MIRA INFORM REPORT

Report Date :

14.05.2013

IDENTIFICATION DETAILS

Name :	M C LEM
Registered Office :	20 Bd Ampere, 13014 Marseille 14
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	May 1990
Com. Reg. No.:	RCS Marseille 9 378 644 603
Legal Form :	Simplified Joint Stock Company
Line of Business :	Manufacturer of clothing
No. of Employees :	20 to 49 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
France	A2	A2

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 summary

Name

M C LEM

SIRET

378 644 603 00060

Personal comment

		EUR VAT Number	FR92378644603
Activity (APE)	Fabrication de vetements de dessus (1413Z) (Manufacturing clothing from above)	Legal form	Simplified joint stock company
Phone	04 91 18 60 21	RCS Registration	RCS Marseille 9 378 644 603
Fax		Share capital	153,000 Euros
Address	M C LEM 20 BD AMPERE 13014 MARSEILLE 14	Incorporated Date	07/1990
Nationality	France	Status	Economically active

No social security and tax office preferential right to date

Current Directors

1

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	81,918,048 €	71,784,754 €	52,613,607 €
Gross Operating Surplus	12,24 % Turnover	19,12 % Turnover	18,35 % Turnover
ShareholdersÔÇÖ equity	12,243,810 €	15,027,350 €	12,560,217 €
Net result	3,035,646 €	7,667,603 €	5,205,816 €
Employees	20 to 49 employees	-	-

Trends
Profitability
Liquidity
Net worth

Company details

Activity (APE)	Fabrication de vetements de dessus (1413Z)
RCS Registration	RCS Marseille 9 378 644 603	Share capital	153,000 Euros
Registration Court	Marseille (13)	Legal form	Simplified joint stock company
Court Registry Number	19 9 0B013	EUR VAT Number	FR92378644603
Incorporation Date	07/1990	Formation Date	05/1990
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Fabrication de v├¬tements de dessus (1413Z)	Business Pages FT®
Postal Address	M C LEM 20 BD AMPERE 13014 MARSEILLE 14	Trading Address	20 BOULEVARD AMPERE 13014 MARSEILLE 14
Telephone	04 91 18 60 21
Fax

Type	Head office	Status	Economically active
Formation Date	05/2009	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Bouches-du-Rhone (13)	Region	C├┤te d'Azur
District		Area
City	MARSEILLE 14	Size of urban area

Other establishments

Branches	2 branch entities in this company
Head office	> M C LEM <<<  - Fabrication de v├¬tements de dessus (1413Z)  in MARSEILLE 14  (1301 )
Secondary establishments	>  M C LEM  - Fabrication de v├¬tements de dessus (1413Z)  in MARSEILLE 1  (13001) >  M C LEM  - Fabrication de v├¬tements de dessus (1413Z)  in PARIS 16  (75016) >  M C LEM  - Fabrication de v├¬tements de dessus pour femmes et fillettes (182E)  in MARSEILLE 1  (13001) >  M C LEM  - Fabrication de v├¬tements de dessus (1413Z)  in MARSEILLE 12  (13012)

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

Workforces

Workforce at address

3 to 5 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	06/09/2012	26/10/2011	29/07/2010
Activity Code	1413Z	1413Z	1413Z
Employees	47	42	33

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	1988748	-10,5%	2222461	156,1%	867979	23554	8343,4%
- Intangible assets	93905	-46,3%	174803	35,3%	129216	1194	7764,7%
- Tangible assets	896347	-5,8%	951091	53,3%	620263	5104	17461,7%
- Financial assets	998496	-8,9%	1096567	825,4%	118500	2727	36515,2%
Net current assets	45815978	31,0%	34977381	47,3%	23748811	132247	34544,2%
- Stocks	19958305	64,9%	12101557	24,6%	9714358	25589	77895,6%
- Advanced payments	358025	31,0%	35256	-54,3%	77169	0	0%
- Receivables	21313225	40,2%	15198457	62,2%	9368111	40719	52242,2%
- Securities and cash	4186423	-45,2%	7642111	66,5%	4589173	16648	25046,7%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	1877	12,3%	1671	155,1%	655	0	0%
Total Assets	47806604	28,5%	37201514	51,1%	24617444	182612	26079,3%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	12243810	-18,5%	15027350	19,6%	12560217	37122	32882,6%
Share capital	153000	0%	153000	0%	153000	8000	1812,5%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	619808	26,8%	488622	10,4%	442655	0	0%
Liabilities	34942826	61,1%	21685320	86,7%	11613232	115553	30139,7%
- Financial liabilities	15882324	150,9%	6330725	839,2%	674067	11895	133421,0%
- Advanced payments received	49408	-60,1%	123766	258,7%	34500	0	0%
- Trade account payables	18066574	39,1%	12991982	27,3%	10206434	21531	83809,6%
- Tax and social liabilities	503925	-72,1%	1803188	180,9%	641831	39105	1188,6%
- Other debts and fixed assets liabilities	440757	1,1%	435882	654,9%	57742	4367	9992,9%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	47806604	28,5%	37201514	51,1%	24617444	182612	26079,3%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	83953400	13,5%	73954112	38,7%	53336903	245167	34143,4%
Net turnover	81918048	14,1%	71784754	36,4%	52613607	229153	35648,2%
- of which net export turnover	8589901	21,0%	7098550	50,5%	4716779	0	0%
Operating charges	76853297	23,9%	62051665	36,9%	45331665	252370	30352,6%
Operating profit/loss	7100103	-40,3%	11902447	48,7%	8005238	1786	397442,2%
Financial income	522700	37,4%	380436	-28,6%	533183	02	26134900%
Financial charges	1421127	84,5%	770314	-35,6%	1195673	511	278007,0%
Financial profit/loss	-898427	-130,4%	-389878	41,1%	-662490	-158	-568524,7%
Pretax net operating income	6201676	-46,1%	11512569	56,8%	7342748	1483	418084,5%
Extraordinary income	189731	-35,4%	293856	-9,6%	324966	0	0%
Extraordinary charges	2117173	1569,0%	126850	38,6%	91505	125	1693638,4%
Extraordinary profit/loss	-1927442	-1254,1%	167006	-28,5%	233461	0	0%
Net result	3035646	-60,4%	7667603	47,3%	5205816	2851	106376,5%

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	47806604	28,5%	37201514	51,1%	24617444
Gross	CO	50356453	29,9%	38751118	51,2%	25626577
Amortisation	1A	2549849	64,5%	1549604	53,6%	1009133

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	1988748	-10,5%	2222461	156,1%	867979
Gross	BJ	2666040	0,4%	2655804	135,9%	1125608
Amortisation	BK	677292	56,3%	433343	68,2%	257629

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	3905	-92,1%	49328	929,0%	4794
Gross		AF	125068	9,2%	114519	129,5%	49909
Amortisation		AG	121163	85,9%	65191	44,5%	45115
Goodwill		Net	90000	0%	90000	0%	90000
Gross		AH	90000	0%	90000	0%	90000
Amortisation		AI	0	0%	0	0%	0
Other intangible fixed assets		Net	0	0%	35475	0%	0
Gross		AJ	0	0%	35475	0%	0
Amortisation		AK	0	0%	0	0%	0
Pre-payments and downpayments		Net	0	0%	0	0%	34422
Gross		AL	0	0%	0	0%	34422
Amortisation		AM	0	0%	0	0%	0
Net	93905	-46,3%	174803	35,3%	129216

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	486177	4,9%	463459	72,2%	269065
Gross	AP	645664	15,1%	561189	77,9%	315499
Amortisation	AQ	159487	63,2%	97730	110,5%	46434
Plant	Net	19687	-26,8%	26909	-17,7%	32678
Gross	AR	51306	0%	51306	2,8%	49896
Amortisation	AS	31619	29,6%	24397	41,7%	17218
Other tangible fixed assets	Net	390483	-15,2%	460723	48,9%	309335
Gross	AT	755506	6,9%	706748	54,2%	458197
Amortisation	AU	365023	48,4%	246025	65,3%	148862
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%	9185
Gross	AX	0	0%	0	0%	9185
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	896347		951091		620263

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	27800	0%	27800	-32,0%	40900
Gross	CU	27800	0%	27800	-32,0%	40900
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	648996	-22,4%	836860	2643,8%	30500
Gross	BB	648996	-22,4%	836860	2643,8%	30500
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	3100	-41,0%	5250	-83,1%	31100
Gross	BF	3100	0%	5250	0%	31100
Amortisation	BG	0		0		0
Other financial assets	Net	318600	40,6%	226657	1316,6%	16000
Gross	BH	318600	40,6%	226657	1316,6%	16000
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		998496		1096567		118500

Current Assets (III)

		31/12/2011		31/12/2010		31/12/2009
Total Assets	Net	45815978	31,0%	34977381	47,3%	23748811
Gross	CJ	47688534	32,1%	36093642	47,3%	24500315
Amortisation	CK	1872556	67,8%	1116261	48,5%	751504

Stocks

		31/12/2011		31/12/2010		31/12/2009
Raw materials	Net	2342071	2,5%	2285967	-27,7%	3161552
Gross	BL	2553682	6,1%	2406191	-25,8%	3242734
Amortisation	BM	211611	76,0%	120224	48,1%	81182
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	4182276	28,1%	3265405	61,7%	2019698
Gross	BR	4332772	25,1%	3462776	59,6%	2169491
Amortisation	BS	150496	-23,7%	197371	31,8%	149793
Goods for resale	Net	13433958	105,1%	6550185	44,5%	4533108
Gross	BT	14140635	107,3%	6820767	47,2%	4633398
Amortisation	BU	706677	161,2%	270582	169,8%	100290
Sub Total Stocks	Net	19958305	64,9%	12101557	24,6%	9714358

Advance payments to suppliers

		31/12/2011		31/12/2010		31/12/2009
Advance payments to suppliers	Net	358025	915,5%	35256	-54,3%	77169
Gross	BV	358025	915,5%	35256	-54,3%	77169
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2011		31/12/2010		31/12/2009
Trade accounts receivable	Net	16584696	19,9%	13833768	70,6%	8108485
Gross	BX	17388468	21,1%	14361852	68,4%	8528724
Amortisation	BY	803772	52,2%	528084	25,7%	420239
Other debtors	Net	4074147	534,4%	642174	-17,5%	778417
Gross	BZ	4074147	534,4%	642174	-17,5%	778417
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	20658843	42,7%	14475942	62,9%	8886902

Divers

		31/12/2011		31/12/2010		31/12/2009
Investment securities	Net	34409	0%	34409	0%	34409
Gross	CD	34409	0%	34409	0%	34409
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	4152014	-45,4%	7607702	67,0%	4554764
Gross	CF	4152014	-45,4%	7607702	67,0%	4554764
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	4186423	-45,2%	7642111	66,5%	4589173

Prepaid expenses

		31/12/2011		31/12/2010		31/12/2009
Prepaid expenses	Net	654382	-9,4%	722515	50,1%	481209
Gross	CH	654382	-9,4%	722515	50,1%	481209
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	1877	12,3%	1671	155,1%	655
Gross		1877	12,3%	1671	155,1%	655

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	0	0%	1068767	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	47806604	28,5%	37201514	51,1%	24617444

Shareholder Equity (I)

		31/12/2011		31/12/2010		31/12/2009
Total shareholders' equity (Total I)	DL	12243810	-18,5%	15027350	19,6%	12560217
Equity and shareholders' equity	DA	153000	0%	153000	0%	153000
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	15300	0%	15300	0%	15300
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	167623	11,7%	150020	3,7%	144674
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	7041427	0%	7041427	0%	7041427
Profit or loss for the period	DI	3035646	-60,4%	7667603	47,3%	5205816
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	1830814	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	619808	26,8%	488622	10,4%	442655
Risk provisions	DP	619808	80,3%	343671	-22,4%	442655
Reserves for charges	DQ	0	0%	144951	0%	0

Liabilities (IV)

		31/12/2011		31/12/2010		31/12/2009
Total Liabilities (Total IV)	EC	34942826	61,1%	21685320	86,7%	11613232
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	2979439	569,8%	444817	983,9%	41039
Sundry loans and financial liabilities	DV	12902885	119,2%	5885908	829,8%	633028
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	49408	-60,1%	123766	258,7%	34500
Trade accounts payables	DX	18066574	39,1%	12991982	27,3%	10206434
Tax and social security liabilities	DY	503925	-72,1%	1803188	180,9%	641831
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	440595	1,1%	435659	672,4%	56400

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	162	-27,4%	223	-83,4%	1342

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	0	0%	21685320	86,7%	11613230
Of which current bank facilities	EH	0	0%	443856	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	7100103	-40,3%	11902447	48,7%	8005238

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	-898427	-130,4%	-389878	41,1%	-662490

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	6201676	-46,1%	11512569	56,8%	7342748

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-1927442	-1254,1%	167006	-28,5%	233461

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	3035646	-60,4%	7667603	47,3%	5205816

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	84665831	13,4%	74628404	37,7%	54195052

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	81630186	21,9%	66960800	36,7%	48989234

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	83953400	13,5%	73954112	38,7%	53336903

Operating income (details)

		31/12/2011		31/12/2010		31/12/2009
Sale of goods for resale	FC	81117295	14,1%	71075481	36,5%	52068753
France	FA	72566656	13,3%	64047548	35,2%	47377366
Export	FB	8550639	21,7%	7027933	49,8%	4691387
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	800753	12,9%	709273	30,2%	544854
France	FG	761491	19,2%	638656	22,9%	519462
Export	FH	39262	-44,4%	70617	178,1%	25392
Net turnover	FL	81918048	14,1%	71784754	36,4%	52613607
France	FJ	73328147	13,4%	64686204	35,1%	47896828
Export	FK	8589901	21,0%	7098550	50,5%	4716779
Stocked production	FM	869996	-32,7%	1293285	1700,4%	-80812
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	21100	43,8%	14670	-35,7%	22828
Release of reserves and provisions	FP	1143129	33,4%	856647	9,7%	781070
Other income	FQ	1127	-76,3%	4756	2164,8%	210

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	76853297	23,9%	62051665	36,9%	45331665

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	35553072	70,2%	20893129	62,7%	12842729
Change in stocks of goods for resale	FT	-7319868	-234,6%	-2187369	9,3%	-2410540
Purchase of raw materials	FU	10550680	24,5%	8476918	-5,3%	8954322
Change in stocks of raw materials	FV	-147491	-117,6%	836543	158,6%	-1427072
Other external purchases and charges	FW	31713028	8,4%	29243275	25,6%	23280388
Tax, duty and similar payments	FX	505184	0,6%	502276	28,8%	389934
Payroll	FY	1373623	16,6%	1177992	23,9%	950523
Social security costs	FZ	558229	30,7%	427220	34,0%	318758

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	294792	67,1%	176382	94,3%	90780
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	1872556	67,8%	1116261	48,5%	751504
Provisions for risks and charges	GD	0	0%	0	0%	442000

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	1899492	36,7%	1389038	21,0%	1148339

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	522700	37,4%	380436	-28,6%	533183
Share financial income	GJ	77136	-4,0%	80360	33,9%	60000
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	17202	17,5%	14634	-89,2%	135885
Released provisions and transferred charges	GM	1671	155,1%	655	0%	0
Exchange gains	GN	426691	49,8%	284787	-15,6%	337298
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/12/2011		31/12/2010		31/12/2009
Total financial charge (Total VI)	GU	1421127	84,5%	770314	-35,6%	1195673
Financial reserves and provisions	GQ	1877	12,3%	1671	155,1%	655
Interest and similar charges	GR	1157245	54,9%	746903	15,4%	647472
Exchange losses	GS	262005	1105,2%	21740	-96,0%	547546
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	189731	-35,4%	293856	-9,6%	324966
Extraordinary operating income	HA	0	0%	11560	0%	0
Extraordinary income from capital transactions	HB	189731	-32,8%	282296	-13,1%	324966
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2011		31/12/2010		31/12/2009
Total extraordinary charges (Total VIII)	HH	2117173	1569,0%	126850	38,6%	91505
Extraordinary operating charges	HE	10428	-39,8%	17315	383,9%	3578
Extraordinary charges from capital transactions	HF	0	0%	109535	24,6%	87927
Extraordinary reserves and provisions	HG	2106745	0%	0	0%	0

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	1238589	-69,1%	4011971	69,3%	2370391

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	10593	-3,6%	10988	-48,9%	21523
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	5142	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	1379960	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	35475	-55,0%	78749	2659,3%	2854
Decreasess by transfers	OK2	845343	509,6%	138682	-31,5%	202435
Gross value at the end of period	OL	2666041	0,4%	2655805	135,9%	1125608

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	239994	37,7%	174331	33,4%	130700
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	10549	-91,7%	127727	192,7%	43631
Decreasess by budget item transfer	LV1	35475	-42,8%	62064	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	215068	-10,4%	239994	37,7%	174331

Tangible fixed assets (Total III)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LN	1319243	58,4%	832777	101,5%	413232
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	195079	-64,0%	542183	-0,1%	542567
Decreasess by budget item transfer	NG1	0	0%	16185	467,1%	2854
Decreasess by transfers	NG2	61846	56,4%	39531	-67,1%	120168
Gross value at the end of period	NH	1452476	10,1%	1319244	58,4%	832777

Fiancial assets (Total IV)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LQ	1096567	825,4%	118500	32,0%	89768
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	685426	-36,4%	1077717	870,9%	111000
Decreasess by budget item transfer	NJ1	0	0%	500	0%	0
Decreasess by transfers	NJ2	783497	690,2%	99150	20,5%	82268
Gross value at the end of period	NK	998496	-8,9%	1096567	825,4%	118500

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
0P	0	0%	0	0%		0
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
PB	0	0%	0	0%		0
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	65191	44,5%	45115	17,7%	38343
Increases		PF	55972	178,8%	20076	196,5%	6772
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	121163	85,9%	65191	44,5%	45115

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	368152	73,2%	212514	32,2%	160746
Increases		QV	238820	52,8%	156306	86,1%	84009
Decreases		QW	50842	7511,1%	668	-97,9%	32241
	Decreasess by budget item transfer	QX	556130	51,1%	368152	73,2%	212514

Movements during period affecting charge allocated over several period
Charges ├á r├®partir ou frais d'├®mission 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 t ansfer	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	1604883	34,4%	1194159	111,8%	563929
Increases		UB	3981178	215,2%	1262882	5,8%	1194159
Decreases		UC	1262883	48,2%	852158	51,1%	563928
	Value at the end of period	UD	4323178	169,4%	1604883	34,4%	1194160

Includes Total allocations

Operating	UE	1872556	67,8%	1116261	0%	0
Financial	UG	1877	12,3%	1671	0%	0
Exceptional	UJ	2106745	1353,4%	144951	0%	0

Includes Total Withdrawal

Operating	UF	1116261	31,1%	851504	0%	0
Financial	UH	1671	155,1%	655	0%	0
Exceptional	UK	144951	0%	0	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
ncreases		TS	1830814	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	1830814	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	488622	10,4%	442655	0%	0
Increases		TV	277808	89,5%	146622	-66,9%	442655
Decreases		TW	146622	45,7%	100655	0%	0
	Value at the end of period	TX	619808	26,8%	488622	10,4%	442655

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	1116260	48,5%	751505	33,3%	563929
Increases		TY	1872556	67,8%	1116260	48,5%	751504
Decreases		TZ	1116261	48,5%	751504	33,3%	563928
	Value at the end of period	UA	1872555	67,8%	1116261	48,5%	751505

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	23087694	37,5%	16795309	70,2%	9865950
1 year at most	VU	23087694	37,5%	16795309	70,2%	9865950
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	648996	-22,4%	836860	2643,8%	30500
Claims related to shareholdings (1 year at most)	UM	648996	-22,4%	836860	2643,8%	30500
Loans (gross)	UP	3100	-41,0%	5250	-83,1%	31100
Loans (1 year at most)	UR	3100	-41,0%	5250	-83,1%	31100
Other financial assets (gross)	UT	318600	40,6%	226657	1316,6%	16000
Other financial assets (1 year at most)	UV	318600	40,6%	226657	1316,6%	16000

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	24435	-51,6%	50515	-0,7%	50864
Other claims customer	UX	17364033	21,3%	14311337	68,8%	8477860
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%	5200	0%	0
Social Security and other social organizations	UZ	1541	-73,5%	5825	-12,3%	6640
Income taxes	VM	2638832	0%	0	0%	203416
Value added tax	VB	1162002	119,7%	528789	-7,0%	568360
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	45990	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	225783	120,6%	102360	0%	0

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	654382	-9,4%	722515	50,1%	481209

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	34893418	61,8%	21561554	86,2%	11578730
year at most		VZ2	34893418	61,8%	21561554	86,2%	11578730
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
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	2979439	569,8%	444817	983,9%	41039
1 year at most		VG2	2979439	569,8%	444817	983,9%	41039
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	18066574	39,1%	12991982	27,3%	10206434
1 year at most		8B2	18066574	39,1%	12991982	27,3%	10206434
More than 1 year and 5 years at most		8B3	18066574	39,1%	12991982	27,3%	10206434
	Personnel and associated accounts (gross)	8C1	116135	10,2%	105369	-12,0%	119679
1 year at most		8C2	116135	10,2%	105369	-12,0%	119679
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	198532	14,4%	173540	5,4%	164693
1 year at most		8D2	198532	14,4%	173540	5,4%	164693
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	1304118	491,3%	220562
1 year at most		8E2	0	0%	1304118	491,3%	220562
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	5671	-32,4%	8386	113,1%	3935
1 year at most		VW2	5671	-32,4%	8386	113,1%	3935
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	183587	-13,3%	211775	59,3%	132961
1 year at most		VQ2	183587	-13,3%	211775	59,3%	132961
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	12902885	119,2%	5885908	829,8%	633028
1 year at most		VI2	12902885	119,2%	5885908	829,8%	633028
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	440595	1,1%	435658	672,4%	56400
1 year at most		8K2	440595	1,1%	435658	672,4%	56400
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	2979439	0%	0	0%	0
Debt repaid during the period	VK	444817	0%	0	0%	0

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%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

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

VAT

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

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	47	11,9%	42	27,3%	33

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		11,04	34,3%	8,22	-33,6%	12,38	1,90	481,1%
Global Debt		154 days	41,3%	109 days	38,0%	79 days	141 days	9,2%
Working Capital Fund overall net		118 days	22,9%	96 days	9,1%	88 days	70 days	68,6%
Financial independence		410,94%	-87,8%	3378,32%	-89,0%	30605,56%	291,62%	40,9%
More ratios
Solvability		25,61%	-36,6%	40,39%	-20,8%	51,02%	33,47%	-23,5%
Capacity debt futures		410,94%	-87,8%	3378,32%	-89,0%	30605,56%	969,50%	-57,6%
Coverage of current assets by net working capital overall		56,85%	4,9%	54,17%	1,7%	53,25%	40,83%	39,2%
General Liquidity		0,66	-15,4%	0,78	-8,2%	0,85	0,50	32,0%
Restricted Liquidity		0,78	-31,0%	1,13	-9,6%	1,25	0,90	-13,3%

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		96 days	71,4%	56 days	5,7%	53 days	20 days	380,0%
Treasury		18 days	-50,0%	36 days	16,1%	31 days	7 days	157,1%
Inventory turnover of goods		180 days	37,4%	131 days	-18,1%	160 days	47 days	283,0%
Average length of credit granted to customers		76 days	5,6%	72 days	24,1%	58 days	32 days	137,5%
Average length of credit obtained suppliers		92 days	12,2%	82 days	-7,9%	89 days	49 days	87,8%
More ratios
Inventory turnover of raw materials in industrial enterprises		48 days	-14,3%	56 days	-34,9%	86 days	42 days	14,3%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	979 days	-
Rotation tangible assets		5639,89%	3,6%	5441,36%	-13,9%	6317,85%	764,50%	637,7%

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		64,56%	-11,5%	72,95%	-7,8%	79,14	0%	0%
Profitability of the business		12,24	-36,0%	19,12	4,2%	18,35	2,28%	436,8%
Net profit		3,71%	-65,3%	10,68%	8,0%	9,89%	1,69%	119,5%
More ratios
Growth rate of turnover (excluding VAT)		14,12%	-61,3%	36,44%	109,7%	17,38%	0,65%	2072,3%
Rates integration		15,18%	-31,1%	22,03%	2,7%	21,46%	27,66%	-45,1%
Rate leasing furniture		0,01%	-50,0%	0,02%	-50,0%	0,04%	0%	0%
Work Factor		15,53%	53,0%	10,15%	-9,7%	11,24%	77,53%	-80,0%
Weight interests		1,73	61,7%	1,07%	-52,9%	2,27%	0,28%	517,9%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		4,87%	-48,7%	9,50%	-1,2%	9,62%	2,71%	79,7%
Rates of economic profitability		36%	-43,8%	64%	-12,3%	73%	7,16%	402,8%
Financial profitability		12243810%	-18,5%	15027350%	19,6%	12560217%	18608%	65698,6%
Return on investment		15,85%	-59,9%	39,51%	-18,3%	48,37%	8,25%	92,1%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Interm├®diaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	81918048	14,1%	71784754	36,4%	52613607	229153 €	35648,2%

Sales of goods	81117295	14,1%	71075481	36,5%	52068753
- Purchase of goods	35553072	70,2%	20893129	62,7%	12842729
+/- Stock of goods variation	-7319868	-234,6%	-2187369	9,3%	-2410540
Trading margin	52884091 €	1,0%	52369721 €	25,8%	41636564 €	0 €	0%
	64,56 % CA	-11,5%	72,95 % CA	-7,8%	79,14 % CA	0,11 % CA	58590,9%

Sale of goods produced	800753	12,9%	709273	30,2%	544854
+/- Stocked production	869996	-32,7%	1293285	1700,4%	-80812
+ Self-constructed assets	0	0%	0	0%	0
Period production	1670749 €	-16,6%	2002558 €	331,5%	464042 €	74783 €	2134,1%
	2,04 % CA	-26,9%	2, 9 % CA	217,0%	0,88 % CA	99,94 % CA	-98,0%

Trading margin	52884091	1,0%	52369721	25,8%	41636564	0	0%
+ Period Production	1670749	-16,6%	2002558	331,5%	464042	74783	2134,1%
- Purchase of raw materials	10550680	24,5%	8476918	-5,3%	8954322
+/- Change in stocks of raw materiels	-147491	-117,6%	836543	158,6%	-1427072
- Other external purchases and charges	31713028	8,4%	29243275	25,6%	23280388
Added value	12438623 €	-21,4%	15815543 €	40,0%	11292968 €	62871 €	19684,4%
	15,18 % CA	-31,1%	22,03 % CA	2,7%	21,46 % CA	27,66 % CA	-45,1%

Added value	12438623 €	-21,4%	15815543 €	40,0%	11292968 €	62871 €	19684,4%
+ Operating grants	21100	43,8%	14670	-35,7%	22828
- Tax, duty and similar payments	505184	0,6%	502276	28,8%	389934
- Personal charges	1931852	20,3%	1605212	26,5%	1269281
Gross operating surplus	10022687 €	-27,0%	13722725 €	42,1%	9656581 €	2652 €	377829,4%
	12,24 % CA	-36,0%	19,12 % CA	4,2%	18,35 % CA	2,28 % CA	436,8%

Gross operating surplus	10022687 €	-27,0%	13722725 €	42,1%	9656581 €	2652 €	377829,4%
+ Release of reserves and provisions	1143129	33,4%	856647	9,7%	781070
+ Other operating income	1127	-76,3%	4756	2164,8%	210
- Depreciation/Amortisation	2167348	67,7%	1292643	0,7%	1284284
- Other charges	1899492	36,7%	1389038	21,0%	1148339
Operating result	7100103 €	-40,3%	11902447 €	48,7%	8005238 €	1786 €	397442,2%
	8,67 % CA	-47,7%	16,58 % CA	8,9%	15,22 % CA	1 55 % CA	459,4%

Operating result	7100103 €	-40,3%	11902447 €	48,7%	8005238 €	1786 €	397442,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	522700	37,4%	380436	-28,6%	533183
- Financial charg s	1421127	84,5%	770314	-35,6%	1195673
Pre-tax result	6201676 €	-46,1%	11512569 €	56,8%	7342748 €	1483 €	418084,5%
	7,57 % CA	-52,8%	16,04 % CA	14,9%	13,96 % CA	1,25 % CA	505,6%

Extraordinary income	189731	-35,4%	293856	-9,6%	324966	0	0%
- E traordinary charges	2117173	1569,0%	126850	38,6%	91505
Extraordinary result	-1927442 €	-1254,1%	167006 €	-28,5%	233461 €	0 €	0%
	-2,35 % CA	-1121,7%	0,23 % CA	-47,7%	0 % CA	0 % CA	0%

Pre-tax result	6201676 €	-46,1%	11512569 €	56,8%	7342748 €	1483 €	418084,5%
Extraordinary result	-1927442 €	-1254,1%	167006 €	-28,5%	233461 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	1238589	-69,1%	4011971	69,3%	2370391
Net result	3035645 €	-60,4%	7667604 €	47,3%	5205818 €	2851 €	106376,5%
	3,71 % CA	-65,3%	10,68 % CA	8,0%	9,89 % CA	1,69 % CA	119,5%

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	09/04/2008
Status of Monitoring	No social security and tax office preferential right to date

Group data

Linkages

No linked companies

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
03/09/2012	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1765 - 378644603 RCS. MC LEM. Forme : Soci├®t├® par actions simplifi├®e. Adresse : 20 boulevard Amp├¿re 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exer ice clos le : 31/12/2011.
09/03/2012	Bodacc A	Vente et cession : Vendeur
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 201 - R├®ctificatif. Parution avis pr├®c├®dent : BODACC A. Num├®ro de parution : . Date de parution : 9f├®vrier2012. Num├®ro dÔÇÖannonce : 267. Cet avis est annul├® et remplac├® par le suivant. 330 456 880 RCS Marseille. BEST ACADEMY. Forme : SARL. Capital : 41923.48 EUR. Adresse : 22 RUE Tapis Vert, 13001 Marseille. Origine du fonds : Achat d'un fonds de commerce au prix stipul├® de 180000 Euros. Etablissement : Etablissement principal. Activit├® : la fabrication, la vente en gros et au d├®tail, l'importation et l'exportation de v├¬tements pour hommes, femmes, enfants de tous articles de confection et de tous articles et accessoires d├®rivant du pr├¬t ├á porter, de la chaussure, de la chapellerie. Adresse : 44 rue Longue des Capucins, 13001 Marseille. Pr├®c├®dent propri├®taire : MC LEM. 378 644 603 RCS Marseille. Date de commencement de lÔÇÖactivit├® : 16/01/2012. Publication l├®gale : Les Nouvelles Publications du 27/01/2012. Oppositions : Au Mandataire Me Fr├®d├®ric AMSELLEM 22 rue Edouard de Langlade 13006 MARSEILLE pour la validit├® et pour la correspondance. Commentaires : Achat d'un fonds par une personne morale (insertion provisoire).
09/02/2012	Bodacc A	Vente et cession : Vendeur
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 267 - 378 644 603 RCS Marseille. MC LEM. Forme : Soci├®t├® par actions simplifi├®e. Capital : 153000 EUR. Adresse : 20 boulevard Amp├¿re, 13014 Marseille. Origine du fonds : Achat d'un fonds de commerce au prix stipul├® de 180000 Euros. Etablissement : Etablissement principal. Activit├® : la fabrication, la vente en gros et au d├®tail, l'importation et l'exportation de v├¬tements pour hommes, femmes, enfants de tous articles de confection et de tous articles et accessoires d├®rivant du pr├¬t ├á porter, de la chaussure, de la chapellerie. Adresse : 44 rue Longue des Capucins, 13001 Marseille. Pr├®c├®dent propri├®taire : MC LEM. 378 644 603 RCS Marseille. Date de commencement de lÔÇÖactivit├® : 16/01/2012. Publication l├®gale : Les Nouvelles Publications du 27/01/2012. Oppositions : Au Mandataire Me Fr├®d├®ric AMSELLEM 22 rue Edouard de Langlade 13006 MARSEILLE pour la validit├® et pour la correspondance. Descriptif : . Commentaires : Achat d'un fonds par une personne mora e (insertion provisoire).
21/01/2012	JAL	Activity or goodwill cession
Nouvelles Publications (Les) Date de d├®cision : 16/01/2012 C├®dant : 378644603 - M C LEM, 20 BD AMPERE, 13014 MARSEILLE 14 Cessionnaire : 330456880 - BEST ACADEMY, 22 RUE TAPIS VERT, REZ DE CHAUSSEE, 13001 MARSEILLE 1 Prix de vente : 180000 Ôé¼ Date dÔÇÖeffet : 16/01/2012
17/10/2011	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1218 - 378644603 RCS. MC LEM. Forme : Soci├®t├® par actions simplifi├®e. Adresse : 20 boulevard Amp├¿re 13014 Marseille. Commentaires : Comptes annuels et rapports de l'ex rcice clos le : 31/12/2010.
30/08/2010	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1094 - 378644603 RCS. MC LEM. Forme : Soci├®t├® par actions simplifi├®e. Adresse : 20 boulevard Amp├¿re 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
12/08/2009	Bodacc C	Compt s annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1040 - 378644603 RCS. MC LEM. Forme : Soci├®t├® par actions simplifi├®e. Adresse : 219 boulevard Amp├¿re 13014 Marseille. Commentaires : Comptes annuels et rappo ts de l'exercice clos le : 31/12/2008.
24/05/2009	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 181 - 378 644 603 RCS Marseille. MC LEM. Forme : Soci├®t├® par actions simplifi├®e. Adresse du si├¿ge social : 219 boulevard Amp├¿re, 13014 Marseille. Commentaires : Modification de l'adresse du si├¿ge.
23/12/2008	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 423 - 378 644 603 RCS Marseille. MC LEM. Forme : Soci├®t├® par actions simplifi├®e. Administration : Commissaire aux comptes titulaire : BESOIAN Bernard en fonction le 18 Septembre 2001. Commissaire aux comptes suppl├®ant : FLOSI Michel en fonction le 18 Septembre 2001. Pr├®sident : RESERVOIR TEAM repr├®sent├® par EMSELLEM Laurent Henri en fonction le 11 D├®cembre 2008. Commentaires : Modification de repr├®sentant.
24/04/2008	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1272 - 378644603 RCS. MC LEM. Forme : Soci├®t├® par actions simplifi├®e. Adresse : 44 rue Longue des Capucins 13001 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
12/12/2007	Bodacc C	Avis de d├®p├┤t des comptes
455 - 378 644 603. RCS Marseille MC LEM. Forme: Soci├®t├® par actions simplifi├®e. Adresse du si├¿ge social: 44 rue Longue des Capucins 13001 Marseil e. Comptes annuels et rapports de l'exercice clos le: 31 d├®cembre 2006.
20/11/2006	Bodacc C	Avis de d├®p├┤t des comptes
2285 - RCS Marseille B 378 644 603. RC 90-B 1331. MC LEM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du si├¿ge social: 44, rue Longue des Capucins,13001 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 d├®cembre 2004.
20/11/2006	Bodacc C	Avis de d├®p├┤t des comptes
2286 - RCS Marseille B 378 644 603. RC 90-B 1331. MC LEM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du si├¿ge social: 44, rue Longue des Capucins,13001 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 d├®cembre 2005.
31/10/2005	Bodacc B	Modifications et mutations diverses
169 - RCS Marseille B 378 644 603. RC 90-B 1331. MC LEM. Forme : S.A.S. Activit├® : fabrication, vente en gros, au d├®tail, import-export de v├¬tements pour hommes, femmes et enfants, de tous articles de confection de tous articles et d'accessoires d├®rivant du pr├¬t-├á-porter, de la chaussure t de la chapellerie . Commentaires : modification survenue sur l'activit├®.
04/04/2004	Bodacc B	Modifications et mutations diverses
RCS Marseille B 378644603 RC 90-B 1331 MC LEM. Forme : S.A.S. Commentaires : modification survenue sur l'adresse de l'├®tablissement principal Etablissement principal: Adresse : 44 rue Longue-des- Capucins, 13001 Marseille.
20/02/2004	Bodacc A	Cr├®ation d'├®tablissement
RCS Marseille B 378644603 RC 90-B 1331 MC LEM. Forme : S.A.S. Capital : 153 000 euros. Activit├® : vente en gros de vetements. Adresse du si├¿ge social : 19 rue Tapis-Vert, 13001 Marseille Etablissement Compl├®mentaire. Adresse : 44 rue Longue-des-Capucins, 13001 Marseille Etablissement compl├®mentaire acquis par achat au prix stipul├® de 122 000 euros Date de d├®but d'activit├®: 1 e r janvier 2004. Pr├®c├®dent propri├®taire : S. A.R.L. NEU PAP Publication l├®gale: Les Nouvelles publications du 17 janvier 2004. Oppositions : au fonds.
05/02/2004	Bodacc A	Cr├®ation d'├®tablissement
RCS Marseille B 378644603 RC AP-B 40053 MC LEM. Forme : S.A.S. Capital : 153 000 euros. Adresse du si├¿ge social : 19 rue Tapis-Vert, 13001 Marseille Etablissement principal: Activit├® : vente en gros de vetements. Adresse : 44 rue Longue-des-Capucins, 13001 Marseille Etablissement principal acquis par achat au prix stipul├® de 122 000 euros. Date d'effet : 9 janvier 2004. Pr├®c├®dent propri├®taire : SOCIETE BAT. RCS 720800184 Publication l├®gale: Les Nouvelles publications du 23 janvier 2004. Oppositions : au f nds, pour la validit├® et la correspondance.
30/09/2001	Bodacc B	Modifications et mutations diverses
RCS Marseille B 378644603 RC 90-B 1331 M.C. LEM. Forme : S.A.S. Capital : 153 000 euros. Commentaires : modification survenue sur la forme juridique, le capital (augmentation) et l' administration. Administration : modification du pr├®sident : ENSELLEM ( Laurent, Henri). Nomination du commissaire aux comptes titulaire : BESOIAN (Bernard). Nomination du commissaire aux comptes suppl├®ant : FLOSI (Michel).
16/09/1999	Bodacc B	Modifications et mutations diverses
*. RCS Marseille B 378 644 603 RC 90-B 1331 MC LEM. Forme : S.A.R.L. Capital : 738 890 F. Commentaires : modification survenue sur le capital (a gmentation).

Company events history

Date	Description
08/09/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
03/09/2012	Bodacc C : Deposit accounts notice
09/03/2012	Bodacc A : Sale and transfer
21/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
09/02/2012	Bodacc A : Sale and transfer
16/01/2012	Legal Gazette: Activity or goodwill cession
31/12/2011	New accounts available
17/10/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
30/08/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
27/10/2009	Updated articles of association
27/10/2009	Acte modificatif
27/10/2009	Statuts mis à jour
30/09/2009	Modification to Establishment Address or Identifier
12/08/2009	Bodacc C : Deposit accounts notice
24/05/2009	Bodacc B: Various editing or changing
13/05/2009	Registered office transferred inside jurisdiction of the Commercial Court
3/05/2009	Private document
13/05/2009	Minutes of general meeting of shareholders
13/05/2009	Statuts mis à jour
13/05/2009	Updated articles of association
13/05/2009	Acte modificatif
13/05/2009	Transfert du Siège dans le ressort du Tribunal de Comme ce
01/05/2009	Update of Company Head Office Identifier
01/05/2009	Transfer of Establishment
31/12/2008	New accounts available
23/12/2008	New Bodacc B ads detected
23/12/2008	Bodacc B: Various editing or changing
11/12/2008	Changement de Pr├®sident (PDG, PCA)
11/12/2008	New chairman (CEO, CoB)
11/12/2008	Private document
11/12/2008	Appointment/resignation of company officers
11/12/2008	PV d'Assembl├®e
11/12/2008	Minutes of general meeting of shareholders
11/12/2008	Statuts mis à jour
11/12/200	Updated articles of association
24/04/2008	Bodacc C : Deposit accounts notice
09/04/2008	Collection of preferential rights activated for this company
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
10/01/2005	Cession de parts
10/01/2005	Acte sous seing priv├®
31/12/2004	New accounts available
04/03/2004	Statuts mis à jour
04/03/2004	Acte sous seing priv├®
04/03/2004	PV d'Assembl├®e
04/03/2004	Transfert du Siège dans le ressort du Tribunal de Commerce
18/09/2001	Conversion du Capital Social en Euros
18/09/2001	Augmentation de Capital
18/09/2001	Changement de Forme Juridique avec changement de cat├®gorie
18/09/2001	Changement de Forme Juridique sans changement de cat├®gorie
18/09/2001	Rapport des Commissaires ou du G├®rant
18/09/2001	Statuts mis à jour
18/09/2001	PV d'Assembl├®e
18/09/2001	Nomination/d├®mission des organes de gestion
18/09/2001	Acte sous seing priv├®
31/08/1999	Augmentation de Capital
31/08/1999	Statuts mis à jour
31/08/1999	PV d'Assembl├®e
31/08/1999	Acte sous seing priv├®
18/02/1997	Cession de parts
18/02/1997	Statuts mis à jour
18/02/1997	Acte sous seing priv├®
17/02/1994	Statuts mis à jour
17/02/1994	Cession de parts
17/02/1994	Acte sous seing priv├®
17/02/1994	D├®claration de conformit├®
17/02/1994	Acte modificatif
17/02/1994	PV d'Assembl├®e
01/01/1994	PV d'Assembl├®e
22/12/1993	Acte modificatif
22/12/1993	Nomination/d├®mission des organes de gestion
22/12/1993	Changement de G├®rant
22/12/1993	PV d'Assembl├®e
15/12/1993	Acte sous seing priv├®
15/12/1993	PV d'Assembl├®e
15/12/1993	Cession de parts
15/12/1993	D├®claration de conformit├®
15/12/1993	Statuts mis à jour
15/12/1993	Acte modificatif
19/10/1993	Statuts mis à jour
19/10/1993	Acte modificatif
19/10/1993	Augmentation de Capital
19/10/1993	PV d'Assembl├®e
19/10/1993	D├®claration de conformit├®
09/08/1993	Acte modificatif
09/08/1993	Continuation malgr├® perte sup├®rieure ├á la moiti├® du capital
09/08/1993	PV d'Assembl├®e
17/02/1940	Cession de parts
17/02/1940	Acte sous seing priv├®

Establishment events history

Date	Description
10/04/2013	Update Rating
08/09/2012	Update Rating
21/02/2012	Update Rating
21/02/2012	Update Limit
08/02/2012	Update Limit
01/02/2012	Update of phone numbers
14/09/2011	Update Rating
28/06/2011	Update of phone numbers
11/01/2011	Update Rating
19/08/2010	Update Rating
02/08/2010	Update Limit
02/08/2010	Update Rating
30/12/2009	Update Rating
30/09/2009	Modification of Head office Identification
30/09/2009	Update of Establishment Address
06/08/2009	Update Limit
01/05/2009	Formation of Head office (after transfer)

directors

Shareholder(s)

Name	RESERVOIR TEAM
Name of representative	M EMSELLEM LAURENT HENRI
Manager position	Pr├®sident	Date of birth	16/07/1971
Place of birth	MARSEILLE
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Pr├®sident	M LAURENT ENSELLEM	16/07/1971 - MARSEILLE

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.92
UK Pound	1	Rs.84.44
Euro	1	Rs.71.32

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

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

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

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

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