MIRA INFORM REPORT

Report Date :

13.11.2013

IDENTIFICATION DETAILS

Name :	FROMAGERIES BEL LA VACHE QUI RIT
Registered Office :	16 Bd Malesherbes 75008 Paris 8
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	November, 1954
Com. Reg. No.:	RCS Paris 5 542 088 067
Legal Form :	Public limited company with board of directors
Line of Business :	Cheesemaking
No. of Employees :	500 to 999 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	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

company summary

		EUR VAT Number	FR43542088067
Activity (APE)	Cheesemaking (1051C)	Legal form	Public limited company with board of directors
Phone	01 40 07 72 50	RCS Registration	RCS Paris 5 542 088 067
Fax		Share capital	10,308,502 Euros
Address	FROMAGERIES BEL LA VACHE QUI RIT 16 BD MALESHERBES 75008 PARIS 8	Incorporated Date	11/1954
Nationality	France	Status	Economically active

Trading to Date	12/31/2012	12/31/2009	12/31/2008
Turnover	1,348,441,000 €	1,167,525,000 €	1,361,092,000 €
Gross Operating Surplus	-0,57 % Turnover	-0,04 % Turnover	-1,16 % Turnover
Shareholders’ equity	804,613,000 €	750,300,000 €	721,426,000 €
Net result	30,085,000 €	58,092,000 €	1,894,000 €
Employees	500 to 999 employees	-	-

Company details

Activity (APE)	Cheesemaking (1051C)
RCS Registration	RCS Paris 5 542 088 067	Share capital	10,308,502 Euros
Registration Court	Paris (75)	Legal form	Public limited company with board of directors
Court Registry Number	19 5 4B08806	EUR VAT Number	FR43542088067
Incorporation Date	11/1954	Formation Date	01/1954
Deregistration Date		Last account Date	31/12/2012
Nationality	France
Ultimate Parent	1 ultimate parent company for this company >  UNIBEL  - Activités des sociétés holding (6420Z)  in PARIS 8  (75008)

Establishment details

Activity (APE)	Cheesemaking (1051C)	Business Pages FT®
Postal Address	FROMAGERIES BEL LA VACHE QUI RIT 16 BD MALESHERBES 75008 PARIS 8	Trading Address	16 BOULEVARD MALESHERBES 75008 PARIS 8
Telephone	01 40 07 72 50
Fax

Type	Head office	Status	Economically active
Formation Date	11/1987	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role	Tenant of a goodwill
Activity Nature	Other	Activity Location	Other
Location surface		Seasonality
Department	Paris (75)	Region	Ile-de-France
District	1	Area	99
City	PARIS 8	Size of urban area	Paris conglomeration

Other establishments

Branches	16 branch entities in this company
Head office	> FROMAGERIES BEL <<<  - Fabrication de fromage (1051C)  in PARIS 8  (75008)
Secondary establishments	>  FROMAGERIES BEL  - Fabrication de fromage (1051C)  in VENAREY LES LAUMES  (21150) >  FROMAGERIES BEL  - Fabrication de fromage (1051C)  in SABLE SUR SARTHE  (72300) >  FROMAGERIES BEL  - Fabrication de fromage (1051C)  in CHEVILLY LARUE  (94550) >  FROMAGERIES BEL  - Fabrication de fromage (1051C)  in LONS LE SAUNIER  (39000) > ...
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

500 to 999 employees

Company workforce

500 to 999 employees

DIRECTORS/MANAGEMENT

Current Directors

Directors

Shareholder(s)

				Name		UNIBEL
				Name of representative		M VIÉNOT PASCAL
				Manager position		Administrator		Date of birth	28/09/1948
				Place of birth		PARIS 75016
				Type		Moral person		Name at birth
				Name		M. FIEVET ANTOINE
				Manager position		Chairman of the Board, Managing director		Date of birth	31/01/1964
				Place of birth		BOULOGNE BILLANCOURT (92100)
				Type		Individual		Name at birth
				Name		M. SCHOCH BRUNO
				Manager position		Delegated managing director		Date of birth	22/06/1965
				Place of birth		SURESNES (92150)
				Type		Individual		Name at birth
				Name		M. LE CAM FRANCIS PIERRE
				Manager position		Delegated managing director		Date of birth	27/08/1948
				Place of birth		BOIS-COLOMBES (92270)
				Type		Individual		Name at birth
Name		M. LUYTEN LUC
Manager position		Administrator	Date of birth		05/05/1945
Place of birth		MOL(BELGIQUE)
Type		Individual	Name at birth
	Name		M. LIGHTBURN JAMES
	Manager position		Administrator		Date of birth		28/09/1943
	Place of birth		NEW YORK(ETATS-UNIS D'AMERIQUE)
	Type		Individual		Name at birth
				Name		M. SAUVIN FLORIAN
				Manager position		Administrator		Date of birth	19/07/1979
				Place of birth		PARIS (75014)
				Type		Individual		Name at birth
		Name		M. ARNAUD MICHEL
		Manager position		Administrator		Date of birth		10/07/1946
		Place of birth		ARLES (13200)
		Type		Individual		Name at birth
			Name	Mme. LAYT FATINE
			Manager position	Administrator		Date of birth		10/07/1967
			Place of birth	CASABLANCA(MAROC)
			Type	Individual		Name at birth

Previous Directors

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
Delegated managing director	M BRUNO SCHOCH	- - -
Administrator	M JOHNNY THIJS	08/05/1952 - ST TROND(BELGIQUE)
Administrator	UNIBEL	- - -
Delegated managing director	M BRUNO SCHOCH	22/06/1965 - SURESNES (92150)

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	30/04/2008
Status of Monitoring	No social security and tax office preferential right to date

SHARE & SHARE CAPITAL INFORMATION

Share capital

10,308,502 Euros

PAYMENT INFORMATION

Payment Information Summary - Trade Payment Data
	Total number of Invoices available	26
	Total number of Invoices paid within or up to 30 days after the due date	25
	Total number of Invoices paid more than 30 days after the due date	1
	Total number of Invoices currently outstanding where the due date has not yet been reached	0
	Total number of Invoices currently outstanding beyond the due date	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	UNIBEL	552002578	5 companies in 3 countries.

Group data

Ultimate parent company	UNIBEL
Direct parent	UNIBEL - 67.45 %
Group – Number of companies	44
Linkages – Number of companies	5
Number of countries	3

Group Structure

Go directly to the current company

Display only where participation % > 33 %

Linkages

Ultimate parent company	UNIBEL
Direct parent	UNIBEL - 67.45 %
Group – Number of companies	44
Linkages – Number of companies	5
Number of countries	3

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2012	31/12/2011	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	10/07/2013	05/10/2012	24/06/2010
Activity Code	1051C	1051C	1051C
Employees	0	884	884

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2009	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1 312 855 000	-2,9%	1 351 809 000	0,1%	1 350 895 000	316 990	414062,9%
- Intangible assets	251 695 000	0,3%	250 943 000	-3,9%	261 065 000	631	39888172,6%
- Tangible assets	43 142 000	-8,6%	47 221 000	-13,4%	54 558 000	252 820	16964,3%
- Financial assets	1 018 018 000	-3,4%	1 053 645 000	1,8%	1 035 272 000	4 620	22034921,6%
Net current assets	654 445 000	70,8%	383 219 000	17,9%	325 054 000	777 894	84030,4%
- Stocks	20 469 000	-8,7%	22 412 000	36,7%	16 392 000	156 054	13016,6%
- Advanced payments	1 084 000	70,8%	1 117 000	-49,9%	2 228 000	0	0%
- Receivables	247 661 000	-10,5%	276 838 000	5,9%	261 454 000	364 046	67930,1%
- Securities and cash	385 231 000	365,0%	82 852 000	84,2%	44 980 000	107 162	359384,7%
- Prepaid expenses	-	-	-	-	-	952	-
Accounts of regularization	2 152 000	16,3%	1 851 000	67,4%	1 106 000	0	0%
Total Assets	1 969 452 000	13,4%	1 736 879 000	3,6%	1 677 055 000	1 189 650	165448,9%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2009	Sector Median 2012
Shareholders' equity	804 613 000	-0,5%	808 592 000	7,8%	750 300 000	392 478	204908,4%
Share capital	10 308 000	0%	10 308 000	0%	10 308 000	50 000	20516,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	22 529 000	21,6%	18 526 000	-14,7%	21 724 000	0	0%
Liabilities	1 141 160 000	26,0%	905 533 000	0,3%	903 018 000	648 437	175886,3%
- Financial liabilities	577 668 000	47,3%	392 224 000	-21,2%	497 842 000	221 231	261015,3%
- Advanced payments received	163 000	-49,1%	320 000	0%	0	0	0%
- Trade account payables	178 620 000	-3,2%	184 546 000	31,1%	140 812 000	159 784	111688,4%
- Tax and social liabilities	37 723 000	14,2%	33 036 000	34,1%	24 640 000	97 310	38665,8%
- Other debts and fixed assets liabilities	336 188 000	12,5%	298 762 000	25,1%	238 733 000	9 629	3491311,4%
Account regularization	11 948 000	1268,6%	873 000	-70,9%	3 004 000	0	0%
Total liabilities	1 969 452 000	13,4%	1 736 879 000	3,6%	1 677 055 000	1 189 650	165448,9%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2009	Sector Median 2012
Sales of Goods	1 430 685 000	1,7%	1 406 132 000	14,5%	1 228 228 000	2 065 614	69162,0%
Net turnover	1 348 441 000	1,9%	1 323 239 000	13,3%	1 167 525 000	2 054 469	65534,5%
- of which net export turnover	0	0%	638 980 000	0%	0	0	0%
Operating charges	1 379 190 000	0,7%	1 369 895 000	15,3%	1 188 072 000	2 013 256	68405,4%
Operating profit/loss	51 495 000	42,1%	36 237 000	-9,8%	40 156 000	35 108	146576,0%
Financial income	113 461 000	-1,9%	115 634 000	3,8%	111 432 000	742	15291139,9%
Financial charges	121 532 000	40,1%	86 757 000	-8,2%	94 459 000	5 342	2274928,1%
Financial profit/loss	-8 071 000	-127,9%	28 877 000	70,1%	16 973 000	-2 647	-304811,2%
Pretax net operating income	43 424 000	-33,3%	65 114 000	14,0%	57 129 000	28 292	153385,1%
Extraordinary income	9 598 000	-40,0%	15 989 000	-85,1%	107 108 000	3 883	247080,0%
Extraordinary charges	14 391 000	-10,0%	15 982 000	-84,6%	103 973 000	1 092	1317757,1%
Extraordinary profit/loss	-4 793 000	-68571,4%	7 000	-99,8%	3 135 000	344	-1393414,0%
Net result	30 085 000	-51,1%	61 537 000	5,9%	58 092 000	27 530	109180,8%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2012	31/12/2009	31/12/2008
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2012		31/12/2009		31/12/2008
	Grand Total (I to VI)	Net	1 969 452 000	17,4%	1 677 055 000	-11,0%	1 884 995 000
	Gross	CO	2 089 995 000	20,2%	1 739 196 000	-10,3%	1 939 723 000
	Amortisation	1A	120 543 000	94,0%	62 141 000	13,5%	54 728 000

Non declared distributed capital (I)

		31/12/2012		31/12/2009		31/12/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

			31/12/2012		31/12/2009		31/12/2008
	Total Active fixed asset (II)	Net	1 312 855 000	-2,8%	1 350 895 000	-0,7%	1 359 993 000
	Gross	BJ	1 428 767 000	1,5%	1 408 112 000	-0,1%	1 409 304 000
	Amortisation	BK	115 912 000	102,6%	57 217 000	16,0%	49 311 000

Intangilble fixed assets

			31/12/2012		31/12/2009		31/12/2008
	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	22 686 000	-34,7%	34 739 000	-7,1%	37 402 000
	Gross	AF	65 630 000	12,4%	58 396 000	5,7%	55 227 000
	Amortisation	AG	42 944 000	81,5%	23 657 000	32,7%	17 825 000
	Goodwill	Net	221 533 000	0%	221 533 000	-22,5%	285 761 000
	Gross	AH	221 533 000	0%	221 533 000	-22,5%	285 761 000
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	7 476 000	56,0%	4 793 000	-66,4%	14 271 000
	Gross	AL	7 476 000	56,0%	4 793 000	-66,4%	14 271 000
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	251 695 000	-3,6%	261 065 000	-22,6%	337 434 000

Tangilble fixed assets

			31/12/2012		31/12/2009		31/12/2008
	Lands	Net	433 000	-25,7%	583 000	293,9%	148 000
	Gross	AN	599 000	-17,6%	727 000	391,2%	148 000
	Amortisation	AO	166 000	15,3%	144 000	0%	0
	Buildings	Net	10 213 000	-15,7%	12 116 000	146,1%	4 923 000
	Gross	AP	14 504 000	4,8%	13 841 000	117,6%	6 360 000
	Amortisation	AQ	4 291 000	148,8%	1 725 000	20,0%	1 437 000
	Plant	Net	23 867 000	-20,3%	29 933 000	26,2%	23 727 000
	Gross	AR	44 497 000	5,3%	42 267 000	26,5%	33 417 000
	Amortisation	AS	20 630 000	67,3%	12 334 000	27,3%	9 690 000
	Other tangible fixed assets	Net	6 108 000	-41,2%	10 385 000	-5,8%	11 027 000
	Gross	AT	24 950 000	-1,5%	25 327 000	5,9%	23 925 000
	Amortisation	AU	18 842 000	26,1%	14 942 000	15,8%	12 898 000
	Fixed assets in construction	Net	2 356 000	60,7%	1 466 000	-89,8%	14 428 000
	Gross	AV	2 356 000	60,7%	1 466 000	-89,8%	14 428 000
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	165 000	120,0%	75 000	-35,3%	116 000
	Gross	AX	165 000	120,0%	75 000	-35,3%	116 000
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	43 142 000		54 558 000		54 369 000

Financial assets

			31/12/2012		31/12/2009		31/12/2008
	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	995 504 000	-1,5%	1 010 661 000	7,4%	940 711 000
	Gross	CU	1 013 216 000	0,0%	1 012 714 000	7,4%	942 764 000
	Amortisation	CV	17 712 000	762,7%	2 053 000	0%	2 053 000
	Inter-company receivables	Net	3 036 000	-73,2%	11 312 000	-27,3%	15 565 000
	Gross	BB	14 331 000	17,2%	12 233 000	-25,0%	16 320 000
	Amortisation	BC	11 295 000	1126,4%	921 000	22,0%	755 000
	Other investment securities	Net	11 673 000	90,4%	6 131 000	23,1%	4 982 000
	Gross	BD	11 683 000	54,3%	7 571 000	-21,4%	9 634 000
	Amortisation	BE	10 000	-99,3%	1 440 000	-69,0%	4 652 000
	Loans	Net	5 606 000	14,6%	4 893 000	4,8%	4 667 000
	Gross	BF	5 607 000	0%	4 894 000	0%	4 668 000
	Amortisation	BG	1 000		1 000		1 000
	Other financial assets	Net	2 199 000	-3,3%	2 275 000	0,4%	2 265 000
	Gross	BH	2 220 000	-2,4%	2 275 000	0,4%	2 265 000
	Amortisation	BI	21 000	0%	0	0%	0
	Sub Total Financial Assets		1 018 018 000		1 035 272 000		968 190 000

Current Assets (III)

			31/12/2012		31/12/2009		31/12/2008
	Total Assets	Net	654 445 000	101,3%	325 054 000	-37,7%	521 433 000
	Gross	CJ	659 076 000	99,7%	329 978 000	-37,4%	526 850 000
	Amortisation	CK	4 631 000	-6,0%	4 924 000	-9,1%	5 417 000

Stocks

			31/12/2012		31/12/2009		31/12/2008
	Raw materials	Net	1 340 000	42,4%	941 000	5,1%	895 000
	Gross	BL	1 346 000	43,0%	941 000	5,1%	895 000
	Amortisation	BM	6 000	0%	0	0%	0
	Work in progress (goods)	Net	5 877 000	66,9%	3 521 000	0%	0
	Gross	BN	5 947 000	48,2%	4 012 000	0%	0
	Amortisation	BO	70 000	-85,7%	491 000	0%	0
	Work in progress (services)	Net	0	0%	0	0%	10 204 000
	Gross	BP	0	0%	0	0%	10 354 000
	Amortisation	BQ	0	0%	0	0%	150 000
	Semi-finished and finished products	Net	8 482 000	-18,0%	10 341 000	-17,7%	12 563 000
	Gross	BR	8 607 000	-17,1%	10 380 000	-20,0%	12 981 000
	Amortisation	BS	125 000	220,5%	39 000	-90,7%	418 000
	Goods for resale	Net	4 770 000	200,2%	1 589 000	8,7%	1 462 000
	Gross	BT	4 792 000	201,6%	1 589 000	8,7%	1 462 000
	Amortisation	BU	22 000	0%	0	0%	0
	Sub Total Stocks	Net	20 469 000	24,9%	16 392 000	-34,8%	25 124 000

Advance payments to suppliers

			31/12/2012		31/12/2009		31/12/2008
	Advance payments to suppliers	Net	1 084 000	-51,3%	2 228 000	-62,2%	5 900 000
	Gross	BV	1 084 000	-51,3%	2 228 000	-62,2%	5 900 000
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2012		31/12/2009		31/12/2008
	Trade accounts receivable	Net	208 188 000	24,8%	166 761 000	-14,0%	193 977 000
	Gross	BX	210 899 000	24,5%	169 417 000	-14,0%	197 074 000
	Amortisation	BY	2 711 000	2,1%	2 656 000	-14,2%	3 097 000
	Other debtors	Net	35 685 000	-56,1%	81 257 000	-42,8%	142 057 000
	Gross	BZ	37 382 000	-55,0%	82 995 000	-42,3%	143 809 000
	Amortisation	CA	1 697 000	-2,4%	1 738 000	-0,8%	1 752 000
	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	243 873 000	-1,7%	248 018 000	-26,2%	336 034 000

Divers

			31/12/2012		31/12/2009		31/12/2008
	Investment securities	Net	367 748 000	790,7%	41 289 000	-64,7%	117 131 000
	Gross	CD	367 748 000	790,7%	41 289 000	-64,7%	117 131 000
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	17 483 000	373,7%	3 691 000	-78,2%	16 970 000
	Gross	CF	17 483 000	373,7%	3 691 000	-78,2%	16 970 000
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	385 231 000	756,4%	44 980 000	-66,5%	134 101 000

Prepaid expenses

			31/12/2012		31/12/2009		31/12/2008
	Prepaid expenses	Net	3 788 000	-71,8%	13 436 000	-33,7%	20 274 000
	Gross	CH	3 788 000	-71,8%	13 436 000	-33,7%	20 274 000
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2012		31/12/2009		31/12/2008
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	2 152 000	94,6%	1 106 000	-69,0%	3 569 000
Gross		2 152 000	94,6%	1 106 000	-	-

References

		31/12/2012		31/12/2009		31/12/2008
Due within one year	CP	0	0%	12 246 000	-25,1%	16 341 000
Due after one year	CR	0	0%	1 036 000	244,2%	301 000

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)

		31/12/2012		31/12/2009		31/12/2008
Grand Total (I to V)	EE	1 969 452 000	17,4%	1 677 055 000	-11,0%	1 884 995 000

Shareholder Equity (I)

			31/12/2012		31/12/2009		31/12/2008
	Total shareholders' equity (Total I)	DL	804 613 000	7,2%	750 300 000	4,0%	721 426 000
	Equity and shareholders' equity	DA	10 308 000	0%	10 308 000	0%	10 308 000
	Issue and merger premiums	DB	22 106 000	0%	22 106 000	0%	22 106 000
	Revaluation differentials	DC	66 000	-9,6%	73 000	-1,4%	74 000
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	1 098 000	0%	1 098 000	0%	1 098 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	168 000	-0,6%	169 000	0%	169 000
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	487 657 000	0,0%	487 656 000	0%	487 656 000
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	201 873 000	80,8%	111 663 000	-13,1%	128 561 000
	Profit or loss for the period	DI	30 085 000	-48,2%	58 092 000	2967,2%	1 894 000
	Investment grants	DJ	2 009 000	-57,7%	4 747 000	31,2%	3 619 000
	Special tax-allowable reserves	DK	49 243 000	-9,5%	54 388 000	-17,5%	65 941 000

Other capital resources (II)

			31/12/2012		31/12/2009		31/12/2008
	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)

			31/12/2012		31/12/2009		31/12/2008
	Total provisions for risks and charges (Total III)	DR	22 529 000	3,7%	21 724 000	14,3%	18 999 000
	Risk provisions	DP	15 266 000	67,1%	9 135 000	100,6%	4 554 000
	Reserves for charges	DQ	7 263 000	-42,3%	12 589 000	-12,8%	14 445 000

Liabilities (IV)

			31/12/2012		31/12/2009		31/12/2008
	Total Liabilities (Total IV)	EC	1 141 160 000	26,4%	903 018 000	-20,9%	1 141 429 000
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	160 156 000	0%	0	0%	0
	Bank loans and liabilities	DU	197 922 000	-52,0%	412 545 000	-35,4%	638 582 000
	Sundry loans and financial liabilities	DV	219 590 000	157,4%	85 297 000	1721,8%	4 682 000
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	163 000	0%	0	0%	0
	Trade accounts payables	DX	178 620 000	26,8%	140 812 000	-30,3%	201 929 000
	Tax and social security liabilities	DY	37 723 000	53,1%	24 640 000	15,9%	21 255 000
	Fixed asset liabilities	DZ	833 000	-13,5%	963 000	-72,9%	3 555 000
	Other debts	EA	334 205 000	41,8%	235 757 000	-13,1%	271 426 000

Translation loss (V)

		31/12/2012		31/12/2009		31/12/2008
Translation loss (Total V)	ED	1 150 000	-42,9%	2 013 000	-35,9%	3 141 000

Equalization accounts

		31/12/2012		31/12/2009		31/12/2008
Deferred income	EB	11 948 000	297,7%	3 004 000	0%	0

References

		31/12/2012		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	666 325 000	63,9%	406 554 000	-32,0%	597 743 000
Of which current bank facilities	EH	0	0%	4 999 000	475,9%	868 000

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)

		31/12/2012		31/12/2009		31/12/2008
Operating result (Total I-II)	GG	51 495 000	28,2%	40 156 000	775,4%	4 587 000

2 - Financial result (V - VI)

		31/12/2012		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	-8 071 000	-147,6%	16 973 000	532,3%	-3 926 000

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

		31/12/2012		31/12/2009		31/12/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	43 424 000	-24,0%	57 129 000	8542,8%	661 000

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	-4 793 000	-252,9%	3 135 000	118,3%	-17 120 000

Profit or loss

		31/12/2012		31/12/2009		31/12/2008
Profit or loss	HN	30 085 000	-48,2%	58 092 000	2967,2%	1 894 000

Total Income (I+III+V+VII)

		31/12/2012		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	1 553 744 000	7,4%	1 446 768 000	-9,0%	1 590 094 000

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

		31/12/2012		31/12/2009		31/12/2008
Total charges (Total II+IV+VI+VIII+IX+X)	HM	1 523 659 000	9,7%	1 388 676 000	-12,6%	1 588 200 000

Operating income (I)

		31/12/2012		31/12/2009		31/12/2008
Total operating income (Total I)	FR	1 430 685 000	16,5%	1 228 228 000	-13,9%	1 427 289 000

Operating income (details)

			31/12/2012		31/12/2009		31/12/2008
	Sale of goods for resale	FC	102 107 000	2,2%	99 885 000	-17,9%	121 626 000
	France	FA	102 107 000	2,2%	99 885 000	-17,9%	121 626 000
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	1 210 669 000	16,8%	1 036 787 000	0%	0
	France	FD	1 210 669 000	16,8%	1 036 787 000	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	35 665 000	15,6%	30 853 000	-97,5%	1 239 466 000
	France	FG	35 665 000	15,6%	30 853 000	-97,5%	1 239 466 000
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	1 348 441 000	15,5%	1 167 525 000	-14,2%	1 361 092 000
	France	FJ	1 348 441 000	15,5%	1 167 525 000	-14,2%	1 361 092 000
	Export	FK	0	0%	0	0%	0
	Stocked production	FM	-2 928 000	67,7%	-9 076 000	-223,4%	7 353 000
	Self-constructed assets	FN	6 054 000	16,4%	5 201 000	-69,6%	17 093 000
	Operating grants	FO	330 000	17,9%	280 000	211,1%	90 000
	Release of reserves and provisions	FP	20 266 000	-18,9%	25 001 000	42,3%	17 564 000
	Other income	FQ	58 522 000	48,9%	39 297 000	63,1%	24 097 000

Operating charges (II)

		31/12/2012		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	1 379 190 000	16,1%	1 188 072 000	-16,5%	1 422 702 000

Exploitation charges

		31/12/2012		31/12/2009		31/12/2008
Purchase of goods for resale	FS	63 450 000	0,7%	63 004 000	-9,9%	69 938 000
Change in stocks of goods for resale	FT	-803 000	-532,3%	-127 000	-125,8%	493 000
Purchase of raw materials	FU	1 254 000	79,4%	699 000	-81,4%	3 757 000
Change in stocks of raw materials	FV	-284 000	-531,1%	-45 000	94,8%	-870 000
Other external purchases and charges	FW	1 181 793 000	18,3%	998 828 000	-19,3%	1 237 768 000
Tax, duty and similar payments	FX	12 338 000	-14,4%	14 417 000	95,0%	7 392 000
Payroll	FY	68 690 000	11,6%	61 575 000	5,7%	58 248 000
Social security costs	FZ	33 098 000	26,9%	26 073 000	5,8%	24 635 000

Depreciation

		31/12/2012		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	12 829 000	-4,9%	13 485 000	35,6%	9 944 000
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	473 000	-46,4%	882 000	3,5%	852 000
Provisions for risks and charges	GD	4 028 000	-45,5%	7 397 000	-2,1%	7 558 000

Other charges

		31/12/2012		31/12/2009		31/12/2008
Other charges	GE	2 324 000	23,4%	1 884 000	-36,9%	2 987 000

Operating charges (III-IV)

		31/12/2012		31/12/2009		31/12/2008
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)

			31/12/2012		31/12/2009		31/12/2008
	Total financial income (Total V)	GP	113 461 000	1,8%	111 432 000	-26,9%	152 425 000
	Share financial income	GJ	38 721 000	-6,6%	41 468 000	34,3%	30 869 000
	Other investment income & capitalised receivables	GK	1 000	0%	1 000	0%	1 000
	Other interest and similar income	GL	394 000	-70,8%	1 350 000	-76,0%	5 623 000
	Released provisions and transferred charges	GM	816 000	-86,1%	5 875 000	806,6%	648 000
	Exchange gains	GN	73 028 000	17,8%	61 998 000	-45,7%	114 225 000
	Net income from disposal of investment securities	GO	501 000	-32,3%	740 000	-30,1%	1 059 000

Financial Charge (VI)

			31/12/2012		31/12/2009		31/12/2008
	Total financial charge (Total VI)	GU	121 532 000	28,7%	94 459 000	-39,6%	156 351 000
	Financial reserves and provisions	GQ	27 714 000	6916,2%	395 000	-93,3%	5 936 000
	Interest and similar charges	GR	16 837 000	-30,7%	24 286 000	-40,7%	40 981 000
	Exchange losses	GS	76 981 000	10,3%	69 778 000	-36,2%	109 434 000
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2012		31/12/2009		31/12/2008
	Total extraordinary income (Total VII)	HD	9 598 000	-91,0%	107 108 000	931,9%	10 380 000
	Extraordinary operating income	HA	24 000	-87,4%	190 000	512,9%	31 000
	Extraordinary income from capital transactions	HB	426 000	-99,5%	80 326 000	2556,3%	3 024 000
	Released provisions and transferred charges	HC	9 148 000	-65,6%	26 592 000	263,0%	7 325 000

Extraordinary charges (VIII)

			31/12/2012		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	14 391 000	-86,2%	103 973 000	278,1%	27 500 000
	Extraordinary operating charges	HE	1 513 000	-44,5%	2 728 000	36,9%	1 993 000
	Extraordinary charges from capital transactions	HF	1 381 000	-98,3%	80 317 000	4204,2%	1 866 000
	Extraordinary reserves and provisions	HG	11 497 000	-45,1%	20 928 000	-11,5%	23 641 000

Employee profit sharing (IX)

		31/12/2012		31/12/2009		31/12/2008
Employee profit sharing (Total IX)	HJ	3 170 000	48,3%	2 137 000	26612,5%	8 000

Tax on profits (X)

		31/12/2012		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	5 376 000	15711,8%	34 000	100,2%	-18 361 000

References

		31/12/2012		31/12/2009		31/12/2008
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	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)

			31/12/2012		31/12/2009		31/12/2008
	Gross value at begin of period	OG	0	0%	0	0%	1 053 508 000
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	653 268 000
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	101 978 000	-65,7%	297 472 000
	Gross value at the end of period	OL	0	0%	1 408 112 000	-0,1%	1 409 304 000

Research and development Charge (Total I)

			31/12/2012		31/12/2009		31/12/2008
	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)

			31/12/2012		31/12/2009		31/12/2008
	Gross value at begin of period	KD	0	0%	355 259 000	571,1%	52 935 000
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	7 941 000	-97,4%	304 140 000
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	78 478 000	4221,5%	1 816 000
	Gross value at the end of period	LW	0	0%	284 722 000	-19,9%	355 259 000

Tangible fixed assets (Total III)

			31/12/2012		31/12/2009		31/12/2008
	Gross value at begin of period	LN	0	0%	78 394 000	44,8%	54 137 000
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	19 994 000	-17,8%	24 322 000
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	14 685 000	22492,3%	65 000
	Gross value at the end of period	NH	0	0%	83 703 000	6,8%	78 394 000

Fiancial assets (Total IV)

			31/12/2012		31/12/2009		31/12/2008
	Gross value at begin of period	LQ	0	0%	975 651 000	3,1%	946 436 000
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	72 851 000	-77,6%	324 806 000
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	8 815 000	-97,0%	295 591 000
	Gross value at the end of period	NK	0	0%	1 039 687 000	6,6%	975 651 000

Reserve for depreciation

Situation and movement of reserve for depreciation

Grand total (I-II-III)

			31/12/2012		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	30 807 000
Increases		0P	0	0%	0	0%	9 997 000
Decreasess		0Q	0	0%	0	0%	1 471 000
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	39 333 000

Research and development charge (Total I)

			31/12/2012		31/12/2009		31/12/2008
	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)

			31/12/2012		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	0	0%	15 308 000	31,7%	11 620 000
Increases		PF	0	0%	7 245 000	42,3%	5 093 000
Decreasess		PG	0	0%	581 000	-58,6%	1 405 000
	Decreasess by budget item transfer	PH	0	0%	21 972 000	43,5%	15 308 000

Total fixed assets amotisation (Total III)

			31/12/2012		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	0	0%	24 025 000	25,2%	19 187 000
Increases		QV	0	0%	6 243 000	27,3%	4 904 000
Decreases		QW	0	0%	1 123 000	1601,5%	66 000
	Decreasess by budget item transfer	QX	0	0%	29 145 000	21,3%	24 025 000

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2012		31/12/2009		31/12/2008
	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

			31/12/2012		31/12/2009		31/12/2008
	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)

			31/12/2012		31/12/2009		31/12/2008
	Value at begining of period	7C	0	0%	0	0%	75 428 000
Increases		UB	0	0%	0	0%	37 987 000
Decreases		UC	0	0%	0	0%	13 080 000
	Value at the end of period	UD	0	0%	0	0%	100 335 000

Includes Total allocations

Operating	UE	0	0%	0	0%	8 500 000
Financial	UG	0	0%	0	0%	5 936 000
Exceptional	UJ	0	0%	0	0%	1 088 000

Includes Total Withdrawal

Operating	UF	0	0%	0	0%	6 176 000
Financial	UH	0	0%	0	0%	647 000
Exceptional	UK	0	0%	0	0%	505 000

Total regulated provisions (Total I)

			31/12/2012		31/12/2009		31/12/2008
	Value at begining of period	3Z	0	0%	0	0%	49 230 000
Increases		TS	0	0%	0	0%	22 463 000
Decreases		TT	0	0%	0	0%	5 752 000
	Value at the end of period	TU	0	0%	0	0%	65 941 000

Total risk and charge provisions (Total II)

			31/12/2012		31/12/2009		31/12/2008
	Value at begining of period	5Z	0	0%	0	0%	14 993 000
Increases		TV	0	0%	0	0%	10 602 000
Decreases		TW	0	0%	0	0%	6 596 000
	Value at the end of period	TX	0	0%	0	0%	18 999 000

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2009		31/12/2008
	Value at begining of period	7B	0	0%	0	0%	11 205 000
Increases		TY	0	0%	0	0%	4 922 000
Decreases		TZ	0	0%	0	0%	732 000
	Value at the end of period	UA	0	0%	0	0%	15 395 000

State deadlines claims and debts at the end of period

State claims

		31/12/2012		31/12/2009		31/12/2008
Gross value	VT	0	0%	0	0%	399 943 000
1 year at most	VU	0	0%	0	0%	383 398 000
More than one year	VV	0	0%	0	0%	16 545 000

State of loans

		31/12/2012		31/12/2009		31/12/2008
Claims related to holdings (gross)	UL	0	0%	0	0%	16 320 000
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	16 320 000
Loans (gross)	UP	0	0%	0	0%	4 667 000
Loans (1 year at most)	UR	0	0%	0	0%	21 000
Other financial assets (gross)	UT	0	0%	0	0%	11 899 000
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2012		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	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%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
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	0	0%	0	0%	0

Prepaid

		31/12/2012		31/12/2009		31/12/2008
Prepaid	VS	0	0%	0	0%	20 274 000

State Debt

			31/12/2012		31/12/2009		31/12/2008
	Total debt (gross)	VY	0	0%	0	0%	1 120 749 000
1 year at most		VZ2	0	0%	0	0%	523 007 000
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	597 742 000
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2012		31/12/2009		31/12/2008
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	638 582 000
1 year at most		VH2	0	0%	0	0%	47 582 000
More than 1 year and 5 years at most		VH3	0	0%	0	0%	591 000 000
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	4 682 000
1 year at most		8A2	0	0%	0	0%	1 098 000
More than 1 year and 5 years at most		8A3	0	0%	0	0%	3 584 000
	Suppliers and associated accounts (gross)	8B1	0	0%	0	0%	201 929 000
1 year at most		8B2	0	0%	0	0%	201 929 000
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most		8C2	0	0%	0	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	0	0%	0	0%	21 255 000
1 year at most		8D2	0	0%	0	0%	18 097 000
More than 1 year and 5 years at most		8D3	0	0%	0	0%	3 158 000
	Taxes on profits (gross)	8E1	0	0%	0	0%	3 555 000
1 year at most		8E2	0	0%	0	0%	3 555 000
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	690 000
1 year at most		VW2	0	0%	0	0%	690 000
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	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
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	0	0%	0	0%	250 056 000
1 year at most		8K2	0	0%	0	0%	250 056 000
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2012		31/12/2009		31/12/2008
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

		31/12/2012		31/12/2009		31/12/2008
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2012		31/12/2009		31/12/2008
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2012		31/12/2009		31/12/2008
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

		31/12/2012		31/12/2009		31/12/2008
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

		31/12/2012		31/12/2009		31/12/2008
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

		31/12/2012		31/12/2009		31/12/2008
Average number of employees	YP	0	0%	884	0%	0

Groups and Shareholders

		31/12/2012		31/12/2009		31/12/2008
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

Ratios

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

Structure and Liquidity

		31/12/2012		31/12/2011		31/12/2009	Sector Median 2012
Fixed Asset Financing		1,06	17,8%	0,90	-4,3%	0,94	1,32	-19,7%
Global Debt		305 days	24,0%	246 days	-11,5%	278 days	121 days	152,1%
Working Capital Fund overall net		25 days	165,8%	-38 days	-40,7%	-27 days	57 days	-56,1%
Financial independence		224,70%	-20,1%	281,36%	54,7%	181,87%	178,65%	25,8%
More ratios
Solvability		40,85%	-12,2%	46,55%	4,0%	44,74%	36,69%	11,3%
Capacity debt futures		%	-	8549,29%	-	%	707,10%	-
Coverage of current assets by net working capital overall		8,99%	127,6%	-32,63%	-35,7%	-24,04%	41,03%	-78,1%
General Liquidity			-	0,50	-		0,61	-
Restricted Liquidity			-	0,64	-		0,93	-

Management or rotation

		31/12/2012		31/12/2011		31/12/2009	Sector Median 2012
Need background in operating working capital		-76 days	-13,4%	-67 days	-59,5%	-42 days	26 days	-392,3%
Treasury		103 days	390,5%	21 days	75,0%	12 days	18 days	472,2%
Inventory turnover of goods		28 days	100%	14 days	55,6%	9 days	12 days	133,3%
Average length of credit granted to customers		56 days	1,8%	55 days	5,8%	52 days	48 days	16,7%
Average length of credit obtained suppliers		52 days	-3,7%	54 days	12,5%	48 days	49 days	6,1%
More ratios
Inventory turnover of raw materials in industrial enterprises		386 days	160,8%	148 days	-69,5%	485 days	7 days	5414,3%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	1567 days	12,3%	1395 days	197 days	-
Rotation tangible assets		%	-	1567,28%	12,4%	1394,84%	215,42%	-

Profitability of the business

		31/12/2012		31/12/2011		31/12/2009	Sector Median 2012
Margin trading		2,93%	-1,7%	2,98%	-6,0%	3,17	0,32%	815,6%
Profitability of the business		-0,57	62,3%	-1,51	-3675,0%	-0,04	4,41%	-112,9%
Net profit		2,23%	-52,0%	4,65%	-6,6%	4,98%	1,66%	34,3%
More ratios
Growth rate of turnover (excluding VAT)		1,90%	0%	0%	0%	-14,22%	2,75%	-30,9%
Rates integration		7,87%	15,7%	6,80%	-21,7%	8,68%	18,82%	-58,2%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		95,88%	-12,6%	109,67%	26,7%	86,53%	69,41%	38,1%
Weight interests		9,01	37,3%	6,56%	-18,9%	8,09%	0,29%	3006,9%

Return on capital

		31/12/2012		31/12/2011		31/12/2009	Sector Median 2012
Cash flow from the overall profitability		6,16%	22,0%	5,05%	-36,6%	7,96%	4,68%	31,6%
Rates of economic profitability		-1%	50,0%	-2%	0%	0%	11%	-109,1%
Financial profitability		804613000%	-0,5%	808592000%	7,8%	750300000%	392478%	204908,4%
Return on investment		10,97%	-11,2%	12,35%	1,1%	12,22%	5,66%	93,8%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2009	Sector Median 2012
Turnover	1 348 441 000	1,9%	1 323 239 000	13,3%	1 167 525 000	2 054 469 €	65534,5%

Sales of goods	102 107 000	2,2%	99 946 000	0,1%	99 885 000
- Purchase of goods	63 450 000	4,3%	60 817 000	-3,5%	63 004 000
+/- Stock of goods variation	-803 000	-229,1%	-244 000	-92,1%	-127 000
Trading margin	39 460 000 €	0,2%	39 373 000 €	6,4%	37 008 000 €	6 833 €	577391,6%
	2,93 % CA	-1,7%	2,98 % CA	-6,0%	3,17 % CA	0,42 % CA	597,6%

Sale of goods produced	1 246 334 000	1,9%	1 223 293 000	14,6%	1 067 640 000
+/- Stocked production	-2 928 000	-211,0%	2 638 000	129,1%	-9 076 000
+ Self-constructed assets	6 054 000	75,0%	3 460 000	-33,5%	5 201 000
Period production	1 249 460 000 €	1,6%	1 229 391 000 €	15,6%	1 063 765 000 €	1 536 489 €	81219,2%
	92,66 % CA	-0,3%	92,91 % CA	2,0%	91,11 % CA	97,34 % CA	-4,8%

Trading margin	39 460 000	0,2%	39 373 000	6,4%	37 008 000	6 833	577391,6%
+ Period Production	1 249 460 000	1,6%	1 229 391 000	15,6%	1 063 765 000	1 536 489	81219,2%
- Purchase of raw materials	1 254 000	-51,0%	2 561 000	266,4%	699 000
+/- Change in stocks of raw materiels	-284 000	-7000%	-4 000	91,1%	-45 000
- Other external purchases and charges	1 181 793 000	0,5%	1 176 190 000	17,8%	998 828 000
Added value	106 157 000 €	17,9%	90 017 000 €	-11,1%	101 291 000 €	347 169 €	30477,9%
	7,87 % CA	15,7%	6,80 % CA	-21,7%	8,68 % CA	18,82 % CA	-58,2%

Added value	106 157 000 €	17,9%	90 017 000 €	-11,1%	101 291 000 €	347 169 €	30477,9%
+ Operating grants	330 000	177,3%	119 000	-57,5%	280 000
- Tax, duty and similar payments	12 338 000	8,0%	11 428 000	-20,7%	14 417 000
- Personal charges	101 788 000	3,1%	98 724 000	12,6%	87 648 000
Gross operating surplus	-7 639 000 €	61,8%	-20 016 000 €	-3951,8%	-494 000 €	72 843 €	-10586,9%
	-0,57 % CA	62,3%	-1,51 % CA	-3675,0%	-0,04 % CA	4,41 % CA	-112,9%

Gross operating surplus	-7 639 000 €	61,8%	-20 016 000 €	-3951,8%	-494 000 €	72 843 €	-10586,9%
+ Release of reserves and provisions	20 266 000	-22,8%	26 248 000	5,0%	25 001 000
+ Other operating income	58 522 000	16,1%	50 428 000	28,3%	39 297 000
- Depreciation/Amortisation	17 330 000	-6,8%	18 596 000	-14,6%	21 764 000
- Other charges	2 324 000	27,2%	1 827 000	-3,0%	1 884 000
Operating result	51 495 000 €	42,1%	36 237 000 €	-9,8%	40 156 000 €	35 108 €	146576,0%
	3,82 % CA	39,4%	2,74 % CA	-20,3%	3,44 % CA	1,96 % CA	94,9%

Operating result	51 495 000 €	42,1%	36 237 000 €	-9,8%	40 156 000 €	35 108 €	146576,0%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	113 461 000	-1,9%	115 634 000	3,8%	111 432 000
- Financial charges	121 532 000	40,1%	86 757 000	-8,2%	94 459 000
Pre-tax result	43 424 000 €	-33,3%	65 114 000 €	14,0%	57 129 000 €	27 451 €	158087,3%
	3,22 % CA	-34,6%	4,92 % CA	0,6%	4,89 % CA	1,74 % CA	85,1%

Extraordinary income	9 598 000	-40,0%	15 989 000	-85,1%	107 108 000	3 883	247080,0%
- Extraordinary charges	14 391 000	-10,0%	15 982 000	-84,6%	103 973 000
Extraordinary result	-4 793 000 €	-68571,4%	7 000 €	-99,8%	3 135 000 €	344 €	-1393414,0%
	-0,36 % CA	0%	0,00 % CA	0%	0 % CA	0,03 % CA	-1300%

Pre-tax result	43 424 000 €	-33,3%	65 114 000 €	14,0%	57 129 000 €	27 451 €	158087,3%
Extraordinary result	-4 793 000 €	-68571,4%	7 000 €	-99,8%	3 135 000 €	344 €	-1393414,0%
- Employee profit sharing	3 170 000	115,1%	1 474 000	-31,0%	2 137 000
- Tax on profits	5 376 000	154,8%	2 110 000	6105,9%	34 000
Net result	30 085 000 €	-51,1%	61 537 000 €	5,9%	58 093 000 €	27 024 €	111227,0%
	2,23 % CA	-52,0%	4,65 % CA	-6,6%	4,98 % CA	1,65 % CA	35,2%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

No social security and tax office preferential right to date

Trends

Profitability

Liquidity

Net worth

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.

	The shareholder's equity is 804,613,000 €
	The creditor days are 48.35
	The liabilities are 1,141,160,000 €
	The net current assets are 654,445,000 €
	The net turnover is 1,348,441,000 €
	The pre-tax profit is 35,461,000 €
	The risk provisions are 22,529,000 €
	The total assets are 1,969,452,000 €
	Low risk workforce size
	The company has 10 directors
	Industry code with low risk rating
	Department code with low risk rating
	The sales to current assets ratio is 2,06
	The ratio total assets to total liabilities is 1,69
	The stock to turnover ratio is 1,52
	The return on total assets employed is 1,8
	The deviation of tangible fixed assets over the last two accounting periods is 91.36 %
	The deviation in the gearing percentage over the last two accounting periods is 146.84 %

Linkages

Company Name	SIREN	Parts	Last account published
UNIBEL	552002578	-	31/12/2011
FROMAGERIES BEL	542088067	67.45%	31/12/2012
BEL EGYPT EXPANSION FOR CHEESE	-	46.69%	-
BEL EGYPT DISTRIBUTION	-	99.86%	-
SOCIETE ANONYME DES FERMIERS REUNI...	722008109	99.85%	31/12/2012
SNC DES PRODUITS LAITIERS	352812861	99.90%	31/12/2012
FROMAGERIES PICON	325620458	99.98%	31/12/2012
BEL ALGERIE SPA	-	99.02%	-
SOCIETE FINANCIERE ET COMMERCIALE	662011584	99.97%	31/12/2012
PARTICIP INDUSTRIEL COMMERCIAL	702022948	99.40%	31/12/2012
SOCIETE DE LA FROMAGERIE BOURSIN	304465461	100%	31/12/2012
BEL SYRIE	-	99.98%	-
FROMAGERIES BEL PRODUCTION FRANCE	493371595	100%	31/12/2012
SOC INDUST COMMERC PARTICIPATION	672019460	100%	31/12/2012
BEL EGYPT EXPANSION FOR CHEESE	-	52.79%	-
BEL EGYPT DISTRIBUTION	-	99.86%	-
BEL LEERDAMMER B.V.	23073850	100%	-
BEL NEDERLAND B.V.	30069259	100%	-
BEL-BELGIUM SA	406085946	99.88%	31/12/2012
BEL DEUTSCHLAND GMBH	HRB 156129	100%	31/12/2010
BEL KARPER GIDA SAN. A.S.	-	66.95%	-
BEL SHOSTKA	-	83.41%	-
BEL SHOSTKA SERVICES	-	99.60%	-
BILI BEREGY LLC	-	100%	-
GRUPO FROMAGERIES BEL ESPAÑA	129451	100%	31/12/2011
FROMAGERIES BEL PORTUGAL	-	100%	-
BEL AMERICAS INC	-	100%	-
BELBRANDS	US30706736	100%	-
BEL USA INC	-	100%	-
BEL UK LIMITED	00886813	100%	31/12/2012
BEL SAHAR	-	70%	-
BEL ITALIA S.P.A.	MI716668	100%	31/12/2012
BEL JAPON	-	100%	-
FROMAGERIES BEL MAROC	-	66.07%	-
S.I.E.P.F	-	100%	-
BEL POLSKA	-	100%	-
SYRAREN BEL SLOVENSKO A/S	-	99.87%	-
BEL NORDIC AB	5561088732	100%	31/12/2012
FROMAGERIES BEL SUISSE	-	100%	-
BEL SYRY CESKO	-	100%	-
BEL CANADA	-	100%	-
FROMAGERIES BEL HELLAS	-	100%	-
BEL CHEESE MEXICO	-	100%	-
BEL QUESOS DE MEXICO	-	100%	-
BEL VIETNAM	-	100%	-

Linkages

Company Name	SIREN	Last account	Turnover
BEL BRANDS USA	US17772743	-	101 900 000 $
FROMAGERIES BEL SA	-	-	-
SICOPA S.A.	-	-	-
SICOPA SA	-	-	-
SOCIETE INDUSTRIELLE COMMERCIALE ET DE P...	-	-	-

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
22/07/2013	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10541 - 542088067 RCS. FROMAGERIES BEL. Forme : Société anonyme. Adresse : 16 boulevard Malesherbes 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
22/07/2013	Bodacc C	Comptes annuels, consolidés et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10542 - 542088067 RCS. FROMAGERIES BEL. Forme : Société anonyme. Adresse : 16 boulevard Malesherbes 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
26/06/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 3894 - 542 088 067 RCS Paris. FROMAGERIES BEL. Forme : Société anonyme. Administration : Administrateur partant : Thijs, Johnny. Capital : 10308502.50 EUR. Activité : . Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Commentaires : modification survenue sur l'administration.
08/06/2013	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 16/05/2013 La société 542088067 - FROMAGERIES BEL, 16 BD MALESHERBES, 75008 PARIS 8 Fait l'objet du départ de Monsieur Johnny THIJS
01/08/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2303 - 542 088 067 RCS Paris. FROMAGERIES BEL. Forme : Société anonyme. Administration : modification du Directeur général délégué Schoch, Bruno, nomination du Directeur général délégué : Le Cam, Francis Pierre. Capital : 10308502.50 EUR. Activité : . Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Commentaires : modification survenue sur l'administration.
19/07/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10021 - 542088067 RCS. FROMAGERIES BEL. Forme : Société anonyme. Adresse : 16 boulevard Malesherbes 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
19/07/2012	Bodacc C	Comptes annuels, consolidés et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10022 - 542088067 RCS. FROMAGERIES BEL. Forme : Société anonyme. Adresse : 16 boulevard Malesherbes 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
10/07/2012	JAL	Appointment of the social representative
Affiches parisiennes (Les) Date de décision : 18/06/2012 Société faisant l'objet d'une nomination : 542088067 - FROMAGERIES BEL, 16 BD MALESHERBES, 75008 PARIS 8 Nominé : Monsieur Francis LE CAM, 75016 PARIS 16
26/06/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1241 - 542 088 067 RCS Paris. FROMAGERIES BEL. Forme : Société anonyme. Administration : modification de l'Administrateur UNIBEL représenté par , Viénot Pascal Adresse : 10 rue Édouard Detaille 75017 Paris, nomination de l'Administrateur : Layt, Fatine. Capital : 10308502.50 EUR. Activité : . Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Commentaires : modification survenue sur l'administration et le représentant permanent.
05/06/2012	JAL	Appointment of the social representative
Affiches parisiennes (Les) Date de décision : 10/05/2012 Société faisant l'objet d'une nomination : 542088067 - FROMAGERIES BEL, 16 BD MALESHERBES, 75008 PARIS 8 Nominé : Madame Fatine LAYT, 75007 PARIS 07 En la fonction de : Administrateur
17/02/2011	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 15/02/2011 La société 352812861 - SNC DES PRODUITS LAITIERS, SPL, 16 BD MALESHERBES, 75008 PARIS 8 Fait l'objet du départ de Date d'effet : 15/02/2011
19/01/2011	JAL	Start of rent-management
Affiches parisiennes (Les) Date de décision : 03/01/2011 Bailleur : 352812861 - SNC DES PRODUITS LAITIERS, SPL, 16 BD MALESHERBES, 75008 PARIS 8 Locataire gérant : 542088067 - FROMAGERIES BEL, 16 BD MALESHERBES, 75008 PARIS 8 Date d’effet : 01/01/2011 pour une durée de 2 mois
17/11/2010	JAL	Appointment of the social representative
Affiches parisiennes (Les) Société faisant l'objet d'une nomination : 352812861 - SNC DES PRODUITS LAITIERS, SPL, 16 BD MALESHERBES, 75008 PARIS 8 Nominé : En la fonction de : Associé unique Date d'effet : 10/11/2010
02/08/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10474 - 542088067 RCS. FROMAGERIES BEL. Forme : Société anonyme. Adresse : 16 BD MALESHERBES 75008 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
02/08/2010	Bodacc C	Comptes annuels, consolidés et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10475 - 542088067 RCS. FROMAGERIES BEL. Forme : Société anonyme. Adresse : 16 BD MALESHERBES 75008 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
24/06/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2007 - 542 088 067 RCS Paris. FROMAGERIES BEL. Forme : Société anonyme. Administration : Commissaire aux comptes titulaire partant : SOCIETE PIERRE-HENRI SCACCHI ET ASSOCIES, nomination du Commissaire aux comptes titulaire : GRANT THORNTON, Commissaire aux comptes suppléant partant : Meunier, Frederic, nomination du Commissaire aux comptes suppléant : INSTITUT DE GESTION ET D'EXPERTISE COMPTABLE - IGEC. Capital : 10308502.50 EUR. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Commentaires : modification survenue sur l'administration.
07/10/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1292 - 542 088 067 RCS Paris. FROMAGERIES BEL. Forme : Société anonyme. Administration : Administrateur partant : Fievet, nom d'usage : Sauvin, Catherine, nomination de l'Administrateur : Sauvin, Florian, nomination de l'Administrateur : Arnaud, Michel. Capital : 10308502.50 EUR. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Commentaires : modification survenue sur l'administration.
24/07/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9982 - 542088067 RCS. FROMAGERIES BEL. Forme : Société anonyme. Adresse : 16 boulevard Malesherbes 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
24/07/2009	Bodacc C	Comptes consolidés et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9983 - 542088067 RCS. FROMAGERIES BEL. Forme : Société anonyme. Adresse : 16 boulevard Malesherbes 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
14/06/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 919 - 542 088 067 RCS Paris. FROMAGERIES BEL. Forme : Société anonyme. Administration : Président du conseil d'administration et Directeur général partant : Boivin, Gerard, modification du Président du conseil d'administration et Directeur général Fievet, Antoine. Capital : 10308502.50 EUR. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Commentaires : modification survenue sur l'administration.
20/02/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 3123 - 542 088 067 RCS Paris. FROMAGERIES BEL. Forme : Société anonyme. Administration : Commissaire aux comptes suppléant partant : Dupont, Guy-Georges, nomination du Commissaire aux comptes suppléant : Reynaert, Stéphane. Capital : 10308502.50 EUR. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Commentaires : modification survenue sur le capital (augmentation), l'administration.
15/01/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2497 - 542 088 067 RCS Paris. FROMAGERIES BEL. Forme : Société anonyme. Administration : nomination du Directeur général délègué non Adminstrateur : Schoch, Bruno. Capital : 10308502.50 EUR. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Commentaires : modification survenue sur l'administration.
31/12/2008	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 924 - 542 088 067 RCS Paris. FROMAGERIES BEL. Forme : Société anonyme. Administration : modification de l'Administrateur UNIBEL représentée par DELOFFRE, PHILIPPE, Adresse : Demeurant : 18 rue Raphael 75016 Paris, Commissaire aux comptes suppléant partant : Reynaert, Stéphane, nomination du Commissaire aux comptes suppléant : BEAS. Capital : 10308502.50 EUR. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Commentaires : modification survenue sur l'administration.
21/08/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11240 - 542088067 RCS. FROMAGERIES BEL. Forme : Société anonyme. Adresse : 16 boulevard Malesherbes 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
26/07/2008	Bodacc C	Comptes consolidés et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8428 - 542088067 RCS. FROMAGERIES BEL. Forme : Société anonyme. Adresse : 16 boulevard Malesherbes 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
19/07/2007	Bodacc B	Modifications et mutations diverses
2077 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme : S.A. Capital : 10 308 502 euros. Adresse du siège social : 16 boulevard Malesherbes,, 75008 Etablissement principal - Nom commercial : La Vache qui Rit. Adresse : 16 boulevard Malesherbes, 75008
18/07/2007	Bodacc B	Modifications et mutations diverses
1125 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme : S.A. Capital : 10 308 502 euros. Adresse du siège social : 16 boulevard Malesherbes,, 75008 Commentaires : modification survenue sur l'administration. Administration : administrateur partant : BEL (François, Jean-Pierre, Claude). Nomination d'un administrateur : LIGHTBURN (James).
21/06/2007	Bodacc B	Modifications et mutations diverses
1738 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme : S.A. Capital : 10 308 502 euros. Adresse du siège social : 16 boulevard Malesherbes,, 75008 Commentaires : modification survenue sur l'administration. Administration : administrateur partant : GIROUX (Philippe).
17/06/2007	Bodacc B	Modifications et mutations diverses
2248 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme : S.A. Capital : 10 308 502 euros. Adresse du siège social : 16 boulevard Malesherbes,, 75008 Etablissement principal - Adresse : 16 boulevard Malesherbes, 75008 Commentaires : prise en location-gérance du fonds appartenant à la société FROMAGERIES PICON, RCS 325 620 458.
03/06/2007	Bodacc A	Vente et cession
0823 - RCS Paris 493 371 595. FROMAGERIES BEL PRODUCTION FRANCE. Sigle : FBPF. Forme : S.N.C. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Etablissement secondaire - RC Bar-le-Duc 07-B 33. A dater du : 5 avril 2007. Activité : commerce, fabrication, transformation de tous produits laitiers, de leurs dérivés et de leurs composants. Adresse : 37 avenue Gambetta, 55000 Bar-le-Duc. Etablissement secondaire acquis par apport partiel d'actif au montant évalué à 132 207 522 euros (valeur nette de l'apport pour l'ensemble des établissements). Date de début d'activité : 1er mars 2007. Précédent propriétaire exploitant : FROMAGERIES BEL. RCS Paris 542 088 067. RC 83-B 25. Publication légale : L'Est républicain du 22 mars 2007. Déclarations de créances : au tribunal de commerce de Bar-le-Duc.
27/05/2007	Bodacc A	Vente et cession
1224 - RCS Dole B 493 371 595. RC 07-B 79. FROMAGERIES BEL PRODUCTION FRANCE. Sigle : FBPF. Forme : S.N.C. Capital : 132 208 522 euros. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Etablissement secondaire - Activité : commerce, fabrication, transformation de tous produits laitiers, de leurs dérivés et de composants. Adresse : 74 rue du Mont-Roland, 39100 Dole. Etablissement secondaire acquis par apport au montant évalué à 132 207 522 euros. Date de début d'activité : 1er mars 2007. Précédent propriétaire : FROMAGERIE BEL. RCS B 542 088 067. Publication légale : La Voix du Jura du 29 mars 2007. Déclarations de créances : au tribunal de commerce de Dole.
10/05/2007	Bodacc A	Vente et cession
1413 - RCS Lons-le-Saunier B 493 371 595. RC 07-B 97. FROMAGERIE BEL PRODUCTION FRANCE en abrégé F.B.P.F. Forme : S.N.C. Adresse du siège social : 16, Boulevard Malesherbes, 75008 Paris. Commentaires : Suivant acte du 01/03/2007 la sté FROMAGERIE BEL, 16 Bld Malesherbes 75008 PARIS, 542 088 067 RCS PARIS à apporté tous les éléments d'actifs et de passif qui compose la branche complète et autonome d'activité ayant pour objet principalement la fabrication de produits laitiers exploitée sur divers sites dont notamment le 120 Bld Jules Ferry - BP 606 - 39021 LONS LE SAUNIER cedex à la sté FROMAGERIE BEL PRODUCTION FRANCE en abrégé F.B.P.F, 16 Bld Malesherbes 75008 PARIS, 493 371 595 RCS PARIS - Entrée en jouissance : 01/03/2007 - . Etablissement secondaire - Activité : commerce, fabrication, transformation de produits laitiers, de leurs dérivé et composants. Adresse : 120, Boulevard Jules Ferry - Bp 606, 39021 Lons-le-Saunier-Cedex. Etablissememt principal reçu suite à apport partiel d'actif au montant évalué de 132 207 522 euros. Date de début d'activité : 1er mars 2007. précédent propriétaire : SOCIETE FROMAGERIE BEL. RCS Paris 542 088 067. Déclarations de créances : Greffe du tribunal de commerce de Lons-le-Saunier.
10/05/2007	Bodacc B	Modifications et mutations diverses
1476 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme : S.A. Capital : 10 308 502 euros. Adresse du siège social : 16 boulevard Malesherbes,, 75008 Commentaires : modification survenue sur le nom commercial. Etablissement principal - Nom commercial : La Vache qui Rit. Adresse : 16 boulevard Malesherbes, 75008
22/04/2007	Bodacc A	Vente et cession
0247 - RCS Paris 493 371 595. FROMAGERIES BEL PRODUCTION FRANCE. Sigle : FBPF. Forme : S.N.C. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Etablissement secondaire - RC Blois 07-B 221. A dater du : 30 mars 2007. Activité : commerce, fabrication, transformation de tous produits laitiers, de leurs dérivés et de leurs composants. Adresse : 7 boulevard de l'Industrie, B.P. 40077, 41102 Vendôme. Etablissement secondaire acquis par apport au montant évalué à 132 207 522 euros. Date de début d'activité : 1er mars 2007. Précédent propriétaire exploitant : FROMAGERIES BEL. RCS Paris 542 088 067. RC 69-B 2. Publication légale : La Nouvelle République du Centre-Ouest (Edition du Loir-et-Cher) du 24 mars 2007. Déclarations de créances : au tribunal de commerce de Blois.
22/04/2007	Bodacc A	Vente et cession
0410 - RCS B 493 371 595. RC 07-B 231. FROMAGERIES BEL PRODUCTION FRANCE. Sigle : FBPF. Forme : S.N.C. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Etablissement secondaire - Activité : commerce, fabrication, transformation de tous produits laitiers, de leurs dérivés et composants. Adresse : route de Solesmes, 72300 Sablé-sur-Sarthe. Etablissement secondaire acquis par apport au montant évalué à 132 207 522 euros. Date de début d'activité : 1er mars 2007. Précédent propriétaire : FROMAGERIES BEL. RCS B 542 088 067. Publication légale : Ouest France du 23 mars 2007. Déclarations de créances : au tribunal de commerce du Mans.
20/04/2007	Bodacc A	Vente et cession
0472 - RCS Laval B 493 371 595. RC 07-B 153. FROMAGERIES BEL PRODUCTIONS FRANCE. Sigle : FBPF. Forme : S.N.C. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Etablissement secondaire - Activité : fonds de commerce de fabrication, de transformation de tous produits laitiers, de leurs dérivés et composants. Adresse : Z.I. de Bras, route de Parigné, 53100 Mayenne. Etablissement secondaire acquis par apport au évalué à 132 207 522 euros (montant global pour neuf sites). Date d'effet : 1er mars 2007. Précédent propriétaire : FROMAGERIE BEL. RCS Paris 542 088 067. Publication légale : Ouest-France du 23 mars 2007. Déclarations de créances : au tribunal de commerce de Paris.
20/04/2007	Bodacc A	Vente et cession
0477 - RCS B 493 371 595. RC 07-B 153. FROMAGERIES BEL PRODUCTIONS FRANCE. Sigle : FBPF. Forme : S.N.C. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Etablissement secondaire - Activité : commerce, fabrication, transformation de tous produits laitiers, de leurs dérivés et composants. Adresse : 6 boulevard Bel, 53600 Evron. Etablissement secondaire acquis par apport au montant évalué à 132 207 522 euros. Date de début d'activité : 1er mars 2007. Précédent propriétaire : FROMAGERIES BEL. RCS B 542 088 067. Publication légale : Ouest France du 23 mars 2007. Déclarations de créances : au tribunal de commerce de Laval.
18/04/2007	Bodacc B	Radiation
1155 - RCS B 542 088 067. RC 58-B 9. FROMAGERIES BEL. Forme : S.A. Adresse du siège social : 16 boulevard Malesherbes, 75008 Paris. Date de radiation : 1er mars 2007.
14/09/2006	Bodacc C	Avis de dépôt des comptes
5625 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme: S.A. Adresse du siège social: 16, boulevard Malesherbes,Paris, 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
14/09/2006	Bodacc C	Avis de dépôt des comptes
5626 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme: S.A. Adresse du siège social: 16, boulevard Malesherbes,Paris, 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
09/10/2005	Bodacc C	Avis de dépôt des comptes
5287 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme: S.A. Adresse du siège social: 16, boulevard Malesherbes,Paris, 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
09/10/2005	Bodacc C	Avis de dépôt des comptes
5288 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme: S.A. Adresse du siège social: 16, boulevard Malesherbes,Paris, 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
06/09/2005	Bodacc B	Modifications et mutations diverses
1265 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : MONTAGNE MORIAUX OLIVIER & ASSOCIES. Nomination d'un commissaire aux comptes titulaire : DELOITTE TOUCHE TOHMATSU S.A.
06/09/2005	Bodacc B	Modifications et mutations diverses
1266 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : DELOITTE TOUCHE TOHMATSU S.A. Nomination d'un commissaire aux comptes titulaire : DELOITTE ET ASSOCIES S.A.
11/08/2005	Bodacc B	Modifications et mutations diverses
1091 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme : S.A. Adresse du siège social : 16 boulevard Malesherbes,, 75008 Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal. Etablissement principal - Adresse : 16 boulevard Malesherbes, 75008
07/05/2005	Bodacc B	Modifications et mutations diverses
1662 - RCS Paris B 542 088 067. RC 54-B 8806. FROMAGERIES BEL. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : SCACCHI (Pierre-Henri). Modification d'un commissaire aux comptes titulaire : STE PIERRE-HENRI SCACCHI ET ASSOCIES. Nomination d'un commissaire aux comptes suppléant : MEUNIER (Frédéric).
07/12/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 542088067 RC 54-B 8806 FROMAGERIES BEL. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : administrateur partant : HOFMANN ( Dieter).
09/09/2003	Bodacc A	Création d'établissement
RCS Dijon B 705580108 RC 00-B 666 SOCIETE SENOBLE. Forme : S.A.S.U. Capital : 18 305 468,19 euros. Adresse du siège social : Jouy, 89150 Cheroy Etablissement Complémentaire. Activité : collecte de lait. Adresse : route de Dijon, 21150 Venarey-les-Laumes Etablissement complémentaire acquis par achat au prix stipulé de 3 906 206 euros. Date d'effet : 1 e r avril 2003. Précédent propriétaire : S.A. FROMAGERIE BEL. RCS Paris 542088067 Publication légale: Le Bien public du 9 mai 2003. Oppositions : au fonds.
26/06/2003	Bodacc A	Création d'établissement
RCS B 542088067 RC 60-B 14 FROMAGERIE BEL. Sigle : BEL. Forme : S.A. Capital : 10 985 842,06 euros. Adresse du siège social : 4 rue d'Anjou, 75008 Paris ETABLISSEMENT SECONDAIRE. Activité : commerce de production, transformation, conditionnement et commercialisation de produits fromagers, de succédanés de fromage et de tous produits d'origine végétales. Adresse : Centre d'activités, Z.A. Mesnils-Pasteur, 210 avenue de Verdun, 39100 Dole Etablissement secondaire acquis par achat au prix stipulé de 10 000 euros Date de début d' activité: 24 juin 1960. Date d'effet : 19 décembre 2002. Précédent propriétaire : SOCIETE LAURA Publication légale: Le Jura agricole et rural du 4 janvier 2003. Oppositions : Etude de M e Guigon ( Pascal), 5 rue Krug, 25000 Besançon déclaration de créances: au tribunal de commerce de Dole.
16/10/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 542088067 RC 54-B 8806 FROMAGERIES BEL. Forme : S.A. Capital : 10 308 502 euros. Adresse du siège social : 4 rue d'Anjou, 75008 Paris. Commentaires : modification survenue sur l' administration. Administration : modification du président du conseil d' administration et directeur général : BOIVIN (Gérard). Administrateurs partants : FIEVET (Robert, Henri, Jules) DUFORT (Bertrand). Nomination d'un administrateur : LUYTEN (Luc).
11/09/2001	Bodacc B	Modifications et mutations diverses
RCS B 542088067 RC 55-B 2 FROMAGERIES BEL. Forme : S.A. à conseil d' administration. Adresse du siège social : 4 rue d'Anjou, 75008 Paris. Commentaires : changement de directeur de l'usine sise 55110 Cléry-le-Petit. Ancien : CORMIER ( Jean-Claude). Nouveau : ANTONIAZZI ( Bernard). Date d'effet : 1 e r juin 2001.
24/08/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 542088067 RC 54-B 8806 FROMAGERIES BEL. Forme : S.A. Capital : 10 308 502 euros. Adresse du siège social : 4 rue d'Anjou, 75008 Paris. Commentaires : prise en location-gérance de la branche d'activité de commercialisation de produits fromagers de marques < Port- Salut > et < Samos > appartenant à la S. A. DES FERMIERS REUNIS,. RCS Créteil 722 088 109 du 01 janvier 2001 au 31 décembre 2002, renouvelable par tacite reconduction.
26/07/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 542088067 RC 54-B 8806 FROMAGERIES BEL. Forme : S.A. Capital : 10 308 502,50 euros. Adresse du siège social : 4 rue d'Anjou, 75008 Paris. Commentaires : modification survenue sur le capital (diminution) et l' administration. Administration : nomination d'administrateurs : GIROUX ( Philippe) HOFMANN (Dieter) THIJS ( Johnny).
22/05/1998	Bodacc B	Modifications et mutations diverses
RCS o. RCS Verdun B 542 088 067 RC RC 55- B 2 FROMAGERIES BEL. Forme : S.A. à conseil d'administration. Adresse du siège social : 4, rue d'Anjou 75008 Paris. Administration : ancien directeur : BLANCHARD (Alain). Date d'effet : 1er avril 1998.
16/05/1997	Bodacc B	Modifications et mutations diverses
RCS Paris B 542 088 067 FROMAGERIES BEL. Forme : S.A. Capital : 72 062 400 F (fixe). Adresse du siège social : 4 rue d'Anjou, 75008 Paris ETABLISSEMENT SECONDAIRE RC Laval 58-B 9. Adresse : 53600 Evron Fondé de pouvoir: MAYET (Hubert). Date d'effet : 1er janvier 1997.
07/03/1997	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 542 088 067 RC RC 54- B 8806 FROMAGERIES BEL. Forme : S.A. Administration : nomination en qualité de directeur général adjoint : BOIVIN ( Gérard). Commentaires : modification survenue sur l'administration.
24/08/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 542 088 067 RC RC 54- B 8806 FROMAGERIES BEL. Forme : S.A. Administration : président du conseil d' administration : FIEVET (Robert, Henri, Jules) Directeur général et administrateur délégué : DUFORT ( Bertrand). Administrateurs : BEL ( François, Jean-Pierre, Claude) LA CARBONIQUE S.A. COMPTOIR GENERAL DES FROMAGERS FRANCAIS FIEVET (Valentine) Mme SAUVIN, née FIEVET (Catherine). Commissaires aux comptes titulaires : SOCIETE ROGER MORIAUX ET ASSOCIES S.A.R. L. SCACCHI (Pierre-Henri). Commissaires aux comptes suppléants : DUPONT (Guy-Georges) SOCIETE PIERRE- HENRI SCACCHI ET ASSOCIES. Commentaires : modification survenue sur l' administration.

Company events history

Date	Description
31/07/2013	Invalid balance sheet
22/07/2013	Bodacc C : Deposit accounts notice
16/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/06/2013	Bodacc B: Various editing or changing
11/06/2013	Updated articles of association
11/06/2013	Changes to the Board of Directors
11/06/2013	Amendment
08/06/2013	Legal Gazette: Resignation / Revocation of the social representative
31/12/2012	New consolidated accounts available
31/12/2012	New accounts available
06/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
01/08/2012	Bodacc B: Various editing or changing
19/07/2012	Bodacc C : Deposit accounts notice
17/07/2012	Changes to the Board of Directors
17/07/2012	Amendment
06/07/2012	Update of participations in other companies
06/07/2012	Disengagement in other companies
26/06/2012	Bodacc B: Various editing or changing
18/06/2012	Legal Gazette: Appointment of the social representative
11/06/2012	Appointment/resignation of company officers
11/06/2012	Amendment
11/06/2012	Changes to the Board of Directors
11/06/2012	Updated articles of association
10/05/2012	Legal Gazette: Appointment of the social representative
31/12/2011	New accounts available
23/06/2011	Invalid balance sheet
09/06/2011	Updated articles of association
09/06/2011	Amendment
06/05/2011	New subsidiarie(s) detected
17/02/2011	Legal Gazette: Resignation / Revocation of the social representative
04/02/2011	Disengagement in other companies
03/01/2011	Legal Gazette: Start of rent-management
10/11/2010	Legal Gazette: Appointment of the social representative
15/10/2010	Update of participations in other companies
15/10/2010	Disengagement in other companies
15/10/2010	New shareholders detected
15/10/2010	New subsidiarie(s) detected
02/08/2010	Bodacc C : Deposit accounts notice
24/06/2010	Bodacc B: Various editing or changing
08/06/2010	Acte modificatif
08/06/2010	New auditor
08/06/2010	Changement de Commissaire aux Comptes
21/05/2010	Disengagement in other companies
31/12/2009	New accounts available
29/12/2009	Payment incident closed
13/11/2009	Payment incident detected
04/11/2009	Payment incident closed
16/10/2009	Payment incident detected
07/10/2009	Bodacc B: Various editing or changing
21/09/2009	Acte modificatif
21/09/2009	Modification du Conseil d'Administration
21/09/2009	Changes to the Board of Directors
24/07/2009	Bodacc C : Deposit accounts notice
14/06/2009	Bodacc B: Various editing or changing
29/05/2009	Acte modificatif
29/05/2009	Updated articles of association
29/05/2009	Statuts mis à jour
29/05/2009	Minutes of Board meeting
29/05/2009	Minutes of general meeting of shareholders
29/05/2009	Appointment/resignation of company officers
29/05/2009	Private document
29/05/2009	Changes to the Board of Directors
29/05/2009	Modification du Conseil d'Administration
29/05/2009	Changement de Président (PDG, PCA)
29/05/2009	New chairman (CEO, CoB)
20/02/2009	Bodacc B: Various editing or changing
20/02/2009	New Bodacc B ads detected
15/01/2009	Bodacc B: Various editing or changing
15/01/2009	New Bodacc B ads detected
31/12/2008	Bodacc B: Various editing or changing
31/12/2008	New accounts available
31/12/2008	New Bodacc B ads detected
26/12/2008	Appointment/resignation of company officers
26/12/2008	Acte modificatif
26/12/2008	Private document
26/12/2008	Modification du Conseil d'Administration
26/12/2008	Changes to the Board of Directors
26/12/2008	Minutes of Board meeting
11/12/2008	Private document
11/12/2008	Appointment/resignation of company officers
11/12/2008	PV d'Assemblée
11/12/2008	Minutes of general meeting of shareholders
11/12/2008	Changement de Commissaire aux Comptes
11/12/2008	New auditor
11/12/2008	Acte modificatif
11/12/2008	Amendment
10/10/2008	Payment incident closed
21/08/2008	Bodacc C : Deposit accounts notice
26/07/2008	Bodacc C : Deposit accounts notice
30/04/2008	Collection of preferential rights activated for this company
10/01/2008	Payment incident detected
31/12/2007	New accounts available
19/06/2007	Changes to the Board of Directors
19/06/2007	Modification du Conseil d'Administration
19/06/2007	Private document
19/06/2007	Appointment/resignation of company officers
19/06/2007	PV d'Assemblée
19/06/2007	Minutes of general meeting of shareholders
21/05/2007	Minutes of Board meeting
21/05/2007	Private document
21/05/2007	Appointment/resignation of company officers
21/05/2007	PV du Conseil d'Administration
21/05/2007	Acte modificatif
01/03/2007	Other modification of Establishment
01/03/2007	Formation of Establishment
31/12/2006	New accounts available
31/01/2006	PV d'Assemblée
31/01/2006	Amendment
31/01/2006	Acte modificatif
31/01/2006	Minutes of general meeting of shareholders
31/01/2006	Private document
31/01/2006	Acte sous seing privé
31/12/2005	New accounts available
24/08/2005	Amendment
24/08/2005	Acte sous seing privé
24/08/2005	Acte modificatif
24/08/2005	Changement de Commissaire aux Comptes
24/08/2005	Private document
01/08/2005	Private document
01/08/2005	Acte sous seing privé
01/08/2005	Transfert du Siège dans le ressort du Tribunal de Commerce
01/08/2005	Amendment
01/08/2005	Statuts mis à jour
01/08/2005	Minutes of general meeting of shareholders
01/08/2005	PV d'Assemblée
01/08/2005	Registered office transferred inside jurisdiction of the Commercial Court
01/08/2005	Acte modificatif
30/03/2005	New auditor
30/03/2005	PV d'Assemblée
30/03/2005	Minutes of general meeting of shareholders
30/03/2005	Acte modificatif
30/03/2005	Nomination/démission des organes de gestion
30/03/2005	Appointment/resignation of company officers
30/03/2005	Acte sous seing privé
30/03/2005	Private document
30/03/2005	Changement de Commissaire aux Comptes
31/12/2004	New accounts available
22/11/2004	Acte modificatif
22/11/2004	Changes to the Board of Directors
22/11/2004	Modification du Conseil d'Administration
22/11/2004	Acte sous seing privé
22/11/2004	Private document
22/11/2004	Appointment/resignation of company officers
22/11/2004	Nomination/démission des organes de gestion
22/11/2004	Minutes of Board meeting
22/11/2004	PV du Conseil d'Administration
31/12/2003	New accounts available
30/07/2003	PV d'Assemblée
01/01/2003	PV d'Assemblée
01/01/2003	Acte sous seing privé
03/10/2002	Statuts mis à jour
03/10/2002	Nomination/démission des organes de gestion
03/10/2002	Acte sous seing privé
03/10/2002	Acte modificatif
03/10/2002	PV d'Assemblée
03/10/2002	Modification du Conseil d'Administration
03/10/2002	Changement de Président (PDG, PCA)
03/10/2002	PV du Conseil d'Administration
11/07/2001	Modification du Conseil d'Administration
11/07/2001	Réduction de Capital
11/07/2001	Conversion du Capital Social en Euros
11/07/2001	PV d'Assemblée
11/07/2001	Statuts mis à jour
11/07/2001	Nomination/démission des organes de gestion
11/07/2001	Acte sous seing privé
05/06/2001	Acte sous seing privé
05/06/2001	Modification du Conseil d'Administration
05/06/2001	Changement de Président (PDG, PCA)
05/06/2001	Acte modificatif
05/06/2001	PV du Conseil d'Administration
05/06/2001	Nomination/démission des organes de gestion
03/08/2000	PV d'Assemblée
03/08/2000	Déclaration de conformité
03/08/2000	Acte modificatif
03/08/2000	Acte sous seing privé
03/08/2000	Fusion
03/08/2000	Nomination/démission des organes de gestion
20/06/2000	Rapport des Commissaires ou du Gérant
16/05/2000	Acte sous seing privé
16/05/2000	Projet de Fusion
29/02/2000	Acte modificatif
29/02/2000	Requête et Ordonnance
29/02/2000	Nomination/démission des organes de gestion
20/02/1997	PV d'Assemblée
20/02/1997	Acte sous seing privé
20/02/1997	PV du Conseil d'Administration
20/02/1997	Modification du Conseil d'Administration
20/02/1997	Nomination/démission des organes de gestion
20/02/1997	Acte modificatif
18/07/1996	PV d'Assemblée
18/07/1996	Nomination/démission des organes de gestion
18/07/1996	Changement de Président (PDG, PCA)
18/07/1996	PV du Conseil d'Administration
18/07/1996	Acte modificatif
18/07/1996	Changement de Commissaire aux Comptes
07/08/1995	Changement de Commissaire aux Comptes
07/08/1995	Acte modificatif
07/08/1995	PV d'Assemblée
13/10/1994	PV d'Assemblée
13/10/1994	Acte modificatif
13/10/1994	Changement de Commissaire aux Comptes
01/11/1987	Other modification of Establishment (error correction)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.59
UK Pound	1	Rs.101.56
Euro	1	Rs.85.15

INFORMATION DETAILS

Report Prepared by :

NNA

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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