MIRA INFORM REPORT

Report Date :

27.05.2013

IDENTIFICATION DETAILS

Name :	QUIMDIS SA
Registered Office :	71 Rue Anatole France, 92300 Levallois Perret
Country :	France
Financials (as on) :	31.07.2011
Date of Incorporation :	August 1988
Com. Reg. No.:	RCS Nanterre B 347 990 442
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesaler of chemicals
No. of Employees :	10 to 19 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31^st 2013

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

REGISTERED NAME & COMPANY SUMMARY

QUIMDIS SA

Company Summary

Safe Number	FR02082236	EUR VAT Number	FR11347990442
Activity (APE)	Commerce de gros (commerce interentreprises) de produits chimiques (4675Z) (Wholesale (intercompany trade) of chemicals (4675Z))	Legal form	Simplified joint stock company
Phone	01 55 46 50 00	RCS Registration	RCS Nanterre B 347 990 442
Fax		Share capital	750,000 Euros
Address	QUIMDIS SA 71 RUE ANATOLE FRANCE 92300 LEVALLOIS PERRET	Incorporated Date	09/1988
Nationality	France	Status	Economically active

Trading to Date	07/31/2011	07/31/2010	07/31/2009
Turnover	63,523,467 €	52,645,279 €	53,307,929 €
Gross Operating Surplus	5,12 % Turnover	3,69 % Turnover	3,81 % Turnover
Shareholders’ equity	10,632,838 €	9,509,584 €	8,769,552 €
Net result	1,272,207 €	1,128,089 €	1,074,127 €
Employees	10 to 19 employees	-	-

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) de produits chimiques (4675Z)
RCS Registration	RCS Nanterre B 347 990 442	Share capital	750,000 Euros
Registration Court	Nanterre (92)	Legal form	Simplified joint stock company
Court Registry Number	88 B 03482	EUR VAT Number	FR11347990442
Incorporation Date	09/1988	Formation Date	08/1988
Deregistration Date		Last account Date	31/07/2011
Nationality	France

Ultimate Parent

2 ultimate parent company for this company >  QUIMDIS SA  - Commerce de gros (commerce interentreprises) de produits chimiques (4675Z)  in LEVALLOIS PERRET  (92300) >  SOFIQUIM  - Autres intermédiaires du commerce en produits divers (4619B)  in LEVALLOIS PERRET  (92300)

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) de produits chimiques (4675Z)	Business Pages FT®
Postal Address	QUIMDIS SA 71 RUE ANATOLE FRANCE 92300 LEVALLOIS PERRET	Trading Address	71 RUE ANATOLE FRANCE 92300 LEVALLOIS PERRET
Telephone	01 55 46 50 00
Fax

Type	Head office	Status	Economically active
Formation Date	04/2006	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Hauts-de-Seine (92)	Region	Ile-de-France
District	2	Area	95
City	LEVALLOIS PERRET	Size of urban area	Paris conglomeration

Other establishments

Branches	2 branch entities in this company
Head office	> QUIMDIS SA <<<  - Commerce de gros (commerce interentreprises) de produits chimiques (4675Z)  in LEVALLOIS PERRET  (92300)
Secondary establishments	>  QUIMDIS SA  - Commerce de gros (commerce interentreprises) de produits chimiques (4675Z)  in MOUANS SARTOUX  (06370) >  QUIMDIS SA  - Commerce de gros de produits chimiques (515L)  in LEVALLOIS PERRET  (92300)

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

Workforce unknown

Company workforce

10 to 19 employees

DIRECTORS/MANAGEMENT

Current Directors

3

directors

Name	M. MANALT MICHEL
Manager position	Directeur général	Date of birth
Place of birth
Type	Individual	Name at birth

Name	MME. COURATIER CLAIRE
Manager position	Directeur général	Date of birth
Place of birth
Type	Individual	Name at birth

Name	M. QUARRE JEAN-FRANCOIS
Manager position	Président	Date of birth	03/07/1953
Place of birth	PARIS 17
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

SHARE & SHARE CAPITAL INFORMATION

Share capital

750,000 Euros

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	QUIMDIS S. A. S	347990442

Group data

Ultimate parent company	SOFIQUIM
Direct parent	SOFIQUIM - 50 %
Group – Number of companies	2
Linkages – Number of companies	-
Number of countries	-

Ultimate parent company	QUIMDIS S. A. S
Direct parent	-
Group – Number of companies	2
Linkages – Number of companies	-
Number of countries	-

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QUIMDIS S. A. S

SOFIQUIM

Company Name	SIREN	Parts	Last account published
QUIMDIS SA	347990442	-	31/07/2011
SOCIETE JERAFRANCE	337657969	100%	31/07/2012

Type of shareholder

Shareholders

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Linkages

Ultimate parent company	SOFIQUIM
Direct parent	SOFIQUIM - 50 %
Group – Number of companies	2
Linkages – Number of companies	-
Number of countries	-

Ultimate parent company	QUIMDIS S. A. S
Direct parent	-
Group – Number of companies	2
Linkages – Number of companies	-
Number of countries	-
No linked companies

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/07/2011	31/07/2010	31/07/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	09/04/2012	18/03/2011	26/01/2010
Activity Code	4675Z	4675Z	4675Z
Employees	0	19	0

Active account

Annual Accounts	31/07/2011		31/07/2010		31/07/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	2 141 283	-17,6%	2 597 407	9,5%	2 371 496	53 320,50	3915,9%
- Intangible assets	423 422	-0,3%	424 863	1,4%	418 919	185,50	228159,8%
- Tangible assets	131 204	-14,8%	154 031	-15,6%	182 527	18 339,50	615,4%
- Financial assets	1 586 657	-21,4%	2 018 513	14,0%	1 770 050	2 278,50	69536,0%
Net current assets	25 923 154	15,4%	22 465 343	-2,5%	23 040 188	633 653	3991,1%
- Stocks	18 081 366	38,0%	13 102 868	20,5%	10 872 936	74 080	24307,9%
- Advanced payments	840 240	15,4%	1 415 317	-9,8%	1 568 539	0	0%
- Receivables	6 528 271	-14,2%	7 611 505	-14,2%	8 873 293	323 105	1920,5%
- Securities and cash	473 277	41,0%	335 653	-80,5%	1 725 420	82 263,50	475,3%
- Prepaid expenses	-	-	-	-	-	138,50	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	28 064 438	12,0%	25 062 750	-1,4%	25 411 686	775 821	3517,4%

Passive Account

Annual Accounts	31/07/2011		31/07/2010		31/07/2009	Sector Median 2011
Shareholders' equity	10 632 838	11,8%	9 509 584	8,4%	8 769 552	253 387,50	4096,3%
Share capital	750 000	0%	750 000	0%	750 000	45 367	1553,2%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	124 000	-7,1%	133 500	6,4%	125 500	0	0%
Liabilities	17 307 600	12,2%	15 419 667	-6,6%	16 516 634	410 944	4111,7%
- Financial liabilities	6 461 995	-15,6%	7 660 476	11,4%	6 879 133	33 823,50	19005,0%
- Advanced payments received	358 075	-20,8%	452 311	-25,3%	605 555	0	0%
- Trade account payables	8 485 036	58,6%	5 351 631	-22,4%	6 892 677	179 781	4619,7%
- Tax and social liabilities	1 140 390	11,3%	1 024 834	12,7%	908 984	83 434	1266,8%
- Other debts and fixed assets liabilities	862 105	-7,3%	930 415	-24,4%	1 230 285	8 290	10299,3%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	28 064 438	12,0%	25 062 750	-1,4%	25 411 685	771 370,50	3538,3%

Results

Annual Accounts	31/07/2011		31/07/2010		31/07/2009	Sector Median 2011
Sales of Goods	63 618 237	20,3%	52 879 913	-1,0%	53 400 071	1 412 591	4403,7%
Net turnover	63 523 467	20,7%	52 645 279	-1,2%	53 307 929	1 391 726,50	4464,4%
- of which net export turnover	40 605 412	30,4%	31 139 966	0%	0	0	0%
Operating charges	60 920 780	19,9%	50 799 836	-1,3%	51 466 884	1 351 739	4406,8%
Operating profit/loss	2 697 457	29,7%	2 080 077	7,6%	1 933 187	39 609	6710,2%
Financial income	150 856	2,4%	147 291	-7,5%	159 269	745,50	20135,5%
Financial charges	467 072	31,4%	355 453	-47,9%	682 052	3 009	15422,5%
Financial profit/loss	-316 216	-51,9%	-208 161	60,2%	-522 783	-332	-95145,8%
Pretax net operating income	2 381 241	27,2%	1 871 915	32,7%	1 410 404	37 166	6307,0%
Extraordinary income	424 009	168,3%	158 058	-23,7%	207 119	496	85385,7%
Extraordinary charges	950 057	137,5%	400 000	457,5%	71 746	418,50	226914,8%
Extraordinary profit/loss	-526 048	-117,4%	-241 942	-278,7%	135 373	0	0%
Net result	1 272 207	12,8%	1 128 089	5,0%	1 074 127	31 873,50	3891,4%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/07/2011	31/07/2010	31/07/2009
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/07/2011		31/07/2010		31/07/2009
	Grand Total (I to VI)	Net	28 064 438	12,0%	25 062 750	-1,4%	25 411 686
	Gross	CO	29 490 343	13,6%	25 966 699	-1,2%	26 294 897
	Amortisation	1A	1 425 905	57,7%	903 949	2,3%	883 211

Non declared distributed capital (I)

		31/07/2011		31/07/2010		31/07/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/07/2011		31/07/2010		31/07/2009
	Total Active fixed asset (II)	Net	2 141 283	-17,6%	2 597 407	9,5%	2 371 496
	Gross	BJ	2 634 976	-14,2%	3 072 251	11,4%	2 757 822
	Amortisation	BK	493 693	4,0%	474 844	22,9%	386 326

Intangilble fixed assets

			31/07/2011		31/07/2010		31/07/2009
	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	20 922	-6,4%	22 363	36,2%	16 419
	Gross	AF	56 817	-5,7%	60 233	46,6%	41 083
	Amortisation	AG	35 895	-5,2%	37 870	53,5%	24 664
	Goodwill	Net	402 500	0%	402 500	0%	402 500
	Gross	AH	402 500	0%	402 500	0%	402 500
	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	423 422	-0,3%	424 863	1,4%	418 919

Tangilble fixed assets

			31/07/2011		31/07/2010		31/07/2009
	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%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	22 132	94,7%	11 365	-33,3%	17 031
	Gross	AR	103 670	22,8%	84 429	4,8%	80 569
	Amortisation	AS	81 538	11,6%	73 064	15,0%	63 538
	Other tangible fixed assets	Net	109 072	-23,5%	142 666	-13,8%	165 496
	Gross	AT	485 332	-4,2%	506 576	9,3%	463 620
	Amortisation	AU	376 260	3,4%	363 910	22,1%	298 124
	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	131 204		154 031		182 527

Financial assets

			31/07/2011		31/07/2010		31/07/2009
	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	730 000	0%	730 000	0%	730 000
	Gross	CU	730 000	0%	730 000	0%	730 000
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	856 657	-33,5%	1 288 513	23,9%	1 040 050
	Gross	BH	856 657	-33,5%	1 288 513	23,9%	1 040 050
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		1 586 657		2 018 513		1 770 050

Current Assets (III)

			31/07/2011		31/07/2010		31/07/2009
	Total Assets	Net	25 923 154	15,4%	22 465 343	-2,5%	23 040 188
	Gross	CJ	26 855 367	17,3%	22 894 448	-2,7%	23 537 073
	Amortisation	CK	932 213	117,2%	429 105	-13,6%	496 885

Stocks

			31/07/2011		31/07/2010		31/07/2009
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	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	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	18 081 366	38,0%	13 102 868	20,5%	10 872 936
	Gross	BT	18 081 366	38,0%	13 102 868	20,5%	10 872 936
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	18 081 366	38,0%	13 102 868	20,5%	10 872 936

Advance payments to suppliers

			31/07/2011		31/07/2010		31/07/2009
	Advance payments to suppliers	Net	840 240	-40,6%	1 415 317	-9,8%	1 568 539
	Gross	BV	840 240	-40,6%	1 415 317	-9,8%	1 568 539
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/07/2011		31/07/2010		31/07/2009
	Trade accounts receivable	Net	6 138 663	-11,7%	6 951 712	-16,5%	8 321 409
	Gross	BX	6 720 876	-8,9%	7 380 817	-16,3%	8 818 294
	Amortisation	BY	582 213	35,7%	429 105	-13,6%	496 885
	Other debtors	Net	277 875	-49,8%	553 777	10,1%	502 972
	Gross	BZ	627 875	13,4%	553 777	10,1%	502 972
	Amortisation	CA	350 000	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	6 416 538	-14,5%	7 505 489	-14,9%	8 824 381

Divers

			31/07/2011		31/07/2010		31/07/2009
	Investment securities	Net	8 523	0%	8 523	0%	8 523
	Gross	CD	8 523	0%	8 523	0%	8 523
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	464 754	42,1%	327 130	-80,9%	1 716 897
	Gross	CF	464 754	42,1%	327 130	-80,9%	1 716 897
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	473 277	41,0%	335 653	-80,5%	1 725 420

Prepaid expenses

			31/07/2011		31/07/2010		31/07/2009
	Prepaid expenses	Net	111 733	5,4%	106 016	116,7%	48 912
	Gross	CH	111 733	5,4%	106 016	116,7%	48 912
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/07/2011		31/07/2010		31/07/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/07/2011		31/07/2010		31/07/2009
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)

		31/07/2011		31/07/2010		31/07/2009
Grand Total (I to V)	EE	28 064 438	12,0%	25 062 750	-1,4%	25 411 685

Shareholder Equity (I)

			31/07/2011		31/07/2010		31/07/2009
	Total shareholders' equity (Total I)	DL	10 632 838	11,8%	9 509 584	8,4%	8 769 552
	Equity and shareholders' equity	DA	750 000	0%	750 000	0%	750 000
	Issue and merger premiums	DB	17 542	0%	17 542	0%	17 542
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	75 000	0%	75 000	0%	75 000
	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	6 689 388	7,3%	6 236 299	7,7%	5 792 172
	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	1 272 207	12,8%	1 128 089	5,0%	1 074 127
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	1 828 702	40,4%	1 302 654	22,8%	1 060 711

Other capital resources (II)

			31/07/2011		31/07/2010		31/07/2009
	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)

			31/07/2011		31/07/2010		31/07/2009
	Total provisions for risks and charges (Total III)	DR	124 000	-7,1%	133 500	6,4%	125 500
	Risk provisions	DP	124 000	-7,1%	133 500	6,4%	125 500
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/07/2011		31/07/2010		31/07/2009
	Total Liabilities (Total IV)	EC	17 307 600	12,2%	15 419 667	-6,6%	16 516 634
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	5 033 599	-22,8%	6 524 130	10,8%	5 885 894
	Sundry loans and financial liabilities	DV	1 428 396	25,7%	1 136 346	14,4%	993 239
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	358 075	-20,8%	452 311	-25,3%	605 555
	Trade accounts payables	DX	8 485 036	58,6%	5 351 631	-22,4%	6 892 677
	Tax and social security liabilities	DY	1 140 390	11,3%	1 024 834	12,7%	908 984
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	862 105	-7,3%	930 415	-24,4%	1 230 285

Translation loss (V)

		31/07/2011		31/07/2010		31/07/2009
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/07/2011		31/07/2010		31/07/2009
Deferred income	EB	0	0%	0	0%	0

References

		31/07/2011		31/07/2010		31/07/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	14 895 114	5,7%	14 096 194	-11,4%	15 911 079
Of which current bank facilities	EH	2 157 812	-57,2%	5 036 853	68,3%	2 992 966

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)

		31/07/2011		31/07/2010		31/07/2009
Operating result (Total I-II)	GG	2 697 457	29,7%	2 080 077	7,6%	1 933 187

2 - Financial result (V - VI)

		31/07/2011		31/07/2010		31/07/2009
Financial result (Total V-VI)	GV	-316 216	-51,9%	-208 161	60,2%	-522 783

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

		31/07/2011		31/07/2010		31/07/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	2 381 241	27,2%	1 871 915	32,7%	1 410 404

4 - Extraordinary result (VII-VIII)

		31/07/2011		31/07/2010		31/07/2009
Extraordinary result (Total VII-VIII)	HI	-526 048	-117,4%	-241 942	-278,7%	135 373

Profit or loss

		31/07/2011		31/07/2010		31/07/2009
Profit or loss	HN	1 272 207	12,8%	1 128 089	5,0%	1 074 127

Total Income (I+III+V+VII)

		31/07/2011		31/07/2010		31/07/2009
Total Income (I+III+V+VII)	HL	64 193 102	20,7%	53 185 262	-1,1%	53 766 459

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

		31/07/2011		31/07/2010		31/07/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	62 920 892	20,9%	52 057 173	-1,2%	52 692 331

Operating income (I)

		31/07/2011		31/07/2010		31/07/2009
Total operating income (Total I)	FR	63 618 237	20,3%	52 879 913	-1,0%	53 400 071

Operating income (details)

			31/07/2011		31/07/2010		31/07/2009
	Sale of goods for resale	FC	63 471 703	20,7%	52 590 813	-1,3%	53 271 106
	France	FA	22 884 935	6,7%	21 450 847	-59,7%	53 271 106
	Export	FB	40 586 768	30,3%	31 139 966	0%	0
	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	51 764	-5,0%	54 466	47,9%	36 823
	France	FG	33 120	-39,2%	54 466	47,9%	36 823
	Export	FH	18 644	0%	0	0%	0
	Net turnover	FL	63 523 467	20,7%	52 645 279	-1,2%	53 307 929
	France	FJ	22 918 055	6,6%	21 505 313	-59,7%	53 307 929
	Export	FK	40 605 412	30,4%	31 139 966	0%	0
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	36 705	-63,0%	99 221	187,3%	34 536
	Other income	FQ	58 065	-57,1%	135 413	135,1%	57 606

Operating charges (II)

		31/07/2011		31/07/2010		31/07/2009
Total operating charges (Total II)	GF	60 920 780	19,9%	50 799 836	-1,3%	51 466 884

Exploitation charges

		31/07/2011		31/07/2010		31/07/2009
Purchase of goods for resale	FS	55 959 715	26,7%	44 150 551	7,4%	41 115 424
Change in stocks of goods for resale	FT	-4 978 499	-123,3%	-2 229 931	-290,4%	1 171 381
Purchase of raw materials	FU	83 169	27,1%	65 437	-58,8%	158 989
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	5 597 661	8,9%	5 138 411	-12,6%	5 878 431
Tax, duty and similar payments	FX	293 946	28,6%	228 541	-2,6%	234 631
Payroll	FY	2 320 362	-2,0%	2 368 829	22,9%	1 927 564
Social security costs	FZ	996 129	1,8%	978 318	24,0%	788 787

Depreciation

		31/07/2011		31/07/2010		31/07/2009
Depreciation of fixed assets	GA	79 490	-17,6%	96 518	39,3%	69 305
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	519 420	0%	0	0%	11 894
Provisions for risks and charges	GD	24 000	0%	0	0%	110 000

Other charges

		31/07/2011		31/07/2010		31/07/2009
Other charges	GE	25 387	702,9%	3 162	561,5%	478

Operating charges (III-IV)

		31/07/2011		31/07/2010		31/07/2009
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)

			31/07/2011		31/07/2010		31/07/2009
	Total financial income (Total V)	GP	150 856	2,4%	147 291	-7,5%	159 269
	Share financial income	GJ	146 000	0%	146 000	-7,6%	158 000
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	4 856	276,1%	1 291	1,7%	1 269
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	0	0%	0	0%	0
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/07/2011		31/07/2010		31/07/2009
	Total financial charge (Total VI)	GU	467 072	31,4%	355 453	-47,9%	682 052
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	467 072	31,4%	355 453	-47,9%	682 052
	Exchange losses	GS	0	0%	0	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/07/2011		31/07/2010		31/07/2009
	Total extraordinary income (Total VII)	HD	424 009	168,3%	158 058	-23,7%	207 119
	Extraordinary operating income	HA	0	0%	0	0%	0
	Extraordinary income from capital transactions	HB	0	0%	0	0%	10 500
	Released provisions and transferred charges	HC	424 009	168,3%	158 058	-19,6%	196 619

Extraordinary charges (VIII)

			31/07/2011		31/07/2010		31/07/2009
	Total extraordinary charges (Total VIII)	HH	950 057	137,5%	400 000	457,5%	71 746
	Extraordinary operating charges	HE	0	0%	0	0%	0
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	1 496
	Extraordinary reserves and provisions	HG	950 057	137,5%	400 000	469,4%	70 250

Employee profit sharing (IX)

		31/07/2011		31/07/2010		31/07/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/07/2011		31/07/2010		31/07/2009
Tax on profits (Total X)	HK	582 983	16,2%	501 884	6,4%	471 649

References

		31/07/2011		31/07/2010		31/07/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	31 441	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/07/2011		31/07/2010		31/07/2009
	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	0	0%	0	0%	0
	Decreasess by transfers	OK2	463 154	0%	0	0%	412 791
	Gross value at the end of period	OL	2 634 976	-14,2%	3 072 251	11,4%	2 757 822

Research and development Charge (Total I)

			31/07/2011		31/07/2010		31/07/2009
	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)

			31/07/2011		31/07/2010		31/07/2009
	Gross value at begin of period	KD	462 733	4,3%	443 583	697,1%	55 648
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	19 150	-95,3%	408 427
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	3 416	0%	0	0%	20 492
	Gross value at the end of period	LW	459 317	-0,7%	462 733	4,3%	443 583

Tangible fixed assets (Total III)

			31/07/2011		31/07/2010		31/07/2009
	Gross value at begin of period	LN	591 005	8,6%	544 189	-6,2%	580 185
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	25 879	-44,7%	46 816	-14,4%	54 720
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	27 882	0%	0	0%	90 716
	Gross value at the end of period	NH	589 002	-0,3%	591 005	8,6%	544 189

Fiancial assets (Total IV)

			31/07/2011		31/07/2010		31/07/2009
	Gross value at begin of period	LQ	2 018 513	14,0%	1 770 050	31,9%	1 341 633
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	248 463	-66,0%	730 000
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	431 856	0%	0	0%	301 583
	Gross value at the end of period	NK	1 586 657	-21,4%	2 018 513	14,0%	1 770 050

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

			31/07/2011		31/07/2010		31/07/2009
	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)

			31/07/2011		31/07/2010		31/07/2009
	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)

			31/07/2011		31/07/2010		31/07/2009
	Reserve for depreciation value at begin of period	PE	37 870	53,5%	24 664	-31,1%	35 787
Increases		PF	0	0%	13 206	41,0%	9 369
Decreasess		PG	1 975	0%	0	0%	20 492
	Decreasess by budget item transfer	PH	35 895	-5,2%	37 870	53,5%	24 664

Total fixed assets amotisation (Total III)

			31/07/2011		31/07/2010		31/07/2009
	Reserve for depreciation value at begin of period	QU	436 974	20,8%	361 662	-7,5%	390 946
Increases		QV	28 768	-61,8%	75 312	25,7%	59 937
Decreases		QW	7 945	0%	0	0%	89 220
	Decreasess by budget item transfer	QX	457 797	4,8%	436 974	20,8%	361 663

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

			31/07/2011		31/07/2010		31/07/2009
	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

			31/07/2011		31/07/2010		31/07/2009
	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)

			31/07/2011		31/07/2010		31/07/2009
	Value at begining of period	7C	1 865 259	10,8%	1 683 096	-2,3%	1 722 107
Increases		UB	1 429 156	250,3%	408 000	112,3%	192 144
Decreases		UC	409 500	81,3%	225 838	-2,3%	231 154
	Value at the end of period	UD	2 884 915	54,7%	1 865 258	10,8%	1 683 097

Includes Total allocations

Operating	UE	503 108	6188,8%	8 000	-93,4%	121 894
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	926 048	131,5%	400 000	469,4%	70 250

Includes Total Withdrawal

Operating	UF	0	0%	67 780	96,3%	34 536
Financial	UH	0	0%	0	0%	0
Exceptional	UK	400 000	153,1%	158 058	-19,6%	196 619

Total regulated provisions (Total I)

			31/07/2011		31/07/2010		31/07/2009
	Value at begining of period	3Z	1 302 653	22,8%	1 060 711	-10,6%	1 187 080
Increases		TS	926 048	131,5%	400 000	469,4%	70 250
Decreases		TT	400 000	153,1%	158 058	-19,6%	196 619
	Value at the end of period	TU	1 828 701	40,4%	1 302 653	22,8%	1 060 711

Total risk and charge provisions (Total II)

			31/07/2011		31/07/2010		31/07/2009
	Value at begining of period	5Z	133 500	6,4%	125 500	472,5%	21 920
Increases		TV	0	0%	8 000	-92,7%	110 000
Decreases		TW	9 500	0%	0	0%	6 420
	Value at the end of period	TX	124 000	-7,1%	133 500	6,4%	125 500

Total Provision for depreciation (Total III)

			31/07/2011		31/07/2010		31/07/2009
	Value at begining of period	7B	429 105	-13,6%	496 885	-3,2%	513 107
Increases		TY	503 108	0%	0	0%	11 894
Decreases		TZ	0	0%	67 780	141,1%	28 116
	Value at the end of period	UA	932 213	117,2%	429 105	-13,6%	496 885

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

		31/07/2011		31/07/2010		31/07/2009
Gross value	VT	8 317 398	-10,8%	9 329 122	-10,4%	10 410 228
1 year at most	VU	7 460 741	-7,2%	8 040 609	-14,2%	9 370 178
More than one year	VV	856 657	-33,5%	1 288 513	23,9%	1 040 050

State of loans

		31/07/2011		31/07/2010		31/07/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	856 657	-33,5%	1 288 513	23,9%	1 040 050
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/07/2011		31/07/2010		31/07/2009
Customers doubtful or disputed	VA	654 845	40,7%	465 493	-14,8%	546 558
Other claims customer	UX	6 066 031	-12,3%	6 915 323	-16,4%	8 271 736
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	2 450	-46,7%	4 600	-24,9%	6 126
Social Security and other social organizations	UZ	0	0%	19 849	0%	0
Income taxes	VM	0	0%	0	0%	81 774
Value added tax	VB	158 100	85,5%	85 217	-73,7%	323 464
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	133 105	52,8%	87 105	988,8%	8 000
Accounts receivable (including claims relating to the operation of pension titles)	VR	334 477	-6,3%	357 006	327,0%	83 609

Prepaid

		31/07/2011		31/07/2010		31/07/2009
Prepaid	VS	111 733	5,4%	106 016	116,7%	48 912

State Debt

			31/07/2011		31/07/2010		31/07/2009
	Total debt (gross)	VY	16 949 783	13,2%	14 967 356	-5,9%	15 911 079
1 year at most		VZ2	14 895 372	5,7%	14 096 194	-11,4%	15 911 079
More than 1 year and 5 years at most		VZ3	2 054 411	135,8%	871 162	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/07/2011		31/07/2010		31/07/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	5 033 599	-22,8%	6 524 130	10,8%	5 885 894
1 year at most		VH2	2 979 188	-47,3%	5 652 968	-4,0%	5 885 894
More than 1 year and 5 years at most		VH3	2 054 411	135,8%	871 162	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	8 485 036	58,6%	5 351 631	-22,4%	6 892 677
1 year at most		8B2	8 485 036	58,6%	5 351 631	-22,4%	6 892 677
More than 1 year and 5 years at most		8B3	8 485 036	58,6%	5 351 631	-22,4%	6 892 677
	Personnel and associated accounts (gross)	8C1	445 851	6,2%	419 686	12,5%	373 124
1 year at most		8C2	445 851	6,2%	419 686	12,5%	373 124
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	218 412	-6,3%	233 085	16,1%	200 816
1 year at most		8D2	218 412	-6,3%	233 085	16,1%	200 816
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	60 599	100,4%	30 235	0%	0
1 year at most		8E2	60 599	100,4%	30 235	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	304 061	21,6%	250 068	13,3%	220 681
1 year at most		VW2	304 061	21,6%	250 068	13,3%	220 681
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	111 725	21,8%	91 760	-19,8%	114 363
1 year at most		VQ2	111 725	21,8%	91 760	-19,8%	114 363
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	1 428 396	25,7%	1 136 346	14,4%	993 239
1 year at most		VI2	1 428 396	25,7%	1 136 346	14,4%	993 239
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	862 105	-7,3%	930 415	-24,4%	1 230 285
1 year at most		8K2	862 105	-7,3%	930 415	-24,4%	1 230 285
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

		31/07/2011		31/07/2010		31/07/2009
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/07/2011		31/07/2010		31/07/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/07/2011		31/07/2010		31/07/2009
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

		31/07/2011		31/07/2010		31/07/2009
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

		31/07/2011		31/07/2010		31/07/2009
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

		31/07/2011		31/07/2010		31/07/2009
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

		31/07/2011		31/07/2010		31/07/2009
Average number of employees	YP	0	0%	19	0%	0

Groups and Shareholders

		31/07/2011		31/07/2010		31/07/2009
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

		31/07/2011		31/07/2010		31/07/2009	Sector Median 2011
Fixed Asset Financing		5,90	42,2%	4,15	-13,0%	4,77	2,71	117,7%
Global Debt		98 days	-6,7%	105 days	-6,2%	112 days	97 days	1,0%
Working Capital Fund overall net		73 days	10,6%	66 days	-5,7%	70 days	66 days	10,6%
Financial independence		211,24%	44,9%	145,76%	-2,2%	148,99%	706,06%	-70,1%
More ratios
Solvability		37,89%	-0,1%	37,94%	9,9%	34,51%	40,52%	-6,5%
Capacity debt futures		356,90%	112,2%	168,22%	12,9%	148,99%	1659,37%	-78,5%
Coverage of current assets by net working capital overall		48,29%	13,9%	42,41%	-4,3%	44,30%	46,16%	4,6%
General Liquidity		0,50	-12,3%	0,57	-3,4%	0,59	0,88	-43,2%
Restricted Liquidity		0,53	-10,2%	0,59	-15,7%	0,70	1,29	-58,9%

Management or rotation

		31/07/2011		31/07/2010		31/07/2009	Sector Median 2011
Need background in operating working capital		82 days	-16,3%	98 days	24,1%	79 days	34 days	141,2%
Treasury		-10 days	68,8%	-32 days	-255,6%	-9 days	14,50 days	-169,0%
Inventory turnover of goods		128 days	13,3%	113 days	21,5%	93 days	36 days	255,6%
Average length of credit granted to customers		38 days	-24,0%	50 days	-16,7%	60 days	63 days	-39,7%
Average length of credit obtained suppliers		54 days	31,7%	41 days	-19,6%	51 days	55 days	-1,8%
More ratios
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	995,50 days	-
Rotation tangible assets		10784,93%	21,1%	8907,76%	-9,1%	9795,85%	1458,69%	639,4%

Profitability of the business

		31/07/2011		31/07/2010		31/07/2009	Sector Median 2011
Margin trading		19,66%	-3,0%	20,27%	-1,6%	20,61	19,51%	0,8%
Profitability of the business		5,12	38,8%	3,69	-3,1%	3,81	4,06%	26,1%
Net profit		2%	-6,5%	2,14%	6,5%	2,01%	2,43%	-17,7%
More ratios
Growth rate of turnover (excluding VAT)		20,66%	1766,1%	-1,24%	-109,6%	12,89%	7,99%	158,6%
Rates integration		10,80%	3,0%	10,49%	12,2%	9,35%	17,39%	-37,9%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		48,34%	-20,3%	60,63%	11,2%	54,50%	63,29%	-23,6%
Weight interests		0,74	8,8%	0,68%	-46,9%	1,28%	0,22%	236,4%

Return on capital

		31/07/2011		31/07/2010		31/07/2009	Sector Median 2011
Cash flow from the overall profitability		2,99%	12,4%	2,66%	45,4%	1,83%	3,14%	-4,8%
Rates of economic profitability		19%	72,7%	11%	-15,4%	13%	15%	26,7%
Financial profitability		10632838%	11,8%	9509584%	8,4%	8769552%	246267%	4217,6%
Return on investment		10,17%	17,7%	8,64%	-23,0%	11,22%	10,56%	-3,7%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/07/2011		31/07/2010		31/07/2009	Sector Median 2011
Turnover	63 523 467	20,7%	52 645 279	-1,2%	53 307 929	1 391 726 €	4464,4%

Sales of goods	63 471 703	20,7%	52 590 813	-1,3%	53 271 106
- Purchase of goods	55 959 715	26,7%	44 150 551	7,4%	41 115 424
+/- Stock of goods variation	-4 978 499	-123,3%	-2 229 931	-290,4%	1 171 381
Trading margin	12 490 487 €	17,1%	10 670 193 €	-2,9%	10 984 301 €	250 734,50 €	4881,6%
	19,66 % CA	-3,0%	20,27 % CA	-1,6%	20,61 % CA	19,94 % CA	-1,4%

Sale of goods produced	51 764	-5,0%	54 466	47,9%	36 823
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	51 764 €	-5,0%	54 466 €	47,9%	36 823 €	48 387,50 €	7,0%
	0,08 % CA	-20,0%	0,10 % CA	42,9%	0,07 % CA	2,82 % CA	-97,2%

Trading margin	12 490 487	17,1%	10 670 193	-2,9%	10 984 301	250 734,50	4881,6%
+ Period Production	51 764	-5,0%	54 466	47,9%	36 823	48 387,50	7,0%
- Purchase of raw materials	83 169	27,1%	65 437	-58,8%	158 989
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	5 597 661	8,9%	5 138 411	-12,6%	5 878 431
Added value	6 861 421 €	24,3%	5 520 811 €	10,8%	4 983 704 €	269 012 €	2450,6%
	10,80 % CA	3,0%	10,49 % CA	12,2%	9,35 % CA	17,39 % CA	-37,9%

Added value	6 861 421 €	24,3%	5 520 811 €	10,8%	4 983 704 €	269 012 €	2450,6%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	293 946	28,6%	228 541	-2,6%	234 631
- Personal charges	3 316 491	-0,9%	3 347 147	23,2%	2 716 351
Gross operating surplus	3 250 984 €	67,1%	1 945 123 €	-4,3%	2 032 722 €	50 648 €	6318,8%
	5,12 % CA	38,8%	3,69 % CA	-3,1%	3,81 % CA	4,06 % CA	26,1%

Gross operating surplus	3 250 984 €	67,1%	1 945 123 €	-4,3%	2 032 722 €	50 648 €	6318,8%
+ Release of reserves and provisions	36 705	-63,0%	99 221	187,3%	34 536
+ Other operating income	58 065	-57,1%	135 413	135,1%	57 606
- Depreciation/Amortisation	622 910	545,4%	96 518	-49,5%	191 199
- Other charges	25 387	702,9%	3 162	561,5%	478
Operating result	2 697 457 €	29,7%	2 080 077 €	7,6%	1 933 187 €	39 608,50 €	6710,3%
	4,25 % CA	7,6%	3,95 % CA	8,8%	3,63 % CA	3,16 % CA	34,5%

Operating result	2 697 457 €	29,7%	2 080 077 €	7,6%	1 933 187 €	39 608,50 €	6710,3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	150 856	2,4%	147 291	-7,5%	159 269
- Financial charges	467 072	31,4%	355 453	-47,9%	682 052
Pre-tax result	2 381 241 €	27,2%	1 871 915 €	32,7%	1 410 404 €	37 166 €	6307,0%
	3,75 % CA	5,3%	3,56 % CA	34,3%	2,65 % CA	3,10 % CA	21,0%

Extraordinary income	424 009	168,3%	158 058	-23,7%	207 119	496	85385,7%
- Extraordinary charges	950 057	137,5%	400 000	457,5%	71 746
Extraordinary result	-526 048 €	-117,4%	-241 942 €	-278,7%	135 373 €	0 €	0%
	-0,83 % CA	-80,4%	-0,46 % CA	-284,0%	0 % CA	0 % CA	0%

Pre-tax result	2 381 241 €	27,2%	1 871 915 €	32,7%	1 410 404 €	37 166 €	6307,0%
Extraordinary result	-526 048 €	-117,4%	-241 942 €	-278,7%	135 373 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	582 983	16,2%	501 884	6,4%	471 649
Net result	1 272 210 €	12,8%	1 128 089 €	5,0%	1 074 128 €	31 872,50 €	3891,6%
	2,00 % CA	-6,5%	2,14 % CA	6,5%	2,01 % CA	2,44 % CA	-18,0%

ADDITIONAL INFORMATION

Trends

Profitability

Liquidity

Net worth

Preferential rights details and history

Summary of preferential rights

Company monitored since	21/01/2009
Status of Monitoring	No social security and tax office preferential right to date

event history

Status history

Date	Description
No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
02/04/2012	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 14382 - 347990442 RCS. QUIMDIS S. A. S. Forme : Société par actions simplifiée. Adresse : 71 rue Anatole France 92300 Levallois-Perret. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/07/2011.
04/04/2011	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 14214 - 347990442 RCS. QUIMDIS S. A. S. Forme : Société par actions simplifiée. Adresse : 71 rue Anatole France 92300 Levallois-Perret. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/07/2010.
19/02/2010	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 7544 - 347990442 RCS. QUIMDIS S. A. S. Forme : Société par actions simplifiée. Adresse : 71 rue Anatole France 92300 Levallois-Perret. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/07/2009.
10/05/2009	Bodacc A	Vente et cession : Acheteur
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 835 - 347 990 442 RCS Nanterre. QUIMDIS S. A. S. Forme : Société par actions simplifiée. Capital : 750000 EUR. Adresse : 71 rue Anatole France, 92300 Levallois-Perret. Origine du fonds : Achat d'un fonds de commerce. Etablissement : Etablissement principal. Activité : un fonds de commerce de représentation, courtage, conseil, négoce de toutes matières premières et produits exotiques, à l'exclusion du droit au bail. Adresse : 133 rue Victor Hugo, 92270 Bois Colombes. Précédent propriétaire : DUCLOS TRADING. 339 978 454 RCS Nanterre. Publication légale : Journal spécial des sociétés françaises du 23/04/2009. Oppositions : Au fonds vendu pour la validité et pour la correspondance CABINET CJA 15 Rue D'ASTORG 75008 PARIS. Descriptif : Fonds acquis par achat au prix stipulé de 426229 Euros. Commentaires : Achat d'un fonds par une personne morale (insertion provisoire).
16/04/2009	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 10863 - 347990442 RCS. QUIMDIS S. A. S. Forme : Société par actions simplifiée. Adresse : 71 rue Anatole France 92300 Levallois-Perret. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/07/2008.
27/05/2008	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 8649 - 347990442 RCS. QUIMDIS S. A. S. Forme : Société par actions simplifiée. Adresse : 71 rue Anatole France 92300 Levallois-Perret. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/07/2007.
27/04/2007	Bodacc C	Avis de dépôt des comptes
6957 - RCS Nanterre B 347 990 442. RC 88-B 3482. QUIMDIS S.A.S. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 71, rue Anatole France,92300 Levallois-Perret. Comptes annuels et rapports de l'exercice clos le: 31 juillet 2006.
19/04/2007	Bodacc B	Modifications et mutations diverses
1522 - RCS Nanterre B 347 990 442. RC 88-B 3482. QUIMDIS S.A.S. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : REVISION ET COMMISSARIAT S.A.R.L. Commissaire aux comptes suppléant partant : FIDUS-AUDIT. Nomination d'un commissaire aux comptes titulaire : BARRE (Laurent). Nomination d'un commissaire aux comptes suppléant : ROFFE (Jacques).
20/06/2006	Bodacc C	Avis de dépôt des comptes
2179 - RCS Nanterre B 347 990 442. RC 88-B 3482. QUIMDIS S.A.S. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE - SAS. Adresse du siège social: 71, rue Anatole France,92300 Levallois-Perret. Comptes annuels et rapports de l'exercice clos le: 31 juillet 2005.
11/06/2006	Bodacc B	Modifications et mutations diverses
2726 - RCS Nanterre B 347 990 442. RC 88-B 3482. QUIMDIS S.A.S. Forme : S.A.S. Adresse du siège social : 71 rue Anatole-France,, 92300 Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal. Etablissement principal - Adresse : 71 rue Anatole-France, 92300
03/05/2005	Bodacc B	Modifications et mutations diverses
2925 - RCS Nanterre B 347 990 442. RC 88-B 3482. QUIMDIS S.A.S. Forme : S.A.S. Commentaires : modification survenue sur la dénomination, la forme juridique et l'administration. Administration : modification du président : QUARRE (Jean-François). Modification de directeurs généraux : MANALT (Michel) COURATIER (Claire). Membre du conseil de surveillance partant : COURATIER (Hélène).
19/03/2005	Bodacc C	Avis de dépôt des comptes
2610 - RCS Nanterre B 347 990 442. RC 88-B 3482. QUIMDIS S.A.. Forme: S.A. Adresse du siège social: 85, rue Edouard Vaillant,92300 Levallois-Perret. Comptes annuels et rapports de l'exercice clos le: 31 juillet 2004.
24/03/2004	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 347990442 RC 88-B 3482 QUIMDIS S.A. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : président du conseil de surveillance partant : THEVENIN (Bernard). Nomination du président et membre du conseil de surveillance : ECHEVERRIA CORREA (Maria) ( Nom d'usage : OUARRE).
09/07/2003	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 347990442 RC 88-B 3482 QUIMDIS S.A. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : vice- président et membre du conseil de surveillance partant : CAMUSET (Robert). Nomination d'un vice-président et membre du conseil de surveillance : CAMUSET (Sylviane) ( Nom d'usage : MANALT).
15/03/2001	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 347990442 RC 88-B 3482 QUIMDIS S.A. Forme : S.A. Capital : 750 000 euros. Commentaires : modification survenue sur le capital (augmentation) et l'administration. Administration : commissaire aux comptes suppléant partant : BOMPART (Paul). Nomination du commissaire aux comptes suppléant : FIDUS AUDIT.
08/02/1996	Bodacc B	Modifications et mutations diverses
RCS *. RCS Nanterre B 347 990 442 RC RC 88-B 3482 QUIMDIS S.A. Forme : S.A. Adresse du siège social : 85, rue Edouard-Vaillant 92300 Levallois-Perret Etablissement principal: Adresse : 85, rue Edouard-Vaillant 92300 Levallois- Perret. Commentaires : modification survenue sur l'adresse du siège social et de l'établissement principal.

Company events history

Date	Description
11/04/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
02/04/2012	Bodacc C : Deposit accounts notice
31/07/2011	New accounts available
04/04/2011	Bodacc C : Deposit accounts notice
01/04/2011	New subsidiarie(s) detected
01/04/2011	New ultimate parent
01/04/2011	New parent detected
31/07/2010	New accounts available
19/02/2010	Bodacc C : Deposit accounts notice
15/12/2009	Payment incident closed
17/11/2009	Payment incident detected
31/07/2009	New accounts available
13/07/2009	Payment incident closed
25/05/2009	Payment incident detected
10/05/2009	Bodacc A : Sale and transfer
16/04/2009	Bodacc C : Deposit accounts notice
21/01/2009	Collection of preferential rights activated for this company
31/07/2008	New accounts available
27/05/2008	Bodacc C : Deposit accounts notice
31/07/2007	New accounts available
27/03/2007	Appointment/resignation of company officers
27/03/2007	Private document
27/03/2007	New auditor
27/03/2007	Minutes of general meeting of shareholders
31/07/2006	New accounts available
17/05/2006	Registered office transferred inside jurisdiction of the Commercial Court
17/05/2006	Updated articles of association
17/05/2006	Private document
17/05/2006	Minutes of general meeting of shareholders
31/07/2005	New accounts available
21/03/2005	Rapport des Commissaires ou du Gérant
21/03/2005	Audit or Management Report
21/03/2005	Updated articles of association
21/03/2005	Statuts mis à jour
21/03/2005	PV d'Assemblée
21/03/2005	Minutes of general meeting of shareholders
21/03/2005	Nomination/démission des organes de gestion
21/03/2005	Appointment/resignation of company officers
21/03/2005	Private document
21/03/2005	Acte sous seing privé
21/03/2005	New legal form – no new category
21/03/2005	Changement de Forme Juridique sans changement de catégorie
31/07/2004	New accounts available
11/03/2004	PV d'Assemblée
11/03/2004	Acte sous seing privé
11/03/2004	Nomination/démission des organes de gestion
11/03/2004	Statuts mis à jour
31/07/2003	New accounts available
27/06/2003	PV d'Assemblée
27/06/2003	Nomination/démission des organes de gestion
27/06/2003	Acte sous seing privé
28/02/2001	Augmentation de Capital
28/02/2001	Conversion du Capital Social en Euros
28/02/2001	Acte sous seing privé
28/02/2001	Nomination/démission des organes de gestion
28/02/2001	PV d'Assemblée
28/02/2001	Statuts mis à jour
28/02/2001	Changement de Commissaire aux Comptes
24/01/1996	Transfert du Siège dans le ressort du Tribunal de Commerce
24/01/1996	Statuts mis à jour
24/01/1996	PV d'Assemblée

Establishment events history

Date	Description
04/05/2013	Update Rating
04/05/2013	Update Limit
06/04/2013	Update Rating
11/01/2013	Update of phone numbers
11/04/2012	Update Rating
11/04/2012	Update Limit
06/04/2012	Update Rating
28/06/2011	Update of phone numbers
22/03/2011	Update Limit
22/03/2011	Update Rating
21/09/2010	Update of phone numbers
21/07/2010	Update of phone numbers
28/01/2010	Update Limit
15/12/2009	Update Limit
15/12/2009	Update Rating
03/12/2009	Update Limit
03/12/2009	Update Rating
13/07/2009	Update Rating
13/07/2009	Update Limit
12/06/2009	Update Rating
12/06/2009	Update Limit
14/04/2009	Update Limit
21/05/2008	Update Limit
21/05/2008	Update Rating
16/12/2007	Update Limit
11/12/2007	Update Limit
09/12/2007	Update Limit
10/04/2006	Formation of Establishment (after transfer)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.61
UK Pound	1	Rs.83.98
Euro	1	Rs.71.94

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%)

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.