MIRA INFORM REPORT

Report Date :

07.11.2013

IDENTIFICATION DETAILS

Name :	SA ANGELINI
Registered Office :	SA Angelini, Za La Provencale Bat 6, 131 Av Marechal Lyautey 06210 Mandelieu La Napoule
Country :	France
Financials (as on) :	31.12.2005
Date of Incorporation :	June 1971
Legal Form :	Public limited company with board of directors
Line of Business :	Wholesale (intercompany trade) of frozen products (4639A)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

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

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

FRANCE - ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 79 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.8% of GDP in 2012, while France's public debt rose from 68% of GDP to 90% 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

Name

SA ANGELINI

SIRET

697 120 764 00041

Company summary

		EUR VAT Number	FR12697120764
Activity (APE)	Commerce de gros (commerce interentreprises) de produits surgelés (4639A)	Legal form	Public limited company with board of directors
Phone	04 93 48 16 16	RCS Registration	RCS Cannes 7 697 120 764
Fax		Share capital	1,000,000 Euros
Address	SA ANGELINI ZA LA PROVENCALE BAT 6 131 AV MARECHAL LYAUTEY 06210 MANDELIEU LA NAPOULE	Incorporated Date	06/1971
Nationality	France	Status	Economically active

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) de produits surgelés (4639A) (Wholesale (intercompany trade) of frozen products (4639A))
RCS Registration	RCS Cannes 7 697 120 764	Share capital	1,000,000 Euros
Registration Court	Cannes (06)	Legal form	Public limited company with board of directors
Court Registry Number	19 7 1B00076	EUR VAT Number	FR12697120764
Incorporation Date	06/1971	Formation Date	01/1971
Deregistration Date		Last account Date	31/12/2005
Nationality	France

DIRECTORS/MANAGEMENT

Directors

Name	M. ANGELINI HUGUES
Manager position	Chairman of the Board, Managing director	Date of birth	21/12/1962
Place of birth	MONT-SAINT-MARTIN (54)
Type	Individual	Name at birth

Name	M. ANGELINI LAURENT
Manager position	Delegated managing director, Administrator	Date of birth	01/08/1972
Place of birth	CANNES
Type	Individual	Name at birth

Name	Mme. BELLAICHE SYLVIE MATHILDE
Manager position	Administrator	Date of birth	28/07/1964
Place of birth	PARIS
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Chairman of the Board	M HUGUES ANGELINI	21/12/1962 - MONT SAINT MARTIN
Managing director	M HUGUES ANGELINI	21/12/1962 - MONT SAINT MARTIN
Administrator	M RINO ANGELINI	01/10/1930 - LONGLAVILLE
Administrator	MME SYLVIE BELLAICHE	- - -
Administrator	MME SYLVIE BELLAICHE	28/07/1967 - PARIS 18

NEGATIVE INFORMATION

Judgements

Collective procedures

Courts

No judgment information for the company coming from Court

Rncs

Judgment	Plan de continuation/Redressement	Effective date	14/12/2004
Director	ME FAIVRE-DUBOZ MARIE CLAIRE	Position	Court-appointed reviewer of a proposal
Address	06000 NICE

Judgment	Redressement judiciaire	Effective date	20/11/2003
Director	ME GARNIER PIERRE	Position	Creditors’ representative
Address	06254 MOUGINS CEDEX
Director	ME GARNIER PIERRE	Position	Creditors’ representative
Address	06254 MOUGINS CEDEX

Bodacc

Judgment	Jugement lié au plan de continuation/redressement	Effective date	22/12/2009
Court	Cannes	Parution date from Gazette	22/12/2009

Extrait de jugement

Jugement modifiant le plan de continuation

Jugement modifiant le plan de continuation.

Judgment	Jugement lié aux créances	Effective date	21/07/2006
Court	-	Parution date from Gazette	21/07/2006
1568 - Date : 23 juin 2006. Avis de dépôt de l'état des créances . RCS Cannes B 697 120 764. RC 71-B 76. ANGELINI. Forme : S.A. Activité : achat, vente denrées comestibles fraîches ou surgelés et toutes opérations industrielles, commerciales et financières, mobilières et immobilières pouvant s'y rattacher. Adresse : 131, avenue du Maréchal Lyautey, 06210 Mandelieu-la-Napoule. Dépôt de l'état des créances au tribunal de commerce de : Cannes , où les réclamations seront recevables dans un délai de quinze jours à compter de la date de la présente publication.

Judgment	Clôture du plan de sauvegarde	Effective date	06/01/2005
Court	-	Parution date from Gazette	06/01/2005
1022 - Date : 14 décembre 2004. Jugement arrêtant le plan de continuation . RCS Cannes B 697 120 764. RC 71-B 76. ANGELINI. Forme : S.A. Activité : achat, vente denrées, comestibles fraîches ou surgelés et toutes opérations industrielles commerciales et financières, mobilières et immobilières pouvant s'y rattacher. Adresse : 131, avenue du Maréchal Lyautey, 06210 Mandelieu-la-Napoule. Ce jugement désigne M. Angelini Hugues comme tenu d'exécuter le plan. Durée du plan : 10 ans. Ce jugement met fin à la mission de l'administrateur : Me Marie Claire FAIVRE-DUBOZ, 6 Bd Dubouchage, 06000 Nice. Ce jugement maintient Me Pierre GARNIER, 700 av de Tournamy, Tournamy en tant que représentant des créanciers. Commissaire à l'exécution du plan : Me (Marie Claire ). FAIVRE-DUBOZ. Adresse : 6, Bd Dubouchage, 06000 Nice.

Judgment	Redressement judiciaire	Effective date	11/12/2003
Court	-	Parution date from Gazette	11/12/2003
Date: 20 novembre 2003. Jugement d' ouverture d'une procédure de redressement judiciaire régime général Numéro: 2003J00222. RCS Cannes B 697120764 RC 71-B 76 ANGELINI. Forme : S. A. Activité : achat, vente de denrées comestibles, fraiches ou surgelés, toutes opérations industrielles, commerciales, financières, mobilières, immobilières pouvant s'y rattacher. Adresse : 131, avenue du Maréchal Lyautey, 06210 Mandelieu-la-Napoule. Date de cessation des paiements : 17 novembre 2003 Ce jugement a ouvert une période d'observation d'une durée de quatre mois expirant le 20 mai 2004 Administrateur judiciaire: M e Faivre- Duboz Marie, Claire. Adresse : 6, boulevard Dubouchage, 06000 Nice Mission: assister Représentant des créanciers: M e Garnier Pierre. Adresse : avenue de Tournamy, Tournamy 700, 06250 Mougins Les déclarations de créances sont à déposer dans un délai de deux mois suivant la présente publication auprès du représentant des créanciers.

Other sources

No recent judgment publication in other sources for the company.

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

Preferential rights details and history

Status of collection

This company is not under monitoring

SHARE & SHARE CAPITAL INFORMATION

No Shareholders available for this company.

PAYMENT INFORMATION

Payment Information Summary - Trade Payment Data

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GROUP STRUCTURE & AFFILIATED COMPANIES

No group information available for the company.

FINANCIAL INFORMATION

Trading to Date	12/31/2005	12/31/2004	12/31/2003
Turnover	14,616,033 €	13,893,439 €	23,935,211 €
Gross Operating Surplus	2,87 % Turnover	-3,75 % Turnover	-7,74 % Turnover
Shareholders’ equity	-4,385,489 €	-5,004,171 €	-5,066,224 €
Net result	618,683 €	62,052 €	-7,270,514 €
Employees	10 to 19 employees	-	-

Accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2005	31/12/2004	31/12/2003
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	-	-	-
Activity Code	4639A	4639A	4639A
Employees	14	14	21

Active account

Annual Accounts	31/12/2005		31/12/2004		31/12/2003	Sector Median 2005
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1 299 303	11,6%	1 164 580	5,5%	1 104 382	82 892	1467,5%
- Intangible assets	183 074	0,8%	181 676	0,0%	181 663	531	34377,2%
- Tangible assets	30 604	79,6%	17 036	-41,7%	29 227	38 712	-20,9%
- Financial assets	1 085 626	12,4%	965 867	8,1%	893 491	7 652	14087,5%
Net current assets	4 142 900	8,7%	3 810 477	-13,9%	4 424 152	1 357 238	205,2%
- Stocks	2 265 169	2,1%	2 218 155	19,3%	1 859 252	286 152	691,6%
- Advanced payments	17 945	8,7%	21 796	-96,1%	555 454	0	0%
- Receivables	1 161 337	62,7%	713 915	-53,7%	1 542 344	784 815	48,0%
- Securities and cash	698 449	-18,5%	856 610	83,4%	467 100	195 058	258,1%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	5 442 202	9,4%	4 975 057	-10,0%	5 528 535	1 694 732	221,1%

Passive Account

Annual Accounts	31/12/2005		31/12/2004		31/12/2003	Sector Median 2005
Shareholders' equity	-4 385 489	12,4%	-5 004 171	1,2%	-5 066 224	411 663	-1165,3%
Share capital	1 000 000	0%	1 000 000	0%	1 000 000	80 000	1150,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	165 000	-8,3%	180 000	48,4%	121 311	0	0%
Liabilities	9 662 691	-1,4%	9 799 229	-6,4%	10 473 448	1 222 877	690,2%
- Financial liabilities	435 247	-15,2%	513 554	57216,3%	896	130 981	232,3%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	910 094	12,8%	806 609	34,8%	598 429	699 474	30,1%
- Tax and social liabilities	183 628	3,3%	177 822	-40,6%	299 364	113 960	61,1%
- Other debts and fixed assets liabilities	8 130 649	-2,1%	8 301 243	-13,3%	9 574 757	8 237	98608,9%
Account regularization	3 073	0%	0	0%	0	0	0%
Total liabilities	5 442 202	9,4%	4 975 057	-10,0%	5 528 535	1 694 732	221,1%

Results

Annual Accounts	31/12/2005		31/12/2004		31/12/2003	Sector Median 2005
Sales of Goods	14 747 746	-1,0%	14 891 593	-38,1%	24 045 922	4 826 355	205,6%
Net turnover	14 616 033	5,2%	13 893 439	-42,0%	23 935 211	4 779 414	205,8%
- of which net export turnover	198 625	-58,4%	477 355	-74,0%	1 834 727	0	0%
Operating charges	14 233 806	-2,4%	14 576 629	-45,6%	26 773 763	4 697 584	203,0%
Operating profit/loss	513 940	63,2%	314 964	111,5%	-2 727 840	82 612	522,1%
Financial income	63 266	32,8%	47 654	-89,7%	464 690	3 094	1944,8%
Financial charges	131 398	-50,4%	265 069	-64,9%	755 280	9 144	1337,0%
Financial profit/loss	-68 131	68,7%	-217 414	25,2%	-290 590	-1 762	-3766,7%
Pretax net operating income	445 809	357,0%	97 549	103,2%	-3 018 431	75 139	493,3%
Extraordinary income	249 599	-30,0%	356 605	159,7%	137 298	5 140	4756,0%
Extraordinary charges	61 725	-81,4%	332 041	-92,6%	4 488 766	5 534	1015,4%
Extraordinary profit/loss	187 874	664,8%	24 564	100,6%	-4 351 468	0	0%
Net result	618 683	897,0%	62 052	100,9%	-7 270 514	56 629	992,5%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2005	31/12/2004	31/12/2003
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2005		31/12/2004		31/12/2003
	Grand Total (I to VI)	Net	5 442 202	9,4%	4 975 057	-10,0%	5 528 535
	Gross	CO	10 645 159	3,1%	10 320 415	-12,6%	11 809 086
	Amortisation	1A	5 202 957	-2,7%	5 345 358	-14,9%	6 280 551

Non declared distributed capital (I)

		31/12/2005		31/12/2004		31/12/2003
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	-	-	-	-	-

Active fixed asset (II)

		31/12/2005		31/12/2004		31/12/2003
Total Active fixed asset (II)	Net	1 299 303	11,6%	1 164 580	5,5%	1 104 382
Gross	BJ	5 932 359	1,2%	5 861 043	1,4%	5 780 324
Amortisation	BK	4 633 056	-1,4%	4 696 463	0,4%	4 675 941

Intangilble fixed assets

			31/12/2005		31/12/2004		31/12/2003
	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	2 197	174,6%	800	1,7%	787
	Gross	AF	26 569	-47,8%	50 862	1,5%	50 112
	Amortisation	AG	24 372	-51,3%	50 062	1,5%	49 325
	Goodwill	Net	180 877	0,0%	180 876	0%	180 876
	Gross	AH	637 877	0,0%	637 876	0%	637 876
	Amortisation	AI	457 000	0%	457 000	0%	457 000
	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	183 074	0,8%	181 676	0,0%	181 663

Tangilble fixed assets

			31/12/2005		31/12/2004		31/12/2003
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	471	-48,6%	917	-80,7%	4 743
	Gross	AP	3 836	-80,5%	19 636	0%	19 636
	Amortisation	AQ	3 365	-82,0%	18 719	25,7%	14 893
	Plant	Net	0	0%	0	0%	0
	Gross	AR	1 503	0,1%	1 502	0%	1 502
	Amortisation	AS	1 503	0,1%	1 502	0%	1 502
	Other tangible fixed assets	Net	30 133	86,9%	16 119	-34,2%	24 484
	Gross	AT	159 618	-5,0%	167 965	-7,4%	181 448
	Amortisation	AU	129 485	-14,7%	151 846	-3,3%	156 964
	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	30 604		17 036		29 227

Financial assets

			31/12/2005		31/12/2004		31/12/2003
	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	3 852	0,0%	3 851	-84,6%	24 928
	Gross	CU	32 536	0,0%	32 535	0%	32 535
	Amortisation	CV	28 684	0%	28 684	277,1%	7 607
	Inter-company receivables	Net	1 061 395	11,7%	950 241	11,3%	853 634
	Gross	BB	5 050 042	2,3%	4 938 888	2,0%	4 842 281
	Amortisation	BC	3 988 647	0%	3 988 647	0%	3 988 647
	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	5 031	-9,9%	5 583	-24,1%	7 355
	Gross	BF	5 031	0%	5 583	0%	7 355
	Amortisation	BG	0		0		0
	Other financial assets	Net	15 348	147,9%	6 192	-18,2%	7 574
	Gross	BH	15 348	147,9%	6 192	-18,2%	7 574
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		1 085 626		965 867		893 491

Current Assets (III)

			31/12/2005		31/12/2004		31/12/2003
	Total Assets	Net	4 142 900	8,7%	3 810 477	-13,9%	4 424 152
	Gross	CJ	4 712 800	5,7%	4 459 372	-26,0%	6 028 761
	Amortisation	CK	569 901	-12,2%	648 894	-59,6%	1 604 609

Stocks

			31/12/2005		31/12/2004		31/12/2003
	Raw materials	Net	6 853	-47,6%	13 089	0%	0
	Gross	BL	29 395	22,3%	24 042	117,1%	11 075
	Amortisation	BM	22 542	105,8%	10 953	-1,1%	11 075
	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	2 258 316	2,4%	2 205 066	18,6%	1 859 252
	Gross	BT	2 277 592	-1,3%	2 306 506	-18,5%	2 828 589
	Amortisation	BU	19 276	-81,0%	101 440	-89,5%	969 337
	Sub Total Stocks	Net	2 265 169	2,1%	2 218 155	19,3%	1 859 252

Advance payments to suppliers

			31/12/2005		31/12/2004		31/12/2003
	Advance payments to suppliers	Net	17 945	-17,7%	21 796	-96,1%	555 454
	Gross	BV	17 945	-17,7%	21 796	-96,1%	555 454
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2005		31/12/2004		31/12/2003
	Trade accounts receivable	Net	142 942	382,9%	29 602	-86,6%	221 192
	Gross	BX	191 866	120,7%	86 943	-76,7%	373 244
	Amortisation	BY	48 924	-14,7%	57 341	-62,3%	152 052
	Other debtors	Net	1 001 973	53,3%	653 408	-48,3%	1 264 820
	Gross	BZ	1 481 132	30,8%	1 132 566	-34,8%	1 736 965
	Amortisation	CA	479 159	0,0%	479 158	1,5%	472 145
	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	1 144 915	67,6%	683 010	-54,0%	1 486 012

Divers

			31/12/2005		31/12/2004		31/12/2003
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	698 449	-18,5%	856 610	83,4%	467 100
	Gross	CF	698 449	-18,5%	856 610	83,4%	467 100
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	698 449	-18,5%	856 610	83,4%	467 100

Prepaid expenses

			31/12/2005		31/12/2004		31/12/2003
	Prepaid expenses	Net	16 422	-46,9%	30 905	-45,1%	56 332
	Gross	CH	16 422	-46,9%	30 905	-45,1%	56 332
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2005		31/12/2004		31/12/2003
Multi-period charges	CW3	0	0%	0	0%	0
Gross		-	-	-	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		-	-	-	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		-	-	-	-	-

References

		31/12/2005		31/12/2004		31/12/2003
Due within one year	CP	552	0%	552	-81,4%	2 966
Due after one year	CR	478 692	0%	478 692	-7,9%	520 003

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)

		31/12/2005		31/12/2004		31/12/2003
Grand Total (I to V)	EE	5 442 202	9,4%	4 975 057	-10,0%	5 528 535

Shareholder Equity (I)

			31/12/2005		31/12/2004		31/12/2003
	Total shareholders' equity (Total I)	DL	-4 385 489	12,4%	-5 004 171	1,2%	-5 066 224
	Equity and shareholders' equity	DA	1 000 000	0%	1 000 000	0%	1 000 000
	Issue and merger premiums	DB	14 902	0%	14 902	0%	14 902
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	100 000	0%	100 000	0%	100 000
	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	959 926	0%	959 926	0%	959 926
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	-7 079 000	0,9%	-7 141 052	-5616,0%	129 461
	Profit or loss for the period	DI	618 683	897,0%	62 052	100,9%	-7 270 514
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2005		31/12/2004		31/12/2003
	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)

			31/12/2005		31/12/2004		31/12/2003
	Total provisions for risks and charges (Total III)	DR	165 000	-8,3%	180 000	48,4%	121 311
	Risk provisions	DP	165 000	-8,3%	180 000	125,0%	80 000
	Reserves for charges	DQ	0	0%	0	0%	41 311

Liabilities (IV)

			31/12/2005		31/12/2004		31/12/2003
	Total Liabilities (Total IV)	EC	9 662 691	-1,4%	9 799 229	-6,4%	10 473 448
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	435 247	-15,2%	513 554	57216,3%	896
	Sundry loans and financial liabilities	DV	0	0%	0	0%	0
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	910 094	12,8%	806 609	34,8%	598 429
	Tax and social security liabilities	DY	183 628	3,3%	177 822	-40,6%	299 364
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	8 130 649	-2,1%	8 301 243	-13,3%	9 574 757

Translation loss (V)

		31/12/2005		31/12/2004		31/12/2003
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2005		31/12/2004		31/12/2003
Deferred income	EB	3 073	0%	0	0%	0

References

		31/12/2005		31/12/2004		31/12/2003
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	1 819 014	-10,5%	2 031 543	45,2%	1 399 242
Of which current bank facilities	EH	435 247	-15,2%	513 554	57216,3%	896

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)

		31/12/2005		31/12/2004		31/12/2003
Operating result (Total I-II)	GG	513 940	63,2%	314 964	111,5%	-2 727 840

2 - Financial result (V - VI)

		31/12/2005		31/12/2004		31/12/2003
Financial result (Total V-VI)	GV	-68 131	68,7%	-217 414	25,2%	-290 590

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

		31/12/2005		31/12/2004		31/12/2003
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	445 809	357,0%	97 549	103,2%	-3 018 431

4 - Extraordinary result (VII-VIII)

		31/12/2005		31/12/2004		31/12/2003
Extraordinary result (Total VII-VIII)	HI	187 874	664,8%	24 564	100,6%	-4 351 468

Profit or loss

		31/12/2005		31/12/2004		31/12/2003
Profit or loss	HN	618 683	897,0%	62 052	100,9%	-7 270 514

Total Income (I+III+V+VII)

		31/12/2005		31/12/2004		31/12/2003
Total Income (I+III+V+VII)	HL	15 060 612	-1,5%	15 295 853	-37,9%	24 647 911

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

		31/12/2005		31/12/2004		31/12/2003
Total charges (Total II+IV+VI+VIII+IX+X)	HM	14 441 929	-5,2%	15 233 801	-52,3%	31 918 425

Operating income (I)

		31/12/2005		31/12/2004		31/12/2003
Total operating income (Total I)	FR	14 747 746	-1,0%	14 891 593	-38,1%	24 045 922

Operating income (details)

			31/12/2005		31/12/2004		31/12/2003
	Sale of goods for resale	FC	14 599 276	5,3%	13 870 460	-42,0%	23 934 006
	France	FA	14 407 069	7,6%	13 393 457	-39,4%	22 099 279
	Export	FB	192 207	-59,7%	477 003	-74,0%	1 834 727
	Sale of goods produced	FF	0	0%	07	0%	0
	France	FD	0	0%	07	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	16 757	-27,1%	22 971	1806,3%	1 205
	France	FG	10 340	-54,3%	22 619	1777,1%	1 205
	Export	FH	6 418	1723,3%	352	0%	0
	Net turnover	FL	14 616 033	5,2%	13 893 439	-42,0%	23 935 211
	France	FJ	14 417 409	7,5%	13 416 084	-39,3%	22 100 484
	Export	FK	198 625	-58,4%	477 355	-74,0%	1 834 727
	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	128 896	-86,9%	981 982	965,5%	92 162
	Other income	FQ	2 817	-82,6%	16 171	-12,8%	18 548

Operating charges (II)

		31/12/2005		31/12/2004		31/12/2003
Total operating charges (Total II)	GF	14 233 806	-2,4%	14 576 629	-45,6%	26 773 763

Exploitation charges

		31/12/2005		31/12/2004		31/12/2003
Purchase of goods for resale	FS	10 894 308	4,0%	10 474 633	-31,2%	15 233 812
Change in stocks of goods for resale	FT	28 914	-94,5%	522 082	-89,6%	5 011 093
Purchase of raw materials	FU	37 779	-52,4%	79 450	5,6%	75 217
Change in stocks of raw materials	FV	-5 353	58,7%	-12 967	-300,6%	6 463
Other external purchases and charges	FW	2 219 664	-3,1%	2 291 225	-41,9%	3 944 610
Tax, duty and similar payments	FX	52 265	-20,6%	65 862	-11,8%	74 667
Payroll	FY	690 794	-3,9%	718 642	-31,9%	1 055 895
Social security costs	FZ	278 213	0,8%	276 093	-28,6%	386 739

Depreciation

		31/12/2005		31/12/2004		31/12/2003
Depreciation of fixed assets	GA	10 580	-21,4%	13 466	-55,3%	30 132
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	11 588	-34,3%	17 629	-98,0%	881 850
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2005		31/12/2004		31/12/2003
Other charges	GE	15 052	-88,5%	130 508	78,1%	73 281

Operating charges (III-IV)

		31/12/2005		31/12/2004		31/12/2003
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)

			31/12/2005		31/12/2004		31/12/2003
	Total financial income (Total V)	GP	63 266	32,8%	47 654	-89,7%	464 690
	Share financial income	GJ	42 154	1,8%	41 406	-80,0%	207 339
	Other investment income & capitalised receivables	GK	0	0%	0	0%	294
	Other interest and similar income	GL	5 269	-13,7%	6 107	-59,9%	15 215
	Released provisions and transferred charges	GM	0	0%	0	0%	26 738
	Exchange gains	GN	15 844	11217,1%	140	-99,9%	215 102
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2005		31/12/2004		31/12/2003
	Total financial charge (Total VI)	GU	131 398	-50,4%	265 069	-64,9%	755 280
	Financial reserves and provisions	GQ	0	0%	21 077	0%	0
	Interest and similar charges	GR	128 086	-35,3%	197 983	-52,5%	416 926
	Exchange losses	GS	3 311	-92,8%	46 008	-86,4%	338 354
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2005		31/12/2004		31/12/2003
	Total extraordinary income (Total VII)	HD	249 599	-30,0%	356 605	159,7%	137 298
	Extraordinary operating income	HA	234 249	-0,1%	234 458	482,9%	40 220
	Extraordinary income from capital transactions	HB	350	-58,1%	836	-78,0%	3 800
	Released provisions and transferred charges	HC	15 000	-87,6%	121 311	30,1%	93 277

Extraordinary charges (VIII)

			31/12/2005		31/12/2004		31/12/2003
	Total extraordinary charges (Total VIII)	HH	61 725	-81,4%	332 041	-92,6%	4 488 766
	Extraordinary operating charges	HE	61 359	-59,6%	152 041	-18,0%	185 450
	Extraordinary charges from capital transactions	HF	267	0%	0	0%	4 211
	Extraordinary reserves and provisions	HG	99	-99,9%	180 000	-95,8%	4 299 103

Employee profit sharing (IX)

		31/12/2005		31/12/2004		31/12/2003
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2005		31/12/2004		31/12/2003
Tax on profits (Total X)	HK	15 000	-75,0%	60 061	160,4%	-99 385

References

		31/12/2005		31/12/2004		31/12/2003
Of which equipment leases	HP	7 554	-27,8%	10 464	-84,2%	66 230
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	36 121	318,2%	8 637	-73,6%	32 766
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 incomes 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)

			31/12/2005		31/12/2004		31/12/2003
	Gross value at begin of period	OG	5 861 044	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	146 360	49,5%	97 896	-77,1%	427 238
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	75 045	336,9%	17 177	-83,7%	105 193
	Gross value at the end of period	OL	5 932 359	0%	0	0%	0

Research and development Charge (Total I)

			31/12/2005		31/12/2004		31/12/2003
	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)

			31/12/2005		31/12/2004		31/12/2003
	Gross value at begin of period	KD	688 739	0%	0	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	3 098	313,1%	750	-88,0%	6 240
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	27 392	0%	0	0%	0
	Gross value at the end of period	LW	664 445	0%	0	0%	0

Tangible fixed assets (Total III)

			31/12/2005		31/12/2004		31/12/2003
	Gross value at begin of period	LN	189 105	0%	0	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	22 813	4124,6%	540	-90,4%	5 637
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	46 961	0%	0	0%	0
	Gross value at the end of period	NH	164 957	0%	0	0%	0

Fiancial assets (Total IV)

			31/12/2005		31/12/2004		31/12/2003
	Gross value at begin of period	LQ	4 983 199	0%	0	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	120 450	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	692	0%	0	0%	0
	Gross value at the end of period	NK	5 102 957	0%	0	0%	0

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

			31/12/2005		31/12/2004		31/12/2003
	Reserve for depreciation value at begin of period	0N	222 131	0%	0	0%	260 857
Increases		0P	10 680	0%	0	0%	30 131
Decreasess		0Q	74 086	0%	0	0%	68 301
	Reserve for depreciation value at the end of period	0R	158 725	0%	0	0%	222 687

Research and development charge (Total I)

			31/12/2005		31/12/2004		31/12/2003
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2005		31/12/2004		31/12/2003
	Reserve for depreciation value at begin of period	PE	50 062	0%	0	0%	0
Increases		PF	1 435	0%	0	0%	0
Decreasess		PG	27 125	0%	0	0%	0
	Decreasess by budget item transfer	PH	24 372	0%	0	0%	49 325

Total fixed assets amotisation (Total III)

			31/12/2005		31/12/2004		31/12/2003
	Reserve for depreciation value at begin of period	QU	172 069	0%	0	0%	0
Increases		QV	9 245	0%	0	0%	0
Decreases		QW	46 961	0%	0	0%	0
	Decreasess by budget item transfer	QX	134 353	0%	0	0%	173 361

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2005		31/12/2004		31/12/2003
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2005		31/12/2004		31/12/2003
	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)

			31/12/2005		31/12/2004		31/12/2003
	Value at begining of period	7C	5 303 227	0%	0	0%	0
Increases		UB	11 588	0%	0	0%	0
Decreases		UC	105 582	0%	0	0%	0
	Value at the end of period	UD	5 209 233	0%	0	0%	0

Includes Total allocations

Operating	UE	11 588	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	90 582	0%	0	0%	59 396
Financial	UH	0	0%	0	0%	26 738
Exceptional	UK	15 000	0%	0	0%	93 277

Total regulated provisions (Total I)

			31/12/2005		31/12/2004		31/12/2003
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2005		31/12/2004		31/12/2003
	Value at begining of period	5Z	180 000	0%	0	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	15 000	0%	0	0%	0
	Value at the end of period	TX	165 000	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2005		31/12/2004		31/12/2003
	Value at begining of period	7B	5 123 227	-15,4%	6 057 863	465,7%	1 070 893
Increases		TY	11 588	-70,1%	38 706	-99,2%	5 139 644
Decreases		TZ	90 582	-90,7%	973 343	537,5%	152 673
	Value at the end of period	UA	5 044 233	-1,5%	5 123 226	-15,4%	6 057 863

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

		31/12/2005		31/12/2004		31/12/2003
Gross value	VT	6 759 842	9,0%	6 201 080	-11,7%	7 023 754
1 year at most	VU	1 211 280	56,8%	772 276	-53,2%	1 649 504
More than one year	VV	5 548 561	2,2%	5 428 804	1,0%	5 374 249

State of loans

		31/12/2005		31/12/2004		31/12/2003
Claims related to holdings (gross)	UL	5 050 042	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	5 031	0%	0	0%	0
Loans (1 year at most)	UR	552	0%	552	-56,4%	1 266
Other financial assets (gross)	UT	15 348	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	1 700

Receivables statement of assets

		31/12/2005		31/12/2004		31/12/2003
Customers doubtful or disputed	VA	53 202	-24,0%	70 012	-63,3%	190 939
Other claims customer	UX	138 664	0%	0	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	4 554
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	478 692	0%	0	0%	0
Value added tax	VB	136 111	36,2%	99 903	-8,7%	109 423
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	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	866 329	0%	0	0%	0

Prepaid

		31/12/2005		31/12/2004		31/12/2003
Prepaid	VS	16 422	0%	0	0%	0

State Debt

			31/12/2005		31/12/2004		31/12/2003
	Total debt (gross)	VY	9 662 691	-1,4%	9 799 229	-6,4%	10 473 448
1 year at most		VZ2	1 819 014	-10,5%	2 031 543	45,2%	1 399 242
More than 1 year and 5 years at most		VZ3	3 963 340	17,7%	3 367 906	0%	0
More than 5 years		VZ4	3 880 338	-11,8%	4 399 780	-51,5%	9 074 205

Details

			31/12/2005		31/12/2004		31/12/2003
	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	435 247	-15,2%	513 554	57216,3%	896
1 year at most		VG2	435 247	-15,2%	513 554	57216,3%	896
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%	47 975	-65,9%	140 802
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	910 094	0%	0	0%	0
1 year at most		8B2	910 094	12,8%	806 609	34,8%	598 429
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	62 117	29,5%	47 975	-65,9%	140 802
1 year at most		8C2	62 117	29,5%	47 975	-65,9%	140 802
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	84 704	-0,8%	85 369	-17,2%	103 161
1 year at most		8D2	84 704	-0,8%	85 369	-17,2%	103 161
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	994	98,4%	501	22,5%	409
1 year at most		VW2	994	98,4%	501	22,5%	409
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	35 813	-18,6%	43 976	-20,0%	54 990
1 year at most		VQ2	35 813	-18,6%	43 976	-20,0%	54 990
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	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	8 130 649	0%	0	0%	0
1 year at most		8K2	286 972	-46,2%	533 557	6,6%	500 552
More than 1 year and 5 years at most		8K3	3 963 340	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	3 073	0%	0	0%	0
1 year at most		8L2	3 073	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2005		31/12/2004		31/12/2003
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

		31/12/2005		31/12/2004		31/12/2003
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2005		31/12/2004		31/12/2003
Commitments leasing furniture	YQ	0	0%	13 325	-44,0%	23 789
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	451 031	311,8%	109 520

Other charges Externes

		31/12/2005		31/12/2004		31/12/2003
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

		31/12/2005		31/12/2004		31/12/2003
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

		31/12/2005		31/12/2004		31/12/2003
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

		31/12/2005		31/12/2004		31/12/2003
Average number of employees	YP	14	0%	14	-33,3%	21

Groups and Shareholders

		31/12/2005		31/12/2004		31/12/2003
Groups and Shareholders	ZR	-	-	-	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2005		31/12/2004		31/12/2003	Sector Median 2005
Fixed Asset Financing		0,07	450,0%	-0,02	60,0%	-0,05	2,83	-97,5%
Global Debt		238 days	-6,3%	254 days	60,8%	158 days	76 days	213,2%
Working Capital Fund overall net		-136 days	12,3%	-155 days	-70,3%	-91 days	28,50 days	-577,2%
Financial independence		-1007,59%	-3,4%	-974,42%	99,8%	-565426,79%	358,11%	-381,4%
More ratios
Solvability		-80,58%	19,9%	-100,59%	-9,8%	-91,64%	26,54%	-403,6%
Capacity debt futures		-1007,59%	-13,1%	-891,17%	75,1%	-3575,37%	681,55%	-247,8%
Coverage of current assets by net working capital overall		-117,53%	13,1%	-135,23%	-33,5%	-101,29%	30,74%	-482,3%
General Liquidity		0,67	76,3%	0,38	-67,8%	1,18	0,75	-10,7%
Restricted Liquidity		1,05	31,2%	0,80	-47,0%	1,51	1,02	2,9%

Management or rotation

		31/12/2005		31/12/2004		31/12/2003	Sector Median 2005
Need background in operating working capital		-143 days	13,3%	-165 days	-66,7%	-99 days	13,50 days	-1159,3%
Treasury		6 days	-33,3%	9 days	28,6%	7 days	11 days	-45,5%
Inventory turnover of goods		75 days	-1,3%	76 days	52,0%	50 days	30 days	150,0%
Average length of credit granted to customers		5 days	-64,3%	14 days	100%	7 days	47 days	-89,4%
Average length of credit obtained suppliers		25 days	13,6%	22 days	144,4%	9 days	51 days	-51,0%
More ratios
Inventory turnover of raw materials in industrial enterprises		46 days	187,5%	16 days	700%	2 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	2859 days	-
Rotation tangible assets		8860,51%	-	%	-	%	3264,14%	171,5%

Profitability of the business

		31/12/2005		31/12/2004		31/12/2003	Sector Median 2005
Margin trading		25,15%	21,6%	20,68%	34,2%	15,41	21,02%	19,6%
Profitability of the business		2,87	176,5%	-3,75	51,6%	-7,74	2,51%	14,3%
Net profit		4,23%	840,0%	0,45%	101,5%	-30,38%	1,19%	255,5%

Growth rate of turnover (excluding VAT)		5,20%	112,4%	-41,95%	-	%	2,95%	76,3%
Rates integration		9,86%	154,1%	3,88%	377,1%	-1,40%	11,14%	-11,5%
Rate leasing furniture		0,05%	-37,5%	0,08%	-71,4%	0,28%	0%	0%
Work Factor		67,26%	-63,6%	184,55%	143,0%	-429,38%	67,47%	-0,3%
Weight interests		0,90	-52,9%	1,91%	-39,6%	3,16%	0,25%	260,0%

Return on capital

		31/12/2005		31/12/2004		31/12/2003	Sector Median 2005
Cash flow from the overall profitability		3,58%	80,8%	1,98%	115,2%	-13,04%	1,55%	131,0%
Rates of economic profitability		-11%	-191,7%	12%	-67,6%	37%	17%	-164,7%
Financial profitability		-4385489%	12,4%	-5004171%	1,2%	-5066224%	411663%	-1165,3%
Return on investment		-18,99%	-160,9%	-7,28%	-105,7%	128,62%	12,96%	-246,5%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2005		31/12/2004		31/12/2003	Sector Median 2005
Turnover	14 616 033	5,2%	13 893 439	-42,0%	23 935 211	4 750 477 €	207,7%

Sales of goods	14 599 276	5,3%	13 870 460	-42,0%	23 934 006
- Purchase of goods	10 894 308	4,0%	10 474 633	-31,2%	15 233 812
+/- Stock of goods variation	28 914	-94,5%	522 082	-89,6%	5 011 093
Trading margin	3 676 054 €	27,9%	2 873 745 €	-22,1%	3 689 101 €	843 146 €	336,0%
	25,15 % CA	21,6%	20,68 % CA	34,2%	15,41 % CA	21,02 % CA	19,6%

Sale of goods produced	16 757	-27,1%	22 978	1806,9%	1 205
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	16 757 €	-27,1%	22 978 €	1806,9%	1 205 €	14 816 €	13,1%
	0,11 % CA	-35,3%	0,17 % CA	1600%	0,01 % CA	0,41 % CA	-73,2%

Trading margin	3 676 054	27,9%	2 873 745	-22,1%	3 689 101	843 146	336,0%
+ Period Production	16 757	-27,1%	22 978	1806,9%	1 205	14 816	13,1%
- Purchase of raw materials	37 779	-52,4%	79 450	5,6%	75 217
+/- Change in stocks of raw materiels	-5 353	58,7%	-12 967	-300,6%	6 463
- Other external purchases and charges	2 219 664	-3,1%	2 291 225	-41,9%	3 944 610
Added value	1 440 721 €	167,3%	539 015 €	260,4%	-335 984 €	497 859 €	189,4%
	9,86 % CA	154,1%	3,88 % CA	377,1%	-1,40 % CA	11,14 % CA	-11,5%

Added value	1 440 721 €	167,3%	539 015 €	260,4%	-335 984 €	497 859 €	189,4%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	52 265	-20,6%	65 862	-11,8%	74 667
- Personal charges	969 007	-2,6%	994 735	-31,0%	1 442 634
Gross operating surplus	419 449 €	180,4%	-521 582 €	71,9%	-1 853 285 €	100 875 €	315,8%
	2,87 % CA	176,5%	-3,75 % CA	51,6%	-7,74 % CA	2,51 % CA	14,3%

Gross operating surplus	419 449 €	180,4%	-521 582 €	71,9%	-1 853 285 €	100 875 €	315,8%
+ Release of reserves and provisions	128 896	-86,9%	981 982	965,5%	92 162
+ Other operating income	2 817	-82,6%	16 171	-12,8%	18 548
- Depreciation/Amortisation	22 168	-28,7%	31 095	-96,6%	911 982
- Other charges	15 052	-88,5%	130 508	78,1%	73 281
Operating result	513 942 €	63,2%	314 968 €	111,5%	-2 727 838 €	82 614 €	522,1%
	3,52 % CA	55,1%	2,27 % CA	119,9%	-11,40 % CA	1,94 % CA	81,4%

Operating result	513 942 €	63,2%	314 968 €	111,5%	-2 727 838 €	82 614 €	522,1%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	63 266	32,8%	47 654	-89,7%	464 690
- Financial charges	131 398	-50,4%	265 069	-64,9%	755 280
Pre-tax result	445 810 €	357,0%	97 553 €	103,2%	-3 018 428 €	71 571 €	522,9%
	3,05 % CA	335,7%	0,70 % CA	105,6%	-12,61 % CA	1,64 % CA	86,0%

Extraordinary income	249 599	-30,0%	356 605	159,7%	137 298	5 036	4856,3%
- Extraordinary charges	61 725	-81,4%	332 041	-92,6%	4 488 766
Extraordinary result	187 874 €	664,8%	24 564 €	100,6%	-4 351 468 €	-04 €	4696950,0%
	1,29 % CA	616,7%	0,18 % CA	101,0%	-18 % CA	0 % CA	0%

Pre-tax result	445 810 €	357,0%	97 553 €	103,2%	-3 018 428 €	71 571 €	522,9%
Extraordinary result	187 874 €	664,8%	24 564 €	100,6%	-4 351 468 €	-04 €	4696950,0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	15 000	-75,0%	60 061	160,4%	-99 385
Net result	618 684 €	897,0%	62 056 €	100,9%	-7 270 511 €	56 629 €	992,5%
	4,23 % CA	840,0%	0,45 % CA	101,5%	-30,38 % CA	1,18 % CA	258,5%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) de produits surgelés (4639A)	Business Pages FT®
Postal Address	SA ANGELINI ZA LA PROVENCALE BAT 6 131 AV MARECHAL LYAUTEY 06210 MANDELIEU LA NAPOULE	Trading Address	131 AVENUE MARECHAL LYAUTEY 06210 MANDELIEU LA NAPOULE
Telephone	04 93 48 16 16
Fax

Type	Head office	Status	Economically active
Formation Date	12/1991	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Store
Location surface	From 300 m² to less than 400 m²	Seasonality

Department	Alpes-Maritimes (06)	Region	Côte d'Azur
District	1	Area	36
City	MANDELIEU LA NAPOULE	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches

1 branch entities in this company

Head office	> SA ANGELINI <<<  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A)  in MANDELIEU LA NAPOULE  (06210)
	Secondary establishments	>  SA ANGELINI  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A)  in MARSEILLE 11  (13011) >  SA ANGELINI  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A)  in MARSEILLE 9  (13009)

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

Workforces

Workforce at address

6 to 9 employees

Company workforce

10 to 19 employees

Linkages

No Linkages information available for the company.

Event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
27/09/2012	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE CANNES 64 - 697 120 764 RCS Cannes. ANGELINI. Forme : Société anonyme. Administration : Président du conseil d'administration et directeur général : ANGELINI HUGUES modification le 15 Mars 2005 Directeur général délégué (non administrateur) : ANGELINI Laurent modification le 15 Mars 2005 Administrateur : ANGELINI Laurent en fonction le 18 Août 1999 Administrateur : BELLAICHE Sylvie Mathilde en fonction le 20 Septembre 2007 Commissaire aux comptes suppléant : OURY Bertrand en fonction le 18 Septembre 2012 Commissaire aux comptes titulaire : EXCO COTE D'AZUR AUDIT en fonction le 18 Septembre 2012. Activité : . Commentaires : Modification de représentant.
22/12/2009	Bodacc A	Extrait de jugement
06 - ALPES-MARITIMES TRIBUNAL DE COMMERCE DE CANNES 1011 - Date : 1er décembre 2009. Jugement modifiant le plan de continuation. 697 120 764 RCS Cannes. ANGELINI. Forme : Société anonyme. Activité : achat, vente denrées comestibles fraîches ou surgelés et toutes opérations industrielles commerciales et financières, mobilières et immobilières pouvant s'y rattacher. Adresse : 131 avenue du Maréchal Lyautey, 6210 La Napoule. Complément de jugement : Jugement modifiant le plan de continuation.
19/10/2007	Bodacc B	Modifications et mutations diverses
94 - RCS Cannes B 697 120 764. RC 71-B 76. ANGELINI. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : ANGELINI (Rino). Nomination d'un administrateur : BELLAICHE (Sylvie, Mathilde).
25/08/2006	Bodacc C	Avis de dépôt des comptes
792 - RCS Cannes B 697 120 764. RC 71-B 76. ANGELINI. Forme: S.A. Adresse du siège social: 131, avenue du Maréchal Lyautey,06210 Mandelieu-la-Napoule. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
21/07/2006	Bodacc A	Jugement lié aux créances
1568 - Date : 23 juin 2006. Avis de dépôt de l'état des créances . RCS Cannes B 697 120 764. RC 71-B 76. ANGELINI. Forme : S.A. Activité : achat, vente denrées comestibles fraîches ou surgelés et toutes opérations industrielles, commerciales et financières, mobilières et immobilières pouvant s'y rattacher. Adresse : 131, avenue du Maréchal Lyautey, 06210 Mandelieu-la-Napoule. Dépôt de l'état des créances au tribunal de commerce de : Cannes , où les réclamations seront recevables dans un délai de quinze jours à compter de la date de la présente publication.
16/09/2005	Bodacc C	Avis de dépôt des comptes
633 - RCS Cannes B 697 120 764. RC 71-B 76. ANGELINI. Forme: S.A. Adresse du siège social: 131, avenue du Maréchal Lyautey,06210 Mandelieu-la-Napoule. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
26/08/2005	Bodacc B	Modifications et mutations diverses
31 - RCS Cannes B 697 120 764. RC 71-B 76. ANGELINI. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes suppléant partant : ESCABASSE (Pierre). Commissaire aux comptes titulaire partant : S.A. PROVENCE REVISION, représentée par ROBERT (Jacques).
26/04/2005	Bodacc B	Modifications et mutations diverses
39 - RCS Cannes B 697 120 764. RC 71-B 76. ANGELINI. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d'administration et directeur général : ANGELINI (Hugues). Modification d'un directeur général délégué non administrateur : ANGELINI (Laurent).
16/04/2005	Bodacc C	Avis de dépôt des comptes
228 - RCS Cannes B 697 120 764. RC 71-B 76. ANGELINI. Forme: S.A. Adresse du siège social: 131, avenue du Maréchal Lyautey,06210 Mandelieu-la-Napoule. Comptes annuels, comptes consolidés et rapport de l'exercice clos le: 31 décembre 2002.
16/04/2005	Bodacc C	Avis de dépôt des comptes
229 - RCS Cannes B 697 120 764. RC 71-B 76. ANGELINI. Forme: S.A. Adresse du siège social: 131, avenue du Maréchal Lyautey,06210 Mandelieu-la-Napoule. Comptes annuels, comptes consolidés et rapport de l'exercice clos le: 31 décembre 2003.
06/01/2005	Bodacc A	Clôture du plan de sauvegarde
1022 - Date : 14 décembre 2004. Jugement arrêtant le plan de continuation . RCS Cannes B 697 120 764. RC 71-B 76. ANGELINI. Forme : S.A. Activité : achat, vente denrées, comestibles fraîches ou surgelés et toutes opérations industrielles commerciales et financières, mobilières et immobilières pouvant s'y rattacher. Adresse : 131, avenue du Maréchal Lyautey, 06210 Mandelieu-la-Napoule. Ce jugement désigne M. Angelini Hugues comme tenu d'exécuter le plan. Durée du plan : 10 ans. Ce jugement met fin à la mission de l'administrateur : Me Marie Claire FAIVRE-DUBOZ, 6 Bd Dubouchage, 06000 Nice. Ce jugement maintient Me Pierre GARNIER, 700 av de Tournamy, Tournamy en tant que représentant des créanciers. Commissaire à l'exécution du plan : Me (Marie Claire ). FAIVRE-DUBOZ. Adresse : 6, Bd Dubouchage, 06000 Nice.
11/12/2003	Bodacc A	Autres jugements et ordonnances
Date: 20 novembre 2003. Jugement d' ouverture d'une procédure de redressement judiciaire régime général Numéro: 2003J00222. RCS Cannes B 697120764 RC 71-B 76 ANGELINI. Forme : S. A. Activité : achat, vente de denrées comestibles, fraiches ou surgelés, toutes opérations industrielles, commerciales, financières, mobilières, immobilières pouvant s'y rattacher. Adresse : 131, avenue du Maréchal Lyautey, 06210 Mandelieu-la-Napoule. Date de cessation des paiements : 17 novembre 2003 Ce jugement a ouvert une période d'observation d'une durée de quatre mois expirant le 20 mai 2004 Administrateur judiciaire: M e Faivre- Duboz Marie, Claire. Adresse : 6, boulevard Dubouchage, 06000 Nice Mission: assister Représentant des créanciers: M e Garnier Pierre. Adresse : avenue de Tournamy, Tournamy 700, 06250 Mougins Les déclarations de créances sont à déposer dans un délai de deux mois suivant la présente publication auprès du représentant des créanciers.
07/12/2000	Bodacc B	Modifications et mutations diverses
RCS Cannes B 697120764 RC 71-B 76 ANGELINI. Forme : S.A. Capital : 1 000 000 d'euros. Commentaires : modification survenue sur le capital (augmentation) et l'administration. Administration : nomination du commissaire aux comptes titulaire : DORANGE PATTORET (Christian) . Nomination du commissaire aux comptes suppléant : SEMPIANA (Daniel).
02/09/1999	Bodacc B	Modifications et mutations diverses
*. RCS Cannes B 697 120 764 RC 71-B 76 ANGELINI. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : suppression : administrateur : Mme ANGELINI, née DELPOSEN (Jeannine). Nomination en qualité d'administrateur : ANGELINI (Laurent).
12/02/1999	Bodacc B	Modifications et mutations diverses
RCS *. RCS Cannes B 697 120 764 RC RC 71- B 76 ANGELINI. Forme : S.A. Administration : nomination en qualité de directeur général non administrateur : ANGELINI ( Laurent). Commentaires : modification survenue sur l'administration.
31/10/1997	Bodacc B	Modifications et mutations diverses
RCS *. RCS Cannes B 697 120 764 RC RC 71- B 76 ANGELINI. Forme : S.A. Adresse du siège social : 131, avenue du Maréchal- Lyautey 06210 Mandelieu-la-Napoule Etablissement principal: Adresse : 131, avenue du Maréchal-Lyautey 06210 Mandelieu-la-Napoule. Commentaires : modification survenue sur l'adresse du siège social et de l'établissement principal.
14/11/1995	Bodacc B	Modifications et mutations diverses
RCS Cannes B 697 120 764 RC 71-B 76 ANGELINI. Forme : S.A. Administration : P.- D.G. et administrateur : ANGELINI ( Hugues). Administrateurs : ANGELINI, née DELPOSEN (Jeannine) ANGELINI ( Rino). Commissaire aux comptes titulaire : S.A. PROVENCE REVISION. Commissaire aux comptes suppléant : ESCABASSE (Pierre). Commentaires : modification survenue sur l' administration.

Company events history

Date	Description
19/10/2013	Update Rating
27/09/2012	Bodacc B: Various editing or changing
18/09/2012	Minutes of general meeting of shareholders
18/09/2012	New auditor
22/12/2009	New collective procedure
22/09/2008	Payment incident closed
16/06/2008	Payment incident detected
19/09/2007	Changes to the Board of Directors
19/09/2007	Modification du Conseil d'Administration
19/09/2007	Private document
19/09/2007	Acte modificatif
19/09/2007	Appointment/resignation of company officers
19/09/2007	Minutes of Board meeting
19/09/2007	Minutes of general meeting of shareholders
19/09/2007	PV d'Assemblée
21/07/2006	New collective procedure
21/07/2006	Private document
21/07/2006	Amendment
21/07/2006	Acte modificatif
21/07/2006	Minutes of general meeting of shareholders
31/12/2005	New accounts available
09/08/2005	PV d'Assemblée
09/08/2005	Minutes of general meeting of shareholders
09/08/2005	Nomination/démission des organes de gestion
09/08/2005	Appointment/resignation of company officers
09/08/2005	Private document
09/08/2005	Acte sous seing privé
09/08/2005	Changement de Commissaire aux Comptes
14/03/2005	Acte modificatif
14/03/2005	Modification du système d'administration des S.A.
14/03/2005	Minutes of general meeting of shareholders
14/03/2005	PV d'Assemblée
14/03/2005	Minutes of Board meeting
14/03/2005	PV du Conseil d'Administration
14/03/2005	Acte sous seing privé
14/03/2005	Private document
14/03/2005	Updated articles of association
14/03/2005	Statuts mis à jour
06/01/2005	New collective procedure
31/12/2004	New accounts available
14/12/2004	New collective procedure
08/10/2004	Prorogation de durée
08/10/2004	Requête et Ordonnance
26/05/2004	Prorogation de durée
26/05/2004	Requête et Ordonnance
31/12/2003	New accounts available
11/12/2003	New collective procedure
20/11/2003	New collective procedure
22/05/2001	Requête et Ordonnance
22/05/2001	Prorogation de durée
20/11/2000	Apport Partiel
20/11/2000	Fusion
20/11/2000	Augmentation de Capital
20/11/2000	Conversion du Capital Social en Euros
20/11/2000	Acte sous seing privé
20/11/2000	Déclaration de conformité
20/11/2000	Nomination/démission des organes de gestion
20/11/2000	PV d'Assemblée
20/11/2000	Statuts mis à jour
20/11/2000	Changement de Commissaire aux Comptes
20/11/2000	Rapport des Commissaires ou du Gérant
20/11/2000	Acte modificatif
13/07/2000	Acte sous seing privé
13/07/2000	Projet de Fusion
13/07/2000	Acte modificatif
17/08/1999	Acte sous seing privé
17/08/1999	PV d'Assemblée
17/08/1999	Nomination/démission des organes de gestion
17/08/1999	Modification du Conseil d'Administration
27/01/1999	Acte sous seing privé
27/01/1999	Modification du Conseil d'Administration
27/01/1999	Acte modificatif
27/01/1999	PV du Conseil d'Administration
27/01/1999	Nomination/démission des organes de gestion
24/10/1995	Acte modificatif
24/10/1995	PV d'Assemblée
25/10/1993	PV d'Assemblée
25/10/1993	PV du Conseil d'Administration
25/10/1993	Déclaration de conformité
25/10/1993	Acte modificatif
25/10/1993	Statuts mis à jour
25/10/1993	Modification de l'objet social
30/12/1991	Statuts mis à jour
30/12/1991	Changement de dénomination sociale
30/12/1991	Déclaration de conformité
30/12/1991	PV du Conseil d'Administration
30/12/1991	Transfert du Siège dans le ressort du Tribunal de Commerce
30/12/1991	PV d'Assemblée

NOTES & COMMENTS

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

	Negative shareholders equity
	The stock to turnover ratio is 15.50
	The ratio total assets to total liabilities is 0,55
	The shareholder's equity is -4,385,489 €
	The net current assets are 4,142,900 €
	The total assets are 5,442,202 €
	The deviation in the gearing percentage over the last two accounting periods is 98.76 %
	The return on total assets employed is 11.64
	The sales to current assets ratio is 3,53
	The pre-tax profit is 633,683 €
	The net turnover is 14,616,033 €
	The liabilities are 9,662,691 €
	The risk provisions are 165,000 €
	Department code with low risk rating
	Industry code with low risk rating
	The company has 5 directors
	Low risk workforce size
	The deviation of tangible fixed assets over the last two accounting periods is 179.64 %
	The creditor days are 22.73

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.92
UK Pound	1	Rs.99.59
Euro	1	Rs.83.63

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.