62 - PAS-DE-CALAIS GREFFE DU TRIBUNAL DE COMMERCE D'ARRAS 7582 - 451254486 RCS. SI GROUP - RIBECOURT. Forme : Société par actions simplifiée. Adresse : 1111 avenue Georges Washington 62400 Béthune. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
16/12/2009	Bodacc C	Comptes annuels et rapports
62 - PAS-DE-CALAIS GREFFE DU TRIBUNAL DE COMMERCE D'ARRAS 7687 - 451254486 RCS. SI GROUP - RIBECOURT. Forme : Société par actions simplifiée. Adresse : 1111 avenue Georges Washington 62400 Béthune. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
14/03/2008	Bodacc B	Modification et mutation diverse
62 - PAS-DE-CALAIS GREFFE DU TRIBUNAL DE GRANDE INSTANCE DE BÉTHUNE 3123 - 451 254 486 RCS Bethune. SI GROUP - RIBECOURT. Forme : Société par Actions Simplifiée. Administration : président partant : HESS (Emmanuel) - président nouveau : HALLER (Stéphen). Capital : 19300000 EUR. Adresse du siège social : 1111 avenue Georges Washington, 62400 Béthune. Commentaires : modification sur l'administration, le 01/01/2008.
12/12/2006	Bodacc C	Avis de dépôt des comptes
2135 - RCS Béthune B 451 254 486. RC 03-B 648. SCHENECTADY PERFORMANCE RESINS S.A.S.. Forme: S.A.S. Adresse du siège social: 1111, avenue Georges-Washington,62400 Béthune. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
10/10/2006	Bodacc B	Modifications et mutations diverses
1213 - RCS Béthune 451 254 486. RC 03-B 648. SI GROUP RIBERCOURT. Forme : S.A.S. Capital : 19 300 000 euros. Adresse du siège social : 1111 avenue Georges-Washington,, 62400 Commentaires : suppression du nom commercial : Schenectady Performance Resins. Date d'effet : 1er juillet 2006.
05/09/2006	Bodacc B	Modifications et mutations diverses
1515 - RCS Béthune 451 254 486. RC 03-B 648. SCHENECTADY PERFORMANCE RESINS S.A.S. Forme : S.A.S. Capital : 19 300 000 euros. Nom commercial : Schenectady Performance Resins. Adresse du siège social : 1111 avenue Georges-Washington,, 62400 Administration : nomination en qualité de commissaire aux comptes titulaire : AUDIT & CONSEILS J.C. GRAUX. Nomination en qualité de commissaire aux comptes suppléant : CABINET JEAN PIERRE DAIRE. Date d'effet : 28 décembre 2005.
10/11/2005	Bodacc C	Avis de dépôt des comptes
2103 - RCS Béthune B 451 254 486. RC 03-B 648. SCHENECTADY PERFORMANCE RESINS S.A.S. Forme: S.A.S. Adresse du siège social: 1111, avenue Georges-Washington,62400 Béthune. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
11/07/2004	Bodacc A	Création d'établissement
RCS Nanterre B 451254486 RC AP-B 40285 SCHENECTADY PERFORMANCE RESINES. Forme : S.A.S. Capital : 19 300 000 euros. Adresse du siège social : 1111 avenue George- Washington, 62404 Béthune Cedex Etablissement principal: Activité : vendre et distribuer des produits à base de résines phénoliques. Adresse : 4- 8 cours Michelet, 92800 Puteaux Etablissement principal acquis par achat au prix stipulé de 1 200 000 euros. Date d'effet : 30 avril 2004. Précédent propriétaire : CECA S.A. RCS 775728025 Publication légale: La Loi du 14 juin 2004. Oppositions : Ceca S.A., 4- 8 cours Michelet, 92800 Puteaux, pour la validité et la correspondance.
01/06/2004	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Béthune 451254486 RC 03-B 648 SCHENECTADY PERFORMANCE RESINS S.A.S. Forme : S.A.S. Capital : 100 000 euros Nom commercial: Schenectady Performance Resins. Adresse : 1111 avenue Georges- Washington, 62400 Béthune Nouvelle situation du siège social. Capital : 19 300 000 euros. Date d'effet : 24 mars 2004.
28/05/2004	Bodacc A	Création d'établissement
RCS B 451254486 A dater du: 13 mai 2004 RC 04-B 142 SCHENECTADY PERFORMANCE RESINS S.A.S. Forme : S.A.S Nom commercial: Schenectady Performance Resins. Adresse du siège social : 1111 avenue George-Washington, 62400 Béthune ETABLISSEMENT SECONDAIRE. Activité : fabrication de résines phénoliques et d' additifs pour papier. Adresse : route de Bailly, 60170 Ribécourt-Dreslincourt Etablissement secondaire acquis par achat au prix stipulé de 4 100 000 euros Date de début d'activité: 1 e r mai 2004. Précédent propriétaire : BOSTIK FINDLEY S.A. RCS B 332110097 Publication légale: Picardie-la gazette du 12 mai 2004. Oppositions : au siège social du vendeur, 12 place de l'Iris, La Défense 2, 92062 Paris-La Défense.
31/01/2004	Bodacc A	Création d'établissement
RCS Béthune 451254486 A dater du: 22 décembre 2003 RC 03-B 648 SCHENECTADY PERFORMANCE RESINS. Forme : S.A.S. Capital : 100 000 euros Nom commercial: Schenectady Performance Resins. Adresse du siège social : 1111 avenue Georges- Washington, 62400 Béthune. Administration : président : HESS ( Emmanuel). Commissaire aux comptes titulaire : KPMG, représentée par NIRSIMIOO (Jay). Commissaire aux comptes suppléant : DESBARRIERES ( Bertrand) Cette société se constitue , mais n'exploite provisoirement aucun établissement.

Company events history

Date	Description
23/08/2012	Bodacc B: Various editing or changing
14/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
10/08/2012	New auditor
10/08/2012	Minutes of general meeting of shareholders
27/07/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
12/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
06/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
16/12/2009	Bodacc C : Deposit accounts notice
19/06/2009	Requête et Ordonnance
19/06/2009	Prorogation de durée
14/03/2008	New Bodacc B ads detected
14/03/2008	Bodacc B: Various editing or changing
31/01/2008	Private document
31/01/2008	Appointment/resignation of company officers
31/01/2008	PV d'Assemblée
31/01/2008	Minutes of general meeting of shareholders
31/01/2008	Changement de Président (PDG, PCA)
31/12/2007	New accounts available
31/12/2006	New accounts available
05/09/2006	Changement de dénomination sociale
05/09/2006	New company name
05/09/2006	Private document
05/09/2006	Minutes of general meeting of shareholders
05/09/2006	Statuts mis à jour
05/09/2006	Updated articles of association
05/09/2006	Acte modificatif
01/08/2006	Appointment/resignation of company officers
01/08/2006	Acte modificatif
01/08/2006	Foreign document
01/08/2006	Minutes of general meeting of shareholders
01/08/2006	Private document
31/12/2005	New accounts available
31/12/2004	New accounts available
20/04/2004	Certificat de dépôt des fonds
20/04/2004	Acte sous seing privé
20/04/2004	Augmentation de Capital
20/04/2004	Statuts mis à jour
20/04/2004	PV d'Assemblée
31/03/2004	PV d'Assemblée
31/03/2004	Changement de date de clôture
31/03/2004	Acte sous seing privé
31/03/2004	Statuts mis à jour
31/12/2003	New accounts available
22/12/2003	Certificat de dépôt des fonds
22/12/2003	Formation de Société
22/12/2003	Statuts
22/12/2003	Acte sous seing privé

Establishment events history

Date	Description
14/08/2012	Update Limit
12/08/2011	Update Limit
02/10/2010	Update Rating
12/08/2010	Update Limit
12/08/2010	Update Rating
30/12/2009	Update Rating
16/12/2009	Update Rating
16/12/2009	Update Limit
06/09/2009	Update Limit
05/09/2009	Update Rating
05/06/2009	Update Rating
12/09/2008	Update Limit
27/02/2008	Update Limit
27/02/2008	Update Rating
16/12/2007	Update Limit
10/12/2007	Update Limit
09/12/2007	Update Limit

directors

Name	M. HALLER STEPHEN
Manager position	Président	Date of birth	02/08/1961
Place of birth	SCHWENNINGEN
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Président	M STEPHEN HALLER	02/08/1961 - SCHWENNINGEN ALLEMAGNE
Président	M EMMANUEL HESS	20/07/1956 - BOULOGNE BILLANOURT

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.33
UK Pound	1	Rs.82.56
Euro	1	Rs.70.10

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.