MIRA INFORM REPORT

Report Date :

04.05.2013

IDENTIFICATION DETAILS

Name :	MAJE
Registered Office :	24 Rue Du Mail, 75002 Paris 2
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	07.1991
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (intercompany trade) Clothing and shoes
No. of Employees :	50 to 99 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
France	A1	A1

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

FRANCE - ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 79 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.5% of GDP in 2012, while France's public debt rose from 68% of GDP to 89% over the same period. Under President SARKOZY, Paris implemented some austerity measures to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, and hiring an additional 60,000 teachers during his five-year term. The government's attempt to introduce a 75% wealth tax on income over one million euros for two years was struck down by the French Constitutional Council in December 2012 because it applied to individuals rather than households. France ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's government has maintained France's commitment to meeting the budget deficit target of 3% of GDP during 2013 even amid signs that economic growth will be lower than the government's forecast of 0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs declined during the second half of 2012 to euro-era lows.

Source : CIA

Company name

MAJE

Company summary

Trade name	MAJE
		EUR VAT Number	FR43382544310
Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)	Legal form	Simplified joint stock company
Phone	01 42 36 31 76	RCS Registration	RCS Paris 9 382 544 310
Fax		Share capital	100,000 Euros
Address	MAJE 24 RUE DU MAIL 75002 PARIS 2	Incorporated Date	07/1991
Nationality	France	Status	Economically active

Establishment details

Trade name	MAJE
Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)
Postal Address	MAJE 24 RUE DU MAIL 75002 PARIS 2	Trading Address	24 RUE DU MAIL 75002 PARIS 2
Telephone	01 42 36 31 76

DIRECTORS/MANAGEMENT

Current Directors 4

Directors

Name	M. KOUBY ELIE
Manager position	Directeur général délégué	Date of birth	09/03/1952
Place of birth	CASABLANCA(MAROC)
Type	Individual	Name at birth

Name	Mme. MILGROM JUDITH
Manager position	Président	Date of birth	24/11/1964
Place of birth	RABAT(MAROC)
Type	Individual	Name at birth	MOYAL

Name	Mme. CHETRITE REBECCA EVELYNE
Manager position	Directeur général délégué	Date of birth	01/07/1958
Place of birth	RABAT(MAROC)
Type	Individual	Name at birth	MOYAL

Name	M. BIOUSSE FRÉDÉRIC
Manager position	Directeur général délégué	Date of birth	11/03/1969
Place of birth	SAINT-DIZIER (52100)
Type	Individual	Name at birth

Manager position	Title and name	Date of Birth/Place of Birth
Président	Mme JUDITH MILGROM	24/11/1964 - RABAT(MAROC)
Président	M ALAIN DAV MOYAL	01/10/1970 - RABAT(MAROC)
Président	M ALAIN MOYAL	01/10/1970 - RABAT MAROC
Gérant	M ALAIN MOYAL	01/10/1970 - RABAT MAROC
Directeur général	MME JUDITH MILGROM	- - -
Directeur général	MME JUDITH MILGROM	24/11/1964 - RABAT MAROC
Directeur général	Mme JUDITH MILGROM	24/11/1964 - RABAT(MAROC)
Directeur général délégué	M FREDERIC BIOUSSE	- - -
Directeur général délégué	M FREDERIC BIOUSSE	11/03/1969 - ST DIZIER
Directeur général délégué	M FRÉDÉRIC BIOUSSE	11/03/1969 - ST DIZIER (52100)
Directeur général délégué	M FRÉDÉRIC BIOUSSE	11/03/1969 - ST DIZIER (52100)
Directeur général délégué	MME REBECCA CHETRITE	- - -
Directeur général délégué	Mme REBECCA EVELYNE CHETRITE	01/07/1958 - RABAT(MAROC)
Directeur général délégué	MME REBECCA CHETRITE	01/07/1958 - RABAT MAROC
Directeur général délégué	M ELIE KOUBY	- - -
Directeur général délégué	M ELIE KOUBY	09/03/1952 - CASABLANCA MAROC
Directeur général délégué	M ELIE KOUBY	09/03/1952 - CASABLANCA(MAROC)
Administrateur	M FREDERIC BIOUSSE	- - -
Administrateur	M FREDERIC BIOUSSE	11/03/1969 - ST DIZIER
Administrateur	M FRÉDÉRIC BIOUSSE	11/03/1969 - ST DIZIER (52100)
Administrateur	M FRÉDÉRIC BIOUSSE	11/03/1969 - ST DIZIER (52100)
Administrateur	MME REBECCA CHETRITE	- - -
Administrateur	Mme REBECCA EVELYNE CHETRITE	01/07/1958 - RABAT(MAROC)
Administrateur	Mme REBECCA EVELYNE CHETRITE	01/07/1958 - RABAT(MAROC)
Administrateur	MME REBECCA CHETRITE	01/07/1958 - RABAT MAROC
Administrateur	M ELIE KOUBY	- - -
Administrateur	M ELIE KOUBY	09/03/1952 - CASABLANCA MAROC
Administrateur	M ELIE KOUBY	09/03/1952 - CASABLANCA(MAROC)
Administrateur	M ELIE KOUBY	09/03/1952 - CASABLANCA(MAROC)
Administrateur	Mme JUDITH MILGROM	24/11/1964 - RABAT(MAROC)
Administrateur	MME JUDITH MILGROM	24/11/1964 - RABAT MAROC
Administrateur	M ALAIN DAV MOYAL	01/10/1970 - RABAT(MAROC)
Administrateur	M ALAIN DAV MOYAL	01/10/1970 - RABAT(MAROC)
Administrateur	M ALAIN MOYAL	01/10/1970 - RABAT MAROC

NEGATIVE INFORMATION

No social security and tax office preferential right to date.

Judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	12/08/2009
Status of Monitoring	No social security and tax office preferential right to date

Social security, pension funds preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical Data

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

31116825

20/07/2011

15/12/2011

REUNI RETRAITE CADRES

5 337 EUR

-

Reason for closure	Crossed Off
Court	Paris
Description	Sommes dues au 30/04/2011
Creditor	REUNI RETRAITE CADRES
Debtor	SARL MAJE 13 R D ABOUKIR 75002 PARIS

Recent publications in Gazettes

Publication date	Gazette Name	Description
25/06/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8756 - 382544310 RCS. MAJE. Forme : Société par actions simplifiée. Adresse : 24 rue du Mail 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
23/11/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1944 - 382 544 310 RCS Paris. MAJE. Forme : Société par actions simplifiée. Administration : modification du Directeur général délégué Moyal, nom d'usage : Chetrite, Rebecca Evelyne, modification du Directeur général délégué Biousse, Frédéric, modification du Directeur général délégué Kouby, Elie, Administrateur partant : Moyal, Alain Dav, Administrateur partant : Moyal, nom d'usage : Milgrom, Judith. Capital : 100000 EUR. Activité : . Adresse du siège social : 24 rue du Mail, 75002 Paris. Commentaires : modification survenue sur l'administration.
10/06/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7605 - 382544310 RCS. MAJE. Forme : Société par actions simplifiée. Adresse : 24 rue du Mail 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
10/06/2011	Bodacc C	Comptes annuels, consolidés et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7606 - 382544310 RCS. MAJE. Forme : Société par actions simplifiée. Adresse : 24 rue du Mail 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
26/05/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1100 - 382 544 310 RCS Paris. MAJE. Forme : Société par actions simplifiée. Administration : Président MOYAL Judith,Directeur général délégué et Administrateur KOUBY Elie,Directeur général délégué et Administrateur BIOUSSE Frédéric,Directeur général délégué et Administrateur MOYAL Rebecca Evelyne,Administrateur MOYAL Judith,Administrateur MOYAL Alain Dav,Commissaire aux comptes suppléant GOALEC Isabelle,Commissaire aux comptes suppléant MERCADAL PIERRE. Capital : 100000 EUR. Activité : Commerce de gros inter entreprise habillement et chaussures. Adresse de l’établissement principal : 24 rue du Mail, 75002 Paris. Adresse du siège social : 24 rue du Mail, 75002 Paris. Commentaires : Modifications survenues sur le siège social, l'établissement, l'activité. Date de commencement de l’activité : 01/11/2006.
05/04/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1336 - 382 544 310 RCS Paris. MAJE. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire partant : Moitrier, Gérard, Commissaire aux comptes suppléant partant : Bensa, François. Capital : 100000 EUR. Activité : Commerce de gros inter entreprise habillement et chaussures. Adresse du siège social : 24 rue du Mail, 75002 Paris. Commentaires : modification survenue sur l'administration.
10/03/2011	JAL	Head Office Transfer
Nouvel Economiste (Le) Date de décision : 31/01/2011 Transfert du siège social de la société 382544310 -  MAJE Adresse du nouveau siège : 24 Rue du Mail, 75002 PARIS 02 Ancienne localisation : 13 RUE D ABOUKIR, 75002 PARIS 2 Date d'effet : 31/01/2011
06/01/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1000 - 382 544 310 RCS Paris. MAJE. Forme : Société par actions simplifiée. Administration : modification du Président Moyal, nom d'usage : Milgrom, Judith, modification de l'Administrateur Moyal, Alain Dav, nomination de l'Administrateur : Moyal, nom d'usage : Milgrom, Judith, nomination du Commissaire aux comptes titulaire : KPMG S.A., nomination du Commissaire aux comptes suppléant : Goalec, Isabelle. Capital : 100000 EUR. Activité : . Adresse du siège social : 13 rue d'Aboukir, 75002 Paris. Commentaires : modification survenue sur l'administration.
21/12/2010	Bodacc C	Comptes annuels, consolidés et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8866 - 382544310 RCS. MAJE. Forme : Société par actions simplifiée. Adresse : 13 R D ABOUKIR 75002 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
21/12/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8867 - 382544310 RCS. MAJE. Forme : Société par actions simplifiée. Adresse : 13 R D ABOUKIR 75002 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
30/11/2010	JAL	Appointment of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Société faisant l'objet d'une nomination : 382544310 - MAJE, 13 RUE D ABOUKIR, 75002 PARIS 2 Nominé : Madame Judith MILGROM, 51 Avenue Bugeaud, 75116 PARIS 16 En la fonction de : Président Date d'effet : 04/11/2010
30/11/2010	JAL	Appointment of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Société faisant l'objet d'une nomination : 382544310 - MAJE, 13 RUE D ABOUKIR, 75002 PARIS 2 Nominé : Madame Judith MILGROM, 51 Avenue Bugeaud, 75116 PARIS 16 En la fonction de : Président Date d'effet : 04/11/2010
30/11/2010	JAL	Resignation / Revocation of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 04/11/2010 La société 382544310 - MAJE, 13 RUE D ABOUKIR, 75002 PARIS 2 Fait l'objet du départ de Date d'effet : 04/11/2010
13/07/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2219 - 382 544 310 RCS Paris. MAJE. Forme : Société par actions simplifiée. Administration : nomination du Commissaire aux comptes titulaire : Moitrier, Gérard, nomination du Commissaire aux comptes suppléant : Bensa, François. Capital : 100000 EUR. Adresse du siège social : 13 rue d'Aboukir, 75002 Paris. Commentaires : modification survenue sur l'administration.
05/02/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1421 - 382544310 RCS. MAJE. Forme : Société par actions simplifiée. Adresse : 13 R D ABOUKIR 75002 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
22/05/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 618 - 382 544 310 RCS Paris. MAJE. Forme : Société par actions simplifiée. Administration : modification du Directeur général et Administrateur Moyal, nom d'usage : Milgrom, Judith, nomination du Directeur général délègué et Administrateur : Moyal, nom d'usage : Chetrite, Rebecca Evelyne, nomination du Directeur général délègué et Administrateur : Biousse, Frédéric, nomination du Directeur général délègué et Administrateur : Kouby, Elie, nomination de l'Administrateur : Moyal, Alain Dav. Capital : 100000 EUR. Adresse du siège social : 13 rue d'Aboukir, 75002 Paris. Commentaires : modification survenue sur l'administration.
19/12/2008	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1882 - 382 544 310 RCS Paris. MAJE. Forme : Société par actions simplifiée. Administration : modification du Président Moyal, Alain Dav, nomination du Directeur général : Moyal, nom d'usage : Milgrom, Judith. Capital : 100000 EUR. Adresse du siège social : 13 rue d'Aboukir, 75002 Paris. Commentaires : modification survenue sur la forme juridique et l'administration.
10/12/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 5926 - 382544310 RCS. MAJE. Forme : Société à responsabilité limitée. Adresse : 13 rue d'Aboukir 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
27/12/2007	Bodacc C	Avis de dépôt des comptes
6383 - 382 544 310. RCS Paris MAJE. Forme: Société à responsabilité limitée. Adresse du siège social: 13 rue d'Aboukir 75002 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
17/01/2007	Bodacc C	Avis de dépôt des comptes
2327 - RCS Paris B 382 544 310. RC 91-B 9688. MAJE. Forme: S.A.R.L.. Adresse du siège social: 13, R D Aboukir,Paris, 75002 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
13/04/2006	Bodacc B	Modifications et mutations diverses
2133 - RCS Paris B 382 544 310. RC 91-B 9688. MAJE. Forme : S.A.R.L. Capital : 100 000 euros. Adresse du siège social : 13 rue d'Aboukir,, 75002 Commentaires : modification survenue sur l'adresse du siège social. Etablissement principal - Activité : commerce de gros d'habillement. Adresse : 13 rue d'Aboukir, 75002
11/02/2006	Bodacc C	Avis de dépôt des comptes
2747 - RCS Paris B 382 544 310. RC 91-B 9688. MAJE. Forme: S.A.R.L.. Adresse du siège social: 13, R d'Aboukir,Paris, 75002 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
12/05/2005	Bodacc A	Vente et cession
1076 - RCS Paris B 382 544 310. RC 91-B 9688. MAJE. Forme : S.A.R.L. Capital : 100 000 euros. Adresse du siège social : 31-33 rue du Caire, 75002 Paris. Etablissement principal - Activité : vente de prêt-à-porter pour femmes. Adresse : 31-33 rue du Caire, 75002 Paris. Etablissement complémentaire : Activité : vente en gros d'habillement. Adresse : 13 rue d'Aboukir, 75002 Paris. Etablissement complémentaire acquis par achat, dans le cadre d'une procédure collective, au prix stipulé de 85 000 euros. Date de début d'activité : 1er juillet 1991. Date d'effet : 1er février 2005. Précédent propriétaire : 13. ABOUKIR. RCS B 305 291 908. Publication légale : La Vie judiciaire du 2 mars 2005.
09/12/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 382544310 RC 91-B 9688 MAJE. Forme : S.A.R.L. Capital : 100 000 euros. Commentaires : modification survenue sur le capital (augmentation) et l' administration. Administration : nomination du commissaire aux comptes titulaire : FIDUCIAIRE SAINT-MARTIN S.A. R.L. Nomination du commissaire aux comptes suppléant : MERCADAL (Pierre).
13/02/2000	Bodacc B	Modifications et mutations diverses
RCS Paris B 382544310 RC 91-B 9688 MAJE. Forme : S.A.R.L. Adresse du siège social : 31-33 rue du Caire, 75002 Paris. Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal Etablissement principal: Adresse : 31-33 rue du Caire, 75002 Paris.

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PAYMENT INFORMATION

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GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	LF INVEST	524457421

Ultimate Parent

1 ultimate parent company for this company >  LF INVEST  - Activités des sociétés holding (6420Z)  in PARIS 8  (75008)

FINANCIAL INFORMATION

Trading to Date	12/31/2011	12/31/2010	12/31/2009
	Turnover	55,453,224 €	48,601,371 €	33,302,202 €
	Gross Operating Surplus	16,52 % Turnover	20,76 % Turnover	17,53 % Turnover
	Shareholders’ equity	21,659,834 €	19,056,725 €	12,713,801 €
	Net result	4,853,109 €	6,342,924 €	2,938,757 €
	Employees	50 to 99 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	19/05/2012	04/05/2011	17/11/2010
Activity Code	4642Z	4642Z	4642Z
Employees	85	72	61

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	5 644 990	-7,6%	6 106 901	211,9%	1 958 162	41 520,50	13495,7%
- Intangible assets	66 456	941,1%	6 383	-93,1%	92 839	5 551	1097,2%
- Tangible assets	1 500 485	39,5%	1 075 638	92,2%	559 501	5 201	28749,9%
- Financial assets	4 078 049	-18,8%	5 024 880	284,8%	1 305 822	5 564,50	73186,9%
Net current assets	43 588 445	51,9%	28 699 766	-4,8%	30 143 547	211 805	20479,5%
- Stocks	12 915 521	108,0%	6 210 146	26,2%	4 919 163	52 492	24504,7%
- Advanced payments	34 449	51,9%	0	0%	0	0	0%
- Receivables	30 586 962	47,3%	20 760 658	-15,5%	24 578 481	61 318	49782,5%
- Securities and cash	51 513	-97,0%	1 728 962	167,7%	645 903	31 964,50	61,2%
- Prepaid expenses	-	-	-	-	-	68	-
Accounts of regularization	17 564	0%	0	0%	0	0	0%
Total Assets	49 251 000	41,5%	34 806 669	8,4%	32 101 710	293 170	16699,5%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	21 659 834	13,7%	19 056 725	49,9%	12 713 801	59 867	36079,9%
Share capital	100 000	0%	100 000	0%	100 000	8 000	1150,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	774 179	208,0%	251 387	-45,0%	456 900	0	0%
Liabilities	26 816 987	73,0%	15 498 558	-18,1%	18 931 008	198 763	13391,9%
- Financial liabilities	11 700 738	189,6%	4 040 125	261,5%	1 117 727	16 555,50	70575,8%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	10 869 016	103,0%	5 352 990	-4,5%	5 607 027	67 280,50	16054,8%
- Tax and social liabilities	2 396 799	-43,5%	4 238 750	157,8%	1 644 338	46 479	5056,7%
- Other debts and fixed assets liabilities	106 732	-94,3%	1 866 693	-82,3%	10 561 916	8 268,50	1190,8%
Account regularization	1 743 702	0%	0	0%	0	0	0%
Total liabilities	49 251 000	41,5%	34 806 669	8,4%	32 101 710	292 234,50	16753,2%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	61 259 501	23,8%	49 502 426	46,2%	33 865 637	437 674,50	13896,6%
Net turnover	55 453 224	14,1%	48 601 371	45,9%	33 302 202	430 902	12769,1%
- of which net export turnover	18 215 099	54,9%	11 762 249	617,6%	1 639 184	2 536,50	718019,4%
Operating charges	52 432 740	31,1%	39 999 251	38,6%	28 866 343	439 011,50	11843,4%
Operating profit/loss	8 826 761	-7,1%	9 503 175	90,1%	4 999 294	7 559,50	116663,8%
Financial income	555 617	-2,2%	567 857	-13,4%	655 701	0	0%
Financial charges	490 710	64,5%	298 358	26,3%	236 309	711,50	68868,4%
Financial profit/loss	64 907	-75,9%	269 499	-35,7%	419 392	-76	85503,9%
Pretax net operating income	8 891 668	-9,0%	9 772 674	80,4%	5 418 686	6 480	137117,1%
Extraordinary income	393 636	-82,1%	2 205 108	299,6%	551 843	0	0%
Extraordinary charges	1 196 345	-36,2%	1 874 877	32,3%	1 417 665	180	664536,1%
Extraordinary profit/loss	-802 709	-343,1%	330 231	138,1%	-865 822	0	0%
Net result	4 853 109	-23,5%	6 342 924	115,8%	2 938 757	6 476,50	74834,1%

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	49 251 000	41,5%	34 806 669	8,4%	32 101 710
	Gross	CO	50 994 234	41,0%	36 154 269	8,7%	33 247 155
	Amortisation	1A	1 743 234	29,4%	1 347 600	17,6%	1 145 445

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	5 644 990	-7,6%	6 106 901	211,9%	1 958 162
	Gross	BJ	6 328 770	-0,2%	6 342 651	167,9%	2 367 261
	Amortisation	BK	683 780	190,0%	235 750	-42,4%	409 099

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	66 456	941,1%	6 383	-57,0%	14 839
	Gross	AF	155 279	403,6%	30 831	37,4%	22 445
	Amortisation	AG	88 823	263,3%	24 448	221,4%	7 606
	Goodwill	Net	0	0%	0	0%	78 000
	Gross	AH	0	0%	0	0%	78 000
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	66 456	941,1%	6 383	-93,1%	92 839

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	0	0%	0	0%	308 676
	Gross	AP	0	0%	0	0%	494 211
	Amortisation	AQ	0	0%	0	0%	185 535
	Plant	Net	13 297	80,5%	7 368	-48,8%	14 392
	Gross	AR	17 618	84,7%	9 538	-67,0%	28 946
	Amortisation	AS	4 321	99,1%	2 170	-85,1%	14 554
	Other tangible fixed assets	Net	1 487 188	39,2%	1 068 270	351,8%	236 433
	Gross	AT	2 054 188	60,8%	1 277 402	191,8%	437 837
	Amortisation	AU	567 000	171,1%	209 132	3,8%	201 404
	Fixed assets in construction	Net	0	0%	0	0%	0
	Gross	AV	0	0%	0	0%	0
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	0	0%	0	0%	0
	Gross	AX	0	0%	0	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	1 500 485		1 075 638		559 501

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	229 828	-6,0%	244 464	7,0%	228 464
	Gross	CU	253 464	3,7%	244 464	7,0%	228 464
	Amortisation	CV	23 636	0%	0	0%	0
	Inter-company receivables	Net	3 356 101	-11,4%	3 786 846	504,0%	626 934
	Gross	BB	3 356 101	-11,4%	3 786 846	504,0%	626 934
	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%	518 970	0%	0
	Gross	BF	0	0%	518 970	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	492 120	3,7%	474 600	5,4%	450 424
	Gross	BH	492 120	3,7%	474 600	5,4%	450 424
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		4 078 049		5 024 880		1 305 822

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	43 588 445	51,9%	28 699 766	-4,8%	30 143 547
	Gross	CJ	44 647 899	49,8%	29 811 617	-3,5%	30 879 893
	Amortisation	CK	1 059 454	-4,7%	1 111 851	51,0%	736 346

Stocks

			31/12/2011		31/12/2010		31/12/2009
	Raw materials	Net	4 258 868	227,0%	1 302 537	90,5%	683 832
	Gross	BL	4 426 408	231,9%	1 333 800	71,9%	775 841
	Amortisation	BM	167 540	435,9%	31 263	-66,0%	92 009
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	4 235 331
	Gross	BP	0	0%	0	0%	4 737 822
	Amortisation	BQ	0	0%	0	0%	502 491
	Semi-finished and finished products	Net	8 656 653	76,4%	4 907 609	0%	0
	Gross	BR	9 391 836	60,4%	5 853 587	0%	0
	Amortisation	BS	735 183	-22,3%	945 978	0%	0
	Goods for resale	Net	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	12 915 521	108,0%	6 210 146	26,2%	4 919 163

Advance payments to suppliers

			31/12/2011		31/12/2010		31/12/2009
	Advance payments to suppliers	Net	34 449	0%	0	0%	0
	Gross	BV	34 449	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	20 165 576	36,3%	14 795 913	-16,5%	17 718 931
	Gross	BX	20 322 307	36,1%	14 930 523	-16,4%	17 860 777
	Amortisation	BY	156 731	16,4%	134 610	-5,1%	141 846
	Other debtors	Net	9 222 056	71,9%	5 363 491	-14,9%	6 303 952
	Gross	BZ	9 222 056	71,9%	5 363 491	-14,9%	6 303 952
	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	29 387 632	45,8%	20 159 404	-16,1%	24 022 883

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	51 513	-97,0%	1 728 962	167,7%	645 903
	Gross	CF	51 513	-97,0%	1 728 962	167,7%	645 903
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	51 513	-97,0%	1 728 962	167,7%	645 903

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	1 199 330	99,5%	601 254	8,2%	555 598
	Gross	CH	1 199 330	99,5%	601 254	8,2%	555 598
	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	17 564	0%	0	0%	0
Gross		17 564	0%	0	0%	0

References

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

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	49 251 000	41,5%	34 806 669	8,4%	32 101 710

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	21 659 834	13,7%	19 056 725	49,9%	12 713 801
	Equity and shareholders' equity	DA	100 000	0%	100 000	0%	100 000
	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	10 000	0%	10 000	0%	10 000
	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	16 696 725	32,5%	12 603 801	30,4%	9 665 044
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	0	0%	0
	Profit or loss for the period	DI	4 853 109	-23,5%	6 342 924	115,8%	2 938 757
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

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	774 179	208,0%	251 387	-45,0%	456 900
	Risk provisions	DP	129 564	-48,5%	251 387	-45,0%	456 900
	Reserves for charges	DQ	644 615	0%	0	0%	0

Liabilities (IV)

			31/12/2011		31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	26 816 987	73,0%	15 498 558	-18,1%	18 931 008
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	8 962 796	122,4%	4 029 459	261,1%	1 115 986
	Sundry loans and financial liabilities	DV	2 737 942	25569,8%	10 666	512,6%	1 741
	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	10 869 016	103,0%	5 352 990	-4,5%	5 607 027
	Tax and social security liabilities	DY	2 396 799	-43,5%	4 238 750	157,8%	1 644 338
	Fixed asset liabilities	DZ	78 449	0%	0	0%	0
	Other debts	EA	28 283	-98,5%	1 866 693	-82,3%	10 561 916

Translation loss (V)

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

Equalization accounts

		31/12/2011		31/12/2010		31/12/2009
Deferred income	EB	1 743 702	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	22 931 193	94,9%	11 763 639	-35,0%	18 088 301
Of which current bank facilities	EH	4 627 120	26703,7%	17 263	-60,2%	43 321

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	8 826 761	-7,1%	9 503 175	90,1%	4 999 294

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	64 907	-75,9%	269 499	-35,7%	419 392

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	8 891 668	-9,0%	9 772 674	80,4%	5 418 686

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-802 709	-343,1%	330 231	138,1%	-865 822

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	4 853 109	-23,5%	6 342 924	115,8%	2 938 757

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	62 208 754	19,0%	52 275 391	49,0%	35 073 181

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	57 355 644	24,9%	45 932 467	42,9%	32 134 426

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	61 259 501	23,8%	49 502 426	46,2%	33 865 637

Operating income (details)

			31/12/2011		31/12/2010		31/12/2009
	Sale of goods for resale	FC	42 061 218	7,9%	38 965 385	58,9%	24 524 866
	France	FA	32 130 670	-11,8%	36 447 388	48,6%	24 524 866
	Export	FB	9 930 548	294,4%	2 517 997	0%	0
	Sale of goods produced	FF	23 133 106	156,0%	9 036 496	6,4%	8 496 033
	France	FD	14 976 503	9171,4%	-165 095	-102,4%	6 890 027
	Export	FE	8 156 603	-11,4%	9 201 591	472,9%	1 606 006
	Sale of services	FI	-9 741 100	-1724,9%	599 490	113,1%	281 303
	France	FG	-9 869 048	-1872,4%	556 829	124,4%	248 125
	Export	FH	127 948	199,9%	42 661	28,6%	33 178
	Net turnover	FL	55 453 224	14,1%	48 601 371	45,9%	33 302 202
	France	FJ	37 238 125	1,1%	36 839 122	16,3%	31 663 018
	Export	FK	18 215 099	54,9%	11 762 249	617,6%	1 639 184
	Stocked production	FM	4 779 914	3694,5%	125 969	-18,4%	154 371
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	908 577	36,1%	667 457	63,3%	408 664
	Other income	FQ	117 786	9,4%	107 629	26807,2%	400

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	52 432 740	31,1%	39 999 251	38,6%	28 866 343

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	15 290 521	-1,3%	15 495 916	20,3%	12 877 034
Change in stocks of goods for resale	FT	1 241 665	225,4%	-989 796	-293,0%	-251 869
Purchase of raw materials	FU	12 568 541	90,6%	6 592 651	54,7%	4 260 939
Change in stocks of raw materials	FV	-3 092 608	-454,3%	-557 960	-77,2%	-314 849
Other external purchases and charges	FW	19 054 872	65,3%	11 529 535	103,6%	5 663 417
Tax, duty and similar payments	FX	611 439	6,8%	572 500	35,2%	423 549
Payroll	FY	3 799 146	-11,1%	4 274 744	20,0%	3 562 285
Social security costs	FZ	1 598 811	-7,1%	1 720 845	23,2%	1 396 840

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	426 947	75,4%	243 380	-18,7%	299 246
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	929 025	-11,4%	1 048 680	42,4%	736 346
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	4 381	-93,6%	68 756	-67,8%	213 405

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	555 617	-2,2%	567 857	-13,4%	655 701
	Share financial income	GJ	200 723	8,3%	185 270	-13,4%	213 878
	Other investment income & capitalised receivables	GK	157 143	-30,0%	224 518	78,4%	125 867
	Other interest and similar income	GL	105 093	6547,2%	1 581	-6,4%	1 690
	Released provisions and transferred charges	GM	0	0%	0	0%	55 509
	Exchange gains	GN	92 658	-40,8%	156 488	17,8%	132 855
	Net income from disposal of investment securities	GO	0	0%	0	0%	125 902

Financial Charge (VI)

			31/12/2011		31/12/2010		31/12/2009
	Total financial charge (Total VI)	GU	490 710	64,5%	298 358	26,3%	236 309
	Financial reserves and provisions	GQ	41 201	0%	0	0%	0
	Interest and similar charges	GR	271 418	112,4%	127 776	157,6%	49 595
	Exchange losses	GS	178 091	4,4%	170 582	30,9%	130 268
	Net loss from disposal of investment securities	GT	0	0%	0	0%	56 446

Extraordinary income (VII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary income (Total VII)	HD	393 636	-82,1%	2 205 108	299,6%	551 843
	Extraordinary operating income	HA	126 248	-79,5%	615 472	309,2%	150 393
	Extraordinary income from capital transactions	HB	16 001	-98,6%	1 132 736	182,2%	401 450
	Released provisions and transferred charges	HC	251 387	-45,0%	456 900	0%	0

Extraordinary charges (VIII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	1 196 345	-36,2%	1 874 877	32,3%	1 417 665
	Extraordinary operating charges	HE	364 777	-31,4%	531 476	1,0%	526 351
	Extraordinary charges from capital transactions	HF	74 953	-93,1%	1 092 014	151,4%	434 414
	Extraordinary reserves and provisions	HG	756 615	201,0%	251 387	-45,0%	456 900

Employee profit sharing (IX)

		31/12/2011		31/12/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	516 289	-22,4%	665 001	72,8%	384 832

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	2 719 560	-12,1%	3 094 980	151,8%	1 229 277

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	7 000	112,1%	3 300	-32,5%	4 886
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	-72 844	-1173,9%	-5 718	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	117 337	9,3%	107 316	0%	0
Of which royalties on licences and patents (charges)	A4	4 118	-28,6%	5 766	0%	0

Display parameter
Currency	Euro	Kilo Euro

OTHER INCOMER TAX RETURN FORMS
Reserve for depreciation | Provisions included in balance sheet | State deadlines claims and debts at the end of period
Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	OG	0	0%	0	0%	0
	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	87 417	-82,3%	494 211	1307,3%	35 117
	Decreasess by transfers	OK2	1 773 278	21,0%	1 464 925	135,5%	622 156
	Gross value at the end of period	OL	6 328 770	-0,2%	6 342 653	167,9%	2 367 262

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	30 831	-69,3%	100 445	-52,9%	213 296
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	124 448	1384,0%	8 386	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	78 000	-30,9%	112 851
	Gross value at the end of period	LW	155 279	403,6%	30 831	-69,3%	100 445

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	1 286 941	33,9%	960 994	-10,4%	1 072 225
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	933 789	-46,8%	1 756 659	404,9%	347 904
	Decreasess by budget item transfer	NG1	87 417	-82,3%	494 211	1307,3%	35 117
	Decreasess by transfers	NG2	61 506	-93,4%	936 501	120,9%	424 018
	Gross value at the end of period	NH	2 071 807	61,0%	1 286 941	33,9%	960 994

Fiancial assets (Total IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LQ	5 024 881	284,8%	1 305 823	43,0%	913 388
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	788 576	-81,1%	4 169 482	772,8%	477 722
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	1 711 772	280,0%	450 424	428,1%	85 287
	Gross value at the end of period	NK	4 101 685	-18,4%	5 024 881	284,8%	1 305 823

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	24 448	221,4%	7 606	-90,2%	77 653
Increases		PF	64 374	282,2%	16 843	-80,7%	87 409
Decreasess		PG	0	0%	0	0%	157 456
	Decreasess by budget item transfer	PH	88 822	263,3%	24 449	221,4%	7 606

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	211 301	-47,4%	401 493	35,8%	295 638
Increases		QV	362 572	60,1%	226 506	6,9%	211 837
Decreases		QW	2 553	-99,4%	416 698	293,2%	105 981
	Decreasess by budget item transfer	QX	571 320	170,4%	211 301	-47,4%	401 494

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	1 363 237	14,2%	1 193 246	327,0%	279 429
Increases		UB	1 726 840	32,8%	1 300 067	9,0%	1 193 246
Decreases		UC	1 232 808	9,1%	1 130 075	304,4%	279 429
	Value at the end of period	UD	1 857 269	36,2%	1 363 238	14,2%	1 193 246

Includes Total allocations

Operating	UE	929 025	-11,4%	1 048 680	42,4%	736 346
Financial	UG	41 201	0%	0	0%	0
Exceptional	UJ	756 615	201,0%	251 387	-45,0%	456 900

Includes Total Withdrawal

Operating	UF	981 421	45,8%	673 175	200,6%	223 924
Financial	UH	0	0%	0	0%	55 509
Exceptional	UK	251 387	-45,0%	456 900	0%	0

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	251 387	-45,0%	456 900	0%	0
Increases		TV	774 179	208,0%	251 387	-45,0%	456 900
Decreases		TW	251 387	-45,0%	456 900	0%	0
	Value at the end of period	TX	774 179	208,0%	251 387	-45,0%	456 900

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	1 111 851	51,0%	736 346	163,5%	279 430
Increases		TY	952 661	-9,2%	1 048 680	42,4%	736 346
Decreases		TZ	981 422	45,8%	673 175	140,9%	279 430
	Value at the end of period	UA	1 083 090	-2,6%	1 111 851	51,0%	736 346

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	34 591 914	34,7%	25 675 684	-0,5%	25 797 686
1 year at most	VU	34 099 794	35,3%	25 201 084	1,4%	24 846 345
More than one year	VV	492 120	3,7%	474 600	-50,1%	951 341

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	3 356 101	-11,4%	3 786 846	504,0%	626 934
Claims related to shareholdings (1 year at most)	UM	3 356 101	-11,4%	3 786 846	2905,0%	126 017
Loans (gross)	UP	0	0%	518 970	0%	0
Loans (1 year at most)	UR	0	0%	518 970	0%	0
Other financial assets (gross)	UT	492 120	3,7%	474 600	5,4%	450 424
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	171 914	14,1%	150 611	-9,0%	165 449
Other claims customer	UX	20 150 393	36,3%	14 779 911	-16,5%	17 695 328
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	7 902	-43,2%	13 900	-34,1%	21 100
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	3 532 323	0%	0	0%	708 439
Value added tax	VB	379 555	-33,3%	568 937	-68,8%	1 821 667
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	5 213 647	25,6%	4 151 817	26,4%	3 285 911
Accounts receivable (including claims relating to the operation of pension titles)	VR	88 630	-85,9%	628 837	34,7%	466 836

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	1 199 330	99,5%	601 254	8,2%	555 598

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	26 816 988	73,0%	15 498 557	-18,1%	18 931 009
1 year at most		VZ2	22 931 193	94,9%	11 763 638	-35,0%	18 088 301
More than 1 year and 5 years at most		VZ3	3 885 795	44,7%	2 685 906	218,7%	842 708
More than 5 years		VZ4	0	0%	1 049 013	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	4 627 120	26703,7%	17 263	-60,2%	43 321
1 year at most		VG2	4 627 120	26703,7%	17 263	-60,2%	43 321
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	4 335 677	8,1%	4 012 196	274,0%	1 072 665
1 year at most		VH2	449 882	62,3%	277 277	20,6%	229 957
More than 1 year and 5 years at most		VH3	3 885 795	44,7%	2 685 906	218,7%	842 708
	Loans and various financial liabilities (gross)	8A1	15 620	46,4%	10 666	980,6%	987
1 year at most		8A2	15 620	46,4%	10 666	980,6%	987
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	10 869 016	103,0%	5 352 990	-4,5%	5 607 027
1 year at most		8B2	10 869 016	103,0%	5 352 990	-4,5%	5 607 027
More than 1 year and 5 years at most		8B3	10 869 016	103,0%	5 352 990	-4,5%	5 607 027
	Personnel and associated accounts (gross)	8C1	1 125 955	-9,1%	1 238 079	502,4%	205 527
1 year at most		8C2	1 125 955	-9,1%	1 238 079	502,4%	205 527
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	575 270	3,3%	557 114	-30,1%	797 391
1 year at most		8D2	575 270	3,3%	557 114	-30,1%	797 391
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	1 564 122	0%	0
1 year at most		8E2	0	0%	1 564 122	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	480 135	-18,5%	588 926	37,1%	429 424
1 year at most		VW2	480 135	-18,5%	588 926	37,1%	429 424
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	215 438	-25,8%	290 509	37,0%	211 996
1 year at most		VQ2	215 438	-25,8%	290 509	37,0%	211 996
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	78 449	0%	0	0%	0
1 year at most		8J2	78 449	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	2 722 323	0%	0	0%	755
1 year at most		VI2	2 722 323	0%	0	0%	755
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	28 283	-98,5%	1 866 693	-82,3%	10 561 916
1 year at most		8K2	28 283	-98,5%	1 866 693	-82,3%	10 561 916
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	1 743 702	0%	0	0%	0
1 year at most		8L2	1 743 702	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	600 000	-81,2%	3 200 000	0%	0
Debt repaid during the period	VK	276 519	6,2%	260 470	2,8%	253 476

Table allocation results and other information
Dividends distributed

		31/12/2011		31/12/2010		31/12/2009
Dividends	ZE	2 250 000	0%	0	0%	0

Commitments

		31/12/2011		31/12/2010		31/12/2009
Commitments leasing furniture	YQ	0	0%	4 683	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	9 643 904	94,7%	4 953 154	0%	0
Rentals, rental charges and condominiums	XQ	732 985	-3,1%	756 127	0%	0
Staff outside the company	YU	279 751	99,4%	140 318	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	1 825 429	46,9%	1 243 046	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	6 572 803	48,1%	4 436 890	0%	0
Total Other purchases and external	ZJ	19 054 872	3228,4%	11 529 535	0%	0

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	294 779	10,4%	266 990	0%	0
Other taxes and payments assimilated	9Z	316 660	3,6%	305 510	0%	0
Total taxes and fees	YX	611 439	6,8%	572 500	0%	0

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	7 689 577	29,4%	5 942 438	0%	0
Total VAT on goods and services	YZ	6 617 926	125,6%	2 933 298	0%	0

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	85	18,1%	72	18,0%	61

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing		4,77	28,2%	3,72	-39,9%	6,19	1,90	151,1%
Global Debt		174 days	51,3%	115 days	-43,9%	205 days	144 days	20,8%
Working Capital Fund overall net		155 days	21,1%	128 days	-3,8%	133 days	46 days	237,0%
Financial independence		241,66%	-48,9%	472,94%	-58,5%	1139,24%	356,94%	-32,3%
More ratios
Solvability		43,98%	-19,7%	54,75%	38,3%	39,60%	26,53%	65,8%
Capacity debt futures		426,63%	-93,4%	6470%	39,1%	4652,33%	807,55%	-47,2%
Coverage of current assets by net working capital overall		54,92%	-6,9%	58,97%	45,5%	40,52%	32,51%	68,9%
General Liquidity		1,49	-30,4%	2,14	56,2%	1,37	0,39	282,1%
Restricted Liquidity		1,49	-34,9%	2,29	62,4%	1,41	0,71	109,9%

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		188 days	70,9%	110 days	-8,3%	120 days	8 days	2250,0%
Treasury		-30 days	-330,8%	13 days	85,7%	7 days	6 days	-600%
Inventory turnover of goods		0 days	0%	0 days	0%	0 days	92 days	0%
Average length of credit granted to customers		116 days	17,2%	99 days	-48,7%	193 days	29 days	300%
Average length of credit obtained suppliers		76 days	38,2%	55 days	-39,6%	91 days	61 days	24,6%
More ratios
Inventory turnover of raw materials in industrial enterprises		71 days	34,0%	53 days	-19,7%	66 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		2677 days	-29,1%	3777 days	9,0%	3465 days	1984 days	34,9%
Rotation tangible assets		2676,56%	-29,1%	3776,50%	9,0%	3465,39%	2079,92%	28,7%

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		46,04%	-8,5%	50,33%	40,9%	35,73	31,79%	44,8%
Profitability of the business		16,52	-20,4%	20,76	18,4%	17,53	2,76%	498,6%
Net profit		8,75%	-33,0%	13,05%	48,0%	8,82%	1,57%	457,3%
More ratios
Growth rate of turnover (excluding VAT)		14,10%	-69,3%	45,94%	3025,2%	1,47%	0%	0%
Rates integration		27,36%	-20,2%	34,27%	1,7%	33,70%	18,50%	47,9%
Rate leasing furniture		0,01%	0%	0,01%	0%	0,01%	0%	0%
Work Factor		35,58%	-1,1%	35,99%	-18,6%	44,19%	69,37%	-48,7%
Weight interests		0,88	44,3%	0,61%	-14,1%	0,71%	0,21%	319,0%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		8,84%	-24,2%	11,66%	12,7%	10,35%	2,03%	335,5%
Rates of economic profitability		27%	-38,6%	44%	4,8%	42%	13%	107,7%
Financial profitability		21659834%	13,7%	19056725%	49,9%	12713801%	29087%	74365,7%
Return on investment		16,02%	-44,3%	28,75%	25,2%	22,96%	10,21%	56,9%

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	55 453 224	14,1%	48 601 371	45,9%	33 302 202	430 902 €	12769,1%

Sales of goods	42 061 218	7,9%	38 965 385	58,9%	24 524 866
- Purchase of goods	15 290 521	-1,3%	15 495 916	20,3%	12 877 034
+/- Stock of goods variation	1 241 665	225,4%	-989 796	-293,0%	-251 869
Trading margin	25 529 032 €	4,4%	24 459 265 €	105,5%	11 899 701 €	113 178 €	22456,5%
	46,04 % CA	-8,5%	50,33 % CA	40,9%	35,73 % CA	32,77 % CA	40,5%

Sale of goods produced	13 392 006	39,0%	9 635 986	9,8%	8 777 336
+/- Stocked production	4 779 914	3694,5%	125 969	-18,4%	154 371
+ Self-constructed assets	0	0%	0	0%	0
Period production	18 171 920 €	86,2%	9 761 955 €	9,3%	8 931 707 €	2 013 €	902628,3%
	32,77 % CA	63,1%	20,09 % CA	-25,1%	26,82 % CA	1,05 % CA	3021,0%

Trading margin	25 529 032	4,4%	24 459 265	105,5%	11 899 701	113 178	22456,5%
+ Period Production	18 171 920	86,2%	9 761 955	9,3%	8 931 707	2 013	902628,3%
- Purchase of raw materials	12 568 541	90,6%	6 592 651	54,7%	4 260 939
+/- Change in stocks of raw materiels	-3 092 608	-454,3%	-557 960	-77,2%	-314 849
- Other external purchases and charges	19 054 872	65,3%	11 529 535	103,6%	5 663 417
Added value	15 170 147 €	-8,9%	16 656 994 €	48,4%	11 221 901 €	87 413,50 €	17254,5%
	27,36 % CA	-20,2%	34,27 % CA	1,7%	33,70 % CA	18,50 % CA	47,9%

Added value	15 170 147 €	-8,9%	16 656 994 €	48,4%	11 221 901 €	87 413,50 €	17254,5%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	611 439	6,8%	572 500	35,2%	423 549
- Personal charges	5 397 957	-10,0%	5 995 589	20,9%	4 959 125
Gross operating surplus	9 160 751 €	-9,2%	10 088 905 €	72,8%	5 839 227 €	9 967,50 €	91806,2%
	16,52 % CA	-20,4%	20,76 % CA	18,4%	17,53 % CA	2,76 % CA	498,6%

Gross operating surplus	9 160 751 €	-9,2%	10 088 905 €	72,8%	5 839 227 €	9 967,50 €	91806,2%
+ Release of reserves and provisions	908 577	36,1%	667 457	63,3%	408 664
+ Other operating income	117 786	9,4%	107 629	26807,2%	400
- Depreciation/Amortisation	1 355 972	4,9%	1 292 060	24,8%	1 035 592
- Other charges	4 381	-93,6%	68 756	-67,8%	213 405
Operating result	8 826 761 €	-7,1%	9 503 175 €	90,1%	4 999 294 €	7 555 €	116733,4%
	15,92 % CA	-18,6%	19,55 % CA	30,2%	15,01 % CA	2,07 % CA	669,1%

Operating result	8 826 761 €	-7,1%	9 503 175 €	90,1%	4 999 294 €	7 555 €	116733,4%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	555 617	-2,2%	567 857	-13,4%	655 701
- Financial charges	490 710	64,5%	298 358	26,3%	236 309
Pre-tax result	8 891 668 €	-9,0%	9 772 674 €	80,4%	5 418 686 €	6 480 €	137117,1%
	16,03 % CA	-20,3%	20,11 % CA	23,6%	16,27 % CA	1,70 % CA	842,9%

Extraordinary income	393 636	-82,1%	2 205 108	299,6%	551 843	0	0%
- Extraordinary charges	1 196 345	-36,2%	1 874 877	32,3%	1 417 665
Extraordinary result	-802 709 €	-343,1%	330 231 €	138,1%	-865 822 €	0 €	0%
	-1,45 % CA	-313,2%	0,68 % CA	126,2%	-3 % CA	0 % CA	0%

Pre-tax result	8 891 668 €	-9,0%	9 772 674 €	80,4%	5 418 686 €	6 480 €	137117,1%
Extraordinary result	-802 709 €	-343,1%	330 231 €	138,1%	-865 822 €	0 €	0%
- Employee profit sharing	516 289	-22,4%	665 001	72,8%	384 832
- Tax on profits	2 719 560	-12,1%	3 094 980	151,8%	1 229 277
Net result	4 853 110 €	-23,5%	6 342 924 €	115,8%	2 938 755 €	6 445 €	75200,4%
	8,75 % CA	-33,0%	13,05 % CA	48,0%	8,82 % CA	1,57 % CA	457,3%

Group data

Ultimate parent company	LF INVEST
Direct parent	GROUPE SMCP - 100 %
Group – Number of companies	14
Linkages – Number of companies	-
Number of countries	-

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LF INVEST

Company Name	SIREN	Parts	Limit	Last account published
LF INVEST	524457421	-	250 000 €	31/12/2011
GROUPE SMCP	524544939	51%	250 000 €	31/12/2011
CLAUDIE PIERLOT	328759857	100%	0 €	31/12/2011
SANDRO ANDY	319427316	100%	100 000 €	31/12/2011
SANDRO FRANCE	399022458	100%	1 530 000 €	31/12/2011
SANDRO ITALIA SRL	-	Majority	-	-
SMCP LOGISTIQUE	539599860	83.33%	4 400 €	-
MAJE	382544310	100%	2 000 000 €	31/12/2011
MAJE USA	-	Majority	-	-
MAJE STORES LIMITED	-	100%	-	-
MAJE BEL	-	100%	-	-
MAJE BOUTIQUE	441015526	99.70%	150 000 €	31/12/2011
DUKE FASHION	-	100%	-	-
341SMCP	523624229	Majority	0 €	31/12/2011

Linkages

Ultimate parent company	LF INVEST
Direct parent	GROUPE SMCP - 100 %
Group – Number of companies	14
Linkages – Number of companies	-
Number of countries	-
No linked companies

CONSOLIDATED ACCOUNTS

Active Account |  Passive Account |  Account Results |  Consolidation

Synthesized Accounts

Annual Accounts	31/12/2009
Account period (month)	12
Account Type	Consolidated
Activity Code	4642Z

Active account

Annual Accounts	31/12/2009
Capital not called	0
Total fixed assets	15 186 515
- Intangible assets	8 971 527
- Tangible assets	5 009 403
- Financial assets	1 205 585
Net current assets	20 627 196
- Stocks	8 088 273
- Advanced payments	0
- Receivables	10 284 598
- Securities and cash	2 254 325
Accounts of regularization	0
Total Assets	35 813 711

Passive Account

Annual Accounts	31/12/2009
Shareholders' equity	12 783 485
Share capital	100 000
Other capital resources	0
Risk Provisions	629 893
Liabilities	22 118 860
- Financial liabilities	9 210 867
- Advanced payments received	22 962
- Trade account payables	7 277 394
- Tax and social liabilities	5 256 270
- Other debts and fixed assets liabilities	351 367
Account regularization	0
Total liabilities	35 813 711

Results

Annual Accounts	31/12/2009
Sales of Goods	47 164 869
Net turnover	47 571 304
- of which net export turnover	357 769
Operating charges	42 254 733
Operating profit/loss	4 910 136
Financial income	379 187
Financial charges	577 433
Financial profit/loss	-198 246
Pretax net operating income	4 711 890
Extraordinary income	1 040 673
Extraordinary charges	2 433 958
Extraordinary profit/loss	-1 393 285

Consolidation

Annual Accounts	31/12/2009
Net result before amortisation of goodwill	2 312 185
Goodwill amortisation allocation	-101 171
Net result of equity affiliates companies	0
Net result of integrated companies	0
Group result (consolidated net result)	2 211 014
Share of minority interest (Result except group)	149 219
Net result - group share (part of parent company)	2 061 795

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2009
Months	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2009
	Grand Total (I to VI)	Net	35 813 711
	Gross	CO	39 234 326
	Amortisation	1A	3 420 615

Capital subscribed not called (I)

		31/12/2009
Capital suscribed not called (I)	AA3	0

Active fixed asset (II)

			31/12/2009
	Total Active fixed asset (II)	Net	15 186 515
	Gross	BJ	17 702 294
	Amortisation	BK	2 515 779

Intangilble fixed assets

			31/12/2009
	Start-up cost	Net	0
	Gross	AB	0
	Amortisation	AC	0
	R&D expenses	Net	0
	Gross	CX	0
	Amortisation	AE	0
	Distributorships, patents	Net	21 019
	Gross	AF	33 586
	Amortisation	AG	12 567
	Goodwill	Net	8 950 508
	Gross	AH	8 950 508
	Amortisation	AI	0
	Other intangible fixed assets	Net	0
	Gross	AJ	0
	Amortisation	AK	0
	Pre-payments and downpayments	Net	0
	Gross	AL	0
	Amortisation	AM	0

Tangilble fixed assets

			31/12/2009
	Acquisition difference	Net	0
	Gross	A11	101 171
	Amortisation	A12	101 171
	Goodwill	Net	0
	Gross	A21	0
	Amortisation	A22	0
	Difference from the first consolidation	Net	0
	Gross	A31	0
	Amortisation	A32	0
	Lands	Net	0
	Gross	AN	0
	Amortisation	AO	0
	Buildings	Net	407 282
	Gross	AP	633 340
	Amortisation	AQ	226 058
	Plant	Net	236 956
	Gross	AR	261 280
	Amortisation	AS	24 324
	Other tangible fixed assets	Net	4 365 165
	Gross	AT	6 516 824
	Amortisation	AU	2 151 659
	Fixed assets in construction	Net	0
	Gross	AV	0
	Amortisation	AW	0
	Advances and payments on account	Net	0
	Gross	AX	0
	Amortisation	AY	0

Financial assets

			31/12/2009
	Associates at equity	Net	0
	Gross	CS	0
	Amortisation	CT	0
	Other participations	Net	0
	Gross	CU	0
	Amortisation	CV	0
	Inter-company receivables	Net	0
	Gross	BB	0
	Amortisation	BC	0
	Other investment securities	Net	2 022
	Gross	BD	2 022
	Amortisation	BE	0
	Loans	Net	0
	Gross	BF	0
	Amortisation	BG	0
	Other financial assets	Net	1 203 563
	Gross	BH	1 203 563
	Amortisation	BI	0
	Other financial assets	Net	0
	Gross	A41	0
	Amortisation	A42	0

Current Assets (III)

			31/12/2009
	Total Assets	Net	20 627 196
	Gross	CJ	21 532 032
	Amortisation	CK	904 836

Stocks

			31/12/2009
	Raw materials	Net	769 228
	Gross	BL	861 237
	Amortisation	BM	92 009
	Work in progress (goods)	Net	0
	Gross	BN	0
	Amortisation	BO	0
	Work in progress (services)	Net	0
	Gross	BP	0
	Amortisation	BQ	0
	Semi-finished and finished products	Net	358 464
	Gross	BR	860 955
	Amortisation	BS	502 491
	Goods for resale	Net	6 960 581
	Gross	BT	7 129 071
	Amortisation	BU	168 490

Advance payments to suppliers

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

Debtors

			31/12/2009
	Trade accounts receivable	Net	3 731 917
	Gross	BX	3 873 763
	Amortisation	BY	141 846
	Other debtors	Net	5 813 843
	Gross	BZ	5 813 843
	Amortisation	CA	0
	Capital subscribed and called up	Net	0
	Gross	CB	0
	Amortisation	CC	0

Divers

			31/12/2009
	Investment securities	Net	0
	Gross	CD	0
	Amortisation	CE	0
	Cash and cash equivalents	Net	2 254 325
	Gross	CF	2 254 325
	Amortisation	CG	0

Prepaid expenses

			31/12/2009
	Prepaid expenses	Net	738 838
	Gross	CH	738 838
	Amortisation	CI	0

Equalization accounts (IV to VI)

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

References

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

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2009
Grand Total (I to IV)	EE	35 813 711

Shareholder Equity (I)

			31/12/2009
	Total shareholders' equity (Total I)	DL	12 783 485
	Equity and shareholders' equity	DA	100 000
	Issue and merger premiums	DB	0
	Revaluation differentials	DC	0
	Of which equity differential	EK	0
	Legal reserve	DD	0
	Statutory or contractual reserve	DE	0
	Special regulated reserves	DF	0
	Other reserves	DG	10 671 676
	Profits or losses brought forward	DH	0
	Conversion differences	P1	-49 986
	Net result - group part	P2	2 061 795
	Investment grants	DJ	0
	Special tax-allowable reserves	DK	0

Other capital resources (II)

			31/12/2009
	Total other capital resources (Total II)	DO	0
	Income from participating securities	DM	0
	Conditional loans	DN	0
	Others	P3	0

Provisions for risks and charges (III)

			31/12/2009
	Total provisions for risks and charges (Total III)	DR	629 893
	Conversion differences	P4	0
	In reserves	P5	281 473
	In results	P6	0
	Total III	P7	281 473
	Delayed tax	P8	0
	Acquisition differences	P9	0
	Risk provisions	DP	467 461
	Reserves for charges	DQ	162 432

Liabilities (IV)

			31/12/2009
	Total Liabilities (Total IV)	EC	22 118 860
	Convertible debentures	DS	0
	Other debentures	DT	0
	Bank loans and liabilities	DU	9 186 884
	Sundry loans and financial liabilities	DV	23 983
	Of which participating loans	EI	0
	Advance payments received for current orders	DW	22 962
	Trade accounts payables	DX	7 277 394
	Tax and social security liabilities	DY	5 256 270
	Fixed asset liabilities	DZ	0
	Other debts	EA	351 367

Translation loss (V)

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

Equalization accounts

		31/12/2009
Deferred income	EB	0

References

		31/12/2009
Of which tax-allowable reserve	EF	0
Deferred income and liabilities	EG	0
Of which current bank facilities	EH	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2009
Operating result (Total I-II)	GG	4 910 136

2 - Financial result (V - VI)

		31/12/2009
Financial result (Total V-VI)	GV	-198 246

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

		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	4 711 890

4 - Extraordinary result (VII-VIII)

		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-1 393 285

Consolidation

		31/12/2009
Delayed tax	R1	-367 763
Net result before amortisation of acquisition differences	R2	2 312 185
Endowment to amortisation of acquisition differences	R3	-101 171
Net result of companies set in equivalence	R4	0
Net result of integrated companies	R5	0
Group result (consolidated net result)	R6	2 211 014
Cross-reference : equipment leasing	R7	149 219
Cross-reference : property leasing	R8	2 061 795

Operating income (I)

		31/12/2009
Total operating income (Total I)	FR	47 164 869

Operating income (details)

			31/12/2009
	Sale of goods for resale	FC	47 571 304
	France	FA	47 213 535
	Export	FB	357 769
	Sale of goods produced	FF	0
	France	FD	0
	Export	FE	0
	Sale of services	FI	0
	France	FG	0
	Export	FH	0
	Net turnover	FL	47 571 304
	France	FJ	47 213 535
	Export	FK	357 769
	Stocked production	FM	0
	Self-constructed assets	FN	0
	Operating grants	FO	0
	Release of reserves and provisions	FP	0
	Other income	FQ	-406 435

Operating charges (II)

		31/12/2009
Total operating charges (Total II)	GF	42 254 733

Exploitation charges

		31/12/2009
Purchase of goods for resale	FS	14 402 260
Change in stocks of goods for resale	FT	-2 313 350
Purchase of raw materials	FU	3 457 236
Change in stocks of raw materials	FV	-314 849
Other external purchases and charges	FW	10 052 212
Tax, duty and similar payments	FX	994 111
Payroll	FY	9 793 113
Social security costs	FZ	3 447 366

Depreciation

		31/12/2009
Depreciation of fixed assets	GA	2 205 171
Amortisation of fixed assets	GB	0
Depreciation/amortisation of current assets	GC	0
Provisions for risks and charges	GD	0

Other charges

		31/12/2009
Other charges	GE	531 463

Operating charges (III-IV)

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

Financial income (V)

			31/12/2009
	Total financial income (Total V)	GP	379 187
	Share financial income	GJ	0
	Other investment income & capitalised receivables	GK	9 707
	Other interest and similar income	GL	34 162
	Released provisions and transferred charges	GM	55 509
	Exchange gains	GN	153 907
	Net income from disposal of investment securities	GO	125 902

Financial Charge (VI)

			31/12/2009
	Total financial charge (Total VI)	GU	577 433
	Financial reserves and provisions	GQ	0
	Interest and similar charges	GR	360 256
	Exchange losses	GS	160 731
	Net loss from disposal of investment securities	GT	56 446

Extraordinary income (VII)

			31/12/2009
	Total extraordinary income (Total VII)	HD	1 040 673
	Extraordinary operating income	HA	350 410
	Extraordinary income from capital transactions	HB	690 263
	Released provisions and transferred charges	HC	0

Extraordinary charges (VIII)

			31/12/2009
	Total extraordinary charges (Total VIII)	HH	2 433 958
	Extraordinary operating charges	HE	994 167
	Extraordinary charges from capital transactions	HF	809 451
	Extraordinary reserves and provisions	HG	630 340

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2009
Tax on profits (Total X)	HK	1 374 183

References

		31/12/2009
Of which equipment leases	HP	0
Of which property leases	HQ	0

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

Structure and Liquidity

		31/12/2009
Fixed Asset Financing		1,42
Global Debt		167,39 days
Working Capital Fund overall net		56,29 days
Financial independence		139,15%
More ratios
Solvability		35,69%

Management or rotation

		31/12/2009
Need background in operating working capital		35,76 days
Treasury		17,06 days
Inventory turnover of goods		212,30 days
More ratios
Inventory turnover of raw materials in industrial enterprises		81,27 days
Inventory turnover of intermediate and finished products in the industrial enterprise		0 days

Profitability of the business

		31/12/2009
Margin trading		47571278,59%
Profitability of the business		16,93
More ratios
Rates integration		46,85%
Rate leasing furniture		0%
Weight interests		1,21

Return on capital

		31/12/2009
Rates of economic profitability		36,61%

Previous Directors

FOREIGN EXCHANGE RATES

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ADDITIONAL INFORMATION

Trends
	Profitability
	Liquidity
	Net worth

company details

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)
RCS Registration	RCS Paris 9 382 544 310	Share capital	100,000 Euros
Registration Court	Paris (75)	Legal form	Simplified joint stock company
Court Registry Number	19 9 1B096	EUR VAT Number	FR43382544310
Incorporation Date	07/1991	Formation Date	07/1991
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Type	Head office	Status	Economically active
	Formation Date	01/2011	Reason for formation	Formation
	Closure Date		Reason for closure
	Reactivation Date		Production Role
	Activity Nature		Activity Location
	Location surface		Seasonality

Department		Region	Ile-de-France
District		Area
City	PARIS 2	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> MAJE <<<  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in PARIS 2  (75002)
Secondary establishments	>  MAJE  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in PARIS 2  (75002) >  MAJE  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in PARIS 2  (75002) >  MAJE  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in PARIS 2  (75002) >  MAJE  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in PARIS 2  (75002)

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

Workforce unknown

Company workforce

50 to 99 employees

Company events history

Date	Description
05/10/2012	New subsidiarie(s) detected
05/10/2012	New ultimate parent
05/10/2012	New parent detected
25/06/2012	Bodacc C : Deposit accounts notice
22/05/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
23/11/2011	Bodacc B: Various editing or changing
08/11/2011	Updated articles of association
08/11/2011	Minutes of general meeting of shareholders
20/07/2011	New Filling of Social Security preferential right
20/07/2011	Unfiling of a Social Security preferential right
10/06/2011	Bodacc C : Deposit accounts notice
26/05/2011	Bodacc B: Various editing or changing
06/05/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/04/2011	Bodacc B: Various editing or changing
21/03/2011	Minutes of general meeting of shareholders
21/03/2011	Registered office transferred inside jurisdiction of the Commercial Court
21/03/2011	Updated articles of association
10/03/2011	Legal Gazette: Head Office Transfer
31/01/2011	Update of Company Head Office Identifier
31/01/2011	Transfer of Establishment
06/01/2011	Bodacc B: Various editing or changing
31/12/2010	New accounts available
22/12/2010	Changes to the Board of Directors
22/12/2010	Minutes of general meeting of shareholders
22/12/2010	Amendment
22/12/2010	New chairman (CEO, CoB)
21/12/2010	Bodacc C : Deposit accounts notice
30/11/2010	Legal Gazette: Resignation / Revocation of the social representative
04/11/2010	Legal Gazette: Appointment of the social representative
13/07/2010	Bodacc B: Various editing or changing
25/06/2010	Minutes of general meeting of shareholders
05/02/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
31/12/2009	New consolidated accounts available
12/08/2009	Collection of preferential rights activated for this company
22/05/2009	Bodacc B: Various editing or changing
06/05/2009	Changes to the Board of Directors
06/05/2009	Updated articles of association
06/05/2009	Amendment
05/05/2009	Private document
05/05/2009	Minutes of general meeting of shareholders
05/05/2009	Updated articles of association
05/05/2009	Appointment/resignation of company officers
31/12/2008	New accounts available
19/12/2008	New Bodacc B ads detected
19/12/2008	Bodacc B: Various editing or changing
10/12/2008	Bodacc C : Deposit accounts notice
01/12/2008	New legal form – new category
01/12/2008	New legal form – no new category
01/12/2008	Changes to the Board of Directors
01/12/2008	Private document
01/12/2008	Appointment/resignation of company officers
01/12/2008	Minutes of general meeting of shareholders
01/12/2008	Updated articles of association
01/12/2008	Audit or Management Report
02/01/2008	Cession de parts
02/01/2008	Acte sous seing privé
02/01/2008	Private document
02/01/2008	Sale of shares
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
07/12/2005	Private document
07/12/2005	Acte sous seing privé
07/12/2005	Updated articles of association
07/12/2005	Transfert du Siège dans le ressort du Tribunal de Commerce
07/12/2005	Statuts mis à jour
07/12/2005	PV d'Assemblée
07/12/2005	Minutes of general meeting of shareholders
07/12/2005	Registered office transferred inside jurisdiction of the Commercial Court
31/12/2004	New accounts available
31/12/2003	New accounts available
27/11/2001	PV d'Assemblée
27/11/2001	Nomination/démission des organes de gestion
27/11/2001	Acte sous seing privé
27/11/2001	Augmentation de Capital
27/11/2001	Conversion du Capital Social en Euros
27/11/2001	Changement de Commissaire aux Comptes
27/11/2001	Statuts mis à jour
31/01/2000	PV d'Assemblée
31/01/2000	Statuts mis à jour
31/01/2000	Acte sous seing privé
31/01/2000	Transfert du Siège dans le ressort du Tribunal de Commerce
31/01/1995	Cession de parts
31/01/1995	Acte modificatif
31/01/1995	Statuts mis à jour
31/01/1995	Acte sous seing privé
21/07/1993	Changement de Gérant
21/07/1993	PV d'Assemblée
21/07/1993	Acte modificatif

Establishment events history

Date	Description
05/08/2012	Update Rating
22/05/2012	Update Limit
28/04/2012	Update Rating
28/04/2012	Update Limit
16/12/2011	Update Limit
16/12/2011	Update Rating
21/07/2011	Update Rating
21/07/2011	Update Limit
28/06/2011	Update of phone numbers
06/05/2011	Update Limit
31/01/2011	Formation of Head office (after transfer)

Status history

Date	Description
31/01/2011	Economically active

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.95
UK Pound	1	Rs.83.80
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

NLM

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.